Document:

EX-10.6

 

Execution Copy

EXHIBIT 10.6

AMENDMENT NO. 1

TO

STOCK PURCHASE AGREEMENT

          AMENDMENT NO. 1 TO STOCK PURCHASE AGREEMENT, dated as of August 3, 2005 (this
“Amendment”), by and among Regions Financial Corporation, a Delaware corporation
(“RFC”), Regions Bank, a bank chartered under the laws of the State of Alabama and
successor to Union Planters Bank, National Association (“Regions” and together with RFC,
collectively, “Seller”), Strategic Outsourcing, Inc., a Delaware corporation (the
“Company”), and SOI Investors LLC, a Delaware limited liability company (“Buyer”).

W I T N E S S E T H:

          WHEREAS, on June 29, 2005, the Buyer, the Seller and the Company entered into a Stock Purchase
Agreement (the “Stock Purchase Agreement”); and

          WHEREAS, the parties hereto wish to amend the Stock Purchase Agreement in certain respects
upon the terms and conditions hereinafter set forth.

          NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged and confessed, the parties hereto hereby agree as follows:

          1. Definitions. Capitalized terms used herein and not otherwise defined have the same meanings attributed
to them in the Stock Purchase Agreement.

          2. Amendment to Section 1.3(b) of the Stock Purchase Agreement. Section 1.3(b) of the Stock Purchase Agreement is hereby amended by adding the following
sentence at the end thereof: “The Estimated Cash Purchase Price shall be paid by Buyer at the
Closing as follows: (i) prior to the consummation of the Formation Transactions the Company shall
declare a dividend to Seller in the amount of $39,306,599, which dividend shall be paid by the
issuance of a demand promissory note in a form agreed to by the parties (the “Note”), (ii) at the
Closing a portion of the funds borrowed by the Company from the Lenders immediately after the
completion of the Formation Transactions on the Closing Date will be used by the Company to repay
the Note in full, and the amount of the Note so repaid will be deemed to be a payment by Buyer of a
portion of the Estimated Cash Purchase Price, and (iii) the remaining $20,000,000 portion of the
Estimated Cash Purchase Price shall be paid by Buyer to UPB pursuant to the first sentence of this
Section 1.3(b).”

          3. Amendment to Section 1.4(a) of the Stock Purchase Agreement. Section 1.4(a) of the Stock Purchase Agreement is hereby
amended by deleting the definitions of “Earn-Out Common Stock
Base” and “Earn-Out Preferred Stock Base” in their entirety and
replacing them with the following:

 

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“Earn-Out Common Stock Base” means the sum of (A) 300,000
(as such amount may be equitably adjusted for any stock split, stock dividend, combination, recapitalization or
similar transaction) and (B) the shares of Holdco Common Stock
included in the Earn-Out Shares.

“Earn-Out Preferred Stock Base” means the sum of (A)
300,000 (as such amount may be equitably adjusted for any stock
split, stock dividend, combination, recapitalization or similar
transaction) and (B) the shares of Holdco Preferred Stock included
in the Earn-Out Shares.

“EBITDA” means, with respect to Holdco and its
Subsidiaries on a consolidated basis, calculated in accordance
with the Earn-Out Accounting Policies consistently applied, for
any Fiscal Year, (1) net income plus (2) to the extent such
amounts were deducted in determining net income, interest expense,
Taxes based on income, depreciation expense and amortization
expense, minus (3) interest income; provided, that “EBITDA” shall
exclude (i) any management fees paid to Clarion Capital Partners,
LLC or any of its Affiliates and any other amounts, except amounts
paid for bona fide services or goods obtained on an arms-length
basis, paid to Clarion Capital Partners LLC or any of its
Affiliates (ii) any extraordinary gains or losses, the “write
down” or “write up” of assets or properties, or non recurring
items; provided, that the May 2005 accrual for $1,182,000 related
to a claims settlement agreement with Specialty Risk Service LLC
shall not be subtracted from such net earnings, (iii) any change
in control, severance or other similar payments required to be
paid pursuant to Section 6.10(b) and (iv) any effects of purchase
accounting adjustments resulting from the consummation of the
transactions contemplated by this Agreement or the Ancillary
Agreement.”

