Document:

Exhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT, dated as of September 22,
2009, (this “Agreement”), is made among (i) MXenergy
Holdings Inc., a Delaware corporation (the “Company”), (ii) the
Stockholders listed on Schedule I hereto (collectively, the “Class A
Stockholders”), (iii) the Stockholders listed on Schedule II
hereto (collectively, the “Class B Stockholders”), (iv) the
Stockholders listed on Schedule III hereto (collectively, the “Class C
Stockholders” and, together with the Class A Stockholders and the Class B
Stockholders, the “Common Stockholders”), and (v) any other
Stockholder that may become a party to this Agreement after the date hereof and
pursuant to the terms hereof. 
Capitalized terms used herein without definition shall have the meanings
set forth in Section 10.

 

A.                                   Pursuant to that certain Amended and
Restated Lock-Up, Support and Voting Agreement, dated as of August 14,
2009, as the same may be amended from time to time (the “Lock-Up Agreement”),
the Company and certain holders of the Company’s Floating Rate Senior Notes due
2011 (the “Notes”) have agreed, among other things, to amend and
exchange certain obligations of the Company and certain of its Subsidiaries
(collectively, the “Restructuring”), upon the terms and subject to the
conditions set forth in the Lock-Up Agreement.

 

B.                                     In connection with the Restructuring, the
Company has (i) commenced an exchange offer pursuant to which
certain outstanding Notes have been exchanged for new debt instruments, cash
and shares of Class A Common Stock representing, in the aggregate, 62.5%
of the outstanding shares of Common Stock (on a fully diluted basis, but prior
to any grants under the Management Incentive Plan), (ii) issued
shares of Class B Common Stock representing, in the aggregate, 7.37% of
the outstanding shares of Common Stock (on a fully diluted basis, but prior to
any grants under the Management Incentive Plan), and (iii) issued
shares of Class C Common Stock representing, in the aggregate, 30.13% of the
outstanding shares of Common Stock (on a fully diluted basis, but prior to any
grants under the Management Incentive Plan).

 

C.                                     In order to induce the Common
Stockholders to participate in the Restructuring, the Company desires to grant to the
Common Stockholders certain registration rights with respect to the shares of
Common Stock held by the Common Stockholders.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

1.                                       Demand Registrations.

 

(a)                                  Requests for Registration. 
At any time following the earlier of (i) an IPO and (ii) the
third anniversary of the date hereof, the Required Holders may request in 

 

 

writing that the Company effect the registration of all or any part of
the Registrable Securities held by such Required Holders (a “Registration
Request”).  Promptly after its
receipt of any Registration Request, the Company will give written notice of
such request to all other Holders, and will use its commercially reasonable
efforts to register, in accordance with the provisions of this Agreement, all
Registrable Securities that have been requested to be registered by the
Required Holders in the Registration Request or by any other Holders by written
notice to the Company, which notice is received within thirty (30) days after
the date the Company has given such Holders notice of the Registration
Request.  The Company will pay all
Registration Expenses incurred in connection with any registration pursuant to
this Section 1.

 

(b)                                 Limitation on Demand Registrations. 
The Company will not be obligated to effect more than three
registrations pursuant to this Section 1 (each, a “Demand Registration”),
provided that a request for registration will not count for the purposes
of this limitation if (i) the Required Holders determine in good
faith to withdraw (prior to the effective date of the Registration Statement
relating to such request) the proposed registration, (ii) the
Registration Statement relating to such request is not declared effective
within 180 days of the date such registration statement is first filed with the
Commission, (iii) prior to the sale of at least 75% of the
Registrable Securities included in the registration relating to such request,
such registration is adversely affected by any stop order, injunction or other
order or requirement of the Commission or other governmental agency or court
for any reason and the Company fails to have such stop order, injunction or
other order or requirement removed, withdrawn or resolved to the Required
Holders’ reasonable satisfaction within thirty (30) days of the date of
such order, (iv) any  of the
Registrable Securities requested by the Required Holders to be included in the
registration are not so included pursuant to Section 1(f), or (v) the
conditions to closing specified in any underwriting agreement entered into in
connection with the registration relating to such request are not satisfied
(other than as a result of a material default or breach thereunder by the
Required Holders).  Notwithstanding the
foregoing, the Company will pay all Registration Expenses in connection with
any request for registration pursuant to Section 1(a) regardless of
whether or not such request counts toward the limitation set forth above.

 

(c)                                  Short-Form Registrations. 
The Company will use its commercially reasonable efforts to qualify for
registration on Form S-3 or any comparable or successor form or forms or
any similar short-form registration (“Short-Form Registrations”),
and to that end the Company will register (whether or not required by law to do
so) shares of Common Stock under the Exchange Act in accordance with the
provisions of that Act following the effective date of the first registration
of any securities of the Company on Form S-1 or any comparable or
successor form or forms.  To the extent
the Company is qualified for a Short-Form Registration, the Required
Holders will be entitled to request at any time and from time to time an
unlimited number of Short-Form Registrations, in addition to the
registration rights provided in Section 1(a), provided that the
Company

 

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will not be obligated to effect any registration pursuant to this
Section 2(c) more than twice in any one year.  Promptly after its receipt of any request for
a Short-Form Registration, the Company will give written notice of such
request to all other Holders, and will use its commercially reasonable efforts
to register, in accordance with the provisions of this Agreement, all
Registrable Securities that any Holder has requested in writing to be
registered, which request is received no later than thirty (30) days after the
date of such notice.  The Company will
pay all Registration Expenses incurred in connection with any
Short-Form Registration.

 

(d)                                 Restrictions on Demand Registrations. 
The Company may postpone for a reasonable period of time, not to exceed
120 days, the filing of a prospectus or the effectiveness of a Registration
Statement for a Demand Registration or a Short-Form Registration if the
Company furnishes to the Holders a certificate signed by the Chief Executive
Officer of the Company, following consultation with, and after obtaining the
good faith approval of, the board of directors of the Company, stating the
Company’s belief that the filing or continued effectiveness of such
Registration Statement would require the disclosure of material non-public
information that would materially adversely affect a financing, acquisition,
disposition, merger or other material transaction involving the Company, provided
that the Company may not effect such a postponement more than once in any
360-day period.  If the Company so
postpones the filing of a prospectus or the effectiveness of a Registration
Statement, the Required Holders will be entitled to withdraw such request and,
if such request is withdrawn, such registration request will not count for the
purposes of the limitation set forth in Section 1(b).  The Company will pay all Registration
Expenses incurred in connection with any such aborted registration or
prospectus.

 

(e)                                  Selection of Underwriters. 
If the Required Holders intend to distribute the Registrable Securities
covered by their Registration Request by means of an underwritten offering,
they will so advise the Company as a part of the Registration Request, and the
Company will include such information in the notice sent by the Company to the
other Holders with respect to such Registration Request.  In such event, the Required Holders will have
the right to select the investment banker(s) and manager(s) to
administer the offering, which shall be reasonably satisfactory to the
Company.  If the offering is
underwritten, the right of any Holder to registration pursuant to this Section 1
will be conditioned upon such Holder’s participation in such underwriting and
the inclusion of the Holder’s Registrable Securities that it wishes to sell in
the underwriting (unless otherwise agreed by the Required Holders), and the
Company and each such Holder will (together with the other Holders distributing
their securities through such underwriting) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for
such underwriting.  If any Holder
disapproves of the terms of the underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company, the managing underwriter and the
Required Holders.

 

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(f)                                    Priority on Demand Registrations. 
The Company will not include in any underwritten registration pursuant
to Sections 1(a) or (c) any securities that are not Registrable
Securities without the prior written consent of the Required Holders.  If the managing underwriter advises the
Company that in its opinion the number of Registrable Securities (and, if
permitted hereunder, other securities requested to be included in such
offering) exceeds the number of securities that can be sold in such offering
without adversely affecting the marketability of the offering, the Company will
include in such offering only such number of securities that in the opinion of
such underwriters can be sold without adversely affecting the marketability of
the offering, which securities will be so included in the following order of
priority: (i) first, Registrable Securities, pro rata among the respective Holders thereof
on the basis of the aggregate number of Registrable Securities owned by each
such Holder, and (ii) second, any other securities of the Company
that have been requested to be so included.

 

(g)                                 Method of
Distribution.  Any registration pursuant to
this Section 1 shall be effected by means of a Registration Statement in
accordance with the plan of distribution set forth therein and in the
prospectus and prospectus supplement related thereto, as applicable, and, if a
Short-Form Registration is available, Rule 415 under the Securities
Act.  The Registration Statement shall
specify the types of sale or distribution transactions pursuant to which the
Holder may from time to time sell Registrable Securities, which shall include
sales to underwriters for resale to the public or to institutional investors,
sales on stock exchanges or in the over-the-counter market (at prevailing
market prices, at prices related to such prevailing market prices or at
negotiated prices), block trades, purchases by a broker or dealer as principal
and resale by that broker or dealer for its own account, ordinary broker’s
transactions and transactions in which the broker solicits purchasers,
privately negotiated transactions and such other methods of sale by the Holder
as the Required Holders may (but shall not be required to) elect and specify in
their Registration Request.

 

(h)                                 Other Registration Rights. 
Except as provided in this Agreement, the Company will not grant to any
holder or prospective holder of any equity securities of the Company or
securities that are convertible into equity securities of the Company
registration rights with respect to such equity securities which are senior or pari passu to the rights granted hereunder
without the prior written consent of the Required Holders.

