Document:

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                                                                   Exhibit 10.76

                             STOCKHOLDERS AGREEMENT

         STOCKHOLDERS AGREEMENT, dated as of February 24, 2005, by and among
SELECT MEDICAL HOLDINGS CORPORATION, a Delaware corporation f/k/a EGL Holding
Company (the "Company"), WELSH, CARSON, ANDERSON & STOWE IX, L.P., a Delaware
limited partnership ("WCAS IX"), WCAS CAPITAL PARTNERS IV, L.P., a Delaware
limited partnership ("WCAS CP IV"), and each of the other individuals and
entities from time to time named on Schedule I hereto (together with WCAS IX and
WCAS CP IV, each a "Stockholder" and collectively, the "Stockholders").

                                    RECITALS:

         WHEREAS, on October 17, 2004, the Company, EGL Acquisition Corp., a
Delaware corporation and wholly owned subsidiary of the Company ("Acquisition"),
and Select Medical Corporation, a Delaware corporation ("SEM"), entered into an
Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which, upon
the terms and subject to the conditions set forth therein, at the effective time
of the Merger, (i) Acquisition will merge with and into SEM (the "Merger") with
SEM continuing as the surviving corporation (the "Surviving Corporation"), (ii)
each share of Common Stock, par value $0.01 per share, of SEM ("SEM Common
Stock") that is outstanding immediately prior to the Merger (other than (x)
shares of SEM Common Stock owned by SEM, the Company or Acquisition and (y)
shares held by SEM stockholders who have validly exercised appraisal rights
under Section 262 of the Delaware General Corporation Law) will be converted
into the right to receive $18.00 per share in cash, without interest, and (iii)
each outstanding share of Common Stock, par value $0.01 per share, of
Acquisition will be converted into one share of Common Stock, par value $0.01
per share, of the Surviving Corporation;

         WHEREAS, the Company, WCAS IX and certain other Stockholders have
entered into a Stock Subscription and Exchange Agreement, dated as of February
22, 2005 (the "Stock Subscription Agreement"), pursuant to which the Company has
agreed to sell to such Stockholders (i) an aggregate 21,471,876.75 shares of
Participating Preferred Stock, par value $0.001 per share, of the Company (the
"Company Preferred Stock"), and (ii) an aggregate 144,398,369.00 shares of
Common Stock, par value $0.001 per share, of the Company (the "Company Common
Stock" and, together with the Company Preferred Stock, the "Company Capital
Stock");

         WHEREAS, on the closing date of the Merger, the Company and WCAS CP IV
and certain other Stockholders will enter into a Securities Purchase Agreement
(the "Securities Purchase Agreement") pursuant to which WCAS CP IV and such
other Investors will acquire $150,000,000 aggregate principal amount of senior
subordinated notes of the Company due 2015, 573,171.25 shares of Company
Preferred Stock and 3,854,577.00 shares of Company Common Stock;

         WHEREAS, the Company and the Stockholders desire to provide for certain
matters relating to the Company Capital Stock and any securities directly or
indirectly

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convertible into or exercisable or exchangeable for Company Common Stock
("Options or Convertible Securities");

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, the parties hereto hereby agree as
follows:

                                   ARTICLE I.

                              INTRODUCTORY MATTERS

         SECTION 1.01. Defined Terms. In addition to the terms defined elsewhere
herein, the following terms have the following meanings when used herein with
initial capital letters:

         "Affiliate" means, with respect to any specified Person, a Person that
directly, or indirectly through one or more intermediaries, Controls, is
Controlled by or is under common Control with, the specified Person, including
without limitation, any investment partnership or limited liability company now
or hereafter existing which is Controlled by or under common Control with such
Person; provided, that officers, directors or employees of the Company or SEM
will not be deemed to be Affiliates of a stockholder of the Company for purposes
hereof solely by reason of being officers, directors or employees of the Company
or SEM; provided, further, that, for purposes of the definition of Third Party
contained in Section 4.01, no portfolio company of WCAS IX (or of any other
investment partnership or limited liability company under common Control with
WCAS IX) shall be deemed to be an Affiliate of the Company or WCAS IX unless a
majority of the outstanding voting securities of such portfolio company are
owned by WCAS IX and/or such other investment partnership or limited liability
company.

         "Agreement" means this Agreement, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the
terms hereof.

         "Assumption Agreement" means a writing reasonably satisfactory in form
and substance to the Company and WCAS IX whereby a Permitted Transferee of
Company Equity Securities becomes a party to, and agrees to be bound (to the
same extent as its transferor) by, the terms of this Agreement as a
"Stockholder" hereunder.

         "Board" means the Board of Directors of the Company.

         "Business Day" means a day other than a day on which commercial banks
in New York, New York are authorized or required by law to close.

         "Commission" means the Securities and Exchange Commission, or any other
federal agency at the time administering the Securities Act.

         "Company Equity Securities" means all shares of Company Capital Stock
now or hereafter issued and all Options or Convertible Securities now or
hereafter issued.

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         "Company Stock Plans" means all stock option plans, restricted stock
purchase plans and other stock-based plans and agreements approved by the Board.

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

         "Designated Affiliate" means (i) in the case of any Stockholder that is
not a natural person, any Affiliate of such Stockholder, (ii) in the case of a
Stockholder who is a natural person, such Stockholder's parents, spouse and
lineal descendants and the lineal descendants of such Stockholder's spouse, or
trusts for the benefit of, or corporations, limited liability companies or
partnerships, the stockholders, members or general and/or limited partners of
which include, only such Stockholder and/or Stockholder's parents, spouse or
lineal descendants or the lineal descendants of such Stockholder's spouse, (iii)
in the case of WCAS IX or WCAS CP IV and each of their Designated Affiliates
under this clause (iii), WCAS IX, WCAS CP IV and each general partner, manager,
member, officer, director or employee of any of the foregoing; and (iv) in the
case of TCEP and each of its Designated Affiliates under this clause (iv), TCEP
and each general partner, manager, member, officer, director or employee of any
of the foregoing. For purposes of the foregoing, lineal descendants shall be
deemed to include children by adoption.

         "Exchange Act" means the Securities Exchange Act of 1934, or any
successor federal statute, and the rules and regulations of the Commission
thereunder, as the same may be amended from time to time.

         "Fully Diluted Basis" means, with respect to any determination of the
number of shares of Company Common Stock outstanding or held by one or more
Persons, the number of shares of Company Common Stock outstanding or held by
such Persons (excluding any unvested shares of restricted Company Common Stock
issued under Company Stock Plans) assuming (i) the conversion of each
outstanding share of Company Preferred Stock into that number of shares of
Company Common Stock equal to the Conversion Constant (as defined in Section I
of Article FOURTH of the Restated Certificate of Incorporation of the Company)
as in effect at the time of such determination and (ii) the full conversion,
exercise and exchange of all other Options or Convertible Securities for Company
Common Stock (excluding options and other rights issued under Company Stock
Plans); provided, however, that in connection with a Proposed Sale (as defined
in Section 3.01(a)), unvested shares of restricted Company Common Stock issued
under Company Stock Plans which would vest at or before the consummation of such
Proposed Sale shall not be excluded from the determination of the number of
shares of Company Common Stock held by a Tagging Stockholder.

         "Permitted Transferee" means any Person to whom Company Equity
Securities are Transferred in a Transfer in accordance with Section 2.02 and
otherwise not in violation of this Agreement and who is required to, and does,
enter into an Assumption Agreement, it being understood that neither the Company
nor any of its subsidiaries shall be considered to be Permitted Transferees.

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         "Person" means any natural person, corporation, limited liability
company, partnership, trust, joint stock company, business trust, unincorporated
association, joint venture, governmental authority or other legal entity of any
nature whatsoever.

         "Public Offering" means the sale of shares of Company Common Stock to
the public pursuant to an effective registration statement (other than a
registration statement on Form S-4, Form S-8 or any similar or successor form)
filed under the Securities Act.

         "Qualified Purchaser" means any Schedule III Purchaser or Schedule IV
Purchaser, each under and as defined in the Stock Subscription Agreement, so
long as such Stockholder was not an employee of the Company or any of its
subsidiaries on the date hereof and such Stockholder continues to own,
collectively with its Permitted Transferees, at least 50% of the shares of
Company Common Stock and 50% of the shares of Company Preferred Stock owned by
it on the date hereof after giving effect to the transactions contemplated by
the Stock Subscription Agreement.

         "Qualified Stockholder" means any Stockholder who (individually or
together with its Designated Affiliates), at the time of determination, holds on
a Fully Diluted Basis not less than 200,000 shares (as adjusted for any stock
splits, stock dividends, stock combinations and similar events occurring after
the date hereof) of Company Common Stock.

         "Securities Act" means the Securities Act of 1933, or any successor
federal statute, and the rules and regulations of the Commission thereunder, as
the same may be amended from time to time.

         "TCEP" means Thoma Cressey Fund VI, L.P., a Delaware limited
partnership.

         "Transfer" means a transfer, sale, assignment, pledge, hypothecation or
other disposition (including by operation of law), whether directly or
indirectly pursuant to the creation of a derivative security, the grant of an
option or other right or the imposition of a restriction on disposition or
voting.

         "Voting Proxy" means any irrevocable proxy granted to WCAS IX by a
Stockholder and shall include each "Voting Proxy" referred to in the Stock
Subscription Agreement.

         SECTION 1.02. Construction. (a) The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties and no presumption or burden
of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Agreement. Unless the context otherwise
requires: (i) "or" is disjunctive but not exclusive, (ii) words in the singular
include the plural, and in the plural include the singular, (iii) the words
"hereof", "herein", and "hereunder" and words of similar import when used in
this Agreement refer to this Agreement as a whole and not to any particular
provision of this Agreement, (iv) the headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement,

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(v) the words "Article" and "Section" are references to the articles and
sections of this Agreement unless otherwise specified and (vi) whenever the
words "include", "includes" or "including" are used in this Agreement they shall
be deemed to be followed by the words "without limitation".

         (b) References herein to WCAS IX, to the extent such entity shall have
transferred any of its shares of Company Common Stock to one or more Permitted
Transferees, shall mean WCAS IX and such Permitted Transferees, taken together,
and any right or action that may be taken at the election of WCAS IX may be
taken at the election of WCAS IX and such Permitted Transferees to the extent
WCAS IX has agreed in writing to transfer such rights to any such Permitted
Transferee.

                                   ARTICLE II.

                                    TRANSFERS

         SECTION 2.01. Transfers. (a) No Stockholder may Transfer any Company
Equity Securities other than (i) with respect to Transfers by Stockholders other
than by WCAS IX, Transfers made with the written consent of WCAS IX and (ii)
Transfers made in accordance with Section 2.02, Article III (including any
Excluded Transactions (as defined in Section 3.01(a)) or Article IV; provided,
that, notwithstanding the foregoing, any employee, officer or director of the
Company or any of its subsidiaries may Transfer Company Equity Securities to the
Company or any of its subsidiaries. Any attempted Transfer of Company Equity
Securities in violation of the provisions of this Agreement shall be null and
void ab initio and of no effect.

         (b) Each certificate representing Company Equity Securities that is
held by a Stockholder will bear a legend substantially to the following effect
with such additions thereto or changes therein as the Company may be advised by
counsel are required by law or necessary to give full effect to this Agreement
(the "Stockholders Agreement Legend"):

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
         STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 24, 2005, AMONG THE
         COMPANY AND THE OTHER PARTIES THERETO, AS AMENDED, A COPY OF WHICH IS
         ON FILE WITH THE SECRETARY OF THE COMPANY. NO TRANSFER, SALE,
         ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE
         SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN
         ACCORDANCE WITH THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT. THE
         HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES
         TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT."

The Stockholders Agreement Legend will be removed by the Company by the delivery
of substitute certificates without such Stockholders Agreement Legend in the
event of (i) a Transfer permitted by this Agreement in which the Transferee is
not required to enter into an Assumption Agreement or (ii) the termination of
this Agreement in accordance with Section 9.07.

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         (c) The Company shall not give effect to any attempted Transfer of
Company Equity Securities made in violation of the terms of any Voting Proxy,
and any attempted Transfer in violation of the terms thereof shall be null and
void ab initio and of no effect. At all times prior to the expiration of any
Voting Proxy, the Company shall use its best efforts to comply with the
provisions of such Voting Proxies relating to the placing of legends on Company
Equity Securities, and each Stockholder granting any such Voting Proxy hereby
consents to the placing of such legends on such certificates.

         SECTION 2.02. Transfers to Permitted Transferees. Any Stockholder may,
at any time, Transfer any or all of the Company Equity Securities held by such
Stockholder to any one or more Designated Affiliates of such Stockholder so long
as each such Designated Affiliate duly executes and delivers an Assumption
Agreement (such Transfer to be effective only upon the delivery of such
Assumption Agreement to the Company and WCAS IX); provided, that (A) if the
Company so requests promptly following (and, in any event, within five (5)
Business Days after) its receipt of such Assumption Agreement, such Assumption
Agreement shall not be effective unless and until the Company has been furnished
with an opinion in form and substance reasonably satisfactory to the Company of
counsel reasonably satisfactory to the Company (which may include internal
counsel of such Stockholder) that such Transfer is exempt from or not subject to
the provisions of Section 5 of the Securities Act and any other applicable
securities laws and (B) no Transfer under this Section 2.02 shall be permitted
if such Transfer would require the Company to register a class of equity
securities under Section 12 of the Exchange Act under circumstances where the
Company does not then have securities of any class registered under Section 12
of the Exchange Act. Notwithstanding the foregoing, no party hereto shall avoid
the provisions of this Agreement by making one or more Transfers to one or more
Permitted Transferees and then disposing of all or any portion of such party's
interest in any such Permitted Transferee.

