Document:

EXHIBIT 10.5

 Exhibit 10.5 
  
 AMENDED AND RESTATED 
  
 GOVERNANCE AGREEMENT 
  
 Among 
  
 ITC^DeltaCom, Inc. 
  
 and 
  
 the Securityholders of ITC^DeltaCom, Inc. 
  
 listed on the signature pages hereof 
  
 Dated as of July 26, 2005 

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
		
	 SECTION 1.1.    Definitions
	  	1
		
	 ARTICLE II RESTRICTIONS ON TRANSFERS OF VOTING SECURITIES
	  	11
		
	 SECTION 2.1.    Restrictions on Transfers.
	  	11
	 SECTION 2.2.    Restrictions on Transfer to Competitors.
	  	13
	 SECTION 2.3.    Other Transfer Restrictions.
	  	13
	 SECTION 2.4.    Other Stockholder Tag-Along.
	  	14
	 SECTION 2.5.    Effect of Transfers
	  	16
	 SECTION 2.6.    Transfers in Violation of Agreement Void
	  	16
	 SECTION 2.7.    Certain Transfers by Parent.
	  	16
		
	 ARTICLE III ACQUISITIONS OF VOTING SECURITIES AND BUSINESS COMBINATIONS
	  	16
		
	 SECTION 3.1.    Purchases of Voting Securities
	  	16
	 SECTION 3.2.    Squeeze-Outs and Business Combinations.
	  	17
	 SECTION 3.3.    Interested Transactions.
	  	17
	 SECTION 3.4.    Subscription Right.
	  	18
		
	 ARTICLE IV CORPORATE GOVERNANCE
	  	21
		
	 SECTION 4.1.    Composition of the Board of Directors.
	  	21
	 SECTION 4.2.    Voting.
	  	22
	 SECTION 4.3.    Vacancies.
	  	22
	 SECTION 4.4.    Board Committees
	  	24
	 SECTION 4.5.    Subsidiary Boards of Directors and Committees
	  	25
	 SECTION 4.6.    Director Expenses; Indemnity and Exculpation
	  	25
	 SECTION 4.7.    No Amendment of Certificate of Incorporation or Bylaws; Board Observers
	  	25
		
	 ARTICLE V REPRESENTATIVES
	  	27
		
	 ARTICLE VI LEGEND
	  	28
		
	 ARTICLE VII MISCELLANEOUS
	  	28
		
	 SECTION 7.1.    Notices
	  	28
	 SECTION 7.2.    Amendments; Waivers
	  	30
	 SECTION 7.3.    Further Assurances
	  	31

  

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	 SECTION 7.4.      Enforcement of this Agreement
	  	31
	 SECTION 7.5.      Severability
	  	31
	 SECTION 7.6.      Entire Agreement; Assignment
	  	31
	 SECTION 7.7.      Parties in Interest
	  	32
	 SECTION 7.8.      Remedies.
	  	32
	 SECTION 7.9.      Governing Law; Consent to Jurisdiction
	  	32
	 SECTION 7.10.    Recapitalization, etc.
	  	32
	 SECTION 7.11.    Public Statements
	  	33
	 SECTION 7.12.    Portfolio Company Actions
	  	33
	 SECTION 7.13.    HSR Filing Fees and Expenses
	  	33
	 SECTION 7.14.    Non-Solicitation
	  	33
	 SECTION 7.15.    Headings
	  	34
	 SECTION 7.16.    Counterparts
	  	34
	 SECTION 7.17.    Effectiveness; Termination
	  	34
	 SECTION 7.18.    Obligations Imposed By Law
	  	34
	 SECTION 7.19.    Definition of Stockholder
	  	34

  

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 GOVERNANCE AGREEMENT, amended and restated as of July 26, 2005 (this “Agreement”), among
ITC^DeltaCom, Inc., a Delaware corporation (“Parent”), each Person listed on the signature pages hereof under the heading “WCAS Securityholders” (each, and each Permitted Transferee of such Person that agrees in writing to
be bound by the terms and conditions of this Agreement, a “WCAS Securityholder” and, collectively, “W”), each Person listed on the signature pages hereof under the heading “TCP Securityholders” (each, and
each Permitted Transferee of such Person that agrees in writing to be bound by the terms and conditions of this Agreement, a “TCP Securityholder” and, collectively, “TCP”), and Campbell B. Lanier, III (the
“Other Holder”); 
  
 WHEREAS, Parent, each WCAS
Securityholder and the Other Holder are parties to a Governance Agreement, dated as of October 6, 2003, as amended as of March 29, 2005 (the “Original Agreement”), which establishes terms and conditions concerning the corporate
governance of Parent and the acquisition and disposition of securities of Parent; 
  
 WHEREAS, as of the date hereof, W and TCP beneficially own the shares of common stock, shares of preferred stock, and warrants to purchase shares of common stock and preferred stock as set forth in Annex A
attached hereto; and 
  
 WHEREAS, the parties to the Original
Agreement and TCP wish to amend and restate the Original Agreement as hereinafter set forth; 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises and agreements contained herein, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1. Definitions. As used in this Agreement, the following terms have the following meanings: 
  
 “Affiliate” has the same meaning as in Rule 12b-2
promulgated under the Exchange Act as in effect on the date hereof; provided that, for purposes of this Agreement (i) Parent and any Subsidiary of Parent shall not be treated as an Affiliate of any other party hereto and (ii) Affiliate shall not
include any portfolio company of any Holder or of any Affiliate of such Holder or its Affiliates. 
  
 “Agreement” is defined in the preamble. 
  
 “Amended Ownership Percentage” means the Ownership Percentage represented by the number of shares of Common Stock beneficially owned by W
immediately following the issuance of the Series C Warrants. For purposes of this definition, the number of shares of Common Stock beneficially owned by W immediately following the issuance of the Series C Warrants shall be calculated assuming the
conversion, exchange or exercise into or for shares of Common Stock of all Voting Securities beneficially owned by W at such time. 

 “Article IV Breach” means any material breach by Parent of any material provision of
Article IV if (i) the WCAS Representative or the TCP Representative (if WCAS or TCP then has rights and obligations under Article IV) has provided Parent with written notice of such breach, (ii) Parent has not cured such breach within 30 days after
receipt of such notice by such Representative and (iii) in the event of any unresolved dispute between Parent and W or TCP, as the case may be, regarding the existence of any such material breach (or whether Parent has cured such breach), Parent and
such Holders have submitted such dispute to binding arbitration pursuant to the procedures described in Annex B hereto, and the arbitration panel has rendered a decision that Parent has committed such breach and has not cured such breach
within the period provided in clause (ii) above. 
  
 “Associate” has the same meaning as in Rule 12b-2 promulgated under the Exchange Act as in effect on the date hereof. 
  
 “Beneficial owner” and to “beneficially own” has the same meaning as in Rule 13d-3 promulgated under the Exchange Act as
in effect on the date hereof; provided that in determining beneficial ownership for purposes of this Agreement as of any date, (i) a Person shall be deemed to be the beneficial owner of any Voting Securities which may be acquired by such Person upon
the conversion, exchange or exercise of any Voting Security Equivalents irrespective of whether such Voting Security Equivalents are exercisable within 60 days and (ii) a Person shall not be deemed to be the beneficial owner of any Voting Securities
solely because such Person is a party to this Agreement, if such Person would not be deemed to be the beneficial owner of such Voting Securities within the meaning of such Rule 13d-3 if such Person were not a party to this Agreement. 
  
 “Board of Directors” means the Board of Directors of Parent.

  
 “BTI” means BTI Corp., a North Carolina
corporation. 
  
 “Change of Control” means (i)
the consummation of a Qualifying Asset Sale; (ii) the consummation of any transaction or series of related transactions (including any merger or consolidation) as a result of which any Person or Group of Persons, other than W and its Affiliates,
becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Power (other than any such transaction or series of related transactions subject to Section 2.3 or any such transaction or series of related transactions that would
violate any provision of this Agreement); and (iii) at any time that W and its Affiliates do not beneficially own more than 50% of the Voting Power, the first day on which a majority of the Directors are not Continuing Directors, provided that none
of W or its Affiliates shall have engaged in any Contest that caused a majority of the Directors not to be Continuing Directors. 
  
 “Closing Date” means July 26, 2005. 
  
 “Committee of Independent Directors” means a standing committee of the Board of Directors composed of all of the Independent Directors;
provided that the Series A Designee which has a Disqualifying Relationship (whether or not the Series A Designee is an “independent director” within the meaning of the rules and regulations of any national securities exchange or
Interdealer Quotation System on which Parent’s securities may be listed or traded) shall serve 
  

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 (unless the Series A Designee declines to serve) on the Committee of Independent Directors unless the Committee of
Independent Directors (other than the Series A Designee who has a Disqualifying Relationship) determines in its good faith judgment, after considering advice of outside legal counsel, that the Series A Designee’s ability to exercise independent
judgment in carrying out his or her responsibilities as a Director has been compromised in a material respect as a result of a change in circumstances subsequent to the date hereof relating to such Director’s Disqualifying Relationship.

  
 “Common Stock” means the common stock, par
value $0.01 per share, of Parent. 
  
 “Competitor” means any Person who is or, based on the publicly announced intention or plan of such Person, is reasonably likely to become a competitor of Parent or any subsidiary of Parent in the business of providing
retail or wholesale telecommunications services. 
  
 “Contest” means any action by a Person, whether such Person acts alone or in concert with any other Person, (i) seeking to elect an individual to, or place a representative on, the Board of Directors who is not a Continuing
Director, (ii) seeking to remove (other than for cause) from the Board of Directors any individual who is a Continuing Director, or (iii) opposing the recommendation of a majority of the Continuing Directors with respect to the nomination,
appointment or election of any individual as a Director; provided that any action by W or its Affiliates with respect to the nomination, designation, election or removal of any WCAS Designee, any other Director employed by W or any of its Affiliates
or any Director elected by the holders of the Series B Preferred Stock pursuant to the Series B Certificate of Designation (including the nomination, designation or election of any successor to any WCAS Designee or any such Director) shall, in each
case, not be deemed a “Contest.” 
  
 “Continuing
Directors” means the Directors immediately following the Effective Time; provided that any individual becoming a Director during any year shall be considered to be a Continuing Director if such individual’s election, appointment or
nomination was recommended or approved by at least two-thirds of the other Continuing Directors continuing in office following such election, appointment or nomination present, in person or by telephone, at any meeting of the Board of Directors,
after the giving of a sufficient notice to each Continuing Director so as to provide a reasonable opportunity for each such Continuing Director to be present at such meeting. For purposes of this definition, any Director elected by the holders of
the Series A Preferred Stock pursuant to the Series A Certificate of Designation and any Director elected by the holders of the Series B Preferred Stock pursuant to the Series B Certificate of Designation shall be deemed to be a Continuing Director.

  
 “Control,” as applied to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Determination of the Committee of Independent Directors”
means, with respect to any matter, a determination made in good faith, on the basis of such relevant factors as the Committee of Independent Directors consider, in their judgment, appropriate, by a vote of the majority of the members of the
Committee of Independent Directors present at a meeting of the 
  

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 Committee of Independent Directors called for such purpose, a quorum being present, or without a meeting if all members
of the Committee of Independent Directors consent to such determination in writing. For these purposes, a majority of all members of the Committee of Independent Directors, acting at a meeting duly assembled, shall constitute a quorum for the making
of any such determination at such meeting. In connection with any specific determination to be made by the Committee of Independent Directors, a Director serving on the Committee of Independent Directors shall not be deemed to be an Independent
Director for purposes of participating in such determination of the Committee of Independent Directors, and shall not be entitled to participate in such determination, if, in the judgment of the Committee of Independent Directors (other than such
Director), such Director has an interest in the matter subject to determination that would interfere with such Director’s exercise of independent judgment in carrying out his or her responsibilities as a Director. 
  
 “Director” means a member of the Board of Directors.

  
 “Disinterested Stockholders” mean the holders
of Voting Securities and/or Voting Security Equivalents that (i) are not (A) W or Affiliates or Associates of W or (B) portfolio companies of W or its Affiliates, and (ii) are not officers or employees of Parent or its Subsidiaries. 
  
 “Disqualifying Relationship” between a Director and Parent
means any of the following relationships: (i) such Director is, or during any of the past three fiscal years of Parent was, employed by Parent or by any parent or subsidiary of Parent; (ii) such Director has accepted or has a Family Member who has
accepted any payments from Parent or any parent or subsidiary of Parent in excess of $60,000 during the current fiscal year or any of the past three fiscal years of Parent, other than compensation for board service, payments arising solely from
investments in Parent’s securities, compensation paid to a Family Member who is an employee of Parent or a parent or subsidiary of Parent (but not if such person is an executive officer of Parent or any parent or subsidiary of Parent), benefits
under a tax-qualified retirement plan, or non-discretionary compensation; (iii) such Director is a Family Member of an individual who is, or during any of the past three fiscal years of Parent was, employed by Parent or by any parent or subsidiary
of Parent as an executive officer; (iv) such Director is a partner in, or a controlling shareholder or an executive officer of, any organization to which Parent made, or from which Parent received, payments (other than those arising solely from
investments in Parent’s securities) that exceed 5% of the recipient’s consolidated gross revenues for that year, or $200,000, whichever is more, in the current fiscal year or any of the past three fiscal years of Parent; (v) such Director
is employed as an executive officer of another entity where any of the executive officers of Parent serve on the compensation committee of such other entity, or if such relationship existed during any of the past three fiscal years of Parent; or
(vi) such Director is or was a partner or employee of Parent’s outside auditor, and worked on Parent’s audit, during any of the past three fiscal years of Parent. For purposes of this definition, each three year “look back”
period referenced above shall instead be the period since the Effective Time, and “subsidiary” shall include BTI and any subsidiary of BTI. For the avoidance of doubt, ownership of any class of capital stock of Parent alone shall not
constitute a Disqualifying Relationship. 
  
 “Effective
Time” means October 6, 2003. 
  

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 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
  
 “Executive
Employment Agreements” means (i) the Employment Agreement, dated as of February 3, 2005, between Parent and Randall E. Curran, as amended from time to time, (ii) the Employment Agreement, dated as of February 21, 2005, between Parent
and Richard E. Fish, Jr., as amended from time to time, and (iii) the Employment Agreement, dated as of February 28, 2005, between Parent and James P. O’Brien, as amended from time to time. 
  
 “Family Member” of any person means any other person who is
a relative of such first person by blood, marriage or adoption or who has the same residence as such first person. 
  
 “Final TCP Board Membership Period” means the period beginning on the date of expiration of the Initial TCP Board Membership Period and
ending on the date on which TCP shall first cease collectively to beneficially own Common Stock representing at least 1% of the outstanding Voting Power. For purposes of this definition, the number of shares of Common Stock beneficially owned by TCP
on any date shall be calculated assuming the conversion, exchange or exercise into or for shares of Common Stock of all Voting Securities beneficially owned by TCP on that date. 
  
 “Group” has the same meaning as in Rule 13d-3 promulgated under the Exchange Act as in effect on the date
hereof; provided that for purposes of this Agreement, other than Section 3.1(b), a “Group” shall not include any Group the formation of which has not been publicly announced and with respect to which there is no publicly available
information indicating that Persons are acting as part of such Group unless W or TCP, as the case may be, knows of the existence of such Group. 
  
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
  
 “Holder” means, collectively, the WCAS Securityholders, the
TCP Securityholders and the Other Holder that are parties to this Agreement from time to time. 
  
 “Holder Group” means the WCAS Holder Group or the TCP Holder Group. 
  
 “Independent Director” means (i) if Parent has securities listed or traded on any national securities exchange or Interdealer Quotation
System, a Director of Parent that (A) is not an Affiliate or Associate of W, (B) is not an officer or employee of Parent or its Subsidiaries and (C) is otherwise an “independent director” within the meaning of the rules or regulations of
such national securities exchange or Interdealer Quotation System and (ii) if Parent does not have securities so listed or traded, a Director of Parent that (A) is not an Affiliate or Associate of W, (B) is not an officer or employee of Parent or
its Subsidiaries and (C) does not have any relationship with Parent which, in the opinion of the Board of Directors and a Determination of the Committee of Independent Directors at the time of the nomination, appointment or election of such
Director, would interfere with such Director’s exercise of independent judgment in carrying out his or her responsibilities as a Director. Persons who have a Disqualifying Relationship with Parent shall not qualify as Independent Directors.

  

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 “Initial Other Holder Position” means, with respect to the Other Holder, the number of
shares of Common Stock beneficially owned by the Other Holder immediately following the Effective Time. For purposes of this definition, the number of shares of Common Stock beneficially owned by the Other Holder immediately following the Effective
Time shall be calculated assuming the conversion, exchange or exercise into or for shares of Common Stock of all Voting Securities beneficially owned by the Other Holder at such time. 
  
 “Initial Ownership Percentage” means the Ownership Percentage represented by the number of shares of Common
Stock beneficially owned by W immediately following the Effective Time. For purposes of this definition, the number of shares of Common Stock beneficially owned by W immediately following the Effective Time shall be calculated assuming the
conversion, exchange or exercise into or for shares of Common Stock of all Voting Securities beneficially owned by W at such time. 
  
 “Initial TCP Board Membership Period” means the period beginning on the date hereof and ending on the date on which the TCP Fund Holders
shall first cease collectively to beneficially own at least 4,000,000 shares of Common Stock (which number shall be proportionately adjusted in connection with any stock split, stock dividend, reverse stock split or other combination,
reclassification or other similar event affecting the Common Stock). For purposes of this definition, the number of shares of Common Stock beneficially owned by the TCP Fund Holders on any date shall be calculated assuming the conversion, exchange
or exercise into or for shares of Common Stock of all Voting Securities beneficially owned by the TCP Fund Holders on that date. 
  
 “Initial TCP Position” means the number of shares of Common Stock beneficially owned by TCP immediately after the Closing Date. For
purposes of this definition, the number of shares of Common Stock beneficially owned by TCP immediately following the Closing Date shall be calculated assuming the conversion, exchange or exercise into or for shares of Common Stock of all Voting
Securities beneficially owned by TCP immediately following the Closing Date. 
  
 “Initial W Position” means the sum of (i) the number of shares of Common Stock beneficially owned by W and its Affiliates immediately prior to the closing pursuant to Section 8.09 of the Merger
Agreement, (ii) the number of shares of Common Stock issued to W at the closing pursuant to Section 8.09 of the Merger Agreement, (iii) the number of shares of Common Stock received by W and its Affiliates as Merger Consideration (as defined in the
Merger Agreement), (iv) the number of shares of Common Stock into which the shares of Series B Preferred Stock beneficially owned by W and its Affiliates immediately following the Effective Time are convertible immediately following the Effective
Time, and (v) the number of shares of Common Stock into which any shares of Series B Preferred Stock purchased by W and its Affiliates pursuant to Section 8.21 of the Merger Agreement are convertible after the Effective Time. 
  
 “Interdealer Quotation System” means any of (i) the NASDAQ
National Market or (ii) the NASDAQ SmallCap Market, unless NASDAQ shall be registered as a national securities exchange after the date hereof. 
  

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 “Merger Agreement” means the Agreement and Plan of Merger, dated as of July 2, 2003, as
amended from time to time, among Parent, 8DBCI Corp., W and BTI. 
  
 “NASDAQ” means The NASDAQ Stock Market, Inc. 
  
 “Notes” means the Senior Secured Notes due 2009 issued pursuant to the Securities Purchase Agreement, dated as of July 26, 2005, among Parent, Interstate FiberNet, Inc., the Subsidiary Guarantors named therein, the
Purchasers named therein, Tennenbaum Capital Partners, LLC, as Agent, and TCP Agency Services, LLC, as Collateral Agent. 
  
 “Other Holder” means Campbell R. Lanier, III solely in such Holder’s capacity as a holder of Voting Securities and/or Voting
Security Equivalents and not in such Holder’s capacity as the Series A Designee or other Director of Parent or any Subsidiary of Parent, provided, that, for the avoidance of doubt, such Holder shall not be required to take any action that would
violate such Director’s fiduciary duty. 
  
 “Ownership Percentage” means, with respect to the number of shares of Common Stock (other than, with respect to W, except for purposes of Section 3.4, Post-Closing Shares) beneficially owned by any Person on any date (the
“Designated Securities”), the percentage of all shares of Common Stock (other than, with respect to W, except for purposes of Section 3.4, Post-Closing Shares) outstanding on such date that is represented by the Designated Securities. For
purposes of this definition, the number of shares of Common Stock beneficially owned by any Person or outstanding on any date shall be calculated assuming the conversion, exchange or exercise into or for shares of Common Stock of all Voting
Securities beneficially owned by such Person on such date or outstanding on such date, as the case may be. 
  
 “Parent Benefit Plan” means any stock option, restricted stock, stock incentive, deferred compensation, profit sharing, defined benefit
or other benefit plan of Parent or any of its Subsidiaries, including, without limitation, the ITC^DeltaCom, Inc. Amended and Restated Stock Incentive Plan and the ITC^DeltaCom, Inc. Executive Stock Incentive Plan. 
  
