Document:

Registration Rights Agreement of ALH Holdings Inc., dated as of January 27, 2005

 Exhibit 10.31 
  

  
 REGISTRATION RIGHTS AGREEMENT 
  
 ALH HOLDING INC.

  
 Dated as January 27, 2005 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 1.    Registrations Upon Request
	  	1
	 1.1 Requests by OTPP
	  	1
	 1.2 Registration Statement Form
	  	3
	 1.3 Expenses
	  	3
	 1.4 Priority in Demand Registrations
	  	3
		
	 2.    Piggyback Registrations
	  	4
		
	 3.    Registration Procedures
	  	5
		
	 4.    Underwritten Offerings
	  	9
	 4.1 Underwriting Agreement
	  	9
	 4.2 Selection of Underwriters
	  	10
		
	 5.    Holdback Agreements
	  	10
		
	 6.    Preparation; Reasonable Investigation
	  	11
		
	 7.    No Grant of Future Registration Rights
	  	11
		
	 8.    Indemnification
	  	12
	 8.1 Indemnification by the Company
	  	12
	 8.2 Indemnification by the Sellers
	  	12
	 8.3 Notices of Claims, etc.
	  	13
	 8.4 Other Indemnification
	  	14
	 8.5 Indemnification Payments
	  	14
	 8.6 Other Remedies
	  	14
		
	 9.    Representations and Warranties
	  	15
		
	 10.    Definitions
	  	15
		
	 11.    Miscellaneous
	  	17
	 11.1 Rule 144, etc.
	  	17
	 11.2 Successors, Assigns and Transferees
	  	18
	 11.3 Stock Splits, etc.
	  	18
	 11.4 Amendment and Modification
	  	18
	 11.5 Additional Management Stockholders
	  	19
	 11.6 Governing Law
	  	19
	 11.7 Invalidity of Provision
	  	19
	 11.8 Notices
	  	19
	 11.9 Headings; Execution in Counterparts
	  	21
	 11.10 Injunctive Relief
	  	21
	 11.11 Term
	  	21

  

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 TABLE OF CONTENTS 
 (continued) 
  

			
	 	  	Page

	 11.12 Further Assurances
	  	21
	 11.13 Entire Agreement
	  	21

  

 ii 

 REGISTRATION RIGHTS AGREEMENT 
  
 REGISTRATION RIGHTS AGREEMENT, dated as of January 27, 2005, among ALH Holding, Inc., a Delaware corporation (the
“Company”), Ontario Teachers’ Pension Plan Board, a corporation without share capital organized under the laws of Ontario, Canada (“OTPP”) those employees of the Company or its subsidiaries and
any other Persons who are signatories hereto and each other Person who may become a party to this Agreement pursuant to Section 11.5 (collectively, the “Management Stockholders”, and together with OTPP, the
“Stockholders”). Capitalized terms used herein without definition are defined in Section 10. 
  
 In consideration of the mutual covenants and obligations set forth in this Agreement, the parties hereto agree as follows: 
  
 1. Registrations Upon Request. 
  
 1.1 Requests by OTPP. 
  
 (a) Notice of Request. At any time, and from time to
time, OTPP shall have the right to request that the Company effect the registration under the Securities Act of all or a portion of the Registrable Securities owned by OTPP, each such request to specify the intended method or methods of disposition
thereof (it being understood that the right to request registration on a Shelf Registration Statement shall be governed by Section 1.1(b)). Upon any such request, the Company will promptly, but in any event within 15 days, give written notice of
such request to all holders of Registrable Securities and thereupon the Company will, subject to Section 1.4, use its best efforts to effect the prompt registration under the Securities Act of: 
  
 (i) the Registrable Securities which the Company has been so
requested to register by OTPP, and 
  
 (ii) all
other Registrable Securities which the Company has been requested to register by the Management Stockholders (provided, that such request shall not be for a greater portion of such Management Stockholders’ Registrable Securities than the
portion requested by OTPP) by written request given to the Company by such Management Stockholders within 15 days after the giving of such written notice by the Company to such Management Stockholders, 
  
 all to the extent required to permit the disposition of the Registrable Securities so to be
registered in accordance with the intended method or methods of disposition of OTPP. 
  
 (b) Shelf Registration. The right of OTPP to request a registration of Registrable Securities pursuant to Section 1.1(a) shall
include the right from and 

  

 
after the first anniversary of the IPO to request that the Company file a registration statement to permit the requesting holder to sell Registrable
Securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the Commission) in accordance with the intended method or methods of disposition by such requesting holder (a
“Shelf Registration Statement”). Notwithstanding anything to the contrary herein, 
  
 (i) upon any Shelf Registration Statement having been declared effective, the Company shall use reasonable best efforts to keep such Shelf
Registration Statement continuously effective until the earlier of (x) such time as all Registrable Securities that could be sold under such Shelf Registration Statement have been sold or are no longer outstanding and (y) two years
from the date of effectiveness; 
  
 (ii) if at
any time following the effectiveness of any Shelf Registration Statement, such holder desires to sell Registrable Securities pursuant thereto, such holder shall notify the Company of such intent at least ten Business Days prior to any such sale (any
such proposed transaction, a “Take-down Transaction”), and the Company thereupon shall, subject to Section 1.1(c), prepare and file within ten Business Days a prospectus supplement or post-effective amendment to the Shelf
Registration Statement, as necessary, to permit the consummation of such Take-down Transaction; 
  
 (iii) upon receipt of notice from OTPP regarding a Take-down Transaction as provided in clause (ii) of this Section 1.1(b), the Company
shall immediately deliver notice to any other holders of Registrable Securities whose Registrable Securities have been included in such Shelf Registration Statement and shall permit such holders to participate in such Take-down Transaction (subject
to Section 1.4), it being understood, for the avoidance of doubt, that no holder other than OTPP shall have the right to initiate a Take-Down Transaction; and 
  

(iv) each holder who participates in a Take-Down Transaction shall be deemed through such participation to have represented to the
Company that any information previously supplied by such holder, unless modified by such holder by written notice to the Company, remains accurate as of the date of the prospectus supplement or amendment to the Shelf Registration Statement, as
applicable. 
  
 (c) Blackout.
Notwithstanding the foregoing, but subject to the rights of holders of Registrable Securities under Section 2, (a) if the Board determines in its good faith judgment, after consultation with a firm of nationally recognized underwriters, that
a requested registration under this Section 1.1 will have an adverse effect on a then contemplated IPO, the Company may defer the filing (but not the preparation) of the registration statement which is required to effect such 

  

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registration during the period starting with the 30th day immediately preceding the date of anticipated filing by the Company of the registration statement
and ending on the later of (i) a date 60 days following the effective date of the registration statement relating to such IPO or (ii) such later date (not to exceed 180 days) as may be required by the managing underwriter of the IPO,
provided that at all times the Company is in good faith using all reasonable efforts to cause such registration statement to be filed as soon as possible and provided, further, that such period shall end on such earlier date as
may be permitted by the underwriters of such underwritten public offering, and (b) if the Company shall at any time (including upon receipt of notice regarding a Take-down Transaction) furnish to OTPP a Material Event Notice, the Company may
defer the filing (but not the preparation) of a registration statement (or prospectus supplement or post-effective amendment, as applicable) to be filed pursuant to this Section 1.1 for up to 60 days (but the Company shall use its best efforts to
complete the transaction and file the registration statement as soon as possible). 
  
 1.2 Registration Statement Form. A registration requested pursuant to Section 1.1 shall be effected by the filing of a registration statement on a form agreed to by OTPP. 
  
 1.3 Expenses. The Company shall pay all Registration Expenses in
connection with any registration requested under Section 1.1; provided that each seller of Registrable Securities shall pay all Registration Expenses to the extent required to be paid by such seller under applicable law and all underwriting
discounts and commissions and transfer taxes, if any. 
  
 1.4
Priority in Demand Registrations. If a registration pursuant to Section 1.1 (including any Take-down Transaction) involves an underwritten offering, and the managing underwriter (or, in the case of an offering which is not underwritten, a
nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each Person requesting registration of Registrable Securities) that, in its view, the number of securities requested, and otherwise proposed to be
included in such registration, exceeds the number which can be sold in such offering without materially and adversely affecting the offering price, the Company shall include in such registration, to the extent of the number which the Company is so
advised can be sold in such offering without such material adverse effect, first, the Registrable Securities of OTPP and the Management Stockholders, on a pro rata basis (based on the number of shares of Registrable Securities
owned by each such Stockholder), and second, the securities, if any, being sold by the Company. Notwithstanding the foregoing, the Management Stockholders shall not be entitled to participate in any such registration requested by OTPP
(including any Take-down Transaction) to the extent that the managing underwriter (or, in the case of an offering that is not underwritten, a nationally recognized investment banking firm) shall determine in good faith and in writing (with a copy to
each affected Person requesting registration of Registrable Securities), that the participation of management would materially and adversely affect the marketability or offering price of the securities being sold in such registration, it being
understood that the 

  

 3 

 
Company shall include in such registration that number of shares of the Management Stockholders which can be sold in such offering without materially and
adversely affecting the marketability or offering price of the other securities to be sold in such registration. In the event of any such determination under this Section 1.4, the Company shall give the affected holders of Registrable
Securities notice of such determination in lieu of the notice otherwise required under Section 1.1. 
  
