Document:

Secured Note in Amount of $500,000

 Exhibit 10.3 
  

					
	UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA	  	 GRAYSON NATIONAL BANK
 113 W MAIN
STREET
	  	 C. CODE 730/P. CODE 510
 Loan Number
7143131

	3830 COMMERCE DRIVE	  	P.O. BOX 186	  	Date 03-31-2005
	ST. CHARLES, IL 60174	  	INDEPENDENCE, VA 24348	  	Maturity Date 12-30-2005
	 	  	 	  	Loan Amount $500,000.00
	 	  	 	  	Renewal Of ___________________
	BORROWER’S NAME AND ADDRESS	  	LENDER’S NAME AND ADDRESS	  	SSN /EIN #20-1806696
	“I” includes each borrower above, jointly and severally.	  	“You” means the lender, its successors and assigns.	  	 

  
 For value received, I promise to pay
to you, or your order, at your address listed above the PRINCIPAL sum of FIVE HUNDRED THOUSAND AND NO/100 Dollars $500,000.00 
  

	x	Single Advance: I will receive all of this principal sum on 03-31-2005. No additional advances are contemplated under this note. 

  

	 ̈	Multiple Advance: The principal sum shown above is the maximum amount of principal I can borrow under this note. On ______________________ I will receive the amount of
$___________________ and future principal advances are contemplated. 

  
 Conditions: The conditions for future advances are
                                        
                                        
                                        
   
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  
                                       
                                        
                                        
                                        
                                        
                                        
           
  

	 	 ̈	Open End Credit: You and I agree that I may borrow up to the maximum amount of principal more than one time. This feature is subject to all other conditions and expires on
_________________________. 

  

	 	 ̈	Closed End Credit: You and I agree that I may borrow up to the maximum only one time (and subject to all other conditions). 

  

	INTEREST: 	I agree to pay interest on the outstanding principal balance from 03-31-2005 at the rate of 6.750% per year until 04-01-2005. 

  

	x	Variable Rate: This rate may then change as stated below. 

  

	 	x	Index Rate: The future rate will be 1.000 PERCENT ABOVE the following index rate: THE WALL STREET JOURNAL PRIME RATE. 

  

	 	 ̈	No Index: The future rate will not be subject to any internal or external index. It will be entirely in your control. 

  

	 	x	Frequency and Timing: The rate on this note may change as often as EVERY DAY BEGINNING 04-01-2005. A change in the interest rate will take effect ON THE FOLLOWING DAY.

  

	 	x	Limitations: During the term of this loan, the applicable annual interest rate will not be more than 12.000% or less than 6.000%. The rate may not change more than
____________________% each ______________________. 

  

	  	Effect of Variable Rate: A change in the interest rate will have the following effect on the payments: 

  

	 	x	The amount of each scheduled payment will change. 

  

	 	x	The amount of the final payment will change. 

  

	 	 ̈	                                      
                                        
                                        
                                        
                               . 

  
 ACCRUAL METHOD: Interest will be calculated on a ACTUAL/365 basis. 
  
 POST MATURITY RATE: I agree to pay interest on the unpaid balance of this note owing
after maturity, and until paid in full, as stated below: 
  

	 	x	on the same fixed or variable rate basis in effect before maturity (as indicated above). 

  

	 	 ̈	at a rate equal to
                                        
                                        
                                        
                                        
    . 

  

	x	LATE CHARGE: If a payment is made more than 10 days after it is due, I agree to pay a late charge of 1.000% OF THE LATE AMOUNT. 

  

	x	ADDITIONAL CHARGES: In addition to interest, I agree to pay the following charges which  ̈ are x are not included in the principal amount above: SETTLEMENT/CLOSING COSTS: ATTORNEY FEES, RECORDING FEES, TITLE INSURANCE, AND $1,250.00 COMMITMENT FEE.

  
 PAYMENTS: I agree to pay this note as follows:

  
 8 MONTHLY INTEREST PAYMENTS RANGING FROM $2773.97 TO $2866.44 BEGINNING
04-30-2005 AND 1 PAYMENT OF $502,773.97 ON 12-30-2005. THIS IS A VARIABLE RATE LOAN AND THE PAYMENT AMOUNTS MAY CHANGE. THE FINAL PAYMENT MAY ALSO CHANGE. 
  
 ADDITIONAL TERMS: THE FIRST MONTHLY INTEREST PAYMENT WILL BE $2,773.97, AFTER WHICH THE MONTHLY INTEREST PAYMENT AMOUNT MAY BE ADJUSTED BASED ON CHANGES IN THE
INDEX RATE AND THE NUMBER OF DAYS IN THE MONTH BILLED. 
  

	 ̈	CONFESSION OF JUDGMENT: I appoint and authorize ___________________________________________ attorneys in fact to, if I default on this agreement, appear in the office of
_______________________________________________, Virginia, and confess judgment against me in the amount of any unpaid principal, accrued interest and costs of collection as provided in this agreement. SEE PAGE 2 FOR ADDITIONAL TERMS OF THE
CONFESSION OF JUDGMENT. 

  

	  	IMPORTANT NOTICE: THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT PROVISION WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO
OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY FURTHER NOTICE. 

  

					
	 x     SECURITY:This note is separately secured by (describe separate
document by type and date):
	 	 	  	PURPOSE: The purpose of this loan is BUSINESS: TO PURCHASE EQUIPMENT (ALL PERSONAL PROPERTY AND ASSETS FROM IWG, LLC)
			
	DEED OF TRUST DATED MARCH 31, 2005 AND SECURITY AGREEMENT DATED MARCH 31, 2005	 	 	  	SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE (INCLUDING THOSE ON PAGE 2). I have received a copy on today’s date.
			
	(This section is for your internal use. Failure to list a separate security document does not mean the agreement will not secure this note.)	 	 	  	UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA
			
	Signature for Lender	 	 	  	 /s/ Duane N. Martin

	 	 	 	  	DUANE N. MARTIN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
			
	 /s/ Dennis Gambill
	 	 	  	 
	DENNIS GAMBILL, EXECUTIVE VICE PRESIDENT	 	 	  	 
			
	 	 	 	  	 
			
	 UNIVERSAL NOTE
	 	 	  	 

  

			
	

    © 1984, 1991 Bankers Systems, Inc., St. Cloud, MN Form UN-VA 3/8/2002	  	(page 1 of 2)

 DEFINITIONS: As used on page 1, “x” means the terms that apply to
this loan. “I,” “me” or “my” means each Borrower who signs this note and each other person or legal entity (including guarantors, endorsers, and sureties) who agrees to pay this note (together referred to as
“us”). “You” or “your” means the Lender and its successors and assigns.  
  
 APPLICABLE LAW: The law of the state of Virginia will govern this note. Any term of this note which is contrary to applicable law will not be effective, unless the law permits you and me to agree to such a
variation. If any provision of this agreement cannot be enforced according to its terms, this fact will not affect the enforceability of the remainder of this agreement. No modification of this agreement may be made without your express written
consent. Time is of the essence in this agreement. 
  
 COMMISSIONS OR OTHER
REMUNERATION: I understand and agree that any insurance premiums paid to insurance companies as part of this note will involve money retained by you or paid back to you as commissions or other remuneration. 
  
 In addition, I understand and agree that some other payments to third parties
as part of this note may also involve money retained by you or paid back to you as commissions or other remuneration. 
  
 PAYMENTS: Each payment I make on this note will first reduce the amount I owe you for charges which are neither interest nor principal. The remainder of each
payment will then reduce accrued unpaid interest, and then unpaid principal. If you and I agree to a different application of payments, we will describe our agreement on this note. I may prepay a part of, or the entire balance of this loan without
penalty, unless we specify to the contrary on this note. Any partial prepayment will not excuse or reduce any later scheduled payment until this note is paid in full (unless, when I make the prepayment, you and I agree in writing to the contrary).

  
 INTEREST: Interest accrues on the principal remaining unpaid from time
to time, until paid in full. If I receive the principal in more than one advance, each advance will start to earn interest only when I receive the advance. The interest rate in effect on this note at any given time will apply to the entire principal
advanced at that time. Notwithstanding anything to the contrary, I do not agree to pay and you do not intend to charge any rate of interest that is higher than the maximum rate of interest you could charge under applicable law for the extension of
credit that is agreed to here (either before or after maturity). If any notice of interest accrual is sent and is in error, we mutually agree to correct it, and if you actually collect more interest than allowed by law and this agreement, you agree
to refund it to me. 
  
 INDEX RATE: The index will serve only as a device
for setting the rate on this note. You do not guarantee by selecting this index, or the margin, that the rate on this note will be the same rate you charge on any other loans or class of loans to me or other borrowers. 
  
 ACCRUAL METHOD: The amount of interest that I will pay on this loan will be calculated
using the interest rate and accrual method stated on page 1 of this note. For the purpose of interest calculation, the accrual method will determine the number of days in a “year.” If no accrual method is stated, then you may use any
reasonable accrual method for calculating interest. 
  
 POST MATURITY RATE:
For purposes of deciding when the “Post Maturity Rate” (shown on page 1) applies, the term “maturity” means the date of the last scheduled payment indicated on page 1 of this note or the date you accelerate payment on the note,
whichever is earlier.  
  
 SINGLE ADVANCE LOANS: If this is a single
advance loan, you and I expect that you will make only one advance of principal. However, you may add other amounts to the principal if you make any payments described in the “PAYMENTS BY LENDER” paragraph below. 
  
 MULTIPLE ADVANCE LOANS: If this is a multiple advance loan, you and I expect that you
will make more than one advance of principal. If this is closed end credit, repaying a part of the principal will not entitle me to additional credit. 
  
 PAYMENTS BY LENDER: If you are authorized to pay, on my behalf, charges I am obligated to pay (such as property insurance premiums), then you may treat those
payments made by you as advances and add them to the unpaid principal under this note, or you may demand immediate payment of the charges. 
  
 SET-OFF: I agree that you may set off any amount due and payable under this note against any right I have to receive money from you. 
  
 “Right to receive money from you” means: 
  

	 	(1)	any deposit account balance I have with you; 

  

	 	(2)	any money owed to me on an item presented to you or in your possession for collection or exchange; and 

  

	 	(3)	any repurchase agreement or other nondeposit obligation. 

  
 “Any amount due and payable under this note” means the total amount of which you are entitled to demand payment under the terms of this note at
the time you set off. This total includes any balance the due date for which you properly accelerate under this note. 
  
 If my right to receive money from you is also owned by someone who has not agreed to pay this note, your right of set-off will apply to my interest in the
obligation and to any other amounts I could withdraw on my sole request or endorsement. Your right of set-off does not apply to an account or other obligation where my rights are only as a representative. It also does not apply to any Individual
Retirement Account or other tax-deferred retirement account. 
  
 You will not be liable for the dishonor of any check when the dishonor occurs because you set off this debt against any of my accounts. I agree to hold you harmless from any such claims arising as a result of your exercise of your right of
set-off. 
  
 REAL ESTATE OR RESIDENCE SECURITY: If this note is secured by
real estate or a residence that is personal property, the existence of a default and your remedies for such a default will be determined by applicable law, by the terms of any separate instrument creating the security interest and, to the extent not
prohibited by law and not contrary to the terms of the separate security instrument, by the “Default” and “Remedies” paragraphs herein. 
  
 DEFAULT: I will be in default if any one or more of the following occur: (1) I fail to make a payment on time or in the amount due; (2) I fail to keep the property
insured, if required; (3) I fail to pay, or keep any promise, on any debt or agreement I have with you; (4) any other creditor of mine attempts to collect any debt I owe him through court proceedings, (5) I die, am declared
incompetent, make an assignment for the benefit of creditors, or become insolvent (either because my liabilities exceed my assets or I am unable to pay my debts as they become due); (6) I make any written statement or provide any financial
information that is untrue or inaccurate at the time it was provided; (7) I do or fail to do something which causes you to believe that you will have difficulty collecting the amount I owe you; (8) any collateral securing this note
is used in a manner or for a purpose which threatens confiscation by a legal authority; (9) I change my name or assume an additional name without first notifying you before making such a change; (10) I fail to plant, cultivate and harvest crops in
due season; (11) any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of wetlands to produce an agricultural commodity, as further explained in 7 C.F.R. Part 1940, Subpart G,
Exhibit M. 
  
 REMEDIES: If I am in default on this note you have, but are
not limited to, the following remedies: 
  

	 	(1)	You may demand immediate payment of all I owe you under this note (principal, accrued unpaid interest and other accrued charges). 

  

	 	(2)	You may set off this debt against any right I have to the payment of money from you, subject to the terms of the “Set-Off” paragraph herein. 

  

	 	(3)	You may demand security, additional security, or additional parties to be obligated to pay this note as a condition for not using any other remedy. 

  

	 	(4)	You may refuse to make advances to me or allow purchases on credit by me. 

  

	 	(5)	You may use any remedy you have under state or federal law. 

  
 By selecting any one or more of these remedies you do not give up your right to later use any other remedy. By waiving your right to declare an event to
be a default, you do not waive your right to later consider the event as a default if it continues or happens again. 
  
 COLLECTION COSTS AND ATTORNEY’S FEES: I agree to pay all costs of collection, replevin or any other or similar type of cost if I am in default. In addition,
if you hire an attorney to collect this note, I also agree to pay any fee you incur with such attorney plus court costs (except where prohibited by law). To the extent permitted by the United States Bankruptcy Code, I also agree to pay the
reasonable attorney’s fees and costs you incur to collect this debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. 
  
 WAIVER: I give up my rights to require you to do certain things. I will not require you to: 
  

	 	(1)	demand payment of amounts due (presentment); 

  

	 	(2)	obtain official certification of nonpayment (protest); or 

  

	 	(3)	give notice that amounts due have not been paid (notice of dishonor). 

  
 I waive any defenses I have based on suretyship or impairment of collateral. 
  
 OBLIGATIONS INDEPENDENT: I understand that I must pay this note even if someone else has also agreed to pay it (by, for example, signing this form or a separate
guarantee or endorsement). You may sue me alone, or anyone else who is obligated on this note, or any number of us together, to collect this note. You may do so without any notice that it has not been paid (notice of dishonor). You may without
notice release any party to this agreement without releasing any other party. If you give up any of your rights, with or without notice, it will not affect my duty to pay this note. Any extension of new credit to any of us, or renewal of this note
by all or less than all of us will not release me from my duty to pay it. (Of course, you are entitled to only one payment in full.) I agree that you may at your option extend this note or the debt represented by this note, or any portion of the
note or debt, from time to time without limit or notice and for any term without affecting my liability for payment of the note. I will not assign my obligation under this agreement without your prior written approval. 
  
 FINANCIAL INFORMATION: I agree to provide you, upon request, any financial statement
or information you may deem necessary. I warrant that the financial statements and information I provide to you are or will be accurate, correct and complete. 
  

NOTICE: Unless otherwise required by law, any notice to me shall be given by delivering it or by mailing it by first class mail addressed to me at my last known
address. My current address is on page 1. I agree to inform you in writing of any change in my address. I will give any notice to you by mailing it first class to your address stated on page 1 of this agreement, or to any other address that you have
designated. 
  