         SECTION 2.03. Securities Law Compliance. (a) Each Stockholder agrees
that it will not effect any Transfer of Company Equity Securities unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act or pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act and, in either case, in
compliance with all applicable state securities laws. The Company agrees, and
each Stockholder understands and consents, that the Company will not cause or
permit the Transfer of any Company Equity Securities to be made on its books (or
on any register of securities maintained on its behalf) unless the Transfer is
permitted by, and has been made in accordance with the terms of this Agreement
and all applicable federal and state securities laws. Any attempted Transfer in
violation of the terms hereof shall be null and void ab initio and of no effect.
Each Stockholder agrees that in connection with any Transfer of Company Equity
Securities that is not made pursuant to a registered public offering, the
Company may, in its sole discretion, request an opinion in form and substance
reasonably satisfactory to the Company of counsel reasonably satisfactory to the
Company (which may include internal counsel of such Stockholder) stating that
such transaction is exempt from registration under the Securities Act and in
compliance with applicable state securities laws.

         (b) From and after the date hereof, and until such time as such
securities (i) have been sold to the public pursuant to an effective
registration statement under the Securities Act or pursuant to an exemption from
such registration, or (ii) are eligible to be sold pursuant to clause

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(k) of Rule 144 (or any successor clause or Rule) under the Securities Act, and,
in each case, the holder of such securities shall have requested the issuance of
new certificates in writing and, if requested by the Company, delivered to the
Company an opinion in form and substance reasonably satisfactory to the Company
of counsel reasonably satisfactory to the Company (which may include internal
counsel of such Stockholder) to such effect, all certificates representing
Company Equity Securities that are held by any Stockholder shall bear a legend
which shall state the following:

         "THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND NO INTEREST HEREIN
         MAY BE SOLD, OFFERED, ASSIGNED, DISTRIBUTED, PLEDGED OR OTHERWISE
         TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT
         UNDER SUCH ACT COVERING ANY SUCH TRANSACTION OR (B) THE COMPANY
         RECEIVES AN OPINION IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
         THE COMPANY OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY STATING
         THAT SUCH TRANSACTION IS EXEMPT FROM SUCH REGISTRATION AND IN
         COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES LAWS OR (C) THE COMPANY
         AND ITS COUNSEL ARE OTHERWISE SATISFIED THAT SUCH TRANSACTION IS EXEMPT
         FROM SUCH REGISTRATION AND IN COMPLIANCE WITH ALL STATE SECURITIES
         LAWS."

                                  ARTICLE III.

                                TAG-ALONG RIGHTS

         SECTION 3.01. Tag-Along Rights. (a) With respect to any proposed
Transfer by WCAS IX and/or any of its Permitted Transferees (collectively, the
"Selling Stockholder") of shares of Company Capital Stock to any Person who is
not a Designated Affiliate of the Selling Stockholder other than (i) pursuant to
any agreement or plan of merger or combination, including any tender or exchange
offer in respect thereof, that is approved by the Board (provided that such plan
of merger or combination provides that each Stockholder is eligible to receive
the same form of consideration received by WCAS IX and/or its Permitted
Transferees in exchange for the same kind of securities) or (ii) any transaction
or transactions occurring after the date hereof that (when aggregated with all
shares sold in connection with prior Transfers that were deemed to be Excluded
Transactions under this clause (ii)) result in the Transfer by the Selling
Stockholder of (x) less than an aggregate 1,250,000 (as adjusted for any stock
splits, stock dividends, stock combinations and similar events occurring after
the date hereof) shares of Company Preferred Stock and/or (y) less than an
aggregate 8,250,000 shares (as adjusted for any stock splits, stock dividends,
stock combinations and similar events occurring after the date hereof) of
Company Common Stock (any such transaction referred to in clause (i) or (ii)
above, an "Excluded Transaction", and any such transaction not excluded under
clause (i) or (ii) above, a "Proposed Sale"), each Stockholder (other than the
Selling Stockholder) who exercises its rights under this Section 3.01(a) in
accordance with this Section 3.01 (each a "Tagging Stockholder") will have the
right to include the following in the proposed sale to the proposed
transferee(s) of shares (the "Proposed Transferee") or sell the following to the
Selling Stockholder (if such Proposed

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Transferee will not agree to purchase shares directly from such Tagging
Stockholder, and in such case the Selling Stockholder shall be obligated to
purchase from such Stockholder the following): (1) if the Selling Stockholder
proposes to Transfer shares of Company Preferred Stock in such Proposed Sale, a
number of shares of Company Preferred Stock up to the product (rounded down to
the nearest whole number) of (i) the quotient determined by dividing (A) the
aggregate number of shares of Company Preferred Stock owned by such Tagging
Stockholder by (B) the aggregate number of shares of Company Preferred Stock
then outstanding and (ii) the total number of shares of Company Preferred Stock
proposed to be Transferred to the Proposed Transferee(s) and/or (2) if the
Selling Stockholder proposes to Transfer shares of Company Common Stock in such
Proposed Sale, a number of shares of Company Common Stock up to the product
(rounded down to the nearest whole number) of (i) the quotient determined by
dividing (A) the aggregate number of shares of Company Common Stock owned by
such Tagging Stockholder on a Fully Diluted Basis by (B) the aggregate number of
shares of Company Common Stock then outstanding on a Fully Diluted Basis and
(ii) the total number of shares of Company Common Stock proposed to be
Transferred to the Proposed Transferee(s), at the same price(s) per share of
Company Preferred Stock and/or Company Capital Stock, as the case may be, and
upon the same terms and conditions (including time of payment, form of
consideration and adjustments to purchase price) as the Selling Stockholder;
provided, that in order to be entitled to exercise its right to sell shares of
Company Capital Stock to the Proposed Transferee pursuant to this Section 3.01,
each Tagging Stockholder, if requested by such Proposed Transferee, (x) shall
agree to the same covenants as the Selling Stockholder agrees to in connection
with the Proposed Sale, (y) shall be obligated to join on a pro rata basis
(based on the proceeds received by such Tagging Stockholder in connection with
the Proposed Sale) in any indemnification that the Selling Stockholder agrees to
provide in connection with the Proposed Sale (other than in connection with
obligations that relate to a particular Stockholder such as representations and
warranties concerning itself for which each Stockholder shall agree to be solely
responsible, and provided that the liability for any indemnification to be
provided by such Tagging Stockholder with respect to any representations and
warranties made by such Tagging Stockholder shall not exceed the total
consideration received by such Tagging Stockholder for its Company Equity
Securities in respect of such Proposed Sale), and (z) shall make such
representations and warranties concerning itself and the shares of Company
Capital Stock to be sold by it in connection with such Transfer as the Selling
Stockholder makes with respect to itself and its shares.

                  (b) Each Tagging Stockholder will be responsible for funding
its proportionate share of any adjustment in purchase price or escrow
arrangements in connection with the Proposed Sale and for its proportionate
share of any withdrawals from any such escrow, including any such withdrawals
that are made with respect to claims arising out of agreements, covenants,
representations, warranties or other provisions relating to the Proposed Sale.

                  (c) Each Tagging Stockholder will be responsible for its
proportionate share of the fees, commissions and other out-of-pocket expenses
(collectively, "Costs") of the Proposed Sale to the extent not paid or
reimbursed by the Company, the Proposed Transferee or another Person (other than
the Selling Stockholder); provided, that the liability for such Costs shall not
exceed the total purchase price received by such Stockholder for such shares (or
if such Proposed Sale does not occur, such proposed purchase price). The Selling
Stockholder shall be entitled to estimate in its reasonable, good faith judgment
each Tagging Stockholder's proportionate share

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of such Costs and to withhold such amounts from payments to be made to each
Tagging Stockholder at the time of closing of such Proposed Sale; provided, that
(i) such estimate shall not preclude the Selling Stockholder from recovering
additional amounts from the Tagging Stockholders in respect of each such Tagging
Stockholder's proportionate share of such Costs and (ii) the Selling Stockholder
shall reimburse each Tagging Stockholder to the extent actual amounts are
ultimately less than the estimated amounts or any such amounts are paid by the
Company, the Proposed Transferee or another Person (other than the Selling
Stockholder).

         SECTION 3.02. Exercise of Tag-Along Rights; Notices. The Selling
Stockholder will give the Company prior written notice of each Proposed Sale,
setting forth the number and type of shares of Company Capital Stock proposed to
be so Transferred, the name and address of the Proposed Transferee, the proposed
amount and form of consideration and other material terms and conditions of
payment offered by the Proposed Transferee. In the event that any of the
material terms or conditions set forth in the notice are thereafter amended in
any material respect, the Selling Stockholder shall also give written notice of
the amended terms and conditions of the Proposed Sale to the Company. Upon its
receipt of any such notice or amended notice, the Company shall promptly, but in
all events within two (2) Business Days of its receipt thereof, forward copies
thereof to each of the Stockholders other than the Selling Stockholder (such
initial notice, the "Tag-Along Opportunity Notice" and any amended notice, an
"Amended Tag-Along Opportunity Notice"). In order to exercise the tag-along
rights provided by this Article III a Stockholder must send a written notice to
the Company and the Selling Stockholder indicating its desire to exercise its
rights and specifying the number and type of shares of Company Capital Stock it
desires to sell (the "Tag-Along Exercise Notice") within ten (10) Business Days
following the giving of the Tag-Along Opportunity Notice to such Stockholder (or
if an Amended Tag-Along Opportunity Notice is given to the Stockholders, within
ten (10) Business Days following the giving of such Amended Tag-Along
Opportunity Notice). Upon the giving of an Amended Tag-Along Opportunity Notice
to a Stockholder that had previously provided a Tag-Along Exercise Notice, such
Tagging Stockholder shall be permitted to cancel its exercise of its rights
under this Article III upon delivery of written notice to the Selling
Stockholder and the Company to such effect and shall be released from its
obligation hereunder. There shall be no liability on the part of the Selling
Stockholder to any Tagging Stockholder if the sale of shares of Company Capital
Stock pursuant to this Article III is not consummated for whatever reason.
Whether or not to effect a sale of shares of Company Capital Stock pursuant to
this Article III shall be within in the sole and absolute discretion of the
Selling Stockholder.

         SECTION 3.03. Closing of Proposed Sale. (a) Each Tagging Stockholder
shall deliver to the Company, as agent for such Tagging Stockholder, for
transfer to the Proposed Transferee one or more certificates, properly endorsed
for transfer and with all stock transfer taxes paid and stamps affixed, which
represent the shares of Company Capital Stock that such Tagging Stockholder is
permitted to dispose of pursuant to this Article III. The consummation of such
Proposed Sale shall be subject to the sole discretion of the Selling
Stockholder, who shall have no liability or obligation whatsoever to any Tagging
Stockholder participating therein other than to obtain for such Tagging
Stockholder the same terms and conditions as those of the Selling Stockholder.
In connection with the consummation of any such Proposed Sale, the Company (i)
shall transfer to the Proposed Transferee at the closing of such Proposed Sale a
stock certificate or certificates representing the shares of Company Capital
Stock to be disposed of by any Tagging Stockholders and (ii) shall promptly
thereafter remit to each Tagging

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Stockholder (x) that portion of the proceeds of the disposition to which such
Tagging Stockholder is entitled by reason of such participation (after giving
effect to Section 3.01(b) and/or 3.01(c)) and (y) a stock certificate or
certificates representing any balance of shares of Company Capital Stock that
were not so disposed of (or all shares of Company Capital Stock, in the event
the proposed disposition is not consummated).

         (b) If any Tagging Stockholder exercises its rights under this Article
III, the closing of the purchase of the Company Capital Stock with respect to
which such rights have been exercised will take place concurrently with the
closing of the sale of the Selling Stockholder's Company Capital Stock to the
Proposed Transferee. If by the end of ninety (90) days following the date of
delivery of the Tag-Along Opportunity Notice (or, following the delivery of the
last Amended Tag-Along Opportunity Notice, if applicable), the Selling
Stockholder and the Proposed Transferee have not completed the Proposed Sale,
each Tagging Stockholder shall be released from its obligations under this
Article III, and the Tag-Along Exercise Notices shall be null and void, and it
shall be necessary for the terms of this Article III to be separately complied
with in order to consummate such Proposed Sale pursuant to this Article III.

         SECTION 3.04. Tag-Along Power of Attorney. Upon delivering a Tag Along
Exercise Notice, each Tagging Stockholder will, if requested by the Selling
Stockholder, execute and deliver a power of attorney in form and substance
reasonably satisfactory to the Selling Stockholder and such Tagging Stockholder
with respect to the shares of Company Capital Stock that are to be sold by such
Tagging Stockholder pursuant hereto (a "Tag-Along Power of Attorney"); it being
understood that the Tag-Along Power of Attorney will provide, among other
things, that each such Tagging Stockholder will irrevocably appoint said
attorney-in-fact as its agent and attorney-in-fact with full power and authority
to act under the Tag-Along Power of Attorney on its behalf with respect to (and
subject to the terms and conditions of) the matters specified in this Article
III.

                                   ARTICLE IV.

                                DRAG-ALONG RIGHTS

         SECTION 4.01. Drag-Along Rights. If WCAS IX (the "Dragging
Stockholder"), the Company or SEM receives an offer from a Person who is not an
Affiliate of the Company or WCAS IX (a "Third Party") to purchase or exchange
(by merger, consolidation or otherwise) (x) at least a majority of the shares of
Company Common Stock then outstanding and/or at least a majority of the shares
of Company Preferred Stock then outstanding or (y) all or substantially all of
the assets of the Company and its subsidiaries taken as a whole, and WCAS IX
wishes to accept such offer (or WCAS IX wishes that the Company or SEM accept
such offer), then each Stockholder other than WCAS IX (the "Drag-Along
Stockholders") hereby agrees that, if requested by the Dragging Stockholder,
such Stockholder will (A) waive any appraisal rights that it would otherwise
have in respect of such transaction, and/or (B) Transfer to such Third Party,
subject to the other provisions of this Article IV, on the terms of the offer so
accepted by the Dragging Stockholder, including time of payment, form and choice
of consideration and adjustments to purchase price, (i) that number of shares of
Company Preferred Stock equal to the number of shares of Company Preferred Stock
owned by such Stockholder multiplied by the

                                       10
<PAGE>

percentage of the then outstanding shares of Company Preferred Stock to which
the Third Party offer is applicable, if any, and (ii) that number of shares of
Company Common Stock equal to the number of outstanding shares of Company Common
Stock owned by such Stockholder multiplied by the percentage of the then
outstanding shares of Company Common Stock to which the Third Party offer is
applicable, if any.

