Document:

Stock Purchase Agreement

 Exhibit 10.1 
 Execution Version 
 STOCK PURCHASE AGREEMENT 
 by and among 
 NOBLE TUBE TECHNOLOGIES, LLC 
 (“Buyer”), 
 NOBLE INTERNATIONAL,
LTD. 
 (“Noble”), 
 and

 THE SHAREHOLDERS OF 
 PULLMAN
INDUSTRIES, INC. 
 (“Sellers”) 
 October 12, 2006 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1 PRINCIPAL TRANSACTION
	  	1
			
	 Section 1.1.
	  	Sale and Purchase of Stock	  	1
	 Section 1.2.
	  	Purchase Price; Payment	  	1
	 Section 1.3.
	  	Adjustments to Purchase Price	  	2
	 Section 1.4.
	  	Closing.	  	5
	 Section 1.5.
	  	Deliveries at the Closing	  	5
		
	 ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF SELLERS
	  	7
			
	 Section 2.1.
	  	Organization; Capitalization; Ownership	  	7
	 Section 2.2.
	  	Financial Statements and Financial Matters	  	8
	 Section 2.3.
	  	Books and Records	  	10
	 Section 2.4.
	  	Taxes	  	10
	 Section 2.5.
	  	Business Operations	  	11
	 Section 2.6.
	  	Employees	  	13
	 Section 2.7.
	  	Employee Benefit Plans	  	14
	 Section 2.8.
	  	Real Property	  	16
	 Section 2.9.
	  	Other Properties and Assets	  	17
	 Section 2.10.
	  	Litigation	  	18
	 Section 2.11.
	  	Authorization and Enforceability; No Conflict	  	18
	 Section 2.12.
	  	Applicable Contracts; Insurance	  	19
	 Section 2.13.
	  	Permits and Licenses; Compliance with Legal Requirements	  	20
	 Section 2.14.
	  	Environmental Matters	  	21
	 Section 2.15.
	  	No Broker’s Fees	  	22
	 Section 2.16.
	  	Accuracy of Information	  	22
	 Section 2.17.
	  	Mexican Subsidiary Representations	  	22
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF BUYER AND NOBLE
	  	24
			
	 Section 3.1.
	  	Organization and Good Standing	  	24
	 Section 3.2.
	  	Authorization and Enforceability; No Conflict	  	24
	 Section 3.3.
	  	Investment Intent	  	24
	 Section 3.4.
	  	No Broker’s Fees	  	24
	 Section 3.5.
	  	Purpose of Transaction	  	25
		
	 ARTICLE 4 COVENANTS AND AGREEMENTS
	  	25
			
	 Section 4.1.
	  	Further Assurances	  	25
	 Section 4.2.
	  	Restrictive Covenants	  	25
	 Section 4.3.
	  	Public Announcements	  	26
	 Section 4.4.
	  	Sellers Representative	  	26
	 Section 4.5.
	  	Discharge of Related Party Fees	  	29
	 Section 4.6.
	  	Title Insurance	  	29
	 Section 4.7.
	  	Parent Guarantee	  	29
	 Section 4.8.
	  	Right of First Refusal	  	29
	 Section 4.9.
	  	Transition of Bloomingdale Warehouse	  	29

  

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	 Section 4.10.
	  	Termination of Certain Agreements.	  	30
	 Section 4.11.
	  	Stock Purchase	  	30
	 Section 4.12.
	  	Tax Returns and Related Matters.	  	30
	 Section 4.13.
	  	Closing Books for Tax Purposes	  	32
	 Section 4.14.
	  	Interest Charge DISC Subsidiary.	  	33
	 Section 4.15.
	  	Mexican and Swiss Taxes.	  	33
	 Section 4.16.
	  	IP Tax Matters.	  	33
	 Section 4.17.
	  	Post-Retirement Benefits.	  	34
		
	 ARTICLE 5 INDEMNIFICATION
	  	34
			
	 Section 5.1.
	  	Indemnification and Reimbursement by Sellers	  	34
	 Section 5.2.
	  	Indemnification and Reimbursement by Buyer	  	34
	 Section 5.3.
	  	De Minimis Claims; Basket; Cap; Bloomingdale Environmental Limits.	  	34
	 Section 5.4.
	  	Indemnification Procedures	  	35
	 Section 5.5.
	  	Offset	  	37
	 Section 5.6.
	  	Adjusted Purchase Price; Interest	  	37
	 Section 5.7.
	  	Determination of Adverse Consequences; Indemnification Limitations	  	37
	 Section 5.8.
	  	Exclusive Remedy	  	38
	 Section 5.9.
	  	Tax Claims	  	38
		
	 ARTICLE 6 DEFINITIONS
	  	40
		
	 ARTICLE 7 GENERAL
	  	51
			
	 Section 7.1.
	  	Survival of Representations, Warranties, Covenants and Agreements	  	51
	 Section 7.2.
	  	Binding Effect; Benefits; Assignment	  	51
	 Section 7.3.
	  	Entire Agreement	  	52
	 Section 7.4.
	  	Amendment and Waiver	  	52
	 Section 7.5.
	  	Governing Law	  	52
	 Section 7.6.
	  	Notices	  	52
	 Section 7.7.
	  	Counterparts	  	53
	 Section 7.8.
	  	Expenses	  	53
	 Section 7.9.
	  	Headings; Construction; Time of Essence	  	53
	 Section 7.10.
	  	Partial Invalidity	  	54
	 Section 7.11.
	  	Waiver of Jury Trial	  	54

  

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	 Exhibit 1.2(b)
	  	Overdue Accounts Receivable
	 Exhibit 1.2(c)
	  	Deferred Payment Amount Terms
	 Exhibit 1.3(b)
	  	Estimated Closing Date Net Working Capital
	 Exhibit 1.5(b)(v)
	  	Form of Legal Opinion of Honigman Miller Schwartz and Cohn LLP
	 Exhibit 1.5(b)(viii)
	  	Form of Payoff Letter
	 Exhibit 4.5
	  	Accounts Receivable and Payable
	 Exhibit 4.13
	  	Tax Form
	 Exhibit 4.14
	  	IC-DISC, Inc. Transactions
	 Exhibit 5.1
	  	Specific Indemnification Matters
	 Exhibit 8.1
	  	Permitted Encumbrances
	 Exhibit 8.2
	  	September 30, 2006 Balance Sheet
	 Exhibit 8.3
	  	Sellers’ Knowledge Parties

  

 -iii- 

 STOCK PURCHASE AGREEMENT 
  
 THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of October 12,
2006, by and among NOBLE TUBE TECHNOLOGIES, LLC, a Michigan limited liability company (“Buyer”), NOBLE INTERNATIONAL, LTD., a Delaware corporation (“Noble”), and each shareholder (each a “Seller” and collectively
“Sellers”) of Pullman Industries, Inc., a Michigan corporation (the “Company”). Buyer, Noble and Sellers are sometimes individually referred to in this Agreement as a “Party” and collectively as the “Parties.”
Other capitalized terms used in this Agreement and not otherwise defined are defined in Article 6. 
 The Company and the Subsidiaries
are engaged in the business of manufacturing and selling products utilizing the roll forming and/or stretch bending process in the automotive and office furniture markets (the “Business”). Buyer desires to purchase from Sellers, and
Sellers desire to sell to Buyer, all of the outstanding capital stock of the Company on the terms and subject to the conditions of this Agreement. Noble joins in this Agreement to guaranty Buyer’s performance pursuant to the terms of this
Agreement. 
 ACCORDINGLY, in consideration of the representations, warranties, covenants and agreements contained in this Agreement, the
Parties agree as follows: 
 ARTICLE 1 
 PRINCIPAL TRANSACTION 
 Section 1.1. Sale and Purchase of Stock. On the terms and subject
to the conditions of this Agreement, Sellers agree to sell and transfer to Buyer, and Buyer agrees to purchase from Sellers, all of the issued and outstanding shares of capital stock of the Company, consisting of 6,000,000 shares of common stock, no
par value per share (the “Shares”), free and clear of all Encumbrances. 
 Section 1.2. Purchase Price; Payment.

 (a) Subject to adjustment under Section 1.3, if applicable, in consideration of the transfer of the Shares to Buyer and the
other undertakings of Sellers set forth in this Agreement, Buyer agrees to pay to Sellers, in the aggregate, the sum of (i) $49,976,000 plus (ii) the Deferred Payment Amount, plus (iii) the Tax Refund Amount (in the aggregate, as
adjusted, the “Purchase Price”). 
 (b) Subject to adjustment under Section 1.3, if applicable, $42,476,000 of the
Purchase Price (the “Initial Payment”) will be paid to Sellers at Closing by wire transfer of immediately available funds to an account designated by Sellers Representative, and $7,500,000 of the Purchase Price will be paid into escrow
pending (i) the collection by the Company or a Subsidiary of those accounts receivable set forth on Exhibit 1.2(b) (estimated by Sellers not to exceed $257,724), and (ii) resolution of any claims for indemnification that may be made
by Buyer under Article 5 during the stated duration of the escrow, as more fully set forth in the escrow agreement (the “Escrow Agreement”). 
  

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 (c) The Deferred Payment Amount, which will not exceed $14,000,000 in the aggregate, will be paid to
Sellers within 10 days after each month end in which any Deferred Payment Amount due Sellers hereunder is received by wire transfer of immediately available funds to an account designated by Sellers Representative, subject to satisfaction of the
payment conditions set forth on Exhibit 1.2(c). Buyer shall use commercially reasonable efforts in good faith to collect the payments indicated on Exhibit 1.2(c) (the “Tooling Receivables”) according to the schedule
indicated therein, but will not be required to commence any Proceeding, utilize any collection or similar agency, or cease doing business with any applicable account debtor. In connection with the collection of the Tooling Receivables, Buyer will
not reduce or otherwise compromise any Tooling Receivable in exchange for, or to influence an account debtor to give, any concession or other accommodation to Buyer or any of its Affiliates that is unrelated to the applicable Tooling Receivable, and
Buyer will not be required to grant any concession or other accommodation to collect any Tooling Receivable. Buyer will provide Sellers Representative with a monthly status report of Tooling Receivables collections. If Tooling Receivables are not
collected within 60 days of the applicable invoice date, Sellers Representative or his or her designee will have the opportunity to discuss and review a summary of the efforts of Buyer to obtain payment of the outstanding Tooling Receivables and may
participate in joint discussions and other communications with Buyer and the applicable account debtor; provided, however, that Buyer may reasonably limit the scope of such communications if Buyer believes that such communications
would be reasonably likely to adversely affect the customer relationship between Buyer and the applicable account debtor; and provided, further, that Sellers Representative or his or her designee must conduct himself or herself in such
a manner as to not adversely affect the customer relationship between Buyer and the applicable account debtor. 
 (d) One half of any Tax
Refund Amount will be paid to Sellers within three business days following receipt by the Company of such Tax Refund Amount, by wire transfer of immediately available funds to an account designated by Sellers Representative. Buyer will promptly
notify Sellers of receipt of any Tax Refund Amount. Any Tax Refund Amount payable to Sellers under this Section 1.2(d) not paid when due will bear interest at 12% per annum from the date such amount is required to be paid hereunder
until paid, increasing to 15% per annum from and after 30 days of the due date and increasing to 18% per annum from and after 60 days of the date due. 
 Section 1.3. Adjustments to Purchase Price. 
 (a) On October 2, 2006, Sellers delivered to
Buyer their good faith estimate of the U.S. Closing Date Debt, which was estimated by Sellers to be $44,339,385, and the Mexican Closing Date Debt, which was estimated by Sellers to be $21,347,825. 
 (b) The Initial Payment will be decreased on a dollar-for-dollar basis to the extent that the Closing Date U.S. Net Working Capital is less than
$10,000,000. Sellers have estimated Closing Date U.S. Net Working Capital to be $10,164,820, as calculated on Exhibit 1.3(b). 
 (c)
Within 30 days after the Closing Date, Buyer will cause to be prepared and delivered to Sellers Representative (i) an itemized calculation (each a “Closing Date Debt Statement” and collectively, the “Closing Date Debt
Statements”) of actual Closing Date Debt of the Company and the U.S. Subsidiaries and the Mexican Subsidiaries, exclusive of debt owed by 
  

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 WLP Properties S. de R.L. de C.V. to TMW Enterprises de Juarez, S.A. de C.V., TMW Enterprises de Mexico, S.A. de C.V. and
TMW Enterprises de Torreon, S.A. de C.V. not in excess of an aggregate amount of $1,200,000 (the “Mexican Closing Date Debt”), and (ii) an itemized calculation of Closing Date U.S. Net Working Capital (the “Closing Date U.S. Net
Working Capital Statement”). Sellers will have the opportunity to review the Closing Date Debt Statements and the Closing Date U.S. Net Working Capital Statement for 20 days following receipt thereof (the “Review Period”). During the
Review Period, Buyer and its Representatives will provide to Sellers and their Representatives access to all information to enable Sellers and their Representatives to review and evaluate the Closing Date Debt Statements and the Closing Date U.S.
Net Working Capital Statement. Each of the applicable Closing Date Debt Statements and the Closing Date U.S. Net Working Capital Statement will become final, conclusive and binding on Sellers unless, prior to the end of the Review Period, Sellers
Representative notifies Buyer in writing of Sellers’ objections to the Closing Date Debt Statement and/or the Closing Date U.S. Net Working Capital Statement, identifying the disputed items, the estimated amounts of the disputed items if then
calculable and the basic facts underlying Sellers’ objections. If Sellers Representative gives such an objection notice, the Parties will try in good faith to resolve the objections within 30 days. If the Parties resolve some or all of the
objections within that time period, they will promptly record their resolution in a writing signed by each of them, and such resolution will be final, conclusive and binding on each of them. If the Parties are unable to resolve all of the objections
within the 30-day time period, they will promptly refer any matters still in dispute for resolution as provided in Section 1.3(g). Each Closing Date Debt Statement, in the form that is final, conclusive and binding on the Parties
hereunder, is referred to as the “Final Closing Date Debt Statement” and, collectively as the “Final Closing Date Debt Statements”. The Closing Date U.S. Net Working Capital Statement, in the form that is final, conclusive and
binding on the Parties hereunder, is referred to as the “Final Closing Date U.S. Net Working Capital Statement”. 
 (d) The
Purchase Price will be decreased on a dollar-for-dollar basis to the extent that the U.S. Closing Date Debt as reflected on the applicable Final Closing Date Debt Statement is greater than the Maximum U.S. Debt. The Purchase Price will also be
decreased on a dollar-for-dollar basis to the extent that the Mexican Closing Date Debt as reflected on the applicable Final Closing Date Debt Statement is greater than $21,347,825. Any decrease in the Purchase Price pursuant to this
Section 1.3(d) will be paid by Sellers to Buyer within seven days following the date the applicable Final Closing Date Debt Statement becomes final, conclusive and binding, together with interest thereon at 8% per annum from the
Closing Date until paid; provided, however, that any amount not timely paid under this Section 1.3(d) will bear interest at 12% per annum from and after the date such amount is required to be paid hereunder until paid,
increasing to 15% per annum from and after 30 days of the date due and increasing to 18% per annum from and after 60 days of the date due. 
 (e) If the Closing Date U.S. Net Working Capital as reflected on the Final Closing Date U.S. Net Working Capital Statement is less than $10,000,000, Sellers will pay the amount of such deficiency to Buyer within seven
days following the date that the Final Closing Date U.S. Net Working Capital Statement becomes final, conclusive and binding, together with interest thereon at 8% per annum from the Closing Date until paid; provided, however, that
any amount not timely paid under this Section 1.3(e) will bear interest at 12% per annum from and after the date such amount is required to be paid hereunder until paid, increasing to 15% per annum from and after 30 days of the
date due and increasing to 18% per annum from and after 60 days of the date due. 
  

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 (f) If Sellers fail to pay any amount owed under this Section 1.3 in a timely manner, in
addition to any other remedies that Buyer may have under applicable Legal Requirements or this Agreement (including commencing a Proceeding for indemnification) (i) Buyer may withdraw from the escrow fund under the Escrow Agreement the dollar
amount owed to it under this Section 1.3, without any right of Sellers or Sellers Representative to object to such withdrawal and neither Sellers nor Sellers Representative will object to such withdrawal and (ii) Sellers will,
within three business days of such withdrawal, transfer to the escrow fund held under the Escrow Agreement the amount of such withdrawal. Any amount not timely paid into the escrow fund under this Section 1.3(f) will bear interest
thereon at 12% per annum from the date such amount is required to be paid hereunder until paid, increasing to 15% per annum from and after 30 days of the date due and increasing to 18% per annum from and after 60 days of the date due.

 (g) Any unresolved dispute under Section 1.3(c) above will be promptly referred for resolution to the Detroit office of the
Transaction Services Group of Ernst & Young LLP who will be jointly retained by the Parties. If the Parties are unable to engage Ernst & Young LLP for any reason, or Ernst & Young LLP is no longer independent at the time a
dispute is submitted to it, then Buyer and Sellers Representative will each designate a nationally or regionally recognized independent accounting firm with whom neither they nor any of their respective Affiliates has any current professional
relationship, and the accounting firm to resolve the dispute will be chosen by lot (Ernst & Young LLP or any other chosen accounting firm is referred to as the “Accounting Firm”). Buyer will pay one-half, and Sellers will pay
one-half of the fees and expenses of the Accounting Firm. The Accounting Firm will act as a neutral arbitrator and, to the extent GAAP leaves room for discretion, will exercise that discretion independently, but within the range of the differences
between the Parties. Buyer and Sellers Representative each will provide the Accounting Firm with all data and documents relevant to the determinations to be made by it, and copies of all materials provided to the Accounting Firm will simultaneously
be provided to all Parties. Neither Buyer nor Sellers will meet or discuss any substantive matters with the Accounting Firm without the other Parties or their Representatives present or having the opportunity following at least three business days
notice to be present, either in person or by telephone. Prior to making a final determination, the Accounting Firm will have the power to require any Party to provide to it and the other Parties such Books and Records and other information it deems
relevant to the resolution of the dispute, and to require any Party to answer questions that it deems relevant to the resolution of the dispute. The Accounting Firm will revise the Closing Date Debt Statements to reflect its resolution under
Section 1.3 of all disputed matters, and its resolution will be final, conclusive and binding on the Parties. 
 (h) Sellers
Representative will be permitted to review and make copies of all workpapers, schedules and calculations used in determining the Deferred Payment Amount and the overdue accounts receivable set forth in Schedule 1.2(b) and to otherwise have
access to and be permitted to make copies of such books and records as he or she may reasonably need to determine the accuracy of such calculations. 
  

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 Section 1.4. Closing. The consummation of the transactions contemplated by this Agreement
(the “Closing”) are taking place at 10:00 a.m. local time on October 12, 2006 (the “Closing Date”). The Closing Date will be deemed effective as of the start of business on the Closing Date. 
 Section 1.5. Deliveries at the Closing. 
  

	 	(a)	At the Closing, Buyer will deliver to Sellers: 

 (i) the Initial Payment; 
 (ii) the Escrow Agreement, duly executed by Buyer, and evidence that the escrow under the
Escrow Agreement has been fully funded in accordance with Section 1.2(b); 
 (iii) payment in full of the
promissory note referenced in Section 1.5(b)(xii) below; and 
 (iv) any and all other agreements, certificates,
instruments and documents as may be reasonably required of Buyer under this Agreement. 
  

	 	(b)	At the Closing, Sellers will deliver to Buyer: 

 (i) stock certificates representing the Shares duly endorsed in blank or accompanied by irrevocable stock powers duly endorsed in blank, in either case sufficient to transfer the Shares to Buyer free and clear of all Encumbrances;

 (ii) the Escrow Agreement, duly executed by Sellers Representative; 
 (iii) mutual releases, in forms reasonably acceptable to Buyer, duly executed by the Company and each director and officer of the Company
and the Subsidiaries and resignations of each director and the following officers: Douglas S. Soifer and Paul Oster; 
 (iv)
mutual releases of the Company and the Subsidiaries, in forms reasonably acceptable to Buyer, duly executed by the Company and each Seller, Pullman Industries IC-DISC, Inc. and TMW Enterprises Inc. (except with respect to the fees to be paid
post-Closing under Sections 4.5 and 4.14) or any Affiliate to which management or other fees have been paid by the Company or any Subsidiary; 
 (v) a legal opinion of Honigman Miller Schwartz and Cohn LLP, in the form attached as Exhibit 1.5(b)(v); 
 (vi) copies of all consents (if applicable) and estoppel certificates, in forms reasonably acceptable to Buyer, duly executed by each lessor of each Real Property Lease; 
  

 5 

 (vii) evidence of the release of all Encumbrances, other than Permitted Encumbrances, on
the property and assets of the Company and the Subsidiaries; 
 (viii) bank-payoff letters and related Encumbrance discharges
with respect to indebtedness to JPMorgan Chase (“JPMC Debt”), the form of which payoff letter is attached as Exhibit 1.5(b)(viii); 
 (ix) evidence that all patents used by the Company or a Subsidiary and invented by an employee of the Company or a Subsidiary or on behalf of the Company or a Subsidiary have been validly assigned to the Company or a
Subsidiary; 
 (x) affirmation that all loans by the Company or any Subsidiary to any officer or director or former officer or
director of the Company or any Subsidiary have been paid in full; 
 (xi) copy of a quit claim deed transferring the
Company’s real property in Bloomingdale, Michigan (located at CR 388, Bloomingdale, Michigan, as more fully described in Item 3 of Schedule 2.8(a)) to Bloomingdale Holdings LLC, a newly formed limited liability company owned
by the Company, and evidence of the distribution of all of the outstanding membership interests in such limited liability company to Sellers or their designee(s), in form reasonably acceptable to Buyer; 
 (xii) evidence of the distribution by the Company, immediately prior to Closing, of a $4,000,000 promissory note to Sellers and surrender
of such promissory note against the payment described in Section 1.5(a)(iii); 
 (xiii) except for the rights and
obligations set forth in the Pullman IC-DISC Stock Purchase Agreement and as otherwise set forth in Exhibit 4.14, evidence of termination of all of the Company’s or any Subsidiaries’ commission and similar agreements with Pullman
Industries IC-DISC, Inc. from and after the Closing Date; 
 (xiv) evidence of termination of the employment agreement between
any Mexican Subsidiary and Ruiz Mateos and the transfer to Pullman de Mexico and Pullman de Puebla of all equity interest of Ruiz Mateos in any of the Mexican Subsidiaries for payment not to exceed $275,000 from existing cash of one or more of the
Mexican Subsidiaries, and a release of the Company and the Subsidiaries, in form reasonably acceptable to Buyer, duly executed by Mr. Mateos; 
 (xv) evidence that the terms of the indebtedness of WLP Properties S. de R.L. de C.V. to TMW Enterprises de Juarez, S.A. de C.V., TMW Enterprises de Mexico, S.A. de C.V. and TMW Enterprises de Torreon, S.A. de C.V.
have been amended to Buyer’s satisfaction; 
  

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 (xvi) a consent of GE CF Mexico, S.A. de C.V. to the transactions contemplated by this
Agreement and waiver of any default or event of default arising therefrom; 
 (xvii) evidence of the settlement of Jorge
Suarez Gomez v. Linde Pullman de Queretaro, S.A. de CV.; and 
 (xviii) any and all other agreements, certificates,
instruments and documents as may be reasonably required of Sellers, or any of them, under this Agreement. 
 (c) At the Closing Buyer, on
behalf of the Company, will cause the JPMC Debt to be paid and discharged and will provide replacement letters of credit in respect of the JPMorgan Chase letters of credit set forth on Schedule 2.12(a)(iii). 
 ARTICLE 2 
 REPRESENTATIONS AND
WARRANTIES OF SELLERS 
 Sellers, jointly and severally, make the following representations and warranties to Buyer to induce Buyer to
enter into this Agreement and the other Transaction Documents and consummate the transactions contemplated hereby and thereby. These representations and warranties will survive the Closing for the periods specified in Section 7.1.

 Section 2.1. Organization; Capitalization; Ownership. 
 (a) The Company and each Subsidiary is a corporation or limited liability company, as applicable, duly organized, validly existing and in good standing
under the applicable Legal Requirements of the jurisdiction of its organization. Copies of the Organizational Documents for the Company and each Subsidiary have been provided to Buyer. The Company and each Subsidiary has the requisite corporate or
limited liability company power and authority, as the case may be, to conduct the Business as it is now being conducted, to own and use the properties and assets that it purports to own and use and to perform its obligations under the Applicable
Contracts. The Company and each Subsidiary is duly qualified to do business as a foreign corporation and is in good standing in each state or other jurisdiction in which either the ownership or use of the properties owned or used by it or the nature
of the activities conducted by it requires such qualification, as identified on Schedule 2.1(a). 
 (b) The authorized capital stock
of the Company consists of 7,000,000 shares of common stock, no par value per share, of which 6,000,000 shares (the “Shares”) are issued and outstanding. All of the Shares were validly issued, are fully paid and nonassessable and were not
issued in violation of any preemptive or similar rights of any Person. Except as provided on Schedule 2.1(b), there are no outstanding Contracts that require any Seller or the Company to sell or issue any capital stock or other securities of
the Company, including any securities convertible into or exchangeable for any capital stock or other securities of the Company. Except as provided on Schedule 2.1(b), there is no outstanding subscription, option, warrant or other right, call
or commitment to issue, or any obligation or commitment to purchase, any capital stock or other securities of the Company or any securities convertible into or exchangeable for any capital stock or other securities of the Company. 
  

