Document:

Exhibit 10(o)

 

TCF
FINANCIAL CORPORATION

2007
MANAGEMENT INCENTIVE PLAN - EXECUTIVE

 

1.                                       Eligibility
- Each Participant shall be given a copy of this 2007 Management Incentive Plan
for Executives (the “Plan”) and required to sign an acknowledgment of its terms.  The participants in the Plan are those
approved by the Compensation/Nominating/Corporate Governance Committee (the
“Committee”).

 

2.                                       All
participants will be initially evaluated by the Chief Executive Officer of TCF
Financial (the “CEO”) who will forward all recommendations to the Committee for
approval.  The Committee evaluates the
performance of the CEO.  The Committee
will consider the diluted Earnings per Share (“EPS”) and shall also evaluate
all other matters it deems appropriate in its sole discretion, subject to
limits imposed on such discretion under the Performance-Based Plan.  Evaluations will be performed pursuant to the
terms of the TCF Performance-Based Compensation Policy for Covered Executive
Officers (the “Performance-Based Plan”) in the case of Covered Executive
Officers (as defined in that Plan).

 

3.                                       The
criteria for awards (subject to paragraph 4) is based upon achievement of
certain financial goals relating to growth in earnings per share (“EPS”) as
approved by the Committee.   The Committee
reserves the right to determine that a lower (or no) bonus should be paid if in
its sole discretion it considers such action warranted.  EPS will be calculated as provided in the
Performance-Based Plan, using diluted EPS, rounded to the nearest cent.  The maximum bonus payable is 200% of salary.

 

4.                                       The
Committee may in its discretion, reduce, defer or eliminate the amount of the
incentive determined under paragraph 3 of this Agreement for a Covered
Executive Officer in the Performance-Based Plan.  In addition, for participants who are not
subject to the Performance-Based Plan, the Committee may in its discretion
increase the amount of the incentive calculated under paragraph 3 of this
Agreement.  The Committee has authority
to make interpretations under this Plan and to approve the calculations under
Paragraph 3.  Incentive compensation will
be paid in cash as soon as possible following approval of awards by the
Compensation/Nominating/Corporate Governance Committee.  Except for Covered Executive Officers, the
participant must be employed by TCF Financial (or the same subsidiary as
employed by on the date of this Acknowledgment) on the date the incentive is
paid in the same job position as the position for which the incentive was
earned in order to receive the incentive payment.  However, where the participant has
transferred to another position within TCF, the Committee may in its discretion
determine to pay part, none, or all of the incentive based on any factors the
Committee considers relevant.

 

5.                                       The
Committee may amend this Plan from time to time as it deems appropriate, except
that any such amendment shall be in writing and signed by both TCF Financial
and the executive and no amendment may contravene requirements of the
Performance-Based Plan.  This Plan shall
not be construed as a contract of employment, nor shall it be considered a term
of employment, nor as a binding contract to pay awards.

 

6.                                       This
Plan is effective for service on or after January 1, 2007, and supersedes and
replaces the prior Management Incentive Compensation Plan and any other prior
incentive arrangements with respect to executives in this Plan.

 

Acknowledgment

 

I have received, read,
and acknowledge the terms of the foregoing plan.

 

 

	
   

  	
   

  	
   

  
	
  Date

  	
  SignatureExhibit 4.1

REGISTRATION
RIGHTS AGREEMENT

BY
AND BETWEEN

MV
PARTNERS, LLC

AND

THE
BANK OF NEW YORK TRUST COMPANY, N.A.,

AS
TRUSTEE OF MV OIL TRUST

DATED
AS OF JANUARY 24, 2007

REGISTRATION RIGHTS AGREEMENT (the “Agreement”) dated as of January 24, 2007 by and between
MV Partners, LLC, a limited liability company formed under the laws of the
State of Kansas (the “Company”), and
The Bank of New York Trust Company, N.A., in its capacity as trustee of MV Oil
Trust (the “Trustee”), a statutory trust
formed under the laws of the State of Delaware (the “Trust”).  Unless expressly stated otherwise in this
Agreement, as used in this Agreement, references to the “Trustee” mean the
Trustee as trustee of the Trust and not in its individual capacity.

RECITALS:

WHEREAS, the Trustee and the
Company have entered into a Conveyance of Net Profits Interest dated of even
date herewith (the “Conveyance Agreement”);

WHEREAS, in connection with the
execution and delivery of the Conveyance Agreement, the Trust has issued to the
Company 11,500,000 units of beneficial interest of the Trust (“Trust Units”);

WHEREAS,
in connection with the Initial Public Offering, the Company is selling
7,500,000 Trust Units and Affiliates of the Company may sell up to 1,125,000
Trust Units if the underwriters of the Initial Public Offering exercise their
over-allotment option; and

WHEREAS, the Trustee has agreed
to file a registration statement or registration statements relating to the
sale by the Company and its Transferees (as defined below) of certain of the
Trust Units.

NOW, THEREFORE,
in consideration of the premises and the covenants hereinafter contained and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound hereby, it is agreed
as follows:

SECTION 1.           Definitions.  As used in this Agreement, the following
terms shall have the following meanings:

“Affiliate”
means with respect to a specified person, any person that directly or
indirectly controls, is controlled by, or is under common control with, the
specified person.  As used in this
definition, the term “control” (and the correlative terms “controlling,” “controlled
by,” and “under common control”) shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of a person, whether through ownership of voting securities, by
contract or otherwise.

“Agreement” has
the meaning set forth in the preamble hereof.

“Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in The City of New York are authorized or obligated
by law or executive order to close.

“Company” has
the meaning set forth in the preamble hereof.

“Conveyance
Agreement” has the meaning set forth in the recitals hereof.

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“Deferral Notice”
has the meaning set forth in Section 3(j) hereof.

“Deferral Period”
has the meaning set forth in Section 3(j) hereof.

“Demand Notice”
has the meaning set forth in Section 2(a) hereof.

“Demand Registration”
has the meaning set forth in Section 2(a) hereof.

“Effective Period”
means the period commencing on the 180th day after the date hereof and ending on
the date that all Registrable Securities have ceased to be Registrable
Securities.

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the SEC thereunder.

“Expenses” has
the meaning set forth in Section 6(a) hereof.

“Holder” shall
mean the Company, its Affiliates that from time to time hold Registrable
Securities and any Transferee of the Company to whom Registrable Securities are
permitted to be transferred in accordance with the terms of this Agreement, and,
in each case, who continues to be entitled to the rights of a Holder hereunder.