         SECTION 4.02. Exercise of Drag-Along Rights; Notices; Certain
Conditions of Drag-Along Sales. (a) The Dragging Stockholder will give notice
(the "Drag-Along Notice") to the Drag-Along Stockholders of any proposed
Transfer giving rise to the rights of the Dragging Stockholder set forth in
Section 4.01 (a "Drag-Along Sale") within five (5) Business Days after the
Dragging Stockholder's acceptance of the offer referred to in Section 4.01 and,
in any event, not less than ten (10) Business Days prior to the proposed closing
date for such Drag-Along Sale. The Drag-Along Notice will set forth the number
and type of shares of Company Capital Stock proposed to be so Transferred, the
name of the proposed transferee or acquiring Person, the proposed amount and
form of consideration, the number and type of shares of Company Capital Stock
sought and the other terms and conditions of the offer.

         (b) If any holders of Company Capital Stock are given an option as to
the form and amount of consideration to be received, all holders of such class
of Company Capital Stock shall be given the same option. Each Drag-Along
Stockholder (x) shall agree to the same covenants as the Dragging Stockholder
agrees to in connection with the Drag-Along Sale (provided such covenants shall
not apply to Affiliates of such Drag-Along Stockholder that are not Controlled
by such Drag-Along Stockholder), (y) shall be obligated to join on a pro rata
basis (based on the proceeds received by each such Drag-Along Stockholder in
connection with the Drag-Along Sale) in any indemnification that the Dragging
Stockholder agrees to provide in connection with the Drag-Along Sale (other than
in connection with obligations that relate to a particular Stockholder, such as
representations and warranties concerning itself, for which each Stockholder
shall agree to be solely responsible, and provided that the liability for any
indemnification to be provided by such Drag-Along Stockholder with respect to
any representations and warranties made by such Drag-Along Stockholder shall not
exceed the total consideration received by such Drag-Along Stockholder for its
Company Equity Securities in respect of such Drag-Along Sale), and (z) shall
make such representations and warranties concerning itself and the shares of
Company Capital Stock to be sold by it in connection with such Drag-Along Sale
as the Dragging Stockholder makes with respect to itself and its shares.

         (c) Each Drag-Along Stockholder will be responsible for funding its
proportionate share of any adjustment in purchase price or escrow arrangements
in connection with the Drag-Along Sale and for its proportionate share of any
withdrawals from any such escrow, including any such withdrawals that are made
with respect to claims arising out of agreements, covenants, representations,
warranties or other provisions relating to the Drag-Along Sale.

         (d) Each Drag-Along Stockholder will be responsible for its
proportionate share of the Costs of the Drag-Along Sale to the extent not paid
or reimbursed by the Company, the Third Party or another Person (other than the
Dragging Stockholder); provided, that the liability for such Costs shall not
exceed the total consideration received by such Drag-Along Stockholder for its
Company Equity Securities in respect of such Drag-Along Sale. The Dragging
Stockholder shall be entitled to estimate in its reasonable, good faith judgment
each Drag-Along

                                       11
<PAGE>

Stockholder's proportionate share of such Costs and to withhold
such amounts from payments to be made to each Drag-Along Stockholder at the time
of closing of the Drag-Along Sale; provided that (i) such estimate shall not
preclude the Dragging Stockholder from recovering additional amounts from the
Drag-Along Stockholders in respect of each Drag-Along Stockholder's
proportionate share of such Costs and (ii) the Dragging Stockholder shall
reimburse each Drag-Along Stockholder to the extent actual amounts are
ultimately less than the estimated amounts or any such amounts are paid by the
Company, the Third Party or another Person (other than the Dragging
Stockholder).

         SECTION 4.03. Closing of Drag-Along Sale. (a) At the closing of such
Drag-Along Sale, each of the Drag-Along Stockholders shall deliver certificates
evidencing the Company Equity Securities then held by it and to be sold or
cancelled in connection with such sale, duly endorsed for transfer or
accompanied by stock powers executed in blank, against payment of the purchase
price therefor by wire transfer to the account or accounts specified by such
Drag-Along Stockholder.

         (b) If the Drag-Along Sale is not consummated within 180 days from the
date of the Drag-Along Notice, the Dragging Stockholder must deliver another
Drag-Along Notice in order to exercise its rights under this Article IV with
respect to such Drag-Along Sale.

         SECTION 4.04. Custody Agreement and Power of Attorney. Upon receiving a
Drag-Along Notice, each Drag-Along Stockholder will, if requested by the
Dragging Stockholder, execute and deliver a custody agreement and power of
attorney in form and substance reasonably satisfactory to the Dragging
Stockholder and such Drag-Along Stockholder with respect to the shares of
Company Capital Stock that are to be sold by such Drag-Along Stockholder
pursuant hereto and with respect to any other Company Equity Securities subject
to this Article IV in respect of such Drag-Along Sale (a "Drag-Along Custody
Agreement and Power of Attorney"); it being understood that the Drag-Along
Custody Agreement and Power of Attorney will provide, among other things, that
each such Drag-Along Stockholder will deliver to and deposit in custody with the
custodian and attorney-in-fact named therein a certificate or certificates
representing such shares of Company Capital Stock (each duly endorsed in blank
by the registered owner or owners thereof) and irrevocably appoint said
custodian and attorney-in-fact as its agent and attorney-in-fact with full power
and authority to act under the Drag-Along Custody Agreement and Power of
Attorney on its behalf with respect to (and subject to the terms and conditions
of) the matters specified in this Article IV.

                                   ARTICLE V.

                                PREEMPTIVE RIGHTS

         SECTION 5.01. Grant of Preemptive Rights. (a) The Company hereby grants
to each Qualified Stockholder the right to purchase such Qualified Stockholder's
Proportionate Percentage (as hereinafter defined) of any Company Equity
Securities to be issued in any future Eligible Issuance (as hereinafter
defined). For the purposes of this Article V, the following terms shall have the
meanings set forth below:

                                       12
<PAGE>

         "Proportionate Percentage" means, with respect to any Qualified
Stockholder as of any date, the result (expressed as a percentage) obtained by
dividing (i) the number of shares of Company Common Stock owned by such
Qualified Stockholder as of such date on a Fully Diluted Basis by (ii) the total
number of shares of Company Common Stock outstanding as of such date on a Fully
Diluted Basis.

         "Eligible Issuance" means the issuance by the Company to any Person or
Persons (including any of the Stockholders) for cash, cash equivalents, property
or indebtedness of any Company Equity Securities, other than an issuance by the
Company:

                  (i) of shares of Company Common Stock or options to purchase
         shares of Company Common Stock in connection with or pursuant to a
         Company Stock Plan;

                  (ii) of Company Equity Securities in connection with a bona
         fide business acquisition, reorganization or recapitalization of or by
         the Company or any subsidiary thereof, whether by merger,
         consolidation, sale of assets, sale or exchange or otherwise;

                  (iii) of Company Equity Securities to Persons with which the
         Company has entered into a bona fide new business relationship (or has
         amended an existing bona fide business relationship) provided that such
         issuances are not primarily for equity financing purposes;

                  (iv) of Company Equity Securities upon the exercise, exchange
         or conversion of Options or Convertible Securities;

                  (v) of Company Equity Securities to a lender (including any
         Stockholder or any of their Designated Affiliates) in connection with a
         debt financing or the amendment of any debt financing arrangements; or

                  (vi) of Company Equity Securities in a Public Offering.

         (b) Notwithstanding anything to the contrary contained herein, in
connection with any proposed Eligible Issuance, the preemptive rights of the
Qualified Stockholders under this Article V may be waived if (i) WCAS IX and
(ii) Qualified Stockholders other than WCAS IX holding not less than 66 2/3% of
the shares of Company Common Stock (determined on a Fully Diluted Basis) held by
such Qualified Stockholders execute and deliver to the Company and WCAS IX a
written waiver of such preemptive rights.

         SECTION 5.02. Notice of Eligible Issuance. The Company shall, before
issuing any Company Equity Securities in an Eligible Issuance, give written
notice thereof to each Qualified Stockholder. Such notice shall specify the
Company Equity Securities the Company proposes to issue, the proposed date of
issuance, the consideration that the Company intends to receive therefor and all
other material terms and conditions of such proposed issuance. For a period of
ten (10) Business Days following the date of such notice, each Qualified
Stockholder shall be entitled, by written notice to the Company, to elect to
purchase all or any part of such Qualified Stockholder's Proportionate
Percentage of the Company Equity Securities being sold

                                       13
<PAGE>

in the Eligible Issuance; provided, that if two or more securities shall be
proposed to be sold as a "unit" in an Eligible Issuance, any such election must
relate to such unit of securities. To the extent that elections pursuant to this
Section 5.02 shall not be made with respect to any Company Equity Securities
included in an Eligible Issuance within such ten (10) Business Day period, then
the Company may issue such Company Equity Securities, but only for consideration
not less than, and otherwise on terms no less favorable to the Company than,
those set forth in the Company's notice and only within ninety (90) days after
the end of such ten (10) Business Day period. In the event that any such offer
is accepted by one or more Qualified Stockholder or Qualified Stockholders, the
Company shall sell to such Qualified Stockholder or Qualified Stockholders, and
such Qualified Stockholder or Qualified Stockholders shall purchase from the
Company, for the consideration and on the terms set forth in the notice as
aforesaid, the securities that such Qualified Stockholder or Qualified
Stockholders shall have elected to purchase and the Company may sell the
balance, if any, of the Company Equity Securities it proposed to sell in such
Eligible Issuance in accordance with the immediately preceding sentence.
Notwithstanding anything to the contrary contained above, if the Board shall
have determined that it is in the best interests of the Company to proceed with
an Eligible Issuance prior to providing the notices required by this Article V
or affording each of the Qualified Stockholders its preemptive rights in strict
compliance with this Article V, the Company shall be permitted to first
consummate such issuance and thereafter deliver such notices and afford the
Qualified Stockholders an opportunity to exercise their preemptive rights
hereunder so long as such notices are delivered and such preemptive rights offer
is conducted as soon as practicable thereafter and such offer is structured such
that the rights of the Qualified Stockholders hereunder are not prejudiced in
any material respect thereby.

                                   ARTICLE VI.

                               INFORMATION RIGHTS

         SECTION 6.01. Qualified Purchaser Information Rights. From and after
the date that the Company or SEM is not required to file periodic reports
pursuant to the Exchange Act or any indenture or other agreement governing
indebtedness of the Company or SEM, the Company shall provide to each Qualified
Purchaser, by electronic means or otherwise, (a) annual audited consolidated
financial statements within 90 days of the end of the Company's fiscal year, (b)
unaudited consolidated financial statements (including a balance sheet,
statement of operations and statement of stockholders' equity) for each of the
Company's first three fiscal quarters within 45 days of the end of each such
quarter, each prepared in accordance with generally accepted accounting
principles, and (c) any other consolidated financial statements provided to the
senior lenders of the Company pursuant to the Credit Agreement, dated as of
February 24, 2005, among the Company, SEM, the Lenders named therein, promptly
after delivery of such financial statements to such lenders. Without limiting
the foregoing, from and after the date hereof, on reasonable prior written
notice, the Company shall make its representatives reasonably available to the
Qualified Purchasers to discuss the business, results of operations and other
matters pertaining to the Company, it being understood and agreed that no
Qualified Purchaser shall be permitted to exercise the rights granted pursuant
to this sentence more than four (4) times in any fiscal year. Each Qualified
Purchaser acknowledges that any and all information provided to any Qualified
Purchaser pursuant to the terms of this Article VI shall be Confidential
Information (as defined below) and be subject to the provisions of Article VII.

                                       14
<PAGE>

                                  ARTICLE VII.

                                 CONFIDENTIALITY

         SECTION 7.01. Confidential Information. (a) Each Stockholder agrees
that it will not use at any time any Confidential Information (as hereinafter
defined) of which any such Stockholder is or becomes aware except in connection
with its  investment in the Company.

         (b) Each Stockholder further agrees that the Confidential Information
will be kept strictly confidential and will not be disclosed by it or its
Representatives (as defined below), except (i) as required by applicable law,
regulation or legal process or in response to any inquiry from a regulatory
authority having jurisdiction over such Stockholder, and only after compliance
with Section 7.01(c) and (ii) that it may disclose the Confidential Information
or portions thereof to those of its officers, employees, directors, limited
partners, advisors and other agents and representatives (the persons to whom
such disclosure is permissible being "Representatives") who need to know such
information in connection with the investment by the Stockholder in the Company;
provided that such Representatives (x) are informed of the confidential and
proprietary nature of the Confidential Information and (y) have agreed to
maintain the confidentiality of the Confidential Information in a manner
consistent with the provisions of this Article VII. Each Stockholder agrees to
be responsible for any breach of this Article VII by its Representatives (it
being understood that such responsibility shall be in addition to and not by way
of limitation of any right or remedy the Company may have against such
Representatives with respect to any such breach).

         (c) If any Stockholder or Representative thereof becomes legally
compelled (including by deposition, interrogatory, request for documents,
subpoena, civil investigative demand or similar process) to disclose any of the
Confidential Information, such Stockholder or Representative shall provide the
Company with prompt and, if possible, prior written notice of such requirement
to disclose such Confidential Information. Upon receipt of such notice, the
Company may seek a protective order or other appropriate remedy. If such
protective order or other remedy is not obtained, such Stockholder and its
Representatives shall disclose only that portion of the Confidential Information
which is legally required to be disclosed (as determined in good faith by
counsel to such Stockholder) and shall take all reasonable steps to preserve the
confidentiality of the Confidential Information. In addition, neither such
Stockholder nor its Representative will oppose any action (and such Stockholder
and its Representatives will, if and to the extent requested by the Company and
legally permissible to do so, cooperate with and assist the Company, at the
Company's expense and on a reasonable basis, in any reasonable action) by the
Company to obtain an appropriate protective order or other reliable assurance
that confidential treatment will be accorded the Confidential Information.

