Document:

Filed by Bowne Pure Compliance

Execution Copy

EXHIBIT
4.15

SECURITYHOLDERS AGREEMENT

THIS SECURITYHOLDERS AGREEMENT (this “Agreement”) is made and entered into as of this
4th day of March, 2008, by and among PURE EARTH, INC., a Delaware corporation (the
“Company”), BRENT KOPENHAVER (together with his transferees, successors and assigns,
“Kopenhaver”), MARK ALSENTZER (together with his transferees, successors and assigns,
“Alsentzer” and together with Kopenhaver, each a “Shareholder” and together, the
“Shareholders”), and FIDUS MEZZANINE CAPITAL, L.P., a Delaware limited partnership
(“Fidus”), and any other holders of the Warrants (as defined below) and Warrant Shares (as
defined below) from time to time (collectively, with Fidus, the “Holders”).

BACKGROUND STATEMENT

As of the date of this Agreement, (i) the Shareholders own shares of Common Stock (as defined
below) and (ii) Fidus holds Warrants (as defined below) to purchase shares of Common Stock. The
Shareholders, the Company and the Holders wish to set forth certain agreements in favor of the
Holders regarding the transfer of shares of Common Stock by the Shareholders.

AGREEMENT

NOW, THEREFORE, in consideration of the mutual promises and subject to the terms and
conditions herein contained, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

ARTICLE I

DEFINITIONS

“Affiliate” means, with respect to any Person, each other Person (other than the
Company or any Subsidiary) that, directly or indirectly through one or more intermediaries,
Controls, is Controlled by, or is under common Control with such Person.

“Agreement” has the meaning set forth in the preamble.

“Alsentzer” has the meaning set forth in the preamble.

“Business Day” means any day other than a Saturday or Sunday, a legal holiday or a day
on which commercial banks in Chicago, Illinois or Philadelphia, Pennsylvania are authorized or
required by law to be closed.

“Common Stock” means the then outstanding shares of the capital stock of the Company,
however designated, that is not limited as to the amount of dividends or the amount of
distributions upon liquidation or dissolution of the Company.

 

 

 

“Common Stock Equivalents” means any evidences of indebtedness, shares of stock or
other securities that are convertible into or exchangeable for, with or without payment of
additional consideration in cash or property, shares of Common Stock, and any options, warrants or
other securities or rights to subscribe for, purchase or otherwise acquire shares of Common Stock
or any of the foregoing, in each case whether or not immediately exercisable.

“Company” has the meaning set forth in the preamble.

“Control” (including the terms “Controlled by” and “under common Control
with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise.

“Equity Participation Offer” has the meaning set forth in Section 2.1(a).

“Equity Sale” means a Transfer by a Shareholder, whether by merger, consolidation,
share exchange or otherwise (other than to family members of such Shareholder or trusts for their
benefit so long as any such family member or trust transferee becomes party to and bound by the
terms of this Agreement to the same extent as the transferring Shareholder); provided,
however, that an unsolicited, non-negotiated sale in the ordinary course on the open public
market shall not constitute an Equity Sale.

“Equity Sale Closing” has the meaning set forth in Section 2.1(a).

“Fidus” has the meaning set forth in the preamble.

“Holders” has the meaning set forth in the preamble.

“Initial Exercise Period” has the meaning set forth in Section 2.1(b).

“Kopenhaver” has the meaning set forth in the preamble.

“Opting Out Holder” has the meaning set forth in Section 2.1(c).

“Person” means any natural person, sole proprietorship, general partnership, limited
partnership, limited liability company, joint venture, trust, unincorporated organization,
association, corporation, governmental authority, or any other organization, irrespective of
whether it is a legal entity, and includes any successor (by merger or otherwise) of such entity.

“Qualified Public Company” means the Company after the consummation of a Qualified
Public Offering and so long as it (i) is listed on the NASDAQ or New York Stock Exchange or
comparable national securities market, (ii) is covered by a market maker or market specialist and
(iii) is registered as a reporting company under the Securities Exchange Act of 1934, as amended,
and (iv) current with all public reporting required under such Act.

 

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“Qualified Public Offering” means the consummation of one or more public offerings of
Common Stock or Common Stock Equivalents of the Company pursuant to an effective registration
statement (other than on Form S-4 or Form S-8) under the Securities Act, (i) in each
case underwritten by a regionally or nationally recognized investment bank pursuant to which
the Company receives gross cash proceeds (before reduction for underwriting commissions,
registration fees and expense and other costs and expenses relating to the offering) of at least
$20,000,000 and (ii) that alone or in the aggregate for all such offerings described in the
immediately preceding clause (i) have gross cash proceeds (before reduction for underwriting
commissions, registration fees and expenses and other costs and expenses relating to such
offerings) of at least $50,000,000.

“Securities Act” means the Securities Act of 1933, as amended.

“Shareholder” and “Shareholders” have the meanings set forth in the preamble.

“Subsidiary” means, as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock or other ownership interests having ordinary
voting power (other than stock or such other ownership interests having such power only by reason
of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which
is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by
such Person.

“Transfer” means any sale, assignment, conveyance, pledge, donation, hypothecation,
encumbrance, disposition, transfer (including, without limitation, a transfer by will or intestate
distribution), gift, or attempt to create or grant a security interest in, any Warrant or Warrant
Shares or any interest therein or portion thereof, whether voluntary or involuntary, by operation
of law or otherwise, and any contract to do any of the foregoing.

“Warrants” means the warrants to purchase Common Stock pursuant to that certain
Warrant Agreement dated as of the date hereof between Fidus and the Company, as the same may be
amended, supplemented, restated or otherwise modified from time to time.

“Warrant Shares” means the shares of Common Stock into which the Warrants are
exercisable or have been exercised (subject to equitable adjustment for stock splits, stock
dividends and similar occurrences).

ARTICLE II

TAG ALONG RIGHTS

2.1 Tag-Along Rights.

(a) If any of the Shareholders desire to consummate an Equity Sale, then at least twelve (12)
Business Days prior to the closing of such Equity Sale (the “Equity Sale Closing”), each
such Shareholder shall make an offer (the “Equity Participation Offer”) to the Holders to
include in the proposed Equity Sale, solely to the extent consummated, a portion of the Warrants
and Warrant Shares representing the same percentage of total number of Warrant Shares held by all
Holders (assuming full exercise of the Warrants) as the shares of Common Stock and Common Stock
Equivalents (assuming full exercise and conversion of all Common Stock
Equivalents) proposed to be Transferred by such Shareholder represents to 670,000 shares in
the case of Brent Kopenhaver and 3,838,000 shares in the case of Mark Alsentzer (in each case,
subject to equitable adjustment for stock splits, stock dividends and similar events), with pro
rata cutbacks to the extent the transferee is unwilling to acquire all such securities.
Notwithstanding the foregoing, the provisions of this Section 2.1(a) shall not apply to the first
33,500 shares in the case of Brent Kopenhaver and 191,900 shares in the case of Mark Alsentzer
transferred in an Equity Sale from and after the date hereof.

