Document:

Amendment to Agreement of Purchase and Sale

 Exhibit 10.6 
  
 PriceSmart, Inc. 

9740 Scranton Road 
 San Diego, CA 92121-1745 
 Tel 858 404-8800 
 Fax 858 404-8848 
 www.pricesmart.com 
  
 [GRAPHIC] 
  
 May 20,
2004 
  
 Joe Satz, Esq. 
 Price Entities, Inc. 
 7979 Ivanhoe, Suite 520 
 La Jolla, CA. 92037 
  

	Re:	Santiago Agreement of Purchase and Sale (“Agreement”) 

  

	Dear	Joe, 

  
 Following up on our telephone conversation of yesterday, May 19, this will confirm that within three business days after the Effective Date the Title Commitment was ordered, per section 1.07 A of the Agreement, and that I currently have the
following items: 
  

	 	1.	A survey of the Subject Property, with maps attached thereto; 

  

	 	2.	A Soils/Engineering Report with regard to the Subject Property; 

  

	 	3.	“As Built” plans for the Subject Property; and 

  

	 	4.	The Leases/Subleases referenced in Section 1.14A of the Agreement. 

  
 Per our discussion, you and I have agreed that all of these items may be hand-delivered to you within the next week. We have also agreed that the remaining items
referenced in Sections 1.07 B and 1.14 will be delivered to you by the end of this month. 
  
 Additionally, we have agreed that Section 2.03 B of the Agreement is amended and shall hereafter be deemed to state the following: 
  
 Within fifteen (15) days after the Purchase Price has been adjusted pursuant to Section 1.04 B of this Agreement, the Boards
of Directors of PriceSmart, Inc. and Inmobiliaria PriceSmart, S. A., and/or an authorized Committees of such Boards have approved the final terms and conditions of the sale to Purchaser of the Subject Property under this Agreement. 
  

 Joe, I trust this is consistent with your understanding, and I would appreciate receiving a countersigned copy of this
letter for my files. 
  

	
	 Thank you.

	
	 Very Truly Yours, PriceSmart, Inc.

	
	 /s/ Robert M. Gans

	 Robert M. Gans

	 Executive Vice President & General Counsel

  
 RMG:pss 
  

					
	 Accepted:
	 	 	 	 
			
	 /s/ James F. Cahill
	 	 	 	 Dated: MAY 25, 2004

	 James F. Cahill
	 	 	 	 
	 The Price Group, LLCEXHIBIT 4.1

 Exhibit 4.1 
  

REGISTRATION RIGHTS AGREEMENT 
  
 This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of June 30, 2004, by QuadraMed Corporation, a Delaware
corporation (the “Company”), and the shareholders identified on the signature page hereto (collectively, the “Shareholders”). 
  

A. On the date hereof, pursuant to the Agreement and Plan of Merger dated the date hereof, by and among the Company, Sawgrass, LLC, Tempus Software,
Inc., a Florida corporation (“Tempus”), and the Shareholders (the “Merger Agreement”): (i) the Shareholders are acquiring cash and 2,558,824 shares of the Company’s common stock, par value $0.01 per share (the
“Shares”), with each Shareholder acquiring the number of Shares set forth opposite such Shareholder’s name on the Schedule attached to the Merger Agreement. 
  
 B. Pursuant to the terms of the Merger Agreement, the Company has agreed to provide to the Shareholders registration rights
with respect to the Registrable Securities (as defined below) as set forth in this Agreement. 
  
 The Parties hereby agree as follows: 
  
 1. Definitions 
  
 For purposes of this
Agreement: 
  
 (a) ”Affiliate” of a Person means
any Person that directly or indirectly through one or more intermediaries controls or is controlled by, or is under common control with, such other Person. For purposes of this definition, the term “control” (including the terms
“controlling,” “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. 
  
 (b)
”Holder” means a Person that (i) is a party to this Agreement (or a permitted transferee under this Agreement) and (ii) owns Registrable Securities. 
  
 (c) ”NASD” means the National Association of Securities Dealers, Inc. 
  
 (d) ”Participating Holders” means Holders participating, or
electing to participate, in an offering of Registrable Securities. 
  
 (e) ”Person” means any individual, firm, corporation, company, partnership, trust, incorporated or unincorporated association, limited liability company, joint venture, joint stock company, government (or an agency or
political subdivision thereof) or other entity of any kind, and shall include any successor (by merger or otherwise) of any such entity. 

 (f) ”Registrable Securities” means the Shares and any other securities issued in
exchange for the foregoing securities, each upon original issuance thereof and at all times subsequent thereto. For the purposes of this Agreement, any Registrable Security will cease to be a Registrable Security when (i) a registration statement
covering such Registrable Securities has been declared effective for the period that such Registration Statement remains effective; (ii) they are distributed to the public pursuant to Rule 144 (or any similar provision then in force) under the
Securities Act of 1933, as amended (the “Securities Act”); or (iii) counsel for the Company and counsel for the holder of such Registrable Security agree, which agreement shall not be unreasonably withheld, delayed, or conditioned,
that the resale of such Registrable Security is exempt from registration under the Securities Act or may be resold to the public pursuant to Rule 144 without being subject to holding periods or volume limitations that would restrict the sale of all
the Registrable Securities held by the holder thereof. 
  
 (g)
”Registration Expenses” mean all expenses (other than underwriting discounts and commissions) arising from or incident to the performance of, or compliance with, this Agreement, including, without limitation, (i) SEC, stock
exchange, NASD and other registration and filing fees, (ii) all reasonable and documented fees and expenses incurred by the Company in connection with complying with any securities or blue sky laws (including, without limitation, fees, charges and
disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public
accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any special audits or “comfort letters” (defined at Section
7(a)(xii)) required in connection with or incident to any registration), (v) the fees, charges and disbursements of any special experts retained by the Company in connection with any registration pursuant to the terms of this Agreement, (vi) all
internal expenses of the Company (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (vii) the fees and expenses incurred by the Company in connection with the listing of
the Registrable Securities on any securities exchange or Nasdaq and (viii) Securities Act liability insurance (if the Company elects to obtain such insurance), regardless of whether any Registration Statement filed in connection with such
registration is declared effective. 
  