         (d) As used herein, "Confidential Information" means oral and written
information concerning the Company and its subsidiaries furnished to any
Stockholder or Representative thereof by or on behalf of the Company
(irrespective of the form of communication and whether such information is so
furnished before, on or after the date hereof), and all analyses, compilations,
data, studies, notes, interpretations, memoranda or other documents prepared by
any Stockholder or any Representative thereof containing or based in

                                       15
<PAGE>

whole or in part on any such furnished information. The term "Confidential
Information" does not, with respect to any Stockholder, include any information
which (i) at the time of disclosure or thereafter is generally available to the
public (other than as a result of a disclosure directly or indirectly by such
Stockholder or its Representative in violation hereof), (ii) is or becomes
available to such Stockholder on a nonconfidential basis from a source other
than the Company or its advisors provided that such source was not known by such
Stockholder to be prohibited from disclosing such information to such
Stockholder by a legal, contractual or fiduciary obligation, or (iii) with
respect to any Stockholder that is not an individual, the identity of the
Company and the amount invested in Company Capital Stock by such Stockholder.

                                  ARTICLE VIII.

                         REPRESENTATIONS AND WARRANTIES

         SECTION 8.01. Representations and Warranties by the Stockholders. Each
Stockholder, severally and not jointly, represents and warrants to the Company
and the other Stockholders as follows:

                  (a) The execution, delivery and performance of this Agreement
         by such Stockholder will not violate (i) any provision of the
         certificate or articles of incorporation, bylaws, operating agreement,
         partnership agreement or other organizational documents of such
         Stockholder, (ii) any provision of applicable law, any order of any
         court or other agency of government, or (iii) any provision of any
         indenture, agreement or other instrument to which such Stockholder or
         any of such Stockholder's properties or assets is bound, or conflict
         with, result in a breach of or constitute (with due notice or lapse of
         time or both) a default under any such indenture, agreement or other
         instrument.

                  (b) This Agreement has been duly executed and delivered by
         such Stockholder, and, when executed by the other parties hereto, will
         constitute the legal, valid and binding obligation of such Stockholder,
         enforceable against such Stockholder in accordance with its terms.

         SECTION 8.02. Representations and Warranties by the Company. The
Company represents and warrants to each Stockholder as follows:

                  (a) The execution, delivery and performance of this Agreement
         by the Company will not violate any provision of applicable law, any
         order of any court or other agency of government, the Restated
         Certificate of Incorporation or Bylaws of the Company or any provision
         of any indenture, agreement or other instrument to which the Company or
         any of its properties or assets is bound, or conflict with, result in a
         breach of or constitute (with due notice or lapse of time or both) a
         default under any such indenture, agreement or other instrument.

                  (b) This Agreement has been duly executed and delivered by the
         Company, and, when executed by the other parties hereto, will
         constitute the legal, valid and binding obligation of the Company,
         enforceable against the Company in accordance with its terms.

                                       16
<PAGE>

                                   ARTICLE IX.

                                  MISCELLANEOUS

         SECTION 9.01. Severability. In the event that any one or more of the
provisions contained in this Agreement or in any other instrument referred to
herein shall, for any reason, be held to be invalid, illegal or unenforceable,
such illegality, invalidity or unenforceability shall not affect any other
provisions of this Agreement.

         SECTION 9.02. Benefits of Agreement. Nothing expressed by or mentioned
in this Agreement is intended or shall be construed to give any Person other
than the parties hereto and their respective successors and permitted assigns
any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained, this Agreement and all conditions
and provisions hereof being intended to be and being for the sole and exclusive
benefit of the parties hereto and their respective successors and permitted
assigns. Notwithstanding anything in this Section 9.02 to the contrary, subject
to compliance with the terms of this Agreement, each Stockholder shall have the
right to assign its interests hereunder in whole or in part to any transferee of
the Company Equity Securities held by such Stockholder in compliance with this
Agreement (including Section 2.02) . Except as expressly permitted hereby, each
party's rights and obligations under this Agreement shall not be subject to
assignment or delegation by any party hereto, and any attempted assignment or
delegation in violation hereof shall be null and void ab initio.

         SECTION 9.03. Notice of Transfer. To the extent that any Stockholder
shall Transfer any Company Equity Securities, notice of which Transfer is not
otherwise required to be delivered to the Stockholders hereunder, such
Stockholder shall, within three (3) days following consummation of such
Transfer, deliver notice thereof to the Company and WCAS IX.

         SECTION 9.04. Notices. Any notice or communication required or
permitted hereunder shall be in writing and shall be delivered personally,
delivered by nationally recognized overnight courier service, sent by certified
or registered mail, postage prepaid, or sent by facsimile (subject to electronic
confirmation of such facsimile transmission) or electronic mail (subject to
electronic confirmation of receipt of such mail). Any such notice or
communication shall be deemed to have been given (i) when delivered, if
personally delivered, (ii) three (3) Business Days after it is deposited with a
nationally recognized overnight courier service, if sent by nationally
recognized overnight courier service, (iii) the day of sending, if sent by
facsimile or electronic mail prior to 5:00 p.m. (EST) on any Business Day or the
next succeeding Business Day if sent by facsimile or electronic mail after 5:00
p.m. (EST) on any Business Day or on any day other than a Business Day or (iv)
five Business Days after the date of mailing, if mailed by certified or
registered mail, postage prepaid, in each case, to the following address or
facsimile number, or to such other address or addresses or facsimile number or
numbers as such party may subsequently designate to the other parties by notice
given hereunder:

         if to the Company, to it at:

              Select Medical Holdings Corporation
              4716 Old Gettysburg Road
              P.O. Box 2034

                                       17
<PAGE>

              Mechanicsburg, PA 17055
              Facsimile: (717) 975-9981
              Attention: President

         with a copy to:

              Welsh, Carson, Anderson & Stowe IX, L.P.
              320 Park Avenue, Suite 2500
              New York, New York 10022
              Attention:  Sean M. Traynor
              Facsimile:  (212) 893-9566

         with an additional copy to:

              Ropes & Gray LLP
              45 Rockefeller Plaza
              New York, New York 10111
              Attention:  Othon A. Prounis, Esq.
              Facsimile:  (212) 841-5725

         if to any Stockholder, to such Stockholder at the address set forth
         opposite such Stockholder's name on Schedule I hereto.

         SECTION 9.05. Entire Agreement; Modification. This Agreement
constitutes the entire agreement among the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, both oral
and written, among the parties with respect to the subject matter hereof. This
Agreement may not be amended or modified except by an instrument in writing
signed by the Company, WCAS IX and the Stockholders other than WCAS IX and its
Permitted Transferees (the "Other Stockholders") holding not less than a
majority of the shares of Company Common Stock held by the Other Stockholders on
a Fully Diluted Basis; provided, that (i) no provision of this Agreement may be
modified or amended in a manner materially adverse to any Other Stockholder (in
its capacity as a Stockholder hereunder) if such modification or amendment
adversely affects such Other Stockholder disproportionately relative to the
other Other Stockholders (disregarding for such purposes differences resulting
solely from the amount of Company Equity Securities held by the Other
Stockholders) except with the written consent of such adversely and
disproportionately effected Other Stockholder and (ii) no provision of Article
III may be modified or amended in any manner that would diminish the rights of
any Schedule IV Purchaser unless such Schedule IV Purchaser consents in writing
to such modification or amendment (such consent not to be unreasonably withheld
or delayed); provided, further, that, notwithstanding the foregoing, upon the
written agreement of only the Company and WCAS IX additional Stockholders may be
added to this Agreement. Except as otherwise provided herein, any waiver of any
provision of this Agreement must be in a writing signed by the party against
whom enforcement of such waiver is sought.

         SECTION 9.06. Covenants Bind Successors and Assigns. All the covenants,
stipulations, promises and agreements in this Agreement contained by or on
behalf of any party shall bind its successors and permitted assigns, whether so
expressed or not.

                                       18
<PAGE>

         SECTION 9.07. Duration of Agreement. This Agreement (other than the
provisions of Section 2.03 and Article VII which shall survive the termination
of this Agreement) shall terminate upon the earliest to occur of (x) a Public
Offering by the Company in which aggregate proceeds to the Company (together
with the aggregate proceeds in all prior Public Offerings) are at least
$250,000,000, (y) the Transfer by WCAS IX to Persons who do not become parties
hereto of not less than 100% of the shares of Company Capital Stock held by WCAS
IX on the date of such Transfer (it shall be understood that notwithstanding
this Section 9.07, Article III shall apply to any such Transfer in accordance
with its terms), or (z) any sale of all then outstanding Company Equity
Securities (whether by means of a merger or otherwise) in exchange for equity
securities of a company who has registered the class of such equity securities
under Section 12 of the Exchange Act.

         SECTION 9.08. Counterparts. This Agreement may be executed in any
number of counterparts, and each such counterpart hereof shall be deemed to be
an original instrument, but all such counterparts together shall constitute but
one agreement.

         SECTION 9.09. Changes in Company Common Stock. If, and as often as,
there are any changes in Company Common Stock by way of stock split, stock
dividend, combination or reclassification, or through merger, consolidation,
reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof as may be required so that the
rights and privileges granted hereby shall continue with respect to the Company
Common Stock and Options and Convertible Securities as so changed.

         SECTION 9.10. Specific Performance. Each party hereto agrees that a
remedy at law for any breach or threatened breach by such party of this
Agreement would be inadequate and therefore agrees that any other party hereto
shall be entitled to pursue specific performance of this Agreement in addition
to any other available rights and remedies in case of any such breach or
threatened breach.

         SECTION 9.11. Governing Law. This Agreement, and all claims arising
hereunder or relating hereto, shall be governed and construed and enforced in
accordance with the laws of the State of New York.

         SECTION 9.12. Waiver Of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

                            [SIGNATURE PAGES FOLLOW]

                                       19
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the day and year first above written.

                                        The Company

                                        SELECT MEDICAL HOLDINGS CORPORATION

                                        By: /s/ Sean Traynor
                                            ------------------------------------
                                        Name: Sean Traynor
                                        Title: Chief Executive Officer

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        WCAS IX

                                        WELSH, CARSON, ANDERSON & STOWE IX, L.P.

                                        BY: WCAS IX ASSOCIATES LLC,
                                            Its: General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        WCAS CP IV

                                        WCAS CAPITAL PARTNERS IV, L.P.

                                        By: WCAS CP IV Associates LLC
                                            Its General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title: Managing Member

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                   SCHEDULE I

                    WELSH, CARSON, ANDERSON & STOWE IX, L.P.
                         WCAS CAPITAL PARTNERS IV, L.P.
                                RUSSELL L. CARSON
                                BRUCE K. ANDERSON
                                PATRICK J. WELSH
                               THOMAS E. MCLNERNEY
                               ROBERT A. MINICUCCI
                              ANTHONY J. DE NICOLA
                                 PAUL B. QUEALLY
                                D. SCOTT MACKESY
                                  SANJAY SWANI
                                  JOHN D. CLARK
                              JAMES R. MATTHEWS IRA
                                JAMES R. MATTHEWS
                             JONATHAN M. RATHER IRA
                                 SEAN M. TRAYNOR
                                  JOHN ALMEIDA
                                   TOM SCULLY
                                   RONA DROGY
                                   DAVE MINTZ
                           WCAS MANAGEMENT CORPORATION
                                    ERIC LEE
                                 MICHAEL DONOVAN
                                   BRIAN REGAN
                                 CLINTON BIONDO
                                   ANKUR KUMAR
                                DARREN BATTISTONI
                                   MATT KEGAN
                                  DAVID CALUORI

                              Address for Notices:
                       c/o Welsh, Carson, Anderson & Stowe
                           320 Park Avenue, Suite 2500
                             New York, NY 10022-6815
                           Attention: Sean M. Traynor
                            Facsimile: (212) 893-9566

<PAGE>

                                        Other Stockholders

                                        Russell L. Carson
                                        Bruce K. Anderson
                                        Patrick J. Welsh
                                        Thomas E. McLnerney
                                        Robert A. Minicucci
                                        Anthony J. de Nicola
                                        Paul B. Queally
                                        D. Scott Mackesy
                                        Sanjay Swani
                                        John D. Clark
                                        James R. Matthews IRA
                                        Jonathan M. Rather IRA
                                        Sean M. Traynor
                                        John Almeida
                                        Tom Scully
                                        Rona Drogy
                                        Dave Mintz
                                        Eric Lee
                                        Michael Donovan
                                        Brian Regan
                                        Clinton Biondo
                                        Ankur Kumar
                                        Darren Battistoni
                                        Matt Kegan
                                        David Caluori

                                        By: /s/ Jonathan M. Rather
                                            ------------------------------------
                                            Jonathan M. Rather
                                            Attorney-in-fact

                                        WCAS MANAGEMENT CORPORATION

                                        By: /s/ Jonathan M. Rather
                                            ------------------------------------
                                        Name: Jonathan M. Rather
                                        Title: Treasurer

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        THE NORTHWESTERN MUTUAL LIFE INSURANCE
                                        COMPANY

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Its: Authorized Representative

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers:

                                        ROSS RESOURCES LIMITED PARTNERSHIP

                                        /s/ R. Dale Ross
                                        ----------------------------------------
                                        R. Dale Ross

                                        /s/ Deborah Ross
                                        ----------------------------------------
                                        Deborah Ross

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        CALIFORNIA STATE TEACHERS' RETIREMENT
                                        SYSTEM

                                        By: /s/ Christopher J. Ailman
                                            ------------------------------------
                                        Name: Christopher J. Ailman
                                        Title: Chief Investment Officer

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholders

                                        BROUSSARD INVESTMENT LTD.

