Document:

Exhibit 10.8.20.10

Execution Copy

TENTH
AMENDMENT

TO

MULTICURRENCY
CREDIT AGREEMENT, LIMITED WAIVER

AND
CONSENT OF GUARANTORS

This TENTH AMENDMENT
TO MULTICURRENCY CREDIT AGREEMENT, LIMITED WAIVER AND CONSENT OF GUARANTORS (this
“Amendment”) is dated as of Jan. 2, 2007, and entered into by and
among WESTAFF, INC., a Delaware
corporation (“Parent”), WESTAFF (USA),
INC., a California corporation (“US Borrower”), WESTAFF (U.K.) LIMITED, a limited liability
company incorporated under the laws of England and Wales (“UK Borrower”)
WESTAFF SUPPORT, INC., a California
corporation (“Term Borrower”, and together with US Borrower and UK
Borrower, the “Borrowers”), the financial institutions signatory hereto
that are parties as Lenders to the Credit Agreement referred to below (the “Lenders”),
and GENERAL ELECTRIC CAPITAL CORPORATION, as agent for the US Revolving Lenders, the
Term Lenders and the UK Revolving Lenders (as defined in the Credit Agreement
referred to below).

Recitals

Whereas, the Parent, the Borrowers, the Lenders and Agents have
entered into that certain Multicurrency Credit Agreement dated as of May 17,
2002 (as amended by that certain First Amendment to Multicurrency Credit
Agreement, Limited Waivers and Consent of Guarantors, dated as of October 31,
2002, as further amended by that certain Second Amendment to Multicurrency
Credit Agreement, Limited Waivers and Consent of Guarantors, dated as of June
13, 2003, that certain Third Amendment to Multicurrency Credit Agreement, Limited
Waivers and Consent of Guarantors, dated as of September 25, 2003, that certain
Fourth Amendment to Multicurrency Credit Agreement, Limited Waivers and Consent
of Guarantors, dated as of February 20, 2004, that certain Fifth Amendment to
Multicurrency Credit Agreement and Consent of Guarantors, dated as of July 31,
2004, that certain Sixth Amendment to Multicurrency Credit Agreement and
Consent of Guarantors, dated as of January 5, 2004, that certain Seventh
Amendment to Multicurrency Credit Agreement, Limited Waiver and Consent of
Guarantors, dated as of August 19, 2005, that certain Eighth Amendment to
Multicurrency Credit Agreement, Limited Waiver and Consent of Guarantors dated
as of March 1, 2006, and that certain Ninth Amendment To Multicurrency Credit Agreement And Consent Of
Guarantors. dated as of July 25, 2006, and as further modified by certain
consents and waivers of the Lenders prior to the date hereof (the “Credit
Agreement”; capitalized terms used in this Amendment without definition
shall have the meanings given such terms in the Credit Agreement); and

Whereas, the Borrowers have requested
that the Lenders agree to waive a certain Event of Default and amend certain
provisions of the Credit Agreement, including extending the Commitment Termination
Date by one year; and

 

Whereas, the Lenders are willing to
waive the Event of Default described herein and to consent to the amendments to
the Credit Agreement on the terms and conditions set forth in this Amendment.

Now, therefore, in consideration of
the premises and the mutual agreements set forth herein, the Parent, the
Borrowers, the Lenders, and Agents agree as follows:

1.             AMENDMENTS TO CREDIT AGREEMENT.  Subject to the conditions and upon the terms
set forth in this Amendment, the Credit Agreement is hereby amended as follows:

1.1        Amendment to
Section 1.5 (a) of the Credit Agreement.  The Level I pricing grid set forth in Section
1.5 (a) of the Credit Agreement is hereby amended to read as follows (the
remainder of such pricing grid to remain as set forth in such Section 1.5(a)):

Applicable
Margins

Level I

	
  Applicable Revolver Index
  Margin

  	
   

  	
  0.00

  	
  %

  
	
  Applicable
  Revolver LIBOR Margin

  	
   

  	
  1.75

  	
  %

  
	
  Applicable L/C Margin

  	
   

  	
  1.25

  	
  %

  

 

1.2        Amendment to Section 1.8(c) of the Credit Agreement.  Section 1.8(c) of the Credit Agreement
is hereby amended by deleting the words “fifth anniversary” in clause (z)
of the definition of Applicable Percentage and replacing them with the words “sixth
anniversary”.