 (h) ”Registration
Statement” shall mean any Registration Statement of the Company filed with the SEC on the appropriate form pursuant to the Securities Act that covers any of the Registrable Securities pursuant to the provisions of this Agreement and all
amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the prospectus contained therein, all exhibits thereto and all materials incorporated by reference therein. 
  
 (i) ”SEC” or “Commission” means the United
States Securities and Exchange Commission. 
  
 (j)
”Selling Expenses” shall mean the underwriting fees, discounts, selling commissions, and stock transfer taxes applicable to all Registrable Securities registered by the Participating Holders. 
  

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 2. Demand Registration 
  
 (a) Request by Holders. From and after December 30, 2004 (the “Registration Rights Commencement
Date”), if the Company receives a written request from Holders that hold at least thirty percent (30%) of the Shares (the “Requesting Holders”) that the Company register Registrable Securities held by Requesting Holders (a
“Demand Request”), then the Company shall, within ten (10) days after receipt of such Demand Request, give written notice of such request (“Request Notice”) to all Holders. Each Demand Request shall (x) specify the
type and number of Registrable Securities that the Requesting Holders intend to sell or dispose of, (y) state the intended method or methods of sale or disposition of such Registrable Securities, including any intention to effect sales by means of
an underwritten offering, and (z) specify the expected price range (net of underwriting discounts and commissions) acceptable to the Requesting Holders to be received for such Registrable Securities. Following receipt of a Demand Request, the
Company shall: 
  
 (i) cause to be filed, as soon as
practicable, but within ninety (90) days of the date of delivery to the Company of the Demand Request, a Registration Statement covering such Registrable Securities that the Company has been so requested to register by the Requesting Holders and
other Holders who request to the Company that their Registrable Securities be registered within fifteen (15) days of the mailing of the Request Notice, providing for the registration under the Securities Act of such Registrable Securities to the
extent necessary to permit the disposition of such Registrable Securities in accordance with the intended method of distribution specified in such Demand Request; and 
  
 (ii) use its commercially reasonable efforts to have such Registration Statement declared effective by the SEC as soon as
practicable thereafter. 
  
 (b) Effective Registration
Statement. A registration requested pursuant to this Section 2 shall not be deemed to have been effected: (i) unless a Registration Statement with respect thereto has become effective (unless a substantial cause of the failure of such
Registration Statement to become effective shall be attributable to one or more Participating Holders) and remained effective in compliance with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement until such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the Holders thereof set forth in such Registration Statement; provided,
however, that such period shall not exceed forty-five (45) days; or (ii) if, after it has become effective, such registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency
or court for any reason not attributable to the Participating Holders and has not thereafter become effective. 
  
 (c) Selection of Underwriters. In the event that the Company is required to file a Registration Statement covering any Registrable Securities of
any Requesting Holders pursuant to Section 2(a) hereof and the proposed public offering is to be an underwritten public offering, the managing underwriter shall be one or more reputable nationally recognized investment banks selected by a
majority in interest of the Requesting Holders and reasonably acceptable to the Company, which consent shall not be unreasonably withheld, delayed or conditioned. 
  

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 (d) Priority for Demand Registration. Notwithstanding any other provision of this Section
2, if the managing underwriter of an underwritten public offering determines and advises the Participating Holders and the Company in writing that the inclusion of all securities proposed to be included by the Company and any other Holders in
the underwritten public offering would adversely interfere with the successful marketing of the Requesting Holders’ Registrable Securities, then the Company and other Holders shall not be permitted to include any securities in excess of the
amount, if any, of securities that the managing underwriter of such underwritten public offering shall reasonably and in good faith agree in writing to include in such public offering in addition to the amount of Registrable Securities to be
registered for the Requesting Holders. The Company will be obligated to include in such Registration Statement, as to each Participating Holder, only a portion of the Registrable Securities such Participating Holder has requested be registered equal
to the ratio that such Participating Holder’s requested Registrable Securities bears to the total number of Registrable Securities requested to be included in such Registration Statement by all Participating Holders. It is acknowledged by the
parties hereto that pursuant to the foregoing provision, the securities to be included in a registration requested by the Requesting Holders pursuant to Section 2 shall be allocated: 
  

	 	(i)	first, to the Participating Holders; 

  

	 	(ii)	second, to the Company; 

  

	 	(iii)	third, to the parties entitled to registration rights under a Registration Rights Agreement, dated April 17, 2003, by and between the Company, the investors whose signatures appear
thereon, and Philadephia Brokerage Corporation (the “2008 Registration Rights Agreement”) (collectively, the “2008 Noteholders”); 

  

	 	(iv)	fourth, to the parties entitled to registration rights under a Registration Rights Agreement, dated as of June 15, 2004, by and between the Company and the investors whose
signatures appear thereon (the “Preferred Registration Rights Agreement”) (collectively, the “Preferred Shareholders”); and 

  

	 	(v)	fifth, to any others requesting registration of securities of the Company. 

  
 (e) Limitations on Demand Registrations. 
  
 (i) The Company may delay making a filing of a Registration Statement or taking action in connection therewith by not more than one hundred and twenty
(120) days if the Company provides a written certificate signed by the President and Chief Executive Officer of the Company to the Holders, prior to the time it would otherwise have been required to file such Registration Statement or take such
action pursuant to this Section 2, stating that the Board has determined in good faith that the filing of such Registration Statement would be seriously detrimental to the Company or would otherwise materially adversely affect a financing,
acquisition, disposition, merger or other material transaction (collectively, a “Valid Business 
  

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 Reason”) and that it is therefore essential to defer the filing of the Registration Statement; provided,
however, that such right to delay a Demand Request shall be exercised by the Company not more than twice in any twelve (12) month period and the Company shall only have the right to delay a Demand Request so long as such Valid Business Reason
exists, and during such time, the Company may not file a Registration Statement for securities to be issued and sold for its own account or for that of anyone other than the Holders. 
  