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        ABU DHABI INVESTMENT AUTHORITY

                                        By: /s/ ABUBAKER KHOURI
                                            ------------------------------------
                                        Name: ABUBAKER KHOURI
                                        Title: ASSISTANT DIRECTOR

                                        By: /s/ HAMZA AMIRI
                                            ------------------------------------
                                        Name: HAMZA AMIRI
                                        Title: DEPUTY DIRECTOR

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Joelle Kaydan
                                        ----------------------------------------
                                        Joelle Kaydan

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        HARBOURVEST PARTNERS 2004 DIRECT
                                        FUND L.P.

                                        By: HarbourVest Partners 2004 Direct
                                            Associates LLc, as its
                                            general partner

                                        By: HarbourVest partners, LLC, as its
                                            managing member

                                        By: /s/ WILLIAM A. JOHNSTON
                                            ------------------------------------
                                        NAME: WILLIAM A. JOHNSTON
                                        TITLE: MANAGING DIRECTOR

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        HUNTING CREEK PARTNER, LLC

                                        By: /s/ Joelle Kayden
                                            ------------------------------------
                                        Name: Joelle Kayden
                                        Title:
                                               ---------------------------------

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        HARBOURVEST PARTNERS 2004 DIRECT
                                        FUND L.P.

                                        By: HarbourVest Partners 2004 Direct
                                            Associates LLC, as its general
                                            partner

                                        By: HarbourVest Partners, LLC, as its
                                            managing member

                                        By: /s/ WILLIAM A. JOHNSTON
                                            ------------------------------------
                                        Name: WILLIAM A. JOHNSTON
                                        Title: MANAGING DIRECTOR

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other WCAS Investors

                                        ROUNDTABLE ASSOCIATES LLC

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Managing Director

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        NEW YORK LIFE CAPITAL PARTNERS II, L.P.

                                        By: NYLCAP Manager LLC, its Investment
                                            Manager

                                        By: /s/ Steven M. Benevento
                                            ------------------------------------
                                        Name: Steven M. Benevento
                                        Title: Executive Vice President

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Meyer Feldberg
                                        ----------------------------------------
                                        Meyer Feldberg

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        WEIGERS & CO. LLC

                                        By: /s/ B. A. Weigers
                                            ------------------------------------
                                        Name: B. A. WEIGERS
                                        Title: MEMBER

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Kenneth J. Melkus
                                        ----------------------------------------
                                        Kenneth J. Melkus

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        A.S.F. CO-INVESTMENT PARTNERS II. L.P.

                                        BY: PAF 1/03, LLC
                                            Its General Partner

                                        BY: OLD KINGS II, LLC
                                            Its Managing Member

                                        By: /s/ Paul R. Crotty
                                            ------------------------------------
                                        Name: PAUL R. CROTTY
                                        Title: MANAGING DIRECTOR

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        RGIP LLC

                                        By: /s/ R. Bradford Malt
                                            ------------------------------------
                                        Name: R. Bradford Malt
                                        Title: Managing Member

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholders

                                        PASSAGE PORTFOLIO, L.P.

                                        By: MLIM DivPEP I, LLC,
                                            its managing general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        SCH Partners, L.P.

                                        By:
                                            ------------------------------------
                                        Its: General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: GENERAL PARTNER

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholders

                                        VESEY STREET FUND, L.P.

                                        By: MLIM DivPEP I, LLC, its
                                            general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                                        VESEY STREET PORTFOLIO, L.P.

                                        By: MLIM DivPEP I, LLC, its managing
                                            general partner

                                        By: MLIM Private Equity, L.P., its
                                            member manager

                                        By: Portfolio Administration &
                                            Management Ltd, its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        THOMA CRESSEY FUND VI, L.P.

                                        By: TC Partners VI, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Bryan C. Cressey
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        THOMA CRESSEY FRIENDS FUND VI, L.P.

                                        By: TC Partners VI, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Bryan C. Cressey
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        /s/ Bryan C. Cressey
                                        ----------------------------------------
                                        Bryan C. Cressey

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        ARTHUR STREET FUND, L.P.

                                        By: MLIM DivPEP I, LLC,
                                            its general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                                        ARTHUR STREET PORTFOLIO, L.P.

                                        By: MLIM DivPEP I, LLC,
                                            its managing general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd.,
                                            its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        THOMA CRESSEY FUND VII, L.P.

                                        By: TC Partners VII, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Bryan Cressey
                                            ------------------------------------
                                        Name: BRYAN CRESSEY
                                        Title: PARTNER

                                        THOMA CRESSEY FRIENDS FUND VII, L.P.

                                        By: TC Partners VII, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Bryan Cressey
                                            ------------------------------------
                                        Name: BRYAN CRESSEY
                                        Title: PARTNER

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholders

                                        GS PRIVATE EQUITY PARTNERS 1999, L.P.

                                        By: GS PEP 1999 Advisors, L.L.C.,
                                        General Partner

                                        By: GSAM Gen-Par, L.L.C.,
                                        Managing Partner

                                        By: /s/ Taylor Polites
                                            ------------------------------------
                                        Name: Taylor Polites
                                        Title: Authorized Signatory

                                        GS PRIVATE EQUITY PARTNERS 1999
                                        OFFSHORE, L.P.

                                        By: GS PEP 1999 Offshore Advisors, Inc.,
                                        its General Partner

                                        By: /s/ Taylor Polites
                                            ------------------------------------
                                        Name: Taylor Polites
                                        Title: Authorized Signatory

                                        GS PRIVATE EQUITY PARTNERS 1999 - DIRECT
                                        INVESTMENT FUND, L.P.

                                        By: GS PEP 1999 Direct Investment
                                        Advisors, L.L.C., General Partner

                                        By: GSAM Gen-Par, L.L.C.,
                                        Managing Partner

                                        By: /s/ Taylor Polites
                                            ------------------------------------
                                        Name: Taylor Polites
                                        Title: Authorized Signatory

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Rocco A. Ortenzio
                                        ----------------------------------------
                                        Rocco A. Ortenzio

                                        /s/ Robert A. Ortenzio
                                        ----------------------------------------
                                        Robert A. Ortenzio

                                        /s/ John M. Ortenzio
                                        ----------------------------------------
                                        John M. Ortenzio

                                        /s/ Martin J. Ortenzio
                                        ----------------------------------------
                                        Martin J. Ortenzio

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson

                                        /s/ Stephen Frank Fritsch
                                        ----------------------------------------
                                        Stephen Frank Fritsch

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin

                                        /s/ Scott A. Romberger
                                        ----------------------------------------
                                        Scott A. Romberger

                                        /s/ Kenneth L. Moore
                                        ----------------------------------------
                                        Kenneth L. Moore

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        OLD TRAFFORD INVESTMENT PTE LTD

                                        By: /s/ Alvin Fong
                                            ------------------------------------
                                        Name: Alvin Fong
                                        Title: Authorized Signatory

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        MARTIN J. ORTENZIO DESENDANTS TRUST

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        ORTENZIO FAMILY FOUNDATION

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Joel T. Veit
                                        ----------------------------------------
                                        Joel T. Veit

                                        /s/ David W. Cross
                                        ----------------------------------------
                                        David W. Cross

                                        /s/ Donald J. Kaercher
                                        ----------------------------------------
                                        Donald J. Kaercher

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ James J. Talalai
                                        ----------------------------------------
                                        James J. Talalai & Terri Talalai Jt Ten

                                        /s/ Terri Talalai
                                        ----------------------------------------
                                        James J. Talalai & Terri Talalai Jt Ten

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Joel T. Veit
                                        ----------------------------------------
                                        Joel T. Veit

                                        /s/ David W. Cross
                                        ----------------------------------------
                                        David W. Cross

                                        /s/ Donald J. Kacrober
                                        ----------------------------------------
                                        Donald J. Kacrober

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Daniel Jackson
                                        UGMA/PA

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Kayla Jackson
                                        UGMA/PA

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Patrick Jackson
                                        UGMA/PA

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Martin Jackson,
                                        Jr. UGMA/PA

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin C/F Rebecca S. Tarvin
                                        UGMA/PA

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin C/F Daniel J. Tarvin
                                        UGMA/PA

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin C/F Meredith E. Tarvin
                                        UGMA/PA

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Stockholers

                                        PATRICIA ANN RICE LIVING TRUST,
                                        DATED APRIL 13, 1998

                                        By: /s/ Patricia Ann Rice
                                            ------------------------------------
                                            Patricia Ann Rice, Trustee

                                        By: /s/ Jesse W. Rice
                                            ------------------------------------
                                            Jesse W. Rice, Trustee

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT

<PAGE>

                                        Other Investors

                                        THOMA CRESSEY FUND VI, L.P.

                                        By: TC Partners VI, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        THOMA CRESSEY FRIENDS FUND VI, L.P.

                                        By: TC Partners VI, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        /s/ Bryan C. Cressey
                                        ----------------------------------------
                                        Bryan C. Cressey

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        OLD TRAFFORD INVESTMENT PTE LTD

                                        By: /s/ Alvin Fong
                                            ------------------------------------
                                        Name: Alvin Fong
                                        Title: Authorized Signatory

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        THOMA CRESSEY FUND VII, L.P.

                                        By: TC Partners VII, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Bryan Cressey
                                            ------------------------------------
                                        Name: BRYAN CRESSEY
                                        Title: PARTNER

                                        THOMA CRESSEY FRIENDS FUND VII, L.P.

                                        By: TC Partners VII, L.P.
                                        Its General Partner

                                        By: Thoma Cressey Equity Partners, Inc.
                                        Its General Partner

                                        By: /s/ Bryan Cressey
                                            ------------------------------------
                                        Name: BRYAN CRESSEY
                                        Title: PARTNER

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        MARTIN J. ORTENZIO DESENDANTS TRUST

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        ORTENZIO FAMILY FOUNDATION

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Rocco A. Ortenzio
                                        ----------------------------------------
                                        Rocco A. Ortenzio

                                        /s/ Robert A. Ortenzio
                                        ----------------------------------------
                                        Robert A. Ortenzio

                                        /s/ John M. Ortenzio
                                        ----------------------------------------
                                        John M. Ortenzio

                                        /s/ Martin J. Ortenzio
                                        ----------------------------------------
                                        Martin J. Ortenzio

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson

                                        /s/ Stephen Frank Fritsch
                                        ----------------------------------------
                                        Stephen Frank Fritsch

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin

                                        /s/ Scott A. Romberger
                                        ----------------------------------------
                                        Scott A. Romberger

                                        /s/ Kenneth L. Moore
                                        ----------------------------------------
                                        Kenneth L. Moore

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ James J. Talalai
                                        ----------------------------------------
                                        James J. Talalai & Terri Talalai Jt Ten

                                        /s/ Terri Talalai Jt Ten
                                        ----------------------------------------
                                        James J. Talalai & Terri Talalai Jt Ten

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Daniel Jackson
                                        UGMA/PA

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Kayla Jackson
                                        UGMA/PA

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Patrick Jackson
                                        UGMA/PA

                                        /s/ Martin F. Jackson
                                        ----------------------------------------
                                        Martin F. Jackson C/F Martin Jackson,
                                        Jr. UGMA/PA

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Joel T. Veit
                                        ----------------------------------------
                                        Joel T. Veit

                                        /s/ David W. Cross
                                        ----------------------------------------
                                        David W. Cross

                                        /s/ Donald J. Kaercher
                                        ----------------------------------------
                                        Donald J. Kaercher

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        PATRICIA ANN RICE LIVING TRUST,
                                        DATED APRIL 13, 1998

                                        By: /s/ Patricia Ann Rice
                                            ------------------------------------
                                            Patricia Ann Rice, Trustee

                                        By: /s/ Jesse W. Rice
                                            ------------------------------------
                                            Jesse W. Rice, Trustee

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin C/F Rebecca S. Tarvin
                                        UGMA/PA

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin C/F Daniel J. Tarvin
                                        UGMA/PA

                                        /s/ Michael E. Tarvin
                                        ----------------------------------------
                                        Michael E. Tarvin C/F Meredith E. Tarvin
                                        UGMA/PA

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT<PAGE>
                                                                   Exhibit 10.77

                          REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT, dated as of February 24, 2005, among SELECT
MEDICAL HOLDINGS CORPORATION, a Delaware corporation f/k/a EGL Holding Company
(the "Company"), WELSH, CARSON, ANDERSON & STOWE IX, L.P., a Delaware limited
partnership ("WCAS IX"), WCAS Capital Partners IV, L.P. a Delaware limited
partnership ("WCAS CP IV"; WCAS IX and WCAS CP IV are individually and
collectively referred to herein as "WCAS"), each of the entities and individuals
listed on Schedule I hereto (together with WCAS, the "WCAS Investors") and each
of the other entities and individuals from time to time listed on Schedule II
hereto (together with the WCAS Investors, the "Investors").

