Document:

Exhibit
10.1

FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is
entered into as of July 7, 2006, between ZENITH
NATIONAL INSURANCE CORP., a Delaware corporation (the “Company”), and BANK OF AMERICA, N.A., a national banking
association (the “Bank”).

RECITALS

A.            The Company and the Bank are party to that
certain Amended and Restated Credit Agreement dated as of September 30,
2002 (as heretofore modified, amended or supplemented, the “Credit Agreement”).  Unless otherwise defined herein, defined
terms used herein shall have the meanings given such terms in the Credit
Agreement.

B.            The Company and the Bank have agreed to amend
the Credit Agreement in certain respects.

NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Company and the Bank agree as follows:

1.             Amendment.  Subject to satisfaction of the
conditions precedent set forth in Section 2 
hereof, Section
8.1(k) of the Credit Agreement is amended to read in its
entirety as follows:

“(k)         Change of Control. 
There occurs any Change of Control, or Stanley Zax shall, for any
reason, cease to be actively involved in the day-to-day management and
operations of the Company; or”

2.             Conditions Precedent to Amendment.  The
amendments in Section 1
hereof shall be effective as of the date hereof when the Bank receives:

(a)           counterparts of this Amendment duly executed by the Company and the
Bank;

(b)           a certificate, dated as of the date hereof, of the Secretary or
Assistant Secretary of the Company certifying that the Amended and Restated
Certificate of Incorporation of the Company attached to such certificate is a true
and complete copy of the Company’s Amended
and Restated Certificate of Incorporation, that it is in full force and
effect as of the date hereof, and that there have been no additional filed or
authorized amendments to it;

(c)           a certificate, dated as of the date hereof, of the Secretary or
Assistant Secretary of the Company certifying that the Bylaws (Amended and
Restated as of February 7, 2006) of the Company attached to such
certificate is a true and complete copy of the Company’s Bylaws, that they are
in full force and effect as of the date hereof, and that there have been no
additional amendments to them;

(d)           copies of the resolutions of the board of directors of the Company
authorizing the transactions contemplated hereby, certified as of the date
hereof by the

 

Secretary or an Assistant Secretary of the
Company, together with a certificate of the Secretary or Assistant Secretary of
the Company certifying the names and true signatures of the officers of the
Company authorized to execute, deliver and perform, as applicable, this
Amendment, and all other Loan Documents to be delivered by it hereunder;

(e)           payment of all expenses, including legal fees and expenses of counsel
to the Bank, incurred by the Bank in connection with this Amendment, to the
extent invoiced to the Company on or prior to the date hereof; and

(f)            such other agreements, documents,
instruments, and items as the Bank may reasonably request.

3.             Representations and Warranties.  The
Company represents and warrants to the Bank as follows:

(a)            the execution,
delivery and performance by Company of this Amendment and the Credit Agreement,
as amended hereby, have been duly authorized by all necessary corporate action
and do not and will not (i) require any consent or approval not heretofore
obtained of any director, stockholder, security holder, or creditor of the
Company or of any governmental authority having jurisdiction over the Company,
(ii) violate or conflict with any provision of the Company’s certificate
of incorporation or bylaws, (iii) violate any laws applicable to the
Company, or (iv) result in a breach of or constitute a default under, or
cause or permit the acceleration of any obligation owed under, any indenture or
loan or credit agreement or any other material agreement to which the Company is
a party or by which the Company or any of its property is bound or affected;

 (b)          all representations and warranties made or
deemed made by the Company in the Loan Documents are true and correct as of the
date hereof, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations
and warranties were true and accurate on and as of such earlier date) and
except for changes in factual circumstances not prohibited by the Credit Agreement;

(c)            no Default or Event of
Default has occurred and is continuing as of the date hereof; and

(d)           except as disclosed in
publicly available filings made with the SEC, there has occurred since
December 31, 2005, no event or circumstance that has resulted or would
reasonably be expected to result in a Material Adverse Effect.

6.             Effect of Amendment.  This
Amendment is a Loan Document.  The
amendment effected hereunder is expressly limited to the matters contained
herein.  Except as amended hereby, the Credit
Agreement and the other Loan Documents are unchanged and are hereby ratified
and confirmed.

7.             Counterparts.  This
Amendment may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument.

 

8.             Governing Law.  This
Amendment shall be governed by and construed in accordance with the laws of the
State of California, without regard to conflict of laws principles.