 (ii) The Company shall only be obligated to effect two (2) Demand Requests pursuant to this Section 2 and the
Holders agree not to make a Demand Request until six (6) months after the effective date of a Registration Statement relating to a Demand Request. 
  
 (iii) The Company shall not be required to comply with a Demand Request unless the aggregate number of shares of Common Stock included in the
registration is at least 25% of the total number of shares initially issued pursuant to the Merger Agreement or reasonably anticipated aggregate gross proceeds to be raised (before any underwriting discounts and commissions) would be equal to or
exceed $2.0 million. 
  
 3. Piggyback Registrations

  
 (a) Right to Include Registrable Securities. From and
after the Registration Rights Commencement Date, each time that the Company proposes for any reason to register any of its Common Stock under the Securities Act, either for its own account or for the account of a stockholder or stockholders
exercising demand registration rights other than Demand Requests pursuant to Section 2 hereof or pursuant to a Registration Statement on Forms S-4 or S-8 (or similar or successor forms) (a “Proposed Registration”), the Company shall
promptly give written notice of such Proposed Registration to all of the Holders (which notice shall be given not less than thirty (30) days prior to the expected effective date of the Company’s Registration Statement) and shall offer such
Holders the right to request inclusion of any of such Holder’s Shares in the Proposed Registration. No registration pursuant to this Section 3 shall relieve the Company of its obligation to register Registrable Securities pursuant to a
Demand Request, as contemplated by Section 2 hereof. The rights to piggyback registration may be exercised on an unlimited number of occasions. 
  
 (b) Piggyback Procedure. Each Holder of Registrable Securities shall have ten (10) days from the date of receipt of the Company’s notice
referred to in Section 3(a) above to deliver to the Company a written request specifying the number of Shares such Holder intends to sell and such Holder’s intended method of disposition. Any Holder shall have the right to withdraw such
Holder’s request for inclusion of such Holder’s Shares in any Registration Statement pursuant to this Section 3 by giving written notice to the Company of such withdrawal; provided, however, that the Company may ignore a
notice of withdrawal made within twenty-four (24) hours of the time the Registration Statement is expected by the Company to become effective. Subject to Sections 3(d) and 3(e) below, the Company shall use commercially reasonable efforts to
include in such Registration Statement all such Shares so requested to be included therein; provided, however, that the Company may at any time withdraw or cease proceeding with any such Proposed Registration if it shall at the same time
withdraw or cease proceeding with the registration of all other shares of Common Stock originally proposed to be registered. In the 
  

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 event that the Proposed Registration by the Company is, in whole or in part, an underwritten public offering of
securities of the Company, any request under this Section 3(b) shall specify that the Shares be included in the underwriting on the same terms and conditions as the shares, if any, otherwise being sold through underwriters under such
registration. 
  
 (c) Selection of Underwriters. The
managing underwriter for any Proposed Registration that involves an underwritten public offering shall be one or more reputable nationally recognized investment banks selected by the Company. 
  
 (d) Priority for Piggyback Registration on Company’s
Registration. Notwithstanding any other provision of this Section 3, if the managing underwriter of an underwritten public offering determines and advises the Company and the Holders in writing that the inclusion of all Shares proposed to
be included by the Holders in the underwritten public offering would adversely interfere with the successful marketing of the Company’s securities, then the Holders shall not be permitted to include any Shares in excess of the amount, if any,
of Shares that the managing underwriter of such underwritten public offering shall reasonably and in good faith agree in writing to include in such public offering in addition to the amount of securities to be registered for the Company. Subject to
the immediately preceding sentence, the Company will be obligated to include in such Registration Statement, as to each Participating Holder, only a portion of the Shares such Participating Holder has requested be registered equal to the ratio that
such Participating Holder’s requested Shares bears to the total number of Shares requested to be included in such Registration Statement by all Participating Holders who have requested that their Shares be included in such Registration
Statement. It is acknowledged by the parties hereto that pursuant to the foregoing provision, the securities to be included in a registration initiated by the Company shall be allocated: 
  

	 	(i)	first, to the Company; 

  

	 	(ii)	second, to the 2008 Noteholders; 

  

	 	(iii)	third, to the Preferred Shareholders; and 

  

	 	(iv)	fourth, pari passu to the Participating Holders and to any others requesting registration of securities of the Company. 

  
 (e) Priority for Piggyback Registration on Others’ Registration.
Notwithstanding any other provision of this Section 3, if the managing underwriter of an underwritten public offering determines and advises the Company and the Holders in writing that the inclusion of all Shares proposed to be included by
the Holders in the underwritten public offering would adversely interfere with the successful marketing of the securities of stockholders, other than the Holders, exercising demand registration rights (the “Demanding Holders”), then
the Holders shall not be permitted to include any Shares in excess of the amount, if any, of Shares that the managing underwriter of such underwritten public offering shall reasonably and in good faith agree in writing to include in such public
offering in addition to the amount of securities to be registered for such Demanding Holders. Subject to the immediately preceding sentence, the Company will be obligated to include in such Registration Statement, as to each Participating Holder,
only a 
  

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 portion of the Shares such Participating Holder has requested be registered equal to the ratio that such Participating
Holder’s requested Shares bears to the total number of Shares requested to be included in such Registration Statement by all Participating Holders who have requested that their Shares be included in such Registration Statement. It is
acknowledged by the parties hereto that pursuant to the foregoing provision, the securities to be included in a registration initiated by Demanding Holders shall be allocated: 
  

	 	(i)	first, to the Demanding Holders; 

  

	 	(ii)	second, to the Company; 

  

	 	(iii)	third, to the 2008 Noteholders; 

  

	 	(iv)	fourth, to the Preferred Shareholders; and 

  

	 	(v)	fifth, pari passu to the Participating Holders and to any others requesting registration of securities of the Company. 