“Indemnified Party”
has the meaning set forth in Section 6(d) hereof.

“Indemnifying Party”
has the meaning set forth in Section 6(d) hereof.

“Initial Public Offering”
means the initial public offering of Trust Units registered with the SEC by a
registration statement on Form S-1 (Registration No. 333-136609).

“Material Event”
has the meaning set forth in Section 3(j) hereof.

“person” shall
mean any individual, partnership, limited liability company, corporation,
trust, unincorporated association, governmental agency, subdivision, or
instrumentality, or other entity or association.

“Piggyback Registration”
has the meaning set forth in Section 2(b) hereof.

“Prospectus”
means the prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance
upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities
Act), as amended or supplemented by any amendment, prospectus supplement or
free writing prospectus (as defined in Rule 405 promulgated under the
Securities Act), including post-effective amendments, and all materials
incorporated by reference or explicitly deemed to be incorporated by reference
in such Prospectus.

“Registrable Securities”
means the Trust Units (not to exceed 4,000,000 Trust Units, subject to
adjustment as provided herein) held by the Company and its Affiliates following
the sale of all Trust Units sold by the Company and any of its Affiliates in
connection with the Initial

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Public Offering and any
securities into or for which such Trust Units have been converted or exchanged,
and any security issued with respect thereto upon any dividend, split or
similar event until, in the case of any such security, the earliest of
(i) its effective registration under the Securities Act and resale in
accordance with the Registration Statement covering it, (ii) its sale to
the public pursuant to Rule 144 (or any similar provision then in force, but
not Rule 144A) under the Securities Act if the transferee thereof does not
receive “restricted securities” as defined in Rule 144, (iii) its sale in a
private transaction in which the transferor’s rights under this Agreement are
not assigned to the transferee of the Securities and (iv) it becomes
eligible for resale pursuant to Rule 144(k) (or any similar rule then in effect
under the Securities Act).

“Registration Statement”
means any registration statement of the Trust, including any Shelf Registration
Statement, that covers any of the Registrable Securities pursuant to the
provisions of this Agreement, including the Prospectus, amendments and
supplements to such registration statement, including post-effective
amendments, all exhibits and all materials incorporated by reference or
explicitly deemed to be incorporated by reference in such registration
statement.

“Required Information”
has the meaning set forth in Section 4(a) hereof.

“Rule 144” means
Rule 144 under the Securities Act, as such Rule may be amended from time to
time, or any similar rule or regulation hereafter adopted by the SEC.

“Rule 144A”
means Rule 144A under the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the SEC.

“SEC” means the
Securities and Exchange Commission.

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the SEC thereunder.

“Shelf Registration
Statement” means a Registration Statement for an offering to be made
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
registering the resale of Registrable Securities from time to time by Holders
thereof.

“Special Counsel”
means Vinson & Elkins L.L.P. or such other successor counsel as shall be
specified in writing by the Holders of a majority of all Registrable
Securities.

“Transferee” has
the meaning set forth in Section 9(d) hereof.

“Trust” has the
meaning set forth in the preamble hereof.

“Trust Units”
has the meaning set forth in the recitals hereof.

“Trustee” has
the meaning set forth in the preamble hereof.

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SECTION 2.           Demand Registration
Rights.

(a)           During
the Effective Period, the Holders representing a majority of the then
outstanding Registrable Securities may request, by written notice to the
Trustee (the “Demand Notice”), that the Trust
effect the registration under the Securities Act of the number of Registrable
Securities requested to be so registered pursuant to the terms and conditions
set forth in this Agreement (each a “Demand Registration”).  Following receipt of a Demand Notice for a
Demand Registration, the Trustee shall use its reasonable best efforts to file
a Registration Statement as promptly as practicable and shall use its
reasonable best efforts to cause such Registration Statement to be declared
effective under the Securities Act as promptly as practicable after the filing
thereof.  All Demand Notices made
pursuant to this Section 2 will specify the number of Registrable Securities to
be registered, whether or not such Registration Statement should be a Shelf
Registration Statement and the intended methods of disposition thereof.

The Holders shall be entitled to a maximum of three
(3) Demand Registrations, which shall include (i) any Demand Registrations
for registration pursuant to a Shelf Registration Statement and (ii) any
Demand Registrations that are transferred to a Transferee in accordance with
Section 9(d) hereof.  No Demand
Registration shall be deemed to have occurred for purposes of this Section 2(a)
if the Registration Statement relating thereto does not become effective or is
not maintained effective for the period required pursuant to Section 2(d).

(b)           In
the event that any Demand Registration is transferred to a Transferee in
accordance with Section 9(d) hereof, and such Transferee sends a Demand Notice
to the Trustee, such Trustee will give notice to the other Holders of such
Demand Registration.  Such notice shall
describe such securities and specify the form, manner and other relevant
aspects of such proposed registration. 
Each Holder may, by written response delivered to the Trustee within
twenty (20) days after the receipt by such Holder of any such notice, request
that all or a specified part of the Registrable Securities held by such Holder
be included in such Demand Registration (a “Piggyback
Registration”).  Such response
shall also specify the intended method of disposition of such Registrable
Securities.  The Trustee thereupon will
use commercially reasonable efforts to effect the registration under the
Securities Act of all Registrable Securities which the Trustee has been so
requested to register by the Holders to the extent required to permit the
disposition (in accordance with the intended methods thereof as aforesaid) of
the Registrable Securities to be so registered. 
No registration of Registrable Securities of the Holders effected by
Piggyback Registration under this Section 2(b) shall relieve the Trustee of any
of its obligations to effect registrations of Registrable Securities of the
Holders pursuant to, or reduce the total number of Demand Registrations to
which the Holders continue to remain entitled under, Section 2(a) hereof.

(c)           If
any of the Registrable Securities registered pursuant to a Demand Registration
are to be sold in a firm commitment underwritten offering, and the managing
underwriter or underwriters advise the Holders of such securities in writing
that in its view the total number or dollar amount of Registrable Securities
proposed to be sold in such offering is such as to adversely affect the success
of such offering (including, without limitation, securities proposed to be
included by other Holders of Registrable Securities entitled to include
securities in such Registration Statement pursuant to incidental or piggyback
registration rights), then there shall

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be included in such firm commitment underwritten offering the number or
dollar amount of Registrable Securities that in the opinion of such managing
underwriter can be sold without adversely affecting such offering, and such
number of Registrable Securities shall be allocated as follows:

(i)            first, the securities
for which inclusion in such Demand Registration for which the Demand Notice was
submitted; and

(ii)           second, the securities
for which inclusion in any Piggyback Registration for which a notice was
submitted in accordance with this Agreement pro rata among the Registrable
Securities requested to be included in such Piggyback Registration.