          4. Amendment to Section 1.4(b) of the Stock Purchase Agreement. Section 1.4(b) of the Stock Purchase Agreement is hereby amended by deleting the current
Section 1.4(b) in its entirety and replacing it with the following:

          “(b) As additional consideration for the Purchased Shares,
subject to the provisions of this Section 1.4, Holdco shall, and
Buyer shall cause Holdco to, on the Payment Date, issue to Seller
the number of shares (rounded down to the nearest whole number)
of Holdco

 

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Common Stock and Holdco Preferred Stock, up to 37,500 shares
of Holdco Common Stock and 37,500 shares of Holdco Preferred
Stock, that represent (the “Earn-Out Shares”):

          (i) 2.777% of the Earn-Out Common Stock Base and 2.777% of
the Earn-Out Preferred Stock Base, if the positive amount, if any,
of (A) the quotient obtained by dividing (1) the sum of (x) EBITDA
for Fiscal Year 2005 and (y) EBITDA for Fiscal Year 2006 by (2)
two minus (B) $11 million, exceeds $1 million but is less than $2
million; provided, that the number of shares of Holdco Common
Stock and Holdco Preferred Stock issued hereunder shall be
increased (up to the number of shares that represent 5.554% of the
Earn-Out Common Stock Base and 5.554% of the Earn-Out Preferred
Stock Base, respectively) in increments of shares of Holdco Common
Stock and Holdco Preferred Stock representing 0.01% of the
Earn-Out Common Stock Base and 0.01% of the Earn-Out Preferred
Stock Base, respectively, for each $3,601 in excess of $1 million
and up to $2 million; or

          (ii) 5.555% of the Earn-Out Common Stock Base and 5.555% of
the Earn-Out Preferred Stock Base, if the positive amount, if any,
of (A) the quotient obtained by dividing (1) the sum of (x) EBITDA
for Fiscal Year 2005 and (y) EBITDA for Fiscal Year 2006 by (2)
two, minus (B) $11 million, exceeds $2 million but is less than $3
million; provided, that the number of shares of Holdco Common
Stock and Holdco Preferred Stock issued hereunder shall be
increased (up to the number of shares that represent 8.332% of the
Earn-Out Common Stock Base and 8.332% of the Earn-Out Preferred
Stock Base, respectively) in increments of shares of Holdco Common
Stock and Holdco Preferred Stock representing 0.1% of the Earn-Out
Common Stock Base and 0.01% of the Earn-Out Preferred Stock Base,
respectively, for each $3,601 in excess of $2 million and up to $3
million; or

          (iii) 8.333% of the Earn-Out Common Stock Base and 8.333% of
the Earn-Out Preferred Stock Base, if the positive amount, if
any, of (A) the quotient obtained by dividing (1) the sum of (x)
EBITDA for Fiscal Year 2005 and (y) EBITDA for Fiscal Year 2006
by (2) two minus (B) $11 million, exceeds $3 million but is less
than $4 million; provided, that the number of shares of

 

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Holdco Common Stock and Holdco Preferred Stock issued
hereunder shall be increased (up to the number of shares that
represent 11.110% of the Earn-Out Common Stock Base and 11.110%
of the Earn-Out Preferred Stock Base, respectively) in increments
of shares of Holdco Common Stock and Holdco Preferred Stock
representing 0.01% of the Earn-Out Common Stock Base and 0.01% of
the Earn-Out Preferred Stock Base, respectively, for each $3,601
in excess of $3 million and up to $4 million; or

          (iv) 11.111 % of the Earn-Out Common Stock Base and 11.111 %
of the Earn-Out Preferred Stock Base, if the positive amount, if
any, of (A) the quotient obtained by dividing (1) the sum of (x)
EBITDA for Fiscal Year 2005 and (y) EBITDA for Fiscal Year 2006
by (2) two minus (B) $11 million, exceeds $4 million.”

          5. Amendment to Section 1.5(a) of the Stock Purchase Agreement. Section 1.5(a) of the Stock Purchase Agreement is hereby amended by deleting all references
to “Deloitte & Touche LLP” and replacing all such references with “PricewaterhouseCoopers LLP”.

