Document:

exv10w11

 

Exhibit 10.11

REGISTRATION RIGHTS AGREEMENT

          This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of September ___, 2005, by and
among FCB Bancorp, a California corporation (the “Company”), and each of the purchasers
(individually, a “Purchaser” and, collectively, the “Purchasers”) listed on the Schedule of
Purchasers attached as Exhibit A hereto.

          WHEREAS, the Company has agreed to issue and sell to the Purchasers pursuant to subscription
agreements (the “Subscription Agreements”), by and among the Company and the Purchasers, up to an
aggregate of ___shares (the “Shares”) of the Company’s common stock, no par value (the “Common
Stock”); and

          WHEREAS, in order to induce the Purchasers to purchase the Shares, the Company has agreed to
provide the registration rights set forth in this Agreement for the benefit of (i) the Purchasers
and (ii) the holders of the Shares from time to time until such time as such Shares have been sold
pursuant to a Shelf Registration Statement (as defined below).

          NOW, THEREFORE, in consideration of the foregoing and the respective representations,
warranties, mutual covenants and agreements set forth herein, the parties hereto agree as follows:

SECTION 1. DEFINITIONS

          Capitalized terms used but not defined herein shall have the respective meanings set forth in
the Subscription Agreement. As used in this Agreement, the following capitalized terms shall have
the following respective meanings:

          “Business Day” means any day, excluding Saturday, Sunday and any day which is in the
City of Los Angeles a legal holiday or a day upon which banking institutions in the City of Los
Angeles are required or authorized by law or other governmental action to close.

          “Closing Date” means the date on which the sale of the Shares takes place.

          “Effectiveness Deadline” has the meaning set forth in Section 3(a).

          “Exchange Act” means the Securities Exchange Act of 1934, as amended.

          “Filing Deadline” has the meaning set forth in Section 3(a).

          “Holder” has the meanings set forth in Section 2.

          “Liquidated Damages” has the meaning set forth in Section 4.

          “Prospectus” means the prospectus included in the Shelf Registration Statement at the
time the Shelf Registration Statement is declared effective, as amended or supplemented

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by any prospectus supplement and all other amendments thereto, including post-effective
amendments, and all material incorporated by reference into such Prospectus.

          “Placement Agreement” means the Private Placement Agency Agreement, dated May 26,
2005, by and between the Company and Keefe, Bruyette & Woods, Inc.

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

          “Shelf Registration Statement” has the meaning set forth in Section 3(a).

          “Transfer Restricted Shares” means Shares and any other securities of the Company
issued or issuable in exchange therefor or upon any similar event with respect thereto, whether by
way of stock split or in connection with a combination of shares, recapitalization, merger,
consolidation, other reorganization or otherwise. As to any particular Transfer Restricted Shares
held by any particular person, once issued such securities shall cease to be Transfer Restricted
Shares when (i) a registration statement with respect to the sale of such securities shall have
become effective under the Securities Act and such securities shall have been disposed of in
accordance with such registration statement, (ii) such securities shall have been distributed by
such person to a non-affiliate of such person pursuant to Rule 144 under the Securities Act, (iii)
such securities shall have been otherwise transferred, new certificates for such securities not
bearing a legend restricting further transfer shall have been issued to such person and subsequent
disposition of such securities shall not require registration or qualification of such securities
under the Securities Act or any similar state statute then in force, or (iv) such securities shall
have ceased to be outstanding.

SECTION 2. HOLDERS 

          A person is deemed to be a holder of Transfer Restricted Shares (each, a “Holder”) whenever
such person owns Transfer Restricted Shares.

SECTION 3. SHELF REGISTRATION

          (a) Shelf Registration.

               The Company shall cause to be filed, on or prior to 90 days after the Closing Date (the
“Filing Deadline”), a shelf registration statement pursuant to Rule 415 under the Securities Act
(which may be an amendment to any previously filed registration statement (the “Shelf Registration
Statement”)), relating to all of the Transfer Restricted Shares, and shall use its best reasonable
efforts to cause such Shelf Registration Statement to become effective on or prior to 150 days
after the Closing Date (the “Effectiveness Deadline”).

          The Company shall use its best reasonable efforts to keep any Shelf Registration Statement
required by this Section 3(a) continuously effective, supplemented, amended and current as required
by and subject to the provisions of Section 5(a) to the extent necessary to ensure that it is
available for sales of Transfer Restricted Shares and in conformity with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the SEC as announced from
time to time, for a period of at least two years (as extended pursuant to

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Section 5(b)) following the Closing Date, or such shorter period as will terminate upon the
earliest to occur of the following: (x) all Transfer Restricted Shares covered by the Shelf
Registration Statement have been sold pursuant thereto, and (y) all Transfer Restricted Shares,
other than those held by the Company and its affiliates, are eligible to be sold to the public
pursuant to Rule 144(k) under the Securities Act or any successor rule thereof (such period being
referred to herein as the “Shelf Registration Period”).

          (b) Provision by Holders of Certain Information in Connection with the Shelf Registration
Statement. 

               No Holder of Transfer Restricted Shares may include any of its Transfer Restricted Shares in
the Shelf Registration Statement unless and until such Holder furnishes to the Company in writing,
within 20 days after receipt of a request therefor, the information specified in Item 507 or 508 of
Regulation S-K, as applicable, of the Securities Act for use in connection with any Shelf
Registration Statement or Prospectus or preliminary Prospectus included therein, or any supplement
thereto. No Holder of Transfer Restricted Shares shall be entitled to Liquidated Damages pursuant
to Section 4 unless and until such Holder shall have provided all such information. Each selling
Holder agrees to promptly furnish additional information required to be disclosed in order to make
the information previously furnished to the Company by such Holder not materially misleading. Each
selling Holder further agrees to be named as a selling security holder in the Shelf Registration
Statement and any Prospectus or preliminary Prospectus included therein, or any supplement thereto,
and to comply with all applicable requirements of the Securities Act in connection with any offer
or sale of Shares by such Holder, including the prospectus delivery requirements thereof.

SECTION 4. LIQUIDATED DAMAGES

          If (a) the Shelf Registration Statement is not filed with the SEC on or prior to the Filing
Deadline (a “Filing Default”), (b) the Shelf Registration Statement has not been declared effective
by the SEC on or prior to the Effectiveness Deadline (an “Effectiveness Default”), or (c) the Shelf
Registration Statement is filed and declared effective but thereafter ceases to be effective or
fails to be usable for its intended purpose without being succeeded immediately by a post-effective
amendment to such Shelf Registration Statement that cures such failure and that is itself declared
effective immediately (a “Cessation Default”, and each of a Filing Default, an Effectiveness
Default and a Cessation Default being referred to herein as a “Registration Default”), then,
subject to Section 3(b), the Company hereby agrees to pay to each Holder of Shares affected thereby
liquidated damages at the following rates (“Liquidated Damages”). Liquidated Damages shall accrue
on any Transfer Restricted Shares from and including the date on which any such Registration
Default shall occur to but excluding the date on which all such Registration Defaults have been
cured, at a rate of 1% per annum (the “Liquidated Damages Rate”) for the first 90-day period
immediately following the occurrence of such Registration Default. The Liquidated Damages Rate
shall increase by an additional .5% per annum with respect to each subsequent 90-day period until
all Registration Defaults have been cured, up to a maximum Liquidated Damages Rate of 2% per annum.
Liquidated Damages shall continue to so accrue until, but not including, the date on which the
applicable Registration Default is cured or, if earlier, upon the termination of the Shelf
Registration Period. Liquidated Damages shall accrue based upon the Liquidated Damages Rate
applied to the aggregate purchase price paid

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upon issuance for such Holder’s Transfer Restricted Shares (or, if applicable, for the Shares
exchanged for such Transfer Restricted Shares or otherwise preceding such Transfer Restricted
Shares). Notwithstanding the foregoing, no Liquidated Damages shall accrue as to any Transfer
Restricted Share from and after the earlier of (x) the date such security is no longer a Transfer
Restricted Share and (y) the expiration of the Shelf Registration Period. The rate of accrual of
the Liquidated Damages with respect to any period shall not exceed the rate provided for in this
paragraph notwithstanding the occurrence of multiple concurrent Registration Defaults. Following
the cure of all Registration Defaults requiring the payment by the Company of Liquidated Damages to
the Holders of Transfer Restricted Shares pursuant to this Section, the accrual of Liquidated
Damages will cease (without in any way limiting the effect of any subsequent Registration Default
requiring the payment of Liquidated Damages by the Company). No Liquidated Damages shall be payable
at any time with respect to any securities which are not Transfer Restricted Shares. No other
monetary damages shall be available to the Holders of Transfer Restricted Share for a Registration
Default.

          All accrued Liquidated Damages shall be paid in cash to the Holders entitled thereto and shall
be payable quarterly in arrears, on March 30, June 30, September 30 and December 30 of each year,
as applicable, commencing December 30, 2005. Any such Liquidated Damages shall be payable to the
person in whose name the applicable Transfer Restricted Shares are registered at the close of
business on the regular record date for such Liquidated Damages, which shall be March 10, June 10,
September 10 and December 10 (whether or not a Business Day), as the case may be, next preceding
the payment date of any such Liquidated Damages. Any such Liquidated Damages owed and not
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
regular record date and will be paid at any time in any other lawful manner not inconsistent with
the requirements of any automated quotation system or securities exchange on which the Transfer
Restricted Shares may be quoted or listed, and upon such notice as may be required by such
automated quotation system or exchange. All obligations of the Company set forth in the preceding
paragraph that are outstanding with respect to any Transfer Restricted Share at the time such
security ceases to be a Transfer Restricted Share shall survive until such time as all such
obligations with respect to such security shall have been satisfied in full.