 2. Piggyback Registrations. If the Company at any time proposes to register any of its equity securities under the Securities Act for its own
account (including, but not limited to, a Shelf Registration Statement, but other than pursuant to a registration on Form S-4 or S-8 or any successor form), then the Company shall give prompt written notice to all holders of Registrable Securities
regarding such proposed registration. Upon the written request of any such holder made within 15 days after the receipt of any such notice (which request shall specify the number of Registrable Securities intended to be disposed of by such holder
and the intended method or methods of disposition thereof), the Company shall use its best efforts to effect the registration under the Securities Act of such Registrable Securities on a pro rata basis in accordance with such intended method
or methods of disposition, provided that: 
  
 (a) (i) the Company shall not include Registrable Securities in such proposed registration to the extent that the Board shall have determined, after consultation with the managing underwriter for such offering, that it would
materially and adversely affect the offering price to include any Registrable Securities in such registration and (ii) the Company shall not include Registrable Securities of any Management Stockholder in any proposed registration pursuant to
this Section 2 to the extent that the managing underwriter (or, in the case of an offering that is not underwritten, a nationally recognized investment banker) shall determine in good faith that the participation of such Management Stockholder would
materially and adversely affect the marketability or the offering price of the securities being sold in such registration and provided, further, that in the event of any such determination under clause (i) or (ii), the Company shall
give the affected holders of Registrable Securities notice of such determination in lieu of the notice otherwise required by the first sentence of this Section 2; 
  
 (b) if, at any time after giving written notice (pursuant to this Section 2) of its intention to register
equity securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such equity securities, the Company may, at its election, give
written notice of such determination to each holder of Registrable Securities and, thereupon, shall not be obligated to register any Registrable Securities in connection with such registration (but shall nevertheless pay the Registration Expenses in
connection therewith), without prejudice, however, to the rights of OTPP that a registration be effected under Section 1.1; and 
  

 4 

 (c) if in connection with a registration pursuant to this Section 2, the managing
underwriter of such registration (or, in the case of an offering that is not underwritten, a nationally recognized investment banking firm) shall advise the Company in writing (with a copy to each holder of Registrable Securities requesting
registration thereof) that the number of securities requested and otherwise proposed to be included in such registration exceeds the number which can be sold in such offering without materially and adversely affecting the offering price of the
securities being sold in such registration, then in the case of any registration pursuant to this Section 2, the Company shall include in such registration to the extent of the number which the Company is so advised can be sold in such offering
without such material adverse effect, first, the securities, if any, being sold by the Company, and second, the Registrable Securities of OTPP and the Management Stockholders, on a pro rata basis (based on the number of shares
of Registrable Securities owned by each such Stockholder). 
  
 The
Company shall pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 2, provided that each seller of Registrable Securities shall pay all Registration Expenses to the
extent required to be paid by such seller under applicable law and all underwriting discounts and commissions and transfer taxes, if any. No registration effected under this Section 2 shall relieve the Company from its obligation to effect
registrations under Section 1.1. 
  
 3. Registration
Procedures. Subject to Sections 1.1(b), if and whenever the Company is required to use its best efforts to effect the registration of any Registrable Securities under the Securities Act pursuant to Sections 1.1 or 2, the Company shall promptly:

  
 (a) prepare, and as soon as practicable, but
in any event within 60 days thereafter, file with the Commission, a registration statement with respect to such Registrable Securities, make all required filings with the NASD and use its best efforts to cause such registration statement to become
effective as soon as practicable; 
  
 (b) prepare
and promptly file with the Commission such amendments and post-effective amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for
so long as is required to comply with the provisions of the Securities Act and to complete the disposition of all securities covered by such registration statement in accordance with the intended method or methods of disposition thereof, but (other
than in the case of a Shelf Registration Statement) in no event for a period of more than six months after such registration statement becomes effective; 
  
 (c) furnish copies of all documents proposed to be filed with the Commission in connection with such registration to (i) counsel
selected by OTPP, and which counsel may also be counsel to the Company, and (ii) each seller of 

  

 5 

 
Registrable Securities (provided that in the case of the initial filing of a registration statement, such furnishing of copies may occur within five Business
Days of such initial filing), and such documents shall be subject to the review of such counsel, provided that the Company shall not file any registration statement or any amendment or post-effective amendment or supplement to such
registration statement or the prospectus used in connection therewith to which such counsel shall have reasonably objected on the grounds that such registration statement, amendment, supplement or prospectus does not comply (explaining why) in all
material respects with the requirements of the Securities Act or of the rules or regulations thereunder; 
  
 (d) furnish to each seller of Registrable Securities, without charge, such number of conformed copies of such registration statement and
of each such amendment and supplement thereto (in each case including all exhibits and documents filed therewith) and such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as such seller may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such seller in accordance with the intended method or methods of disposition thereof; 
  
 (e) use its best efforts to register or qualify such Registrable Securities covered by such registration statement under the securities or
blue sky laws of such jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be necessary or advisable to enable such seller to consummate the disposition of such Registrable Securities in such
jurisdictions in accordance with the intended method or methods of disposition thereof, provided that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction
wherein it is not so qualified, subject itself to taxation in any jurisdiction wherein it is not so subject, or take any action which would subject it to general service of process in any jurisdiction wherein it is not so subject; 
  
 (f) use its best 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 by virtue 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; 
  
 (g) in any underwritten offering, furnish to OTPP: 
  
 (i) an opinion of counsel for the Company experienced in securities law matters, dated the effective date of
the registration statement 

  

 6 

 
(and, if such registration includes an underwritten public offering, the date of the closing under the underwriting agreement), and 
  
 (ii) a “comfort” letter (unless the registration
is pursuant to Section 2 and such a letter is not otherwise being furnished to the Company), dated the effective date of such registration statement (and if such registration includes an underwritten public offering, dated the date of the closing
under the underwriting agreement), signed by the independent public accountants who have issued an audit report on the Company’s financial statements included in the registration statement, 
  
 covering such matters as are customarily covered in opinions of
issuer’s counsel and in accountants’ letters delivered to the underwriters in underwritten public offerings of securities and such other matters as OTPP may reasonably request; 
  
 (h) notify each seller of any Registrable Securities covered by such registration statement at any time when
a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event or existence of any fact as a result of which the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, (i) in the case of a Shelf
Registration Statement, if a Stockholder has provided notice of an intent to sell, within five Business Days of such notice and (ii) in the case of any other registration statement hereunder, as promptly as is practicable but in any event, no
later than 30 days after the Company receives notice of such event(s) or fact(s) (except in the case of clause (i) or (ii) to the extent the Company delivers a Material Event Notice, in which case such period may be up to 60 days but shall end upon
public disclosure of the material transaction which necessitated such Material Event Notice), prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as
thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing; 
  
 (i) otherwise 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 of the Company (in form complying
with the provisions of Rule 158 under the Securities Act) covering the period of at least 12 months, but not more than 18 months, beginning with the first month after the effective date of such registration statement; 
  
 (j) notify each seller of any Registrable Securities covered
by such registration statement (i) when the prospectus or any prospectus supplement or 

  

 7 

 
post-effective amendment has been filed, and, with respect to such registration statement or any post-effective amendment, when the same has become
effective, (ii) 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, (iii) of the issuance by the Commission of any
stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for that purpose and (iv) of the suspension of the qualification of such securities for offering or sale in any jurisdiction, or of
the institution of any proceedings for any of such purposes; 
  
 (k) use every reasonable effort to obtain the lifting of any stop order that might be issued suspending the effectiveness of such registration statement at the earliest possible moment; 
  
 (l) use its best efforts (i) (A) to list such
Registrable Securities on any securities exchange on which the equity securities of the Company are then listed or, if no such equity securities are then listed, on an exchange selected by the Company, if such listing is then permitted under the
rules of such exchange, or (B) if such listing is not practicable, to secure designation of such securities as a NASDAQ “national market system security” within the meaning of Rule 11Aa2-1 under the Exchange Act or, failing that, to
secure NASDAQ authorization for such Registrable Securities, and, without limiting the foregoing, to arrange for at least two market makers to register as such with respect to such Registrable Securities with the NASD, and (ii) to provide a
transfer agent and registrar for such Registrable Securities not later than the effective date of such registration statement and to instruct such transfer agent (A) to release any stop transfer order with respect to the certificates with
respect to the Registrable Securities being sold and (B) to furnish certificates without restrictive legends representing ownership of the shares being sold, in such denominations requested by the sellers of the Registrable Securities or the
lead underwriter; 
  
 (m) 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; 
  
 (n) furnish to any holder of such Registrable Securities on
a confidential basis such information and assistance as such holder may reasonably request in connection with any “due diligence” effort which such seller deems appropriate; and 
  
 (o) use its best efforts to take all other steps necessary
to effect the registration of such Registrable Securities contemplated hereby. 
  

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 As a condition to its registration of Registrable Securities of any prospective seller, the Company may
require such seller of any Registrable Securities as to which any registration is being effected to execute powers-of-attorney, custody arrangements and other customary agreements appropriate to facilitate the offering and to furnish to the Company
such information regarding such seller, its ownership of Registrable Securities and the disposition of such Registrable Securities as the Company may from time to time reasonably request in writing and as shall be required by law in connection
therewith. Each such holder agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such holder not materially misleading. 
  
 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, which refers to any holder of Registrable Securities, or otherwise identifies any holder of Registrable
Securities as the holder of any Registrable Securities, without the consent of such holder, such consent not to be unreasonably withheld or delayed, unless such disclosure is required by law. 
  
 By acquisition of Registrable Securities, each holder of such Registrable
Securities shall be deemed to have agreed that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(h), such holder will promptly discontinue such holder’s disposition of Registrable
Securities pursuant to the registration statement covering such Registrable Securities until such holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(h). If so directed by the Company, each holder
of Registrable Securities will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, in such holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of
such notice. In the event that the Company shall give any such notice, the period mentioned in Section 3(a) shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date
when each seller of any Registrable Securities covered by such registration statement shall have received the copies of the supplemented or amended prospectus contemplated by Section 3(h). 
  