1.3        Amendments to Annex A (Definitions) to the
Credit Agreement.

(a)       The definition of “Authorized Officer” is hereby
deleted in its entirety and replaced with the following:

“Authorized Officer”
of (i) US Borrower means John P. Sanders, Patricia M. Newman, Bonnie McDonald,
or Richard Sugerman and (ii) UK Borrower means David Mogford or Patricia M.
Newman; and in case, any other officer designated to the Applicable Agent in
writing from time to time as an Authorized Office by the Applicable Borrower.

(b)           The
definition of “Commitment Termination Date” is hereby amended by
changing the reference in clause (a) thereof from “May 17, 2008” to “May
17, 2009”.

 2
 

 

1.4        Amendment
to Annex F to the Credit Agreement.  Annex F to the Credit Agreement is
hereby amended by deleting clauses (i) and (ii) in paragraph (b) in their
entirety and replacing them with the following:

“(i) US Borrower shall have Borrowing
Availability of not less than $5,000,000, (ii) US Borrower and UK Borrower
shall have a combined Borrowing Availability of 
not less than $8,000,000, and”

1.5        Amendments
to Annex G to the Credit Agreement.  Annex G to the Credit Agreement is
hereby amended by (a) deleting the last sentence of paragraph (b)
thereof in its entirety and replacing it with the following:

“For each Fiscal Quarter ending after October
30, 2004 and on or before October 30, 2006, Parent and its Subsidiaries shall
have on a consolidated basis a Fixed Charge Coverage Ratio of not less than
1.25:1.00, measured on a 13 Fiscal Periods then ended basis.  For each Fiscal Period ending after October
30, 2006, Parent and its Subsidiaries shall have on a consolidated basis a
Fixed Charge Coverage Ratio of not less than 1.25:1.00 measured on a 13 Fiscal
Periods then ended basis; provided, however,  if as of the end of any Fiscal Period the US
Borrower has a  Borrowing Availability of
not less than $7,500,000, the Fixed Charge Coverage Ratio shall not be tested
for that Fiscal Period.”

and (b)
deleting paragraph (c)(ii) thereof (including the matrix therein) in its
entirety and replacing it with the following:

“(ii)         at the end of each Fiscal Quarter set
forth below, EBITDA for the 13 Fiscal Periods then ended of not less than the
amount set forth below for such period:

	
  FISCAL QUARTER

  ENDING

  	
   

  	
  

  MINIMUM EBITDA

  	
   

  
	
  1/21/2006

  	
   

  	
  $

  	
  10,500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4/15/2006

  	
   

  	
  $

  	
  10,500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7/8/2006

  	
   

  	
  $

  	
  10,500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  10/28/2006

  	
   

  	
  $

  	
  13,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  1/20/2007

  	
   

  	
  $

  	
  10,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4/14/2007

  	
   

  	
  $

  	
  12,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7/7/2007
  and for each Fiscal Quarter ended thereafter

  	
   

  	
  $

  	
  13,000,000

  	
   

  

 

 3
 

 

1.6           Amendment to Annex I of the Credit
Agreement.   Annex I
to the Credit Agreement is hereby amended by deleting the address for either
Agent or GE Capital in Pleasanton, California set forth therein and replacing
it with the following:

General Electric Capital Corporation

100 California Street, 10th Floor

San Francisco, California 94111

Attention: 
Westaff Account Manager

Telecopier: 
513-794-8596

Telephone: 
415-277-7432

2.             LIMITED WAIVER.  Subject
to the satisfaction of the conditions set forth herein, the Lenders hereby
agree that, notwithstanding the requirements of paragraph (c)(ii) of
Annex G (Financial Covenants) to the Credit Agreement, the Lenders hereby
waive the Event of Default that arose from the failure of Parent and its
Subsidiaries to have on a consolidated basis a minimum EBITDA for the 13 Fiscal
Periods ending on October 28, 2006
of not less than $13,000,000, provided that the minimum EBITDA for such Fiscal
Quarter, measured on a 13 Fiscal Periods then ended basis, may not be less than
$10,400,000.  This waiver shall be limited precisely as written, shall
apply solely with respect to the failure of Parent and its Subsidiaries to have
on a consolidated basis a minimum EBITDA of not less than $13,000,000, measured
on a 13 Fiscal Periods then ended basis, for the Fiscal Quarter ending
October 28, 2006, as required pursuant to paragraph (c)(ii) of Annex G
(Financial Covenants) to the Credit Agreement, and nothing contained in this
Amendment shall be deemed to constitute a waiver of any other Default or Event
of Default or provision of the Credit Agreement, or any consent to or departure
from the terms of the Credit Agreement.