9.             ENTIRETY.  THIS AMENDMENT, THE CREDIT AGREEMENT AS
AMENDED HEREBY, AND THE OTHER LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT
BETWEEN THE PARTIES AND SUPERCEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS, IF
ANY, RELATING TO THE SUBJECT MATTER HEREOF. 
THESE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES.

10.           Parties.  This Amendment binds and
inures to the benefit of the Company, the Bank, and their respective successors
and permitted assigns.

[Remainder of Page Intentionally Left Blank.

Signature Page Follows.]

 

 

	
  ZENITH NATIONAL INSURANCE CORP., as the Company

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Stanley R. Zax

  	
   

  
	
   

  	
  Stanley R. Zax,
  President and Chairman

  
	
   

  
	
   

  
	
  BANK OF
  AMERICA, N.A., as the Bank

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Kip
  Davis

  	
   

  
	
   

  	
  Kipling Davis,
  Sr. Vice PresidentExhibit
4.1

THIS WARRANT AND THE UNDERLYING
SHARES OF COMMON STOCK HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS, HAVE BEEN TAKEN FOR
INVESTMENT, AND MAY NOT BE SOLD OR TRANSFERRED OR OFFERED FOR SALE OR TRANSFER
UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND OTHER APPLICABLE
SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN IN EFFECT, OR IN THE
OPINION OF COUNSEL TO THE ISSUER OF THESE SECURITIES, SUCH REGISTRATION UNDER THE
SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS NOT REQUIRED.

Date: October 20,
2006

 

WARRANT FOR THE PURCHASE OF
SHARES OF

COMMON STOCK OF MEADOW VALLEY CORPORATION

THIS IS TO CERTIFY that, for value received,              ,
its successors and assigns (collectively, the “Holder”), are entitled to
purchase, subject to the terms and conditions hereinafter set forth,              
shares of Meadow Valley Corporation, a Nevada corporation (the “Company”)
common stock, $.001 par value per share (“Common Stock”), and to receive
certificates for the Common Stock so purchased. 
The exercise price of this Warrant is $12.60 per share, subject to
adjustment as provided below (the “Exercise Price”).

1.             Exercise Period and Vesting.  This Warrant shall vest and become
exercisable by the Holder beginning upon the earlier of (i) the effective date
of a registration statement with respect to the public sale of the Common Stock
issuable upon the exercise of this Warrant or (ii) one year from the date of
this Warrant, and ending at 5:00 p.m., New York, New York time, October 19,
2011 (the “Exercise Period”). Provided, however, in no  event shall this Warrant be exercisable until
six months and one day from the date of issuance.  This Warrant will terminate automatically and
immediately upon the expiration of the Exercise Period.

2.             Exercise of Warrant;
Cashless Exercise.  This
Warrant may be exercised, in whole or in part, at any time and from time to
time during the Exercise Period.  Such
exercise shall be accomplished by tender to the Company of an amount equal to
the Exercise Price multiplied by number of underlying shares being purchased
(the “Purchase Price”), either (a) in cash, by wire transfer or by certified
check or bank cashier’s check, payable to the order of the Company, or (b) by
surrendering such number of shares of Common Stock received upon exercise of
this Warrant with an aggregate Fair Market Value (as defined below) equal to
the Purchase Price (as described in the following paragraph (a “Cashless
Exercise”), together with presentation and surrender to the Company of this
Warrant with an executed subscription 

 1
 

 

 

agreement in
substantially the form attached hereto as Exhibit A (the “Subscription”).
Upon receipt of the foregoing, the Company will deliver to the Holder, as
promptly as possible, a certificate or certificates representing the shares of
Common Stock so purchased, registered in the name of the Holder or its
transferee (as permitted under Section 3 below).  With respect to any exercise of this Warrant,
the Holder will for all purposes be deemed to have become the holder of record
of the number of shares of Common Stock purchased hereunder on the date a
properly executed Subscription and payment of the Purchase Price is received by
the Company (the “Exercise Date”), irrespective of the date of delivery of the
certificate evidencing such shares, except that, if the date of such receipt is
a date on which the stock transfer books of the Company are closed, such person
will be deemed to have become the holder of such shares at the close of
business on the next succeeding date on which the stock transfer books are
open.  Fractional shares of Common Stock
will not be issued upon the exercise of this Warrant.  In lieu of any fractional shares that would
have been issued but for the immediately preceding sentence, the Holder will be
entitled to receive cash equal to the current market price of such fraction of
a share of Common Stock on the trading day immediately preceding the Exercise
Date.  In the event this Warrant is
exercised in part, the Company shall issue a new Warrant to the Holder covering
the aggregate number of shares of Common Stock as to which this Warrant remains
exercisable for.