          Notwithstanding anything to the contrary in this Agreement, the obligations of the Company
under this Agreement are subject to the satisfaction of the conditions set forth in the
Subscription Agreements and the Placement Agreement, and the consummation of the transactions
contemplated therein.

SECTION 5. REGISTRATION PROCEDURES

          (a) Shelf Registration Statement

               In connection with the Shelf Registration Statement, the Company shall:

          (i) use its best reasonable efforts to effect such registration to permit the sale of
the Transfer Restricted Shares being sold in accordance with the intended method or methods
of distribution thereof (as indicated in the information furnished to

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the Company pursuant to Section 3(b)), and pursuant thereto the Company will prepare
and file with the SEC the Shelf Registration Statement on any appropriate form under the
Securities Act, which form shall be available for the sale of the Transfer Restricted Shares
in accordance with the intended method or methods of distribution thereof within the time
periods and otherwise in accordance with the provisions of this Agreement;

          (ii) use its best reasonable efforts to keep the Shelf Registration Statement
continuously effective and provide all requisite financial statements for the period
specified in Section 3 of this Agreement; and upon the occurrence of any event that would
cause the Shelf Registration Statement or the Prospectus contained therein (A) to contain an
untrue statement of a material fact or omit to state any material fact necessary to make the
statement therein not misleading or (B) not to be effective and usable for resale of
Transfer Restricted Shares during the period required by this Agreement, the Company shall
file promptly an appropriate amendment to the Shelf Registration Statement curing such
defect, and, if the SEC review is required, use its best reasonable efforts to cause such
amendment to be declared effective as soon as practicable;

          (iii) prepare and file with the SEC such amendments and post-effective amendments to
the applicable Registration Statement as may be necessary to keep the Shelf Registration
Statement effective for the applicable period set forth in Section 3, as the case may be;
cause the Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully
with Rules 424, 430A and 462, as applicable, under the Securities Act in a timely manner;
and comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by the Shelf Registration Statement during the applicable period in
accordance with the intended method or methods of distribution by the sellers thereof set
forth in the Shelf Registration Statement or supplement to the Prospectus;

          (iv) advise each Holder promptly and, if requested by such Holder, confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and, with respect to the Shelf Registration Statement or any post-effective
amendment thereto, when the same has become effective, (B) of any request by the SEC for
amendments to the Shelf Registration Statement or amendments or supplements to the
Prospectus or for additional information relating thereto, (C) of the issuance by the SEC of
any stop order suspending the effectiveness of the Shelf Registration Statement under the
Securities Act or of the suspension by any state securities commission of the qualification
of the Transfer Restricted Shares for offering or sale in any jurisdiction, or the
initiation of any proceeding for any of the preceding purposes, and (D) of the existence of
any fact or the happening of any event that makes any statement of a material fact made in
the Shelf Registration Statement, the Prospectus, any amendment or supplement thereto or any
document incorporated by reference therein untrue, or that requires the making of any
additions to or changes in the Shelf Registration Statement in order to make the statements
therein not misleading, or that requires the making of any additions to or changes in the
Prospectus in order to make

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the statements therein, in the light of the circumstances under which they were made,
not misleading (provided that the Company determines in its good faith judgment that
the disclosure of such fact or happening or event at such time would have a material adverse
effect on the business, financial condition, operations or prospects of the Company or the
disclosure otherwise relates to a material business transaction which has not yet been
publicly disclosed); and if at any time the SEC shall issue any stop order suspending the
effectiveness of the Shelf Registration Statement, or any state securities commission or
other regulatory authority shall issue an order suspending the qualification or exemption
from qualification of the Transfer Restricted Shares under state securities or blue sky
laws, the Company shall use its best reasonable efforts to obtain the withdrawal or lifting
of such order at the earliest possible time;

          (v) subject to Section 5(a)(ii), if any fact or event contemplated by Section
5(a)(iv)(D) above shall exist or have occurred, prepare a supplement or post-effective
amendment to the Shelf Registration Statement or related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of Transfer Restricted Shares, the Prospectus will not contain
an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading;

          (vi) furnish to each Holder in connection with such sale, if any, before filing with
the SEC, copies of the Shelf Registration Statement or any Prospectus included therein or
any amendments or supplements to the Shelf Registration Statement or Prospectus (including
all documents incorporated by reference after the initial filing of the Shelf Registration
Statement), which documents will be subject to the review and reasonable comment of such
Holders in connection with such sale, if any, for a period of at least five Business Days,
and the Company will not file the Shelf Registration Statement or Prospectus or any
amendment or supplement to the Shelf Registration Statement or Prospectus (including all
such documents incorporated by reference) to which such Holder shall reasonably object
within five Business Days after the receipt thereof; a Holder shall be deemed to have
reasonably objected to such filing if the Shelf Registration Statement, amendment,
Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue
statement of a material fact or omit to state any material fact necessary to make the
statements therein not misleading or fails to comply with the applicable requirements of the
Securities Act;

          (vii) as soon as reasonably practicable prior to the filing of any document that is to
be incorporated by reference into the Shelf Registration Statement or Prospectus, provide
copies of such document to each Holder in connection with such sale, if any, make the
Company’s representatives available for discussion of such document and other customary due
diligence matters for a period of at least five Business Days, and, if appropriate, include
such information in such document prior to the filing thereof as such Holder may reasonably
request;

          (viii) make available at reasonable times for inspection by each Holder and any
attorney or accountant retained by such Holder, all financial and other records,

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pertinent corporate documents of the Company and cause the Company’s officers,
directors and employees to supply all information reasonably requested by any such Holder,
attorney or accountant in connection with the Shelf Registration Statement or any
post-effective amendment thereto subsequent to the filing thereof and prior to its
effectiveness; provided, however, that such persons shall first agree in
writing with the Company that any information that is reasonably and in good faith
designated by the Company in writing as confidential at the time of delivery of such
information shall be kept confidential by such persons, unless (A) disclosure of such
information on a non-confidential basis is required by court or administrative order or is
necessary to respond to inquires of regulatory authorities, (B) disclosure of such
information on a non-confidential basis is required by law (including any disclosure
requirements pursuant to federal securities laws in connection with the filing of the Shelf
Registration Statement or the use of any Prospectus), (C) such information becomes generally
available to the public other than as a result of a disclosure or failure to safeguard such
information by such person or (D) such information becomes available to such person from a
source other than the Company and its subsidiaries and such source is not known, after due
inquiry, by such person to be bound by a confidentiality agreement; provided
further, that the foregoing investigation shall be coordinated on behalf of such
persons by one representative designated by and on behalf of such persons and any such
confidential information shall be available from such representative to such persons so long
as any person agrees to be bound by such confidentiality agreement;

          (ix) if requested by any Holder in connection with such sale, as soon as reasonably
practicable include in the Shelf Registration Statement or Prospectus, pursuant to a
supplement or post-effective amendment if necessary, such information as such Holder may
reasonably request to have included therein, including, without limitation, information
relating to the “Plan of Distribution” of the Transfer Restricted Shares; and make all
required filings of such Prospectus supplement or post-effective amendment as soon as
reasonably practicable after the Company is notified of the matters to be included in such
Prospectus supplement or post-effective amendment;

          (x) furnish to each Holder in connection with such sale, if any, without charge, at
least one copy of the Shelf Registration Statement, as first filed with the SEC, and of each
amendment thereto, including all documents incorporated by reference therein and all
exhibits (including exhibits incorporated therein by reference);

          (xi) deliver to each Holder, without charge, such number of copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such
Holder reasonably may request; the Company hereby consents to the use (in accordance with
law) of the Prospectus and any amendment or supplement thereto by each Holder in connection
with the offering and the sale of the Transfer Restricted Shares covered by the Prospectus
or any amendment or supplement thereto;

          (xii) upon the request of any Holder, enter into such agreements (including
underwriting agreements) and make such representations and warranties and take all such
other actions in connection therewith in order to expedite or facilitate the

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disposition of the Transfer Restricted Shares pursuant to the Shelf Registration
Statement as may be reasonably requested by such Holder in connection with any sale or
resale pursuant to any applicable Registration Statement. In such connection, the Company
shall:

               (1) upon the request of any Holder (or, in the case of paragraph (B) below,
upon the request of the Holders of a majority of the Shares covered by the Shelf
Registration Statement, provided that such request is made in writing prior
to the date on which the Shelf Registration Statement is declared effective),
furnish (or in the case of paragraph (B) below, use its best reasonable efforts to
cause to be furnished) to such Holder, upon the effectiveness of the Shelf
Registration Statement:

               (A) a certificate, dated such date, signed on behalf of the Company by
(x) the President or any Vice President and (y) a principal financial or
accounting officer of the Company, confirming, as of the date thereof, the
matters set forth in Sections 2.6 and 6.5(a) of the Placement Agreement and
such other similar matters as such Holder may reasonably request;