 

2.                                       Piggyback Registrations.

 

(a)                                  Right to Piggyback. 
Whenever the Company proposes to register any of its securities, whether
for the Company’s own account or for the account of any stockholders of the
Company, including, without limitation, pursuant to Section 1 (other than
a registration on Form S-4 or a registration relating solely to (x) any
employee stock options or other employee benefit plans or (y) the
sale of debt or convertible debt instruments), the Company shall give prompt
written notice to all Holders of its intention

 

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to effect such a registration and shall include in such registration
all Registrable Securities with respect to which the Company has received
written requests for inclusion therein, which request is received within thirty
(30) days after the date of the Company’s notice (a “Piggyback Registration”).  Any Holder that has made such a written
request may withdraw its Registrable Securities from such Piggyback
Registration by giving written notice to the Company and the managing
underwriter, if any, on or before the thirtieth (30th)
day prior to the planned effective date of such Piggyback Registration.  The Company may terminate or withdraw any
registration under this Section 2 prior to the effectiveness of such
registration, whether or not any Holder has elected to include Registrable
Securities in such registration, and except for the obligation to pay
Registration Expenses pursuant to Section 2(c), the Company will have no
liability to any Holder in connection with such termination or withdrawal.

 

(b)                                 Underwritten Registration. 
If the registration referred to in Section 2(a) is proposed to
be underwritten, the Company will so advise the Holders as a part of the
written notice given pursuant to Section 2(a).  In such event, the right of any Holder to
registration pursuant to this Section 2 will be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting, and each such Holder will (together
with the Company and the other Holders distributing their securities through
such underwriting) enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company.  If
any Holder disapproves of the terms of the underwriting, such Holder may elect
to withdraw therefrom by written notice to the Company, the managing
underwriter and the Required Holders.

 

(c)                                  Piggyback Registration Expenses. 
The Company will pay all Registration Expenses in connection with any
Piggyback Registration, whether or not any registration or prospectus becomes
effective or final.

 

(d)                                 Priority on Primary Registrations. 
If a Piggyback Registration relates to an underwritten primary offering
on behalf of the Company, and the managing underwriters advise the Company that
in their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold without adversely affecting
the marketability of such offering, the Company will include in such
registration or prospectus only such number of securities that in the opinion
of such underwriters can be sold without adversely affecting the marketability
of the offering, which securities will be so included in the following order of
priority: (i) first, the securities the Company proposes to
sell, (ii) second, the Registrable Securities requested to
be included in such registration, pro rata
among the Holders of such Registrable Securities on the basis of the number of
Registrable Securities so requested to be included therein by each such Holder,
and (iii) third, any other securities requested to be
included in such registration.

 

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(e)                                  Priority on Secondary Registrations. 
If a Piggyback Registration relates to an underwritten secondary
registration on behalf of other holders of the Company’s securities, and the
managing underwriters advise the Company that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold without adversely affecting the marketability of the
offering, the Company will include in such registration only such number of
securities that in the opinion of such underwriters can be sold without
adversely affecting the marketability of the offering, which securities will be
so included in the following order of priority: (i) first,
the securities requested to be included therein by the holders requesting such
registration and the Registrable Securities requested to be included in such
registration, pro rata among the
holders of such securities and Registrable Securities on the basis of the
number of securities so requested to be included therein by each such holder,
and (ii) second, any securities the Company wishes to
include in such registration and (iii) third, any other
securities requested to be included in such registration.

 

(f)                                    Other Registrations. 
If the Company files a Registration Statement with respect to
Registrable Securities pursuant to Section 1 or Section 2, and if
such registration has not been withdrawn or abandoned, the Company will not
file or cause to be effected any other registration of any of its equity
securities or securities convertible or exchangeable into or exercisable for
its equity securities under the Securities Act (except on Form S-4 or S-8
or any successor or similar forms), whether on its own behalf or at the request
of any holder or holders of such securities, until a period of at least 90 days
have elapsed from the effective date of the effectiveness of such Registration
Statement.

 

3.                                       Registration Procedures.

 

(a)                                  Subject to Section 1(d), whenever
the Holders of Registrable Securities have requested that any Registrable
Securities be registered pursuant to this Agreement, the Company will use its
commercially reasonable efforts to effect the registration and sale of such
Registrable Securities in accordance with the intended method of disposition
thereof.  Without limiting the generality
of the foregoing, the Company will use its commercially reasonable efforts to,
as expeditiously as possible:

 

(i)                                     prepare and (within sixty (60) days after
the end of the thirty-day period within which requests for registration may be
given to the Company pursuant hereto) file with the Commission a Registration
Statement with respect to such Registrable Securities, make all required
filings with FINRA and thereafter use its commercially reasonable efforts to
cause such Registration Statement to become effective; provided, however,
that (A) before filing a Registration Statement or any amendments
or supplements thereto, or any prospectuses or prospectus supplements, the
Company will furnish to one firm of counsel selected by the Holders in
accordance with Section 4(b), copies of all such documents proposed to be
filed, which documents will be subject to review

 

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of such counsel at the
Company’s expense, (B) the Company will not file such Registration
Statement, amendment or supplement, prospectus or prospectus supplement, prior
to the date that is five Business Days from the date that such counsel received
such document unless such counsel earlier informs the Company that it has no
objections to the filing of such Registration Statement, amendment or
supplement, prospectus or prospectus supplement, and (C) the
Company will not file any Registration Statement, amendment or supplement to
such Registration Statement, or any prospectuses or prospectus supplements, to
which such counsel will have reasonably objected in writing on the grounds that
(and explaining why) such Registration Statement, amendment or supplement,
prospectus or prospectus supplement does not comply in all material respects with
the requirements of the Securities Act or of the rules or regulations
thereunder;

 

(ii)                                  prepare and file with the Commission such
amendments and supplements to such Registration Statement as may be necessary
to keep such Registration Statement effective for a period of either (A) not
less than twelve months or, if such Registration Statement relates to an
underwritten offering, such longer period as in the reasonable opinion of
counsel for the underwriters a prospectus is required by law to be delivered in
connection with sales of Registrable Securities by an underwriter or dealer or (B) such
shorter period as will terminate when all of the securities covered by such
Registration Statement have been disposed of in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such
Registration Statement (but in any event not before the expiration of any
longer period required under the Securities Act), and to comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement until such time as all of
such securities have been disposed of in accordance with the intended methods
of disposition by the seller or sellers thereof set forth in such Registration
Statement;

 

(iii)                               furnish to each seller of Registrable
Securities such number of copies, without charge, of such Registration
Statement, each amendment and supplement thereto, including each preliminary
prospectus, final prospectus, free writing prospectuses under Rule 433
under the Securities Act, all exhibits and other documents filed therewith and
such other documents as such seller may reasonably request, including in order
to facilitate the disposition of the Registrable Securities owned by such seller;

 

(iv)                              use its commercially reasonable efforts
to register or qualify such Registrable Securities under such other securities
or blue sky laws of such jurisdictions as any seller reasonably requests and do
any and all other acts and things that may be necessary or reasonably advisable
to enable such seller to consummate the disposition in such jurisdictions of
the Registrable Securities

 

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owned by such seller
(provided that the Company will not be required to (A) qualify
generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this subsection, (B) subject itself to
taxation in any such jurisdiction or (C) consent to general service
of process in any such jurisdiction);

 

(v)                                 use its commercially reasonable efforts
to cause all Registrable Securities covered by such Registration Statement to
be registered with or approved by such other governmental agencies, authorities
or self-regulatory bodies as may be necessary or reasonably advisable in light
of the business and operations of the Company to enable the seller or sellers
thereof to consummate the disposition of such Registrable Securities in
accordance with the intended method or methods of disposition thereof;

 

(vi)                              promptly notify each seller of such
Registrable Securities, at any time when a prospectus relating thereto is
required to be delivered under the Securities Act, upon discovery that, or upon
the discovery of the happening of any event as a result of which, the
prospectus contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading in the light of the
circumstances under which they were made, and, as promptly as practicable,
prepare and furnish to such seller a reasonable number of copies of a
supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any fact necessary to
make the statements therein not misleading in the light of the circumstances
under which they were made;

 

(vii)                           notify each seller of any Registrable
Securities covered by such Registration Statement (A) when the
prospectus, any prospectus supplement, any free writing prospectuses under Rule 433
under the Securities Act or post-effective amendment has been filed and, with
respect to such Registration Statement or any post-effective amendment, when
the same has become effective, (B) of any request by the Commission
for amendments or supplements to such Registration Statement or to amend or to
supplement such prospectus or for additional information, and (C) of
the issuance by the Commission of any stop order suspending the effectiveness
of such Registration Statement or the initiation of any proceedings for any of
such purposes;

 

(viii)                        use its commercially reasonable efforts
to cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed or,
if no similar securities issued by the Company are then listed on any
securities exchange, use its commercially reasonable efforts to cause all such
Registrable Securities to be listed on the New

 

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York Stock Exchange or
The NASDAQ Stock Market LLC (as determined by the Holders of a majority of the
Registrable Securities being sold in such offering);

 

(ix)                                provide a transfer agent and registrar
for all such Registrable Securities not later than the effective date of such
Registration Statement;

 

(x)                                   enter into such customary agreements,
including underwriting agreements with customary provisions (including, but not
limited to, indemnities to the effect and to the extent provided in Section 5,
provisions for the delivery of officer’s certificates, opinions of counsel, Rule 10b-5
negative assurance letters and accountants’ “comfort” letters) and take all
such other actions as the Required Holders or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities (including, without limitation, effecting a share split
or a combination of shares, to the extent approved by the stockholders of the
Company required to approve any such action);