 CONFESSION OF JUDGMENT AND WAIVER OF EXEMPTION: If agreed
on page 1 then, in addition to your remedies listed herein, I authorize the attorneys in fact named on page 1 of this agreement, in the event of my default, to appear in the office listed on page 1, and to confess judgment. The confession of
judgment may be without process, against me, in favor of you, for any unpaid principal, accrued interest and accrued charges due on this agreement, together with collection costs including reasonable attorney’s fees. I waive the benefit of all
homestead and other exemptions and I agree that the judgment shall be a lien on my principal residence immediately upon confession. This power of attorney shall not terminate upon my disability. 
  
 INSURANCE DISCLOSURES: I may obtain insurance from anyone I want that is acceptable to
you. My choice of insurance provider will not affect the credit decision or interest rate. 
  

																				
	 DATE OF
TRANSACTION

	  	PRINCIPAL
ADVANCE

	  	BORROWER’S
INITIALS
(not required)

	  	PRINCIPAL
PAYMENTS

	  	PRINCIPAL
BALANCE

	  	INTEREST
RATE

	 	 	INTEREST
PAYMENTS

	  	INTEREST
PAID
THROUGH:

	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 
	 	  	$	 	  	 	  	$	 	  	$	 	  	 	%	 	$	 	  	 

  

					
	 	  	 	  	(page 2 of 2)
	

    © 1984, 1991 Bankers Systems, Inc., St. Cloud, MN Form UN-VA 3/8/2002	  	/s/ Duane N. Martin	  	/s/ Dennis Gambill
	 	  	
	  	

  
 AGREEMENT TO PROVIDE
INSURANCE 
  
 DATE AND PARTIES. The date of this Agreement to Provide
Insurance (Agreement) is 03-31-2005. The parties and their addresses are: 
  

							
	OWNER:	  	 UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA
 3830 COMMERCE DRIVE
 ST. CHARLES, IL 60174
	  	SECURED PARTY:	  	 GRAYSON NATIONAL BANK
 113 W MAIN
STREET
 P.O. BOX 186
 INDEPENDENCE, VA
24348

  
 The pronouns “you” and
“your” refer to the Secured Party. The pronouns “I,” “me” and “ my” refer to each person or entity signing this Agreement as Owner. 
  
 1. LOAN, LEASE, OR CONTRACT DESCRIPTION (Loan). 
  

					
	A.	  	Date:	  	03-31-2005
			
	B.	  	Loan Number:	  	7143131
			
	C.	  	Loan Amount:	  	500,000.00
			
	D.	  	Additional Information:	  	 

  
 2. AGREEMENT TO PROVIDE INSURANCE.
As part of my Loan, I agree to do all of the following (in addition to any requirements specified in the Loan documents). 
  

					
	A.	  	I will insure the Property as listed and with the coverages shown in the COVERAGES section.
		
	B.	  	I will have you named on the policy, with the status listed under the STATUS section.
		
	C.	  	I will arrange for the insurance company to notify you that the policy is in effect and your status has been noted.
		
	D.	  	I will pay for this insurance, including any fee for this endorsement.
		
	E.	  	I will keep the insurance in effect until the Property is no longer subject to your security interest. (I understand that the Property may secure debts in addition to any listed
in the LOAN DESCRIPTION section.)

  
 3. DESCRIPTION OF PROPERTY. The
Property subject to this Agreement is described as follows. 
  
 FIRST LIEN ON ALL EQUIPMENT AT THE FOLLOWING LOCATIONS: 3122 ELK CREEK PARKWAY, INDEPENDENCE, VA (MAIN PLANT); 3492 ELK CREEK PARKWAY, INDEPENDENCE, VA (WAREHOUSE); AND 24 INDUSTRIAL DRIVE, HILLSVILLE, VA (WAREHOUSE AT INTERSTATE 77).
SECOND LIEN ON ALL REAL ESTATE IMPROVEMENTS LOCATED AT 3122 ELK CREEK PARKWAY, INDEPENDENCE, VA (MAIN PLANT); 3492 ELK CREEK PARKWAY, INDEPENDENCE, VA (WAREHOUSE); 3081 ELK CREEK PARKWAY, INDEPENDENCE, VA (ROUSE HOUSE); AND 3415 ELK CREEK PARKWAY,
INDEPENDENCE, VA (WINGATE HOUSE). 
  
 4. COVERAGES. I agree to insure the
Property according to the following described risks, amount of coverage, and maximum deductible allowed. 
  

													
	x  If checked, all coverages will be for the full replacement value of the Property.
			
	Homeowner’s Coverage.	  	 ̈  H.O.	  	 ̈  Other (Describe)
                                        
                                        
                        
						
	Insurable Value:	  	 	  	Deductible:	  	 	  	 	  	 
							
	Automobile Coverages.	  	 ̈  Fire	  	 ̈  Theft	  	 ̈  Collision	  	 ̈  Comprehensive	  	 ̈  Liability	  	 ̈  Other                                   
  
					
	Insurable Value:	  	 	  	Deductible:	  	            Minimum Limits	  	 
							
	Property Coverage.	  	x  Fire	  	x  Theft	  	 ̈  Collision	  	 ̈  Comprehensive	  	x  Liability	  	 ̈  Other                                   
  
						
	Insurable Value:	  	 	  	Deductible:	  	 	  	 	  	 

  
 5. STATUS. Your status shall be
listed on the insurance policy as follows. 
  
       x  Lienholder         ̈  Certificate Holder         ̈  Additional
Insured         ̈  Mortgagee         ̈  Other
                             
  
 California Real Property: Hazard insurance exceeding the replacement value of the improvements on the property is not
required as a condition of this loan. 
  
 6. ADDITIONAL TERMS. 

 
 7. INSURANCE COMPANY. The insurance policy covering the Property and the insurance
company issuing the policy are as follows. 
  
 A. Policy
Number: Y6303635A147TIL04 Effective From 03-01-2005 To 11-07-2005. 
  
 B. Insurance Company Name, Address, and Phone Number: 
  
 TRAVELERS/ST. PAUL 
 300 WINDSOR STREET

 HARTFORD, CT 06120 
  
 8. INSURANCE AGENCY AND AGENT. The insurance agency through which I have purchased, or intend to purchase, the required insurance is as follows. 
  
 A. Agent Name: JOHN BYRNES AND JUDY POST. 
  
 B. Agency Name, Address, and Phone Number: 
  
 RC KNOX & COMPANY, INC. 
 ONE GOODWIN SQUARE 
 HARTFORD, CT 06103-4305

 (860) 524-7600 
  
 9. SIGNATURES. 
  
 SIGNATURES FOR OWNER(S) AND AUTHORIZATION TO INSURANCE AGENT AND COMPANY. By signing below, I agree to the terms contained in this Agreement and acknowledge receipt of a copy of this Agreement. I request the
listed insurance company and agency to provide the indicated coverage and list you on the policy with the indicated status. I also request the insurance company or its authorized agent to immediately confirm that the policy is in effect by signing
this form and forwarding a copy of the policy to you. 
  

									
	 	 	UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA	 	 	 	 
				
	X 	 	 /s/ Duane N. Martin
	 	 	 	3-31-05
	 	 	DUANE N. MARTIN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER	 	 	 	 Date

				
	X 	 	/s/    Dennis Gambill	 	 	 	 
	 	 	 	 	 	 	 Date

  
 SIGNATURE FOR SECURED PARTY AND
REQUEST FOR CONFIRMATION. Upon receipt of this Agreement, the insurance company or agency named above is requested to confirm the policy coverages shown above. 
  

									
				
	By  X 	 	 	 	 	 	3-31-05
	 	 	DENNIS GAMBILL, EXECUTIVE VICE PRESIDENT	 	 	 	 Date

  
 SIGNATURE FOR INSURANCE COMPANY AND
CONFIRMATION. By signing below, Insurance Company confirms the existence of the insurance coverages agreed to be provided by our insured and that you will be notified not less than 10 days before cancellation. 
  

									
	TRAVELERS/ST. PAUL	 	 	 	 
	Insurance Company	 	 	 	 
				
	By  X 	 	 	 	 	 	 
	 	 	 	 	 	 	 Date

  
 Please return to Secured Party at
the address listed in the DATE AND PARTIES section. 
  

	
	

    © 1998 Bankers Systems, Inc., St. Cloud, MN Form API-GEN 6/13/2000

			
	DEBTOR NAME AND ADDRESS	 	SECURED PARTY NAME AND ADDRESS
	UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA	 	GRAYSON NATIONAL BANK
	3830 COMMERCE DRIVE	 	113 W MAIN STREET
	ST. CHARLES, IL 60174	 	P.O. BOX 186
	 	 	INDEPENDENCE, VA 24348

  
 Type:  ̈ individual  ̈ partnership x
corporation  ̈
                             
  
 State of organization/registration (if applicable) VA 
  

	 ̈	If checked, refer to addendum for additional Debtors and signatures. 

  
 COMMERCIAL SECURITY AGREEMENT 
  
 The date of this Commercial Security Agreement (Agreement) is 03-31-2005. 
  
 SECURED DEBTS. This Agreement will secure all sums advanced by Secured Party under the terms of this Agreement and the payment and performance of the following
described Secured Debts that (check one) x Debtor  ̈
                                        
        
                                        
                                        
                                        
         (Borrower) owes to Secured Party: 
  

	x	Specific Debts. The following debts and all extensions, renewals, refinancings, modifications, and replacements (describe): LOAN NO. 7143131 DATED MARCH 31, 2005 IN THE LOAN
AMOUNT OF $500,000.00 

  

	 ̈	All Debts. All present and future debts, even if this Agreement is not referenced, the debts are also secured by other collateral, or the future debt is unrelated to or of a
different type than the current debt. Nothing in this Agreement is a commitment to make future loans or advances. 

  
 SECURITY INTEREST. To secure the payment and performance of the Secured Debts, Debtor gives Secured Party a security interest in all of the Property described in
this Agreement that Debtor owns or has sufficient rights in which to transfer an interest, now or in the future, wherever the Property is or will be located, and all proceeds and products of the Property. “Property” includes all parts,
accessories, repairs, replacements, improvements, and accessions to the Property; any original evidence of title or ownership; and all obligations that support the payment or performance of the Property. “Proceeds” includes anything
acquired upon the sale, lease, license, exchange, or other disposition of the Property; any rights and claims arising from the Property; and any collections and distributions on account of the Property. This Agreement remains in effect until
terminated in writing, even if the Secured Debts are paid and Secured Party is no longer obligated to advance funds to Debtor or Borrower. 
  
 PROPERTY DESCRIPTION. The Property is described as follows:  
  

	 ̈	Accounts and Other Rights to Payment: All rights to payment, whether or not earned by performance, including, but not limited to, payment for property or services sold,
leased, rented, licensed, or assigned. This includes any rights and interests (including all liens) which Debtor may have by law or agreement against any account debtor or obligor of Debtor. 

  

	 ̈	Inventory: All inventory held for ultimate sale or lease, or which has been or will be supplied under contracts of service, or which are raw materials, work in process, or
materials used or consumed in Debtor’s business. 

  

	x	Equipment: All equipment including, but not limited to, machinery, vehicles, furniture, fixtures, manufacturing equipment, farm machinery and equipment, shop equipment,
office and record keeping equipment, parts, and tools. The Property includes any equipment described in a list or schedule Debtor gives to Secured Party, but such a list is not necessary to create a valid security interest in all of Debtor’s
equipment. 

  

	 ̈	Instruments and Chattel Paper: All instruments, including negotiable instruments and promissory notes and any other writings or records that evidence the right to payment of
a monetary obligation, and tangible and electronic chattel paper. 

  

	 ̈	General Intangibles: All general intangibles including, but not limited to, tax refunds, patents and applications for patents, copyrights, trademarks, trade secrets,
goodwill, trade names, customer lists, permits and franchises, payment intangibles, computer programs and all supporting information provided in connection with a transaction relating to computer programs, and the right to use Debtor’s name.

  

	 ̈	Documents: All documents of title including, but not limited to, bills of lading, dock warrants and receipts, and warehouse receipts. 

  

	 ̈	Farm Products and Supplies: All farm products including, but not limited to, all poultry and livestock and their young, along with their produce, products, and
replacements; all crops, annual or perennial, and all products of the crops; and all feed, seed, fertilizer, medicines, and other supplies used or produced in Debtor’s farming operations. 

  

	 ̈	Government Payments and Programs: All payments, accounts, general intangibles, and benefits including, but not limited to, payments in kind, deficiency payments, letters of
entitlement, warehouse receipts, storage payments, emergency assistance and diversion payments, production flexibility contracts, and conservation reserve payments under any preexisting, current, or future federal or state government program.

  

	 ̈	Investment Property: All investment property including, but not limited to, certificated securities, uncertificated securities, securities entitlements, securities accounts,
commodity contracts, commodity accounts, and financial assets. 

  

	 ̈	Deposit Accounts: All deposit accounts including, but not limited to, demand, time, savings, passbook, and similar accounts. 

  

	 ̈	Specific Property Description: The Property includes, but is not limited by, the following (if required, provide real estate description): 

  
 ADDRESSES FOR LOCATIONS OF EQUIPMENT 
  

	 	1.	3122 Elk Creek Parkway, Independence, VA 24348 

  

	 	2.	3492 Elk Creek Parkway, Independence, VA 24348 

  

	 	3.	24 Industrial Drive, Hillsville, VA 24343 

  
 USE OF PROPERTY. The Property will be used for  ̈ personal
x business  ̈ agricultural  ̈                                      
   purposes. 
  
 SIGNATURES. Debtor agrees to the terms
on pages 1 and 2 of this Agreement and acknowledges receipt of a copy of this Agreement. 
  

					
	DEBTOR	 	 	 	SECURED PARTY
	UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA	 	 	 	 GRAYSON NATIONAL BANK

			
	 /s/ Duane N. Martin
	 	 	 	/s/ Dennis Gambill
	DUANE N. MARTIN	 	 	 	DENNIS GAMBILL
	CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER	 	 	 	EXECUTIVE VICE PRESIDENT

  

					
	

    © 2000 Bankers Systems, Inc., St. Cloud, MN Form SA-BUS 7/24/2001	  	 	  	(page 1 of 2)

 GENERAL PROVISIONS. Each Debtor’s obligations under this Agreement are independent of the obligations of any
other Debtor. Secured Party may sue each Debtor individually or together with any other Debtor. Secured Party may release any part of the Property and Debtor will remain obligated under this Agreement. The duties and benefits of this Agreement will
bind the successors and assigns of Debtor and Secured Party. No modification of this Agreement is effective unless made in writing and signed by Debtor and Secured Party. Whenever used, the plural includes the singular and the singular includes the
plural. Time is of the essence. 
  
 APPLICABLE LAW. This Agreement is
governed by the laws of the state in which Secured Party is located. In the event of a dispute, the exclusive forum, venue, and place of jurisdiction will be the state in which Secured Party is located, unless otherwise required by law. If any
provision of this Agreement is unenforceable by law, the unenforceable provision will be severed and the remaining provisions will still be enforceable. 
  