                              W I T N E S S E T H:

     WHEREAS, on October 17, 2004, the Company and its wholly-owned subsidiary
EGL Acquisition Corp. ("Acquisition") entered into an Agreement and Plan of
Merger with Select Medical Corporation, a Delaware corporation ("SEM"), pursuant
to which the Company agreed to acquire SEM by means of a merger of Acquisition
with and into SEM with SEM as the surviving corporation (the "Merger");

     WHEREAS, in order to provide a portion of the financing needed to
consummate the Merger and the other transactions related thereto and to pay
related fees and expenses, (i) the Company, WCAS IX and certain of the other
Investors have entered into a Stock Subscription and Exchange Agreement, dated
as of February 22, 2005 (the "Stock Subscription Agreement"), pursuant to which
WCAS IX and such other Investors will acquire an aggregate 21,471,876.75 shares
of Participating Preferred Stock, par value $0.001 per share, of the Company
("Participating Preferred Stock"), and an aggregate 144,398,369.00 shares of
Common Stock, par value $0.001 per share, of the Company ("Common Stock"), and
(ii) on the closing date of the Merger, the Company and WCAS CP IV and certain
of the other Investors will enter into a Securities Purchase Agreement (the
"Securities Purchase Agreement") pursuant to which WCAS CP IV and such other
Investors will acquire $150,000,000 aggregate principal amount of senior
subordinated notes of the Company due 2015, 573,171.25 shares of Participating
Preferred Stock and 3,854,577.00 shares of Common Stock;

     WHEREAS, it is a condition to the obligation of each such Investor to
purchase securities under the Stock Subscription Agreement or the Securities
Purchase Agreement that the Company shall have executed and delivered this
Agreement; and

     WHEREAS, in order to fulfill such condition, the Company wishes to execute
and deliver this Agreement and grant to the Investors the registration rights
set forth herein with respect to the shares of Registrable Stock (as defined
below) from time to time held by the Investors;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements herein contained and for other good and valuable consideration,
the receipt and

                                       1
<PAGE>

sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:

     SECTION 1. Certain Definitions. For purposes of this Agreement, the
following terms have the meanings set forth below:

          "Commission" means the Securities and Exchange Commission, or any
     other federal agency at the time administering the Securities Act.

          "Exchange Act" means the Securities Exchange Act of 1934, or any
     successor federal statute, and the rules and regulations of the Commission
     thereunder, as the same may be amended from time to time.

          "IPO Date" means the first date on which Common Stock shall have been
     sold by the Company in a Public Offering.

          "Public Offering" means the sale of shares of Common Stock to the
     public pursuant to an effective registration statement (other than a
     registration statement on Form S-4 or S-8 or any successor form) filed
     under the Securities Act.

          "Registrable Stock" means, at any time, (x) all shares of Common Stock
     now or hereafter held by the Investors, including all shares from time to
     time issued or issuable upon the conversion, exercise or exchange of any
     securities directly or indirectly convertible into or exercisable or
     exchangeable for Common Stock (other than (i) options issued pursuant to
     any stock plan, and (ii) shares of restricted stock that will not have
     vested before the earliest anticipated effective date of the registration
     statement for any proposed offering of such restricted stock pursuant to
     this Agreement), that are now or hereafter held by the Investors, including
     the Participating Preferred Stock (it being understood that, with respect
     to any determination hereunder of the number of shares of Registrable Stock
     at any time held by one or more Investors, all such shares of Common Stock
     that are issuable upon any such conversion, exercise or exchange shall be
     deemed to have been issued at the time of such determination) and (y) any
     shares of Common Stock issuable with respect to the foregoing by way of
     stock dividend or stock split or in connection with a combination of
     shares, recapitalization, merger, consolidation or other reorganization or
     otherwise. As to any particular Registrable Stock, such shares shall cease
     to be Registrable Stock (i) when a registration statement with respect to
     the sale of such shares shall have been declared effective under the
     Securities Act and such shares shall have been disposed of in accordance
     with such registration statement, (ii) when such shares shall have been
     sold (other than in a privately negotiated sale) pursuant to Rule 144 (or
     any successor provision) under the Securities Act, (iii) when, with respect
     to the holder thereof, such shares can be sold pursuant to Rule 144
     promulgated under the Securities Act within a three month period in
     accordance with the limitations set forth in Rule 144(e) promulgated under
     the Securities Act or (iv) when, with respect to the holder thereof, all
     such shares held by such holder become eligible for sale under Rule 144(k)
     of the Securities Act (or any similar or successor rule).

                                       2
<PAGE>

          "Securities Act" means the Securities Act of 1933, or any successor
     federal statute, and the rules and regulations of the Commission
     thereunder, as the same may be amended from time to time.

     SECTION 2. Registration Rights.

     (a) Demand Registration Rights. Subject to Section 2(c) below, if the
Company shall at any time on or after the date hereof be requested by WCAS in a
writing that states the number of shares of Registrable Stock to be sold and the
intended method of disposition thereof (each such written request, a "Demand
Request"), to effect a registration under the Securities Act of all or any
portion of the Registrable Stock then held by the WCAS Investors, the Company
shall immediately notify in writing (each such notice, a "Demand Registration
Notice") each other Investor of such proposed registration and shall use its
commercially reasonable efforts to register under the Securities Act (each such
registration, a "Demand Registration"), for public sale in accordance with the
method of disposition specified in such Demand Request, the number of shares of
Registrable Stock specified in such Demand Request (plus the number of shares of
Registrable Stock specified in any written request for registration of shares of
Registrable Stock that is received from each other Investor receiving the Demand
Registration Notice within 20 days after receipt by such other Investor of such
Demand Registration Notice). In addition, with the written consent of WCAS, the
Company shall be entitled to include in any Demand Registration, for sale in
accordance with the method of disposition specified by WCAS, shares of Common
Stock to be sold by the Company for its own account or for the account of other
holders. In the event that the proposed method of disposition specified by WCAS
shall be an underwritten public offering, (i) the managing underwriter shall be
selected by WCAS and (ii) the number of shares of Registrable Stock to be
included in such an offering may be reduced if and to the extent that, in the
good faith opinion of the managing underwriter of such offering, inclusion of
all shares would adversely affect the marketing (including the offering price)
of the Registrable Stock to be sold, and, in the case of any such reduction,
shares shall be included in such offering to the extent so permissible on the
following basis: (A) first, all Registrable Stock proposed to be included by the
Investors shall be included (subject to pro rata reduction among the Investors
seeking to include Registrable Stock in such offering based on the number of
such shares of Registrable Stock held by such Investors) and (B) second, to the
extent provided above, Common Stock proposed to be included by the Company for
the account of the Company or other stockholders of the Company shall be
included. The Company shall abandon any Demand Registration upon the request of
WCAS and neither the Company nor WCAS shall have any liability to any Investor
with respect to such abandonment.

     (b) Short-Form Registration Qualification. From and after the IPO Date the
Company shall use its commercially reasonable efforts to qualify under the
provisions of the Securities Act, and thereafter, to continue to qualify at all
times, for registration on Form S-3 or any successor thereto. In the event the
Company fails to so qualify, the Company shall be required to effect Demand
Registrations on Form S-1 or any successor thereto to the same extent as the
Company would be required to effect Demand Registrations on Form S-3 or any
successor thereto.

                                       3
<PAGE>

     (c) Certain Provisions Relating to Demand Registrations. In connection with
a Demand Registration, the Company shall be obligated to effect such Demand
Registration in accordance with the following provisions:

          (i) the obligations of the Company under Section 2(a) above to effect
     a Demand Registration shall be deemed satisfied only when a registration
     statement covering all of the shares of Registrable Stock specified in the
     applicable Demand Request and in each notice delivered by any other
     Investor requesting registration of Registrable Stock in response to the
     Demand Registration Notice for sale in accordance with the intended method
     of disposition specified by WCAS in the Demand Request shall have become
     effective and remained effective through the end of the period of
     distribution of the registration contemplated thereby (determined as
     provided in the last paragraph of Section 2(f)); and

          (ii) Without the consent of WCAS, which will not be unreasonably
     withheld, the Company will not effect any registration of its Common Stock,
     whether for its own account or that of other holders, from the date of
     receipt of a Demand Request until the completion of the period of
     distribution (determined as provided in the last paragraph of Section 2(f))
     of the Registrable Stock covered by the registration statement filed
     pursuant to such Demand Request.

     (d) Piggyback Registration Rights. If at any time the Company proposes to
register any of its Common Stock or any other equity securities (or other
securities convertible into equity securities) of the Company under the
Securities Act for sale to the public, whether for its own account or for the
account of other security holders or both (other than a Demand Registration or a
registration on Form S-4 or Form S-8 promulgated under the Securities Act (or
any successor forms thereto) or any other form not available for registering the
Registrable Stock for sale to the public), as soon as practicable prior to the
filing of such registration statement with the Commission, it will give written
notice of its intention to effect such registration (each such notice a
"Piggyback Notice") to (i) if such proposed registration is being made in
connection with the Company's initial Public Offering, WCAS and, unless WCAS
elects to waive its rights under this Section 2(d) as provided below with
respect to such registration within ten days of receiving its Piggyback Notice,
to each other Investor or (ii) if such proposed registration is to occur after
the IPO Date, to each Investor. Upon the written request of any Investor, given
within 20 days after the giving of the Piggyback Notice to all Investors, to
register any of its Registrable Stock (which request shall state the number of
shares of Registrable Stock to be so registered and the intended method of
disposition thereof), the Company will use its commercially reasonable efforts
to cause the Registrable Stock, as to which registration shall have been so
requested, to be included in the securities to be covered by the registration
statement proposed to be filed by the Company, all to the extent required to
permit the sale or other disposition by such Investor of such Registrable Stock
so registered; provided, that nothing herein shall prevent the Company from
abandoning or delaying such registration at any time. Notwithstanding anything
to the contrary contained herein, in connection with any registration statement
to be filed prior to the IPO Date, if WCAS elects to waive its rights under this
Section 2(d) with respect to such registration and the related initial Public
Offering, such waiver shall be effective as a waiver of the rights of all
Investors under this Section 2(d) with respect to such registration and
offering. In the event that any registration referred to in this Section 2(d)
shall

                                       4
<PAGE>

be, in whole or in part, an underwritten public offering, such Registrable Stock
shall be included in the underwriting on the same terms and conditions as the
shares otherwise being sold through underwriters under such registration. The
number of shares of Registrable Stock to be included in such an underwritten
offering may be reduced if and to the extent that, in the good faith opinion of
the managing underwriter of such offering, inclusion of all shares would
adversely affect the marketing (including the offering price) of the shares to
be sold, and, in the case of any such reduction, shares shall be included in
such offering to the extent so permissible on the following basis: (A) first,
all shares proposed to be included by the Company for the account of the Company
shall be included, (B) second, all Registrable Stock proposed to be included by
the Investors shall be included (subject to pro rata reduction among the
Investors seeking to include Registrable Stock in such offering based on the
number of shares of Registrable Stock held by such Investors), and (C) finally,
Common Stock proposed to be included by the Company for the account of other
stockholders of the Company shall be included.

     (e) Holdback Agreement. Notwithstanding anything to the contrary contained
in this Agreement, with respect to any underwritten Public Offering by the
Company, upon request of the managing underwriter of such offering, each
Investor shall refrain from selling or otherwise transferring Registrable Stock
(other than pursuant to Section 2(a) or 2(d) above) during the period beginning
no earlier than the tenth day preceding the effective date of the registration
statement for such offering and continuing through the end of the period of
distribution of the registration contemplated thereby (determined as provided in
the last paragraph of Section 2(f)) and, if requested by any managing
underwriter of such offering, to execute a customary lock-up agreement
consistent with the foregoing. The provisions of this Section 2(e) shall
terminate upon WCAS giving written notice of such termination to the Company (a
copy thereof to be promptly forwarded by the Company to the other Investors).

     (f) Certain Registration Procedures. If and whenever the Company is
required by the provisions of this Section 2 to use its commercially reasonable
efforts to effect the registration of Registrable Stock under the Securities
Act, the Company will, as expeditiously as possible:

          (i) prepare (and afford the Investors Counsel (as hereinafter defined)
     reasonable opportunity to review and comment thereon) and file with the
     Commission a registration statement with respect to such securities and use
     its commercially reasonable efforts to cause such registration statement to
     become and remain effective through the end of the period of distribution
     contemplated thereby (determined as provided in the last paragraph of
     Section 2(f));

          (ii) prepare (and afford the Investors Counsel reasonable opportunity
     to review and comment thereon) and file with the Commission such amendments
     and supplements to such registration statement and the prospectus used in
     connection therewith as may be necessary to keep such registration
     statement effective through the end of period of distribution contemplated
     thereby (determined as provided in the last paragraph of Section 2(f)) and
     comply with the provisions of the Securities Act with respect to the
     disposition of all Registrable Stock covered by such registration statement
     in accordance with the selling Investors' intended method of disposition
     set forth in such registration statement through the end of such period of
     distribution;

                                       5
<PAGE>

          (iii) furnish to each selling Investor and to each underwriter such
     number of copies of the registration statement and the prospectus included
     therein (including each preliminary prospectus) as such persons may
     reasonably request in order to facilitate the public sale or other
     disposition of the Registrable Stock covered by such registration
     statement;

          (iv) use its commercially reasonable efforts to register or qualify
     the Registrable Stock covered by such registration statement under the
     securities or blue sky laws of such jurisdictions as WCAS, the Investors
     Counsel or, in the case of an underwritten public offering, the managing
     underwriter, shall reasonably request; provided, that the Company will not
     be required to (x) qualify generally to do business in any jurisdiction
     where it would not otherwise be required to qualify but for this Section
     2(f)(iv), (y) subject itself to taxation in any such jurisdiction in which
     it would not otherwise be subject to taxation but for this Section 2(f)(iv)
     or (z) consent to general service of process in any jurisdiction in which
     it would not otherwise be subject to general service of process but for
     this Section 2(f)(iv);

          (v) immediately notify each selling Investor under such registration
     statement and each underwriter, at any time when a prospectus relating
     thereto is required to be delivered under the Securities Act, of the
     happening of any event as a result of which the prospectus contained in
     such registration statement, as then in effect, includes an untrue
     statement of a material fact or omits to state any material fact required
     to be stated therein or necessary to make the statements therein not
     misleading in light of the circumstances then existing (and upon receipt of
     any such notice, each selling Investor agrees to suspend sales of
     Registrable Stock covered by such prospectus until such time as the Company
     notifies it that the prospectus (as supplemented or amended) no longer
     includes any untrue statement of a material fact or omits to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading in light of the circumstances then
     existing);

          (vi) use its commercially reasonable efforts (if the offering is
     underwritten) to furnish, at the request of WCAS or the Investors Counsel,
     on the date that Registrable Stock is delivered to the underwriters for
     sale pursuant to such registration: (A) an opinion dated such date of
     counsel representing the Company for the purposes of such registration,
     addressed to the underwriters and to each selling Investor, stating that
     such registration statement has become effective under the Securities Act
     and that (1) to the best knowledge of such counsel, no stop order
     suspending the effectiveness thereof has been issued and no proceedings for
     that purpose have been instituted or are pending or contemplated under the
     Securities Act, (2) the registration statement, the related prospectus, and
     each amendment or supplement thereof, comply as to form in all material
     respects with the requirements of the Securities Act and the applicable
     rules and regulations of the Commission thereunder (except that such
     counsel need express no opinion as to financial statements, the notes
     thereto, and the financial schedules and other financial and statistical
     data contained therein) and (3) to such other effects as may reasonably be
     requested by counsel for the underwriters or by WCAS or the Investors
     Counsel, and (B) a letter dated such date from the independent public
     accountants retained by the Company, addressed to the underwriters, stating
     that they are independent

                                       6
<PAGE>

     public accountants within the meaning of the Securities Act and that, in
     the opinion of such accountants, the financial statements of the Company
     included in the registration statement or the prospectus, or any amendment
     or supplement thereof, comply as to form in all material respects with the
     applicable accounting requirements of the Securities Act, and such letter
     shall additionally cover such other financial matters (including
     information as to the period ending no more than five business days prior
     to the date of such letter) with respect to the registration in respect of
     which such letter is being given as such underwriters, WCAS or the
     Investors Counsel may reasonably request; and

          (vii) make available for inspection by WCAS, any underwriter
     participating in any distribution pursuant to such registration statement,
     the Investors Counsel and any accountant or other agent retained by WCAS or
     such underwriters, all financial and other records, pertinent corporate
     documents and properties of the Company, and cause the Company's officers,
     directors and employees to supply all information reasonably requested by
     WCAS, the Investors Counsel or any of such underwriters, attorneys,
     accountants or agents in connection with such registration statement and
     permit WCAS, the Investors Counsel and such underwriters, attorneys,
     accountants or agents to participate in the preparation of such
     registration statement.