 “Permitted Transferee” means: 
  
 (i) with respect to any WCAS Securityholder and any Permitted Transferee of
a WCAS Securityholder, (A) any other WCAS Securityholder, (B) any direct or indirect wholly-owned subsidiary of any WCAS Securityholder, (C) in connection with a Transfer by a WCAS Securityholder to its partners, members or shareholders for no
consideration pro rata based on their respective percentage interests in the applicable WCAS Securityholder, which Transfer is effected in accordance with the terms of the partnership agreement or other organizational document of such WCAS
Securityholder, such partners, members or shareholders in such WCAS Securityholder (a “W Distribution In Kind”), (D) the heirs, executors, administrators, testamentary trustees, legatees or beneficiaries of any WCAS Securityholder or
Permitted Transferee of a WCAS Securityholder and (E) a trust, corporation, partnership or other entity substantially all of the economic interests of which are held by or for the benefit of any WCAS Securityholder, Permitted Transferee of a WCAS
Securityholder, their spouses or their children (whether by birth or adoption); 
  

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 (ii) with respect to any TCP Securityholder and any Permitted Transferee of a TCP Securityholder, (A) any
other TCP Securityholder, (B) any direct or indirect wholly-owned subsidiary of any TCP Securityholder, (C) in connection with a Transfer by a TCP Securityholder to its partners, members or shareholders for no consideration pro rata based on their
respective percentage interests in the applicable TCP Securityholder, which Transfer is effected in accordance with the terms of the partnership agreement or other organizational document of such TCP Securityholder, such partners, members or
shareholders in such TCP Securityholder (a “TCP Distribution In Kind”), (D) the heirs, executors, administrators, testamentary trustees, legatees or beneficiaries of any TCP Securityholder or Permitted Transferee of a TCP Securityholder
and (E) a trust, corporation, partnership or other entity substantially all of the economic interests of which are held by or for the benefit of any TCP Securityholder, Permitted Transferee of a TCP Securityholder, their spouses or their children
(whether by birth or adoption); and 
  
 (iii) with respect to the
Other Holder and any Permitted Transferee of the Other Holder, (A) any direct or indirect wholly-owned subsidiary of the Other Holder, (B) in connection with a Transfer by the Other Holder to its partners, members or shareholders for no
consideration pro rata based on their respective percentage interests in the Other Holder, which Transfer is effected in accordance with the terms of the partnership agreement or other organizational document of the Other Holder, such partners,
members or shareholders in the Other Holder (an “Other Holder Distribution In Kind”), (C) the heirs, executors, administrators, testamentary trustees, legatees or beneficiaries of the Other Holder or Permitted Transferee of the Other
Holder and (D) a trust, corporation, partnership or other entity substantially all of the economic interests of which are held by or for the benefit of the Other Holder, Permitted Transferee of the Other Holder, their spouses or their children
(whether by birth or adoption). 
  
 “Person”
means any individual, corporation, partnership, limited liability company, limited partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government body. 
  
 “Post-Closing Shares” means Voting Securities acquired by W
after October 6, 2003 pursuant to Article 10 or Section 8.21 of the Merger Agreement. 
  
 “Primary Voting Power” means, as of any date, the aggregate number of votes that may be cast on such date by the holders of Voting Securities generally (other than in connection with the election of
Directors). In determining the Primary Voting Power of a particular Person that beneficially owns Voting Securities, as of any date, the Primary Voting Power represented by such Voting Securities shall exclude any votes that may be cast upon
the acquisition by such Person of Voting Securities upon the conversion, exchange or exercise of any Voting Security Equivalents beneficially owned by such Person on such date. 
  
 “Qualifying Asset Sale” means the sale, lease, transfer, conveyance or other disposition, in one or a
series of related transactions, of all or substantially all of the property and assets of Parent and its Subsidiaries, taken as a whole, including goodwill and corporate franchises, to any Person or Group of Persons (other than any Subsidiary of
Parent); provided that in no event shall any such sale be deemed to be a Qualifying Asset Sale unless the property and assets involved produced more than two-thirds of Parent’s consolidated annual revenues in 
  

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 at least two of the prior three fiscal years or more than two-thirds of Parent’s consolidated annual earnings before
interest, taxes, depreciation and amortization in at least two of the prior three fiscal years. 
  
 “Rule 13e-3 Transaction” means a Rule 13e-3 transaction as defined in Rule 13e-3 promulgated under the Exchange Act. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations promulgated thereunder. 
  
 “Series A Certificate of Designation” means the certificate of designation of the Series A Preferred Stock as amended from time to time. 
  
 “Series A Designee” means Campbell B. Lanier, III and any Director thereafter appointed to the Board of
Directors or elected by the holders of the Series A Preferred Stock, voting as a separate class, pursuant to the Series A Certificate of Designation. 
  
 “Series A Preferred Stock” means the 8% Series A Convertible Redeemable Preferred Stock, par value $0.01 per share, of Parent.

  
 “Series A Warrant Agreement” means the
Warrant Agreement dated as of October 29, 2002, as amended from time to time, between Parent and Mellon Investor Services LLC, as Warrant Agent. 
  
 “Series A Warrants” means the warrants to purchase Common Stock issued by Parent pursuant to the Series A Warrant Agreement. 

 
 “Series B Certificate of Designation” means the
certificate of designation of the Series B Preferred Stock as amended from time to time. 
  
 “Series B Designee” means the Director or Directors who are appointed to the Board of Directors as of the Effective Time as the Series B Designees and any Director thereafter appointed to the Board of
Directors or elected by the holders of the Series B Preferred Stock, voting as a separate class, pursuant to the Series B Certificate of Designation. 
  
 “Series B Preferred Stock” means the 8% Series B Convertible Redeemable Preferred Stock, par value $0.01 per share, of Parent.

  
 “Series B Warrant Agreement” means the
Warrant Agreement, dated as of October 6, 2003, as amended from time to time, between Parent and Mellon Investor Services LLC, as Warrant Agent. 
  
 “Series C Certificate of Designation” means the certificate of designation of the Series C Preferred Stock as amended from time to time.

  
 “Series C Preferred Stock” means the 8%
Series C Convertible Redeemable Preferred Stock, par value $0.01 per share, of Parent. 
  

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 “Series C Warrants” means the warrants to purchase Common Stock issued pursuant to the
Warrant Agreement, dated as of March 29, 2005, as amended from time to time, between Parent and Mellon Investor Services LLC, as Warrant Agent. 
  
 “Subsidiary” has the same meaning as in Rule 12b-2 promulgated under the Exchange Act as in effect on the date hereof. 
  
 “TCP Designees” means any Director designated for nomination
for election to the Board of Directors by the TCP Fund Holders pursuant to this Agreement. 
  
 “TCP Fund Holders” means, collectively, Special Value Absolute Return Fund, LLC, Special Value Bond Fund II, LLC and their Permitted Transferees. 
  
 “TCP Holder Group” means, collectively, the TCP
Securityholders that are parties to this Agreement on the date of an Offer. 
  
 “TCP Warrant Agreement” means the Warrant Agreement, dated as of July 26, 2005, as amended from time to time, between Parent and Mellon Investor Services LLC, as Warrant Agent. 
  
 “TCP Warrants” means the warrants to purchase Series C
Preferred Stock and Common Stock issued by Parent pursuant to the TCP Warrant Agreement and any warrants to purchase Series C Preferred Stock and Common Stock issued by Parent in exchange, replacement or substitution therefor. 
  
 “Transfer” means, directly or indirectly, to sell, transfer,
assign, distribute, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment,
distribution, pledge, encumbrance, hypothecation or similar disposition of, whether by operation of law or otherwise, any Voting Securities or Voting Security Equivalents or any interest in any Voting Securities or Voting Security Equivalents;
provided that any liquidation, dissolution or other termination of a holder of Voting Securities or Voting Security Equivalents, shall not be deemed a “Transfer” of any Voting Securities or Voting Security Equivalents or any interest in
any Voting Securities or Voting Security Equivalents owned by such holder. 
  
 “Voting Power” means, as of any date, the aggregate number of votes that may be cast on such date by the holders of Voting Securities generally (other than in connection with the election of
Directors). In determining the Voting Power of a particular Person that beneficially owns Voting Securities, as of any date, the Voting Power represented by such Voting Securities shall include, without limitation, any votes that may be cast
upon the acquisition by such Person of Voting Securities upon the conversion, exchange or exercise of any Voting Security Equivalents beneficially owned by such Person on such date, irrespective of whether such Voting Security Equivalents are
convertible, exchangeable or exercisable into or for Voting Securities as of such date. 
  

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 “Voting Securities” means securities of Parent the holders of which are generally
entitled to vote for members of the Board of Directors and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger,
consolidation, exchange or similar reorganization. For purposes of this definition, each share of Common Stock, each share of Series A Preferred Stock, each share of Series B Preferred Stock and each share of Series C Preferred Stock shall at all
times be considered Voting Securities. 
  
 “Voting
Security Equivalents” means any warrants, options, rights or securities convertible into, or exchangeable or exercisable for, Voting Securities. 
  
 “Warrant Exercise Event” means any event specified in clause (ii) or (iii) of the definition of “Initial Exercise Date” in the
TCP Warrant Agreement as in effect on the date hereof. 
  
 “WCAS CP III” means WCAS Capital Partners III, L.P. 
  
 “WCAS Designee” means any Director designated for nomination for election to the Board of Directors by W or its Affiliates (including, without limitation, WCAS VIII or WCAS CP III) pursuant to this
Agreement. 
  
 “WCAS Holder Group” means,
collectively, the WCAS Securityholders that are parties to this Agreement on the date of an Offer. 
  
 “WCAS VIII” means Welsh, Carson, Anderson & Stowe VIII, L.P. 
  
 “WCAS Warrant Agreements” means (i) the Series B Warrant Agreement and (ii) the Warrant Agreement, dated as
of March 29, 2005, as amended from time to time, between Parent and Mellon Investor Services LLC, as Warrant Agent. 
  
 “WCAS Warrants” means the warrants to purchase Common Stock issued by Parent pursuant to one or both of the WCAS Warrant Agreements and
any warrants to purchase Common Stock issued by Parent in exchange, replacement or substitution therefor. 
  
 ARTICLE II 
  
 RESTRICTIONS ON TRANSFERS OF VOTING SECURITIES 
  
 SECTION 2.1. Restrictions on Transfers. 
  
 (a) W
agrees and covenants that for two years following the date of the Effective Time (the “Transfer Restriction Period”), W shall not Transfer any Voting Securities or Voting Security Equivalents, except that during the Transfer Restriction
Period W may, subject to Sections 2.2 and 2.3, Transfer Voting Securities and Voting Security Equivalents representing up to 10% of the Initial W Position pursuant to (i) sales made in compliance with Rule 144 under the Securities Act, (ii) any
privately negotiated transaction or transactions made in compliance with the Securities Act or (iii) a public offering in accordance with the registration rights 
  

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 provided for in the registration rights agreement, dated as of October 6, 2003, as amended from time to time, between
Parent and the other parties thereto (the “WCAS Registration Rights Agreement”); provided that the foregoing restrictions on Transfer shall not be applicable to any of the following Transfers (which shall not be counted in calculating such
10% limitation): (i) any Transfer of Voting Securities pursuant to W’s “piggy-back” registration rights pursuant to the WCAS Registration Rights Agreement; (ii) any Transfer between W and its Permitted Transferees (or among W’s
Permitted Transferees, provided that any such Permitted Transferee shall be subject to the terms and conditions of this Agreement as if such Permitted Transferee were a party hereto) in accordance with the terms of this Agreement (except that W
shall not make any W Distributions In Kind during the Transfer Restriction Period); (iii) any Transfer pursuant to a merger or consolidation in which Parent is a constituent corporation; (iv) any Transfer pursuant to a bona fide tender offer or
exchange offer; (v) any Transfer pursuant to a business combination or other sale of or involving Parent; (vi) any Transfer by W made solely to satisfy any of its indemnification obligations under Article 10 of the Merger Agreement; or (vii) any
Transfer of WCAS Warrants exercisable for up to 850,000 shares of Common Stock to any Person specified in Annex C attached to the Original Agreement; provided, further, that, in the case of clauses (iii) through (v) of this proviso, W is in
compliance with Article III. 
  
 (b) TCP agrees and covenants that
for six months following the Closing Date (the “TCP Transfer Restriction Period”), TCP shall not Transfer any Voting Securities or Voting Security Equivalents, except that during the TCP Transfer Restriction Period TCP may, subject to
Sections 2.2 and 2.3, Transfer Voting Securities and Voting Security Equivalents representing up to 10% of the Initial TCP Position pursuant to (i) sales made in compliance with Rule 144 under the Securities Act, (ii) any privately negotiated
transaction or transactions made in compliance with the Securities Act or (iii) a public offering in accordance with the registration rights provided for in the registration rights agreement, dated as of July 26, 2005, as amended from time to time,
between Parent and the other parties thereto (the “TCP Registration Rights Agreement”); provided that the foregoing restrictions on Transfer shall not be applicable to any of the following Transfers (which shall not be counted in
calculating such 10% limitation): (i) any Transfer of Voting Securities pursuant to TCP’s “piggy-back” registration rights pursuant to the TCP Registration Rights Agreement; (ii) any Transfer between TCP and its Permitted Transferees
(or among TCP’s Permitted Transferees, provided that any such Permitted Transferee shall be subject to the terms and conditions of this Agreement as if such Permitted Transferee were a party hereto) in accordance with the terms of this
Agreement (except that TCP shall not make any TCP Distributions In Kind during the TCP Transfer Restriction Period); (iii) any Transfer pursuant to a merger or consolidation in which Parent is a constituent corporation; (iv) any Transfer pursuant to
a bona fide tender offer or exchange offer; (v) any Transfer pursuant to a business combination or other sale of or involving Parent; (vi) any Transfer upon exercise of TCP’s rights pursuant to Section 2.4; (vii) any Transfer following the date
of a Warrant Exercise Event; or (viii) any Transfer to purchasers of the Notes within 15 days after the Closing Date, provided that, as a condition of such Transfer, such purchasers become parties to this Agreement as TCP Securityholders hereunder
by executing a counterpart signature page hereto. 
  
 (c) The
Other Holder agrees and covenants that during the Transfer Restriction Period the Other Holder shall not Transfer any Voting Securities or Voting Security Equivalents, 
  

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 except that during the Transfer Restriction Period the Other Holder may, subject to Section 2.3, Transfer Voting
Securities and Voting Security Equivalents representing up to 10% of the Initial Other Holder Position pursuant to (i) sales made in compliance with Rule 144 under the Securities Act, (ii) any privately negotiated transaction or transactions made in
compliance with the Securities Act or (iii) a public offering in accordance with the registration rights provided for in the registration rights agreement dated as of October 29, 2002, as amended from time to time, between Parent and the other
parties thereto (the “Series A Registration Rights Agreement”); provided that the foregoing restrictions on Transfer shall not be applicable to any of the following Transfers (which shall not be counted in calculating such 10% limitation):
(i) any Transfer of Voting Securities pursuant to the Other Holder’s “piggy-back” registration rights pursuant to the Series A Registration Rights Agreement; (ii) any Transfer between the Other Holder and its Permitted Transferees (or
among the Other Holder’s Permitted Transferees, provided that any such Permitted Transferee shall be subject to the terms and conditions of this Agreement as if such Permitted Transferee were a party hereto) in accordance with the terms of this
Agreement (except that the Other Holder shall not make any Other Holder Distributions In Kind during the Transfer Restriction Period); (iii) any Transfer pursuant to a merger or consolidation in which Parent is a constituent corporation; (iv) any
Transfer pursuant to a bona fide tender offer or exchange offer; or (v) any Transfer pursuant to a business combination or other sale of or involving Parent. 
  
 (d) For purposes of this Section 2.1, any Transfer of Voting Securities or Voting Security Equivalents shall be treated as a Transfer of the number of
shares of Common Stock into or for which such Voting Securities or Voting Security Equivalents are then convertible, exchangeable or exercisable. 
  
 SECTION 2.2. Restrictions on Transfer to Competitors. Neither W nor TCP shall Transfer any Voting Securities or Voting Security Equivalents to any
Person who is a Competitor if W or TCP, as the case may be, has actual knowledge that such Competitor would (when taken together with such Person’s Affiliates and Associates and with any Group of which such Person forms a part) beneficially own
Voting Securities representing 10% or more of the outstanding Voting Power immediately after such Transfer. 
  
 SECTION 2.3. Other Transfer Restrictions. 
  
 (a) Any Permitted Transferee of any party hereto shall be subject to the terms and conditions of this Agreement as if such Permitted Transferee were such
party hereto. Prior to the initial acquisition of beneficial ownership of Voting Securities by a Permitted Transferee, and as a condition thereto, each party hereto (other than Parent) agrees (i) to cause its Permitted Transferee to agree in writing
with Parent to be bound by the terms and conditions of this Agreement and (ii) that such party hereto shall remain directly liable for its own performance and the performance of its Permitted Transferee of all obligations of it and such Permitted
Transferee under this Agreement. Each party hereto agrees not to cause or permit any of its Permitted Transferees (other than any Permitted Transferee that is a natural person, that is described in clause (i)(D) or (ii)(D) of the definition of
“Permitted Transferee” with respect to any party or that is a trust described in clause (i)(E) or (ii)(E) of the definition of “Permitted Transferee” with respect to any party) to cease to be an Affiliate of such party (other
than as a 
  

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 result of a liquidation, dissolution or other termination of such party or such Permitted Transferee) so long as such
Permitted Transferee beneficially owns any Voting Securities, and if such Permitted Transferee shall cease to be an Affiliate of such party, such Permitted Transferee shall automatically upon the occurrence of such event cease to be a Permitted
Transferee for any purpose under this Agreement; provided that this sentence shall not apply to any Permitted Transferee of any party that is a Permitted Transferee of such party described in clause (i)(C) or (ii)(C) of the definition of
“Permitted Transferee” with respect to any party. Each of W (during the Transfer Restriction Period) and TCP (during the TCP Transfer Restriction Period) agrees not to Transfer any Voting Securities or Voting Security Equivalents to any
Affiliate other than a Permitted Transferee. Notwithstanding the foregoing provisions of this Section 2.3, but subject to Section 2.3(b), any Permitted Transferee of Voting Securities or Voting Security Equivalents shall not be subject to the
provisions of this Agreement to the extent that the Transfer to such Permitted Transferee is in connection with (x) a W Distribution In Kind unless W elects to cause such Permitted Transferee to become bound by the provisions of this Agreement, (y)
a TCP Distribution in Kind unless TCP elects to cause such Permitted Transferee to become bound by the provisions of this Agreement or (z) an Other Holder Distribution In Kind unless the Other Holder elects to cause such Permitted Transferee to
become bound by the provisions of this Agreement; provided that, in each case, such Transfer is otherwise in compliance with this Agreement. 
  
 (b) No transferee of Voting Securities or Voting Security Equivalents (other than a Permitted Transferee of any party that is a Permitted Transferee
described in clause (i)(C) or (ii)(C) of the definition of “Permitted Transferee” with respect to such party) shall have any rights or obligations under this Agreement, except that if W or TCP has actual knowledge that such transferee
(together with its Affiliates and with any Group of which it forms a part) would beneficially own, immediately after such Transfer, Voting Securities representing (i) 20% or more of the outstanding Voting Power and (ii) more of the outstanding
Voting Power than the Voting Power that is represented by Voting Securities beneficially owned by any other Person (or Group of Persons) (any such person, a “Section 2.3 Transferee”), then such Section 2.3 Transferee shall be required, as
a condition to the effectiveness of such Transfer, to agree to be bound by Section 2.4 and Articles III, IV and V to the same extent as W or TCP, as the case may be. To the extent a Section 2.3 Transferee is not an “ultimate parent entity”
(as determined in accordance with the HSR Act and the regulations promulgated thereunder), the ultimate parent entity or entities of such Section 2.3 Transferee shall agree in writing to be directly liable for the performance by such Section 2.3
Transferee hereunder to the same extent that a party hereto would be liable for its Permitted Transferees hereunder. 
  
 SECTION 2.4. Other Stockholder Tag-Along. 
  
 (a) If W or one of its Affiliates shall propose to Transfer any Voting Securities beneficially owned by W or its Affiliates (“Tag-Along
Securities”) to any Person or Group (other than a Permitted Transferee) that, to the actual knowledge of W, would (when taken together with such Person’s or Group’s Affiliates) beneficially own Voting Securities representing (i) 30%
or more of the outstanding Voting Power and (ii) more of the outstanding Voting Power than the Voting Power that is represented by Voting Securities beneficially owned by any other Person (or Group of Persons) immediately after such Transfer (a
“Tag-Along Transfer”), W shall 
  

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 give not less than 20 days prior written notice of such Tag-Along Transfer to each other holder of record of Voting
Securities and/or Voting Security Equivalents (each, a “Tag-Along Offeree”). Such notice (the “Tag-Along Notice”) shall set forth the material terms and material conditions of such proposed Tag-Along Transfer, including the name
of the proposed transferee, the number of Tag-Along Securities to be Transferred, the purchase price per share proposed to be paid therefor and the payment terms and type of Transfer to be effectuated. 
  
 (b) Within 10 days after delivery of the Tag-Along Notice by W to the
Tag-Along Offerees, each such Tag-Along Offeree shall, by written notice to W, have the opportunity and right, as a condition to the effectiveness of such Tag-Along Transfer, to Transfer to the transferee in such proposed Tag-Along Transfer (on the
same terms and conditions and at the same price per share (on a Common Stock equivalent basis) as W and its Affiliates) up to the number of Common Shares beneficially owned by such Tag-Along Offeree as shall equal the product of (x) a fraction, the
numerator of which is the number of Common Shares represented by the Tag-Along Securities, measured on an as-converted, as-exercised basis, and the denominator of which is the aggregate number of Common Shares beneficially owned by W and its
Affiliates as of the date of the Tag-Along Notice, multiplied by (y) the number of Common Shares beneficially owned by such Tag-Along Offeree as of the date of the Tag-Along Notice. At the conclusion of the 10-day period following delivery of the
Tag-Along Notice, each Tag-Along Offeree that has not delivered to W written notice of its election to exercise its right pursuant to this Section 2.4 shall be deemed to have rejected the offer to participate in the Tag-Along Transfer. If the
proposed transferee is unwilling to purchase, in the aggregate, more than a specified number of Common Shares, then, if necessary, the maximum number of Voting Securities and/or Voting Security Equivalents that each holder of Voting Securities or
Voting Security Equivalents of Parent, including W or one of its Affiliates, may Transfer in accordance with this Section 2.4 shall be reduced to the product of the maximum number of Common Shares that the proposed transferee is willing to purchase,
multiplied by a fraction, the numerator of which is the number of Common Shares that such holder proposes to Transfer hereunder (subject to the maximum amount for each holder calculated pursuant to the preceding sentence) and the denominator of
which is the aggregate number of Common Shares that all of the holders of Voting Securities and/or Voting Security Equivalents exercising rights under this Section 2.4, including W and its Affiliates, propose to Transfer hereunder; provided that,
for purposes of this Section 2.4(b), “Common Shares” shall include Voting Securities and/or Voting Security Equivalents convertible, exchangeable or exercisable into or for shares of Common Stock, measured on an as-converted, as-exercised
basis. Notwithstanding anything contained in this Section 2.4, there shall be no liability on the part of W or its Affiliates to the Tag-Along Offerees under this Agreement if W or its Affiliates or the proposed transferee in any Tag-Along Transfer
determines, for any reason, not to effect a Transfer that would obligate it hereunder to consummate a Tag-Along Transfer. The determination of whether to effect a Transfer that would obligate W or its Affiliates hereunder to consummate a Tag-Along
Transfer shall be in the sole and absolute discretion of W and its Affiliates. 
  
