Document:

Exhibit 10.4

EXECUTION VERSION

 

EXCHANGE AGENT AGREEMENT

by and among

Cogdell Spencer LP

and

the persons collectively referred to herein as the “Seller Representative”

and

Mellon Investor Services LLC

in respect of the delivery of merger consideration to the stockholders of MEA Holdings, Inc.

 

 

 

     THIS EXCHANGE AGENT AGREEMENT (this “Agreement”) is made and entered into as of March 10, 2008
by and between Cogdell Spencer LP., a Delaware limited partnership (the “Parent”), David P.
Pelisek (“Pelisek”), Scott A. Ransom (“Ransom”), David J. Lubar (“Lubar,”
and together with Ransom and Pelisek, the “Seller Representative”) and Mellon Investor
Services LLC (operating with the service name BNY Mellon Shareowner Services), a New Jersey limited
liability company (“Agent”). Capitalized terms used but not defined herein shall have the
meaning ascribed to such terms in the Merger Agreement (as defined below).

1. Appointment.

     (a) The Parent hereby appoints Agent to act as exchange agent with respect to the following:

          (i) the surrender of certificates representing (1) the shares of Common Stock of MEA Holdings,
Inc., a Wisconsin corporation (the “Target”), $0.01 par value per share (the “Common
Shares”) in exchange for payment of the initial payment of $69.03 per share due to each holder
of record of the Common Shares immediately before the Effective Time (the “Initial Merger
Consideration”) and (2) the shares of Preferred Stock of the Target, $0.01 par value per share
(the “Preferred Shares” and, together with the Common Shares, the “Shares”) in
exchange for payment of $100 per share due to each holder of record of the Preferred Shares
immediately before the Effective Time plus accrued but unpaid dividends as set forth on Exhibit
A attached hereto (the “Preferred Per Share Amount”), each pursuant to the provisions
of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 23, 2008
by and among Cogdell Spencer, Inc., the Parent, Goldenboy Acquisition Corp., the Target, Marshall
Erdman & Associates, Inc., Marshall Erdman Development, LLC and the Seller Representative,
providing for the merger of Goldenboy Acquisition Corp. with and into the Target (the
“Merger”) and the disbursement instruction, dated the same date of this Agreement, to be
delivered by the Seller Representative to the Agent, on behalf of the former holders of the Common
Shares and the Preferred Shares, which shall specify the amount and recipients with respect to the
payment of the Initial Merger Consideration and the Preferred Per Share Amount (the “Share
Disbursement Instruction”); and

          (ii) the payment of the option payment due to each holder of record of Company Options
immediately prior to the Effective Time of $69.03 per share (the “Option Payment”) pursuant
to the provisions of the Merger Agreement and the disbursement instruction, dated the same date of
this Agreement, to be delivered by the Seller Representative to the Agent, on behalf of the former
holders of Company Options, which shall specify the amount and recipients with respect to the
payment of the Option Payment (the “Option Disbursement Instruction” and together with the
Share Disbursement Instruction, the “Disbursement Instructions”);

Agent hereby accepts such appointment in accordance with and subject to the terms and conditions
set forth in this Agreement. It is understood that additional amounts may be payable to the former
holders of the Common Shares and Company Options pursuant to the provisions of the Merger Agreement
and of the Escrow Agreement, dated as of the date of this Agreement (the “Escrow
Agreement”), entered into among the Parent, Seller Representative and Agent.

     (b) The Merger is currently expected to become effective following the satisfaction of the
conditions to closing set forth in the Merger Agreement. The time at which the Merger becomes
effective is referred to in the Merger Agreement and in this Agreement as the “Effective Time.”
The Parent shall confirm to Agent that the Effective Time has occurred as soon as practicable
thereafter.

     (c) The Parent has furnished or will furnish Agent prior to the Effective Time with copies of
the following documents:

          (i) a letter to be sent from the President and Chief Executive Officer of the Surviving
Corporation (as defined in the Merger Agreement) to the persons who held the Shares

 

 

immediately
before the Effective Time, announcing the effectiveness of the Merger and containing instructions
for use in effecting the surrender of the Shares in exchange for the Initial Merger Consideration
and/or the Preferred Per Share Amount, as applicable; and

          (ii) the letter of transmittal (the “Letter of Transmittal”) that will be required to
accompany certificates representing Shares when surrendered (such Letter of Transmittal to be in a
form acceptable to Agent) in exchange for the Initial Merger Consideration and/or the Preferred Per
Share Amount, as applicable, and the related Certification of Taxpayer Identification Number on
Substitute Form W-9.

     (d) Within five days after the Effective Time, Parent will furnish Agent with a list, in a
format acceptable to Agent, of the holders of record of the Shares and Company Options immediately
before the Effective Time, including each such holder’s name, address, taxpayer identification
number (“TIN”), Share and/or Company Option amount and any certificate detail, if
applicable (the “Record Stockholders List”). The Parent confirms that the Merger Agreement
provides that no transfers of Shares or Company Options will be made after the Effective Time.

     (e) Subject to the terms and conditions of this Agreement and the Parent’s confirmation of the
Effective Time pursuant to Section 1(b) hereof, Agent in its capacity as exchange agent hereunder
shall:

          (i) accept certificates representing Shares, together with the accompanying Letters of
Transmittal, sent to Agent by or on behalf of such holders for surrender;

          (ii) make payment of the Initial Merger Consideration or Preferred Per Share Amount, as
applicable, in accordance with the Share Disbursement Instruction to the extent applicable and in
each case, less any applicable tax withholding, to each such holder by the mailing of a check (by
first class mail) or such other payment method as shall be mutually agreed by the Parent and Agent;
and

          (iii) make payment of the Option Payment, in accordance with the Option Disbursement
Instruction in each case, less any applicable tax withholding, to each such holder by the mailing
of a check (by first class mail) or such other payment method as shall be mutually agreed by the
Parent and Agent.

2. Procedure for Discrepancies.

Agent shall follow its regular procedures to attempt to reconcile any discrepancies between the
number of certificated Shares that any Letter of Transmittal may indicate are owned by a
surrendering stockholder and the number that the Record Stockholders List indicates such
stockholder owned of record as of the Effective Time. In any instance where Agent cannot reconcile
such discrepancies by following such procedures, Agent will consult with the Parent for
instructions as to the number of certificated Shares, if any, Agent is authorized to accept for
payment hereunder. In the absence of such instructions, Agent is authorized not to accept any such
certificated Shares for payment hereunder and will return to the surrendering stockholder (at
Agent’s option by either first class mail under a blanket surety bond or insurance protecting Agent
and the Parent from losses or liabilities arising out of the non-receipt or non-delivery of such
Shares or by registered mail insured separately for the value of such Shares) to such stockholder’s
address as set forth in the Letter of Transmittal any certificates representing Shares surrendered
in connection therewith, the related Letters of Transmittal and any other documents received with
such Shares.

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3. Certain Shares to be Cancelled.

The Parent shall as promptly as reasonably practicable following the Effective Time, provide to
Agent a written list of all Shares, including shareholder name, share amount and certificate
detail, that are to be cancelled without payment of consideration in accordance with the Merger
Agreement. The Seller Representative shall promptly prior to the Effective Time deliver all
physical certificates representing any such shares to Agent for proper cancellation. The Parent
hereby authorizes and instructs Agent to cancel all such shares delivered to Agent hereunder.