 NAME AND LOCATION. Debtor’s name indicated on page 1 is Debtor’s exact legal name. If Debtor is an individual, Debtor’s address is
Debtor’s principal residence. If Debtor is not an individual, Debtor’s address is the location of Debtor’s chief executive offices or sole place of business. If Debtor is an entity organized and registered under state law, Debtor has
provided Debtor’s state of registration on page 1. Debtor will provide verification of registration and location upon Secured Party’s request. Debtor will provide Secured Party with at least 30 days notice prior to any change in
Debtor’s name, address, or state of organization or registration. 
  
 WARRANTIES AND REPRESENTATIONS. Debtor has the right, authority, and power to enter into this Agreement. The execution and delivery of this Agreement will not violate any agreement governing Debtor or Debtor’s property, or to
which Debtor is a party. Debtor makes the following warranties and representations which continue as long as this Agreement is in effect: 
  

	(1)	Debtor is duly organized and validly existing in all jurisdictions in which Debtor does business; 

  

	(2)	the execution and performance of the terms of this Agreement have been duly authorized, have received all necessary governmental approval, and will not violate any provision of law
or order; 

  

	(3)	other than previously disclosed to Secured Party, Debtor has not changed Debtor’s name or principal place of business within the last 10 years and has not used any other trade
or fictitious name; and 

  

	(4)	Debtor does not and will not use any other name without Secured Party’s prior written consent. * (continued below) 

  
 Debtor owns all of the Property, and Secured Party’s claim to the Property is ahead of
the claims of any other creditor, except as otherwise agreed and disclosed to Secured Party prior to any advance on the Secured Debts. The Property has not been used for any purpose that would violate any laws or subject the Property to forfeiture
or seizure.  
  
 DUTIES TOWARD PROPERTY. Debtor will protect the
Property and Secured Party’s interest against any competing claim. Except as otherwise agreed, Debtor will keep the Property in Debtor’s possession at the address indicated on page 1 of this Agreement. Debtor will keep the Property in good
repair and use the Property only for purposes specified on page 1. Debtor will not use the Property in violation of any law and will pay all taxes and assessments levied or assessed against the Property. Secured Party has the right of reasonable
access to inspect the Property, including the right to require Debtor to assemble and make the Property available to Secured Party. Debtor will immediately notify Secured Party of any loss or damage to the Property. Debtor will prepare and keep
books, records, and accounts about the Property and Debtor’s business, to which Debtor will allow Secured Party reasonable access. 
  
 Debtor will not sell, offer to sell, license, lease, or otherwise transfer or encumber the Property without Secured Party’s prior written consent. Any disposition of
the Property will violate Secured Party’s rights, unless the Property is inventory sold in the ordinary course of business at fair market value. If the Property includes chattel paper or instruments, either as original collateral or as proceeds
of the Property, Debtor will record Secured Party’s interest on the face of the chattel paper or instruments. 
  
 If the Property includes accounts, Debtor will not settle any account for less than the full value, dispose of the accounts by assignment, or make any material change in
the terms of any account without Secured Party’s prior written consent. Debtor will collect all accounts in the ordinary course of business, unless otherwise required by Secured Party. Debtor will keep the proceeds of the accounts, and any
goods returned to Debtor, in trust for Secured Party and will not commingle the proceeds or returned goods with any of Debtor’s other property. Secured Party has the right to require Debtor to pay Secured Party the full price on any returned
items. Secured Party may require account debtors to make payments under the accounts directly to Secured Party. Debtor will deliver the accounts to Secured Party at Secured Party’s request. Debtor will give Secured Party all statements,
reports, certificates, lists of account debtors (showing names, addresses, and amounts owing), invoices applicable to each account, and any other data pertaining to the accounts as Secured Party requests. 
  
 If the Property includes farm products, Debtor will provide Secured Party with a list of the
buyers, commission merchants, and selling agents to or through whom Debtor may sell the farm products. Debtor authorizes Secured Party to notify any additional parties regarding Secured Party’s interest in Debtor’s farm products, unless
prohibited by law. Debtor agrees to plant, cultivate, and harvest crops in due season. Debtor will be in default if any loan proceeds are used for a purpose that will contribute to excessive erosion of highly erodible land or to the conversion of
wetland to produce or to make possible the production of an agricultural commodity, further explained in 7 CFR Part 1940, Subpart G, Exhibit M. If Debtor pledges the Property to Secured Party (delivers the Property into the possession or control of
Secured Party or a designated third party), Debtor will, upon receipt, deliver any proceeds and products of the Property to Secured Party. Debtor will provide Secured Party with any notices, documents, financial statements, reports, and other
information relating to the Property Debtor receives as the owner of the Property. 
  
 PERFECTION OF SECURITY INTEREST. Debtor authorizes Secured Party to file a financing statement covering the Property. Debtor will comply with, facilitate, and otherwise assist Secured Party in connection with obtaining possession or
control over the Property for purposes of perfecting Secured Party’s interest under the Uniform Commercial Code. 
  
 INSURANCE. Debtor agrees to keep the Property insured against the risks reasonably associated with the Property until the Property is released from this Agreement.
Debtor will maintain this insurance in the amounts Secured Party requires. Debtor may choose the insurance company, subject to Secured Party’s approval, which will not be unreasonably withheld. Debtor will have the insurance provider name
Secured Party as loss payee on the insurance policy. Debtor will give Secured Party and the insurance provider immediate notice of any loss. Secured Party may apply the insurance proceeds toward the Secured Debts. Secured Party may require
additional security as a condition of permitting any insurance proceeds to be used to repair or replace the Property. If Secured Party acquires the Property in damaged condition, Debtor’s rights to any insurance policies and proceeds will pass
to Secured Party to the extent of the Secured Debts. Debtor will immediately notify Secured Party of the cancellation or termination of insurance. If Debtor fails to keep the Property insured, or fails to provide Secured Party with proof of
insurance, Secured Party may obtain insurance to protect Secured Party’s interest in the Property. The insurance may include coverages not originally required of Debtor, may be written by a company other than one Debtor would choose, and may be
written at a higher rate than Debtor could obtain if Debtor purchased the insurance. 
  
 AUTHORITY TO PERFORM. Debtor authorizes Secured Party to do anything Secured Party deems reasonably necessary to protect the Property and Secured Party’s interest in the Property. If Debtor fails to perform any of Debtor’s
duties under this Agreement, Secured Party is authorized, without notice to Debtor, to perform the duties or cause them to be performed. These authorizations include, but are not limited to, permission to pay for the repair, maintenance, and
preservation of the Property and take any action to realize the value of the Property. Secured Party’s authority to perform for Debtor does not create an obligation to perform, and Secured Party’s failure to perform will not preclude
Secured Party from exercising any other rights under the law or this Agreement. 
  
 If Secured Party performs for Debtor, Secured Party will use reasonable care. Reasonable care will not include any steps necessary to preserve rights against prior parties or any duty to take action in connection with the management of the
Property. 
  
 If Secured Party comes into possession of the Property, Secured
Party will preserve and protect the Property to the extent required by law. Secured Party’s duty of care with respect to the Property will be satisfied if Secured Party exercises reasonable care in the safekeeping of the Property or in the
selection of a third party in possession of the Property. 
  
 Secured Party may
enforce the obligations of an account debtor or other person obligated on the Property. Secured Party may exercise Debtor’s rights with respect to the account debtor’s or other person’s obligations to make payment or otherwise render
performance to Debtor, and enforce any security interest that secures such obligations. 
  
 PURCHASE MONEY SECURITY INTEREST. If the Property includes items purchased with the Secured Debts, the Property purchased with the Secured Debts will remain subject to Secured Party’s security interest until the Secured Debts
are paid in full. Payments on any non-purchase money loan also secured by this Agreement will not be applied to the purchase money loan. Payments on the purchase money loan will be applied first to the non-purchase money portion of the loan, if any,
and then to the purchase money portion in the order in which the purchase money Property was acquired. If the purchase money Property was acquired at the same time, payments will be applied in the order Secured Party selects. No security interest
will be terminated by application of this formula. 
  
 DEFAULT. Debtor will
be in default if: 
  

	(1)	Debtor (or Borrower, if not the same) fails to make a payment in full when due; 

  

	(2)	Debtor fails to perform any condition or keep any covenant on this or any debt or agreement Debtor has with Secured Party; 

  

	(3)	a default occurs under the terms of any instrument or agreement evidencing or pertaining to the Secured Debts; 

  

	(4)	anything else happens that either causes Secured Party to reasonably believe that Secured Party will have difficulty in collecting the Secured Debts or significantly impairs
the value of the Property. 

  
 REMEDIES. After
Debtor defaults, and after Secured Party gives any legally required notice and opportunity to cure the default, Secured Party may at Secured Party’s option do any one or more of the following: 
  

	(1)	make all or any part of the Secured Debts immediately due and accrue interest at the highest post-maturity interest rate; 

  

	(2)	require Debtor to gather the Property and make it available to Secured Party in a reasonable fashion; 

  

	(3)	enter upon Debtor’s premises and take possession of all or any part of Debtor’s property for purposes of preserving the Property or its value and use and operate
Debtor’s property to protect Secured Party’s interest, all without payment or compensation to Debtor; 

  

	(4)	use any remedy allowed by state or federal law, or provided in any agreement evidencing or pertaining to the Secured Debts. 

  
 If Secured Party repossesses the Property or enforces the obligations of an account debtor,
Secured Party may keep or dispose of the Property as provided by law. Secured Party will apply the proceeds of any collection or disposition first to Secured Party’s expenses of enforcement, which includes reasonable attorneys’ fees and
legal expenses to the extent not prohibited by law, and then to the Secured Debts. Debtor (or Borrower, if not the same) will be liable for the deficiency, if any. 
  
 By choosing any one or more of these remedies, Secured Party does not give up the right to use any other remedy. Secured Party does not
waive a default by not using a remedy. 
  
 WAIVER. Debtor waives all claims
for damages caused by Secured Party’s acts or omissions where Secured Party acts in good faith. 
  
 NOTICE AND ADDITIONAL DOCUMENTS. Where notice is required, Debtor agrees that 10 days prior written notice will be reasonable notice to Debtor under the Uniform Commercial Code. Notice to one party is notice to
all parties. Debtor agrees to sign, deliver, and file any additional documents and certifications Secured Party considers necessary to perfect, continue, or preserve Debtor’s obligations under this Agreement and to confirm Secured Party’s
lien status on the Property. 
  

	*	WARRANTIES AND REPRESENTATIONS (4) CONTINUED: “except Grayson Springs Mountain Water.” 

  

					
	

    © 2000 Bankers Systems, Inc., St. Cloud, MN Form SA-BUS 7/24/2001	  	 	  	(page 2 of 2)

 GUARANTY 
  

							
	 	 	INDEPENDENCE	 	,	 	VIRGINIA
	 	 	(City)	 	 	 	(State )
		
	 	 	MARCH 31, 2005

  
 For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce GRAYSON NATIONAL BANK (herein, with its participants, successors and assigns, called “Lender”), at its option, at any time or from time to time to
make loans or extend other accommodations to or for the account of UNIVERSAL FOOD & BEVERAGE COMPANY OF VIRGINIA (herein called “Borrower”) or to engage in any other transactions with Borrower, the Undersigned hereby absolutely and
unconditionally guarantees to Lender the full and prompt payment when due, whether at maturity or earlier by reason of acceleration or otherwise, of the debts, liabilities and obligations described as follows: 
  

	 	A.	If this x is checked, the Undersigned guarantees to Lender the payment and performance of the debt, liability or obligation of Borrower to Lender
evidenced by or arising out of the following: LOAN NO. 7143131 DATED MARCH 31, 2005 IN THE LOAN AMOUNT OF $500,000.00 and any extensions, renewals or replacements thereof (hereinafter referred to as the “Indebtedness”).

  

	 	B.	If this  ̈ is checked, the Undersigned guarantees to Lender the payment and
performance of each and every debt, liability and obligation of every type and description which Borrower may now or at any time hereafter owe to Lender (whether such debt, liability or obligation now exists or is hereafter created or incurred, and
whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several, or joint and several; all such debts, liabilities and obligations being hereinafter
collectively referred to as the “Indebtedness”). Without limitation, this guaranty includes the following described debt(s): __________________________________ 

                                       
                                        
                                        
                                        
                               . 
  
 The Undersigned further acknowledges and agrees with Lender that: 

 
 1. No act or thing need occur to establish the liability of the
Undersigned hereunder, and no act or thing, except full payment and discharge of all indebtedness, shall in any way exonerate the Undersigned or modify, reduce, limit or release the liability of the Undersigned hereunder. 
  
 2. This is an absolute, unconditional and continuing guaranty of
payment of the Indebtedness and shall continue to be in force and be binding upon the Undersigned, whether or not all Indebtedness is paid in full, until this guaranty is revoked by written notice actually received by the Lender, and such revocation
shall not be effective as to Indebtedness existing or committed for at the time of actual receipt of such notice by the Lender, or as to any renewals, extensions and refinancings thereof. If there be more than one Undersigned, such revocation shall
be effective only as to the one so revoking. The death or incompetence of the Undersigned shall not revoke this guaranty, except upon actual receipt of written notice thereof by Lender and then only as to the decedent or the incompetent and only
prospectively, as to future transactions, as herein set forth. 
  
 3. If the Undersigned shall be dissolved, shall die, or shall be or become insolvent (however defined) or revoke this guaranty, then the Lender shall have the right to declare immediately due and payable, and the Undersigned will
forthwith pay to the Lender, the full amount of all Indebtedness, whether due and payable or unmatured. If the Undersigned voluntarily commences or there is commenced involuntarily against the Undersigned a case under the United States Bankruptcy
Code, the full amount of all Indebtedness, whether due and payable or unmatured, shall be immediately due and payable without demand or notice thereof. 
  
 4. The liability of the Undersigned hereunder shall be limited to a principal amount of $500,000.00 (if unlimited or if no amount is stated, the
Undersigned shall be liable for all Indebtedness, without any limitation as to amount), plus accrued interest thereon and all attorneys’ fees, collection costs and enforcement expenses referable thereto. Indebtedness may be created and
continued in any amount, whether or not in excess of such principal amount, without affecting or impairing the liability of the Undersigned hereunder. The Lender may apply any sums received by or available to Lender on account of the Indebtedness
from Borrower or any other person (except the Undersigned), from their properties, out of any collateral security or from any other source to payment of the excess. Such application of receipts shall not reduce, affect or impair the liability of the
Undersigned hereunder. If the liability of the Undersigned is limited to a stated amount pursuant to this paragraph 4, any payment made by the Undersigned under this guaranty shall be effective to reduce or discharge such liability only if
accompanied by a written transmittal document, received by the Lender, advising the Lender that such payment is made under this guaranty for such purpose. 
  
 5. The Undersigned will pay or reimburse Lender for all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred
by Lender in connection with the protection, defense or enforcement of this guaranty in any litigation or bankruptcy or insolvency proceedings. 
  
 This guaranty includes the additional provisions on page 2, all of which are made a part hereof. 
  
 This guaranty is x unsecured;  ̈ secured by a mortgage or security agreement dated
                                         ;

  ̈ secured by
______________________________________________________________________________________. 
  
 IN WITNESS WHEREOF, this guaranty has been duly executed by the Undersigned the day and year first above written. 
  

	
	
	 /s/ Duane N. Martin

	 DUANE N. MARTIN

	
	 
	
	 
	
	 
	
	“Undersigned” shall refer to all persons who sign this guaranty, severally and jointly.