               (B) an opinion, dated the date of effectiveness of the Shelf
Registration Statement, of independent counsel to the Company, covering
matters of the type customarily covered in opinions of issuer’s counsel
requested in underwritten offerings, such as the effectiveness of the Shelf
Registration Statement and such other matters as may be reasonably requested
by such Holders; without limiting the foregoing, such counsel may state
further that such counsel assumes no responsibility for, and has not
independently verified, the accuracy, completeness or fairness of the
financial statements, notes and schedules and other financial data included
in the Shelf Registration Statement or the related Prospectus; and

               (2) deliver such other documents and certificates as may be reasonably
requested by the selling Holders to evidence compliance with the matters covered in
clause (1) above and with any customary conditions contained in any agreement
entered into by the Company pursuant to this clause (xii);

          (xiii) prior to any public offering of Transfer Restricted Shares, take such action as
is reasonably required under the securities or blue sky laws of such jurisdictions within
the United States of America as the selling Holders may request to enable the disposition in
such jurisdictions of the Transfer Restricted Shares covered by the Shelf Registration
Statement; provided, however, that the Company shall not be required to
register or qualify as a foreign corporation where the Company is not now so qualified or to
take any action that would subject the Company to the service of process in suits or to
taxation, other than as to matters and transactions relating to the Shelf Registration
Statement, in any jurisdiction where the Company is not now so subject;

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          (xiv) in connection with any sale of Transfer Restricted Shares that will result in
such securities no longer being Transfer Restricted Shares, cooperate with the Holders to
facilitate the timely preparation and delivery of certificates representing Transfer
Restricted Shares to be sold and not bearing any restrictive legends; and to register such
Transfer Restricted Shares in such denominations and such names as the selling Holders may
request at least two Business Days prior to such sale of Transfer Restricted Shares;

          (xv) use its best reasonable efforts to cause the disposition of the Transfer
Restricted Shares covered by the Shelf Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable
the seller or sellers thereof to consummate the disposition of such Transfer Restricted
Shares, subject to the proviso contained in clause (xiii) above;

          (xvi) otherwise use its best reasonable efforts to comply with all applicable rules and
regulations of the SEC, and make generally available to its security holders with regard to
the Shelf Registration Statement, as soon as practicable, a consolidated earnings statement
meeting the requirements of Rule 158 (which need not be audited) covering a twelve-month
period beginning after the effective date of the Shelf Registration Statement (as such term
is defined in paragraph (c) of Rule 158 under the Securities Act);

          (xvii) provide promptly to each Holder, upon request, each document filed with the SEC
pursuant to the requirements of Section 13 or Section 15(d) of the Exchange Act; and

          (xviii) use its best reasonable efforts to cause the Shares to be listed on any
securities exchange or automated quotation system on which similar securities issued by the
Company are then listed, to the extent such Shares satisfies applicable listing
requirements.

          (b) Restrictions on Holders.

               Each Holder agrees by acquisition of a Transfer Restricted Share that, upon receipt of the
notice referred to in Section 5(a)(iv)(C) or any notice from the Company of the existence of any
fact of the kind described in Section 5(a)(iv)(D) (in each case, a “Suspension Notice”), such
Holder will forthwith discontinue disposition of Transfer Restricted Shares pursuant to the Shelf
Registration Statement until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 5(a)(v), or (ii) such Holder is advised in writing by the
Company that the use of the Prospectus may be resumed, and has received copies of any additional or
supplemental filings that are incorporated by reference in the Prospectus (in each case, the
“Recommencement Date”); provided, however, that any Suspension Period occurring as
a result of notice from the Company of the existence of any fact of the kind described in Section
5(a)(iv)(D) shall not exceed, for so long as this Agreement is in effect, the shorter of (x) the
period ending on the date the information responsible for the Suspension Period is disclosed to the
public and (y) 30 days (provided that no two Suspension Periods shall occur during any
period of 90 consecutive days). Each Holder receiving a

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Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than
permanent file copies, then in such Holder’s possession which have been replaced by the Company
with more recently dated Prospectuses or (ii) deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies, then in such Holder’s possession of the Prospectus
covering such Transfer Restricted Shares that was current at the time of receipt of the Suspension
Notice. The time period regarding the effectiveness of the Shelf Registration Statement set forth
in Section 3, shall be extended by a number of days equal to the number of days in the period from
and including the date of delivery of the Suspension Notice to the Recommencement Date.

SECTION 6. REGISTRATION EXPENSES

          (a) All expenses incident to the Company’s performance of or compliance with this Agreement
will be borne by the Company, regardless of whether the Shelf Registration Statement becomes
effective, including without limitation: (i) all registration and filing fees and expenses; (ii)
all fees and expenses of compliance with federal securities and state blue sky or securities laws;
(iii) all expenses of printing, messenger and delivery services and telephone; (iv) all reasonable
fees and disbursements of counsel for the Company; (v) all application and filing fees; and (vi)
all reasonable fees and disbursements of independent certified public accountants of the Company
(including the expenses of any special audit required by or incident to such performance).

               The Company will, in any event, bear its internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or accounting duties), the
expenses of any annual audit and the fees and expenses of any person, including special experts,
retained by the Company.

          (b) Each Holder, and not the Company, shall be exclusively responsible for such Holder’s pro
rata share of underwriter’s fees incurred by the Holders in connection with the Shelf Registration
Statement and any expenses of such Holder in connection with the Shelf Registration Statement,
including such Holder’s fees of counsel.

SECTION 7. INDEMNIFICATION

          (a) The Company agrees to indemnify and hold harmless each Holder, any underwriter (as defined
in the Securities Act) selling Shares for such Holder, each Holder’s directors, officers and each
person, if any, who controls such Holder or such underwriter (within the meaning of either Section
15 of the Securities Act or Section 20 of the Exchange Act) from and against any and all losses,
claims, damages, liabilities and judgments (including without limitation the legal fees and other
expenses incurred in connection with investigating or defending any matter, including any action
that could give rise to any such losses, claims, damages, liabilities or judgments) caused by any
untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration
Statement, preliminary prospectus or Prospectus (or any amendment or supplement thereto), provided
by the Company to the Holders or to any prospective purchaser of Shares, or caused by any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, except insofar as such losses, claims, damages,
liabilities or judgments are

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caused by any untrue statement or omission or alleged untrue statement or omission that is
based upon information relating to any of the Holders furnished in writing to the Company by such
Holders.

          (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
its directors, officers and each person, if any, who controls (within the meaning of Section 15 of
the Securities Act and Section 20 of the Exchange Act) the Company, to the same extent as the
foregoing indemnity from the Company set forth in Section 7(a) above, but only with reference to
information relating to such Holder furnished in writing to the Company by such Holder for use in
the Shelf Registration Statement or any amendment or supplement thereto. In no event shall any
Holder, its directors, officers, or any person who controls such Holder be liable or responsible
under this Section 7 for any amount in excess of the amount by which the total amount received by
such Holder with respect to its sale of Transfer Restricted Shares pursuant to the Shelf
Registration Statement exceeds (i) the amount paid by such Holder for such Transfer Restricted
Shares, plus (ii) the amount of any damages that such Holder, its directors, officers, or any
person who controls such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission.

          (c) In case any action shall be commenced involving any person in respect of which indemnity
may be sought pursuant to Section 7(a) or 7(b), such person (the
“Indemnified person”) shall
promptly notify the person against whom such indemnity may be sought (the “Indemnifying person”) in
writing, and the Indemnifying person shall assume the defense of such action, including the
employment of counsel reasonably satisfactory to the Indemnified person and shall pay all fees and
expenses of such counsel as incurred (except that in the case of any action in respect of which
indemnity may be sought pursuant to both Sections 7(a) and 7(b), a Holder shall not be required to
assume the defense of such action pursuant to this Section 7(c), but may employ separate counsel
and participate in the defense thereof, but the fees and expenses of such counsel, except as
provided below, shall be at the expense of such Holder). Any Indemnified person shall have the
right to employ separate counsel in any such action and participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified person unless (i) the
employment of such counsel shall have been specifically authorized in writing by the Indemnifying
person, (ii) the Indemnifying person shall have failed to assume the defense of such action or
employ counsel reasonably satisfactory to the Indemnified person or (iii) the named parties in any
such action (including any impleaded parties) include both the Indemnifying person and the
Indemnified person, and the Indemnified person shall have been advised by such counsel that there
may be one or more legal defenses available to it which are different from or additional to those
available to the Indemnifying person (in which case the Indemnifying person shall not have the
right to assume the defense of such action on behalf of the Indemnified person). It is understood
that the Indemnifying person shall not, in connection with any one action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) for all Indemnified persons, and that all such fees
and expenses shall be reimbursed as they are incurred. Any such separate firm for the indemnified
Holders shall be designated in writing by a majority of the indemnified Holders, in the case of
parties indemnified

11

 

pursuant to Section 7(a), and any such separate firm for the Company, its directors, its
officers and such control persons shall be designated in writing by the Company, in the case of
parties indemnified pursuant to Section 7(b). The Indemnifying person shall indemnify and hold
harmless the Indemnified person from and against any and all losses, claims, damages, liabilities
and judgments by reason of any settlement of any action (i) effected with its written consent or
(ii) effected without its written consent if the settlement is entered into more than twenty
Business Days after the Indemnifying person shall have received a request from the Indemnified
person for reimbursement for the fees and expenses of counsel (in any case where such fees and
expenses are at the expense of the Indemnifying person) and, prior to the date of such settlement,
the Indemnifying person shall have failed to comply with such reimbursement request. No
Indemnifying person shall, without the prior written consent of the Indemnified person, effect any
settlement or compromise of, or consent to the entry of judgment with respect to, any pending or
threatened action in respect of which the Indemnified person is or could have been a party and
indemnity or contribution may be or could have been sought hereunder by the Indemnified person,
unless such settlement, compromise or judgment (i) includes an unconditional release of the
Indemnified person from all liability on claims that are or could have been the subject matter of
such action and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act, by or on behalf of the Indemnified person.