(d)           The
Trustee shall use commercially reasonable efforts to maintain the effectiveness
of the Registration Statement with respect to any Demand Registration for a
period of at least ninety (90) days (or three years if a Shelf Registration
Statement is requested) after the effective date thereof or such shorter period
in which all Registrable Securities included in such Registration Statement
have actually been sold or all Registrable Securities have ceased to be
Registrable Securities; provided, however,
that such period shall be extended for a period of time equal to the period the
holder of Registrable Securities refrains from selling any securities included
in such registration at the request of the Trust pursuant to this Agreement,
except that with respect to a Shelf Registration Statement on Form S-3 that
becomes effective automatically pursuant to Rule 462(e) under the Securities
Act, such period may not be extended beyond three years after the effective
date thereof or such shorter or longer period as may be subsequently permitted
by the SEC.

(e)           Notwithstanding
the foregoing, if the Trustee shall furnish to the Holders requesting a
registration pursuant to this Section 2 within 30 days of receiving such
request a certificate signed by the Trustee stating that in the good faith
judgment of the Trustee it would be detrimental to the Trust and its
unitholders for such Registration Statement to be filed and it is therefore
beneficial to defer the filing of such Registration Statement, the Trustee
shall have the right to defer such filing for up to 2 periods of not more than
30 days each after receipt of each request of the Holders; provided,
however, that the Trustee may not use this right more than once (for
a total of up to 60 days) in any 12-month period.

SECTION 3.           Registration
Procedures.  In connection with the
registration obligations of the Trust under Section 2 hereof, during the
Effective Period, the Trustee shall:

(a)           Prepare
and file with the SEC a Registration Statement or Registration Statements,
including if so requested by the Holders a Shelf Registration Statement, on any
appropriate form under the Securities Act available for the sale of the
Registrable Securities by the Holders thereof in accordance with the intended
method or methods of distribution thereof, and use commercially reasonable
efforts to cause each such Registration Statement to become effective and
remain effective as provided herein; provided that
before filing any Registration Statement or Prospectus or any amendments or
supplements thereto with the SEC (but excluding reports filed with the SEC
under the Exchange Act), furnish to the Holders, the Special Counsel and the
managing underwriter or underwriters, if any, copies of all such documents
proposed to

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be filed at least three (3) Business Days prior to the filing of such
Registration Statement or amendment thereto or Prospectus or supplement
thereto.

(b)           Subject
to Section 3(j), prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement continuously effective during the period
provided herein with respect to the disposition of all securities covered by
such Registration Statement; cause the related Prospectus to be supplemented by
any required prospectus supplement or free writing prospectus, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then
in force) under the Securities Act; and use commercially reasonable efforts to
comply with the provisions of the Securities Act applicable to the Trust with
respect to the disposition of all securities covered by such Registration
Statement during the period provided herein with respect to the disposition of
all securities covered by such Registration Statement in accordance with the
intended methods of disposition by the sellers thereof set forth in such
Registration Statement as so amended or such Prospectus as so supplemented.

(c)           Subject
to Section 3(j), from and after the date a Registration Statement is declared
effective, the Trustee shall, as promptly as practicable after the date the
Required Information is delivered pursuant to Section 4 hereof and in
accordance with this Section 3(c):

(i)            if required by
applicable law, file with the SEC a post-effective amendment to the
Registration Statement or prepare and, if required by applicable law, file a
supplement to the related Prospectus or a supplement or amendment to any
document incorporated therein by reference or file any other required document
so that the Holder delivering such Required Information is named as a selling
securityholder in the Registration Statement and the related Prospectus in such
a manner as to permit such Holder to deliver such Prospectus to purchasers of
the Registrable Securities in accordance with applicable law and, if the
Trustee shall file a post-effective amendment to the Registration Statement,
use commercially reasonable efforts to cause such post-effective amendment to
be declared effective under the Securities Act as promptly as is practicable;
and

(ii)           provide such Holder
copies of any documents filed pursuant to Section 3(c)(i);

provided, that, if the Required
Information is delivered during a Deferral Period, the Trustee shall so inform
the Holder delivering such Required Information.  The Trustee shall notify such Holder as
promptly as practicable after the effectiveness under the Securities Act of any
post-effective amendment filed pursuant to Section 3(c)(i).  Notwithstanding anything contained herein to
the contrary, the Trustee shall be under no obligation to name any Holder that
has failed to deliver the Required Information in the manner set forth in
Section 4 hereof as a selling securityholder in any Registration Statement or
related Prospectus.

(d)           As
promptly as practicable give notice to the Holders, the Special Counsel and the
managing underwriter or underwriters, if any, (i) when any Prospectus,
Registration Statement or post-effective amendment to a Registration Statement
has been filed with the SEC and, with respect to a Registration Statement or
any post-effective amendment thereto, when the same has

 6
 

been declared effective, (ii) of any request, following the
effectiveness of any Registration Statement under the Securities Act, by the
SEC or any other federal or state governmental authority for amendments or
supplements to any Registration Statement or related Prospectus, (iii) of
the issuance by the SEC or any other federal or state governmental authority of
any stop order suspending the effectiveness of any Registration Statement or
the initiation or threatening of any proceedings for that purpose, (iv) of
the receipt by the Trustee of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose, (v) of the occurrence of, but not the nature
of or details concerning, a Material Event and (vi) of the determination
by the Trustee that a post-effective amendment to a Registration Statement will
be filed with the SEC, which notice may, at the discretion of the Trustee (or
as required pursuant to Section 3(j)), state that it constitutes a Deferral
Notice, in which event the provisions of Section 3(j) shall apply.

(e)           Use
commercially reasonable efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement or the lifting of any
suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction in which they have been
qualified for sale, in either case as promptly as practicable, and provide
prompt notice to each Holder of the withdrawal of any such order.

(f)            If
requested by the managing underwriters, if any, or the Holders of the
Registrable Securities being sold in connection with an underwritten offering,
promptly include in a prospectus supplement or post-effective amendment such
information as the managing underwriters, if any, and such Holders may
reasonably request in order to permit the intended method of distribution of
such securities and make all required filings of such prospectus supplement or
such post-effective amendment as soon as practicable after the Trustee has
received such request; provided, however,
that the Trustee shall not be required to take any actions under this Section
3(f) that are not, in the opinion of counsel for the Trustee, in compliance
with applicable law.