          6. Amendment to Section 1.5(b) of the Stock Purchase Agreement. Section 1.5(b) of the Stock Purchase Agreement is hereby amended by inserting the following
after the last sentence thereof: “Notwithstanding anything to the contrary contained herein, any
costs and expenses that are assessed against Buyer in accordance with this Section 1.5(b) shall be
paid by the Holdco.”

          7. Amendment to Section 1.5(d) of the Stock Purchase Agreement. Section 1.5(d) of the Stock Purchase Agreement is hereby amended by deleting the current
Section 1.5(d) in its entirety and replacing it with the following:

     “(d) Upon final determination of the Adjustment Amount in accordance with Section
1.5(c), the Adjustment Amount shall be remitted as follows:

          (i) if the Adjustment Amount is a positive number, then, promptly following the
Determination Date, and in any event within 12 Business Days of the Determination Date,
Holdco shall pay to UPB the Adjustment Amount, as finally determined, together with
interest thereon from the Closing Date to the date of payment at the “Prime Rate” of
interest published in the “Money Rates” column of The Wall Street Journal (or the average
of such rates
if more than one rate is indicated) on the Closing Date (the “Applicable Rate”)
by wire transfer of immediately available funds to an account designated by
Seller to Holdco; or

          (ii) if the Adjustment Amount is a negative number, then, promptly following the
Determination Date, and in any event within 12 Business

 

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Days of the Determination Date,
Seller shall pay to Holdco the Adjustment Amount, as finally determined, together with
interest thereon from the Closing Date to the date of payment at the Applicable Rate by
wire transfer of immediately available funds to an account designated by Holdco to Seller.”

          8. Amendment to Section 6.9(b) of the Stock Purchase Agreement. Section 6.9(b) of the Stock Purchase Agreement is hereby amended by adding the following
after the last sentence thereof: “The parties agree that monthly loss-run reports in the form of
Exhibit A to the Amendment to the Stock Purchase Agreement shall be deemed to satisfy the
requirement for the monthly loss-run reports to be provided to Seller pursuant to the immediately
preceding sentence.”

          9. Amendment to Section 9.3 of the Stock Purchase Agreement.

     (a) Section 9.3(a) of the Stock Purchase Agreement is hereby amended by:

          (i) adding immediately after the words “(i) Basket Exclusion Claim” the
following: “(based upon the failure of the representations and warranties set forth
in Section 5.5(b) or the failure of the certification of such representations and
warranties in the certificate delivered pursuant to Section 2.3(b) to be true and
correct)”;

          (ii) adding the immediately after the words “(ii) Non-Tax Covenant Claim” the
following: “(with respect to a covenant or agreement of Buyer to be performed at or
prior to the Closing and the covenants and agreements of Buyer set forth in
Sections 6.6(b), 6.7 and 11.1)”; and

          (iii) adding the following after the last sentence thereof: “Holdco shall
indemnify and defend the Seller Indemnified Persons against, and shall hold each
Seller Indemnified Person harmless from, and shall reimburse each Seller
Indemnified Person for, any and all Damages asserted against, imposed upon,
incurred by or caused to, directly or indirectly, any Seller Indemnified Person by
reason of, based on, arising out of, resulting from, relating to or otherwise in
respect of, in whole or in part, any (i) Basket Exclusion Claim (based upon the
failure of the representations and warranties set forth in Section 5.5(a) or the
failure of the certification of such representations and warranties in the
certificate delivered pursuant to Section 2.3(b) to be true and correct) or (ii)
Non-Tax Covenant Claim (with respect to a covenant or agreement of Buyer, Holdco or
the Company to be performed after the Closing).”

     (b) Section 9.3(b) of the Stock Purchase Agreement is hereby amended by
deleting the word “Buyer,” in the first sentence thereof.

 

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          10. Amendment to Section 9.5 of the Stock Purchase Agreement. Section 9.5 of the Stock Purchase Agreement is hereby amended by deleting all references to
Section 2.3(c) in the definitions of “Basket Exclusion Claim” and “General Claim” and replacing all
such references with “Section 2.3(b)”.

          11. Amendment to Section 9.6(a) of the Stock Purchase Agreement. The first sentence of Section 9.6(a) of the Stock Purchase Agreement is hereby amended by
deleting the words “against Buyer or Seller, as the case may be” and inserting in lieu thereof the
following: “against Buyer, Holdco or Seller, as the case may be”.