          (d) To the extent that the indemnification provided for in this Section 7 is unavailable to an
Indemnified person in respect of any losses, claims, damages, liabilities or judgments referred to
therein, then each Indemnifying person, in lieu of indemnifying such Indemnified person hereunder,
shall contribute to the amount paid or payable by such Indemnified person as a result of such
losses, claims, damages, liabilities or judgments (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company, on the one hand, and the indemnified Holder,
on the other hand, from their sale of Transfer Restricted Shares or (ii) if the allocation provided
by clause 7(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause 7(d)(i) above but also the relative
fault of the Company, on the one hand, and the indemnified Holder, on the other hand, in connection
with the statements or omissions that resulted in such losses, claims, damages, liabilities or
judgments, as well as any other relevant equitable considerations. The relative fault of the
Company, on the one hand, and the indemnified Holder, on the other hand, shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the
Company, on the one hand, or by the indemnified Holder, on the other hand, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and judgments referred to above shall be deemed to include, subject to the
limitations set forth in the second paragraph of Section 7(a), any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or defending any action or
claim.

               The Company and each Holder agree that it would not be just and equitable if contribution
pursuant to this Section 7(d) were determined by pro rata allocation (even if the Holders were
treated as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in the

12

 

immediately preceding paragraph. The amount paid or payable by an Indemnified person as a
result of the losses, claims, damages, liabilities or judgments referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such Indemnified person in connection with
investigating or defending any matter including any action that could have given rise to such
losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section
7, in no event shall a Holder, its directors, officers, or any person who controls such Holder, be
required to contribute, in the aggregate, pursuant to this Section 7 any amount in excess of the
amount by which the total received by such Holder with respect to the sale of Transfer Restricted
Shares pursuant to the Shelf Registration Statement exceeds the sum of (i) the amount paid by such
Holder for such Transfer Restricted Shares, plus (ii) the amount of any damages that such Holder,
its directors, officers, or any person who controls such Holder has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute pursuant to this Section 7(d) are
several in proportion to the respective principal amount of the Transfer Restricted Shares held by
each Holder hereunder and not joint.

SECTION 8. RULE 144 AND OTHER INFORMATION

          The Company hereby agrees with each Holder, for so long as any Transfer Restricted Shares
remain outstanding and during any period in which the Company (i) is not subject to Section 13 or
15(d) of the Exchange Act, to make available, upon request of any Holder of Transfer Restricted
Shares, adequate current public information with respect to the Company within the meaning of
paragraph (c)(2) of Rule 144 under the Securities Act in order to permit sales of such Transfer
Restricted Shares pursuant to Rule 144 under the Securities Act and (ii) is subject to Section 13
or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order to
permit sales of such Transfer Restricted Shares without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 under the Securities Act.

SECTION 9. MISCELLANEOUS

          (a) Remedies.

               The Company acknowledges and agrees that any failure by the Company to comply with its
obligations under Section 3 may result in material irreparable injury to the Holders for which
there is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, any Holder may obtain such relief as
may be required to specifically enforce the Company’s obligations under Section 3. The Company
further agrees to waive the defense in any action for specific performance that a remedy at law
would be adequate.

          (b) No Inconsistent Agreements.

13

 

               The Company will not, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions. The Company has not previously entered into
any agreement granting any registration rights with respect to its securities to any person. The
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s securities under any agreement in effect on
the date.

          (c) Notices.

               All notices and other communications hereunder shall be in writing and shall be deemed
sufficiently given and served for all purposes (i) when personally delivered or given by
machine-confirmed facsimile, (ii) one Business Day after a writing is delivered to a national
overnight courier service or (iii) three Business Days after a writing is deposited in the United
States mail, first class postage or other charges prepaid and registered, return receipt requested,
in each case, addressed as follows (or at such other address for a party as shall be specified by
like notice): (A) in the case of the Company, to FCB Bancorp, 1100 Paseo Camarillo, Camarillo,
California 93010, Attention: Chief Financial Officer, Facsimile No.: (805)  —  , and (B)
in the case of any Holder, at the address set forth on the stock records of the Company.

          (d) Amendments and Waivers.

               No modifications or amendments to, or waivers of, any provision of this Agreement may be made,
except pursuant to a document signed by the Company and Holders of a majority of the Shares
affected by such amendment, modification, supplement, waiver or consents.

          (e) Interpretation.

               When a reference is made in this Agreement to Sections, paragraphs, clauses or Exhibits, such
reference shall be to a Section, paragraph, clause or Exhibit to this Agreement unless otherwise
indicated. The words “include,” “includes,” and “including” when used herein shall be deemed in
each case to be followed by the words “without limitation.” The table of contents and headings
contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. This Agreement has been negotiated by the respective
parties hereto and their attorneys and the language hereof will not be construed for or against
either party. The phrases “the date of this Agreement,” “the date hereof,” and terms of similar
import, unless the context otherwise requires, shall be deemed to refer to June ___, 2005. The
words “hereof,” “herein,” “herewith,” “hereby” and “hereunder” and words of similar import shall,
unless otherwise stated, be construed to refer to this Agreement as a whole and not to any
particular provision of this Agreement.

          (f) No Third-Party Beneficiaries.

               No person or entity not a party to this Agreement shall be deemed to be a third-party
beneficiary hereunder or entitled to any rights hereunder.

14

 

          (g) Successors and Assigns.

               Other than with respect to transferees as to which the Shares held by such transferee have
ceased to be Transfer Restricted Shares, this Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including without limitation and
without the need for an express assignment, subsequent Holders; provided, however,
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Transfer Restricted Shares in violation of the terms or of the Subscription Agreement. If any
transferee of any Holder shall acquire Transfer Restricted Shares in any manner, whether by
operation of law or otherwise, such Transfer Restricted Shares shall be held subject to all of the
terms of this Agreement, and by taking and holding such Transfer Restricted Shares such person
shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement, including the restrictions on resale set forth in this Agreement and,
if applicable, the Subscription Agreement, and such person shall be entitled to receive the
benefits.

          (h) Entire Agreement.

               This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein with respect to the
registration rights granted with respect to the Transfer Restricted Shares. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject
matter.

          (i) Severability.

               If any provision of this Agreement is held to be illegal, invalid or unenforceable under
present or future laws, then, if possible, such illegal, invalid or unenforceable provision will be
modified to such extent as is necessary to comply with such present or future laws and such
modification shall not affect any other provision hereof; provided that if such provision
may not be so modified such illegality, invalidity or unenforceability will not affect any other
provision, but this Agreement will be reformed, construed and enforced as if such invalid, illegal
or unenforceable provision had never been contained herein.

          (j) GOVERNING LAW.

               THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH CONTRACTS MADE AND TO BE
PERFORMED IN THE STATE OF CALIFORNIA.

          (k) Banking Laws.

               Each of the provisions of this Agreement is subject to and shall be enforced in compliance
with applicable banking laws.

15

 

          (l) Counterparts.

               This Agreement may be executed in one or more counterparts, all of which shall be considered
one and the same agreement and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to each the other parties, it being understood that all
parties need not sign the same counterpart.

(signature page follows)

16

 

          IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date first
above written.

	 	 	 	 	 
	 	 	FCB Bancorp
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	 
	 	 	as a Purchaser
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

 

Exhibit A

Schedule of Purchasers

	 	 	 
	Name and Address	 	Number of
	of Purchaser	 	Shares
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

A-1exv4w7

 

Exhibit 4.7

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT, dated as of September 2, 2004, is entered into by and
between Ashford Hospitality Trust, Inc., a Maryland corporation (the “Company”) and the holders of
common partnership units in Ashford Hospitality Limited Partnership, a Delaware limited partnership
(the “Operating Partnership”) whose names are set forth on the signature page hereto (the “Unit
Holders”).

RECITALS

     WHEREAS, pursuant to that certain Agreement of Purchase and Sale dated as of May 19, 2004, as
amended by that certain (i) First Amendment to Agreement of Purchase and Sale dated July 1, 2004,
(ii) Second Amendment to Agreement of Purchase and Sale dated July 23, 2004, (iii) Third Amendment
to Agreement of Purchase and Sale dated August 4, 2004, and (iv) Fourth Amendment to Agreement of
Purchase and Sale dated September 2, 2004, closed on September 2, 2004 (the “Closing Date”),
between the Operating Partnership and the Unit Holder, the Operating Partnership and the Unit
Holders will engage in a transaction (the “Transaction”) whereby the Unit Holders will convey to
the Operating Partnership their respective interests in certain properties in exchange for common
partnership units (“OP Units”) in the Operating Partnership;

     WHEREAS, pursuant to the Partnership Agreement (as defined below), OP Units owned by the Unit
Holder will be redeemable for cash or exchangeable for shares of Common Stock of the Company upon
the terms and subject to the conditions contained in the Partnership Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained,
and for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. In addition to the definitions set forth above, the
following terms, as used herein, have the following meanings:

     “Affiliate” of any Person means any other Person directly or indirectly controlling or
controlled by or under common control with such Person. For the purposes of this definition,
“control” when used with respect to any Person, means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

     “Agreement” means this Registration Rights Agreement, as it may be amended, supplemented or
restated from time to time.