 4. Underwritten Offerings. 
  
 4.1 Underwriting Agreement. If requested by the underwriters for any
underwritten offering pursuant to a registration requested under Section 1.1 or 2 (including any Take-down Transaction), the Company shall enter into an underwriting agreement with the underwriters for such offering, such agreement to be reasonably
satisfactory in substance and form to the underwriters and to OTPP. Any such underwriting agreement shall contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in agreements of
this type, including, without limitation, indemnities to the effect and to the extent provided in Section 8. Each holder of Registrable Securities to be distributed by such underwriter who owns 10% or more of the Common Stock (computed on a 

  

 9 

 
fully-diluted basis) at the time of such offering and any other holder of Registrable Securities requested by such underwriter shall be a party to such
underwriting agreement and may, at such holder’s option, require that any or all of the representations and warranties by, and the agreements on the part of, the Company to and for the benefit of such underwriters be made to and for the benefit
of such holder of Registrable Securities and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement shall also be conditions precedent to the obligations of such holder of Registrable
Securities. No Stockholder in its capacity as stockholder and/or controlling person (but not in its capacity as director or officer of the Company) shall be required by any underwriting agreement to make any representations or warranties to or
agreements with the Company or the underwriters other than representations, warranties or agreements regarding such holder, the ownership of such holder’s Registrable Securities and such holder’s intended method or methods of disposition
and any other representation required by law or to furnish any indemnity to any Person which is broader than the indemnity furnished by such holder pursuant to Section 8.2. 
  
 4.2 Selection of Underwriters. If the Company at any time proposes to register any of its securities under the
Securities Act for sale for its own account pursuant to an underwritten offering, the Company will have the right to select the managing underwriter (which shall be of nationally recognized standing) to administer the offering, with the consent of
OTPP, such consent not to be unreasonably withheld. Notwithstanding the foregoing sentence, whenever a registration requested pursuant to Section 1.1 is for an underwritten offering, OTPP will have the right to select the managing underwriter (which
shall be of nationally recognized standing) to administer the offering, but only with the approval of the Company, such approval not to be unreasonably withheld. 
  
 5. Holdback Agreements. 
  
 (a) If and whenever the Company proposes to register any of its equity securities under the Securities Act for its own account (other than
on Form S-4 or S-8 or any successor form) or is required to use its best efforts to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 1.1 or 2, each holder of Registrable Securities agrees by
acquisition of such Registrable Securities not to effect any sale or distribution, including any sale pursuant to Rule 144 under the Securities Act, or to request registration under Section 1.1 of any Registrable Securities within seven days prior
to and 90 days (unless advised by the managing underwriter that a longer period, not to exceed 180 days, is required, or such shorter period as the managing underwriter for any underwritten offering may agree) after the effective date of the
registration statement relating to such registration (the “Trigger Date”), except as part of such registration or unless, in the case of a sale or distribution not involving a public offering, the transferee agrees in writing
to be subject to this Section 5, even if such Registrable Securities cease to be Registrable Securities upon such transfer; provided that, with respect to any Shelf Registration Statement, the Trigger Date shall be the pricing of any offering
made under such registration 

  

 10 

 
statement. If requested by such managing underwriter, each holder of Registrable Securities agrees to execute an agreement to such effect with the Company
and consistent with such managing underwriter’s customary form of holdback agreement. 
  
 (b) The Company agrees not to effect any public sale or distribution of its equity securities or securities convertible into or
exchangeable or exercisable for any of such securities within seven days prior to and 90 days (or such longer period, not to exceed 180 days, which may be required by the managing underwriter, or such shorter period as the managing underwriter may
agree) after the Trigger Date with respect to any registration statement filed pursuant to Section 1.1 (except (i) as part of such registration, (ii) as permitted by any related underwriting agreement, (iii) pursuant to an
employee equity compensation plan, (iv) pursuant to an acquisition or strategic relationship, bank or equipment financing or similar transaction or (v) pursuant to a registration on Form S-4 or S-8 or any successor form);
provided that, with respect to any Shelf Registration Statement, the Trigger Date shall be the pricing of any offering made under such registration statement. In addition, if and to the extent requested by the managing underwriter, the
Company shall use its best efforts to cause each holder (other than any holder already subject to Section 5(a)) of its equity securities or any securities convertible into or exchangeable or exercisable for any of such securities, whether
outstanding on the date of this Agreement or issued at any time after the date of this Agreement (other than any such securities acquired in a public offering), to agree not to effect any such public sale or distribution of such securities during
such period, except as part of any such registration if permitted, and to cause each such holder to enter into an agreement to such effect with the Company and consistent with such managing underwriter’s customary form of holdback agreement.

  
 6. Preparation; Reasonable Investigation. In connection
with the preparation and filing of each registration statement registering Registrable Securities under the Securities Act, the Company shall give counsel referred to in clause (c) of Section 3 the opportunity to participate in the preparation of
such registration statement, each prospectus included therein or filed with the Commission, and each amendment thereof or supplement thereto, and shall give such counsel access to the financial and other records, pertinent corporate documents and
properties of the Company and its subsidiaries and opportunities to discuss the business of the Company with its officers and the independent public accountants who have issued audit reports on its financial statements in each case as shall be
reasonably requested by such counsel in connection with such registration statement. 
  
 7. No Grant of Future Registration Rights. The Company shall not grant any other demand or piggyback registration rights to any other Person without the prior written consent of OTPP. 
  

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 8. Indemnification. 
  
 8.1 Indemnification by the Company. In the event of any registration of any Registrable Securities pursuant to this
Agreement, the Company shall indemnify, defend and hold harmless (a) each seller of such Registrable Securities, (b) the directors, members, stockholders, officers, partners, employees, agents and Affiliates of such seller, (c)
each Person who participates as an underwriter in the offering or sale of such securities and (d) each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any of the
foregoing against any and all losses, claims, damages or liabilities (or actions or proceedings in respect thereof), jointly or severally, directly or indirectly, based upon or arising out of (i) any untrue statement or alleged untrue
statement of a fact contained in any registration statement under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein or used in connection
with the offering of securities covered thereby, or any amendment or supplement thereto, or (ii) any omission or alleged omission to state a fact required to be stated therein or necessary to make the statements therein not misleading; and
the Company will reimburse each such indemnified party for any legal or any other expenses reasonably incurred by them in connection with enforcing its rights hereunder or under the underwriting agreement entered into in connection with such
offering or investigating, preparing, pursuing or defending any such loss, claim, damage, liability, action or proceeding, except insofar as any such loss, claim, damage, liability, action, proceeding or expense arises out of or is based upon an
untrue statement or omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by
such seller expressly for use in the preparation thereof in accordance with the second sentence of Section 8.2. Such indemnity shall remain in full force and effect, regardless of any investigation made by such indemnified party and shall survive
the transfer of such Registrable Securities by such seller. If the Company is entitled to, and does, assume the defense of the related action or proceedings as provided herein, then the indemnity agreement contained in this Section 8.1 shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed). 
  
 8.2 Indemnification by the Sellers. The Company may require, as a
condition to including any Registrable Securities in any registration statement filed pursuant to Section 1.1 or 2 (including any Take-down Transaction) that the Company shall have received an undertaking satisfactory to it from each of the
prospective sellers of such Registrable Securities to indemnify and hold harmless, severally, not jointly, but otherwise in the same manner and to the same extent as set forth in Section 8.1, the Company, its directors, officers, employees, agents
and each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, with respect to any statement or alleged statement in or omission or alleged omission from such
registration statement, any preliminary prospectus, final 

  

 12 

 
prospectus or summary prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the Company by such seller expressly for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus,
amendment or supplement. The Company and the holders of the Registrable Securities in their capacities as stockholders and/or controlling persons (but not in their capacities as managers of the Company) hereby acknowledge and agree that, unless
otherwise expressly agreed to in writing by such holders, the only information furnished or to be furnished to the Company for use in any registration statement or prospectus relating to the Registrable Securities or in any amendment, supplement or
preliminary materials associated therewith are statements specifically relating to (a) transactions between such holder and its Affiliates, on the one hand, and the Company and/or its subsidiaries, on the other hand, (b) the beneficial
ownership of shares of Common Stock by such holder and its Affiliates and (c) the name and address of such holder. If any additional information about such holder or the plan of distribution (other than for an underwritten offering) is
required by law to be disclosed in any such document, then such holder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence of this Section 8.2. Such indemnity shall remain in full force and effect,
regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive the transfer of such Registrable Securities by such seller. The indemnity agreement contained in this Section
8.2 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of such seller (which consent shall not be unreasonably withheld or delayed). The
indemnity provided by each seller of Registrable Securities under this Section 8.2 shall be limited in amount to the net amount of proceeds actually received by such seller from the sale of Registrable Securities pursuant to such registration
statement. 
  