 

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(b) If any Holder desires to exercise its right to Transfer Warrants and Warrant Shares in the
Equity Participation Offer, it shall deliver notice to the applicable Shareholder(s) and the
Company within ten (10) Business Days after its receipt of the applicable Equity Participation
Offer (such period, the “Initial Exercise Period”) specifying the Warrants and Warrant
Shares (up to the maximum permissible number) that such Holder desires to Transfer in the Equity
Participation Offer, as applicable.

(c) If any Holder elects to Transfer fewer Warrants and Warrant Shares than it would otherwise
be permitted to Transfer in the Equity Participation Offer (each such Holder, an “Opting Out
Holder”), then during the period immediately following the Initial Exercise Period through the
date of the Equity Sale Closing, each other Holder who has opted to Transfer all of its Warrants
and Warrant Shares (up to the maximum permissible number) shall have the option to Transfer its pro
rata share of the number of Warrant Shares (assuming full exercise of the Warrant) that the Opting
Out Holder had the right but did not elect to transfer, with such pro rata share equal to a
fraction, the numerator of which is the number of Warrant Shares owned by such Holder as of the
date of the Equity Participation Offer (assuming full exercise of the Warrant) and the denominator
of which is total number of Warrants and Warrant Shares owned by all Holders as of the date of the
Equity Participation Offer (assuming full exercise of the Warrant). The allocation of any Opting
Out Holders’ portion of Warrants and Warrant Shares among the other Holders shall continue for
subsequent rounds until the earliest to occur of (i) the time at which all the Warrants and Warrant
Shares the Opting Out Holder had the right to but did not transfer have been exhausted by the other
Holders, (ii) the time at which the other Holders decline to Transfer any remaining Warrants or
Warrant Shares, and (iii) the date that is ten (10) Business Days after the Holders’ receipt of the
applicable Equity Participation Offer.

(d) The Holders’ option to Transfer their Warrants and Warrant Shares pursuant to Section
2.1(c), shall be exercisable by delivering written notice to such effect, on or prior to the date
that is ten (10) Business Days after the Holders’ receipt of the applicable Equity Participation
Offer, to the applicable Shareholders, the Company and the other Holders. The failure of a Holder
to deliver such written notice of exercise under this Section 2.1(d) within the applicable periods
shall be deemed to be an election by such Holder not to Transfer any additional Warrants or Warrant
Shares.

2.2 Tag-Along Sale Requirements. If any Holder elects to exercise its rights under
Section 2.1(a), such Holder shall (a) take such actions as may be reasonably requested by the
selling Shareholder in connection with consummating the transactions contemplated by Section 2.1,
as applicable, (b) vote in favor of, consent to and raise no objections against each transaction
contemplated by Section 2.1 or the process pursuant to which each such transaction was arranged,
(c) waive any dissenter’s, appraisal and other similar rights in connection therewith, (d)
if any transaction contemplated by Section 2.1 is structured

 

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as a sale of stock, agree to sell
such Holder’s Warrants and Warrant Shares being sold at the price and on the same terms and
conditions as the selling Shareholder receives in such transaction (which in the case of the
Warrants, shall be net of the Exercise Price Per Share (as defined in the Warrants)), (c) execute
and deliver such documents as may be reasonably requested by the selling Shareholder in connection
with any transactions contemplated by Section 2.1, including, without limitation, written consents
of stockholders, proxies, letters of transmittal, purchase agreements and stock powers and (d)(i)
bear its proportionate share of any escrows, holdbacks or adjustments in purchase price as the same
may be agreed to by the selling Shareholder in connection with any transactions contemplated by
Section 2.1 and (ii) make such representations, warranties, covenants and indemnities (based on its
proportionate share of the proceeds resulting from any transactions contemplated by Section 2.1 and
severally with respect to representations and warranties as to title to the Warrants and Warrant
Shares) as are customary for transactions of the nature of such transactions, but in each case only
to the extent as made by the selling Shareholder. At the closing of any transaction contemplated
by Section 2.1 that is structured as a sale of stock, the Holder shall deliver the Warrants or
certificates for Warrant Shares to be Transferred by the Holder, as applicable, each duly endorsed
for Transfer, to the purchaser against delivery of the appropriate purchase price.

ARTICLE III

MISCELLANEOUS

3.1 Governing Law. This Agreement shall be governed by, and construed and enforced in
accordance with, the law of the State of New York, but excluding all other choice of law and
conflicts of law rules).

3.2 Consent to Jurisdiction. The parties hereto irrevocably and unconditionally
submit to the nonexclusive jurisdiction of the courts of the State of Illinois sitting in the
County of Cook and of the United States District Court of the Northern District of Illinois, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such state court or, to the fullest extent permitted by applicable
law, in such federal court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right
that any party may otherwise have to bring any action or proceeding relating to this Agreement
against any other party in the courts of any jurisdiction

 

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3.3 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

3.4 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 when delivered personally or by facsimile transmission, overnight delivery service,
or certified or registered mail, return receipt requested and postage prepaid, to the recipient.
Such notices, demands and other communications shall be sent to the parties at their respective
addresses indicated below or to such other address or to the attention of such other Person as may
be substituted by notice given as herein provided:

Shareholders:

Brent Kopenhaver

One Neshaminy Interplex

Suite 201

Trevose, PA 19053

Fax: (215) 639-8756

Mark Alsentzer

One Neshaminy Interplex

Suite 201

Trevose, PA 19053

Fax: (215) 639-8756

Fidus, as a Holder:

190 S. LaSalle Street

Suite 2140

Chicago, IL 60603

Attention: Fidus Capital

Fax: (312) 284-5212

Company:

Pure Earth, Inc.

One Neshaminy Interplex

Suite 201

Trevose, PA 19053

Attn: Brent Kopenhaver

Fax: (215) 639-8756

 

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3.5 Severability. To the extent any provision of this Agreement is prohibited by or
invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to
the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this Agreement
in any jurisdiction.