 (c) The notice, timing, disclosure and other procedural requirements applicable to Tag-Along Transfers set forth in this Section 2.4 shall be modified to the extent required to comply with any applicable laws.

  

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 SECTION 2.5. Effect of Transfers. Each WCAS Securityholder, following the Transfer Restriction
Period, and each TCP Securityholder, following the TCP Transfer Restriction Period, shall use its commercially reasonable efforts to effect (i) any Transfers of Voting Securities and Voting Security Equivalents that are part of a W Distribution In
Kind or a TCP Distribution in Kind, as the case may be, and (ii) any Transfers of Voting Securities or Voting Security Equivalents in an unregistered open market sale, in the case of each of clauses (i) and (ii), that are otherwise permitted by this
Article II, in a manner that minimizes the impact of such Transfers on the market price of the Voting Securities. 
  
 SECTION 2.6. Transfers in Violation of Agreement Void. Any Transfer or attempted Transfer of Voting Securities or Voting Security Equivalents by
any Holder in violation of any provision of this Agreement shall be void, and Parent shall not record any such Transfer on its books or treat any purported transferee of such Voting Securities or Voting Security Equivalents as the owner of such
Voting Securities or Voting Security Equivalents for any purpose. 
  
 SECTION 2.7. Certain Transfers by Parent. Parent covenants and agrees that between the date hereof and the date on which the Series C Certificate of Designation is first filed with the Secretary of State of the State of Delaware,
Parent shall not issue or sell, or effect a deemed issuance or sale, of Common Stock in a transaction which, if the Series C Certificate of Designation were in effect during such period, would constitute a Dilutive Issuance as defined in, and for
purposes of, Section 4.2(a) of the Series C Certificate of Designation, unless Parent shall first have received the written consent to consummate such a transaction by TCP Fund Holders holding a majority of the Voting Power represented by the Voting
Securities beneficially owned by the TCP Fund Holders. For purposes of this Section 2.7, the Trigger Price, as defined in the Series C Certificate of Designation, shall be deemed to be $.375 per share of Common Stock, as such Trigger Price may be
adjusted upon the occurrence of an event specified in Section 4.2(d) of the Series C Certificate of Designation. 
  
 ARTICLE III 
  
 ACQUISITIONS OF VOTING SECURITIES AND BUSINESS COMBINATIONS 
  
 SECTION 3.1. Purchases of Voting Securities. 
  
 (a) W agrees and covenants that following the Effective Time W shall not, and shall cause each of its Affiliates not to, acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise, beneficial
ownership of any Voting Securities, except (i) as approved by a Determination of the Committee of Independent Directors, (ii) upon exercise or conversion of any Voting Securities or Voting Security Equivalents then owned by W and its Affiliates,
(iii) upon the issuance of any Voting Securities or Voting Security Equivalents, as dividends or otherwise, in respect of securities beneficially owned by W or its Affiliates on March 29, 2005 or in substitution therefor, or in connection with any
stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or similar reorganization, (iv) as contemplated by Section 8.21 or Article 10 of the Merger Agreement, (v) as contemplated by Section
3.4, (vi) during the Transfer Restriction Period, W and its Affiliates 
  

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 may acquire, in addition to any acquisitions pursuant to clauses (i) through (v), in the open market or through privately
negotiated transactions or from Parent, beneficial ownership of Voting Securities as long as W and its Affiliates do not, following any such acquisition, have an aggregate Ownership Percentage in excess of the sum of the Amended Ownership
Percentage, plus 5%, or (vii) following the Transfer Restriction Period, W and its Affiliates may acquire, in addition to any acquisitions pursuant to clauses (i) through (v), in the open market or through privately negotiated transactions or from
Parent, beneficial ownership of Voting Securities as long as W and its Affiliates do not, following any such acquisition, have an aggregate Ownership Percentage in excess of the sum of the Amended Ownership Percentage, plus 15%. 
  
 (b) TCP agrees and covenants that it and its Affiliates shall not, directly
or indirectly, without the prior written consent of the Board of Directors, (i) acquire, or agree to acquire, or disclose any intention to acquire or to offer to acquire, by tender offer, exchange offer, merger or other business combination or other
purchase, Voting Securities which, together with Voting Securities beneficially owned by TCP, would represent a majority of the Primary Voting Power, (ii) form, join or in any way participate in a Group in connection with any of the foregoing or
(iii) advise, assist or encourage any other Person in connection with any of the foregoing. 
  
 SECTION 3.2. Squeeze-Outs and Business Combinations. 
  
 (a) W agrees and covenants that it and its Affiliates shall not, directly or indirectly, propose or effect any purchase or other acquisition of Voting Securities or Voting Security Equivalents that they do not
beneficially own as of the Effective Time by tender offer, exchange offer, merger or other business combination or other purchase of Voting Securities or Voting Security Equivalents that would result in a Rule 13e-3 Transaction (other than as
permitted pursuant to Section 3.1 unless such purchases or acquisitions pursuant to Section 3.1 would result in a Rule 13e-3 Transaction) (each, a “Squeeze-Out Transaction”) unless (i) such Squeeze-Out Transaction is approved by a
Determination of the Committee of Independent Directors and (ii) for three years after the Effective Time, such Squeeze-Out Transaction is also conditioned upon obtaining the approval of a majority of the Disinterested Stockholders and such
condition is satisfied. 
  
 (b) W agrees and covenants that it and
its Affiliates shall not, directly or indirectly, propose or effect any merger or other business combination between Parent and any Affiliate of W unless (i) such merger or other business combination is approved by a Determination of the Committee
of Independent Directors and (ii) for three years after the Effective Time, such merger or other business combination is also conditioned upon obtaining the approval of a majority of the Disinterested Stockholders and such condition is satisfied.

  
 SECTION 3.3. Interested Transactions. 
  
 (a) Parent and W hereby agree and covenant that any issuance of shares of
capital stock of Parent or any of its Subsidiaries (other than issuances contemplated by the terms of the Merger Agreement or required under the terms of the Voting Securities or the Voting Security Equivalents owned by W or its Affiliates) or sales
of assets by Parent or any of the Subsidiaries of Parent to W or any Affiliate of W shall require a Determination of the Committee of 
  

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 Independent Directors to approve such issuance or sale. In addition, any enforcement or modification, amendment or waiver
of any provision of this Agreement, the Merger Agreement, the Series B Warrant Agreement or the WCAS Registration Rights Agreement (collectively, the “WCAS Transaction Documents”) by Parent shall require a Determination of the Committee of
Independent Directors to approve such enforcement or modification, amendment or waiver. 
  
 (b) Any other transactions between Parent or any of its Subsidiaries and W or any of its Affiliates not referred to in Section 3.3(a), including, without limitation, loans or payments of fees (but excluding (i)
transactions referred to in Sections 3.2(a) and 3.2(b), which shall be governed by Section 3.2(a) or 3.2(b), as the case may be, and (ii) any other transactions contemplated by the terms of the WCAS Transaction Documents or the certificate of
incorporation or the bylaws of Parent or required under the terms of Voting Securities or Voting Security Equivalents owned by W or its Affiliates) shall require the approval of the audit committee of the Board of Directors; provided that this
Section 3.3(b) shall not apply to any transaction involving Common Stock beneficially owned by W or its Affiliates to the extent that W and its Affiliates, as applicable, are treated in the same manner in connection with such transaction as all
other holders of Common Stock, and W and its Affiliates have no interest in the transaction apart from their interest as holders of Common Stock or their interest in the Common Stock underlying any Voting Securities beneficially owned by W or its
Affiliates. 
  
 (c) Any condition or requirement for the approval
of a majority of the Disinterested Stockholders, Determination of the Committee of Independent Directors or approval of the audit committee as provided in this Agreement shall be in addition to any other vote or approval required by applicable law
or otherwise. 
  
 SECTION 3.4. Subscription Right.

  
 (a) Subject to the terms and conditions of this Section 3.4,
each Holder Group shall have the right to purchase such Holder Group’s Pro Rata Share of all Offered Securities which Parent may propose to issue and sell from time to time after the date of this Agreement. For purposes of this Section 3.4,
“Offered Securities” means all Voting Securities and Voting Security Equivalents other than “Excluded Securities,” as defined in Section 3.4(g). The “Pro Rata Share” of each Holder Group with respect to any proposed
issuance or sale of Offered Securities shall be equal to the Ownership Percentage (rounded down to the nearest one-tenth of a percent) of such Holder Group as of the date of the related Offer. No Holder Group shall have the right provided for in
this Section 3.4 with respect to any proposed issuance or sale of Offered Securities unless the Ownership Percentage of such Holder Group on the date of the related Offer is at least 2%. 
  
 (b) Before it may issue or sell any Offered Securities, Parent shall deliver to the WCAS Representative, on behalf of the
WCAS Holder Group, and the TCP Representative, on behalf of the TCP Holder Group, written notice of the proposed issuance or sale of such Offered Securities (the “Offer”). The Offer shall set forth (i) the name and material terms of the
Offered Securities, (ii) the number and amount of the Offered Securities, (iii) the proposed price at which the Offered Securities will be issued or sold (the “Sale Price”), the payment terms (including the form of consideration payable
for the Offered Securities (the “Sale Consideration”)) and the other material terms and conditions of the proposed issuance or sale of the Offered Securities, 
  

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 (iv) if then known to the Company, the Person or class of Persons, if any, to which the Offered Securities are to be
issued or sold, and (v) an offer to issue and sell to each Holder Group such Holder Group’s Pro Rata Share of the Offered Securities at the same price and otherwise on substantially the same terms and conditions as those set forth in the Offer.
If the Sale Consideration specified in the Offer includes any consideration other than cash, such Sale Consideration shall be deemed to be the amount of any cash included in the Sale Consideration plus the fair market value, as determined in good
faith by the Board of Directors of Parent, of such non-cash consideration included in such Sale Consideration. Any Holder Group that accepts the Offer shall have the right, but shall not be obligated, to purchase the Offered Securities solely for
cash consideration even if the Sale Consideration specified in the Offer includes non-cash consideration. Parent may require as a condition of any Offer, which it shall set forth in such Offer, that (i) any Holder who shall purchase the Offered
Securities shall be (A) a “Qualified Institutional Buyer” as defined in Rule144A under the Securities Act, (B) an “accredited investor” as defined in Rule 501(a) under the Securities Act or (C) a Holder to which Parent may sell
the Offered Securities in a transaction that would comply with Regulation S under the Securities Act (such a Holder, a “Qualified Holder”), and (ii) no Holder may receive a copy of such Offer until such Holder shall first have executed a
confidentiality agreement with respect to the making of such Offer and the information set forth in such Offer. Parent may reserve the right in any Offer to withdraw such Offer at any time and for any reason. 
  
 (c) Each Holder Group shall have the right, which it must exercise within 20
days after such Holder Group’s receipt of the Offer (the “Offer Period”), to give written notice to Parent (the “Acceptance Notice”) that such Holder Group irrevocably exercises its right to purchase its Pro Rata Share of
the Offered Securities, or such portion of its Pro Rata Share as it shall specify in the Acceptance Notice (all Offered Securities specified in any Acceptance Notice, the “Holder Offered Securities”). The WCAS Representative shall deliver
the Acceptance Notice on behalf or the WCAS Holder Group and the TCP Representative shall deliver the Acceptance Notice on behalf of the TCP Holder Group. The Acceptance Notice shall identify each Holder within the Holder Group that shall purchase
the Offered Securities, the number or amount of Offered Securities that shall be purchased by such Holder and, if such a requirement was a condition of the Offer, whether such Holder is, of the date of the Acceptance Notice, and will be, as of the
date of the consummation of the Sale to such Holder, a Qualified Holder. Unless Parent shall otherwise provide in the Offer, the delivery of the Acceptance Notice to Parent by a Holder Group shall constitute a legally binding agreement by such
Holder Group with Parent to purchase such amount of the Offered Securities as shall be specified in the Acceptance Notice; provided that, notwithstanding any reference in this Section 3.4 to the acceptance of an Offer by a Holder Group, the parties
hereto agree, and any Acceptance Notice delivered by such Holder Group may expressly provide, that the purchase obligations of the specified Holders therein shall be several and not joint. 
  
 (d) If it shall have complied with the foregoing provisions of this Section
3.4, Parent shall have 90 days after the expiration of the Offer Period to consummate the sale or issuance of all or any part of the Offered Securities that do not constitute Holder Offered Securities (the “Remaining Offered Securities”),
provided that such 90-day period may be extended from time to time by Parent upon written notice to the WCAS Representative and the TCP Representative (but in no event for longer than 90 days after the end of such 90-day period) 
  

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 to the extent reasonably necessary to comply with applicable securities, antitrust, communications and other laws and
regulations. Parent may sell or issue the Remaining Offered Securities only to the Person or class of Persons, if any, specified in the Offer and only at a sale price and otherwise upon terms and conditions that are not materially more favorable, in
the aggregate, to the purchasers of the Remaining Offered Securities or materially less favorable, in the aggregate, to Parent than the Sale Price and the other terms and conditions set forth in the Offer. If Parent shall not have consummated the
sale or issuance of the Remaining Offered Securities within such 90-day period (as extended, if applicable), Parent may not thereafter issue or sell any Offered Securities without first offering such Offered Securities to the Holder Groups pursuant
to this Section 3.4. 
  
 (e) Unless it shall have specified
different settlement terms in the Offer, Parent shall consummate its issuance or sale of the Holder Offered Securities to the Holder Groups substantially concurrently with its issuance and sale of the Remaining Offered Securities to the purchasers
thereof. The purchase and sale of the Holder Offered Securities shall be subject to such customary purchase agreements and other documentation as the Holder Groups delivering Acceptance Notices shall reasonably require. 
  
 (f) The notice, timing and other procedural requirements applicable to any
Offer set forth in this Section 3.4 shall be modified to the extent required to comply with applicable law. In addition, notwithstanding any contrary provision in this Agreement (including, without limitation, Section 7.2), the WCAS Representative
shall have the right, on behalf of the WCAS Holder Group, and the TCP Representative shall have the right, on behalf of the TCP Holder Group, to waive Parent’s compliance with this Section 3.4, in whole or in part, with respect to any proposed
issuance or sale of Offered Securities and to agree to any modifications of any notice, timing or other procedural requirements applicable to any Offer pursuant to this Section 3.4. 
  
 (g) For purposes of this Section 3.4, “Excluded Securities” means Voting Securities and Voting Security
Equivalents issued or issuable (i) pursuant to any Parent Benefit Plan or the Executive Employment Agreements, (ii) pursuant to the Series A Certificate of Designation, the Series B Certificate of Designation, the Series C Certificate of
Designation, the Series A Warrant Agreement, the WCAS Warrant Agreements or the TCP Warrant Agreement, (iii) upon the conversion, exchange or exercise of the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the
Series A Warrants, the WCAS Warrants or the TCP Warrants, (iv) in payment of payment-in-kind dividends on the Series A Preferred Stock, the Series B Preferred Stock or the Series C Preferred Stock, (v) as consideration in connection with the
acquisition of another corporation or other Person by merger, consolidation or otherwise, or in connection with the purchase of the assets of such corporation or other Person, in each case as approved by the Board of Directors, (vi) in connection
with any stock split, stock dividend, reverse stock split or combination, reclassification, recapitalization or similar transaction or (vii) to lenders to Parent or its Subsidiaries in connection with a restructuring or refinancing of indebtedness
of Parent or its Subsidiaries. 
  

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 ARTICLE IV 
  
 CORPORATE GOVERNANCE 
  
 SECTION 4.1. Composition of the Board of Directors. 
  
 (a) Each of Parent and W shall use its best efforts to take such action as is required under applicable law to cause to be appointed to the Board of
Directors, effective as of the Closing Date or promptly thereafter, the Directors referred to in Section 4.1(c). 
  
 (b) Each of WCAS VIII and WCAS CP III shall be entitled to designate one member for nomination for election to the Board of Directors for so long as W and
its Affiliates beneficially own Voting Securities representing a majority of the outstanding Primary Voting Power. W shall use its reasonable best efforts to cause the WCAS Designees to nominate, and W shall vote in favor of, and take all other
necessary or desirable actions (including, without limitation, attending all meetings in person or by proxy for purposes of obtaining a quorum and executing all written consents in lieu of meetings) to cause the election of, at least three
Independent Directors. 
  
 (c) The TCP Fund Holders shall be
entitled to designate (i) two members for nomination for election to the Board of Directors, during the Initial TCP Board Membership Period, and (ii) one member for nomination for election to the Board of Directors, during the Final TCP Board
Membership Period. The TCP Fund Holders shall use their reasonable best efforts to cause the TCP Designees to nominate, and TCP shall vote in favor of, and take all other necessary or desirable actions (including, without limitation, attending all
meetings in person or by proxy for purposes of obtaining a quorum and executing all written consents in lieu of meetings) to cause the election of, at least three Independent Directors. 
  
 (d) The parties hereto agree that, in addition to the designation of the WCAS Designees pursuant to Section 4.1(b) and the
designation of the TCP Designees pursuant to Section 4.1(c), (i) the holders of the Series B Preferred Stock shall be entitled to elect up to two Directors for so long as such holders are entitled, voting as a separate class, to elect Directors
pursuant to the Series B Certificate of Designation, (ii) the holders of the Series A Preferred Stock shall be entitled to elect one Director for so long as such holders are entitled, voting as a separate class, to elect such Director pursuant to
the Series A Certificate of Designation, (iii) the chief executive officer of Parent shall be nominated for election as a Director and (iv) the remaining Directors to be nominated for election shall be designated by the Board of Directors.

  
 (e) Each of Parent, W and TCP agrees not to take any action
that would cause the Board of Directors to have more than 15 members prior to October 6, 2006. 
  
 (f) Notwithstanding anything in this Agreement to the contrary, for so long as W and its Affiliates beneficially own Voting Securities representing a majority of the outstanding Primary Voting Power, Parent agrees
that, following receipt of written notice from WCAS VIII and WCAS CP III, Parent promptly shall initiate all actions necessary to increase the size of the Board of Directors to the number specified in such written notice (subject to the limitations
set forth in Section 4.1(e)). 
  

 -21- 

 SECTION 4.2. Voting. 
  
 (a) Each of W and TCP agree to vote (and use its reasonable best efforts to cause each of its respective Affiliates to vote,
if applicable), or to act by written consent with respect to (and use its reasonable best efforts to cause each of its respective Affiliates to act by written consent, if applicable), and shall use its reasonable best efforts to take all other
necessary or desirable actions (including, without limitation, attending all meetings in person or by proxy for purposes of obtaining a quorum and executing all written consents in lieu of meetings) to cause the Directors to be designated or
nominated in accordance with Sections 4.1 and 4.3 to the Board of Directors. Parent agrees to use its reasonable best efforts to take all necessary actions to cause the Directors be nominated in accordance with Sections 4.1 and 4.3 to the Board of
Directors. Each of Parent, W and TCP agrees to use its reasonable best efforts to cause the election of each such Director to the Board of Directors, including, without limitation, by nominating such individuals to be elected as members of the Board
of Directors as provided herein and calling an annual or special meeting of stockholders in order to ensure that the composition of the Board of Directors shall be as set forth in this Article IV and otherwise to give effect to the provisions of
this Article IV. Each party hereto shall take (and shall use its reasonable best efforts to cause each of its Affiliates to take, if applicable) all other actions necessary to ensure that the certificate of incorporation and bylaws of Parent
facilitate and do not at any time conflict with any provision of this Agreement. 
  
 (b) Parent agrees to vote (and use its reasonable best efforts to cause each of its Affiliates to vote, if applicable), or to act by written consent with respect to (and use its reasonable best efforts to cause each
of its Affiliates to act by written consent, if applicable), and shall use its reasonable best efforts to take all other necessary or desirable actions (including, without limitation, attending all meetings in person or by proxy for purposes of
obtaining a quorum and executing all written consents in lieu of meetings) to cause the directors to be designated or nominated in accordance with Section 4.5 to the board of directors of each of Parent’s subsidiaries (each, a “Subsidiary
Board”), and Parent agrees to use its reasonable best efforts to cause the election of each such director to each Subsidiary Board, including, without limitation, by nominating such individuals to be elected as members of each Subsidiary Board
as provided herein and calling an annual or special meeting of stockholders in order to ensure that the composition of each Subsidiary Board shall be as set forth in this Article IV and otherwise to give effect to the provisions of this Article IV.
Each party hereto shall take (and shall use its reasonable best efforts to cause each of its Affiliates to take, if applicable) all other actions necessary to ensure that the organizational documents of each of Parent’s subsidiaries facilitate
and do not at any time conflict with any provision of this Agreement. 
  
 SECTION 4.3. Vacancies. 
  