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 (c) Each Seller owns, beneficially and of record, his, her or its Shares free and clear of all
Encumbrances, and Sellers collectively own, beneficially and of record, all outstanding Shares. Each Seller owns the number of Shares set forth next to his, her or its name on Schedule 2.1(c). Except as set forth on Schedule
2.1(c), no Seller owns his, her or its Shares jointly with any other Person, and no other Person has any right to consent to or vote upon the transactions contemplated by this Agreement or any other Transaction Document. At the Closing, each
Seller will transfer to Buyer valid title to all of the Shares free and clear of all Encumbrances. 
 (d) Schedule 2.1(d) sets forth
the authorized, issued and outstanding capital stock or other equity securities, as applicable, of each Subsidiary. All of the capital stock or other equity securities of each Subsidiary were validly issued, are fully paid and nonassessable and were
not issued in violation of any preemptive or similar rights of any Person. There are no outstanding Contracts that require any Seller, the Company or any Subsidiary to sell or issue any capital stock or other equity securities of any Subsidiary,
including any securities convertible into or exchangeable for any capital stock or other equity securities of a Subsidiary. There is no outstanding subscription, option, warrant or other right, call or commitment to issue, or any obligation or
commitment to purchase, any capital stock or other equity securities of a Subsidiary or any securities convertible into or exchangeable for any capital stock or other equity securities of a Subsidiary. Except for the Subsidiaries, neither the
Company nor any Subsidiary owns, or has any right to acquire, any equity interest or other equity securities in any other Person. The Company or a Subsidiary owns, beneficially and of record, all of the outstanding capital stock or other
equity securities of each Subsidiary free and clear of all Encumbrances. 
 Section 2.2. Financial Statements and Financial
Matters. 
 (a) Copies of the audited consolidated financial statements of the Company, Pullman Industries of Indiana, Inc. and Pullman
Investments, LLC, at and for the fiscal years ended December 31, 2005, December 31, 2004 and December 31, 2003 are attached to Schedule 2.2(a) (the “Financial Statements”). Also attached to Schedule 2.2(a)
are copies of the unaudited consolidated interim balance sheets and interim statements of income of the Company and Pullman Industries of Indiana, Inc. at and for the month-ended August 27, 2006 (the “Interim Financial
Statements”). The Interim Financial Statements include the consolidated balance sheet of the Company and Pullman Industries of Indiana, Inc., at August 27, 2006 (the “Balance Sheet”). The Financial Statements and Interim
Financial Statements (subject, in the case of the Interim Financial Statements, to normal year end adjustments and the absence of footnotes thereto which, if presented would not differ materially from those included in the Financial Statements) are
accurate and complete in all material respects and, except as set forth in Schedule 2.2(a), present fairly the financial condition of the Company and Pullman Industries of Indiana, Inc. (and in the case of the Financial Statements, Pullman
Investments, LLC), at the dates indicated and their results of operations for the periods then ended. The Financial Statements and Interim Financial Statements were prepared in accordance with GAAP (subject, in the case of the Interim Financial
Statements, to normal recurring year-end adjustments and any other adjustments described therein, the effect of which would not individually or in the aggregate have a Company Material Adverse Effect, and the absence of footnotes thereto which,

  

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 if presented would not differ materially from those included in the Financial Statements). Each of Pullman AG, Zug and
Pullman Investments LLC are holding companies that are not currently engaged in business operations, and, except as set forth on Schedule 2.2(a), neither of them has any liabilities or assets other than the stock of their respective
subsidiaries as set forth on Schedule 2.1(d) and, in the case of Pullman AG, Zug, certain Intellectual Property Assets described on Schedule 2.9(c). 
 (b) Except as set forth on Schedule 2.2(b) and except for (i) executory obligations under Applicable Contracts and (ii) liabilities expressly set forth in the Schedules to this Agreement, neither the
Company nor any U.S. Subsidiary has any liabilities or obligations of any nature (whether known or unknown, absolute, accrued, contingent or otherwise), required to be reflected on a balance sheet (or in the notes thereto) in accordance with GAAP,
except for (A) liabilities or obligations expressly reflected or reserved against in the Balance Sheet, and (B) balance sheet liabilities incurred in the Ordinary Course of Business since the date of the Balance Sheet. 
 (c) All accounts receivable of the Company and the U.S. Subsidiaries as of the Closing Date (the “Accounts Receivable”) will represent only
valid obligations due to the Company or a U.S. Subsidiary arising from bona fide arm’s length transactions actually made by the Company or a U.S. Subsidiary in the Ordinary Course of Business and are not in dispute. All of the Tooling
Receivables were outstanding as of September 30, 2006, and, if collected, will be handled as set forth in Section 1.2(c) and Exhibit 1.2(c). 
 (d) Except for obsolete items and items below standard quality, all of which have been written off or written down to net realizable value on the Balance Sheet giving effect to any inventory related reserves set forth
on the Balance Sheet, all of the inventory of the Company and the U.S. Subsidiaries as of the Closing Date will (i) consist of inventory manufactured or acquired in bona fide transactions in the Ordinary Course of Business and (ii) be of a
quality and quantity usable and salable in the Ordinary Course of Business. All inventories of the Company and the U.S. Subsidiaries not written off are reflected in the Financial Statements and Interim Financial Statements at the lower of cost or
market on a first in, first out basis, net of any reserves on the Balance Sheet. As of the Closing Date, the quantities of each item of inventory (whether raw materials, work-in-process or finished goods) of the Company and the U.S. Subsidiaries
will not be excessive, but will be reasonable in the circumstances of the Business. All work-in-process inventory of the Company or a U.S. Subsidiary constitutes items in process of production pursuant to Contracts entered into in the Ordinary
Course of Business, from customers in bona fide arms length transactions. All work in process inventory of the Company or a U.S. Subsidiary is of a quality ordinarily produced in accordance with the requirements of the orders to which such work in
process is identified. 
 (e) Except as set forth in Schedule 2.2(e), neither the Company nor any U.S. Subsidiary has any
outstanding indebtedness to any Seller or any Related Person, and no Seller or any Related Person (other than the Mexican Subsidiaries) has any outstanding indebtedness to the Company or a U.S. Subsidiary. 
  

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 (f) The Company received an annual management review by Plante & Moran, PLLC containing a
certification of the internal controls of the Company, a copy of which has been provided to Buyer. 
 (g) The amount accrued as a liability
on the Company’s September 30, 2006 consolidated balance sheet attached as Exhibit 8.2 with respect to the Pullman Industries, Inc. Amended and Restated 2001 Equity Participation Plan were accrued in accordance with such plan and in a
manner consistent with past practice. 
 Section 2.3. Books and Records. The Books and Records of the Company and the U.S.
Subsidiaries, all of which have been made available to Buyer, are complete and correct in all material respects and have been maintained in accordance with sound business practices. All of the Books and Records will be in the possession of the
Company or a U.S. Subsidiary, as applicable. The corporate minute book and stock records of the Company and each U.S. Subsidiary, which have been furnished to Buyer for inspection, are complete and correct in all material respects and accurately
reflect all material corporate action taken by the Company and the respective U.S. Subsidiaries. The directors and officers of the Company and each U.S. Subsidiary are listed in Schedule 2.3. 
 Section 2.4. Taxes. 
 (a)
Schedule 2.4(a) contains a list of states, territories and jurisdictions to which any Taxes have been claimed to be, or are, payable by the Company or a U.S. Subsidiary. All Tax Returns of the Company and each U.S. Subsidiary required under
applicable Legal Requirements to be filed prior to the Closing Date have been filed within the times (including extensions) and in the manner prescribed by applicable Legal Requirements. The Company and each U.S. Subsidiary has paid, or caused to be
paid, all Taxes due and owing by it, whether or not shown or required to be shown on a Tax Return, and the Company and each U.S. Subsidiary has provided on the Balance Sheet a sufficient reserve for the payment of all Taxes associated with their
respective business operations through the date thereof but not yet due and payable by it. Taxes paid or provided for on the Balance Sheet include all Taxes for which the Company or a U.S. Subsidiary may be liable in their own right or as the
transferee of the assets of, or as successor to, any other Person as of such date. Neither the Company nor any U.S. Subsidiary is responsible for the payment of Taxes of another Person (other than the Company or a U.S. Subsidiary) by reason of the
application of Treas. Reg. §1.1502-6 or other Legal Requirement. 
 (b) All Taxes required to have been collected or withheld by the
Company or a U.S. Subsidiary before the Closing Date have been duly collected or withheld and, to the extent required before the Closing Date, have been duly paid to the proper Governmental Body. Except as set forth in Schedule 2.4(b), all
Tax deficiencies asserted in writing or, to Sellers Knowledge verbally, by the IRS or other Governmental Body against the Company or a U.S. Subsidiary have been paid or finally settled and in the case of the Company and Pullman Industries of
Indiana, Inc., recorded on the Balance Sheet. Except as set forth on Schedule 2.4(b), there are no audits of or other Proceedings pending with respect to any Tax Returns of the Company or a U.S. Subsidiary, and there are no outstanding
waivers of statutes of limitations regarding any Taxes payable by the Company or a U.S. Subsidiary. 
  

 10 

 (c) The Company and each U.S. Subsidiary has delivered or made available to Buyer copies of (i) all
Tax Returns with respect to all open years, and all amendments thereto, and (ii) all audit or examination reports or written proposed adjustments (whether formal or informal) received from any Governmental Body relating to any Tax Return. The
charges, accruals and reserves with respect to the Taxes on the Balance Sheet are adequate under GAAP and are at least equal to the aggregate Tax liability of the Company and the U.S. Subsidiaries (including any other Person whose Tax liability the
Company or a U.S. Subsidiary may have any responsibility for). 
 (d) Since January 1, 2006, the Company has validly elected to be
treated as an “S Corporation” under Sections 1361 and 1362 of the Code, and it will continue to be so treated until the date immediately prior to the Closing Date. Since January 1, 2006, Pullman Industries of Indiana, Inc. has validly
elected to be treated as a “qualified Subchapter S Subsidiary” within the meaning of Section 1361(b)(3), and it will continue to be so treated until the date immediately prior to the Closing Date. Except as set forth in Schedule
2.4(d), neither the Company nor any U.S. Subsidiary has (i) applied for any Tax ruling, (ii) in the immediately preceding three years, entered into or is proposing to enter into a Contract with any Governmental Body regarding Taxes,
(iii) filed an election under Section 338(g) or Section 338(h)(10) of the Code (nor has a deemed election under Section 338(e) of the Code occurred), (iv) made any payments, or been a party to an Contract (including this
Agreement), that under any circumstances could obligate it to make payments that will not be deductible because of Section 280G of the Code, or (v) been a party to any Tax allocation or Tax sharing Contract or similar arrangement, other
than a Contract or arrangement solely among the Company and the U.S. Subsidiaries or certain of them. Neither the Company nor any U.S. Subsidiary is a “United States real property holding corporation” within the meaning of Section 897
of the Code. 
 (e) To Sellers’ Knowledge, the gross amount of the Tax Refund Amount is approximately $1,400,000. Sellers’
reasonable estimate of the Tax Refund Amount is set forth on Schedule 2.4(e). 
 (f) Pullman Industries Ltd. filed its final Tax
Returns as a foreign sales corporation for 2001 on or before September 15, 2002 and all applicable statutes of limitation with respect thereto have expired on or before September 15, 2005. Pullman Industries Ltd. was properly liquidated in
2005. 
 (g) Pullman Industries Ltd. claimed no Tax benefits as a foreign sales corporation not permitted under applicable Legal
Requirements. 
 Section 2.5. Business Operations. 
 (a) Except as set forth in Schedule 2.5(a), since December 31, 2005, (i) the operations and affairs of the Company and each U.S. Subsidiary have been conducted only in the Ordinary Course of Business
and (ii) no Restricted Event has occurred. 
 (b) No Seller, Related Person or any of any of their respective Affiliates is an owner,
shareholder, creditor or agent of, or consultant or lender to, any Person engaged in a business that acts as a supplier or purchaser of any goods or services to or from the Company or any U.S. Subsidiary or any part of which is in actual or
potential competition with the Company or any U.S. Subsidiary. 
  

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 (c) Schedule 2.5(c)(1) sets forth a list of the 10 largest customers and 10 largest suppliers (by
dollar volume) of the Company and the U.S. Subsidiaries, collectively, in terms of sales or purchases for the eight months ended August 27, 2006 and the 12 months ended December 31, 2005. Except as set forth on Schedule 2.5(c)(2),
(i) neither the Company nor any U.S. Subsidiary has received any written notice with respect to the re-sourcing of any customer Contract or business, (ii) to Sellers’ Knowledge no customer or supplier has expressly informed the
Company or any U.S. Subsidiary that it has any present plan to discontinue any Contract or terminate its business relationship with the Company or a U.S. Subsidiary, and (iii) while customer programs are subject to market testing from time to
time, neither the Company nor any U.S. Subsidiary has received written notice that any customer program is being market tested. Since December 31, 2005, neither the Company nor any U.S. Subsidiary has extended credit to any customer (including
a distributor) on terms or in amounts that are materially more favorable than those extended in the past or otherwise materially changed the terms of credit extended to any such customer outside the Ordinary Course of Business. Since
December 31, 2005, neither the Company nor any U.S. Subsidiary has materially changed its credit policies governing the extension of credit to customers. 
 (d) Schedule 2.5(d) lists all warranties applicable to products designed, developed, manufactured, sold, to be sold or subject to a pending bid by the Company or a U.S. Subsidiary. There are no claims
outstanding against the Company or any U.S. Subsidiary in excess of the reserves established therefore on the Balance Sheet to return products by reason of alleged overshipments, early or late shipments, defective delivery, defective merchandise or
otherwise, and there is no Proceeding pending, or to Sellers’ Knowledge Threatened, against the Company or a U.S. Subsidiary under any product warranty. No product warranty claims have been asserted against the Company or a U.S. Subsidiary
within the past three years. 
 (e) Neither the Company nor any U.S. Subsidiary has received written notice of any, and there is no,
unresolved claim of personal injury, death or property or economic damage, or any unresolved claim for injunctive relief in connection with any product manufactured or sold by the Company or a U.S. Subsidiary. There are no defects in design,
construction or manufacture of products sold or held in inventory for sale that would adversely affect their performance or create an unusual risk of injury to persons or property. Except as disclosed in Schedule 2.5(e), none of the
Company’s or a U.S. Subsidiary’s products has been the subject of any replacement, field fix, retrofit, modification or recall campaign. Such products have been designed and manufactured so as to meet and comply sufficiently to avoid any
Adverse Consequences arising from a failure to comply with all governmental standards and applicable purchase specifications currently in effect, and have received all Governmental Authorization necessary to allow their sale and use. No product
liability claims have been asserted against the Company or a U.S. Subsidiary within the past three years. 
 (f) Schedule 2.5(f) lists
the names, account numbers and locations of all banks and other financial institutions at which the Company and each U.S. Subsidiary has any account or safe deposit box and the names of all Persons authorized to draft on or have access to any such
accounts or safe deposit box. 
  

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 (g) None of the Company, any U.S. Subsidiary, any Seller or, to Sellers’ Knowledge, any of their
respective Representatives, has in connection with the Business (i) used any corporate or other funds of the Company or a U.S. Subsidiary for unlawful contributions, payments, gifts or gratuities, or made any unlawful expenditures relating to
political or administrative activity to officials of a Governmental Body or to any other Person, or established or maintained any unlawful or unrecorded funds in violation of any Legal Requirement, or (ii) accepted or received any unlawful
contributions, payments, expenditures or gifts. 
 Section 2.6. Employees. 
 (a) Schedule 2.6(a) contains, as of a recent date specified therein, the following information for each employee of the Company and each U.S.
Subsidiary (including, as designated thereon, each employee on leave of absence or layoff status): name; job title; hire date; and current compensation paid or payable on an annualized basis. Neither the Company nor a U.S. Subsidiary has received
notice that a Key Employee intends to terminate his or her employment relationship with the Company or a U.S. Subsidiary, as applicable. All Key Employees of the Company and each U.S. Subsidiary are either U.S. citizens or permanent resident aliens
or are otherwise authorized to be lawfully employed in the United States. Except as set forth in Schedule 2.6(a), each employee of the Company and each U.S. Subsidiary is employed on an “at will” basis and is terminable by the
Company or the U.S. Subsidiary, as applicable, without any penalty or severance obligation. A copy of the current version of each policy manual and handbook provided to or governing the employees of the Company and the U.S. Subsidiaries, and a copy
of the application forms currently being used by the Company and the U.S. Subsidiaries in connection with the hiring of new employees, has been provided to Buyer. 
 (b) Except as set forth in Schedule 2.6(b), neither the Company nor any U.S. Subsidiary is now or in the past three years has been a party to any collective bargaining or other similar labor Contract. A copy of
each such Contract has been provided to Buyer. Since January 1, 2004, with respect to the Company or any U.S. Subsidiary, there has not been, there is not now pending or existing and to Sellers’ Knowledge there is not Threatened:
(i) any strike, slowdown, picketing, work stoppage, lockout, union organizational activity or other labor dispute or Proceeding (excluding routine labor grievances); (ii) any application, written complaint or charge filed by any employee
or union with any Governmental Body or any grievance filed pursuant to a collective bargaining agreement for which any Seller, the Company or a U.S. Subsidiary has Knowledge or has received written notice or (iii) any application or demand for
recognition or certification of a collective bargaining agent for which a Seller, the Company or a U.S. Subsidiary has Knowledge or has received written notice. Except as set forth on Schedule 2.6(b), there is not currently, nor has there
been in the past three years, any internal investigation of any charge or complaint by any employee of the Company or a U.S. Subsidiary alleging harassment, discrimination or other employment conduct. All Legal Requirements relating to the employees
of the Company and each U.S. Subsidiary, including Legal Requirements relating to terms of employment, immigration and employment of illegal aliens, the payment of social security and other payroll Taxes, the payment of employee wages and benefits
(including minimum wage and overtime pay) and Occupational Safety and Health Law, have been complied with. 
  

 13 

 (c) Except as set forth in Schedule 2.6(c), neither the Company nor any U.S. Subsidiary is a party
to any Contract, with any present or former director, officer, employee, agent or consultant with respect to length, duration or conditions of employment or engagement (or the termination thereof), salaries, bonuses, compensation, deferred
compensation, health Insurance, severance, any other form of remuneration or otherwise, the obligations of which could be asserted following the Closing against the Company, a U.S. Subsidiary or Buyer. 
 (d) Neither the Company nor any U.S. Subsidiary has effectuated a “mass layoff” (as defined in the WARN Act) affecting any single site of
employment (as defined in the WARN Act), and neither the Company nor any U.S. Subsidiary has engaged in layoffs or employment terminations sufficient in number to trigger application of any similar state or local Legal Requirement. None of the
employees of the Company or a U.S. Subsidiary will have suffered an “employment loss” under the WARN Act in the six months prior to the Closing Date or any similar state or local Legal Requirement in the twelve months prior to the Closing
Date. 
 (e) The Company has made all required payments to its unemployment compensation reserve accounts with the appropriate Governmental
Bodies of the states or other jurisdictions where it is required to maintain such accounts, and each of such accounts has a positive balance. 
 Section 2.7. Employee Benefit Plans. 
 (a) Schedule 2.7(a) sets forth all Employee Benefit Plans. Copies of
Employee Benefit Plans and all Contracts relating to Employee Benefit Plans (including descriptions of vacation, separation and other personnel policies) have been provided to Buyer. Neither the Company nor any U.S. Subsidiary is bound by any
unwritten Employee Benefit Plan or Contract relating to any Employee Benefit Plan. 
 (b) Except as set forth on Schedule 2.7(b), the
Company and each U.S. Subsidiary has timely complied with all obligations under the Employee Benefit Plans (including, to the extent applicable, reporting, disclosure, prohibited transaction, IRS qualification, ERISA and funding obligations). Each
Employee Benefit Plan, and the administration of each Employee Benefit Plan, complies and has at all relevant times complied with all applicable Legal Requirements, including the Code and ERISA. No prohibited transaction within the meaning of
Section 406 of ERISA or Section 4975 of the Code for which a statutory or administrative exemption does not exist has occurred with respect to any Employee Benefit Plan. 
 (c) Each Employee Benefit Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination or opinion
letter from the IRS as to its qualified status under the Code, and each Employee Benefit Plan that is a funded welfare plan and whose trust is intended to be exempt from federal taxation under Section 501(a) of the Code has received recognition
of exemption from federal income taxation from the IRS. Nothing has occurred since the date of such determination or recognition of exemption that could adversely affect the qualification of such Employee Benefit Plan or the Tax exempt status of any
related trust. Sellers have delivered to Buyer copies of the following: 
 (i) the most recent determination or opinion letter
issued by the IRS with respect to each Employee Benefit Plan that is intended to be qualified under Section 401(a) and/or 501(a) of the Code; and 
  

 14 

 (ii) the two most recent Annual Reports (IRS Forms 5500 series), including Schedules A
and B, if applicable, required to be filed with respect to each Employee Benefit Plan. 
 (d) Neither the Company, a U.S. Subsidiary nor any
of their respective predecessors or Affiliates has ever established, maintained or contributed to or otherwise participated in, or has or has had an obligation to establish, maintain, contribute to or otherwise participate in, or has any obligation
or liability in connection with, any Multi-Employer Retirement Plan. 
 (e) Except as set forth in Schedule 2.7(e), neither the
Company, a U.S. Subsidiary nor any of their respective predecessors or Affiliates has any obligation to provide post-retirement medical or other benefits to any director, employee or agent or former director, employee or agent or their survivors,
dependents or beneficiaries, except as may be required by Section 4980B of the Code or Part 6 of Title I of ERISA or applicable Legal Requirements concerning medical benefits continuation. 
 (f) Neither the Company, a U.S. Subsidiary nor any of their respective predecessors or Affiliates maintains or has maintained or has had any obligation
to contribute to a defined benefit plan as defined in Section 3(35) of ERISA. 
 (g) There is no Proceeding pending (other than routine
claims for benefits) against or in respect of any Employee Benefit Plan or the assets of any Employee Benefit Plan. No civil or criminal action brought pursuant to the provisions of Title I, Subtitle B, Part 5 of ERISA is pending, or to
Sellers’ Knowledge Threatened, against any fiduciary of any Employee Benefit Plan. To Sellers’ Knowledge none of the Employee Benefit Plans or any fiduciary thereof has been the direct or indirect subject of an audit, investigation or
examination by any Governmental Body. 
 (h) No Contract or other obligation exists to increase any benefits under any Employee Benefit Plan
or to adopt any new Employee Benefit Plan. 
 (i) Except as set forth in Schedule 2.7(i), the consummation of the transactions
contemplated by this Agreement will not (i) entitle any current or former director or employee of the Company or any U.S. Subsidiary to severance pay, unemployment compensation or any other payment, except as expressly provided in this
Agreement; (ii) accelerate the time of payment or vesting, or increase the amount, of compensation due to any director or employee or former director or employee either under an Employee Benefit Plan or otherwise; or (iii) result in any
prohibited transaction described in Section 406 of ERISA or Section 4975 of the Code for which an exemption is not available. 
 (j) Neither the Company nor any U.S. Subsidiary, with respect to any Employee Benefit Plan, is subject to any Tax under Code Sections 4972 or 4979 or to any loss of Tax deduction under Code Sections 162(m) and 280G. 
  

 15 

 (k) Except as set forth in Schedule 2.7(k), each Employee Benefit Plan that is subject to the
provisions of the Health Insurance Portability and Accountability Act of 1996, as amended (“HIPAA”), has complied with HIPAA in all material respects. 
 (l) With respect to the Pullman Industries, Inc. Amended and Restated Equity Participation Plan (the “EPP”), the committee designated to administer the EPP pursuant to Section 1.4(e) of the EPP (the
“EPP Committee”) has not taken any action to terminate the EPP or accelerate the vesting of any Units (as defined in the EPP) or other benefits under the EPP. With respect to 2006, the EPP Committee has not determined any benefits
under the EPP, including distributions or any value associated with the Units. 
 Section 2.8. Real Property. 
 (a) The Company and each U.S. Subsidiary has good and marketable fee simple title to or valid leaseholds in all of the real property owned or used in
connection with the Business (“Real Property”), including all of the Real Property reflected on the Balance Sheet. The Real Property owned by the Company or a U.S. Subsidiary (“Owned Real Property”) is not subject to any lease,
tenancy, occupancy Contract, license or option. Except as set forth in Schedule 2.8(a), neither the Company nor any U.S. Subsidiary is a party to or the beneficiary of any Tax abatement or similar agreement or any Tax abatement or similar
appeal in respect of any Real Property. Except as set forth in Schedule 2.8(a), neither the Company nor any U.S. Subsidiary owns any interest in, nor have they ever owned or had any interest in (other than a leasehold interest in), any Real
Property. All of the Real Property identified as currently owned by the Company or a U.S. Subsidiary on Schedule 2.8(a) is free and clear of all Encumbrances other than Permitted Encumbrances. 
 (b) Schedule 2.8(b) contains, with respect to all Real Property leased by the Company or a U.S. Subsidiary, the term, base rent, any component of
additional rent and any option to purchase, and lists each lease, sublease, license and occupancy Contract concerning Real Property to which the Company or any U.S. Subsidiary is a signatory or by which any of them are bound or affected
(individually a “Real Property Lease” and collectively the “Real Property Leases”). A copy of each Real Property Lease has been provided to Buyer. The Company or a U.S. Subsidiary has a valid and binding leasehold interest in
each of the Real Property Leases. None of the Company or any U.S. Subsidiary, or to Sellers’ Knowledge, any other Person, is in default in respect of its obligations or liabilities pertaining to any Real Property Lease. 
 (c) Neither the Company nor any U.S. Subsidiary uses Real Property other than the Real Property identified on Schedule 2.8(a) and Schedule
2.8(b). All buildings or improvements used by the Company or a U.S. Subsidiary lie wholly within the boundaries of the applicable Real Property and do not encroach on any easement or property owned by another Person, and no building or
improvement owned or used by another Person encroaches on any property that the Company or a U.S. Subsidiary owns or uses or on any easement the benefit of which runs to the Company or a U.S. Subsidiary to the lessor under any Real Property Lease.
The Real Property and the use of the Real Property by the Company and each U.S. Subsidiary complies, with all Applicable Contracts and applicable Legal Requirements. To Sellers’ Knowledge, there are no material ground subsidences or slides on
or affecting any Real Property. None of the Real Property is the subject of any condemnation action and, to Sellers’ Knowledge, there is no 
  

 16 

 proposal under consideration by any Governmental Body to take or use any of the Real Property. All such Real Property has
access on a public way sufficient for the current use of the Real Property by the Company or a U.S. Subsidiary, as applicable. Neither the Company nor a U.S. Subsidiary is in violation of any zoning regulation, building restriction, restrictive
covenant, ordinance or other Legal Requirement relating to any Real Property. The Real Property, and all components thereof, including the electrical systems, mechanical systems, roof, plumbing and fire/safety systems are in good working order and
will perform the work or function for which intended. 
 Section 2.9. Other Properties and Assets. 
 (a) All other properties and assets (in addition to Owned Real Property) owned by the Company or any U.S. Subsidiary are free and clear of all
Encumbrances other than Permitted Encumbrances. Except as set forth on Schedule 2.9(a), none of the Company’s or a U.S. Subsidiary’s properties or assets is subject to any restrictions with respect to the transferability thereof,
and the Company’s and each U.S. Subsidiary’s title thereto will not be affected in any way by the transactions contemplated by this Agreement. Schedule 2.9(a) lists each lease by the Company or a U.S. Subsidiary of property and
assets (other than Real Property), including the commencement and termination dates of each such lease (collectively, “Personal Property Leases”). A copy of each Personal Property Lease has been provided to Buyer. All properties and assets
owned or leased by the Company or a U.S. Subsidiary will be in the possession of the Company or a U.S. Subsidiary on the Closing Date.  
 (b) The buildings, structures and equipment owned, leased or used by the Company or a U.S. Subsidiary: (i) are in good operating condition and repair, reasonable wear and tear excepted, (ii) are adequately serviced by all required
utilities and are adequate for the uses to which they are being put; and (iii) to Sellers’ Knowledge are free of material defects; and (iv) are sufficient for the continued conduct of the Business after the Closing in substantially
the same manner as conducted before the Closing. The Company and each U.S. Subsidiary has maintained their buildings, structures and equipment in accordance with their established maintenance schedules in all material respects. 
 (c) Schedule 2.9(c) sets forth: (i) all Intellectual Property Assets owned by the Company or a U.S. Subsidiary (“Company Intellectual
Property Assets”); (ii) all Intellectual Property Assets used but not owned by the Company or a U.S. Subsidiary (“Other Intellectual Property Assets”); and (iii) a list of all Contracts relating to Intellectual Property
Assets to which the Company or a U.S. Subsidiary is a party or by which the Company or a U.S. Subsidiary is bound or affected (copies of which have been provided to Buyer), including: (1) all of the Company’s or any U.S. Subsidiaries’
Contracts for the license of Intellectual Property Assets; and (2) all royalty fee arrangements to which the Company or any U.S. Subsidiary is bound. Schedule 2.9(c) also lists (i) all disputes involving the Company or any U.S.
Subsidiary relating to any Contracts relating to any Intellectual Property Assets or royalty fee arrangements in the last three years; and (ii) all improvements made or claimed to be made by the Company or any U.S. Subsidiary to any Other
Intellectual Property Asset. 
 (d) On and following the Closing Date, the Company or a U.S. Subsidiary will own the entire right, title and
interest in and to Company Intellectual Property Assets free and clear of 
  

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 all Encumbrances other than Permitted Encumbrances. Except as set forth in Schedule 2.9(d), on and following the
Closing Date, the Company or a U.S. Subsidiary will have the right to continue to use the Company Intellectual Property Assets and Other Intellectual Property Assets without payment or other liability to any Person. Neither the Company nor any U.S.
Subsidiary has infringed or unlawfully used any Intellectual Property Asset of any other Person. To Sellers’ Knowledge there is no infringement of or unlawful use by any other Person of any of the Company Intellectual Property Assets. None of
the Company Intellectual Property Assets is subject to any pending, or to Sellers’ Knowledge Threatened, Proceeding, and none of Company Intellectual Property Assets or Other Intellectual Property Assets is subject to any outstanding Order
restricting use by the Company or a U.S. Subsidiary (or by Buyer or an Affiliate of Buyer following the Closing) of that Intellectual Property Asset. The Company Intellectual Property Assets and the Other Intellectual Property Assets are all of
those necessary for the operation of the Business as now conducted and are sufficient in form and quality so that, following the Closing, Buyer, the Company and each U.S. Subsidiary will be able to continue to operate the Business as now conducted.