 

(xi)                                furnish or make available (and cause the
Company’s officers, directors, employees and independent accountants to furnish
or make available) for inspection by any seller of Registrable Securities, any
underwriter participating in any disposition pursuant to such Registration
Statement and any attorney, accountant or other agent retained by any such
seller or underwriter, such information and assistance as such seller,
underwriter, attorney, accountant or agent may reasonably request in connection
with any “due diligence” effort that such Person deems appropriate in
connection with such Registration Statement, including, but not limited to, all
financial and other records, pertinent corporate documents and documents
relating to the business of the Company, provided that each Holder,
underwriter, accountant or other agent (A) enters into a
confidentiality agreement in form and substance reasonably satisfactory to the
Company and (B) minimizes the disruption to the Company’s business
in connection with the foregoing;

 

(xii)                             otherwise use its commercially reasonable
efforts to comply with all applicable rules and regulations of the
Commission, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve
months beginning with the first day of the Company’s first full calendar
quarter after the effective date of the Registration Statement, which earnings
statement will satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 thereunder;

 

(xiii)                          in the event of the issuance of any stop
order suspending the effectiveness of a Registration Statement, or of any order
suspending or preventing the use of any related prospectus or ceasing trading
of any securities

 

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included in such
Registration Statement for sale in any jurisdiction, use its commercially
reasonable efforts promptly to obtain the withdrawal of such order;

 

(xiv)                         enter into such agreements and take such
other actions as the sellers of Registrable Securities or the underwriters
reasonably request in order to expedite or facilitate the disposition of such
Registrable Securities, including, without limitation, preparing for and
participating in such number of “road shows” and all such other customary
selling efforts as the underwriters reasonably request in order to expedite or
facilitate such disposition;

 

(xv)                            obtain one or more comfort letters,
addressed to underwriters in any underwritten offering, dated the date of the
closing under the underwriting agreement for such offering (and to the extent
permitted by accounting rules and guidance, the sellers of Registrable
Securities, dated the effective date of such Registration Statement), signed by
the Company’s independent public accountants in customary form and covering
such matters of the type customarily covered by comfort letters as the Holders
of a majority of the Registrable Securities being sold in such offering reasonably
request;

 

(xvi)                         provide legal opinions and negative
assurance letters of the Company’s outside counsel, addressed to the Holders of
the Registrable Securities being sold, dated the effective date of such
Registration Statement, each amendment and supplement thereto (and, if such
registration includes an underwritten public offering, dated the date of the
closing under the underwriting agreement), with respect to the Registration
Statement, as amended and supplemented, and such other documents relating
thereto in customary form and covering such matters of the type customarily
covered by legal opinions of such nature; and

 

(xvii)                      use its commercially reasonable efforts
to take or cause to be taken all other actions, and do and cause to be done all
other things, necessary or reasonably advisable in the opinion of any seller of
Registrable Securities to effect the registration of such Registrable
Securities contemplated hereby.

 

(b)                                 The Company agrees not to file or make
any amendment to any Registration Statement with respect to any Registrable
Securities, or any amendment of or supplement to the prospectus used in
connection therewith, or any free writing prospectus under Rule 433 under
the Securities Act, that refers to any Holder covered thereby by name, or
otherwise identifies such Holder as the holder of any securities of the
Company, without the consent of such Holder, such consent not to be
unreasonably withheld or delayed, unless and to the extent such disclosure is
required by law.

 

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(c)                                  The Company may require each Holder of
Registrable Securities as to which any registration is being effected to
furnish the Company with such information regarding such Holder and pertinent
to the disclosure requirements relating to the registration and the
distribution of such securities as the Company may from time to time reasonably
request in writing.

 

4.                                       Registration Expenses.

 

(a)                                  Except as otherwise provided for herein
(including with respect to the Selling Expenses, which will be borne by the
holders of the securities so registered as described below), all expenses
incidental to the Company’s performance of or compliance with this Agreement,
including, without limitation, all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, word processing,
duplicating and printing expenses, messenger and delivery expenses, and fees
and disbursements of counsel for the Company and all independent certified
public accountants, underwriters and other Persons retained by the Company (all
such expenses, “Registration Expenses”), will be borne as provided in
this Agreement, except that the Company will, in any event, pay its internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expenses of
any annual audit or quarterly review, the expenses of any liability insurance
and the expenses and fees for listing the securities to be registered on each securities
exchange on which similar securities issued by the Company are then listed or
on the New York Stock Exchange or The NASDAQ Stock Market LLC.  All Selling Expenses will be borne by the
holders of the securities so registered pro
rata on the basis of the number of their shares so registered.

 

(b)                                 In connection with each registration
pursuant to Section 1 and each Piggyback Registration, the Company will
reimburse the holders of Registrable Securities covered by such registration or
qualification for the reasonable fees and disbursements of one United States
counsel, who will be chosen by the Holders of a majority of the Registrable
Securities being so registered.

 

(c)                                  To the extent Registration Expenses are
not required to be paid by the Company, each holder of securities included in
any registration or qualification hereunder will pay those Registration
Expenses allocable to the registration or qualification of such holder’s
securities so included, and any Registration Expenses not so allocable will be
borne by all sellers of securities included in such registration in proportion
to the aggregate selling price of the securities to be so registered or
qualified.

 

5.                                       Indemnification.

 

(a)                                  The Company agrees to indemnify and hold
harmless, and hereby does indemnify and hold harmless, each Holder, its
affiliates, each Person that controls such

 

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Holder (within the
meaning of the Securities Act), and their respective officers, directors and
partners (collectively, “Holder Indemnified Parties”), against, and pay
and reimburse such Holder Indemnified Party for any losses, claims, damages,
liabilities, joint or several, to which such holder or any such affiliate,
director, officer or partner or controlling person may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon (i) any untrue or alleged
untrue statement of material fact contained in any Registration Statement,
prospectus or preliminary prospectus or any amendment thereof or supplement
thereto, or any free writing prospectus under Rule 433 of the Securities
Act, (ii) any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in
the case of any prospectus, in light of the circumstances under which they were
made), not misleading, or (iii) any violation by the Company of any
rule or regulation promulgated under the Securities Act or any state
securities laws applicable to the Company and relating to action or inaction
required of the Company in connection with any such registration, and the
Company will pay and reimburse such Holder Indemnified Party for any reasonable
legal or any other expenses actually and reasonably incurred by them in
connection with investigating, defending or settling any such loss, claim,
liability, action or proceeding; provided, however, that the
Company will not be liable in any such case (i) to the extent that
any such loss, claim, damage, liability (or action or proceeding in respect
thereof) or expense arises out of or is based upon an untrue statement or
alleged untrue statement, or omission or alleged omission, made in such
Registration Statement, any such prospectus or preliminary prospectus or any
amendment or supplement thereto, or any free writing prospectus under Rule 433
of the Securities Act, or in any application, in reliance upon, and in
conformity with, written information prepared and furnished to the Company by
such Holder expressly for use therein, or (ii) if (A) such
untrue statement or alleged untrue statement, or omission or alleged omission,
is corrected in an amendment or supplement to such Registration Statement or
prospectus and (B) such Holder thereafter fails to deliver such
Registration Statement or prospectus, as so amended or supplemented, after the
Company has furnished such Holder with a sufficient number of copies of such
amendment or supplement in a manner and at a time sufficient to permit delivery
of such amendment or supplement to the Person or Persons asserting such loss,
claim, damage, liability or expense.  In
connection with an underwritten offering, the Company, if requested, will
indemnify such underwriters, their officers and directors and each Person who
controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the Holder
Indemnified Parties.

 

(b)                                 In connection with any Registration
Statement in which a Holder is participating, each such Holder will furnish to
the Company in writing such information as the Company reasonably requests for
use in connection with any such Registration Statement or prospectus and, will
indemnify and hold harmless the Company, its directors and officers, each
underwriter and each other Person who controls the Company

 

12

 

(within the
meaning of the Securities Act) and each such underwriter against any losses,
claims, damages, liabilities, joint or several, to which the Company or any
such director or officer, any such underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon (i) any
untrue or alleged untrue statement of material fact contained in the
Registration Statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto, or any free writing prospectus under Rule 433
of the Securities Act, or in any application or (ii) any omission
or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any prospectus, in
light of the circumstances under which they were made), not misleading, but
only to the extent that such untrue statement or omission is made in such
Registration Statement, any such prospectus or preliminary prospectus or any
amendment or supplement thereto, or any free writing prospectus under Rule 433
of the Securities Act, or in any application, in reliance upon and in
conformity with written information prepared and furnished to the Company by
such Holder expressly for use therein, and such Holder will reimburse the
Company and each such director, officer, underwriter and controlling Person for
any reasonable legal or any other expenses actually and reasonably incurred by
them in connection with investigating, defending or settling any such loss,
claim, liability, action or proceeding, provided that the obligation to
indemnify and hold harmless will be individual and several to each Holder and
will be limited to the net amount of proceeds received by such Holder from the
sale of Registrable Securities pursuant to such Registration Statement.

 

(c)                                  Any Person entitled to indemnification
hereunder will (i) give prompt written notice to the indemnifying
party of any claim with respect to which it seeks indemnification and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying
party will not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent will not be
unreasonably withheld or delayed) or for any fees or expenses of counsel of the
indemnified party.  An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim will
not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party a conflict of
interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim.