If the Holder elects to conduct a Cashless Exercise,
the Company shall cause to be delivered to the Holder a certificate or
certificates representing the number of shares of Common Stock computed using
the following formula:

	
  X =

  	
  Y (A-B)

  	
   

  
	
   

  	
  A

  	
   

  
	
   

  	
   

  	
   

  

 

Where:

	
  X

  	
  =

  	
  the number of shares of Common Stock to be issued to
  Holder;

  
	
   

  	
   

  	
   

  
	
  Y

  	
  =

  	
  the portion of the Warrant (in number of shares of
  Common Stock) being exercised by Holder (at the date of such calculation);

  
	
   

  	
   

  	
   

  
	
  A

  	
  =

  	
  the Fair Market Value (as defined below) of one
  share of Common Stock on the Exercise Date, calculated by taking the average
  Fair Market Value over the last 10 trading days (not including the Exercise
  Date); and

  
	
   

  	
   

  	
   

  
	
  B

  	
  =

  	
  Warrant Price (as adjusted to the date of such calculation).

  

 

For purposes of the foregoing calculation, Fair Market
Value  shall mean:  (i) if the principal trading market for such
securities is a national securities exchange, The Nasdaq Stock Market or the
Over-the-Counter Bulletin Board (“OTCBB”) (or a similar system then in use),
the last reported sales price on the principal market the trading day
immediately prior to such Exercise Date; or (ii) if  (i) is not 
applicable, and if bid and ask prices for shares of Common Stock are
reported by the principal trading market or the National Quotation Bureau, the
average of the high bid and low ask prices so reported for the trading day
immediately prior to such 

 2
 

 

 

Exercise Date. 
Notwithstanding the foregoing, if there is no last reported sales price
or bid and ask prices, as the case may be, for the day in question, then Fair
Market Value  shall be determined as of
the latest day prior to such day for which such last reported sales price or
bid and ask prices, as the case may be, are available, unless such securities
have not been traded on an exchange or in the over-the-counter market for 30 or
more days immediately prior to the day in question, in which case the Fair
Market Price shall be determined in good faith by, and reflected in a formal
resolution of, the board of directors of the Company.  The Company acknowledges and agrees that this
Warrant was issued on the Issuance Date.

3.             Transferability and
Exchange.

(a)           This Warrant, and
the Common Stock issuable upon the exercise hereof, may not be sold, transferred,
pledged or hypothecated unless the Company shall have been provided with an
opinion of counsel reasonably satisfactory to the Company that such transfer is
not in violation of the Securities Act, and any applicable state securities
laws.  Subject to the satisfaction of the
aforesaid condition, this Warrant and the underlying shares of Common Stock
shall be transferable from time to time by the Holder upon written notice to
the Company.  If this Warrant is transferred,
in whole or in part, the Company shall, upon surrender of this Warrant to the
Company, deliver to each transferee a Warrant evidencing the rights of such
transferee to purchase the number of shares of Common Stock that such
transferee is entitled to purchase pursuant to such transfer.  The Company may place a legend similar to the
legend at the top of this Warrant on any replacement Warrant and on each
certificate representing shares issuable upon exercise of this Warrant or any
replacement Warrants.  Only a registered
Holder may enforce the provisions of this Warrant against the Company.  A transferee of the original registered
Holder becomes a registered Holder only upon delivery to the Company of the
original Warrant and an original Assignment, substantially in the form set
forth in Exhibit B attached hereto.

(b)         This Warrant is exchangeable upon its
surrender by the Holder to the Company for new Warrants of like tenor and date
representing in the aggregate the right to purchase the number of shares
purchasable hereunder, each of such new Warrants to represent the right to
purchase such number of shares as may be designated by the Holder at the time
of such surrender (not to exceed the aggregate number of shares underlying this
Warrant).

4.             Adjustments to Exercise
Price and Number of Shares Subject to Warrant.  The Exercise Price and the number of shares
of Common Stock purchasable upon the exercise of this Warrant are subject to
adjustment from time to time upon the occurrence of any of the events specified
in this Section 4.  For the purpose of
this Section 4, “Common Stock” means shares now or hereafter authorized of any
class of common stock of the Company, however designated, that has the right to
participate in any distribution of the assets or earnings of the Company
without limit as to per share amount (excluding, and subject to any prior
rights of, any class or series of preferred stock).