  

					
	

	  	© Bankers Systems, Inc., St. Cloud, MN 56301 FORM M-240 6/20/2002 (For Corporate Guarantor use M-250)	  	(page 1 of 2)

 ADDITIONAL PROVISIONS 
  
 6. Whether or not any existing relationship between the Undersigned and Borrower has been changed or ended and
whether or not this guaranty has been revoked, Lender may, but shall not be obligated to, enter into transactions resulting in the creation or continuance of Indebtedness, without any consent or approval by the Undersigned and without any notice to
the Undersigned. The liability of the Undersigned shall not be affected or impaired by any of the following acts or things (which Lender is expressly authorized to do, omit or suffer from time to time, both before and after revocation of this
guaranty, without notice to or approval by the Undersigned): (i) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all Indebtedness; (ii) any one or more extensions or renewals of Indebtedness (whether
or not for longer than the original period) or any modification of the interest rates, maturities or other contractual terms applicable to any Indebtedness; (iii) any waiver, adjustment, forbearance, compromise or indulgence granted to Borrower, any
delay or lack of diligence in the enforcement of Indebtedness, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any Indebtedness; (iv) any full or partial release of, settlement with, or agreement
not to sue, Borrower or any other guarantor or other person liable in respect of any Indebtedness; (v) any discharge of any evidence of Indebtedness or the acceptance of any instrument in renewal thereof or substitution therefor; (vi) any failure to
obtain collateral security (including rights of setoff) for Indebtedness, or to see to the proper or sufficient creation and perfection thereof, or to establish the priority thereof, or to protect, insure, or enforce any collateral security; or any
release, modification, substitution, discharge, impairment, deterioration, waste, or loss of any collateral security; (vii) any foreclosure or enforcement of any collateral security; (viii) any transfer of any Indebtedness or any evidence thereof;
(ix) any order of application of any payments or credits upon Indebtedness; (x) any election by the Lender under §1111(b)(2) of the United States Bankruptcy Code. 
  
 7. The Undersigned waives any and all defenses, claims and discharges of Borrower, or any other obligor, pertaining
to Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Undersigned will not assert, plead or enforce against Lender any defense of waiver, release, statute of limitations, res
judicata, statute of frauds, fraud, incapacity, minority, usury, illegality or unenforceability which may be available to Borrower or any other person liable in respect of any Indebtedness, or any setoff available against Lender to Borrower or any
such other person, whether or not on account of a related transaction. The Undersigned expressly agrees that the Undersigned shall be and remain liable, to the fullest extent permitted by applicable law, for any deficiency remaining after
foreclosure of any mortgage or security interest securing Indebtedness, whether or not the liability of Borrower or any other obligor for such deficiency is discharged pursuant to statute or judicial decision. The undersigned shall remain obligated,
to the fullest extent permitted by law, to pay such amounts as though the Borrower’s obligations had not been discharged. 
  
 8. The Undersigned further agrees that the Undersigned shall be and remain obligated to pay Indebtedness even though any other person obligated to
pay Indebtedness, including Borrower, has such obligation discharged in bankruptcy or otherwise discharged by law. “Indebtedness” shall include post-bankruptcy petition interest and attorneys’ fees and any other amounts which Borrower
is discharged from paying or which do not otherwise accrue to Indebtedness due to Borrower’s discharge, and the Undersigned shall remain obligated to pay such amounts as though Borrower’s obligations had not been discharged. 
  
 9. If any payment applied by Lender to Indebtedness is thereafter set
aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of Borrower or any other obligor), the Indebtedness to which such payment was applied shall for the
purposes of this guaranty be deemed to have continued in existence, notwithstanding such application, and this guaranty shall be enforceable as to such Indebtedness as fully as if such application had never been made. 
  
 10. The Undersigned waives any claim, remedy or other right which the
Undersigned may now have or hereafter acquire against Borrower or any other person obligated to pay Indebtedness arising out of the creation or performance of the Undersigned’s obligation under this guaranty, including, without limitation, any
right of subrogation, contribution, reimbursement, indemnification, exoneration, and any right to participate in any claim or remedy the Undersigned may have against the Borrower, collateral, or other party obligated for Borrower’s debts,
whether or not such claim, remedy or right arises in equity, or under contract, statute or common law. 
  
 11. The Undersigned waives presentment, demand for payment, notice of dishonor or nonpayment, and protest of any instrument evidencing
Indebtedness. Lender shall not be required first to resort for payment of the Indebtedness to Borrower or other persons or their properties, or first to enforce, realize upon or exhaust any collateral security for Indebtedness, before enforcing this
guaranty. 
  
 12. The liability of the Undersigned under
this guaranty is in addition to and shall be cumulative with all other liabilities of the Undersigned to Lender as guarantor or otherwise, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other
liability specifically provides to the contrary. 
  
 13.
This guaranty shall be enforceable against each person signing this guaranty, even if only one person signs and regardless of any failure of other persons to sign this guaranty. If there be more than one signer, all agreements and promises herein
shall be construed to be, and are hereby declared to be, joint and several in each of every particular and shall be fully binding upon and enforceable against either, any or all the Undersigned. This guaranty shall be effective upon delivery to
Lender, without further act, condition or acceptance by Lender, shall be binding upon the Undersigned and the heirs, representatives, successors and assigns of the Undersigned and shall inure to the benefit of Lender and its participants, successors
and assigns. Any invalidity or unenforceability of any provision or application of this guaranty shall not affect other lawful provisions and application hereof, and to this end the provisions of this guaranty are declared to be severable. Except as
authorized by the terms herein, this guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by the Undersigned and Lender. This guaranty shall be governed by the laws of the State in which
it is executed. The Undersigned waives notice of Lender’s acceptance hereof. 
  
 14. Lender agrees that it will release this guaranty when the Borrower’s bottling production sustains a level of production that is acceptable to the Lender, in its reasonable discretion. 
  

							
	 	 	 	  	 	  	(page 2 of 2)
	

	 	© Bankers Systems, Inc., St. Cloud, MN 56301 Form M-240 6/20/2002 (For Corporate Guarantor use M-250)	  	/s/ Duane N. Martin	  	___________

					
	 GUARANTOR NAME AND ADDRESS
	    	 LENDER NAME AND ADDRESS
	  	 
	  
 UNIVERSAL FOOD & BEVERAGE COMPANY (A
 NEVADA CORPORATION)
	    	  
 GRAYSON NATIONAL
BANK
 113 W MAIN STREET
	  	 Number   7143131

	 3830 COMMERCE DRIVE
	    	 P.O. BOX 186
	  	 Amount   500,000.00

	 ST. CHARLES, IL 60174
	    	 INDEPENDENCE, VA 24348
	  	  
 Date  
MARCH 31, 2005

  
 GUARANTY

  
 DATE. The date of this Guaranty is 03-31-2005 
  
 For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce Lender (with its participants, successors and assigns), at its option, at any time or from time to time to make loans or extend other accommodations to or for the account of UNIVERSAL FOOD & BEVERAGE COMPANY OF
VIRGINIA (Borrower) or to engage in any other transactions with Borrower, the Guarantor hereby absolutely and unconditionally guaranties to the Lender the full and prompt payment when due, whether at maturity or earlier by reason of acceleration or
otherwise, of the debts, liabilities and obligations described as follows: 
  
 INDEBTEDNESS. 
  
 x Specific Debts. The Guarantor guaranties to Lender the payment and performance of the debt, liability or obligation of Borrower to Lender evidenced by or arising out of the following: LOAN NO. 7143131 DATED
MARCH 31, 2005 IN THE LOAN AMOUNT OF $500,000.00 and any extensions, renewals or replacements thereof (Indebtedness). 
  
  ̈ All Debts. Except as this Guaranty may
otherwise provide, the Guarantor guaranties to Lender the payment and performance of each and every debt, liability and obligation of every type and description which Borrower may now or at any time hereafter owe to Lender (whether such debt,
liability or obligation now exists or is hereafter created or incurred, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several, or joint and
several; all such debts, liabilities and obligations (Indebtedness)). Without limitation, this Guaranty includes the following described debt(s): 
  
                                       
                                        
                                        
                                        
                                        
                                        

  
 Exclusions. 
  
  ̈ Guarantor will be liable for $
                                     of the principal amount
of the Indebtedness outstanding at default and for all of the accrued interest, and the expenses of collection, enforcement or protection of Lender’s rights and remedies under this Guaranty, including reasonable attorneys’ fees.

  
  ̈ Guarantor’s liability will not exceed
                             % of the Indebtedness outstanding at default and all of the accrued
interest, and the expenses of collection, enforcement or protection of Lender’s rights and remedies under this Guaranty, including reasonable attorneys’ fees. 
  
  ̈ Indebtedness
Excludes: 
  
 SECURITY. 
  

			
	 x       the Guaranty is
unsecured,

	
	  ̈        secured by
                                        
                                        
                                        
                                        
                                        
                

	
	                                       
                                        
                                        
                                        
                                        
                                       
 

  
  ̈ CONFESSION OF JUDGMENT. Guarantor appoints and authorizes
                                        
                                        
        , attorneys in fact, to appear in the office of
                                        
                            , Virginia, to confess judgment against Guarantor in favor of Lender, if
Guarantor defaults on this agreement. The confession of judgment may be without process and ONLY for any amount of PRINCIPAL and INTEREST due on this Guaranty. 
  
 In this notice, you means the Guarantor. IMPORTANT NOTICE: THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT WHICH CONSTITUTES A WAIVER
OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU WITHOUT ANY FURTHER NOTICE. 
  
 SIGNATURES. By signing under seal, Guarantor agrees to the terms contained in this Guaranty (including those on page 2). Guarantor also acknowledges receipt of a
copy of this Guaranty. 
  

					
	GUARANTOR:	 	 	 	 
			
	UNIVERSAL FOOD & BEVERAGE COMPANY (A NEVADA CORPORATION)	 	 	 	  
	 Entity
Name                                        
                                 (Seal)
	 	 	 	 Entity
Name                                        
                                 (Seal)

  

									
				
	 /s/ Duane N. Martin
	 	 	 	 	 	  
	 Name, Title
	 	DUANE N. MARTIN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER	 	 (Seal)
	 	 	 	 Name, Title
                                        
                                   (Seal)

  

					
			
	  	 	 	 	  
	 Name,
Title                                       
                                  (Seal)
	 	 	 	 Name, Title
                                        
                                 (Seal)

  
 ACKNOWLEDGMENT (required for
Confession of Judgment): 
  
 STATE OF ILLINOIS, COUNTY OF DUPAGE} ss.

  
 This instrument was acknowledged before me this 31st day of March by DUANE N.
MARTIN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER (Title(s)) of UNIVERSAL FOOD & BEVERAGE COMPANY (A NEVADA CORPORATION) (Name of Business or Entity) a CORPORATION on behalf of the business or entity. 
  
 My commission expires: 5/20/08 
  

					
	 (Seal)
	 	 	 	 
			
	  	 	 	 	/s/ Carl A. Neumann
	“OFFICIAL L SEAL”	 	 	 	(Notary Public)
	CARL A. NEUMANN	 	 	 	 
	Notary Public, State of Illinois	 	 	 	 
	My Commission Expires 05/20/08	 	 	 	 

  

					
	

    © 2001 Bankers Systems, Inc., St. Cloud, MN Form M-250-VA 6/26/2002	  	 	  	(page 1 of 2)

 ADDITIONAL PROVISIONS 
  
 The Guarantor further acknowledges and agrees with Lender that: 
  
 1. No act or thing need occur to establish the liability of the
Guarantor hereunder, and no act or thing, except full payment and discharge of all Indebtedness, shall in any way exonerate the Guarantor or modify, reduce, limit or release the liability of the Guarantor hereunder. 
  
 2. This is an absolute, unconditional and continuing Guaranty of
payment of the Indebtedness and will continue to be enforceable against the Guarantor, whether or not all Indebtedness is paid in full, until this Guaranty is revoked by written notice actually received by the Lender. Any revocation shall not be
effective as to any Indebtedness existing or committed to at the time of actual receipt of notice by the Lender, or as to any renewals, extensions and refinancings thereof. 
  
 The Guarantor represents and warrants to the Lender that the Guarantor has a direct and substantial economic interest in
Borrower and expects to derive substantial benefits therefrom and from any loans and financial accommodations resulting from the creation of Indebtedness guaranteed hereby, and that this Guaranty is given for a business purpose. The Guarantor agrees
to rely exclusively on its right to revoke this Guaranty prospectively as to future transactions, by written notice actually received by Lender if at any time, the benefits then being received by the Guarantor in connection with this Guaranty are
not sufficient to warrant its continuance as a Guarantor as to future Indebtedness. Accordingly, the Lender may rely conclusively on a continuing warranty, hereby made, that the Guarantor continues to be benefited by this Guaranty and that the
Lender has no duty to inquire into or confirm the receipt of any benefits, and that this Guaranty will be enforceable without regard to the receipt, nature or value of any such benefits. 
  
 3. If the Guarantor is dissolved or becomes insolvent, however defined, or revokes this Guaranty, then the Lender has
the right to declare the full amount of all Indebtedness immediately due and payable, and the Guarantor will forthwith pay the Lender. If the Guarantor voluntarily commences or there is commenced involuntarily against the Guarantor a case under the
United States Bankruptcy Code, the full amount of all Indebtedness, whether due and payable or unmatured, will become immediately due and payable without demand or notice thereof. 
  
 4. The Guarantor will be liable for all Indebtedness, without any limitation as to amount, plus accrued interest
thereon and all attorneys’ fees, collection costs and enforcement expenses referable thereto. Indebtedness may be created and continued in any amount, whether or not in excess of such principal amount, without affecting or impairing the
liability of the Guarantor hereunder. The Lender may apply any sums received by or available to the Lender on account of the Indebtedness from Borrower or any other person (except the Guarantor), from their properties, out of any collateral security
or from any other source to payment of the excess. Such application of receipts will not reduce, affect or impair the liability of the Guarantor hereunder. If the liability of the Guarantor is limited pursuant to this paragraph 4, any payment made
by the Guarantor under this Guaranty will be effective to reduce or discharge its liability only if accompanied by a written transmittal document, received by the Lender, advising that such payment is made under this Guaranty for that purpose.

  
 5. The Guarantor will pay or reimburse the Lender for
all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Lender in connection with the protection, defense or enforcement of this Guaranty in any litigation or bankruptcy or insolvency proceedings.

