Document:

Exhibit 10.23

 

RESTRICTED UNIT AGREEMENT

 

This Restricted Unit Agreement (this “Agreement”)
is made as of the 10th day of November, 2004 (the “Effective Date”)
between New Refco Group Ltd., LLC, a Delaware limited liability company (the “Company”),
and the undersigned manager (the “Grantee”).  Certain capitalized terms used herein are
defined in Section 7 hereof.

 

WHEREAS, the Company believes it to be in the best
interests of the Company and its unitholders to attract and retain persons of
exceptional ability to serve as outside members of the Board of Managers and to
solidify the common interests of unitholders and the Company’s outside managers
in enhancing the value of the Company’s units;

 

WHEREAS, accordingly the Company has determined to
issue restricted units in accordance with the provisions of this Agreement; and

 

WHEREAS, the Company desires to be assured that the
confidential information and goodwill of the Company will be preserved for the
exclusive benefit of the Company.

 

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

 

1.                                       Issuance of Grantee Units.

 

(a)                                  Upon execution of this Agreement, the
Company will issue to the Grantee that number of Class B Common Units of the
Company (the “Class B Common Units”) set forth below such Grantee’s
name on the signature page attached hereto. 
All of such Class B Common Units issued to the Grantee hereby are
referred to herein as “Grantee Units.” 
To secure the Company’s rights under the Repurchase Option in Section 3,
the Company will retain possession of the certificates representing the Grantee
Units and will provide the Grantee with copies thereof.

 

(b)                                 In connection with the acquisition of the
Grantee Units hereunder, the Grantee represents and warrants to the Company
that:

 

(i)                                     the Grantee Units to be acquired by the Grantee
pursuant to this Agreement will be acquired for the Grantee’s own account, for
investment only and not with a view to, or intention of, distribution thereof
in violation of the Securities Act, or any applicable state securities laws,
and the Grantee Units will not be disposed of in contravention of the
Securities Act or any applicable state securities laws or this Agreement or the
Securityholders’ Agreement;

 

(ii)                                  the Grantee has such knowledge and
experience in business and financial matters and with respect to investments in
securities of privately held

 

 

companies
so as to enable the Grantee to understand and evaluate the risks and benefits
of his or her investment in the Grantee Units;

 

(iii)                               the Grantee has no need for liquidity in
his or her investment in the Grantee Units and is able to bear the economic
risk of his or her investment in the Grantee Units for an indefinite period of
time and understands that the Grantee Units have not been registered or
qualified under the Securities Act or any applicable state securities laws, by
reason of the issuance of the Grantee Units in a transaction exempt from the
registration and qualification requirements of the Securities Act or such state
securities laws and, therefore, cannot be sold unless subsequently registered
or qualified under the Securities Act or such state securities laws or an
exemption from such registration or qualification is available;

 

(iv)                              the Grantee acknowledges that he or she
is aware that the Grantee Units may not be sold pursuant to Rule 144
promulgated under the Securities Act unless all of the conditions of that Rule
are met.  Among the current conditions
for use of Rule 144 by certain holders is the availability to the public of
current information about the Company. 
Such information is not now available, and the Company has no current
plans to make such information available; and

 

(v)                                 the Grantee has had an opportunity to ask
questions and receive answers concerning the terms and conditions of the
offering of the Grantee Units and has had full access to or been provided with
such other information concerning the Company as the Grantee has requested.

 

(c)                                  Grantee further represents and warrants
that this Agreement constitutes the legal, valid and binding obligation of the Grantee,
enforceable in accordance with its terms, and the execution, delivery and
performance of this Agreement by the Grantee does not and will not conflict
with, violate or cause a breach of any agreement, contract or instrument to
which the Grantee is a party or any judgment, order or decree to which the Grantee
is subject.

 

(d)                                 As an inducement to the Company to issue
the Grantee Units to the Grantee and as a condition thereto, the Grantee
acknowledges and agrees that neither the issuance of the Grantee Units to the Grantee
nor any provision contained herein shall entitle the Grantee to remain on the
Board of the Company or affect the right of the Company or its members to remove
the Grantee from the Board at any time for any reason.

 

(e)                                  In connection with
the issuance and sale by the Company to the Grantee of the Grantee Units, the
Company represents and warrants that:

 

(i)                                     the Company is a
limited liability company validly existing under the laws of the jurisdiction
of its formation and has all requisite limited liability company power and
authority to own, lease and operate the assets used in its business, to carry
on its business as presently conducted, to enter into this

 

2

 

Agreement, to perform its obligations hereunder, and to
consummate the transactions contemplated hereby;

 

(ii)                                  the Company has
taken all limited liability company action necessary to authorize its execution
and delivery of this Agreement, its performance of its obligations thereunder,
and its consummation of the transactions contemplated thereby; and

 

(iii)                               this Agreement
constitutes a valid and binding obligation of the Company, enforceable in
accordance with its terms.