  
 (f) Underwritten Offering. In the event that the Proposed Registration
by the Company is, in whole or in part, an underwritten public offering of securities of the Company, any request under this Section 3 shall specify that the Shares shall be included in the underwriting on the same terms and conditions as the
shares, if any, otherwise being sold through underwriters under such registration. 
  
 (g) Subordination to 2008 Noteholders and Preferred Shareholders. Notwithstanding any other provision of this Section 3, the piggyback registration rights of the Holders under this Agreement are
subordinated in all material respects to the demand registration rights and piggyback registration rights of the 2008 Noteholders under the 2008 Registration Rights Agreement and the Preferred Shareholders under the Preferred Registration Rights
Agreement. 
  
 4. Form S-3 Shelf Registration 

 
 (a) Effective Registration. As soon as practicable after the later
of (i) the date on which the Company is eligible to register securities on Form S-3 (or any successor form) under the Securities Act or (ii) the Registration Rights Commencement Date, the Company shall use commercially reasonable efforts to deliver
for filing a “shelf” registration statement pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission with respect to all of the outstanding Registrable Securities (the “Shelf
Registration”). 
  
 This Agreement shall constitute the
consent of each holder of Registrable Securities to the inclusion of such securities in the Shelf Registration upon its effectiveness (each such consenting holder of Registrable Securities, an “S-3 Holder”), except with respect to
any Registrable Securities the holder of which notifies the Company in writing no later than the Registration Rights Commencement Date that it does not wish its Registrable Securities to be included in the Shelf Registration. The Holders shall not
have demand or piggyback registration 
  

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 rights during the period in which the Shelf Registration is effective or during any period in which the Company has a
Registration Statement on Form S-1 (or any successor form) under the Securities Act declared effective and during the time such Registration Statement remains effective. 
  
 The Company agrees to use its efforts to have the Shelf Registration declared effective as soon as reasonably practicable
after such filing and to keep the Shelf Registration continuously effective for a period expiring on the date of termination of this Agreement; provided, however, that the effectiveness of the Shelf Registration may be terminated earlier to
the extent that none of the Registrable Securities registered therein are outstanding (but not prior to the expiration of the 90-day period referred to in Section 4(3) of the Securities Act or Rule 174 thereunder, if applicable) or are then
Registrable Securities. 
  
 The Company further agrees, if
necessary, to supplement or amend the Shelf Registration, as required by the registration form utilized by the Company or by the instructions applicable to such registration form or by the Securities Act or the rules and regulations thereunder or as
reasonably requested (which request shall result in the filing of a supplement or amendment subject to approval thereof by the Company, which approval shall not be unreasonably withheld) by any seller or any managing underwriter of Registrable
Securities to which the Shelf Registration relates, including without limitation, such supplements and amendments necessary to permit underwritten sales under the Shelf Registration, and the Company agrees to furnish to the Holders of Registrable
Securities (and any managing underwriter) copies, in substantially the form proposed to be used and/or filed, of any such supplement or amendment prior to its being used and/or filed with the Commission. The Company shall amend or supplement the
Shelf Registration no less frequently than every thirty (30) days to update the list of selling Holders of Registrable Securities pursuant to written requests by such Holders. The Shelf Registration may include securities other than Registrable
Securities. 
  
 (b) Selection of Underwriters and Counsel.
Subject to the rights of the 2008 Noteholders under the 2008 Registration Rights Agreement and the Preferred Shareholders under the Preferred Registration Rights Agreement, if any offering pursuant to the Shelf Registration involves an underwritten
offering, any Holder or Holders of an aggregate of at least fifty percent (50%) of Shares then outstanding shall have the right to select the investment banker or bankers and manager or managers to administer the offering and one counsel to the
sellers of Registrable Securities in such offering, which investment bankers and managers shall be reasonably satisfactory to the Company. The Holders of the Registrable Securities to be registered shall pay all underwriting discounts and
commissions or placement or other fees or expenses of such investment banker or bankers, manager or managers and counsel. 
  
 5. Blackout Periods 
  
 (a) Following a Demand Request or the filing of the Shelf Registration, upon written notice from the Company to the Participating Holders or S-3 Holders,
as the case may be, that the Company determines in the good faith judgment of the Board of Directors of the Company, based on the advice of counsel, that the filing of any Registration Statement or the sale of 
  

 8 

 Registrable Securities pursuant to the Registration Statement would require disclosure of material non-public
information, the disclosure of which would have a material adverse effect on the Company, the Company may, (x) if the Registration Statement has not yet been filed, delay such filing, (y) if the Registration Statement has been filed but has not yet
become effective, cease taking steps to cause the Registration Statement to become effective, and (z) if the Registration Statement has already become effective, immediately suspend the Participating Holders’ or S-3 Holders’ sale of
Registrable Securities pursuant to such Registration Statement until the earlier of: 
  
 (i) the date upon which such material information is disclosed to the public or ceases to be material; and 
  
 (ii) such time as the Company notifies the selling Holders that the Company will no longer delay such filing of the Registration Statement, recommence
taking steps to make such Registration Statement effective or allow sales pursuant to such Registration Statement to resume. 
  
 (The period during which the Company delays the filing of the Registration Statement, ceases taking steps to cause the Registration Statement to become effective or
suspends sales of Registrable Securities is hereinafter called a “Blackout Period”.) 
  
 (b) Any delivery by the Company of notice of a Blackout Period prior to the end of the forty-five (45) day period immediately following effectiveness of
any Registration Statement effected pursuant to Section 2 hereof shall give a majority of Participating Holders the right, by written notice to the Company within five (5) days after the commencement of such Blackout Period, to cancel such
registration and such registration shall not count toward the Demand Registration limit in Section 2(e). The Company shall use its reasonable efforts to provide such notice a reasonable number of days prior to the commencement of such a
Blackout Period; provided, however, that in any event the Company shall provide such notice no later than the commencement of such Blackout Period. 
  
 (c) Notwithstanding contrary provisions in this Section 5, the Company shall limit its use of Blackout Periods, in their aggregate, to one hundred
twenty (120) days in any twelve (12) month period. 
  