(g)           As
promptly as practicable furnish to each Holder, the Special Counsel and each
managing underwriter, if any, upon request, at least one (1) conformed copy of
the Registration Statement and any amendment thereto, including exhibits and,
if requested, all documents incorporated or deemed to be incorporated therein
by reference.

(h)           Deliver
to each Holder, the Special Counsel and each managing underwriter, if any, in
connection with any sale of Registrable Securities pursuant to a Registration
Statement as many copies of the Prospectus relating to such Registrable
Securities (including each preliminary Prospectus) and any amendment or
supplement thereto as such persons may reasonably request; and the Trustee
hereby consents (except during such periods that a Deferral Notice is outstanding
and has not been revoked and subject to Section 3(j)(ii) hereof) to the use of
such Prospectus or each amendment or supplement thereto by each Holder and the
underwriters, if any, in connection with any offering and sale of the
Registrable Securities covered by such Prospectus or any amendment or
supplement thereto in the manner set forth therein.

(i)            Prior
to any public offering of the Registrable Securities pursuant to a Registration
Statement, use commercially reasonable efforts to register or qualify or
cooperate

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with the Holders, the Special Counsel and the underwriters, if any, in
connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Securities for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the
United States as any Holder or underwriter reasonably requests in writing
(which request may be included with the Required Information); prior to any
public offering of the Registrable Securities pursuant to the Registration
Statement, use commercially reasonable efforts to keep each such registration
or qualification (or exemption therefrom) effective during the period provided
herein with respect to the disposition of all securities covered by such
Registration Statement in connection with such Holder’s offer and sale of
Registrable Securities pursuant to such registration or qualification (or
exemption therefrom) and do any and all other acts or things reasonably
necessary or advisable to enable the disposition in such jurisdictions of such
Registrable Securities in the manner set forth in the relevant Registration
Statement and the related Prospectus; provided that
neither the Trust nor the Trustee will 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 Agreement or (ii) take
any action that would subject it to general service of process or to taxation
in any such jurisdiction where it is not then so subject.

(j)            Upon
(A) the issuance by the SEC of a stop order suspending the effectiveness
of any Registration Statement or the initiation of proceedings with respect to
any Registration Statement under Section 8(d) or 8(e) of the Securities Act,
(B) the occurrence of any event or the existence of any fact as a result
of which (x) any Registration Statement shall contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, or (y) any
Prospectus shall contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading (a “Material Event”),
or (C) the occurrence or existence of any pending corporate development of
the Trust that, in the reasonable discretion of the Trustee, makes it
appropriate to suspend the availability of any Registration Statement and the
related Prospectus, the Trustee shall:

(i)            in the case of clause
(B) above, subject to clause (ii) below, as promptly as practicable prepare and
file, if necessary pursuant to applicable law, a post-effective amendment to
such Registration Statement or a supplement to the related Prospectus or any
document incorporated therein by reference or file any other required document
that would be incorporated by reference into such Registration Statement and
Prospectus so that such Registration Statement does not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
such Prospectus does not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, as thereafter delivered to the purchasers
of the Registrable Securities being sold thereunder, and, in the case of a
post-effective amendment to a Registration Statement, subject to clause (ii)
below, use commercially reasonable efforts to cause it to be declared effective
as promptly as practicable; and

(ii)           give notice to the
Holders and the Special Counsel, if any, that the availability of any
Registration Statement is suspended (a “Deferral Notice”)
and, upon

 8
 

receipt of any Deferral Notice, each Holder agrees not
to sell any Registrable Securities pursuant to the Registration Statement until
such Holder’s receipt of copies of the supplemented or amended Prospectus
provided for in clause (i) above, or until it is advised in writing by the
Trustee that the Prospectus may be used, and has received copies of any
additional or supplemental filings that are incorporated or deemed incorporated
by reference in such Prospectus, in which case such Holder will use the
Prospectus as so supplemented or amended in connection with any offering and
sale of Registrable Securities covered thereby.

The Trustee shall use commercially reasonable efforts
to ensure that the use of the Prospectus may be resumed (x) in the case of
clause (A) above, as promptly as is practicable, (y) in the case of clause
(B) above, as soon as, in the sole judgment of the Trustee, public disclosure
of such Material Event would not be prejudicial to or contrary to the interests
of the Trust or, if necessary to avoid unreasonable burden or expense, as soon
as practicable thereafter, and (z) in the case of clause (C) above, as
soon as, in the reasonable discretion of the Trustee, such suspension is no
longer appropriate.  The Trustee shall be
entitled to exercise its right under this Section 3(j) to suspend the
availability of any Registration Statement or any Prospectus (the “Deferral Period”) for use by any Holder.

(k)           If
reasonably requested by a Holder or any underwriter participating in any
disposition of Registrable Securities, if any, in writing in connection with a disposition
by such Holder of Registrable Securities pursuant to a Registration Statement,
make reasonably available for inspection during normal business hours by a
representative for such Holder(s) of such Registrable Securities, any
broker-dealers, underwriters, attorneys and accountants retained by such
Holder(s), and any attorneys or other agents retained by a broker-dealer or
underwriter engaged by such Holder(s), all relevant financial and other records
and pertinent corporate documents and properties of the Trust, and cause the
appropriate officers, directors and employees of the Trustee to make reasonably
available for inspection during normal business hours on reasonable notice all
relevant information reasonably requested by such representative for the
Holder(s), or any such broker-dealers, underwriters, attorneys or accountants
in connection with such disposition, in each case as is customary for similar “due
diligence” examinations; provided that
(i) the Trustee shall not be obligated to make available for inspection
any information that, based on the reasonable advice of counsel to the Trustee,
could subject the Trustee to the loss of privilege with respect thereto and
(ii) such persons shall first agree in writing with the Trustee that any
information that is reasonably designated by the Trustee as confidential at the
time of delivery of such information shall be kept confidential by such persons
and shall be used solely for the purposes of exercising rights under this
Agreement, unless (a) disclosure of such information is required by court
or administrative order or is necessary to respond to inquiries of regulatory
authorities, (b) disclosure of such information is required by law
(including any disclosure requirements pursuant to federal securities laws in
connection with the filing of any Registration Statement or the use of any
Prospectus referred to in this Agreement) or (c) such information becomes
generally available to the public other than as a result of a disclosure or
failure to safeguard by any such person; and provided
further that the foregoing inspection and information gathering
shall, to the greatest extent possible, be coordinated on behalf of all the
Holders and the other parties entitled thereto by Special Counsel, if any, or another
representative selected by the Holders of a majority of Registrable Securities
being registered pursuant to such Registration Statement.  Any person legally compelled or

 9
 

required by administrative or court order or by a regulatory authority
to disclose any such confidential information made available for inspection
shall provide the Trustee with prompt prior written notice of such requirement
so that the Trustee may seek a protective order or other appropriate remedy.