 

2.                                       Vesting of Grantee Units.

 

(a)                                  General.

 

(i)                                     Vesting. 
The Grantee Units granted hereunder (the “Units”) will be deemed “vested”
(the “Vested Units”) in accordance with this Section 2.  The Units will vest 25% on each of February
28, 2005, February 28, 2006, February 28, 2007 and February 29, 2008 (each, a “Measurement
Year”), subject to the provisions of Section 2(b).

 

(ii)                                  Change of
Control.  All Units that have not previously vested
will vest in full upon a Change of Control.

 

(b)                                 In the event the Grantee ceases to be a
member of the Board of Managers, then (i) all Grantee Units shall cease vesting
effective as of the date upon which the Grantee ceases to be a member of the
Board of Managers (the “Termination Date”) and (ii) a fraction of the
Units that otherwise would become Vested Units at the end of the Measurement
Year in which such termination occurs will become Vested Units, the numerator
of which fraction shall equal the number of whole months during such year (or,
in the case of such termination prior to February 28, 2005, the number of
whole months since November 10, 2004) that the Grantee was a member of the
Board of Managers and the denominator of which shall be twelve (12).

 

3.                                       Repurchase or Forfeiture of Units.

 

(a)                                  In the event that the Grantee ceases to
be a member of the Board of Managers, then all Grantee Units (whether held by
the Grantee or by one or more of the Grantee’s transferees) which as of the
date of termination:

 

(i)                                     have not vested pursuant to Section 2
hereof, will be forfeited and returned to the Company;

 

(ii)                                  have vested pursuant to Section 2
hereof, will be subject to repurchase by the Company, at its option (the “Repurchase
Option”), for Fair Market Value.

 

(b)                                 [Intentionally omitted.]

 

3

 

(c)                                  The Repurchase Option shall be exercised
by the Company, or its designee, from time to time, by delivering to the Grantee
a written notice of exercise and a check in the amount of the Fair Market
Value.  Upon delivery of such notice and
payment of the purchase price as described above (or automatically upon any
forfeiture of units pursuant to Section 3(a)(i)), the Company, or its
designee, shall become the legal and beneficial owner of the Grantee Units
being repurchased and all rights and interest therein or related thereto, and
the Company, or its designee, shall have the right to transfer to its own name
the number of Grantee Units being repurchased without further action by the Grantee
or any of his or her transferees.  If the
Company or its designee elect to exercise the Repurchase Option pursuant to
this Section 3 and the Grantee or his or her transferee fails to
deliver the Grantee Units in accordance with the terms hereof, the Company, or
its designee, may, at its option, in addition to all other remedies it may
have, deposit the purchase price in an escrow account administered by an
independent third party (to be held for the benefit of and payment over to the Grantee
or his or her transferee in accordance herewith), whereupon (or, in any case,
upon any forfeiture of units pursuant to Section 3(a)(i)) the Company
shall by written notice to the Grantee cancel on its books the certificates(s)
representing such Grantee Units registered in the name of the Grantee and all
of the Grantee’s or his or her transferee’s right, title, and interest in and
to such Grantee Units shall terminate in all respects.

 

(d)                                 Notwithstanding the
foregoing, if at any time the Company elects to repurchase any Class B
Common Units pursuant to the Repurchase Option, the Company shall pay the
purchase price for the Class B Common Units it purchases (i) first,
by offsetting indebtedness, if any, owing from such Grantee to the Company and
(ii) then, by the Company’s delivery of cash for the remainder of the purchase
price, if any, against delivery of the certificates or other instruments
representing the Class B Common Units so purchased, duly endorsed; provided
that, (x) if any such cash payment at the time such payment is required
to be made would result (A) in a violation of any law, statute, rule,
regulation, policy, order, writ, injunction, decree or judgment promulgated or
entered by any federal, state, local or foreign court or governmental authority
applicable to the Company or any of its subsidiaries or any of its or their
property or (B) after giving effect thereto, in a Financing Default, or
(y) if the Board determines in good faith that immediately prior to such
purchase there shall exist a Financing Default which prohibits such purchase
((x) and (y) collectively the “Cash Deferral Conditions”), the portion
of the cash payment so affected may be made by the Company’s delivery of a
promissory note or senior preferred units of the Company with a liquidation
preference equal to the balance of the purchase price.  The promissory note or senior preferred units
shall accrue interest or yield, as the case may be, annually at the “prime rate”
published in The Wall Street Journal on the date of issuance, which interest or
yield, as the case may be, shall be payable at maturity.  The value of each such senior preferred unit
shall as of its issuance be deemed to equal (A) the portion of the cash
payment paid by the issuance of such preferred units divided by (B) the
number of senior preferred units so issued. 
Any senior preferred units or the promissory
note shall be redeemed or payable when and to the extent the Cash Deferral
Condition which prompted their issuance no longer exists.