 8.3 Notices of Claims, etc. Promptly after
receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in the preceding paragraphs of this Section 8, such indemnified party shall, if a claim in respect thereof is to be made against
an indemnifying party, give written notice to the indemnifying party of the commencement of such action or proceeding, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying
party of its obligations under the preceding paragraphs of this Section 8, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, the
indemnifying party shall be entitled to participate therein and to assume the defense thereof, jointly with any other indemnifying party similarly notified, to the extent that it may wish, with counsel reasonably satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party for any legal or other expenses subsequently incurred
by the latter in connection with the defense thereof except for the reasonable fees and expenses of any counsel retained by such indemnified party to monitor such action or proceeding. Notwithstanding the 

  

 13 

 
foregoing, if such indemnified party reasonably determines, based upon advice of independent counsel, that a conflict of interest may exist between the
indemnified party and the indemnifying party with respect to such action and that it is advisable for such indemnified party to be represented by separate counsel, such indemnified party may retain other counsel, reasonably satisfactory to the
indemnifying party, to represent such indemnified party, and the indemnifying party shall pay all reasonable fees and expenses of such counsel. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of
such indemnified party, which consent shall not be unreasonably withheld, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or litigation. 
  
 8.4 Other Indemnification. Indemnification similar to that specified in the preceding paragraphs of this Section 8 (with appropriate modifications) shall be given by the Company and each seller of Registrable
Securities with respect to any required registration (other than under the Securities Act) or other qualification of such Registrable Securities under any federal or state law or regulation of any governmental authority. 
  
 8.5 Indemnification Payments. Any indemnification required to be made
by an indemnifying party pursuant to this Section 8 shall be made by periodic payments to the indemnified party during the course of the action or proceeding, as and when bills are received by such indemnifying party with respect to an indemnifiable
loss, claim, damage, liability or expense incurred by such indemnified party. 
  
 8.6 Other Remedies. If for any reason any indemnification specified in the preceding paragraphs of this Section 8 is unavailable, or is insufficient to hold harmless an indemnified party, other than by reason
of the exceptions provided therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities, actions, proceedings or expenses in such proportion as
is appropriate to reflect the relative benefits to and faults of the indemnifying party on the one hand and the indemnified party on the other and the statements or omissions or alleged statements or omissions which resulted in such loss, claim,
damage, liability, action, proceeding or expense, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the
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 statements or omissions. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. Notwithstanding the other provisions of this Section 8, in respect of any claim for indemnification pursuant to this Section 8, no indemnifying party (other than the Company) shall be required to contribute pursuant to
this Section 8.6 any amount in 

  

 14 

 
excess of (a) the net proceeds received and retained by such indemnifying party from the sale of its Registrable Securities covered by the applicable
registration statement, preliminary prospectus, final prospectus, or supplement or amendment thereto, filed pursuant hereto minus (b) any amounts previously paid by such indemnifying party pursuant to this Section 8 in respect of such
claim. No party shall be liable for contribution under this Section 8.6 except to the extent and under such circumstances as such party would have been liable for indemnification under this Section 8 if such indemnification were enforceable under
applicable law. 
  
 9. Representations and Warranties. Each
Stockholder represents and warrants to the Company and each other Stockholder that: 
  
 (a) such Stockholder has the power, authority and capacity (or, in the case of any Stockholder that is a corporation, limited liability
company or limited partnership, all corporate, limited liability company or limited partnership power and authority, as the case may be) to execute, deliver and perform this Agreement; 
  
 (b) in the case of a Stockholder that is a corporation, limited liability company or limited partnership,
the execution, delivery and performance of this Agreement by such Stockholder has been duly and validly authorized and approved by all necessary corporate, limited liability company or limited partnership action, as the case may be; 
  
 (c) this Agreement has been duly and validly executed and
delivered by such Stockholder and constitutes a valid and legally binding obligation of such Stockholder, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or
relating to creditors’ rights generally and general principles of equity; and 
  
 (d) the execution, delivery and performance of this Agreement by such Stockholder does not and will not violate the terms of or result in
the acceleration of any obligation under (i) any material contract, commitment or other material instrument to which such Stockholder is a party or by which such Stockholder is bound or (ii) in the case of a Stockholder that is a
corporation, limited liability company or limited partnership, the certificate of incorporation, certificate of formation, certificate of limited partnership, by-laws, limited liability company agreement or limited partnership agreement, as the case
may be. 
  
 10. Definitions. For purposes of this
Agreement, the following terms shall have the following respective meanings: 
  
 Affiliate: a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. 
  

 15 

 Board: the board of directors of the Company. 
  
 Business Day: means any day on which banks are not
required or authorized to close in the City of New York. 
  
 Commission: the Securities and Exchange Commission. 
  
 Common Stock: the Common Stock of the Company, par value $.01 per share. 
  
 Exchange Act: the Securities Exchange Act of 1934, as
amended, or any successor federal statute, and the rules and regulations thereunder which shall be in effect at the time. 
  
 IPO: the initial public offering of Common Stock. 
  
 Majority Holders: the holders of at least 51% of the Registrable Securities that are participating in
the registration at issue. 
  
 Material Event
Notice: a certificate signed by the President of the Company stating that the Company has pending or in process as of the date of such certificate a material transaction (including, but not limited to, a financing transaction), the disclosure of
which would, in the good faith judgment of the Board, materially and adversely affect the Company. 
  
 NASD: National Association of Securities Dealers, Inc. 
  
 NASDAQ: the Nasdaq National Market. 
  
 Person: an individual, corporation, partnership, limited liability company, joint venture,
association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 
  
 Registrable Securities: the shares beneficially owned (within the meaning of Rule 13d-3 of the Exchange Act) by OTPP, the
Management Stockholders or the Permitted Transferees (as such term is defined in Section 11.2), except for any shares beneficially owned by a Management Stockholder that (i) were issued to such Management Stockholder pursuant to
an effective registration statement under the Securities Act on Form S-8 or (ii) may be sold by such Management Stockholder pursuant to Rule 144(k) under the Securities Act. As to any particular Shares, such securities shall cease to be
Registrable Securities when (i) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration
statement, (ii) a registration statement on Form S-8 with respect to the sale of such securities shall have become effective under the Securities Act, (iii) they shall have been sold to the public pursuant to Rule 144 under the
Securities Act, (iv) they shall have been otherwise transferred other than to a Permitted Transferee and subsequent disposition of 

  

 16 

 
them shall not require registration or qualification of them under the Securities Act or any similar state law then in force or (v) they shall have
ceased to be outstanding. Any and all shares of Common Stock which may be issued in respect of, in exchange for, or in substitution for any Registrable Securities, whether by reason of any stock split, stock dividend, reverse stock split,
recapitalization, combination or otherwise, shall also be “Registrable Securities” hereunder. 
  
 Registration Expenses: all expenses incident to the Company’s performance of or compliance with any registration pursuant to
this Agreement, including, without limitation, (i) registration, filing and NASD fees, (ii) fees and expenses of complying with securities or blue sky laws, (iii) fees and expenses associated with listing securities on an
exchange or NASDAQ, (iv) word processing, duplicating and printing expenses, (v) messenger and delivery expenses, (vi) transfer agents’, trustees’, depositories’, registrars’ and fiscal agents’ fees,
(vii) fees and disbursements of counsel for the Company and of its independent public accountants, including, without limitation, the expenses of any special audits or “cold comfort” letters, (viii) reasonable fees and
disbursements of any one counsel retained by the sellers of Registrable Securities, which counsel shall be designated in the manner specified in Section 3(c)(i), and (ix) any fees and disbursements of underwriters customarily paid by issuers
or sellers of securities, but excluding underwriting discounts and commissions and transfer taxes, if any. 
  
 Securities Act: the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder
which shall be in effect at the time. 
  
 Stockholders Agreement: the Stockholders Agreement, dated as of the date hereof, as the same may be amended from time to time, among the Company, OTPP and the Management Stockholders. 
  
 11. Miscellaneous. 
  
 11.1 Rule 144, etc. If the Company shall have filed a registration
statement pursuant to the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act relating to any class of equity securities, the Company shall file the reports required to be
filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent
required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be
amended from time to time, or (b) any successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities, the Company shall deliver to such holder a written statement as to whether it
has complied with such requirements. 
  

 17 

 11.2 Successors, Assigns and Transferees. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective permitted successors and assigns under this Section 11.2. The provisions of this Agreement which are for the benefit of a holder of Registrable Securities shall be for the benefit of and enforceable
by any transferee of such Registrable Securities, provided that (i) such transferee acquires such Registrable Securities in accordance with all of the terms of the Stockholders Agreement and pursuant to an express assignment from the
transferor, and (ii) such transferee executes a joinder agreement agreeing to be bound by all of the transferor’s obligations hereunder, including, without limitation, Section 5 hereof, copies of which shall have been delivered to the
Company (each such transferee, a “Permitted Transferee”). Notwithstanding anything herein to the contrary, the Management Stockholders must exercise all rights hereunder on behalf of any of their Permitted Transferees and all
other parties hereto shall be entitled to deal exclusively with the Management Stockholders and rely on the consent, waiver or any other action by the Management Stockholders as the consent, waiver or other action, as the case may be, of any such
Permitted Transferees of such Management Stockholders. 
  
 11.3
Stock Splits, etc. Each holder of Registrable Securities agrees that it will vote to effect a stock split, reverse stock split, recapitalization or combination with respect to any Registrable Securities in connection with any registration of
any Registrable Securities hereunder, or otherwise, if (i) the managing underwriter shall advise the Company in writing (or, in connection with an offering that is not underwritten, if an investment banker shall advise the Company in writing)
that in its opinion such a stock split, reverse stock split, recapitalization or combination would facilitate or increase the likelihood of success of the offering, and (ii) such stock split, reverse stock split, recapitalization or
combination does not impact the respective ownership percentages of each such holder of Registrable Securities in the Company. The Company shall cooperate in all respects in effecting any such stock split, reverse stock split, recapitalization or
combination. 
  
