Document:

Exhibit 10.3(a)

 

VARIETAL DISTRIBUTION HOLDINGS, LLC

 

2007 SECURITIES PURCHASE PLAN

 

1.             Purpose
of Plan.  This 2007 Securities
Purchase Plan (the “Plan”) of Varietal Distribution Holdings, LLC, a
Delaware limited liability company (the “Company”), adopted by the Board
of Managers of the Company on June 29,  2007,
for employees, managers, consultants and advisers of the Company and its
Subsidiaries, is intended to advance the best interests of the Company and its
Subsidiaries by providing those persons who have a substantial responsibility
for their management and growth with additional incentives by allowing such
persons to acquire an equity interest in the Company and thereby encouraging
them to contribute to the success of the Company and its Subsidiaries and, in
the case of employees, to remain in their employ. The availability and offering
of Common Units and Preferred Units under the Plan also is intended to increase
the Company’s and its Subsidiaries’ ability to attract and retain individuals
of exceptional managerial talent upon whom, in large measure, the sustained
progress, growth, and profitability of the Company and its Subsidiaries depends.
The Plan is intended to be a compensatory benefit plan within the meaning of
Rule 701 of the Securities Act and, unless and until the Common Units and
Preferred Units are publicly traded, the issuance of Common Units and Preferred
Units pursuant to the Plan is intended to qualify for the exemption from
registration under the Securities Act provided by Rule 701; provided
that the foregoing shall not require the Company to rely on Rule 701 for any
issuance pursuant to this Plan to the extent that another exemption from
registration under the Securities Act is available for such issuance.

 

2.             Definitions.
 Capitalized terms used but not otherwise
defined herein shall have the meanings set forth below:

 

“Affiliate”
of any particular Person means any other Person controlling, controlled by, or
under common control with such particular Person, where “control” means the possession,
directly or indirectly, of the power to direct the management and policies of a
Person whether through the ownership of voting securities, by contract, or
otherwise.

 

“Board”
means the Board of Managers of the Company or any successor governing body
thereto.

 

“Common
Units” means “Class A Common Units”, as such term is defined in the Limited
Liability Company Agreement.

 

“Committee”
means the committee of the Board which may be designated by the Board to
administer the Plan. The Committee shall be composed of two or more managers as
appointed from time to time to serve by the Board.

 

“Limited
Liability Company Agreement” means “LLC Agreement” means the Limited
Liability Company Agreement of the Company, dated on or about the date hereof
among the parties from time to time party thereto, as amended from time to time
pursuant to its terms.

 

1

 

“Participants”
means present and future employees, managers, consultants or advisers of the
Company or its Subsidiaries, as such persons may be selected in the sole
discretion of the Committee.

 

“Person”
means an individual, a partnership, a limited liability company, a corporation,
an association, a joint stock company, a trust, a joint venture, an
unincorporated organization, an investment fund, any other business entity and
a governmental entity or any department, agency or political subdivision
thereof.

 

“Preferred
Units” means the “Class A Preferred Units”, as such term is defined in the
Limited Liability Company Agreement.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company,
partnership, association, or business entity of which (i) if a
corporation, a majority of the total voting power of shares of stock entitled
(without regard to the occurrence of any contingency) to vote in the election
of directors, managers, or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof, or (ii) if a limited liability
company, partnership, association, or other business entity (other than a
corporation), a majority of  partnership
or other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more Subsidiaries of that
Person or a combination thereof. For purposes hereof, a Person or Persons shall
be deemed to have a majority ownership interest in a limited liability company,
partnership, association, or other business entity (other than a corporation)
if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association, or other business entity gains or losses or
shall be or control any managing director or general partner of such limited
liability company, partnership, association, or other business entity..

 

“Securityholders
Agreement” means the Securityholders Agreement, dated on or about the date
of the adoption of this Plan, among the Company and holders of the Units signatories
thereto, as the same may be amended, supplemented or otherwise modified from
time to time.

 

“Units” has the meaning given to such
term in the Limited Liability Company Agreement.

 

3.             Grant
or Sale of Units.  The Committee
shall have the power and authority to grant without consideration or to sell to
any Participant any Units at any time prior to the termination of this Plan in
such quantity, at such price, on such terms and subject to such conditions that
are consistent with this Plan and established by the Committee. Units granted
or sold under this Plan shall be subject to such terms and evidenced by
agreements as shall be determined from time to time by the Committee (each a “Management
Unit Purchase Agreement”). Participants receiving grants or purchasing
Units pursuant to this Plan shall be required, as a condition to such grant or
purchase, to become a party to the Limited Liability Company Agreement, the
Securityholders Agreement and any other agreement or arrangement determined by
the Committee.

 

2

 

4.             Administration
of the Plan.  The Plan shall be
administered by the Committee; provided that if for any reason the
Committee shall not have been appointed by the Board, all authority and duties of
the Committee under the Plan shall be vested in and exercised by the Board. Subject
to the limitations of this Plan, the Committee shall have the sole and complete
authority to: (i) select Participants, (ii) grant or sell Units to Participants
on such terms and in such amounts as it shall determine, (iii) impose such
limitations, restrictions and conditions upon such Units as it shall deem
appropriate, (iv) interpret this Plan and, as applied to Participants and their
permitted transferees, the LLC Agreement, the Securityholders Agreement and the
Management Unit Purchase Agreement 
(collectively with the Plan, the “Equity Agreements”) and adopt,
amend and rescind administrative guidelines and other rules and regulations
relating to the Equity Agreements as applied to Participants and their
permitted transferees, (v) correct any defect or omission or reconcile any
inconsistency in the Equity Agreements as applied to Participants and their
permitted transferees and (vi) make all other determinations and take all other
actions necessary or advisable for the implementation and administration of the
Equity Agreements as applied to Participants and their permitted transferees. Each
action of the Committee or the Board shall be binding on all Participants.

 

5.             Taxes.
 The Company shall be entitled, if
necessary or desirable, to withhold (or secure payment from any Participant in
lieu of withholding) the amount of any withholding or other tax due from the
Company with respect to any amount payable and/or Units issuable under this
Plan, and the Company may defer such payment or issuance unless indemnified to
its satisfaction.

 

6.             Rights
of Participants.  Nothing in this
Plan or in any Equity Agreement shall interfere with or limit in any way the
right of the Company or any Subsidiary to terminate any Participant’s
employment at any time (with or without cause), nor confer upon any Participant
any right to continue in the employ of the Company or any Subsidiaries or
Affiliates for any period of time or to continue his or her present (or any
other) rate of compensation. No person shall have a right to be selected as a
Participant or, having been so selected, to be selected again as a Participant.

 

7.             Certain
Adjustments.  The number of Units
issued under the Plan to each Participant shall be proportionately adjusted in
the case of a Unit split, reverse Unit split, Unit dividend, recapitalization,
combination, reclassification or other distribution in respect of the Units
without the receipt of consideration by the Company.

 

8.             Amendment,
Suspension, and Termination of Plan.  The Board or the Committee may suspend or
terminate the Plan or any portion thereof at any time and may amend it from
time to time in such respects as the Board or the Committee may deem advisable;
provided that no such amendment shall be made without the approval of
the Board to the extent such approval is required by law, agreement or the
rules of any exchange upon which the Units are listed, and no such amendment,
suspension, or termination shall impair the rights of Participants under
outstanding Management Unit Purchase Agreements without the consent of the
Participants affected thereby, except to the extent provided for in any such
Management Unit Purchase Agreement. The Plan shall terminate on the tenth
anniversary of the date the Plan has been adopted by the Board and no Units
shall be issued hereunder after such date.

 

3

 

9.             Indemnification.
 In addition to such other rights of
indemnification as they may have as members of the Board or the Committee, the
members of the Board and the Committee shall be indemnified by the Company
against all costs and expenses reasonably incurred by them in connection with
any action, suit, or proceeding to which they or any of them may be party by
reason of any action taken or failure to act under or in connection with the
Plan or any Units issued hereunder, and against all amounts paid by them in
settlement thereof (provided such settlement is approved by independent legal
counsel selected by the Company) or paid by them in satisfaction of a judgment
in any such action, suit or proceeding; provided that any such Board or
Committee member shall be entitled to the indemnification rights set forth in
this Section 9 only if such Board or Committee member has acted in good
faith and in a manner that such Board or Committee member reasonably believed
to be in, or not opposed to, the best interests of the Company and, with
respect to any criminal action or proceeding, had no reasonable cause to
believe that such conduct was unlawful, and further provided that upon the
institution of any such action, suit, or proceeding a Board or Committee member
shall give the Company written notice thereof and an opportunity, at the
Company’s own expense, to handle and defend the same before such Board or
Committee member undertakes to handle and defend such action, suit or
proceeding on his own behalf.

 

10.           Shareholder
Approval.  The Plan shall be duly
approved by a majority of the outstanding Class A Common Units of the Company
entitled to vote within 12 months after the Plan has been adopted by the Board.

 

Adopted by the Board of
Managers of the Company, on  June 29,
2007.

 

*   *   *  
*   *

 

4Exhibit 10.3(b)

 

Execution Copy

 

 

 

 

VARIETAL DISTRIBUTION HOLDINGS, LLC

 

 

LIMITED LIABILITY COMPANY AGREEMENT

 

Dated as of June 29, 2007

 

THE COMPANY INTERESTS REPRESENTED BY THIS LIMITED
LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED OR UNDER ANY OTHER APPLICABLE SECURITIES
LAWS. SUCH INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED
OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR
EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON
TRANSFERABILITY SET FORTH HEREIN.

 

THE COMPANY INTERESTS REPRESENTED BY THIS LIMITED
LIABILITY COMPANY AGREEMENT ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON
TRANSFER SPECIFIED IN THE SECURITYHOLDERS AGREEMENT, DATED ON OR ABOUT THE DATE
SET FORTH ABOVE, AS AMENDED OR MODIFIED FROM TIME TO TIME, AMONG THE ISSUER
(THE “COMPANY”) AND CERTAIN INVESTORS, AND THE COMPANY RESERVES THE RIGHT TO
REFUSE THE TRANSFER OF SUCH INTERESTS UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED
WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY
THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I CERTAIN DEFINITIONS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II ORGANIZATIONAL MATTERS

  	
   

  	
  8

  
	
  Section
  2.1

  	
   

  	
  Formation

  	
   

  	
  8

  
	
  Section
  2.2

  	
   

  	
  The
  Certificate

  	
   

  	
  8

  
	
  Section
  2.3

  	
   

  	
  Name

  	
   

  	
  8

  
	
  Section
  2.4

  	
   

  	
  Purpose
  and Powers

  	
   

  	
  8

  
	
  Section
  2.5

  	
   

  	
  Merger

  	
   

  	
  8

  
	
  Section
  2.6

  	
   

  	
  Foreign
  Qualification

  	
   

  	
  9

  
	
  Section
  2.7

  	
   

  	
  Principal
  Office; Registered Office

  	
   

  	
  9

  
	
  Section
  2.8

  	
   

  	
  Term

  	
   

  	
  9

  
	
  Section
  2.9

  	
   

  	
  No
  State-Law Partnership

  	
   

  	
  9

  
	
  Section
  2.10

  	
   

  	
  No UBTI;
  Effectively Connected Income or Commercial Activity

  	
   

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE III UNITS; CAPITAL ACCOUNTS

  	
   

  	
  10

  
	
  Section
  3.1

  	
   

  	
  Unitholders

  	
   

  	
  10

  
	
  Section
  3.2

  	
   

  	
  Unitholder
  Meetings

  	
   

  	
  11

  
	
  Section
  3.3

  	
   

  	
  Action of
  Unitholders by Written Consent or Telephone Conference

  	
   

  	
  13

  
	
  Section
  3.4

  	
   

  	
  Issuance
  of Additional Units and Interests

  	
   

  	
  14

  
	
  Section
  3.5

  	
   

  	
  Incentive
  Units

  	
   

  	
  14

  
	
  Section
  3.6

  	
   

  	
  Capital
  Accounts

  	
   

  	
  16

  
	
  Section
  3.7

  	
   

  	
  Negative
  Capital Accounts

  	
   

  	
  17

  
	
  Section
  3.8

  	
   

  	
  No
  Withdrawal

  	
   

  	
  17

  
	
  Section
  3.9

  	
   

  	
  Loans
  From Unitholders

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV DISTRIBUTIONS; REDEMPTIONS AND
  ALLOCATIONS

  	
   

  	
  17

  
	
  Section
  4.1

  	
   

  	
  Distributions

  	
   

  	
  17

  
	
  Section
  4.2

  	
   

  	
  Allocations

  	
   

  	
  20

  
	
  Section
  4.3

  	
   

  	
  Special
  Allocations

  	
   

  	
  20

  
	
  Section
  4.4

  	
   

  	
  Tax
  Allocations

  	
   

  	
  21

  
	
  Section
  4.5

  	
   

  	
  Indemnification
  and Reimbursement for Payments on Behalf of a Unitholder

  	
   

  	
  22

  
	
  Section
  4.6

  	
   

  	
  Transfer
  of Capital Accounts

  	
   

  	
  22

  
	
  Section
  4.7

  	
   

  	
  Certain
  Repurchases and Redemptions

  	
   

  	
  22

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V BOARD OF MANAGERS; OFFICERS

  	
   

  	
  23

  
	
  Section
  5.1

  	
   

  	
  Management
  by the Board of Managers

  	
   

  	
  23

  
	
  Section
  5.2

  	
   

  	
  Composition
  and Election of the Board of Managers

  	
   

  	
  24

  
	
  Section
  5.3

  	
   

  	
  Board
  Meetings and Actions by Written Consent

  	
   

  	
  25

  
	
  Section
  5.4

  	
   

  	
  Committees;
  Delegation of Authority and Duties

  	
   

  	
  27

  

 

i

 

	
  Section
  5.5

  	
   

  	
  Officers

  	
   

  	
  27

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI GENERAL RIGHTS AND OBLIGATIONS OF
  UNITHOLDERS

  	
   

  	
  28

  
	
  Section
  6.1

  	
   

  	
  Limitation
  of Liability

  	
   

  	
  28

  
	
  Section
  6.2

  	
   

  	
  Lack of
  Authority

  	
   

  	
  29

  
	
  Section
  6.3

  	
   

  	
  No Right
  of Partition

  	
   

  	
  29

  
	
  Section
  6.4

  	
   

  	
  Unitholders
  Right to Act

  	
   

  	
  29

  
	
  Section
  6.5

  	
   

  	
  Investment
  Opportunities; Conflicts of Interest

  	
   

  	
  29

  
	
  Section
  6.6

  	
   

  	
  Transactions
  Between the Company and the Unitholders

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII EXCULPATION AND INDEMNIFICATION

  	
   

  	
  30

  
	
  Section
  7.1

  	
   

  	
  Exculpation

  	
   

  	
  30

  
	
  Section
  7.2

  	
   

  	
  Right to
  Indemnification

  	
   

  	
  31

  
	
  Section
  7.3

  	
   

  	
  Advance
  Payment

  	
   

  	
  31

  
	
  Section
  7.4

  	
   

  	
  Indemnification
  of Employees and Agents

  	
   

  	
  31

  
	
  Section
  7.5

  	
   

  	
  Appearance
  as a Witness

  	
   

  	
  32

  
	
  Section
  7.6

  	
   

  	
  Nonexclusivity
  of Rights

  	
   

  	
  32

  
	
  Section
  7.7

  	
   

  	
  Insurance

  	
   

  	
  32

  
	
  Section
  7.8

  	
   

  	
  Savings
  Clause

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS

  	
   

  	
  32

  
	
  Section
  8.1

  	
   

  	
  Records
  and Accounting

  	
   

  	
  32

  
	
  Section
  8.2

  	
   

  	
  Fiscal
  Year

  	
   

  	
  33

  
	
  Section
  8.3

  	
   

  	
  Tax
  Information

  	
   

  	
  33

  
	
  Section
  8.4

  	
   

  	
  Transmission
  of Communications

  	
   

  	
  33

  
	
  Section
  8.5

  	
   

  	
  Company
  Funds

  	
   

  	
  33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX TAXES

  	
   

  	
   

  	
   

  	
  33

  
	
  Section
  9.1

  	
   

  	
  Tax
  Returns

  	
   

  	
  33

  
	
  Section
  9.2

  	
   

  	
  Tax
  Elections

  	
   

  	
  33

  
	
  Section
  9.3

  	
   

  	
  Tax
  Matters Partner

  	
   

  	
  33

  
	
  Section
  9.4

  	
   

  	
  Code
  Section 83 Safe Harbor Election

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X TRANSFER OF COMPANY INTERESTS

  	
   

  	
  34

  
	
  Section
  10.1

  	
   

  	
  Transfers
  by Unitholders

  	
   

  	
  34

  
	
  Section
  10.2

  	
   

  	
  Effect of
  Assignment

  	
   

  	
  35

  
	
  Section
  10.3

  	
   

  	
  Restriction
  on Transfer

  	
   

  	
  35

  
	
  Section
  10.4

  	
   

  	
  Transfer
  Fees and Expenses

  	
   

  	
  36

  
	
  Section
  10.5

  	
   

  	
  Void
  Transfers

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI ADMISSION OF UNITHOLDERS

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section
  11.1

  	
   

  	
  Substituted
  Unitholders

  	
   

  	
  36

  
	
  Section
  11.2

  	
   

  	
  Additional
  Unitholders

  	
   

  	
  36

  
	
  Section
  11.3

  	
   

  	
  Derivative
  Securities

  	
   

  	
  36

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII WITHDRAWAL AND RESIGNATION OF
  UNITHOLDERS

  	
   

  	
  37

  
	