 

4

 

(e)                                  In the event that Grantee Units are
repurchased or forfeited pursuant to this Section 3, the Grantee
and his or her successors, assigns or Representatives shall take (at the
Company’s expense) all steps necessary and desirable to obtain all required
third-party, governmental and regulatory consents and approvals and take
all other actions necessary and desirable to facilitate consummation of such
repurchase in a timely manner.

 

4.                                       Legend.

 

The certificates representing the Grantee Units will
bear the following legend:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO FORFEITURE, REPURCHASE RIGHTS AND CERTAIN OTHER AGREEMENTS SET FORTH
IN A RESTRICTED UNIT AGREEMENT DATED NOVEMBER 10, 2004, BETWEEN THE COMPANY AND
THE OTHER SIGNATORY THERETO.  A COPY OF
SUCH AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL
PLACE OF BUSINESS WITHOUT CHARGE.

 

THE SALE, TRANSFER, ASSIGNMENT, PLEDGE, OR ENCUMBRANCE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE RIGHTS OF THE HOLDER
OF SUCH SECURITIES IN RESPECT OF THE ELECTION OF DIRECTORS ARE SUBJECT TO A
SECURITYHOLDERS’ AGREEMENT DATED AUGUST 5, 2004 AMONG THE COMPANY AND CERTAIN
HOLDERS OF ITS EQUITY INTERESTS.  COPIES
OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE
HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE
BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES OR BLUE SKY LAWS.  THESE SECURITIES MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER
SAID ACT OR LAWS.”

 

5.                                       Restrictions on Transfer, Conversion and
Voting.

 

(a)                                  The Company and the Grantee acknowledge
and agree that the Grantee Units are subject to and restricted by the
Securityholders’ Agreement. 
Notwithstanding anything to the contrary contained in the Securityholders’
Agreement, no Grantee Units that have not become Vested Units pursuant to Section 2
hereof may be transferred to any Person and no Grantee Units that are Vested
Units may be transferred to any Person who is not an Affiliate of the Grantee.  The Vested Units may be transferred by will
or the laws of descent and distribution.

 

5

 

(b)                                 Prior to any Transfer, the transferee
shall agree, by execution of a Joinder Agreement, to be bound by this Agreement
as holder of Grantee Units and by the Securityholders’ Agreement.  Any Transfer or attempted Transfer of any Grantee
Units in violation of the preceding sentence shall be void, and the Company
shall not record such Transfer on its books or treat any purported transferee
of such Grantee Units as the owner of such units for any purpose.

 

(c)                                  The
Grantee agrees that so long as the Grantee owns Grantee Units which have not
become Vested Units pursuant to Section 2 hereof, the Grantee shall be
obligated to vote all of his, her or its Grantee Units which have not become
Vested Units pursuant to Section 2 hereof in the same manner and
proportions as the votes cast by the holders of a majority of the Company’s
voting equity interests not subject to such repurchase rights.  If the Grantee fails or refuses to vote his,
her or its Grantee Units which have not become Vested Units pursuant to Section
2 hereof as required by, or votes his, her or its Grantee Units which have
not become Vested Units pursuant to Section 2 hereof in contravention of
this Section 5(c), then the Grantee hereby grants to each of the
President and Treasurer of the Company, acting solely in his or her capacity as
such, an irrevocable proxy, coupled with an interest, to vote such units in
accordance with this Section 5(c).

 

6.                                       Restricted Activities.

 

6.1                                 Proprietary Information.

 

(a)                                  In the course of service to the Company, the Grantee
will have access to confidential information regarding the organization,
business and finances of the Company and its Affiliates, including products,
services, designs, methods,
techniques, systems, specifications, know-how, strategic or technical data,
marketing research data, product research and development data, sales
techniques, confidential customer lists and information, sources of supply and
trade secrets, all of which are confidential and may be proprietary and are
owned or used by the Company, or any of its Affiliates.  Such information shall hereinafter be called “Proprietary
Information” and shall include any and all items enumerated in the
preceding sentence and coming within the scope of the business of the Company
or any of its Affiliates as to which the Grantee may have access, whether
conceived or developed by others or by the Grantee alone or with others during
the period of service to the Company, whether or not conceived or developed
during regular working hours. 
Proprietary Information shall not include any records, data or
information which are (i) in the public domain during or after the Grantee’s service
to the Company as a member of the Board provided the same are not in the public
domain as a consequence of disclosure directly or indirectly by the Grantee in
violation of this Agreement, (ii) required to be disclosed by law, or (iii)
reasonably required to be disclosed in defending any suit, proceeding or
investigation to which the Grantee is a party.