          12. Amendment to Section 9.10 of the Stock Purchase Agreement. The first sentence of Section 9.10 of the Stock Purchase Agreement is hereby amended by
deleting the words “for recovery against Buyer, the Company (after the Closing) or Seller, as the
case may be” and inserting in lieu thereof the following: “for recovery against Buyer, Holdco
(after the Closing) or Seller, as the case may be.”

          13. Amendment to Section 10.2 of the Stock Purchase Agreement.

     (a) Section 10.2(a) of the Stock Purchase Agreement is hereby amended by
deleting the words “Buyer and the Company and any of its Subsidiaries” and
inserting in lieu thereof the following: “Buyer and Holdco and any of its
Subsidiaries.”

     (b) Section 10.2(b) and Section 10.2(d) of the Stock Purchase Agreement each
is hereby amended by deleting the word “Buyer” and inserting in lieu thereof the
word “Holdco”.

     (c) Section 10.2(e) of the Stock Purchase Agreement is hereby amended by
deleting the words “by Buyer to Seller, or by Seller to Buyer” and inserting in
lieu thereof “by Buyer or Holdco to a Seller Indemnified Party, or by Seller to a
Buyer Indemnified Party”.

          14. Continuing Effect of Stock Purchase Agreement. This Amendment shall not constitute a waiver, amendment or modification of any other
provision of the Stock Purchase Agreement not expressly referred to herein. Except as expressly
amended or modified herein, the provisions of the Stock Purchase Agreement are and shall remain in
full force and effect.

          15. GOVERNING LAW. THIS AMENDMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE
(WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF
THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

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          16. Valid and Binding. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto
and their respective successors and assigns.

          17. Counterparts. For the convenience of the Parties hereto, this Amendment may be executed in any number of
counterparts, each such counterpart being deemed to be an original instrument, and all such
counterparts shall together constitute the same agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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          IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
officers duly authorized as of the date first written above.

	 	 	 	 	 
	 	REGIONS BANK, as successor to UNION

PLANTERS BANK, NATIONAL

ASSOCIATION

 	 
	 	By:  	/s/ Edmund Fay	 
	 	 	Name:  	Edmund Fay 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	REGIONS FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Edmund Fay	 
	 	 	Name:  	Edmund Fay 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	STRATEGIC OUTSOURCING, INC.

 	 
	 	By:  	/s/
Michael Willson	 
	 	 	Name:  	 Michael Willson	 
	 	 	Title:  	CFO, V.P. of Finance	 
	 
	 	SOI INVESTORS LLC

 	 
	 	By:  	/s/
Michael Willson	 
	 	 	Name:  	Michael Willson 	 
	 	 	Title:  	CFO, V.P. of FinanceEX-10.7

 

EXECUTION COPY

EXHIBIT 10.7

STOCK PURCHASE AGREEMENT

     This STOCK PURCHASE AGREEMENT (this “Agreement”), is entered into as of this 3rd day
of August, 2005, by and among Regions Bank, an Alabama state bank, (the “Regions”), SOI
Holdings, Inc., a Delaware corporation (the “Company”), SOI Investors LLC, a Delaware limited
liability company (“SOI Investors”), and Carl Guidice (the “Executive”).

R E C I T A L S:

     WHEREAS, SOI Investors has entered into a Stock Purchase Agreement, dated as of June 29, 2005
(the “Purchase Agreement”), by and among Regions, Union Planters Bank, National
Association, Strategic Outsourcing, Inc. and SOI Investors;

     WHEREAS, SOI Investors has assigned to the Executive the right under the Purchase Agreement to
purchase shares of Common Stock, par value $0.01 per share (the “Company Common Stock”), of
SOI Holdings, Inc. (the “Company”) and Preferred Stock, par value $0.01 per share (the
“Company Preferred Stock”), of the Company with an aggregate value equal to $1,000,000,
such sale to be subject to the terms and conditions set forth herein; and

     WHEREAS, Strategic Outsourcing, Inc., a Delaware corporation (“SOI”), a wholly owned
subsidiary of the Company, and the Executive have entered into an employment agreement, dated as of
the date hereof (such employment agreement, as it may be amended, superceded or replaced from time
to time, the “Employment Agreement”); and

     NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
hereto agree as follows:

     1. Definitions. Capitalized terms used herein and not otherwise defined shall have
the respective meanings set forth in the Employment Agreement. For purposes of this Agreement, the
following terms shall have the following meanings:

     “Fair Market Value” shall mean (a) in the case of the Company Common Stock, (i) if the
Company Common Stock is listed on a national securities exchange, the average of the highest and
lowest sale prices of a share of the Company Common Stock reported as having occurred on the
primary exchange with which the Company Common Stock is listed and traded on the date prior to such
date, or, if there is no such sale on that date, then on the last preceding date on which such a
sale was reported; (ii) if the Company Common Stock is not listed on any national securities
exchange but is quoted in the Nasdaq National Market (the “Nasdaq”) on a last sale basis,
the average between the high bid price and low ask price reported on the date prior to such date,
or, if there is no such sale on that date, then on the last preceding date on which a sale was
reported; or (iii) if the Company Common Stock is not listed on a national securities exchange nor

 

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quoted in the Nasdaq on a last sale basis, the amount determined by the Company to be the fair
market value based upon a good faith attempt to value the Company Common Stock accurately and
computed in accordance with applicable regulations of the Internal Revenue Service; and (b) in the
case of the Company Preferred Stock, the amount determined by the Company to be the fair market
value based upon a good faith attempt to value the Company Preferred Stock accurately, and computed
in accordance with the applicable regulations of the Internal Revenue Service.

     “IPO” shall mean the first sale in an underwritten offering of the Company Common
Stock pursuant to a Registration Statement on Form S-1 or otherwise under the Securities Act.

     “SEC” shall mean the Securities and Exchange Commission.

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

     2. Purchase of Shares. Subject to the terms and conditions set forth in this
Agreement, Regions hereby sells to the Executive, and the Executive hereby purchases from Regions,
effective as of the date hereof, 13,500 shares of the Company Common Stock (the “Company Common
Shares”) for an aggregate purchase price of $990,000.00 (the “Company Common Initial
Value”) and 13,5000.00 shares of the Company Preferred Stock (the “Company Preferred
Shares”) for an aggregate purchase price of $10,000.00 (the “Company Preferred Initial
Value”). The Company Common Shares and the Company Preferred Shares are sometimes referred to
herein as the “Shares,” and the Company Common Initial Value and the Company Preferred
Initial Value are sometimes referred to herein as the “Initial Values.”

     3. Certificates. Certificates evidencing the Company Common Shares and the Company
Preferred Shares shall be issued by the Company and shall be registered in the Executive’s name on
the stock transfer books of the Company promptly after the date hereof.

     4. Effect of Termination of Employment.

          (a) Upon the termination of the Executive’s employment with the SOI for any reason, the Shares
shall be subject to the Call Option described in Section 4(b) below.

          (b) Call Option.

          (i) Other than as set forth in the second sentence of Section 4(b)(vii), upon
and following (A) a termination of the Executive’s employment by SOI for Cause or
(B) the termination of the Executive’s employment for any reason (other than the
Executive’s death) within one year following the date of this Agreement for any
reason (or no reason), the Company shall have the right and option (the “Call
Option”), but not the obligation, to purchase from the Executive (or his estate
or permitted

 

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transferees) any or all of the shares of Company Common Stock or Company
Preferred Stock, as the case may be, owned by the Executive. The purchase price
(the “Call Price”) of the Company Common Stock or Company Preferred Stock,
as the case may be, subject to purchase under this provision (the “Called
Shares”) shall be (x) in the case of (A) a termination of the Executive’s
employment by the Company for Cause or (B) the termination of the Executive’s
employment for any reason (other than the Executive’s death) within one year
following the date of this Agreement, the lower of the Company Common Initial Value
or the Company Preferred Initial Value, as the case may be, of such Called Shares
or the Fair Market Value of such Called Shares on the date of the applicable “Call
Notice” (as defined below).

          (ii) The Company may exercise the Call Option by delivering or mailing to the
Executive (or to his estate, if applicable), in accordance with Section 15 of this
Agreement, written notice of exercise (a “Call Notice”). The Call Notice
shall specify the date thereof, the number of Called Shares and the Call Price.