 11.4 Amendment and Modification. This
Agreement may be amended, modified or supplemented by the Company with the written consent of OTPP and a majority (by number of shares) of any other holders of Registrable Securities whose interests would be materially and adversely affected by such
amendment, modification or supplement; provided that, without limitation, the interests of any existing holders of Registrable Securities shall not be materially and adversely affected by an amendment, modification or supplement of this
Agreement that provides for or has the effect of providing for an additional grant of demand registration rights or of piggyback registration rights with a lower or the same priority as the rights held by such existing holders of Registrable
Securities, as long as any such grant of demand registration rights or piggyback registration rights with the same priority are pari passu with the demand registration rights or piggyback registration rights held by such existing holders of
Registrable Securities; provided, further, that, without limitation, the written consent of OTPP only shall be required for an amendment to add an additional equity investor in the Company with the same or inferior rights under this
Agreement to the rights of OTPP. 
  

 18 

 11.5 Additional Management Stockholders. Notwithstanding anything in this Agreement to the
contrary, the Company may, with the consent of OTPP (and only the consent of OTPP), admit additional Management Stockholders to this Agreement and amend the Stockholder Schedule (as defined in the Stockholders Agreement) accordingly, provided that
any such Management Stockholder has become a party to the Stockholders Agreement and executes and delivers a joinder agreement to this Agreement and such other agreements or documents as may reasonably be requested by the Company. 
  
 11.6 Governing Law. This Agreement and the rights and obligations of
the parties hereunder and the Persons subject hereto shall be governed by, and construed and interpreted in accordance with, the law of the State of Delaware, without giving effect to the choice of law principles thereof. 
  
 11.7 Invalidity of Provision. The invalidity or unenforceability of
any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision, in any other
jurisdiction. 
  
 11.8 Notices. All notices, requests,
demands, letters, waivers and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered personally, (b) mailed, certified or registered
mail with postage prepaid, (c) sent by next-day or overnight mail or delivery or (d) sent by fax, as follows: 
  

	 	(i)	If to the Company, to it at: 

  
 ALH Holding Inc. 
 c/o Ontario Teachers’
Pension Plan Board 
 5650 Yonge Street 
 Toronto, Ontario M2M 4H5 
 Fax No.: (416) 730-3771 
 Attn:       General Counsel 
  
 Fax No.: (416) 730-5082 
 Attn:       Lee Sienna 
                Shael J. Dolman 
  
 with copies to: 
  
 Debevoise & Plimpton LLP 
 919 Third Avenue 
 New York, NY 10022

 Fax: (212) 909-6836 
 Attn:       Margaret A. Davenport 
  

 19 

 and: 
  
 Alliance Laundry Systems LLC 
 Shepard Street,
P.O. Box 990 
 Ripon, Wisconsin 54971-0990 
 Fax: (920) 748-4334 
 Attn:       Scott L. Spiller 
  

	 	(ii)	If to a Management Stockholder, to such Management Stockholder’s attention at: 

  
 c/o Alliance Laundry Systems LLC 
 Shepard Street, P.O. Box 990 
 Ripon, Wisconsin 54971-0990 
 Fax: (920) 748-4429 
  

	 	(iii)	If to OTPP, to it at: 

  
 Ontario Teachers’ Pension Plan Board 
 5650 Yonge Street 
 Toronto, Ontario M2M 4H5 
 Fax No.: (416) 730-3771 
 Attn:       General Counsel 
  
 Fax No.: (416) 730-5082 
 Attn:       Lee Sienna 
                Shael J. Dolman 
  
 with a copy to: 
  
 Debevoise & Plimpton LLP 
 919 Third
Avenue 
 New York, NY 10022 
 Fax: (212) 909-6836 
 Attn:       Margaret A. Davenport 
  
 or to such other Person or address as any party shall specify by notice in writing to the
Company. All such notices, requests, demands, letters, waivers and other communications shall be deemed to have been received (w) if by personal delivery on the day after such delivery, (x) if by certified or registered mail, on the
fifth Business Day after the mailing thereof, (y) if by next-day or overnight mail or delivery, on the day delivered, or (z) if by fax, on the day delivered, provided that such delivery is confirmed. 
  

 20 

 11.9 Headings; Execution in Counterparts. The headings and captions contained herein are for
convenience and shall not control or affect the meaning or construction of any provision hereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and which together shall constitute one
and the same instrument. 
  
 11.10 Injunctive Relief. Each
of the parties recognizes and agrees that money damages may be insufficient and, therefore, in the event of a breach of any provision of this Agreement the aggrieved party may elect to institute and prosecute proceedings in any court of competent
jurisdiction to enforce specific performance or to enjoin the continuing breach of this Agreement. Such remedies shall, however, be cumulative and not exclusive, and shall be in addition to any other remedy which such party may have. 
  
 11.11 Term. This Agreement shall be effective as of the date hereof
and shall continue in effect thereafter until the earlier of (a) its termination by the consent of the parties hereto or their respective successors in interest and (b) the date on which no Registrable Securities remain outstanding.

  
 11.12 Further Assurances. Subject to the specific terms
of this Agreement, each of the Company and the Stockholders shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this
Agreement and to consummate the transactions contemplated hereby. 
  
 11.13 Entire Agreement. This Agreement, the Stockholders Agreement, the Unit Purchase Agreement (as defined in the Stockholders Agreement), the Stock Subscription Agreements (as defined in the Stockholders Agreement) and any
agreements entered into in connection with any of the foregoing constitute the entire agreement and the understanding of the parties hereto with respect to the matters referred to herein. This Agreement and the agreements referred to in the
preceding sentence supersede all prior agreements and understandings between the parties with respect to such matters. 
  
 [Remainder of page intentionally left blank] 
  

 21 

 IN WITNESS WHEREOF this Agreement has been signed by each of the parties hereto, and shall be effective
as of the date first above written. 
  

			
	 ALH HOLDING INC.

		
	By:	 	/S/    LEE L. SIENNA
	 	 	 Name: Lee L. Sienna

	 	 	 Title:   President

	
	 ONTARIO TEACHERS’ PENSION PLAN BOARD

		
	By:	 	/S/    LEE L. SIENNA
	 	 	 Name: Lee L. Sienna

	 	 	 Title:   Vice President

  

			
	
	 /S/    THOMAS F.
L’ESPERANCE

	 Name:
	 	 Thomas F. L’Esperance

	
	 R. W. BAIRD & COMPANY, INC.
 TTE FBO
THOMAS F. L’ESPERANCE ROTH
 IRA#7180-0952

		
	By:	 	/S/    ANDREW DENNEY
	 Name:
	 	 Andrew Denney

	 c/o Thomas F. L’Esperance

	
	 R. W. BAIRD & COMPANY, INC.
 TTE FBO
PAULA K. L’ESPERANCE ROTH IRA#4951-0198

		
	By:	 	/S/    ANDREW DENNEY
	 Name:
	 	 Andrew Denney

  

			
	
	 /S/    JEFFREY J.
BROTHERS

	 Name: Jeffrey J. Brothers

  

			
	
	 /S/    BRUCE P.
ROUNDS

	 Name: Bruce P. Rounds

	
	 STIFEL, NICOLAUS CUSTODIAN FOR
 BRUCE P.
ROUNDS ROTH IRA #7110-0548

		
	By:	 	  /S/ AUTHORIZED SIGNATORY
	 	 	 Name:

  

			
	/s/    WILLIAM J. PRZYBYSZ
	Name: William J. Przybysz

  

			
	/s/    R. SCOTT GASTER
	Name: R. Scott Gaster

  

			
	
	/s/    ROBERT T. WALLACE
	 Name:
	 	 Robert T. Wallace

  

			
	EDWARD D. JONES & CO. CUST FBO ROBERT T. WALLACE ROTH
		
	By:	 	/s/    JENNIFER DURHAM for Edward D. Jones & Co.
	 Name:
	 	 Jennifer Durham

  

			
	
	/s/    SCOTT L. SPILLER
	 Name:
	 	 Scott L. Spiller

  

			
	 STIFEL, NICOLAUS
 CUSTODIAN FOR SCOTT L. SPILLER IRA

		
	By:	 	  /S/ AUTHORIZED SIGNATORY
	 Name:

  

			
	
	/s/    LEE E. WILSON
	 Name:
	 	 Lee E. Wilson

  

			
	
	/s/    JAY B. MCDONALD
	 Name:
	 	Jay B. McDonald 

  

			
	
	/s/    PATTI J. ANDRESEN-SHEW
	 Name:
	 	Patti J. Andresen-Shew

  

			
	
	/S/    ROBERT J. BAUDHUIN
	 Name:
	 	Robert J. Baudhuin

  

			
	
	/S/    DANIEL T. AGNELLO
	 Name:
	 	Daniel T. Agnello

  

			
	
	/S/    TODD J. KAULL
	 Name:
	 	Todd J. Kaull

  

			
	
	/S/    RICHARD L. PYLE
	 Name:
	 	Richard L. Pyle 

  

			
	
	/S/    WILLIAM E. BITTNER
	 Name:
	 	William E. Bittner

  

			
	 ROBERT W. BAIRD & CO. INC. TTEE
 TERRI A BITTNER IRA ACCOUNT #1579-8648

		
	By:	 	/S/    JOANNE M. RUNNOE
	 Name: Joanne M. Runnoe – First Vice President

  

			
	
	/S/    PAUL J. LARKIN
	 Name:
	 	Paul J. Larkin

  

			
	
	/s/    WILLIAM J. QUANDT
	 Name:
	 	William J. Quandt 

  

			
	
	/S/    GARY B. LUCKOW, JR.
	 Name:
	 	Gary B. Luckow, Jr.