 Section 2.10. Litigation. Except as set forth in Schedule 2.10, there is no Proceeding (excluding employee grievances
and routine workers’ compensation Proceedings in the Ordinary Course of Business) or Order pending with respect to the Company, any U.S. Subsidiary, the Business or any of the properties or assets owned or used by the Company or a U.S.
Subsidiary. To Sellers’ Knowledge, no such Proceeding or Order has been Threatened. 
 Section 2.11. Authorization and
Enforceability; No Conflict. 
 (a) Each Seller has the requisite capacity, power and authority to enter into and perform the Transaction
Documents to which such Seller is a party and to carry out the transactions contemplated by the Transaction Documents to which he, she or it is a party (including any Transaction Document executed by Sellers Representative on each Seller’s
behalf). Each Transaction Document to which a Seller is a signatory or to which Sellers Representative has signed on each Seller’s behalf is binding upon such Seller and is enforceable against such Seller in accordance with its terms, except as
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally. 
 (b) Except as set forth in Schedule 2.11(b), the execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby will not (i) contravene any
Organizational Documents of the Company or a Subsidiary or result in a breach of any provision of, or constitute a default under, any Applicable Contract, or to Seller’s Actual Knowledge a Mexican Contract which would have a Mexican Company
Adverse Effect; (ii) violate any Legal Requirement or Order or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate or modify any Governmental Authorization; (iii) result in the imposition of any Tax on the
Company, a Subsidiary or Buyer; (iv) result in the acceleration of any liability of the Company or a Subsidiary, or adversely modify terms of any such liability; (v) result in any Encumbrance being created or imposed upon any property or
asset of the Company or a Subsidiary; or (vi) except for filings under the HSR Act, require any authorization, consent, approval, exemption or other authority or notice to any Governmental Body. The representations and warranties set forth in
clauses (ii)-(vi) in the preceding sentence 
  

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 and those set forth in the succeeding sentence, as they relate to the Mexican Subsidiaries, are provided only on the
basis of Sellers’ Actual Knowledge and each shall only be deemed Breached if any Breach or Breaches in the aggregate give rise to a Mexican Company Material Adverse Effect. All consents, approvals or authorizations of, or declarations, filings
or registrations with, any Person required (including those required under the terms of any Applicable Contract or to Sellers’ Actual Knowledge any Mexican Contract to avoid a breach or default thereunder) in connection with the execution,
delivery or performance of the Transaction Documents by Sellers or the consummation of the transactions contemplated thereby are set forth in Schedule 2.11(b) and, except as set forth in Schedule 2.11(b), have been obtained or made, as
applicable, by Sellers. 
 Section 2.12. Applicable Contracts; Insurance. 
 (a) All of the following Applicable Contracts of the Company and the U.S. Subsidiaries are listed on Schedule 2.12(a) and
copies of which have been provided to Buyer: 
 (i) Any power of attorney; 
 (ii) Any joint venture or similar Contracts; 
 (iii) Any loan agreement, promissory note, letter of credit, or other evidence of indebtedness as a signatory, and any guarantee by the Company or a U.S. Subsidiary of the payment or performance of any Person,
Contract to indemnify any Person or act as a surety or other Contract to be contingently or secondarily liable for the obligations of any Person; 
 (iv) Any broker, sales representative, vendor, distributor or similar Contract; 
 (v) Any
Contract under which the Company or a U.S. Subsidiary has made or received payments in excess of $100,000 in the current fiscal year or anticipates making or receiving payments in excess of $100,000 in the current fiscal year (other than purchase
orders that have been fulfilled on or prior to the Closing Date); 
 (vi) Any Contract prohibiting or restricting the Company
or a U.S. Subsidiary from competing in any business or geographical area or from soliciting any customer or purchasing from any supplier, or otherwise restricting it from carrying on its business anywhere in the world, or any Contract requiring the
Company or a U.S. Subsidiary to assign any interest in any trade secret, proprietary information or Intellectual Property Asset; 
 (vii) Any Contract that is so burdensome as to cause a Company Material Adverse Effect; and 
 (viii) Any other
Contracts with value in excess of $200,000 not included elsewhere in the Disclosure Schedule (other than purchase orders that have been fulfilled on or prior to the Closing Date). 
  

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 (b) Each Applicable Contract (including each Contract required to be provided elsewhere in this
Article 2) is in full force and effect and is valid and enforceable in accordance with its terms. The Company and each U.S. Subsidiary, and to Sellers’ Knowledge, each other Person that is a party to an Applicable Contract, has complied
and is complying with the terms of each Applicable Contract sufficiently to avoid any breach or default thereunder, and no event has occurred or circumstance exists that (with or without notice or lapse of time) would contravene, conflict with or
result in a violation or breach of, or give the Company or a U.S. Subsidiary, or to Sellers’ Knowledge any other Person, the right to declare a default under, any Applicable Contract. 
 (c) Schedule 2.12(c) sets forth a list of all of the policies of Insurance for the Company and the U.S. Subsidiaries or covering any of their
respective properties, assets, directors, employees, products or operations, and for each policy indicates: (i) the name of the insurer; (ii) the amount of coverage; (iii) the type of Insurance; (iv) the policy number;
(v) the expiration date; and (vi) all pending claims under the policy (other than routine employee claims for benefits under the Company’s health and welfare plans in the Ordinary Course of Business). Copies of each such policy have
been provided to Buyer. Each such policy of Insurance is outstanding and will be in full force and effect and will remain in full force through the Closing Date. All premiums with respect to such policies are currently paid, and all duties of the
insureds under such policies have been fully discharged. Neither the Company nor a U.S. Subsidiary has been refused Insurance by any carrier to which it has applied for Insurance within the past five years. In the past five years, all products
liability and general liability Insurance policies maintained by or for the benefit of the Company have been “occurrence” policies and not “claims made” policies. 
 Section 2.13. Permits and Licenses; Compliance with Legal Requirements. 
 (a) All Governmental Authorizations necessary for the Company and the U.S. Subsidiaries to carry on the Business as now conducted are set forth in
Schedule 2.13(a), have been timely obtained, are in full force and effect and have been complied with. Other than in respect of any filings required by the HSR Act, no Governmental Authorization is required, nor will any Governmental
Authorization be voided, nullified or impacted by or in connection with the transactions contemplated by this Agreement. All fees and charges incident to the Company’s or a U.S. Subsidiary’s Governmental Authorizations have been fully paid
and are current, and no suspension or cancellation of any Governmental Authorization has been Threatened. The Company and each U.S. Subsidiary has filed all reports and returns required to be filed with any Governmental Body, and all such reports
and returns were complete and correct in all material respects when filed. 
 (b) None of the Company, any U.S. Subsidiary or any of the
properties and assets owned or used by the Company or any U.S. Subsidiary is subject to, nor to Sellers’ Knowledge has the Company or a U.S. Subsidiary been Threatened with, any Adverse Consequence as the result of a failure to comply with any
Legal Requirement. The Company and each U.S. Subsidiary is now, and during all applicable statutory of limitation periods has been, in compliance with all applicable Legal Requirements. 
  

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 Section 2.14. Environmental Matters. 
 (a) Except as set forth in Schedule 2.14(a): (i) the Company and each U.S. Subsidiary is and during all applicable statute of limitation
periods has been in compliance with all applicable Environmental Laws; (ii) the Company and each U.S. Subsidiary possesses all Governmental Authorizations required under applicable Environmental Laws and has complied, and is complying with the
terms and conditions thereof; and (iii) the Company and each U.S. Subsidiary is in compliance with all notification, reporting and registration provisions under applicable Environmental Laws. 
 (b) Neither the Company nor any U.S. Subsidiary has received any written communication, whether from a Governmental Body, citizens group, employee or
otherwise, alleging that the Company or a U.S. Subsidiary is not in full compliance with any Environmental Laws. All Governmental Authorizations and compliance schedules currently held by the Company or a U.S. Subsidiary pursuant to any
Environmental Laws are identified in Schedule 2.14(b), and copies thereof have been provided to Buyer. 
 (c) Except as set forth on
Schedule 2.14(c), there is no Environmental Liability existing or, to Sellers’ Knowledge, Threatened against the Company or any U.S. Subsidiary or against any Person whose liability for any Environmental Liability the Company or a U.S.
Subsidiary has or may have retained or assumed, either contractually or by operation of applicable Legal Requirements. Except as set forth on Schedule 2.14(c), there is no past or present action, activity, circumstance, condition, event or
incident, including the release, emission, discharge, presence, treatment or disposal of any Hazardous Substance or Material, that would form the basis for any Environmental Liability of the Company, a U.S. Subsidiary or of any Person whose
responsibility for any such Environmental Liability the Company or a U.S. Subsidiary has or may have retained or assumed, either contractually or by operation of applicable Legal Requirements. 
 (d) Except as set forth on Schedule 2.14(d): (i) none of the Real Property is listed on, or to Sellers’ Knowledge is being
considered for listing on, any list of contaminated sites maintained under any Environmental Law or is subject to, or to Sellers’ Knowledge is being considered for enforcement action under, any Environmental Law; (ii) none of the Real
Property has been designated as an area under the control of any conservation authority; (iii) the Real Property is free of the presence of any waste or any Hazardous Substance or Material in, on or under the Environment in a quantity or
concentration that could result in any Environmental Liability; (iv) no underground storage tanks, receptacles or other similar containers or depositories are, or ever have been, present on the Real Property; (v) none of the buildings,
building components, structures or improvements owned, leased or used by the Company or a U.S. Subsidiary is constructed in whole or in part of any material (including asbestos, except to the extent properly encapsulated in accordance with
Environmental Laws) that releases or may release any substance, whether gaseous, liquid or solid, that may give rise to any Environmental Liability; (vi) neither the Business nor its properties or assets constitutes or has constituted a
nuisance and no claim of nuisance has been made with respect to the Business or its properties or assets by any adjoining landowner or other Person, and neither the Company nor a U.S. Subsidiary has made any complaints to, or received complaints
from, any Person regarding a nuisance caused or created by any adjoining landowner or other Person; (vii) to Sellers’ 
  

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 Knowledge there have been no investigations conducted or other Proceedings taken or by any Governmental Body or any other
Person pursuant to any Environmental Law with respect to the Real Property, the Business, the Company or any U.S. Subsidiary; (viii) no polychlorinated biphenyls (PCBs) were ever used, stored or disposed of at any of the Real Property;
(ix) there is no consent decree, consent order or other Contract to which the Company or a U.S. Subsidiary is a party or by which it is bound or affected in relation to any environmental matter and no Contract is necessary for the continued
compliance with all Environmental Laws by the Company or any U.S. Subsidiaries; (x) no Hazardous Substance or Material is or was used, generated, emitted, transported, stored, treated or disposed of by it in violation of any Environmental Law
or in a manner that could result in any Environmental Liability; (xi) neither the Company nor any U.S. Subsidiary has treated, stored, disposed or arranged for disposal of any Hazardous Substance or Material at any location except in full
compliance with Environmental Laws and (xii) neither the Company nor a U.S. Subsidiary has disposed of or released, or permitted the disposal or release of, and Sellers have no Knowledge of the disposal or release of, any Hazardous Substance or
Material on any of the Real Property except in full compliance with Environmental Laws. 
 (e) The Company has provided to Buyer each site
assessment, report, study, test result and datum on the Environment and the Real Property in the possession or control of Sellers, the Company or any U.S. Subsidiary. Sellers have also provided to Buyer all documents in the possession or control of
Sellers, the Company or any U.S. Subsidiary evidencing any land use restriction or institutional control, easement, covenant, deed restriction or deed notice relating to the Environment with respect to the Real Property, the Business, the Company or
any U.S. Subsidiary. 
 Section 2.15. No Broker’s Fees. None of the Company, a Subsidiary or any Seller or anyone acting on
any of their behalf has incurred or will incur any liability or obligation to pay fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement or other Transaction Documents for which the
Company, a Subsidiary or Buyer could become liable. 
 Section 2.16. Accuracy of Information. Sellers have delivered to Buyer a
true, complete and correct copy of each document required to have been provided to Buyer under this Agreement (including each document indicated as provided in this Article 2), and, as applicable, each Schedule to Article 2 includes a
true, complete and correct copy of each document required to be attached to such Schedule by the terms of this Agreement. 
 Section 2.17. Mexican Subsidiary Representations. 
 (a) Copies of the audited consolidated financial statements of the
Mexican Subsidiaries (other than WLP Properties S. de R.L. de C.V.) for 2004 and 2005 are attached to Schedule 2.17(a) (the “Mexican Financial Statements”). Also attached to Schedule 2.17(a) are copies of the unaudited
interim balance sheet and interim statement of income of WLP Properties S. de R.L. de C.V. and the unaudited consolidated interim balance sheet and interim statement of income and cash flows of the Mexican Subsidiaries (other than WLP Properties S.
de R.L. de C.V.), in each case at and for the month ended August 31, 2006 (collectively, the “Mexican Interim Financial Statements”). To the Actual Knowledge of Sellers, the Mexican Financial 
  

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 Statements are accurate and complete in all material respects and present fairly the financial condition of the Mexican
Subsidiaries, at the dates indicated and their results of operations for the periods then ended and the Mexican Interim Financial Statements were prepared on a basis consistent with the Mexican Financial Statements (subject, in the case of the
Mexican Interim Financial Statements, to normal year end adjustments and the absence of footnotes thereto which, if presented would not differ materially from those included in the Mexican Financial Statements).  
 (b) To Sellers’ Actual Knowledge, all Taxes with respect to the Mexican Subsidiaries have been paid when due. 
 (c) The Mexican Subsidiaries own or lease the assets necessary to operate their respective businesses. To the Actual Knowledge of Sellers, all of the
properties and assets owned by the Mexican Subsidiaries are free and clear of all Encumbrances other than Permitted Encumbrances. 
 (d)
Except as set forth on Schedule 2.17(d), (i) no Mexican Subsidiary has received any written notice with respect to the re-sourcing of any customer Contract or business, (ii) to Sellers’ Actual Knowledge no customer or supplier
has expressly informed a Mexican Subsidiary that it has any present plan to discontinue any Contract or terminate its business relationship with a Mexican Subsidiary, and (iii) while customer programs are subject to market testing from time to
time, no Mexican Subsidiary has received written notice that any customer program is being market tested. 
 (e) To Sellers’ Actual
Knowledge the buildings, structures and equipment owned, leased or used by the Mexican Subsidiaries: (i) are operating; (ii) are free of material defects that would cause a Company Material Adverse Effect; and (iii) are sufficient for
the continued conduct of the Business after the Closing in substantially the same manner as conducted before the Closing. 
 (f) Schedule
2.17(f) sets forth all of the written Contracts of the Mexican Subsidiaries of the description set forth in Section 2.12(a)(i) - (viii) (substituting “Mexican Subsidiaries” in lieu of reference to the “Company” or
“U.S. Subsidiaries”) (the “Mexican Contracts”). To Sellers’ Actual Knowledge, (i) there are no oral Contracts of the description set forth in Section 2.12(a)(i) - (viii), (ii) each Mexican Contract is
in full force and effect and (iii) no party is in material breach of any such Mexican Contract and no Mexican Subsidiary has received written notice of any claim of breach of any such Mexican Contract. 
 (g) To Seller’s Actual Knowledge no Mexican Subsidiary is in violation of any Legal Requirement which would cause a Mexican Company Material Adverse
Effect. 
 (h) Sellers have not received any written notice of any environmental contamination or liability at the properties owned by the
Mexican Subsidiaries, nor to Sellers’ Actual Knowledge does any contamination or liability exist which would cause a Mexican Company Material Adverse Effect. 
 (i) Except as set forth on Schedule 2.17(i), the there is no pending litigation relating to the Mexican Subsidiaries, nor do Sellers’ have Actual Knowledge that any party has threatened litigation against
any Mexican Subsidiary which would cause a Mexican Company Material Adverse Effect. 
  

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 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES OF BUYER AND NOBLE 
 Buyer and Noble jointly and severally represent
and warrant to Sellers as follows: 
 Section 3.1. Organization and Good Standing. Buyer is a limited liability company duly
organized, validly existing and in good standing under the applicable Legal Requirements of the jurisdiction of its organization, with the requisite limited liability company power and authority to conduct its business as it is now being conducted
and to own and use its properties and assets. Noble is a corporation duly organized, validly existing and in good standing under the Legal Requirements of the jurisdiction of its organization, with the requisite corporate power and authority to
conduct its business as it is now being conducted and to own and use its properties and assets. 
 Section 3.2. Authorization and
Enforceability; No Conflict. 
 (a) Buyer has the requisite limited liability company power and authority, and Noble has the requisite
corporate power and authority, to enter into and perform the Transaction Documents to which each is a party and to carry out the transactions contemplated by such Transaction Documents. Each Transaction Document to which Buyer or Noble is a party is
binding upon Buyer or Noble, as the case may be, and is enforceable against Buyer or Noble, as the case may be, in accordance with its respective terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and
similar laws affecting creditors’ rights and remedies generally. The execution, performance and delivery by Buyer and Noble of each Transaction Document to which Buyer or Noble is a party has been duly authorized, approved and adopted by Buyer
or Noble, as the case may be. 
 (b) The execution, delivery and performance by Buyer and Noble of the Transaction Documents to which each is
a party and the consummation by Buyer and Noble of the transactions contemplated thereby will not (i) contravene any Organizational Documents of Buyer or Noble or result in a breach of any provision of, or constitute a default under, any
Contract to which Buyer or Noble is a party or by which their respective assets are bound or (ii) violate any Legal Requirement or Order. 
 Section 3.3. Investment Intent. Buyer is acquiring the Shares for investment and not with a view to any resale or distribution thereof. 
 Section 3.4. No Broker’s Fees. None of Buyer, Noble nor anyone acting on Buyer’s or Noble’s behalf has incurred or will incur any liability or obligation to pay fees or commissions to any
broker, finder or agent with respect to the transactions contemplated by this Agreement or other Transaction Documents for which Sellers could become liable. 
  

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 Section 3.5. Purpose of Transaction. No transfer of property is being made and no obligation
is being incurred in connection with the intent to hinder, defraud or delay either present or future creditors of Buyer or Noble. 
 ARTICLE 4 
 COVENANTS AND AGREEMENTS 
 The Parties (as applicable) covenant and agree as follows: 
 Section 4.1. Further Assurances.
After the Closing, each Party will take all such further actions, execute and deliver all such further documents and do all other acts and things as another Party may reasonably request for the purpose of carrying out and documenting the intent of
this Agreement and the other Transaction Documents. If a consent or estoppel certificate required to be obtained prior to Closing under this Agreement has not been obtained at or prior to the Closing and Buyer nevertheless proceeds with Closing,
Sellers will, after the Closing, reasonably assist Buyer, at Buyer’s request, in every reasonable effort to obtain such consent or estoppel certificate. 
 Section 4.2. Restrictive Covenants. In consideration of the consummation of the transactions contemplated by this Agreement and other valuable consideration: 
 (a) Each Seller covenants and agrees that for a period of five years from the Closing Date, such Seller will not, and will cause such Seller’s
Affiliates, including their respective general partners and management companies, not to directly or indirectly (i) compete or plan to compete with the Company or any Subsidiary in the Business or in the production of laser-welded blanks or
laser-welded tubular products or products utilizing the roll forming and/or stretch bending process (together with the Business, each a “Competitive Business,” and collectively, the “Competitive Businesses”),
(ii) participate in the ownership, management, financing or control of, or act as an employee, advisor, consultant or agent to, or furnish services or advice to, whether or not for consideration, any Person that competes or plans to compete in
a Competitive Business, or (iii) take or encourage any action the purpose or effect of which is to evade the intent of this Section 4.2, provided, however, that the foregoing will not prevent a Seller from making a
passive investment in any publicly traded security so long as such investment does not collectively confer upon such Seller, any Related Person of a Seller or their respective Affiliates control of 3% or more of the outstanding securities of any
Person. The geographic scope of the foregoing covenant is worldwide. Notwithstanding the foregoing, the foregoing covenant as it relates to the utilization of the roll forming and/or stretch bending process other than in the automotive or furniture
industry will terminate on the third anniversary of the Closing Date. 
 (b) Each Seller covenants and agrees that for a period of five years
from the Closing Date, such Seller will not, and will cause such Seller’s Affiliates not to, directly or indirectly, induce or seek to induce, or assist any other Person to induce or seek to induce, any employee, agent, independent contractor,
customer or supplier of the Company, a Subsidiary or any of their respective Affiliates to leave the employment of or to cease or adversely change its business dealings with the Company, any Subsidiary or Affiliate. 
  

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 (c) Each Seller covenants and agrees that from the date of this Agreement and forever afterward until
such information enters the public domain through no fault of any Seller, such Seller will not, and will cause such Sellers’ Affiliates not to, directly or indirectly, use or disclose to any Person any proprietary, secret or confidential
information of or relating to the Business, the Company or any Subsidiary, including business and trade secrets, except if required to do so by legal process (provided that he, she or it makes a reasonable effort to notify Buyer before complying
with the legal process to enable Buyer to seek an appropriate protective order), and except to the extent that the information enters the public domain through no fault of any Seller or any of their respective Affiliates. 
 (d) If any court of competent jurisdiction finds that the time period of any of the foregoing covenants is too lengthy or the geographic coverage or
scope of any of the covenants too broad, the restrictive time period will be deemed to be the longest period permissible under applicable Legal Requirements and the geographic coverage and scope will be deemed to comprise the largest coverage and
scope permissible under applicable Legal Requirements. It is the Parties’ intent, and a critical inducement to Buyer entering into this Agreement and consummating the transactions contemplated hereby, to protect and preserve the Business and
goodwill of the Company and the Subsidiaries to be acquired by Buyer, and thus the Parties agree that the time period and the geographic coverage and scope of the covenants set forth in this Section 4.2 are reasonable and necessary. If
any Seller or any Affiliate of a Seller Breaches or Threatens to Breach any of the foregoing covenants, Buyer will be entitled to seek and receive injunctive relief in any court of competent jurisdiction, without the requirement of posting any bond,
in addition to any other remedies that may be available under applicable Legal Requirements. 
 Section 4.3. Public
Announcements. All public announcements concerning this Agreement and the transactions contemplated by this Agreement by Buyer, any Seller, the Company, any Subsidiary or any of their respective Affiliates and Representatives will be subject to
the approval of Buyer and Sellers Representative, such approval not to be unreasonably withheld by Sellers Representative following the Closing, except that approval of Sellers Representative will not be required with respect to any statements and
other information that Buyer submits to the Securities and Exchange Commission or any stock exchange or that Buyer or any of its Affiliates is required to make pursuant to any Legal Requirement or requirement of the Securities and Exchange
Commission or any stock exchange. 
 Section 4.4. Sellers Representative. 
 (a) Sellers hereby irrevocably make, constitute and appoint Robert T. Howard (the initial “Sellers Representative”) as their true and lawful
attorney-in-fact with full power of substitution to do any and all things and execute any and all documents which may be necessary, convenient or appropriate to facilitate the consummation of the transactions contemplated by this Agreement and the
other Transaction Documents, including: (i) receipt of payments hereunder and the disbursement thereof to Sellers and others; (ii) receipt and forwarding of notices and communications pursuant to this Agreement and the other Transaction
Documents; (iii) administration of this Agreement and the other Transaction Documents, including the resolution of any dispute or claim; (iv) making any determinations to settle any dispute as to the calculation of the Purchase Price;
(v) resolution, settlement or compromise of any claim for indemnification 
  

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 asserted against a Seller pursuant to Article 5; (v) agreeing to waivers of conditions and obligations under
this Agreement and the other Transaction Documents; (vi) asserting, on behalf of Sellers, claims for indemnification under Article 5 and resolving, settling or compromising all such claims, and (vii) executing, and performing the
obligations under, the Escrow Agreement. 
 (b) In the event that Sellers Representative, with the advice of counsel, is of the opinion that
he or she requires further authorization or advice from Sellers on any matters concerning this Agreement, Sellers Representative is entitled to seek such further authorization from Sellers prior to acting on their behalf. In such event and on any
other matter requiring or permitting Sellers to vote in this Section 4.4, each Seller will have a number of votes equal to the Shares owned by that Seller immediately prior to Closing and the authorization of a majority of such Shares
will be binding on all Sellers and will constitute authorization by Sellers. 
 (c) Buyer will be fully protected in dealing with Sellers
Representative with respect to this Agreement, the other Transaction Documents and the transactions contemplated by this Agreement and may rely upon the authority of Sellers Representative to act as the agent of Sellers for all purposes under this
Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby. Any payment by Buyer to Sellers Representative under this Agreement or any other Transaction Document will be considered a payment by Buyer to Sellers.
The appointment of Sellers Representative is coupled with an interest and will be irrevocable by any Seller in any manner or for any reason. This power of attorney will not be affected by the disability or incapacity of the principal pursuant to any
applicable Legal Requirement. 
 (d) If at any time there is more than one Sellers Representative, any act of Sellers Representative will
require the act of a majority of Sellers Representatives. Any Sellers Representative may resign from his or her capacity as a Sellers Representative at any time by written notice delivered to the other Sellers and to Buyer. If there is a vacancy at
any time in the position of Sellers Representative for any reason, the remaining Sellers Representative may act with full power and authority until such time as the remaining Sellers Representative will select a successor to fill such vacancy. If at
any time there is no person acting as a Sellers Representative for any reason, Sellers will promptly designate a new Sellers Representative and promptly notify Buyer in writing of such determination. Following the time that Buyer is notified that
there is no Sellers Representative and until such time as a new Sellers Representative is designated as provided herein and Buyer is so notified in writing, Sellers will collectively act as Sellers Representative, with decisions made in the manner
specified in Section 4.4(b). 
 (e) Robert T. Howard, as the initial sole Sellers Representative, acknowledges that he has
carefully read and understands this Agreement, hereby accepts such appointment and designation, and represents that he will act in his capacity as a Sellers Representative in strict compliance with and conformance to the provisions of this Agreement
and the other Transaction Documents. 
 (f) Sellers Representative will not be liable to Sellers for any error of judgment, or any act done
or step taken or omitted by him in good faith or for any mistake in fact or Legal Requirement, or for anything that he or she may do or refrain from doing in connection with this Agreement or the other Transaction Documents, except for his or her
own bad faith or willful 
  

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 misconduct. Sellers Representative may seek the advice of legal counsel in the event of any dispute or question as to the
construction of any of the provisions of this Agreement or the other Transaction Documents or his or her duties hereunder or thereunder, and except as otherwise set forth in this Agreement or the other Transaction Documents, as a Seller, he or she
will incur no liability to Sellers or Sellers Representative and will be fully protected with respect to any action taken, omitted or suffered by him or her in good faith in accordance with the opinion of such counsel. 
 (g) Any expenses incurred by Sellers Representative in connection with the performance of his or her duties under this Agreement (including any fees and
expenses of legal counsel retained by Sellers Representative) will not be the personal obligations of Sellers Representative but will be payable and will be promptly paid or reimbursed by Sellers. 
  