(a)           In case the Company
shall (i) pay a dividend or make a distribution in shares of Common Stock to
holders of shares of Common Stock, (ii) subdivide its outstanding shares of
Common Stock into a greater number of shares, (iii) combine its outstanding
shares of Common Stock into a smaller number of shares, or (iv) issue by
reclassification of its shares of 

 3
 

 

 

Common Stock
other securities of the Company, then the Exercise Price in effect at the time
of the record date for such dividend or on the effective date of such
subdivision, combination or reclassification, and/or the number and kind of
securities issuable on such date, shall be proportionately adjusted so that the
Holder of the Warrant thereafter exercised shall be entitled to receive the
aggregate number and kind of shares of Common Stock (or such other securities
other than Common Stock) of the Company, at the same aggregate Exercise Price,
that, if such Warrant had been exercised immediately prior to such date, the
Holder would have owned upon such exercise and been entitled to receive by
virtue of such dividend, distribution, subdivision, combination or
reclassification.  Such adjustment shall
be made successively whenever any event listed above shall occur.

(b)           In case the Company
shall fix a record date for the making of a distribution to all holders of
Common Stock (including any such distribution made in connection with a
consolidation or merger in which the Company is the surviving corporation) of
cash, evidences of indebtedness or assets, or subscription rights or warrants,
the Exercise Price to be in effect after such record date shall be determined
by multiplying the Exercise Price in effect immediately prior to such record
date by a fraction, the numerator of which shall be the Fair  Market Value 
per share of Common Stock on such record date, less the amount of cash
so to be distributed or the Fair Market Value (as determined in good faith by,
and reflected in a formal resolution of, the board of directors of the Company)
of the portion of the assets or evidences of indebtedness so to be distributed,
or of such subscription rights or warrants, applicable to one share of Common Stock,
and the denominator of which shall be the 
Fair  Market Value per share of
Common Stock.  Such adjustment shall be
made successively whenever such a record date is fixed; and in the event that
such distribution is not so made, the Exercise Price shall again be adjusted to
be the Exercise Price which would then be in effect if such record date had not
been fixed.

(c)           Notwithstanding any
provision herein to the contrary, no adjustment in the Exercise Price shall be
required unless such adjustment would require an increase or decrease of at
least 1% in the Exercise Price; provided, however, that any
adjustments which by reason of this Section 4 (c) are not required to be made
shall be carried forward and taken into account in any subsequent
adjustment.  All calculations under this
Section 4 shall be made to the nearest cent or the nearest one-hundredth of a
share, as the case may be.

(d)           In the event that at
any time, as a result of an adjustment made pursuant to Section 4(a) above, the
Holder of any Warrant thereafter exercised shall become entitled to receive any
shares of capital stock of the Company other than shares of Common Stock,
thereafter the number of such other shares so receivable upon exercise of any
Warrant shall be subject to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the
shares of Common Stock contained in this Section 4, and the other provisions of
this Warrant shall apply on like terms to any such other shares.

(e)           If
the Company merges or consolidates into or with another corporation or entity,
or if another corporation or entity merges into or with the Company (excluding
such a merger in which the Company is the surviving or continuing corporation
and which does not result in any reclassification, conversion, exchange, or
cancellation of the outstanding shares of 

 4
 

 

 

Common Stock), or if all or substantially all of the assets or business
of the Company are sold or transferred to another corporation, entity, or person,
then, as a condition to such consolidation, merger, or sale (any a “Transaction”),
lawful and adequate provision shall be made whereby the Holder shall have the
right from and after the Transaction to receive, upon exercise of this Warrant
and upon the terms and conditions specified herein and in lieu of the shares of
the Common Stock that would have been issuable if this Warrant had been
exercised immediately before the Transaction, such shares of stock, securities,
or assets as the Holder would have owned immediately after the Transaction if
the Holder had exercised this Warrant immediately before the effective date of
the Transaction.

(f)            In
case any event shall occur as to which the other provisions of this Section 4
are not strictly applicable but the failure to make any adjustment would not
fairly protect the purchase rights represented by this Warrant in accordance
with the essential intent and principles hereof, then, in each such case, the
Company shall effect such adjustment, on a basis consistent with the essential
intent and principles established in this Section 4, as may be necessary to
preserve, without dilution, the purchase rights represented by this Warrant.

5.             Registration
Rights.

(a)           No
Registration Under the Securities Act. The Warrant has not been registered
under the Securities Act.  When
exercised, the stock certificates shall bear the following legend unless two
years have elapsed since the date of issuance of this Warrant  and the shares of Common Stock are issued in
a cashless exercise pursuant to Section 2 hereof.