3.             REPRESENTATIONS AND WARRANTIES OF THE
PARENT AND THE BORROWERS.  The Parent and the US Borrower, jointly and
severally, and the UK Borrower, only in respect of itself, severally, make the
following representations and warranties to each Lender and each Agent with
respect to all Credit Parties:

3.1        Power and Authority. 
Each
of the Credit Parties has all corporate or other organizational power and
authority to enter into this Amendment and, as applicable, the Consent of
Guarantors attached hereto (the “Consent”), and to carry out the
transactions contemplated by, and to perform its obligations under or in
respect of, the Credit Agreement, as amended hereby.

3.2        Due Authorization, Non-Contravention.  The execution, delivery and performance by
each Credit Party of this Amendment and the Consent, as applicable, and the
performance of the obligations of each Credit Party under or in respect of the
Credit Agreement as amended hereby (a) have been duly authorized by all
necessary corporate, limited liability

 4
 

 

company or partnership action, (b) do
not contravene any provision of such Person’s charter, bylaws or partnership or
operating agreement, as applicable, (c) do not violate any law or
regulation or any order or decree of any court or Governmental Authority of the
United States or the United Kingdom or, in each case, any political subdivision
thereof, (d) do not conflict with or result in the breach or termination
of, constitute a default under or accelerate or permit the acceleration of any
performance required by, any indenture, mortgage, deed of trust, lease,
agreement or other instrument to which such Person is a party or by which such
Person or any of its property is bound, except where any such violations,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect, and (e) do not result in the creation or
imposition of any Lien on any of the property of such Person.

3.3        Execution, Delivery and Enforceability. 
This
Amendment and the Consent have been duly executed and delivered by each Credit
Party which is a party thereto and this Amendment, the Consent and the Credit
Agreement, as amended hereby, constitute the legal, valid and binding
obligations of such Credit Party, enforceable in accordance with their terms,
except as enforceability may be limited by Insolvency Laws or similar laws
affecting creditors’ rights generally or by general equitable principles.

3.4        No Default or Event of Default. 
No
event has occurred and is continuing after giving effect to this Amendment or
will result from the execution and delivery of this Amendment or the Consent
that would constitute a Default or an Event of Default.

3.5        Representations and Warranties. 
After
giving effect to this Amendment, each of the representations and warranties
contained in the Loan Documents is and will be true and correct in all material
respects on and as of the date hereof and as of the effective date of this
Amendment, except to the extent that such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects as of such earlier date.

4.             CONDITIONS
TO EFFECTIVENESS OF THIS AMENDMENT.  This
Amendment shall be effective as of January 2, 2007 or such earlier date
specified by the US Agent to Borrowers and Lenders (and evidenced by the date
set forth on the first page of this Amendment) but only if on such effective
date:

(i) such Amendment has been signed by, and when counterparts hereof
shall have been delivered to the US Agent or its counsel (by hand delivery,
mail or telecopy) by the Parent, the Borrowers and the Lenders;

(ii) each Guarantor shall have delivered to the US Agent or its counsel
executed counterparts of the Consent;

(iii) Borrowers shall have paid to the US Agent for the Lenders an
amendment fee equal to $30,000;

(iv) Borrowers shall have delivered to the US Agent or its counsel a
certificate certifying  that the
charters, bylaws (or other similar organizational documents) and resolutions
authorizing the execution, delivery and performance by the Credit Parties of
their obligations under the Credit Agreement and the other Loan Documents, each
in the form delivered to the Agents on the Closing Date, are in full force and
effect and have not been amended, rescinded or otherwise modified

 5
 

 

as of the date of this Amendment (other than an amendment to Parent’s
bylaws to reduce the number of members of the board of directors from six to
five); the resolutions adopted with respect to this Amendment (or that no other
resolutions have been adopted) and that no further authorization or consent is
required to be obtained with respect to the execution, delivery and performance
of this Amendment, the Consent and the Credit Agreement as amended hereby; and
an incumbency certificate for each Credit Party; and

(v) the US
Borrower on behalf of itself and the other Credit Parties and the UK Borrower
on behalf of itself shall have delivered to the US Agent or its counsel a
certificate certifying that the representations and warranties contained herein
and in the Loan Documents are true and correct in all material respects as of
such date (except to the extent that such representations and warranties
specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects as of such earlier date), and no Default
or Event of Default has occurred and will be continuing (after giving effect to
this Amendment).

5.             EFFECT
OF AMENDMENT; RATIFICATION. 
This Amendment is a Loan Document. 
From and after the date on which this Amendment becomes effective, all
references in the Loan Documents to the
Credit Agreement shall mean the Credit Agreement as amended hereby.  Except as expressly amended or waived hereby,
the Credit Agreement and the other Loan Documents, including the Liens granted
thereunder, shall remain in full force and effect, and all terms and provisions
thereof are hereby ratified and confirmed. 
Each of the Parent and each Borrower confirms that, as amended hereby,
each of the Loan Documents is in full force and effect.