(l)            Use
its best efforts to comply with all applicable rules and regulations of the SEC
and make generally available to the Trust’s securityholders earnings statements
(which need not be audited) satisfying the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder (or any similar rule promulgated under
the Securities Act) for a 12-month period commencing on the first day of the
first fiscal quarter of the Trust commencing after the effective date of a
Registration Statement, which statements shall be made available no later than
the next succeeding Business Day after such statements are required to be filed
with the SEC.

(m)          Cooperate
with each Holder and the managing underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities sold or to be sold pursuant to a Registration Statement, which
certificates shall not bear any restrictive legends stating that the
Registrable Securities evidenced by the certificates are “restricted securities”
(as defined by Rule 144), and cause such Registrable Securities to be
registered in such names as such Holder or the managing underwriters, if any,
may request in writing at least two (2) Business Days prior to any sale of such
Registrable Securities.

(n)           Provide
a CUSIP number for all Registrable Securities covered by each Registration
Statement not later than the effective date of such Registration Statement.

(o)           Cooperate
with and assist each Holder, the Special Counsel and any underwriters
participating in any disposition of Registrable Securities in any filings
required to be made with the National Association of Securities Dealers, Inc.
in connection with the filing or effectiveness of any Registration Statement,
any post-effective amendment thereto or any offer or sale of Trust Units
thereunder.

(p)           In
the case of a proposed sale pursuant to a Registration Statement involving an
underwritten offering, the Trustee shall enter into such customary agreements
on behalf of he Trust (including, if requested, an underwriting agreement in
reasonably customary form) and take all such other action, if any, as Holders
of a majority of the Registrable Securities being sold or any managing
underwriters reasonably shall request in order to facilitate any disposition of
the Registrable Securities pursuant to such Registration Statement, including,
without limitation, (i) using commercially reasonable efforts to cause its
counsel to deliver an opinion or opinions in reasonably customary form,
(ii) using its reasonable best efforts to cause its officers to execute
and deliver all customary documents and certificates on behalf of the Trust and
(iii) using its reasonable best efforts to cause the Trust’s independent
public accountants to provide a comfort letter or letters in reasonably customary
form.

(q)           Use
its reasonable best efforts to support the marketing of the Registrable
Securities covered by the Registration Statement taking into account the Trust’s
business needs.

 10
 

(r)            Upon
(i) the filing of any Registration Statement and (ii) the effectiveness
of any Registration Statement, announce the same, in each case by press release
to Reuters Economic Services and Bloomberg Business News.

(s)           Use
commercially reasonable efforts to cause all such Registrable Securities to be
listed on each securities exchange or quotation system on which similar
securities issued by the Trust are listed or traded.

SECTION 4.           Holder’s Obligations.

(a)           Each
Holder agrees that if such Holder wishes to sell Registrable Securities
pursuant to a Registration Statement and related Prospectus, it will do so only
in accordance with this Section 4 and Section 3(j) hereof.  The Trustee may require each seller of
Registrable Securities as to which any registration is being effected to furnish
to the Trustee in writing such information required in connection with such
registration regarding such seller and the distribution of such Registrable
Securities as the Trustee may, from time to time, reasonably request in writing
(the “Required Information”) and the Trustee
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.  In addition,
following the date that a Registration Statement is declared effective, each
Holder wishing to sell Registrable Securities pursuant to a Registration
Statement and related Prospectus agrees to deliver, at least seven (7) Business
Days prior to any intended distribution of Registrable Securities under the
Registration Statement, to the Trustee any additional Required Information as
the Trustee may reasonably request so that the Trustee may complete or amend
the information required by any Registration Statement.

(b)           Each
Holder agrees, by acquisition of the Registrable Securities, that no Holder
shall be entitled to sell any of such Registrable Securities pursuant to a
Registration Statement or to receive a Prospectus relating thereto unless such
Holder has furnished the Trustee with the Required Information as required
pursuant to this Section 4 and the information set forth in the next
sentence.  Each Holder agrees promptly to
furnish to the Trustee all information required to be disclosed in order to
make the information previously furnished to the Trustee by such Holder not misleading
and any other information regarding such Holder and the distribution of such
Registrable Securities as the Trustee may from time to time reasonably
request.  Any sale of any Registrable
Securities by any Holder shall constitute a representation and warranty by such
Holder that the information relating to such Holder and its plan of
distribution is as set forth in the Prospectus delivered by such Holder in
connection with such disposition, that such Prospectus does not as of the time
of such sale contain any untrue statement of a material fact relating to or
provided by such Holder or its plan of distribution and that such Prospectus
does not as of the time of such sale omit to state any material fact relating
to or provided by such Holder or its plan of distribution necessary in order to
make the statements in such Prospectus, in the light of the circumstances under
which they were made, not misleading.

SECTION 5.           Registration
Expenses.  The Company shall bear all
out-of-pocket fees and expenses incurred in connection with the performance by
the Trustee of its obligations under Sections 2 and 3 of this Agreement whether
or not any Registration Statement is declared effective.  Such fees and expenses shall include, without
limitation, (i) all registration and filing

 11
 

fees (including, without
limitation, fees and expenses (x) with respect to filings required to be
made with the National Association of Securities Dealers, Inc. and (y) of
compliance with federal and state securities or Blue Sky laws (including,
without limitation, reasonable fees and disbursements of the Special Counsel,
if any, in connection with Blue Sky qualifications of the Registrable
Securities under the laws of such jurisdictions as Holders of a majority of the
Registrable Securities being sold pursuant to a Registration Statement may
designate)), (ii) printing expenses (including, without limitation,
expenses of printing certificates for Registrable Securities in a form eligible
for deposit with The Depository Trust Company), (iii) duplication expenses
relating to copies of any Registration Statement or Prospectus delivered to any
Holders hereunder, (iv) fees and disbursements of counsel for the Trustee
and the Special Counsel, if any, in connection with any Registration Statement,
(v) fees of accountants for consents and cold comfort and (vi) the
fees and expenses incurred in connection with the listing by the Trustee of the
Registrable Securities on any securities exchange on which similar securities
of the Trust are then listed.  However,
the Trust shall pay the internal expenses of the Trustee (including, without
limitation, all salaries and expenses of officers and employees performing
legal or accounting duties), the expense of any annual audit and the other fees
and expenses of the accountants for the Trust not covered by clause (v) of the
preceding sentence, other than any expense that would not have otherwise been
incurred but for the fact of the filing of the Registration Statement or the
timing thereof, the fees and expenses of any person, including special experts,
retained by the Trustee and the fees and expenses of any transfer agent for the
Registrable Securities.  Notwithstanding
the provisions of this Section 5, each seller of Registrable Securities shall
pay its own selling expenses, including any underwriting discount and
commissions, all registration expenses to the extent required by applicable law
and, except as otherwise provided herein, fees and expenses of counsel.