  Section
  12.1

  	
   

  	
  Withdrawal
  and Resignation of Unitholders

  	
   

  	
  37

  

 

ii

 

	
  Section
  12.2

  	
   

  	
  Withdrawal
  of a Unitholder

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII DISSOLUTION AND LIQUIDATION

  	
   

  	
  37

  
	
  Section
  13.1

  	
   

  	
  Dissolution

  	
   

  	
  37

  
	
  Section
  13.2

  	
   

  	
  Liquidation
  and Termination

  	
   

  	
  37

  
	
  Section
  13.3

  	
   

  	
  Cancellation
  of Certificate

  	
   

  	
  38

  
	
  Section
  13.4

  	
   

  	
  Reasonable
  Time for Winding Up

  	
   

  	
  38

  
	
  Section
  13.5

  	
   

  	
  Return of
  Capital

  	
   

  	
  38

  
	
  Section
  13.6

  	
   

  	
  Reserves
  Against Distributions

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIV VALUATION

  	
   

  	
  39

  
	
  Section
  14.1

  	
   

  	
  Fair
  Market Value

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XV GENERAL PROVISIONS

  	
   

  	
  39

  
	
  Section
  15.1

  	
   

  	
  Power of
  Attorney

  	
   

  	
  39

  
	
  Section
  15.2

  	
   

  	
  Amendments

  	
   

  	
  40

  
	
  Section
  15.3

  	
   

  	
  Title to
  the Company’s Assets

  	
   

  	
  40

  
	
  Section
  15.4

  	
   

  	
  Remedies

  	
   

  	
  40

  
	
  Section
  15.5

  	
   

  	
  Successors
  and Assigns

  	
   

  	
  41

  
	
  Section
  15.6

  	
   

  	
  Severability

  	
   

  	
  41

  
	
  Section
  15.7

  	
   

  	
  Change in
  Business Form

  	
   

  	
  41

  
	
  Section
  15.8

  	
   

  	
  Opt-in to
  Article 8 of the Uniform Commercial Code

  	
   

  	
  41

  
	
  Section
  15.9

  	
   

  	
  Notice to
  Unitholder of Provisions

  	
   

  	
  42

  
	
  Section
  15.10

  	
   

  	
  Counterparts

  	
   

  	
  42

  
	
  Section
  15.11

  	
   

  	
  Consent
  to Jurisdiction

  	
   

  	
  42

  
	
  Section 15.12

  	
   

  	
  Descriptive
  Headings; Interpretation

  	
   

  	
  42

  
	
  Section
  15.13

  	
   

  	
  Applicable
  Law

  	
   

  	
  42

  
	
  Section
  15.14

  	
   

  	
  Mutual
  Waiver of Jury Trial

  	
   

  	
  43

  
	
  Section
  15.15

  	
   

  	
  Addresses
  and Notices

  	
   

  	
  43

  
	
  Section
  15.16

  	
   

  	
  Creditors

  	
   

  	
  44

  
	
  Section
  15.17

  	
   

  	
  Waiver

  	
   

  	
  44

  
	
  Section
  15.18

  	
   

  	
  Further
  Action

  	
   

  	
  44

  
	
  Section
  15.19

  	
   

  	
  Entire
  Agreement

  	
   

  	
  44

  
	
  Section
  15.20

  	
   

  	
  Electronic
  Delivery

  	
   

  	
  44

  
	
  Section
  15.21

  	
   

  	
  Survival

  	
   

  	
  45

  

 

iii

 

VARIETAL
DISTRIBUTION HOLDINGS, LLC

LIMITED LIABILITY COMPANY AGREEMENT

 

THIS LIMITED LIABILITY COMPANY
AGREEMENT, dated as of June 29, 2007, is entered into by
and among Varietal Distribution Holdings, LLC (the “Company”) and the
Unitholders.

 

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

CERTAIN
DEFINITIONS

 

Capitalized terms used but not otherwise defined
herein shall have the following meanings:

 

“Additional MDCP Manager” shall have the
meaning set forth in Section 5.2(a).

 

“Additional Unitholder” means a Person admitted
to the Company as a Unitholder pursuant to Section 11.2.

 

“Additional Securities” shall have the meaning
set forth in Section 3.4.

 

“Adjusted Capital Account Deficit” means with
respect to any Capital Account as of the end of any Taxable Year, the amount by
which the balance in such Capital Account is less than zero. For this purpose,
such Person’s Capital Account balance shall be

 

(i)            reduced
for any items described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4),
(5), and (6), and

 

(ii)           increased
for any amount such Person is obligated to contribute or is treated as being
obligated to contribute to the Company pursuant to Treasury Regulation Section
1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or
1.704-2(g)(1) and 1.704-2(i) (relating to Minimum Gain).

 

“Affiliate” of any particular Person means any
other Person controlling, controlled by, or under common control with such
particular Person, where “control” means the possession, directly or
indirectly, of the power to direct the management and policies of a Person
whether through the ownership of voting securities, by contract, or otherwise.

 

“Agreement” means this Limited Liability
Company Agreement, as amended or modified from time to time in accordance with
the terms hereof.

 

“Assumed Tax Rate” shall have the meaning set
forth in Section 4.1(b).

 

 

“Board” means the Board of Managers established
pursuant to Sections 5.1 and 5.2.

 

“Book Value” means, with respect to any
property of the Company, the Company’s adjusted basis for federal income tax
purposes, adjusted from time to time to reflect the adjustments required or
permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g).

 

“Capital Account” means the capital account
maintained for a Unitholder pursuant to Section 3.6.

 

“Capital Contributions” means the Fair Market
Value of property that a Unitholder contributes or is deemed to have
contributed to the Company with respect to any Unit pursuant to Sections 3.1
or 3.4.

 

“Certificate” means the Company’s Certificate
of Formation as filed with the Secretary of State of Delaware.

 

“Class A Common Unit” means a Unit representing
a fractional part of the interest of a Unitholder in Profits, Losses and
Distributions and having the rights and obligations specified with respect to
the Class A Common Units in this Agreement.

 

“Class A Preferred Unit” means a Unit
representing a fractional part of the interest of a Unitholder in Profits,
Losses and Distributions and having the rights and obligations specified with
respect to the Class A Preferred Units in this Agreement.

 

“Class A Preferred Unpaid Yield” of any Class A
Preferred Unit means, as of any date, an amount equal to the excess, if any, of
(a) the aggregate Class A Preferred Yield accrued on such Class A Preferred
Unit for all periods prior to such date (including partial periods), over (b)
the aggregate amount of prior Distributions made by the Company that constitute
payment of Class A Preferred Yield on such Class A Preferred Unit.

 

“Class A Preferred Unreturned Capital” of any
Class A Preferred Unit means, as of any date, the aggregate Capital
Contributions made or deemed to be made in exchange for such Class A Preferred
Unit reduced by all Distributions made by the Company that constitute a return
of Class A Preferred Unreturned Capital under Section 4.1(a)(ii).

 

“Class A Preferred Yield” means, with respect
to each Class A Preferred Unit, the amount accruing on such Class A Preferred
Unit on a daily basis, at the rate of 8% per annum, compounded on the last day
of each calendar quarter, on (a) the Class A Preferred Unreturned Capital of
such Class A Preferred Unit plus (b) the Class A Preferred Unpaid Yield thereon
for all prior quarterly periods. In calculating the amount of any Distribution
to be made during a period, the portion of the Class A Preferred Yield with
respect to such Class A Preferred Unit for the portion of the quarterly period
elapsing before such Distribution is made shall be taken into account in
determining the amount of such Distribution.

 

“Class B Common Unit” means a Unit representing
a fractional part of the interest of a Unitholder in Profits, Losses and
Distributions and having the rights and obligations specified with respect to
the Class B Common Units in this Agreement.

 

2

 

“Code” means the United States Internal Revenue
Code of 1986, as amended. Such term shall be deemed to include any future
amendments to the Code and any corresponding provisions of succeeding Code
provisions.

 

“Common Unitholder” means a holder of Common
Units.

 

“Common Units” means Class A Common Units and
Class B Common Units.

 

“Company” means Varietal Distribution Holdings,
LLC, a Delaware limited liability company.

 

“Company Income Amount” shall have the meaning
set forth in Section 4.1(b).

 

“Conversion” shall have the meaning set forth
in Section 15.7.

 

“Delaware Act” means the Delaware Limited
Liability Company Act, 6 Del. L. § 18-101, et
seq., as it may be amended from time to time, and any successor to
the Delaware Act.

 

“Distribution” means each distribution made by
the Company to a Unitholder, whether in cash, property or securities of the
Company and whether by liquidating distribution or otherwise; provided
that any recapitalization, exchange, conversion, repurchase or redemption of
securities of the Company, and any subdivision (by Unit split or otherwise) or
any combination (by reverse Unit split or otherwise) of any outstanding Units
shall not be deemed a Distribution.

 

“Executive Manager” shall have the meaning set
forth in Section 5.2(a).

 

“Fair Market Value” means, with respect to any
asset or equity interest, its fair market value determined according to Article
XIV.

 

“Fiscal Year” means the Company’s annual
accounting period established pursuant to Section 8.2.

 

“Governmental Entity” means the United States
of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory
or administrative functions of government or any agency or department or
subdivision of any governmental authority, including the United States federal
government or any state or local government.

 

“Grossed-Up Amount” has the meaning set forth
in Section 4.1(a).

 

“Incentive Unit Grant Agreement” has the
meaning set forth in Section 3.5.

 

“Investor Managers” shall have the meaning set
forth in Section 5.2(a).

 

“Liquidation Value” shall mean, with respect to
a Unit, the amount of cash that would be distributed to a Unitholder in respect
of such Unit if the Company sold all of its assets for an amount of cash equal
to their Fair Market Value and distributed the proceeds pursuant to Sections
4.1 and 13.2.

 

3

 

“Losses” means items of loss and deduction of
the Company determined according to Section 3.6(b).

 

“Management Services Agreement” means that
certain Management Services Agreement, dated on or about the date hereof, by
and between Madison Dearborn Partners V-B, L.P., a Delaware limited partnership
and an Affiliate of MDP, and CDRV Investors, Inc., a Delaware corporation (to
be renamed VWR Funding, Inc.), which is a Subsidiary of the Company.

 

“Management Unit Purchase Agreement” means any
Management Unit Purchase Agreement entered into from time to time among the
Company, any Subsidiary of the Company and/or an employee of the Company or its
Subsidiaries, as the same may be amended from time to time pursuant to the
terms thereof (including, without limitation, any other agreements designated
as Management Unit Purchase Agreements for the sale of equity securities
between the Company and any employees or other service providers of the Company
or its Subsidiaries and any Incentive Unit Agreements, all as approved by the
Board).

 

“Management Unitholder” means each Executive
(as defined in the Securityholders Agreement).

 

“Manager” means any person designated to serve
as a member of the Board pursuant to Section 5.2 of this Agreement, but
does not include any person who has ceased to be a member of the Board.

 

“MDCP-A” means Madison Dearborn Capital
Partners V-A, L.P., a Delaware limited partnership.

 

“MDCP-A Manager” shall have the meaning set
forth in Section 5.2(a).

 

“MDCP-C” means Madison Dearborn Capital
Partners V-C, L.P., a Delaware limited partnership.

 

“MDCP-C Manager” shall have the meaning set
forth in Section 5.2(a).

 

“MDCP Co-Invest 1” means MDCP Co-Investors (Varietal),
L.P., a Delaware limited partnership.

 

“MDCP-Co-Invest 1 Manager” shall have the
meaning set forth in Section 5.2(a).

 

“MDCP Co-Invest 2” means MDCP Co-Investors
(Varietal-2), L.P., a Delaware limited partnership.

 

“MDCP Executive” means Madison Dearborn Capital
Partners V Executive-A, L.P., a Delaware limited partnership.

 

4

 

“MDP” means MDCP-A, MDCP-C, MDCP Executive,
MDCP Co-Invest 1 and MDCP Co-Invest 2.

 

“MDP LLC” means Madison Dearborn Partners, LLC,
a Delaware limited liability company.

 

“MDP Purchase Agreement” means that certain
Unit Purchase Agreement, dated as of the date hereof, by and among MDP, MDCP
Co-Investors (Varietal), L.P. and the Company, as amended from time to time in
accordance with its terms.

 

“Minimum Gain” means the partnership minimum
gain determined pursuant to Treasury Regulation Section 1.704-2(d).

 

“Notice” shall have the meaning set forth in Section
9.4.

 

“Officers” means each person designated as an
officer of the Company to whom authority and duties have been delegated
pursuant to Section 5.5, subject to any resolution of the Board
appointing such person as an officer or relating to such appointment.

 

“Other Business” shall have the meaning set
forth in Section 6.5(c).

 

“Other Unitholder” means each Unitholder other
than a Management Unitholder; provided that the Company shall be
entitled to designate or, upon admission of a Substituted Unitholder or
Additional Unitholder, refuse to designate a Unitholder as an “Other
Unitholder.”

 

“Participating Class B Common Unit” means, with
respect to any Distribution pursuant to Section 4.1(a)(iii), a Class B
Common Unit that has a Participation Threshold that is less than the amount
determined by dividing (a) the sum of (i) the amount of such Distribution
pursuant to Section 4.1(a)(iii) and (ii) the sum of the Participation
Thresholds of all outstanding Class B Common Units (including the Participating
Class B Common Unit) that have an equal or lesser Participation Threshold to such
Class B Common Unit by (b) the sum of (i) the number of outstanding Class A
Common Units and (ii) the number of outstanding Class B Common Units that have
an equal or lesser Participation Threshold to such Class B Common Unit.

 

“Participating Common Unit” means, with respect
to any Distribution pursuant to Section 4.1(a)(iii), a Class A Common Unit or a
Participating Class B Common Unit.

 

“Participating Threshold” means, with respect
to each outstanding Class B Common Unit, an amount determined in accordance
with Section 3.5.

 

“Person” means an individual, a partnership, a
corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization, any other
business entity, or a Governmental Entity.

 

“Proceeding” has the meaning set forth in Section
7.2.

 

“Profits” means items of income and gain of the
Company determined according to Section 3.6(b).

 

5

 

“Regulatory Allocations” has the meaning set
forth in Section 4.3(e).

 

“Related Persons” shall have the meaning set
forth in Section 6.5(c).

 

“Required Interest” means, as of a given time,
a majority of the Class A Common Units outstanding at such time.

 

“Reserve Amount” shall have the meaning set forth
in Section 4.1(a).

 

“Securities Act” means the Securities Act of
1933, as amended, and applicable rules and regulations thereunder, and any
successor to such statute, rules, or regulations.

 

“Securities Exchange Act” means the Securities
Exchange Act of 1934, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules, or regulations.

 

“Securityholders Agreement” means the
Securityholders Agreement, dated as of the date hereof, by and among the
Company, MDP and the other Persons party thereto from time to time, as the same
may be amended from time to time pursuant to the terms thereof.

 

“Subsidiary” means, with respect to any Person,
any corporation, limited liability company, partnership, association, or business
entity of which (i) if a corporation, a majority of the total voting power of
shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers, or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person or a combination thereof, or (ii) if a
limited liability company, partnership, association, or other business entity
(other than a corporation), a majority of 
partnership or other similar ownership interest thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association, or other business entity
(other than a corporation) if such Person or Persons shall be allocated a
majority of limited liability company, partnership, association, or other
business entity gains or losses or shall be or control any managing director or
general partner of such limited liability company, partnership, association, or
other business entity. For purposes hereof, references to a “Subsidiary”
of any Person shall be given effect only at such times that such Person has one
or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company.

 

“Substituted Unitholder” means a Person that is
admitted as a Unitholder to the Company pursuant to Section 11.1.

 

“Tax” or “Taxes” means any federal,
state, local, or foreign income, gross receipts, franchise, estimated,
alternative minimum, add-on minimum, sales, use, transfer, registration, value
added, excise, natural resources, severance, stamp, occupation, premium,
windfall profit, environmental, customs, duties, real property, personal
property, capital stock, social security, unemployment, disability, payroll,
license, employee, or other withholding, or other tax, of any kind whatsoever,
including any interest, penalties, or additions to tax or additional amounts in
respect of the foregoing.

 

6

 

“Tax Distribution” has the meaning set forth in
Section 4.1(b).

 

“Tax Matters Partner” has the meaning set forth
in Section 9.3.

 

“Taxable Year” means the Company’s Fiscal Year
unless the Board determines otherwise in compliance with applicable laws.

 

“Transaction Documents” means this Agreement,
the Securityholders Agreement and all other agreements, instruments,
certificates, and other documents to be entered into or delivered by any
Unitholder in connection with the transactions contemplated to occur pursuant
to this Agreement, the Securityholders Agreement and any side agreements
related to the foregoing.

 

“Transfer” means any sale, transfer,
assignment, pledge, mortgage, exchange, hypothecation, grant of a security
interest or other direct or indirect disposition or encumbrance of an interest
(including, without limitation, by operation of law) or the acts thereof, but
explicitly excluding conversions or exchanges of one class of Unit to or for
another class of Unit. The terms “Transferee,” “Transferred,” and
other forms of the word “Transfer” shall have correlative meanings.

 

“Treasury Regulations” means the income tax
regulations promulgated under the Code and effective as of the date hereof. Such
term shall be deemed to include any future amendments to such regulations and
any corresponding provisions of succeeding regulations.

 

“Unit” means an interest of a Unitholder in
Profits, Losses and Distributions representing a fractional part of the
interests of all Unitholders in Profits, Losses and Distributions and shall
include Class A Preferred Units and Common Units; provided that any
class or group of Units issued shall have the relative rights, powers, and
duties set forth in this Agreement and the interest in Profits, Losses and
Distributions represented by such class or group of Units shall be determined
in accordance with such relative rights, powers, and duties set forth in this
Agreement.