4. Deposit of Funds.

     (a) At the Effective Time, the Parent will deposit, or cause to be deposited, with Agent into
an account for the benefit of surrendering holders of certificates representing the Shares and the
holders of Company Options, immediately available funds in the amounts required by Agent to satisfy
its obligations under this Section 4(a) (the “Merger Fund”). Agent will draw upon the
Merger Fund as required from time to time in order to make payments for Shares and Company Options
and any applicable tax withholding payments payable at the closing.

     (b) Agent shall pay interest to the Parent on the average daily balance of the Merger Fund at
the Dreyfus Treasury Cash Management Investor Fund rate. Upon mailing any check to a surrendering
holder to pay such holder (i) the Initial Merger Consideration or the Preferred Per Share Amount,
as applicable or (ii) the Option Payment Amount, in each case, as applicable, Agent shall remove
the funds needed to cover such check from the Merger Fund on the check mail date. Agent must
receive immediately available funds prior to 1:00 p.m. Eastern Time in order for such funds to earn
interest on the date of deposit. Funds received after this time will not earn interest for the
Parent until the following business day. Interest shall be paid to the Parent prior to the end of
the month immediately following the month in which it was earned. Interest shall not be paid if
any outstanding invoices issued under this Agreement are past due. Except as expressly provided
above, Agent will not be obligated to calculate or pay interest to any holder or any other party
claiming through a holder or otherwise. Agent may, in making or disposing of any investment
permitted by this Agreement, deal with itself, in its individual capacity, or any of its
affiliates, whether or not it or such affiliate is acting as a subagent of Agent or for any third
person or dealing as principal for its own account.

5. Lost Certificates.

If any holder of Shares as of the Effective Time reports to Agent that his or her failure to
surrender any certificate(s) representing Shares registered in his or her name at the Effective
Time according to the Record Stockholders List is due to the theft, loss or destruction of the
certificate(s) representing such Shares, upon Agent’s receipt from such stockholder of (i) an
affidavit of such theft, loss or destruction and (ii) a bond of indemnity in form and substance
satisfactory to Agent (such indemnity shall indemnify Agent, the Parent and the Surviving
Corporation against any claim that may be made against either with respect to such stolen, lost or
destroyed certificates), and (iii) payment of all applicable fees, Agent will effect payment of the
applicable Initial Merger Consideration and/or Preferred Per Share Amount, as applicable, to the
former stockholder as though the stolen, lost or destroyed certificate(s) representing the Shares
had been properly surrendered. Agent may charge holders an administrative fee for processing
payment with respect to Shares represented by lost certificates, which shall be charged only once
in instances where a single surety bond obtained covers multiple certificates. Agent may receive
compensation from the surety companies or surety agents for administrative services provided to
them. Alternatively, holders of Shares may obtain a bond of indemnity from a surety company of
their choice, provided the surety company satisfies Agent’s minimum requirements.

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6. Eligibility of Shares for Payment. Other than as set forth in Exhibit B hereto,
all certificates representing Shares (other than certificates representing Shares to be cancelled
pursuant to Section 3 hereof) are eligible for payment regardless of any restrictive legend affixed
thereupon or applicable thereto and any other restrictions on payment.

7. Procedure for Deficient Items.

     (a) Agent shall examine each Letter of Transmittal and the accompanying certificates
representing the Shares received by it as exchange agent to ascertain whether they appear to have
been completed and executed in accordance with the instructions set forth in the Letter of
Transmittal. In the event Agent determines that any Letter of Transmittal does not appear to have
been properly completed or executed, or where the certificates representing Shares do not appear to
be in proper form for surrender, or any other deficiency in connection with the surrender appears
to exist, Agent will follow, where possible, its regular procedures to attempt to cause such
irregularity to be corrected. Agent is not authorized to waive any deficiency in connection with
the surrender, unless the Parent provides written authorization to waive such deficiency.

     (b) If a Letter of Transmittal specifies that payment of any portion of the Initial Merger
Consideration and/or Preferred Per Share Amount, as applicable, is to be made to a person other
than the registered holder of the Shares represented by a surrendered certificate, Agent will issue
no Initial Merger Consideration and/or Preferred Per Share Amount, as applicable, to the person
requesting such payment until such Letter of Transmittal has been properly endorsed with the
signature medallion guaranteed (or otherwise put in proper form for transfer).

     (c) If any such deficiency with respect to any certificated Shares is neither corrected nor
waived, Agent shall return to the surrendering stockholder (at Agent’s option by either first class
mail under a blanket surety bond or insurance protecting Agent and the Parent from losses or
liabilities arising out of the non-receipt or non-delivery of certificates representing the Shares
or by registered mail insured separately for the value of such Shares) to such stockholder’s
address as set forth in the Letter of Transmittal, any certificates representing Shares surrendered
in connection therewith, the related Letters of Transmittal and any other documents received with
such Shares.

8. Cancellation of Shares.

As of the Effective Time, Agent will become the sole recordkeeping agent for the Shares, and shall
maintain such records in accordance with its standard practices. Upon making payment for Shares,
the certificates representing such Shares will be physically canceled by Agent and posted to the
records Agent maintains.

9. Report of Activity.

Agent will forward to the Parent and the Seller Representative a report of the number of Shares
represented by certificates surrendered and the aggregate amount of cash paid for such certificates
therefor (i) during the 60 day period following the Effective Time, for each day on which payment
activity occurs and (ii) thereafter, upon the Parent’s and/or the Seller Representative’s
reasonable request.

10. Tax Reporting.

     (a) On or before January 31st of the year following the year that the applicable Initial
Merger Consideration, Preferred Per Share Amount or Option Payment, as applicable, is paid to a
holder of Shares or Company Options, Agent shall prepare and mail to each such holder, other than
holders who

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demonstrate their status as nonresident aliens in accordance with United States Treasury
Regulations (“Foreign Stockholders”), a Form 1099-B reporting the Initial Merger Consideration,
Preferred Per Share Amount or Option Payment, as applicable, as of the year of payment, in
accordance with United States Treasury Regulations. Agent shall also prepare and file copies of
such Forms 1099-B by magnetic tape with the Internal Revenue Service on or before February 28th of
the year following the payment of the applicable Initial Merger Consideration, Preferred Per Share
Amount or Option Payment, as applicable, for Shares or Company Options, as applicable, in
accordance with United States Treasury Regulations.

     (b) If Agent has not received notice from the surrendering holder of that holder’s TIN, or if
such TIN has not been certified as correct and relates to a post-1983 account, Agent shall deduct
and withhold the appropriate backup withholding tax from any payment made to such holder (other
than a Foreign Stockholder) pursuant to the Internal Revenue Code.

     (c) Should any issue arise regarding federal income tax reporting or withholding, Agent shall
take such reasonable action as the Parent reasonably may request in writing. Such action may be
subject to reasonable additional fees.