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 Section 4.5. Discharge of Related Party Fees. Promptly following the Closing, Buyer will
cause the Company and the Subsidiaries, as applicable, to pay an aggregate management fee of $750,000 to TMW Enterprises Inc., which Sellers acknowledge represents all unpaid management or other fees payable by the Company or any Subsidiary through
August 31, 2006. Neither the Company nor any Subsidiary will accrue or be responsible for any other management or other fees to TMW Enterprises Inc. or any other Affiliate of a Seller relating to any period after August 31, 2006.
Notwithstanding the foregoing, the Company’s and the Subsidiaries’ other accounts receivable and accounts payable to any Affiliate of a Seller (not including accounts solely among the Company and/or the Subsidiaries), as and to the extent
set forth on Exhibit 4.5, will be paid in the Ordinary Course of Business. 
 Section 4.6. Title Insurance. At Closing,
Sellers at their expense will provide to Buyer title insurance commitments, issued by a title company to be mutually agreed by the Parties, agreeing to issue to Buyer standard ALTA Form 1992 title insurance policies with respect to all Owned Real
Property (other than the real property located at CR 388 in Bloomingdale, Michigan, which is no longer owned by the Company or a Subsidiary) together with a copy of each document to which reference is made in such commitments. Such policies shall be
in amounts reasonably acceptable to Buyer. 
 Section 4.7. Parent Guarantee. Noble agrees to take all action necessary to cause
Buyer and its Affiliates to perform all of their respective agreements, covenants and obligations under this Agreement and the Transaction Documents. Noble unconditionally guarantees to Sellers the full and complete performance by Buyer and its
Affiliates of their respective obligations under this Agreement and the Transaction Documents, including the payment of the Deferred Payment Amount at the times and in the manner set forth on Exhibit 1.2(c), assuming the satisfaction of the
conditions to payment set forth therein, and shall be jointly and severally liable for any breach of any representation, warranty, covenant or obligation of Buyer and its Affiliates under this Agreement and the Transaction Documents. Noble hereby
waives diligence, presentment, demand of performance, filing of any claim, any right to require any proceeding first against Buyer or its Affiliates, protest, notice and all demands whatsoever in connection with the performance of its obligations
set forth in this Section 4.7, including payment of the Deferred Payment Amount. 
 Section 4.8. Right of First
Refusal. Sellers hereby waive any right of first refusal available to Sellers arising from the Company’s Bylaws or otherwise, including any right to purchase all or part of the Shares or to receive notice of the transactions contemplated by
this Agreement. 
 Section 4.9. Transition of Bloomingdale Warehouse. For a period of up to 6 months from the date of this
Agreement, without payment of any additional consideration, (i) certain assets of the Business will remain at the property owned by Bloomingdale Holdings LLC (or any successor thereto) and located at CR 388 in Bloomingdale, Michigan (as
more fully described in Item 3 of Schedule 2.8(a)) on a transition basis and (ii) Sellers will require Bloomingdale Holdings LLC (or any successor thereto) to provide Buyer with 24-hour access to the Bloomingdale facility to access
and remove any such assets and will ensure that the building has necessary lighting, heating, water and other utilities consistent with past practices of the Company. Subject to the limitations set forth in Section 5.7(a), and without
limiting any rights 
  

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 of Buyer or its Representatives or Affiliates under this Agreement, Buyer will indemnify and hold harmless Bloomingdale
Holdings LLC in respect of Buyer’s negligence or intentional misconduct at the Bloomingdale facility. 
 Section 4.10.
Termination of Certain Agreements. Sellers hereby agree that, effective as of the Closing, all of the Shareholders’ Agreements, Voting Agreements and Management Equity Agreements set forth on Schedule 2.1(c) shall automatically
terminate. 
 Section 4.11. Stock Purchase. Notwithstanding anything in this Agreement, any related agreement, or otherwise to
the contrary, Sellers and Buyers will (and will cause the Company to) treat the transaction covered by this Agreement for all purposes, including for Tax and Tax Return reporting purposes as follows: (a) the transaction will be treated as a
sale of the Shares of the Company by Sellers to Buyer; (b) the entire Purchase Price will be treated as payment for the Shares and the other undertakings of Sellers set forth in this Agreement; and (c) Buyers will not treat the
transaction, or otherwise elect under Section 338 of the Code (or similar provisions) to treat the transaction, as an asset sale without the express written consent of Sellers. Buyers are free, in their sole discretion, to make elections under
Section 338(g) of the Code with respect to the Mexican Subsidiaries (excluding WLP Properties, S. de R.L. de C.V.); provided, however, that and notwithstanding anything in this Agreement or otherwise to the contrary Sellers will
have no responsibility for any Taxes caused by or with respect to such elections and such elections will be prohibited if the Tax treatment of the transaction covered by this Agreement described in the immediately prior sentence is negatively
effected in any manner. Buyers will, and Buyers will cause the Company to, file all Tax Returns (including amended Tax Returns and claims for refund) and tax information reports in a manner consistent with the foregoing. 
 Section 4.12. Tax Returns and Related Matters. 
 (a) Buyers and the Company will prepare and close the Books and Records of the Company for periods ending on or prior to the Closing Date for purposes of Section 4.12(b) on a basis consistent with GAAP and
in a manner consistent with prior practice. Buyers will make available to Sellers such Books and Records (or copies thereof) no later than ninety (90) days prior to the due date (including all extensions) of the relevant Tax Returns for such
periods for which such Books and Records have been prepared. Buyers will permit Sellers to review and comment on such Books and Records and Buyers will, and will cause the Company to, revise such Books and Records as are reasonably requested by
Sellers for purposes of Section 4.12(b) so long as such revisions are in accordance with GAAP and there are no Adverse Consequences to Buyer, the Company or any Subsidiary resulting therefrom. 
 (b) Sellers will prepare or cause to be prepared, and Buyer will cause the Company to cooperate with respect to such preparation of, all Tax Returns for
the Company for all periods ending on or prior to the Closing Date, which Tax Returns will be prepared and filed timely (including all extensions) in accordance with Permissible Methods, on a basis consistent with existing procedures for preparing
such Tax Returns and in a manner consistent with prior practice with respect to the treatment of specific items on such Tax Returns; provided, however, that if the treatment of an item on any such Tax Return has not been provided by
prior practice, the Parties will cause the Company to report such items in a manner that would result in the least amount of Tax liability to the Company before and after the Closing and to Sellers before the 
  

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 Closing, unless such treatment does not have sufficient legal support to avoid the imposition of penalties. Sellers will
deliver any such Tax Returns due (and not yet filed) after the Closing Date to the Company no later than 15 days prior to the date each such Tax Return is due (including all extensions). Buyer will have the right to cause the Company to revise any
item on such Tax Returns but only to the extent that (i) Sellers’ treatment of such item is not consistent with the prior practice of the Company and such inconsistent treatment has an adverse effect on Buyers, the Company or any
Subsidiary or (ii) Sellers’ treatment does not have sufficient legal support to avoid the imposition of penalties. Buyer will cause the Company to execute and file such Tax Returns on a timely basis (including all extensions). Except as
provided in Section 5.9, in the event that Sellers are liable under this Agreement or otherwise for Taxes due in connection with any Tax Return described in this Section 4.12(b), Sellers will pay the amount of such Tax
liability to Buyer immediately upon written request or at least five days prior to the filing such Tax Return, whichever is later, to the extent such Taxes are not reflected in the reserve for Tax liabilities shown on the Balance Sheet. With respect
to matters covered by Section 4.12, Buyers reserve the right to make an application to change the method of accounting for the Company and the Subsidiaries if it has been determined that their prior practice included a method of
accounting which is not a Permissible Method. 
 (c) Buyer will prepare or cause the Company to prepare and file or cause the Company to file
any Tax Returns of the Company for all taxable periods which begin before the Closing Date and end after the Closing Date, which Tax Returns, to the extent they relate to taxable periods beginning prior to, but including the Closing Date, and for
the purpose of determining Sellers’ liability for Taxes, will be prepared and filed timely and on a basis consistent with Permissible Methods, on a basis consistent with existing procedures for preparing such Tax Returns and in a manner
consistent with prior practice with respect to the treatment of specific items on the Tax Returns; provided, however, that if the treatment of an item on any such Tax Return has not been provided by prior practice, the Parties will
cause the Company to report such items in a manner that would result in the least amount of Tax liability to the Company and to Buyers after the Closing, unless such treatment does not have sufficient legal support to avoid the imposition of
penalties. Buyers will deliver any such Tax Returns to Sellers no later than fifteen (15) days prior to the date each such Tax Return is due (including all extensions). Sellers will have the right to cause the Company to revise any item on such
Tax Returns but only to the extent that (i) Buyer’s treatment of such item is not consistent with the prior practice of the Company and such inconsistent treatment has an adverse effect on Sellers or (ii) Buyer’s treatment does
not have sufficient legal support to avoid the imposition of penalties. Except as provided in Section 5.9, in the event that Sellers are liable for Taxes under this Agreement or otherwise due in connection with any Tax Return described
in this Section 4.12(c), Sellers will pay the amount of such liability to Buyer immediately upon written request or at least five days prior to the filing of such Tax Returns, whichever is later, to the extent such Taxes are not
reflected in the reserve for Tax liabilities shown on the Balance Sheet. With respect to matters covered by Section 4.12, Buyer and its Affiliates reserve the right to make an application to change the method of accounting for the
Company and the Subsidiaries if it has been determined that their prior practice included a method of accounting which is not a Permissible Method. 
 (d) For purposes of this Section 4.12, in the case of any Taxes that are imposed on a periodic basis and are payable for a taxable period that includes (but does not end on) the 
  

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 Closing Date or on the date immediately preceding the Closing Date, as applicable, the portion of such Tax which relates
to the portion of such taxable period ending on the Closing Date or on the date immediately preceding the Closing Date, as applicable, will (i) in the case of any Taxes other than Taxes to which Section 4.12(d)(ii) applies, be
deemed to be in the amount of such Tax for the entire taxable period multiplied by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date or the date immediately preceding the Closing Date, as
applicable, and the denominator of which is the number of days in the entire taxable period, and (ii) in the case of any Tax based upon or related to income or receipts and any sales and use Taxes, payroll Taxes, property Taxes and Michigan
Single Business Taxes, be deemed equal to the amount which would be payable if the relevant taxable period ended on the date immediately preceding the Closing Date. Any credits relating to a taxable period that begins before and ends after the
Closing Date or the date immediately preceding the Closing Date, as applicable, will be taken into account as though the relevant taxable period ended on the Closing Date or on the date immediately preceding the Closing Date, as applicable. All
determinations necessary to give effect to the foregoing allocations under Section 4.12(d)(i) will be made in a manner consistent with GAAP, and all determinations necessary to give effect to the foregoing allocations under
Section 4.12(d)(ii) will be made in a manner consistent with Permissible Methods and the prior practice of the Company. 
 (e)
The Parties will, and Buyers will cause the Company to, cooperate fully, as and to the extent reasonably requested by the other Party, in connection with the preparation of any Tax Return or request for a refund or in connection with any audit,
litigation or other Tax Proceeding involving any Taxes relating to the Company. Such cooperation will include (but not be limited to) the retention and timely provision of access to Books and Records and other relevant Tax information (for the full
period of any applicable statute of limitation including any extensions) which are reasonably relevant to any Tax Proceeding, timely making then current and former employees available on a mutually convenient basis to provide additional information
and explanation of any material provided hereunder and complying with this Section 4.12(e). Buyers or the Company, as applicable, will give Sellers reasonable written notice prior to transferring, destroying, or discarding any such Books
and Records and other relevant Tax information and, if Sellers request, the Company or Buyers, as applicable, will allow Sellers to copy such Books and Records and other relevant Tax information. This cooperation provision will also apply to
(i) the appraisals/valuations which are currently being prepared by the Company for Pullman AG, Zug and/or the Mexican Subsidiaries (excluding WLP Properties, S. de R.L. de C.V.), (ii) the matters set forth in Sections 4.14 and
4.15, (iii) the research and development Tax credit study for the Company and the U.S. Subsidiaries which is currently being prepared by the Company with the assistance of Plante and Moran PLLC and (iv) Tax Refund Amount matters
(including claims for, and the receipt and payment of, Tax Refund Amounts to Sellers). Buyers and Sellers will equally share the costs of (x) the appraisals/valuations which are currently being prepared for Pullman AG, Zug and the Mexican
Subsidiaries (excluding WLP Properties, S. de R.L. de C.V.), and (y) the research and development Tax credit study which is currently being prepared by Plante & Moran, PLLC; provided, however, that Buyers and Sellers will
share in such costs to the extent of $40,000 (i.e., $20,000 each) in the aggregate, and thereafter Sellers will be solely responsible and will pay such costs. 
 Section 4.13. Closing Books for Tax Purposes. The Company, Buyer, Sellers and any other Persons who are or were shareholders of the Company during the Company’s taxable year 
  

 32 

 in which the sale of the Shares under this Agreement occurs, will treat such taxable year of the Company as two separate
taxable years under Section 1362(e)(3) of the Code, the first of which begins on January 1, 2006 and ends on the date immediately preceding the Closing Date (the “S Termination Year”) and the second of which begins on the Closing
Date (the “C Short Year”). Each Seller, any other Person who was a shareholder of the Company during the S Termination Year, Buyer and any other Person who is a shareholder on the first day of the C Short Year (i.e. the Closing
Date) will execute and file any and all consents and other documents required by Section 1362(e)(3) of the Code and other applicable Legal Requirements to effect the purposes of this Section 4.13. Buyer will cause the Company and
any other Person who is a shareholder of the Company on the Closing Date to execute and file any and all consents and other documents required by Section 1362(e)(3) of the Code and other applicable Tax law to effect the purposes of this
Section 4.13. A preliminary example of the document required to be filed with the IRS to effectuate the purposes of this Section 4.13 is attached as Exhibit 4.13. 
 Section 4.14. Interest Charge DISC Subsidiary. Subject to the cooperation provisions of Section 4.12(e), the Parties will, and
will cause the Company to, perfect the proposed actions set forth on Exhibit 4.14 with respect to Pullman Industries IC-DISC, Inc. Buyers will, and will cause the Company to, make such adjustments and/or payments of the commission and
dividend amounts between the Company and Pullman Industries IC-DISC, Inc. as are reasonably requested by Sellers to permit such Subsidiary to comply with the requirements under Section 991 et. seq. of the Code for the taxable periods ending on
the Closing Date, the date immediately preceding the Closing Date or December 31, 2006, as applicable. 
 Section 4.15. Mexican
and Swiss Taxes. All Mexican and Swiss Taxes and filing, recording or registration fees attributable to the transfer of the stock of Pullman de Mexico, S.A. de C.V. from Pullman AG, Zug to the Company or Buyers on or before December 31,
2006 (unless Sellers are not able or do not complete the steps necessary to effect such transfer by such date, in which case the date will be extended until such steps are accomplished and the transfer is completed) will be paid by Sellers
regardless of who is responsible under applicable Legal Requirements. In the event that Buyers pay any such Taxes or fees, upon presentation of evidence of such payment to Sellers, Buyers will be entitled to prompt reimbursement from Sellers in the
amount of such payment. Notwithstanding anything else to the contrary in this Agreement, any Transaction Document or otherwise, Sellers will (a) have full responsibility for and discretion in handling such stock transfer, and (b) the
cooperation provisions of Section 4.12(e) will apply to such stock transfer; provided, however, that Buyers will have reasonable oversight responsibility and consultation with respect to such stock transfer and any
documents which are submitted to the Tax authorities of Mexico and Switzerland with respect to these matters. 
 Section 4.16. IP Tax
Matters. The Company, Pullman Industries of Indiana, Inc. and Sellers will characterize any gain attributable to sale of the Purchased Assets (as defined in the IP Purchase Agreement) to Noble Advanced Technologies, Inc. under the IP Purchase
Agreement as a sale of capital assets and report such capital gains on its applicable Tax Returns. Buyer will indemnify and hold harmless Sellers and Sellers’ Representatives and Affiliates on a grossed-up basis for Tax purposes with respect
to: (i) the difference between the ordinary income Tax and the long term capital gain Tax on the gain from the sale of the Purchased Assets to Noble Advanced Technologies, Inc. being re-characterized as ordinary income by the IRS (provided

  

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 that such difference will not exceed $100,000) and (ii) any built-in gain Tax under Section 1374 of the Code
and any similar state or local Tax law or rule on the gain from the sale of the Purchased Assets to Noble Advanced Technologies, Inc. 
 Section 4.17. Post-Retirement Benefits. Prior to November 1, 2006, Sellers will take all actions necessary to cause those employees receiving retirement benefits from the Company or any U.S. Subsidiary (as described in
Item 5 to Exhibit 5.1) to cease receiving such benefits from the Company or any U.S. Subsidiary, without any Adverse Consequences to Buyer, the Company, any Subsidiary or any of their respective Affiliates. 
 ARTICLE 5 
 INDEMNIFICATION

 Section 5.1. Indemnification and Reimbursement by Sellers. Sellers, jointly and severally, will indemnify and hold harmless
Buyer and Buyer’s Representatives and Affiliates, and will reimburse Buyer, and Buyer’s Representatives and Affiliates, for all Adverse Consequences arising from or related to (a) any Breach by a Seller of any representation,
warranty, covenant or agreement in this Agreement or any other Transaction Document, (b) the matters set forth on Exhibit 5.1, and (c) the enforcement of indemnification rights under this Article 5. 
 Section 5.2. Indemnification and Reimbursement by Buyer. Buyer will indemnify and hold harmless Sellers and their respective Representatives
and Affiliates, and will reimburse Sellers and their respective Representatives and Affiliates, for all Adverse Consequences arising from or related to (a) any Breach by Buyer of any representation, warranty, covenant or agreement of Buyer in
this Agreement or any other Transaction Document, (b) Taxes arising from taxable periods or portions thereof beginning on the Closing Date and from any election under Section 338(g) for the Mexican Subsidiaries under
Section 4.11, and (c) the enforcement of indemnification rights under this Article 5. 
 Section 5.3. De
Minimis Claims; Basket; Cap; Bloomingdale Environmental Limits. 
 (a) De Minimis Claims. Neither Buyer nor Buyer’s
Representatives or Affiliates may make a claim for indemnification under Article 5 with respect to a Breach of a representation or warranty set forth in Article 2 of this Agreement or Section 3 of the IP Purchase Agreement
the Adverse Consequences of which are less than $7,500 (a “De Minimis Claim”) until Adverse Consequences for all De Minimis Claims exceed $100,000, after which the entire amount of all Adverse Consequences with respect to De Minimis Claims
(including the first $100,000) shall be counted against the Basket and shall otherwise be subject to indemnification as provided for in this Article 5. For avoidance of doubt, the provisions of this Section 5.3(a) will only be
applicable once, and once De Minimis Claims first exceed $100,000, this Section 5.3(a) will be of no further effect. 
 (b)
Basket. Subject to Section 5.3(a), Sellers will have no liability under this Article 5 with respect to Breaches of the representations and warranties set forth in Article 2 of this Agreement and Section 3
of the IP Purchase Agreement until the aggregate amount of Adverse 
  

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 Consequences incurred or suffered by Buyer arising from or related to Breaches under any such provision of such
Transaction Documents taken as a whole exceed $750,000 (the “Basket”), and then only for that amount by which all Adverse Consequences exceed in the aggregate the Basket; provided, however, that the Basket will not apply to,
and there will be first dollar indemnity for (a) as to this Agreement, claims under Sections 2.1 (Organization; Capitalization; Ownership), 2.4 (Taxes), 2.8 (Real Property) (only as it relates to good and unencumbered
title), 2.9 (Other Properties and Assets) (only as it relates to good and unencumbered title), 2.11(a) (Authorization and Enforceability), and 2.15 (No Brokers’ Fees); (b) as to the IP Purchase Agreement, claims under
Sections 3(a), 3(b) (only as it relates to good and unencumbered title), 3(d) and 3(e), or (c) as to any such Transaction Document, in the event of intentional fraud or intentional Breach. In addition, Sellers will
not be required to indemnify Buyer or any of its Representatives or Affiliates with respect to any Breach or Breaches of Section 2.4 after Sellers have already indemnified Buyer and its Representatives and Affiliates with respect to any
such Breach or Breaches in an amount equal to 50% of the Tax Refund Amount until Adverse Consequences arising from a Breach or Breaches of Section 2.4 exceed the portion of the Tax Refund Amount retained by Buyer, and then only for such
excess Adverse Consequences. 
 (c) Cap. Except as provided below, Sellers’ maximum aggregate liability under
Section 5.1(a) with respect to Breaches of the representations or warranties set forth in Article 2 of this Agreement and Section 3 of the IP Purchase Agreement, taken as a whole, will not exceed $15,000,000 (the
“Cap”); provided, however, that the Cap will not apply (w) as to any Transaction Document, in the event of intentional fraud or intentional Breach; (x) as to this Agreement, to claims under Sections 2.1
(Organization; Capitalization; Ownership), 2.4 (Taxes), 2.8 (Real Property) (only as it relates to good and unencumbered title), 2.9 (Other Properties and Assets) (only as it relates to good and unencumbered title),
2.11(a) (Authorization and Enforceability), and 2.15 (No Broker’s Fees); (y) as to the IP Purchase Agreement, claims under Sections 3(a), 3(b) (only as it relates to good and unencumbered title), 3(d) and
3(e). 
 (d) Bloomingdale Environmental Limits. Seller’s maximum indemnification obligation with respect to the matters
described in Item 2 to Exhibit 5.1 will be $7,500,000 plus any unused portion of the Cap (which is otherwise only applicable to Breaches of representation and warranties as provided in Section 5.3(c)); provided,
however, that Sellers’ indemnification obligation with respect to the Bloomingdale, Michigan site described in Exhibit 5.1(2) will not exceed $5,000,000 plus any unused portion of the Cap. 
 Section 5.4. Indemnification Procedures. Except with respect to any Tax Claim: 
  

	 	(a)	Third-Party Proceedings. 

 (i)
Promptly after receipt by a Person entitled to be indemnified under this Article 5 (an “Indemnified Party”) of notice of the commencement of a Proceeding against it, such Indemnified Party will, if a claim for indemnification is to
be made against a Party (an “Indemnifying Party”) under this Article 5, give notice to the Indemnifying Party of the commencement of such Proceeding. The failure to timely notify the Indemnifying Party will not relieve the
Indemnifying Party of any liability that it may have to an Indemnified Party, except to the extent that the defense of such action was materially and irreparably prejudiced by the Indemnified Party’s failure to provide timely notice.

  

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 (ii) If any Proceeding is brought against an Indemnified Party and it gives notice to the
Indemnifying Party of the commencement of such Proceeding, the Indemnifying Party will be entitled to participate in such Proceeding and, subject to subsection (a)(iii) below, to the extent that it wishes and can demonstrate its financial
capability to assume and diligently pursue such defense and the resolution thereof, to assume the defense of such Proceeding with counsel of its choice reasonably satisfactory to the Indemnified Party. Following a proper assumption of defense by an
Indemnifying Party, as long as the Indemnifying Party diligently conducts such defense it will not be liable for any subsequent fees of legal counsel or other expenses incurred by the Indemnified Party in connection with the defense of such
Proceeding, other than reasonable costs of investigation. If the Indemnifying Party assumes the defense of a Proceeding, (A) it will be conclusively established for purposes of this Agreement that the claims made in that Proceeding are within
the scope of and subject to indemnification hereunder and (B) no compromise or settlement of such claims may be effected by the Indemnifying Party without the Indemnified Party’s consent unless (x) there is no finding or admission of
any violation of Legal Requirements or any violation of the rights of any Person and no effect on any other claims that may be made by or against the Indemnified Party and (y) the sole relief provided is monetary damages that are paid in full
by the Indemnifying Party concurrently with the compromise or settlement. If written notice is given to an Indemnifying Party of the commencement of any Proceeding and the Indemnifying Party does not within twenty days, or such lesser period of time
as required to meet any deadline for a response, properly exercise its election to assume the defense of such Proceeding, the Indemnifying Party will be bound by any determination made in such Proceeding or any compromise or settlement thereof
reasonably effected by the Indemnified Party. 
 (iii) Notwithstanding the foregoing, (A) if an Indemnified Party
determines in good faith that there is a reasonable probability that a Proceeding may adversely affect it or its Affiliates other than as a result of monetary damages for which it would be entitled to indemnification under this Agreement or
(B) if an Indemnified Party in good faith concludes that there are defenses available to it that may be unavailable to, or inconsistent with or contrary to the interests of the Indemnifying Party, the Indemnified Party may, by written notice to
the Indemnifying Party, retain the exclusive right to defend, compromise or settle such Proceeding, but the Indemnifying Party will have the opportunity to participate in such Proceeding and will reserve the right to contest indemnification with
respect to any determination, compromise or settlement of such Proceeding effected without its consent (which consent will not be unreasonably withheld). 
 (iv) Except to the extent it would cause a waiver of a privilege, each Party will make available to the other Parties and the other Parties’ 
  

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 Representatives all of his, her or its Books and Records relating to a third-party Proceeding, and each
Party will render to the other Parties assistance as may be reasonably required in order to insure the proper and adequate defense of such third-party Proceeding. 
 (v) Each Party hereby consents to the non-exclusive jurisdiction of any court in which a Proceeding is brought by a Person not a Party to
this Agreement against any Indemnified Party for purposes of litigating a claim that an Indemnified Party may have under this Agreement against an Indemnifying Party with respect to such Proceeding or the matters alleged therein (including its right
to indemnification). 
 (b) Other Claims. A claim for indemnification for any matter not involving a third-party Proceeding must be
asserted by written notice to the Party or Parties from whom indemnification is sought, identifying the matter for which identification is sought, the estimated amounts of the claim if then calculable and the basic facts underlying the claim to the
extent then known. 
 Section 5.5. Offset. Except for Buyer’s right to offset certain Michigan Single Business Taxes in
determining the Tax Refund Amount, Buyer and Noble, on behalf of themselves and their Representatives and Affiliates, acknowledge and agree that any claim for indemnification under this Article 5 shall not be offset against other amounts owed to
Sellers under this Agreement, including the Deferred Payment Amount. 
 Section 5.6. Adjusted Purchase Price; Interest. Any
payment of a claim for indemnification under this Article 5 will be accounted for as an adjustment to the Purchase Price. Any amount payable under this Article 5 will include interest at the rate specified in this Agreement or, if
no rate is specified, interest at the Agreed Indemnity Rate. 
 Section 5.7. Determination of Adverse Consequences; Indemnification
Limitations. 
 (a) The amount of any and all Adverse Consequences shall be determined net of (i) the net present value of any Tax
benefits reasonably expected to be realized (calculated using a discount rate of 12%) by any Person seeking indemnification hereunder arising from the deductibility of any such Adverse Consequences and (ii) any amounts actually recovered by the
Indemnified Party under insurance policies, indemnities or other reimbursement arrangements with un-Affiliated third parties, net of any premiums paid or in the future to be paid with respect thereto, with respect to such Adverse Consequences. Each
Party hereby waives, to the extent permitted under its applicable insurance policies, any subrogation rights that its insurer may have with respect to any indemnifiable Adverse Consequences. In calculating the amount of Adverse Consequences arising
from or relating to a Breach, a “multiple of profits” or “multiple of cash flows” methodology may only be utilized if such Adverse Consequences are (X) recurring in nature (i.e., not a one-time liability) and
(Y) impact the EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of the Company and the Subsidiaries utilized by Buyer in determining the value of the Shares. Notwithstanding the preceding sentence, all Adverse
Consequences that occur or reoccur over an extended period of time will be included in calculating Adverse Consequences under this Article 5. 
  