 

“Unvested Common Units” means, as of any given
time, any Common Units that are subject to vesting or a similar forfeiture
provision pursuant to any Management Unit Purchase Agreement and which have not
yet vested or are still subject to a similar forfeiture provision in accordance
with the terms of such Management Unit Purchase Agreement.

 

“Unit Ownership Ledger” meaning set forth in Section
3.1(b).

 

“Unitholder” means any owner of one or more
Units as reflected on the Company’s 
books and records, and any person admitted to the Company as an
Additional Unitholder or Substituted Unitholder; but only for so long as such
person is shown on the Company’s books and records as the owner of one or more
Units. The Unitholders shall constitute the “members” (as that term is defined
in the Delaware Act) of the Company.

 

“Vested Common Units” means all Common Units
other than Unvested Common Units.

 

7

 

ARTICLE II

 

ORGANIZATIONAL MATTERS

 

Section 2.1            Formation. The Company has been organized as a
Delaware limited liability company by the filing with the Secretary of State of
the State of Delaware of the Certificate under and pursuant to the Delaware Act
and shall be continued in accordance with this Agreement. The rights and
liabilities of the Unitholders shall be determined pursuant to the Delaware
Act, this Agreement and the Securityholders Agreement. To the extent that the
rights or obligations of any Unitholder are different by reason of any
provision of this Agreement or the Securityholders Agreement than they would be
in the absence of such provision, this Agreement and the Securityholders
Agreement, to the extent not prohibited by the Delaware Act, shall control over
the Delaware Act, and the provisions of the Securityholders Agreement shall
control over this Agreement. This Agreement and the Securityholders Agreement
together shall constitute the “limited liability agreement” for purposes of the
Delaware Act.

 

Section 2.2            The
Certificate. The Certificate
was filed with the Secretary of State of the State of Delaware on April 13,
2007. The Unitholders hereby agree to execute, file and record all such other
certificates and documents, including amendments to the Certificate, and to do
such other acts as may be appropriate to comply with all requirements for the
formation, continuation and operation of a limited liability company, the
ownership of property, and the conduct of business under the laws of the State
of Delaware and any other jurisdiction in which the Company may own property or
conduct business.

 

Section 2.3            Name. The name of the Company shall be Varietal
Distribution Holdings, LLC. The Board may change the name of the Company at any
time and from time to time. Notification of any such change shall be given to
all Unitholders. The Company’s business may be conducted under its name and/or
any other name or names deemed advisable by the Board.

 

Section 2.4            Purpose
and Powers. The purpose and
business of the Company shall be to engage in any lawful act or activity which
may be conducted by a limited liability company formed pursuant to the Delaware
Act and engaging in all activities necessary or incidental to the foregoing.
Notwithstanding anything herein to the contrary, nothing set forth herein shall
be construed as authorizing the Company to possess any purpose or power, or to
do any act or thing, forbidden by law to a limited liability company organized
under the laws of the State of Delaware. The Company shall have any and all
powers necessary or desirable to carry out the purposes and business of the
Company, to the extent that the same may be lawfully exercised by limited
liability companies under the Delaware Act.

 

Section 2.5            Merger. Subject to the provisions of this
Agreement, the Company may, with the approval of the Board and MDP and without
the need for any further act, vote or approval of any Unitholder, merge with,
or consolidate into, another limited liability company (organized under the
laws of Delaware or any other state), a corporation (organized under the laws
of Delaware or any other state) or other business entity (as defined in Section
18-209(a) of the Delaware Act), regardless of whether the Company or such other
entity is the survivor. If a merger is used as a means of effecting the intent
of Section 15.7 of this Agreement, then the provisions of that Section
shall apply to such transaction.

 

8

 

Section 2.6            Foreign
Qualification. Prior to the
Company’s conducting business in any jurisdiction other than Delaware, the
Company shall comply, to the extent procedures are available and those matters
are reasonably within the control of the Company, with all requirements
necessary to qualify the Company as a foreign limited liability company in that
jurisdiction. At the request of the Board or any Officer, each Unitholder shall
execute, acknowledge, swear to and deliver all certificates and other
instruments conforming with this Agreement that are necessary or appropriate to
qualify, continue and terminate the Company as a foreign limited liability
company in all such jurisdictions in which the Company may conduct business.

 

Section 2.7            Principal
Office; Registered Office. The
principal office of the Company shall be located at such place as the Board may
from time to time designate, and all business and activities of the Company
shall be deemed to have occurred at its principal office. The Company may
maintain offices at such other place or places as the Board deems advisable.
Notification of any such change shall be given to all Unitholders. The
registered office of the Company required by the Delaware Act to be maintained
in the State of Delaware shall be the office of the initial registered agent
named in the Certificate or such other office (which need not be a place of
business of the Company) as the Board may designate from time to time in the
manner provided by law. The registered agent of the Company in the State of
Delaware shall be the initial registered agent named in the Certificate or such
other Person or Persons as the Board may designate from time to time in the
manner provided by law.

 

Section 2.8            Term. The term of the Company commenced upon the
filing of the Certificate in accordance with the Delaware Act and shall
continue in existence until termination and dissolution thereof in accordance
with the provisions of Article XIII.

 

Section 2.9            No
State-Law Partnership. The
Unitholders intend that the Company not be a partnership (including, without
limitation, a limited partnership) or joint venture, and that no Unitholder be
a partner or joint venturer of any other Unitholder by virtue of this Agreement
(except for tax purposes as set forth in the next succeeding sentence of this Section
2.9), and neither this Agreement nor any other document entered into by the
Company or any Unitholder relating to the subject matter hereof shall be
construed to suggest otherwise. The Unitholders intend that the Company shall
be treated as a partnership for federal and, if applicable, state or local
income tax purposes, and that each Unitholder and the Company shall file all
tax returns and shall otherwise take all tax and financial reporting positions
in a manner consistent with such treatment.

 

Section 2.10         No
UBTI; Effectively Connected Income or Commercial Activity. The Company shall not engage in any
transaction which would cause (or create any significant risk of causing) the
Unitholders or any of their direct or indirect limited partners which are
exempt from income taxation under Section 501(a) of the Code to recognize
unrelated business taxable income as defined in Section 512 and Section 514 of
the Code. The Company shall not engage in, or directly (or indirectly, through
one or more Persons treated as flow-through entities for U.S. federal income
tax purposes) invest in any Person that is treated as a flow-through entity for
U.S. federal income tax purposes that engages in, (a) any “commercial activity”
as defined in Section 892(a)(2)(i) of the Code or any activity that would
create a significant risk of causing the Company to be treated as engaged in a
“commercial activity” or (b) transactions which will cause 

 

9

 

(or create any significant risk of causing)
the Company to incur income that is effectively connected with a “trade or
business within the United States” as defined in Section 864(b) of the Code.

 

ARTICLE III

 

UNITS; CAPITAL ACCOUNTS

 

Section 3.1            Unitholders.

 

(a)           Unitholders in General. Each
Unitholder’s interest in the Company, including such Unitholder’s interest in
Profits, Losses and Distributions of the Company and the right to vote on
certain matters as provided in this Agreement, shall be represented by the
Units owned by such Unitholder. The ownership of Units shall entitle each
Unitholder to allocations of Profits and Losses and other items and
distributions of cash and other property as set forth in Article IV
hereof. A Substituted Unitholder that acquires Units from another Unitholder in
an acquisition permitted by this Agreement shall be deemed to have made the
Capital Contributions in respect of such Units that the predecessor Unitholder
made or was deemed to have made. Any reference in this Agreement to a Capital Contribution
of, or Distribution to, a Substituted Unitholder shall include any Capital
Contributions or Distributions previously made by or to the former Unitholder
on account of the interest of such former Unitholder transferred to such
Substituted Unitholder. The Board may if it so determines issue certificates to
the Unitholders representing the Units held by each Unitholder.

 

(b)           Unit Ownership Ledger. The Company
shall create and maintain a ledger (the “Unit Ownership Ledger”) setting forth
the name of each Unitholder, the number of each class of Units held by each
such Unitholder, and the amount of the Capital Contribution made for each class
of Units. Each Person acquiring Units on the date hereof pursuant to a written
agreement between the Company and such Person shall be admitted to the Company
as a Unitholder and the Capital Contribution made in respect of Class A Common
Units acquired on the date here shall be $1.00 per unit and the Capital
Contribution made in respect of Class A Preferred Units acquired on the date
hereof shall be $1,000.00 per unit. Upon any change in the number or ownership
of outstanding Units (whether upon an issuance of Units, a transfer of Units, a
cancellation of Units or otherwise), the Company shall amend and update the Unit
Ownership Ledger and shall deliver a copy of such updated ledger to each holder
of Units upon request. Absent manifest error, the ownership interests recorded
on the Unit Ownership Ledger shall be conclusive record of the Units that have
been issued and are outstanding. Notwithstanding anything to the contrary
contained in this Agreement, with respect to any Unitholder that holds less
than 2% of the issued and outstanding Class A Common Units, except to the
extent otherwise determined by the Board or the Company’s chief executive
officer from time to time in its or his discretion, such Unitholder shall only
have the right to obtain a version of the Unit Ownership Ledger that contains
the information to be set forth thereon for such Unitholder and that contains
the information to be set forth thereon for all other Unitholders in a summary
format that includes that total amount of outstanding Units and Capital
Contributions for each class held by Unitholders that are institutional
investors and by Unitholders that are not institutional investors in a format
as approved from time to time by the Board; provided that the Company’s chief
executive officer may obtain a full version of the Unit Ownership Ledger.

 

10

 

(c)           Representations and Warranties of
Unitholders. Each Unitholder hereby represents and warrants to the Company and
acknowledges that:  (i) such Unitholder
has knowledge and experience in financial and business matters and is capable
of evaluating the merits and risks of an investment in the Company and making
an informed investment decision with respect thereto; (ii) such Unitholder has
reviewed and evaluated all information necessary to assess the merits and risks
of his, her or its investment in the Company and has had answered to such
Unitholder’s satisfaction any and all questions regarding such information;
(iii) such Unitholder is able to bear the economic and financial risk of an
investment in the Company for an indefinite period of time; (iv) such
Unitholder is acquiring interests in the Company for investment only and not
with a view to, or for resale in connection with, any distribution to the
public or public offering thereof; (v) the interests in the Company have not
been registered under the securities laws of any jurisdiction and cannot be
disposed of unless they are subsequently registered and/or qualified under
applicable securities laws and the provisions of this Agreement have been
complied with; (vi) to the extent applicable, the execution, delivery and
performance of this Agreement have been duly authorized by such Unitholder and
do not require such Unitholder to obtain any consent or approval that has not
been obtained and do not contravene or result in a default under any provision
of any law or regulation applicable to such Unitholder or other governing
documents or any agreement or instrument to which such Unitholder is a party or
by which such Unitholder is bound; (vii) the determination of such Unitholder
to purchase interests in the Company has been made by such Unitholder
independent of any other Unitholder and independent of any statements or
opinions as to the advisability of such purchase, which may have been made or
given by any other Unitholder or by any agent or employee of any other
Unitholder; and (viii) this Agreement is valid, binding and enforceable against
such Unitholder in accordance with its terms.

 

Section 3.2            Unitholder
Meetings.

 

(a)           Voting of
Unitholders. A quorum shall be present at a meeting of Unitholders if the
Unitholders holding the Required Interest are represented at the meeting in
person or by proxy. With respect to any matter, other than a matter for which
the affirmative vote of the holders of a specified portion of all Unitholders
entitled to vote is required by the Delaware Act or by this Agreement, the
affirmative vote of the Unitholders holding the Required Interest at a meeting
of Unitholders at which a quorum is present shall be the act of the
Unitholders.

 

(b)           Place. All
meetings of the Unitholders shall be held at the principal place of business of
the Company or at such other place within or without the State of Delaware as
shall be specified or fixed in the notices or waivers of notice thereof; provided
that any or all Unitholders may participate in any such meeting by means of
conference telephone or similar communications equipment pursuant to Section
3.3(d).

 

(c)           Adjournment.
Notwithstanding the other provisions of the Certificate or this Agreement, the
chairman of the meeting or the Unitholders holding the Required Interest shall
have the power to adjourn such meeting from time to time, without any notice
other than announcement at the meeting of the time and place of the holding of
the adjourned meeting. If such meeting is adjourned by the Unitholders, such
time and place shall be determined by a vote of the Unitholders holding the
Required Interest. Upon the resumption of such adjourned 

 

11

 

meeting, any
business may be transacted that might have been transacted at the meeting as
originally called.

 

(d)           Meetings.
Meetings of the Unitholders for any proper purpose or purposes may be called at
any time by any member of the Board or the Unitholders holding the Required
Interest. If not otherwise stated in or fixed in accordance with the remaining
provisions hereof, the record date for determining Unitholders entitled to call
a meeting is the date any Unitholder first signs the notice of that meeting.
Only business within the purpose or purposes described in the notice (or waiver
thereof) required by this Agreement may be conducted at a meeting of the
Unitholders.

 

(e)           Notice. A
written or printed notice stating the place, day and hour of the meeting and,
in the case of a special meeting, the purpose or purposes for which the meeting
is called, shall be delivered to each Unitholder holding Common Units and to
each other Unitholder entitled to vote at such meeting not less than five or
more than 30 days before the date of the meeting, either personally, by mail or
by facsimile, by or at the direction of the Board or the Unitholders calling
the meeting. If mailed, any such notice shall be deemed to be delivered when
deposited in the United States mail, addressed to the Unitholder at its address
provided for in the Company’s books and records, or to such other address or to
the attention of such other person as the recipient party has specified by
prior written notice to the sending party.

 

(f)            Record Date.
Unless otherwise determined by the Board, the date on which notice of a meeting
of Unitholders is mailed or the date on which the resolution of the Board
declaring a distribution is adopted, as the case may be, shall be the record
date for the determination of the Unitholders entitled to notice of or to vote
at such meeting (including any adjournment thereof) or the Unitholders entitled
to receive such distribution.

 

(g)           Required Interest.
Except as otherwise expressly provided for in this Agreement, all matters to be
voted on pursuant to this Agreement shall require the vote of Unitholders
holding the Required Interest, which vote shall only be valid and binding if a
notice of the meeting at which such vote is taken is given in accordance with Section
3.2(e).

 

(h)           Proxies. A
Unitholder may vote either in person or by proxy executed in writing by the
Unitholder. An e-mail transmission or a photographic, photostatic, facsimile or
similar reproduction of a writing executed by the Unitholder shall be treated
as an execution in writing for purposes of this Section 3.2(h).
Proxies for use at any meeting of Unitholders or in connection with the taking
of any action by written consent pursuant to Section 3.3 shall be filed
with the Secretary of the Company, before or at the time of the meeting or
execution of the written consent as the case may be. All proxies shall be
received and taken charge of and all ballots shall be received and canvassed by
the Secretary of the Company, who shall decide all questions concerning the
qualification of voters, the validity of the proxies and the acceptance or
rejection of votes, unless an inspector or inspectors shall have been appointed
by the chairman of the meeting, in which event such inspector or inspectors
shall decide all such questions. No proxy shall be valid after 11 months from
the date of its execution unless otherwise provided in the proxy. A proxy shall
be revocable unless the proxy form conspicuously states that the proxy is
irrevocable and the proxy is coupled with an interest. Should a proxy designate
two or more Persons to act as proxies, unless that instrument shall provide to
the contrary, a majority of such 

 

12

 

Persons present at
any meeting at which their powers thereunder are to be exercised shall have and
may exercise all the powers of voting or giving consents thereby conferred, or
if only one be present, then such powers may be exercised by that one; or, if
an even number attend and a majority do not agree on any particular issue, the
Company shall not be required to recognize such proxy with respect to such
issue if such proxy does not specify how the Units that are the subject of such
proxy are to be voted with respect to such issue.

 

(i)            Conduct of
Unitholder Meetings. All meetings of the Unitholders shall be presided over
by the chairman of the meeting, who shall be a Manager designated from time to
time by the holders of the Required Interest or, at any time when no Manager is
so designated to be chairman, the Executive Manager. The chairman of any
meeting of Unitholders shall determine the order of business and the procedure
at the meeting, including such regulation of the manner of voting and the
conduct of discussion as seem to him in order.

 

(j)            Voting Rights.
Subject to the restrictions set forth in this Agreement, in any matter
submitted to the holders of Common Units for a vote, each holder of Common
Units shall be entitled to one vote for each Common Unit owned. In any matter
submitted to the holders of Class A Preferred Units for a vote, each holder of
Class A Preferred Units shall be entitled to one vote for each Class A
Preferred Unit owned. Except as otherwise required by this Agreement or law,
the Unitholders shall not have the right to vote on any matter except to the
extent provided in Sections 3.2(a) or (g) hereof.

 

Section 3.3            Action
of Unitholders by Written Consent or Telephone Conference.

 

(a)           Written Consent
in Lieu of Meeting. Any action required or permitted to be taken at any
meeting of Unitholders may be taken without a meeting, without prior notice and
without a vote, if a consent or consents in writing, setting forth the action
so taken, shall be signed by the Unitholder or Unitholders holding not less
than the minimum percentages of Units that would be necessary to take such
action at a meeting at which all Unitholders entitled to vote on the action
were present and voted. Every written consent shall bear the date of signature
of each Unitholder who signs the consent. No written consent shall be effective
to take the action that is the subject to the consent unless, within 60 days
after the date of the earliest dated consent delivered to the Company in the
manner required by this Section 3.3(a), a consent or consents
signed by the Unitholder or Unitholders holding not less than the minimum Units
that would be necessary to take the action that is the subject of the consent
are delivered to the Company by delivery to its registered office, its
principal place of business or the chief executive officer in each case, in
accordance with Section 15.15. Any such delivery to the Company’s
principal place of business shall be addressed to the chief executive officer.
An e-mail transmission or a photographic, photostatic, facsimile or similar
reproduction of a writing signed by a Unitholder shall be regarded as signed by
the Unitholder for purposes of this Section 3.3(a). Prompt notice of the
taking of any action by Unitholders without a meeting by less than unanimous
written consent shall be given to those Unitholders who did not consent in
writing to the action.