6.             RELEASE
AND WAIVER OF CLAIMS, DEFENSES AND RIGHTS OF SET OFF.  Each of the Parent and the Borrowers
acknowledges that the US Agent, the UK Agent and the Lenders have performed all
obligations and duties owed to the Parent and the Borrowers under the Loan
Documents through the date hereof, and each such party further, acknowledges,
represents and warrants that none of the Parent or the Borrowers has any claim,
cause of action, defense, or right of set off against the US Agent, the UK
Agent or the Lenders, and, to the extent that any such party has any such
rights, each of the Parent and the Borrowers hereby releases, waives, and
forever discharges the US Agent, the UK Agent and the Lenders (together with
each of their predecessors, successors and assigns) and each of their officers,
directors, employees, agents and representatives from each action, cause of
action, suit, debt, defense, right of set off, or other claim whatsoever, in
law or in equity, known or unknown against the US Agent, the UK Agent or the
Lenders, or such officers, employees, agents or representatives.  Each of the Parent and each Borrower hereby
specifically waives as against the US Agent, the UK Agent or the Lenders any
rights they or any of them may have under Section 1542 of the California Civil
Code, which provides as follows:  “A
general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her
settlement with the debtor.”

7.             APPLICABLE
LAW.  THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS

 6
 

 

AND DECISIONS OF THE STATE OF
CALIFORNIA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY
APPLICABLE LAWS OF THE UNITED STATES.

8.             COMPLETE
AGREEMENT.  This Amendment
sets forth the complete agreement of the parties in respect of any amendment to
any of the provisions of any Loan Document. 
The execution, delivery and effectiveness of this Amendment do not
constitute a waiver of any Default or Event of Default, amend or modify any
provision of any Loan Document except as expressly set forth herein or
constitute a course of dealing or any other basis for altering the Obligations
of any Credit Party.

9.             CAPTIONS;
COUNTERPARTS.  The catchlines
and captions herein are intended solely for convenience of reference and shall
not be used to interpret or construe the provisions hereof. This Amendment may
be executed by one or more of the parties to this Amendment on any number of
separate counterparts (including by telecopy), all of which taken together
shall constitute but one and the same instrument.

[signatures
following; remainder of page intentionally left blank]

 7

 

IN WITNESS WHEREOF, each of the undersigned has duly executed this
Tenth Amendment to Multicurrency Credit Agreement, Limited Waiver and Consent
of Guarantors effective as of the date set forth above.

	
   

  	
  WESTAFF (USA), INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
  WESTAFF SUPPORT, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
  WESTAFF (U.K.) LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia M. Newman

  
	
   

  	
  Name:

  	
  Patricia M. Newman

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
  GENERAL ELECTRIC CAPITAL

  
	
   

  	
  CORPORATION,

  
	
   

  	
  as US Agent, UK Agent, a US
  Revolving Lender, a

  Term Lender and a UK Revolving Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ali Mirza

  
	
   

  	
  Name:

  	
  Ali Mirza

  
	
   

  	
  Title:

  	
  Authorized Signatory

  
	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N. A.,

  
	
   

  	
  as Documentation Agent, a US
  Revolving Lender, a

  Term Lender and a UK Revolving Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael R. Williamson

  
	
   

  	
  Name:

  	
  Michael R. Williamson

  
	
   

  	
  Title:  SVP

  
					

 

 

The
following Person is a signatory to this Tenth Amendment to Multicurrency Credit
Agreement, Limited Waiver and Consent of Guarantors in its capacity as a Credit
Party and not as a Borrower.

	
  

  	
  WESTAFF, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  Officer and Treasurer

  
				

 

 

CONSENT OF GUARANTORS

Each of the undersigned is a Guarantor of the Obligations of the Borrowers
under the Credit Agreement and each other Loan Document (including US Borrower
and Term Borrower in its capacity as a Guarantor of the Obligations of the
other Borrowers) and hereby (a) consents to the foregoing Amendment,
(b) acknowledges that notwithstanding the execution and delivery of the
foregoing Amendment, including without limitation, the extension of the
Commitment Termination Date by one year, the obligations of each of the
undersigned Guarantors are not impaired or affected and the Parent Guaranty,
the Subsidiary Guaranty, and the cross-guaranty contained in the Credit
Agreement continue in full force and effect, and (c) ratifies the Parent
Guaranty, the Subsidiary Guaranty or the cross-guaranty contained in the Credit
Agreement, as applicable, and each of the Loan Documents to which it is a party
and further ratifies the Liens granted by it to any Agent for its benefit and
the benefit of the Lenders.