 (a) For so long as W
and its Affiliates beneficially own Voting Securities representing a majority of the Primary Voting Power, in the event that a vacancy is created at any time by death, disability, retirement, resignation or removal (with or without cause) of any
WCAS Designee, or in the event that the size of the Board of Directors is increased pursuant to Section 4.1(e) or Section 3.01 of the bylaws of Parent, the WCAS Securityholder entitled to designate such Director for nomination for election to the
Board of Directors (or, if no particular WCAS Securityholder is so entitled, then all WCAS Securityholders) or the remaining WCAS 
  

 -22- 

 Designees (even though less than a quorum) shall have the right to designate a replacement to fill such vacancy, and each
of W, Parent, TCP and the Other Holder shall use its reasonable best efforts to take (and shall use its reasonable best efforts to cause its Affiliates to take, if applicable) all necessary or desirable actions as may be required under applicable
law to cause the individuals designated by such WCAS Securityholders or WCAS Designees to be appointed or elected including, without limitation, by using its reasonable best efforts to cause Directors designated for nomination by such party to vote
in favor of the individuals designated by the WCAS Securityholders or remaining WCAS Designees. For so long as W and its Affiliates beneficially own Voting Securities representing a majority of the Primary Voting Power, Parent, TCP and the Other
Holder shall not take any action (and shall not support the taking of any action by any other Person) to cause the removal of any WCAS Designee without cause unless it is directed to do so by a WCAS Securityholder, and if Parent, TCP or the Other
Holder is so directed, such party shall use its reasonable best efforts to take (and shall use its reasonable best efforts to cause its respective Affiliates to take) all actions necessary to effect such removal and to elect a replacement WCAS
Designee as provided in the immediately preceding sentence. 
  
 (b) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any TCP Designee, the TCP Fund Holders shall have the right to designate a replacement to fill
such vacancy, and each of TCP, Parent, W and the Other Holder shall use its reasonable best efforts to take (and shall use its reasonable best efforts to cause its Affiliates to take, if applicable) all necessary or desirable actions as may be
required under applicable law to cause the individuals designated by the TCP Fund Holders to be appointed or elected including, without limitation, by using its reasonable best efforts to cause Directors designated for nomination by such party to
vote in favor of the individuals designated by the TCP Fund Holders. 
  
 (c) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of the Director appointed or nominated for election pursuant to Section 4.1(d)(iii), the parties
hereto shall use their reasonable best efforts to cause the replacement for such Director to be the chief executive officer of Parent. 
  
 (d) At such time as the TCP Fund Holders shall cease to be entitled pursuant to Section 4.1(c) to designate for nomination for election to the Board of
Directors the number of individuals then serving as TCP Designees, the TCP Fund Holders shall take all necessary actions (including actions as stockholders of Parent) to cause the Director or Directors that the TCP Fund Holders have previously
designated for appointment or nomination for election to the Board of Directors pursuant to Section 4.1(c) to resign or otherwise to be removed from the Board of Directors as soon as reasonably practicable, so that, following such resignation or
resignations, the number of Directors who are serving on the Board of Directors pursuant to a designation by the TCP Fund Holders is not greater than the number of Directors which the TCP Fund Holders shall then be entitled to designate for
nomination for election to the Board of Directors pursuant to Section 4.1(c). 
  
 (e) Each Director appointed or elected to the Board of Directors pursuant to a designation made in accordance with Section 4.2(a), 4.2(b) or 4.2(c) shall be deemed for purposes of this Article IV to be a Director who
was designated for nomination for election to the Board of Directors pursuant to Section 4.1. 
  

 -23- 

 SECTION 4.4. Board Committees. 
  
 (a) Parent shall maintain, and W and the TCP Fund Holders shall support (and shall use their reasonable best efforts to
cause the WCAS Designees and the TCP Designees, as the case may be, to support) Parent’s maintenance of, an audit committee and a compensation committee performing functions comparable to those customarily performed by such committees of boards
of directors of public companies in the United States and as otherwise required by applicable law. Subject to applicable law and the requirements of any national securities exchange or Interdealer Quotation System on which any of Parent’s
securities are listed or traded, Parent, W and the TCP Fund Holders shall use their reasonable best efforts to cause (i) at least one WCAS Designee or one Series B Designee that is an Affiliate of W to be appointed to the compensation committee and
each other committee of the Board of Directors other than the audit committee and the Committee of Independent Directors and (ii) one TCP Designee to be appointed to the compensation committee, and the remaining members of the compensation committee
and any other committee of the Board of Directors other than the audit committee shall be Independent Directors and, solely with respect to the Committee of Independent Directors, the Directors referred to in the definition of “Committee of
Independent Directors.” Each of Parent, W and the TCP Fund Holders shall use their reasonable best efforts to take all actions to cause the audit committee to be composed solely of Independent Directors who also qualify as independent directors
within the meaning of Section 301 of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or pursuant thereto by any national securities exchange or Interdealer Quotation System on which any of Parent’s securities
are listed or traded. Each of W and each TCP Fund Holder shall use its reasonable best efforts to take all actions to support, including, without limitation, by using its reasonable best efforts to cause the WCAS Designees and the TCP Designees, as
the case may be, to support, the constitution of the audit committee as provided in the immediately preceding sentence. Notwithstanding anything to the contrary contained in this Agreement, any appointment of any Director to a committee shall be
subject to applicable law and the requirements of any national securities exchange or Interdealer Quotation System on which any of Parent’s securities are listed or traded. 
  
 (b) W shall use its reasonable best efforts to take such action as may be required under applicable law to cooperate with
the Board of Directors in connection with the formation of the Committee of Independent Directors including, without limitation, by using its reasonable best efforts to cause the WCAS Designees (i) to vote in favor of the formation of such
committee, (ii) to authorize such committee to retain legal, financial and other advisors without seeking approval of such retention by the Board of Directors and (iii) to provide that Parent shall provide appropriate funding, as determined by such
committee, for payment of the compensation of any advisors retained by such committee. Parent shall maintain, and W shall support (and shall use its reasonable best efforts to cause the WCAS Designees to support) Parent’s maintenance of, the
Committee of Independent Directors. 
  
 (c) The TCP Fund Holders
shall have the right to designate one TCP Designee to attend each meeting of each committee of the Board of Directors on which no TCP Designee shall be a member (other than the Committee of Independent Directors) as a non-voting observer, whether
such meeting is conducted in person or by teleconference. Parent shall cause such TCP Designee to be provided with all communications and materials that are provided by Parent or 
  

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 its consultants to the members of such committees generally, including all notices, committee packages, reports,
presentations, minutes and consents, at the same time and in the same manner that such communications and materials are provided to such members. 
  
 SECTION 4.5. Subsidiary Boards of Directors and Committees. The composition requirements of each Subsidiary Board, and of each committee of each
such Subsidiary Board, shall be proportionate to the composition requirements of the Board of Directors and of each committee thereof (other than the audit committee and the Committee of Independent Directors), such that the WCAS Designees and the
Independent Directors shall have proportionate representation (rounded to the nearest whole number of directors) on each such Subsidiary Board and committee thereof; provided that such composition requirements shall be satisfied by membership on
each such Subsidiary Board and committee thereof that consists of (i) one WCAS Designee or one Series B Designee that is an Affiliate of W, (ii) one Independent Director and (iii) the chief executive officer of Parent. The quorum and action
requirements of each Subsidiary Board, and of each committee of each such Subsidiary Board, shall be the same as the quorum and action requirements of the Board of Directors and of each committee thereof. The TCP Fund Holders shall have the right to
designate one TCP Designee to attend each meeting of each Subsidiary Board and each committee thereof on which no TCP Designee shall be a member as a non-voting observer, whether such meeting is conducted in person or by teleconference. Parent shall
cause such TCP Designee to be provided with all communications and materials that are provided by Parent, the applicable Subsidiary or their consultants to the members of each Subsidiary Board and each committee thereof generally, including all
notices, committee packages, reports, presentations, minutes and consents, at the same time and in the same manner that such communications and materials are provided to such members. 
  
 SECTION 4.6. Director Expenses; Indemnity and Exculpation. Parent or its Subsidiaries shall pay all of the reasonable
out-of-pocket expenses incurred by each Director in connection with attending the meetings of the Board of Directors and any committee thereof and by each director in connection with attending the meetings of each Subsidiary Board and any committee
thereof, in each case, in accordance with Parent’s standard policy for travel by senior executives. During the term of this Agreement, the certificate of incorporation and bylaws of Parent and the certificate or articles of incorporation and
bylaws of each of Parent’s Subsidiaries shall provide for indemnification and exculpation of members of the Board of Directors and each Subsidiary Board to the fullest extent permitted under applicable law. 
  
 SECTION 4.7. No Amendment of Certificate of Incorporation or Bylaws; Board
Observers. 
  
 (a) W shall not (and shall cause its
Affiliates not to) take any action to amend the certificate of incorporation or bylaws of Parent (other than any amendment contemplated by the Merger Agreement) in a manner that would modify the rights of the parties pursuant to this Agreement in
any respect, unless such amendment is approved by a Determination of the Committee of Independent Directors, provided, however, that no such modification may adversely affect the rights of the TCP Securityholders pursuant to this Agreement.

  
 (b) For so long as any WCAS Securityholder is subject to this
Agreement, and in addition to any other vote required by law, Parent agrees that it shall not alter, amend or repeal, 
  

 -25- 

 or propose to alter, amend or repeal, whether directly or indirectly, Section 8(B), 8(C) or 8(E) of the certificate of
incorporation of Parent, or this Section 4.7(b), if any such alteration, amendment or repeal would (i) adversely affect the rights or obligations of any WCAS Securityholder under Section 8(B), 8(C) or 8(E) of the certificate of incorporation of
Parent or this Section 4.7(b) or (ii) modify or change the rights of any WCAS Securityholder under, or modify or change the provisions of, the bylaws of Parent or this Agreement. In addition, for so long as any WCAS Securityholder is subject to this
Agreement, and in addition to any other vote required by law, Parent agrees that it shall not alter, amend or repeal, or propose to alter, amend or repeal, whether directly or indirectly, any of Section 2.03, 2.05, 2.09, 3.01, 3.04, 3.05, 3.06 or
5.02 of the bylaws of Parent or this Section 4.7(b) if any such alteration, amendment or repeal would adversely affect the rights or obligations of any WCAS Securityholder under the bylaws of Parent or this Agreement. 
  
 (c) During the periods described below in this Section 4.7(c), WCAS VIII and
WCAS CP III shall each have the right to appoint one representative (collectively, the “Observer Representatives”) to attend each meeting of the Board of Directors as a non-voting observer, whether such meeting is conducted in person or by
teleconference. The Observer Representatives shall have the right to present matters for consideration by the Board of Directors and to speak on matters presented by others. Subject to the confidentiality provisions of this Section 4.7(c), Parent
shall cause the Observer Representatives to be provided with all communications and materials that are provided by Parent or its consultants to the members of the Board of Directors generally, including all notices, board packages, reports,
presentations, minutes and consents, at the same time and in the same manner that such communications and materials are provided to such members. The Observer Representatives shall be entitled to meet and consult with the senior executive management
team of Parent on a quarterly basis to discuss the quarterly and annual business plans of Parent and Parent’s Subsidiaries and to review the progress of Parent and Parent’s Subsidiaries in achieving their plans. In addition, upon request
to the chief executive officer of Parent, the members of the senior executive management team of Parent shall make themselves available during normal business hours to meet with the Observer Representatives on an interim basis, as the Observer
Representatives may reasonably request from time to time. Parent shall use its reasonable best efforts to notify the Observer Representatives of any significant business issues or initiatives affecting Parent or Parent’s Subsidiaries, such as
changes in Parent’s capital structure, incurrence of any significant indebtedness, significant business acquisitions, dispositions or similar transactions, developments or proposals entailing a potentially significant liability, nomination of
directors, appointment or election of senior management personnel, and adoption of contracts, plans or other compensation arrangements covering senior management personnel. Whenever reasonably practicable, such notice shall be provided to the
Observer Representatives in a manner that affords the Observer Representatives an opportunity to consult with Parent prior to any significant action on such issues or initiatives. Upon reasonable request by the Observer Representatives to the chief
executive officer of Parent, the Observer Representatives shall be entitled, at their cost and expense, to inspect the books and records and the facilities of Parent and Parent’s Subsidiaries during normal business hours and to request and
receive reasonable information regarding the financial condition and operations of Parent and Parent’s Subsidiaries. The right of each of WCAS VIII and WCAS CP III (each, a “Fund”) to appoint an Observer Representative, and the rights
of that Observer Representative described above, shall exist 
  

 -26- 

 (i) solely during the periods, if any, in which such Fund does not have the right to designate any member for nomination
for election to the Board of Directors or no person designated for nomination by such Fund under Sections 4.1(b) or 4.1(c) is serving as a member of the Board of Directors and (ii) solely for so long as each Fund is intended to qualify as a
“venture capital operating company” under U.S. Department of Labor Regulation 29 C.F.R. Section 2510.3-101. Notwithstanding any other provision of this Section 4.7(c) to the contrary, the Board of Directors shall have the right to keep
confidential from the Observer Representatives for such period of time as the Board of Directors deems reasonable any information and copies of written materials Parent is required by law or agreement with a third party to keep confidential. As a
condition of the exercise of their rights under this Section 4.7(c), the Observer Representatives shall enter into such agreements or undertakings with Parent to maintain the confidentiality of information provided to them in connection with the
exercise of such rights as Parent may reasonably request. 
  
 ARTICLE V 
  
 REPRESENTATIVES 
  
 The WCAS Securityholders hereby appoint Thomas E. McInerney (the “WCAS
Representative”) and the TCP Securityholders hereby appoint the General Counsel from time to time of Tennenbaum Capital Partners, LLC (the “TCP Representative”), in each case, as the attorney-in-fact of such Holders, with full
authority to act, for and on behalf of any or all of such Holders (with full power of substitution in the premises), in connection with such matters as this Agreement provides for action by each such representative (each of the above-named
representatives, as well as any successor representative which the WCAS Securityholders or TCP Securityholders may appoint from time to time and designate in writing to Parent to replace such above-named representative being referred to herein as a
“Representative”). No Representative shall be liable to any Holder, Parent or their respective Affiliates or any other Person with respect to any action taken or omitted to be taken by such Representative in its role as a Representative
under or in connection with this Agreement (all of which actions and omissions being legally binding upon the Holders represented by such Representative), unless such action or omission constitutes fraud, gross negligence, willful misconduct or bad
faith on the part of such Representative. Parent shall be entitled to rely on such appointments and treat each Representative as the duly appointed attorney-in-fact of each Holder that shall have appointed such Representative with respect to the
matters set forth herein. Each Holder who executes this Agreement, by such execution and without any further action, confirms such appointment and authority. 
  

 -27- 

 ARTICLE VI 
  
 LEGEND 
  
 Each certificate representing Voting Securities and Voting Security Equivalents beneficially owned by the parties hereto (other than Parent), except for
Voting Securities and Voting Security Equivalents beneficially owned by the WCAS Securityholders and the Other Holder as of the date hereof which have been stamped or otherwise engraved with the legend specified in Article VI of the Original
Agreement, shall, except as otherwise provided in this Article VI, be stamped or otherwise imprinted with a legend substantially in the following form: 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE SECURITIES LAWS AND ARE
SUBJECT TO CERTAIN LIMITATIONS ON TRANSFER SET FORTH IN AN AGREEMENT DATED AS OF JULY 26, 2005, AS AMENDED FROM TIME TO TIME, AMONG ITC^DELTACOM, INC. AND THE OTHER PARTIES THERETO. A COPY OF SUCH AGREEMENT IS ON FILE WITH THE SECRETARY OF
ITC^DELTACOM, INC. EXCEPT FOR A DISPOSITION OF SECURITIES PERMITTED BY THE PROVISIONS OF ARTICLE II OF SUCH AGREEMENT IF THE PROVISIONS OF SUCH ARTICLE ARE THEN IN EFFECT, STOP TRANSFER INSTRUCTIONS SHALL BE APPLICABLE TO ANY DISPOSITION OF SUCH
SECURITIES AND THIS LEGEND SHALL BE STAMPED OR OTHERWISE IMPRINTED ON ANY CERTIFICATE REPRESENTING SUCH SECURITIES. 
  
 A certificate shall not bear such legend if (i) the holder thereof shall provide evidence reasonably satisfactory to Parent that the Voting Securities or
Voting Security Equivalents being sold thereby may be publicly sold without registration under the Securities Act and in compliance with the provisions of this Agreement or (ii) the Voting Securities or Voting Security Equivalents represented by
such certificate are Transferred in a transaction registered under the Securities Act. If any Voting Securities or Voting Security Equivalents shall cease to be subject to the restrictions set forth in this Agreement, Parent shall, upon the written
request of the holder thereof, issue to such holder a new certificate evidencing such Voting Securities or Voting Security Equivalents without the last sentence of the legend (or the reference therein to this Agreement) set forth above. 

 
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 SECTION 7.1. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall
be deemed to have 
  

 -28- 

 been duly received if so given) by facsimile, hand delivery, by mail (registered or certified mail, postage prepaid,
return receipt requested) or by any courier service, such as Federal Express, providing proof of delivery. All communications hereunder shall be delivered to the respective parties at the following addresses: 
  
 if to any WCAS Securityholder, to such WCAS Securityholder in care of its
Representative as follows: 
  
 Thomas E.
McInerney 
 Welsh, Carson, Anderson & Stowe 
 320 Park Avenue 
 Suite 2500 
 New York, New York 10022 
 Facsimile: (212) 893-9548 
  
 with a copy (which shall not constitute notice) to: 
  
 Davis Polk & Wardwell 
 450 Lexington Avenue 
 New York, New York 10017 
 Attention: Carole Schiffman 
 Facsimile: (212) 450-3800 
  
 if
to any TCP Securityholder, to such TCP Securityholder in care of its Representative as follows: 
  
 Tennenbaum Capital Partners, LLC 
 2951 28th Street, Suite 1000 
 Santa Monica, California 90405 
 Attention: General Counsel 
                     Steve Chang 
 Facsimile: (310) 566-1010 
  
 with a copy (which shall not constitute notice) to: 
  
 Milbank, Tweed, Hadley & McCloy LLP 
 5 Palo Alto Square 
 7th
Floor 
 Palo Alto, California 94306 
 Attention: Melainie K. Mansfield 
 Facsimile: (650) 739-7100 
  

 -29- 

 if to Parent, to: 
  
 ITC^DeltaCom, Inc. 
 7037 Old Madison Pike 
 Suite 400 
 Huntsville, Alabama 35806 
 Attention: Richard E. Fish, Jr. 
 Facsimile: (256) 382-3827 
  
 with a copy (which shall not constitute notice) to: 
  
 Hogan & Hartson L.L.P. 
 8300 Greensboro Drive 
 McLean, Virginia 22102 
 Attention: Richard J. Parrino 
 Facsimile: (703) 610-6200 
  
 if to any other party hereto, to the address set forth under the name of
such party on the signature pages hereof. 
  
 SECTION 7.2.
Amendments; Waivers. No modification, amendment or waiver of any provision of this Agreement shall be effective against Parent or any other party hereto, unless such modification, amendment or waiver is approved in writing by Parent and each
other party hereto (other than the Other Holder), provided that (i) any modification, amendment or waiver approved by Parent shall not be effective without a Determination of the Committee of Independent Directors to approve such modification,
amendment or waiver, (ii) any modification, amendment or waiver approved by the holders of a majority of the Voting Power represented by the Voting Securities beneficially owned by W and its Affiliates shall be effective against each WCAS
Securityholder, provided that any modification, amendment or waiver of Section 3.4(f) shall be effected in accordance with the terms of Section 3.4(f), (iii) any modification, amendment or waiver approved by the holders of a majority of the Voting
Power represented by the Voting Securities beneficially owned by TCP shall be effective against each TCP Securityholder, provided that any modification, amendment or waiver of any provision of Article IV affecting the rights or obligations of the
TCP Fund Holders thereunder shall be subject to approval solely by the TCP Fund Holders, and any such modification, amendment or waiver approved by the holders of a majority of the Voting Power represented by the Voting Securities beneficially owned
by the TCP Fund Holders shall be effective against each TCP Fund Holder, and provided further, that any modification, amendment or waiver of Section 3.4(f) shall be effected in accordance with the terms of Section 3.4(f), and (iv) the consent of the
Other Holder shall be required with respect to any modification, amendment or waiver of Section 2.1 or Article IV to the extent that, in each case, the Other Holder remains subject to the provisions of Section 2.1 or Article IV, as the case may be,
and either (A) the obligations of the Other Holder are increased or (B) the rights of the Other Holder are adversely affected. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law. 
  

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 SECTION 7.3. Further Assurances. At any time or from time to time after the date hereof, the
parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as such other party may reasonably request in order to evidence or
effectuate the consummation of the transactions contemplated by this Agreement and otherwise to carry out the intent of the parties hereunder. 
  
 SECTION 7.4. Enforcement of this Agreement. The Board of Directors shall take such action as is required under applicable law, if any, to ensure
that the Determination of the Committee of Independent Directors shall be required for Parent to seek to enforce the terms of this Agreement against W. The Committee of Independent Directors, acting pursuant to a Determination of the Committee of
Independent Directors, shall have the right to enforce this Agreement and the other WCAS Transaction Documents on behalf of Parent against W. W agrees and covenants that it shall use its reasonable best efforts to cause the WCAS Designees not to
repeal, rescind or modify the resolutions adopted by the Board of Directors that authorize the Committee of Independent Directors to enforce this Agreement and the other WCAS Transaction Documents on behalf of Parent against W. 
  
 SECTION 7.5. Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions contemplated by this Agreement and the other WCAS Transaction Documents is not affected in any manner adverse to any party to this Agreement or any such other WACS Transaction Document, as the case may be. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties to this Agreement or the parties to the applicable WCAS Transaction Document, as the case may be, shall negotiate in good faith to modify this Agreement
or such WCAS Transaction Document, as applicable, so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement or such other WCAS Transaction
Document shall be consummated as originally contemplated to the fullest extent possible. 
  
 SECTION 7.6. Entire Agreement; Assignment. This Agreement and, with respect to W and Parent, the other WCAS Transaction Documents constitute the entire agreement among the parties with respect to the subject
matter hereof and thereof and supersede, except as set forth in such agreements, all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof. This Agreement shall not be
assigned by operation of law or otherwise; provided that, notwithstanding anything to the contrary contained in this Agreement, this Agreement may be assigned by Parent to any entity by operation of law or in connection with the sale of all or
substantially all of the assets or Parent or other business combination involving Parent, subject to Section 7.10. 
  