 

(b)           Record Date for
Written Consent in Lieu of Meeting. The record date for determining
Unitholders entitled to consent to action in writing without a meeting shall be
the first date on which a signed written consent setting forth the action taken
or proposed to be taken is delivered to the Company by delivery to its
registered office, its principal place of business, or 

 

13

 

the chief
executive officer, in each case, in accordance with Section 15.15. Any
such delivery to the Company’s principal place of business shall be addressed
to the chief executive officer.

 

(c)           Filings. If
any action by Unitholders is taken by written consent, any certificate or
documents filed with the Secretary of State of Delaware as a result of the
taking of the action shall state, in lieu of any statement required by the
Delaware Act concerning any vote of Unitholders, that written consent has been
given in accordance with the provisions of the Delaware Act and that any
written notice required by the Delaware Act has been given.

 

(d)           Telephone
Conference. Unitholders may participate in and hold a meeting by means of
conference telephone or similar communications equipment by means of which all
Persons participating in the meeting can hear each other, and participation in
such meeting shall constitute attendance and presence in person at such
meeting, except where a Person participates in the meeting for the express
purpose of objecting to the transaction of any business on the ground that the
meeting is not lawfully called or convened.

 

Section 3.4            Issuance
of Additional Units and Interests.
Subject to compliance with the provisions of this Agreement and the
Securityholders Agreement, the Board shall have the right to cause the Company
to issue or sell to any Person (including Unitholders and Affiliates) any of
the following (which for purposes of this Agreement shall be “Additional
Securities”):  (i) additional Units
or other interests in the Company (including other classes or series thereof
having different rights), (ii) obligations, evidences of indebtedness, or other
securities or interests convertible or exchangeable into Units or other
interests in the Company, and (iii) warrants, options, or other rights to purchase
or otherwise acquire Units or other interests in the Company. Subject to the
provisions of this Agreement, the Board shall determine the terms and
conditions governing the issuance of such Additional Securities, including the
number and designation of such Additional Securities, the preference (with
respect to distributions, liquidations, or otherwise) over any other Units and
any required or deemed contributions in connection therewith. Any Person who
acquires Units may be admitted to the Company as a Unitholder pursuant to the
terms of Section 11.2 hereof. If any Person acquires additional Units or
other interests in the Company or is admitted to the Company as an additional
Unitholder, the Unit Ownership Ledger shall be amended to reflect such
additional issuance and/or Unitholder, as the case may be.

 

Section 3.5            Incentive
Units.

 

(a)           The Company may
issue Class B Common Units to existing or new employees, officers, directors,
other service providers or consultants of the Company or its Subsidiaries (each,
a “Management Unitholder”) pursuant to written agreements approved by
the Board (each such agreement, regardless of its actual title, as amended,
modified and waived from time to time in accordance with its terms, is referred
to herein as an “Incentive Unit Grant Agreement”). The Company may make
the Class B Common Units and any issuance thereof and any Incentive Unit Grant
Agreement subject to the terms and conditions of any equity or unit incentive
plan, as the same may be amended or modified from time to time in accordance
with its terms, as may have been adopted by the Company or its Subsidiaries on
or before the date of such issuance or Incentive Unit Grant Agreement. On the
date of each grant of Class B Common Units to a Management Unitholder who is,
or as a result of such grant becomes, a holder of Class 

 

14

 

B Common Units
pursuant to a grant made under an Incentive Unit Grant Agreement or similar
agreement, the Board shall establish an initial “Participation Threshold”
amount with respect to each Class B Common Unit granted on such date. Unless
otherwise determined by the Board, the Participation Threshold with respect to
a Class B Common Unit shall be equal to or greater than the Liquidation Value of
a Class A Common Unit on the date of grant of such Class B Common Unit. The
Board may designate a series number for each subset of Class B Common Units
consisting of Class B Common Units having the same Participation Threshold,
which Participation Threshold differs from the Participation Thresholds of all
Class B Common Units not included in such subset. If the Board elects to so
designate Class B Common Units, then the first Class B Common Unit issued on or
after the date hereof shall be designated a “Series 1 Class B Common Unit.”  Each Class B Common Unit’s Participation
Threshold shall be adjusted after the grant of such Class B Common Unit in the
following manner:

 

(i)            In the event of any
Distribution pursuant to Section 4.1(a)(iii), the Participation
Threshold of each Class B Common Unit outstanding at the time of such
Distribution shall be reduced (but not below zero) by the amount that each
Class A Common Unit receives in such Distribution (with such reduction
occurring immediately after the determination of the portion of such
Distribution, if any, that such Class B Common Unit is entitled to receive).
For this purpose, Distributions shall include Tax Distributions made pursuant
to Section 4.1(b) only (i) to the extent such Tax Distributions are
made as a result of the recognition of the built-in gain in any asset that
existed at the time the relevant Class B Common Unit was issued or (ii) to
the extent that the relevant Class B Common Unit is not also entitled to a Tax
Distribution with respect to the item or tier of taxable income giving rise to
the Tax Distribution. For this purpose, the Tax Distribution that arises from
the recognition of the built-in gain in an asset may be bifurcated between the
Tax Distribution that relates to the built-in gain that existed at the time the
relevant Class B Common Unit was issued and the Tax Distribution that relates
to any additional gain in the asset that accrued since the time the relevant
Class B Common Unit was issued. In order to preserve the economic results
intended by this Agreement, the Board may, in its reasonable discretion,
determine whether any Tax Distribution or portion of any Tax Distribution
should reduce the Participation Threshold of a Class B Common Unit.

 

(ii)           In the event of any
Capital Contribution with respect to outstanding Class A Common Units that
occurs after the issuance of a series of Class B Common Units, the
Participation Threshold of each Class B Common Unit outstanding at the time of
such Capital Contribution shall be increased by the amount contributed with
respect to each Class A Common Unit.

 

(iii)          If the Company at
any time subdivides (by any Unit split or otherwise) the Class A Common Units
into a greater number of Units, the Participation Threshold of each Class B
Common Unit outstanding immediately prior to such subdivision shall be
proportionately reduced, and if the Company at any time combines (by reverse
Unit split or otherwise) the Class A Common Units into a smaller number of
Units, the Participation Threshold of each Class B Common Unit outstanding
immediately prior to such combination shall be proportionately increased.

 

(iv)          No adjustment shall
be made in connection with (A) any redemption or repurchase by the Company or
any Unitholder of any Units or any forfeiture by 

 

15

 

any Unitholder of
any Units or (B) any Capital Contribution by any Unitholder in exchange for
newly issued Units.

 

(b)           The Participation
Thresholds of each Unitholder’s Class B Common Units shall be set forth on the
Unit Ownership Ledger, and Unit Ownership Ledger shall be amended from time to
time by the Company as necessary to reflect any adjustments to the
Participation Thresholds of outstanding Class B Common Units required pursuant
to this Section 3.5.

 

(c)           Notwithstanding
anything in this Section 3.5 to the contrary, the Board shall have the
power to amend the provisions of this Section 3.5 and Section 4.1(a)
to achieve the economic results intended by this Agreement, including that
(A) each Class A Common Unit has identical entitlement to distributions
under Section 4.1(a) and (B) the Class B Common Units are profits
interests when issued for United States federal income tax purposes.

 

Section 3.6            Capital
Accounts.

 

(a)           The Company shall
maintain a separate Capital Account for each Unitholder according to the rules
of Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company
may (in the discretion of the Board), upon the occurrence of the events
specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or
decrease the Capital Accounts in accordance with the rules of such regulation
and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation
of the Company’s property. Without limiting the foregoing, each Unitholder’s
Capital Account shall be adjusted:

 

(i)            by adding any
additional Capital Contributions made by such Unitholder in consideration for
the issuance of Units;

 

(ii)           by deducting any
amounts paid to such Unitholder in connection with the redemption or other
repurchase by the Company of Units;

 

(iii)          by adding any
Profits allocated in favor of such Unitholder and subtracting any Losses
allocated in favor of such Unitholder; and

 

(iv)          by deducting any
distributions paid in cash or other assets to such Unitholder by the Company.

 

(b)           For purposes of
computing the amount of any item of the Company’s income, gain, loss, or
deduction to be allocated pursuant to Article IV and to be reflected in
the Capital Accounts, the determination, recognition, and classification of any
such item shall be the same as its determination, recognition, and
classification for federal income tax purposes (including any method of
depreciation, cost recovery, or amortization used for this purpose); provided
that:

 

(i)            The computation of
all items of income, gain, loss, and deduction shall include those items
described in Code Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and
Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact
that such items are not includable in gross income or are not deductible for
federal income tax purposes.

 

16

 

(ii)           If the Book Value
of any of the Company’s property is adjusted pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be
taken into account as gain or loss from the disposition of such property.

 

(iii)          Items of income,
gain, loss, or deduction attributable to the disposition of the Company’s
property having a Book Value that differs from its adjusted basis for tax
purposes shall be computed by reference to the Book Value of such property.

 

(iv)          Items of
depreciation, amortization, and other cost recovery deductions with respect to
the Company’s property having a Book Value that differs from its adjusted basis
for tax purposes shall be computed by reference to the property’s Book Value in
accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g).

 

(v)           To the extent an
adjustment to the adjusted tax basis of any asset of the Company pursuant to
Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in
determining Capital Accounts, the amount of such adjustment to the Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of
the asset) or loss (if the adjustment decreases such basis).

 

Section 3.7            Negative
Capital Accounts. No Unitholder
shall be required to pay to any other Unitholder or the Company any deficit or
negative balance which may exist from time to time in such Unitholder’s Capital
Account (including upon and after dissolution of the Company).

 

Section 3.8            No
Withdrawal. No Person shall be
entitled to withdraw any part of such Person’s Capital Contributions or Capital
Account or to receive any Distribution from the Company, except as expressly
provided herein or in the other agreements referred to herein.

 

Section 3.9            Loans
From Unitholders. Loans by
Unitholders to the Company shall not be considered Capital Contributions. If
any Unitholder shall loan funds to the Company, the making of such loans shall
not result in any increase in the amount of the Capital Account of such
Unitholder. The amount of any such loans shall be a debt of the Company to such
Unitholder and shall be payable or collectible in accordance with the terms and
conditions upon which such loans are made.

 

ARTICLE IV

 

DISTRIBUTIONS; REDEMPTIONS 

AND ALLOCATIONS

 

Section 4.1            Distributions.

 

(a)           Distributions
Generally. Except as otherwise set forth in this Section 4.1, and
subject to the provisions of Section 18-607 of the Delaware Act, the Board may
make Distributions at any time or from time to time. All Distributions shall be
made only in the following order and priority:

 

17

 

(i)            First, to
the Unitholders holding Class A Preferred Units, an amount equal to the
aggregate Class A Preferred Unpaid Yield (in the proportion that each
Unitholder’s share of Class A Preferred Unpaid Yield bears to the aggregate
Class A Preferred Unpaid Yield) until each such Unitholder has received
Distributions in respect of such Unitholder’s Class A Preferred Units in an
amount equal to the aggregate Class A Preferred Unpaid Yield on such Unitholder’s
outstanding Class A Preferred Units as of the time of such Distribution, and no
Distribution or any portion thereof may be made pursuant to Sections 4.1(a)(ii)
or (iii) below until the entire amount of the Class A Preferred Unpaid
Yield on the outstanding Class A Preferred Units as of the time of such
Distribution (as limited by the next occurring proviso below) has been paid in
full; provided that no Distribution shall be made pursuant to this Section
4.1(a)(i) in respect of a Class A Preferred Unit to the extent such
Distribution, when combined with all previous Distributions made pursuant to
this Section 4.1(a)(i), would exceed the aggregate amount by which
Profits of the Company exceed Losses of the Company since the date of issuance
of such Class A Preferred Unit (for this purpose unless otherwise determined by
the Board, to the extent that any Class A Preferred Unit is issued after the
date hereof, Profits and Losses of the Company with respect to that Unit shall
be determined as if the Company had written up its assets under Treasury Reg.
§1.704-1(b)(2)(iv)(f) in
connection with the issuance of such Class A Preferred Unit).

 

(ii)           Second, to
the Unitholders holding Class A Preferred Units, an amount equal to the
aggregate Class A Preferred Unreturned Capital with respect to such Units (in
the proportion that each Unitholder’s share of Class A Preferred Unreturned
Capital with respect to such Class A Preferred Units bears to the aggregate
amount of Class A Preferred Unreturned Capital with respect to all Class A
Preferred Units) until each such Unitholder has received Distributions in
respect of such Unitholder’s Class A Preferred Units in an amount equal to the
aggregate Class A Preferred Unreturned Capital with respect to such
Unitholder’s Class A Preferred Units as of the time of such Distribution (at
which time such Class A Preferred Unit shall be deemed redeemed and cancelled
in full without any further action on the part of the Company or any Unitholder
or otherwise), and no Distribution or any portion thereof may be made pursuant
to Section 4.1(a)(iii) below until the entire amount of Class A
Preferred Unreturned Capital with respect to the outstanding Class A Preferred
Units as of the time of such Distribution has been paid in full.

 

(iii)          Third, all
remaining amounts shall be distributed to the Unitholders holding Participating
Common Units immediately prior to such Distribution as follows:  with respect to each Class A Common Unit, an
amount equal to the amount determined by dividing the Grossed-Up Amount by the
number of Participating Common Units, and, with respect to each Participating
Class B Common Unit, an amount equal to the excess of the (A) the amount
determined by dividing the Grossed-Up Amount by the number of Participating
Common Units over (B) the Participation Threshold with respect to such
Participating Class B Common Unit. For purposes of this Agreement, “Grossed-Up
Amount” means, with respect to any Distribution pursuant to this Section
4.1(a)(iii), the sum of (a) the amount of the Distribution pursuant to this
Section 4.1(a)(iii) and (b) the sum of the Participation Thresholds of
all Participating Class B Common Units.

 

Notwithstanding the
foregoing, the portion of any Distribution that would otherwise be made with
respect to any Unvested Common Unit shall not be distributed with 

 

18

 

respect to such Unvested Common Unit (provided
that Tax Distributions shall be made with respect to Unvested Common Units
pursuant to Section 4.1(b)), but shall instead be retained by the
Company and a “Reserve Amount” shall be created on the books and records
of the Company with respect to such Unvested Common Unit (or the Reserve Amount
with respect to such Unvested Common Unit shall be increased, if a Reserve
Amount already exists with respect to such Unvested Common Unit) in an amount
equal to the amount so retained by the Company in respect of such Unvested
Common Unit. The Reserve Amount created (or increased) for each Unvested Common
Unit shall be treated as Distributed for purposes of this Section 4.1(a)
and shall be treated as an amount the holder of such Unvested Common Unit is
entitled to receive for purposes of Section 4.2. If such Unvested Common
Unit subsequently becomes a Vested Common Unit, the Reserve Amount attributable
to such Unvested Common Unit shall be distributed (in connection with the first
Distribution that is not a Tax Distribution that occurs after such vesting)
without interest to the holder of such Common Unit, and if such Unvested Common
Unit is repurchased or forfeited, the Reserve Amount attributable to such
Unvested Common Unit shall be cancelled and no longer treated as an amount the
holder of such Unvested Common Unit is entitled to receive for purposes of Section
4.2.

 

(b)           Tax Distributions.
Notwithstanding any other provision herein to the contrary, so long as the
Company is treated as a partnership for federal and state income tax purposes,
the Company shall distribute to the Unitholders in respect of their Units, in
the proportions specified herein, to the extent that funds are legally
available therefor and would not be prohibited under any credit facility to
which the Company or any Subsidiary is a party, for each Fiscal Year an amount
(any such amount, a “Tax Distribution”) in cash equal to the product of:
(i) the Company Income Amount for the Fiscal Year, multiplied by (ii)
the Assumed Tax Rate for such Fiscal Year. The “Company Income Amount”
for a Fiscal Year shall be an amount, if positive, equal to the net taxable
income of the Company for such Fiscal Year, minus any net taxable loss of the
Company for any prior Fiscal Year not previously taken into account for
purposes of this Section 4.2 to the extent such loss would be available
under the Code to offset income of the Unitholders (or, as appropriate, the
direct or indirect partners or members of the Unitholders) determined as if
income and loss from the Company was the only income and loss of the
Unitholders (or, as appropriate, the direct or indirect partners or members of
the Unitholders) in such Fiscal Year and all prior Fiscal Years. The “Assumed
Tax Rate” for a Fiscal Year shall be equal to the sum of the highest
marginal federal, state, and local income tax rates applicable to any
Unitholder residing in the United States or its partners or members, as
determined by the Board based on the information available to it (taking into
account the character of the Company’s income and the deductibility of state
and local taxes for federal income tax purposes). Such Tax Distributions shall
be made to Unitholders on an estimated basis each quarter as determined by the
Board. The Board shall be entitled to adjust subsequent Tax Distributions up or
down to reflect any variation between such estimated quarterly Tax Distributions
and the Tax Distributions that would have been computed under this Section
4.1(b) based on subsequent Tax information. Tax Distributions shall be made
to the Unitholders in the proportion that the amount of the Company’s taxable
income allocated to such Unitholder pursuant to this Article IV for such Fiscal
Year (net of any taxable losses previously allocated to such Holder that are
taken into account in determining the Company Income Amount for such Fiscal
Year) bears to the Company’s total taxable income allocated to all Unitholders
pursuant to this Article IV for such Fiscal Year (net of any taxable losses
previously allocated to all Unitholder that are taken into account in
determining the Company Income Amount for such

 

19

 

Fiscal Year). Tax
Distributions shall be considered advances on Distributions to Unitholders
under Section 4.1(a).