For purposes of Sections 2(c), 2(e), 2(f)(i) and 2(f)(ii) above, the "period of
distribution" of Registrable Stock in an underwritten public offering shall be
deemed to extend until each underwriter has completed the distribution of all
securities purchased by it, and the period of distribution of Registrable Stock
in any other registration shall be deemed to extend until the sale of all
Registrable Stock covered thereby; provided, that (x) in the case of the
Company's initial Public Offering the period of distribution shall not exceed
180 days after the IPO Date and (y) in the case of any other Public Offering the
period of distribution shall not exceed 90 days after the shares are first sold
to the public in such offering.

     (g) Information From Selling Investors. In connection with each
registration hereunder, Investors selling Registrable Stock will furnish to the
Company in writing such information with respect to themselves and the proposed
distribution by them as shall be reasonably necessary in order to assure
compliance with federal and applicable state securities laws.

     (h) Underwriting Agreement. In connection with any registration pursuant to
this Section 2 that covers an underwritten public offering, the Company and
Investors selling Registrable Stock each agree to enter into a written agreement
with the managing underwriter selected in the manner herein provided in such
form and containing such provisions as are customary in the securities business
for such an arrangement between major underwriters, selling stockholders and a
company of the Company's size and investment stature; provided, that in the case
of any Demand Registration, such agreement shall be satisfactory to WCAS.

     (i) Expenses. The Company will pay all Registration Expenses (as defined
below) incurred in complying with Section 2 of this Agreement. All Selling
Expenses (as defined below) incurred in connection with any registered offering
of securities that, pursuant to this Section 2, includes Registrable Stock,
shall be borne by the participating sellers in proportion to the number of
shares sold by each, or by such persons, including the Company if

                                       7
<PAGE>

the Company is a seller, as they may agree. All expenses incident to performance
of or compliance by the Company with Section 2 hereof, including, without
limitation, all Commission, stock exchange, Nasdaq or National Association of
Securities Dealers, Inc. ("NASD") registration and filing fees (including,
without limitation, fees and expenses incurred in connection with the listing of
the Common Stock of the Company on any securities exchange or exchanges or
Nasdaq), printing, distribution and related expenses, fees and disbursements of
counsel and independent public accountants for the Company, all reasonable fees
and disbursements of one firm counsel for the Investors selected by the WCAS
(or, in the event WCAS is not participating in such registration, such counsel
shall be selected by the Investors holding a majority of the Shares of
Registrable Stock proposed to be included in such registration) (the "Investors
Counsel"), all fees and expenses incurred in connection with compliance with
state securities or blue sky laws and the rules of the NASD or any securities
exchange, transfer taxes and fees of transfer agents and registrars, but
excluding any Selling Expenses, are herein called "Registration Expenses". All
underwriting discounts and selling commissions applicable to the sale of
Registrable Stock are herein called "Selling Expenses".

     (j) Suspension. The Company shall be entitled to suspend the rights of
selling Investors to make sales pursuant to a registration statement otherwise
required to be kept effective hereunder if the Company determines in good faith
that there exists a material proposed transaction (including any proposed
acquisition or disposition) that would be required to be disclosed in such
registration statement and the disclosure of which would either have a material
adverse effect on such material proposed transaction or the Company; provided,
that (i) such delay shall not continue beyond the earlier of (A) the date upon
which such material information is otherwise disclosed to the public or ceases
to be material and (B) 90 days after the Company effects such suspension, and
(ii) the Company shall not be entitled to suspend any Demand Registration
Statement without the consent of WCAS.

     SECTION 3. Indemnification Rights and Obligations In Respect of Registered
Offerings of Registrable Stock.

     (a) Company Indemnification of Selling Investors. In the event of a
registration of any of the Registrable Stock under the Securities Act pursuant
to Section 2 of this Agreement, the Company will indemnify and hold harmless
each seller of Registrable Stock thereunder and each other person, if any, who
controls such seller within the meaning of the Securities Act and each
underwriter and each person who controls any underwriter within the meaning of
the Securities Act, against any losses, claims, damages or liabilities, joint or
several, (or actions in respect thereof) to which such seller, underwriter or
controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in any registration statement under
which such Registrable Stock was registered under the Securities Act, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse each
such seller, each such underwriter and each such controlling person for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action;
provided, that the Company will not be liable in any such

                                       8
<PAGE>

case if and to the extent that any such loss, claim, damage, liability or action
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with information furnished
by such seller, such underwriter or such controlling person in writing
specifically for use in such registration statement or prospectus; provided,
further, that the indemnity agreement contained in this Section 3(a) shall not
apply to amounts paid in settlement of any such loss, claim, damage, liability,
or action if such settlement is effected without the consent of the Company
(which consent shall not be unreasonably withheld).

     (b) Selling Investor Indemnification of the Company and the Other Selling
Stockholders. In the event of a registration of any of the Registrable Stock
under the Securities Act pursuant to Section 2 of this Agreement, each seller of
such Registrable Stock thereunder, severally and not jointly, will indemnify and
hold harmless the Company and each person, if any, who controls the Company
within the meaning of the Securities Act, each officer of the Company who signs
the registration statement, each director of the Company, each underwriter and
each person who controls any underwriter within the meaning of the Securities
Act, and each other seller of Registrable Stock and each person who controls any
such other seller of Registrable Stock, against all losses, claims, damages or
liabilities, joint or several, (or actions in respect thereof) to which the
Company or such officer or director or underwriter or other seller or
controlling person may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the registration statement under
which such Registrable Stock was registered under the Securities Act, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereof, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and will reimburse the
Company and each such officer, director, underwriter, other seller of
Registrable Stock and controlling person for any legal or other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, that such seller will
be liable hereunder in any such case if and only to the extent that any such
loss, claim, damage, liability or action arises out of or is based upon an
untrue statement or alleged untrue statement or omission or alleged omission
made in reliance upon and in conformity with information pertaining to such
seller, as such, furnished in writing to the Company by such seller specifically
for use in such registration statement or prospectus; provided, further, that
the liability of each seller hereunder shall be limited to the proceeds (net of
underwriting discounts and commissions) received by such seller from the sale of
Registrable Stock covered by such registration statement; provided, further,
that the indemnity agreement contained in this Section 3(b) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action
if such settlement is effected without the consent of such seller of Registrable
Stock (which consent shall not be unreasonably withheld).

     (c) Indemnification Procedures. Promptly after receipt by an indemnified
party hereunder of notice of the commencement of any action, such indemnified
party shall, if a claim in respect thereof is to be made against the
indemnifying party hereunder, notify the indemnifying party in writing thereof,
but the omission so to promptly notify the indemnifying party shall not relieve
it from any liability which it may have to any indemnified party other than
under this Section 3. In case any such action shall be brought against any
indemnified party and

                                       9
<PAGE>

it shall promptly notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in and, to the extent it
shall wish, to assume and undertake the defense thereof with counsel reasonably
satisfactory to such indemnified party, and, after notice from the indemnifying
party to such indemnified party of its election so to assume and undertake the
defense thereof, the indemnifying party shall not be liable to such indemnified
party under this Section 3 for any legal expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected; provided, that
if the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that there may be reasonable defenses available to it which are different from
or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the interests
of the indemnifying party, the indemnified party shall have the right to select
a separate counsel and to assume such legal defenses and otherwise to
participate in the defense of such action, with the reasonable expenses and fees
of such separate counsel and other expenses related to such participation to be
reimbursed by the indemnifying party as incurred. Notwithstanding the foregoing,
any indemnified party shall have the right to retain its own counsel in any such
action, but the fees and disbursements of such counsel shall be at the expense
of such indemnified party; provided that such fees and expenses shall be at the
expense of the indemnifying party if (i) the indemnifying party shall have
failed to retain counsel for the indemnified person as aforesaid or (ii) the
indemnifying party and such indemnified party shall have mutually agreed to the
retention of such counsel. It is understood that the indemnifying party shall
not, in connection with any action or related actions in the same jurisdiction,
be liable for the fees and disbursements of more than one separate firm
qualified in such jurisdiction to act as counsel for the indemnified party. No
indemnifying party, in the defense of any such claim or litigation, shall,
except with the consent of such indemnified party, which consent shall not be
unreasonably withheld, consent to entry of any judgment or enter into any
settlement of any pending or threatened action in respect of which any
indemnified party is or could have been a party and indemnity was sought
hereunder by such indemnified party unless such judgment or settlement includes
as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such claim or
litigation. The indemnification of underwriters provided for in this Section 3
shall be on such other terms and conditions as are at the time customary and
reasonably required by such underwriters as provided in Section 2(h).

     (d) Contribution. If the indemnification provided for in Sections 3(a) and
3(b) above is unavailable or insufficient to hold harmless an indemnified party
under such Sections in respect of any losses, claims, damages or liabilities or
actions in respect thereof referred to therein, then each indemnifying party
shall in lieu of indemnifying such indemnified party contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages, liabilities or actions in such proportion as appropriate to reflect the
relative fault of the Company, on the one hand, and the underwriters or the
sellers of such Registrable Stock, on the other, in connection with the
statements or omissions which resulted in such losses, claims, damages,
liabilities or actions as well as any other relevant equitable considerations,
including, without limitation, the failure to give any notice under Section 3(c)
above. The relative fault shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact
relates to information supplied by the Company, on the one hand, or

                                       10
<PAGE>

the underwriters or the sellers of such Registrable Stock, on the other, and to
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and each of the
Investors agrees that it would not be just and equitable if contributions
pursuant to this Section were determined by pro rata allocation (even if all of
the sellers of such Registrable Stock were treated as one entity for such
purpose) or by any other method of allocation which did not take account of the
equitable considerations referred to above in this Section. The amount paid or
payable by an indemnified party as a result of the losses, claims, damages,
liabilities or action in respect thereof, referred to above in this Section,
shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section, the sellers of
such Registrable Stock shall not be required to contribute any amount in excess
of the amount, if any, by which the total price at which the Registrable Stock
sold by each of them was offered to the public exceeds the amount of any damages
which they are otherwise required to pay by reason of such untrue or alleged
untrue statement or omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act), shall be entitled
to contribution from any person who is not guilty of such fraudulent
misrepresentation.

     SECTION 4. Rule 144. The Company agrees with the Investors that, from and
after the IPO Date, it shall file any and all reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations
adopted by the Commission thereunder, or, if the Company is not thereafter
required to file any such reports, it shall, upon the written request of any
Investor, make publicly available such information as is necessary to permit
sales pursuant to Rule 144 under the Securities Act. Upon the written request of
any Investor, the Company shall promptly furnish to such Investor a written
statement by the Company as to its compliance with the reporting requirements
set forth in this Section 4.

     SECTION 5. Duration of Agreement. Except as provided in Section 2(e), all
provisions of this Agreement shall survive so long as any Investor owns any
Registrable Stock.

     SECTION 6. Miscellaneous.

     (a) Additional Registration Rights. Without the consent of WCAS IX, the
Company shall not grant any registration rights to any other person that are
inconsistent or conflict with the registration rights granted hereunder.

     (b) Headings. Headings of sections of this Agreement are inserted for
convenience of reference only and shall not affect the interpretation hereof.

     (c) Severability. Each provision of this Agreement shall be treated as a
separate and independent clause, and the unenforceability of any one clause
shall in no way impair the enforceability of any of the other clauses contained
herein. If one or more of the provisions contained in this Agreement shall for
any reason be held to be unenforceable, such provision or provisions shall be
construed by the appropriate judicial body by limiting or reducing it or them,
so as to be enforceable to the maximum extent compatible with applicable law,
and no other provision hereof shall be affected by such holding, limitation or
reduction.