 -31- 

 SECTION 7.7. Parties in Interest. This Agreement shall be binding upon and inure to the benefit of
each party hereto and their respective successors and permitted assigns. 
  
 SECTION 7.8. Remedies. 
  
 (a) Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that, in
addition to and without limiting any other remedy or right it may have, the non-breaching party shall have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such
breach and enforcing specifically the terms and provisions hereof. 
  
 (b) All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any
party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 
  
 SECTION 7.9. Governing Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware without giving effect to principles of conflicts of law. Except as otherwise contemplated by the definition of “Article IV Breach” and Annex B hereto, each of the parties hereto hereby irrevocably and unconditionally consents
to submit to the exclusive jurisdiction of the courts of the State of New York and of the United States of America, in each case located in the County of New York, for any action, proceeding or investigation in any court or before any governmental
authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby and further agrees that service of any process, summons, notice or document by U.S. registered mail to its respective address
set forth in this Agreement shall be effective service of process for any Litigation brought against it in any such court, and each of the parties hereto hereby irrevocably and unconditionally waives any objection to the laying of venue of any
Litigation arising out of this Agreement or the transactions contemplated hereby in the courts of the State of New York or the United States of America, in each case located in the County of New York, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such Litigation brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS TO TRIAL BY JURY IN CONNECTION WITH ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 SECTION 7.10. Recapitalization, etc. In the event that any capital stock or other securities are issued in respect
of, in exchange for, or in substitution of, any Voting Securities or Voting Security Equivalents by reason of any reorganization, recapitalization, reclassification, merger, consolidation, spin-off, partial or complete liquidation, stock dividend,
split-up, sale of assets, distribution to holders of Voting Securities and/or Voting Security Equivalents or combination of the Voting Securities or Voting Security Equivalents or any other change in capital structure of Parent, appropriate
adjustments shall be made with respect to the relevant provisions of this Agreement so as to fairly and equitably preserve, as far as practicable, the original rights and obligations of the parties hereto under this Agreement. 
  

 32 

 SECTION 7.11. Public Statements. Parent agrees, and agrees to cause its subsidiaries, not to use
or make reference to, the name of any WCAS Securityholder or any TCP Securityholder or any of their respective Affiliates in any public statement, announcement or filing, in each case without the prior written consent of the WCAS Representative or
the TCP Representative, as the case may be, except as may be required (i) by applicable law, rule or regulation, including the Securities Act, the Exchange Act and the rules of any national securities exchange or Interdealer Quotation System, (ii)
pursuant to the rules of any regulatory entity in the regular course of Parent’s dealings with such entity as long as such entity is advised of the confidential nature, if any, of such information or (iii) by legal process. 
  
 SECTION 7.12. Portfolio Company Actions. Notwithstanding any provision
of this Agreement to the contrary, (i) each WCAS Securityholder and each TCP Securityholder agrees that it shall use its reasonable best efforts not to (and shall use its reasonable best efforts to cause its Affiliates not to) direct, encourage or
facilitate the taking of any action by any portfolio company of such Holder or Affiliate of such Holder to the extent that such action would be prohibited by the terms of this Agreement if taken directly by such Holder, and (ii) no provision of this
Agreement shall bind any portfolio company of Holder and, except as provided in clause (i) above, no Holder shall be liable for any actions taken by any such portfolio company that are not caused or induced by such Holder or its Affiliates.

  
 SECTION 7.13. HSR Filing Fees and Expenses 

 
 (a) Parent covenants and agrees that, in the event that any WCAS
Securityholder or any of its Affiliates is required to make a filing under the HSR Act (i) in connection with any transaction to which Parent is a party because such WCAS Securityholder or such Affiliate thereof is the “ultimate parent
entity” (as determined in accordance with the HSR Act and the regulations promulgated thereunder) of Parent or the applicable Affiliate of Parent involved in such transaction, or (ii) in connection with the acquisition by any WCAS
Securityholder or such Affiliate of any Voting Securities or Voting Security Equivalents, Parent shall pay the reasonable fees and expenses of counsel to such WCAS Securityholder or Affiliate in preparing such filing, together with all related
filing fees. 
  
 (b) Parent covenants and agrees that, in the
event any TCP Securityholder or any of its Affiliates is required to make a filing under the HSR Act in connection with any exercise of the TCP Warrants, Parent shall cooperate with such TCP Securityholder or Affiliate in preparing and making any
such filing as expeditiously as reasonably practicable and shall pay the reasonable fees and expenses of counsel to such TCP Securityholder or Affiliate in preparing such filing, together with all related filing fees. 
  
 SECTION 7.14. Non-Solicitation. For a period commencing on the date
hereof and ending on October 6, 2006, without the prior written approval of Parent, W shall not, and shall cause each of its Affiliates not, directly or indirectly, to solicit, encourage, entice or induce, for employment or hire as an employee or
consultant any person who was an employee of BTI or any Subsidiary of BTI at any time between the date of the Merger Agreement and the date 
  

 -33- 

 hereof; provided that the foregoing shall not apply to any actions taken by any portfolio company of W or any of W’s
affiliated investment funds that are not caused or induced by any WCAS Securityholder or its Affiliates. If it is ever held that the restriction placed on W by this Section 7.14 is too onerous and is not necessary for the protection of Parent, W
agrees that any court of competent jurisdiction may impose lesser restrictions, which such court may consider necessary or appropriate to properly protect Parent. 
  
 SECTION 7.15. Headings. The descriptive headings contained in this Agreement are included for convenience of
reference only and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 SECTION 7.16. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by
the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. 
  
 SECTION 7.17. Effectiveness; Termination. This Agreement shall be
effective upon its execution by Parent, each WCAS Securityholder, each TCP Securityholder as of the Closing Date and the Other Holder. This Agreement shall terminate (a) with respect to W, at the earliest of (i) the date on which W and its
Affiliates no longer beneficially own Voting Securities representing at least 20% of the outstanding Voting Power, (ii) the date of a Change of Control of Parent and (iii) the date of an Article IV Breach with respect to W, (b) with respect to TCP,
at the later of (i) the date of expiration of the TCP Transfer Restriction Period and (ii) the date of expiration of the Final TCP Board Membership Period (subject to compliance by the TCP Fund Holders with their obligations pursuant to Section
4.3(d)), provided that TCP may elect to terminate this Agreement on an earlier date upon the occurrence of an Article IV Breach with respect to TCP, and (c) with respect to the Other Holder, on October 6, 2005. 
  
 SECTION 7.18. Obligations Imposed By Law. Any obligation imposed upon
Parent or any Holder hereunder shall not be exclusive of, or otherwise relieve such party of, any obligation imposed upon Parent or such Holder by the laws of the State of Delaware. 
  
 SECTION 7.19. Definition of Stockholder. As used herein, the word “stockholder” shall mean the holder of
any Voting Securities. 
  

 -34- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	ITC^DELTACOM, INC.
		
	By:	 	 /s/ J. Thomas Mullis

	Name:	 	J. Thomas Mullis
	 Title:
	 	 Senior Vice President-Legal and
Regulatory

			
	WCAS SECURITYHOLDERS:
	
	WCAS CAPITAL PARTNERS III, L.P.
		
	By:	 	WCAS CP III Associates L.L.C., General Partner
		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	 Jonathan M. Rather

	Title:	 	 Managing Member

	
	 WELSH, CARSON, ANDERSON & STOWE VIII, L.P.

		
	By:	 	WCAS VIII Associates LLC, General Partner
		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	 Jonathan M. Rather

	Title:	 	 Managing Member

	
	WCAS INFORMATION PARTNERS, L.P.
		
	By:	 	 WCAS Info Partners,
 General
Partner

		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	 Jonathan M. Rather

	Title:	 	 Managing Member

			
	Individual investors and trusts:
		
	By:	 	 /s/ Jonathan M. Rather

	 	 	Jonathan M. Rather, as Attorney-in-fact for the individual investors listed below:
		
	 	 	 Patrick J. Welsh

	 	 	 Russell L. Carson

	 	 	 Bruce K. Anderson

	 	 	 Andrew M. Paul

	 	 	 Thomas E. McInerney

	 	 	 Robert A. Minicucci

	 	 	 Anthony J. de Nicola

	 	 	 Paul B. Queally

	 	 	 Lawrence B. Sorrel

	 	 	 The Estate of Rudolph E. Rupert

	 	 	 D. Scott Mackesy

	 	 	 Sanjay Swani

	 	 	 Laura VanBuren

	 	 	 Sean Traynor

	 	 	 John Almeida

	 	 	 Eric J. Lee

	 	 	 Jonathan M. Rather

	 	 	 James R. Matthews

	 	 	 IRA f/b/o James R. Matthews

	 	 	 IRA f/b/o Jonathan M. Rather

			
	OTHER HOLDER:
	
	 /s/ William Scott

	 William Scott, as Attorney-in-Fact for
 Campbell B. Lanier, III

			
	
	SPECIAL VALUE ABSOLUTE RETURN FUND, LLC, 
		
	By:	 	SVAR/MM, LLC,
	 	 	Managing Member
		
	By:	 	TENNENBAUM CAPITAL PARTNERS, LLC,
	 	 	Managing Member
		
	By:	 	TENNENBAUM & CO., LLC,
	 	 	Managing Member
	
	SPECIAL VALUE BOND FUND, LLC, 
		
	By:	 	SVIM/MM II, LLC,
	 	 	Managing Member
		
	By:	 	TENNENBAUM & CO., LLC,
	 	 	Managing Member
		
	By:	 	 /s/ Howard M. Levkowitz

	Name:	 	 Howard M. Levkowitz

	Title:	 	 Managing Partner

			
	 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

		
	 BY:
	 	Babson Capital Management LLC as Investment Adviser
		
	By:	 	/s/ Michael L. Klofas
	Name:  	 	Michael L. Klofas
	Title:	 	Managing Director
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

	
	 MASSMUTUAL PARTICIPATION INVESTORS

		
	By:	 	/s/ Michael L. Klofas
	Name:  	 	Michael L. Klofas
	Title:	 	Vice President
	
	The foregoing is executed on behalf of MassMutual Participation Investors, organized under a Declaration of Trust, dated April 7, 1988, as amended from time to time. The obligations
of such Trust are not binding upon, nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust individually, but the Trust’s assets and property only shall be
bound.
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

  

 40 

			
	 MASSMUTUAL CORPORATE INVESTORS

	 
	By:	 	/s/ Michael L. Klofas
	Name:  	 	Michael L. Klofas
	Title:	 	Vice President
	 	 	 
	
	The foregoing is executed on behalf of MassMutual Corporate Investors, organized under a Declaration of Trust, dated April 7, 1988, as amended from time to time. The obligations of
such Trust are not binding upon, nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust individually, but the Trust’s assets and property only shall be bound.
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

	 
	TOWER SQUARE CAPITAL PARTNERS, L.P.
	 
	By:	 	 Babson Capital Management LLC
 as Investment
Adviser

		
	By:	 	/s/ Michael L. Klofas
	Name:  	 	 Michael L. Klofas

	Title:	 	 Managing Director

	 	 	 
	 
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

  

 41 

 ANNEX A 
  
 Beneficial Ownership of Voting Securities and Voting Security Equivalents 
  

			
	 	 	 Numbers of Shares/Warrants Owned by W

	Shares of Common Stock	 	 
	Shares of Series B Preferred Stock	 	 
	WCAS Warrants	 	 
	 	 	 Number of Warrants Owned by TCP

	TCP Warrants	 	9,000,000

 ANNEX B 
  
 ARBITRATION PROCEDURES 
  
 In the event of any unresolved dispute between Parent and W or TCP regarding the termination of the Governance Agreement as a result of an Article IV
Breach, Parent and, as applicable, W or TCP (W or TCP, the “Disputing Holder Group”) shall jointly submit such dispute to binding arbitration in New York, New York, or such other location as mutually agreed upon by Parent and W, in
accordance with the Rules for Non-Administered Arbitration of the CPR Institute for Dispute Resolution (the “CPR”). 
  
 Each of Parent and the Disputing Holder Group shall select one arbitrator. If either party fails to make a selection, the CPR shall select one arbitrator
on behalf of such party. The two arbitrators so selected will choose within 20 days after their selection a third arbitrator (or, if they fail to make choice, the CPR shall choose a third arbitrator). All three arbitrators (the
“Arbitrators”) shall be neutral arbitrators and subject to CPR Rules. In connection with any such arbitration, the following rules shall apply: (i) each of Parent and the Disputing Holder Group shall furnish to the Arbitrators such
documents and information as the Arbitrators may reasonably request and will be afforded the opportunity to present to the Arbitrators any material relevant to the existence of any material breach by Parent of any material provision of Article IV of
the Governance Agreement and whether Parent has cured such breach within 30 days after the receipt by Parent of written notice of such breach from the Disputing Holder Group; (ii) each of Parent and the Disputing Holder Group shall have the right to
have counsel represent such party at the arbitration hearing and in pre-arbitration proceedings; (iii) pre-hearing discovery shall be limited to exchange or production of documents; (iv) the Arbitrators shall have the authority to resolve any
discovery disputes and to invoke an action to cease or permit further discovery; (v) each party shall have the right to a written transcript made of the arbitration proceedings and submit a post-hearing brief within 20 days after the conclusion of
the arbitration hearing; (vi) the Arbitrators shall have no power or authority, under the CPR Rules or otherwise, to (A) modify or disregard any provision of the Governance Agreement, including this Annex B, or (B) address or resolve any issue other
than the dispute submitted to such arbitration. 
  
 The agreed
upon decision of any two of the Arbitrators shall constitute the binding decision of the arbitration panel with respect to the dispute (the “Arbitration Decision”). The Arbitration Decision shall be in writing and made available to both
Parent and the Disputing Holder Group. Such decision need not state the reasoning of the Arbitrators in reaching their decision. The Arbitrators shall conduct the arbitration so that the Arbitration Decision is made or rendered as soon as
practicable, but in no event later than 30 days after the submission of the post-hearing briefs nor later than 30 days following the completion of the hearing, unless either period is reduced or extended by agreement of the parties, or by the
Arbitrators for cause. 
  
 The Arbitrators shall award the costs
and expenses of the arbitration, including reasonable attorneys’ fees, disbursements, and fees and expenses of the Arbitrators and CPR, to the prevailing party as the Arbitrators see fit. Any amount awarded in the final decision of the
Arbitrators shall be paid by the party responsible therefor to the other party within 10 business days of rendering the Arbitrators’ Decision. Each party shall have the right to enforce the decision of the Arbitrators in any judicial
proceeding. 

 If W and TCP shall both have any unresolved dispute with Parent as described in this Annex B, W and TCP
may elect to submit such dispute jointly with Parent to binding arbitration as described herein, in which event “Disputing Holder Group” shall refer to W and TCP.EXHIBIT 10.6

 Exhibit 10.6 
  
 REGISTRATION RIGHTS AGREEMENT 
  

REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of July 26, 2005, is made among ITC^DeltaCom, Inc., a Delaware corporation
(the “Company”), and each person listed on the signature pages hereof under the heading “TCP Securityholders” (collectively, the “TCP Securityholders”). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, pursuant to the Warrant Agreement,
dated as of the date hereof, between the Company and Mellon Investor Services LLC, as Warrant Agent (the “Warrant Agreement”), the Company has issued or will issue to the TCP Securityholders on or after the date hereof warrants (the
“Warrants”) to purchase shares of (i) the 8% Series C Convertible Redeemable Preferred Stock, par value $.01 per share, of the Company (the “Series C Preferred Stock”), and (ii) the common stock, par value $.01 per
share, of the Company (the “Common Stock”); and 
  
 WHEREAS, the Company has agreed to grant to the TCP Securityholders and other permitted holders the registration rights described in this Agreement with respect to the securities referred to herein; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and
conditions hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  
 1. Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
  
 “Adverse Offering Effect” has the meaning specified in
Section 6(a). 
  
 “Affiliate” has the meaning
specified in Rule 12b-2 under the Exchange Act. 
  
 “Amendment” has the meaning specified in Section 18. 
  
 “Blackout Period” has the meaning specified in Section 8(a). 
  
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of
New York or the State of Georgia are authorized or obligated by law or other governmental actions to close. 
  
 “Common Stock” has the meaning specified in the recitals. 
  
 “Company” has the meaning specified in the preamble. 
  
 “Company Shelf Response” has the meaning specified in
Section 3(b). 
  
 “Cutback Notice” has the
meaning specified in Section 6(a). 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
federal statute, as the same shall be in effect from time to time. Reference to a particular section of the Securities Exchange Act of 1934, as amended, shall include reference to the comparable section, if any, of any such successor federal
statute. 
  
 “Excluded Registration” means (a) a
registration of Common Stock under the Securities Act pursuant to a registration statement filed (i) on Form S-4 or Form S-8 or any successor registration forms that may be adopted by the SEC or (ii) in connection with an exchange offer or an
offering of securities solely to existing stockholders of the Company or employees of the Company or its subsidiaries, or (b) a Rule 144A Resale Shelf Registration. 
  
 “Governance Agreement” means the Amended and Restated Governance Agreement, dated as of the date hereof, as
amended from time to time, among the Company, the TCP Securityholders and the other persons listed on the signature pages thereof. 
  
 “Holders” means, collectively, the TCP Securityholders and, subject to Section 16, each other Person to whom a TCP Securityholder has
transferred Registrable Securities and who has agreed to become bound by the provisions of this Agreement in accordance with Section 16, but only so long as such other Person holds Registrable Securities. 
  
 “Initiating Demand Holders” has the meaning specified in
Section 4(a). 
  
 “Initiating Securityholder” has
the meaning specified in Section 5(a). 
  
 “Losses” has the meaning specified in Section 12(a). 
  
 “Majority of the Registrable Securities” means, as of any date of determination with respect to the designated Holders, a majority of the shares of Common Stock that are Registrable Securities held by
such Holders on an as-converted basis, assuming that all of such Holder’s Registrable Securities that are convertible into or exercisable for Common Stock are converted into or exercised for Common Stock as of such date of determination.

  
 “NASD” means the National Association of
Securities Dealers, Inc. 
  
 “Other Registrable
Securities” means, with respect to any offering hereunder, the securities that any Person is entitled to request be included in such offering pursuant to any registration rights agreement other than this Agreement, the Series A Registration
Rights Agreement or the WCAS Registration Rights Agreement. 
  
 “Person” means any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or a political subdivision or an agency or instrumentality
thereof. 
  
 “PIK Dividend Shares” means any
shares of the Series C Preferred Stock that have been issued as dividends on shares of the Series C Preferred Stock. 
  
 “Plan of Distribution” has the meaning specified in Section 3(c). 
  

 -2- 

 “Preferred Shares” means (i) the shares of Series C Preferred Stock issued by the
Company upon exercise of the Warrants and (ii) any other shares of Series C Preferred Stock issued as a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares of Series C Preferred Stock described in
clause (i) above, including PIK Dividend Shares. 
  
 “Prospectus” means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities
covered by any Registration Statement, and by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus. 
  
 “Registrable Securities” means, collectively, with respect
to any Holder, the following securities held by such Holder: (a) the shares of Common Stock issued upon conversion of the Preferred Shares; (b) the shares of Common Stock issued by the Company upon exercise of the Warrants; (c) the Preferred Shares;
(d) the Warrants; and (e) any securities paid, issued or distributed in respect of any shares of Common Stock referred to in clause (a) or (b) by way of stock dividend or distribution or stock split or in connection with a combination of shares,
recapitalization, reorganization, merger, consolidation or otherwise and held by such Holder. Securities shall cease to be Registrable Securities in accordance with Section 2. 
  
 “Registration Expenses” means any and all out-of-pocket expenses incident to the Company’s performance
of its registration obligations under this Agreement, including, without limitation, (a) all SEC registration and filing fees and expenses incurred in connection with the preparation, printing and distribution of the Registration Statement and
Prospectus and any other document or amendment thereto and the mailing and delivery of copies thereof to each Holder and any dealers or underwriters, (b) fees and disbursements of the Company, including, without limitation, fees and disbursements of
counsel for the Company and of independent public accountants and other experts of the Company, (c) fees and expenses incident to any filing with the NASD or to securing any required review by NASD of the terms of the sale of Registrable Securities,
(d) fees and expenses in connection with the qualification of Registrable Securities for offering and sale under state securities laws (including fees and expenses incurred in connection with blue sky qualifications of the Registrable Securities and
including all reasonable fees and disbursements of counsel in connection with any survey of state securities or blue sky laws and the preparation of any memorandum therein), (e) all fees and expenses incurred in connection with the listing of
Registrable Securities on each securities exchange or automated quotation system on which the Common Stock is then listed, (f) the internal expenses of the Company (including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties and expenses incurred by the Company in connection with any “road show” or marketing presentation), (g) with respect to each registration, up to $35,000 (or up to $50,000 in the case of an
Underwritten Offering) of the reasonable fees and disbursements of a single counsel selected by the Holders of a Majority of the Registrable Securities being registered incurred in connection with the preparation and review of the Registration
Statement relating to such registration, and (h) with respect to each registration, the reasonable fees and disbursements of all independent public accountants (including the expenses of any audit and/or “cold comfort” letter) and the
reasonable fees and expenses of other persons, including special experts, retained by the Company, but excluding (x) any 
  

 -3- 

 underwriting discounts and fees, brokerage and sales commissions, and transfer and documentary stamp taxes, if any,
relating to the sale or disposition of the Registrable Securities and (y) any fees or disbursements of counsel for the Holders, other than the fees and disbursements set forth in clause (g) above. 
  
 “Registration Rights Period” means the period (a) commencing
on the date hereof and (b) ending on the date which is the eighth anniversary after the date hereof. 
  
 “Registration Statement” means any registration statement of the Company referred to in Section 3, 4 or 5, including any Prospectus,
amendments and supplements to any such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in any such registration statement. 
  
 “Requesting Holder” has the meaning specified in Section
5(a). 
  
 “Rule 144” means Rule 144 (or any
similar provisions then in effect) promulgated by the SEC under the Securities Act. 
  