 

(b)                                 The Grantee agrees that Proprietary
Information is of critical importance to the Company and a violation of this Section
6 would

 

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seriously and irreparably impair and damage the Company’s
business.  The Grantee agrees that he
shall keep all Proprietary Information in a fiduciary capacity for the sole
benefit of the Company.

 

(c)                                  The Grantee shall not during the Grantee’s service
to the Company as a member of the Board or at any time thereafter:  (i) disclose, directly or indirectly, any
Proprietary Information to any person, other than any person who, in the
reasonable judgment of the Grantee, needs to know such Proprietary Information
or such other persons to whom the Grantee has been specifically instructed to
make disclosure by the Board of Managers and in all such cases only to the
extent required in the course of the Grantee’s service to the Company; or (ii)
use any Proprietary Information, directly or indirectly, for the Grantee’s own
benefit or for the benefit of any person or entity other than the Company.

 

6.2                                 Protection of Documents.  All
(i) notes, memoranda, reports, lists, letters, documents, records,
specifications, software programs, software code, data, tapes and other media
of every kind, form and description relating to or within the scope of the
business of the Company or any of its Affiliates and any copies, in whole or in
part, thereof (collectively, the “Documents”), whether or not prepared
by the Grantee, and (ii) all computers, cellular telephones, pagers, credit
and/or calling cards, keys, access cards or other personal property of or
relating to the Company or any of its Affiliates (collectively, the “Property”)
shall be the sole and exclusive property of the Company.  The Grantee shall safeguard all Documents and
Property and shall surrender to the Company within five (5) days of the date of
termination of the service of Grantee, or at such earlier time or times as the
Board of Managers or its designee may specify, all Documents and Property then
in the Grantee’s possession or control; provided, however, that
the Grantee may retain a copy of any personnel-related materials relating to
his or her service to the Company as a member of the Board, including, but not
limited to, this Agreement, any compensation or benefit plan or program, or any
awards or evidence of participation in such plans or programs, or any other
communications to or from the Company related to Grantee’s service to the
Company as a member of the Board.  During
the Grantee’s service to the Company as a member of the Board, the Grantee
shall not make, use or permit to be used any Documents or Property otherwise
than for the benefit of the Company. 
After the Grantee’s termination of service to the Company, the Grantee
shall not use or permit others to use any Documents or Property.  This Section 6 shall not be construed
to unreasonably restrict the Grantee’s ability to disclose Proprietary
Information in an arbitration or court proceeding regarding the assertion of,
or defense against, any claim of breach of this Agreement.

 

7.                                       Definitions.

 

The following terms shall have the meanings ascribed
below:

 

“Affiliate” of any particular Person means
any other Person controlling, controlled by or under common control with such
particular Person or, with respect to any individual, such individual’s spouse
and descendants (whether natural or adopted) and any trust, partnership,
limited liability company or similar vehicle established and

 

7

 

maintained solely for the
benefit of (or the sole members or partners of which are) such individual, such
individual’s spouse and/or such individual’s descendants.

 

“Board” means the Board of Managers of the
Company.

 

“Change of Control” shall mean the
consummation of a transaction, whether in a single transaction or in a series
of related transactions that are consummated contemporaneously (or consummated
pursuant to contemporaneous agreements), with any other party or parties, other
than an Affiliate of THL or an Affiliate of Phillip Bennett, on an arm’s-length
basis, pursuant to which (a) a party or group (as defined under Rule 13d under the Securities Exchange Act of 1934,
as amended) who is not a unitholder of the Company on the Effective Date,
acquires, directly or indirectly (whether by merger, stock purchase,
recapitalization, reorganization, redemption, issuance of capital stock or otherwise),
more than 50% of the voting power of the Company or otherwise becomes entitled
to designate a majority of the members of the Company’s Board of Managers, or
(b) such party or parties, directly or indirectly, acquire assets constituting
all or substantially all of the assets of the Company and its subsidiaries on a
consolidated basis.