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 (b) No claim for indemnification under this Agreement with respect to a Breach of a representation
or warranty of Sellers, or any of them under this Agreement or the IP Purchase Agreement, may be made by Buyer or any Representative or Affiliate of Buyer if Sellers can prove that (a) on the date hereof any of Thomas Saeli, David Fallon,
Andrew Tavi, Lee Skandalaris, Steve Prue, Jay Hansen or Craig Parsons had actual knowledge without the necessity of any investigation, diligence or inquiry (i) that Sellers were in actual Breach of such representation or warranty (including
actual knowledge of all facts legally sufficient to prove such Breach) and (ii) of the magnitude of the Adverse Consequences reasonably likely to be caused by such a Breach, and (b) Buyer or any Representative or Affiliate of Buyer failed
to raise or question such matters with Sellers or any of them prior to the Closing. 
 Section 5.8. Exclusive Remedy.
Except for rights, claims and causes of action it may have relating to fraud or intentional Breach and except for a Party’s right to seek specific performance or other equitable relief, each Party acknowledges and agrees that, from and after
the Closing, its sole and exclusive remedy with respect to any and all claims relating to the subject matter of this Agreement shall be pursuant to the indemnification provisions set forth in this Article 5 and Section 7.1. In
furtherance of the foregoing, except for those matters specifically excepted in the preceding sentence, each Party hereby waives, from and after the Closing, to the fullest extent permitted under applicable Legal Requirement, any and all rights,
claims and causes of action it may have against the other relating to the subject matter of this Agreement arising under or based upon any federal, state, local or foreign statute, law, ordinance, rule or regulation or otherwise. 
 Section 5.9. Tax Claims. 
 (a)
Buyers will, as to any Taxes in respect of which Sellers have agreed to indemnify Buyer, its Representatives and Affiliates under this Agreement, promptly inform Sellers of, and permit the participation of Sellers in any investigation, audit or
other Tax Proceeding by or with a Governmental Body empowered to administer or enforce such Tax and will not consent to the settlement or final determination in such Tax Proceeding without the prior written consent of Sellers, except to the extent
such Taxes are not subject to indemnification under this Article 5. 
 (b) Buyers, on the one hand, and Sellers, on the other hand,
will (i) use commercially reasonable efforts to keep the other advised as to the status of Tax audits and litigation involving any Taxes that could give rise to a liability of Sellers or Buyers under this Agreement (a “Tax Claim”),
(ii) promptly furnish to the others copies of any inquiries or requests for information from any Governmental Body concerning any Tax Claim, (iii) timely notify the other regarding any proposed written communication to any such
Governmental Body with respect to such Tax Claim, (iv) promptly furnish to the other upon receipt a copy of information or document requests, a notice of proposed adjustment, revenue agent’s report or similar report or notice of deficiency
together with all relevant documents, notices or reports, relating to any Tax Claim, (v) give the other and its or their accountants and counsel the reasonable opportunity to review and comment in advance on all written submissions, filings and
any other information relevant to indemnifiable issues, and (vi) consider in good faith any suggestions made by the other and its or their accountants and counsel to submit documentation or attend those portions of any meetings or proceedings
that relate to such proposed adjustment. Notwithstanding anything to the contrary in this Agreement, neither Sellers, on the one hand, nor Buyers, on the other hand, may 
  

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 take any Tax accounting position with respect to any Tax Claim or Tax Proceeding that is a change from a Permissible
Method (which was contained in an originally filed Tax Return for a Tax period) to a different Permissible Method and that creates any additional Tax liability or other Adverse Consequences with respect to Tax matters for the other or their
respective Affiliates in a subsequent Tax period; provided, however, that this sentence will not apply with respect to those matters which are already specifically covered by this Agreement (including, for example, by Sections
4.11, 4.13, 4.14, and 4.15) and/or the other Transaction Documents; and provided, further, however, that the Buyers and Sellers will reasonably cooperate on a good faith basis to resolve any disputes
with respect to the matters covered by this sentence. 
 (c) Subject to the provisions of Section 5.9(b) above, Sellers will have
full responsibility for and discretion in handling any Tax controversy, including an audit, protest to the Appeals Division of the IRS, litigation in the United States Tax Court, any other court of competent jurisdiction or any other Proceeding with
respect to a Tax Claim (“Tax Proceeding”) involving the Company or any Subsidiary for Tax periods ending on or before the Closing Date or on or before the date immediately preceding the Closing Date, as applicable, and Buyer will have full
responsibility for and discretion in handling any Tax Proceeding involving the Company or any Subsidiary for Tax periods ending on or after the Closing Date; provided, however, that upon request of Sellers, and subject to the
provisions of Section 5.9(b) Sellers will have full responsibility and discretion in handling, at Sellers’ expense, any Tax Proceeding. In the event that Buyer are required to pay any Tax, file any bond or deposit any amount in
order to undertake a Tax Proceeding, Sellers will loan to Buyer, the Company or any Subsidiary, as the case may be, no later than three business days before such payment is required to be made, without interest and until a Final Determination with
respect to such Tax has occurred, one hundred percent of the amount required to be paid by Buyer, the Company or any Subsidiary, as the case may be. Within three business days of the receipt by Buyers of a refund or any amount loaned to it by
Sellers (including any interest required by Buyer, as the case may be), Buyers, the Company or any Subsidiary, as applicable, will pay such refunded amount to Sellers. 
 (d) Within 60 days of any Final Determination of Tax in a Tax Proceeding, or the written acquiescence of Sellers with respect to a Tax Claim, the Indemnified Party will provide a written notice to the Indemnifying
Party which explains the calculation of the amount of such Tax Claim. The Indemnifying Party will pay such amount of Tax Claim to the Indemnified Party within 10 days after receipt of such notice, unless the Indemnifying Party disagrees with such
calculation and invokes the verification procedure set forth in Section 5.9(e), in which case the Indemnifying Party will pay to the Indemnified Party, within five business days of verification of the amount of such Tax owed to the
Indemnified Party, the amount so verified by the Independent Public Accountants pursuant to Section 5.9(e). 
 (e) If the
Indemnifying Party disagrees with the Indemnified Party’s calculation of the Tax owed to the Indemnified Party and within 10 days after receipt of such calculation requests in writing verification of such amount, such amount will be verified by
a firm of Independent Public Accountants. Within 15 days after the Indemnifying Party’s request, the Independent Public Accountants will either (i) confirm the accuracy of the Indemnifying Party’s computation or (ii) notify the
Indemnified Party that such computation is inaccurate. In the case of (ii) above, the Independent Public Accountants will recompute the amount of Tax owed to the Indemnified Party in such manner as the Independent Public Accountants determine
and verify 
  

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 to be accurate. The costs of such verification will be borne by the Indemnifying Party unless such verification results
in an adjustment in the Indemnifying Party’s favor of the Tax owed to the Indemnified Party as computed by the Indemnified Party, in which case a portion of such costs equal to the relevant amount of the adjustment will be borne by the
Indemnified Party. The Parties agree to cooperate with such Independent Public Accountants and, subject to a confidentiality agreement reasonably satisfactory to the Indemnified Party, to supply them with all information reasonably necessary to
permit them to accomplish such review and determination. Such information will be for the confidential use of the Independent Public Accountants and will not be disclosed to the Indemnifying Party or to any other Person. The Indemnifying Party and
the Indemnified Party agree that the sole responsibility of the Independent Public Accountants will be to determine and verify the amount of the Tax owed to the Indemnified Party pursuant to this Section 5.9(e) and that matters of
interpretation of this Agreement are not within the scope of the Independent Public Accountant’s responsibility. 
 (f) To the extent of
any inconsistency between this Section 5.9 and Section 5.4 above, the provisions of this Section 5.9 will control. 
 ARTICLE 6 
 DEFINITIONS 
 For purposes of this Agreement, the following terms have the meanings specified in this Article 6: 
 “Accounting Firm” has the meaning set forth in Section 1.3(a) of this Agreement. 
 “Accounts Receivable” has the meaning set forth in Section 2.2(c) of this Agreement. 
 “Actual Knowledge” means the actual knowledge of Tom Talboys, Robert Howard, Bruce Weber, Larry Garretson and Jorge Tejero, without the
necessity of investigation, diligence or inquiry. 
 “Adverse Consequence” means any loss, cost, liability, penalty, Tax,
claim, damage, expense (including cost of investigation, defense, settlement and reasonable attorneys’ and other reasonable professional fees and costs), remedial action or diminution of value, all after adjusting for insurance proceeds and/or
Tax benefits, if any, to the extent provided in Section 5.7. 
 “Affiliate” means any shareholder, director or
officer of a Person; the spouse of any such Person, any Person directly who would be the heir or descendant of any such Person if he or she were not living; and any Person in which any of the foregoing has a direct or indirect interest, except
through ownership of less than 5% of the outstanding shares of any Person whose securities are listed on a national securities exchange or traded in the national over-the-counter market. 
 “Agreed Indemnity Rate” means a rate of 8% per annum from the date a claim for indemnification under Article 5 is first made
to the date of payment, if timely paid when due, which due date shall be the date that the final resolution of any dispute is achieved with respect to such claim in accordance with the terms of this Agreement; provided, however, that
any 
  

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 amount payable that is not paid when due will bear interest at 12% per annum from the date such amount is required
to be paid hereunder until paid, increasing to 15% per annum from and after 30 days of the date due and increasing to 18% per annum from and after 60 days of the date due. Notwithstanding the foregoing, the Agreed Indemnity Rate will mean
0% per annum with respect to claims paid within 30 days after such claim was made. 
 “Agreement” has the meaning set forth
in the first paragraph of this Agreement. 
 “Applicable Contracts” means any Contract (a) under which the Company or a
U.S. Subsidiary has or may acquire any rights; (b) under which the Company or a U.S. Subsidiary is or may become subject to any obligation or liability; or (c) by which the Company or a U.S. Subsidiary or any of the property or assets
owned, leased or used by the Company or a U.S. Subsidiary is or may become bound or affected. 
 “Balance Sheet” has the
meaning set forth in Section 2.2(a) of this Agreement. 
 “Basket” has the meaning set forth in
Section 5.3(b)of this Agreement. 
 “Books and Records” includes all data, documents, ledgers, databases, books,
records, correspondence, business plans, projections, records of sales, customer and supplier lists, files, including employee files, papers, Applicable Contracts, Organizational Documents and Tax Returns and related materials of or relating to the
Company or a U.S. Subsidiary. 
 “Breach” means, as to any representation, warranty, covenant, agreement, obligation or
other provision of this Agreement or any other Transaction Document, any inaccuracy in, or any failure to perform or comply with, such representation, warranty, covenant, agreement, obligation or other provision. 
 “Business” has the meaning set forth in the second paragraph of this Agreement. 
 “Buyer” has the meaning set forth in the first paragraph of this Agreement. 
 “Buyers” means Buyer, Noble and their respective subsidiaries and Affiliates. 
 “C Short Year” has the meaning set forth in Section 4.13 of this Agreement. 
 “Cap” has the meaning set forth in Section 5.3(c) of this Agreement. 
 “Closing” has the meaning set forth in Section 1.4 of this Agreement. 
 “Closing Date” has the meaning set forth in Section 1.4 of this Agreement. 
 “Closing Date Debt Statements” has the meaning set forth in Section 1.3(c) of this Agreement. 
 “Closing Date U.S. Net Working Capital” means, as of September 30, 2006, the Company’s and Pullman Industries of Indiana,
Inc.’s combined accounts receivable (other than Tooling Receivables and intercompany subdebt and accounts among the Company and/or any 
  

 41 

 Subsidiary) and inventory, in each case net of working capital reserves reflected on the September 30, 2006 balance
sheet attached as Exhibit 8.2, minus accounts payable (other than accounts payable relating to tooling, capital expenditures and intercompany accounts among the Company and/or any Subsidiary), determined in accordance with GAAP.

 “Closing Date U.S. Net Working Capital Statement” has the meaning set forth in Section 1.3(c) of this Agreement.

 “Code” means the United States Internal Revenue Code of 1986, as amended, and any duly promulgated regulations and
rulings thereunder. 
 “Company” has the meaning set forth in the first paragraph of this Agreement. 
 “Company Material Adverse Effect” means a change, event, violation, inaccuracy or circumstance the effect of which is both material and
adverse to the property, business, operations, assets (tangible and intangible), financial condition, results of operation or prospects of the Company or a U.S. Subsidiary; provided, however, that “Company Material Adverse
Effect” does not include changes in business or economic conditions or cycles generally affecting the U.S. economy or the automobile industry as a whole so long as the Company, the U.S. Subsidiaries or the industries in which they operate are
not disproportionately affected thereby, including changes in stock markets, credit markets, Tax rates, interest rates and exchange rates. 
 “Company Intellectual Property Assets” has the meaning set forth in Section 2.9(c) of this Agreement. 
 “Competitive Business” has the meaning set forth in 0 of this Agreement. 
 “Contract”
means any agreement, contract, obligation, promise or undertaking (whether written or oral and whether express or implied) that is legally binding. 
 “De Minimis Claim” has the meaning set forth in Section 5.3(a) of this Agreement. 
 “Deferred
Payment Amount” means the amount payable to Sellers as determined under Exhibit 1.2(c). 
 “Disclosure
Schedule” means the schedules referred to in Article 2 of this Agreement and the schedule referred to in the definition of Restricted Event. 
 “Employee Benefit Plan” means, with respect to the Company and the U.S. Subsidiaries, any “employee pension benefit plan” or “employee welfare benefit plan” as defined under ERISA
(whether or not subject to ERISA), and any incentive compensation plan, benefit plan for retired employees, plan or Contract providing for bonuses, commissions, pensions, profit-sharing, stock options, stock purchase rights, restricted stock,
phantom stock, deferred compensation, Insurance relating to accidents, health or sickness, retirement benefits, vacation, severance, disability, compensation, employee assistance or counseling, educational assistance, §125/cafeteria/flexible
benefits, adoption assistance, group legal, (taxable or nontaxable, direct or indirect), fringe or payroll practice of any nature, covering any current or former (including 
  

 42 

 retired) employees or that has been maintained by the Company or any Subsidiary within the five years preceding the date
of this Agreement or under which the Company or a Subsidiary has any remaining obligation or liability. 
 “Encumbrance”
means any charge, claim, community property interest, condition, equitable interest, mortgage, lien, option, warrant, purchase right, pledge, security interest, right of first refusal, marital or community property interest or restriction of any
kind, including any restriction on use, voting (in the case of any security), transfer, receipt of income or exercise of any other attribute of ownership. 
 “Environment” means any and all soil, land surface or subsurface strata, surface waters (including navigable waters and ocean waters), groundwater, drinking water supply, stream sediments, ambient air
(including indoor air), plant and animal life or any other environmental medium or natural resource. 
 “Environmental Law”
means any Legal Requirement designed to: (a) advise appropriate authorities, employees or the public of intended, Threatened or actual releases of any pollutant, Hazardous Substance or Material, Hazardous Waste, violation of environmental
permits or other violation of applicable Legal Requirements or of the commencement of activities, such as resource extraction or construction, that could have a significant impact on the Environment; (b) prevent or regulate or require the
reporting of the use, discharge, release or emission of Hazardous Substances or Materials or Hazardous Wastes into the Environment; (c) reduce the quantities, prevent the release and minimize Hazardous Substances or Materials or Hazardous
Wastes or the hazardous characteristics of wastes that are generated; (d) regulate the generation, management, treatment, storage, handling, transportation or disposal of Hazardous Substances or Materials or Hazardous Wastes; (e) assure
that products are designed, formulated, packaged or used so that they do not present unreasonable risks to human health or the Environment when used or disposed of; (f) protect natural resources, species or ecological amenities;
(g) provide for or require the cleanup of Hazardous Substances or Materials or Hazardous Wastes that have been released; (h) recover response costs or to make responsible Persons pay private Persons, or groups of them, for damages done to
their health or the Environment, or to permit self-appointed representatives of the public interest to recover for injuries done to public assets; or (i) regulate in any manner the potential impact of an activity on the Environment. 

“Environmental Liability” means any Adverse Consequence arising from or relating to any violation of or liability under any
Environmental Law or Occupational Safety and Health Law or Worker’s Compensation Law with respect to acts or omissions having occurred, or conditions in existence, on or before the Closing Date, including (a) any Environmental, health or
safety matters or conditions (including on-site or off-site contamination, Occupational Safety and Health Law violations and regulation of chemical substances or products), and (b) any responsibility for response costs, natural resource
damages, corrective action or actions to achieve compliance, including any cleanup, removal, containment or other remediation or response action under applicable Environmental Law, Occupational Safety and Health Law or Workers’ Compensation Law
(whether or not such cleanup has been ordered or requested by any Governmental Body or any other Person). The terms “removal,” “remedial,” and “response action” include the types of activities covered by the Federal
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq., as amended, or any other Legal Requirements. 
  

 43 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any
duly promulgated regulations and rulings thereunder. 
 “Escrow Agreement” has the meaning set forth in
Section 1.2(b) of this Agreement. 
 “Final Closing Date Debt Statement(s)” has the meaning set forth in
Section 1.3(c) of this Agreement. 
 “Final Closing Date U.S. Net Working Capital Statement” has the meaning set
forth in Section 1.3(c) of this Agreement. 
 “Final Determination” with respect to a Tax Proceeding means
(a) a final decision with respect to the proposed adjustment by any IRS appeals officer, as evidenced by the issuance of a 90-day letter, IRS Form 870-AD or like notice, unless judicial proceedings are initiated, (b) a final decision with
respect to the proposed adjustment by the United States Tax Court, Court of Federal Claims or the appropriate Federal District Court, unless such decision is appealed, or (c) a final decision of a United States Court of Appeals. 
 “Financial Statements” has the meaning set forth in Section 2.2(a) of this Agreement. 
 “GAAP” means United States generally accepted accounting principles consistently applied by the Company and the U.S. Subsidiaries.

 “Governmental Authorization” means any approval, consent, license, permit, waiver or other authorization issued, granted,
given or otherwise made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement. 
 “Governmental Body” means any: (a) nation, state, county, city, town, village, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental
or quasi-governmental authority of any nature (including any governmental agency, branch, department, official or entity and any court or other tribunal); (d) multi-national organization or body; (e) body exercising, or entitled or
purporting to exercise, any administrative, executive, judicial, legislative, police, regulatory or Taxing authority; (f) organization or association that sponsors, authorizes or conducts any arbitration proceeding, or any arbitrator or panel
of arbitrators, the decisions of which are enforceable in any court of law. 
 “Hazardous Substance or Material” means
(a) any substance or material that is controlled or regulated by any Environmental Law, including oil, petroleum or derivatives thereof and radioactivity; or (b) any substance that is toxic, explosive, corrosive, flammable, infectious,
carcinogenic, mutagenic or otherwise hazardous, including mold, polychlorinated biphenyls, asbestos and asbestos containing materials. 
 “Hazardous Waste” means any substance that is defined as a hazardous waste under the Federal Solid Waste Disposal Act, 42 U.S.C. § 6901 et seq., as amended, or any analogous federal, state, local or
foreign statute. 
  

 44 

 “HIPAA” has the meaning set forth in Section 2.7(k) of this Agreement.

 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the regulations promulgated
thereunder. 
 “Indemnified Party” has the meaning set forth in Section 5.4(a)(i) of this Agreement. 

“Indemnifying Party” has the meaning set forth in Section 5.4(a)(i) of this Agreement. 
 “Independent Public Accountants” means a firm of independent nationally recognized accountants mutually selected by Sellers and Buyer.

 “Initial Payment” has the meaning set forth in Section 1.2(b) of this Agreement. 
 “Insurance” means all forms of insurance, including liability, crime, fidelity, life, fire, product liability, workers’
compensation, health, director and officer liability and other forms of insurance owned, maintained or insuring any of the Business, properties or assets of the Company or a Subsidiary. 
 “Intellectual Property Assets” include: (i) all trademark rights, business identifiers, trade dress, service marks, trade names and
brand names, all registrations and applications therefor and all goodwill associated with the foregoing; (ii) all copyrights, copyright registrations and copyright applications, and all other rights associated with the foregoing and the
underlying works of authorship; (iii) all patents and patent applications, and all international proprietary rights associated therewith; and (iv) all inventions, mask works, mask work registrations, know-how, discoveries, improvements,
designs, trade secrets, shop and royalty rights, employee covenants and agreements respecting intellectual property and non-competition and all other types of intellectual property. 
 “Interim Financial Statements” has the meaning set forth in Section 2.2(a) of this Agreement. 
 “IP Purchase Agreement” means that certain IP Purchase Agreement, dated as of October 11, 2006, among the Company, Pullman
Industries of Indiana, Inc., Sellers and Noble Advanced Technologies, Inc. 
 “IRS” means the United States Internal Revenue
Service. 
 “JPMC Debt” has the meaning set forth in Section 1.5(b)(viii) of this Agreement. 
 “Key Employee” means any employee of the Company or a U.S. Subsidiary who is at the director level or above, any plant manager or
corporate controller. 
 “Legal Requirement” means any federal, state, local, municipal, foreign, international,
multinational or constitution law, ordinance, principle of common law (including equitable principles), statute, code, regulation, rule or treaty. 
  

 45 

 “Material Interest” means direct or indirect beneficial ownership (as defined in
Rule 13D-3 under the Securities Exchange Act of 1934, as amended) of voting securities or other voting interests representing at least 20% of the outstanding voting power of a Person or capital stock or other equity interests or securities
representing at least 20% of the outstanding equity or equity interests in a Person. 
 “Maximum U.S. Debt” means
$44,339,385. 
 “Mexican Closing Date Debt” means the aggregate of any of the following outstanding as of September 30,
2006 with respect to the Mexican Subsidiaries (exclusive of debt owed by WLP Properties S. de R.L. de C.V. to TMW Enterprises de Juarez, S.A. de C.V., TMW Enterprises de Mexico, S.A. de C.V. and TMW Enterprises de Torreon, S.A. de C.V. in an
aggregate amount not to exceed $1,200,000 (inclusive of principal and interest)): (a) all funded obligations for borrowed money, including amounts owed to Comerica Bank, GE CF Mexico, S.A. de C.V., and intercompany subdebt; (b) the
aggregate amount of trade accounts payable arising in the Ordinary Course of Business that are past due by more than 70 days in excess of $150,000; (c) accounts payable for which checks have been written but not cleared; and (d) amounts
owing to Asteer Co., Ltd. in excess of $3,000,000 (as determined by the exchange rate in effect on September 30, 2006). 
 “Mexican Company Material Adverse Effect” means a change, event, violation, inaccuracy or circumstance the effect of which is both material and adverse to the property, business, operations, assets (tangible and
intangible), financial condition, results of operation or prospects of the Mexican Subsidiaries; provided, however, that “Mexican Company Material Adverse Effect” does not include changes in business or economic conditions or
cycles generally affecting the economy or the automobile industry as a whole so long as the Mexican Subsidiaries or the industries in which they operate are not disproportionately affected thereby, including changes in stock markets, credit markets,
Tax rates, interest rates and exchange rates. 
 “Mexican Contracts” has the meaning set forth in
Section 2.17(f) of this Agreement. 
 “Mexican Financial Statements” has the meaning set forth in
Section 2.17(a) of this Agreement. 
 “Mexican Interim Financial Statements” has the meaning set forth in
Section 2.17(a) of this Agreement. 
 “Mexican Subsidiaries” means WLP Properties, S. de R.L. de C.V., Pullman
de Mexico, S.A. de C.V, Pullman de Queretaro, S.A. de C.V, Pullman de Puebla, S.A. de C.V and Pullman Mexico Administracion, S.A. de C.V. 
 “Multi-Employer Retirement Plan” has the meaning set forth in Section 3(37)(A) of ERISA, as amended. 
 “Noble” has the meaning set forth in the first paragraph of this Agreement. 
  