“The securities represented by this certifi­cate
have not been registered under the Securities Act of 1933 (the “Act”), and may
not be offered for sale or sold except pursuant to (i) an effective
registration statement under the Act, or (ii) an opinion of counsel, if such
opinion and counsel shall be reasonably satis­factory to counsel to the issuer,
that an exemption from registration under the Act is available”.

(b)           Registration.  The Holder is entitled to registration rights
as provided in a separate Registration Rights Agreement.

6.             Reservation of
Shares.  The Company agrees at
all times to reserve and hold available out of its authorized but unissued
shares of Common Stock the number of shares of Common Stock issuable upon the
full exercise of this Warrant.  The
Company further covenants and agrees that all shares of Common Stock that may
be delivered upon the exercise of this Warrant will, upon delivery, be fully
paid and nonassessable and free from all taxes, liens and charges with respect
to the purchase thereof hereunder.

7.             Notices to
Holder.  Upon any adjustment
of the Exercise Price (or number of shares of Common Stock issuable upon the
exercise of this Warrant) pursuant to Section 4, the Company shall promptly
thereafter cause to be given to the Holder written notice of such
adjustment.  Such notice shall include
the Exercise Price (and/or the number of shares of Common Stock issuable upon
the exercise of this Warrant) after such adjustment, and shall set forth in
reasonable detail the Company’s method of calculation and the facts upon which
such 

 5
 

 

 

calculations were
based.  Where appropriate, such notice
shall be given in advance and included as a part of any notice required to be
given under the other provisions of this Section 7.

In the event of
(a) any fixing by the Company of a record date with respect to the holders of
any class of securities of the Company for the purpose of determining which of
such holders are entitled to dividends or other distributions, or any rights to
subscribe for, purchase or otherwise acquire any shares of capital stock of any
class or any other securities or property, or to receive any other right, (b)
any capital reorganization of the Company, or reclassification or recapitalization
of the capital stock of the Company or any transfer of all or substantially all
of the assets or business of the Company to, or consolidation or merger of the
Company with or into, any other entity or person, or (c) any voluntary or
involuntary dissolution or winding up of the Company, then and in each such
event the Company will give the Holder a written notice specifying, as the case
may be (i) the record date for the purpose of such dividend, distribution, or
right, and stating the amount and character of such dividend, distribution, or
right; or (ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, conveyance, dissolution,
liquidation, or winding up is to take place and the time, if any is to be
fixed, as of which the holders of record of Common Stock (or such capital stock
or securities receivable upon the exercise of this Warrant) shall be entitled
to exchange their shares of Common Stock (or such other stock securities) for
securities or other property deliverable upon such event.  Any such notice shall be given at least 10
days prior to the earliest date therein specified.

8.             No Rights as
a Stockholder.  This Warrant
does not entitle the Holder to any voting rights or other rights as a
stockholder of the Company, nor to any other rights whatsoever except the
rights herein set forth.  Provided,
however, the Company shall not enter into any merger agreement in which
it is not the surviving entity, or sell all or substantially all of its assets
unless the Company shall have first provided the Holder with 20 days prior
written notice.

9.             Additional
Covenants of the Company.  For
so long as the Common Stock is listed for trading or trades on any national
securities exchange or The Nasdaq Stock Market, the Company shall, upon
issuance of any shares for which this Warrant is exercisable, at its expense,
promptly obtain and maintain the listing or qualifications for trading of such
shares.

The Company shall
comply with the reporting requirements of Sections 13 and 15(d) of the
Securities Exchange Act of 1934 for so long as and to the extent that such
requirements apply to the Company.

The Company shall
not, by amendment of its Certificate of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution,
issuance 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 Warrant.  Without limiting the generality of the
foregoing, the Company (a) will at all times reserve and keep available, solely
for issuance and delivery upon exercise of this Warrant, shares of Common Stock
issuable from time to time upon exercise of this Warrant, (b) will not increase
the par value of any shares of Common Stock issuable upon exercise of this
Warrant above the amount payable therefor upon such exercise, and (c) will take
all such actions as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable stock.

 6
 

 

 

10.           Successors and Assigns.  This Agreement shall be binding upon and
inure to the benefit of the Company, the Holder and their respective successors
and permitted assigns.