 

(d)                                 The indemnification provided for under
this Agreement will remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer,
director or controlling Person of such indemnified party and will

 

13

 

survive the
registration and sale of any securities by any Person entitled to any
indemnification hereunder and the expiration or termination of this Agreement.

 

(e)                                  If the indemnification provided for in
this Section 5 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, liability, claim,
damage or expense referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party thereunder, will contribute to the amount
paid or payable by such indemnified party as a result of such loss, liability,
claim, damage or expense in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other hand in connection with the statements or omissions which
resulted in such loss, liability, claim, damage or expense as well as any other
relevant equitable considerations. The relevant fault of the indemnifying party
and the indemnified party will be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. Notwithstanding the foregoing, the amount any Holder
will be obligated to contribute pursuant to this Section 5(e) will be
limited to an amount equal to the net proceeds to such Holder of the Restricted
Securities sold pursuant to the registration statement which gives rise to such
obligation to contribute (less the aggregate amount of any damages which the
Holder has otherwise been required to pay in respect of such loss, claim,
damage, liability or action or any substantially similar loss, claim, damage,
liability or action arising from the sale of such Restricted Securities).

 

6.                                       Participation in Underwritten
Registrations.

 

(a)                                  No Holder may participate in any
registration hereunder that is underwritten unless such Holder (i) agrees
to sell its Registrable Securities on the basis provided in any underwriting
arrangements approved by the Person or Persons entitled hereunder to approve
such arrangements (including, without limitation, pursuant to the terms of any
over-allotment or “green shoe” option requested by the managing underwriter(s),
provided that no Holder will be required to sell more than the number of
Registrable Securities that such Holder has requested the Company to include in
any registration), (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements, and (iii) cooperates
with the Company’s reasonable requests in connection with such registration or
qualification (it being understood that the Company’s failure to perform its
obligations hereunder, which failure is caused by such Holder’s failure to
cooperate, will not constitute a breach by the Company of this Agreement).  Notwithstanding the foregoing, no Holder will
be required to agree to any indemnification obligations on the part of such
Holder that are greater than its obligations pursuant to Section 5(b).

 

14

 

(b)                                 Each Holder that is participating in any
registration hereunder agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in subsection (vi) of Section 3(a),
such Holder will forthwith discontinue the disposition of its Registrable
Securities pursuant to the Registration Statement until such Holder receives
copies of a supplemented or amended prospectus as contemplated by subsection (vi) of
Section 3(a).  In the event the
Company gives any such notice, the applicable time period during which a
Registration Statement is to remain effective pursuant to this Agreement will
be extended by the number of days during the period from and including the date
of the giving of such notice pursuant to this Section 6(b) to and
including the date when each seller of a Registrable Security covered by such
Registration Statement will have received the copies of the supplemented or
amended prospectus contemplated by subsection (vi) of Section 3(a).

 

7.                                       Rule 144 and 144A Reporting.

 

(a)                                  With a view to making available the
benefits of certain rules and regulations of the Commission which may
permit the sale of the Restricted Securities to the public without
registration, the Company agrees to:

 

(i)                                 make and keep public information
available as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after ninety (90) days following the
effective date of the first registration under the Securities Act filed by the
Company for an offering of its securities to the general public, and

 

(ii)                              file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act at any time after it has become subject to
such reporting requirements.

 

(b)                                 For purposes of facilitating sales
pursuant to Rule 144A, so long as the Company is not subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act,
each Holder and any prospective purchaser of such Holder’s securities will have
the right to obtain from the Company, upon request of the Holder prior to the
time of sale, a copy of the documents and information described in Rule 144A(d)(4) of
the Securities Act.

 

8.                                       Lock-Up Agreements. 
In consideration for the Company agreeing to its obligations under this
Agreement, each Holder agrees in connection with any underwritten registration
of the Company’s securities (whether or not such Holder is participating in such
registration) upon the request of the Company and the underwriters managing any
underwritten offering of the Company’s securities, not to effect (other than
pursuant to such registration) any public sale or distribution of Registrable
Securities, including, but not limited to, any sale pursuant to Rule 144
or Rule 144A, or make any

 

15

 

short sale of,
loan, grant any option for the purchase of, or otherwise dispose of any
Registrable Securities, any other equity securities of the Company or any
securities convertible into or exchangeable or exercisable for any equity
securities of the Company without the prior written consent of the Company or
such underwriters, as the case may be, for such period of time (not to exceed
180 days in the case of the Company’s initial public offering, or 90 days in
the case of any other offering) from the effective date of such registration as
the Company and the underwriters may specify, so long as all Holders or
stockholders holding more than one percent (5%) of the outstanding shares of
Common Stock and all officers and directors of the Company are bound by a
comparable obligation; provided, however, that nothing herein
will prevent any Holder that is a partnership or corporation from making a
distribution of Registrable Securities to the partners or shareholders thereof
that is otherwise in compliance with applicable securities laws, so long as
such distributees agree to be so bound.

 

9.                                       Term.  This
Agreement will be effective as of the date hereof and will continue in effect
thereafter until the earliest of (a) its termination by the consent
of each of the parties hereto or their respective successors in interest, (b) the
date on which no Registrable Securities remain outstanding and (c) the
dissolution, liquidation or winding up of the Company.

 

10.                                 Defined Terms. 
Capitalized terms when used in this Agreement have the following
meanings:

 

“AAA” has the meaning set forth in Section 11(i).

 

“Agreement” has the meaning set forth in the
Preamble.

 

“Class A Common Stock” means the Class A
Common Stock, par value $0.01 per share, of the Company.

 

“Class A Stockholders” has the meaning set forth in the
Preamble.

 

“Class A Voting Agreement” means the
Voting Agreement, dated as of the date hereof, by and among the Class A
Stockholders party thereto, as it may be amended from time to time.

 

“Class B Common Stock” means the Class B
Common Stock, par value $0.01 per share, of the Company.

 

“Class B Stockholders” has the meaning set forth in the
Preamble.

 

“Class C Common Stock” means the Class C
Common Stock, par value $0.01 per share, of the Company.

 

16

 

“Class C Stockholders” has the meaning set forth in the
Preamble.

 

“Class D Common Stock” means the Class D
Common Stock, par value $0.01 per share, of the Company.

 

“Commission” means the Securities and Exchange
Commission or any other federal agency administering the Securities Act.

 

“Common Stock” means, collectively, the Class A
Common Stock, the Class B Common Stock, the Class C Common Stock and
the Class D Common Stock, and any securities issued in respect thereof, or
in substitution therefor, in connection with any stock split, dividend or
combination, or any reclassification, recapitalization, merger, consolidation,
exchange or other similar reorganization.

 

“Common Stockholders” has the meaning set forth in the Preamble.

 

“Company” has the meaning set forth in the
Preamble.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, or any similar federal statute and the rules and
regulations thereunder, as in effect from time to time.

 

“Holder” means any holder of outstanding
Registrable Securities that is a party to this Agreement or to whom the
benefits of this Agreement have been validly assigned.

 

“IPO” means the initial Public Offering of the
Company that generates gross cash proceeds of not less than $75,000,000
(including primary and secondary sales).

 

“Lock-Up Agreement” has the meaning set forth in the Recitals.

 

“Management Incentive Plan” means that certain
management incentive plan established by the Company, pursuant to which Equity
Securities have been issued or reserved for future issuances to certain key
management employees of the Company and its Subsidiaries.

 

“Person” means an individual, a partnership, a
joint venture, a corporation, a limited liability company, a trust, an
unincorporated organization or a government or department or agency thereof.

 

“Public Offering” means an offering of Common
Stock pursuant to a registration statement filed in accordance with the
Securities Act, other than a registration statement on Form S-4 or Form S-8
or their successors, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another entity.

 

17

 

“Register,” “registered” and “registration”
refers to a registration effected by preparing and filing a Registration
Statement in compliance with the Securities Act, and the declaration or
ordering of the effectiveness of such Registration Statement, and compliance
with applicable state securities laws of such states in which Holders notify
the Company of their intention to offer Registrable Securities.

 

“Registrable Securities” means (i) any
shares of Common Stock or (ii) any other equity securities of the
Company issued or issuable directly or indirectly with respect to shares of
Common Stock by way of conversion or exchange thereof (but subject to any
applicable restrictions or limitations upon such conversion or exchange) or
share dividend or share split or in connection with a combination of shares,
recapitalization, reclassification, merger, amalgamation, arrangement,
consolidation or other reorganization; provided, however, that as
to any particular securities constituting Registrable Securities, such
securities will cease to be Registrable Securities when (x) they
have been effectively registered or qualified for sale by a prospectus filed
under the Securities Act and disposed of in accordance with the Registration
Statement covering them, or (y) they have been sold to the public
through a broker, dealer or market maker pursuant to Rule 144 or other
exemption from registration under the Securities Act.

 

“Registration Expenses” has the meaning set
forth in Section 4.

 

“Registration Request” has the meaning set
forth in Section 1(a) and includes, 
where appropriate, a Short-Form Registration request made pursuant
to Section 1(c).

 

“Registration Statement” means the prospectus
and other documents filed with the Commission to effect a registration under
the Securities Act.

 

“Related Agreements” means, collectively, the
Stockholders Agreement and the Class A Voting Agreement.

 

“Required Holders” means Holders holding in the
aggregate 51% or more of the outstanding Registrable Securities.