 

(c)           Persons Receiving
Distributions. Each Distribution shall be made to the Persons shown on the
Company’s books and records as Unitholders as of the date of such Distribution;
provided, however, that any transferor and transferee of Units may
mutually agree as to which of them should receive payment of any Distribution
under Section 4.1. In the event that restrictions on transfer or change
in beneficial ownership of Units set forth herein or in the Securityholders
Agreement have been breached, the Company may withhold distributions in respect
of the affected Units until such breach has been cured.

 

(d)           Distributions of
In Kind Property. If the Company distributes property in kind that was
contributed to the Company (or received in a tax-free exchange for property
contributed to the Company), the Company shall, if possible, distribute (and be
deemed to distribute) such property to the Unitholder who contributed such
property, to the extent that such Unitholder is entitled to receive a
Distribution at such time under the economic priorities set out in this Section
4.1.

 

Section 4.2            Allocations. Except as otherwise provided in Section
4.3, Profits and Losses for any Fiscal Year shall be allocated among the
Unitholders in such a manner that, as of the end of such Fiscal Year, the sum
of (i) the Capital Account of each Unitholder, (ii) such Unitholder’s share of
Minimum Gain (as determined according to Treasury Regulation Section
1.704-2(g)), and (iii) such Unitholder’s partner nonrecourse debt minimum gain
(as defined in Treasury Regulation Section 1.704-2(i)(2)) shall be equal to the
respective net amounts, positive or negative, which would be distributed to
them, determined as if the Company were to (i) liquidate the assets of the
Company for an amount equal to their Book Value, and (ii) distribute the
proceeds of liquidation pursuant to Section 13.2.

 

Section 4.3            Special
Allocations.

 

(a)           Losses attributable
to partner nonrecourse debt (as defined in Treasury Regulation Section
1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation
Section 1.704-2(i). If there is a net decrease during a Fiscal Year in partner
nonrecourse debt minimum gain (as defined in Treasury Regulation Section
1.704-2(i)(3)), Profits for such Fiscal year (and, if necessary, for subsequent
Fiscal Years) shall be allocated to the Unitholders in the amounts and of such
character as determined according to, and subject to the exceptions contained
in, Treasury Regulation Section 1.704-2(i)(4).

 

(b)           If there is a net
decrease in Minimum Gain during any Fiscal Year, each Unitholder shall be
allocated Profits for such Fiscal Year (and, if necessary, for subsequent
Fiscal Years) in the amounts and of such character as determined according to,
and subject to the exceptions contained in, Treasury Regulation Section
1.704-2(f). This Section 4.3(b) is intended to be a minimum gain
chargeback provision that complies with the requirements of Treasury Regulation
Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.

 

(c)           If any Unitholder
that unexpectedly receives an adjustment, allocation, or distribution described
in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an

 

20

 

Adjusted Capital
Account Deficit as of the end of any Taxable Year, computed after the
application of Sections 4.3(a) and 4.3(b) but before the
application of any other provision of this Article IV, then Profits for such
Taxable Year shall be allocated to such Unitholder in proportion to, and to the
extent of, such Adjusted Capital Account Deficit. This Section 4.3(c) is
intended to be a qualified income offset provision as described in Treasury
Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner
consistent therewith.

 

(d)           Profits and Losses
shall be allocated in a manner consistent with the manner that the adjustments
to the Capital Accounts are required to be made pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(j), (k), and (m).

 

(e)           The allocations set
forth in Sections 4.3(a)-(d) (the “Regulatory Allocations”) are
intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2
of the Treasury Regulations. The Regulatory Allocations may not be consistent
with the manner in which the Unitholders intend to allocate Profit and Loss of
the Company or make distributions by the Company. Accordingly, notwithstanding
the other provisions of this Article IV, but subject to the
Regulatory Allocations, income, gain, deduction, and loss shall be reallocated
among the Unitholders so as to eliminate the effect of the Regulatory
Allocations and thereby cause the respective Capital Accounts of the
Unitholders to be in the amounts (or as close thereto as possible) they would
have been if Profit and Loss (and such other items of income, gain, deduction,
and loss) had been allocated without reference to the Regulatory Allocations.
In general, the Unitholders anticipate that this will be accomplished by
specially allocating other Profit and Loss (and such other items of income,
gain, deduction, and loss) among the Unitholders so that the net amount of the
Regulatory Allocations and such special allocations to each such Unitholder is
zero.

 

Section 4.4            Tax
Allocations.

 

(a)           The income, gains,
losses, deductions, and credits of the Company will be allocated, for federal,
state, and local income tax purposes, among the Unitholders in accordance with
the allocation of such income, gains, losses, deductions, and credits among the
Unitholders for computing their Capital Accounts; except that, if any such
allocation is not permitted by the Code or other applicable law, then the
Company’s subsequent income, gains, losses, deductions, and credits will be
allocated among the Unitholders so as to reflect as nearly as possible the
allocation set forth herein in computing their Capital Accounts.

 

(b)           Items of the
Company’s taxable income, gain, loss, and deduction with respect to any
property contributed to the capital of the Company shall be allocated among the
Unitholders in accordance with Code Section 704(c) so as to take account of any
variation between the adjusted basis of such property to the Company for
federal income tax purposes and its Book Value, using any method allowed by
Code Section 704(c) and the Treasury Regulations thereunder selected by the
Board.

 

(c)           If the Book Value of
any asset of the Company is adjusted pursuant to the requirements of Treasury
Regulation Section 1.704-1(b)(2)(iv)(e) or (f) subsequent allocations of items
of taxable income, gain, loss, and deduction with respect to such asset shall
take account of any variation between the adjusted basis of such asset for
federal income tax purposes and its 

 

21

 

Book Value in the
same manner as under Code Section 704(c), using any method allowed by Code
Section 704(c) and the Treasury Regulations thereunder selected by the Board.

 

(d)           Allocations of tax
credits, tax credit recapture, and any items related thereto shall be allocated
to the Unitholders according to their interests in such items as determined by
the Board taking into account the principles of Treasury Regulation Section
1.704-1(b)(4)(ii).

 

(e)           Allocations pursuant
to this Section 4.4 are solely for purposes of federal, state, and local
taxes and shall not affect, or in any way be taken into account in computing,
any Unitholder’s Capital Account or Unit of Profits, Losses, Distributions, or
other items of the Company pursuant to any provision of this Agreement.

 

Section 4.5            Indemnification
and Reimbursement for Payments on Behalf of a Unitholder. If the Company is required by law to make
any payment that is specifically attributable to a Unitholder or a Unitholder’s
status as such (including, but not limited to, federal, state, and local
withholding taxes, personal property taxes, personal property replacement
taxes, and unincorporated business taxes), then such Unitholder shall indemnify
the Company in full for the entire amount paid (including interest, penalties
and related expenses). The Company may pursue and enforce all rights and
remedies it may have against each Unitholder under this Section 4.5,
including instituting a lawsuit to collect such indemnification and
contribution with interest calculated at a rate equal to 10% per annum,
compounded as of the last day of each year (but not in excess of the highest
rate per annum permitted by law) or reducing Distributions which would
otherwise be made to such Unitholder until the Company has recovered the amount
required to be indemnified (provided that the amount of any such
reduction shall be deemed to have been distributed to such Unitholder for all
purposes under this Agreement).

 

Section 4.6            Transfer
of Capital Accounts. If a
Unitholder transfers an interest in the Company to a new or existing
Unitholder, the transferee Unitholder shall succeed to that portion of the
transferor’s Capital Account that is attributable to the transferred interest.

 

Section 4.7            Certain
Repurchases and Redemptions.
Notwithstanding anything to the contrary in this Agreement, the Company may, at
its option, exercise its repurchase or redemption rights, if any, and fulfill
its repurchase or redemption obligations, if any, to a holder of Units pursuant
to this Agreement or any Management Unit Purchase Agreement, in whole or in
part, by distributing to such holder securities issued by VWR Investors, Inc.
or any other direct Subsidiary of the Company, so long as VWR Investors, Inc.
or such Subsidiary directly or indirectly owns all or substantially all of the
assets of the Company on a consolidated basis, with a value equal to the
redemption or repurchase price of the Units of such holder to be redeemed or
repurchased; provided that, following such distribution VWR Investors,
Inc. or such Subsidiary shall redeem or repurchase such securities from such
holder within one business day following such distribution and the purchase price
for such redemption or repurchase shall be paid by VWR Investors, Inc. or such
Subsidiary (i) for cash to the extent that the Company would have been
obligated (but for the Company’s exercise of its option under this Section
4.7) to pay for such repurchase or redemption in cash and/or (ii) by
issuance of a subordinated promissory note to the extent that the Company would
have been obligated (but for the Company’s exercise of its option under this Section
4.7) to pay for such repurchase or redemption by the issuance of a 

 

22

 

subordinated promissory
note.  Any such subordinated promissory
note issued pursuant to this Section 4.7 shall have substantially the
same terms and conditions as the subordinated promissory note that the Company
was otherwise obligated to issue would have had.  Each holder of Units agrees to take such
actions and to enter into such agreements as the Company may reasonably request
in order to carryout the intent and provisions of this Section 4.7.  The Company and the holder agree to treat any
such distribution as a distribution of securities of the Subsidiary under Code
Section 731(a).

 

ARTICLE V

 

BOARD OF MANAGERS; OFFICERS

 

Section 5.1            Management
by the Board of Managers.

 

(a)           No Management by
Unitholders.  The Unitholders shall
not manage and control the business and affairs of the Company, except for
situations in which the approval of Unitholders is required by this Agreement
or by non-waivable provisions of applicable law.

 

(b)           Management by Board
of Managers.  In managing the
business and affairs of the Company and exercising their powers, the Managers
shall be members of and shall act as a Board of Managers (the “Board”).  The Board may act (A) by resolutions adopted
at a meeting and by written consents pursuant to Section 5.3, (B) by
delegating power and authority to committees pursuant to Section 5.4,
and (C) by delegating power and authority to any Officer pursuant to Section
5.5(a).  Except as otherwise provided
in any other written agreement to which a Manager is a party, each Unitholder
acknowledges and agrees that no Manager shall, as a result of being a Manager
(as such), be bound to devote all of his or her business time to the affairs of
the Company, and that he or she and his or her Affiliates do and will continue
to engage for their own account and for the accounts of others in other
business ventures.

 

(c)           Authority of Board
of Managers.  Except for situations
in which the approval of the Unitholders or any specific Unitholder is required
by the terms of this Agreement or the Securityholders Agreement and subject to
the provisions of this Section 5.1(b), (i) the Board shall conduct,
direct and exercise full control over all activities of the Company, (ii) all
management powers over the business and affairs of the Company shall be vested
in the Board and (iii) the Board shall have the power to bind or take any
action on behalf of the Company, or to exercise in its sole discretion any
rights and powers (including the rights and powers to take certain actions,
give or withhold certain consents or approvals, or make certain determinations,
opinions, judgments, or other decisions) granted to the Board or the Company
under this Agreement, or any other agreement, instrument, or other document to
which the Company is a party or by virtue of its holding the equity interests
of any Subsidiary thereof.  The Board
shall be the “manager” of the Company for the purposes of the Delaware Act.

 

(d)           Officers.  The management of the business and affairs of
the Company by the Officers and the exercising of their powers shall be
conducted under the supervision of and subject to the approval of the Board.

 

23

 

Section 5.2            Composition
and Election of the Board of Managers.

 

(a)           Number and
Designation.  The number of Managers
on the Board shall be initially established at five (5), but shall thereafter
be comprised of such number of Managers as to be the number necessary to allow
for the designations provided for pursuant to Section 5.2(a)(i) through
(iv) below.  The Board shall at all times
be comprised of the following persons:

 

(i)            one (1) representative
designated by MDCP-A from time to time, who shall initially be Timothy P.
Sullivan (the “MDCP-A Manager”);

 

(ii)           one (1) representative
designated by MDCP-C from time to time, who shall initially be Nicholas W.
Alexos (the “MDCP-C Manager”);

 

(iii)          one (1) representative
designated by MDCP-Co-Invest 1 from time to time, who shall initially be
Timothy D. Sheehan (the “MDCP-Co-Invest 1 Manager”);

 

(iv)          such number of additional
representatives as are designated by MDP from time to time, who initially shall
be Harry M. Jansen Kraemer (each an “Additional MDCP Manager” and
collectively with the MDCP-A Manager, the MDCP-C Manager and the MDCP Co-Invest
1 Manager, the “Investor Managers”); and

 

(v)           the Company’s chief
executive officer, who shall initially be John Ballbach (the “Executive
Manager”).

 

(b)           Term.  Members of the Board shall serve from their
designation in accordance with the terms hereof until the earlier of their
resignation, death or removal in accordance with the terms hereof.  Members of the Board need not be Unitholders
and need not be residents of the State of Delaware.  A person shall become a member of the Board
effective upon receipt by the Company at its principal place of business of a
written notice addressed to the Board (or at such later time or upon the
happening of some other event specified in such notice) of such person’s
designation from the person or persons entitled to designate such manager pursuant
to Section 5.2(a) above.  A member
of the Board may resign as such by delivering his, her or its written
resignation to the Company at the Company’s principal office addressed to the
Board.  Such resignation shall be
effective upon receipt unless it is specified to be effective at some other
time or upon the happening of some other event.

 

(c)           Removal.  If an Executive Manager ceases to serve as
the Company’s chief executive officer, such Executive Manager shall
automatically upon such cessation cease to serve as a Manager and as a member
of any committee of the Board.  The
removal from the Board or any of its committees (with or without cause) of any
Investor Manager shall be upon (and only upon) the written request of MDP.

 

(d)           Vacancies.  In the event that any designee under Section
5.2(a) for any reason ceases to serve as a member of the Board, (i) the
resulting vacancy on the Board shall be filled by a Person designated by the
person or persons originally entitled to designate such Manager pursuant to Section
5.2(a) above or, in the case of the Executive Manager, filled by the
Company’s next elected chief executive officer (provided that, if any
party fails to designate a person to fill a vacancy on the Board pursuant to
the terms of this Section 5.2 or, in the case of the Executive Manager,
no new chief executive officer has been elected, such vacant managership shall
remain vacant until such managership is filled pursuant to this Section
5.2(d)  

 

24

 

or MDP determines that such vacancy will not
be filled), and (ii) such designee shall be removed promptly after such time
from each committee of the Board.

 

(e)           Reimbursement.  The Company shall pay all reimbursable
out-of-pocket costs and expenses incurred by each member of the Board incurred
in the course of their service hereunder, including in connection with
attending regular and special meetings of the Board, any board of managers or
board of directors of each of the Company’s Subsidiaries and/or any of their
respective committees; provided that, so long as the Management Services
Agreement is in effect, Investor Managers who are employees of MDP LLC shall
not be entitled to reimbursement by the Company of out-of-pocket travel
expenses in connection with attending regular and special meetings of the
Board, any board of managers or board of directors of each of the Company’s
Subsidiaries and/or any of their respective committees.

 

(f)            Compensation of
Managers.  Except as approved by the
holders of the Required Interest, Managers shall receive no compensation for
serving in such capacity.

 

(g)           Reliance by Third
Parties.  Any Person dealing with the
Company, other than a Unitholder, may rely on the authority of the Board (or
any Officer authorized by the Board) in taking any action in the name of the
Company without inquiry into the provisions of this Agreement or compliance
herewith, regardless of whether that action actually is taken in accordance
with the provisions of this Agreement. 
Every agreement, instrument or document executed by the Board (or any
Officer authorized by the Board) in the name of the Company with respect to any
business or property of the Company shall be conclusive evidence in favor of
any Person relying thereon or claiming thereunder that (i) at the time of the
execution or delivery thereof, this Agreement was in full force and effect,
(ii) such agreement, instrument or document was duly executed according to this
Agreement and is binding upon the Company and (iii) the Board or such Officer
was duly authorized and empowered to execute and deliver such agreement,
instrument or document for and on behalf of the Company.

 

(h)           Subsidiary Board of
Managers or Board of Directors.  The
Company shall at all times, unless otherwise determined by the Board, cause the
board of managers or board of directors of each of the Company’s Subsidiaries
to be comprised of the same persons who are then Managers of the Board pursuant
to Section 5.2(a) above.

 

Section 5.3            Board
Meetings and Actions by Written Consent.

 

(a)           Quorum; Voting.  A majority of the total number of Managers
then serving on the Board (i.e., excluding any vacancies on the Board) must be
present (including for purposes of actions taken pursuant to Section 5.3(f))
in order to constitute a quorum for the transaction of business of the Board,
and except as otherwise provided in this Agreement, the act of a majority of
the Managers present at a meeting of the Board at which a quorum is present
shall be the act of the Board.  When a
quorum is once present to commence a meeting of the Board, it is broken if less
than one Investor Manager shall remain present at such meeting and no further
business may be transacted at such meeting until such time as a quorum shall
again be present.  If a quorum shall not
be present during a meeting of the Board, the Managers present thereat may
adjourn the meeting from time to time, without notice other than announcement
at the meeting, until a quorum shall be present.  A Manager who is present at a meeting of the 

 

25

 

Board at which action on any matter is taken
shall be presumed to have assented to the action unless his dissent shall be
entered in the minutes of the meeting or unless he shall file his written dissent
to such action with the person acting as secretary of the meeting before the
adjournment thereof or shall deliver such dissent to the Company immediately
after the adjournment of the meeting. 
Such right to dissent shall not apply to a Manager who voted in favor of
such action.