 (d) The
Company shall not be required to keep the Shelf Registration effective, or may without suspending such effectiveness, instruct the Holders of Registrable Securities included in the Shelf Registration not to sell such securities, during any period
during which the Company is instructed, directed, ordered or otherwise requested by any governmental agency or self-regulatory organization to stop or suspend such trading or sales (a “Supplemental Blackout Period”). 
  
 6. Holdback Agreements 
  
 (a) Restrictions on Public Sale by Holders. If requested by the lead
managing underwriter, each Holder of Registrable Securities agrees not to effect any public sale or 
  

 9 

 distribution of any Registrable Securities being registered, including a sale pursuant to Rule 144 under the Securities
Act, during a period of not more than ninety (90) days after any other firm underwriting public offering of securities of the Company, commencing on the effective date of the Registration Statement (the “Lock-Up Period”), unless expressly
authorized to do so by the lead managing underwriter. Any such lock-up agreements signed by the Holders shall contain reasonable and customary exceptions, including, without limitation, the right of a Holder to make transfers to certain Affiliates
and transfers related to securities of the Company owned by Holders as a result of open market purchases. The Company may impose stop-transfer instructions with respect to securities of the Company subject to the foregoing restrictions until the end
of the relevant period. 
  
 (b) Restrictions on Public Sale by
the Company. The Company agrees not to effect any public sale or distribution of any common stock of the Company for its own account (except pursuant to registrations on Form S-4 or S-8 or any similar or successor form) during the Lock-Up
Period, to the extent reasonably requested by the managing underwriter (except for securities being sold by the Company for its own account under such Registration Statement); provided, however, that the foregoing restriction shall not apply
for more than one Lock-Up Period during any twelve month period. 
  
 (c) Specific Lock-Up Agreement. The parties hereto acknowledge and agree that the rights of David W. Hayes, Kevin E. Saffer, and Steven L. Wise as Shareholders hereunder are subject to and limited by the restrictions imposed pursuant
to Section 2.7(c) of the Merger Agreement. 
  
 7. Registration
Procedures 
  
 (a) Obligations of the Company.
Whenever registration of Registrable Securities is required pursuant to this Agreement, the Company shall use commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method
of distribution thereof as promptly as possible, and in connection with any such request, the Company shall, as expeditiously as possible: 
  
 (i) Preparation of Registration Statement; Effectiveness. Prepare and file with the SEC (in any event not later than ninety (90) days after
receipt of a Demand Request to file a Registration Statement with respect to Registrable Securities, or such longer period as the Company shall in good faith require to produce the financial statements required in connection with such registration),
a Registration Statement on any form on which the Company then qualifies, which counsel for the Company shall deem appropriate and pursuant to which such offering may be made in accordance with the intended method of distribution thereof (except
that the Registration Statement shall contain such information as may reasonably be requested for marketing or other purposes by the managing underwriter), and use commercially reasonable efforts to cause any registration required hereunder to
become effective as soon as practicable after the initial filing thereof and remain effective for a period of not less than forty-five (45) days (or such shorter period in which all Registrable Securities have been sold in accordance with the
methods of distribution set forth in the Registration Statement); provided, however, that, in the case of any registration of Registrable Securities on Form S-3 that is 
  

 10 

 intended to be offered on a continuous or delayed basis, such forty-five (45) day period shall be extended, if necessary,
to keep the Registration Statement effective until all such Registrable Securities are sold, provided, however, that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis; 

 
 (ii) Participation in Preparation. Provide any Participating
Holder, any underwriter participating in any disposition pursuant to a Registration Statement, and any attorney, accountant or other agent retained by any Participating Holder or underwriter (each, an “Inspector” and, collectively,
the “Inspectors”), the opportunity to participate in the preparation of such Registration Statement, each prospectus included therein or filed with the SEC and each amendment or supplement thereto; 
  
 (iii) Due Diligence. For a reasonable period prior to the filing of
any Registration Statement pursuant to this Agreement, make available for inspection and copying by the Inspectors such financial and other information and books and records, pertinent corporate documents and properties of the Company and its
subsidiaries and cause the officers, directors, employees, counsel and independent certified public accountants of the Company and its subsidiaries to respond to such inquiries and to supply all information reasonably requested by any such Inspector
in connection with such Registration Statement, as shall be reasonably necessary, in the judgment of the respective counsel referred to in Section 6(a)(ii), to conduct a reasonable investigation within the meaning of the Securities Act;
provided, however, that if requested by the Company, each Inspector shall enter into a confidentiality agreement with the Company prior to participating in the preparation of the Registration Statement or the Company’s release or
disclosure of confidential information to such Inspector; 
  
 (iv) General Notifications. Promptly notify in writing the Participating Holders, the sales or placement agent, if any, therefor and the managing underwriter of the securities being sold, (A) when such Registration Statement or the
prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration Statement or any post-effective amendment, when the same has become effective, (B) when the
SEC notifies the Company whether there will be a “review” of such Registration Statement and (C) of any comments (oral or written) by the SEC and by the blue sky or securities commissioner or regulator of any state with respect thereto or
(D) of any request by the SEC for any amendments or supplements to such Registration Statement or the prospectus or for additional information; 
  
 (v) 10b-5 Notification. Promptly notify in writing the Participating Holders, the sales or placement agent, if any, therefor and the managing
underwriter of the securities being sold pursuant to any Registration Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act upon discovery that, or upon the happening of any event as a result
of which, any prospectus included in such Registration Statement (or amendment or supplement thereto) contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances under which they were made, and the Company shall as soon as possible prepare a supplement or amendment to such prospectus and file it with the SEC so that after delivery of such
prospectus, as so amended or supplemented, to the purchasers of such 
  

 11 

 Registrable Securities, such prospectus, as so amended or supplemented, shall not contain an untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made; 
  