 

“Restructuring” has the meaning set forth in
the Recitals.

 

“Rule 144” means Rule 144 under the
Securities Act or any successor or similar rule as may be enacted by the
Commission from time to time, as in effect from time to time.

 

“Rule 144A” means Rule 144A under the
Securities Act or any successor or similar rule as may be enacted by the
Commission from time to time, as in effect from time to time.

 

18

 

“Securities Act” means the Securities Act of
1933, as amended, or any similar federal statute and the rules and
regulations thereunder, as in effect from time to time.

 

“Selling Expenses” means all underwriting
discounts, selling commissions and transfer taxes applicable to the sale of
Registrable Securities hereunder.

 

“Stockholders” means, collectively, (i) the
Common Stockholders and (ii) any other holder of shares of Common
Stock or any other equity securities of the Company, or any securities
convertible into or exchangeable or exercisable for any equity securities of
the Company, that becomes a party to this Agreement after the date and pursuant
to the terms hereof.

 

“Stockholders Agreement” means the Stockholders
Agreement, dated as of the date hereof, among the Company and the stockholders
of the Company party thereto, as it may be amended from time to time.

 

“Subsidiary” means, with respect to any Person,
any corporation or other organization, whether incorporated or unincorporated, (i) of
which such Person or any other Subsidiary of such Person is a general partner
(excluding partnerships, the general partnership interests of which held by
such Person or any Subsidiary of such Person do not have a majority of the
voting interests in such partnership), or (ii) at least a majority
of the securities or other interests of which having, by their terms, ordinary
voting power to elect a majority of the board of directors or others performing
similar functions with respect to such corporation or other organization, is
directly or indirectly owned or controlled by such Person or by any one or more
of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

 

11.                                 Miscellaneous.

 

(a)                                  No Inconsistent Agreements. 
As of the date hereof, the Company is not a party to any agreement with
respect to its securities that is inconsistent with or would violate the rights
granted to the holders of Registrable Securities under this Agreement, and the
Company will not hereafter enter into any such agreement with respect to its
securities.

 

(b)                                 Adjustments Affecting Registrable
Securities. The
Company will not, without the approval of the Required Holders, take any
action, or permit any change to occur, with respect to its securities which
would materially and adversely affect the ability of the holders of Registrable
Securities to include such Registrable Securities in a registration or
qualification for sale by prospectus undertaken pursuant to this Agreement or
which would adversely affect the marketability of such Registrable Securities
in any such registration or qualification (including, without limitation,
effecting a share split or a combination of shares).

 

19

 

(c)                                  Enforcement.  Each party hereto acknowledges
that money damages would not be an adequate remedy in the event that any of the
covenants or agreements in this Agreement are not performed in accordance with
its terms, and it is therefore agreed that in addition to and without limiting
any other remedy or right it may have, the non-breaching party will have the
right to an injunction, temporary restraining order or other equitable relief
in any court of competent jurisdiction enjoining any such breach and enforcing
specifically the terms and provisions hereof.

 

(d)                                 Amendment; Waivers, etc. 
Except as otherwise provided herein, the provisions of this Agreement
may be amended or waived only upon the prior written consent of the Company and
Holders holding in the aggregate 70% or more of the outstanding Registrable
Securities, provided that in the event that such amendment or waiver
would treat a Holder or group of Holders in a manner different from any other
Holders, then such amendment or waiver will also require the consent of such
Holder or the Holders of a majority of the Registrable Securities of such
group.  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 of Registrable Securities
whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect, impair, limit or compromise the rights
of other Holders of Registrable Securities may be given by Holders of at least
a majority in aggregate principal amount of the Registrable Securities being
sold pursuant to such Registration Statement. 
In addition, this Agreement may be amended or supplemented at any time
to add a successor or assignee of any Holder of Registrable Securities as a
party to this Agreement without the consent of any Holder of Registrable Securities.

 

(e)                                  Successors and Assigns. 
This Agreement will be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors and assigns.  In addition, and whether or not any express
assignment will have been made, the provisions of this Agreement which are for
the benefit of the Holders of the Registrable Securities (or any portion
thereof) as such will be for the benefit of and enforceable by any subsequent
holder of any Registrable Securities (or of such portion thereof), subject to
the provisions respecting the minimum numbers or percentages of shares of
Registrable Securities (or of such portion thereof) required in order to be entitled
to certain rights, or take certain actions, contained herein, and the other
terms and conditions set forth herein.

 

(f)                                    Severability. 
Any term or provision of this Agreement which is invalid, illegal or
unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability
without rendering invalid, illegal or unenforceable the remaining terms and
provisions of this Agreement or affecting the validity, illegality or enforceability
of any of the terms or provisions of this Agreement in any other
jurisdiction.  If any provision of this
Agreement is so broad as to be unenforceable, the provision shall be
interpreted to be only so broad as is enforceable.

 

20

 

Upon such
determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions
contemplated herein are consummated as originally contemplated to the fullest
extent possible.

 

(g)                                 Headings.  The headings
contained in this Agreement are for purposes of convenience only and shall not
affect the meaning or interpretation of this Agreement.

 

(h)                                 Governing Law. 
This Agreement will be governed by and construed in accordance with the
laws of the State of New York (regardless of the laws that might otherwise govern
under applicable principles or rules of conflicts of law to the extent
such principles or rules are not mandatorily applicable by statute and
would require the application of the laws of another jurisdiction).

 

(i)                                     Arbitration.

 

(i)                                     Except for any disputes with respect to
the interpretation or enforcement of the provisions of Section 5, which
shall be resolved in accordance with Section 11(j), any dispute,
controversy, or claim arising out of, relating to, or in connection with this
contract, or the breach, termination, or validity thereof, shall be finally
settled by arbitration.  The arbitration
shall be conducted in accordance with the Commercial Arbitration Rules of
the American Arbitration Association (the “AAA”) in effect at the time
of the arbitration, except as they may be modified herein or by mutual
agreement of the parties. 
Notwithstanding the provisions of Section 11(h), the arbitration
and this clause shall be governed by Title 9 (Arbitration) of the United States
Code.  The seat of the arbitration shall
be New York, New York, United States of America, and it shall be conducted in
the English language.  The parties submit
to jurisdiction in the state and federal courts in the State, County and City
of New York for the limited purpose of enforcing this agreement to arbitrate.

 

(ii)                                  The arbitration shall be conducted by three neutral arbitrators, who shall be
appointed by the AAA.  The arbitrators shall be impartial and
independent.

 

(iii)                               In order to facilitate the comprehensive
resolution of related disputes, and upon request of any party to the
arbitration proceeding, the arbitration tribunal may consolidate the
arbitration proceeding with any other arbitration proceeding involving any of
the parties hereto relating to this Agreement or to the Related Agreements
(whether or not such other proceeding involves all of the parties hereto).  The arbitration tribunal shall not
consolidate such arbitrations unless it determines that (A) there
are issues of fact or law

 

21

 

common to the various arbitrations so that a
consolidated proceeding would be more efficient than separate proceedings and (B) no
party would be prejudiced as a result of such consolidation through undue delay
or otherwise.  In the event of different
rulings on this question by the arbitration tribunal constituted hereunder and
the tribunal constituted under any other Related Agreement, the ruling of the
arbitration tribunal governing the first proceeding to have been filed shall
control.  In the event of the
consolidation of one or more proceedings pursuant to this subsection, the
arbitration tribunal governing the first such proceeding to have been filed
shall govern the consolidated proceeding unless otherwise agreed by all parties
to the proceedings being consolidated. 
Solely for purposes of this clause (iii), (A) a proceeding
shall be deemed to have been filed when the related demand for arbitration is
served by the complaining party and (B) in the event that two
proceedings shall have been filed on the same day, the proceeding involving the
largest dollar amount in dispute shall be deemed to have been the first filed.

 

(iv)          The arbitration award shall be final and
binding on the parties.  Judgment upon
the award may be entered by any court having jurisdiction thereof or having
jurisdiction over the relevant party or its assets.

 

(j)            Certain Disputes.

 

(i)            Notwithstanding anything to the
contrary in this Agreement, any suit, action or other proceeding with respect
to the interpretation or enforcement of the provisions of Section 5 shall
be brought in the Supreme Court of the State of New York, New York County, or
the United States District Court for the Southern District of New York.  Each party hereby irrevocably submits to the
exclusive jurisdiction of the Supreme Court of the State of New York, New York
County, and the United States District Court for the Southern District of New
York for the purposes of any such suit, action or other proceeding, agrees not
to commence any such suit, action or other proceeding other than in such courts
and  irrevocably and unconditionally
waives any objection to the laying of venue of any such suit, action or other
proceeding in the Supreme Court of the State of New York, New York County, and
the United States District Court for the Southern District of New York, or that
any such suit, action or other proceeding brought in any such court has been
brought in an inconvenient forum.  Each
party further agrees that service of any process, summons, notice or document
by U.S. registered mail to such party’s respective address set forth or
referred to in Section 11(k) shall be effective service of process
for any such suit, action or other proceeding.

 

(ii)           Each party hereby waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by
jury in respect of any suit, action or other proceeding with respect to the
interpretation or enforcement of the

 

22

 

provisions of Section 5.  Each party hereby (A) certifies
and acknowledges that no representative, agent or attorney of any other party
has represented, expressly or otherwise, that such other party would not, in
the event of litigation, seek to enforce the foregoing waiver, and (B) acknowledges
that it understands and has considered the implications of this wavier and
makes this wavier voluntarily, and that it and the other parties have been
induced to enter into the Agreement by, among other things, the mutual waivers
and certifications in this Section 11(j).