 46 

 “Occupational Safety and Health Law” means any Legal Requirement and any program or any
Governmental Body designed to regulate or provide safe and healthful working conditions and to reduce occupational safety and health hazards, illness, disease, etc. 
 “Other Intellectual Property Assets” has the meaning set forth in Section 2.9(c) of this Agreement. 
 “Order” means any award, decision, injunction, judgment, order, ruling, subpoena or verdict entered, issued, made or rendered by any Governmental Body. 
 “Ordinary Course of Business” means in accordance with the usage of trade prevailing in the industry in which the Business operates and
in accordance with the Company’s and the Subsidiaries’ historical and customary day-to-day practices with respect to the activity in question, taking into consideration such changes in the Business with respect to new program awards and
the start of production of programs. 
 “Organizational Documents” means the organizational documents of a non-natural
Person, including, as applicable, the charter, articles or certificate of incorporation, bylaws, articles of organization, operating agreement or similar governing documents, as amended. 
 “Owned Real Property” has the meaning set forth in Section 2.8(a) of this Agreement. 
 “Party” or “Parties” has the meaning set forth in the first paragraph of this Agreement. 
 “Permissible Method” means a Tax accounting method which is allowed or allowable under the Code and other applicable Tax rules and
regulations. 
 “Permitted Encumbrances” means (A) liens for Taxes not yet due and payable, (B) customary utility
easements of record, (C) with respect to the Real Property, all defects, exceptions, restrictions, easements, rights of way and encumbrances disclosed in the Title Commitment, dated September 5, 2006, issued by Sun Title Agency, LLC, as
agent for Transnation Title Insurance Company, and known as Commitment Number 052865, (D) those Encumbrances set forth on Exhibit 8.1, and (E) with respect to the Mexican Subsidiaries, the pledge of capital stock in favor of
Comerica Bank, a security interest in their respective assets in favor of Comerica Bank, GE CF Mexico, S.A. de C.V. and the Company. 
 “Person” means any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Body or
other entity. 
 “Personal Property Leases” has the meaning set forth in Section 2.9(a) of this Agreement.

 “Proceeding” means any action, arbitration, written charge, written claim, written complaint, challenge, dispute, audit,
hearing, investigation, litigation or suit (whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Body. 
  

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 “Purchase Price” has the meaning set forth in Section 1.2(a) of this
Agreement. 
 “Real Property” means real estate and appurtenances thereto. 
 “Real Property Lease” or “Real Property Leases” has the meaning set forth in Section 2.8(b) of this
Agreement. 
 “Related Person” means with respect to a particular natural Person: (a) each other member of such
Person’s Family; (b) any Person that is directly or indirectly controlled by any one or more members of such Person’s Family; (c) any Person in which members of such Person’s Family hold (individually or in the aggregate) a
Material Interest; and (d) any Person with respect to which one or more members of such Person’s Family serves as a director, officer, partner, manager, managing member, executor or trustee (or in a similar capacity). For purposes of this
definition, the “Family” of a natural Person includes (i) the natural Person; (ii) his or her spouse; (iii) any other natural Person who is related to the natural Person or his or her spouse within the second degree; and
(iv) any other natural Person who resides with such natural Person. 
 “Representative” means, with respect to a
particular Person, any director, officer, manager, managing member, employee, agent, consultant, advisor or other representative of such Person, including legal counsel, accountants and financial advisors. 
 “Restricted Event” means, with respect to the Company or any U.S. Subsidiary, except as provided on Schedule RE, (a) except
in the Ordinary Course of Business, paying a bonus to any Seller, director, manager, officer, employee or agent, or increasing the salary or other compensation of any Seller, director, manager, officer, employee or agent, or entering into any
employment, severance or other Contract with any Seller, director, manager, officer, employee or agent; (b) adopting or increasing payments to or benefits under any Employee Benefit Plan; (c) incurring or suffering any labor dispute or
disturbance, other than routine individual grievances that are not material to the Business; (d) entering into, terminating or receiving notice of termination of any license, distributorship, dealer, sales representative, noncompetition, joint
venture, credit or other Contract or transaction that is material or that involves a total remaining commitment of more than $50,000; (e) selling (other than selling inventory in the Ordinary Course of Business), leasing, licensing or otherwise
disposing of any real or material personal property or asset, or incurring or suffering any Encumbrance on any property or asset; (f) canceling or waiving any claim or right, or writing down or writing off any item of inventory or writing down
or writing off any accounts or notes receivable, in any case with a value in excess of $50,000; (g) changing any accounting method or principle used; (h) failing to cause any uncontested liability or obligation in excess of $50,000
individually or $200,000 in the aggregate to be paid or satisfied when the same becomes due; (i) making a capital expenditure in excess of what has been reflected in the Financial Statements or the Interim Financial Statements;
(j) declaring or paying a dividend or other distribution or payment in respect of the Shares or other securities (except as contemplated in Section 1.5(b)(xii); (k) amending any Organizational Document; (l) incurring or
suffering material damage to or destruction or loss of any property or assets material to the operation of the Business, whether or not covered by Insurance; (m) incurring indebtedness for borrowed money other than draws against any current
credit facilities or assuming or guarantying an obligation of another Person; (n) issuing, redeeming, purchasing or otherwise acquiring any Shares; (o) other than as permitted by Section 4.5, paying any 
  

 48 

 management or other fee to TMW Enterprises Inc. or any of its Related Parties, Affiliates or employees or paying any
monies to any Seller other than compensation in consideration of employment in the Ordinary Course of Business; (p) failing to pay any supplier in the Ordinary Course of Business; or (q) entering into a Contract or making a binding
commitment to do any of the foregoing. 
 “Review Period” has the meaning set forth in Section 1.3(c) of this
Agreement. 
 “S Termination Year” has the meaning set forth in Section 4.13 of this Agreement. 
 “Seller” or “Sellers” has the meaning set forth in the first paragraph of this Agreement. 
 “Sellers’ Knowledge” means actual awareness of Tom Talboys, Robert Howard, Bruce Weber, Doug Soifer, Larry Garretson, Keith
Blazaitis and Tad Machrowicz, without the necessity of any investigation, diligence or inquiry, except as set forth in Exhibit 8.3. 
 “Sellers Representative” has the meaning set forth in Section 4.4(a) of this Agreement. 
 “Shares” has the meaning set forth in Section 1.1 of this Agreement. 
 “Subsidiary”
or “Subsidiaries” means the Mexican Subsidiaries, the U.S. Subsidiaries and Pullman AG, Zug. 
 “Tax” or
“Taxes” means any tax (including any income tax, capital gains tax, value-added tax, sales tax, use tax, property tax, business tax, payroll tax, gift tax, estate tax, franchise tax, net worth tax, excise tax and business occupancy
tax), levy, assessment, tariff, duty (including any customs duty), deficiency or other fee or any related charge or amount (including any fine, penalty or interest), imposed, assessed or collected by or under the authority of any Governmental Body
or payable pursuant to any tax-sharing Contract or any other Contract relating to the sharing of payment of any tax, levy, assessment, tariff, duty, deficiency or fee. 
 “Tax Claim” has the meaning set forth in Section 5.9(b) of this Agreement. 
 “Tax Proceeding” has the meaning set forth in Section 5.9(c) of this Agreement. 
 “Tax Refund
Amount” means all Tax refunds, if any, actually received by the Company, any U.S. Subsidiary or Buyers and any such amounts actually credited against Tax (net of reasonable out-of-pocket costs incurred by the Parties in connection with
obtaining the same, not to exceed the Tax Refund Amount) with respect to Taxes paid by the Company or any of the U.S. Subsidiaries prior to the Closing Date, as estimated by Sellers on Schedule 2.4(e), minus the amount of $400,000, and
minus the amount of Michigan Single Business Tax payable after the Closing Date for the S Termination Year; provided, however, that “Tax Refund Amount” will not include any Tax refund to the extent such refund results
from a carryback of a net operating loss, Tax credit or similar item arising in a taxable period or portion thereof beginning after the Closing Date or the date immediately preceding the Closing Date, as applicable. 
 “Tax Return” means any return (including any information return), report, statement, schedule, notice, form or other document or
information filed with or submitted to, or required to 
  

 49 

 be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection or
payment of any Tax or in connection with the administration, implementation or enforcement of or compliance with any Legal Requirement relating to any Tax. 
 “Threatened” means, as to any Proceeding or other matter, that a demand or statement has been made (orally or in writing), or a notice has been given (orally or in writing) or an event has occurred or
some other circumstance exists that would lead a Seller, acting reasonably, to conclude that such a Proceeding or other matter is reasonably likely to be asserted, commenced, taken or otherwise pursued in the future. 
 “Tooling Receivables” has the meaning set forth in Section 1.2(c) of this Agreement. 
 “Transaction Documents” means this Agreement and all other Contracts and documents to be executed and delivered by any Party or any of
their respective Affiliates or Representatives (including Sellers Representative) in connection with the consummation of the transactions contemplated by this Agreement, including the IP Purchase Agreement, that certain Pullman AG Stock Purchase
Agreement, dated as of October 11, 2006, among the Company, Thomas Talboys and Noble Swiss Holdings, LLC, and that certain Pullman IC-DISC Stock Purchase Agreement, dated as of October 11, 2006, among the Company, TMW DISC LLC and Pullman
Industries IC-DISC, Inc. 
 “U.S. Closing Date Debt” means the aggregate of any of the following outstanding as of
September 30, 2006 with respect to the Company or a U.S. Subsidiary: (a) all funded obligations for borrowed money; (b) all obligations evidenced by notes, debentures or other instruments (c) trade accounts payable arising in the
Ordinary Course of Business that are past due by more than 70 days; provided that accounts payable with respect to tooling used in the calculation of the Deferred Payment Amount shall not constitute U.S. Closing Date Debt; (d) accounts payable
for which checks have been written but not cleared; (e) all reimbursement obligations (whether contingent or otherwise) in respect of letters of credit in excess of $1,179,000 in the aggregate, bankers’ acceptances, surety or other bonds
and similar instruments which would reduce the Company’s borrowing capacity; and (f) all accounts payable relating to capital expenditures by the Company or a U.S. Subsidiary. 
 “U.S. Subsidiaries” means Pullman Investments, LLC and Pullman Industries of Indiana, Inc. 
 “WARN Act” means the Worker Adjustment and Retraining Notification (WARN) Act Pub. L. 100 379.102 stat. 890 (1988), as amended,
codified at 29 U.S.C. 2101 et seq. 
 “Workers’ Compensation Law” means any Legal Requirement designed to
establish a system for financially compensating and protecting employees who sustain injuries, disabilities or disfigurements or contract an illness arising out of or in the course of their employment. 
  

 50 

 ARTICLE 7 
 GENERAL 
 Section 7.1. Survival of Representations, Warranties, Covenants and Agreements.
The representations, warranties, covenants and agreements made by any Party in this Agreement or any other Transaction Document will survive Closing. The representations and warranties set forth in Articles 2 and 3 of this Agreement
will expire on April 30, 2008, except that (i) the representations and warranties set forth in Sections 2.4 (Taxes), 2.7 (Employee Benefit Plans), 2.11(b) (No Conflict) and 2.15 (No Broker’s Fees) will
survive until the date that is 90 days after the expiration of all applicable statutes of limitations (including any extensions thereof, to the extent that such statute of limitations can be extended), (ii) the representations and warranties
set forth in Section 2.13 (Permits and Licenses; Compliance with Legal Requirements) and Section 2.14 (Environmental Matters) will survive until the third anniversary of the Closing Date, and (iii) the representations
and warranties set forth in Sections 2.1 (Organization; Capitalization; Ownership) and 2.11(a) (Authorization and Enforceability) will survive forever, and Sellers hereby waive any statute of limitation period applicable to such
representations and warranties. Any claim for indemnification under Article 5 with respect to a Breach of a representation or warranty set forth in Articles 2 or 3 will toll the applicable survival period of such representation
or warranty as it relates to such claim and any related claim. All covenants and agreements set forth in this Agreement will be given independent effect so that if a certain action or condition constitutes a default under a certain covenant or
agreement, the fact that such action or condition is permitted by another covenant or agreement will not affect the occurrence of such default, unless expressly permitted under an exception to such initial covenant or agreement. Likewise, each
representation and warranty set forth in this Agreement will be given independent effect so that if a particular representation or warranty proves to be incorrect or is Breached, the fact that another representation or warranty concerning the same
or similar subject matter is correct or is not Breached will not affect the incorrectness or Breach of the initial representation or warranty. Except to the extent provided in Section 5.7, no investigation by or knowledge of a Party or
its Representatives, before or after the Closing, will affect in any manner any representation, warranty, covenant or agreement of another Party set forth in this Agreement or any other Transaction Document or such Party’s rights to rely
thereon, and all representations, warranties, covenants and agreements will survive any such investigation. 
 Section 7.2. Binding
Effect; Benefits; Assignment. All of the terms of this Agreement and the other Transaction Documents executed by a Party will be binding upon, inure to the benefit of and be enforceable by and against the successors and authorized assigns of
such Party. Except as otherwise expressly provided in this Agreement or another Transaction Document, nothing in this Agreement or such other Transaction Document, express or implied, is intended to confer upon any other Person any rights or
remedies under or by reason of this Agreement or such other Transaction Document, this Agreement and the other Transaction Documents being for the exclusive benefit of the applicable Parties and their heirs, legal representatives, successors and
assigns. No Party will assign any of its rights or obligations under this Agreement or any other Transaction Document to any other Person without the prior written consent of the other Parties to this Agreement or other Transaction Documents, as
applicable, and any such attempted or purported assignment will be null and void; provided, however, that after or concurrently with the Closing, Buyer may, without consent, assign all or part of its rights under this Agreement or

  

 51 

 other Transaction Document to (a) one or more of its Affiliates (b) any Person providing funded debt to Buyer
or an Affiliate (including the Company or a Subsidiary) or (c) a purchaser of all or a substantial portion of then outstanding capital stock of the Company or the properties, assets or business of the Company and Subsidiaries taken as a whole.

 Section 7.3. Entire Agreement. This Agreement, the exhibits and schedules to this Agreement (including the Disclosure
Schedule) and the other Transaction Documents set forth the entire agreement and understanding of the Parties in respect of the transactions contemplated by this Agreement or other Transaction Documents, as applicable, and supersede all prior
Contracts, letters of intent, arrangements and understandings relating to the subject matter hereof and thereof. No representation, promise, inducement or statement of intention has been made by any Party in connection with the transactions
contemplated by this Agreement or other Transaction Document that is not embodied in this Agreement or such other Transaction Document, as applicable, and no Party will be bound by or liable for any alleged representation, promise, inducement or
statement of intention not so embodied. 
 Section 7.4. Amendment and Waiver. This Agreement may be amended, modified, superseded
or canceled, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by the Parties or, in the case of a waiver, by or on behalf of the Party waiving compliance. The
failure of any Party at any time to require performance of any provision of this Agreement will in no manner affect the right of that Party at a later time to enforce such provision. No waiver by any Party of any condition or the Breach of any term,
covenant, representation or warranty in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of such condition or Breach, or any other condition, term, covenant, representation or warranty
in this Agreement. 
 Section 7.5. Governing Law. This Agreement will be governed by and construed in accordance with the
applicable Legal Requirements of the State of Michigan as applicable to Contracts made and to be performed in the State of Michigan, without regard to conflicts of laws principles. 
 Section 7.6. Notices. All notices, requests, demands and other communications required to be given pursuant to this Agreement will be in
writing and will be deemed to have been duly given on the day of delivery if delivered by hand, on the first business day following delivery if sent by facsimile with confirmation, on the first business day following deposit with a nationally
recognized overnight mail service, or on the third business day following first class mailing, with first class, postage prepaid: 
  

					
	(a)	    	If to Buyer or Buyers:	    	with a copy to:
			
		    	Noble Tube Technologies, LLC	    	Barnes & Thornburg LLP
		    	c/o Noble International, Ltd.	    	Attn: Tracy T. Larsen
		    	Attn: Andrew J. Tavi,	    	300 Ottawa Avenue, N.W.
		    	General Counsel	    	Suite 500
		    	28213 Van Dyke Avenue	    	
		    	Warren, MI 48093	    	Grand Rapids, MI 49503
		    	Telephone: (586) 834-1011	    	Telephone: (616) 742-3931
		    	Facsimile: (586) 751-3618	    	Facsimile: (616) 742-3999

  

 52 

					
	(b)	    	If to Sellers:	    	with a copy to:
			
		    	Sellers Representative	    	Honigman Miller Schwartz and
		    	Robert T. Howard	    	Cohn LLP
		    	2120 Austin Avenue	    	Attn: Patrick T. Duerr
		    	Rochester Hills, MI 48309	    	660 Woodward Avenue, Suite 2290
		    	Telephone: (248) 844-1410	    	Detroit, MI 48226
		    	Facsimile: (248) 844-1420	    	Telephone: (313)465-7362
		    		    	Facsimile: (313) 465-7363

 A Party may change his, her or its address, telephone number or facsimile number by prior written notice to the
other Parties. 
 Section 7.7. Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an
original and together will constitute one and the same agreement. A facsimile signature will have the same effect as an original signature. 
 Section 7.8. Expenses. Except as otherwise expressly provided in this Agreement, each Party will pay his, her or its own respective expenses, costs and fees (including attorneys’ and other professional fees and costs)
incurred in connection with the negotiation, preparation, execution and delivery of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated by this hereby and thereby. Any expenses paid or incurred by
the Company or any Subsidiary in connection with the transactions contemplated by this Agreement or any other Transaction Document (including financial advisory, legal and accounting fees and any transfer Taxes relating to the transfer of the
Bloomingdale, Michigan real estate), to the extent known, will be paid or reimbursed by Sellers at Closing and to the extent unknown as of the Closing Date, will be paid or reimbursed by Sellers as soon as possible following the Closing. On the
Closing Date, Sellers will reimburse Buyer for half of the amount of the Hart-Scott-Rodino filing fee previously paid by Buyer. 
 Section 7.9. Headings; Construction; Time of Essence. The headings of the articles, sections and paragraphs in this Agreement have been inserted for convenience of reference only and will not restrict or otherwise modify any of
the terms or provisions of this Agreement. Unless otherwise expressly provided, the words “including,” “include” or “includes,” or other similar words, whenever used in this Agreement will be deemed to be immediately
followed by the words “without limitation”. With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence. References in this Agreement to any gender include references to all genders, and
references to the singular include references to the plural and vice versa. Neither this Agreement nor any other Transaction Document (nor any uncertainty or ambiguity herein or therein) will be construed against any Party under any rule of
construction or otherwise. No Party will be considered the draftsman of this Agreement or any other Transaction Document. This Agreement and each other Transaction Document has been reviewed, negotiated and accepted by all Parties and their
attorneys and will be construed and interpreted according to the ordinary meaning of the words so as fairly to accomplish the purposes and intentions of the Parties. All references to dollars in this Agreement or any other Transaction Document are
to U.S. Dollars. 
  

 53 

 Section 7.10. Partial Invalidity. Whenever possible, each provision of this Agreement and
each other Transaction Document will be interpreted in such manner as to be effective and valid under applicable Legal Requirements, but in case any one or more of the provisions contained in this Agreement or other Transaction Document is, for any
reason, held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision of this Agreement or other Transaction Document, as applicable, and this Agreement or other
Transaction Document will be construed as if such invalid, illegal or unenforceable provision or provisions had never been contained herein or therein unless the deletion of such provision or provisions would result in such a material change as to
cause completion of the transactions contemplated hereby or thereby to be unreasonable. If the deemed deletion of the invalid, illegal or unenforceable provision or provisions is reasonably likely to have a material adverse effect on a Party, all
Parties will endeavor in good faith to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as practicable to that of the invalid, illegal or unenforceable provisions. 

Section 7.11. Waiver of Jury Trial. EACH OF THE PARTIES HEREBY KNOWINGLY AND WILLINGLY WAIVES HIS, HER OR ITS RIGHTS TO DEMAND A JURY
TRIAL IN ANY ACTION OR PROCEEDING INVOLVING THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES REPRESENTS AND WARRANTS THAT HE, SHE OR IT HAS REVIEWED THIS WAIVER WITH HIS, HER OR
ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED HIS, HER OR ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY THE COURT. 

 

 54 

 The Parties have executed this Stock Purchase Agreement as of the date stated in the first paragraph of
this Stock Purchase Agreement. 
  

			
	 NOBLE TUBE TECHNOLOGIES, LLC

		
	 By
	 	  

		 	 Thomas L. Saeli

		 	 Its Chief Executive Officer

		
		 	“Buyer”
	
	 NOBLE INTERNATIONAL, LTD.

		
	 By
	 	  

		 	 Thomas L. Saeli

		 	 Its Chief Executive Officer

		
		 	“Noble”
	
	  

	 Keith Blazaitis

	
	  

	 Donald R. Brooks, Trustee u/t/d 7/27/84

	
	  

	 Larry Garretson

	
	  

	 Robert T. Howard

 [signatures continue on following page] 
  

 55 

 [continuation of signatures to Stock Purchase Agreement] 
  

	
	  

	 Laurence M. Luke, Trustee u/t/d 3/22/96

	
	  

	 Oscar B. Marx III, Trustee u/t/d 2/17/90

	
	  

	 Frank McNulty, Trustee u/t/d 6/8/92

	
	  

	 Paul Oster

	
	  

	 Douglas Soifer, Trustee u/t/d 12/10/92

	
	  

	 Thomas Talboys

	
	  

	 Bruce Weber

 [signatures continue on following page] 
  

 56 

 [continuation of signatures to Stock Purchase Agreement] 
  

	
	  

	Thomas R. Wheeler
	
	  

	Erin A. Wright
	
	  

	Morgan A. Wright
	
	  

	Thomas and Nancy Wheeler Grandchildren’s Trust #2
	
	  

	Thomas M. Wheeler, Trustee u/t/d 4-9-86
	
	  

	Lisa Wheeler Huzella, Trustee u/t/d 3-31-95
	
	  

	 Lisa Wheeler Huzella, as custodian for Michael
 Huzella under the Colorado Uniform Transfers to
 Minors Act

 [signatures continue on following page] 
 [continuation of signatures to Stock Purchase Agreement] 
  

 57 

	
	  

	Lisa Wheeler Huzella, as custodian for James Huzella under the Colorado Uniform Transfers to Minors Act
	
	  

	Lisa Wheeler Huzella, as custodian for Thomas Huzella under the Colorado Uniform Transfers to Minors Act
	
	  

	Lisa Wheeler Huzella, as Trustee of The Michaelon A. Wright 2006 Trust under Agreement dated July 27, 2006
	
	  

	Douglas Soifer, as Trustee of The Michaelon A. Wright 2006 Trust under Agreement dated July 27, 2006
	
	  

	Michaelon A. Wright, Trustee of The Lisa Wheeler Huzella 2006 Trust under Agreement dated July 27, 2006
	
	  

	Thomas M. Wheeler, Trustee of The Lisa Wheeler Huzella 2006 Trust under Agreement dated July 27, 2006

 [signatures continue on following page] 
  

 58 

 [continuation of signatures to Stock Purchase Agreement] 
  

	
	  

	Michaelon A. Wright, Trustee u/t/d 10-3-95
	
	  

	Patsy C. Wheeler, Trustee of The Thomas R. Wheeler 2006 Trust under Agreement dated July 27, 2006

 “Sellers” 
  

 59Form of Amended and Restated Convertible Subordinated Notes

 Exhibit 10.2 
 NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF
COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS 3(c)(iii) AND 17(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED BY THIS
NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 3(c)(iii) OF THIS NOTE. 
 AMENDED AND RESTATED CONVERTIBLE SUBORDINATED NOTE 
 Issuance Date: October 11, 2006 Principal: U.S.
$1,775,000 
 FOR VALUE RECEIVED, NOBLE INTERNATIONAL, LTD., a Delaware corporation (the “Company”), hereby promises to pay
to the order of HFR RVA Combined Master Trust or registered assigns (“Holder”) the amount set out above as the Principal (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the
“Principal”) when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”) on any outstanding
Principal at the rate of 6.00% per annum, subject to periodic adjustment pursuant to Section 2 (the “Interest Rate”), from the date set out above as the Issuance Date (the “Issuance Date”) until the
same becomes due and payable, whether upon an Interest Date (as defined below), the Maturity Date, acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Amended and Restated Convertible
Subordinated Note (the “Note”) amends and restates in its entirety that certain Convertible Subordinated Note dated March 24, 2004 in the original aggregate principal amount of $1,400,000 (the “Prior Note”).
This Note is in substitution, and not payment or satisfaction, of the Prior Note and the Company’s obligations to Holder under this Note, including its obligations to make payments, are expressly conditioned upon Holder’s delivery to
Company of the Prior Note, or if the Holder cannot deliver the Prior Note, evidence reasonably satisfactory to the Company that the Prior Note has been lost, stolen or mutilated or cannot otherwise be delivered. This Note is one of a series of four
Notes being issued on the date hereof (collectively, the “Notes” and such other Amended and Restated Convertible Subordinated Notes, the “Other Notes”). Certain capitalized terms are defined in Section 27.

 1. MATURITY. On the Maturity Date, the Holder shall surrender this Note to the Company and the Company shall pay to the Holder an amount in cash
representing all outstanding Principal, accrued and unpaid Interest and accrued and unpaid Late Charges, if any. The “Maturity Date” shall be October 11, 2011. 

 2. INTEREST; INTEREST RATE. Interest on this Note shall commence accruing on the Issuance Date and shall be computed on
the basis of a 365-day year and actual days elapsed and shall be payable in arrears on the first day of each March and September and on the Maturity Date during the period beginning on the Issuance Date and ending on, and including, the Maturity
Date (each, an “Interest Date”) with the first Interest Date being March 1, 2007. Interest shall be payable on each Interest Date in cash. Prior to the payment of Interest on an Interest Date, Interest on this Note shall accrue
at the Interest Rate and be payable by way of inclusion of the Interest in the Conversion Amount in accordance with Section 3(b)(i). In the event the Company has not reissued this Note in fully registered, book-entry form within forty five
(45) days after the Issuance Date, then from and after the date that is 45 days after the Issuance Date through the date on which such reissuance occurs, the Interest Rate shall be increased to 7%. From and after the occurrence of an Event of
Default, the Interest Rate shall be increased to 11%. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the
Interest as calculated at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of cure of such
Event of Default. 
 3. CONVERSION OF NOTE. This Note shall be convertible into shares of the Company’s common stock, par value $0.00067 per share (the
“Common Stock”), on the terms and conditions set forth in this Section 3. 
 (a) Conversion Right. Subject to the
provisions of Section 3(d), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable shares of
Common Stock in accordance with Section 3(c), at the Conversion Rate (as defined below). The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a
share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all taxes that may be payable with respect to the issuance and delivery of Common Stock upon
conversion of any Conversion Amount. 
 (b) Conversion Rate. The number of shares of Common Stock issuable upon conversion of any
Conversion Amount pursuant to Section 3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (as defined below) (the “Conversion Rate”). 
  

	 	(i)	“Conversion Amount” means the sum of (A) the portion of the Principal to be converted, redeemed or otherwise with respect to which this determination is being
made, (B) accrued and unpaid Interest with respect to such Principal and (C) accrued and unpaid Late Charges with respect to such Principal and Interest. 

  

	 	(ii)	“Conversion Price” means, as of any Conversion Date (as defined below) or other date of determination that is (x) prior to the Reset Date, $18.50 (as adjusted
for any stock dividend, stock split, stock combination, reclassification or similar transaction) and (y) from and after the Reset Date, the product of (A) 125% and (B) the forty-five (45) consecutive Trading Day trailing average
daily Closing Sale Price of the Common Stock as of the Reset Date, each subject to adjustment as provided herein. 

  

 2 

 (c) Mechanics of Conversion. 
  