11. Unexchanged Stockholders.

Approximately three months after the Effective Time, Agent shall, unless the Parent instructs
otherwise, mail a follow-up letter to all stockholders who did not surrender their certificates
representing Shares for payment or supply an affidavit and bond of indemnity pursuant to Section 5
hereof. The follow-up letter will be mailed with a Letter of Transmittal, return envelope, and W-9
Guidelines. Following the date that is six months after the Effective Time, for the purpose of
facilitating the surrender of certificated Shares and the payment of Initial Merger Consideration
or the Preferred Per Share Amount, as applicable, Agent may, unless the Parent instructs otherwise,
use the services of a stockholder locating service provider selected by Agent to locate and contact
(a) holders who have not surrendered their Share certificates, including lost stockholders, and (b)
former holders of Shares or Company Options, if any, who have not yet cashed their checks
representing payment of the Initial Merger Consideration, the Preferred Per Share Amount or the
Option Payment, as applicable, which provider has agreed to compensate Agent for processing and
other services Agent provides in connection with such locating services. Such provider shall
inform any such located holders that they may choose either (i) to contact Agent directly to
surrender their certificated Shares, if applicable, and to receive a check for payment of the
Initial Merger Consideration, the Preferred Per Share Amount or the Option Payment, as applicable,
at no charge other than any applicable fees contemplated by Section 5 hereof or (ii) to utilize the
services of such provider for a fee, which may not exceed the lesser of 15% of the total value of
such holder’s Initial Merger Consideration, the Preferred Per Share Amount or the Option Payment,
as applicable, or the maximum statutory fee permitted by the applicable state jurisdiction. If the
Parent requires Agent to work with a locating service provider other than one selected by Agent,
additional fees may apply. Any portion of the Initial Merger Consideration, the Preferred Per
Share Amount or Option Payment deposited with Agent that remains unclaimed by the holders of the
Shares or Company Options six months after the Effective Time shall be returned to the Parent upon
demand, at which time this Agreement shall be terminated as provided in Section 21 hereof.

12. Escheat.

Agent shall identify, report and deliver all unclaimed Initial Merger Consideration, Preferred Per
Share Amount or Option Payment and related unclaimed property to all states and jurisdictions for
the Parent in accordance with applicable abandoned property law. In consideration of receiving
compensation from the agents of the states for processing and support services provided by Agent
relating to initial compliance with applicable abandoned property law, Agent shall not charge the
Parent for such services.

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13. Authorizations and Protections.

     As agent for the Parent hereunder Agent:

     (a) shall have no duties or obligations other than those specifically set forth herein or as
may subsequently be agreed to in writing by Agent, the Parent and Seller Representative;

     (b) shall have no obligation to make payment for any surrendered Shares or Company Options
unless the Parent shall have provided the necessary federal or other immediately available funds to
pay in full amounts due and payable with respect thereto;

     (c) shall, other than as expressly provided herein, be regarded as making no representations
and having no responsibilities as to the validity, sufficiency, value, or genuineness of any
certificates or the Shares represented thereby surrendered hereunder and will not be required to
and will make no representations as to, or be responsible for, the validity, sufficiency, value or
genuineness of the Initial Merger Consideration, the Preferred Per Share Amount, the Option Payment
or the Merger;

     (d) shall not be obligated to take any legal action hereunder; if, however, Agent determines
to take any legal action hereunder, and, where the taking of such action might, in Agent’s
judgment, subject or expose it to any expense or liability, Agent shall not be required to act
unless it shall have been furnished with an indemnity reasonably satisfactory to it;

     (e) may rely on, and be fully authorized and protected in acting or failing to act upon any
certificate, instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other
document or security delivered to Agent and reasonably believed by Agent to be genuine and to have
been signed by the proper party or parties;

     (f) shall not be liable or responsible for any recital or statement contained in the Merger
Agreement or any other documents relating thereto (other than this Agreement solely to the extent
it pertains to Agent’s representations, warranties and covenants hereunder);

     (g) shall not be liable or responsible for any failure of the Parent or Seller Representative
to comply with any of its obligations relating to the Merger, including without limitation
obligations under applicable securities laws;

     (h) shall not be liable to any holder of Shares for any Initial Merger Consideration or
Preferred Per Share Amount payable with respect to such Shares or any holder of Company Options for
any Option Payment with respect to such Company Options and any related unclaimed property that has
been delivered to a public official pursuant to applicable abandoned property law;

     (i) may rely on and shall be authorized and protected in acting or failing to act upon (i) the
written, telephonic or oral instructions of any authorized representative of the Parent with
respect to any matter relating to Agent acting as exchange agent pursuant to this Agreement; (ii)
any guaranty of signature by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program, Foreign Investor Registered Securities Transfer
Global Program or other comparable “signature guarantee program” or insurance program in addition
to, or in substitution for, the foregoing; or (iii) any law, act, regulation or any interpretation
of the same even though such law, act or regulation may thereafter have been altered, changed,
amended or repealed;

     (j) may consult counsel satisfactory to Agent (including internal counsel), and (provided that
the advice solicited is within the expertise of such counsel) the advice of such counsel shall be
full and

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complete authorization and protection in respect to action taken, suffered or omitted by Agent
hereunder in good faith and in reasonable reliance upon the advice of such counsel;

     (k) may perform any of its duties hereunder either directly or by or through agents or
attorneys and Agent shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with reasonable care hereunder; and

     (l) is not authorized, and shall have no obligation, to pay any brokers, dealers, or
soliciting fees to any person.

14. Indemnification.

     (a) The Parent shall indemnify Agent for, and hold Agent harmless from and against, any loss,
liability, claim (whether with or without basis in fact or law), demand, cost or expense arising
out of or in connection with Agent’s duties under this Agreement or this appointment, except for
any Disbursement Instruction Loss for which the Agent shall be indemnified by the Seller
Representative as set forth in clause (b) below (collectively, “Loss”), including the reasonable
costs and expenses of defending itself against any Loss or enforcing this Agreement, except to the
extent that such Loss shall have been determined by a court of competent jurisdiction to be a
result of Agent’s gross negligence or intentional misconduct.

     (b) Each Seller Representative shall jointly and severally indemnify Agent for, and hold Agent
harmless from and against, any loss, liability, claim (whether with or without basis in fact or
law), demand, cost or expense arising out of or in connection with Agent’s duties with respect to
the Disbursement Instructions (collectively, the “Disbursement Instruction Loss”), including the
reasonable costs and expenses of defending itself against any Disbursement Instruction Loss or
enforcing this Agreement, except to the extent that such Disbursement Instruction Loss shall have
been determined by a court of competent jurisdiction to be a result of Agent’s gross negligence or
intentional misconduct.

15. Limitation of Liability.

     (a) In the absence of gross negligence or intentional misconduct on its part, Agent shall not
be liable for any action taken, suffered, or omitted by it or for any error of judgment made by it
in the performance of its duties under this Agreement. Anything in this Agreement to the contrary
notwithstanding, in no event shall Agent be liable for special, indirect, incidental, consequential
or punitive losses or damages of any kind whatsoever (including but not limited to lost profits),
even if Agent has been advised of the possibility of such losses or damages and regardless of the
form of action. Any liability of Agent will be limited in the aggregate to the amount of fees paid
by the Parent hereunder.

     (b) If any question or dispute arises with respect to the proper interpretation of this
Agreement or Agent’s duties hereunder or the rights of the Parent or of any stockholders
surrendering certificates representing Shares for exchange, Agent shall not be required to act and
shall not be held liable or responsible for refusing to act until the question or dispute has been
(i) judicially settled (and Agent may, if it deems it advisable, but shall not be obligated to,
file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment
rendered by a court of competent jurisdiction, binding on all stockholders and parties interested
in the matter which is no longer subject to review or appeal, or (ii) settled by a written document
in form and substance reasonably satisfactory to Agent and executed by the Parent and each such
stockholder and party. For such purpose, Agent may, but shall not be obligated to, require the
execution of such a document.