 

(b)           Place; Attendance.  Meetings of the Board may be held at such
place or places as shall be determined from time to time by resolution of the
Board.  At all meetings of the Board,
business shall be transacted in such order as shall from time to time be
determined by resolution of the Board. 
Attendance of a Manager at a meeting shall constitute a waiver of notice
of such meeting, except where a Manager attends a meeting for the express purpose
of objecting to the transaction of any business on the ground that the meeting
is not lawfully called or convened.

 

(c)           Meeting In
Connection With Unitholder Meeting. 
In connection with any meeting of Unitholders, the Managers may, if a
quorum is present, hold a meeting for the transaction of business immediately
after and at the same place as such meeting of the Unitholders.  Notice of such meeting at such time and place
shall not be required.

 

(d)           Time, Place and
Notice.  Regular meetings of the
Board shall be held at such times and places as shall be designated from time
to time by resolution of the Board. 
Notice of such meetings shall not be required.

 

(e)           Special Meetings.  Special meetings of the Board may be called
by any Manager on at least 24 hours’ notice to each other Manager or by the
holders of the Required Interest on at least 24 hours’ notice to each
Manager.  Any such notice need not state
the purpose or purposes of, nor the business to be transacted at, such meeting,
except as may otherwise be required by law or provided for in this Agreement.

 

(f)            Action by Written
Consent or Telephone Conference.  Any
action permitted or required by the Delaware Act, the Certificate or this
Agreement to be taken at a meeting of the Board or any committee designated by
the Board may be taken without a meeting if a consent in writing, setting forth
the action to be taken, is signed by all the Managers or members of such
committee, as the case may be.  An e-mail
transmission or a photographic, photostatic, facsimile or similar reproduction
of a writing signed by a Manager shall be regarded as signed by the Manager for
purposes of this Section 5.3(f). 
Such consent shall have the same force and effect as a unanimous vote at
a meeting and may be stated as such in any document or instrument filed with
the Secretary of State of Delaware, and the execution of such consent shall
constitute attendance or presence in person at a meeting of the Board or any
such committee, as the case may be. 
Subject to the requirements of the Delaware Act, the Certificate or this
Agreement for notice of meetings, unless otherwise restricted by the
Certificate, the Managers or members of any committee designated by the Board
may participate in and hold a meeting of the Board or any committee, as the
case may be, by means of a conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear
each other, and participation in such meeting shall constitute attendance and
presence in person at such meeting, except where a person participates in the
meeting for the express purpose of 

 

26

 

objecting to the transaction of any business
on the ground that the meeting is not lawfully called or convened.

 

Section 5.4            Committees;
Delegation of Authority and Duties.

 

(a)           Committees;
Generally.  The Board may, from time
to time, designate one or more committees. 
Any such committee, to the extent provided in the enabling resolution or
in the Certificate or this Agreement, shall have and may exercise all of the
authority of the Board.  At every meeting
of any such committee, the presence of a majority of all the members thereof
shall constitute a quorum, and the affirmative vote of a majority of the
members present shall be necessary for the adoption of any resolution.  The Board may dissolve any committee at any
time, unless otherwise provided in the Certificate or this Agreement.

 

(b)           Audit Committee.  The Board may establish an audit committee to
select the Company’s independent accountants and to review the annual audit of
the Company’s financial statements conducted by such accountants.

 

(c)           Delegation;
Generally.  The Board may, from time
to time, delegate to one or more Persons (including any Manager or Officer)
such authority and duties as the Board may deem advisable in addition to those
powers and duties set forth in Section 5.1(b) hereof.  The Board also may assign titles (including
chairman, chief executive officer, president, vice president, secretary,
assistant secretary, treasurer and assistant treasurer) to any Manager,
Unitholder or other individual and may delegate to such Manager, Unitholder or
other individual certain authority and duties. 
Any number of titles may be held by the same Manager, Unitholder or
other individual.  Any delegation
pursuant to this Section 5.4(c) may be revoked at any time by the Board.

 

(d)           Third-party Reliance.  Any Person dealing with the Company, other
than a Unitholder, may rely on the authority of any Officer in taking any
action in the name of the Company without inquiry into the provisions of this
Agreement or compliance herewith, regardless of whether that action actually is
taken in accordance with the provisions of this Agreement.

 

Section 5.5            Officers.

 

(a)           Designation and
Appointment.  The Board may (but need
not), from time to time, designate and appoint one or more persons as an
Officer of the Company.  No Officer need
be a resident of the State of Delaware, a Unitholder or a Manager.  Any Officers so designated shall have such authority
and perform such duties as the Board may, from time to time, delegate to
them.  The Board may assign titles to
particular Officers.  Unless the Board
otherwise decides, if the title is one commonly used for officers of a business
corporation formed, the assignment of such title shall constitute the
delegation to such Officer of the authority and duties that are normally
associated with that office, subject to (i) any specific delegation of
authority and duties made to such Officer by the Board pursuant to the third
sentence of this Section 5.5(a) or (ii) any delegation of authority and
duties made to one or more Officers pursuant to the terms of Section 5.4(c).  Each Officer shall hold office until such
Officer’s successor shall be duly designated and shall qualify or until such
Officer’s death or until 

 

27

 

such Officer shall resign or shall have been
removed in the manner hereinafter provided. 
Any number of offices may be held by the same individual.  The salaries or other compensation, if any,
of the Officers and agents of the Company shall be fixed from time to time by
the Board.

 

(b)           Resignation;
Removal; Vacancies.  Any Officer
(subject to any contract rights available to the Company, if applicable) may
resign as such at any time. Such resignation shall be made in writing and shall
take effect at the time specified therein, or if no time be specified, at the
time of its receipt by the Board.  The
acceptance of a resignation shall not be necessary to make it effective, unless
expressly so provided in the resignation. 
Any Officer may be removed as such, either with or without cause, by the
Board in its discretion at any time or by the holders of the Required Interest
in their discretion at any time; provided, however, that such removal
shall be without prejudice to the contract rights, if any, of the individual so
removed.  Designation of an Officer shall
not of itself create contract rights. 
Any vacancy occurring in any office of the Company may be filled by the
Board and shall remain vacant until filled by the Board.

 

(c)           Duties of Officers;
Generally.  The Officers, in the
performance of their duties as such, shall owe to the Unitholders duties of
loyalty and due care of the type owed by the officers of a corporation to such
corporation and its stockholders under the laws of the State of Delaware.

 

ARTICLE VI

 

GENERAL RIGHTS AND OBLIGATIONS OF UNITHOLDERS

 

Section 6.1            Limitation
of Liability.

 

(a)           Except as otherwise
provided by applicable law, the debts, obligations, and liabilities of the
Company, whether arising in contract, tort, or otherwise, shall be solely the
debts, obligations, and liabilities of the Company, and no Unitholder shall be
obligated personally for any such debt, obligation, or liability of the Company
solely by reason of being a Unitholder of the Company; provided that a
Unitholder shall be required to return to the Company any Distribution made to
it in clear and manifest accounting or similar error and may be required to
provide indemnification pursuant to an Approved Sale pursuant to Section 5
of the Securityholders Agreement or a transfer pursuant to Section 2 of
the Securityholders Agreement.  The
immediately preceding sentence shall constitute a compromise to which all Unitholders
have consented within the meaning of the Delaware Act.  Notwithstanding anything contained herein to
the contrary, the failure of the Company to observe any formalities or
requirements relating to the exercise of its powers or management of its business
and affairs under this Agreement or the Delaware Act shall not be grounds for
imposing personal liability on the Unitholders for liabilities of the Company.

 

(b)           Except as set forth in Section
6.1(c) or as otherwise agreed in a separate writing between a Unitholder
and the Company with respect to such Unitholder, in no event shall any
Unitholder be required to make any additional Capital Contribution to the
Company or be subject to any form of capital call.

 

28

 

(c)           In accordance with the
Delaware Act and the laws of the State of Delaware, a Unitholder of a limited
liability company may, under certain circumstances, be required to return
amounts previously distributed to such Unitholder.  It is the intent of the Unitholders that no
distribution to any Unitholder pursuant to Article IV hereof shall be
deemed a return of money or other property paid or distributed in violation of
the Delaware Act.  The payment of any
such money or distribution of any such property to a Unitholder shall be deemed
to be a compromise within the meaning of the Delaware Act, and the Unitholder
receiving any such money or property shall not be required to return to any
Person any such money or property. 
However, if any court of competent jurisdiction holds that,
notwithstanding the provisions of this Agreement, any Unitholder is obligated
to make any such payment, such obligation shall be the obligation of such
Unitholder and not of any other Unitholder.

 

Section 6.2            Lack
of Authority.  No Unitholder in
his, her, or its capacity as such (other than the members of the Board acting
as the Board or an authorized Officer of the Company) has the authority or
power to act for or on behalf of the Company in any manner, to do any act that
would be (or could be construed as) binding on the Company or to make any
expenditures on behalf of the Company, and the Unitholders hereby consent to
the exercise by the Board of the powers conferred on it by law and this
Agreement.

 

Section 6.3            No
Right of Partition.  No
Unitholder shall have the right to seek or obtain partition by court decree or
operation of law of any of the Company’s property, or the right to own or use
particular or individual assets of the Company.

 

Section 6.4            Unitholders
Right to Act.  For situations
which the approval of any Unitholders or class thereof (rather than the
approval of the Board on behalf of the Unitholders) is required, the
Unitholders shall act through meetings and written consents as described in Section
3.2.

 

Section 6.5            Investment
Opportunities; Conflicts of Interest.

 

(a)           Managers.  Subject to the other provisions of this
Agreement or any other agreement to which such Manager is a party, each Manager
of the Company (other than a Manager that is also an employee of the Company or
any of its Subsidiaries) at any time and from time to time may engage in and
own interests in other business ventures of any and every type and description,
independently or with others (including ones in competition with the Company)
with no obligation to offer to the Company or any other Unitholder, Manager or
officer the right to participate therein.

 

(b)           Management
Unitholders.  Each Unitholder that is
an Executive (as defined in the Securityholders Agreement) shall, and shall
cause each of its Affiliates to, bring all investment or business opportunities
to the Company of which any of the foregoing become aware during the period of
his or her employment with the Company or its Subsidiaries and which they
reasonably believe are within the scope and investment objectives of the
Company or any of its Subsidiaries or are otherwise competitive with the
business of the Company or any of its Subsidiaries but only to the extent
required by the corporate opportunity doctrine as applied to corporations
organized under the laws of the State of Delaware.

 

29

 

(c)           Other Unitholders.  The Unitholders expressly acknowledge that,
subject to the other express provisions of this Agreement, (A) the Other Unitholders
and their respective Affiliates and stockholders, directors, managers,
officers, controlling persons, partners and employees (collectively, “Related
Persons”) are permitted to have, and may presently or in the future have,
investments or other business relationships with entities engaged in the
business of the Company or its Subsidiaries (including in areas in which the
Company or any of its Subsidiaries may in the future engage in business), and
in related businesses other than through the Company or any of its Subsidiaries
(an “Other Business”), (B) the Other Unitholders and their respective
Affiliates and Related Persons have and may develop a strategic relationship
with businesses that are and may be competitive with the Company or any of its
Subsidiaries, (C) none of the Other Unitholders or their respective Affiliates
or Related Persons (including their respective representatives serving on the
Board) will be prohibited by virtue of their investments in the Company or its
Subsidiaries or their service on the Board or any board of directors or other
governing body of any Subsidiary from pursuing and engaging in any such
activities, (D) none of the Other Unitholders or their respective Affiliates or
Related Persons (including their respective representatives serving on the
Board) will be obligated to present to the Company, or any Unitholder, Manager,
or officer or inform any of them of any such opportunity, relationship or
investment, (E) neither the Company nor any other Unitholder, Manager or officer
or Subsidiary of the Company will acquire or be entitled to any interest or
participation in any Other Business as a result of the participation therein of
any of the Other Unitholders or their respective Affiliates or Related Persons
and (F) the involvement of the Other Unitholders or their respective Affiliates
or Related Persons (including their respective representatives serving on the
Board) in any Other Business will not constitute a conflict of interest by such
Persons with respect to the Company, any of its Subsidiaries or its
Unitholders.  No amendment or repeal of
this Section 6.5 shall apply to or have any effect on the liability or
alleged liability of any officer, Manager or Unitholder of the Company for or
with respect to any opportunities of which such officer, Manager or Unitholder
becomes aware prior to such amendment or repeal.

 

Section 6.6            Transactions
Between the Company and the Unitholders.  Notwithstanding that it may constitute a
conflict of interest, the Unitholders or their Affiliates may engage in any
contract or transaction (including the purchase, sale, lease or exchange of any
property or rendering of any service or the establishment of any salary, other
compensation or other terms of employment) with the Company so long as such
contract or transaction is approved by a majority of the disinterested members
of the Board (even though the disinterested members are less than a quorum) or
the contract or transaction is at arm’s length at the time that it is
authorized or ratified by the Board.  By
its execution hereof, each Unitholder acknowledges and consents to performance
by the Company and/or its Subsidiaries of its obligations under that the
Management Services Agreement, which was entered into with an Affiliate of MDP.

 

ARTICLE VII

 

EXCULPATION AND INDEMNIFICATION

 

Section 7.1            Exculpation.  No
Officer or Manager shall be liable to any other Officer, Manager, the Company
or to any Unitholder for any loss suffered by the Company or any Unitholder
unless such loss is caused by such Person’s gross negligence, willful
misconduct, violation of law or material breach of this Agreement.  The Officers and Managers shall not be 

 

30

 

liable for errors in judgment
or for any acts or omissions that do not constitute gross negligence, willful
misconduct, violation of law or material breach of this Agreement.  Any Officer or Manager may consult with
counsel and accountants in respect of the Company’s affairs, and provided such
Person acts in good faith reliance upon the advice or opinion of such counsel
or accountants, such Person shall not be liable for any loss suffered by the
Company or any Unitholder in reliance thereon.

 

Section 7.2            Right
to Indemnification.  Subject to
the limitations and conditions as provided in this Article VII, each Person who
was or is made a party or is threatened to be made a party to or is involved in
any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative, arbitrative (hereinafter a “Proceeding”), or
any appeal in such a Proceeding or any inquiry or investigation that could lead
to such a Proceeding, by reason of the fact that he or she, or a Person of whom
he or she is the legal representative, is or was a Unitholder, Manager or
Officer, or while a Unitholder, Manager or Officer is or was serving at the
request of the Company as a manager, director, officer, partner, venturer,
proprietor, trustee, employee, agent or similar functionary of another foreign
or domestic limited liability company, corporation, partnership, joint venture,
sole proprietorship, trust, employee benefit plan or other enterprise shall be
indemnified by the Company to the fullest extent permitted by the Delaware Act,
as the same exist or may hereafter be amended (but, in the case of any such
amendment, only to the extent that such amendment permits the Company to
provide broader indemnification rights than said law permitted the Company to
provide prior to such amendment) against judgments, penalties (including excise
and similar taxes and punitive damages), fines, settlements and reasonable
expenses (including attorneys’ fees) actually incurred by such Person in
connection with such Proceeding, and indemnification under this Article VII
shall continue as to a Person who has ceased to serve in the capacity which
initially entitled such Person to indemnity hereunder.  The rights granted pursuant to this Article
VII shall be deemed contract rights, and no amendment, modification or
repeal of this Article VII shall have the effect of limiting or denying
any such rights with respect to actions taken or Proceedings arising prior to
any amendment, modification or repeal. 
It is expressly acknowledged that the indemnification provided in this Article
VII could involve indemnification for negligence or under theories of
strict liability.

 

Section 7.3            Advance
Payment.  Reasonable expenses
incurred by a Person of the type entitled to be indemnified under Section
7.2 who was, is or is threatened to be made a named defendant or respondent
in a Proceeding shall be paid by the Company in advance of the final
disposition of the Proceeding upon receipt of an undertaking by or on behalf of
such Person to repay such amount if it shall ultimately be determined that he
or she is not entitled to be indemnified by the Company.

 

Section 7.4            Indemnification
of Employees and Agents.  The
Company, by adoption of a resolution of the Board, may indemnify and advance
expenses to an employee or agent of the Company to the same extent and subject
to the same conditions under which it may indemnify and advance expenses to
Persons who are not or were not Managers or Officers but who are or were
serving at the request of the Company as a manager, director, officer, partner,
venturer, proprietor, trustee, employee, agent or similar functionary of
another foreign or domestic limited liability company, corporation,
partnership, joint venture, sole proprietorship, trust, employee benefit plan
or other enterprise against any liability asserted against him and 

 

31

 

incurred by him in such a
capacity or arising out of his status as such a Person to the same extent that
it may indemnify and advance expenses to Managers and Officers under this Article
VII.

 

Section 7.5            Appearance
as a Witness.  Notwithstanding
any other provision of this Article VII, the Company shall pay or
reimburse reasonable out-of-pocket expenses incurred by a Manager or Officer in
connection with his appearance as a witness or other participation in a
Proceeding at a time when he is not a named defendant or respondent in the
Proceeding.

 

Section 7.6            Nonexclusivity
of Rights.  The right to
indemnification and the advancement and payment of expenses conferred in this Article
VII shall not be exclusive of any other right which a Manager, Officer or
other Person indemnified pursuant to Section 7.2 may have or hereafter
acquire under any law (common or statutory), provision of the Certificate or
this Agreement, agreement, vote of Unitholders or disinterested Managers or
otherwise.