SECTION 6.           Indemnification and
Contribution.

(a)           Indemnification by the Trust.  The Trust shall indemnify and hold harmless
the Company, each Holder and each person, if any, who controls the Company or
any Holder within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, any reasonable legal or
other expenses reasonably incurred in connection with defending or
investigating any such action or claim) (“Expenses”) to
which the Company, any Holder or any controlling person of the Company or any
Holder may become subject, under or with respect to the Securities Act, the
Exchange Act, any other federal or state securities law or otherwise, insofar
as such Expenses are caused by any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement at the date and time
as of which such Registration Statement was declared effective by the SEC, any
preliminary Prospectus or the Prospectus, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein (in the case of a preliminary
Prospectus or Prospectus, in light of the circumstances under which they were
made), not misleading, but in each case only with respect to written
information relating to the Trust furnished by or on behalf of the Trustee
specifically for inclusion in the documents referred to in the foregoing
indemnity.  Subject to Section 6(e) of
this Agreement, the Trust shall reimburse the Company, the Holders and any
controlling persons thereof for any legal or other expenses reasonably incurred
by the Company, the Holders or any controlling persons thereof in connection
with the investigation or defense of any Expenses with respect to which the
Company

 12
 

and the Holders or any controlling persons thereof is entitled to
indemnity by the Trust under this Agreement. 
In connection with any underwritten offering pursuant to Section 8, the
Trust will also agree to indemnify the underwriters, if any, their officers and
directors and each person who controls such underwriters (within the meaning of
the Securities Act and the Exchange Act) on terms and conditions similar to
those set forth herein with respect to the indemnification of the Company and
the Holders, if requested in connection with any Registration Statement, such
indemnification to be set forth in any underwriting agreement to be entered
into by the Trustee with such underwriter(s).

(b)           Indemnification by the Company.  The Company shall indemnify and hold harmless
each Holder (other than the Company), the Trust and the Trustee and any agents
thereof, individually and as trustee, as the case may be, and each person, if
any, who controls such Holder, the Trust or the Trustee within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act, from
and against any Expenses (excluding, however, any taxes, fees and other charges
payable by the Trustee on, based on or measured by any fees, commissions or
compensation received by the Trustee for its services under this Agreement) to
which such Holder, the Trust, the Trustee or any agent thereof or any
controlling person of such Holder, the Trust or the Trustee may become subject,
under or with respect to the Securities Act, the Exchange Act, any other
federal or state securities law or otherwise, insofar as such Expenses are
caused by (i) an untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or an omission or alleged omission
to state a material fact required to be stated in or necessary to make the
statements therein not misleading at the date and time as of which such
Registration Statement was declared effective by the SEC, (ii) an untrue
statement or alleged untrue statement of a material fact contained in any
preliminary Prospectus or any Prospectus or an omission or alleged omission 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 as of the
date of such preliminary Prospectus or Prospectus and as of the closing of the
sale of Trust Units sold thereunder or (iii) any untrue statement or alleged
untrue statement of a material fact contained in any other filing, report or
other action taken with respect to the Securities Act, the Exchange Act or any
other Federal or state securities law, the listing of the Trust Units on the
New York Stock Exchange or another national securities exchange or the
quotation of the Trust Units on NASDAQ or any omission or alleged omission to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; provided, however,
that the Company shall not be liable to and shall not indemnify the Holders
(other than the Company), the Trustee or any agents or controlling persons
thereof, individually or as trustee, as the case may be, in any such case under
the preceding clauses (i) and (ii) of this Section 6(b) to the extent that any
such Expense arises out of, is based upon or is connected with information
relating to (a) the Trustee in its individual capacity or (b) such Holder, in
either case prepared or furnished by the Trustee or such Holder, as the case
may be, expressly for use in any Registration Statement, any preliminary
Prospectus or any Prospectus; and provided, further,
that the Company shall not be liable to the Holders (other than the Company),
the Trustee or any agents or controlling persons thereof, individually or as
trustee, as the case may be, in any such case under the preceding clause (iii)
of this Section 6(b) to the extent that any such Expense arises out of, is
based upon or is connected with information relating to (a) the Trustee in its
individual capacity prepared or furnished by the Trustee and the Trustee is
found liable or (b) such Holder prepared or furnished by such Holder and such
Holder is found liable.  Subject to
Section 6(e) of this Agreement, the Company shall reimburse the Holders (other
than the

 13
 

Company), the Trust and the Trustee and any agents or controlling
persons thereof for any legal or other expenses reasonably incurred by the
Holders (other than the Company), the Trust and the Trustee or any agent or
controlling persons thereof in connection with the investigation or defense of
any Expenses with respect to which the Holders (other than the Company), the
Trust and the Trustee or any agent or controlling persons thereof is entitled
to indemnity by the Company under this Agreement.

(c)           Indemnification by Certain of the Holders.  Each Holder (other than the Company),
severally and not jointly, shall indemnify and hold harmless the Company, the
Trust, the Trustee and any agents thereof, individually and as trustee, and any
other Holder and each person, if any, who controls the Company, the Trust, the
Trustee and any agents thereof, individually and as trustee, or any other
Holder within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act, from and against any and all Expenses to which the
Company, the Trust, the Trustee and any agents thereof, individually and as
trustee, any other Holder or any controlling person of the Company, the Trust,
the Trustee and any agents thereof, individually and as trustee, or any other
Holder may become subject, under or with respect to the Securities Act, the
Exchange Act, any other federal or state securities law or otherwise, insofar
as such Expenses are caused by any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement at the date and time
as of which such Registration Statement was declared effective by the SEC, any
preliminary Prospectus or the Prospectus, or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary in order to make the statements therein (in the case of a preliminary
Prospectus or Prospectus, in light of the circumstances under which they were
made), not misleading, but in each case only with respect to written
information relating to such Holder (other than the Company) furnished by or on
behalf of such Holder specifically for inclusion in the documents referred to
in the foregoing indemnity.  Subject to
Section 6(e) of this Agreement, such Holder shall reimburse the Company, the
Trust, the Trustee and any agents thereof, individually and as trustee, the
other Holders and any agents or controlling persons thereof for any legal or
other expenses reasonably incurred by the Company, the Trust, the Trustee and
any agents thereof, individually and as trustee, the other Holders or any agent
or controlling persons thereof in connection with the investigation or defense
of any Expenses with respect to which the Company, the Trust, the Trustee and
any agents thereof, individually and as trustee, and the other Holders or any
agent or controlling persons thereof is entitled to indemnity by such Holder
under this Agreement.