  

			
	
	/S/    TIMOTHY K. STUDT
	 Name:
	 	Timothy K. Studt

  

			
	
	/S/    JEFFREY E. THOMS
	 Name:
	 	Jeffrey E. Thoms 

  

			
	
	/S/    PETER J. TOONEN
	 Name:
	 	Peter J. Toonen

  

			
	
	/S/    TODD M. RICE
	 Name:
	 	Todd M. Rice

  

			
	
	/S/    THOMAS D. FLECK
	 Name:
	 	Thomas D. Fleck

  

			
	
	/S/    SCOTT P. CHIAVETTA
	 Name:
	 	Scott P. ChiavettaALH Holding Inc. Stock Incentive Plan, as adopted on January 27, 2005

 Exhibit 10.32 
  
 ALH Holding Inc. 
 Stock Incentive Plan 
  
 SECTION 1. 
  
 PURPOSE 
  
 The purpose of this Plan (as such term and any other capitalized terms used herein without definition are defined in Section
2) is to foster and promote the long-term financial success of the Company and the Subsidiaries and materially increase stockholder value by (a) motivating superior performance by means of service- and performance-related incentives,
(b) encouraging and providing for the acquisition of an ownership interest in the Company by Employees and (c) enabling the Company and the Subsidiaries to attract and retain the services of an outstanding management team upon whose
judgment, interest and special effort the successful conduct of its and their operations is largely dependent. 
  
 SECTION 2. 
  
 DEFINITIONS 
  
 Whenever used herein, the following terms
shall have the respective meanings set forth below: 
  
 Act: the Securities Act of 1933, as amended. 
  
 Adjustment Event: shall mean (i) any stock dividend, stock split or share combination affecting the Common Stock, (ii) any recapitalization, reorganization or exchange of shares affecting the Common Stock, or
(iii) any other similar event affecting the Common Stock. 
  
 Board: the Board of Directors of the Company. 
  
 Cause: shall mean (i) the commission of a felony or the commission of any act or omission involving moral turpitude, dishonesty, disloyalty or fraud, (ii) conduct tending to bring the Company or any of its affiliates into public
disgrace or disrepute, (iii) gross negligence or willful misconduct with respect to the Company or any of its affiliates, (iv) failure to accept and cooperate with actions and initiatives assigned to the Participant by the Board of Directors of the
Company, the Chief Executive Officer, or the Participant’s direct supervisor, or (v) the Participant or any member of the Participant’s family shall engage in any Restricted Activity with any customer, supplier 

  

 
or other person having a business relation with the Company, without the prior written approval of the Board of Directors of the Company. 
  
 CEO: the Chief Executive Officer of the Company or, if such position
is not then occupied, the Committee. 
  
 Change in Control:
a transaction which, when aggregated with all prior transactions occurring after the Effective Date, 
  
 (i) involves the sale, exchange, transfer or other disposition by OTPP to one or more persons or entities that are not, immediately prior to such sale,
affiliates of the Company or OTPP, of more than 50% of the Common Stock of the Company beneficially owned by OTPP as of the Effective Date, together with all purchases or other acquisitions by OTPP of the Common Stock occurring after Effective Date;
or 
  
 (ii) involves the sale, exchange, transfer or other
disposition of more than 50% of all of the assets of the Company and the Subsidiaries, taken as a whole, to one or more persons or entities that are not, immediately prior to such sale, transfer or other disposition, affiliates of the Company or
OTPP. 
  
 For purposes of this definition, a Public Offering shall not be a Change
in Control; provided that, any Common Stock sold, exchanged, transferred or otherwise disposed of by OTPP in a Public Offering shall be counted for purposes of determining whether a Change in Control shall have occurred in connection with any other
sale, exchange, transfer or other disposition of the Common Stock by OTPP. 
  
 Change in Control Price: the price per share of Common Stock paid in conjunction with any transaction resulting in a Change in Control (as determined in good faith by the Committee if any part of the offered
price is payable other than in cash). 
  
 Code: the
Internal Revenue Code of 1986, as amended. 
  
 Committee:
the Compensation Committee of the Board or, if there shall not be any committee then serving, the Board. 
  
 Common Stock: the Common Stock of the Company, par value $.01 per share. 
  
 Company: ALH Holding Inc., a Delaware corporation, and any successor thereto. 
  
 Disability: shall mean a physical or mental impairment that renders a
Participant unable to perform the essential functions of the Participant’s position even with reasonable accommodation (that does not impose an undue hardship on the 

  

 2 

 
Company), and which has lasted at least sixty (60) consecutive days. A physician selected by the Company or its insurers, and consented to by the Participant
or the Participant’s personal representative shall make the determination of the existence of a Disability. Consent by the Participant or the Participant personal representative shall not be unreasonably withheld. 
  
 Effective Date: the “Closing Date” as defined in the Unit
Purchase Agreement dated as of December 7, 2004, by and among Alliance Laundry Holdings LLC, its Securityholders and the Company. 
  
 Employee: any officer or other key employee of the Company or any Subsidiary. 
  
 Fair Market Value: if no Public Offering has occurred, the fair market value of a share of Common Stock as determined
in accordance with the Stockholders Agreement. Following a Public Offering, the Fair Market Value, on any date of determination, shall mean the average of the closing sales prices for a share of Common Stock as reported on a national exchange for
each of the ten business days preceding the date of determination or the average of the last transaction prices for a share of Common Stock as reported on a nationally recognized system of price quotation for each of the ten business days preceding
the date of determination. In the event that there are no Common Stock transactions reported on such exchange or system on such date, Fair Market Value shall mean the closing price on the immediately preceding date on which Common Stock transactions
were so reported. 
  
 Marketable Securities: any securities
that are (i) of a class listed on a national exchange or on NASDAQ, (ii) freely tradable on such national exchange or on NASDAQ, or not freely tradable but for which registration rights are currently available, and (iii) not
subject to any contractual restriction on transfer. 
  
 Option: the right to purchase Common Stock pursuant to the terms of the Plan at a stated price for a specified period of time. For purposes of the Plan, an Option may be either (i) an “Incentive Stock Option” within
the meaning of section 422 of the Code (an “Incentive Stock Option”) or (ii) an Option which is not an Incentive Stock Option (a “Non-Qualified Stock Option”). 
  
 OTPP: Ontario Teachers’ Pension Plan Board, an entity without
share capital organized under the laws of Ontario, Canada. 
  
 Participant: any Employee designated by the Committee to receive an award of Options under the Plan. 
  
 Permitted Transferee: a transferee permitted under Section 1.1 of the Stockholders Agreement. 
  

 3 

 Plan: this ALH Holding Inc. Stock Incentive Plan, as set forth herein and as the same may be
amended from time to time in accordance with its terms. 
  
 Public Offering: a public offering pursuant to an effective registration statement filed with the Securities and Exchange Commission that covers shares of Common Stock that, after the closing of such public offering, will be traded
on the New York Stock Exchange, the American Stock Exchange or the National Association of Securities Dealers Automated Quotation System. 
  
 Registration Rights Agreement: the Registration Rights Agreement, dated as of the Effective Date, among the Company, OTPP and certain other
stockholders of the Company, as it may be amended from time to time. 
  
 Restricted Activity means directly or indirectly owning any interest in, managing, controlling, participating in, consulting with, rendering services for, or in any manner engaging in any business with any customer, supplier or other
person having a business relation with the Company; provided however that the term Restricted Activity shall not include passive ownership of less than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as
the you have no active participation in the business of that corporation. 
  
 Retirement: means resignation by Executive from his position at or after age sixty-two with ten or more years of prior service with the Company or its Subsidiaries. 
  
 Stockholders Agreement: the Stockholders Agreement, dated as of the
Effective Date, among the Company, OTPP and certain other stockholders of the Company, as it may be amended from time to time. 
  
 Subsidiary: any corporation a majority of whose outstanding voting securities is owned, directly or indirectly, by the Company. 
  
 Voluntary Resignation: the termination of a Participant’s
employment with the Company or any Subsidiary due to such Participant’s voluntary resignation other than due to Retirement or Disability. 
  
 SECTION 3. 
  
 ELIGIBILITY AND PARTICIPATION 
  
 Subject to the approval of the Committee, which shall not be unreasonably withheld, Participants in the Plan shall be those Employees selected by the Committee or other authorized person to participate in the Plan and
receive Options (which may include 

  

 4 

 
Employees who are members of the Committee). The selection of an Employee as a Participant shall neither entitle such Employee to, nor disqualify such
Employee from, participation in any other award or incentive plan of the Company or any Subsidiary. 
  
 SECTION 4. 
  
 ADMINISTRATION 
  
 4.1. Power to Grant and Establish
Terms of Options. The Committee shall have the discretionary authority, subject to the terms of the Plan, to determine the Employees to whom Options shall be granted (which may include Employees who are members of the Committee) and the terms
and conditions of any and all Options, including, but not limited to, the number of shares of Common Stock covered by each Option, the time or times at which Options shall be granted and the terms and provisions of the instruments by which Options
shall be evidenced and to designate Options as Incentive Stock Options or Non-Qualified Stock Options. Subject to the terms of the Plan, the terms and conditions of each Option grant shall be determined by the Committee at the time of grant and,
subject to Section 8, such terms and conditions shall not be subsequently changed in a manner which would be adverse to the Participant without the consent of the Participant to whom such Option has been granted, even if this Plan shall be
subsequently amended. The Committee may establish different terms and conditions for different Participants receiving Options and for the same Participant for each Option such Participant may receive, whether or not granted at the same or different
times. The grant of any Option to any Employee shall neither entitle such Employee to, nor disqualify him from, the grant of any other Options. 
  
