Document:

2nd Amendment to Stockholders' Agreement

 Exhibit 4(a)(2) 
 NEWSTAR FINANCIAL, INC. 
 SECOND AMENDMENT TO  
 STOCKHOLDERS AGREEMENT 
 THIS
SECOND AMENDMENT (this “Amendment”), entered into as of June 5, 2006 to the STOCKHOLDERS AGREEMENT entered into as of June 18, 2004, by and among NEWSTAR FINANCIAL, INC. (f/k/a Novus Capital, Inc.), a Delaware corporation
(the “Corporation”) and the securityholders of the Corporation signatory thereto, as amended by the First Amendment to the Stockholders Agreement dated August 22, 2005 (collectively, the “Agreement”).
Capitalized terms used herein without definition shall have the meanings assigned thereto in the Agreement. 
 W I T N E S S E T H:

 WHEREAS, the requisite parties to the Agreement desire to amend the Agreement in accordance with Section 7.03 thereof. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements of the parties hereto, and of the mutual benefits to be gained by the performance
thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties for themselves, their heirs, executors, administrators, successors and assigns, do hereby covenant and agree as follows:

 Section 1 Amendment to Section 2.10(g). Section 2.10(g) of the Agreement is hereby deleted and replaced in its
entirety as follows: 
 (g) incur aggregate indebtedness for borrowed money in excess of eight (8) times the sum of
(i) stockholder equity, determined in accordance with generally accepted accounting principles in the United States and (ii) the total amount of unsatisfied subscription obligations under the Subscription Agreement and Founders
Subscription Agreement. 
 Section 2. Miscellaneous. 
 (a) Except as specifically amended above, the Agreement is and shall continue to be in full force and effect. 
 (b) This Amendment may be executed in two or more counterparts, each of which shall serve as an original of the party executing the same, but all of
which shall constitute but one and the same agreement. 

 (c) All headings set forth in this Amendment are intended for convenience only and shall not control or
affect the meaning, construction or effect of this Amendment or the Agreement or of any of the provisions hereof or thereof. 
 (d) This
Amendment shall be deemed to be a contract governed by the laws of the State of Delaware and shall for all purposes be construed in accordance with the laws of such state, without reference to the conflicts of laws provisions thereof. 
 Section 3. Authorization. This Amendment has been executed by the Company and
Investors holding more than sixty-six and two thirds percent (66  2/3%) of the outstanding Common Stock,
Class A Common Stock and Preferred Stock held by the Investors. 
 [Remainder of this page intentionally left blank] 

 

 2 

 IN WITNESS WHEREOF, the parties have caused this First Amendment to Stockholders Agreement to be executed
by their duly authorized as of the same day and year first above written. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	 /s/ Timothy J. Conway

	Name:	 	
	Title:	 	
	
	CAPITAL Z FINANCIAL SERVICES FUND II, L.P.
		
	By:	 	Capital Z Partners, L.P.,
		 	its general partner
		
	By:	 	Capital Z Partners, Ltd.,
		 	its general partner
		
	By:	 	 /s/ Illegible

	Name:	 	
	Title:	 	
	
	CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II, L.P.
		
	By:	 	Capital Z Partners, L.P.,
		 	its general partner
		
	By:	 	Capital Z Partners, Ltd.,
		 	its general partner
		
	By:	 	 /s/ Illegible

	Name:	 	
	Title:	 	

			
	J.P. MORGAN CAPITAL, L.P.
		
	By:	 	J.P. Morgan Capital Management Company, L.P., as General Partner
		
	By:	 	J.P. Morgan Capital Management Company, L.L.C., as General Partner
		
	By:	 	J.P. Morgan Investment Partners, L.P.,
		 	as Sole Member
		
	By:	 	J.P. Morgan Capital Corporation,
		 	as General Partner
		
	By:	 	 /s/ Richard Madsen

	Name:	 	Richard Madsen
	Title:	 	Managing Director and Assistant Secretary
	
	J.P. MORGAN CORSAIR II CAPITAL PARTNERS, L.P.
		