 

(k)           Notices.  All notices,
requests, demands, waivers and other communications required or permitted to be
given under this Agreement shall be given in the manner and to the respective
addresses of the parties set forth in the Stockholders Agreement.

 

(l)            Counterparts; Facsimile Signatures.  This Agreement may be executed in
any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument.  This Agreement may be
executed by facsimile signature(s) or via electronic transmission in PDF
format.

 

[Signature pages follow]

 

23

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their
authorized representatives as of the date first above written.

 

	
   

  	
  Company:

  
	
   

  	
   

  	
   

  
	
   

  	
  MXENERGY HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey A. Mayer

  
	
   

  	
   

  	
  Name:

  	
  Jeffrey A. Mayer

  
	
   

  	
   

  	
    Title:

  	
  President

  
					

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their
authorized representatives as of the date first above written.

 

 

	
   

  	
  CLASS A STOCKHOLDERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MORGAN STANLEY & CO.,
  INCORPORATED

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Blank]

  
	
   

  	
  Title: Authorized
  Signature

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  Morgan
  Stanley & Co.

  
	
   

  	
  Harborside Financial
  Center

  
	
   

  	
  230 Plaza #2, 7th Floor

  
	
   

  	
  Jersey City, NJ 07311

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HARE & CO.

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Blank]

  
	
   

  	
  Title: Authorized
  Signature

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  The Bank of New York

  
	
   

  	
  One Wall Street

  
	
   

  	
  Reorg Dept, 6th Floor

  
	
   

  	
  New York, NY 10826

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PENY & CO.

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Blank]

  
	
   

  	
  Title: Authorized
  Signature

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  The Bank of New York

  
	
   

  	
  One Wall Street

  
	
   

  	
  Reorg Dept, 6th Floor

  
	
   

  	
  New York, NY 10826

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  SEAPADDLE & CO.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SEINE & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARROW & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
  MEADMARKER & CO.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Vice President

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ESKIMO & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BRITISH & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BEACONGALE & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SALTSHIP & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Vice President

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BIGBELL & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FIDDLES & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
  MELLON TRUST OF NEW ENGLAND,
  N.A.

  
	
   

  	
  By:

  	
  /s/ Alisia Pugh

  
	
   

  	
  Name: [Blank]

  
	
   

  	
  Title: Supervisor

  
	
   

  	
   

  
	
   

  	
  Address for Notices

  
	
   

  	
  525 William Penn Place

  
	
   

  	
  RM 0300

  
	
   

  	
  Pittsburgh, PA 15259

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  CAMULOS MASTER FUND LP

  
	
   

  	
  By:

  	
  /s/ Michael P. Iuliano

  
	
   

  	
  Name: Michael P.
  Iuliano

  
	
   

  	
  Title: Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  Address for Notices

  
	
   

  	
  Camulos Capital LP

  
	
   

  	
  3 Landmark Square, 4th
  Floor

  
	
   

  	
  Stamford, CT 06901

  
	
   

  	
  Attn: General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAMULOS LOAN VEHICLE FUND I LP

  
	
   

  	
  By:

  	
  /s/ Michael P. Iuliano

  
	
   

  	
  Name: Michael P.
  Iuliano

  
	
   

  	
  Title: Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  Address for Notices

  
	
   

  	
  Camulos Capital LP

  
	
   

  	
  3 Landmark Square, 4th
  Floor

  
	
   

  	
  Stamford, CT 06901

  
	
   

  	
  Attn: General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARINER CRA RELATIVE VALUE FUND

  
	
   

  	
  By:

  	
  /s/ Barry Campbell

  
	
   

  	
  Name: Barry Campbell

  
	
   

  	
  Title: Principal

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  11 Ivy Place

  
	
   

  	
  Upper Saddle River, NJ
  07458

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BATTERY PARK HIGH YIELD LONG
  SHORT FUND LTD.

  
	
   

  	
  By:

  	
  /s/ David Crall

  
	
   

  	
  Name: David Crall

  
	
   

  	
  Title: Portfolio
  Manager

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  2 World Financial
  Center

  
	
   

  	
  Building B, 18th Floor

  
	
   

  	
  New York, NY 10281

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  BATTERY PARK HIGH YIELD
  OPPORTUNITY MASTER FUND LTD.

  
	
   

  	
  By:

  	
  /s/ David Crall

  
	
   

  	
  Name: David Crall

  
	
   

  	
  Title: Portfolio
  Manager

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  2 World Financial
  Center

  
	
   

  	
  Building B, 18th Floor

  
	
   

  	
  New York, NY 10281

  
	
   

  	
   

  
	
   

  	
  BATTERY PARK HIGH YIELD
  OPPORTUNITY STRATEGIC FUND, LTD.

  
	
   

  	
  By:

  	
  /s/ David Crall

  
	
   

  	
  Name: David Crall

  
	
   

  	
  Title: Portfolio
  Manager

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  2 World Financial
  Center

  
	
   

  	
  Building B, 18th Floor

  
	
   

  	
  New York, NY 10281

  
	
   

  	
   

  
	
   

  	
  VELVET & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FOREHOOKS & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WHARFNET & CO.

  
	
   

  	
  By:

  	
  State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael Feeley

  
	
   

  	
  Name: Michael Feeley

  
	
   

  	
  Title: Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Richard Burns

  
	
   

  	
  Name: Richard Burns

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  762 Mill Road

  
	
   

  	
  Carrabelle, FL 32322

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jason Joffe

  
	
   

  	
  Name: Jason Joffe

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  692 London Berry Road

  
	
   

  	
  Atlanta, GA 30327-4956

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Allison G. Young

  
	
   

  	
  Name: Allison G. Young

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  1498 Boulder Lane

  
	
   

  	
  Woodstock, IL
  60098-7104

  

 

[Signature Page to Registration
Rights Agreement (Equity)]

 

 

	
   

  	
  TACONIC CAPITAL PARTNERS LP

  
	
   

  	
  By:

  	
  Taconic Capital
  Advisors, L.P., as Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Miller

  
	
   

  	
  Name: Joshua Miller

  
	
   

  	
  Title: Principal

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  c/o Taconic Capital
  Advisors, L.P.

  
	
   

  	
  450 Park Avenue

  
	
   

  	
  New York, NY 10025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK SECURITIES INC.

  
	
   

  	
  By:

  	
  /s/ Scott A. Simon

  
	
   

  	
  Name: [Blank]

  
	
   

  	
  Title: Authorized
  Signature

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  DB Securities Services

  
	
   

  	
  100 Plaza One, 2nd
  Floor

  
	
   

  	
  Jersey City, NJ 07311

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TACONIC MASTER FUND 1.5 LP

  
	
   

  	
  By:

  	
  Taconic Capital
  Advisors, L.P., as Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Miller

  
	
   

  	
  Name: Joshua Miller

  
	
   

  	
  Title: Principal

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  c/o Taconic Capital
  Advisors, L.P.

  
	
   

  	
  450 Park Avenue

  
	
   

  	
  New York, NY 10025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TACONIC CAPITAL PARTNERS 1.5 LP

  
	
   

  	
  By:

  	
  Taconic Capital
  Advisors, L.P., as Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Miller

  
	
   

  	
  Name: Joshua Miller

  
	
   

  	
  Title: Principal

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  Address for Notices:

  
	
   

  	
  c/o Taconic Capital Advisors,
  L.P.

  
	
   

  	
  450 Park Avenue

  
	
   

  	
  New York, NY 10025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TACONIC OPPORTUNITY MASTER FUND
  LP

  
	
   

  	
  By:

  	
  Taconic Capital
  Advisors, L.P., as Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Miller

  
	
   

  	
  Name: Joshua Miller

  
	
   

  	
  Title: Principal

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  c/o Taconic Capital
  Advisors, L.P.

  
	
   

  	
  450 Park Avenue

  
	
   

  	
  New York, NY 10025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TACONIC OPPORTUNITY FUND LP

  
	
   

  	
  By:

  	
  Taconic Capital
  Advisors, L.P., as Manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua Miller

  
	
   

  	
  Name: Joshua Miller

  
	
   

  	
  Title: Principal

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  c/o Taconic Capital
  Advisors, L.P.

  
	
   

  	
  450 Park Avenue

  
	
   

  	
  New York, NY 10025

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAMULOS LOAN VEHICLE FUND I LP

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name: [Illegible]

  
	
   

  	
  Title: Authorized
  Signatory

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  Address for
  Notices

  
	
   

  	
  Camulos Capital
  LP

  
	
   

  	
  Three Landmark
  Square

  
	
   

  	
  Stamford, CT
  06901

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAMZOK
  CAPITAL

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name:

  	
  [Illegible]

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  [Illegible]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UBS
  FINANCIAL SERVICES INC.

  
	
   

  	
  By:

  	
  /s/ Luis
  Fernandes

  
	
   

  	
  Name:

  	
  Luis Fernandes

  
	
   

  	
  Title:

  	
  Sr. Rep. – Corp.
  Actions

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  UBS Financial
  Services Inc.

  
	
   

  	
  1000 Harbor
  Boulevard

  
	
   

  	
  Weehawken, New
  Jersey 07086

  
	
   

  	
  Attention:
  Vanessa Hanks

  
	
   

  	
  Corporate
  Actions Physical Processing

  
	
   

  	
  6th Floor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GOLDMAN
  SACHS AND CO.