3.6 Construction. The headings of the various sections and subsections of this
Agreement have been inserted for convenience only and shall not in any way affect the meaning or
construction of any of the provisions hereof. Unless otherwise specified or unless the context
otherwise requires, all references herein to sections and articles are references to sections and
articles in and to this Agreement, and words in the singular include the plural and words in the
plural include the singular.

3.7 Counterparts; Effectiveness. This Agreement may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together constitute one and the
same instrument.

3.8 Amendments, Waivers. Neither this Agreement nor any term or provision hereof may
be amended, modified, waived or terminated except by a written instrument signed by the Company and
each Holder as to which such amendment or waiver shall be applicable.

3.9 Successors and Assigns. This Agreement and the rights evidenced hereby shall
inure to the benefit of and be binding upon the parties hereto and the permitted successors,
assigns and transferees thereof.

3.10 No Effect on Other Relationships. Notwithstanding anything herein to the
contrary, nothing contained in this Agreement shall affect, limit or impair the rights and remedies
of the Holder in its capacity as an investor in the Company or any of its subsidiaries pursuant to
any agreement under which the Company or any of its subsidiaries has borrowed money or purchased
capital stock of the Company. Without limiting the generality of the foregoing, the Holder, in
exercising its rights as an investor shall have no duty to consider its status as a direct or
indirect equity holder of the Company, the interests of the Company, or any duty it may have to any
other direct or indirect stockholder of the Company, except as may be required under the applicable
investment documents.

[The remainder of this page is left blank intentionally.]

 

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

	 	 	 	 	 
	 	PURE EARTH, INC.

 	 
	 
	 	By:  	/s/ Mark Alsentzer
 	 
	 	 	Name:  
Title:  	Mark Alsentzer

President & CEO 	 
	 
	 	 	 
	 	SHAREHOLDERS:

 	 
	 
	 	/s/ Brent Kopenhaver
 	 
	 	Brent Kopenhaver 	 
	 
	 	 	 
	 	                                                   /s/ Mark Alsentzer
 	 
	 	Mark Alsentzer 	 
	 

 

 

 

	 	 	 	 	 
	 	HOLDER:
 
 
FIDUS MEZZANINE CAPITAL L.P.
 

 	 
	 	By:  	Fidus Mezzanine Capital GP, LLC, its General Partner
 

	 	 	 	 	 
	 
	 	By:  	/s/  Edward H. Ross
 	 
	 	 	Name:  	Edward H. Ross 	 
	 	 	Title:  	Managing PartnerFiled by Bowne Pure Compliance

Exhibit 4.16

EXHIBIT D

GUARANTY AGREEMENT

THIS GUARANTY AGREEMENT, dated as of the 4th day of March, 2008 (this “Guaranty”), is
made by each of the undersigned Subsidiaries of PURE EARTH, INC., a Delaware corporation (the
“Company”), and each other Subsidiary of the Company that, after the date hereof, executes
an instrument of accession hereto substantially in the form of Exhibit A ((a “Guarantor
Accession”); the undersigned and such other Subsidiaries of the Company, collectively, the
“Guarantors”), in favor of the Guaranteed Parties (as hereinafter defined). Capitalized
terms used herein without definition shall have the meanings given to them in the Investment
Agreement referred to below.

RECITALS

A. The Company, and Fidus Mezzanine Capital, L.P., as an Investor (together with any other
Investors party thereto, the “Guaranteed Parties”), are parties to an Investment Agreement,
dated as of March 4, 2008 (as amended, modified, restated or supplemented from time to time, the
“Investment Agreement”), providing for (i) the sale and issuance of shares of the Company’s
Series B Preferred Stock (the “Preferred Stock”) to the Investors, and (ii) the issuance of
a Warrant pursuant to which the Investors party thereto may purchase shares of the Company’s common
stock, in each case upon the terms and conditions set forth therein.

B. It is a condition to the purchase by the Investors of the Preferred Stock and the Warrant
that each Guarantor shall have agreed, by executing and delivering this Guaranty, to guarantee to
the Guaranteed Parties the payment in full of the Guaranteed Obligations (as hereinafter defined).
The Guaranteed Parties are relying on this Guaranty in their decision to invest in the Company
under the Investment Agreement and the Warrant, and would not enter into the Investment Agreement
or the Warrant without this Guaranty.

C. The Company and the Guarantors are engaged in related businesses and undertake certain
activities and operations on an integrated basis. As part of such integrated operations, the
Company, among other things, may advance to the Guarantors from time to time certain proceeds of
the purchase price for the Preferred Stock and the Warrant paid to the Company by the Investors
under the Investment Agreement. Each Guarantor will therefore obtain benefits as a result of the
Investors’ investment in the Company under the Investment Agreement and the Warrant, which benefits
are hereby acknowledged, and, accordingly, desires to execute and deliver this Guaranty.

STATEMENT OF AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, to induce the
Guaranteed Parties to enter into the Investment Agreement and the Warrant and to induce the
Investors to invest in the Company thereunder, each Guarantor hereby agrees as follows:

 

 

 

1. Guaranty.

(a) Each Guarantor hereby irrevocably, absolutely and unconditionally, and jointly and
severally:

(i) guarantees to the Guaranteed Parties the full and prompt payment, at any time and
from time to time as and when due (whether at the stated maturity, by acceleration or
otherwise), of all Obligations of the Company under the Investment Agreement and the other
Investment Documents, including, without limitation, all redemption obligations and
dividends payable with respect to the Preferred Stock, all fees, expenses, indemnities and
other amounts payable by the Company under the Investment Agreement or any other Investment
Document (including interest accruing after the filing of a petition or commencement of a
case by or with respect to the Company seeking relief under any Insolvency Laws (as
hereinafter defined), whether or not the claim for such interest is allowed in such
proceeding), and all Obligations that, but for the operation of the automatic stay under
Section 362(a) of the Bankruptcy Code, would become due, whether now existing or hereafter
created or arising and whether direct or indirect, absolute or contingent, due or to become
due (all liabilities and obligations described in this clause (i), collectively, the
“Guaranteed Obligations”); and

(ii) agrees to pay the reasonable fees and expenses of counsel to, and reimburse upon
demand all reasonable costs and expenses incurred or paid by any Guaranteed Party in
connection with (y) any suit, action or proceeding to enforce or protect any rights of the
Guaranteed Parties hereunder and (z) any amendment, modification or waiver hereof or consent
pursuant hereto, and to indemnify and hold each Guaranteed Party and its directors,
officers, employees, agents and Affiliates harmless from and against any and all claims,
losses, damages, obligations, liabilities, penalties, costs and expenses (including, without
limitation, reasonable attorneys’ fees and expenses) of any kind or nature whatsoever,
whether direct, indirect or consequential, that may at any time be imposed on, incurred by
or asserted against any such indemnified party as a result of, arising from or in any way
relating to this Guaranty or the collection or enforcement of the Guaranteed Obligations;
provided, however, that no indemnified party shall have the right to be
indemnified hereunder for any such claims, losses, costs and expenses to the extent
determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such indemnified party.