	By:	 	Corsair II, L.P., as General Partner
		
	By:	 	Corsair II, L.L.C., as General Partner
		
	By:	 	 /s/ T. Kimball Brooker, Jr.

	Name:	 	T. Kimball Brooker, Jr.
	Title:	 	Chief Investment Officer
	
	OZ MASTER FUND, LTD.
		
	By:	 	 OZ Management, L.L.C.,
 its investment
manager

		
	By:	 	 /s/ Joel M. Frank

	Name:	 	Joel M. Frank
	Title:	 	Chief Financial Officer

 SIGNATURE PAGE TO FIRST AMENDMENT TO NEWSTAR STOCKHOLDERS AGREEMENT 

			
	SHAWMUT EQUITY PARTNERS L.P.
		
	By:	 	Shawmut Capital Partners, LLC,
		 	its General Partner
		
	By:	 	 /s/ Daniel K. Doyle

	Name:	 	Daniel K. Doyle
	Title:	 	Managing Director
	
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Mark E. Kisher

	Name:	 	Mark E. Kisher
	Title:	 	Its Authorized Representative

 SIGNATURE PAGE TO FIRST AMENDMENT TO NEWSTAR STOCKHOLDERS AGREEMENT3rd Amendment to Stockholders' Agreement

 Exhibit 4(a)(3) 
 NEWSTAR FINANCIAL, INC. 
 THIRD AMENDMENT TO 
 STOCKHOLDERS AGREEMENT 
 THIS
THIRD AMENDMENT (this “Amendment”), entered into as of December 12, 2006 to the STOCKHOLDERS AGREEMENT entered into as of June 18, 2004, by and among NEWSTAR FINANCIAL, INC. (f/k/a Novus Capital, Inc.), a Delaware
corporation (the “Corporation”) and the securityholders of the Corporation signatory thereto, as amended by the First Amendment to the Stockholders Agreement, dated August 22, 2005, and the Second Amendment to the Stockholders
Agreement, dated June 5, 2006 (collectively, the “Agreement”). Capitalized terms used herein without definition shall have the meanings assigned thereto in the Agreement. 
 W I T N E S S E T H: 
 WHEREAS, the requisite parties to the Agreement desire to amend
the Agreement in accordance with Section 7.03 thereof. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements of the
parties hereto, and of the mutual benefits to be gained by the performance thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties for themselves, their heirs, executors,
administrators, successors and assigns, do hereby covenant and agree as follows: 
 Section 1 Amendment to Section 5.01(a).
That certain reference to “twenty percent (20%)” in Section 5.01(a) is hereby amended and replaced with “fourteen percent (14%).” 
 Section 2. Miscellaneous. 
 (a) Except as specifically amended above, the Agreement is and shall
continue to be in full force and effect. 
 (b) This Amendment may be executed in two or more counterparts, each of which shall serve as an
original of the party executing the same, but all of which shall constitute but one and the same agreement. 
 (c) All headings set forth in
this Amendment are intended for convenience only and shall not control or affect the meaning, construction or effect of this Amendment or the Agreement or of any of the provisions hereof or thereof. 

 (d) This Amendment shall be deemed to be a contract governed by the laws of the State of Delaware and
shall for all purposes be construed in accordance with the laws of such state, without reference to the conflicts of laws provisions thereof. 
 Section 3. Authorization. This Amendment has been executed by the Company and
Investors holding more than sixty-six and two thirds percent (66  2/3%) of the outstanding Common Stock,
Class A Common Stock and Preferred Stock held by the Investors. 
 [Remainder of this page intentionally left blank] 

 

 2 

 IN WITNESS WHEREOF, the parties have caused this Third Amendment to Stockholders Agreement to be executed
by their duly authorized as of the same day and year first above written. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	/s/ Timothy J. Conway
	Name: Timothy J Conway
	Title:
	
	CAPITAL Z FINANCIAL SERVICES FUND II, L.P.
		