  
 6. Whether or not any existing relationship between the
Guarantor and Borrower has been changed or ended and whether or not this Guaranty has been revoked, the Lender may, but shall not be obligated to, enter into transactions resulting in the creation or continuance of Indebtedness, without any consent
or approval by the Guarantor and without any notice to the Guarantor. The liability of the Guarantor will not be affected or impaired by any of the following acts or things (which the Lender is expressly authorized to do, omit or suffer from time to
time, both before and after revocation of this Guaranty, without notice to or approval by the Guarantor): (i) any acceptance of collateral security, Guarantor’s, accommodation parties or sureties for any or all Indebtedness; (ii) any one or
more extensions or renewals of Indebtedness (whether or not for longer than the original period) or any modification of the interest rates, maturities or other contractual terms applicable to any Indebtedness; (iii) any waiver adjustment,
forbearance, compromise or indulgence granted to Borrower, any delay or lack of diligence in the enforcement of Indebtedness, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any Indebtedness;
(iv) any full or partial release of, settlement with, or agreement not to sue, Borrower or any other Guarantor or other person liable in respect of any Indebtedness; (v) any discharge of any evidence of Indebtedness or the acceptance of any
instrument in renewal thereof or substitution therefor; (vi) any failure to obtain collateral security (including rights of setoff) for Indebtedness, or to see to the proper or sufficient creation and perfection thereof, or to establish the priority
thereof, or to protect, insure, or enforce any collateral security; or any release, modification, substitution, discharge, impairment, deterioration, waste, or loss of any collateral security; (vii) any foreclosure or enforcement of any collateral
security; (viii) any transfer of any Indebtedness or any evidence thereof; (ix) any order of application of any payments or credits upon Indebtedness; (x) any election by the Lender under §1111(b)(2) of the United States Bankruptcy Code.

  
 7. The Guarantor waives any and all defenses, claims
and discharges of Borrower, or any other obligor, pertaining to Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Guarantor will not assert, plead or enforce against the Lender
any defense of waiver, release, estoppel, statute of limitations, res judicata, statute of frauds, fraud, forgery, incapacity, minority, usury, illegality or unenforceability which may be available to Borrower or any other person liable in respect
of any Indebtedness, or any setoff available against the Lender to Borrower or any such other person, whether or not on account of a related transaction. The Guarantor expressly agrees that the Guarantor will be liable, to the fullest extent
permitted by applicable law, for any deficiency remaining after foreclosure of any mortgage or security interest securing Indebtedness, whether or not the liability of Borrower or any other obligor for such deficiency is discharged pursuant to
statute or judicial decision. The Guarantor shall remain obligated, to the fullest extent permitted by law, to pay such amounts as though Borrower’s obligations had not been discharged. 
  
 8. The Guarantor further agree(s) that Guarantor will be obligated to
pay Indebtedness even though any other person obligated to pay Indebtedness, including Borrower, has such obligation discharged in bankruptcy or otherwise discharged by law. “Indebtedness” shall include post-bankruptcy petition interest
and attorneys’ fees and any other amounts which Borrower is discharged from paying or which do not accrue to Indebtedness due to Borrower’s discharge, and Guarantor will be obligated to pay such amounts as fully as if Borrower’s
obligations had not been discharged. 
  
 9. If any payment
applied by the Lender to Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of Borrower or any other obligor), the
Indebtedness to which such payment was applied will for the purposes of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this Guaranty will be enforceable as to such Indebtedness as fully as if such
application had never been made. 
  
 10. The Guarantor
waive(s) any claim, remedy or other right which the Guarantor may now have or hereafter acquire against Borrower or any other person obligated to pay Indebtedness arising out of the creation or performance of the Guarantor’s obligation under
this Guaranty, including, without limitation, any right of subrogation, contribution, reimbursement, indemnification, exoneration or any right to participate in any claim or remedy the Guarantor may have against the Borrower, collateral, or other
party obligated for Borrower’s debt, whether or not such claim, remedy, or right arises in equity, or under contract, statute or common law. 
  
 11. The Guarantor waives presentment, demand for payment, notice of dishonor or nonpayment, and protest of any instrument evidencing Indebtedness.
The Lender will not be required first to resort for payment of the Indebtedness to Borrower or other persons or their properties, or first to enforce, realize upon or exhaust any collateral security for Indebtedness, before enforcing this Guaranty.

  
 12. The liability of the Guarantor under this Guaranty
is in addition to and is cumulative with all other liabilities of the Guarantor to the Lender as Guarantor or otherwise, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically
provides to the contrary. 
  
 13. To induce Lender to enter
into the Loan, Guarantor makes these representations and warranties for as long as Guaranty is in effect. Guarantor is duly organized, validly existing and in good standing under the laws in the jurisdiction where Guarantor was organized and is duly
qualified, validly existing and in good standing in all jurisdictions in which Guarantor operates or Guarantor owns or leases property. Guarantor has the power and authority to enter into this transaction and to carry on Guarantor’s business or
activity as now conducted. The execution, delivery and performance of this Guaranty and the obligation evidenced by this Guaranty: are within Guarantor’s duly authorized powers; has received all necessary governmental approval; will not violate
any provision of law or order of court or governmental agency; and will not violate any agreement to which Guarantor is a party or to which Guarantor is or any of Guarantor’s property is subject. Other than previously disclosed in writing to
Lender, Guarantor has not changed Guarantor’s name or principal place of business within the last ten years and has not used any other trade or fictitious name. Without Lender’s prior written consent. Guarantor does not and will not use
any other name and will preserve Guarantor’s existing name, trade names and franchises. Guarantor owns or leases all property that Guarantor needs to conduct Guarantor’s business and activities. All of Guarantor’s property is free and
clear of all liens, security interests, encumbrances and other adverse claims and interests, except those Lender previously agreed to in writing. Guarantor is not violating any laws, regulations, rules, orders, judgments or decrees applicable to
Guarantor or Guarantor’s property, except for those that Guarantor is challenging in good faith through proper proceedings after providing adequate reserves to fully pay the claim and its challenge should Guarantor lose. 
  
 14. This Guaranty is effective upon delivery to the Lender, without
further act, condition or acceptance by the Lender. It will be binding upon the Guarantor and the successors and assigns of the Guarantor and will inure to the benefit of the Lender and its participants, successors and assigns. Any invalidity or
unenforceability of any provision or application of this Guaranty will not affect other lawful provisions and application hereof, and to this end the provisions of this Guaranty are declared to be severable. Except as allowed by the terms herein,
this Guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by the Guarantor and the Lender. This Guaranty shall be governed by the laws of the State in which it is executed. The Guarantor
waives notice of the Lender’s acceptance hereof. 
  

					
	 	  	 	  	(page 2 of 2)
	

    © 2001 Bankers Systems, Inc., St. Cloud, MN Form M-250-VA 6/26/2002	  	/s/    Duane N. Martin	  	___________

					
	GUARANTOR NAME AND ADDRESS	  	LENDER NAME AND ADDRESS	  	 
			
	UNIVERSAL FOOD & BEVERAGE COMPANY	  	 GRAYSON NATIONAL BANK
	  	Number 7143131
	(A DELAWARE CORPORATION)	  	 113 W MAIN STREET
	  	 
	3830 COMMERCE DRIVE	  	 P.O. BOX 186
	  	Amount 500,000.00
	ST. CHARLES, IL 60174	  	 INDEPENDENCE, VA 24348
	  	 
	 	  	 	  	Date MARCH 31, 2005

  
 GUARANTY

  
 DATE. The date of this Guaranty is
03-31-2005. 
  
 For good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and to induce Lender (with its participants, successors and assigns), at its option, at any time or from time to time to make loans or extend other accommodations to or for the account of UNIVERSAL
FOOD & BEVERAGE COMPANY OF VIRGINIA (Borrower) or to engage in any other transactions with Borrower, the Guarantor hereby absolutely and unconditionally guaranties to the Lender the full and prompt payment when due, whether at maturity or
earlier by reason of acceleration or otherwise, of the debts, liabilities and obligations described as follows: 
  
 INDEBTEDNESS. 
  
 x Specific Debts. The Guarantor guaranties to Lender the payment and performance of the debt, liability
or obligation of Borrower to Lender evidenced by or arising out of the following: LOAN NO. 7143131 DATED MARCH 31, 2005 IN THE LOAN AMOUNT OF $500,000.00 and any extensions, renewals or replacements thereof (Indebtedness). 
  
  ̈ All Debts. Except as this Guaranty may otherwise provide, the Guarantor guaranties to Lender the payment and performance of each and every debt, liability and
obligation of every type and description which Borrower may now or at any time hereafter owe to Lender (whether such debt, liability or obligation now exists or is hereafter created or incurred, and whether it is or may be direct or indirect, due or
to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or joint, several, or joint and several; all such debts, liabilities and obligations (Indebtedness)). Without limitation, this Guaranty includes the following
described debt(s): 
  

	 	

  
 Exclusions. 
  
  ̈ Guarantor will be liable for $
                                 of the principal amount of the Indebtedness
outstanding at default and for all of the accrued interest, and the expenses of collection, enforcement or protection of Lender’s rights and remedies under this Guaranty, including reasonable attorneys’ fees. 
  
  ̈ Guarantor’s liability will not exceed                      % of the Indebtedness outstanding at default
and all of the accrued interest, and the expenses of collection, enforcement or protection of Lender’s rights and remedies under this Guaranty, including reasonable attorneys’ fees. 
  
  ̈ Indebtedness Excludes: 
  
 SECURITY.

  
 x the Guaranty is
unsecured. 
  
  ̈ secured by                                   
                                        
                                        
                                        
                               
  

	 	

  
  ̈ CONFESSION OF JUDGMENT. Guarantor appoints and authorizes
                                        
                                        
            , attorneys in fact, to appear in the office of
                                        
            , Virginia, to confess judgment against Guarantor in favor of Lender, if Guarantor defaults on this agreement. The confession of judgment may be without process and ONLY
for any amount of PRINCIPAL and INTEREST due on this Guaranty. 
  
 In this notice, you means the Guarantor. IMPORTANT NOTICE: THIS INSTRUMENT CONTAINS A CONFESSION OF JUDGMENT WHICH CONSTITUTES A WAIVER OF IMPORTANT RIGHTS YOU MAY HAVE AS A DEBTOR AND ALLOWS THE CREDITOR TO OBTAIN A JUDGMENT AGAINST YOU
WITHOUT ANY FURTHER NOTICE. 
  
 SIGNATURES. By signing under seal,
Guarantor agrees to the terms contained in this Guaranty (including those on page 2). Guarantor also acknowledges receipt of a copy of this Guaranty. 
  
 GUARANTOR: 
  

									
					
	 UNIVERSAL FOOD & BEVERAGE COMPANY
 (A DELAWARE
CORPORATION)
	 	 	 	 	 	  	 	  
	Entity Name	 	(Seal)	 	 	 	Entity Name	 	(Seal)
				
	/s/ Duane N. Martin	 	 	 	  	 	  
	Name, Title DUANE N. MARTIN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER	 	(Seal)	 	 	 	Name, Title	 	(Seal)
				
	  	 	 	 	  	 	  
	Name, Title	 	(Seal)	 	 	 	Name, Title	 	(Seal)

  
 ACKNOWLEDGMENT (required for
Confession of Judgment): 
  
 STATE OF ILLINOIS, COUNTY OF DUPAGE} ss.

 This instrument was acknowledged before me this 31st day of MARCH by DUANE N. MARTIN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER (Title(s)) of
UNIVERSAL FOOD & BEVERAGE COMPANY (A DELAWARE CORPORATION) (Name of Business or Entity) a CORPORATION on behalf of the business or entity. 
  
 My commission expires 5/20/08 
  

					
	 (Seal)
	 	 	 	/s/ Carl A. Neumann
	OFFICIAL SEAL”	 	 	 	(Notary Public)
	CARL A. NEUMANN	 	 	 	 
	Notary Public, State of Illinois	 	 	 	 
	My commission expires 5/20/08	 	 	 	 

  

					
	

    © 2001 Bankers Systems, Inc., St. Cloud, MN Form M-260-VA 6/26/2002	  	 	  	(page 1 of 2)

 ADDITIONAL PROVISIONS 
  
 The Guarantor further acknowledges and agrees with Lender that: 
  
 1. No act or thing need occur to establish the liability of the
Guarantor hereunder, and no act or thing, except full payment and discharge of all Indebtedness, shall in any way exonerate the Guarantor or modify, reduce, limit or release the liability of the Guarantor hereunder. 
  
 2. This is an absolute, unconditional and continuing Guaranty of
payment of the Indebtedness and will continue to be enforceable against the Guarantor, whether or not all Indebtedness is paid in full, until this Guaranty is revoked by written notice actually received by the Lender. Any revocation shall not be
effective as to any Indebtedness existing or committed to at the time of actual receipt of notice by the Lender, or as to any renewals, extensions and refinancings thereof. 
  
 The Guarantor represents and warrants to the Lender that the Guarantor has a direct and substantial economic interest in
Borrower and expects to derive substantial benefits therefrom and from any loans and financial accommodations resulting from the creation of Indebtedness guaranteed hereby, and that this Guaranty is given for a business purpose. The Guarantor agrees
to rely exclusively on its right to revoke this Guaranty prospectively as to future transactions, by written notice actually received by Lender if at any time, the benefits then being received by the Guarantor in connection with this Guaranty are
not sufficient to warrant its continuance as a Guarantor as to future Indebtedness. Accordingly, the Lender may rely conclusively on a continuing warranty, hereby made, that the Guarantor continues to be benefited by this Guaranty and that the
Lender has no duty to inquire into or confirm the receipt of any benefits, and that this Guaranty will be enforceable without regard to the receipt, nature or value of any such benefits. 
  
 3. If the Guarantor is dissolved or becomes insolvent, however defined, or revokes this Guaranty, then the Lender has
the right to declare the full amount of all Indebtedness immediately due and payable, and the Guarantor will forthwith pay the Lender. If the Guarantor voluntarily commences or there is commenced involuntarily against the Guarantor a case under the
United States Bankruptcy Code, the full amount of all Indebtedness, whether due and payable or unmatured, will become immediately due and payable without demand or notice thereof. 
  
 4. The Guarantor will be liable for all Indebtedness, without any limitation as to amount, plus accrued interest
thereon and all attorneys’ fees, collection costs and enforcement expenses referable thereto. Indebtedness may be created and continued in any amount, whether or not in excess of such principal amount, without affecting or impairing the
liability of the Guarantor hereunder. The Lender may apply any sums received by or available to the Lender on account of the Indebtedness from Borrower or any other person (except the Guarantor), from their properties, out of any collateral security
or from any other source to payment of the excess. Such application of receipts will not reduce, affect or impair the liability of the Guarantor hereunder. If the liability of the Guarantor is limited pursuant to this paragraph 4, any payment made
by the Guarantor under this Guaranty will be effective to reduce or discharge its liability only if accompanied by a written transmittal document, received by the Lender, advising that such payment is made under this Guaranty for that purpose.

  
 5. The Guarantor will pay or reimburse the Lender for
all costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Lender in connection with the protection, defense or enforcement of this Guaranty in any litigation or bankruptcy or insolvency proceedings.