	 	(i)	Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion Date”), the Holder shall (A) transmit by
facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”) to the
Company and (B) if required by Section 3(c)(iii), surrender this Note to a common carrier for delivery to the Company as soon as practicable on or following such date (or an indemnification undertaking with respect to this Note in the case
of its loss, theft or destruction). On or before the first Business Day following the date of receipt of a Conversion Notice, the Company shall transmit by facsimile a confirmation of receipt of such Conversion Notice to the Holder and the
Company’s transfer agent (the “Transfer Agent”). On or before the second Business Day following the date of receipt of a Conversion Notice (the “Share Delivery Date”), the Company shall (X) credit such
aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s balance account with Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission
system or (Y) if the Transfer Agent is not participating in DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its
designee, for the number of shares of Common Stock to which the Holder shall be entitled. If this Note is physically surrendered for conversion as required by Section 3(c)(iii) and the outstanding Principal of this Note is greater than the
Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its own expense, issue and deliver to the holder a
new Note (in accordance with Section 17(d)) representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as
the record holder or holders of such shares of Common Stock on the Conversion Date. 

  

	 	(ii)	Company’s Failure to Timely Convert. If the Company shall fail to issue a certificate to the Holder or credit the Holder’s balance account with DTC for the number
of shares of Common Stock to which the Holder is entitled upon conversion of any Conversion Amount on or prior to the date which is five (5) Business Days after the Conversion Date (a “Conversion Failure”), then (A) the
Company shall pay damages to the Holder for each date of such Conversion Failure in an amount equal to 1.0% of the product of (I) the sum of the number of shares of Common Stock not issued to the Holder on or prior to the Share Delivery Date
and to which the Holder is entitled, and (II) the Closing Sale Price of the Common Stock on the Share Delivery Date and (B) the Holder, upon written notice to the Company, may void its Conversion Notice with respect to, and retain or have
returned, as the case may be, 

  

 3 

 any portion of this Note that has not been converted pursuant to such Conversion Notice; provided that
the voiding of a Conversion Notice shall not affect the Company’s obligations to make any payments which have accrued prior to the date of such notice pursuant to this Section 3(c)(ii) or otherwise. 
  

	 	(iii)	Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms hereof, the Holder shall not
be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be
included in a Conversion Notice) requesting physical surrender and reissue of this Note. The Holder and the Company shall maintain records showing the Principal, Interest and Late Charges converted and the dates of such conversions or shall use such
other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon conversion. 

 (d) Limitations on Conversions. 
  

	 	(i)	4.99% Maximum. The Company shall not effect any conversion of this Note, and the Holder of this Note shall not have the right to convert any portion of this Note pursuant to
Section 3(a), to the extent that after giving effect to such conversion, the Holder (together with the Holder’s affiliates) would beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after
giving effect to such conversion. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable upon conversion of this
Note with respect to which the determination of such sentence is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of its affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any Other Notes or warrants) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3(d)(i), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Section 3(d)(i), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of 

  

 4 

 securities of the Company, including this Note, by the Holder or its affiliates since the date as of
which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may waive the provisions of this Section 3(d)(i); provided that any such waiver will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company. 
  

	 	(ii)	9.99% Maximum. The Company shall not effect any conversion of this Note, and the Holder of this Note shall not have the right to convert any portion of this Note pursuant to
Section 3(a), to the extent that after giving effect to such conversion, the Holder (together with the Holder’s affiliates) would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after
giving effect to such conversion. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable upon conversion of this
Note with respect to which the determination of such sentence is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) conversion of the remaining, nonconverted portion of this Note beneficially
owned by the Holder or any of its affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any Other Notes or warrants) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3(d)(ii), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Section 3(d)(ii), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the Holder or its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may waive the provisions of this Section 3(d)(ii); provided that any such waiver will not be effective until
the sixty-first (61st) day after such notice is delivered to the Company. 

  

 5 

 4. RIGHTS UPON EVENT OF DEFAULT. 
 (a) Event of Default. Each of the following events shall constitute an “Event of Default”: 
  

	 	(i)	the failure of the applicable Registration Statement required to be filed pursuant to the Registration Rights Agreement to be declared effective by the SEC on or prior to the date
that is 60 days after the applicable Effectiveness Deadline (as defined in the Registration Rights Agreement), or, while the applicable Registration Statement is required to be maintained effective pursuant to the terms of the Registration Rights
Agreement, the effectiveness of the applicable Registration Statement lapses for any reason (including, without limitation, the issuance of a stop order) or is unavailable to any holder of the Notes for sale of all of such holder’s Registrable
Securities (as defined in the Registration Rights Agreement) in accordance with the terms of the Registration Rights Agreement, and such lapse or unavailability continues for a period of 10 consecutive Trading Days or for more than an aggregate of
30 Trading Days in any 365-day period (other than days during an Allowable Grace Period (as defined in the Registration Rights Agreement)); 

  

	 	(ii)	the suspension from trading or failure of the Common Stock to be listed on the NASDAQ National Market or The New York Stock Exchange, Inc. for a period of five (5) consecutive
Trading Days or for more than an aggregate of seven Trading Days in any 365-day period; 

  

	 	(iii)	the Company’s failure to cure a Conversion Failure by delivery of the required number of shares of Common Stock within ten (10) Business Days after the applicable
Conversion Date; 

  

	 	(iv)	the Company’s failure to pay to the Holder any amount of Principal when and as due under this Note (including, without limitation, the Company’s failure to pay any
Redemption Price or Make-Whole Premium); 

  

	 	(v)	the Company’s failure to pay to the Holder any amount of Interest, Late Charges or other amounts when and as due under this Note, the Registration Rights Agreement or any other
agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and thereby to which the Holder is a party, if such failure continues for a period of at least five (5) Business Days;

  

	 	(vi)	any default under, redemption of or acceleration prior to maturity of any Senior Indebtedness (as defined below) of the Company or any of its Subsidiaries; provided that in the case
of a payment default of such Senior Indebtedness, such default is not cured within applicable cure periods; further provided that in the case of a non-payment default of such Senior Indebtedness that has not resulted in an acceleration or redemption
of such Senior Indebtedness prior to its maturity, only upon acceleration or redemption of such Senior Indebtedness; 

  

	 	(vii)	the Company or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar Federal or state law for the relief of debtors (collectively,
“Bankruptcy Law”), (A) commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to 

  

 6 

 the appointment of a receiver, trustee, assignee, liquidator or similar official (a
“Custodian”), (D) makes a general assignment for the benefit of its creditors or (E) admits in writing that it is generally unable to pay its debts as they become due; 
  

	 	(viii)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company or any of its Subsidiaries in an involuntary
case, (B) appoints a Custodian of the Company or any of its Subsidiaries or (C) orders the liquidation of the Company or any of its Subsidiaries; 

  

	 	(ix)	a final judgment or judgments for the payment of money aggregating in excess of $500,000 are rendered against the Company or any of its Subsidiaries and which judgments are not,
within 60 days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; provided, however, that any judgment which is covered by insurance or an indemnity from a
credit worthy party shall not be included in calculating the $500,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider (which written statement shall be reasonably
satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company will receive the proceeds of such insurance or indemnity within 30 days of the issuance of such judgment; 

 

	 	(x)	the Company materially breaches any representation, warranty, covenant or other term or condition of the letter agreement of even date herewith between the Company, the Holder and
the Holders of the Other Notes, the Registration Rights Agreement, this Note, the Closing Certificate of the Company, or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated
thereby and hereby to which the Holder is a party, except, in the case of a breach of a covenant or other term or condition which is curable, only if such breach continues for a period of at least ten (10) consecutive Business Days;

  

	 	(xi)	the Company’s failure to pay in full and cancel that certain Convertible Subordinated Note dated March 24, 2004 in favor of Mainfield Enterprises, Inc. in the principal
amount of $7,500,000 within three days after the Issuance Date; or 

  

	 	(xii)	any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes. 

 (b) Rights Upon Event of Default. Promptly after the occurrence of an Event of Default with respect to this Note or any of the Other Notes, the
Company shall deliver written notice thereof via facsimile and overnight courier (an “Event of Default Notice”) to the Holder. At any time after the earlier of the Holder’s receipt of an Event of Default Notice and the Holder
becoming aware of an Event of Default, the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Company, which Event of
Default Redemption Notice shall indicate the portion of this Note the Holder is electing to redeem. Each portion of this Note subject to redemption by the 
  

 7 

 Company pursuant to this Section 4(b) shall be redeemed by the Company at a price equal to the
greater of (i) the product of (x) the Conversion Amount to be redeemed and (y) the Redemption Premium and (ii) the product of (A) the Conversion Rate with respect to such Conversion Amount in effect at such time as the
Holder delivers an Event of Default Redemption Notice and (B) the Closing Sale Price of the Common Stock on the date immediately preceding such Event of Default (the “Event of Default Redemption Price”). The Event of Default
Redemption Price shall be paid in the following manner: (I) the Company shall pay the portion of the Event of Default Redemption Price equal to the Conversion Amount in cash and (II) the remaining portion of the Event of Default Redemption
Price (the “Excess Event of Default Redemption Price”) shall be paid, at the Company’s option, in either (a) cash or (b) by delivery of shares of Common Stock (“Event of Default Shares”). The Company
shall be required to set forth in the Event of Default Notice of any election to pay the Excess Event of Default Redemption Price in Event of Default Shares. Any portion of the Event of Default Redemption Price that the Company elects to pay in
Common Stock shall be paid in a number of fully paid and nonassessable shares equal to the quotient of (1) the Excess Event of Default Redemption Price and (2) the Event of Default Conversion Price (as hereinafter defined) in effect;
provided that the amount of Event of Default Shares delivered by the Company as payment for the Excess Event of Default Redemption Price shall not exceed the Required Reserve Amount. For purposes of this Section, the “Event of Default
Conversion Price” shall mean, as of any date of determination, if the Equity Conditions have been satisfied (or waived in writing by the Holder) as of the first day of the Event of Default Conversion Period (as hereinafter defined) through,
and including, the date of payment of the Event of Default Redemption Price (disregarding for the purposes of determining whether clause (i)(y) in the definition of Equity Conditions has been satisfied the Event of Default giving rise to the
redemption hereunder), the price which shall be computed as 90% of the arithmetic average of the Weighted Average Price of the Common Stock on each of the 5 consecutive Trading Days following the date on which the Company publicly announces such
redemption (the “Event of Default Conversion Period”); all such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar transaction that proportionately decreases or
increases the Common Stock during such Event of Default Conversion Period; provided, however, that if the Equity Conditions have not been satisfied or waived as required above, the Company and Holder shall determine the Event of Default Conversion
Price using commercially reasonable means agreed to by them. Redemptions required by this Section 4(b) shall be made in accordance with the provisions of Section 11 and the date on which the Event of Default Redemption Price is paid
pursuant to such Section 11 shall be the “Event of Default Redemption Date.” When determining if the Equity Conditions have been satisfied, the term “Call Redemption Date” shall be replaced with the term “Event
of Default Redemption Date.” 
 5. RIGHTS UPON CHANGE OF CONTROL. 
 (a) Change of Control. Each of the following events shall constitute a “Change of Control”: 
  

	 	(i)	the consolidation, merger or other business combination (including, without limitation, a reorganization, recapitalization or spin-off) of the Company with or into another Person
(other than (A) a consolidation, merger or other business 

  

 8 

 combination (including, without limitation, reorganization, recapitalization or spin-off) in which
holders of the Company’s voting power immediately prior to the transaction continue after the transaction to hold, directly or indirectly, the voting power of the surviving entity or entities necessary to elect a majority of the members of the
board of directors (or their equivalent if other than a corporation) of such entity or entities, or (B) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company); 
  

	 	(ii)	the sale or transfer of all or substantially all of the Company’s assets; or 

  

	 	(iii)	a purchase, tender or exchange offer made to and accepted by the holders of more than the 50% of the outstanding shares of Common Stock. 

 No sooner than fifteen (15) days nor later than ten (10) days prior to the consummation of a Change of Control, but not prior to the public
announcement of such Change of Control, the Company shall deliver written notice thereof via facsimile and overnight courier to the Holder (a “Change of Control Notice”). 
 (b) Assumption. Prior to the consummation of any Change of Control, the Company will secure from any Person purchasing the Company’s assets or
Common Stock or any successor resulting from such Change of Control (in each case, an “Acquiring Entity”) a written agreement (in form and substance satisfactory to the Holder of this Note) to assume all of the obligations of the
Company under this Note and the other Transaction Documents, including to deliver to the Holder of the Note in exchange for such Note, a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance
to the Note, including, without limitation, having a principal amount and interest rate equal to the principal amounts and the interest rates of the Note held by the Holder, and satisfactory to the Holder of the Note. In the event that an Acquiring
Entity is directly or indirectly controlled by a company or entity whose common stock or similar equity interest is listed, designated or quoted on a securities exchange or trading market, the Holder of the Note may elect to treat such Person as the
Acquiring Entity for purposes of this Section 5(b). Upon consummation of a Change of Control as a result of which holders of Common Stock shall be entitled to receive stock, securities, cash, assets or any other property with respect to or in
exchange for such Common Stock, the Acquiring Entity shall deliver to the Holder confirmation that there shall be issued upon conversion of this Note at any time after the consummation of such Change of Control, in lieu of the shares of Common Stock
issuable upon the conversion of the Note prior to such Change of Control, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been
entitled to receive upon the happening of such Change of Control had this Note been converted immediately prior to such Change of Control, as adjusted in accordance with the provisions of this Note. The provisions of this Section shall be applied
without regard to any limitations on the conversion of this Note. 
 (c) Redemption Upon Change of Control. At any time during the
period beginning after the Holder’s receipt of a Change of Control Notice and ending on the date of the consummation of such Change of Control (or, in the event a Change of Control Notice is not delivered at least 10 
  

 9 

 days prior to a Change of Control, at any time on or after the date which is 10 days prior to a Change of
Control and ending 10 days after the consummation of such Change of Control), the Holder may require the Company to redeem all or any portion of this Note by delivering written notice thereof (“Change of Control Redemption Notice”)
to the Company, which Change of Control Redemption Notice shall indicate the Conversion Amount the Holder is electing to redeem; provided, however, that the Company shall not be under any obligation to redeem all or any portion of this Note
or to deliver the applicable Change of Control Redemption Price unless and until the applicable Change of Control is consummated. The portion of this Note subject to redemption pursuant to this Section 5(c) shall be redeemed by the Company at a
price equal to the greater of (i) the product of (x) the Conversion Amount being redeemed and (y) the quotient determined by dividing (A) the Closing Sale Price of the Common Stock immediately following the public announcement of
such proposed Change of Control by (B) the Conversion Price and (ii) 110% of the Conversion Amount being redeemed (the “Change of Control Redemption Price”). The Change of Control Redemption Price shall be paid in the
following manner: (I) the Company shall pay the portion of the Change of Control Redemption Price equal to the Conversion Amount in cash and (II) the remaining portion of the Change of Control Redemption Price (the “Excess Change of
Control Redemption Price”) shall be paid, at the Company’s option, in either (a) cash or (b) by delivery of shares of Common Stock (“Change of Control Shares”). The Company shall be required to set forth in
the Change of Control Notice of any election to pay the Excess Change of Control Redemption Price in Change of Control Shares. Any portion of the Change of Control Redemption Price that the Company elects to pay in Common Stock shall be paid in a
number of fully paid and nonassessable shares equal to the quotient of (1) the Excess Change of Control Redemption Price and (2) the Change of Control Conversion Price (as hereinafter defined) in effect; provided that the amount of Change
of Control Shares delivered by the Company as payment for the Excess Change of Control Redemption Price shall not exceed the Required Reserve Amount. For purposes of this Section, the “Change of Control Conversion Price” shall mean,
as of any date of determination, if the Equity Conditions have been satisfied (or waived in writing by the Holder) as of the first day of the Change of Control Conversion Period (as hereinafter defined) through, and including, the date of payment of
the Change of Control Redemption Price (disregarding for the purposes of determining whether clause (i)(x) in the definition of Equity Conditions has been satisfied the Change of Control giving rise to the redemption hereunder), the price which
shall be computed as 90% of the arithmetic average of the Weighted Average Price of the Common Stock on each of the 10 consecutive Trading Days commencing 10 Trading Days before the date the Change of Control becomes effective and ending on day
immediately preceding such effective date (the “Change of Control Conversion Period”); all such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar transaction that
proportionately decreases or increases the Common Stock during such Change of Control Conversion Period; provided, however, that if the Equity Conditions have not been satisfied or waived as required above, the Company and Holder shall determine the
Change of Control Conversion Price using commercially reasonable means agreed to by them. Redemptions required by this Section 5(c) shall be made in accordance with the provisions of Section 11 and shall have priority to payments to
stockholders in connection with a Change of Control and the date on which the Change of Control Redemption Price is paid pursuant to such Section 11 shall be the “Change of Control Redemption Date”. When determining if the
Equity Conditions have been satisfied, the term “Call Redemption Date” shall be replaced with the term “Change of Control Redemption Date.” 
  

 10 

 (d) Conversion in the Event of a Change of Control. In the event a Change of Control occurs, the
Holder shall receive from the Company upon conversion of its Note pursuant to Section 3, in addition to the amounts described therein, the Make-Whole Premium (in cash or shares of Common stock (valued as described in the definition of
“Make-Whole Premium” below) or a combination thereof, at the option of the Holder). The Company shall deliver written notice of its election to pay the Make-Whole Premium in shares of Common Stock to the Holder at least ten (10) days
prior to the consummation of the Change of Control. The Holder may, in lieu of converting its Note, require the Company to redeem all or any portion of this Note pursuant to Section 5(c). 
 The “Make-Whole Premium” for each $1,000 in Principal amount of the Notes converted will equal $180 in the event the Change of Control
occurs before the first anniversary of the Issuance Date; $120 in the event the Change of Control occurs at any time on or after the first anniversary of the Issuance Date but before the second anniversary of the Issuance Date; and $60 in the event
the Change of Control occurs at any time on or after the second anniversary of the Issuance Date but before the Maturity Date. Payments made in shares of Common Stock will be valued at 95% of the average Closing Sales Price of the Common Stock for
the five (5) consecutive Trading Days ending on the third day prior to the consummation of the Change of Control. 
 6. RIGHTS UPON ISSUANCE OF PURCHASE
RIGHTS AND OTHER CORPORATE EVENTS. 
 (a) Purchase Rights. If at any time the Company grants, issues or sells any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Note (without taking into account any
limitations or restrictions on the convertibility of this Note) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights. 
 (b) Other Corporate Events. In addition
to and not in substitution for any rights hereunder, prior to the consummation of any recapitalization, reorganization, consolidation, merger, spin-off or other business combination pursuant to which holders of Common Stock are entitled to receive
securities or other assets with respect to or in exchange for Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon a conversion of
this Note, (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock
been held by the Holder upon the consummation of such 
  

 11 

 Corporate Event or (ii) in lieu of the shares of Common Stock otherwise receivable upon such
conversion, such securities or other assets received by the holders of Common Stock in connection with the consummation of such Corporate Event in such amounts as the Holder would have been entitled to receive had this Note initially been issued
with conversion rights for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. The provisions of this Section 6(b) shall apply similarly and
equally to successive Corporate Events and shall be applied without regard to any limitations or restrictions on the convertibility of this Note. 
 7.
RIGHTS UPON ISSUANCE OF OTHER SECURITIES. 
 (a) Adjustment of Conversion Price upon Issuance of Common Stock. Other than in connection
with a merger transaction or acquisition by the Company which does not result in a Change of Control, if and whenever on or after the Issuance Date, the Company issues or sells, or in accordance with this Section 7(a) is deemed to have issued
or sold, any shares of Common Stock (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding shares of Common Stock deemed to have been issued or sold by the Company in connection
with any Excluded Security) for a consideration per share (the “New Securities Issuance Price”) less than a price (the “Applicable Price”) equal to the Conversion Price in effect immediately prior to such issue or
sale (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Conversion Price then in effect shall be reduced to an amount (rounded to the nearest cent) equal to the product of (A) the
Conversion Price in effect immediately prior to such Dilutive Issuance and (B) the quotient determined by dividing (1) the sum of (I) the product derived by multiplying the Conversion Price in effect immediately prior to such Dilutive
Issuance and the number of shares of Common Stock Deemed Outstanding immediately prior to such Dilutive Issuance plus (II) the consideration, if any, received by the Company upon such Dilutive Issuance, by (2) the product derived by multiplying
(I) the Conversion Price in effect immediately prior to such Dilutive Issuance by (II) the number of shares of Common Stock Deemed Outstanding immediately after such Dilutive Issuance. For purposes of determining the adjusted Conversion Price
under this Section 7(a), the following shall be applicable: 
 (i) Issuance of Options. If the Company in any manner grants or
sells any Options and the lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion or exchange or exercise of any Convertible Securities issuable upon exercise of such Option is
less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per share. For purposes of this
Section 7(a)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion or exchange or exercise of any Convertible Securities issuable upon exercise of such
Option” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon granting or sale of the Option, upon exercise of the Option and upon
conversion or exchange or exercise of any Convertible Security issuable upon exercise of such Option. No further adjustment of the Conversion Price shall be made upon the 
  

 12 

 actual issuance of such Common Stock or of such Convertible Securities upon the exercise of such Options
or upon the actual issuance of such Common Stock upon conversion or exchange or exercise of such Convertible Securities. 
 (ii) Issuance
of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest price per share for which one share of Common Stock is issuable upon such conversion or exchange or exercise thereof is less than
the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance of sale of such Convertible Securities for such price per share. For the purposes of
this Section 7(a)(ii), the “price per share for which one share of Common Stock is issuable upon such conversion or exchange or exercise” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable
by the Company with respect to any one share of Common Stock upon the issuance or sale of the Convertible Security and upon the conversion or exchange or exercise of such Convertible Security. No further adjustment of the Conversion Price shall be
made upon the actual issuance of such Common Stock upon conversion or exchange or exercise of such Convertible Securities, and if any such issue or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of the
Conversion Price had been or are to be made pursuant to other provisions of this Section 7(a), no further adjustment of the Conversion Price shall be made by reason of such issue or sale. 
 (iii) Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration, if any,
payable upon the issue, conversion, exchange or exercise of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exchangeable or exercisable for Common Stock changes at any time, the Conversion Price in
effect at the time of such change shall be adjusted to the Conversion Price which would have been in effect at such time had such Options or Convertible Securities provided for such changed purchase price, additional consideration or changed
conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 7(a)(iii), if the terms of any Option or Convertible Security that was outstanding as of the Issuance Date are changed in the
manner described in the immediately preceding sentence, then such Option or Convertible Security and the Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such change. No
adjustment shall be made if such adjustment would result in an increase of the Conversion Price then in effect. 
 (iv) Calculation of
Consideration Received. In case any Option is issued in connection with the issue or sale of other securities of the Company, together comprising one integrated transaction in which no specific consideration is allocated to such Options by the
parties thereto, the Options will be deemed to have been issued for a consideration of $.01. If any Common Stock, Options or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received
therefor will be deemed to be the net amount received by the Company therefor. If any Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, 
  

 13 

 the amount of the consideration other than cash received by the Company will be the fair value of such
consideration, except where such consideration consists of securities, in which case the amount of consideration received by the Company will be the Closing Sale Price of such securities on the date of receipt. If any Common Stock, Options or
Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the
net assets and business of the non-surviving entity as is attributable to such Common Stock, Options or Convertible Securities, as the case may be. The fair value of any consideration other than cash or securities will be determined jointly by the
Company and the Holders of this Note. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be
determined within five (5) Business Days after the tenth day following the Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder of the Note. The determination of such appraiser shall be deemed
binding upon all parties absent demonstrable error and the fees and expenses of such appraiser shall be borne entirely by the Company. 
 (v)
Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock, Options or in Convertible Securities or (B) to
subscribe for or purchase Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such
dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be. 
 (b) Adjustment of Conversion Price upon Subdivision or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding
shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced. If the Company at any time combines (by combination, reverse stock split or otherwise) one
or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased. 
 (c) Other Events. If any event occurs of the type contemplated by the provisions of this Section 7 but not expressly provided for by such
provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Conversion Price
so as to protect the rights of the Holder under this Note; provided that no such adjustment will increase the Conversion Price as otherwise determined pursuant to this Section 7. 
 (d) Notice of Adjustment. Whenever the Conversion Price is adjusted pursuant to this Section 7, the Company shall promptly mail notice of such
adjustment to the Holder, which notice shall set forth the Conversion Price after the adjustment, the date on which the adjustment became effective and a brief statement of the facts resulting in such adjustment. 
  

 14 

 8. COMPANY’S RIGHT OF REDEMPTION. 
 (a) Call Redemption. If, at any time from and after the third anniversary of the Issuance Date, the Closing Sale Price of the Common Stock exceeds 140% of the Conversion Price then in effect for at least twenty
(20) Trading Days during the period of thirty (30) consecutive Trading Days ending prior to the Call Redemption Notice Date (such thirty (30) consecutive Trading Day period being the “Call Redemption Measuring
Period”) and the Equity Conditions (as set forth in Section 8(b)) are satisfied or waived in writing by the Holder, the Company shall have the right to redeem all or any portion of the Conversion Amount of this Note, as designated in
the Call Redemption Notice, as of the Call Redemption Date (a “Call Redemption”). The portion of this Note subject to redemption pursuant to this Section 8(a) shall be redeemed by the Company in cash at a price equal to 100% of
the Conversion Amount being redeemed (“Call Redemption Price”) on the date specified by the Company in the Call Redemption Notice (“Call Redemption Date”), which date shall not be less than thirty (30) nor more
than sixty (60) days after the Call Redemption Notice Date. The Company may exercise its right to require redemption under this Section 8(a) by delivering within not more than three (3) Trading Days following the end of such Call
Redemption Measuring Period a written notice thereof by facsimile and overnight courier to the Holder of this Note (the “Call Redemption Notice” and the date such notice is sent is referred to as the “Call Redemption Notice
Date”). The Company may deliver one (1) Call Redemption Notice hereunder, which shall be irrevocable. The Call Redemption Notice shall state the Conversion Amount the Company is electing to redeem and the Call Redemption Date.
Redemptions made pursuant to this section 8(a) shall be made in accordance with Section 11. 
 (b) Equity Conditions. For purposes
of this Section 8, “Equity Conditions” means that each of the following conditions is satisfied: (i) on each day during the period of thirty (30) Trading days ending on and including the Call Redemption Date (the
“Equity Conditions Measuring Period”), there shall not have occurred (x) the public announcement of a pending, proposed or intended Change of Control which has not been abandoned, terminated or consummated, or (y) an Event
of Default or an event that with the passage of time or giving of notice, and assuming it were not cured, would constitute an Event of Default; (ii) on each day during the Equity Conditions Measuring Period either (x) the Registration
Statement required pursuant to the Registration Rights Agreement shall be effective and available for the resale for all of the Registrable Securities in accordance with the terms of the Registration Rights Agreement or (y) all shares of Common
Stock issuable upon conversion of the Note shall be eligible for sale without restriction and without the need for registration under any applicable federal or state securities laws; and (iii) the Company shall have been in material compliance
with and shall not have breached, in any material respect, any material provision, covenant, representation or warranty contained in the letter agreement of even date herewith between the Company, the Holder and the Holders of the Other Notes,
the Closing Certificate of the Company, the Registration Rights Agreement or any of the Notes. 
  