Page 1

 

     “Articles of Incorporation” means the Articles of Amendment and Restatement of the Company as
filed with the Secretary of State of the State of Maryland on July 28, 2003, as the same may be
amended, modified or restated from time to time.

     “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions in Dallas, Texas are authorized or required by law,
regulation or executive order to close.

     “Commission” means the Securities and Exchange Commission.

     “Common Stock” means the Company’s common stock, $0.01 par value.

     “Demand Registration” means a Demand Registration as defined in Section 2.2.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended and the rules and
regulations promulgated thereunder.

     “Exchangeable OP Units” means OP Units which may be redeemable for cash or, at the sole and
absolute discretion of the Company, exchangeable for Common Stock pursuant to Section 7.4 of the
Partnership Agreement (without regard to any limitations on the exercise of such exchange right as
a result of the Ownership Limit Provisions).

     “Holder” means any Initial Holder who is the record or beneficial owner of any Registrable
Security or any assignee or transferee of such Registrable Security (including assignments or
transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure
on any loans secured by such Registrable Securities) to the extent (x) permitted under the
Partnership Agreement and (y) such assignee or transferee agrees in writing to be bound by all the
provisions hereof, unless such Registrable Security is acquired in a public distribution pursuant
to a registration statement under the Securities Act or pursuant to transactions exempt from
registration under the Securities Act where securities sold in such transaction may be resold
without subsequent registration under the Securities Act.

     “Immediate Family” of any individual means such individual’s estate and heirs or current
spouse, or former spouse, parents, parents-in-law, children (whether natural or adoptive or by
marriage), siblings and grandchildren and any trust or estate, all of the beneficiaries of which
consist of such individual or any of the foregoing.

     “Initial Holder” means (i) the Unit Holders, (ii) any partner, member or stockholder of a Unit
Holder, (iii) any Affiliate of any such partner, member or stockholder, and (iv) the Immediate
Family of any of the foregoing.

     “Ownership Limit Provisions” mean the various provisions of the Company’s Charter set forth in
ARTICLE VI thereof restricting the ownership of Common Stock by Persons to specified percentages of
the outstanding Common Stock.

     “Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership
of the Operating Partnership dated as of April 6, 2004, as the same may be amended, modified or
restated from time to time.

Page 2

 

     “Person” means an individual or a corporation, partnership, limited liability company,
association, trust, or any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

     “Piggy-Back Registration” means a Piggy-Back Registration as defined in Section 2.3.

     “Registrable Securities” means shares of Common Stock of the Company at any time owned, either
of record or beneficially, by any Holder which are issuable or issued upon exchange of Exchangeable
OP Units issued pursuant to the Transaction and any additional Common Stock issued as a dividend,
distribution or exchange for, or in respect of such shares until

     (i) a registration statement covering such shares has been declared effective by the
Commission and such shares have been disposed of pursuant to such effective registration
statement;

     (ii) such shares are sold under circumstances in which all of the applicable conditions
of Rule 144 (or any similar provisions then in force) under the Securities Act are met or
under which such shares may be sold pursuant to Rule 144(k);

     (iii) such shares held by such Person may be sold pursuant to Rule 144 under the
Securities Act and could be sold in one transaction in accordance with the volume
limitations contained in Rule 144(e)(1)(i) under the Securities Act; or

     (iv) such shares have been otherwise transferred in a transaction that would constitute
a sale thereof under the Securities Act, the Company has delivered a new certificate or
other evidence of ownership for such shares not bearing the Securities Act restricted stock
legend and such shares may be resold without restriction under the Securities Act;

provided, however, that “Registrable Securities” for purposes of the indemnification obligations
contained in Sections 2.7 and 2.8 shall mean all shares that are registered on the applicable Shelf
Registration, Demand Registration or Piggy-Back Registration, notwithstanding that such shares may
not otherwise be “Registrable Securities” by operation of clause (iii) above.

     “Securities Act” means the Securities Act of 1933, as amended and the rules and regulations
promulgated thereunder.

     “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a
registration statement under the Securities Act.

     “Shelf Registration Statement” means a shelf registration statement as defined in Section 2.1.

     “Underwriter” means a securities dealer who purchases any Registrable Securities as principal
and not as part of such dealer’s market-making activities.

Page 3

 

ARTICLE II

REGISTRATION RIGHTS

     Section 2.1 Shelf Registration. Commencing on or after the date which is fifty weeks
after the Closing Date, the Company shall prepare and file a “shelf” registration statement with
respect to the issuance and the resale of the shares of Common Stock issuable upon the exchange of
Exchangeable OP Units issued to the Unit Holders in the Transaction and the resale of any other
Registrable Securities on an appropriate form for an offering to be made on a continuous basis
pursuant to Rule 415 under the Securities Act (the “Shelf Registration Statement”) and shall use
its best efforts to cause the Shelf Registration Statement to be declared effective on or as soon
as practicable thereafter, and to keep such Shelf Registration Statement continuously effective for
a period ending when all shares of Common Stock covered by the Shelf Registration Statement are no
longer Registrable Securities. In the event that the Company fails to file, or if filed fails to
maintain the effectiveness of, a Shelf Registration Statement, the Holders of Registrable
Securities may make a written request for a Demand Registration (as defined below) pursuant to
Section 2.2 herein or participate in a Piggy Back Registration (as defined below) pursuant to
Section 2.3 herein; provided, further, that if and so long as a Shelf Registration Statement is on
file and effective, then the Company shall have no obligation to effect a Demand Registration or
allow participation in a Piggy Back Registration.

     Section 2.2 Demand Registration.

     (a) Request for Registration. Subject to Section 2.1 hereof, commencing on or after
the date which is one year after the Closing Date, Holders of Registrable Securities may make a
written request for registration under the Securities Act of all or part of its or their
Registrable Securities (a “Demand Registration”); provided, that the Company shall not be obligated
to effect more than one Demand Registration in any twelve month period and not more than two such
Demand Registrations in total; and provided, further, that the Holders making such written request
number shall propose the sale of at least 100,000 shares of Registrable Securities (such number to
be adjusted successively in the event the Company effects any stock split, stock consideration or
recapitalization after the date hereof) or such lesser number of Shares if such lesser number is
all of the Registrable Shares owned by the Holders. Any such request will specify the number of
shares of Registrable Securities proposed to be sold and will also specify the intended method of
disposition thereof. Within ten (10) days after receipt of such request, the Company will give
written notice of such registration request to all other Holders of the Registrable Securities and
include in such registration all such Registrable Securities with respect to which the Company has
received written requests for inclusion therein within twenty (20) Business Days after the receipt
by the applicable Holder of the Company’s notice. Each such request will also specify the number
of shares of Registrable Securities to be registered and the intended method of disposition
thereof.

     (b) Effective Registration. A registration will not count as a Demand Registration
until it has become effective and has remained effective and available for at least 180 days.

     (c) Selling Holders Become Party to Agreement. Each Holder acknowledges that by
asserting or participating in its registration rights pursuant to this Article II, he or she may

Page 4

 

become a Selling Holder and thereby will be deemed a party to this Agreement and will be bound by
each of its terms.

(d) Priority on Demand Registrations. If the Holders of a majority of shares of the
Registrable Securities to be registered in a Demand Registration so elect by written notice to the
Company, the offering of such Registrable Securities pursuant to such Demand Registration shall be
in the form of an underwritten offering. The Company shall select the book-running managing
Underwriter in connection with any such Demand Registration; provided that such managing
Underwriter must be reasonably satisfactory to the Holders of a majority of the shares of the
Registrable Securities. The Company may select any additional investment banks and managers to be
used in connection with the offering; provided that such additional investment bankers and managers
must be reasonably satisfactory to a majority of the Holders making such Demand Registration. To
the extent 10% or more of the Registrable Securities so requested to be registered are excluded
from the offering in accordance with Section 2.4, the Holders of such Registrable Securities shall
have the right to one additional Demand Registration under this Section in such twelve-month period
with respect to such Registrable Securities.

     Section 2.3 Piggy-Back Registration. Subject to Section 2.1 hereof, if the Company
proposes to file a registration statement under the Securities Act with respect to an underwritten
equity offering by the Company for its own account or for the account of any of its respective
securityholders of any class of security other than (i) any registration statement filed by the
Company under the Securities Act relating to an offering of Common Stock for its own account as a
result of the exercise of the exchange rights set forth in Section 7.4 of the Partnership
Agreement, (ii) any registration statement filed in connection with a demand registration other
than a Demand Registration under this Agreement or (iii) a registration statement on Form S-4 or
S-8 (or any substitute form that may be adopted by the Commission) filed in connection with an
exchange offer or offering of securities solely to the Company’s existing securityholders, then the
Company shall give written notice of such proposed filing to the Holders of Registrable Securities
as soon as practicable (but in no event less than ten (10) days before the anticipated filing
date), and such notice shall offer such Holders the opportunity to register such number of shares
of Registrable Securities as each such Holder may request (a “Piggy-Back Registration”). The
Company shall use commercially reasonable efforts to cause the managing Underwriter or Underwriters
of a proposed underwritten offering to permit the Registrable Securities requested to be included
in a Piggy-Back Registration to be included on the same terms and conditions as any similar
securities of the Company included therein.