  
 6. Whether or not any existing relationship between the
Guarantor and Borrower has been changed or ended and whether or not this Guaranty has been revoked, the Lender may, but shall not be obligated to, enter into transactions resulting in the creation or continuance of Indebtedness, without any consent
or approval by the Guarantor and without any notice to the Guarantor. The liability of the Guarantor will not be affected or impaired by any of the following acts or things (which the Lender is expressly authorized to do, omit or suffer from time to
time, both before and after revocation of this Guaranty, without notice to or approval by the Guarantor): (i) any acceptance of collateral security, Guarantor’s, accommodation parties or sureties for any or all Indebtedness; (ii) any one or
more extensions or renewals of Indebtedness (whether or not for longer than the original period) or any modification of the interest rates, maturities or other contractual terms applicable to any Indebtedness; (iii) any waiver adjustment,
forbearance, compromise or indulgence granted to Borrower, any delay or lack of diligence in the enforcement of Indebtedness, or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any Indebtedness;
(iv) any full or partial release of, settlement with, or agreement not to sue, Borrower or any other Guarantor or other person liable in respect of any Indebtedness; (v) any discharge of any evidence of Indebtedness or the acceptance of any
instrument in renewal thereof or substitution therefor; (vi) any failure to obtain collateral security (including rights of setoff) for Indebtedness, or to see to the proper or sufficient creation and perfection thereof, or to establish the priority
thereof, or to protect, insure, or enforce any collateral security; or any release, modification, substitution, discharge, impairment, deterioration, waste, or loss of any collateral security; (vii) any foreclosure or enforcement of any collateral
security; (viii) any transfer of any Indebtedness or any evidence thereof; (ix) any order of application of any payments or credits upon Indebtedness; (x) any election by the Lender under §1111(b)(2) of the United States Bankruptcy Code.

  
 7. The Guarantor waives any and all defenses, claims
and discharges of Borrower, or any other obligor, pertaining to Indebtedness, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, the Guarantor will not assert, plead or enforce against the Lender
any defense of waiver, release, estoppel, statute of limitations, res judicata, statute of frauds, fraud, forgery, incapacity, minority, usury, illegality or unenforceability which may be available to Borrower or any other person liable in respect
of any Indebtedness, or any setoff available against the Lender to Borrower or any such other person, whether or not on account of a related transaction. The Guarantor expressly agrees that the Guarantor will be liable, to the fullest extent
permitted by applicable law, for any deficiency remaining after foreclosure of any mortgage or security interest securing Indebtedness, whether or not the liability of Borrower or any other obligor for such deficiency is discharged pursuant to
statute or judicial decision. The Guarantor shall remain obligated, to the fullest extent permitted by law, to pay such amounts as though Borrower’s obligations had not been discharged. 
  
 8. The Guarantor further agree(s) that Guarantor will be obligated to
pay Indebtedness even though any other person obligated to pay Indebtedness, including Borrower, has such obligation discharged in bankruptcy or otherwise discharged by law. “Indebtedness” shall include post-bankruptcy petition interest
and attorneys’ fees and any other amounts which Borrower is discharged from paying or which do not accrue to Indebtedness due to Borrower’s discharge, and Guarantor will be obligated to pay such amounts as fully as if Borrower’s
obligations had not been discharged. 
  
 9. If any payment
applied by the Lender to Indebtedness is thereafter set aside, recovered, rescinded or required to be returned for any reason (including, without limitation, the bankruptcy, insolvency or reorganization of Borrower or any other obligor), the
Indebtedness to which such payment was applied will for the purposes of this Guaranty be deemed to have continued in existence, notwithstanding such application, and this Guaranty will be enforceable as to such Indebtedness as fully as if such
application had never been made. 
  
 10. The Guarantor
waive(s) any claim, remedy or other right which the Guarantor may now have or hereafter acquire against Borrower or any other person obligated to pay Indebtedness arising out of the creation or performance of the Guarantor’s obligation under
this Guaranty, including, without limitation, any right of subrogation, contribution, reimbursement, indemnification, exoneration or any right to participate in any claim or remedy the Guarantor may have against the Borrower, collateral, or other
party obligated for Borrower’s debt, whether or not such claim, remedy, or right arises in equity, or under contract, statute or common law. 
  
 11. The Guarantor waives presentment, demand for payment, notice of dishonor or nonpayment, and protest of any instrument evidencing Indebtedness.
The Lender will not be required first to resort for payment of the Indebtedness to Borrower or other persons or their properties, or first to enforce, realize upon or exhaust any collateral security for Indebtedness, before enforcing this Guaranty.

  
 12. The liability of the Guarantor under this Guaranty
is in addition to and is cumulative with all other liabilities of the Guarantor to the Lender as Guarantor or otherwise, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically
provides to the contrary. 
  
 13. To induce Lender to enter
into the Loan, Guarantor makes these representations and warranties for as long as Guaranty is in effect. Guarantor is duly organized, validly existing and in good standing under the laws in the jurisdiction where Guarantor was organized and is duly
qualified, validly existing and in good standing in all jurisdictions in which Guarantor operates or Guarantor owns or leases property. Guarantor has the power and authority to enter into this transaction and to carry on Guarantor’s business or
activity as now conducted. The execution, delivery and performance of this Guaranty and the obligation evidenced by this Guaranty: are within Guarantor’s duly authorized powers; has received all necessary governmental approval; will not violate
any provision of law or order of court or governmental agency; and will not violate any agreement to which Guarantor is a party or to which Guarantor is or any of Guarantor’s property is subject. Other than previously disclosed in writing to
Lender, Guarantor has not changed Guarantor’s name or principal place of business within the last ten years and has not used any other trade or fictitious name. Without Lender’s prior written consent, Guarantor does not and will not use
any other name and will preserve Guarantor’s existing name, trade names and franchises. Guarantor owns or leases all property that Guarantor needs to conduct Guarantor’s business and activities. All of Guarantor’s property is free and
clear of all liens, security interests, encumbrances and other adverse claims and interests, except those Lender previously agreed to in writing. Guarantor is not violating any laws, regulations, rules, orders, judgments or decrees applicable to
Guarantor or Guarantor’s property, except for those that Guarantor is challenging in good faith through proper proceedings after providing adequate reserves to fully pay the claim and its challenge should Guarantor lose. 
  
 14. This Guaranty is effective upon delivery to the Lender, without
further act, condition or acceptance by the Lender. It will be binding upon the Guarantor and the successors and assigns of the Guarantor and will inure to the benefit of the Lender and its participants, successors and assigns. Any invalidity or
unenforceability of any provision or application of this Guaranty will not affect other lawful provisions and application hereof, and to this end the provisions of this Guaranty are declared to be severable. Except as allowed by the terms herein,
this Guaranty may not be waived, modified, amended, terminated, released or otherwise changed except by a writing signed by the Guarantor and the Lender. This Guaranty shall be governed by the laws of the State in which it is executed. The Guarantor
waives notice of the Lender’s acceptance hereof. 
  

					
	 	  	 	  	(page 2 of 2)
	

    © 2001 Bankers Systems, Inc., St. Cloud, MN Form M-250-VA 6/26/2002	  	/s/ Duane N. Martin	  	/s/ Dennis GambillSecond Amended and Restated Registration Rights Agreement

 Exhibit 4.2 
  

SECOND AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS
SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of September 25, 2003, is by and among RELIANT PHARMACEUTICALS, LLC, a Delaware limited liability company (the “Company”), and
the members of the Company listed on Exhibit A hereto (the “Members”). For the purposes of this Agreement, the term “Company” shall be deemed to include and refer to any successor in interest to the Company, whether
by means of statutory conversion, merger, consolidation or otherwise. 
  
 R E C I T A L S 
  
 WHEREAS, the Company is
a party to that certain First Amended and Restated Registration Rights Agreement, dated as of December 17, 2000 (the “Original Agreement”), among the Company, holders of the Company’s Series A Convertible Preferred Units (the
“Series A Preferred Units”), holders of the Company’s Series B Convertible Preferred Units (the “Series B Preferred Units” and, collectively, with the Series A Preferred Units, sometimes referred to herein as
the “Series A/B Preferred Units”), and holders of the Company’s Series C Convertible Preferred Units (the “Series C Preferred Units”); 
  
 WHEREAS, pursuant to the Series D Preferred Unit Subscription Agreement, dated as of September 25, 2003 (the
“Subscription Agreement”), among the Company and the purchasers identified therein (the “Investors”), the Company has agreed to issue and sell to the Investors, and the Investors have agreed to subscribe for and
purchase from the Company, the Company’s Series D Convertible Preferred Units (“Series D Preferred Units” and, collectively with the Series A Preferred Units, the Series B Preferred Units and the Series C Preferred Units, the
“Preferred Units”); 
  
 WHEREAS, to induce the
Investors to enter into the Subscription Agreement, the Company and the signatories hereto (including, without limitation, the signatories required pursuant to Section 11.3 of the Original Agreement) deem it desirable to amend and restate the
Original Agreement in its entirety by entering into this Agreement. 
  
 NOW, THEREFORE, in consideration of the recitals and the mutual premises, covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree to amend and restate the Original Agreement in its entirety as follows: 
  
 1. Definitions. In addition to capitalized terms defined elsewhere in this Agreement, the following capitalized terms shall have the following meanings when used in this Agreement: 
  
 “Commission” means the Securities and Exchange Commission
and any successor agency performing comparable functions. 

 “Common Units” means the Company’s Class One common units. 
  
 “Business Day” means each day other than a Saturday, a
Sunday or any other day on which banking institutions in the city of New York, New York are authorized or obligated by law or executive order to be closed. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rule and regulations of
the Commission thereunder, as the same shall be in effect from time to time. 
  
 “Operating Agreement” means the Third Amended and Restated Operating Agreement of the Company, dated as of the date hereof, as the same may be amended from time to time. 
  
 “Person” means an individual, partnership, corporation,
limited liability company, association, joint stock company, trust, joint venture, unincorporated organization or other entity, or a governmental entity or any department, agency or political subdivision thereof. 
  
 “Public Offering” means any offering by the Company of its
equity securities to the public pursuant to an effective registration statement under the Securities Act or any comparable statement under any comparable federal statute then in effect (other than any registration statement on Form S-8 or Form S-4
or any successor forms thereto). 
  
 “Registrable
Securities” means at any time, any of the following owned by any equity holder of the Company party to this Agreement: (i) any common equity securities of the Company issuable upon conversion or exchange of the Preferred Units, or issuable
or issued upon conversion or exchange of other equity securities of the Company into which the Preferred Units shall be reclassified or changed, including by reason of a merger, consolidation, reorganization, recapitalization or statutory conversion
then outstanding which are then owned by any Member, including any other Person who is a permitted transferee of such holder under the terms of the Operating Agreement; (ii) any common equity securities of the Company then outstanding which were
issued as, or were issued directly or indirectly upon the conversion, exchange or exercise of other equity securities issued or issuable as a dividend, stock split or other distribution with respect or in replacement of any equity securities
referred to in (i) of this definition; (iii) any common equity securities of the Company then issuable directly or indirectly upon the conversion, exchange or exercise of other equity securities which were issued as a dividend or other distribution
with respect to or in replacement of any equity securities referred to in clause (i) of this definition and (iv) any common equity securities of the Company issued upon the exercise of the Warrant Units and any other common equity securities which
were issued as a dividend or other distribution with respect to or in replacement of any equity securities issued upon exercise of the Warrant Units; provided, however, that Registrable Securities shall not include any equity securities which
have been registered pursuant to the Securities Act or which have been sold to the public pursuant to Rule 144 of the Commission under the Securities Act.  
  

 2 

 “Securities Act” means the Securities Act of 1933, as amended, or any successor federal
statute, and the rule and regulations of the Commission thereunder, as the same shall be in effect from time to time. 
  
 “Series A/B Registrable Securities” means at any time, any of the following owned by any equity holder of the Company party to
this Agreement: (i) any common equity securities of the Company issuable upon conversion or exchange of the Series A Preferred Units and/or the Series B Preferred Units, or issuable or issued upon conversion or exchange of other equity securities of
the Company into which the Series A/B Preferred Units shall be reclassified or changed, including by reason of a merger, consolidation, reorganization, recapitalization or statutory conversion then outstanding which are then owned by any Member,
including any other Person who is a permitted transferee of such holder under the terms of the Operating Agreement; (ii) any common equity securities of the Company then outstanding which were issued as, or were issued directly or indirectly upon
the conversion, exchange or exercise of other equity securities issued or issuable as a dividend, stock split or other distribution with respect or in replacement of any equity securities referred to in (i) of this definition. 
  
 “Series C Registrable Securities” means at any time, any of
the following owned by any equity holder of the Company party to this Agreement: (i) any common equity securities of the Company issuable upon conversion or exchange of the Series C Preferred Units, or issuable or issued upon conversion or exchange
of other equity securities of the Company into which the Series C Preferred Units shall be reclassified or changed, including by reason of a merger, consolidation, reorganization, recapitalization or statutory conversion then outstanding which are
then owned by any Member, including any other Person who is a permitted transferee of such holder under the terms of the Operating Agreement; (ii) any common equity securities of the Company then outstanding which were issued as, or were issued
directly or indirectly upon the conversion, exchange or exercise of other equity securities issued or issuable as a dividend, stock split or other distribution with respect or in replacement of any equity securities referred to in (i) of this
definition. 
  
 “Series D Registrable
Securities” means at any time, any of the following owned by any equity holder of the Company party to this Agreement: (i) any common equity securities of the Company issuable upon conversion or exchange of the Series D Preferred Units, or
issuable or issued upon conversion or exchange of other equity securities of the Company into which the Series D Preferred Units shall be reclassified or changed, including by reason of a merger, consolidation, reorganization, recapitalization or
statutory conversion then outstanding which are then owned by any Member, including any other Person who is a permitted transferee of such holder under the terms of the Operating Agreement; (ii) any common equity securities of the Company then
outstanding which were issued as, or were issued directly or indirectly upon the conversion, exchange or exercise of other equity securities issued or issuable as a dividend, stock split or other distribution with respect or in replacement of any
equity securities referred to in (i) of this definition. 
  
 “Warrant Registrable Securities” means at any time, any of the following owned by any equity holder of the Company party to this Agreement: (i) any common equity securities of the Company issuable upon the exercise or
exchange of the Warrants, or issuable or 

  

 3 

 
issued upon conversion or exchange of other equity securities of the Company into which the Warrants shall be reclassified or changed, including by reason of
a merger, consolidation, reorganization, recapitalization or statutory conversion then outstanding which are then owned by any Member, including any other Person who is a permitted transferee of such holder under the terms of the Operating Agreement
and the applicable Warrant; (ii) any common equity securities of the Company then outstanding which were issued as, or were issued directly or indirectly upon the conversion, exchange or exercise of other equity securities issued or issuable as a
dividend, stock split or other distribution with respect or in replacement of any equity securities referred to in (i) of this definition. 
  
 “Warrants” means (a) the Common Unit Purchase Warrant dated July 6, 2000 issued by the Company to The Bay City Capital Fund II, L.P. for
the purchase of up to 2,181,016 Class One Common Units (which warrant was exercised in full on July 24, 2000); (b) the Common Unit Purchase Warrant dated December 18, 2001 issued by the Company to PharmBay Investors, L.L.C. for the purchase of up to
416,667 Class One Common Units; (c) the Common Unit Purchase Warrant dated December 18, 2001 issued by the Company to The Bay City Capital Fund III, L.P. for the purchase of up to 399,209 Class One Common Units; and/or (d) the Common Unit Purchase
Warrant dated December 18, 2001 issued by the Company to Bay City Capital Fund III Coinvestment Fund, L.P. for the purchase of up to 17,458 Class One Common Units.  
  