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16. Representations, Warranties and Covenants.

     (a) The Parent represents, warrants and covenants that (i) it is duly incorporated, validly
existing and in good standing under the laws of its jurisdiction of incorporation, (ii) the making
and consummation of the Merger Agreement and the execution, delivery and performance of all
transactions contemplated thereby (including without limitation this Agreement) have been duly
authorized by all necessary corporate action and will not result in a breach of or constitute a
default under the certificate of incorporation or bylaws of the Parent or any indenture, agreement
or instrument to which it is a party or is bound, (iii) this Agreement has been duly executed and
delivered by the Parent and constitutes a legal, valid, binding and enforceable obligation of it,
(iv) the Merger will comply in all material respects with all applicable requirements of law and
(v) to the best of its knowledge, there is no litigation pending or threatened as of the date
hereof in connection with the Merger.

     (b) Each Seller Representative severally represents, warrants and covenants that (i) he has
full legal right, power and capacity to enter into and perform his obligations as Seller
Representative under this Agreement and each of the other documents and instruments to be executed
and delivered by him hereunder and thereunder, (ii) this Agreement has been duly executed and
delivered by the Seller Representative and constitutes a legal, valid, binding and enforceable
obligation of the Seller Representative, (iii) the Merger will comply in all material respects with
all applicable requirements of law, (iv) to the best of his knowledge, there is no litigation
pending or threatened as of the date hereof in connection with the Merger and (v) the Disbursement
Instructions will have been duly authorized in writing by all of the Sellers that have been
adversely affected thereby with respect to any payment that they would be otherwise entitled to.

17. Notices.

All notices, demands and other communications given pursuant to the terms and provisions hereof
shall be in writing, shall be deemed effective on the date of receipt, and may be sent by
facsimile, overnight delivery services, or by certified or registered mail, return receipt
requested to:

	 	 	 	 	 
	 

	 	If to the Parent:
	 	with an additional copy to:
	 
	 	 	 	 
	 

	 	Cogdell Spencer LP
	 	Clifford Chance US LLP
	 

	 	4401 Barclay Downs Drive
	 	31 West 52nd Street
	 

	 	Suite 380
	 	New York, New York 10019
	 

	 	Charlotte, NC 28209
	 	Attn: John A. Healy
	 

	 	Attn: Frank Spencer
	 	Fax: (212) 878-8375
	 

	 	Fax: (704) 940-2957	 	 
	 
	 	 	 	 
	 

	 	If to Seller Representative	 	 
	 
	 	 	 	 
	 

	 	Baird Capital Partners
	 	Godfrey & Kahn, S.C.
	 

	 	777 East Wisconsin Avenue
	 	780 North Water Street
	 

	 	P.O. Box 0672
	 	Milwaukee, WI 53202
	 

	 	Milwaukee, WI 53201
	 	Attn: John A. Dickens, Esq.
	 

	 	Attn: Dave Pelisek
	 	Fax No.: (414) 273-5198
	 

	 	Fax No.: (414) 298-7490
	 	Telephone: (414) 273-3500
	 
	 	 	 	 
	 

	 	Lubar & Co.
	 	Godfrey & Kahn, S.C.
	 

	 	700 North Water Street
	 	780 North Water Street
	 

	 	Suite 1200
	 	Milwaukee, WI 53202

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	 	Milwaukee, WI 53202
	 	Attn: John A. Dickens, Esq.
	 

	 	Attn: David Lubar
	 	Fax No.: (414) 273-5198
	 

	 	Fax No.: (414) 291-9061
	 	Telephone: (414) 273-3500
	 
	 	 	 	 
	 

	 	Marshall Erdman & Associates, Inc.
	 	Godfrey & Kahn, S.C.
	 

	 	P.O. Box 44975
	 	780 North Water Street
	 

	 	Madison, WI 53744
	 	Milwaukee, WI 53202
	 

	 	Attn: Scott Ransom
	 	Attn: John A. Dickens, Esq.
	 

	 	Fax No.: (608) 218-6575
	 	Fax No.: (414) 273-5198
	 

	 	 	 	Telephone: (414) 273-3500
	 
	 	 	 	 
	 

	 	If to Agent:
	 	with an additional copy to:
	 
	 	 	 	 
	 

	 	Mellon Investor Services LLC
	 	Mellon Investor Services LLC
	 

	 	480 Washington Blvd, 27th Floor
	 	480 Washington Blvd, 29th Floor
	 

	 	Jersey City NJ 07310
	 	Jersey City NJ 07310
	 

	 	Attn: Event Manager
	 	Attn: Legal Department
	 

	 	Tel: 201-680-3285
	 	Tel: 201-680-2198
	 

	 	Fax: 201-680-4665
	 	Fax: 201-680-4610

18. Specimen Signatures.

Set forth in Exhibit C hereto is a list of the names, titles and specimen signatures of the
persons authorized to act for the Parent under this Agreement. The Secretary of the Parent shall,
from time to time, certify to Agent the names, titles and signatures of any other persons
authorized to act for the Parent under this Agreement.

19. Confidentiality.

     (a) In connection with Agent’s appointment hereunder, each party may obtain confidential
information related to the other party or its stockholders that is not available to the general
public (“Confidential Information”), which Confidential Information shall include the terms and
conditions of this Agreement, the Merger Agreement, the Escrow Agreement and the exhibits attached
hereto and thereto. Each party agrees that the Confidential Information shall be held and treated
by it, its directors, officers, employees, affiliates, agents and subcontractors (collectively,
“Representatives”) in confidence and, except as hereinafter provided, shall not be disclosed in any
manner whatsoever except as otherwise required by law, regulation, subpoena or governmental
authority. Confidential Information shall be used by each party and its Representatives only for
the purposes for which provided and shall be disclosed by such party only to those Representatives
who have a need to know in order to accomplish the business purpose in connection with which the
Confidential Information has been provided. Confidential Information does not include information
that (i) is now or subsequently becomes generally available to the public through no fault or
breach on the part of the receiving party; (ii) the receiving party had rightfully in its
possession prior to disclosure to it by the disclosing party; (iii) is independently developed by
the receiving party without the use of or reference to any Confidential Information; or (iv) the
receiving party rightfully obtains on a non-confidential basis from a source other than the
disclosing party who has the right to transfer or disclose it.

     (b) In connection with the provision of services under this Agreement, the Parent may direct
Agent to release information, including non-public personal information (“NPPI”), as
defined in Title V of the Gramm Leach Bliley Act and the regulations issued thereunder (including
but not limited to Regulation P of the Board of Governors of the Federal Reserve) to the Parent’s
agents or other third party

9

 

service providers, including, without limitation, broker/dealers, custodians and depositories.
In addition, the Parent and the Seller Representative consent to the release of information,
including NPPI, (i) to any of Agent’s Representatives in connection with the services provided
hereunder and (ii) as required by law, regulation, subpoena or governmental authority. Agent shall
not be liable for the release of information in accordance with the foregoing provisions of this
subsection 19(b).