     Section 2.4 Reduction of Offering. Notwithstanding anything contained herein, if the
managing Underwriter or Underwriters of an offering described in Section 2.2 or 2.3 deliver a
written opinion to the Company and the Holders of the Registrable Securities included in such
offering that (i) the size of the offering that the Holders, the Company and such other persons
intend to make or (ii) the kind of securities that the Holders, the Company and/or any other
Persons intend to include in
such offering are such that the success of the offering would be materially and adversely
affected by inclusion of the Registrable Securities requested to be included, then

     (A) if the size of the offering is the basis of such Underwriter’s opinion, the
amount of securities to be offered for the accounts of Holders shall be

Page 5

 

reduced pro
rata (according to the number of Registrable Securities proposed for registration)
to the extent necessary to reduce the total amount of securities to be included in
such offering to the amount recommended by such managing Underwriter or
Underwriters; provided that, in the case of a Piggy-Back Registration, if securities
are being offered for the account of other Persons as well as the Company, then with
respect to the Registrable Securities intended to be offered by Holders, the
proportion by which the amount of such class of securities intended to be offered by
Holders is reduced shall not exceed the proportion by which the amount of such class
of securities intended to be offered by such other Persons is reduced; and

     (B) if the combination of securities to be offered is the basis of such
Underwriter’s opinion, (x) the Registrable Securities to be included in such
offering shall be reduced as described in clause (A) above (subject to the proviso
in clause (A)) or (y) if the actions described in clause (x) would, in the judgment
of the managing Underwriter, be insufficient to substantially eliminate the adverse
effect that inclusion of the Registrable Securities requested to be included would
have on such offering, such Registrable Securities will be excluded from such
offering.

     Section 2.5 Registration Procedures; Filings; Information. In connection with any
Shelf Registration Statement under Section 2.1 or whenever Holders request that any Registrable
Securities be registered pursuant to Section 2.2 hereof, the Company will use its best efforts to
effect the registration and the sale of such Registrable Securities in accordance with the intended
method of disposition thereof as quickly as practicable, and in connection with any such request:

     (a) The Company will as expeditiously as possible prepare and file with the Commission
a registration statement on Form S-3 if registered pursuant to Section 2.1 and if registered
pursuant to any other section of this Agreement on any form for which the Company then
qualifies or which counsel for the Company shall deem appropriate and which form shall be
available for the sale of the Registrable Securities to be registered thereunder in
accordance with the intended method of distribution thereof, and use its best efforts to
cause such filed registration statement to become and remain effective for a period of not
less than 270 days; provided that if the Company shall furnish to the Holders making a
request pursuant to Section 2.2 a certificate signed by either its Chairman, Chief Executive
Officer or President stating that in his or her good faith judgment it would be
significantly disadvantageous to the Company or its shareholders for such a registration
statement to be filed as expeditiously as possible, the Company shall have a period of not
more than 180 days within which to file such
registration statement measured from the date of receipt of the request in accordance
with Section 2.2.

     (b) The Company will, if requested, prior to filing a registration statement or
prospectus or any amendment or supplement thereto, furnish to each Selling Holder and each
Underwriter, if any, of the Registrable Securities covered by such registration statement
copies of such registration statement as proposed to be filed, and thereafter furnish to
such Selling Holder and Underwriter, if any, such number of conformed copies

Page 6

 

of such
registration statement, each amendment and supplement thereto (in each case including all
exhibits thereto and documents incorporated by reference therein), the prospectus included
in such registration statement (including each preliminary prospectus) and such other
documents as such Selling Holder or Underwriter may reasonably request to facilitate the
disposition of the Registrable Securities owned by such Selling Holder.

     (c) After the filing of the registration statement, the Company will promptly notify
each Selling Holder of Registrable Securities covered by such registration statement of any
stop order issued or threatened by the Commission and take all reasonable actions required
to prevent the entry of such stop order or to remove it if entered.

     (d) The Company will use its best efforts to (i) register or qualify the Registrable
Securities under such other securities or blue sky laws of such jurisdictions in the United
States (where an exemption does not apply) as any Selling Holder or managing Underwriter or
Underwriters, if any, reasonably (in light of such Selling Holder’s intended plan of
distribution) requests and (ii) cause such Registrable Securities to be registered with or
approved by such other governmental agencies or authorities as may be necessary by virtue of
the business and operations of the Company and do any and all other acts and things that may
be reasonably necessary or advisable to enable such Selling Holder to consummate the
disposition of the Registrable Securities owned by such Selling Holder; provided that the
Company will not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this paragraph (d), (B) subject
itself to taxation in any such jurisdiction or (C) consent to general service of process in
any such jurisdiction.

     (e) The Company will immediately notify each Selling Holder of such Registrable
Securities, at any time when a prospectus relating thereto is required to be delivered under
the Securities Act, of the occurrence of an event requiring the preparation of a supplement
or amendment to such prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not
misleading and promptly make available to each Selling Holder any such supplement or
amendment.

     (f) The Company will enter into customary agreements (including an underwriting
agreement, if any, in customary form) and take such other actions as are reasonably required
to expedite or facilitate the disposition of such Registrable Securities.

     (g) The Company will make available for inspection by any Selling Holder of such
Registrable Securities, any Underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other professional retained by any
such Selling Holder or Underwriter (collectively, the “Inspectors”), all financial and other
records, pertinent corporate documents and properties of the Company (collectively, the
“Records”) as shall be reasonably necessary to enable them to exercise

Page 7

 

their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all
information reasonably requested by any Inspectors in connection with such registration
statement. Records which the Company determines, in good faith, to be confidential and
which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors
unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or
omission in such registration statement or (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction. Each Selling
Holder of such Registrable Securities agrees that information obtained by it as a result of
such inspections shall be deemed confidential and shall not be used by it as the basis for
any market transactions in the securities of the Company unless and until such is made
generally available to the public. Each Selling Holder of such Registrable Securities
further agrees that it will, upon learning that disclosure of such Records is sought in a
court of competent jurisdiction, give notice to the Company and allow the Company, at its
expense, to undertake appropriate action to prevent disclosure of the Records deemed
confidential.

     (h) The Company will furnish to each Selling Holder and to each Underwriter, if any, a
signed counterpart, addressed to such Selling Holder or Underwriter, of (i) an opinion or
opinions of counsel to the Company and (ii) if eligible under SAS 100, a comfort letter or
comfort letters from the Company’s independent public accountants, each in customary form
and covering such matters of the type customarily covered by opinions or comfort letters, as
the case may be, as the Holders of a majority of the Registrable Securities included in such
offering or the managing Underwriter or Underwriters therefor reasonably requests.

     (i) The Company will otherwise comply with all applicable rules and regulations of the
Commission, and make available to its securityholders, as soon as reasonably practicable, an
earnings statement covering a period of 12 months, beginning within three months after the
effective date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 of the Commission promulgated
thereunder (or any successor rule or regulation hereafter adopted by the Commission).

     (j) The Company will use its best efforts to cause all such Registrable Securities to
be listed on each securities exchange on which similar securities issued by the Company are
then listed.

     The Company may require each Selling Holder of Registrable Securities to promptly furnish in
writing to the Company such information regarding such Selling Holder, the Registrable Securities
held by it and the intended method of distribution of the Registrable Securities as the Company may
from time to time reasonably request and such other information as may be legally required in
connection with such registration.

     Each Selling Holder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 2.5(e) hereof, such Selling Holder will forthwith
discontinue disposition of Registrable Securities pursuant to the registration statement covering
such Registrable Securities until such Selling Holder’s receipt of the copies of the

Page 8

 

supplemented
or amended prospectus contemplated by Section 2.5(e) hereof, and, if so directed by the Company,
such Selling Holder will deliver to the Company all copies, other than permanent file copies then
in such Selling Holder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice. Each Selling Holder of Registrable Securities
agrees that it will immediately notify the Company at any time when a prospectus relating to the
registration of such Registrable Securities is required to be delivered under the Securities Act of
the happening of an event as a result of which information previously furnished by such Selling
Holder to the Company in writing expressly for inclusion in such prospectus contains an untrue
statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances in which they
were made. In the event the Company shall give such notice, the Company shall extend the period
during which such registration statement shall be maintained effective (including the period
referred to in Section 2.5(a) hereof) by the number of days during the period from and including
the date of the giving of notice pursuant to Section 2.5(e) hereof to the date when the Company
shall make available to the Selling Holders of Registrable Securities covered by such registration
statement a prospectus supplemented or amended to conform with the requirements of Section 2.5(e)
hereof.