(d)           Conduct of Indemnification Proceedings.  In case any proceeding (including any
governmental investigation) shall be instituted involving any person in respect
of which indemnity may be sought pursuant to Section 6(a), 6(b) or 6(c) hereof,
such person (the “Indemnified Party”)
shall promptly notify the person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing and the
Indemnifying Party, upon request of the Indemnified Party, shall retain counsel
reasonably satisfactory to the Indemnified Party to represent the Indemnified
Party and any others the Indemnifying Party may designate in such proceeding
and shall pay the reasonable fees and disbursements of such counsel related to
such proceeding.  In any such proceeding,
any Indemnified Party shall have the right to retain its own counsel, but the
fees and expenses of such counsel shall be at the expense of such Indemnified
Party unless (i) the Indemnifying Party and the Indemnified Party shall
have mutually agreed to the retention of such counsel or (ii) the named
parties to any such proceeding (including any

 14
 

impleaded parties) include both the Indemnifying Party and the
Indemnified Party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them,
other than solely by virtue of the rights and obligations of the Indemnifying
Party and the Indemnified Party under this Section 6.  It is understood that the Indemnifying Party
shall not, in respect of the legal expenses of any Indemnified Party in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm (in addition
to any local counsel) for all such indemnified parties and that all such fees
and expenses shall be reimbursed as they are incurred.  Such firm shall be designated in writing by,
in the case of parties indemnified pursuant to Section 6(a), the Holders of a
majority of the Registrable Securities covered by the Registration Statement
held by Holders that are indemnified parties pursuant to Section 6(a) and, in
the case of parties indemnified pursuant to Section 6(b) or Section 6(c), the
Trustee.  The Indemnifying Party shall
not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final,
non-appealable judgment for the plaintiff, the Indemnifying Party agrees to
indemnify the Indemnified Party from and against any Expenses by reason of such
settlement or judgment.  No Indemnifying
Party shall, without the prior written consent of the Indemnified Party, effect
any settlement of any pending or threatened proceeding in respect of which any
Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such proceeding.

(e)           Contribution.  To the
extent that the indemnification provided for in Section 6(a),   6(b) or 6(c) is unavailable to an
Indemnified Party or insufficient in respect of any Expenses referred to
therein, then each Indemnifying Party under such paragraph, in lieu of
indemnifying such Indemnified Party thereunder, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such Expenses
(i) in such proportion as is appropriate to reflect the relative benefits
received by the Indemnifying Party or Indemnifying Parties on the one hand and
the Indemnified Party or Indemnified Parties on the other hand or (ii) if
the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Indemnifying
Party or Indemnifying Parties on the one hand and of the Indemnified Party or
Indemnified Parties on the other hand in connection with the statements or
omissions that resulted in such Expenses, as well as any other relevant
equitable considerations.  The relative
fault of the Company and the other Holders on the one hand and the Trust 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 required to be stated or necessary in
order to make the statements (in the case of a preliminary Prospectus or
Prospectus, in light of the circumstances under which they were made) not misleading,
relates to information supplied by the Company, the other Holders or by the
Trust, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  The Holders’ respective obligations to
contribute pursuant to this Section 6 are several in proportion to the
respective number of Registrable Securities they have sold pursuant to a
Registration Statement, and not joint.

The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 6(e) were determined by pro
rata allocation or by any other method of allocation that

 15
 

does not take into
account the equitable considerations referred to in the immediately preceding
paragraph.  The amount paid or payable by
an Indemnified Party as a result of the Expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such
Indemnified Party in connection with investigating or defending any such action
or claim.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

(f)            The
remedies provided for in this Section 6 are not exclusive and shall not limit
any rights or remedies which may otherwise be available to an Indemnified Party
at law or in equity, hereunder or otherwise.

(g)           The
indemnity and contribution provisions contained in this Section 6 shall remain
operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any
Holder, any person controlling the Company or any other Holder or any Affiliate
of the Company or any other Holder or by or on behalf of the Trustee, its
officers or directors or any person controlling the Trustee and (iii) the sale
of any Registrable Securities by any Holder.

SECTION 7.           Information
Requirements.  The Trustee covenants
that, if at any time before the end of the Effective Period the Trust is not
subject to the reporting requirements of the Exchange Act, it will cooperate
with any Holder and take such further reasonable action as any Holder may
reasonably request in writing (including, without limitation, making such
reasonable representations as any such Holder may reasonably request), all to
the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 or Rule 144A under the Securities Act
and customarily taken in connection with sales pursuant to such exemptions.  Upon the written request of any Holder, the
Trustee shall deliver to such Holder a written statement as to whether the
Trust has complied with such filing requirements.  Notwithstanding the foregoing, nothing in
this Section 7 shall be deemed to require the Trustee to register any of the
Trust’s securities under any section of the Exchange Act.

SECTION 8.           Underwritten
Registrations.  The Holders of
Registrable Securities covered by any Registration Statement who desire to do
so may sell such Registrable Securities to an underwriter in an underwritten
offering for reoffering to the public. 
If any of the Registrable Securities covered by any Registration
Statement are to be sold in an underwritten offering, the investment banker or
investment bankers and manager or managers that will administer the offering
will be selected by the Holders of a majority of such Registrable Securities
included in such offering, subject to the consent of the Trustee (which shall
not be unreasonably withheld or delayed), and such Holders shall be responsible
for all underwriting commissions and discounts and any transfer taxes in
connection therewith.  No person may
participate in any underwritten registration hereunder unless such person
(i) agrees to sell such person’s Registrable Securities on the basis reasonably
provided in any underwriting arrangements approved by the persons entitled
hereunder to approve such arrangements and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting

 16
 

agreements and other
documents reasonably required under the terms of such underwriting
arrangements.

SECTION 9.           Miscellaneous.