          (iii) Within ten (10) days after his receipt of the Call Notice, the Executive
(or his estate) shall tender to the Company, at its principal office the
certificate or certificates representing the Called Shares, duly endorsed in blank
by the Executive (or his estate) or with duly endorsed stock powers attached
thereto, all in form suitable for the transfer of such shares to the Company. Upon
its receipt of such shares, the Company shall pay to the Executive the aggregate
Call Price therefor, in cash or by wire transfer of immediately available funds.

          (iv) The Company will be entitled to receive customary representations and
warranties from the Executive (or his estate) regarding the sale of the Called
Shares pursuant to the exercise of the Call Option as may reasonably requested by
the Company, including but not limited to the representation that the Executive has
good and marketable title to the Called Shares to be transferred free and clear of
all liens, claims and other encumbrances.

          (v) If the Company delivers a Call Notice, then from and after the time of
delivery of the Call Notice, the Executive shall no longer have any rights as a
holder of the Called Shares subject thereto (other than the right to receive
payment of the Call Price as described above), and such Called Shares shall be
deemed purchased in accordance with the applicable provisions hereof and the
Company shall be deemed to be the owner and holder of such Called Shares.

          (vi) Any Company Common Shares as to which the Call Option is not exercised
will remain subject to all terms and conditions of

 

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this Agreement, including the continuation of the Company’s right to exercise
the Call Option.

          (vii) This Section 4(b) is in addition to, and not in lieu of, any rights and
obligations of the Executive and the Company in respect of the Shares contained in
the “Stockholders Agreement” (as defined below). Notwithstanding the above, this
Section 4(b) shall be ineffective as to each Company Common Share on and following
an IPO or any other event which causes the Company Common Stock, or other
securities for which all or substantially all of the Company Common Stock may have
been exchanged, to be or become listed for trading on or over an established
securities market or established trading system.

     5. Rights as a Stockholder; Dividends. The Executive shall be the record owner of the
Shares unless and until such shares are sold or otherwise disposed of, and as record owner shall be
entitled to all rights of a common stockholder of the Company, including, without limitation,
voting rights, if any, with respect to the Shares; provided that the Shares shall
be subject to the limitations on transfer and encumbrance set forth in this Agreement and the
stockholders agreement executed and entered into by and among the Company and the other parties
thereto on the date hereof (such stockholders agreement, as it may be amended, superceded or
replaced from time to time, the “Stockholders Agreement”). A copy of the Stockholders
Agreement, as in effect on the date hereof, is annexed hereto as Exhibit A.

     6. Restrictive Legend. All certificates representing Shares shall have affixed
thereto a legend in substantially the following form, in addition to any other legends that may be
required under federal or state securities laws, unless and to the extent determined inapplicable
or unnecessary by the Company:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE. THE SECURITIES MAY NOT BE OFFERED AND SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
SUCH ACT AND SUCH LAWS OR PURSUANT TO A WRITTEN OPINION OF COUNSEL FOR THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SALE, ASSIGNMENT, HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH
A “TRANSFER”) AND VOTING OF ANY OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE STOCKHOLDERS AGREEMENT, DATED AUGUST
3, 2005, BY AND AMONG THE COMPANY AND THE

 

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OTHER PERSONS NAMED THEREIN, AND THE STOCK PURCHASE AGREEMENT, DATED AUGUST 3,
2005, BY AND AMONG THE COMPANY AND THE OTHER PERSONS NAMED THEREIN, A COPY OF EACH
WHICH MAY BE INSPECTED AT THE COMPANY’S PRINCIPAL OFFICE. THE COMPANY WILL NOT
REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS AND
UNTIL THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS
AGREEMENT AND THE MANAGEMENT STOCK PURCHASE AGREEMENT.

     7. Transferability. Neither the Executive nor any transferee of the Executive
(including any beneficiary, executor or administrator) shall assign, alienate, pledge, attach, sell
or otherwise transfer or encumber the Shares or, prior to the IPO, the Company Common Shares,
except in accordance with the applicable provisions of this Agreement and the Stockholders
Agreement; the consequences of the termination of the Executive’s employment with SOI under the
terms of this Agreement shall continue to be applied with respect to the transferees of the
Executive to the extent specified in this Agreement.