(b) Notwithstanding the provisions of subsection (a) above and notwithstanding any other
provisions contained herein or in any other Investment Document:

(i) no provision of this Guaranty shall require or permit the collection from any
Guarantor of interest in excess of the maximum rate or amount that such Guarantor may be
required or permitted to pay pursuant to applicable law; and

 

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(ii) the liability of each Guarantor under this Guaranty as of any date shall be
limited to a maximum aggregate amount (the “Maximum Guaranteed Amount”) equal to the
greatest amount that would not render such Guarantor’s obligations under this Guaranty
subject to avoidance, discharge or reduction as of such date as a fraudulent transfer or
conveyance under applicable federal and state laws pertaining to bankruptcy, reorganization,
arrangement, moratorium, readjustment of debts, dissolution, liquidation or other debtor
relief, specifically including, without limitation, the Bankruptcy Code and any fraudulent
transfer and fraudulent conveyance laws (collectively, “Insolvency Laws”), in each
instance after giving effect to all other liabilities of such Guarantor, contingent or
otherwise, that are relevant under applicable Insolvency Laws (specifically excluding,
however, any liabilities of such Guarantor in respect of intercompany indebtedness to the
Company or any of its Affiliates to the extent that such indebtedness would be discharged in
an amount equal to the amount paid by such Guarantor hereunder, and after giving effect as
assets to the value (as determined under applicable Insolvency Laws) of any rights to
subrogation, contribution, reimbursement, indemnity or similar rights of such Guarantor
pursuant to (y) applicable law or (z) any agreement (including this Guaranty) providing for
an equitable allocation among such Guarantor and other Affiliates of the Company of
obligations arising under guaranties by such parties).

(c) The Guarantors desire to allocate among themselves, in a fair and equitable manner, their
obligations arising under this Guaranty. Accordingly, in the event any payment or distribution is
made hereunder on any date by a Guarantor (a “Funding Guarantor”) that exceeds its Fair
Share (as hereinafter defined) as of such date, that Funding Guarantor shall be entitled to a
contribution from each of the other Guarantors in the amount of such other Guarantor’s Fair Share
Shortfall (as hereinafter defined) as of such date, with the result that all such contributions
will cause each Guarantor’s Aggregate Payments (as hereinafter defined) to equal its Fair Share as
of such date. “Fair Share” means, with respect to a Guarantor as of any date of
determination, an amount equal to (i) the ratio of (x) the Adjusted Maximum Guaranteed Amount (as
hereinafter defined) with respect to such Guarantor to (y) the aggregate of the Adjusted Maximum
Guaranteed Amounts with respect to all Guarantors, multiplied by (ii) the aggregate amount paid or
distributed on or before such date by all Funding Guarantors hereunder in respect of the
obligations guarantied. “Fair Share Shortfall” means, with respect to a Guarantor as of
any date of determination, the excess, if any, of the Fair Share of such Guarantor over the
Aggregate Payments of such Guarantor. “Adjusted Maximum Guaranteed Amount” means, with
respect to a Guarantor as of any date of determination, the Maximum Guaranteed Amount of such
Guarantor, determined in accordance with the provisions of subsection (b) above; provided
that, solely for purposes of calculating the “Adjusted Maximum Guaranteed Amount” with respect to
any Guarantor for purposes of this subsection (c), any assets or liabilities arising by virtue of
any rights to subrogation, reimbursement or indemnity or any rights to or obligations of
contribution hereunder shall not be considered as assets or liabilities of such Guarantor.
“Aggregate Payments” means, with respect to a Guarantor as of any date of determination,
the aggregate amount of all payments and distributions made on or before such date by such
Guarantor in respect of this Guaranty (including, without limitation, in respect of this subsection
(c)). The amounts payable as contributions hereunder shall be determined as of the date on which
the related payment or distribution is made by the applicable Funding Guarantor. Each Funding
Guarantor’s right of contribution under this subsection (c) shall be subject to the
provisions of Section 4. The allocation among Guarantors of their obligations as set forth in
this subsection (c) shall not be construed in any way to limit the liability of any Guarantor
hereunder to the Guaranteed Parties.

 

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(d) The guaranty of each Guarantor set forth in this Section is a guaranty of payment as a
primary obligor, and not a guaranty of collection. Each Guarantor hereby acknowledges and agrees
that the Guaranteed Obligations, at any time and from time to time, may exceed the Maximum
Guaranteed Amount of such Guarantor and may exceed the aggregate of the Maximum Guaranteed Amounts
of all Guarantors, in each case without discharging, limiting or otherwise affecting the
obligations of any Guarantor hereunder or the rights, powers and remedies of any Guaranteed Party
hereunder or under any other Investment Document.

2. Guaranty Absolute. Each Guarantor agrees that its obligations hereunder and under
the other Investment Documents to which it is a party are irrevocable, absolute and unconditional,
are independent of the Guaranteed Obligations and any collateral or other security therefor, if
any, or other guaranty or liability in respect thereof, whether given by such Guarantor or any
other Person, and shall not be discharged, limited or otherwise affected by reason of any of the
following, whether or not such Guarantor has notice or knowledge thereof:

(i) any change in the time, manner or place of payment of, or in any other term of, any
Guaranteed Obligations or any guaranty or other liability in respect thereof, or any
amendment, modification or supplement to, restatement of, or consent to any rescission or
waiver of or departure from, any provisions of the Investment Agreement, any other
Investment Document or any agreement or instrument delivered pursuant to any of the
foregoing;

(ii) the invalidity or unenforceability of any Guaranteed Obligations, any guaranty or
other liability in respect thereof or any provisions of the Investment Agreement, any other
Investment Document or any agreement or instrument delivered pursuant to any of the
foregoing;