 (vi) Notification of Stop Orders; Suspensions of Qualifications and
Exemptions. Promptly notify in writing the Participating Holders, the sales or placement agent, if any, therefor and the managing underwriter of the securities being sold of the issuance by the SEC of (A) any stop order issued or threatened to
be issued by the SEC or (B) any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose and the Company agrees to use commercially reasonable efforts to (x) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of any such stop order and (y) obtain the withdrawal of any
order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date; 
  
 (vii) Amendments and Supplements; Acceleration. Prepare and file with
the SEC such amendments, including post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective for the applicable time period required hereunder and if applicable, file any
Registration Statements pursuant to Rule 462(b) under the Securities Act; cause the related prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then
in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with
the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or in such prospectus as so supplemented. If a majority in interest of the Participating Holders so request, to request acceleration of
effectiveness of the Registration Statement from the SEC and any post-effective amendments thereto, if any are filed; provided, however, that at the time of such request, the Company does not in good faith believe that it is necessary to
amend further the Registration Statement in order to comply with the provisions of this subparagraph. If the Company wishes to further amend the Registration Statement prior to requesting acceleration, it shall so amend as soon as possible prior to
requesting acceleration; 
  
 (viii) Copies. Furnish as
promptly as practicable to each Participating Holder and Inspector prior to filing a Registration Statement or any supplement or amendment thereto, copies of such Registration Statement, supplement or amendment as it is proposed to be filed, and
after such filing such number of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits thereto), the prospectus included in such Registration Statement (including each preliminary
prospectus) and such other documents as each such Participating Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Participating Holder; 
  

 12 

 (ix) Blue Sky. Use commercially reasonable efforts to, prior to any public offering of the
Registrable Securities, register or qualify (or seek an exemption from registration or qualification) such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any Participating Holder or underwriter may
reasonably request, and to continue such qualification in effect in each such jurisdiction for as long as is permissible pursuant to the laws of such jurisdiction, or for as long as a Participating Holder or underwriter reasonably requests or until
all of such Registrable Securities are sold, whichever is shortest, and do any and all other acts and things that may be reasonably necessary or advisable to enable any Participating Holder to consummate the disposition in such jurisdictions of the
Registrable Securities; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent of process in any such states or jurisdictions or
subject itself to material taxation in any such state or jurisdiction, but for this subparagraph; 
  
 (x) Other Approvals. Use commercially reasonable efforts to obtain all other approvals, consents, exemptions or authorizations from such
governmental agencies or authorities as may be reasonably necessary to enable the Participating Holders and underwriters to consummate the disposition of Registrable Securities; 
  
 (xi) Agreements. Enter into customary agreements (including any underwriting agreements in customary form), and take
such other actions as may be reasonably required in order to expedite or facilitate the disposition of Registrable Securities; 
  
 (xii) ”Cold Comfort” Letter. Obtain a “cold comfort” letter from the Company’s independent public accountants in
customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing underwriter may reasonably request; 
  

(xiii) Legal Opinion. Furnish, at the request of any underwriter of Registrable Securities on the date such securities are delivered to the
underwriters for sale pursuant to such registration, an opinion, dated such date, of counsel representing the Company for the purposes of such registration, addressed to the Holders, and the placement agent or sales agent, if any, thereof and the
underwriters, if any, thereof, covering such legal matters with respect to the registration in respect of which such opinion is being given as such underwriter may reasonably request and as are customarily included in such opinions; 
  
 (xiv) SEC Compliance. Use commercially reasonable efforts to comply
with all applicable rules and regulations of the SEC; 
  
 (xv)
Certificates, Closing. Provide officer’s certificates and other customary closing documents; 
  
 (xvi) NASD. Cooperate with each Participating Holder and each underwriter participating in the disposition of such Registrable Securities and
underwriters’ counsel in connection with any filings required to be made with the NASD; and 
  

 13 

 (xvii) Transfer Agent, Registrar and CUSIP. Provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereto and a CUSIP number for all such Registrable Securities, in each case, no later than the effective date of such registration. 
  
 (b) Seller Information. The Company may require each Participating Holder as to which any registration of such
Holder’s Registrable Securities is being effected to furnish to the Company such information regarding such Participating Holder and such Participating Holder’s method of distribution of such Registrable Securities as the Company may from
time to time reasonably request. If a Participating Holder refuses to provide the Company with any of such information on the grounds that it is not necessary to include such information in the Registration Statement, the Company may exclude such
Participating Holder’s Registrable Securities from the Registration Statement if the Company provides such Participating Holder with an opinion of counsel to the effect that such information must be included in the Registration Statement and
such Participating Holder continues thereafter to withhold such information. The exclusion of a Participating Holder’s Registrable Securities shall not affect the registration of the other Registrable Securities to be included in the
Registration Statement. 
  
 (c) Notice to Discontinue. Each
Participating Holder whose Registrable Securities are covered by a Registration Statement filed pursuant to this Agreement agrees that, upon receipt of written notice from the Company of the happening of any event of the kind described in Section
6(a)(v), such Participating Holder shall forthwith discontinue the disposition of Registrable Securities until such Participating Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section
6(a)(v) or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings that are incorporated by reference into the prospectus, and, if so directed
by the Company in the case of an event described in Section 6(a)(v), such Participating Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Participating Holder’s
possession, of the prospectus covering such Registrable Securities that is current at the time of receipt of such notice. If the Company shall give any such notice, the Company shall extend the period during which such Registration Statement is to
be maintained effective by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(a)(v) to and including the date when the Participating Holder shall have received the copies of the
supplemented or amended prospectus contemplated by, and meeting the requirements of, Section 6(a)(v). 
  
 (d) Registration Expenses. Except as otherwise provided herein, all Registration Expenses shall be borne by the Company; provided, however,
that the Company shall not be required to pay for any Registration Expenses of any registration proceeding commenced as a result of a Demand Request that is subsequently withdrawn or canceled by at least a majority of the Participating Holders, in
which case the Participating Holders shall bear such Registration Expenses pro rata on the basis of the number of shares proposed to be registered. All Selling Expenses relating to Registrable Securities registered shall be borne by the
Participating Holders of such Registrable Securities pro rata on the basis of the number of shares so registered. 
  