     8. Representations and Warranties. The Executive represents, warrants and covenants
as follows:

          (a) The Executive has the full legal right, requisite power and authority and has taken all
action necessary in order to execute, deliver and perform fully, his obligations under this
Agreement and to consummate the transactions contemplated hereby. No other proceeding with respect
to the Executive is necessary to authorize this Agreement or the transactions contemplated hereby.
This Agreement has been duly executed and delivered by the Executive and constitutes a valid and
binding agreement of the Executive, enforceable against the Executive in accordance with its terms
except to the extent that the enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, receivership, conservatorship, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and subject to general principles of equity and except
that the availability of the equitable remedy of specific performance or injunctive relief is
subject to the discretion of the court before which any proceeding may be brought.

          (b) The execution and delivery by the Executive of this Agreement does not, and the
performance and consummation by the Executive of any of the transactions contemplated hereby will
not directly or indirectly (with or without the giving of notice or the lapse of time or both):

          (i) require the making of any filing with, or obtaining any consent from, any
governmental entity by the Executive;

          (ii) contravene, conflict with, or constitute or result in a breach or
violation of any law or order or give any governmental entity or

 

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any other person the right to challenge any of the transactions contemplated
hereby; or

          (iii) contravene, conflict with, or constitute or result in a breach or
violation of, or a default under, any provision of, or give any governmental entity
the right to revoke, withdraw, suspend, cancel, terminate or modify, any
governmental authorization that is held by the Executive.

          (c) The Executive is acquiring the Shares for his own account and not with a view to, or for
sale in connection with, any distribution of the Shares in violation of the Securities Act or any
rule or regulation under the Securities Act or in violation of any applicable state securities law.

          (d) The Executive has had such opportunity as he has deemed adequate to obtain from
representatives of the Company such information as is necessary to permit him to evaluate the
merits and risks of his investment in the Company.

          (e) The Executive has sufficient experience in business, financial and investment matters to
be able to evaluate the risks involved in acquiring of the Shares and to make an informed
investment decision with respect to such
investment.

          (f) The Executive can afford the complete loss of the value of the Shares and is able to bear
the economic risk of holding such shares for an indefinite period.

          (g) The Executive is an “Accredited Investor” within the meaning of Rule 501 of Regulation D
under the Securities Act, as presently in effect.

          (h) The Executive understands that (i) the Shares have not been registered under the
Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities
Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are
subsequently registered under the Securities Act or an exemption from registration is then
available; (iii) in any event, the exemption from registration under Rule 144 will not be available
for at least one (1) year and even then will not be available unless a public market then exists
for such shares, adequate information concerning the Company (as applicable) is then available to
the public, and other terms and conditions of Rule 144 are complied with and (iv) there is now no
registration statement on file with the SEC with respect to the Shares and, except as set forth in
Section 5(b) hereof or in the Stockholders Agreement, there is no commitment on the part of the
Company to make any such filing.

     9. Adjustments for Stock Splits, Stock Dividends, etc. If from time to time during
the term of this Agreement there is any stock split-up, stock dividend, stock distribution or other
reclassification of the Company Common Stock and/or the Company

 

7

Preferred Stock, any and all new, substituted or additional securities to which the Executive
is entitled by reason of his ownership of the Shares shall be immediately subject to the terms of
this Agreement.

     10. Confidentiality of the Agreement. The Executive agrees to keep confidential the
terms of this Agreement. This provision does not prohibit the Executive from providing this
information on a confidential and privileged basis to the Executive’s attorneys or accountants for
purposes of obtaining legal or tax advice or as otherwise required by law, regulation or stock
exchange rule.

     11. Indemnification. SOI Investors shall indemnify, defend and hold harmless Regions
and its successors, assigns, stockholders, controlling persons, and affiliates against and from any
and all Damages (as defined in the Purchase Agreement) asserted against, imposed upon, incurred by
or caused to, directly or indirectly, Regions or any other person or entity referenced in this
Section 11 by reason of, any breach of any representation, warranty, covenant, agreement or
obligations of the Executive set forth in Sections 2 and 8 of this Agreement.

     12. Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
and each other provision of the Agreement shall be severable and enforceable to the extent
permitted by law.