  
	
   

  	
  By:

  	
  /s/ Piotr Uzar

  
	
   

  	
  Name:

  	
  Piotr Uzar

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  Goldman
  Sachs & Co.

  
	
   

  	
  30 Hudson Street

  
	
   

  	
  Jersey City, NJ
  07302

  
	
   

  	
  Attn: Reorg Dept

  
	
   

  	
  4th Floor

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  THE
  VARIABLE ANNUITY LIFE INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
  By: AIG
  Global Investment Corp. Investment Advisor

  
	
   

  	
  By:

  	
  /s/ Tim Lindvall

  
	
   

  	
  Name:

  	
  Tim Lindvall

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  c/o AIG Global
  Investment Corp.

  
	
   

  	
  2929 Allen
  Parkway, A37-01

  
	
   

  	
  Houston, Texas
  77019

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTERN
  NATIONAL LIFE INSURANCE COMPANY (f/k/a AIG Annuity Insurance Company)

  
	
   

  	
  By: AIG
  Global Investment Corp. Investment Advisor

  
	
   

  	
  By:

  	
  /s/ Tim Lindvall

  
	
   

  	
  Name:

  	
  Tim Lindvall

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  c/o AIG Global
  Investment Corp.

  
	
   

  	
  2929 Allen
  Parkway, A37-01

  
	
   

  	
  Houston, Texas
  77019

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEWPORT &
  CO.

  
	
   

  	
  By: State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael
  Feeley

  
	
   

  	
  Name:

  	
  Michael Feeley

  
	
   

  	
  Title:

  	
  Custody Clerk

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLEETBIRD &
  CO.

  
	
   

  	
  By: State Street
  Bank & Trust Co., a partner

  
	
   

  	
  By:

  	
  /s/ Michael
  Feeley

  
	
   

  	
  Name:

  	
  Michael Feeley

  
	
   

  	
  Title:

  	
  Custody Clerk

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  Address for
  Notices:

  
	
   

  	
  State Street
  Bank & Trust Co.

  
	
   

  	
  PO Box 5756

  
	
   

  	
  Boston, MA 02206

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TACONIC
  MASTER FUND LP

  
	
   

  	
  By: Taconic
  Capital Advisors, L.P., as Manager

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joshua
  Miller

  
	
   

  	
  Name:

  	
  Joshua Miller

  
	
   

  	
  Title:

  	
  Principal

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  c/o Taconic
  Capital Advisors, L.P.

  
	
   

  	
  450 Park Avenue

  
	
   

  	
  New York, NY
  10025

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  CLASS B
  STOCKHOLDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SEMPRA
  ENERGY TRADING LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  Mitchell

  
	
   

  	
  Name:

  	
  Michael Mitchell

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
   

  
	
   

  	
  600 Washington
  Blvd.

  
	
   

  	
  Stamford, CT
  06901

  
	
   

  	
  Attn: General
  Counsel

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  CLASS C
  STOCKHOLDERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey A.
  Mayer

  
	
   

  	
  Name: Jeffrey A.
  Mayer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Chaitu
  Parikh

  
	
   

  	
  Name: Chaitu
  Parikh

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Carole R.
  Artman-Hodge

  
	
   

  	
  Name: Carole R.
  Artman Hodge

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHARTER
  MX LLC

  
	
   

  	
  By: Charterhouse
  Equity Partners IV, L.P., its managing member

  
	
   

  	
   

  
	
   

  	
  By: CHUSA Equity
  Investors IV, L.P., its general partner

  
	
   

  	
   

  
	
   

  	
  By: Charterhouse
  Equity IV, LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William M.
  Landuyt

  
	
   

  	
  Name:

  	
  William M.
  Landuyt

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  c/o Charterhouse
  Group, Inc.

  
	
   

  	
  535 Madison
  Avenue

  
	
   

  	
  New York, NY
  10022

  
	
   

  	
  Attention:
  William Landuyt

  
	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
  Proskauer Rose
  LLP

  
	
   

  	
  1585 Broadway

  
	
   

  	
  New York, NY
  10036

  
	
   

  	
  Attention:
  Stephen Rubin, Esq.

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  DENHAM
  COMMODITY PARTNERS LP

  
	
   

  	
  By: Denham
  Commodity Partners GP LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Denham GP LLC

  
	
   

  	
  By:

  	
  /s/ Paul Winters

  
	
   

  	
  Name:

  	
  Paul Winters

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  200 Clarendon
  Street, 25th Floor

  
	
   

  	
  Boston, MA 02116

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAROLE
  R. ARTMAN-HODGE 7 YR GRAT

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carole R.
  Artman-Hodge

  
	
   

  	
  Name:

  	
  Carole R.
  Atman-Hodge

  
	
   

  	
  Title:

  	
  [Blank]

  
	
   

  	
   

  
	
   

  	
  PEQUOT
  ENTERPRISES LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey A.
  Mayer

  
	
   

  	
  Name:

  	
  Jeffrey A. Mayer

  
	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL PARTNERS (CAYMAN), L.P.

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL PARTNERS (EXECUTIVES), L.P.

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL, L.P.

  
	
   

  	
   

  
	
   

  	
  By: GCP Managing
  Partner, L.P., a managing general partner of each of the foregoing
  partnerships

  

 

[Signature Page to
Registration Rights Agreement (Equity)]

 

 

	
   

  	
  By: Greenhill
  Capital Partners, LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name:

  	
  [Blank]

  
	
   

  	
  Title:

  	
  [Blank]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  300 Park Avenue,
  23rd Floor

  
	
   

  	
  New York, NY
  10022

  
	
   

  	
  Attention:
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JED
  COMMUNICATIONS ASSOCIATES

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel G.
  Bergstein

  
	
   

  	
  Name:

  	
  Daniel G.
  Bergstein

  
	
   

  	
  Title:

  	
  President

  

 

[Signature Page to
Registration Rights Agreement (Equity)]Exhibit 10.4

 

Stockholders Agreement

 

AMENDMENT AND WAIVER AGREEMENT, dated as of September 22,
2009, among the Parties Hereto (as defined below).

 

Preliminary statement

 

Certain capitalized terms used herein are defined in
section 1 hereof.

 

The parties to the Stockholders Agreement entered into
the Stockholders Agreement as of June 25, 2004.

 

Section 9.5(c) of the Stockholders Agreement
provides that (a) the Stockholders Agreement may be amended by an
instrument in writing signed by the Company, Lathi, Charter Mx and Stockholders
holding a majority of the then outstanding shares of Voting Stock, (b) the
observance of any term of the Stockholders Agreement may be waived with the
written consent of the Company, Lathi, Charter Mx and Stockholders holding a majority
of the then outstanding shares of Voting Stock and (c) any such amendment
or waiver shall be binding upon each holder of any Company securities
outstanding, each future holder of all such securities and the Company.

 

Subsequent to June 25, 2004, the Company became
the successor in interest to MX Energy under the Stockholders Agreement and
Denham became the successor in interest to Lathi under the Stockholders
Agreement.

 

The Parties Hereto now wish to amend the Stockholders
Agreement and to waive certain provisions thereunder and accordingly, for good
and valid consideration, the sufficiency of which is acknowledged, agree as
follows.

 

Agreement

 

1.                                      Definitions. 
The following terms have the indicated meanings when used herein.

 

(a)                                 “Charter Mx”
means Charter Mx LLC, a Delaware limited liability company.

 

(b)                                “Company” means
MxEnergy Holdings Inc., a Delaware corporation.

 

(c)                                 “Denham” means
Denham Commodity Partners LP, a Delaware limited partnership.

 

(d)                                “Effective Date”
means the first date as of which all of the following shall have occurred:

 

(i)                                    the Restructuring Effective Date shall
have occurred;

 

 

(ii)                                 this agreement shall have been executed
and delivered by the Company; and

 

(iii)                              Joinder Agreements shall have been
executed and delivered to the Company by or on behalf of Denham, Charter Mx and
Stockholders holding a majority of the then outstanding shares of Voting Stock.

 

(e)                                 “Joinder Agreement”
means any joinder agreement between the Company and a Joining Party in the form
of exhibit A hereto executed and delivered by the Joining Party to the Company,
pursuant to which the Joining Party irrevocably agrees to become a party to
this agreement.

 

(f)                                   “Lathi” means
Lathi LLC, a Delaware limited liability company.

 

(g)                                “MX Energy”
means MxEnergy Inc., a Delaware corporation.

 

(h)                                “Parties Hereto”
means each of the following:  (i) the
Company; (ii) Denham; (iii) Charter Mx and (iv) each Stockholder
who has executed and delivered to the Company a Joinder Agreement.

 

(i)                                    “Restructuring”
means the pending restructuring of the Company’s outstanding debt pursuant to
which the Company expects issue to its current debt holders and others a
significant number of shares of common stock, as a result of which the total
number of shares of common stock outstanding will increase substantially,

 

(j)                                    “Restructuring Effective
Date” means the closing date of the Restructuring.

 

(k)                                 “Stockholder”
has the meaning give such term in the Stockholders Agreement.

 

(l)                                    “Stockholders Agreement”
means that certain Third Amended and Restated Stockholders’ Agreement, dated as
of June 25, 2004, by and among MxEnergy Inc., Charter Mx, the parties
listed on Exhibit A annexed thereto, Lathi, Jeffrey A. Mayer, Carol
R. Artman-Hodge and Daniel P. Burke, Sr. and the individuals and entities
listed on Exhibit B annexed thereto, as amended prior to the date
hereof.