11.           Notices.  The Company agrees to maintain a ledger of
the ownership of this Warrant (the “Ledger”). 
Any notice hereunder shall be given by Federal Express or other
overnight delivery service for delivery on the next business day if to the
Company, at its principal executive office and, if to the Holder, to its address
shown in the Ledger of the Company; provided, however, that
either the Company or the Holder may at any time on three days written notice
to the other designate or substitute another address where notice is to be
given.  Notice shall be deemed given and
received after a Federal Express or other overnight delivery service is
delivered to the carrier.

12.           Severability.  Every provision of this Warrant is intended
to be severable. If any term or provision hereof is illegal or invalid for any
reason whatsoever, such illegality or invalidity shall not affect the remainder
of this Warrant.

13.           Governing Law.  This Warrant shall be governed by and
construed in accordance with the laws of the State of Nevada without giving
effect to the principles of choice of laws thereof.

14.           Attorneys’ Fees.  In any action or proceeding brought to
enforce any provision of this Warrant, the prevailing party shall be entitled
to recover reasonable attorneys’ fees in addition to its costs and expenses and
any other available remedies.

15.           Entire Agreement.  This Warrant (including the Exhibits attached
hereto) constitutes the entire understanding between the Company and the Holder
with respect to the subject matter hereof, and supersedes all prior
negotiations, discussions, agreements and understandings relating to such
subject matter.

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer
as of the date first set forth above.

	
  

  	
   

  	
  Meadow Valley
  Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Bradley E.
  Larson 

  
	
   

  	
   

  	
  President and
  Chief Executive Officer

  

 

 7

 

 

Exhibit A

SUBSCRIPTION FORM

(To be Executed by the
Holder to Exercise the Rights To Purchase Common Stock Evidenced by the Within
Warrant)

The undersigned
hereby irrevocably subscribes for             
shares of the Common Stock (the “Stock”) of             
(the “Company”) pursuant to and in accordance with the terms and conditions of
the attached Warrant (the “Warrant”), and hereby makes payment of $            
therefor by [tendering cash, wire transferring or delivering a certified check
or bank cashier’s check, payable to the order of the Company] [surrendering             
shares of Common Stock received upon exercise of the Warrant, which shares have
an aggregate fair market value equal to such payment as required in Section 2
of the Warrant].  The undersigned
requests that a certificate for the Stock be issued in the name of the
undersigned and be delivered to the undersigned at the address stated
below.  If the Stock is not all of the
shares purchasable pursuant to the Warrant, the undersigned requests that a new
Warrant of like tenor for the balance of the remaining shares purchasable
thereunder be delivered to the undersigned at the address stated below.

In connection with
the issuance of the Stock, I hereby represent to the Company that I am acquiring
the Stock for my own account for investment and not with a view to, or for
resale in connection with, a distribution of the shares within the meaning of
the Securities Act of 1933 (the “Securities Act”).

I understand that
if at this time the Stock has not been registered under the Securities Act, I
must hold such Stock indefinitely unless the Stock is subsequently registered
and qualified under the Securities Act or is exempt from such registration and
qualification. I shall make no transfer or disposition of the Stock unless (a)
such transfer or disposition can be made without registration under the
Securities Act by reason of a specific exemption from such registration and
such qualification, or (b) a registration statement has been filed pursuant to
the Securities Act and has been declared effective with respect to such
disposition.  I agree that each
certificate representing the Stock delivered to me shall bear substantially the
same as set forth on the front page of the Warrant.

I further agree
that the Company may place stop transfer orders with its transfer agent same
effect as the above legend.  The legend
and stop transfer notice referred to above shall be removed only upon my
furnishing to the Company of an opinion of counsel (reasonably satisfactory to
the Company) to the effect that such legend may be removed.

	
  Date:

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  

 

 A-1
 

 

 

	
  Date:

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  

 A-2

 

 

Exhibit B

ASSIGNMENT

(To be Executed by the
Holder to Effect Transfer of the Attached Warrant)

For Value Received                         
hereby sells, assigns and transfers to                         
the Warrant attached hereto and the rights represented thereby to purchase             
shares of Common Stock in accordance with the terms and conditions hereof, and
does hereby irrevocably constitute and appoint                         
as attorney to transfer such Warrant on the books of the Company with full
power of substitution.

	
  Date:

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Please print or typewrite name and address of assignee:

  	
   

  	
  Please insert Social Security or other Tax
  Identification Number of Assignee:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  Signed:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Please print or typewrite name and address of assignee:

  	
   

  	
  Please insert Social Security or other Tax
  Identification Number of Assignee:

  

 

 B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]