(iii) the addition or release of Guarantors hereunder or the taking, acceptance or
release of other guarantees of any Guaranteed Obligations or additional collateral or other
security, if any, for any Guaranteed Obligations or for any guaranty or other liability in
respect thereof;

(iv) any discharge, modification, settlement, compromise or other action in respect of
any Guaranteed Obligations or any guaranty or other liability in respect thereof, including
any acceptance or refusal of any offer or performance with respect to the same or the
subordination of the same to the payment of any other obligations;

(v) any agreement not to pursue or enforce or any failure to pursue or enforce (whether
voluntarily or involuntarily as a result of operation of law, court order or otherwise) any
right or remedy in respect of any Guaranteed Obligations, any guaranty or other liability in
respect thereof or any collateral or other security, if any, for any of the foregoing; any
sale, exchange, release, substitution, compromise or other action in
respect of any such collateral or other security; or any failure to create, protect,
perfect, secure, insure, continue or maintain any Liens in any such collateral or other
security;

 

4

 

(vi) the exercise of any right or remedy available under the Investment Documents, at
law, in equity or otherwise in respect of any collateral or other security, if any, for any
Guaranteed Obligations or for any guaranty or other liability in respect thereof, in any
order and by any manner thereby permitted, including, without limitation, foreclosure on any
such collateral or other security by any manner of sale thereby permitted, whether or not
every aspect of such sale is commercially reasonable;

(vii) any bankruptcy, reorganization, arrangement, liquidation, insolvency,
dissolution, termination, reorganization or like change in the corporate structure or
existence of the Company or any other Person directly or indirectly liable for any
Guaranteed Obligations;

(viii) any manner of application of any payments by or amounts received or collected
from any Person, by whomsoever paid and howsoever realized, whether in reduction of any
Guaranteed Obligations or any other obligations of the Company or any other Person directly
or indirectly liable for any Guaranteed Obligations, regardless of what Guaranteed
Obligations may remain unpaid after any such application; or

(ix) any other circumstance that might otherwise constitute a legal or equitable
discharge of, or a defense, set-off or counterclaim available to, the Company, any Guarantor
or a surety or guarantor generally, other than the payment in full in cash of the Guaranteed
Obligations (other than contingent and indemnification obligations not then due and payable)
(the “Termination Requirements”).

3. Certain Waivers. Each Guarantor hereby knowingly, voluntarily and expressly
waives:

(i) presentment, demand for payment, demand for performance, protest and notice of any
other kind, including, without limitation, notice of nonpayment or other nonperformance
(including notice of default or noncompliance under any Investment Document with respect to
any Guaranteed Obligations), protest, dishonor, acceptance hereof, extension of additional
credit to the Company and of any of the matters referred to in Section 2 and of any rights
to consent thereto;

(ii) any right to require the Guaranteed Parties or any of them, as a condition of
payment or performance by such Guarantor hereunder, to proceed against, or to exhaust or
have resort to any collateral or other security, if any, from or any deposit balance or
other credit in favor of, the Company, any other Guarantor or any other Person directly or
indirectly liable for any Guaranteed Obligations, or to pursue any other remedy or enforce
any other right; and any other defense based on an election of remedies with respect to any
collateral or other security, if any, for any Guaranteed Obligations or for any guaranty or
other liability in respect thereof, notwithstanding that any such election (including any
failure to pursue or enforce any rights or remedies) may impair or extinguish any right of
indemnification, contribution, reimbursement or
subrogation or other right or remedy of any Guarantor against the Company, any other
Guarantor or any other Person directly or indirectly liable for any Guaranteed Obligations
or any such collateral or other security;

 

5

 

(iii) any right or defense based on or arising by reason of any right or defense of the
Company or any other Person, including, without limitation, any defense based on or arising
from a lack of authority or other disability of the Company or any other Person, the
invalidity or unenforceability of any Guaranteed Obligations, any collateral or other
security therefor, if any, or any Investment Document or other agreement or instrument
delivered pursuant thereto, or the cessation of the liability of the Company for any reason
other than the satisfaction of the Termination Requirements;

(iv) any defense based on any Guaranteed Party’s acts or omissions in the
administration of the Guaranteed Obligations, any guaranty or other liability in respect
thereof or any collateral or other security for any of the foregoing, and promptness,
diligence or any requirement that any Guaranteed Party create, protect, perfect, secure,
insure, continue or maintain any Liens in any such collateral or other security;

(v) any right to assert against any Guaranteed Party, as a defense, counterclaim,
crossclaim or set-off, any defense, counterclaim, claim, right of recoupment or set-off that
it may at any time have against any Guaranteed Party (including, without limitation, failure
of consideration, fraud, fraudulent inducement, statute of limitations, payment, accord and
satisfaction and usury), other than compulsory counterclaims and other than the payment in
full in cash of the Guaranteed Obligations; and

(vi) any defense based on or afforded by any applicable law that limits the liability
of or exonerates guarantors or sureties or that may in any other way conflict with the terms
of this Guaranty.

4. No Subrogation. Each Guarantor hereby agrees that, until satisfaction of the
Termination Requirements, it will not exercise or seek to exercise any claim or right that it may
have against the Company or any other Guarantor at any time as a result of any payment made under
or in connection with this Guaranty or the performance or enforcement hereof, including any right
of subrogation to the rights of any of the Guaranteed Parties against the Company or any other
Guarantor, any right of indemnity, contribution or reimbursement against the Company or any other
Guarantor (including rights of contribution as set forth in Section 1(c)), any right to enforce any
remedies of any Guaranteed Party against the Company or any other Guarantor, or any benefit of, or
any right to participate in, any collateral or other security, if any, held by any Guaranteed Party
to secure payment of the Guaranteed Obligations, in each case whether such claims or rights arise
by contract, statute (including without limitation the Bankruptcy Code), common law or otherwise.
Each Guarantor further agrees that all indebtedness and other obligations, whether now or hereafter
existing, of the Company or any other Subsidiary of the Company to such Guarantor, including,
without limitation, any such indebtedness in any proceeding under the Bankruptcy Code and any
intercompany receivables, together with any interest thereon, shall be, and hereby are,
subordinated and made junior in right of payment to the Guaranteed Obligations. Each Guarantor
further agrees that if any amount shall be paid to or
any distribution received by any Guarantor (i) on account

 