     13. Waiver. Any right of the Company or Regions contained in the Agreement may be
waived in writing by the Company or Regions, as the case may be. No waiver of any right hereunder
by any party shall operate as a waiver of any other right, or as a waiver of the same right with
respect to any subsequent occasion for its exercise, or as a waiver of any right to damages. No
waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any
other breach or a waiver of the continuation of the same breach.

     14. Entire Agreement. This Agreement, the Purchase Agreement and the Stockholders
Agreement contain the entire agreement and understanding of the parties hereto with respect to the
subject matter contained herein and supersede all prior communications, representations and
negotiations with respect to the subject matter contained herein. No change, modification or
waiver of any provision of this Agreement shall be valid unless the same be in writing and signed
by the parties hereto.

     15. Notices. Any notice, consent, request or other communication made or given in
accordance with this Agreement shall be in writing and shall be deemed to have been duly given when
actually received or, if mailed, three days after mailing by registered or certified mail, return
receipt requested, or one business day after mailing by a nationally recognized express mail
delivery service with instructions for next-day delivery, to those persons listed below at their
following respective addresses or at such other address or person’s attention as each may specify
by notice to the others:

     To the Company:

 

8

     SOI Holdings, Inc.

     c/o Clarion Capital Partners, LLC

     110 East 59th Street, Suite 2100

     New York, New York 10022

     Attention: Marc A. Utay

     with a copy to:

     Paul, Weiss, Rifkind, Wharton & Garrison LLP

     1285 Avenue of the Americas

     New York, New York 10019-6064

     Attention: Paul D. Ginsberg, Esq.

     To Regions:

     Regions Bank

     417 North 20th Street

     Birmingham, Alabama 35203

     Facsimile: (205) 326-7784

     Attention: R. Alan Deer

     With a copy to:

     Alston & Bird LLP

     601 Pennsylvania Avenue, N.W.

     North Building, 10th Floor

     Washington, D.C. 20004-2601

     Facsimile: (202) 756-3333

     Attention: Frank M. Conner III

     To the Executive:

The most recent address for the Executive in the records of the Company or SOI.
The Executive hereby agrees to promptly provide the Company and SOI with written
notice of any change in the Executive’s address for so long as this Agreement
remains in effect.

     16. Beneficiary. The Executive may file with the Company Board a written designation
of a beneficiary on such form as may be prescribed by the Company Board and may, from time to time,
amend or revoke such designation. If no designated beneficiary survives the Executive, the
executor or administrator of the Executive’s estate shall be deemed to be the Executive’s
beneficiary. The Executive’s beneficiary shall succeed to the rights and obligations of the
Executive hereunder upon the Executive’s death, except as may be otherwise described herein.

 

9

     17. Successors. The terms of this Agreement shall be binding upon and inure to the
benefit of the Company, its respective successors and assigns, and of the Executive and the
beneficiaries, executors, administrators, heirs and successors of the Executive.

     18. Modifications. No change, modification or waiver of any provision of this
Agreement shall be valid unless the same be in writing and signed by the parties hereto.

     19. Shares Subject to the Stockholders Agreement. By entering into this Agreement the
Executive agrees and acknowledges that the Executive has received and read the Stockholders
Agreement. The Stockholders Agreement as it may be amended from time to time is hereby
incorporated herein by reference. In the event of a conflict between any term or provision
contained herein and any terms or provisions of the Stockholders Agreement, the applicable terms
and provisions of the Stockholders Agreement will govern and prevail except with respect to Section
4(b) hereof.

     20. GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE
OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE
OF NEW YORK.

     21. JURY TRIAL WAIVER. THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE ANY RIGHT TO A JURY
TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT IS LITIGATED OR
HEARD IN ANY COURT.

     22. Headings. The headings of the Sections hereof are provided for convenience only
and are not to serve as a basis for interpretation or construction, and shall not constitute a
part, of this Agreement.

     23. Signature in Counterparts. This Agreement may be signed in counteiparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. The parties hereto confirm that any facsimile copy of another party’s
executed counterpart of this Agreement (or its signature page thereof) will be deemed to be an
executed original thereof.

 

10

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

	 	 	 	 	 
	 	SOI Investors LLC

 	 
	 	/s/ Marc A. Utay	 
	 	By: 	 
	 	Title:  	 	 
	 
	 	 	 
	 	/s/ Carl Guidice 	 
	 	Carl Guidice

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