 “Rule 144A Resale Shelf Registration” means a registration under the Securities Act of convertible notes, preferred stock and/or warrants for resale of such securities by the purchasers thereof
acquired in an offering under the Securities Act made to one or more nationally recognized investment banking firms as initial purchasers for reoffering by such initial purchasers solely to “qualified institutional buyers” (as defined in
Rule 144A under the Securities Act), to other institutional “accredited investors” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act), or to investors outside the United States in compliance with Regulation S under
the Securities Act. 
  
 “SEC” means the
Securities and Exchange Commission. 
  
 “Section 9(e)
Period” has the meaning specified in Section 9(e). 
  
 “Section 9(k) Period” has the meaning specified in Section 9(k). 
  
 “Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, as the same shall be in effect from time to time. Reference to a particular section of the Securities
Act of 1933, as amended, shall include reference to the comparable section, if any, of any such successor federal statute. 
  
 “Series A Preferred Stockholder” means any holder of Series A Registrable Securities. 
  
 “Series A Registrable Securities” means, with respect to any
offering hereunder, the “Registrable Securities” (as defined in the Series A Registration Rights Agreement) that the Holders (as defined in the Series A Registration Rights Agreement) are entitled to request be included in such offering
pursuant to the Series A Registration Rights Agreement. 
  
 “Series A Registration Rights Agreement” means the Registration Rights Agreement, dated as of October 29, 2002, as amended and restated as of October 6, 2003 and further amended as of December 4, 2003 and July 26, 2005,
among the Company and the other Persons listed on the signature pages thereof. 
  

 -4- 

 “Series C Preferred Stock” has the meaning specified in the recitals. 
  
 “Shelf Registration” means the registration, if any, of
Registrable Securities effected pursuant to Section 3. 
  
 “Shelf Registration Statement” means the shelf registration statement that the Company may become obligated to file pursuant to Section 3 which covers Registrable Securities on Form S-3 or, subject to Section 3(a), other
appropriate form under Rule 415 of the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case, including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein. 
  
 “Similar Securities” means, in connection with any registration of securities of the Company under the Securities Act, all securities of the Company which are (a) the same as or similar to the
securities being registered, (b) convertible into or exchangeable or exercisable for the securities being registered or (c) the same as or similar to the securities into or for which the securities being registered are convertible or exchangeable or
exercisable. 
  
 “Suspension Period” means any
period during which the offering of Registrable Securities by any Holder under the Shelf Registration Statement shall be suspended as a result of the occurrence of a Blackout Period, a Section 9(e) Period or a Section 9(k) Period. 
  
 “Suspension Period Notice” means a notice provided by the
Company pursuant to Section 3(b) in which the Company states that, as of the date of such notice, there exists a Blackout Period, a Section 9(e) Period or a Section 9(k) Period. 
  
 “TCP Fund Holder” means any Holder that is an Affiliate of Tennenbaum Capital Partners, LLC. 
  
 “TCP Securityholders” has the meaning specified in the
preamble. 
  
 “Underwritten Offering” means an
underwritten offering in which securities are sold to an underwriter or underwriters, on a firm commitment basis, for reoffering to the public. 
  
 “Warrant Agreement” has the meaning specified in the recitals. 
  
 “Warrants” has the meaning specified in the recitals. 
  
 “WCAS Registrable Securities” means, with respect to any
offering hereunder, the “Registrable Securities” (as defined in the WCAS Registration Rights Agreement) that the Holders (defined in the WCAS Registration Rights Agreement) are entitled to request be included in such offering pursuant to
the WCAS Registration Rights Agreement. 
  

 -5- 

 “WCAS Registration Rights Agreement” means the Registration Rights Agreement, dated as
of October 6, 2003, as amended as of December 4, 2003 and July 26, 2005, among the Company and the other Persons listed on the signature pages thereof. 
  

“WCAS Securityholder” means any holder of WCAS Registrable Securities. 
  
 2. Securities Subject to this Agreement. The Registrable Securities are the sole securities entitled to the benefits
of this Agreement. For the purposes of this Agreement, Registrable Securities held by any Holder shall cease to be Registrable Securities (and such Holder shall cease to have any registration rights with respect to such securities under this
Agreement) on the date and to the extent that (a) a Registration Statement covering such Registrable Securities has been declared effective under the Securities Act and such Registrable Securities have been disposed of pursuant to such effective
Registration Statement, (b) such Registrable Securities have been sold or transferred in accordance with the requirements of Rule 144, (c) such Registrable Securities have been otherwise transferred or disposed of, certificates therefor not bearing
a legend restricting further transfer or disposition thereof shall have been delivered by the Company and, at such time, subsequent transfer or disposition of such securities shall not require registration of such securities under the Securities
Act, (d) all Registrable Securities then owned by such Holder may be sold or transferred by such Holder without holding period, volume or manner of offering limitations under the Securities Act and the rules and regulations thereunder (assuming for
this purpose that all outstanding Warrants are exercised on a cashless exercise basis), provided that such Registrable Securities, on an as-converted basis assuming that all of such Registrable Securities that are convertible into or exercisable for
Common Stock are converted into or exercised for Common Stock, do not exceed 2% of the total number of shares of Common Stock then outstanding, (e) all Registrable Securities then owned by such Holder may be sold or transferred by such Holder within
any three-month period in accordance with the requirements of Rule 144 (assuming for this purpose that all outstanding Warrants are exercised on a cashless exercise basis) or (f) such Registrable Securities have ceased to be outstanding. 

 
 3. Shelf Registration Statement. 
  
 (a) Within 45 Business Days after the Company first becomes eligible to use
SEC Form S-3 to register under the Securities Act (i) the offer and sale by the Holders of all Registrable Securities then eligible to be so registered and the sale by the Company of shares of Series C Preferred Stock and Common Stock upon exercise
of the Warrants by purchasers of the Warrants pursuant to a Shelf Registration, and (ii) the offer and sale of the Series A Registrable Securities pursuant to the Series A Registration Rights Agreement and the WCAS Registrable Securities pursuant to
the WCAS Registration Rights Agreement, the Company shall file with the SEC a Shelf Registration Statement relating to the offer and sale, by the Holders from time to time, of the Registrable Securities then eligible to be so registered and the sale
by the Company of shares of Series C Preferred Stock and Common Stock upon exercise of the Warrants by purchasers of the Warrants pursuant to the Shelf Registration, and shall use its reasonable best efforts to cause the Shelf Registration Statement
to be declared effective by the SEC as soon as reasonably practicable after filing. Notwithstanding any provision of this Agreement to the contrary, the Company shall not have any obligation pursuant to this Section 3 to file with the SEC any
registration statement on any SEC form other than SEC Form S-3. The Company shall notify each Holder of the date on which the Shelf Registration Statement is declared effective. 
  

 -6- 

 (b) If a Holder wishes to sell, transfer or otherwise dispose of Registrable Securities pursuant to the
Shelf Registration Statement, such Holder shall deliver to the designated representative of the Company a written notice (a “Shelf Resale Notice”) of such Holder’s good-faith present intention to sell, transfer or otherwise
dispose of some or all of such Holder’s Registrable Securities, and the number and type of Registrable Securities such Holder proposes to sell, transfer or otherwise dispose of. Upon receipt of each Shelf Resale Notice, the Company shall, no
later than the second Business Day after such Shelf Resale Notice has been given, either (i) provide a Suspension Period Notice or (ii) give written notice (a “Company Shelf Response”) to the Holder who gave such Shelf Resale Notice
stating that the Prospectus relating to the Registration Statement is current and that the Registrable Securities covered by the Shelf Resale Notice may be resold within ten Business Days after receipt of such Company Shelf Response. If the Company
does not respond within such two Business Days, it shall be deemed to have given a Company Shelf Response. Any Holder who receives or is deemed to have received a Company Shelf Response shall then have ten Business Days after receipt of such Company
Shelf Response in which to sell, transfer or otherwise dispose of the shares subject to the Shelf Resale Notice. If such Holder does not sell, transfer or otherwise dispose of such Registrable Securities within such period, the Holder shall be
required to deliver another Shelf Resale Notice and comply again with the other requirements of this Section 3(b) before selling, transferring or otherwise disposing of Registrable Securities pursuant to the Shelf Registration Statement. All notices
pursuant to this Section 3(b) shall be provided by facsimile transmission or electronic mail delivery and confirmed by direct telephonic communication with the Company’s designated representative referred to in Section 19. 
  
 (c) The Shelf Registration Statement shall cover the offering and sale of the
Registrable Securities only in accordance with the methods of distribution described in Exhibit A attached to this Agreement (the “Plan of Distribution”), which shall be included in the Prospectus forming part of the Shelf
Registration Statement, provided that, notwithstanding the foregoing and any contrary provision of this Agreement, no Holder may effect an Underwritten Offering of Registrable Securities pursuant to the Shelf Registration Statement. 
  
 (d) The Company shall use commercially reasonable efforts to establish and,
once established, maintain its eligibility to use SEC Form S-3 to the extent required to enable it to file and maintain the effectiveness of a Shelf Registration Statement in accordance with this Agreement. 
  
 4. Demand Registration Rights. 
  
 (a) During the Registration Rights Period, upon the written request of
Holders holding at least a Majority of the Registrable Securities held by all Holders (the “Initiating Demand Holders”) that the Company effect the registration under the Securities Act of all or part of such Initiating Demand
Holders’ Registrable Securities (which written request shall specify the aggregate number of Registrable Securities requested to be registered and the proposed method of distribution thereof), the Company shall (i) as soon as reasonably
practicable, but no later than 30 days, after its receipt of such request (or, if the 
  

 -7- 

 Company shall be legally prohibited from making such a filing, as soon thereafter as is legally permissible), file with
the SEC a Registration Statement with respect to such requested registration and (ii) within five Business Days after its receipt of such request, notify in writing all other Holders of such request and indicate in such notice the planned initial
filing date of such Registration Statement. Subject to reduction pursuant to Section 6(a), such Registration Statement shall cover the Registrable Securities requested by the Initiating Demand Holders to be registered and such other Registrable
Securities as the Holders other than the Initiating Demand Holders shall request, by written notice to the Company given no later than five Business Days prior to such planned initial filing date, to be registered. 
  
 (b) Notwithstanding the provisions of Section 4(a), the Company shall not be
required to take any action pursuant to this Section 4: 
  
 (i) if at the date of such request (other than a request for an Underwritten Offering made in accordance with this Section 4) the Company shall have effective a Shelf Registration pursuant to which the Holders could
effect the disposition of their Registrable Securities according to their proposed method of distribution; 
  
 (ii) if prior to the date of a request pursuant to Section 4(a), the Company shall have effected two registrations pursuant to Section
4(a); 
  
 (iii) if the Company shall have
effected a registration pursuant to this Section 4 within the 120-day period immediately preceding the date of such request which permitted Holders to register Registrable Securities; 
  
 (iv) if the Registrable Securities which the Company shall have been requested to register shall have an
aggregate offering price of less than $5,000,000, unless such registration request is for all remaining Registrable Securities held by the Holders; or 
  
 (iv) during the pendency of any Blackout Period; 
  

provided, however, that the Company shall be permitted to satisfy its obligations under Section 4(a) by amending (to the extent permitted by applicable law) within 30
days after a written request for registration, any Registration Statement (other than the Shelf Registration Statement) previously filed by the Company under the Securities Act so that such Registration Statement (as amended) shall permit the
disposition (in accordance with the intended methods of disposition, including, without limitation, an Underwritten Offering, specified by the Holders as aforesaid) of all of the Registrable Securities for which a demand for registration has been
made under Section 4(a). If the Company shall so amend a previously filed Registration Statement, it shall be deemed to have effected a registration for purposes of this Section 4. 
  
 (c) The Holders delivering a request pursuant to Section 4(a) may distribute the Registrable Securities covered by such
demand by means of an Underwritten Offering or any other method of distribution, as determined by the Holders holding a Majority of the Registrable Securities so requested to be registered by all Holders. 
  

 -8- 

 (d) Subject to Section 4(e), a registration requested pursuant to this Section 4 shall not be deemed to
be effected for purposes of this Section 4: (i) if the Registration Statement for such registration has not been declared effective by the SEC or become effective in accordance with the Securities Act and the rules and regulations thereunder; (ii)
in the case of a Registration Statement which does not contemplate an Underwritten Offering, if such Registration Statement does not remain effective for at least 120 days (or such shorter period that will terminate when all Registrable Securities
covered by such Registration Statement have been sold or withdrawn); (iii) in the case of a Registration Statement which contemplates an Underwritten Offering, if (A) such Registration Statement does not remain effective for at least 120 days plus
such longer period (not to exceed 90 days after the 120th day) as, in the opinion of counsel for the underwriter or underwriters, is required by law for the delivery of a Prospectus in connection with the sale of Registrable Securities by an
underwriter or dealer, or (B) the conditions to closing specified in the applicable underwriting agreement are not satisfied by reason of a violation or breach of such underwriting agreement or this Agreement by the Company; or (iv) if, as a result
of a determination made by the lead managing underwriter or (if the offering shall not be an Underwritten Offering) the Holders pursuant to Section 6(a), the Holders shall not be entitled to include in such registration at least 75% of the
Registrable Securities that such Holders requested pursuant to Section 4(a) to be so included in such registration. 
  
 (e) Holders holding a Majority of the Registrable Securities held by all Holders to be included in a Registration Statement to be filed pursuant to
Section 4(a) may, at any time prior to the effective date of the Registration Statement relating to such registration, revoke such request by providing a written notice to the Company revoking such request. The Company shall be deemed to have
effected a registration pursuant to Section 4(a) in the case of any such revocation of an offering initiated by the Initiating Demand Holders, unless (i) the revocation is based on a reasonable determination, made by Holders holding a Majority of
the Registrable Securities held by all Holders to be included in such Registration Statement, that there has been, since the date of the applicable request pursuant to Section 4(a), a material adverse change in the business, financial condition,
results of operations or prospects of the Company, in general market conditions or in market conditions for businesses in the Company’s industry generally or (ii) the Holders requesting that Registrable Securities be included in such
registration reimburse the Company for all Registration Expenses incurred by the Company with respect to such revoked request. Except as otherwise contemplated by clause (ii) of the immediately preceding sentence, no revocation pursuant to this
Section 4(e) shall relieve the Company of its obligation hereunder to pay the Registration Expenses in connection with any such request. 
  
 5. Piggy-Back Registration Rights. 
  
 (a) If, during the Registration Rights Period, the Company shall propose to file a Registration Statement under the Securities Act relating to a public
offering of Common Stock or other securities (other than in connection with an Excluded Registration, a Registration Statement filed pursuant to Section 3 of the Series A Registration Rights Agreement or a Registration Statement filed pursuant to
Section 3 of the WCAS Registration Rights Agreement) for the Company’s own account or for the account of any holder or holders of Common Stock or other securities (including, without limitation, any Series A Preferred Stockholder or any WCAS
Securityholder) pursuant to the exercise of registration rights (each such Person or Persons for whose account such a Registration Statement is 
  

 -9- 

 proposed to be filed, an “Initiating Securityholder”), in each case, on a registration form and in a
manner that would permit the registration of Registrable Securities for sale to the public under the Securities Act, the Company shall (x) give written notice at least 15 Business Days prior to the filing thereof to each Holder, specifying the
approximate date on which the Company proposes to file such Registration Statement and advising such Holder of its right to have any or all of the Registrable Securities of such Holder included among the securities to be covered thereby, and (y) at
the written request of any such Holder given to the Company within 15 Business Days after written notice from the Company has been given to the Holder, include among the securities covered by such Registration Statement the number of Registrable
Securities which such Holder (a “Requesting Holder”) shall have requested be so included (subject, however, to reduction, in accordance with the applicable provisions of Section 6). 
  
 (b) Nothing in this Section 5 shall create any liability on the part of the
Company to any Holder of Registrable Securities if for any reason the Company shall decide not to file, or to delay the filing of, a Registration Statement proposed to be filed under Section 5(a) or to withdraw such Registration Statement subsequent
to its filing, regardless of any action whatsoever that a Holder may have taken, whether as a result of the issuance by the Company of any notice hereunder or otherwise, provided, however, that the Company shall not be relieved of its obligation
hereunder to pay the Registration Expenses in connection with any such filing or proposed filing. 
  
 (c) Any Holder participating in an Underwritten Offering by the Company for its own account may, at its option, require that any or all of the
representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the underwriters of such Underwritten Offering shall also be made to and for the benefit of such Holder and that any or all of the
conditions precedent to the obligations of such underwriters under the underwriting agreement for such Underwritten Offering shall also be conditions precedent to the obligations of such Holder, in each case to the extent that such agreements and
conditions precedent shall reasonably be applicable to selling securityholders in addition to such underwriters. 
  
 6. Cutbacks. 
  
 (a) Offerings by the Holders, Series A Preferred Stockholders or WCAS Securityholders. In connection with any offering covered by a Registration
Statement filed pursuant to Section 4 of this Agreement, Section 4 of the Series A Registration Rights Agreement or Section 4 of the WCAS Registration Rights Agreement, if the lead managing underwriter or (if the offering shall not be an
Underwritten Offering) the Holders, Series A Preferred Stockholders or the WCAS Securityholders who have exercised a demand registration to initiate such offering give written notice (a “Cutback Notice”) to the Company (it being
understood that the Company shall as soon as reasonably practicable deliver copies of any such notice that has not been made by the Holders to all Holders who have requested to include Registrable Securities in such offering) that, in its or their
reasonable and good faith opinion, the Registrable Securities, the Series A Registrable Securities and the WCAS Registrable Securities requested to be included in such offering exceed the number which can be sold in such offering without being
likely to have a significant adverse effect on the offering price, timing or distribution of the class of securities offered, on the market for the securities offered or on the market for the Common Stock (an 
  

 -10- 

 “Adverse Offering Effect”), then the Company shall include in such offering only the number of
Registrable Securities, Series A Registrable Securities and WCAS Registrable Securities which, in the good faith opinion of such underwriter or (if the offering shall not be an Underwritten Offering) the Holders, the Series A Preferred Stockholders
or the WCAS Securityholders who have exercised a demand registration to initiate such offering, as the case may be, can be included without having an Adverse Offering Effect. In such event, the shares of Common Stock and other securities to be
included in such offering shall consist of (i) first, all of the Registrable Securities that the Holders propose to sell pursuant to Section 4 or 5, all of the Series A Registrable Securities that the Series A Preferred Stockholders propose to sell
pursuant to Section 4 or 5 of the Series A Registration Rights Agreement and all of the WCAS Registrable Securities that the WCAS Securityholders propose to sell pursuant to Section 4 or 5 of the WCAS Registration Rights Agreement (with any
reduction in such number being allocated among the Holders, the Series A Preferred Stockholders and the WCAS Securityholders pro-rata based on the number, as of the date of delivery of the first Cutback Notice delivered to the Holders, the Series A
Preferred Stockholders and the WCAS Securityholders in connection with such offering, of shares of Common Stock represented by the Registrable Securities, the Series A Registrable Securities or the WCAS Registrable Securities, as the case may be,
requested by the Holders, the Series A Preferred Stockholders and the WCAS Securityholders to be included in such offering, calculated on an as-converted basis assuming that all of the Registrable Securities of the Holders, all of the Series A
Registrable Securities of the Series A Preferred Stockholders and all of the WCAS Registrable Securities of the WCAS Securityholders requested to be so included that are convertible into or exercisable for Common Stock are converted into or
exercised for Common Stock as of such date), (ii) second, the number, if any, of shares of Common Stock or other securities the Company proposes to sell for its own account that, in the reasonable and good faith opinion of such lead managing
underwriter or (if the offering shall not be an Underwritten Offering) the Holders, the Series A Preferred Stockholders or the WCAS Securityholders who have exercised a demand registration to initiate such offering can be sold without having an
Adverse Offering Effect, and (iii) third, the number, if any, of other shares of Common Stock and other securities requested to be included in such offering that, in the reasonable and good faith opinion of such lead managing underwriter or (if the
offering shall not be an Underwritten Offering) the Holders, the Series A Preferred Stockholders or the WCAS Securityholders who have exercised a demand registration to initiate such offering can be sold without having an Adverse Offering Effect,
such other shares of Common Stock and other securities to be allocated among the holders thereof who have requested that their shares and other securities be so included in accordance with the provisions of their registration rights agreements with
the Company. 
  
 (b) Offerings by the Company. Each Holder
wishing to include Registrable Securities pursuant to Section 5(a) in any offering covered by a Registration Statement filed by the Company relating to a public offering of Common Stock or other securities for its own account (other than in
connection with an Excluded Registration) shall have the right to include such Registrable Securities in any such offering only to the extent that the inclusion of such Registrable Securities shall not reduce the number of shares of Common Stock or
other securities to be offered and sold therein by the Company for its own account. In connection with the inclusion of Registrable Securities pursuant to Section 5(a) in any such offering by the Company, if the lead managing underwriter in an
Underwritten Offering delivers a Cutback Notice to the Company (it being understood that the Company shall as soon as reasonably practicable deliver copies of any such notice to all Holders who 
  

 -11- 

 have requested to include Registrable Securities in such offering) or (if the offering shall not be an Underwritten
Offering) the Company delivers a Cutback Notice to the Holders, then the Company shall include in such offering, in addition to the securities the Company proposes to sell for its own account, only the aggregate number of securities that, in the
reasonable and good faith opinion of such lead managing underwriter or (if the offering shall not be an Underwritten Offering) the Company, can be included without having an Adverse Offering Effect. Such aggregate number of securities to be included
in such offering shall be allocated on a pro rata basis among (i) the Holders who have requested Registrable Securities be so included, (ii) the Series A Preferred Stockholders who have requested Series A Registrable Securities be so included and
(iii) the WCAS Securityholders who have requested WCAS Registrable Securities be so included, based on the number, as of the date of delivery of the first Cutback Notice delivered to the Holders, the Series A Preferred Stockholders and the WCAS
Securityholders in connection with such offering, of shares of Common Stock represented by the Registrable Securities, the Series A Registrable Securities or the WCAS Registrable Securities, as the case may be, requested by the Holders, the Series A
Preferred Stockholders and the WCAS Securityholders to be included in such offering, calculated on an as-converted basis assuming that all of the Registrable Securities of the Holders, all of the Series A Registrable Securities of the Series A
Preferred Stockholders and all of the WCAS Registrable Securities of the WCAS Securityholders requested to be so included that are convertible into or exercisable for Common Stock are converted into or exercised for Common Stock as of such date. No
other securities shall be included in such offering except to the extent that, in the reasonable and good faith opinion of such lead managing underwriter or (if the offering shall not be an Underwritten Offering) the Company, such securities can be
included without having an Adverse Offering Effect. 
  