 4.2. Substitute Options. The Committee shall have the right, subject to the consent of Participants to whom Options have been granted, to grant in
substitution for outstanding Options, replacement Options which may contain terms more favorable to the Participant than the Options they replace, including, without limitation, a lower exercise price (subject to Section 6.2), and to cancel replaced
Options. 
  
 4.3. Administration. The Committee shall be
responsible for the administration of the Plan. Any Options granted by the Committee may be subject to such conditions, not inconsistent with the terms of the Plan, as the Committee shall determine, in its sole discretion. The Committee shall have
discretionary authority to prescribe, amend and rescind rules and regulations relating to the Plan, to provide for conditions deemed necessary or advisable to protect the interests of the Company, to interpret the Plan and to make all other
determinations necessary or advisable for the administration and interpretation of the Plan and to carry out its provisions and purposes. Any determination, interpretation or other action made or taken (including any failure to make any
determination or interpretation, or take any other action) by the Committee 

  

 5 

 
pursuant to the provisions of the Plan shall be final, binding and conclusive for all purposes and upon all persons and shall be given deference in any
proceeding with respect thereto. The Committee may consult with legal counsel, who may be counsel to the Company, and shall not incur any liability for any action taken in good faith in reliance upon the advice of counsel. 
  
 SECTION 5. 
  
 STOCK SUBJECT TO PLAN 
  
 5.1. Number. Subject to the provisions of Section 5.3, the number of shares of Common Stock subject to Options under the Plan may not exceed
130,000 shares. The shares of Common Stock to be delivered under the Plan may consist, in whole or in part, of shares held in treasury or authorized but unissued shares not reserved for any other purpose. 
  
 5.2. Canceled, Terminated or Forfeited Awards. Any shares of Common
Stock subject to an Option which for any reason expires or is canceled, terminated, forfeited, substituted for or otherwise settled without the issuance of such shares of Common Stock shall again be available for grant under the Plan. 
  
 5.3. Adjustment in Capitalization. The aggregate number of shares of
Common Stock available for grants of Options under Section 5.1 or subject to outstanding Option grants and the respective prices and/or vesting criteria applicable to outstanding Options shall be proportionately adjusted to reflect, as deemed
equitable and appropriate by the Committee, each Adjustment Event. To the extent deemed equitable and appropriate by the Committee, in its good faith judgment, and subject to any required action by stockholders, in any corporate transaction
constituting an Adjustment Event (other than a Change in Control), any Option granted under the Plan shall pertain to the securities or other property to which a holder of the number of shares of Common Stock covered by the Option would have been
entitled to receive in connection with such event. 
  
 SECTION 6.

  
 STOCK OPTIONS 
  
 6.1. Grant of Options. Options may be granted to Participants at such
time or times as shall be determined by the Committee. Options pursuant to this Plan may be of two types: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options. The date of grant of an Option under the Plan will be the date
on which the Option is awarded by the Committee or, if so determined by the Committee on the date of award of an Option, the date on which occurs any event the occurrence of which is an express 

  

 6 

 
condition precedent to the grant of the Option. The Committee shall determine the number of Options, if any, to be granted to a Participant. Each Option
shall be evidenced by an Option agreement that shall specify the type of Option granted, the exercise price, the duration of the Option, the number of shares of Common Stock to which the Option pertains, the conditions upon which the Options or any
portion thereof shall become vested or exercisable and otherwise shall be in substantially the form of the Option agreement attached hereto as Exhibit A, subject to such changes not inconsistent with the Plan as the Committee shall determine, in its
good faith judgment, to be equitable and appropriate. 
  
 6.2.
Option Price. Non-Qualified Stock Options and Incentive Stock Options granted pursuant to the Plan shall have an exercise price per share of Common Stock determined by the Committee, provided that such per share exercise price may not
be less than the Fair Market Value of a share of Common Stock on the date the Option is granted. 
  
 6.3. Exercise of Options. Options awarded to a Participant under the Plan shall be exercisable at such times and shall be subject to such
restrictions and conditions, including the performance of a minimum period of service or the satisfaction of performance goals, as the Committee may impose at the time of grant of such Options, subject to the Committee’s right to accelerate the
exercisability of such Options in its discretion. Notwithstanding the foregoing, no Option shall be exercisable on or after the tenth anniversary of the date on which it is granted. Except as may be provided in any provision approved by the
Committee pursuant to this Section 6.3, after becoming exercisable each installment of an Option shall remain exercisable until expiration, termination or cancellation of the Option. Subject to Section 9.7, an Option may be exercised from time to
time, in whole or in part, up to the total number of shares of Common Stock with respect to which it is then exercisable. 
  
 6.4. Payment. The Committee shall establish procedures governing the exercise of Options, which shall require that (x) as a condition to the
issuance of any shares of Common Stock upon the exercise of the Options prior to a Public Offering, the Participant become a party to the Stockholders Agreement and the Registration Rights Agreement with respect to such shares, (y) written
notice of exercise be given to the Company and (z) the Option exercise price be paid in full at the time of exercise in one of the following ways: (i) in cash or cash equivalents, or (ii) in unencumbered shares of Common Stock
which have been owned by the Participant for at least six months (or such longer period as is required by applicable accounting standards to avoid a charge to earnings) having an aggregate Fair Market Value on the date of exercise equal to such
aggregate Option exercise price or in a combination of cash and such unencumbered shares of Common Stock. Subject to Section 9.4, as soon as practicable after receipt of a written exercise notice, payment of the Option exercise price and receipt of
evidence of the Participant’s execution of the Stockholders Agreement and the Registration Rights 

  

 7 

 
Agreement in accordance with this Section 6.4, the Company shall deliver to the Participant a certificate or certificates representing the acquired shares of
Common Stock. 
  
 6.5. Incentive Stock Options.
Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify
the Plan under section 422 of the Code, or, without the consent of any Participant affected thereby, to cause any Incentive Stock Option previously granted to fail to qualify for the federal income tax treatment afforded under section 421 of the
Code. 
  
 6.6. Termination of Employment Due to Death,
Disability or Retirement. Unless otherwise determined by the Committee at the time of grant, in the event a Participant’s employment with the Company or any Subsidiary terminates by reason of death or Disability, any Options granted to such
Participant which, on or prior to the date of such termination, have become exercisable in accordance with Section 6.3, may be exercised by the Participant or the Participant’s designated beneficiary (or, if no such beneficiary is named, in
accordance with Section 9.2) at any time prior to the first anniversary of the Participant’s termination of employment or the expiration of the term of the Options, whichever period is shorter. 
  
 6.7. Termination of Employment For Cause. Unless otherwise determined
by the Committee at the time of grant, in the event a Participant’s employment with the Company or any Subsidiary is terminated for Cause, all Options granted to such Participant which are then outstanding (whether or not exercisable on or
prior to the date of such termination) shall be immediately forfeited and canceled. 
  
 6.8. Termination of Employment Due to Voluntary Resignation or For Any Other Reason. Unless otherwise determined by the Committee at or after the time of grant, in the event the Participant’s employment
with the Company or any Subsidiary terminates due to Voluntary Resignation or for any reason other than one described in Sections 6.6 or 6.7, any Options granted to such Participant which, on or prior to the date of such termination, have become
exercisable in accordance with Section 6.3, may be exercised at any time during the 60 day period following the Participant’s termination of employment or the expiration of the term of such Options, whichever period is shorter. 
  
 6.9. Termination of Options. Unless otherwise determined by the
Committee at the date of grant, upon the termination of a Participant’s employment, any Options that are not then exercisable shall terminate and be canceled effective upon the date of such termination. 
  
 6.10. Committee Discretion. Notwithstanding anything else contained in
this Section 6 to the contrary, the Committee may permit all or any portion of any 

  

 8 

 
Options to be exercised following a Participant’s termination of employment for any reason on such terms and subject to such conditions not less
favorable to such Participant than those terms and conditions provided for herein or in the Option agreement evidencing the grant to such Participant of the applicable Options, as the Committee shall determine for a period up to and including, but
not beyond, the expiration of the term of such Options. 
  
 SECTION
7. 
  
 CHANGE IN CONTROL 
  
 7.1. Accelerated Vesting and Payment. Unless otherwise determined by
the Committee at the time of grant, in the event of a Change in Control, each Option that, by its terms, becomes exercisable solely upon the completion of a stated period of service (whether or not then exercisable), together with any outstanding
Options that, prior to or in connection with such Change in Control, have become exercisable in connection with the attainment of performance objectives, shall be canceled in exchange for a payment in cash by the Company to each Option holder of an
amount equal to the excess of the Change in Control Price over the exercise price for such Option (except as provided in Section 7.2 below). 
  
 7.2. Alternative Awards. Notwithstanding Section 7.1, if provided in the Option agreement evidencing the Options, no cancellation, cash settlement
or other payment shall occur with respect to any Option that would otherwise have been canceled pursuant to Section 7.1 if the Committee reasonably determines in good faith prior to the occurrence of a Change in Control that such Option shall be
honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award hereinafter called an “Alternative Award”) by a Participant’s employer (or the parent or a subsidiary of such employer)
immediately following the Change in Control, provided that any such Alternative Award must: 
  
 (i) provide for the accelerated vesting of such Options that would otherwise have been canceled pursuant to Section 7.1 (to the extent not previously vested at the time of the Change in Control); 
  
 (ii) provide such Participant (or each Participant in a class of
Participants) with other rights and entitlements substantially equivalent to or better than the rights applicable under such Option; and 
  
 (iii) have substantially equivalent economic value to such Option (determined at the time of the Change in Control). 
  