(a)           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, without the written
consent of the Trustee, the Company and the Holders of a majority of
Registrable Securities.  Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of Holders whose
securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect the rights of other Holders may be given by Holders
of at least a majority of the Registrable Securities being sold by such Holders
pursuant to such Registration Statement; provided that
the provisions of this sentence may not be amended, modified or supplemented
except in accordance with the provisions of the immediately preceding
sentence.  Notwithstanding the foregoing,
this Agreement may be amended by written agreement signed by the Trustee,
without the consent of the Holders of Registrable Securities, to cure any
ambiguity or to correct or supplement any provision contained herein that may
be defective or inconsistent with any other provision contained herein, or to
make such other provisions in regard to matters or questions arising under this
Agreement that shall not adversely affect the interests of the Holders of
Registrable Securities.  Each Holder of
Registrable Securities outstanding at the time of any such amendment,
modification, supplement, waiver or consent or thereafter shall be bound by any
such amendment, modification, supplement, waiver or consent effected pursuant
to this Section 9(a), whether or not any notice, writing or marking indicating
such amendment, modification, supplement, waiver or consent appears on the
Registrable Securities or is delivered to such Holder.

(b)           Notices.  All notices
and other communications provided for or permitted hereunder shall be made in
writing by hand delivery, by facsimile, by courier guaranteeing overnight
delivery or by first-class mail, return receipt requested, and shall be deemed
given (i) when made, if made by hand delivery, (ii) upon
confirmation, if made by facsimile, (iii) one (1) Business Day after being
deposited with such courier, if made by overnight courier or (iv) on the
date indicated on the notice of receipt, if made by first-class mail, to the
parties as follows:

(i)            if to a Holder, at the
most current address given by such Holder to the Trustee;

(ii)           if
to the Trust or the Trustee, to:

MV Oil Trust

c/o The Bank of New York Trust Company, N.A.

Global Corporate Trust

221 West Sixth Street, 1st Floor

Austin, Texas 78701

Attention:  Mike J. Ulrich

Fax: (512) 479-2553

 17
 

with a copy to:

Andrews Kurth LLP

600 Travis, Suite 4200

Houston, Texas 77002

Attention:  David C. Buck

Fax: (713) 238-7126

(iii)          if to the Company, to:

MV Partners, LLC

250 N. Water, Suite 300

Wichita, Kansas 67202

Attention: David L. Murfin

Fax: (316) 267-6004

with a copy to:

Vinson & Elkins L.L.P.

1001 Fannin, Suite 2500

Houston, Texas  77002

Attention: Thomas P. Mason

Fax: (713) 615-5320

or to such other address as such person may have
furnished to the other persons identified in this Section 9(b) in writing in
accordance herewith.

(c)           Approval of Holders. 
Whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by
the Trust or its Affiliates (as such term is defined in Rule 405 under the
Securities Act) (other than the Company or subsequent Holders if such Holders
are deemed to be such Affiliates solely by reason of their holdings of such
Registrable Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

(d)           Successors and Transferees. 
Any person or group of persons who purchases any Registrable Securities
from the Company or otherwise holds any Registrable Securities as a result of
any sale, liquidation, dividend or distribution by the Company or any of its
Affiliates shall be deemed, for purposes of this Agreement, to be a transferee
of the Company, but if and only if such person or group (i) agrees to be
designated as a transferee, (ii) is specifically designated as a
transferee in writing by the Company to the Trustee and (iii) in the case
of a group such group shall collectively constitute a Transferee for purposes
of this Agreement (including without limitation, for purposes of exercising any
Demand Registration right transferred by the Company to such group) (a “Transferee”).  This
Agreement shall inure to the benefit of and be binding upon such Transferees
and shall inure to the benefit of and be binding upon each such Transferees, provided that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Registrable Securities in
violation of the terms thereof.  If the Company
designates any person as a Transferee in accordance with this Section 9(d),
then the Registrable Securities acquired by such Transferee shall be held
subject to all of

 18
 

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.

(e)           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.

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

(g)           Governing Law.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE.

(h)           Severability.  If any
term, provision, covenant or restriction of this Agreement is held to be
invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated
thereby, and the parties hereto shall use their reasonable best efforts to find
and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such term, provision, covenant or restriction,
it being intended that all of the rights and privileges of the parties shall be
enforceable to the fullest extent permitted by law.

(i)            Entire Agreement. 
This Agreement is intended by the parties as a final expression of their
agreement and is intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein and the registration rights granted by the Trust with
respect to the Registrable Securities. 
There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein, with respect to the registration
rights granted by the Trust with respect to the Registrable Securities.  This Agreement supersedes all prior
agreements and undertakings among the parties with respect to such registration
rights.  No party hereto shall have any
rights, duties or obligations other than those specifically set forth in this
Agreement.

(j)            Termination.  This
Agreement and the obligations of the parties hereunder shall terminate upon the
end of the Effective Period, except for any liabilities or obligations under
Section 4, 5 or 6 hereof, each of which shall remain in effect in accordance
with its terms.

(k)           Specific Enforcement; Venue. 
The parties hereto acknowledge and agree that each would be irreparably
damaged if any of the provisions of this Agreement are not performed by the
other in accordance with their specific terms or are otherwise breached.  It is accordingly agreed that each party
shall be entitled to seek an injunction or injunctions to prevent breaches of
this Agreement by the other and to enforce this Agreement and the terms and
provisions hereof specifically against the other, in addition to any other
remedy to which such aggrieved party may be entitled at law or in equity.  Any action or proceeding seeking to enforce
any provision of, or based on any rights arising out of, this Agreement may be
brought against any of the parties in the FEDERAL AND KANSAS STATE COURTS
SITTING IN WICHITA, SEDGWICK

 19
 

COUNTY, KANSAS and the FEDERAL AND TEXAS STATE COURTS SITTING IN
AUSTIN, TRAVIS COUNTY, TEXAS and each of the parties consents to the
jurisdiction of such courts (and of the appropriate appellate courts) in any
such action or proceeding and waives any objection to venue laid therein.  Process in any action or proceeding referred
to in the preceding sentence may be served on any party anywhere in the world.

 20

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

	
  

  	
  MV PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MV Energy, LLC,

  
	
   

  	
   

  	
  its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Murfin, Inc.,

  
	
   

  	
   

  	
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David L. Murfin

  
	
   

  	
  Name:

  	
  David L. Murfin

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST

  
	
   

  	
   

  	
  COMPANY, N.A., as trustee of MV Oil

  Trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mike J. Ulrich

  
	
   

  	
  Name:

  	
  Mike J. Ulrich

  
	
   

  	
  Title:

  	
  Vice President

  

 

Signature Page to Registration
Rights Agreement

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