     Section 2.6 Registration Expenses. In connection with any registration statement
required to be filed hereunder, the Company shall pay the following registration expenses incurred
in connection with the registration hereunder (the “Registration Expenses”): (i) all registration
and filing fees, (ii) fees and expenses of compliance with securities or blue sky laws (including
reasonable fees and disbursements of counsel in connection with blue sky qualifications of the
Registrable Securities), (iii) printing expenses, (iv) internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), (v) the fees and expenses incurred in connection with the listing of the Registrable
Securities, (vi) reasonable fees and disbursements of counsel for the Company and customary fees
and expenses for independent certified public accountants retained by the Company (including the
expenses of any comfort letters or costs associated with the delivery by independent certified
public accountants of a comfort letter or comfort letters requested pursuant to Section 2.5(h)
hereof), and (vii) the reasonable fees and expenses of any special experts retained by the Company
in connection with such registration. The Company shall have no obligation to pay any underwriting
fees, discounts or commissions attributable to the sale of Registrable Securities, or any
out-of-pocket expenses of the Holders (or the agents who manage their accounts) or any transfer
taxes relating to the registration or sale of the Registrable Securities.

     Section 2.7 Indemnification by the Company. The Company agrees to indemnify and hold
harmless each Selling Holder of Registrable Securities, its officers, directors and agents, and
each Person, if any, who controls such Selling Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims,
damages and liabilities caused by any untrue statement or alleged untrue statement of a material
fact contained in any registration statement or prospectus relating to the Registrable Securities
(as amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus, or caused by any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading,

Page 9

 

except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission based upon information furnished in writing to the Company by
such Selling Holder or on such Selling Holder’s behalf expressly for inclusion therein. The
Company also agrees to indemnify any Underwriters of the Registrable Securities, their officers and
directors and each Person who controls such underwriters within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the
indemnification of the Selling Holders provided in this Section 2.7, provided that the foregoing
indemnity with respect to any preliminary prospectus shall not inure to the benefit of any
Underwriter of the Registrable Securities from whom the person asserting any such losses, claims,
damages or liabilities purchased the Registrable Securities which are the subject thereof if such
person did not receive a copy of the prospectus (or the prospectus as supplemented) at or prior to
the confirmation of the sale of such Registrable Securities to such person in any case where such
delivery is required by the Securities Act and the untrue statement or omission of a material fact
contained in such preliminary prospectus was corrected in the prospectus (or the prospectus as
supplemented). The indemnity provided for in this Section 2.7 shall remain in full force and
effect regardless of any investigation made by or on behalf of any Selling Holder.

     Section 2.8 Indemnification by Holders of Registrable Securities. Each Selling Holder
agrees, severally but not jointly, to indemnify and hold harmless the Company, its officers,
directors and agents and each Person, if any, who controls the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the
foregoing indemnity from the Company to such Selling Holder, but only with respect to information
relating to such Selling Holder furnished in writing by such Selling Holder or on such Selling
Holder’s behalf expressly for use in any registration statement or prospectus relating to the
Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. In
case any action or proceeding shall be brought against the Company or its officers, directors or
agents or any such controlling person, in respect of which indemnity may be sought against such
Selling Holder, such Selling Holder shall have the rights and duties given to the Company, and the
Company or its officers, directors or agents or such controlling person shall have the rights and
duties given to such Selling Holder, by Section 2.7. Each Selling Holder also agrees to indemnify
and hold harmless Underwriters of the Registrable Securities, their officers and directors and each
Person who controls such Underwriters within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of
the Company
provided in this Section 2.8. The liability of any Selling Holder pursuant to this Section
2.8 may, in no event, exceed the net proceeds received by such Selling Holder from sales of
Registrable Securities giving rise to the indemnification obligations of such Selling Holder.

     Section 2.9 Conduct of Indemnification Proceedings. In case any proceeding (including
any governmental investigation) shall be instituted involving any person in respect of which
indemnity may be sought pursuant to Section 2.7 or 2.8, such person (an “Indemnified Party”) shall
promptly notify the person against whom such indemnity may be sought (an “Indemnifying Party”) in
writing and the Indemnifying Party shall assume the defense thereof, including the employment of
counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees
and expenses. In any such proceeding, any Indemnified Party shall have the right to retain its own
counsel, but the fees and expenses of such counsel

Page 10

 

shall be at the expense of such Indemnified
Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the
retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the Indemnified Party and the Indemnifying Party and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that the Indemnifying Party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time
for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they
are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall
be designated in writing by (i) in the case of Persons indemnified pursuant to Section 2.7 hereof,
the Selling Holders which owned a majority of the Registrable Securities sold under the applicable
registration statement and (ii) in the case of Persons indemnified pursuant to Section 2.8, the
Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent, or if there be a final judgment for
the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties
from and against any loss or liability (to the extent stated above) by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Party shall have
requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel
as contemplated by the third sentence of this paragraph, the Indemnifying Party agrees that it
shall be liable for any settlement of any proceeding effected without its written consent if (i)
such settlement is entered into more than 30 Business Days after receipt by such Indemnifying Party
of the aforesaid request and (ii) such Indemnifying Party shall not have reimbursed the Indemnified
Party in accordance with such request prior to the date of such settlement. No Indemnifying Party
shall, without the prior written consent of the Indemnified Party, effect any settlement of any
pending or threatened proceeding in respect of which any Indemnified Party is or could have been a
party and indemnity could have been sought hereunder by such Indemnified Party, unless such
settlement includes an unconditional release of such Indemnified Party from all liability arising
out of such proceeding.

     Section 2.10 Contribution. If the indemnification provided for in Section 2.7 or 2.8
hereof is unavailable to an Indemnified Party or insufficient in respect of any losses, claims,
damages or liabilities referred
to herein, then each such 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
losses, claims, damages or liabilities (i) as between the Company and the Selling Holders on the
one hand and the Underwriters on the other, in such proportion as is appropriate to reflect the
relative benefits received by the Company and the Selling Holders on the one hand and the
Underwriters on the other from the offering of the securities, or if such allocation is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits but also the relative fault of the Company and the Selling Holders on the one hand and of
the Underwriters on the other in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations and
(ii) between the Company on the one hand and each Selling Holder on the other, in such proportion
as is appropriate to reflect the relative fault of the Company and of each Selling Holder in
connection with such statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits
received by the Company and the Selling Holders on the one hand and the Underwriters on the other
shall be deemed to be in the same proportion as the total proceeds from the offering (net of
underwriting discounts and commissions but before deducting expenses) received by the Company and
the Selling Holders bear to the total underwriting discounts and commissions received by the
Underwriters, in each case as set forth in the table on the cover page of the prospectus. The
relative fault of the Company and the Selling Holders

Page 11

 

on the one hand and of the Underwriters on
the other shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company and the Selling Holders or by the Underwriters. The
relative fault of the Company on the one hand and of each Selling Holder on the other shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information
supplied by such party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

     The Company and the Selling Holders agree that it would not be just and equitable if
contribution pursuant to this Section 2.10 were determined by pro rata allocation (even if the
Underwriters were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses,
claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed
to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such Indemnified Party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 2.10, no Underwriter shall be required to
contribute any amount in excess of the amount by which the total commissions and discounts received
by such Underwriter in connection with the sale of the securities underwritten by it and
distributed to the public exceeds the amount of any damages which such Underwriter has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission, and no Selling Holder shall be required to contribute any amount in excess of the amount
by which the net proceeds from the sale of the securities of such Selling Holder to the public
exceeds the amount of any damages which such Selling Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Selling Holder’s obligations to
contribute pursuant to this Section 2.10 are several in proportion to the net proceeds of the
offering received by such Selling Holder bears to the total net proceeds of the offering received
by all the Selling Holders and not joint.

     Section 2.11 Participation in Underwritten Registrations. No Person may participate
in any underwritten registration hereunder unless such Person (a) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under the
terms of such underwriting arrangements and these registration rights provided for in this Article
II.

Page 12

 

     Section 2.12 Rule 144. The Company covenants that it will file any reports required
to be filed by it under the Securities Act and the Exchange Act and that it will take such further
action as any Holder may reasonably request, all to the extent required from time to time to enable
Holders to sell Registrable Securities without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 under the Securities Act, as such rule may be
amended from time to time, or (b) any similar rule or regulation hereafter adopted by the
Commission. Upon the request of any Holder, the Company will deliver to such Holder a written
statement as to whether it has complied with such requirements.

     Section 2.13 Holdback Agreements.

     (a) Restrictions on Public Sale by Holder of Registrable Securities. To the extent
not inconsistent with applicable law and except with respect to a shelf registration (including the
Shelf Registration Statement), each Holder whose securities are included in a registration
statement agrees not to effect any sale or distribution of the issue being registered or a similar
security of the Company, or any securities convertible into or exchangeable or exercisable for such
securities, including a sale pursuant to Rule 144 under the Securities Act, during the 14 days
prior to, and during the 90-day period beginning on, the effective date of such registration
statement (except as part of such registration), if and to the extent requested in writing by the
Company in the case of a non-underwritten public offering or if and to the extent requested in
writing by the managing Underwriter or Underwriters in the case of an underwritten public offering.