20. Compensation and Expenses.

     (a) The Parent shall pay to Agent compensation in accordance with the fee schedule attached as
Exhibit D hereto, together with reimbursement for reasonable fees and disbursements of
counsel, regardless of whether any certificates representing Shares are surrendered to Agent, for
Agent’s services as exchange agent hereunder.

     (b) The Parent shall be charged for certain expenses advanced or incurred by Agent in
connection with Agent’s performance of its duties hereunder. Such charges include, but are not
limited to, stationery and supplies, such as checks, envelopes, and paper stock, as well as any
disbursements for telephone and document creation and delivery. While Agent endeavors to maintain
such charges (both internal and external) at competitive rates, these charges may not reflect
actual out-of-pocket costs, and may include handling charges to cover internal processing and use
of Agent’s billing systems.

     (c) All amounts owed to Agent hereunder are due within thirty (30) days of the invoice date.
Delinquent payments are subject to a late payment charge of one and one half percent (1.5%) per
month commencing forty-five (45) days from the invoice date. The Parent agrees to reimburse Agent
for any attorney’s fees and any other reasonable costs associated with collecting delinquent
payments.

21. Termination.

Either the Parent or the Agent may terminate this Agreement upon 30 days prior written notice to
the other party. Unless so terminated, or unless the Parent demands return of the unclaimed
Initial Merger Consideration or Preferred Per Share Amount pursuant to Section 11 above at which
time this Agreement shall be terminated, this Agreement shall continue in effect until all Shares
have been received and all Shares and Company Options have been paid for whereupon this Agreement
shall automatically terminate. In the event of such termination, the Parent may appoint a
successor-exchange agent and, in the event that the Parent does so, it shall inform Agent of the
name and address of any successor exchange agent so appointed; provided, however, that no failure
by the Parent to appoint such a successor exchange agent shall affect the termination of this
Agreement or the discharge of Agent as exchange agent hereunder. Upon any termination provided for
in this Section 21, Agent shall deliver to the Parent (or, if so directed by the Parent, the
successor exchange agent) any funds (including any interest earned by the Parent with respect
thereto pursuant to Section 4(b) but not yet paid), which had been made available to Agent and
which have not been disbursed to the holders of Shares and, thereafter, subject to the last
sentence of this Section 21 and Section 24(g), Agent shall be relieved and discharged of any
further responsibilities with respect to its duties hereunder. Upon payment of all outstanding
fees and expenses hereunder, Agent shall promptly forward to the Parent or its designee any
certificate for Shares, Letter of Transmittal or other document that Agent may receive after its
appointment has so terminated.

22. Force Majeure.

Agent shall not be liable for any failures, delays or losses arising directly or indirectly out of
conditions beyond its reasonable control including, but not limited to, acts of government,
exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil
disobedience, riots, rebellions, storms, electrical or mechanical failure, computer hardware or
software failure, communications facilities failures including telephone failure, war terrorism,
insurrection, earthquakes, floods, acts of God or similar occurrences.

10

 

23. Submission to Jurisdiction; Foreign Law.

     (a) The parties irrevocably (i) submit to the non-exclusive jurisdiction of any New York State
court sitting in New York City or the United States District Court for the Southern District of New
York in any action or proceeding arising out of or relating to this Agreement, (ii) waive, to the
fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue
or lack of jurisdiction to the maintenance of any such action or proceeding, and (iii) waive all
right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or
the transactions contemplated hereby.

     (b) Agent shall not be required hereunder to comply with the laws or regulations of any
country other than the United States of America or any political subdivision thereof. Agent may
consult with foreign counsel, at the Parent’s expense, to resolve any foreign law issues that may
arise as a result of the Parent or any other party being subject to the laws or regulations of any
foreign jurisdiction.

24. Miscellaneous.

     (a) This Agreement shall be governed by and construed in accordance with the laws of the State
of New York, without giving effect to conflict laws rules or principles.

     (b) No provision of this Agreement may be amended, modified, or waived, except in writing
signed by all parties.

     (c) In the event that any claim of inconsistency between this Agreement and the terms of the
Merger Agreement arise, as they may from time to time be amended, the terms of the Merger Agreement
shall control, except with respect to the duties, liabilities and rights, including compensation
and indemnification, of Agent as exchange agent, which shall be controlled by the terms of this
Agreement.

     (d) If any provision of this Agreement shall be held illegal, invalid, or unenforceable by any
court, this Agreement shall be construed and enforced as if such provision had not been contained
herein and shall be deemed an Agreement between the parties hereto to the full extent permitted by
applicable law.

     (e) This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the
respective successors and assigns of the parties hereto.

     (f) This Agreement may not be assigned, or otherwise transferred, in whole or in part, by any
party without the prior written consent of the other parties, which the other parties will not
unreasonably withhold, condition or delay; provided that (i) consent is not required for an
assignment to an affiliate of Agent and (ii) any reorganization, merger, consolidation, sale of
assets or other form of business combination by Agent shall not be deemed to constitute an
assignment of this Agreement. Any attempted assignment in violation of the foregoing will be void.

     (g) Sections 10, 13, 14, 15, 19, 20, 23 and 24 hereof shall survive termination of this
Agreement.

     (h) Nothing in this Agreement shall be construed to give any person or entity other than
Agent, the Parent and the Seller Representative any legal or equitable right, remedy or claim under
this Agreement; but this Agreement shall be for the sole and exclusive benefit of Agent, the Parent
and the Seller Representative.

     (i) The headings contained in this Agreement are for the purposes of convenience only and are
not intended to define or limit the contents of this Agreement.

11

 

     (j) This Agreement may be executed manually in any number of counterparts, each of which such
counterparts, when so executed and delivered, shall be deemed an original, and all such
counterparts when taken together shall constitute one and the same original instrument.

     (k) This Agreement constitutes the entire understanding of the parties with respect to the
subject matter hereof and supercedes all prior written or oral communications, understandings, and
agreements with respect to the subject matter of this Agreement. The parties acknowledge that the
Exhibits hereto are an integral part of this Agreement.

     (l) The Parent acknowledges that Agent is subject to the customer identification program
(“Customer Identification Program”) requirements under the USA PATRIOT Act and its
implementing regulations, and that Agent must obtain, verify and record information that allows
Agent to identify the Parent. Accordingly, prior to accepting an appointment hereunder, Agent may
request information from the Parent that will help Agent to identify the Parent, including without
limitation the Parent’s physical address, tax identification number, organizational documents,
certificate of good standing, license to do business, or any other information that Agent deems
necessary. The Parent agrees that Agent cannot accept an appointment hereunder unless and until
Agent verifies the Parent’s identity in accordance with the Customer Identification Program
requirements.

[The remainder of this page has been intentionally left blank. Signature page follows.]

12

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year above
written.