 (c)
Other Offerings In connection with any offering described in Section 5(a), other than an offering covered by a Registration Statement filed pursuant to Section 4 of this Agreement, Section 4 of the Series A Registration Rights Agreement or
Section 4 of the WCAS Registration Rights Agreement, or an offering by the Company for its own account, if the lead managing underwriter (if the offering shall be an Underwritten Offering) or the Initiating Securityholder (if the offering shall not
be an Underwritten Offering) delivers a Cutback Notice to the Company (it being understood that the Company shall as soon as reasonably practicable deliver copies of any such notice to all Holders who have requested to include Registrable Securities
in such offering), then the Company shall include in such offering only the number of Registrable Securities, Series A Registrable Securities, WCAS Registrable Securities and Other Registrable Securities which, in the good faith opinion of such
underwriter or the Initiating Securityholders, as the case may be, can be included without having an Adverse Offering Effect. In such event, the shares of Common Stock and other securities to be included in such offering shall consist of (i) first,
all of the Registrable Securities that the Holders propose to sell pursuant to Section 5, all of the Series A Registrable Securities that the Series A Preferred Stockholders propose to sell pursuant to Section 5 of the Series A Registration Rights
Agreement, all of the WCAS Registrable Securities that the WCAS Securityholders propose to sell pursuant to Section 5 of the WCAS Registration Rights Agreement and all Other Registrable Securities that the Initiating Securityholders propose to sell
(with any reduction in such number being allocated pro-rata based on the number, as of the date of delivery of the first Cutback Notice delivered to the Holders, the Series A Preferred Stockholders and the WCAS Securityholders in connection with
such offering, of shares of Common Stock represented by the Registrable Securities, the Series A Registrable Securities or the WCAS Registrable Securities, as the case may be, 
  

 -12- 

 requested by the Holders, the Series A Preferred Stockholders and the WCAS Securityholders to be included in such
offering, calculated on an as-converted basis assuming that all of the Registrable Securities of the Holders, all of the Series A Registrable Securities of the Series A Preferred Stockholders and all of the WCAS Registrable Securities of the WCAS
Securityholders requested to be so included that are convertible into or exercisable for Common Stock are converted into or exercised for Common Stock as of such date), (ii) second, the number, if any, of shares of Common Stock or other securities
the Company proposes to sell for its own account that, in the reasonable and good faith opinion of such lead managing underwriter or the Initiating Securityholders, as applicable, can be sold without having an Adverse Offering Effect, and (iii)
third, the number, if any, of other shares of Common Stock and other securities requested to be included in such offering that, in the reasonable and good faith opinion of such lead managing underwriter or the Initiating Securityholders, as
applicable, can be sold without having an Adverse Offering Effect, such other shares of Common Stock and other securities to be allocated among the holders thereof who have requested that their shares and other securities be so included in
accordance with the provisions of their registration rights agreements with the Company. 
  
 7. Selection of Underwriters. In connection with any Underwritten Offering pursuant to a Registration Statement filed pursuant to Section 4, the Holders holding a Majority of the Registrable Securities held by
all Holders to be included in such Registration Statement shall have the right to select a lead managing underwriter or underwriters to administer such offering, which lead managing underwriter or underwriters shall be reasonably satisfactory to the
Company; provided, however, that the Company shall have the right to select a co-managing underwriter or underwriters for such offering, which co-managing underwriter or underwriters shall be reasonably satisfactory to the Holders holding a Majority
of the Registrable Securities held by all Holders to be included in such Registration Statement. 
  
 8. Blackout Periods; Holdback. 
  
 (a) If the Company determines that the registration and distribution of Registrable Securities (i) would materially impede, delay, interfere with or
otherwise adversely affect any pending financing, registration of securities by the Company in a primary offering for its own account, acquisition, corporate reorganization or other significant transaction involving the Company or (ii) would require
disclosure of non-public material information that the Company has a bona fide business purpose for preserving as confidential, as determined by the Company’s Board of Directors in good faith, the Company shall be entitled to defer the filing
or effectiveness of a Registration Statement, or to suspend the use of an effective Registration Statement, for the shortest period of time reasonably required (each such period, a “Blackout Period”); provided that the Company shall
not be entitled to obtain deferrals or suspensions under (x) clause (i) of this Section 8(a), for more than an aggregate of 90 days in any 12-month period or (y) clause (ii) of this Section 8(a), for more than 30 days on any one occasion, on more
than two occasions in any 12-month period or for more than an aggregate of 60 days in any 12-month period. The Company shall notify each Holder of the expiration or earlier termination of a Blackout Period and, as soon as reasonably practicable
after such expiration or termination, shall amend or supplement any effective Registration Statement to the extent necessary to permit the Holders to resume use thereof in connection with the offer and sale of their Registrable Securities in
accordance with applicable law. 
  

 -13- 

 (b) In the case of an Underwritten Offering of securities of the Company, each Holder agrees, if
requested by the lead managing underwriter of such Underwritten Offering, that it shall not effect any public sale or distribution, including any sale pursuant to Rule 144, of any Registrable Securities or Similar Securities held by such Holder
during the period beginning seven days before, and ending 90 days (or such shorter period as may be permitted by such lead managing underwriter) after, the effective date of the Registration Statement filed in connection with such registration,
except for Registrable Securities included in such registration; provided, however, that the foregoing shall not prohibit any Holder at any time from distributing Registrable Securities to any of its Affiliates, members, partners or other equity
holders. If requested by such managing underwriter, each Holder shall enter, and shall use commercially reasonable efforts to ensure that all Affiliates (other than any Affiliates of such Holder that are portfolio companies of such Holder or of any
investment funds that are Affiliates of such Holder) of such Holder holding Registrable Securities or Similar Securities enter, into a lock-up agreement with the applicable underwriters that is consistent with the agreement in the preceding
sentence. 
  
 (c) Notwithstanding any provision of Section 8(a) or
8(b) to the contrary, the cumulative period of any Blackout Periods pursuant to Section 8(a) and of any holdbacks pursuant to Section 8(b) shall not exceed, in the aggregate, 97 days in any 12-month period. 
  
 (d) In the case of any Underwritten Offering of Registrable Securities
initiated by a Holder pursuant to Section 4, the Company agrees, if requested by the lead managing underwriter of such Underwritten Offering, not to effect (or register for sale) any public sale or distribution of any securities which are Similar
Securities for the Company’s own account during the period beginning seven days before, and ending 90 days (or such lesser period as may be permitted by such lead managing underwriter) after, the effective date of the Registration Statement
filed in connection with such registration, except for securities of the Company to be offered for the Company’s account in such Underwritten Offering. Notwithstanding the foregoing, the Company may effect a public sale or distribution of
Common Stock and other securities which are Similar Securities for the Company’s own account during the period described above (i) pursuant to registrations on Forms S-4 or S-8 or any successor registration forms or (ii) as part of any
registration of securities for offering and sale to employees, directors or consultants of the Company pursuant to any stock plan or other benefit plan arrangement. The Company agrees to use commercially reasonable best efforts to obtain from each
director or executive officer of the Company who holds Similar Securities an agreement not to effect any public sale or distribution of such Similar Securities (other than any sale under Rule 144) for the account of such director or executive
officer during any period referred to in this Section 8(d), except as part of any Underwritten Offering contemplated in this Section 8(d). 
  
 9. Registration Procedures. In connection with the registration obligations of the Company under Sections 4 and 5, the Company shall: 

 
 (a) prepare and file with the SEC a Registration Statement with respect
to such Registrable Securities on any registration form adopted by the SEC for which the Company then qualifies or which counsel for the Company shall deem appropriate, and which form shall be available for the sale of the Registrable Securities in
accordance with the intended methods of distribution thereof, and use reasonable best efforts to cause such Registration Statement to become and remain effective; provided that, at least five Business 
  

 -14- 

 Days prior to filing a Registration Statement or Prospectus or any amendment or supplement thereto, the Company shall
furnish to a single counsel selected by the Holders of a Majority of the Registrable Securities included or to be included in such Registration Statement copies of such Registration Statement or Prospectus (or amendment or supplement) as proposed to
be filed (including, upon the request of such counsel, documents to be incorporated by reference therein) which documents shall be subject to the reasonable review and comments of such counsel and the Holders of the Registrable Securities included
or to be included in such Registration Statement during such five-Business Day period, and the Company shall not file any Registration Statement, any Prospectus or any amendment or supplement thereto (or any such documents incorporated by reference)
containing any statements with respect to any such Holder to which such Holder shall reasonably object in writing; 
  
 (b) prepare and file with the SEC amendments and post-effective amendments to such Registration Statement and such amendments and supplements to the
Prospectus used in connection therewith as may be necessary to maintain the effectiveness of such registration or as may be required by the rules, regulations or instructions applicable to the registration form utilized by the Company or by the
Securities Act or rules and regulations thereunder necessary to keep such Registration Statement effective until the earlier of (i) the date on which the Registrable Securities covered by such Registration Statement cease to be Registrable
Securities or have been sold or withdrawn and (ii) subject to Sections 9(e) and 9(k), (x) in the case of the Shelf Registration, until the third anniversary of the date of initial effectiveness of the Shelf Registration Statement, plus any
Suspension Periods (which shall be added to such three-year period), or (y) in the case of a Registration Statement filed pursuant to Section 4 which does not contemplate an Underwritten Offering, for at least 120 days or (z) in the case of a
Registration Statement filed pursuant to Section 4 which contemplates an Underwritten Offering, for at least 120 days plus such longer period (not to exceed 90 days after the 120th day) as, in the opinion of counsel for the underwriter or underwriters of such Underwritten Offering, is required by law for the delivery of a Prospectus in
connection with the sale of Registrable Securities by an underwriter or dealer, and cause the Prospectus as so amended and supplemented to be filed pursuant to Rule 424 under the Securities Act, and otherwise use reasonable best efforts to comply
with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time as is specified in clause (i) or (ii) above, as the case may be; 
  
 (c) furnish to each Holder of such Registrable Securities such number of
copies of such Registration Statement and of each amendment and post-effective amendment thereto, any Prospectus or Prospectus supplement and such other documents as such Holder may reasonably request in order to facilitate the disposition of the
Registrable Securities by such Holder (the Company hereby consenting to the use (subject to the limitations set forth in Section 10(b)) of the Prospectus or any amendment or supplement thereto in connection with such disposition); 
  
 (d) use reasonable best efforts to register or qualify such Registrable
Securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions as each Holder shall reasonably request, and to do any and all other acts and things which may be reasonably necessary to enable
such Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Holder, except that the Company shall not be required for any such purpose to qualify generally to do 
  

 -15- 

 business as a foreign corporation in any jurisdiction where, but for the requirements of this Section 9(d), it would not
be obligated to be so qualified, to subject itself to taxation in any such jurisdiction, or to consent to general service of process in any such jurisdiction; 
  

(e) promptly notify each Holder of any such Registrable Securities covered by such Registration Statement, at any time when a Prospectus relating
thereto is required to be delivered under the Securities Act within the applicable period referred to in Section 9(b), that the Company has become aware that the Prospectus included in such Registration Statement, as then in effect, includes an
untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing (the period during which the Holders are
required in such case pursuant to Section 10(b) to refrain from effecting public sales or distributions of Registrable Securities referred to herein as a “Section 9(e) Period”), and prepare and furnish to such Holder, as soon as
reasonably practicable, without charge to such Holder, a reasonable number of copies of an amendment to such Registration Statement or supplement to such related Prospectus as may be necessary so that, as thereafter delivered to the purchasers of
such Registrable 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 the light of the
circumstances then existing; provided that if the Company gives such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective (including the periods referred to in Section 9(b)) by the number
of days in the Section 9(e) Period; 
  
 (f) promptly notify each
Holder of Registrable Securities covered by such Registration Statement at any time, 
  
 (i) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed and, with respect to the Registration
Statement or any post-effective amendment, when the Registration Statement or such post-effective amendment has become effective; 
  
 (ii) of the issuance by the SEC of any stop order of which the Company is aware suspending the effectiveness of the Registration Statement
or any order preventing the use of a related Prospectus, or the initiation of any proceedings for such purposes; and 
  
 (iii) of the receipt of the Company of any written notification of the suspension of the qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose; 
  
 (g) make available to its stockholders, as soon as reasonably practicable, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act, provided that the Company shall be deemed to
have complied with this Section 9(g) if it has complied with Rule 158 under the Securities Act; 
  
 (h) if the registration involves an Underwritten Offering, enter into a customary underwriting agreement and in connection therewith: 
  

 -16- 

 (i) make such representations and warranties to the underwriters in form, substance and
scope as are customarily made by issuers to underwriters in comparable Underwritten Offerings; 
  
 (ii) use reasonable best efforts to obtain opinions of counsel to the Company (in form, scope and substance reasonably satisfactory to the
managing underwriters), addressed to the underwriters, and covering the matters customarily covered in opinions requested in comparable Underwritten Offerings; 
  

(iii) use reasonable best efforts to obtain “cold comfort” letters and bring-downs thereof from the Company’s
independent certified public accountants addressed to the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters by independent accountants in connection with
Underwritten Offerings; and 
  
 (iv) deliver such
documents and certificates as may be reasonably requested by the managing underwriters to evidence compliance with any customary conditions contained in the underwriting agreement; 
  
 (i) cooperate with the Holders of Registrable Securities covered by such Registration Statement and the managing underwriter
or underwriters or agents, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing the securities to be sold under such Registration Statement, and enable such securities to be in
such denominations and registered in such names as the managing underwriter or underwriters or agents, if any, or such Holders, may request; 
  
 (j) if reasonably requested by the managing underwriter or underwriters or a Holder of Registrable Securities being sold in connection with an
Underwritten Offering, incorporate in a Prospectus supplement or post-effective amendment to the Registration Statement such information as the managing underwriters and the Holders of a Majority of the Registrable Securities being sold by all
Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities, including, without limitation, information with respect to the amount of Registrable Securities being sold to such
underwriters, the purchase price being paid therefor by such underwriters and any other terms of the Underwritten Offering of the Registrable Securities to be sold in such offering and make all required filings of such Prospectus supplement or
post-effective amendment upon being notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
  
 (k) in the event of the issuance of any stop order of which the Company is aware suspending the effectiveness of the Registration Statement, or of any
order suspending or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in the Registration Statement for sale in any jurisdiction, use reasonable best efforts to obtain at the earliest
practicable time the withdrawal of such stop order or other order (the period between the issuance and withdrawal of any stop order or other order referred to herein as a “Section 9(k) Period”); provided that the Company shall
extend the period during which such Registration Statement will be maintained effective (including the periods referred to in Section 9(b)) by the number of days in the Section 9(k) Period; 
  

 -17- 

 (l) use reasonable best efforts to cause all Common Stock covered by such Registration Statement to be
listed on any securities exchange or automated quotation system on which the Common Stock is then listed, if such Common Stock is not already so listed and if such listing is then permitted under the rules of such securities exchange or automated
quotation system; 
  
 (m) in the case of an Underwritten Offering,
cause the senior executive officers of the Company to participate in the customary “road show” presentations that may be reasonably requested by the lead managing underwriter in any such Underwritten Offering and otherwise to cooperate
with and participate in customary selling efforts related thereto; 
  
 (n) upon the request of any Holder, promptly amend any Shelf Registration Statement or take such other action as may be necessary to de-register, remove or withdraw all or any portion of the Holder’s Registrable Securities from a Shelf
Registration Statement, as requested by such Holder; 
  
 (o) not
later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and, unless such Registrable Securities shall be registered in book-entry form, provide the applicable transfer agent and
registrar for such Registrable Securities with printed certificates for the Registrable Securities, which certificates shall be in a form eligible for deposit with The Depository Trust Company; 
  
 (p) provide and cause to be maintained a transfer agent and registrar for all
Registrable Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 
  

(q) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by one representative appointed by the Holders
of a Majority of the Registrable Securities covered by the applicable Registration Statement, by any managing underwriter or underwriters participating in any Underwritten Offering to be effected pursuant to such Registration Statement, and by any
attorney, accountant or other agent retained by such Holders or any such managing underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers,
directors and employees and the independent public accountants who have certified its financial statements to make themselves available during normal business hours to discuss the business of the Company and to supply all information reasonably
requested by any such Holders or managing underwriter or agent thereof in connection with such Registration Statement as shall be necessary to enable such Persons to exercise their due diligence responsibility (subject to the entry by each Person
referred to in this Section 9(p) into customary confidentiality agreements in a form reasonably acceptable to the Company); 
  
 (r) if requested in writing by Holders holding a Majority of the Registrable Securities included in such Registration Statement, prepare and file with the
SEC amendments and post-effective amendments to such Registration Statement and amendments and supplements to the Prospectus used in connection with such Registration Statement as shall be necessary to enable any transferee of Registrable Securities
included in such Registration Statement who becomes a Holder under this Agreement to resell such Holder’s 
  

 -18- 

 Registrable Securities pursuant to such Registration Statement, to the extent that such amendments, post-effective
amendments and supplements shall be required for such transferee- Holders to be named as selling securityholders in such Registration Statement and Prospectus; and 
  
 (s) use reasonable best efforts to take all other steps necessary to effect the registration of the Registrable Securities
contemplated hereby. 
  
 10. Agreements of Holders.

  
 (a) As a condition to the Company’s obligation under
this Agreement to cause Registrable Securities of any Holder to be included in a Registration Statement, such Holder shall timely provide the Company with all of the information required to be provided in the Registration Statement with respect to
such Holder pursuant to Items 507 and 508 of Regulation S-K under the Securities Act and such other information as otherwise may reasonably be requested by the Company in connection with the Registration Statement. 
  
 (b) Each Holder shall comply with the prospectus delivery requirements of the
Securities Act in connection with the offer and sale of Registrable Securities made by such Holder pursuant to any Registration Statement. Upon receipt of any notice from the Company of the happening of any event of the kind described in Section
9(e) or Section 9(k), each Holder of Registrable Securities shall forthwith discontinue the disposition of Registrable Securities pursuant to the Prospectus or Registration Statement covering such Registrable Securities until such Holder’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 9(e) or the withdrawal of any stop order or other order referred to in Section 9(k), and, if so directed by the Company, shall deliver to the Company all copies,
other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities at the time of receipt of such notice. 
  
 (c) Each Holder shall effect all sales and distributions of such Holder’s Registrable Securities made pursuant to the
Shelf Registration Statement in a manner consistent with the terms of the Plan of Distribution, subject to Section 3(c). 
  
 (d) To the extent required by the Securities Act or rules or regulations thereunder, as reasonably determined by the Company, a Holder shall consent to
disclosure in any Registration Statement to the effect that such Holder is or may be deemed to be an underwriter for purposes of the Securities Act in connection with the offering of Registrable Securities of such Holder included in such
Registration Statement. 
  
 (e) Each Holder shall comply with
Regulation M under the Exchange Act in connection with the offer and sale of Registrable Securities made by such Holder pursuant to any Registration Statement. Each Holder shall provide the Company with such information about such Holder’s
offer and sale of Registrable Securities pursuant to any Registration Statement as the Company shall reasonably request to enable the Company and its Affiliates to comply with Regulation M under the Exchange Act in connection with any such offer and
sale. 
  
 11. Registration Expenses. The Company shall pay
all Registration Expenses in connection with all registrations pursuant to this Agreement to the extent provided herein. In 
  

 -19- 

 connection with all such registrations, each Holder shall pay all underwriting discounts and fees, brokerage and sales
commissions, and transfer and documentary stamp taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Registration Statement, and, except as provided in clause (g) of the definition of
Registration Expenses, all fees and expenses of counsel to such Holder. 
  
 12. Indemnification; Contribution. 
  
 (a) The
Company shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder in any offering or sale of Registrable Securities, each Person, if any, who participates as an underwriter in any offering and sale of Registrable
Securities, and each Person, if any, who controls such Holder or such underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and their respective directors, trustees, officers, partners, agents,
employees and affiliates against all losses, claims, damages, liabilities and expenses (including reasonable attorneys’ fees, disbursements and expenses, as incurred, and any amounts paid in any settlement effected with the Company’s
consent, which consent shall not be unreasonably withheld or delayed) (collectively, “Losses”) incurred by such party pursuant to any actual or threatened action, suit, proceeding or investigation arising out of or based upon: (i)
any untrue or alleged untrue statement of a material fact contained in, or any omission or alleged omission of a material fact required to be stated in, the Registration Statement, Prospectus or preliminary Prospectus or any amendment or supplement
to any of the foregoing or necessary to make the statements therein (in the case of a Prospectus or a preliminary Prospectus, in the light of the circumstances then existing) not misleading, except in each case insofar as such statements or
omissions arise out of or are based upon (A) any such untrue statement or alleged untrue statement or omission or alleged omission made in reliance on and in conformity with information with respect to such Holder furnished in writing to the Company
by such Holder or its counsel expressly for use therein, (B) the use of any Prospectus after such time as the obligation of the Company to keep effective the Registration Statement of which such Prospectus forms a part has expired or (C) the use of
any Prospectus after such time as the Company has advised the Holders that the filing of an amendment or supplement thereto is required, except such Prospectus as so amended or supplemented; or (ii) any violation by the Company of any other federal
or state securities laws or regulations applicable to the Company and relating to action required of or inaction by the Company in connection with any such registration. Notwithstanding the foregoing provisions of this Section 12(a), the Company
shall not be liable to any such Holder or underwriter or to any other indemnified party under the indemnity agreement in this Section 12(a) for any Losses that arise out of or are based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in any Prospectus if either: (i) (A) such Holder or underwriter failed to send or deliver a copy of the Prospectus with or prior to the delivery of written confirmation of the sale of Registrable Securities by such
Holder or underwriter to the Person asserting the claim from which such Losses arise and (B) the Prospectus would have corrected such untrue statement or alleged untrue statement or such omission or alleged omission; or (ii) (A) such untrue
statement or alleged untrue statement or omission or alleged omission is corrected in an amendment or supplement to the Prospectus and (B) having previously been furnished by or on behalf of the Company with copies of the Prospectus as so amended or
supplemented as required hereunder, such Holder or underwriter thereafter fails to deliver such Prospectus, as so amended or supplemented, with or prior to the delivery of written confirmation of the sale of Registrable Securities by such Holder or
underwriter to the Person asserting the claim from which such Losses arise. Such rights to indemnity and reimbursement of expenses shall survive the transfer of the Registrable Securities by such indemnified party. 
  