 

Section 7.7            Insurance.  The Company shall, if available on
commercially reasonable terms, purchase and maintain insurance, or cause its
Subsidiaries to purchase and maintain insurance, at its or their expense, to protect
itself and any Person who is or was serving as a Manager, Officer or agent of
the Company or is or was serving at the request of the Company as a manager,
director, officer, partner, venturer, proprietor, trustee, employee, agent or
similar functionary of another foreign or domestic limited ability company,
corporation, partnership, joint venture, sole proprietorship, trust, employee
benefit plan or other enterprise against any expense, liability or loss,
whether or not the Company would have the power to indemnify such Person
against such expense, liability or loss under this Article VII.

 

Section 7.8            Savings
Clause.  If this Article VII
or any portion hereof shall be invalidated on any ground by any court of
competent jurisdiction, then the Company shall nevertheless indemnify and hold
harmless each Manager, Officer or any other Person indemnified pursuant to this
Article VII as to costs, charges and expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement with respect to any
action, suit or proceeding, whether civil, criminal, administrative or
investigative to the full extent permitted by any applicable portion of this Article
VII that shall not have been invalidated and to the fullest extent
permitted by applicable law.

 

ARTICLE VIII

 

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section 8.1            Records
and Accounting.  The Company
shall keep, or cause to be kept, appropriate books and records with respect to
the Company’s business, including all books and records necessary to provide
any information, lists, and copies of documents required to be provided
pursuant to Section 8.3 or pursuant to applicable laws.  The unit ledger for the Company and any unit
certificates held by the Company, and the stock or unit ledgers and equity certificates
for each of its Subsidiaries, shall be maintained at the Chicago offices of
Kirkland & Ellis LLP, or at such other place as directed by the holders of
the Required Interest in writing from time to time hereafter.  All matters concerning (i) the determination
of the relative amount of allocations and distributions among the Unitholders
pursuant to Articles III and IV and (ii) accounting procedures
and determinations, and other determinations not specifically and 

 

32

 

expressly provided for by the
terms of this Agreement, shall be determined by the Board, whose determination
shall be final and conclusive as to all of the Unitholders absent manifest
clerical error.

 

Section 8.2            Fiscal
Year.  The fiscal year (the “Fiscal
Year”) of the Company shall constitute the 12-month period ending on
December 31 of each calendar year, or such other annual accounting period as
may be established by the Board.

 

Section 8.3            Tax
Information.  The Company shall
use commercially reasonable efforts to deliver or cause to be delivered, within
75 days after the end of each Fiscal Year, to each Person who was a Unitholder
at any time during such Fiscal Year all information regarding the Company
necessary for the preparation of such Person’s United States federal and state
income tax returns.

 

Section 8.4            Transmission
of Communications.  Each Person
that owns or controls Units on behalf of, or for the benefit of, another Person
or Persons shall be responsible for conveying any report, notice, or other
communication received from the Board to such other Person or Persons.

 

Section 8.5            Company
Funds.  The Board and Officers
may not commingle the Company’s funds with the funds of any Unitholder or
Manager.

 

ARTICLE IX

 

TAXES

 

Section 9.1            Tax
Returns.  The Company shall
prepare and file all necessary federal and state income tax returns, including
making the elections described in Section 9.2.  Each Unitholder shall furnish to the Company
all pertinent information in its possession relating to the Company’s
operations that is necessary to enable the Company’s income tax returns to be
prepared and filed.

 

Section 9.2            Tax
Elections.  The Board shall be
entitled to cause the Company to make any Tax election the Board may deem
appropriate and in the best interests of the Unitholders.

 

Section 9.3            Tax
Matters Partner. MDCP-A shall be the “tax matters partner” of the
Company pursuant to Section 6231(a)(7) of the Code (the “Tax Matters Partner”).  The Tax Matters Partner shall take such action
as may be necessary to cause each other Unitholder to become a “notice partner”
within the meaning of Section 6223 of the Code. 
The Tax Matters Partner shall inform each other Unitholder of all
significant matters that may come to its attention in its capacity as Tax
Matters Partner by giving notice thereof on or before the fifth business day
after becoming aware thereof and, within that time, shall forward to each other
Unitholder copies of all significant written communications he may receive in
that capacity.  The Tax Matters Partner
may not take any action contemplated by Sections 6222 through 6232 of the Code
without the consent of the Board, but this sentence does not authorize the Tax
Matters Partner (or any Manager) to take any action left to the determination
of an individual Unitholder under Sections 6222 through 6232 of the Code.

 

33

 

Section 9.4            Code
Section 83 Safe Harbor Election.

 

(a)           By executing this
Agreement, each Unitholder authorizes and directs the Company to elect to have
the “Safe Harbor” described in the proposed Revenue Procedure set forth in
Internal Revenue Service Notice 2005 43 (the “Notice”) apply to any
interest in the Company transferred to a service provider by the Company on or
after the effective date of such Revenue Procedure in connection with services
provided to the Company.  For purposes of
making such Safe Harbor election, the Tax Matters Partner is hereby designated
as the “partner who has responsibility for federal income tax reporting” by the
Company and, accordingly, execution of such Safe Harbor election by the Tax
Matters Partner constitutes execution of a “Safe Harbor Election” in accordance
with Section 3.03(1) of the Notice.  The
Company and each Unitholder hereby agrees to comply with all requirements of
the Safe Harbor described in the Notice, including, without limitation, the
requirement that each Unitholder shall prepare and file all federal income tax
returns reporting the income tax effects of each interest in the Company issued
by the Company covered by the Safe Harbor in a manner consistent with the
requirements of the Notice.

 

(b)           The Company and any
Unitholder may pursue any and all rights and remedies it may have to enforce
the obligations of the Company and the Unitholders (as applicable) under Section
9.4(a), including, without limitation, seeking specific performance and/or
immediate injunctive or other equitable relief from any court of competent
jurisdiction (without the necessity of showing actual money damages, or posting
any bond or other security) in order to enforce or prevent any violation of the
provisions of Section 9.4(a).  A
Unitholder’s obligations to comply with the requirements of this Section 9.4
shall survive such Unitholder’s ceasing to be a Unitholder of the Company
and/or the termination, dissolution, liquidation and winding up of the Company,
and, for purposes of this Section 9.4, the Company shall be treated as
continuing in existence.

 

(c)           Each Unitholder
authorizes the Tax Matters Partner to amend Sections 9.4(a) and 9.4(b)
to the extent necessary to achieve substantially the same tax treatment with
respect to any interest in the Company transferred to a service provider by the
Company in connection with services provided to the Company as set forth in
Section 4 of the Notice (e.g., to reflect changes from the rules set forth in
the Notice in subsequent Internal Revenue Service guidance), provided
that such amendment is not materially adverse to such Unitholder (as compared
with the after tax consequences that would result if the provisions of the
Notice applied to all interests in the Company transferred to a service
provider by the Company in connection with services provided to the Company).

 

ARTICLE X

 

TRANSFER OF COMPANY INTERESTS

 

Section 10.1         Transfers
by Unitholders.

 

(a)           No Unitholder shall
Transfer any interest in any Units except in compliance with this Article X.  Except for Transfers made in compliance with
the Securityholders Agreement and, with respect to a Unitholder subject to a
Management Unit 

 

34

 

Purchase Agreement, such Management Unit
Purchase Agreement, no Unitholder shall Transfer, or offer or agree to
Transfer, all or any part of any interest of such Person’s Units without the
prior written consent of the Board. With the Board’s consent, a Unitholder may
Transfer all or any part of such Person’s Units, subject to compliance with
this Agreement (including, without limitation, Section 10.1(b)) and
any other agreement binding upon such Unitholder which restricts the Transfer
of Units (including, without limitation, the Securityholders Agreement and the
Management Unit Purchase Agreements).

 

(b)           Each transferee of
Units or other interest in the Company shall, as a condition precedent to such
Transfer, execute a counterpart to this Agreement pursuant to which such
transferee shall agree to be bound by the provisions of this Agreement.

 

Section 10.2         Effect
of Assignment.

 

(a)           Any Unitholder who
shall assign any Units or other interest in the Company shall cease to be a
Unitholder of the Company with respect to such Units or other interest and
shall no longer have any rights or privileges of a Unitholder with respect to
such Units or other interest.

 

(b)           Any Person who acquires
in any manner whatsoever any Units or other interest in the Company,
irrespective of whether such Person has accepted and adopted in writing the
terms and provisions of this Agreement, shall be deemed by the acceptance of
the benefits of the acquisition thereof to have agreed to be subject to and
bound by all of the terms and conditions of this Agreement that any predecessor
in such Units or other interest in the Company of such Person was subject to or
by which such predecessor was bound.

 

Section 10.3         Restriction
on Transfer.  Anything in this
Agreement to the contrary notwithstanding, no Unitholder (other than the
Investors) shall Transfer a Unit (including any Transfer of an interest in
Profits, Losses or Distributions) if the Transfer would (i) unless the
Board otherwise consents (such consent not to be unreasonably withheld), cause
the aggregate Transfer of Unitholder interests for a given Company taxable year
to exceed 2% of total Unitholder interests (excluding for this purpose, any
Transfer by a Unitholder described in Treasury Reg. §1.7704-1(e), (f) or
(g)), (ii) cause the Company to be treated as a publicly traded
partnership within the meaning of Code §7704 and Treasury
Reg. §1.7704-1, or (iii) create a significant risk of causing the
results contemplated by either clause (i) or (ii) above, in
the Board’s sole discretion.  Any
Transfer that violates this Section 10.3 shall be void and the purported
buyer, assignee, transferee, pledgee, mortgagee, or other recipient shall have
no interest in or rights to Company assets, Profits, Losses or Distributions,
and neither the Board nor the Company shall be required to recognize any such
interest or rights.  If the Board at any
time determines that a Transfer or foreseeable future Transfers of Units would
or may reasonably be expected to cause the Company or a Subsidiary thereof to
become required to register or file periodic reports with the United States
Securities and Exchange Commission or any other securities regulatory body or
organization in a non-United States jurisdiction, the Board may adopt such
additional reasonable rules and restrictions, which shall be binding on the
Unitholders, regarding Transfers of Units in order to avoid such registration
or reporting requirements.

 

35

 

Section 10.4         Transfer
Fees and Expenses.  The
transferor and transferee of any Units or other interest in the Company shall
be jointly and severally obligated to reimburse the Company for all reasonable
expenses (including attorneys’ fees and expenses) of any Transfer or proposed
Transfer, whether or not consummated.

 

Section 10.5         Void
Transfers.  Any Transfer by any
Unitholder of any Units or other interest in the Company in contravention of
this Agreement (including, without limitation, the failure of the transferee to
execute a counterpart in accordance with Section 10.1(b)) or which would
cause the Company to not be treated as a partnership for U.S. federal income
tax purposes shall be void and ineffectual and shall not bind or be recognized
by the Company or any other party.  No
purported assignee shall have any right to any profits, losses or distributions
of the Company.

 

ARTICLE XI

 

ADMISSION OF UNITHOLDERS

 

Section 11.1         Substituted
Unitholders.  In connection with
the transfer of Units permitted under the terms of this Agreement and the other
Transaction Documents, the transferee shall become a Substituted Unitholder on
the effective date of such Transfer, which effective date shall not be earlier
than the date of compliance with or waiver of the conditions to such Transfer
(unless one of the conditions to such Transfer is that Board or Unitholder
consent is required for the admission of such transferee, in which case such
consent must first be obtained), including executing counterparts of, and
become a party to, this Agreement and the other Transaction Documents to which
the transferor Unitholder was a party, and such admission shall be shown on the
books and records of the Company.

 

Section 11.2         Additional
Unitholders.  A Person may be
admitted to the Company as an Additional Unitholder only as contemplated under,
and in compliance with, the terms of this Agreement, including furnishing to
the Board (a) a letter of acceptance, in form satisfactory to the Board, of all
the terms and conditions of this Agreement, including the power of attorney
granted in Section 15.1, and (b) such other documents or instruments as
may be necessary or appropriate to effect such Person’s admission as a
Unitholder (including counterparts or joinders to all applicable Transaction
Documents).  Such admission shall become
effective on the date on which the Board determines that such conditions have
been satisfied and when any such admission is shown on the books and records of
the Company.

 

Section 11.3         Derivative
Securities.  Except as set forth
in this Agreement, no Person that holds securities (including  options, warrants, or rights) exercisable,
exchangeable, or convertible into Units shall have any rights with respect to
such Units until such Person is actually issued Units upon such exercise,
exchange, or conversion and, if such Person is not then a Unitholder, is
admitted as a Unitholder pursuant to Section 11.2.

 

36

 

ARTICLE XII

 

WITHDRAWAL AND RESIGNATION OF UNITHOLDERS

 

Section 12.1         Withdrawal
and Resignation of Unitholders. 
No Unitholder shall have the power or right to withdraw or otherwise
resign or be expelled from the Company prior to the dissolution and winding up
of the Company pursuant to Article XII, except as otherwise expressly
permitted by this Agreement or any of the other agreements contemplated
hereby.  Notwithstanding that payment on
account of a withdrawal may be made after the effective time of such withdrawal,
any completely withdrawing Unitholder will not be considered a Unitholder for
any purpose after the effective time of such complete withdrawal, and, in the
case of a partial withdrawal, such Unitholder’s Capital Account (and
corresponding voting and other rights) shall be reduced for all other purposes
hereunder upon the effective time of such partial withdrawal.

 

Section 12.2         Withdrawal
of a Unitholder.  No Unitholder
shall have the power or right to withdraw or otherwise resign from the Company
except, simultaneous with the Transfer of all of a Unitholder’s Units in a
Transfer permitted by this Agreement and, if such Transfer is to a person or
entity that is not a Unitholder, the admission of such person or entity as a
Unitholder pursuant to Section 11.1.

 

ARTICLE XIII

 

DISSOLUTION AND LIQUIDATION

 

Section 13.1         Dissolution.  The Company shall not be dissolved by the
admission of Additional Unitholders or Substituted Unitholders, or by the
death, retirement, expulsion, bankruptcy or dissolution of a Unitholder.  The Company shall dissolve, and its affairs
shall be wound up upon the first to occur of the following:

 

(a)           at any time by the
Board with the prior written consent of MDP; or

 

(b)           the entry of a decree
of judicial dissolution of the Company under Section 35-5 of the Delaware Act
or an administrative dissolution under Section 18-802 of the Delaware Act.

 

Except as
otherwise set forth in this Article XIII, the Company is intended to
have perpetual existence.  The death,
retirement, resignation, expulsion, bankruptcy or dissolution of a Unitholder
or the occurrence of any other event that terminates the continued membership
of a Unitholder in the Company shall not cause a dissolution of the Company and
the Company shall continue in existence subject to the terms and conditions of
this Agreement.

 

Section 13.2         Liquidation
and Termination.  On dissolution
of the Company, the Board shall act as liquidator or may appoint one or more
representatives or Unitholders as liquidator. 
The liquidators shall proceed diligently to wind up the affairs of the
Company, sell all or any portion of the Company assets for cash or cash
equivalents as they deem appropriate, and make final distributions as provided
herein and in the Delaware Act.  The
costs of liquidation shall be borne as an expense of the Company.  Until final distribution, the liquidators
shall continue to operate the Company properties with all of the power and
authority of the Board.  

 

37

 

The liquidators shall pay, satisfy,
or discharge from the Company’s funds all of the debts, liabilities, and
obligations of the Company (including all expenses incurred in liquidation) or
otherwise make adequate provision for payment and discharge thereof (including
the establishment of a cash fund for contingent liabilities in such amount and
for such term as the liquidators may reasonably determine) and shall promptly
distribute the remaining assets to the holders of Units in accordance with Section
4.1(a).  Any non-cash assets will first
be written up or down to their Fair Market Value, thus creating Profit or Loss
(if any), which shall be allocated in accordance with Sections 4.2 and 4.3.  In making such distributions, the liquidators
shall allocate each type of asset (i.e., cash, cash equivalents,
securities, etc.) among the Unitholders ratably based upon the aggregate
amounts to be distributed with respect to the Units held by each such
holder.  Any such distributions in kind
shall be subject to (x) such conditions relating to the disposition and
management of such assets as the liquidators deem reasonable and equitable and
(y) the terms and conditions of any agreement governing such assets (or the
operation thereof or the holders thereof) at such time.

 

The
distribution of cash and/or property to a Unitholder in accordance with the
provisions of this Section 13.2 constitutes a complete return to the
Unitholder of its Capital Contributions and a complete distribution to the
Unitholder of its interest in the Company and all the Company’s property and
constitutes a compromise to which all Unitholders have consented within the
meaning of the Delaware Act.  To the
extent that a Unitholder returns funds to the Company, it has no claim against
any other Unitholder for those funds.

 

Section 13.3         Cancellation
of Certificate.  On completion of
the distribution of assets of the Company as provided herein, the Company shall
be terminated (and the Company shall not be terminated prior to such time), and
the Board (or such other Person or Persons as the Delaware Act may require or
permit) shall file a certificate of cancellation with the Secretary of State of
Delaware, cancel any other filings made pursuant to this Agreement that are or
should be canceled, and take such other actions as may be necessary to
terminate the Company.  The Company shall
be deemed to continue in existence for all purposes of this Agreement until it
is terminated pursuant to this Section 13.3.

 

Section 13.4         Reasonable
Time for Winding Up.  A
reasonable time shall be allowed for the orderly winding up of the business and
affairs of the Company and the liquidation of its assets pursuant to Section
13.2 in order to minimize any losses otherwise attendant upon such winding
up.