	 	 	 	 	 	 	 
	 	 	COGDELL SPENCER LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CS Business Trust I, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cogdell Spencer Inc., its Sole Beneficial Owner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Frank C. Spencer
	 	 
	 

	 	Title:
	 	President and CEO	 	 
	 
	 	 	 	 	 	 
	 	 	MELLON INVESTOR SERVICES LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

[Signature Page to Exchange Agent Agreement]

13

 

	 	 	 	 	 	 	 
	 

	 	 	 	The individuals listed below, as	 	 
	 

	 	 	 	SELLER REPRESENTATIVE	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	David P. Pelisek	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	David J. Lubar	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Scott A. Ransom	 	 

[Signature Page to Exchange Agent Agreement]

14

 

	 	 	 
	Exhibit A

	 	Preferred Share accrued dividends
	Exhibit B

	 	Ineligible Shares
	Exhibit C

	 	List of Authorized Representatives
	Exhibit D

	 	Schedule of Fees

15

 

EXHIBIT A

16

 

EXHIBIT B

INELIGIBLE SHARES

	 	 	 
	Stockholder	 	Certificate Number (if any) of Shares

NONE

17

 

EXHIBIT C

18

 

LIST OF AUTHORIZED REPRESENTATIVES

	 	 	 	 	 	 	 
	Name	 	Title	 	Specimen Signature	 
	Frank C. Spencer
	 	President and CEO of Cogdell	 	 	 	 
	 
	 	Spencer Inc., Sole Beneficial	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Owner of CS Business Trust I,	 	 	 	 
	 
	 	the General Partner of Cogdell	 	 	 	 
	 
	 	Spencer LP	 	 	 	 
	Charles M. Handy
	 	Secretary and Chief Financial	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	Officer of Cogdell Spencer	 	 	 	 
	 
	 	Inc., Sole Beneficial Owner of	 	 	 	 
	 
	 	CS Business Trust I, the	 	 	 	 
	 
	 	General Partner of Cogdell	 	 	 	 
	 
	 	Spencer LP	 	 	 	 
	 
	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 

	 	 

	 	 

19

 

EXHIBIT D

SCHEDULE OF FEES

	 	 	 	 	 
	Acceptance and Administrative Fee,
	 	$	7,500.00	 
	 
	 	 	 	 
	File Conversion Fee, per file
	 	$	2,500.00	 
	 
	 	 	 	 
	Annual Facility Fee
	 	$	2,500.00	 
	 
	 	 	 	 
	Processing of Accounts, each billed in advance
Including Opening of Mail Items, Examining & Canceling
Certificates, Data Entry/System Updates, Quality Control,
DTC Payment
	 	$	15.00	 
	 
	 	 	 	 
	Special Handling Items, additional
Including Items not providing a Taxpayer ID#,
Defective Items, Lost Items, Foreign Holders, etc
	 	$	25.00	 
	 
	 	 	 	 
	Issue, Deliver and Reconcile Merger Payment Checks, each
	 	Included
	 
	 	 	 	 
	Issue, Deliver and Reconcile Escrow Distribution Checks, each
	 	Included
	 
	 	 	 	 
	Payments via Fed Wire transfer, each
	 	$	250.00	 
	 
	 	 	 	 
	Prepare and File Form 1099B
With Tendering Shareholder and Appropriate Gov. Agencies
	 	Included
	 
	 	 	 	 
	Office of Foreign Asset Control (OFAC) Reporting, each holder
	 	Included
	 
	 	 	 	 
	Special Services,
	 	By Appraisal
	 
	 	 	 	 
	Out of Pocket Expenses
Including Postage, Printing, Stationery,
Overtime, Transportation, Microfilming,
Legal Review of Contract, Imprinting, Mailing, etc.
	 	Additional

20Exhibit 10.5

EXECUTION VERSION

VOTING AGREEMENT

     THIS VOTING AGREEMENT (this “Agreement”) is made and entered into as of this 23rd day of
January, 2008 by and among the undersigned shareholders (each referred to herein as a “Shareholder”
and collectively referred to herein as the “Shareholders”) of MEA Holdings, Inc. (the “Holding
Company”) for the benefit of Cogdell Spencer LP, a Delaware Limited Partnership (“Parent”), and
Goldenboy Acquisition Corp., a Wisconsin Corporation (“Merger Sub”).

W I T N E S S E T H:

     WHEREAS, each of the Shareholders owns, or has the power to direct the voting of, the number
of Shares (as defined below) set forth opposite such Shareholder’s name on Schedule 1
attached hereto;

     WHEREAS, the Boards of Directors of Cogdell Spencer Inc., Parent, Merger Sub, the Holding
Company, Marshall Erdman & Associates, Inc., Marshall Erdman Development, LLC, and Parent, as the
sole shareholder of Merger Sub, have adopted and approved the Agreement and Plan of Merger (the
“Merger Agreement”) and the merger of Merger Sub with and into the Holding Company (the “Merger”)
in accordance with the Merger Agreement and the Wisconsin Business Corporation Law (the “WBCL”);
and

     WHEREAS, subsequent to the Holding Company’s approval of the Merger Agreement and concurrently
with the execution of the Merger Agreement and as a condition and inducement to the willingness of
Parent and Merger Sub to enter into the Merger Agreement, the Holding Company has delivered to
Parent this Agreement pursuant to which each Shareholder has agreed to vote the Shares owned by
such Shareholder in favor of the Merger.

     NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements
contained herein and in the Merger Agreement, and intending to be legally bound hereby, the
Shareholders hereby agree as follows:

     1. Voting Agreement.

          (a) Each Shareholder, by this Agreement hereby agrees to vote (or cause to be voted), at any
meeting of the shareholders of the Holding Company or in any action taken by the shareholders of
the Holding Company without a meeting, all of such Shareholder’s Shares, (i) in favor of the
approval and adoption of the Merger Agreement and approval of the Merger and all other transactions
contemplated by the Merger Agreement and this Agreement, and (ii) against any action, agreement or
transaction (other than the Merger Agreement or the transactions contemplated thereby) or proposal
(including any competing proposal) that would result in a breach of any covenant, representation or
warranty or any other obligation or agreement of the Holding Company under the Merger Agreement or
that could result in any of the conditions to the Holding Company’s obligations under the Merger
Agreement not being fulfilled. Upon the
execution of this Agreement by a Shareholder, such Shareholder hereby revokes any and all

 

 

other proxies given by such Shareholder with respect to such Shareholder’s Shares. Such
Shareholder acknowledges receipt and review of a copy of the Merger Agreement. For purposes of
this Agreement, “Shares” shall mean, for each Shareholder, all shares of common stock, par value
$.01 per share, and preferred stock, par value $.01 per share (“Company Stock”), of the Holding
Company that such Shareholder beneficially owns at the date of this Agreement, together with the
shares of Company Stock of which the Shareholder becomes the beneficial owner before the Effective
Time, less any shares of Company Stock subsequently disposed of pursuant to a Permitted Transfer.

          (b) Such Shareholder hereby irrevocably grants to, and appoints, Parent, Frank C. Spencer and
Charles M. Handy, and any individual designated in writing by any of them, and each of them
individually, as such Shareholder’s proxy and attorney-in-fact (with full power of substitution),
for and in the name, place and stead of such Shareholder, to vote the Shareholder’s Shares, or
grant a consent, approval or dissent in respect of the Shareholder’s Shares in the manner in which
such Shareholder is required to vote such Shareholder’s Shares pursuant to this Section 1. Such
Shareholder understands and acknowledges that Parent is entering into the Merger Agreement in
reliance upon such Shareholder’s execution and delivery of this Agreement. Such Shareholder hereby
affirms that the irrevocable proxy set forth in this Section 1 is given in connection with the
execution of the Merger Agreement, and that such irrevocable proxy is given to secure the
performance of the duties of such Shareholder under this Agreement. Such Shareholder hereby
further affirms that the irrevocable proxy hereby granted is coupled with an interest and may under
no circumstances be revoked unless and until the Expiration Date (as defined below). Such
Shareholder hereby ratifies and confirms any and all votes, consents or other actions that any
proxy appointed hereby may lawfully do or cause to be done by virtue hereof. The proxy and power
of attorney granted by each Shareholder is a durable power of attorney and shall survive the
bankruptcy, death or incapacity of such Shareholder.