 

(m)                              “Voting Stock”
has the meaning give such term in the Stockholders Agreement.

 

2.                                      Waiver. 
The Parties Hereto agree to waive all rights and to release all
obligations of parties to the Stockholders Agreement arising under the
Stockholders Agreement, such waiver and release to become effective immediately
prior to the Effective Date.  The
intention of this section 2 is that all rights and obligations arising under
the Stockholders Agreement shall be waived effective immediately prior to the
Effective Date.

 

 

3.                                      Amendment. 
The Parties Hereto agree to amend the Stockholders Agreement by deleting
all provisions thereof, such amendment to become effective on the Effective
Date.  The intention of this section 3 is
to terminate all rights and obligations of all parties under the Stockholders
Agreement effective as of the Effective Date.

 

4.                                      Effectiveness of this agreement;
termination of this agreement; Joinder Agreements.

 

(a)                                 This agreement will become binding upon
the Company upon execution of this agreement by the Company and shall become
binding on each person or entity who executes and delivers to the Company a
Joinder Agreement upon such execution and delivery; provided that sections 2
and 3 hereof shall become effective only when and as specified in those
sections.  Any person or entity who
executes and delivers to the Company a Joinder Agreement shall thereby become a
party hereto.

 

(b)                                This agreement shall terminate and cease
to be binding on the Company and any person or entity who has executed and
delivered to the Company a Joinder Agreement on December 31, 2009 if but
only if the Effective Date shall not have occurred by December 31, 2009.

 

5.                                      Miscellaneous provisions.

 

(a)                                 Further Assurances. 
Each Party Hereto shall do and perform or cause to be done and performed
all such further acts and things and shall execute and deliver all such other
agreements, certificates, instruments, and documents as any other Party Hereto
reasonably may request in order to carry out the intent and accomplish the
purposes of this agreement.

 

(b)                                Governing Law. 
This agreement shall be governed by and construed under the laws of the
State of Delaware.

 

(c)                                 Jurisdiction and venue; waiver of
jury trial.

 

(i)                                    The jurisdiction and venue in any action
brought by any Party Hereto pursuant to this agreement shall properly lie in
any federal or state court located in the City and State of New York.  By execution and delivery of this agreement,
each Party Hereto irrevocably submits to the jurisdiction of such courts for
himself, herself or itself and in respect of his, her or its property with
respect to such action.  The parties
irrevocably agree that venue would be proper in such court, and hereby waive
any objection that such court is an improper or inconvenient forum for the
resolution of such action.  The parties
further agree that the mailing by certified or registered mail, return receipt
requested, of any process required by any such court shall constitute valid and
lawful service of 

 

 

process against
them, without necessity for service by any other means provided by statute or rule of
court.

 

(ii)                                 WAIVER OF JURY TRIAL. 
EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY,
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS AGREEMENT, ANY OF THE OTHER AGREEMENTS OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF
THE INVESTORS.

 

(d)                                Entire Agreement; Amendment;
Waiver.  This agreement:  (a) contains the entire agreement among
the parties hereto with respect to the subject matter hereof, (b) supersedes
all prior written agreements and negotiations and oral understandings, if any,
with respect thereto, (c) may not be amended or supplemented except by an
instrument or counterparts thereof in writing signed by the Company, Denham,
Charter Mx and Stockholders holding a majority of the then outstanding shares
of Voting Stock, provided, however, that any amendment which
would affect any Stockholder materially and adversely in a manner that is
disproportionate to other similarly situated Stockholders shall require the
consent of such Stockholder.  Any
amendment effected in accordance with this section shall be binding upon each
holder of any Company securities outstanding (including securities into which
such securities are convertible), each future holder of all such securities and
the Company.

 

(e)                                 Binding Effect; Assignment. 
This agreement shall be binding on and inure to the benefit of the
parties hereto and their respective legal representatives, successors and
assigns.

 

(f)                                   Headings; Execution in
Counterparts.  The headings and captions contained herein
are for convenience of reference only and shall not control or affect the
meaning or construction of any provision hereof.  Facsimile counterpart signatures to this
agreement are valid.

 

(g)                                Pronouns. 
Whenever the context may require, any pronouns used in this agreement
shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns and pronouns shall include the plural, and vice versa.

 

(h)                                Attorneys’ Fees. 
If any action at law or in equity is necessary to enforce or interpret
the terms of this agreement, the prevailing party shall be entitled to
reasonable attorneys’ fees, costs and necessary disbursements in addition to
any other relief to which such party may be entitled.

 

 

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

 

	
   

  	
  MXENERGY
  HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey A.
  Mayer

  
	
   

  	
  Name:

  	
  Jeffrey A. Mayer

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  OTHER PARTIES HERETO: see Joinder Agreements

  

 

[Signature Page to
Amendment & Waiver (SHA)]

 

 

Exhibit A

 

Form of Joinder Agreement

 

Joinder Agreement, dated as of                  ,
2009, between MXenergy Holdings Inc., a Delaware corporation (the “Company”),
and the undersigned stockholder of the Company (the “Joining Party”).

 

Preliminary statement

 

Reference is made to the Amendment and Waiver
Agreement, dated as of September 22, 2009, among the Company and various
Stockholders (the “Amendment and Waiver Agreement”).  Terms defined in the Amendment and Waiver
Agreement and used herein have the same meaning herein as therein.

 

The Joining Party wishes to become a party to the
Amendment and Waiver Agreement and accordingly agrees as follows.

 

Agreement

 

1.                                      The Joining Party hereby irrevocably
agrees to become a party to the Amendment and Waiver Agreement.

 

2.                                      This agreement and the Amendment and
Waiver Agreement shall become binding on the Joining Party upon execution and
delivery to the Company of this agreement by the Joining Party.

 

IN WITNESS WHEREOF, the
Joining Party has executed this Joinder Agreement or caused this Joinder
Agreement to be executed on its behalf as of the date first set forth above.

 

 

	
   

  	
  JOINING
  PARTY:

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL PARTNERS (CAYMAN), L.P.

  
	
   

  	
  GREENHILL
  CAPITAL PARTNERS (EXECUTIVES), L.P.

  
	
   

  	
   

  
	
   

  	
  GREENHILL
  CAPITAL, L.P.

  
	
   

  	
   

  
	
   

  	
  By: GCP Managing
  Partner, L.P., a managing general partner of each of the foregoing
  partnerships

  
	
   

  	
   

  
	
   

  	
  By: Greenhill
  Capital Partners, LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ [Illegible]

  
	
   

  	
  Name:

  	
  [Blank]

  
	
   

  	
  Title:

  	
  [Blank]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address for
  Notices:

  
	
   

  	
  300 Park Avenue,
  23rd Floor

  
	
   

  	
  New York, NY
  10022

  
	
   

  	
  Attention
  General Counsel

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHARTER MX LLC

  
	
   

  	
  By: Charterhouse Equity
  Partners IV, L.P., its managing member

  
	
   

  	
   

  
	
   

  	
  By: CHUSA Equity
  Investors IV, L.P., its general partner

  
	
   

  	
   

  
	
   

  	
  By: Charterhouse Equity
  IV, LLC, its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William M. Landuyt

  
	
   

  	
  Name: William M.
  Landuyt

  
	
   

  	
  Title: Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  c/o Charterhouse
  Group, Inc.

  
	
   

  	
  535 Madison Avenue

  
	
   

  	
  New York, NY 10022

  
	
   

  	
  Attention: William
  Landuyt

  
	
   

  	
   

  
	
   

  	
  with a copy to:

  
	
   

  	
   

  
	
   

  	
  Proskauer Rose LLP

  
	
   

  	
  1585 Broadway

  
	
   

  	
  New York, NY 10036

  
	
   

  	
  Attention: Lauren K. Boglivi, Esq.

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DENHAM COMMODITY PARTNERS FUND
  LP

  
	
   

  	
   

  
	
   

  	
  By: Denham Commodity
  Partners GP LP

  
	
   

  	
   

  
	
   

  	
  By: Denham GP LLC

  
	
   

  	
  By:

  	
  /s/ Paul Winters

  
	
   

  	
  Name: Paul Winters

  
	
   

  	
  Title: Authorized
  Signatory

  
	
   

  	
   

  
	
   

  	
  Address for Notices:

  
	
   

  	
  200 Clarendon Street,
  25th Floor

  
	
   

  	
  Boston, MA 02116

  
	
   

  	
  Attention: Stuart Porter

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jeffrey A. Mayer

  
	
   

  	
  Jeffrey A. Mayer

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Carole R.
  Artman-Hodge

  
	
   

  	
  Carole R. Artman-Hodge

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Chaitu Parikh

  
	
   

  	
  Chaitu Parikh

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PEQUOT ENTERPRISES LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey A. Mayer

  
	
   

  	
  Name: Jeffrey A. Mayer

  
	
   

  	
  Title: Managing Member

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CAROLE R. ARTMAN-HODGE 7 YR
  GRAT

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carole R.
  Artman-Hodge

  
	
   

  	
  Name: Carole R.
  Atman-Hodge

  
	
   

  	
  Title: [Blank]

  

 

[Signature Page to
Amendment & Waiver (SHA) Joinder]

 

 

	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JED COMMUNICATIONS ASSOCIATES

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel G. Bergstein

  
	
   

  	
  Name: Daniel G.
  Bergstein

  
	
   

  	
  Title: President

  

 

[Signature Page to Amendment & Waiver (SHA)
Joinder]

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