6

 

of any such indebtedness at any time
after the occurrence and during the continuance of an Event of Noncompliance, or (ii) on account of
any such rights of subrogation, indemnity, contribution or reimbursement at any time prior to the
satisfaction of the Termination Requirements, such amount or distribution shall be deemed to have
been received and to be held in trust for the benefit of the Guaranteed Parties, and shall
forthwith be delivered to the Guaranteed Parties, or any Person duly appointed thereby, in the form
received (with any necessary endorsements in the case of written instruments), to be applied
against the Guaranteed Obligations, whether or not matured, in accordance with the terms of the
applicable Investment Documents and without in any way discharging, limiting or otherwise affecting
the liability of such Guarantor under any other provision of this Guaranty. Additionally, in the
event the Company or any other Company Party becomes a “debtor” within the meaning of the
Bankruptcy Code, the Required Investors may appoint a Person (which may be an Investor) who shall
be entitled at its option, on behalf of the Guaranteed Parties and as attorney in fact for each
Guarantor, and is hereby authorized and appointed by each Guarantor, to file proofs of claim on
behalf of each relevant Guarantor and vote the rights of each such Guarantor in any plan of
reorganization, and to demand, sue for, collect and receive every payment and distribution on any
indebtedness of the Company or such Company Party to any Guarantor in any such proceeding, each
Guarantor hereby assigning to the Required Investors or any Person duly appointed thereby, all of
its rights in respect of any such claim, including the right to receive payments and distributions
in respect thereof.

5. Representations and Warranties. Each Guarantor hereby represents and warrants to
the Guaranteed Parties that, as to itself, all of the representations and warranties relating to it
contained in the Investment Agreement and the other Investment Documents are true and correct.

6. Financial Condition of Company. Each Guarantor represents that it has knowledge of
the Company’s financial condition and affairs and that it has adequate means to obtain from the
Company on an ongoing basis information relating thereto and to the Company’s ability to pay and
perform the Guaranteed Obligations, and agrees to assume the responsibility for keeping, and to
keep, so informed for so long as this Guaranty is in effect with respect to such Guarantor. Each
Guarantor agrees that the Guaranteed Parties shall have no obligation to investigate the financial
condition or affairs of the Company for the benefit of any Guarantor nor to advise any Guarantor of
any fact respecting, or any change in, the financial condition or affairs of the Company that might
become known to any Guaranteed Party at any time, whether or not such Guaranteed Party knows or
believes or has reason to know or believe that any such fact or change is unknown to any Guarantor,
or might (or does) materially increase the risk of any Guarantor as guarantor, or might (or would)
affect the willingness of any Guarantor to continue as a guarantor of the Guaranteed Obligations.

7. Payments; Application; Set-Off.

(a) Each Guarantor agrees that, upon the failure of the Company to pay any Guaranteed
Obligations when and as the same shall become due (whether at the stated maturity, by acceleration
or otherwise), and without limitation of any other right or remedy that any Guaranteed Party may
have at law, in equity or otherwise against such Guarantor, such Guarantor will, subject to the
provisions of Section 1(b), forthwith pay or cause to be paid to the
Guaranteed Parties, an amount equal to the amount of the Guaranteed Obligations then due and
owing as aforesaid.

 

7

 

(b) All payments made by each Guarantor hereunder will be made in Dollars to the Guaranteed
Parties, without set-off, counterclaim or other defense and, in accordance with the Investment
Agreement, free and clear of and without deduction for any Taxes, each Guarantor hereby agreeing to
comply with and be bound by the provisions of the Investment Agreement in respect of all payments
made by it hereunder.

(c) In the event that the proceeds of any sale, disposition or realization of collateral, if
any, are insufficient to pay all amounts to which the Guaranteed Parties are legally entitled, the
Guarantors shall be jointly and severally liable for the deficiency, together with interest thereon
or additional dividends thereon at the highest rate specified in any applicable Investment Document
for interest or dividends on outstanding Obligations or such other rate as shall be fixed by
applicable law, together with the costs of collection and all other fees, costs and expenses
payable hereunder.

(d) Upon and at any time after the occurrence and during the continuance of any Event of
Noncompliance, each Guaranteed Party and each of their respective Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by applicable law, to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in
whatever currency) at any time held and other obligations (in whatever currency) at any time owing
by such Guaranteed Party or any such Affiliate to or for the credit or the account of any Guarantor
against any and all of the obligations of such Guarantor now or hereafter existing under this
Guaranty or any other Investment Document to such Guaranteed Party, irrespective of whether or not
such Guaranteed Party shall have made any demand under this Guaranty or any other Investment
Document and although such obligations of such Guarantor may be contingent or unmatured or are owed
to a branch or office of such Guaranteed Party different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Guaranteed Party and their
respective Affiliates under this subsection are in addition to other rights and remedies (including
other rights of setoff) that such Guaranteed Parties or their respective Affiliates may have. Each
Guaranteed Party agrees to notify the Company and the other Guaranteed Parties, promptly after any
such setoff and application; provided that the failure to give such notice shall not affect
the validity of such setoff and application.

8. No Waiver. The rights and remedies of the Guaranteed Parties expressly set forth
in this Guaranty and the other Investment Documents are cumulative and in addition to, and not
exclusive of, all other rights and remedies available at law, in equity or otherwise. No failure
or delay on the part of any Guaranteed Party in exercising any right, power or privilege shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or
privilege preclude any other or further exercise thereof or the exercise of any other right, power
or privilege or be construed to be a waiver of any Event of Noncompliance. No course of dealing
between any of the Guarantors and the Guaranteed Parties or their agents or employees shall be
effective to amend, modify or discharge any provision of this Guaranty or any other Investment
Document or to constitute a waiver of any Event of Noncompliance. No notice to or demand upon any
Guarantor in any case shall entitle such Guarantor or any other Guarantor to any other or further
notice or demand in similar or other circumstances or constitute a waiver of
the right of any Guaranteed Party to exercise any right or remedy or take any other or further
action in any circumstances without notice or demand.