 2. Demand Registration. 
  
 2.1 Long-Form Registrations. 
  
 (a) Subject to the terms of this Agreement, at any time after the earlier to occur of (i) July 21, 2007 or (ii) 180 days following the consummation of
initial Public Offering of the Company’s common equity, the holders of at least a majority of the Series A/B Registrable Securities and the Warrant Registrable Securities, taken together, may request registration under the Securities Act of all
or part of their then outstanding Registrable Securities represented by such Series A/B Registrable Securities and the Warrant Registrable Securities on Form S-1 or S-2 or any similar long-form registration. 
  
 (b) Subject to the terms of this Agreement, commencing at anytime following
the 180th day after initial Public Offering of the Company’s common equity, the holders of at least forty percent (40%), in each case, calculated on a fully-diluted basis, of either the Series C Registrable Securities or the Series D
Registrable Securities may request registration under the Securities Act of all or part of their then outstanding Registrable Securities on Form S-1 or S-2 or any similar long-form registration; provided, that with respect to any demands
under this clause (b) the anticipated aggregate offering price of the Registrable Securities covered by such registration exceeds $25,000,000. 
  
 (c) Within ten (10) days after receipt of any written request pursuant to this Section 2.1, the Company will give written notice of such request to all
other holders of Registrable Securities and will use its reasonable best efforts to include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion within thirty (30) days after
delivery of the Company’s notice, and, thereupon the 

  

 4 

 
Company will use its reasonable best efforts to effect, at the earliest possible date, the registration under the Securities Act. All registrations requested
pursuant to this Section 2.1 are referred to herein as “Long-Form Demand Registrations.” The Company shall not be obligated to effect more than five (5) Long-Form Demand Registrations pursuant to this Section 2.1 (three (3) of which
shall be allocated to the holders of the Series A/B Registrable Securities and Warrant Registrable Securities, one (1) of which shall be allocated to the holders of Series C Registrable Securities, and one (1) of which shall be allocated to the
holders of Series D Registrable Securities). 
  
 2.2 Short-Form
Registrations. In addition to the Long-Form Demand Registrations provided pursuant to Section 2.1 above, commencing the date on which the Company becomes eligible to register securities issued by it on a Form S-3 or any similar short-form
registration, the holders of at least thirty percent (30%) of the Registrable Securities then outstanding will be entitled to request registrations under the Securities Act of all or part of their Registrable Securities on Form S-3, if available to
the Company, or any similar short-form registration (“Short-Form Demand Registrations” and, together with the Long-Form Demand Registrations, “Demand Registrations”); provided, however, that the anticipated
aggregate offering amount of the Registrable Securities included in any such Short Form Registration exceeds $2,000,000. Within ten (10) days after receipt of any request pursuant to this Section 2.2, the Company will give written notice of such
request to all other holders of Registrable Securities and will use reasonable best efforts to include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion within ten (10) days
after delivery of the Company’s notice. Once the Company has become subject to the reporting requirements of the Exchange Act, the Company will use its reasonable best efforts to make Short-Form Demand Registrations available for the sale of
Registrable Securities. Demand Registrations will be Short-Form Demand Registrations whenever the Company is permitted to use any applicable short form. If a Short-Form Demand Registration is to be an underwritten Public Offering, and if the
underwriters for marketing or other reasons request the inclusion in the registration statement of information which is not required under the Securities Act to be included in a registration statement on the applicable form for the Short-Form Demand
Registration, the Company will provide such information as may be reasonably requested for inclusion by the underwriters in the Short-Form Demand Registration. 
  

2.3 Payment of Expenses for Demand Registrations. The Company will pay all Registration Expenses (as defined in Section 6 below) for the Demand
Registrations permitted under Sections 2.1 and 2.2. A registration will not count as a Demand Registration (i) unless a registration statement with respect thereto has become effective and remained effective in compliance with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement until the earlier of (x) such time as all of such Registrable Securities have been disposed of in accordance with the intended
methods of disposition by the seller or sellers thereof set forth in such registration statement and (y) 180 days after the effective date of such registration statement, (ii) if after it has become effective, such registration is interfered with by
any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason not attributable to the Selling Holders and has not thereafter become effective, or (iii) if the conditions to closing
specified in the underwriting agreement, if any, entered into in connection with such registration are not satisfied or waived, other than by reason of a failure on the part of the holders of the 

  

 5 

 
Registrable Securities to be registered thereunder. Notwithstanding anything herein to the contrary, the Company will pay all Registration Expenses in
connection with any registration initiated as a Demand Registration for which the Company was obligated to pay. 
  
 2.4 Priority. The Company will not include in any Demand Registration any securities which are not Registrable Securities without the written
consent of the holders of a majority of the Registrable Securities to be included in such Demand Registration. If a Demand Registration is an underwritten Public Offering and the managing underwriters advise the Company in writing that in their
opinion the inclusion of the number of Registrable Securities and other securities requested to be included creates a substantial risk that the price per security will be reduced, the Company will include in such registration, prior to the inclusion
of any securities which are not Registrable Securities, the number of Registrable Securities requested to be included which in the opinion of such underwriters can be sold without creating such a risk, pro rata among the respective holders of such
Registrable Securities on the basis of the number of Registrable Securities requested by such holders to be included in the applicable Demand Registration. In no event will a Demand Registration pursuant to Section 2.1 count as a Long Form Demand
Registration for purposes of Section 2.1 unless at least forty percent (40%) of all Registrable Securities requested to be registered in such Demand Registration by the initiating holders are, in fact, registered and sold in such registration.

  
 2.5 Restrictions. The Company will not be obligated to
effect any Demand Registration within one hundred eighty (180) days after the effective date of a previous Demand Registration. With respect to any Demand Registration, if (a) the Board of Managers (or similar governing body) of the Company
reasonably and in good faith determines that such filing would be materially detrimental to the Company or require a disclosure of a material fact that might reasonably be expected to have a material adverse effect on the Company or any plan or
proposal by the Company or any of its subsidiaries to engage in any acquisition or disposition of assets or equity securities (other than in the ordinary course of business) or any merger, consolidation, tender offer, material financing or other
significant transaction and (b) the Company shall furnish the holders of Registrable Securities who have requested a Demand Registration a certificate signed by an executive officer of the Company to such effect, the Company may postpone for up to
one hundred twenty (120) days the filing or the effectiveness of a registration statement for a Demand Registration; provided, that the Company may not postpone the filing or effectiveness of a registration statement for a Demand Registration
for more than one hundred twenty (120) days during any twelve (12) month period. 
  
 2.6 Selection of Underwriters. The holders of a majority of the Registrable Securities with respect to which a Demand Registration (other than a Demand Registration in respect of the Company’s initial
Public Offering) has been initiated shall have the right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s approval which will not be unreasonably withheld or delayed 
  
 2.7 Shelf Registration. In addition to the Demand Registrations and
commencing the date on which the Company becomes eligible to register securities issued by it on a Form S-3 or any similar short-form registration, holders of at least 1,750,000 units/shares of Registrable Securities upon the completion of the
initial Public Offering of the Company’s common equity, shall be entitled to request that the Company file a shelf registration statement 

  

 6 

 
with respect to all or part of their Registrable Securities pursuant to Rule 415 under the Securities Act (the “Shelf Registration”). The
Company shall use its reasonable best efforts to have the Shelf Registration declared effective as soon as practicable after such filing, and shall use its reasonable best efforts to keep the Shelf Registration effective and updated, from the date
such Shelf Registration is declared effective until the earliest to occur of (a) such time as all of the Registrable Securities registered thereunder shall cease to be Registrable Securities, (b) such time as such Registrable Securities may be sold
without restrictive legend under the applicable provisions of Rule 144 promulgated under the Securities Act, (c) such time as the holder requesting the Shelf Registration beneficially owns less than one percent (1%) of the issued and outstanding
equity securities of the Company, and (d) three (3) years from the date such Shelf Registration is declared effective (such period, the “Shelf Registration Effectiveness Period”). The Company shall supplement or amend, if necessary,
the Shelf Registration, as required by the instructions applicable to such registration form or by the Securities Act or as reasonably requested by the holders of (or any underwriter for) not less than 51% of the Registrable Securities registered
thereunder and the Company shall furnish to the holders of the Registrable Securities to which the Shelf Registration relates copies of any such supplement or amendment prior to its being used and/or filed with the Commission. The Company shall pay
all Registration Expenses in connection with the Shelf Registration, whether or not it becomes effective, and whether all, none or some of the Registrable Securities are sold pursuant to the Shelf Registration. A Shelf Registration pursuant to this
Section 2.7 shall not be deemed to have been effected (i) unless a Shelf Registration has become effective and remained effective in compliance with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered thereby and for the Shelf Registration Effectiveness Period or (ii) if after it has become effective, the Shelf Registration is interfered with by any stop order, injunction or other order or requirement of the Commission or other
governmental agency or court for any reason not attributable to the holders of Registrable Securities and has not thereafter become effective. 
  
 3. Piggyback Registration. 
  
 3.1 Right to Piggyback. At any time following an initial Public Offering of the Company’s equity securities, whenever the Company proposes to
register any of its equity securities (or securities that are convertible into equity securities) under the Securities Act for its own account or otherwise, and the registration form to be used may be used for the registration of any Registrable
Securities (a “Piggyback Registration”) (except for the registrations on Form S-8 or Form S-4 or any successor form thereto), the Company will give written notice, at least thirty (30) days prior to the proposed filing of such
registration statement, to all holders of the Registrable Securities of its intention to effect such a registration and will use reasonable best efforts to include in such registration all Registrable Securities (in accordance with the priorities
set forth in Sections 3.2 and 3.3 below) with respect to which the Company has received written requests for inclusion specifying the number of equity securities desired to be registered, which request shall be delivered within fifteen (15) days
after the delivery of the Company’s notice. 
  
 3.2
Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company and the managing underwriters advise the Company in writing that in their opinion the number of securities
requested to be included in the registration creates a substantial risk that the price per share or unit of such 

  

 7 

 
securities will be reduced, then the managing underwriter may exclude securities (including Registrable Securities) from the registration and the
underwriting, and the number of securities that may be included in such registration and underwriting shall include first, any securities that the Company proposes to sell, second, the Registrable Securities requested to be included in such
registration, pro rata among the holders of such Registrable Securities on the basis of the total number of Registrable Securities which are requested by such holders to be included in such registration, and third, other equity securities requested
to be included in such registration to be allocated pro rata among the holders thereof. 
  
 3.3 Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company’s securities and the managing underwriters advise the
Company in writing that in their opinion the number of securities requested to be included in the registration creates a substantial risk that the price per share of securities offered thereby will be reduced, the Company will include in such
registration first, the equity securities requested to be included therein by the holders requesting such registration and the Registrable Securities requested to be included in such registration, pro rata among the holders of such equity securities
and Registrable Securities on the basis of the total number of equity securities and Registrable Securities which are which are requested by such holders to be included in such registration, and second, other equity securities requested to be
included in such registration. 
  
 3.4 Other Registrations.
If the Company has previously filed a registration statement with respect to Registrable Securities pursuant to this Section 3, and if such previous registration has not been withdrawn or abandoned, the Company will not file or cause to be effected
any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-8 or Form S-4 or any successor forms thereto), whether on its
own behalf or at the request of any holder or holders of such securities, until a period of at least one hundred eighty (180) days has elapsed from the effective date of such previous registration. 
  
 3.5 Selection of Underwriters. In connection with any Piggyback
Registration, the Company will have such right to select the managing underwriters (subject to the approval of the holders of a majority of the Registrable Securities requested to be included in such registration, which approval shall not be
unreasonably withheld or delayed). 
  
 4. Holdback
Agreements. 
  
 4.1 Holders’ Agreements. To the
extent not inconsistent with applicable law, each holder of Registrable Securities agrees that upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, it will (a) not sell, make any short
sale of, loan, grant any option for the purchase of, otherwise dispose of, hedge or transfer any of the economic interest in (or agree or commit to do any of the foregoing) any Registrable Securities (other than those included in the registration,
if any) without the prior written consent of the Company or such underwriters, as the case may be, for up to fourteen (14) days prior to, and during the ninety (90) day period (one hundred eighty (180) day period in the case of the Company’s
initial Public Offering) following, the effective date of a registration statement of the Company filed under the Securities Act, and (b) enter into and be bound by such 

  

 8 

 
form of agreement with respect to the foregoing as the Company or such managing underwriter may reasonably request; provided that each officer and director
and each third-party who holds 3.0% or more of the outstanding equity securities of the Company also agrees to such restrictions. Nothing herein shall prevent a holder of Registrable Securities from transferring Registrable Securities to a permitted
Transferee (as defined under and pursuant to Article IX of the Operating Agreement); provided, that the Transferees of such Registrable Securities agree to be bound by the provisions of this Agreement to the extent the transferor would be so bound.

  
 4.2 Company’s Agreements. The Company agrees not
to effect, and, to the extent not inconsistent with applicable laws, to cause each holder of its equity securities purchased from the Company at any time after the date of this Agreement (except in a registered public officering) not to effect, any
public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the ninety (90) day period (one hundred eighty (180) day period in the case of the Company’s
initial Public Offering) following, the effective date of a registration statement of the Company filed under the Securities Act (except as part of any such underwritten registration or pursuant to registrations on Form S-8 or Form S-4 or any
successor forms thereto), unless the underwriters managing the Public Offering otherwise agree. 
  
 4.3 Waiver. The Company agrees that any waivers of the restrictions set forth in Section 4.1 that are applicable to less than all of the
Registrable Securities restricted pursuant to Section 4.1 shall be allocated pro rata among the holders of Registrable Securities on the basis of the number of Registrable Securities owned by such holders. 
  