	By:	 	 Capital Z Partners, L.P.,
 its general
partner

		
	By:	 	 Capital Z Partners, Ltd.,
 its general
partner

		
	By:	 	/s/ Craig Fisher
	Name: Craig Fisher
	Title: General Counsel
	
	CAPITAL Z FINANCIAL SERVICES PRIVATE FUND II, L.P.
		
	By:	 	 Capital Z Partners, L.P.,
 its general
partner

		
	By:	 	 Capital Z Partners, Ltd.,
 its general
partner

		
	By:	 	/s/ Craig Fisher
	Name: Craig Fisher
	Title: General Counsel

			
	J.P. MORGAN CAPITAL, L.P.
		
	By:	 	J.P. Morgan Capital Management Company, L.P., as General Partner
		
	By:	 	J.P. Morgan Capital Management Company, L.L.C., as General Partner
		
	By:	 	 J.P. Morgan Investment Partners, L.P.,
 as Sole
Member

		
	By:	 	 JPNP Capital LLC,
 as General
Partner

		
	By:	 	/s/ Ana Capella
	Name: Ana Capella
	Title: Managing Director
	
	J.P. MORGAN CORSAIR II CAPITAL PARTNERS, L.P.
		
	By:	 	Corsair II, L.P., as General Partner
		
	By:	 	Corsair II, L.L.C., as General Partner
		
	By:	 	/s/ Thomas Kimball Brooker, Jr.
	Name: Thomas Kimball Brooker, Jr.
	Title: CIO

 SIGNATURE PAGE TO THIRD AMENDMENT TO NEWSTAR STOCKHOLDERS AGREEMENT 

			
	OZ MASTER FUND, LTD
		
	By:	 	 OZ Management, L.L.C.,
 its investment
manager

		
	By:	 	/s/ Joel M. Frank
	Name: Joel M. Frank
	Title: Chief Financial Officer
	
	SHAWMUT EQUITY PARTNERS L.P.
	By:	 	 Shawmut Capital Partners, LLC,
 its General
Partner

		
	By:	 	/s/ Daniel K. Doyle
	Name: Daniel K. Doyle
	Title: Managing Director
	
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	/s/ David A. Barras
	Name: David A. Barras
	Title: Its Authorized Representative

 SIGNATURE PAGE TO THIRD AMENDMENT TO NEWSTAR STOCKHOLDERS AGREEMENT 

	
	
	/s/ J. Daniel Adkinson
	J. Daniel Adkinson
	
	/s/ John Bray
	John Bray
	
	/s/ R. Phillip Burnaman
	R. Phillip Burnaman
	
	/s/ Thomas Calhoun
	Thomas Calhoun
	
	/s/ Robert Clemmens
	Robert Clemmens
	
	/s/ Timothy Conway
	Timothy Conway
	
	/s/ Mark Cordes
	Mark Cordes
	
	/s/ David Dobies
	David Dobies
	
	/s/ John Frishkopf
	John Frishkopf
	
	/s/ James Korinek
	James Korinek

 SIGNATURE PAGE TO THIRD AMENDMENT TO NEWSTAR STOCKHOLDERS AGREEMENT 

	
	
	/s/ William Mallon
	William Mallon
	
	/s/ Pat McAuliffe
	Pat McAuliffe
	
	/s/ Greg Pachus
	Greg Pachus
	
	/s/ R. Scott Poirier
	R. Scott Poirier
	
	/s/ David Roberts
	David Roberts
	
	/s/ Peter Schmidt Fellner
	Peter Schmidt Fellner
	
	/s/ Timothy Shoyer
	Timothy Shoyer
	
	/s/ Bharath Shrikrishnan
	Bharath Shrikrishnan

 SIGNATURE PAGE TO THIRD AMENDMENT TO NEWSTAR STOCKHOLDERS AGREEMENT

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