 14 

 8. Indemnification 
  
 (a) Indemnification by the Company. The Company agrees, notwithstanding termination of this Agreement, to indemnify
and hold harmless to the fullest extent permitted by law, each Holder, each of its directors and officers (if any), and each Person who controls (within the meaning of the Securities Act or the Exchange Act) any Holder, and each underwriter and each
Person who controls (within the meaning of the Securities Act or the Exchange Act) any underwriter (collectively, “Holder Indemnified Parties”) from and against any and all losses, claims, damages, expenses (including, without
limitation, reasonable costs of investigation and fees, disbursements and other charges of counsel and any amounts paid in settlement effected with the Company’s consent, which consent shall not be unreasonably withheld or delayed) or other
liabilities (collectively, “Losses”) to which any such Holder Indemnified Party may become subject under the Securities Act, Exchange Act, any other federal law, any state or common law or any rule or regulation promulgated
thereunder or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) are resulting from or arising out of or based upon any untrue, or alleged untrue, statement of a material fact contained
in any Registration Statement, prospectus or preliminary prospectus (as amended or supplemented) or any document incorporated by reference in any of the foregoing or resulting from or arising out of or based upon any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made), not misleading. The Company will promptly reimburse each
such Holder Indemnified Party for any legal and any other Losses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability, action or investigation or proceeding (collectively, a
“Claim”); provided, however, that the Company shall not be liable to any Holder Indemnified Party for any Losses that arise out of or are based upon (x) written information provided by a Holder Indemnified Party expressly for
use in the Registration Statement or (y) sales of Registrable Securities by a Holder Indemnified Party to a Person to whom there was not sent or given, at or before the written confirmation of such sale, a copy of the prospectus (excluding documents
incorporated by reference) or the prospectus as then amended or supplemented (excluding documents incorporated by reference) if the Company has previously furnished in a timely manner a reasonable number of copies thereof to such Holder Indemnified
Party in compliance with this Agreement and the Losses of such Holder Indemnified Party results from an untrue statement or omission of a material fact contained in such preliminary prospectus that was corrected in the prospectus (or the prospectus
as then amended or supplemented). Such indemnity obligation shall remain in full force and effect regardless of any investigation made by or on behalf of the Holder Indemnified Parties and shall survive the transfer of Registrable Securities by such
Holder Indemnified Parties. 
  
 (b) Indemnification by
Holders. In connection with any proposed registration in which a Holder is participating pursuant to this Agreement, each such Holder shall furnish to the Company in writing such information with respect to such Holder as the Company may
reasonably request or as may be required by law for use in connection with any Registration Statement or prospectus or preliminary prospectus to be used in connection with such registration and each Holder agrees, severally and not jointly, to
indemnify and hold harmless the Company, any underwriter and their respective directors, officers, partners, employees, advisors and agents, their respective Affiliates and each Person who controls (within the meaning of the 
  

 15 

 Securities Act or the Exchange Act) any of such Persons (collectively, the “Company Indemnified
Parties”) to the same extent as the foregoing indemnity from the Company to the Holders as set forth in Section 8(a) (subject to the exceptions set forth in the foregoing indemnity, the proviso to this sentence and applicable law),
but only with respect to any such information furnished in writing by such Holder expressly for use therein; provided, however, that the liability of any Holder under this Section 8(b) shall be limited to the amount of the gross
proceeds received by such Holder in the offering giving rise to such liability. Such indemnity obligation shall remain in full force and effect regardless of any investigation made by or on behalf of the Company Indemnified Parties and shall survive
the transfer of Registrable Securities by such Holder. 
  
 (c)
Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified Party”) agrees to give prompt written notice to the indemnifying party (the “Indemnifying Party”)
after the receipt by the Indemnified Party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which the Indemnified Party intends to claim indemnification or contribution
pursuant to this Agreement; provided, however, that, the failure so to notify the Indemnifying Party shall not relieve the Indemnifying Party of any liability that it may have to the Indemnified Party hereunder unless and to the extent such
Indemnifying Party is materially prejudiced by such failure. If notice of commencement of any such action is given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may
wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such action at its own expense, with counsel chosen by it and reasonably consented to by such Indemnified Party, which such consent shall not be
unreasonably withheld or delayed. The Indemnified Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be paid by the Indemnified Party
unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action, or (iii) the named parties to any such action (including, but not limited to, any impleaded parties) provide a legal
opinion stating that the representation of such Indemnified Party and the Indemnifying Party by the same counsel would be inappropriate under applicable standards of professional conduct. In the case of clause (ii) above and (iii) above, the
Indemnifying Party shall not have the right to assume the defense of such action on behalf of such Indemnified Party. No Indemnifying Party shall be liable for any settlement entered into without its written consent, which consent shall not be
unreasonably withheld or delayed. No Indemnifying Party shall, without the written consent of the Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or
claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an
unconditional release of the Indemnified Party from all liability arising out of such action or claim and (B) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any Indemnified Party.
The rights afforded to any Indemnified Party hereunder shall be in addition to any rights that such Indemnified Party may have at common law, by separate agreement or otherwise. 
  

 16 

 (d) Contribution. If the indemnification provided for in this Section 8 from the
Indemnifying Party is unavailable or insufficient to hold harmless an Indemnified Party in respect of any Losses referred to herein, then the Indemnifying Party, in lieu of indemnifying the Indemnified Party, shall contribute to the amount paid or
payable by the Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party, as well as any other relevant equitable considerations. The relative
faults of the Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the Indemnifying Party’s and Indemnified Party’s relative intent, knowledge, access to information and opportunity
to correct or prevent such action; provided, however, that the liability of any Holder under this Section 8(d) shall be limited to the amount of the gross proceeds received by such Holder in the offering giving rise to such liability.
The amount paid or payable by a party as a result of the Losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 8(a), 8(b) and 8(c), any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
  
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata
allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this Section 8(d). 
  