 15 

 9. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect the rights of the Holder of this Note. 
 10. RESERVATION OF AUTHORIZED SHARES. 
 (a) Reservation. The Company shall initially reserve out of
its authorized and unissued Common Stock a number of shares of Common Stock for the Note equal to 125% of the Conversion Rate with respect to the Conversion Amount of the Note as of the Issuance Date. Thereafter, the Company, so long as any portion
of the Note is outstanding, shall take all action necessary to reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of the Note, 110% of the number of shares of Common Stock
as shall from time to time be necessary to effect the conversion of the Note; provided that at no time shall the number of shares of Common Stock so reserved be less than the number of shares required to be reserved by the previous sentence (without
regard to any limitations on conversions) (the “Required Reserve Amount”). 
 (b) Insufficient Authorized Shares. If
at any time while the Note remains outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon conversion of the Note at least a number of
shares of Common Stock equal to the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall as soon as practicable take all action reasonably necessary to increase the Company’s authorized shares of
Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Note then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an
Authorized Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares
of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and
to cause its board of directors to recommend to the stockholders that they approve such proposal. 
 11. HOLDER’S REDEMPTIONS. 
 (a) Mechanics. In the event that the Holder has sent an Event of Default Redemption Notice or a Change of Control Redemption Notice to the Company
pursuant to Section 4(b) or Section 5(c), respectively (each, a “Redemption Notice”), the Holder shall promptly submit this Note to the Company. The Company shall deliver the applicable Event of Default Redemption Price to
the Holder within six (6) Trading Days after the Company’s public announcement of such redemption. If the Holder has submitted a Change of Control Redemption Notice in accordance with Section 5(c), the Company shall deliver the
applicable Change of Control Redemption 
  

 16 

 Price to the Holder concurrently with the consummation of such Change of Control if such notice is
received prior to the consummation of such Change of Control and within five (5) Business Days after the Company’s receipt of such notice otherwise. In the event of a redemption of less than all of the Conversion Amount of this Note, the
Company shall promptly cause to be issued and delivered to the Holder a new Note (in accordance with Section 17(d)) representing the outstanding Principal which has not been redeemed. In the event that the Company does not pay the Event of
Default Redemption Price or the Change of Control Redemption Price (each, the “Redemption Price”), as applicable, to the Holder (or deliver any Common Stock to be issued pursuant to a Redemption Notice) within the time period
required, at any time thereafter and until the Company pays such unpaid Redemption Price (and issues any Common Stock required pursuant to a Redemption Notice) in full, the Holder shall have the option, in lieu of redemption, to require the Company
to promptly return to the Holder all or any portion of this Note representing the Conversion Amount that was submitted for redemption and for which the applicable Redemption Price (or any Common Stock required to be issued pursuant to a Redemption
Notice) (together with any Late Charges thereon) has not been paid. Upon the Company’s receipt of such notice, (x) the Redemption Notice shall be null and void with respect to such Conversion Amount, (y) the Company shall immediately
return this Note, or issue a new Note (in accordance with Section 17(d)) to the Holder representing such Conversion Amount and (z) the Conversion Price of this Note or such new Notes shall be adjusted to the lesser of (A) the
Conversion Price as in effect on the date on which the Redemption Notice is voided and (B) the lowest Closing Bid Price during the period beginning on and including the date on which the Redemption Notice is delivered to the Company and ending
on and including the date on which the Redemption Notice is voided. The Holder’s delivery of a notice voiding a Redemption Notice and exercise of its rights following such notice shall not affect the Company’s obligations to make any
payments of Late Charges which have accrued prior to the date of such notice with respect to the Conversion Amount subject to such notice. 
 12.
SUBORDINATION TO SENIOR INDEBTEDNESS. 
 (a) Subordination. The Company covenants and agrees, and the Holder likewise covenants and
agrees, that this Note shall be issued subject to the provisions of this Section 12 and to the extent and in the manner hereinafter set forth in this Section 12, the indebtedness represented by this Note and the payment of principal and
interest and Late Charges thereon, any redemption amount, liquidated damages, fees, expenses or any other amounts in respect of this Note are hereby expressly made subordinate and junior and subject in right of payment to the prior payment in full
in cash of all Senior Indebtedness of the Company now outstanding or hereinafter incurred. 
 (b) No Payment if Default in Senior
Indebtedness. No payment on account of principal of, premium, if any, or interest on this Note and any other payment payable with respect to this Note shall be made, and no portion of this Note shall be redeemed or purchased directly or
indirectly by the Company, if at the time of such payment or purchase or immediately after giving effect thereto, (i) a default in the payment of principal, premium, if any, interest or other obligations in respect of any Senior Indebtedness
having either an outstanding principal balance or a commitment to lend greater than $7,500,000 (“Designated Senior Debt”) occurs and is 
  

 17 

 continuing (or, in the case of Senior Indebtedness for which there is a period of grace, in the event of
such a default that continues beyond the period of grace, if any, specified in the instrument evidencing such Senior Indebtedness) (a “Payment Default”), unless and until such Payment Default shall have been cured or waived or shall
have ceased to exist or (ii) the Company shall have received notice (a “Payment Blockage Notice”) from the holder or holders of Designated Senior Debt that there exists under such Senior Indebtedness a default, which shall not
have been cured or waived, permitting the holder or holders thereof to declare such Senior Indebtedness due and payable, but only for the period (the “Payment Blockage Period”) commencing on the date of receipt of the Payment
Blockage Notice and ending on the earlier of (a) the date such default shall have been cured or waived, or (b) (x) in the case of a Payment Blockage Notice delivered by any Designated Senior Debt solely based on the occurrence of an
Event of Default under the Notes (i.e., based on the triggering of the cross default provisions of such Designated Senior Debt solely as a result of an Event of Default under the Notes) (a “Cross Default Payment Blockage”), the
180th day immediately following the Company’s receipt of such Payment Blockage Notice, and (y) in all other circumstances, the 270th day immediately following the Company’s receipt of such Payment Blockage Notice. The Company shall
resume payments on and distributions in respect of this Note, including any past scheduled payments of the principal of (and premium, if any) and interest on this Note to which the Holder would have been entitled but for the provisions of this
Section 12 in the case of a Payment Default, within five (5) Business Days of the date upon which such Payment Default is cured or waived or ceases to exist (and if payment is made within such time period, any Event of Default with respect
to such nonpayment shall be cured). In addition, notwithstanding clauses (i) and (ii), unless the holders of Designated Senior Debt shall have accelerated the maturity of such Senior Indebtedness or there is a Payment Default, the Company shall
resume payments on this Note within (5) Business Days after the end of each Payment Blockage Period (and if payment is made within such time period, any Event of Default with respect to such nonpayment shall be cured). In any consecutive
365-day period, there shall be (i) no more than three Payment Blockage Notices given in the aggregate on this Note and the Other Notes, irrespective of the number of defaults with respect to Designated Senior Debt during such period, and
(ii) at least 90 days during which no Payment Blockage Period shall be in effect. 
 (c) Payment upon Dissolution. In the event of
any bankruptcy, insolvency, reorganization, receivership, composition, assignment for benefit of creditors or other similar proceeding initiated by or against the Company or any dissolution or winding up or total or partial liquidation or
reorganization of the Company (being hereinafter referred to as a “Proceeding”), the Holder agrees, upon request of a holder of Senior Indebtedness, and at such holder of Senior Indebtedness’ own expense, to take all reasonable
actions (including but not limited to the execution and filing of documents and the giving of testimony in any Proceeding, whether or not such testimony could have been compelled by process) necessary to prove the full amount of all its claims in
any Proceeding, and the Holder shall not waive any claim in any Proceeding without the written consent of such holder. If the Holder does not file a proper proof of claim or proof of debt in the form required in any Proceeding at least thirty
(30) days before the expiration of the time to file such claim, the holders of any Senior Indebtedness are hereby authorized to file an appropriate claim for and on behalf of the Holder. 
  

 18 

 The Holder shall retain the right to vote and otherwise act with respect to the claims under this Note
(including, without limitation, the right to vote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension); provided that the Holder shall not vote with respect to any such plan or take
any other action in any way so as to (i) contest the validity of any Senior Indebtedness or any collateral therefor or guaranties thereof, (ii) contest the relative rights and duties of any of the lenders under the Senior Indebtedness
established in any instruments or agreement creating or evidencing the Senior Indebtedness with respect to any of such collateral or guaranties, or (iii) contest the Holders’ obligations and agreements set forth in this Section 12.

 Upon payment or distribution to creditors in a Proceeding of assets of the Company of any kind or character, whether in cash, property or
securities, all principal and interest due upon any Senior Indebtedness shall first be paid in full before the Holder shall be entitled to receive or, if received, to retain any payment or distribution on account of this Note, and upon any such
Proceeding, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holder would be entitled except for the provisions of this Section 12 shall be paid by the Company
or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holder who shall have received such payment or distribution, directly to the holders of the Senior Indebtedness (pro
rata to each such holder on the basis of the respective amounts of such Senior Indebtedness held by such holder) or their representatives to the extent necessary to pay all such Senior Indebtedness in full after giving effect to any concurrent
payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Holder of this Note. 
 (d) Payments on Note. Subject to Section 12(c), the Company may make regularly scheduled payments of the principal of, and any interest or premium on, or any other payments on, this Note, if at the time of payment, and
immediately after giving effect thereto, (i) there exists no Payment Default or a Payment Blockage Period and (ii) the Company is permitted to make payments under Section 12(c). 
 (e) Certain Rights. Nothing contained in this Section 12 or elsewhere in this Note is intended to or shall impair, as among the Company, its
creditors including the holders of Senior Indebtedness and the Holder, the right, which is absolute and unconditional, of the Holder to convert this Note in accordance herewith. 
 (f) Subrogation. Subject to payment in full in cash of all Senior Indebtedness, the rights of the Holder shall be subrogated to the rights of the
holders of Senior Indebtedness to receive payments or distributions of the assets of the Company made on such Senior Indebtedness until all principal and interest on this Note shall be paid in full in cash; and for purposes of such subrogation, no
payments or distributions to the holders of Senior Indebtedness of any cash, property or securities to which the Holder would be entitled except for the subordination provisions of this Section 12 shall, as between the Holder and the Company
and/or its creditors other than the holders of the Senior Indebtedness, be deemed to be a payment on account of the Senior Indebtedness. 
  

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 (g) Rights of Holder Unimpaired. The provisions of this Section 12 are and are intended
solely for the purposes of defining the relative rights of the Holder and the holders of Senior Indebtedness and nothing in this Section 12 shall impair, as between the Company and the Holder, the obligation of the Company, which is
unconditional and absolute, to pay to the Holder the principal thereof (and premium, if any) and interest thereon, in accordance with the terms of this Note. 
 (h) Holders of Senior Indebtedness. These provisions regarding subordination will constitute a continuing offer to all Persons who, in reliance upon such provisions, become holders of, or continue to hold,
Senior Indebtedness; such provisions are made for the benefit of the holders of Senior Indebtedness, and such holders are hereby made obligees under such provisions to the same extent as if they were named therein, and they or any of them may
proceed to enforce such subordination and no amendment or modification of the provisions contained herein shall diminish the rights of such holders unless such holders have agreed in writing thereto. The holders of Senior Indebtedness may, at any
time and from time to time, without the consent of or notice to the Holder, without incurring responsibility to the Holder and without impairing or releasing the subordination provisions of this Section 12, (i) subject to the limitations
set forth herein, increase the amount of, change the manner, terms or place of payment of, or renew or alter, any Senior Indebtedness, or otherwise amend, modify, restate or supplement the same, (ii) sell, exchange or release any collateral
mortgaged, pledged or otherwise securing the Senior Indebtedness, (iii) release any Person liable in any manner for the Senior Indebtedness and (iv) exercise or refrain from exercising any rights against the Company or any other Person.

 (i) Proceeds Held in Trust. In the event that notwithstanding the foregoing, any payment or distribution of assets of the Company of
any kind or character, whether in cash, property or securities (including, without limitation, by way of setoff or otherwise) prohibited by the provisions hereof shall be received by the Holder before all Senior Indebtedness if paid in full in cash,
such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness, as their respective interests may appear, as calculated by the Company, for application to, or to be
held as collateral for, the payment of any Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in cash after giving effect to any concurrent payment or distribution to or for the holders of such Senior
Indebtedness. 
 (j) Blockage of Remedies. During any Payment Default or any Payment Blockage Period, if an Event of Default has
occurred and is continuing under this Note, the Holder will not commence or join with any creditor of the Company in asserting or commencing any proceedings to collect or enforce its rights hereunder or take any action to foreclose or realize upon
the indebtedness hereunder for a period beginning on the date of such Event of Default and ending on the first to occur of (i) (x) in connection with a Cross Default Payment Blockage, the date that is 180 days following the date that the
holders of the Senior Indebtedness are notified of such Event of Default, and (y) in all other circumstances, the date that is 270 days following the date that the holders of the Senior Indebtedness are notified of such Event of Default or
(ii) the date such Payment Default is cured, waived or ceases to exist or the date such Payment Blockage Period ends, as the case may be; provided, however, that until all of the Senior Indebtedness shall have been paid in full in cash, any
payments, distributions or 
  

 20 

 proceeds received by the Holder resulting from the exercise of any action to collect or enforce any right
or remedy available to the Holder shall be subject to the terms of this Note; provided further that the foregoing provisions of this Section 12(j) shall not prevent or limit the Holder in any manner from pursuing any and all remedies, including
by way of commencing any action or proceeding, for specific performance in connection with the circumstances giving rise to the Event of Default set forth in Section 4(a)(iii) hereof. 
 (k) Subsequent Senior Indebtedness Requested Modifications. In connection with the incurrence of any future Senior Indebtedness, the Holder agrees
that it shall act reasonably and negotiate in good faith any modifications to the provisions of this Section 12 reasonably requested by the holder of such Senior Indebtedness; provided that nothing in this section shall restrict the holders of
Notes representing at least a majority of the aggregate principal amount of the Notes then outstanding from changing or amending this Section 12 pursuant to Section 15 hereof. 
 13. VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law, including but not limited to the Delaware General Corporation Law, and as expressly provided in this
Note or in the Registration Right Agreement. 
 14. RANK; ADDITIONAL INDEBTEDNESS; LIENS. 
 (a) Rank. All payments due under this Note shall be subordinate in right of payment to the prior payment of all existing and future Senior
Indebtedness. 
 (b) Incurrence of Indebtedness. So long as this Note is outstanding, the Company shall not, and the Company shall not
permit any of its Subsidiaries to, directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness, other than Senior Indebtedness and the Company’s Convertible Subordinated Notes dated March 24, 2004, unless the
holder or holders of such Indebtedness agree that such Indebtedness shall be subordinated in right of payment to the prior payment in full of the Note pursuant to a written agreement on or prior to incurring or guaranteeing, assuming or suffering to
exist such Indebtedness. 
 (c) Existence of Liens. So long as this Note is outstanding, the Company shall not, and the Company shall
not permit any of its Subsidiaries to, directly or indirectly, allow or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by
the Company or any of its Subsidiaries (collectively, “Liens”) other than Permitted Liens. As used herein, “Permitted Liens” means (i) Liens incurred to secure Senior Indebtedness, (ii) Liens on fixed or
capital assets acquired, constructed or improved by the Company or any Subsidiary, to the extent of Indebtedness incurred within thirty days for such acquisition, construction or improvement and incurred within thirty days of such acquisition,
construction or improvement, (iii) purchase money Liens, or (iv) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other similar Liens imposed by law, so long as payment on such Lines is not
more than 30 days past due. 
  

 21 

 (d) Restricted Payments. The Company shall not, and the Company shall not permit any of its
Subsidiaries to, directly or indirectly, redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or in part, whether by way of open market purchases, tender offers, private
transactions or otherwise), all or any portion of any Indebtedness, other than Senior Indebtedness, whether by way of payment in respect of principal of (or premium, if any) or interest on, such Indebtedness if at the time such payment is due or is
otherwise made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being cured would constitute, an Event of Default has occurred and is continuing. 
 15. AMENDMENT. Any provision of this Note may be amended, waived or modified upon the written consent of the Company and the Holder of this Note. 
 16. TRANSFER. This Note may be offered, sold, assigned or transferred by the Holder without the consent of the Company. 
 17. REISSUANCE OF THIS NOTE. 
 (a) Transfer. If this
Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 17(d)), registered as the Holder may
request, representing the outstanding Principal being transferred by the Holder and, if less then the entire outstanding Principal is being transferred, a new Note (in accordance with Section 17d)) to the Holder representing the outstanding
Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of Section 3(c)(iii) and this Section 17(a), following conversion or redemption of any
portion of this Note, the outstanding Principal represented by this Note may be less than the Principal stated on the face of this Note. 
 (b) Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any
indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance with
Section 17(d)) representing the outstanding Principal. 
 (c) Note Exchangeable for Different Denominations. This Note is
exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Note or Notes (in accordance with Section 17(d)) representing in the aggregate the outstanding Principal of this Note, and each such new
Note will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender. 
 (d)
Issuance of New Note. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note,
the Principal remaining outstanding (or in the case of a new Note being issued pursuant to Section 17(a) or Section 17(c), the Principal 
  

 22 

 designated by the Holder which, when added to the principal represented by the other new Notes issued in
connection with such issuance, does not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same
as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent accrued Interest and Late Charges on the Principal and Interest of this Note, from the Issuance Date. 
 18. REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall be cumulative and in addition to all other
remedies available under this Note and the Registration Rights Agreement, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to pursue actual and
consequential damages for any failure by the Company to comply with the terms of this Note. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received
by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm
to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 
 19. PAYMENT OF
COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due
under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then
the Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, but not limited to, attorneys’ fees and
disbursements. 
 20. CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the initial holder of this Note and shall
not be construed against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part of, or affect the interpretation of, this Note. 
 21. FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. 
 22. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Redemption Price or the arithmetic calculation of the Conversion Rate or the Redemption Price, the Company shall submit the disputed
determinations or arithmetic calculations via facsimile within one (1) Business Day of receipt of the Conversion Notice or Redemption Notice or other event giving rise 
  

 23 

 to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such
determination or calculation within one (1) Business Day of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within one (1) Business Day submit via facsimile (a) the disputed
determination of the Closing Bid Price or the Closing Sale Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Conversion Rate or the Redemption
Price to the Company’s independent, outside accountant. The Company, at the Company’s expense, shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and
the Holder of the results no later than five (5) Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be
binding upon all parties absent demonstrable error. 
 23. NOTICES; PAYMENTS. 
 (a) Notices. Any notices, consents, waivers or other communications required or permitted to be given under this Note must be in writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with an
overnight courier service, in each case properly addressed to the party to receive the same. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Note, including in reasonable detail a description of
such action and the reason therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Conversion Price, setting forth in reasonable detail, and
certifying, the calculation of such adjustment and (ii) at least twenty (20) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock,
(B) with respect to any pro rata subscription offer to holders of Common Stock or (C) for determining rights to vote with respect to any Change of Control, dissolution or liquidation, provided in each case that such information shall be
made known to the public prior to or in conjunction with such notice being provided to the Holder. 
 (b) Payments. Whenever any
payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall be made in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight courier service to
such Person at such address as previously provided to the Company in writing; provided that the Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting
out such request and the Holder’s wire transfer instructions. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a
Business Day and, in the case of any Interest Date which is not the date on which this Note is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of Interest due on such date.
Any amount of Principal or other amounts due under the Note and the Registration Rights Agreement which is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the
rate of 15% per annum from the date such amount was due until the same is paid in full (“Late Charge”). 
  

 24 

 24. CANCELLATION. After all Principal, accrued Interest and other amounts at any time owed on this Note has been paid in
full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued. 
 25. WAIVER OF
NOTICE. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note. 
 26. GOVERNING LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance
of this Note shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York. 
 27. CERTAIN DEFINITIONS. For purposes of this Note, the following terms
shall have the following meanings: 
 (a) “APPROVED STOCK PLAN” means any employee benefit, option or incentive plan which has been
approved by the Board of Directors of the Company, pursuant to which the Company’s securities may be issued to any employee, consultant, officer or director for services provided to the Company. 
 (b) “BLOOMBERG” means Bloomberg Financial Markets. 
 (c) “BUSINESS DAY” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed. 
 (d) “CLOSING BID PRICE” and “CLOSING SALE PRICE” means, for any security as of any date, the last closing bid price and last closing
trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the
case may be, then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the
last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is
reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau,
Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the 
  

 25 

 Closing Sale Price, as the case may be, of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 22. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 
 (e) “COMMON STOCK DEEMED OUTSTANDING” shall mean, at any given time, the number of shares of Common Stock actually outstanding at such time, plus (i) the number of shares of Common Stock deemed to be outstanding pursuant to
Sections 7(a)(i) and 7(a)(ii) hereof regardless of whether the Options or Convertible Securities are actually exercisable at such time and (ii) plus the number of shares of Common Stock underlying Options or Convertible Securities issued
pursuant to the Approved Stock Plans that are actually exercisable or convertible at such time at an exercise price or conversion price that is less than or equal to the per share fair market value of such underlying shares of Common Stock, but
excluding any shares of Common Stock owned or held by or for the account of the Company or issuable upon conversion of the Notes or the Other Notes. 
 (f) “CONTINGENT OBLIGATION” means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary
purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be
complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto. 
 (g)
“CONVERTIBLE SECURITIES” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Common Stock. 
 (h) “EXCLUDED SECURITIES” means any shares of Common Stock issued or issuable: (i) in connection with any Approved Stock Plan;
(ii) upon conversion of the Notes and the Other Notes; and (iii) upon conversion of any Options or Convertible Securities which are outstanding on the day immediately preceding the Issuance Date, provided that the terms of such Options or
Convertible Securities are not amended, modified or changed on or after the Issuance Date. 
 (i) “GAAP” means United States
generally accepted accounting principles, consistently applied. 
 (j) “INDEBTEDNESS” of any Person means, without duplication
(A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business), (C) all
reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with 
  

 26 

 respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights
and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with generally
accepted accounting principles, consistently applied for the periods covered thereby, is classified as a capital lease, (G) off-balance sheet liabilities retained in connection with asset securitization programs, synthetic leases, sale and
leaseback transactions or other similar obligations arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheet of
such Person and its subsidiaries (except for the lease of the Company’s facility in Kentucky), and (H) all indebtedness referred to in clauses (A) through (G) above secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the
Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (I) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses
(A) through (H) above. 
 (k) “OPTIONS” means any rights, warrants or options to subscribe for or purchase Common Stock or
Convertible Securities. 
 (l) “PERSON” means an individual, a limited liability company, a partnership, a joint venture, a
corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 
 (m)
“PRINCIPAL MARKET” means the principal stock exchange or trading market for the Common Stock, if any. 
 (n) “REDEMPTION
PREMIUM” means (i) in the case of the Events of Default described in Section 4(a)(i) - (vi) and (ix) - (xi), 120% or (ii) in the case of the Events of Default described in Section 4(a)(vii) -(viii), 100%. 
 (o) “REGISTRATION RIGHTS AGREEMENT” means that certain registration rights agreement dated as of the Issuance Date between the Company and the
initial holders of the Notes relating to the registration of the resale of the shares of Common Stock issuable upon conversion of the Notes. 
 (p) “RESET DATE” means July 1, 2007. 
 (q) “SEC” means the United States Securities and Exchange
Commission. 
 (r) “SENIOR INDEBTEDNESS” means the principal of (and premium, if any), interest on, and all fees and other amounts
(including, without limitation, any reasonable costs, enforcement expenses (including reasonable legal fees and disbursements), collateral protection expenses and other reimbursement or indemnity obligations relating thereto) payable under the
agreements or instruments evidencing, any unaffiliated, third-party Indebtedness of the 
  

 27 

 Company and its Subsidiaries, whether now existing or hereafter arising (together with any renewals,
refundings, refinancings or other extensions thereof), which is not made expressly subordinate in right of payment to the Indebtedness evidenced by this Note and the Other Notes. Without limitation of the generality of the foregoing, Senior
Indebtedness shall include the obligations of the Company to its current senior secured lender, Comerica Bank and any participants with Comerica Bank in such Indebtedness (the “COMERICA OBLIGATIONS”), and the Comerica Obligations are
designated as Senior Indebtedness. The Company may from time to time designate by written notice to the Holder the obligations, in addition to the Comerica Obligations, which constitute Senior Indebtedness. 
 (s) “SUBSIDIARIES” means any entity in which the Company, directly or indirectly, owns capital stock or holds an equity or similar interest.

 (t) “TRADING DAY” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not
the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not include any day on which the Common Stock is
scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance
the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York Time). 
 (u) “WEIGHTED
AVERAGE PRICE” means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York Time (or such other time as the Principal Market
publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other time as the Principal Market publicly announces is the official close of trading) as reported by Bloomberg through its “Volume at
Price” functions, or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New
York Time (or such other time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other time as such market publicly announces is the official close of trading) as reported by
Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as
reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average
Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be
resolved pursuant to Section 22. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 
 [SIGNATURE PAGE FOLLOWS] 
  

 28 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the Issuance Date set out above.

  

			
	NOBLE INTERNATIONAL, LTD.
		
	By:	 	 /s/ Michael C. Azar

	Name:	 	Michael C. Azar
	Title:	 	Vice President and Secretary

  

 29 

 EXHIBIT I 
 NOBLE INTERNATIONAL, LTD. CONVERSION NOTICE 
 Reference is made to the Convertible Subordinated Note (the “Note”) issued to the
undersigned by Noble International, Ltd. (the “Company”). In accordance with and pursuant to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below into shares of
Common Stock, par value $0.00067 per share (the “Common Stock”), of the Company as of the date specified below. 
 Date of
Conversion: 
 ________________________________ 
 Aggregate Conversion Amount to be converted: 
 ____________________ 
 The undersigned hereby certifies to the Company that the Company’s conversion of the amount set forth above in accordance with Section 3(a) of the Note will
not directly result in the undersigned (together with the undersigned’s affiliates) beneficially owning in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion, calculated in
accordance with Section 3(d)(i) of the Note or in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion, calculated in accordance with Section 3(d)(ii) of the Note, as
applicable. 
 Please confirm the following information: 
 Conversion Price: 
 ________________________________ 
 Number of shares of Common Stock to be issued: 
 ____________________ 
 Please issue the Common Stock into which the Note is being converted in the following name and to the following address:

  

	
	Issue to:
	  

	
	  

	
	  

  

 30 

			
	Facsimile Number:
	  

	Authorization:
	  

		
	By:	 	  

		
	Title:	 	  

		
	Dated:	 	  

  

	
	Account Number:
	  

	(if electronic book entry transfer)
	
	Transaction Code Number:
	  

	(if electronic book entry transfer)

  

 31 

 ACKNOWLEDGMENT 
 The Company
hereby acknowledges this Conversion Notice and hereby directs [Transfer Agent] to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated March 23, 2004 from the Company and
acknowledged and agreed to by [Transfer Agent]. 
  

			
	NOBLE INTERNATIONAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 32

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