[signatures following; remainder of page intentionally
left blank]

 Consent-1

 

IN WITNESS WHEREOF, each of the undersigned has executed and delivered this
CONSENT OF GUARANTORS as of the date first set forth above. 

	
  

  	
  WESTAFF, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  	
   

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  
	
   

  	
   

  	
  Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTERN MEDICAL SERVICES,
  INC.,

  
	
   

  	
  a California corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  	
   

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Executive Vice President, Chief
  Financial

  
	
   

  	
   

  	
  Officer and Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTAFF (USA), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  	
   

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  
	
   

  	
   

  	
  Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WESTAFF SUPPORT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  	
   

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  
	
   

  	
   

  	
  Officer and Treasurer

  
					

 

 

 

	
  

  	
  MEDIAWORLD INTERNATIONAL

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John P. Sanders

  	
   

  
	
   

  	
  Name:

  	
  John P. Sanders

  
	
   

  	
  Title:

  	
  Senior Vice President, Chief
  Financial

  
	
   

  	
   

  	
  Officer and TreasurerExhibit 4.14

REGISTRATION AGREEMENT

This
Registration Agreement is made as of the      day of             ,
2007, by and among CoBiz Inc., a Colorado corporation (the “Company”), and the
shareholders of the Company named in Exhibit A to this Agreement (individually,
a “Shareholder” and collectively, the “Shareholders”).

Recitals

A.            The Shareholders own shares of the
Company’s Common Stock, par value $.01 (the “Common Stock”), which are either “restricted
securities” (as defined in Commission Rule 144) or are otherwise subject to
restrictions on resale because the owning Shareholder is an “affiliate” of the
Company.

B.            The Company proposes to make a
public offering of certain of its shares of Common Stock that will be
registered with the Commission under the Securities Act.  The Shareholders wish to include certain of
their shares of Common Stock in that offering and the Company is willing to
include those shares, on the terms and subject to the conditions set forth herein.

Agreement

Accordingly,
in consideration of the mutual covenants contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

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

“Commission” means the United States Securities
and Exchange Commission.

“Offering” means the currently proposed
underwritten public offering of Common Stock pursuant to the Registration to be
co-managed by Keefe, Bruyette & Woods, Inc., RBC Capital Markets and
Stifel, Nicolaus & Company, in the amount of approximately $60,000,000,
consisting of approximately $20,000,000 of primary shares offered by the
Company and approximately $40,000,000 of secondary shares offered by the Shareholders.  It is currently contemplated that the
Offering will occur in the first quarter of 2007.  The Company shall have the sole and exclusive
power and discretion to determine whether the currently proposed offering has
been abandoned or changed to an extent that makes the inclusion of the Subject
Shares impractical or inappropriate, in which case any subsequent offering or
the proposed offering as so changed shall not be deemed the Offering for
purposes of this Agreement.

“Registration”
means the registration under the Securities Act of the Common Stock to be sold
by the Company and the Shareholders in the Offering in compliance with all
applicable laws and regulations in connection therewith.

 

 

“Registration
Expenses” means all expenses incurred by the Company in complying with
Section 2 hereof, including, without limitation, all registration and filing
fees, printing expenses, fees and disbursements of the Company’s counsel and
accountants and blue sky fees and expenses.

“Securities
Act” means the United States Securities Act of 1933, as amended, and the
regulations of the Commission thereunder, and any amendment or replacement
thereof.

“Selling
Expenses” means all underwriting discounts, commissions and transfer taxes
applicable to the sale of Subject Shares.

“Subject
Shares” means the shares of Common Stock owned by the Shareholders, as set
forth in Exhibit A to this Agreement.

2.             Registration.

(a)           Agreement
to Include.  The Company shall include in the Registration
(and any related registration, qualification or filing under blue sky laws or
other compliance) and the Offering all the Subject Shares.

(b)           Underwriting.  All
Shareholders shall (together with the Company) enter into an underwriting
agreement with the underwriters for the Offering.  Notwithstanding any other provision of this
Section 2, if the underwriters determine that marketing factors require a
limitation of the number of shares to be underwritten, the Company may exclude
all or a portion of the Subject Shares from the Registration and the Offering
as directed by the underwriters.  The
Company shall advise all Shareholders of any such exclusion, and the number of Subject
Shares that may be included in the Registration and the Offering shall be
allocated among the Shareholders in proportion, as nearly as practicable, to
the respective number of Subject Shares that were to have been included in the Registration
and the Offering by the Shareholders.  No
Subject Shares excluded by reason of the underwriters’ marketing limitation
shall be included in the Registration and the Offering.