 

8

 

9. Enforcement. The Guaranteed Parties agree that, except as provided in Section
7(d), this Guaranty may be enforced only by the Required Investors or any Person duly appointed
thereby (which Person may be an Investor), acting upon the instructions or with the consent of the
Required Investors, as provided for in the Investment Agreement, and that no Guaranteed Party shall
have any right individually to enforce or seek to enforce this Guaranty or to realize upon any
collateral or other security given, if any, to secure the payment and performance of the
Guarantors’ obligations hereunder. The obligations of each Guarantor hereunder are independent of
the Guaranteed Obligations, and a separate action or actions may be brought against each Guarantor
whether or not action is brought against the Company or any other Guarantor and whether or not the
Company or any other Guarantor is joined in any such action. Each Guarantor agrees that to the
extent all or part of any payment of the Guaranteed Obligations made by any Person is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by or on
behalf of any Guaranteed Party to a trustee, receiver or any other party under any Insolvency Laws
(the amount of any such payment, a “Reclaimed Amount”), then, to the extent of such
Reclaimed Amount, this Guaranty shall continue in full force and effect or be revived and
reinstated, as the case may be, as to the Guaranteed Obligations intended to be satisfied as if
such payment had not been received; and each Guarantor acknowledges that the term “Guaranteed
Obligations” includes all Reclaimed Amounts that may arise from time to time.

10. Amendments, Waivers, etc. No amendment, modification, waiver, discharge or
termination of, or consent to any departure by any Guarantor from, any provision of this Guaranty,
shall be effective unless in a writing signed by the Required Investors, or any Person duly
appointed thereby (which Person may be an Investor), as may be required under the provisions of the
Investment Agreement to concur in the action then being taken, and then the same shall be effective
only in the specific instance and for the specific purpose for which given.

11. Addition, Release of Guarantors. Each Guarantor recognizes that the provisions of
the Investment Agreement require Persons that become Subsidiaries of the Company and that are not
already parties hereto to become Guarantors hereunder by executing a Guarantor Accession, and
agrees that its obligations hereunder shall not be discharged, limited or otherwise affected by
reason of the same, or by reason of the actions of the Guaranteed Parties, or any Person duly
appointed thereby, in effecting the same or in releasing any Guarantor hereunder, in each case
without the necessity of giving notice to or obtaining the consent of any other Guarantor.

12. Continuing Guaranty; Term; Successors and Assigns; Assignment; Survival. This
Guaranty is a continuing guaranty and covers all of the Guaranteed Obligations as the same may
arise and be outstanding at any time and from time to time from and after the date hereof, and
shall (i) remain in full force and effect until satisfaction of all of the Termination Requirements
(provided that the provisions of clause (ii) of Section 1(a) shall survive any termination
of this Guaranty), (ii) be binding upon and enforceable against each Guarantor and its successors
and assigns (provided, however, that no Guarantor may sell, assign or transfer any
of its rights, interests, duties or obligations hereunder without the prior written consent of the
Required Investors)

 

9

 

 and (iii) inure to the benefit of and be enforceable by each Guaranteed Party and
its successors and assigns. Without limiting the generality of clause (iii) above, any Guaranteed
Party may, in accordance with the provisions of the Investment Agreement, assign all or a portion
of the Guaranteed Obligations held by it (including by the sale of participations), whereupon each
Person that becomes the holder of any such Guaranteed Obligations shall (except as may be otherwise
agreed between such Guaranteed Party and such Person) have and may exercise all of the rights and
benefits in respect thereof granted to such Guaranteed Party under this Guaranty or otherwise.
Each Guarantor hereby irrevocably waives notice of and consents in advance to the assignment as
provided above from time to time by any Guaranteed Party of all or any portion of the Guaranteed
Obligations held by it and of the corresponding rights and interests of such Guaranteed Party
hereunder in connection therewith. All representations, warranties, covenants and agreements
herein shall survive the execution and delivery of this Guaranty and any Guarantor Accession.

13. Governing Law; Consent to Jurisdiction; Appointment of Company as Representative,
Process Agent, Attorney-in-Fact.

(a) This Guaranty shall be governed by, and construed and enforced in accordance with, the law
of the State of New York, but excluding all other choice of law and conflicts of law rules).

(b) Each Guarantor irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of the courts of the State of Illinois sitting in the County of Cook
and of the United States District Court of the Northern District of Illinois, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Guaranty or
any other Investment Document, or for recognition or enforcement of any judgment, and each of the
parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such state court or, to the fullest extent permitted
by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Guaranty or in any
other Investment Document shall affect any right that any Guaranteed Party may otherwise have to
bring any action or proceeding relating to this Guaranty or any other Investment Document against
any Guarantor or its properties in the courts of any jurisdiction.

(c) Each Guarantor irrevocably and unconditionally waives, to the fullest extent permitted by
applicable law, any objection that it may now or hereafter have to the laying of venue of any
action or proceeding arising out of or relating to this Guaranty or any other Investment Document
in any court referred to in Section 13(b). Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

 

10

 

(d) Each Guarantor hereby irrevocably designates and appoints the Company as its designee,
appointee and agent to receive on its behalf all service of process in any such action or
proceeding and any other notice or communication hereunder, irrevocably consents to service of
process in any such action or proceeding by registered or certified mail directed to the Company at
its address set forth in the Investment Agreement (and service so made shall be deemed to be
completed upon the earlier of actual receipt thereof or three (3) business days after deposit
in the United States mails, proper postage prepaid and properly addressed), and irrevocably agrees
that service so made shall be effective and binding upon such Guarantor in every respect and that
any other notice or communication given to the Company at the address and in the manner specified
herein shall be effective notice to such Guarantor. Nothing in this Section shall affect the right
of any party to serve legal process in any other manner permitted by law or affect the right of any
Guaranteed Party to bring any action or proceeding against any Guarantor in the courts of any other
jurisdiction.

(e) Further, each Guarantor does hereby irrevocably make, constitute and appoint the Company
as its true and lawful attorney-in-fact, with full authority in its place and stead and in its
name, the Company’s name or otherwise, and with full power of substitution in the premises, from
time to time in the Company’s discretion to agree on behalf of, and sign the name of, such
Guarantor to any amendment, modification or supplement to, restatement of, or waiver or consent in
connection with, this Guaranty, any other Investment Document or any document or instrument
pursuant hereto or thereto, and to take any other action and do all other things on behalf of such
Guarantor that the Company may deem necessary or advisable to carry out and accomplish the purposes
of this Guaranty and the other Investment Documents. The Company will not be liable for any act or
omission nor for any error of judgment or mistake of fact unless the same shall occur as a result
of the gross negligence or willful misconduct of the Company. This power, being coupled with an
interest, is irrevocable by any Guarantor for so long as this Guaranty shall be in effect with
respect to such Guarantor. By its signature hereto, the Company consents to its appointment as
provided for herein and agrees promptly to distribute all process, notices and other communications
to each Guarantor.

14. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER
INVESTMENT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER INVESTMENT
DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

11

 

15. Notices. Except as otherwise provided in the Investment Agreement, all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier as follows:
(a) if to any Guarantor, in care of the Company and at the Company’s address (or telecopier number)
specified on Schedule 1.1(a) of the Investment Agreement, and (b) if to any Guaranteed Party, to
such Guaranteed Party at its address (or telecopier number) for notices set forth on its signature
page to the Investment Agreement, as such addresses may be changed from
time to time pursuant to the Investment Agreement, and with copies to such other Persons as
may be specified under the provisions of the Investment Agreement. Notices sent by hand or
overnight courier service, or mailed by certified or registered mail, shall be deemed to have been
given when received; notices sent by telecopier shall be deemed to have been given when sent
(except that, if not given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next Business Day for the recipient). Notices
delivered through electronic communications to the extent provided in the Investment Agreement
shall be effective as provided therein.

16. Severability. To the extent any provision of this Guaranty is prohibited by or
invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to
the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or
invalidating such provision in any other jurisdiction or the remaining provisions of this Guaranty
in any jurisdiction.

17. Construction. The headings of the various sections and subsections of this
Guaranty have been inserted for convenience only and shall not in any way affect the meaning or
construction of any of the provisions hereof. Unless the context otherwise requires, words in the
singular include the plural and words in the plural include the singular.

18. Counterparts; Effectiveness. This Guaranty may be executed in any number of
counterparts and by different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together constitute one and the
same instrument. This Guaranty shall become effective, as to any Guarantor, upon the execution and
delivery by such Guarantor of a counterpart hereof or a Guarantor Accession.

[The remainder of this page is left blank intentionally.]

 

12

 

IN WITNESS WHEREOF, the parties have caused this Guaranty to be executed under seal by their
duly authorized officers as of the date first above written.

	 	 	 	 	 
	 	PURE EARTH, INC.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Executive Vice President & CFO 	 
	 
	 	PURE EARTH MATERIALS, INC.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	PURE EARTH MATERIALS (NJ), INC.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	PURE EARTH TRANSPORTATION &
DISPOSAL, INC.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	JUDA CONSTRUCTION, LTD.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 

Signature Page to Guaranty Agreement

 

 

 

	 	 	 	 	 
	 	PURE EARTH ENVIRONEMNTAL, INC.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	ECHO LAKE BROWNFIELD, LLC

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	BIO METHODS LLC

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	GEO METHODS, LLC

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	PEI DISPOSAL GROUP, INC.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 
	 	HFH ACQUISITION CORP.

 	 
	 	By:  	/s/  Brent Kopenhaver
 	 
	 	 	Name:  	Brent Kopenhaver 	 
	 	 	Title:  	Treasurer 	 
	 

 

2

 

Accepted and agreed to:

FIDUS MEZZANINE CAPITAL, L.P.

as Investor

	 	 	 	 	 	 	 
	By:	 	Fidus Mezzanine Capital GP, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/S/ Edward H. Ross	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Edward H. Ross	 	 
	 

	 	Title:
	 	Managing Partner	 	 

 

3

 

EXHIBIT A

GUARANTOR ACCESSION

THIS GUARANTOR
ACCESSION (this “Accession”), dated as of
_____________,
____, is
executed and delivered by [NAME OF NEW GUARANTOR], a
_____________ corporation (the “New
Guarantor”), pursuant to the Guaranty Agreement referred to hereinbelow.

Reference is made to the Investment Agreement, dated as of March 4, 2008, among Pure Earth,
Inc., as the issuing company (the “Company”), and Fidus Mezzanine Capital, L.P., as an
Investor, and any other Investors party thereto (as amended, modified, restated or supplemented
from time to time, the “Investment Agreement”) and the Warrant (as defined in the
Investment Agreement) issued in connection therewith. In connection with and as a condition to the
initial and continued investments under the Investment Agreement and the Warrant, the Company and
certain of its Subsidiaries have executed and delivered a Guaranty Agreement, dated as of March 4,
2008 (as amended, modified, restated or supplemented from time to time, the “Guaranty
Agreement”), pursuant to which such Subsidiaries have guaranteed the payment in full of the
obligations of the Company under the Investment Agreement and the other Investment Documents (as
defined in the Investment Agreement). Capitalized terms used herein without definition shall have
the meanings given to them in the Guaranty Agreement.

The Company has agreed under the Investment Agreement to cause each of its future Domestic
Subsidiaries to become a party to the Guaranty Agreement as a guarantor thereunder. The New
Guarantor is a Domestic Subsidiary of the Company. The New Guarantor will obtain benefits as a
result of the issuance of the Company’s Preferred Stock under the Investment Agreement and the
potential issuance of the Company’s common stock under the Warrant, which benefits are hereby
acknowledged, and, accordingly, desire to execute and deliver this Accession. Therefore, in
consideration of the foregoing and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and to induce the Investors to continue to extend
credit to the Company under the Investment Agreement, the New Guarantor hereby agrees as follows:

1. The New Guarantor hereby joins in and agrees to be bound by each and all of the provisions
of the Guaranty Agreement as a Guarantor thereunder. In furtherance (and without limitation) of
the foregoing, pursuant to Section 1 of the Guaranty Agreement, the New Guarantor hereby
irrevocably, absolutely and unconditionally, and jointly and severally with each other Guarantor,
guarantees to the Guaranteed Parties the full and prompt payment, at any time and from time to time
as and when due (whether at the stated maturity, by acceleration or otherwise), of all of the
Guaranteed Obligations, and agrees to pay or reimburse upon demand all other obligations of the
Guarantors under the Guaranty Agreement, all on the terms and subject to the conditions set forth
in the Guaranty Agreement.

2. The New Guarantor hereby represents and warrants that after giving effect to this
Accession, each representation and warranty related to it contained in the Investment Agreement is
true and correct with respect to the New Guarantor as of the date hereof.

 

 

 

3. This Accession shall be an Investment Document (within the meaning of such term under the
Investment Agreement), shall be binding upon and enforceable against the New Guarantor and its
successors and assigns, and shall inure to the benefit of and be enforceable by each Guaranteed
Party and its successors and assigns. This Accession and its attachments are hereby incorporated
into the Guaranty Agreement and made a part thereof.

IN WITNESS WHEREOF, the New Guarantor has caused this Accession to be executed under seal by
its duly authorized officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF NEW GUARANTOR]

 	 
	 	By:  	 	 
	 	 	 	 
	 	Title:  	 	 
	 

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]