 9. Rule 144; Other Exemptions. 
  
 With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and other rules and regulations of the SEC that may at any time permit a Holder to sell securities of the Company to the public
without registration, the Company covenants that it shall (i) at all times, file in a timely manner all reports and other documents required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the
SEC thereunder and (ii) take such further action as each Holder may reasonably request (including, but not limited to, providing any information necessary to comply with Rule 144, if available with respect to resales of the Registrable Securities
under the Securities Act), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (x) Rule 144 (if available
with respect to resales of the Registrable Securities) under the Securities Act, as such rules may be amended from time to time or (y) any other rules or regulations now existing or hereafter adopted by the SEC. 
  
 Once a Registration Statement has been declared effective, or the Registrable
Securities are eligible for resale pursuant to Rule 144(k) under the Securities Act, thereafter (A) upon request of the Holder, the Company will substitute certificates without restrictive legend for certificates for Registrable Securities issued
prior to the date of the effectiveness or prior to the time of such eligibility, as the case may be, which bear such restrictive legend and remove any 
  

 17 

 stop transfer restriction relating thereto promptly, and (B) the Company shall not place any restrictive legend on
certificates for the Registrable Securities subsequently issued or impose any stop transfer restriction thereon. Further, the Company will cooperate to assure the prompt sale of Registrable Securities that are eligible for sale under Rule 144.

  
 10. Certain Limitations On Registration Rights.

  
 No Holder may participate in any Registration Statement
hereunder unless such Holder completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other documents reasonably required under the terms of such underwriting arrangements and agrees to sell such
Holder’s Registrable Securities on the basis provided in any underwriting agreement approved by the Holder or Holders entitled hereunder to approve such arrangements. 
  
 11. Transfer of Registration Rights. 
  
 The rights of a Holder hereunder may be transferred or assigned in connection with a transfer of Registrable Securities to
(i) any Affiliate of a Holder, (ii) any subsidiary, parent, partner, retired partner, limited partner, shareholder or member of a Holder or (iii) any family member or trust for the benefit of any Holder. Notwithstanding the foregoing, such rights
may only be transferred or assigned provided that all of the following additional conditions are satisfied: (a) such transfer or assignment is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing
to become subject to the terms of this Agreement; and (c) the Company is given written notice by such Holder of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the Registrable Securities with
respect to which such rights are being transferred or assigned. 
  
 12. Termination of Registration Rights. 
  
 The
rights contained in Sections 2, 3, 4 and 11 hereof shall terminate, with respect to a Holder, when, in the opinion of the Company’s counsel, all such Registrable Securities proposed to be sold by a Holder may be sold in a three
(3) month period without registration under the Securities Act pursuant to Rule 144, and such Registrable Securities represent less than one percent (1%) of all outstanding shares of the Company’s capital stock. 
  
 13. Miscellaneous. 
  
 (a) Remedies. In the event of a breach by the Company of any of its
obligations under this Agreement, each Holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement.
The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by them of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a
remedy at law would be adequate. 
  

 18 

 (b) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement
may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in interest of Registrable
Securities affected by such amendment, modification, supplement, waiver or departure. 
  
 (c) Notices. All notices and other communications provided for or permitted hereunder shall be in writing and made by hand-delivery or Express Mail: 
  
 (i) If to a holder of Registrable Securities, at the most current address,
and with a copy to be sent to each additional address given by such holder to the Company; 
  
 (ii) if to the Company, at: 
  
 QuadraMed Corporation 
 12110 Sunset Hills Road 
 Reston, Virginia 20190 
 Attn: Corporate Counsel 
  
 With a copy to: 
 Miles & Stockbridge, PC 
 1751 Pinnacle
Drive, Suite 500 
 McLean, VA 22102 
 Attn: Morris F. DeFeo, Jr. 
  
 All such notices and communications shall
be deemed to have been duly given when delivered by hand, if personally delivered, or two business days after being deposited in the mail, postage prepaid, if mailed. Any party to this Agreement may send any notice or other communication to the
intended recipient at the address set forth above using any other means (including expedited courier, messenger service, telecopy, telex, ordinary mail or electronic mail), but no such notice, request, demand, claim or other communication will be
deemed to have been duly given unless and until it actually is received by the intended recipient. Any party may change the address to which notices and other communications are to be delivered by giving the other parties notice in the manner set
forth in this Agreement. 
  
 (d) Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including, without limitation and without the need for an express assignment, subsequent holders of Registrable Securities.

  
 (e) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (f) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of law. 
  

 19 

 (g) 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 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 both the Company and the Holders of Registrable Securities shall be enforceable to the fullest extent permitted by law. 
  
 (h) Entire Agreement. This Agreement is intended by the parties as a
final expression of their agreement and intended 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 therein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement (including the exhibits thereto) supersedes all prior agreements and understandings between the parties with respect to such subject matter.

  
 (i) Attorneys’ Fees. In any action or proceeding
brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees in addition to its costs and expenses and any other
available remedy. 
  
 (j) Third Party Beneficiaries. This
Agreement is entered into for the express benefit of the Holders of Registrable Securities. Accordingly, this Agreement may be enforced by and against Holders of Registrable Securities in the same manner and to the same extent as if such Holders had
executed this Agreement. 
  
 (k) Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be original, and all of which together shall constitute one instrument. 
  
 [Signature Page Follows] 
  

 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 QUADRAMED:

	
	 QuadraMed Corporation

		
	 By:
	 	  

	 	 	John C. Wright
	 	 	Executive Vice President
	
	 SHAREHOLDERS:

	
	

	 Jeffrey W. Berry

	
	

	 Leslie V. Berry

	
	

	 J. Brooks Brown

	
	

	 Alan Harris

	
	

	 David W. Hayes

	
	

	 Larry Movsovitz

  

 21 

			
	

	Kevin E. Saffer
	
	

	 Steven L. Wise

	
	 SPACELABS MEDICAL, INC.

		
	 By:
	 	  

	Name:	 	 
	Title:	 	 

  

 22

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