The
Company shall provide each Shareholder with a draft of the underwriting
agreement promptly after it is received from the underwriters and shall afford
each Shareholder a reasonable opportunity to comment on the underwriting
agreement.  If any Shareholder
disapproves of the terms of the underwriting agreement, such Shareholder may
elect to withdraw from the Registration and the Offering by written notice to
the Company.

A
reasonable time prior to the consummation of the Offering, each Shareholder
shall execute a power of attorney and custody agreement, in form and substance
reasonably satisfactory to the underwriters, naming Steven Bangert, Richard J.
Dalton and Lyne B. Andrich, or any of them, as such Shareholder’s
attorneys-in-fact to execute and deliver the underwriting agreement on such
Shareholder’s behalf, including all necessary authority to agree upon the price
at which the Subject Shares will be sold and the underwriting discounts and
commissions payable to the underwriters, and 

 2
 

 

 

shall deliver to
such attorneys-in-fact certificates representing such Shareholder’s Subject
Shares and duly executed blank stock powers relating thereto for delivery by
the attorneys-in-fact in connection with such consummation of the Offering.

(c)           Lock-Up Agreement.  Each Shareholder shall execute a lock-up
agreement in the form reasonably requested by the underwriters agreeing not to effect
any public sale or distribution of equity securities of the Company, or any
securities convertible into or exchangeable or exercisable for such securities,
during the 90 days after the effective date of the Registration (except as part
of the Offering), unless the underwriters otherwise agree.

3.             Expenses of Registration.  All
Registration Expenses shall be borne by the Company and the Shareholders pro
rata on the basis of the number of shares included by each in the Registration.  All Selling Expenses shall be borne by the Shareholders
pro rata on the basis of the number of Subject Shares sold by each in the
Offering.  The fees and expenses of
separate counsel retained by the Shareholders shall be borne by the
Shareholders pro rata on the basis of the number of shares included by each in
the Registration.  Notwithstanding the
foregoing, if prior to the execution of the underwriting agreement for the
Offering the Shareholders elect to withdraw from the Registration and the
Offering by written notice to the Company due to the price at which the Subject
Securities are to be sold being below the Shareholders’ reasonable expectations
or the Offering is not completed, the Company shall pay all Registration
Expenses, unless the Offering is not completed as a result of a breach of any
representation, warranty or covenant of one or more of the Shareholders in the
underwriting agreement for the Offering, in which case the Registration
Expenses shall be borne by the breaching Shareholders pro rata on the basis of
the number of shares to have been included by each breaching Shareholder in the
Registration.  In the event of any such withdrawal
or termination, the fees and expenses of separate counsel retained by the
Shareholders shall still be borne by the Shareholders pro rata on the basis of
the number of shares included by each in the Registration.

4.             Registration
Procedures.

(a)           General
Procedures.  The
Company will keep each Shareholder advised in writing on a reasonably current
basis as to the initiation of the Registration and as to the completion
thereof.  The Company shall at all times
have exclusive control over the registration process and may terminate or
withdraw the Registration in its sole discretion without obligation or
liability to any Shareholder.

(b)           Material
Misstatements or Omissions.

(i)            If during the time when a prospectus
relating to the Offering is required to be delivered under the Securities Act,
any event or circumstance shall occur that makes any statement made in the
registration statement or the related prospectus untrue in any material respect
or that requires the making of any changes in the registration statement or the
related prospectus so that they will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, the Company shall
immediately notify each Shareholder and use its commercially reasonable efforts
to prepare and file with the Commission a supplement or post-effective
amendment to the 

 3
 

 

 

registration
statement or the related prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of the Subject Shares, such prospectus will not contain any
untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

(ii)           Each Shareholder agrees, as
expeditiously as possible, (i) to notify the Company of the occurrence of any event
that makes any statement made in the registration statement or the related prospectus
regarding such Shareholder untrue in any material respect or that requires the
making of any changes in the registration statement or the related prospectus
so that, in such regard, (A) in the case of the registration statement, it will
not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading and (B) in the case of a prospectus, it will not contain
any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading, and (ii) to
provide the Company with such information as may be required to enable the
Company to prepare a supplement or post-effective amendment to the registration
statement or a supplement to such prospectus.