                                       11
<PAGE>

     (d) Benefits of Agreement. This Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective successors and permitted
assigns and nothing in this Agreement, expressed or implied, is intended to
confer on any person other than the parties hereto, their respective successors
and permitted assigns, any rights, remedies, obligations or liabilities under or
by reason of this Agreement. The rights and obligations of the parties hereto
shall not be assigned without the consent of WCAS IX, in the case of any
assignment by the Company, or the Company, in the case of any assignment by any
Investor, and any attempted assignment in violation of this Section 6(d) shall
be null and void; provided, that any Investor's rights hereunder are assignable
to a transferee in connection with any transfer of Registrable Stock (including
by means of transferring securities that are directly or indirectly convertible
into or exercisable or exchangeable for Registrable Stock) so long as (i) such
transferee expressly agrees to become bound hereby as an "Investor" hereunder
pursuant to a written instrument in form and substance reasonably satisfactory
to the Company and (ii) notice of such transfer is given to the Company and WCAS
IX.

     (e) Entire Agreement; Modification. This Agreement constitutes the entire
agreement among the parties with respect to the subject matter hereof and
supercedes all prior agreements and understandings, oral and written, between
the parties hereto with respect to the subject matter hereof. This Agreement may
not be modified or amended except by a writing signed by the Company and WCAS
IX; provided, that no provision of this Agreement may be modified or amended in
a manner materially adverse to an Investor, other than WCAS IX (in its capacity
as an Investor hereunder), if such modification or amendment affects such
Investor disproportionately relative to the other Investors, except with the
written consent of such Investor; provided, further, that, notwithstanding the
foregoing, upon the written agreement of only the Company and WCAS IX,
additional Investors may be added to this Agreement. Except as otherwise
provided herein, any waiver of any provision of this Agreement must be in a
writing signed by the party against whom enforcement of such waiver is sought.

     (f) Notices. All notices, requests, instructions and other documents that
are required to be or may be given or delivered pursuant to the terms of this
Agreement shall be in writing and shall be sufficient in all respects if
delivered by hand or national overnight courier service, transmitted by
facsimile (subject to electronic confirmation of such facsimile transmission) or
electronic mail (subject to electronic confirmation of receipt of such mail), or
mailed by registered or certified mail, postage prepaid, as follows:

     If to the Company, to it at:

           Select Medical Holdings Corporation
           4716 Old Gettysburg Road
           P.O. Box 2034
           Mechanicsburg, PA 17055
           Facsimile: (717) 975-9981
           Attention: President

     with a copy to:

           Welsh, Carson, Anderson & Stowe IX, L.P.

                                       12
<PAGE>

           320 Park Avenue, Suite 2500
           New York, New York 10022
           Attention:  Sean M. Traynor
           Facsimile:  (212) 893-9566

     with an additional copy to:

           Ropes & Gray LLP
           45 Rockefeller Plaza
           New York, New York 10111
           Attention:  Othon A. Prounis, Esq.
           Facsimile:  (212) 841-5725

     If to any Investor, to such Investor at its address set forth on Schedule I
or Schedule II hereto, as the case may be;

or such other address or addresses or facsimile number or numbers as any party
hereto shall have designated by notice in writing to the other parties hereto.
Such notices, requests, instructions and other documents shall be deemed given
or delivered (i) five business days following sending by registered or certified
mail, postage prepaid, (ii) three business days following sending by national
overnight courier service, (iii) the day of sending, if sent by facsimile or
electronic mail prior to 5:00 p.m. (EST) on any business day or the next
succeeding business day if sent by facsimile or electronic mail after 5:00 p.m.
(EST) on any business day or on any day other than a business day or (iv) when
delivered, if delivered by hand.

     (g) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Any or all such
counterparts may be executed by facsimile.

     (h) Changes in Registrable Stock. If, and as often as, there are any
changes in the Registrable Stock by way of stock split, stock dividend,
combination or reclassification, or through merger, consolidation,
reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof as may be required so that the
rights and privileges granted hereby shall continue with respect to the
Registrable Stock as so changed and the Company shall make appropriate provision
in connection with any merger, consolidation, reorganization or recapitalization
that any successor to the Company (or resulting parent thereof) shall agree, as
a condition to the consummation of any such transaction, to expressly assume the
Company's obligations hereunder.

     (i) Specific Performance. Each party hereto agrees that a remedy at law for
any breach or threatened breach by such party of this Agreement would be
inadequate and therefore agrees that any other party hereto shall be entitled to
specific performance of this Agreement in addition to any other available rights
and remedies in case of any such breach or threatened breach.

     (j) Governing Law. This Agreement and all disputes arising out of or
relating to this Agreement, its subject matter, the performance by the parties
of their respective

                                       13
<PAGE>

obligations hereunder or the claimed breach hereof, whether in tort, contract or
otherwise, shall be governed by and construed in accordance with the internal
laws of the State of New York.

     (k) Interpretation. As used herein, the words "hereof", "herein",
"herewith" and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement, and the word "Section" refers to a Section of this
Agreement unless otherwise specified. Whenever the words "include", "includes"
or "including" are used in this Agreement they shall be deemed to be followed by
the words "without limitation". The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the
masculine as well as to the feminine and neuter genders of such terms.

                            [SIGNATURE PAGES FOLLOW]

                                       14
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the day and year first above written.

                                        The Company

                                        SELECT MEDICAL HOLDINGS CORPORATION

                                        By: /s/ Sean Traynor
                                            ------------------------------------
                                        Name: Sean Traynor
                                        Title: CEO

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                   SCHEDULE I

                    WELSH, CARSON, ANDERSON & STOWE IX, L.P.
                         WCAS CAPITAL PARTNERS IV, L.P.
                                RUSSELL L. CARSON
                                BRUCE K. ANDERSON
                                PATRICK J. WELSH
                               THOMAS E. MCLNERNEY
                               ROBERT A. MINICUCCI
                              ANTHONY J. DE NICOLA
                                 PAUL B. QUEALLY
                                D. SCOTT MACKESY
                                  SANJAY SWANI
                                  JOHN D. CLARK
                              JAMES R. MATTHEWS IRA
                                JAMES R. MATTHEWS
                             JONATHAN M. RATHER IRA
                                 SEAN M. TRAYNOR
                                  JOHN ALMEIDA
                                   TOM SCULLY
                                   RONA DROGY
                                   DAVE MINTZ
                           WCAS MANAGEMENT CORPORATION
                                    ERIC LEE
                                 MICHAEL DONOVAN
                                   BRIAN REGAN
                                 CLINTON BIONDO
                                   ANKUR KUMAR
                                DARREN BATTISTONI
                                   MATT KEGAN
                                  DAVID CALUORI

                              Address for Notices:
                       c/o Welsh, Carson, Anderson & Stowe
                           320 Park Avenue, Suite 2500
                             New York, NY 10022-6815
                           Attention: Sean M. Traynor
                            Facsimile: (212) 893-9566

<PAGE>

                                        WCAS IX

                                        WELSH, CARSON, ANDERSON & STOWE IX, L.P.

                                        BY: WCAS IX ASSOCIATES LLC,
                                        Its: General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        WCAS CP IV

                                        WCAS CAPITAL PARTNERS IV, L.P.

                                        By: WCAS CP IV Associates LLC
                                        Its General Partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title: Managing Member

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        THE NORTHWESTERN MUTUAL LIFE INSURANCE
                                        COMPANY

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Its: Authorized Representative

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other WCAS Investors

                                        Russell L. Carson
                                        Bruce K. Anderson
                                        Patrick J. Welsh
                                        Thomas E. McLnerney
                                        Robert A. Minicucci
                                        Anthony J. de Nicola
                                        Paul B. Queally
                                        D. Scott Mackesy
                                        Sanjay Swani
                                        John D. Clark
                                        James R. Matthews IRA
                                        Jonathan M. Rather IRA
                                        Sean M. Traynor
                                        John Almeida
                                        Tom Scully
                                        Rona Drogy
                                        Dave Mintz
                                        Eric Lee
                                        Michael Donovan
                                        Brian Regan
                                        Clinton Biondo
                                        Ankur Kumar
                                        Darren Battistoni
                                        Matt Kegan
                                        David Caluori

                                        By: /s/ Jonathan M. Rather
                                            ------------------------------------
                                            Attorney-in-fact

                                        WCAS MANAGEMENT CORPORATION

                                        By: /s/ Jonathan M. Rather
                                            ------------------------------------
                                        Name: Jonathan M. Rather
                                        Title: Treasurer

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        CALIFORNIA STATE TEACHERS' RETIREMENT
                                        SYSTEM

                                        By: /s/ Christopher J. Ailman
                                            ------------------------------------
                                        Name: Christopher J. Ailman
                                        Title: Chief Investment Officer

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors:

                                        ROSS RESOURCES LIMITED PARTNERSHIP

                                        /s/ R. Dale Ross
                                        ----------------------------------------
                                        R. Dale Ross

                                        /s/ Deborah Ross
                                        ----------------------------------------
                                        Deborah Ross

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        ABU DHABI INVESTMENT AUTHORITY

                                        By: /s/ ABUBAKER KHOURI
                                            ------------------------------------
                                        Name: ABUBAKER KHOURI
                                        Title: ASSISTANT DIRECTOR

                                        By: /s/ HAMZA AMIRI
                                            ------------------------------------
                                        Name: HAMZA AMIRI
                                        Title: DEPUTY DIRECTOR

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        BROUSSARD INVESTMENT LTD.

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        HARBOURVEST PARTNERS 2004 DIRECT
                                        FUND L.P.

                                        By: HarbourVest Partners 2004 Direct
                                            Associates LLC, as its general
                                            partner

                                        By: HarbourVest Partners, LLC, as its
                                            managing member

                                        By: /s/ WILLIAM A. JOHNSTON
                                            ------------------------------------
                                        Name: WILLIAM A. JOHNSTON
                                        Title: MANAGING DIRECTOR

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Joelle Kaydan
                                        ----------------------------------------
                                        Joelle Kaydan

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        NEW YORK LIFE CAPITAL PARTNERS II, L.P.

                                        By: NYLCAP Manager LLC, its Investment
                                            Manager

                                        By: /s/ Steven M. Benevento
                                            ------------------------------------
                                        Name: Steven M. Benevento
                                        Title: Executive Vice President

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        HUNTING CREEK PARTNER, LLC

                                        By: /s/ Joelle Kayden
                                            ------------------------------------
                                        Name: Joelle Kayden
                                        Title:
                                               ---------------------------------

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        WEIGERS & CO. LLC

                                        By: /s/ E. A. Weigers
                                            ------------------------------------
                                        Name: E. A. WEIGERS
                                        Title: MEMBER

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        ROUNDTABLE ASSOCIATES LLC

                                        BY: /s/ David F. Bellet
                                            ------------------------------------
                                        Name: DAVID F. BELLET
                                        Title: MANAGING DIRECTOR

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        A.S.F. CO-INVESTMENT PARTNERS II, L.P.

                                        BY: PAF 1/03, LLC
                                            Its General Partner

                                        BY: OLD KINGS II, LLC
                                            Its Managing Member

                                        BY: /s/ Paul R. Crotty
                                            ------------------------------------
                                        Name: Paul R. Crotty
                                        Title: Managing Director

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Meyer Feldberg
                                        ----------------------------------------
                                        Meyer Feldberg

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        PASSAGE PORTFOLIO, L.P.

                                        By: MLIM DivPEP I, LLC, its managing
                                            general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        /s/ Kenneth J. Melkus
                                        ----------------------------------------
                                        Kenneth J. Melkus

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        VESEY STREET FUND, L.P.

                                        By: MLIM DivPEP I, LLC, its
                                            general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                                        VESEY STREET PORTFOLIO, L.P.

                                        By: MLIM DivPEP I, LLC,
                                            its managing general partner

                                        By: MLIM Private Equity, L.P.,
                                            its member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        RGIP LLC

                                        By: /s/ R. Bradford Malt
                                            ------------------------------------
                                        Name: R. Bradford Malt
                                        Title: Managing Member

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        ARTHUR STREET FUND, L.P.

                                        By: MLIM DivPEP I, LLC, its general
                                            partner

                                        By: MLIM Private Equity, L.P., its
                                            member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illegible
                                            ------------------------------------
                                        Name: Illegible
                                        Title: Vice President

                                        ARTHUR STREET PORTFOLIO, L.P.

                                        By: MLIM DivPEP I, LLC, its managing
                                            general partner

                                        By: MLIM Private Equity,L.P., its
                                            member manager

                                        By: Portfolio Administration &
                                            Management Ltd., its general partner

                                        By: /s/ Illigible
                                            ------------------------------------
                                        Name: Illigible
                                        Title: Vice President

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        SCH Partners, L.P.

                                        By:
                                            ------------------------------------
                                        Its: General Partner

                                        By: /s/ JOHN M. ORTENZIO
                                            ------------------------------------
                                        Name: JOHN M. ORTENZIO
                                        Title: GENERAL PARTNER

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

<PAGE>

                                        Other Investors

                                        GS PRIVATE EQUITY PARTNERS 1999, L.P.

                                        By: GS PEP 1999 Advisors, L.L.C.,
                                            General Partner

                                        By: GSAM Gen-Par, L.L.C., Managing
                                            Partner

                                        By: /s/ Taylor Polites
                                            ------------------------------------
                                        Name: Taylor Polites
                                        Title: Authorized Signatory

                                        GS PRIVATE EQUITY PARTNERS 1999
                                        OFFSHORE, L.P.

                                        By: GS PEP 1999 Offshore Advisors, Inc.,
                                            its General Partner

                                        By: /s/ Taylor Polites
                                            ------------------------------------
                                        Name: Taylor Polites
                                        Title: Authorized Signatory

                                        GS PRIVATE EQUITY PARTNERS 1999 - DIRECT
                                        INVESTMENT FUND, L.P.

                                        By: GS PEP 1999 Direct Investment
                                            Advisors, L.L.C., General Partner

                                        By: GSAM Gen-Par, L.L.C., Managing
                                            Partner

                                        By: /s/ Taylor Polites
                                            ------------------------------------
                                        Name: Taylor Polites
                                        Title: Authorized Signatory

                 SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT

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