 9 

 7.3. Conflict with Option Agreement. With respect to any Options granted hereunder that may become
exercisable upon the attainment of performance objectives, in the event of a conflict between this Section 7 and the terms and conditions set forth in the Option agreement evidencing such Options, the terms and conditions set forth in the Option
agreement evidencing such Options shall control. 
  
 7.4.
Limitation on Benefits. Notwithstanding anything contained in the Plan or an Option agreement to the contrary (i) to the extent that any of the payments and benefits provided for under the Plan, an applicable Option agreement or any
other agreement or arrangement between the Company and a Participant (collectively, the “Payments”) would constitute a “parachute payment” within the meaning of section 280G of the Code, the amount of such Payments shall
be reduced to the amount that would result in no portion of the Payments being subject to the excise tax imposed pursuant to section 4999 of the Code and (ii) if and to the extent any Payments in respect of the Options that vest based on the
performance of a minimum period of service would, absent application of this clause (ii), be an “excess parachute payment” within the meaning of section 280G of the Code (and the regulations promulgated thereunder), such Options shall not
accelerate in the event of a Change in Control (notwithstanding Section 7.1), and shall be honored, assumed or new rights substituted therefor by a Participant’s employer (or the parent or a subsidiary of such employer) in such Change in
Control in accordance with Section 7.2. If Payments that would otherwise be reduced or eliminated, as the case may be, pursuant to the immediately preceding sentence would not be so reduced or eliminated, as the case may be, if the shareholder
approval requirements of section 280G(b)(5) of the Code are capable of being satisfied, the Company shall use its reasonable best efforts to cause such payments to be submitted for such approval prior to the Change in Control giving rise to such
payments. 
  
 SECTION 8. 
  
 AMENDMENT, MODIFICATION, AND TERMINATION OF PLAN 
  
 8.1. In General. The Committee may at its discretion at any time and
from time to time alter, amend, suspend, or terminate the Plan and any unvested Options (but not any previously granted vested Options) in whole or in part, including without limitation, amending the criteria for vesting and exercisability set forth
in Section 6 hereof (or in any Option agreement), substituting alternative vesting and exercisability criteria and imposing certain blackout periods on Options, provided, however, that (i) such alteration, amendment, suspension or termination
shall preserve the economic value, and vesting and exercisability, as determined by the Committee in its sole good faith discretion, of any previously granted Option and (ii) the Committee shall only be permitted to alter, amend, suspend or
terminate previously granted unvested Options with the consent of the holders of a majority of such Options. 
  

 10 

 8.2. Public Offering. Unless otherwise determined by the Committee, in the event of a Public
Offering, the Committee shall have the authority to amend any outstanding Options to provide for (i) subject to Section 8.1 above, the substitution of the exercisability criteria that may relate to OTPP’s return on its investment with
criteria based on stock price and (ii) the imposition of certain blackout periods, in each case, as the Committee shall determine to be appropriate; provided, however that such amendments shall preserve the economic value, and vesting and
exercisability of the Options, as determined by the Committee in its sole good faith discretion. In exercising its authority pursuant to clause (i) of the immediately preceding sentence, the Committee shall consider the progress made towards
achieving the exercisability criteria that may relate to OTPP’s return on its investment as of the date the Committee exercises such authority. 
  
 SECTION 9. 
  
 MISCELLANEOUS PROVISIONS 
  
 9.1. Nontransferability of Awards. Unless the Committee shall permit (on such terms and conditions as it shall establish) an Option to be transferred to a Permitted Transferee, no Option granted under the Plan
may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. All rights with respect to any Option granted to a Participant under the Plan shall be exercisable
during his lifetime only by such Participant or, if permitted by the Committee, any such Permitted Transferee. 
  
 9.2. Beneficiary Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries (who may be named
contingently or successively) to whom any benefit under the Plan is to be paid or by whom any right under the Plan is to be exercised in case of his death. Each designation will revoke all prior designations by the same Participant, shall be in a
form prescribed by the Committee and will be effective only when filed by the Participant in writing with the Committee during his lifetime. In the absence of any such designation, benefits remaining unpaid or Options outstanding at the
Participant’s death shall be paid to or exercisable by the Participant’s surviving spouse, if any, or otherwise to or by his estate. 
  
 9.3. No Guarantee of Employment or Participation; No Additional Compensation for Loss of Rights Under Plan. Nothing in the Plan shall interfere
with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Company or any Subsidiary. No Employee shall
have a right to be selected as a Participant, or, having been so selected, to receive any future Option grants. If any Participant’s employment with the Company or any Subsidiary 

  

 11 

 
shall be terminated for any reason, such Participant shall not be entitled to any compensation or other form of remuneration with respect to such termination
(except as otherwise provided herein) to compensate such Participant for the loss of any rights under the Plan notwithstanding any provision to the contrary in his or her contract of employment. 
  
 9.4. Tax Withholding. The Company or any Subsidiary shall have the
power to withhold, or require a Participant to remit to the Company or such Subsidiary promptly upon notification of the amount due, an amount (in cash or in shares of Common Stock otherwise deliverable to a Participant upon Option exercise)
sufficient to satisfy the statutory minimum federal, state, local and foreign withholding tax requirements with respect to any Option and the Company or such Subsidiary may defer payment of cash or issuance or delivery of Common Stock until such
requirements are satisfied. 
  
 9.5. Indemnification. Each
person who is or shall have been a member of the Board or the Committee (an “Indemnified Person”) shall be indemnified and held harmless by the Company against and from any loss, cost, liability or expense that may be imposed
upon or reasonably incurred by such Indemnified Person in connection with or resulting from any claim, action, suit or proceeding to which such Indemnified Person may be made a party or in which such Indemnified Person may be involved by reason of
any action taken or failure to act under the Plan or any option agreement and against and from any and all amounts paid by such Indemnified Person in settlement thereof, with the Company’s approval, or paid by such Indemnified Person in
satisfaction of any judgment in any such action, suit or proceeding against such Indemnified Person; provided that, such Indemnified Person acted in good faith and in a manner such Indemnified Person reasonably believed to be in or not opposed to
the best interests of the Company and, with respect to any criminal proceeding had no reasonable cause to believe his or her conduct was unlawful; provided further that, such Indemnified Person shall give the Company an opportunity, at its own
expense, to handle and defend the same before such Indemnified Person undertakes to handle and defend it on such Indemnified Person’s own behalf. Expenses, including attorneys’ fees, incurred by an Indemnified Person in defending any
civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Indemnified Person
to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Company. The foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification
to which such Indemnified Person may be entitled under the Company’s Articles of Incorporation or By-laws, by contract, as a matter of law or otherwise. 
  

 12 

 9.6. No Limitation on Compensation. Nothing in the Plan shall be construed to limit the right of
the Company to establish other plans or to pay compensation to its employees in cash or property. 
  
 9.7. Requirements of Law. The granting of Options, the exercisability of any Options and the issuance of shares of Common Stock shall be subject to
all applicable laws, rules, and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required. 
  
 9.8. Governing Law. The Plan, and all agreements hereunder, shall be governed by and construed in accordance with the law of the State of Delaware,
regardless of the law that might be applied under principles of conflict of laws. 
  
 9.9. No Impact On Benefits. Options granted under the Plan are not compensation for purposes of calculating an Employee’s rights under any employee benefit plan. 
  
 9.10. Securities Law Compliance. Instruments evidencing the grant of
Options may contain such other provisions, not inconsistent with the Plan, as the Committee deems advisable, including a requirement that a Participant represent to the Company in writing, when such Participant receives shares upon exercise of an
Option (or at such other time as the Committee deems appropriate) that such Participant is acquiring such shares (unless they are then covered by an effective registration statement filed under the Act) for such Participant’s own account for
investment only and with no present intention to transfer, sell or otherwise dispose of such shares except such disposition by a legal representative as shall be required by will or the laws of any jurisdiction in winding up the estate of such
Participant. Such shares shall be transferable only if the proposed transfer shall be permissible pursuant to the Plan and if, in the opinion of counsel satisfactory to the Company, such transfer at such time will be in compliance with all
applicable securities laws. 
  
 9.11. Freedom of Action.
Subject to Section 7, nothing in the Plan or any agreement entered into pursuant to this Plan shall be construed as limiting or preventing the Company or any Subsidiary from taking any action with respect to the operation or conduct of its business
that it deems appropriate or in its best interest. 
  
 9.12. No
Fiduciary Relationship. Nothing contained in the Plan and no action taken pursuant to the Plan shall create or be construed to create a trust of any kind or any fiduciary relationship between the Company or any Subsidiary and any Participant or
executor, administrator or other personal representative or designated beneficiary of such Participant, or any other persons. 
  

 13 

 9.13. No Right to Particular Assets. Any reserves that may be established by the Company in
connection with this Plan shall continue to be held as part of the general funds of the Company, and no individual or entity other than the Company shall have any interest in such funds until paid to a Participant. 
  
 9.14. Unsecured Creditor. To the extent that any Participant or his
executor, administrator or other personal representative, as the case may be, acquires a right to receive any payment from the Company pursuant to this Plan, such right shall be no greater than the right of an unsecured general creditor of the
Company. 
  
 9.15. Severability of Provisions. If any
provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provision had not been included. 
  
 9.16. Term of Plan. This Plan shall be effective as of Effective Date
and shall expire on the tenth anniversary of such date (except as to Options outstanding on that date), unless sooner terminated pursuant to Section 8. 
  

 14

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