(iii)          Each Shareholder agrees that, upon
receipt of any notice from the Company of the happening of any event of the
kind described in Section 4(b)(i) hereof, such Shareholder will forthwith
discontinue disposition of Subject Shares pursuant to the registration
statement until such Shareholder’s receipt of the copies of the supplemented or
amended prospectus contemplated by Section 4(b)(i) hereof, and, if so directed
by the Company, such Shareholder will deliver to the Company all copies in its
possession, other than permanent file copies then in such Shareholder’s
possession, of the prospectus covering such Subject Shares current at the time
of receipt of such notice.  Each Shareholder
agrees that, in the event it receives any notice from the Company under Section
4(b)(i), it will not disclose such fact to any person or entity other than its
counsel and any underwriter or other person participating in the distribution
process.

5.             Indemnification.

(a)           By
the Company.  The Company will indemnify each Shareholder,
each officer, director, partner, affiliate, agent and legal counsel of such Shareholder
and each person controlling such Shareholder, against all claims, losses,
damages and liabilities (or actions or proceedings in respect thereof) arising
out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any registration statement, prospectus, offering
circular or other similar document (including any related registration
statement, notification or the like) incident to the Registration, or any omission
(or alleged omission) to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading in the light
of the circumstances under which they were made, and will reimburse each such
person for any legal and any other expenses reasonably incurred in connection
with investigating or defending any such claim, loss, damage, liability or
action, as incurred; provided, however, that the Company will not
be liable in any such case to the extent that any such claim, loss, damage,
liability or expense arises out 

 4
 

 

 

of or is based on
any untrue statement or omission based upon written information furnished to
the Company by any Shareholder specifically for use therein.

(b)           By
Shareholders.  Each
Shareholder will indemnify the Company, each of its directors and officers,
each person who controls the Company within the meaning of the Securities Act,
and each other Shareholder who includes securities in the Registration and each
officer, director, affiliate, agent and partner of and each person controlling
such other Shareholder, against all claims, losses, damages and liabilities (or
actions or proceedings in respect thereof) arising out of or based on any
untrue statement (or alleged untrue statement) of a material fact contained in
any such registration statement, prospectus, offering circular or other similar
document, or any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading in the light of the circumstances under which they were made, in
each case to the extent, but only to the extent, that such untrue statement (or
alleged untrue statement) or omission (or alleged omission) is made in the registration
statement, prospectus, offering circular or other similar document in reliance
upon and in conformity with written information furnished to the Company by
such Shareholder specifically for use therein, and will reimburse the Company
and such other Shareholders and persons for any legal or any other expenses
reasonably incurred in connection with investigating or defending any such
claim, loss, damage, liability or action, as incurred.  The aggregate liability of each Shareholder
under the indemnification agreement contained in this Section 5(b) and the
contribution agreement contained in Section 5(d) shall be limited to an amount
equal to the net proceeds (after deducting underwriting discounts and
commissions) received by such Shareholder from the Subject Shares sold by such
Shareholder in the Offering.

(c)           Notice.  Each
person entitled to indemnification under this Section 5 (the “Indemnified
Person”) shall give notice to the party required to provide indemnification
(the “Indemnifying Party”) promptly after the Indemnified Person has received
written notice of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any
litigation resulting therefrom; provided that counsel for the Indemnifying
Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Person (whose approval shall not unreasonably be
withheld).  The Indemnified Person may
participate in such defense at such person’s expense; provided, however,
that the Indemnifying Party shall bear the expense of separate counsel for the
Indemnified Person if representation of both parties by the same counsel would
be inappropriate due to actual or potential conflicts of interest.  The failure of the Indemnified Person to give
notice as provided herein shall not relieve the Indemnifying Party of its
obligations under this Section 5 except to the extent that such failure to give
notice materially prejudices the Indemnifying Party in the defense of any such
claim or litigation.  No Indemnifying
Party, in the defense of any such claim or litigation, shall, except with the
consent of each Indemnified Person, 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 Person of a release
from all liability in respect of such claim or litigation.

(d)           Contribution.  If the indemnification provided for in this
Section 5 is unavailable or insufficient to hold harmless an Indemnified Person
under Section 5(a) or (b) above in 

 5
 

 