 -20- 

 (b) In connection with any Registration Statement filed pursuant to this Agreement, each Holder of
Registrable Securities to be covered thereby shall, severally and not jointly with any other Holders, indemnify and hold harmless, to the fullest extent permitted by law, the Company, each Person, if any, who participates as an underwriter in any
offering and sale of Registrable Securities and each Person, if any, who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and their respective directors, trustees,
officers, partners, agents, employees and affiliates, against all Losses incurred by such party pursuant to any actual action, suit, proceeding or investigation arising out of or based upon any untrue or alleged untrue statement of a material fact
contained in, or any omission or alleged omission of a material fact required to be stated in, the Registration Statement, Prospectus or preliminary Prospectus or any amendment or supplement to any of the foregoing or necessary to make the
statements therein (in case of a Prospectus or preliminary Prospectus, in the light of the circumstances then existing) not misleading, but only to the extent that any such untrue statement or omission is made in reliance on and in conformity with
information with respect to such Holder furnished in writing to the Company by such Holder or its counsel specifically for use therein; provided, however, that no Holder shall be required to indemnify the Company or any other indemnified party under
this Section 12(b) with respect to any amount in excess of the amount of the total net proceeds received by such Holder from sales of the Registrable Securities of such Holder under such Registration Statement. 
  
 (c) Any Person entitled to indemnification hereunder agrees to give prompt
written notice to the indemnifying party after the receipt by such indemnified party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which such indemnified party may
claim indemnification or contribution pursuant to this Agreement, provided that failure to give such notification shall not affect the obligations of the indemnifying party pursuant to this Section 12 except to the extent the indemnifying party
shall have been actually and materially prejudiced as a result of such failure. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party
shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, 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 shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in
each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation, unless in the reasonable judgment of any indemnified party, based on the opinion of counsel, a conflict
of interest is likely to exist between the indemnifying party and such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall not be liable for the fees and expenses of (i)
more than one counsel for all Holders of Registrable Securities who are indemnified parties, selected by the Holders of a Majority of the Registrable Securities who are indemnified parties (which selection shall be reasonably satisfactory to the
Company), (ii) more than one counsel for the underwriters in an Underwritten Offering or (iii) more than one counsel for the Company, in each case in connection with any one action or separate but similar or related actions. An indemnifying

  

 -21- 

 party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, based on the opinion of counsel, a conflict of interest is likely to
exist between an indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the fees and expenses of such additional counsel, provided that the indemnifying
party shall not be liable for the fees and expenses of (i) more than one counsel for all Holders of Registrable Securities who are indemnified parties, selected by the Holders of a Majority of the Registrable Securities who are indemnified parties
(which selection shall be reasonably satisfactory to the Company), (ii) more than one counsel for the underwriters in an Underwritten Offering or (iii) more than one counsel for the Company, in each case in connection with any one action or separate
but similar or related actions. No indemnifying party, in defense of any such action, suit, proceeding or investigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or entry 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 to such action, suit, proceeding or investigation to the extent such liability is
covered by the indemnity obligations set forth in this Section 12. No indemnified party shall consent to entry of any judgment or entry into any settlement without the consent of each indemnifying party. 
  
 (d) If the indemnification from the indemnifying party provided for in this
Section 12 is unavailable to an indemnified party hereunder in respect to any Losses, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result
of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified party in connection with the actions which resulted in such Losses, as well as any other relevant equitable considerations;
provided, however, that no Holder shall be required to contribute any amount in excess of the amount of the total net proceeds received by such Holder from sales of the Registrable Securities of the Holder under the applicable Registration
Statement. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue statement or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such action. The amount paid or payable by a party as a result of the Losses referred to above shall be deemed to include, subject to the limitations set forth in Section 12(c), any legal or other fees and expenses reasonably
incurred by such indemnified party in connection with any investigation or proceeding. 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 parties agree that it would not be just and equitable if contribution pursuant to this Section 12(d) were determined by pro rata allocation or by any other method of allocation that does not
take into account the consideration referred to in this Section 12(d). If indemnification is available under this Section 11, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 12(a) or 12(b), as
the case may be, without regard to the relative fault of such indemnifying parties or indemnified party or any other equitable consideration provided for in this Section 12(d). 
  

 -22- 

 (e) The provisions of this Section 12 shall be in addition to any liability which any indemnifying party
may have to any indemnified party and shall survive the termination of this Agreement. 
  
 (f) The indemnification and contribution required by this Section 12 shall be made by periodic payments of the amount thereof during the course of any action, suit, proceeding or investigation, as and when invoices
are received or Losses are incurred. 
  
 13. Participation in
Underwritten Offerings. No Holder of Registrable Securities may participate in any Underwritten Offering pursuant to this Agreement unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any
underwriting arrangements approved by the Company, which approval shall not be unreasonably withheld or delayed, and (b) completes and executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting arrangements. 
  
 14. Reports Under the Exchange Act. For so long as any Registrable Securities remain outstanding, the Company shall use best efforts (a) to file with the SEC in a timely manner all reports required to be filed
by the Company pursuant to Section 13 or 15(d) of the Exchange Act and (b) to comply with all rules and regulations of the SEC applicable in connection with the use of Rule 144 and to take such other actions and furnish any Holder with such
information as such Holder may reasonably request in order to avail itself of Rule 144 or any other rule or regulation of the SEC allowing such Holder to sell any Registrable Securities without registration. 
  
 15. No Inconsistent Agreements; Most Favorable Provisions. The Company
is not currently a party to, and after the date hereof shall not enter into, any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities by this Agreement. The Holders agree for purposes of this Section 15
that none of the Series A Registration Rights Agreement or the WCAS Registration Rights Agreement, in each case, as in effect on the date hereof, is inconsistent with the rights of the Holders hereunder. If the Company shall amend the Series A
Registration Rights Agreement or the WCAS Registration Rights Agreement or enter into any agreement after the date hereof with any other Person pursuant to which the Series A Preferred Stockholders under the Series A Registration Rights Agreement,
the WCAS Securityholders under the WCAS Registration Rights Agreement or such other Person under such other agreement, as the case may be, shall have registration rights with respect to any security of the Company that are materially more favorable
to the Series A Preferred Stockholders, the WCAS Securityholders or such other Person, as the case may be, than those set forth in this Agreement, this Agreement shall thereupon, and without any further action on the part of any Holder or the
Company, be deemed to be, and shall be, automatically amended to provide such materially more favorable rights to the Holders. Notwithstanding the foregoing provisions of this Section 15, this Section 15 shall not apply to, and shall not provide the
Holders with any rights with respect to, any agreement relating to a Rule 144A Resale Shelf Registration. 
  
 16. Assignment of Registration Rights. The right to cause the Company to register Registrable Securities pursuant to this Agreement may be assigned
(but only with all related obligations hereunder) by any Holder in connection with a transfer of such Registrable Securities to any transferee who, immediately following such transfer, holds at 
  

 -23- 

 least 5% of then-outstanding Registrable Securities (calculated on an as converted basis, assuming that all outstanding
Registrable Securities that are convertible into or exercisable for Common Stock are converted into or exercised for Common Stock); provided that, as a condition to the effectiveness of such assignment, such transferee shall be required to execute a
counterpart of this Agreement; and provided further, that the foregoing 5% ownership condition shall not apply to any transfer of Registrable Securities by any TCP Fund Holder to any transferee who is an Affiliate of such TCP Fund Holder immediately
prior to such transfer. Upon such transferee’s execution of such counterpart, such transferee shall be deemed to be a Holder for all purposes of this Agreement and shall be entitled to the benefits of, and shall be subject to the restrictions
contained in, this Agreement, as amended from time to time, as a Holder hereunder to the same extent as if such transferee had originally been included in the definition of a Holder and had originally been a party hereto. Notwithstanding the
foregoing, a Permitted Transferee (as defined in the Governance Agreement) who otherwise would become entitled to registration rights in accordance with the foregoing provisions of this Section 16 in connection with a TCP Distribution In Kind (as
defined in the Governance Agreement) of Registrable Securities shall not become entitled to any such registration rights under this Agreement unless such Permitted Transferee becomes bound by the Governance Agreement. 
  
 17. Binding Effect; Benefit. This Agreement shall inure to the benefit
of and be binding upon the parties hereto, any Holder and any successor, permitted assign, heir and legal representative thereof; provided, however, that, except as provided in Section 16, this Agreement and the provisions of this Agreement that are
for the benefit of the Holders shall not be assignable by any Holder, and any such purported assignment shall be null and void. Except to the extent provided in Section 12, nothing in this Agreement, expressed or implied, is intended to confer upon
any Person other than the Company, the Holders and their respective successors, permitted assigns, heirs and legal representatives any rights, remedies, obligations or liabilities under or by reason of this Agreement. No purchaser of Registrable
Securities from a Holder shall be deemed to be a successor or assignee of such Holder merely by reason of such purchase. 
  
 18. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof (each such amendment, modification, supplement, waiver or consent, an “Amendment”) may not be given, unless the Company has obtained the written consent
thereto of Holders of a Majority of the Registrable Securities; provided that if any Amendment would materially and adversely affect any Holder disproportionately relative to any other Holder or Holders, then such Amendment shall also require the
written consent of Holders holding a Majority of the Registrable Securities held by all Holders so disproportionately affected. Notwithstanding the foregoing, an Amendment with respect to a matter that relates exclusively to the rights of Holders of
Registrable Securities whose securities are being included in a Registration Statement and that does not directly or indirectly affect the rights of other Holders of Registrable Securities shall be effective if consented to by Holders of at least a
Majority of the Registrable Securities being included in such Registration Statement; provided that the provisions of this sentence may not be amended, modified or supplemented, nor may waivers or departures from the provisions thereof be given,
except in accordance with the provisions of the immediately preceding sentence. Each Holder of Registrable Securities outstanding at the time of any such Amendment thereafter shall be bound by any such Amendment effected pursuant to this Section 18,
whether or not any notice, writing or marking indicating such Amendment appears on the Registrable Securities or is delivered to such Holder. 
  

 -24- 

 19. Notices; Designated Representative. All notices, demands, requests, consents or other
communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when (a) delivered personally to the recipient, (b) sent by confirmed facsimile or confirmed
electronic mail transmission before 5:00 p.m. New York City time on a Business Day, and otherwise on the next Business Day, or (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such
notices, demands, requests, consents and other communications shall be sent (i) if to the Company, to ITC^DeltaCom, Inc., 7037 Old Madison Pike, Suite 400, Huntsville, Alabama 35806, Attention: General Counsel, telecopy no.: (256) 382-3936 or
to such other address as the Company shall designate in writing to the Holders from time to time, and (ii) if to any Holder, to such Holder at the address of such Holder set forth on the signature pages hereto, or to such other address of any Holder
as such Holder shall designate in writing to the Company from time to time. The designated representative of the Company shall be its General Counsel or such other Person as the Company shall designate in writing to the Holders from time to time.

  
 20. Headings. The headings contained in this Agreement
are for convenience only and shall not affect the meaning or interpretation of this Agreement. 
  
 21. Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same
instrument. This Agreement shall become effective as between the Company and any Holder when the Company and such Holder shall have received a copy of counterparts hereof signed by the other. 
  
 22. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES OF AMERICA LOCATED IN THE COUNTY OF NEW YORK FOR ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY (AND AGREES NOT TO COMMENCE ANY ACTION OR PROCEEDING RELATING THERETO EXCEPT IN SUCH COURTS), AND FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR
DOCUMENT BY U.S. REGISTERED MAIL TO ITS RESPECTIVE ADDRESS SET FORTH IN SECTION 19 SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION OR PROCEEDING BROUGHT AGAINST IT IN ANY SUCH COURT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN THE COURTS OF THE STATE OF NEW YORK 
  

 -25- 

 OR THE UNITED STATES OF AMERICA LOCATED IN THE COUNTY OF NEW YORK, AND HEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY
WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 23. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 24. Termination. This Agreement shall terminate with respect to any Holder upon the earlier to occur of (a) the expiration of the Registration
Rights Period or (b) the date on which such Holder no longer holds any Registrable Securities, except for any liabilities or obligations under Sections 11 and 12, which shall remain in effect in accordance with their terms. No termination of any
provision of this Agreement shall relieve any party of any liability for any breach of such provision occurring prior to such termination. 
  
 25. Entire Agreement. This Agreement is intended by the parties to be a complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and the registration rights granted by the Company with respect to the Registrable Securities. Except as provided in the Governance Agreement, the Warrant Agreement and the instruments
authorizing or evidencing the Registrable Securities, there are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect to
the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to such registration rights. No party hereto shall have any rights, duties or obligations other than those specifically set
forth in this Agreement. 
  
 26. Specific Performance.
Without limiting the rights of each party hereto to pursue all other legal and equitable rights available to such party for any other parties’ failure to perform their obligations under this Agreement, the parties hereto acknowledge and agree
that the remedy at law for any failure to perform their obligations hereunder would be inadequate and that each of them, respectively, to the extent permitted by applicable law, shall be entitled to specific performance, injunctive relief or other
equitable remedies in the event of any such failure, without bond or other security being required. 
  
 27. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the parties shall negotiate in good faith with a view to the substitution therefor of a suitable and equitable solution in order to carry out, so far as may be valid and enforceable,
the intent and purpose of such invalid provision, provided, however, that the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired
thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  

 -26- 

 [signature pages follow] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth in the first
paragraph hereof. 
  

			
	COMPANY:
	
	ITC^DELTACOM, INC.
		
	By:	 	 /s/ J. Thomas Mullis

	Name:	 	J. Thomas Mullis
	Title:	 	 Senior Vice President – Legal and Regulatory

			
		
	Address:	 	7037 Old Madison Pike
	 	 	Suite 400
	 	 	Huntsville, AL 35806

			
	
	SPECIAL VALUE ABSOLUTE RETURN FUND, LLC, 
		
	By:	 	SVAR/MM, LLC
	Its:	 	Managing Member
		
	By:	 	TENNENBAUM CAPITAL PARTNERS, LLC
	Its:	 	Managing Member
		
	By:	 	TENNENBAUM & CO., LLC
	Its:	 	Managing Member
	
	SPECIAL VALUE BOND FUND II, LLC, 
		
	By:	 	SVIM/MSM II, LLC
	Its:	 	Managing Member
		
	By:	 	TENNENBAUM & CO., LLC
	Its:	 	Managing Member
		
	By:	 	 /s/ Howard M. Levkowitz

	Name:	 	 Howard M. Levkowitz

	Title:	 	 Managing Partner

  

			
		
	Address:	 	 2951 28th Street, Suite 1000
 Santa Monica, CA 90405

  
  

			
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	 Babson Capital Management LLC
 as Investment Adviser

		
	By:	 	 /s/ Michael L. Klofas

	 Name:
	 	 Michael L. Klofas

	 Title:
	 	 Managing Director

  

			
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

  

			
	MASSMUTUAL PARTICIPATION INVESTORS
		
	By:	 	 /s/ Michael L. Klofas

	 Name:
	 	 Michael L. Klofas

	 Title:
	 	 Vice President

  

			
	
	The foregoing is executed on behalf of MassMutual Participation Investors, organized under a Declaration of Trust, dated April 7, 1988, as amended from time to time. The obligations
of such Trust are not binding upon, nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust individually, but the Trust’s assets and property only shall be
bound.

  

			
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

			
	MASSMUTUAL CORPORATE INVESTORS
		
	By:	 	 /s/ Michael L. Klofas

	 Name:
	 	 Michael L. Klofas

	 Title:
	 	 Vice President

  

			
	
	The foregoing is executed on behalf of MassMutual Corporate Investors, organized under a Declaration of Trust, dated April 7, 1988, as amended from time to time. The obligations of
such Trust are not binding upon, nor shall resort be had to the property of, any of the Trustees, shareholders, officers, employees or agents of such Trust individually, but the Trust’s assets and property only shall be bound.

  

			
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

  

			
	TOWER SQUARE CAPITAL PARTNERS, L.P.
		
	By:	 	 Babson Capital Management LLC
 as Investment Adviser

		
	By:	 	 /s/ Michael L. Klofas

	 Name:
	 	 Michael L. Klofas

	 Title:
	 	 Managing Director

  

			
	
	 Address:
 Richard E. Spencer, II

Babson Capital Management LLC
 1500 Main Street, Suite 2200
 Springfield, MA 01115

 Exhibit A 
  
 PLAN OF DISTRIBUTION 
  
 Securities may be sold or distributed from time to time by the selling securityholders named in this prospectus and, to the extent permitted by their
registration rights agreement with the Company, by their donees or transferees and their other successors in interest. The selling securityholders may sell their securities at market prices prevailing at the time of sale, at prices related to such
prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. Each selling securityholder reserves the right to accept or reject, in whole or in part, any proposed purchase of securities, whether the purchase is to be
made directly or through agents. 
  
 The selling securityholders
may offer their securities at various times in one or more of the following transactions, which may include an underwritten offering: 
  

	 	•	 	in ordinary brokers’ transactions and transactions in which the broker solicits purchasers; 

  

	 	•	 	in transactions involving cross or block trades or otherwise on the NASDAQ National Market or any national securities exchange on which the Common Stock is listed;

  

	 	•	 	in transactions “at the market” to or through market makers in the common stock or into an existing market for the common stock; 

  

	 	•	 	in other ways not involving market makers or established trading markets, including direct sales of the securities to purchasers or sales of the securities effected through agents;

  

	 	•	 	through transactions in options, swaps or other derivatives which may or may not be listed on an exchange; 

  

	 	•	 	in privately negotiated transactions; or 

  

	 	•	 	in a combination of any of the foregoing transactions. 

  
 The selling securityholders also may sell their securities in accordance with Rule 144 under the Securities Act. 
  
 From time to time, one or more of the selling securityholders may pledge or
grant a security interest in some or all of the securities owned by them. If the selling securityholders default in performance of their secured obligations, the pledgees or secured parties may offer and sell the securities from time to time by this
prospectus. The selling securityholders also may transfer and donate securities in other circumstances. The amount of securities beneficially owned by selling securityholders will decrease as and when the selling securityholders transfer or donate
their securities or default in performing obligations secured by their securities. The plan of distribution for the securities offered and sold under this prospectus will otherwise remain unchanged, except that the transferees, donees, pledgees,
other secured parties or other successors in interest will be selling securityholders for purposes of this prospectus. 
  

 -1- 

 The selling securityholders may also enter into hedging transactions. For example, a selling
securityholder may: 
  

	 	•	 	enter into transactions with a broker-dealer, affiliate thereof or other third party in connection with which such other party may engage in sales of their securities pursuant to
this prospectus, in which case such other party may use shares of the securities received from the selling securityholder to close out any short positions created; 

  

	 	•	 	sell their securities short itself pursuant to this prospectus and use shares of their securities to close out its short positions; 

  

	 	•	 	enter into option or other types of transactions that require the selling securityholder to deliver their securities to a broker-dealer or an affiliate thereof or other third party,
who may then resell or transfer the securities pursuant to this prospectus; or 

  

	 	•	 	loan or pledge their securities to a broker-dealer or an affiliate thereof or other third party, who may sell the loaned securities or, in an event of default in the case of a
pledge, sell the pledged securities pursuant to this prospectus. 

  
 The selling securityholders may use brokers, dealers, underwriters or agents to sell their securities. The persons acting as agents may receive compensation in the form of commissions, discounts or concessions. This
compensation may be paid by the selling securityholders or the purchasers of the securities of whom such persons may act as agent, or to whom they may sell as principal, or both. The compensation as to a particular person may be less than or in
excess of customary commissions. Any agents or broker-dealers that participate in the offer and sale of the securities may be deemed to be “underwriters” within the meaning of the Securities Act. Any commissions they receive and any profit
they realize on the resale of the securities by them may be deemed to be underwriting discounts and commissions under the Securities Act. Neither we nor any selling securityholders can presently estimate the amount of such compensation. 

 
 If a selling securityholder sells securities in an underwritten offering,
the underwriters may acquire the securities for their own account and resell the securities from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the
time of sale. In such event, we will set forth in a supplement to this prospectus the names of the underwriters and the terms of the transactions, including any underwriting discounts, concessions or commissions and other items constituting
compensation of the underwriters and broker-dealers. The underwriters from time to time may change any public offering price and any discounts, concessions or commissions allowed or reallowed or paid to broker-dealers. Unless otherwise set forth in
a supplement, the obligations of the underwriters to purchase the securities will be subject to certain conditions, and the underwriters will be obligated to purchase all of the securities specified in the supplement if they purchase any of the
securities. 
  
 We have informed the selling securityholders that
during such time as they may be engaged in a distribution of the securities, they are required to comply with Regulation M under the Securities Exchange Act. With exceptions, Regulation M prohibits any selling securityholder, any affiliated

  

 -2- 

 purchasers and other persons who participate in such a distribution from bidding for or purchasing, or attempting to
induce any person to bid for or purchase, any security which is the subject of the distribution until the entire distribution is complete. 
  
 This offering by any selling securityholder will terminate on the date specified in the selling securityholder’s registration rights agreement with
the Company, or, if earlier, on the date on which the selling securityholder has sold all of such selling securityholder’s securities. 
  

 -3-

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