 5. Registration Procedures. Whenever the holders of Registrable
Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will use its reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method of disposition thereof and, pursuant thereto, the Company will as expeditiously as possible: 
  
 (a) prepare and, as soon as practicable after the end of the period within which requests for registration may be given to the Company, file with the
Commission a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement to become effective (provided that before filing a registration statement or prospectus, or any
amendments or supplements thereto, the Company will furnish copies of all such documents proposed to be filed to one counsel designated by holders of a majority of the Registrable Securities covered by such registration statement); 
  
 (b) prepare and file with the Commission such amendments and supplements to
such registration statement and the prospectus(es) used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than one (1) year, and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 
  
 (c) furnish to each seller of Registrable Securities such number of copies
of such registration statement, each amendment and supplement thereto, the 

  

 9 

 
prospectus(es) included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such seller; 
  
 (d) use its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as Investor reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) consent to general service of process in any such jurisdiction, or (iii) subject it to taxation in any such
jurisdiction); 
  
 (e) promptly notify each seller of such
Registrable Securities, 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 included in such registration statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such seller, the Company will prepare a supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain any untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading; 
  
 (f) cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed or if no such securities are then listed, such securities exchange as the holders of a majority of the Registrable Securities included in such registration may request;

  
 (g) provide a transfer agent, registrar and CUSIP number for
all such Registrable Securities not later than the effective date of such registration statement; 
  
 (h) enter into such customary agreements (including underwriting agreements in customary form) and take all such other customary actions as the holders
of a majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; 
  
 (i) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition
pursuant to such registration statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; provided,
however, that any records, information or documents that are furnished by the Company and that are non-public shall be used only in connection with such registration and shall be kept strictly confidential by any seller of Registrable Securities
except to the extent disclosure of such records, information or documents is required by written order of a court or other governmental authority having jurisdiction; 
  

 10 

 (j) advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain
knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use its best efforts to prevent the
issuance of any stop order or to obtain its withdrawal if such stop order should be issued; 
  
 (k) at least forty-eight (48) hours prior to the filing of any registration statement or prospectus, or any amendment or supplement to such registration statement or prospectus, furnish a copy thereof to each seller
of such Registrable Securities and refrain from filing any such registration statement, prospectus, amendment or supplement to which counsel selected by the holders of a majority of the Registrable Securities being registered shall have reasonably
objected on the grounds that such document does not comply in all material respects with the requirements of the Securities Act or the rules and regulations thereunder, unless, in the case of an amendment or supplement, in the opinion of counsel for
the Company the filing of such amendment or supplement is reasonably necessary to protect the Company from any liabilities under any applicable federal or state law and such filing will not violate applicable laws; 
  
 (l) at the request of any seller of such Registrable Securities in
connection with an underwritten offering, furnish on the date or dates provided for in the underwriting agreement: (i) an opinion of counsel, addressed to the underwriters and the sellers of Registrable Securities, covering such matters as such
counsel, underwriters and the sellers may reasonably agree upon, including such matters as are customarily furnished in connection with an underwritten offering, and (ii) a letter or letters from the independent certified public accountants of the
Company addressed to the underwriters and the sellers of Registrable Securities, covering such matters as such accountants, underwriters and sellers may reasonably agree upon, in which letter(s) such accountants shall state, without limiting the
generality of the foregoing, that they are independent certified public accountants within the meaning of the Securities Act and that in their opinion the financial statements and other financial data of the Company included in the registration
statement, the prospectus(es), or any amendment or supplement thereto, comply in all material respects with the applicable accounting requirements of the Securities Act; and 
  
 (m) make senior executives of the Company reasonably available to assist the underwriters with respect to, and accompany
the underwriters on, the so-called “road show” in connection with the marketing efforts for, and the distribution and sale of Registrable Securities pursuant to a registration statement. 
  
 6. Registration Expenses. 
  
 6.1 Company’s Expenses. All expenses incident to the
Company’s performance of or compliance with this Agreement, including, but not limited to, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses,
and fees and disbursements of counsel for the 

  

 11 

 
Company, reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration to
represent all holders of Registrable Securities included in any registration and all independent certified public accountants, underwriters (excluding underwriting discounts and selling commissions) and other Persons retained by the Company (all
such expenses being herein called “Registration Expenses”), will be borne by the Company. In addition, the Company will pay its internal expenses (including, but not limited to, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance obtained by the Company and the expenses and fees for listing the securities to be registered on each
securities exchange; provided, however, that if a request for Demand Registration is subsequently withdrawn at the request of a majority of the holders of Registrable Securities requested to be registered, the holders of Registrable
Securities who have withdrawn such request for Demand Registration shall forfeit such Demand Registration unless the holders of Registrable Securities to be registered pay (or reimburse the Company) for all of the Registration Expenses with respect
to such withdrawn registration. 
  
 6.2 Holder’s
Expenses. To the extent that any expenses incident to any registration are not required to be paid by the Company, each holder of Registrable Securities included in a registration will pay all such expenses which are clearly and solely
attributable to the registration of such holder’s Registrable Securities so included in such registration, and any other expenses not so attributable to one holder will be borne and paid by all sellers of securities included in such
registration in proportion to the number of securities so included by each such seller. 
  
 7. Indemnification. 
  
 7.1 By the Company. The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable Securities, its members, managers, officers, employees and directors and each Person who controls such holder (within the
meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including, but not limited to, attorneys’ fees and expenses) caused by any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for use therein or by such holder’s failure to deliver a copy of the prospectus or any amendments
or supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each
Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. The payments required by this Section 7.1 will be
made periodically during the course of the investigation or defense, as and when bills are received or expenses incurred. 
  
 7.2 By Each Holder of Registrable Securities. In connection with any registration statement in which a holder of Registrable Securities is
participating, each such 

  

 12 

 
holder will furnish to the Company in writing such information as is reasonably necessary for use in connection with any such registration statement or
prospectus and, to the extent permitted by law, will indemnify the Company, its members, managers, directors, employees and officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims,
damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus, or any amendment thereof or supplement thereto, or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in or omitted from any information so
furnished in writing by such holder for the acknowledged purpose of inclusion in such registration statement, prospectus or preliminary prospectus; provided that the obligation to indemnify will be several, not joint and several, among such holders
of Registrable Securities and the liability of each such holder of Registrable Securities will be in proportion to and limited in all events to the net amount received by such holder from the sale of Registrable Securities pursuant to such
registration statement. 
  
 7.3 Procedure. Each party
entitled to indemnification under this Section 7 (the “Indemnified Party”) shall give written notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party
has received written notice of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided such counsel for the Indemnifying Party,
who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld or delayed). The Indemnified Party may participate in such defense at such Indemnified
Party’s expense; provided, however, that the Indemnifying Party shall bear the expense of such defense of the Indemnified Party if (i) the Indemnifying Party has agreed in writing to pay such expenses, (ii) the Indemnifying Party shall
have failed to assume the defense of such claim or employ counsel reasonably satisfactory to the Indemnified Party, or (iii) in the reasonable judgment of the Indemnified Party, based upon the written advice of such Indemnified Party’s counsel,
representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest; provided, however, that in no event shall the Indemnifying Party be liable for the fees and expenses of more than one
counsel (excluding one local counsel per jurisdiction as necessary) for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same event, allegations or
circumstances. The Indemnified Party shall not make any settlement without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The failure of any Indemnified Party to give notice as
provided herein shall relieve the Indemnifying Party of its obligations under this Section 7 only to the extent that such failure to give notice shall materially adversely prejudice the Indemnifying Party in the defense of any such claim or any such
litigation. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement (A) which does not include 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 in form and substance reasonably satisfactory to such Indemnified Party or (B) which
includes an admission of fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 
  

 13 

 7.4 Survival. The indemnification provided for under this Agreement will remain in full force and
effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and will survive the transfer of securities. 
  
 8. Contribution. 
  
 8.1 Contribution. If the indemnification provided for in Section 7
from the Indemnifying Party is unavailable to or unenforceable by the Indemnified Party in respect to any costs, fines, penalties, losses, claims, damages, liabilities or expenses referred to herein, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such costs, fines, penalties, losses, claims, damages, liabilities or expenses in such proportion as is appropriate to
reflect the relative fault of the Indemnifying Party and Indemnified Parties in connection with the actions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative
fault of such Indemnifying Party and Indemnified Parties shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
action. The amount paid or payable by a party as a result of the costs, fines, penalties, losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 7, any legal or
other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. 
  
 8.2 Equitable Considerations; Etc. The Company and the holders of Registrable Securities agree that it would not be just and equitable if
contribution pursuant to this Section 8 were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. 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 was not guilty of such fraudulent misrepresentation. 
  
 9. Compliance with Rule 144 and Rule 144A. In the event that the
Company (a) registers a class of securities under Section 12 of the Exchange Act, (b) issues an offering circular meeting the requirements of Regulation A under the Securities Act or (c) commences to file reports under Section 13 or 15(d) of the
Exchange Act, then at the request of any holder of Registrable Securities who proposes to sell securities in compliance with Rule 144 of the Commission, the Company will (i) forthwith furnish to such holder a written statement of compliance with the
filing requirements of the Commission as set forth in Rule 144, as such rule may be amended from time to time and (ii) make available to the public and such holders such information, and take such action as is reasonably necessary, to enable the
holders of Registrable Securities to make sales pursuant to Rule 144. Unless the Company is subject to Section 13 or 15(d) of the Exchange Act, the Company will provide to the holder of Registrable Securities and to any prospective purchaser of
Registrable Securities under Rule 144A of the Commission, the information described in Rule 144A(d)(4) of the Commission. 
  

 14 

 10. Participation in Underwritten Registrations. No Person may participate in any registration
hereunder which is underwritten unless such Person (a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by such Person or Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 11. Miscellaneous. 
  
 11.1 No Inconsistent Agreements; Most Favored Nation. The Company has
not entered, and will not hereafter enter, into any agreement with respect to its securities which is inconsistent with the rights granted to the holders of Registrable Securities in this Agreement. To the extent that the Company, on or after the
date hereof, grants any superior or more favorable rights or terms to any Person with respect to the rights granted hereunder and terms provided herein than those provided to the holders of Registrable Securities as set forth herein, any such
superior or more favorable rights or terms shall also be deemed to have been granted simultaneously to the holders of Registrable Securities, and the Company shall promptly prepare and execute such documents to reflect and provide such holders with
the benefit of such superior or more favorable rights and/or terms with respect to their Registrable Securities. 
  
 11.2 Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur, with respect to its
Certificate of Formation, Operating Agreement or other governing documents, as appropriate, which could reasonably be expected to adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a
registration undertaken pursuant to this Agreement or which would reasonably be expected to adversely affect the marketability of such Registrable Securities in any such registration. 
  
 11.3 Amendments and Waivers. Except as otherwise expressly provided herein, the provisions of this Agreement may be
amended or waived at any time only by the written agreement of the Company and the holders of at least a majority of the Registrable Securities; provided, however, that the provisions of this Agreement may not be amended or waived without the
consent of the holders of all the Registrable Securities adversely affected by such amendment or waiver if such amendment or waiver adversely affects a portion of the Registrable Securities but does not so adversely affect all of the Registrable
Securities. Any waiver, permit, consent or approval of any kind or character on the part of any such holders of any provision or condition of this Agreement must be made in writing and shall be effective only to the extent specifically set forth in
writing. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of Registrable Securities and the Company. 
  
 11.4 Successors and Assigns. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on
behalf of any of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto, whether so expressed or not. In addition, and whether or not any express assignment has been made, the provisions
of this Agreement which are for the benefit of holders of Registrable Securities are also for the benefit of, and enforceable by, any permitted Transferee (as defined under and pursuant to Article IX of the Company’s Operating Agreement) of
such Registrable Securities. 
  

 15 

 11.5 Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience
of reference only and do not constitute a part of and shall not be utilized in interpreting this Agreement. 
  
 11.6 Notices. Any notices required or permitted to be sent hereunder shall be delivered personally, via facsimile transmission (with confirmation),
or mailed, via certified mail (return receipt requested), or delivered by overnight courier service to the following addresses, or such other address as any party hereto designates by written notice to the Company, and shall be deemed to have been
given upon delivery, if delivered personally or via facsimile, three (3) Business Days after mailing, if mailed, or one (1) Business Day after delivery to the courier, if delivered by overnight courier service: 
  
 if to the Company to: 
  
 Reliant Pharmaceuticals, LLC 
 110 Allen Road 
 Liberty Corner, New Jersey
07938 
 Attention: Chief Executive Officer 
 Telecopy: (908) 542-9405 
  
 with copies sent concurrently to: 
  
 Reliant
Pharmaceuticals, LLC 
 110 Allen Road 
 Liberty Corner, New Jersey 07938 
 Attention: General Counsel 
 Telecopy: (908) 542-9405 
  
 Latham & Watkins LLP 
 5800 Sears Tower

 233 South Wacker Drive 
 Chicago, Illinois 60606 
 Attention: Michael A. Pucker 
 Telecopy: (312) 993-9767 
  
 if to any holder of Registrable Securities: 
  
 to the address of such holder as the same appears on 
 the signature page hereto (with copies to any parties 
 identified thereon) or, otherwise on the books and

 records of the Company1. 
  

	1	Any notices given hereunder to Alkermes, Inc. shall also be copied to Ballard Spahr Andrews & Ingersoll, LLP, 1735 Market Street, 51st floor, Philadelphia, Pennsylvania 19103, (facsimile: 215/864-8999); Attention: Morris Cheston, Jr. 

 

 16 

 11.7 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES). 
  
 11.8 CONSENT TO JURISDICTION. EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ANY SUIT, ACTION, PROCEEDING OR CLAIM AGAINST IT ARISING OUT OF
OR IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS, OR ANY JUDGMENT ENTERED BY ANY COURT IN RESPECT THEREOF, MAY BE BROUGHT OR ENFORCED IN THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, NEW
YORK, AND EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY PROCEEDING BROUGHT IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, NEW YORK AND
FURTHER IRREVOCABLY WAIVES ANY CLAIMS THAT ANY SUCH PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 11.9 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR
DEFEND ANY RIGHT, POWER, OR REMEDY UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE RELATED AGREEMENTS OR UNDER OR IN CONNECTION WITH ANY AMENDMENT, INSTRUMENT, DOCUMENT, OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN
CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED AGREEMENT, AND AGREE THAT ANY SUCH ACTION SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THE TERMS AND PROVISIONS OF
THIS SECTION CONSTITUTE A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS AGREEMENT. 
  
 11.10 Reproduction of Documents. This Agreement and all documents relating hereto, including, but not limited to, (i) consents, waivers, amendments
and modifications which may hereafter be executed, and (ii) certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, optical disk, micro-card, miniature photographic or
other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction
was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 
  

 17 

 11.11 Remedies. Each of the parties to this Agreement will be entitled to enforce its rights under
this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that any party shall be entitled to immediate injunctive relief or specific performance without bond or the necessity of showing actual monetary damages in order to enforce or prevent any
violations of the provisions of this Agreement. 
  
 11.12
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
  

11.13 Entire Agreement. This Agreement, together with the Operating Agreement and all other agreements entered into by the parties hereto in
connection therewith, constitutes the complete and final agreement of the parties concerning the matters referred to herein, and supersedes all prior agreements and understandings, including, without limitation, the Original Agreement. 

 
 11.14 Execution in Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed and delivered shall be deemed an original, and such counterparts together shall constitute one instrument. 
  
 (Signature pages follow.) 
  

 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated Registration Rights
Agreement as of the date first above written. 
  

							
	RELIANT PHARMACEUTICALS, LLC
		
	 By:
	 	 /s/ Ernest Mario

	 Name:
	 	 Ernest Mario

	 Title:
	 	 CEO

	
	PHARMBAY INVESTORS, L.L.C.
		
	 By:
	 	 /s/ Glen Miller

	 Name:
	 	 Glen Miller

	 Title:
	 	 VP

	
	THE BAY CITY CAPITAL FUND II, L.P.
		
	 By:
 Its:
	 	 Bay City Capital Management II, LLC
 General Partner

			
	 	 	 By:
 Its:
	 	 Bay City Capital, LLC
 Manager

				
	 	 	 	 	 By:
	 	 /s/ Fred Craves

	 	 	 	 	 Name:
	 	 Fred Craves

	 	 	 	 	 Title:
	 	 Managing Director

	
	THE BAY CITY CAPITAL FUND III, L.P.
		
	 By:
 Its:
	 	 Bay City Capital Management III, LLC
 General Partner

			
	 	 	 By:
 Its:
	 	 Bay City Capital, LLC
 Manager

				
	 	 	 	 	 By:
	 	 /s/ Fred Craves

	 	 	 	 	 Name:
	 	 Fred Craves

	 	 	 	 	 Title:
	 	 Managing Director

  
 [SIGNATURE
PAGE TO SECOND AMENDED AND RESTATED 
 REGISTRATION RIGHTS AGREEMENT] 

 EXHIBIT A 
  

Intentionally Omitted

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