 

respect of any
claims, losses, damages or liabilities (or actions or proceedings in respect
thereof) referred to therein, then the Indemnifying Party and the Indemnified
Person shall contribute to the amount paid or payable by such Indemnified Person
as a result of such claims, losses, damages or liabilities (or actions or
proceedings in respect thereof) in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party on the one hand and the Indemnified
Person on the other in connection with the statements or omissions which
resulted in such claims, losses, damages or liabilities (or actions or
proceedings in respect thereof), as well as any other relevant equitable
considerations.  The relative fault shall
be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission
to state a material fact relates to information supplied by the Indemnifying Party
or the Indemnified Person and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or
omission.  The Company and the Shareholders
agree that it would not be just and equitable if contributions pursuant to this
Section 5(d) were determined by pro rata allocation or by any other method of
allocation which does not take account of such equitable considerations.  The amount paid or payable by an Indemnified Person
as a result of the claims, losses, damages or liabilities (or actions or
proceedings in respect thereto) referred to above in this Section 5(d) shall be
deemed to include any legal or other expenses reasonably incurred by such Indemnified
Person in connection with investigating or defending any such action or
claim.  Notwithstanding the provisions of
this Section 5(d), 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.  The obligation of each Shareholder to
contribute under this Section 5(d) is several. 
The aggregate liability of each Shareholder under the contribution agreement
contained in this Section 5(d) and the indemnification agreement contained in
Section 5(b) shall be limited to an amount equal to the net proceeds (after
deducting underwriting discounts and commissions) received by such Shareholder
from the Subject Shares sold by such Shareholder in the Offering.  No person shall be obligated to contribute
under this Section 5(d) unless and except to the extent that such person would
be obligated to indemnify the Indemnified Person under the literal wording of
Section 5(a) or (b).

6.             Information
by Shareholder.  Each Shareholder shall take
all steps reasonably necessary to furnish to the Company such information
regarding such Shareholder as the Company may request in writing and as shall
be required in connection with the Registration.

7.             Amendments and Waivers.  This
Agreement may be amended only in a writing signed by the Company and by Shareholders
owning a majority of the Subject Shares.  Any amendment shall equally affect and bind
all holders of Subject Shares.  No
failure by any party to insist upon strict performance of this Agreement on any
one or more occasions shall constitute a waiver of any right or remedy
hereunder.  Any right or remedy hereunder
may be waived (a) only in a writing signed by (a) the Company in the case
of a right or remedy of the Company, (b) Shareholders owning of a majority
of the Subject Shares, in the case of a right or remedy of the Shareholders, or
(c) by a Shareholder, in the case of a right or remedy only of such Shareholder.

8.             Notices.  All
notices pursuant to or relating to this Agreement shall be in writing and may
be given by any means selected by the sender. 
A notice which is sent by United States 

 6
 

 

 

registered or
certified mail, return receipt requested, addressed to the intended recipient
at the address given below, with all postage prepaid, shall be deemed given and
received for purposes of this Agreement on the earlier of the date specified in
the return receipt or three business days after it is posted.  A notice given by recognized overnight
courier to the address of the intended recipient set forth below shall be
deemed given and received for purposes of this Agreement on the first business
day after it is sent.  A notice given by
facsimile transmission to the intended recipient at the facsimile number given
below shall be deemed given and received for purposes of this Agreement upon
confirmation of transmission by the sender’s facsimile machine.  A notice given by any other means shall be
deemed given and received for purposes of this Agreement only upon actual
receipt.  The addresses and facsimile
numbers of the parties for notice purposes are as follows:

	
  Company:

  	
  CoBiz Inc.

  
	
   

  	
  821 17th Street

  
	
   

  	
  Denver, Colorado
  80202

  
	
   

  	
  Attention: Lyne
  Andrich

  
	
   

  	
  Facsimile No.: (720)
  264-1958                      

  
	
   

  	
   

  
	
  To any
  Shareholder:

  	
  Such Shareholder’s address or 

  fax number given on Exhibit A

  

 

Any party
may change its address or facsimile number for notice purposes by notice to the
other parties.

9.             Miscellaneous.  This
Agreement shall be governed in all respects by the laws of the New York.  This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and
permitted assigns.  This Agreement
contains the entire understanding of the parties with respect to the subject
matter hereof.  The obligations of the
Shareholders hereunder are several and not joint, and no Shareholder shall be
liable for the failure of any other Shareholder to perform any such
obligation.  This Agreement may be
executed in counterparts, no one of which need be signed by all parties, but
all of which shall constitute a single agreement.

[SIGNATURE PAGE FOLLOWS]

 7
 

 

 

IN WITNESS WHEREOF, the
undersigned have executed this Registration Agreement as of the day and year
first above written, notwithstanding the actual date of execution.

	
   

  	
  COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
  CoBiz Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SHAREHOLDERS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 8
 

 

 

EXHIBIT A

Names,
Addresses and Facsimile Numbers

and Numbers of Subject Shares of Shareholders

	
  Name, Address and

  	
   

  	
   

  	
   

  
	
  Facsimile Number

  	
   

  	
  Number of Shares

  	
   

  

 

 9

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