     (b) Restrictions on Public Sale by the Company and Others. The Company agrees that
any agreement entered into after the date of this Agreement pursuant to which the Company issues or
agrees to issue any privately placed securities shall contain a provision under which holders of
such securities agree not to effect any sale or distribution of any securities similar to those
being registered in accordance with Section 2.2 or Section 2.3 hereof, or any securities
convertible into or exchangeable or exercisable for such securities, during the 14 days prior
to, and during the 90-day period beginning on, the effective date of any registration statement
(except as part of such registration statement where the Holders of a majority of the Registrable
Securities to be included in such registration statement consent or as part of registration
statements filed as set forth in Section 2.3(i) or (iii)), if and to the extent requested in
writing by the Company in the case of a non-underwritten public offering or if and to the extent
requested in writing by the managing Underwriter or Underwriters in the case of an underwritten
public offering, in each case including a sale pursuant to Rule 144 under the Securities Act
(except as part of any such registration, if permitted); provided, however, that the provisions of
this paragraph (b) shall not prevent the conversion or exchange of any securities pursuant to their
terms into or for other securities.

     (c) Temporary Suspension of Rights to Sell Based on Confidential Information. If the
Company determines in its good faith judgment that the filing of the Shelf Registration Statement
under Section 2.1 or a Demand Registration under Section 2.2 hereof or the use of any related
prospectus would require the disclosure of material information that the Company has a bona fide
business purpose for preserving as confidential or the disclosure of which would impede the
Company’s ability to consummate a significant transaction (the “Confidential Information”), and
that the Company is not otherwise required by applicable securities laws or

Page 13

 

regulations to
disclose, upon written notice of such determination by the Company, the rights of the Holders to
offer, sell or distribute any Registrable Securities pursuant to the Shelf Registration Statement
or a Demand Registration or to require the Company to take action with respect to the registration
or sale of any Registrable Securities pursuant to the Shelf Registration Statement or a Demand
Registration shall be suspended until the earlier of (i) the date upon which the Company notifies
the Holders in writing that suspension of such rights for the grounds set forth in this Section
2.12(c) is no longer necessary and (ii) 180 days; provided, however, no such 180-day period shall
be successive with respect to the same Confidential Information. The Company agrees to give such
notice as promptly as practicable following the date that such suspension of rights is no longer
necessary. Nothing in this Section 2.12(c) shall prevent a Holder from offering, selling or
distributing pursuant to Rule 144 at any time.

     (d) Temporary Suspension of Rights to Sell Based on Exchange Act Reports not yet Filed or
Regulation S-X. If all reports required to be filed by the Company pursuant to the Exchange
Act have not been filed by the required date without regard to any extension, or if the
consummation of any business combination by the Company has occurred or is probable for purposes of
Rule 3-05 or Article 11 of Regulation S-X under the Act, upon written notice thereof by the Company
to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities
pursuant to the Shelf Registration Statement or a Demand Registration or to require the Company to
take action with respect to the registration or sale of any Registrable Securities pursuant to the
Shelf Registration Statement or a Demand Registration shall be suspended until the date on which
the Company has filed such reports or obtained and filed the financial information required by Rule
3-05 or Article 11 of Regulation S-X to be included or incorporated by reference, as applicable, in
the Shelf Registration Statement, and the Company shall notify the Holders as promptly as
practicable when such suspension is no longer required. Nothing in this Section 2.12(d) shall
prevent a Holder from offering, selling or distributing pursuant to Rule 144 at any time.

ARTICLE III

MISCELLANEOUS

     Section 3.1 New York Stock Exchange Listing. In the event that the Company shall
issue any Common Stock in exchange for OP Units pursuant to Section 7.4 of the Partnership
Agreement, then in any such case the Company agrees to cause any such shares of Common Stock to be
listed on the New York Stock Exchange prior to or concurrently with the issuance thereof by the
Company.

     Section 3.2 Remedies. In addition to being entitled to exercise all rights provided
herein and granted by law, including recovery of damages, the Holders shall be entitled to specific
performance of the rights under this Agreement. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate.

     Section 3.3 Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, in each case without the

Page 14

 

written consent
of the Company and the Holders of a majority of the Registrable Securities. No failure or delay by
any party to insist upon the strict performance of any covenant, duty, agreement or condition of
this Agreement or to exercise any right or remedy consequent upon any breach thereof shall
constitute waiver of any such breach or any other covenant, duty, agreement or condition.

     Section 3.4 Notices. All notices and other communications in connection with this
Agreement shall be made in writing by hand delivery, registered first-class mail, telex,
telecopier, or air courier guaranteeing overnight delivery to the address set forth on the
signature page hereto, or to such other address and to such other Persons as any party hereto may
hereafter specify in writing.

All such notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; when received if deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next
business day, if timely delivered to an air courier guaranteeing overnight delivery.

     Section 3.5 Successors and Assigns. Except as expressly provided in this Agreement
the rights and obligations of the Initial Holders under this Agreement shall not be assignable by
any Initial Holder to any Person that is not an Initial Holder. This Agreement shall be binding
upon the parties hereto and their respective successors and assigns.

     Section 3.6 Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Each party shall become bound by this Agreement immediately upon affixing its signature
hereto.

     Section 3.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the internal laws of the State of Texas without regard to the choice of law
provisions thereof.

     Section 3.8 Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

     Section 3.9 Entire Agreement. This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein with respect to the registration rights granted by the Company with
respect to the Registrable Securities. This Agreement supersedes all prior agreements and
understandings between the parties with respect to such subject matter.

Page 15

 

     Section 3.10 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

     Section 3.11 No Third Party Beneficiaries. Nothing express or implied herein is
intended or shall be construed to confer upon any person or entity, other than the parties hereto
and their respective successors and assigns, any rights, remedies or other benefits under or by
reason of this Agreement.

Page 16

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	COMPANY:

ASHFORD HOSPITALITY TRUST, INC., a

Maryland corporation

 	 
	 	By:  	          /s/ David A. Brooks
 	 
	 	 	          David A. Brooks 	 
	 	 	          Chief Legal Officer 	 
	 
	 	 Address:

14185 Dallas Parkway, Suite 1100

Dallas, TX 75254

 	 
	 	 	 
	 	 	 
	 	 	 
	 

Registration Rights Agreement – Signature Page -1-

Ashford Hospitality LP/Dunn

 

	 	 	 
	 

	 	UNIT HOLDERS:
	 
	 	 
	 

	 	DUNN FAMILY ASSOCIATES, LLP, an
	 

	 	Indiana limited liability partnership, as Sole
	 

	 	Beneficiary under Land Trust Agreement
	 

	 	dated July 16, 1990

	 	 	 	 	 
	 

	 	By:
	 	/s/ John M. Dunn
	 

	 	 	 	 
	 

	 	 	 	John M. Dunn,
	 

	 	 	 	as Agent and Attorney in Fact for
	 

	 	 	 	Beneficiary and as General Partner

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

	 

	 	HOTEL INVESTMENT, LLC, an
	 

	 	Indiana limited liability company

	 	 	 	 	 	 	 
	 	 	By:	 	Evansville Hotel Corporation,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn
	 

	 	 	 	 	 	President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

Registration Rights Agreement – Signature Page -2-

Ashford Hospitality LP/Dunn

 

 

	 	 	 	 	 	 	 
	 	 	ENCORE HOTELS OF BLOOMINGTON, INC.,
	 	 	an Indiana corporation (Sub-S)
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn	 	 
	 

	 	 	 	President	 	 

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

	 	 	 	 	 	 	 
	 	 	ENCORE HOTELS OF TERRE HAUTE, LLC,
	 	 	an Indiana limited liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	Dunn Hospitality Group Manager, Inc.,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn
	 

	 	 	 	 	 	President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

Registration Rights Agreement – Signature Page -3-

Ashford Hospitality LP/Dunn

 

 

	 	 	 	 	 	 	 
	 	 	ENCORE RESIDENTIAL HOTELS OF EVANSVILLE, LLC, an
	 	 	Indiana limited liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	Dunn Hospitality Group Manager, Inc.,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn
President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

	 	 	 	 	 	 	 
	 	 	ENCORE HOTELS OF COLUMBUS, LLC, an Indiana
	 	 	limited liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	Dunn Hospitality Group Manager, Inc.,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn
	 

	 	 	 	 	 	President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

Registration Rights Agreement – Signature Page -4-

Ashford Hospitality LP/Dunn

 

 

	 	 	 	 	 	 	 
	 	 	ENCORE HOTELS OF HORSE CAVE, LLC, a
	 	 	Kentucky limited liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	Dunn Hospitality Group Manager, Inc.,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn
	 

	 	 	 	 	 	President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

	 	 	 	 	 	 	 
	 	 	ENCORE HOTELS OF PRINCETON II, LLC, an Indiana
	 	 	limited liability company
	 
	 	 	 	 	 	 
	 	 	By:	 	Dunn Hospitality Group Manager, Inc.,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn
	 

	 	 	 	 	 	President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

Registration Rights Agreement – Signature Page -5-

Ashford Hospitality LP/Dunn

 

 

	 	 	 	 	 	 	 
	 	 	DUNN HOSPITALITY GROUP, LLC, an Indiana
	 	 	limited liability partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	Dunn Hospitality Group Manager, Inc.,
	 	 	 	 	its Manager
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ John M. Dunn
 

John M. Dunn

President

	 	 	 
	 

	 	Address:
	 
	 	 
	 

	 	 

	 

	 	 

	 

	 	 

Registration Rights Agreement – Signature Page -6-

Ashford Hospitality LP/Dunn

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