     2. Transfer of Shares. Each Shareholder agrees that except for Permitted Transfers
(as defined herein), it shall not, directly or indirectly, during the period from the date of this
Agreement through the Expiration Date (as defined in Section 4, below), (a) sell, assign,
transfer (including by operation of law), lien, pledge, dispose of or otherwise encumber (a
“Transfer”) any of the Shares or otherwise agree to do any of the foregoing except pursuant to the
Merger Agreement or pursuant to the transactions contemplated therein, (b) deposit any Shares into
a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of
attorney with respect thereto (other than a proxy granting to the holder thereof the power solely
to vote Shares in favor of the approval of the Merger Agreement and the Merger or to vote on
employee compensation arrangements that are not inconsistent with the Merger Agreement), or (c)
enter into any contract, option or other arrangement or undertaking with respect to the direct or
indirect Transfer of any Shares. For purposes of this Agreement, “Permitted Transfer” means any of
the following Transfers: (i) a Transfer by will or operation of law, in which case this Agreement
shall bind the transferee, (ii) a Transfer pursuant to any pledge agreement existing as of the date
of this Agreement, subject to the pledgee agreeing in writing to be bound by the terms of this
Agreement, (iii) a Transfer in connection with estate and tax planning purposes, including
transfers to relatives, trusts and charitable organizations, subject to the transferee agreeing in
writing to be bound by the terms of this Agreement, (iv) a Transfer from a Shareholder to one
or more other Shareholders, and (v) a Transfer made with the prior written consent of Parent.

 

 

     3. Appraisal Rights. Each Shareholder agrees not to exercise any rights of appraisal
or any dissenters’ rights that such Shareholder may have (whether under applicable law or
otherwise) or could potentially have or acquire in connection with the Merger.

     4. Termination. For purposes of this Agreement, the “Expiration Date” shall be
defined as, and the obligations of each Shareholder under this Agreement shall terminate upon, the
earliest of (a) the Effective Time, (b) the date that the Merger Agreement is validly terminated in
accordance with its terms, and (c) the written consent of the Shareholders and the Parent.

     5. Assignment. This Agreement and the rights hereunder are not assignable or
transferable by any party without the prior written consent of the other parties; provided,
however, that no such assignment shall relieve the assigning party of its obligations
hereunder if such assignee does not perform such obligations.

     6. Consummation of the Merger. Each Shareholder, solely in his, her or its capacity
as a shareholder of the Holding Company, shall use such Shareholder’s reasonable efforts to take,
or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with
the other parties in doing, all things reasonably necessary, proper or advisable to consummate and
make effective, in the most expeditious manner practicable, the Merger and the other transactions
contemplated by the Merger Agreement. Such Shareholder shall not issue any press release or make
any other public statement with respect to the Merger or any other transaction contemplated by the
Merger Agreement without the prior written consent of Parent, which shall not be unreasonably
withheld, except as may be required by applicable law.

     7. Shareholders’ Representations. Except as set forth in the Merger Agreement and the
schedules and exhibits attached thereto and subject to the limitations contained therein, each
Shareholder hereby severally and not jointly represents and warrants to Parent in respect of such
Shareholder as follows:

          (a) Such Shareholder (i) is the record and beneficial owner of, or is the trustee of a trust
that is the record holder of, and whose beneficiaries are the beneficial owners of, and has good
and marketable title to, the number of shares of Company Stock set forth opposite such
Shareholder’s name on Schedule 1 to this Agreement free and clear of any mortgage, lien, pledge,
charge, security interest, encumbrance or other adverse claim of any kind in respect of such Shares
(“Lien”) other than pledges in favor of M&I Marshall and Ilsley Bank that have been disclosed to
Parent prior to the date of this Agreement and that do not prohibit or otherwise affect the
enforceability of any of the provisions hereof, (ii) does not own, of record or beneficially, any
shares of capital stock of the Holding Company other than the Shareholder’s Shares set forth
opposite such Shareholder’s name on Schedule 1 to this Agreement, (iii) has sole voting power and
sole power to issue instructions with respect to the matters set forth in Section 1 hereof, sole
power of disposition and sole power to agree to all of the matters set forth in this Agreement, in
each case with respect to all of the Shareholder’s Shares held by such Shareholder with no
limitations, qualifications or restrictions on such rights, subject to applicable securities
laws and the terms of this Agreement, (iv) has all requisite legal power, authority and right
to enter into, execute and deliver this Agreement, and to consummate the transactions contemplated
hereby, without the consent or approval of any other person, and (v) has not entered into any

 

 

voting agreement or other similar agreement with or granted any person any proxy (revocable or
irrevocable) in respect of the Shareholder’s Shares (other than this Agreement).

          (b) If such Shareholder is not a natural person, the execution and delivery by such
Shareholder of this Agreement and consummation of the transactions contemplated hereby have been
duly authorized by all necessary action on the part of such Shareholder. Such Shareholder has duly
executed and delivered this Agreement, and this Agreement is the legal, valid and binding
obligation of such Shareholder, enforceable against such Shareholder in accordance with its terms
subject to bankruptcy, reorganization, insolvency and other similar laws affecting the enforcement
of creditors’ rights in general and to general principles of equity (regardless of whether
considered in a proceeding in equity or in an action at law). The execution and delivery by such
Shareholder of this Agreement does not, and the consummation of the transactions contemplated
hereby and compliance with the terms hereof will not, conflict with, or result in any violation of,
or default (with or without notice or lapse of time, or both) under, or give rise to a right of
termination, cancellation or acceleration of any obligation or to loss of a material benefit under,
or to increased, additional, accelerated or guaranteed rights or entitlements of any person under,
or result in the creation of any Lien upon any of the properties or assets of such Shareholder
under, any provision of any contract to which such Shareholder is a party or by which any
properties or assets of such Shareholder are bound or, subject to the filings and other matters
referred to in the next sentence, any provision of any laws applicable to such Shareholder or the
properties or assets of such Shareholder. No consent of, or registration, declaration or filing
with, any governmental authority is required to be obtained or made by or with respect to such
Shareholder in connection with the execution, delivery and performance of this Agreement or the
consummation of the transactions contemplated hereby, other than such reports under Sections 13(d)
and 16 of the Exchange Act as may be required in connection with this Agreement and the
transactions contemplated hereby. If such Shareholder is married and the Shareholder’s Shares
constitute community property or otherwise need spousal or other approval to be legal, valid and
binding, this Agreement has been duly authorized, executed and delivered by, and constitutes a
valid and binding agreement of, such Shareholder’s spouse, enforceable against such spouse in
accordance with its terms. If this Agreement is being executed in a representative or fiduciary
capacity, the person signing this Agreement has full power and authority to enter into and perform
this Agreement. No trust of which such Shareholder is a trustee requires the consent of any
beneficiary to the execution and delivery of this Agreement or to the consummation of the
transactions contemplated hereby.