 

Section 13.5         Return
of Capital.  The liquidators
shall not be personally liable for the return of Capital Contributions or any
portion thereof to the Unitholders (it being understood that any such return
shall be made solely from the Company’s assets).

 

Section 13.6         Reserves
Against Distributions.  The Board
shall have the right to withhold from Distributions payable to any Unitholder
under this Agreement amounts sufficient to pay and discharge any reasonably
anticipated contingent liabilities of the Company.  Any amounts remaining after payment and
discharge of any such contingent liabilities of the Company will be paid to the
Unitholders from whom the Distributions were withheld.

 

38

 

ARTICLE XIV

 

VALUATION

 

Section 14.1         Fair
Market Value.

 

(a)           The “Fair Market Value”
of any assets or Units to be valued under this Agreement shall be determined in
accordance with this Article XIV.

 

(b)           The Fair Market Value
of any asset constituting cash or cash equivalents shall be equal to the amount
of such cash or cash equivalents.

 

(c)           The Fair Market Value
of any asset constituting publicly traded securities shall be the average, over
a period of 21 days consisting of the date of valuation and the 20 consecutive
business days prior to that date, of the average of the closing prices of the
sales of such securities on the primary securities exchange on which such
securities may at that time be listed, or, if there have been no sales on such
exchange on any day, the average of the highest bid and lowest asked prices on
such exchanges at the end of such day, or, if on any day such securities are
not so listed, the average of the representative bid and asked prices quoted in
the Nasdaq System as of 4:00 P.M., New York time, or, if on any day such
securities are not quoted in the Nasdaq System, the average of the highest bid
and lowest asked prices on such day in the domestic over the counter market as
reported by the National Quotation Bureau Incorporated, or any similar
successor organization.

 

(d)           The Fair Market Value
of any assets other than cash, cash equivalents, or publicly traded securities
shall be the fair value of such assets, as determined in good faith by the
Board (or, if pursuant to Section 13.2, the liquidators), which
determination shall take into account any factors that they deem relevant,
including, without limitation, the application of the priority of distributions
described in Section 4.1(a) hereof.

 

ARTICLE XV

 

GENERAL PROVISIONS

 

Section 15.1         Power
of Attorney.

 

(a)           Each Unitholder hereby
constitutes and appoints each member of the Board and the liquidators, with
full power of substitution, as his true and lawful agent and attorney-in-fact,
with full power and authority in his or its name, place and stead, to execute,
swear to, acknowledge, deliver, file, and record in the appropriate public
offices (i) this Agreement, all certificates, and other instruments and all
amendments (in the manner set forth herein) thereof in accordance with the
terms hereof which the Board deems appropriate or necessary to form, qualify,
or continue the qualification of, the Company as a limited liability company in
the State of Delaware and in all other jurisdictions in which the Company may
conduct business or own property; (ii) all instruments which the Board deems
appropriate or necessary to reflect any amendment, change, modification, or
restatement of this Agreement in accordance with its terms; (iii) all
conveyances and other instruments or documents which the Board deems
appropriate or necessary to reflect the dissolution and liquidation of the
Company 

 

39

 

pursuant to the terms of this Agreement,
including a certificate of cancellation; and (iv) all instruments relating to
the admission, withdrawal, or substitution of any Unitholder pursuant to
Article XI and XII.

 

(b)           The foregoing power of
attorney is irrevocable and coupled with an interest, and shall survive the
death, disability, incapacity, dissolution, bankruptcy, insolvency, or
termination of any Unitholder and the Transfer of all or any portion of his or
its Units and shall extend to such Unitholder’s heirs, successors, assigns, and
personal representatives.

 

Section 15.2         Amendments.  This Agreement may be amended from time to
time as set forth elsewhere in this Agreement and this Agreement may be amended
from time to time by a written consent of the holders of the Required Interest;
provided that no amendment pursuant to this Section 15.2 that
would alter or change the powers, preferences, or special rights hereunder of a
class of Units or group of Unitholders (as the case may be) so as to affect
them adversely in a manner adversely different than any other class of Units or
group of Unitholders (as the case may be) shall be effective against the
holders of such class of Units or group of Unitholders (as the case may be)
without the prior written consent of the holders of at least a majority of the
outstanding Units of such class of Units or group of Unitholders (as the case
may be); provided  further that no amendment pursuant to this Section
15.2 that would alter or change adversely the special rights hereunder of a
Unitholder or group of Unitholders (as the case may be) specifically granted
such rights by name hereunder shall be effective against such Unitholder or
group of Unitholders (as the case may be) without that Unitholder’s (or a
majority of that group of Unitholders’) prior written consent; provided  further
that the amendment or modification of the Unit Ownership Ledger for the purpose
of adding an Additional Unitholder or a Substituted Unitholder or deleting a
former Unitholder or reflecting a transfer of Units, in each case, in
accordance with this Agreement, shall not be deemed to be an amendment of this
Agreement requiring the consent of any Unitholder.

 

Section 15.3         Title
to the Company’s Assets.  The
Company’s assets shall be deemed to be owned by the Company as an entity, and
no Unitholder, individually or collectively, shall have any ownership interest
in such assets of the Company or any portion thereof.  Legal title to any or all assets of the
Company may be held in the name of the Company or one or more nominees, as the
Board may determine.  The Board hereby
declares and warrants that any assets of the Company for which legal title is
held in its name or the name of any nominee shall be held in trust by the Board
or such nominee for the use and benefit of the Company in accordance with the
provisions of this Agreement.  All assets
of the Company shall be recorded as the property of the Company on its books
and records, irrespective of the name in which legal title to such assets is
held.

 

Section 15.4         Remedies.  Each Unitholder and the Company shall have
all rights and remedies set forth in this Agreement and all rights and remedies
which such Person has been granted at any time under any other agreement or
contract and all of the rights which such Person has under any law.  Any Person having any rights under any
provision of this Agreement or any other agreements contemplated hereby shall
be entitled to enforce such rights specifically (without posting a bond or
other security), to recover damages by reason of any breach of any provision of
this Agreement and to exercise all other rights granted by law.

 

40

 

Section 15.5         Successors
and Assigns.  All covenants and
agreements contained in this Agreement shall bind and inure to the benefit of
the parties hereto and their respective heirs, executors, administrators,
successors, legal representatives, and permitted assigns, whether so expressed
or not.

 

Section 15.6         Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal, or unenforceable in any respect under any applicable law or rule in
any jurisdiction, such invalidity, illegality, or unenforceability will not
affect any other provision or the effectiveness or validity of any provision in
any other jurisdiction, and this Agreement will be reformed, construed, and
enforced in such jurisdiction as if such invalid, illegal, or unenforceable
provision had never been contained herein.

 

Section 15.7         Change
in Business Form.  Each
Unitholder hereby irrevocably delegates and cedes to the Board the sole
authority and power to, in its sole discretion, in preparation for or
contemplation of an anticipated Qualified Public Offering (as defined in the
Securityholders Agreement) (i) convert the Company into a corporation (by a
conversion pursuant to Section 18-216 of the Delaware Act or other conversion
statute, merger or otherwise) or another form of business entity at any time,
in which event the terms and conditions contained herein (including the terms
and conditions relating to the Units and Capital Accounts) shall be, as closely
as possible, adopted by the new entity or (ii) notwithstanding Section 2.9
or anything else in this Agreement to the contrary, make an election to have
the Company be treated as a corporation for federal income tax purposes and, if
applicable, state income or franchise tax purposes, rather than as a
partnership (each, a “Conversion”). 
Without limiting the generality of the foregoing, it is anticipated that
a Conversion would occur prior to, or in connection with, a Qualified Public
Offering (as defined in the Securityholders Agreement).  In connection with any Conversion, the Board
may cause a recapitalization, reorganization, incorporation and/or exchange of
the Units into securities which reflect and are substantially consistent with
the Units and Capital Accounts as in effect immediately prior to such
transaction and shall provide for the Unitholders to have the benefits and
burdens of agreements that are substantially consistent with the Securityholders
Agreement and other equity agreements. 
No Unitholder shall have the right or power to veto, vote for or
against, amend, modify or delay any such Conversion.  Further, each Unitholder shall execute and
deliver any documents and instruments and perform any additional acts that may
be necessary or appropriate, as determined by the Board, to effectuate and
perform any such Conversion (including, without limitation, in the case of any
Management Unitholder, executing an agreement with the successor providing for
the continued vesting of, and repurchase rights respecting, any equity
securities issued in respect of Unvested Common Units in form and substance
similar to the provisions and restrictions with respect to vesting and
repurchase rights set forth in any Management Unit Purchase Agreement or option
grant agreement, as the case may be).

 

Section 15.8         Opt-in
to Article 8 of the Uniform Commercial Code.  The Unitholders hereby agree that the Units
shall be securities governed by Article 8 of the Uniform Commercial Code of the
State of Delaware (and the Uniform Commercial Code of any other applicable
jurisdiction).

 

41

 

Section 15.9         Notice
to Unitholder of Provisions.  By
executing this Agreement, each Unitholder acknowledges that it has actual
notice of (a) all of the provisions hereof (including the restrictions on the
transfer set forth herein), and (b) all of the provisions of the Certificate.

 

Section 15.10       Counterparts.  This Agreement may be executed in multiple
counterparts with the same effect as if all signing parties had signed the same
document.  All counterparts shall be
construed together and constitute the same instrument.

 

Section 15.11       Consent
to Jurisdiction.  Each Unitholder
irrevocably submits to the nonexclusive jurisdiction of the United States
District Court for the State of Delaware and the state courts of the State of
Delaware for the purposes of any suit, action or other proceeding arising out
of this Agreement or any transaction contemplated hereby.  Each Unitholder further agrees that service
of any process, summons, notice or document by United States certified or
registered mail to such Unitholder’s respective address set forth in the
Company’s books and records or such other address or to the attention of such
other person as the recipient party has specified by prior written notice to
the sending party shall be effective service of process in any action, suit or
proceeding in Delaware with respect to any matters to which it has submitted to
jurisdiction as set forth above in the immediately preceding sentence.  Each Unitholder irrevocably and
unconditionally waives any objection to the laying of venue of any action, suit
or proceeding arising out of this Agreement or the transactions contemplated
hereby in the United States District Court for the State of Delaware or the
state courts of the State of Delaware and hereby irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in such court has been brought in
an inconvenient forum.

 

Section 15.12       Descriptive
Headings; Interpretation.  The
descriptive headings of this Agreement are inserted for convenience only and do
not constitute a substantive part of this Agreement.  Whenever required by the context, any pronoun
used in this Agreement shall include the corresponding masculine, feminine, or
neuter forms, and the singular form of nouns, pronouns, and verbs shall include
the plural and vice versa.  The use of
the word “including” in this Agreement shall be by way of example rather than
by limitation.  Reference to any
agreement, document, or instrument means such agreement, document, or
instrument as amended or otherwise modified from time to time in accordance
with the terms thereof, and, if applicable, hereof.  Wherever required by the context, references
to a Fiscal Year shall refer to a portion thereof.  The use of the words “or,” “either,” and “any”
shall not be exclusive.  The parties
hereto have participated jointly in the negotiation and drafting of this
Agreement.  In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement. 
Wherever a conflict exists between this Agreement and any other
agreement, this Agreement shall control but solely to the extent of such
conflict.

 

Section 15.13       Applicable
Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law rules
or provisions (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the
State of Delaware.

 

42

 

Section 15.14       Mutual
Waiver of Jury Trial.  Because
disputes arising in connection with complex transactions are most quickly and
economically resolved by an experienced and expert person and the parties wish
applicable state and federal laws to apply (rather than arbitration rules), the
parties desire that their disputes be resolved by a judge applying such
applicable laws.  Therefore, to achieve
the best combination of the benefits of the judicial system and of arbitration,
each party to this agreement (including the Company) hereby waives all rights
to trial by jury in any action, suit, or proceeding brought to resolve any
dispute between or among any of the parties hereto, whether arising in
contract, tort, or otherwise, arising out of, connected with, related or
incidental to this agreement, the transactions contemplated hereby and/or the
relationships established among the parties hereunder.

 

Section 15.15       Addresses
and Notices.  All notices,
demands, 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 or made (i) when delivered personally to the recipient, (ii)
when telecopied to the recipient (with hard copy sent to the recipient by
reputable overnight courier service (charges prepaid) that same day) if
telecopied before 5:00 p.m. Chicago, Illinois time on a business day, and
otherwise on the next business day after being telecopied, (iii) one business
day after being sent to the recipient by reputable overnight courier service
(charges prepaid), or (iv) when received via electronic mail by the recipient
(with hard copy sent to the recipient by reputable overnight courier service
(charges prepaid) that same day) if received via electronic mail before 5:00
p.m. Chicago, Illinois time on a business day, and otherwise on the next
business day after such receipt.  Such
notices, demands, and other communications shall be sent to the Company at the
following address and to any Unitholders at the address for such Unitholder set
forth in the Company’s books and records, or to such other address or to the
attention of such other person as the recipient party has specified by prior
written notice to the sending party.

 

Varietal
Distribution Holdings, LLC

c/o VWR
International, Inc.

1310 Goshen
Parkway

PO Box 2656

West Chester,
Pennsylvania 19380

Facsimile:  (610) 701-9896

Telephone:  (610) 719-7072

Electronic
mail: George_VanKula@vwr.com

Attention:  George Van Kula, Esq.

 

with copies to (which shall not constitute notice):

 

Madison
Dearborn Capital Partners

Three First
National Plaza

38th Floor

Chicago,
Illinois  60602

Facsimile:  (312) 895-1056

Telephone:  (312) 895-1000

Electronic
mail:  mtresnowski@MDCP.com

Attention:  General Counsel

 

43

 

and

 

Kirkland &
Ellis LLP

200 East
Randolph Drive

Chicago, IL
60601

Facsimile:  (312) 861-2200

Telephone:
(312) 861-2000

Electronic
mail:  sperl@kirkland.com;
mfennell@kirkland.com

Attention:  Sanford E. Perl, P.C.

    Mark A. Fennell

 

Section 15.16       Creditors.  None of the provisions of this Agreement
shall be for the benefit of or enforceable by any creditors of the Company or
any of its Affiliates, and no creditor who makes a loan to the Company or any
of its Affiliates may have or acquire at any time as a result of making the loan
any direct or indirect interest in the Company’s Profits, Losses,
Distributions, capital, or property other than as a secured creditor.

 

Section 15.17       Waiver.  No failure by any party to insist upon the
strict performance of any covenant, duty, agreement, or condition of this
Agreement or to exercise any right or remedy consequent upon a breach thereof
shall constitute a waiver of any such breach or any other covenant, duty,
agreement, or condition.  Notwithstanding
the other provisions of this Agreement, Section 18-305(a) of the Delaware Act
shall not apply to the Company and no Unitholder shall have any rights
thereunder.

 

Section 15.18       Further
Action.  The parties shall
execute and deliver all documents, provide all information, and take or refrain
from taking such actions as may be necessary or appropriate to achieve the
purposes of this Agreement.

 

Section 15.19       Entire
Agreement.  This Agreement, those
documents expressly referred to herein, the other documents of even date
herewith, and the other Transaction Documents embody the complete agreement and
understanding among the parties and supersede and preempt any prior
understandings, agreements, or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way
(including, without limitation, the Limited Liability Company Agreement of the
Company, dated April 30, 2007, as amended).

 

Section 15.20       Electronic
Delivery.  This Agreement, the
agreements referred to herein, and each other agreement or instrument entered
into in connection herewith or therewith or contemplated hereby or thereby, and
any amendments hereto or thereto, to the extent signed and delivered by means
of a photographic, photostatic, facsimile or similar reproduction of such
signed writing using a facsimile machine or electronic mail shall be treated in
all manner and respects as an original agreement or instrument and shall be
considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. 
At the request of any party hereto or to any such agreement or
instrument, each other party hereto or thereto shall reexecute original forms
thereof and deliver them to all other parties. 
No party hereto or to any such agreement or instrument shall raise the
use of a facsimile machine or electronic mail to 

 

44

 

deliver a signature or the fact
that any signature or agreement or instrument was transmitted or communicated
through the use of a facsimile machine or electronic mail as a defense to the
formation or enforceability of a contract and each such party forever waives
any such defense.

 

Section 15.21       Survival.
Sections 4.5, 6.1, 7.1, 7.2 and 7.3 shall
survive and continue in full force in accordance with its terms notwithstanding
any termination of this Agreement or the dissolution of the Company.

 

*          *          *          *          *

 

45

 

IN WITNESS
WHEREOF, the undersigned have executed or caused to be executed on their behalf
this Limited Liability Company Agreement as of the date first above written.

 

	
   

  	
  VARIETAL DISTRIBUTION HOLDINGS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADISON DEARBORN CAPITAL PARTNERS 

  V-A, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners V-A&C, L.P.

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners, LLC

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADISON DEARBORN CAPITAL PARTNERS 

  V-C, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners V-A&C, L.P.

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners, LLC

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADISON DEARBORN CAPITAL PARTNERS V 

  EXECUTIVE-A, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners V-A&C, L.P.

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners, LLC

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:
  Managing Director

  

 

 

	
   

  	
  MDCP CO-INVESTORS (VARIETAL), L.P.

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners V-A&C, L.P.

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners, LLC

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MDCP CO-INVESTORS (VARIETAL-2), L.P.

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners V-A&C, L.P.

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By: Madison
  Dearborn Partners, LLC

  
	
   

  	
  Its: General
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:
  Managing Director

  

 

[Continuation of Signature Pages to Limited Liability Company Agreement
of Varietal Distribution Holdings, LLC]

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