     8. Parent’s Representations. Parent hereby represents and warrants to each
Shareholder as follows: (i) the execution, delivery and performance by Parent of this Agreement and
the consummation by Parent of the transactions contemplated hereby are within the corporate powers
of Parent and have been duly authorized by all necessary corporate action, and (ii) this Agreement
constitutes a valid and binding agreement of Parent.

     9. Equitable Relief. The Shareholders agree that Parent would be irreparably harmed
by any breach of this Agreement on the part of any Shareholder and that Parent shall be entitled to
specific performance and injunctive and other equitable relief in respect of any breach
(including any threatened or anticipated breach) of this Agreement and to enforce the
provisions hereof, and the Shareholders further agree to waive any requirement for the securing or
posting of any bond in connection with the obtaining of any such injunctive or other equitable
relief.

 

 

This provision is without prejudice to any other rights or remedies, whether at law or in
equity, that any party hereto may have against any other party hereto for any failure to perform
its obligations under this Agreement.

     10. Further Assurances. Each Shareholder shall, from time to time, execute and
deliver, or cause to be executed and delivered, such additional or further consents, documents and
other instruments as Parent may reasonably request for the purpose of effectively carrying out the
transactions contemplated by this Agreement.

     11. Capacity; No Effect on Merger Agreement. Each Shareholder is entering into this
Agreement solely in his or her capacity as a shareholder of the Holding Company, and no covenant
contained herein shall apply to any Shareholder in his or her capacity as a director, officer or
employee of the Holding Company or in any other capacity. Nothing contained in this Agreement
shall be deemed to apply to, or limit in any manner, any Shareholder from fulfilling his or her
obligations under applicable law, including without limitation his or her fiduciary duties, in his
or her capacity as a director, officer or employee with respect to the Holding Company and nothing
herein will limit or affect, or give rise to any liability to a Shareholder by virtue of any
actions taken by such Shareholder in his or her capacity as a director, officer or employee of the
Holding Company. Nothing contained in this Agreement shall affect the terms and conditions of the
Merger Agreement.

     12. No Additional Rights Granted. Nothing contained in this Agreement shall be deemed
to vest in Parent any direct or indirect ownership or incidence of ownership of or with respect to
any of the Company Stock. All rights, ownership and economic benefits of and relating to the
Company Stock shall remain and belong to the applicable Shareholder and Parent shall have no power
or authority to direct any Shareholder in the voting of any of the Company Stock or the performance
by any Shareholder of its duties or responsibilities as a shareholder of the Holding Company,
except as otherwise provided herein.

     13. Binding Effect. This Agreement is binding upon the parties hereto and their
respective heirs, successors, legal representatives and permitted assigns.

     14. Severability. The parties agree that if any provision of this Agreement under any
circumstances is deemed invalid or inoperative, then this Agreement is construed with the invalid
or inoperative provision deleted, and the rights and obligations of the parties are construed and
enforced accordingly.

     15. Governing Law. This Agreement is governed by and construed and enforced in
accordance with the laws of the State of Wisconsin without regard to principles of conflicts of
law.

     16. Counterparts. This Agreement may be executed in one or more counterparts, all of
which are considered but one and the same agreement, and become effective when one or
more such counterparts have been signed by each of the parties and delivered to the other
party. A facsimile signature of this Agreement is effective as an original.

(Signatures appear on the following page.)

 

 

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

SHAREHOLDERS:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	BAIRD CAPITAL PARTNERS III LIMITED PARTNERSHIP
	 

Scott A. Ransom

	 	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Baird Capital Partners Management Company	 	 
	 

	 	 	 	 	 	III, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

Brian L. Happ

	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	David P. Pelisek, Director	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 
	William L. Peel, Jr.	 	 	 	BCP III AFFILIATES FUND LIMITED PARTNERSHIP
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Baird Capital Partners Management Company	 	 
	 

Eli Woyke

	 	 	 	 	 	III, L.L.C., its General Partner
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

Thomas G. Platz

	 	 	 	 	 	 

David P. Pelisek, Director
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	BCP III SPECIAL AFFILIATES LIMITED PARTNERSHIP
	 

Patricia LaForge

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Baird Capital Partners Management Company 	 	 
	 

	 	 	 	 	 	III, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

Kurtis M. Helin

	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	David P. Pelisek, Director	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Julia A. Houck	 	 	 	LUBAR CAPITAL, LLC
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Lubar Capital Management, LLC, its Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

Steven C. Peterson

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Lubar & Co., Incorporated, its Manager	 	 
	 
	 	 	 	 	 	 	 	 
	 

Gregg F. Redfern

	 	 	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 

David J. Lubar, President
	 	 

 

 

	 	 	 	 	 	 	 
	 	 	COGDELL SPENCER LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CS Business Trust I, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cogdell Spencer Inc., its Sole Beneficial Owner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Frank C. Spencer, President and CEO
	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDENBOY ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cogdell Spencer LP, its Sole Beneficial Owner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	CS Business Trust I, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Cogdell Spencer Inc., its Sole Beneficial Owner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Frank C. Spencer, President and CEO
	 	 

 

 

Schedule 1

Shareholders; Shares

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total Number of	 	Total Number of	 	 
	 	 	Shares of Nonvoting	 	Shares	 	 
	 	 	Common Stock	 	of Voting Common	 	Total Number of Shares
	Name
of Shareholder
	 	Held	 	Stock Held	 	of Preferred Stock Held
	Baird Capital Partners III 

Limited Partnership

	 	 	0	 	 	 	935,430.6500	 	 	 	84,188.7600	 
	BCP III Affiliates Fund 

Limited Partnership

	 	 	0	 	 	 	187,035.7500	 	 	 	16,833.2200	 
	BCP III Special Affiliates 

Limited Partnership

	 	 	0	 	 	 	137,033.60000	 	 	 	12,333.0200	 
	Lubar Capital, LLC

	 	 	0	 	 	 	1,259,500.0000	 	 	 	113,355.0000	 
	Scott A. Ransom

	 	 	123,676.9758	 	 	 	0	 	 	 	2,700	 
	Brian L. Happ

	 	 	54,348.2245	 	 	 	0	 	 	 	1,800	 
	William L. Peel, Jr.

	 	 	54,348.2245	 	 	 	0	 	 	 	1,800	 
	Eli Woyke

	 	 	5,000	 	 	 	0	 	 	 	450	 
	Thomas G. Platz

	 	 	5,000	 	 	 	0	 	 	 	450	 
	Patricia LaForge

	 	 	5,000	 	 	 	0	 	 	 	450	 
	Kurtis M. Helin

	 	 	20,000	 	 	 	0	 	 	 	900	 
	Julia A. Houck

	 	 	5,000	 	 	 	0	 	 	 	450	 
	Steven C. Peterson

	 	 	7,500	 	 	 	0	 	 	 	675	 
	Gregg F. Redfern

	 	 	5,000	 	 	 	0	 	 	 	450	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	Total Held

	 	 	284,873.4248	 	 	 	2,519,000.0000	 	 	 	236,835.0000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Total Outstanding per Class

	 	 	558,020.2308	 	 	 	2,519,000.0000	 	 	 	251,685.0000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage

	 	 	51.05	%	 	 	100	%	 	 	94.10	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]