 

“Class A Common Units” means the Company’s
Class A Common Units.

 

“Class B Common Units” has the meaning set
forth in Section 1(a) hereof.

 

“Code” shall mean the Internal Revenue Code
of 1986, as amended.

 

“Credit Agreement” shall mean the Credit
Agreement made as of August 5, 2004, between Refco Finance Holdings LLC, a
Delaware limited liability company, Refco Group Ltd., LLC, a Delaware limited
liability company, each lender from time to time party thereto, Banc of America
Securities LLC, Credit Suisse First Boston, acting through its Cayman Islands
Branch, and Deutsche Bank Securities Inc., as co-lead arrangers and joint
book running managers, Credit Suisse First Boston, acting through its Cayman
Islands Branch, as Syndication Agent, Deutsche Bank Securities Inc., as
Documentation Agent, and Bank of America, N.A., as Administrative Agent, Swing
Line Lender and L/C Issuer, as may be amended, supplemented or otherwise modified
in accordance with its terms.

 

“EBITDA” has the meaning set forth in the
Securityholders’ Agreement.

 

“Grantee Units” has the meaning set forth in Section 1(a)
hereof.  The Grantee Units will continue
to be Grantee Units in the hands of any holder other than the Grantee (except
for the Company and except for transferees in a public sale) and, except as
otherwise provided herein, each such other holder of the Grantee Units will
succeed to all rights and obligations attributable to the Grantee as a holder
of the Grantee Units hereunder.  The Grantee
Units will also include equity interests of the Company issued with respect to
the Grantee Units by way of an equity split, dividend of equity or other
recapitalization.

 

8

 

“Fair Market Value” shall be determined by
the Board based on methods consistently applied in good faith.  Upon such determination, the Company shall
promptly provide the Grantee with notice of the Fair Market Value so determined
(the “Board Notice”).

 

“Financing Default”
means any event of default or breach under the Credit Agreement.

 

“Measurement Date” shall mean, for any
Measurement Year, the date following the end of such Measurement Year upon
which the Company shall have received its audited financial statements for such
Measurement Year, beginning with the Measurement Year ending February 28,
2005.

 

“Person” shall be construed broadly and shall
include, without limitation, an individual, a partnership, an investment fund,
a limited liability company, a corporation, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization and a
governmental entity or any department, agency or political subdivision thereof.

 

“Representative” means, with respect to the deceased
Grantee, the duly appointed, qualified and acting personal representative (or
personal representatives collectively) of the estate of the deceased Grantee
(or portion of such estate that includes Grantee Units), whether such personal
representative holds the position of executor, administrator or other similar
position qualified to act on behalf of such estate.

 

“Securities Act” means the Securities Act of
1933, as amended, or any successor federal law then in force.

 

“Securityholders’ Agreement” means the
Securityholders’ Agreement dated August 5, 2004 between the Company and certain
securityholders of the Company, as amended, modified or supplemented from time
to time.

 

“THL” means Thomas H. Lee Equity Fund V,
L.P., a Delaware limited partnership, and its Affiliates.

 

“Transfer” means the sale, transfer,
assignment, pledge or other disposal (whether with or without consideration and
whether voluntarily or involuntarily or by operation of law) of any Grantee
Units.

 

8.                                       General Provisions.

 

(a)                                  Severability. 
The parties agree that each provision herein shall be treated as a
separate and independent clause, and the unenforceability of any one clause
shall in no way impair the enforceability of any other clauses of this
Agreement.  If any one or more provisions
of this Agreement is held to be invalid or unenforceable for any reason,
including due to being overbroad in scope activity, subject or otherwise: (i)
this Agreement shall be considered divisible; (ii) such provision shall be
deemed inoperative

 

9

 

to the extent it is deemed invalid or unenforceable;
and (iii) in all other respects this Agreement shall remain full force and
effect; provided, however, that if any such provision maybe made valid or enforceable
by limitation thereof, then such provision shall be deemed to be so limited and
shall be valid and/or enforceable to the maximum extent permitted by applicable
law.

 

(b)                                 Entire Agreement. 
This Agreement and the Securityholders’ Agreement constitute
the entire agreement and understanding of the parties hereto concerning the
subject matter hereof and from and after the date of this Agreement, this
Agreement shall supersede any other prior negotiations, discussions, writings,
agreements or understandings, both written and oral, between the parties with
respect to such subject matter.

 

(c)                                  Counterparts. 
This Agreement may be executed in separate counterparts, each of which
is deemed to be an original and all of which taken together constitute one and
the same agreement.

 

(d)                                 Successors and Assigns.

 

(i)                                     This Agreement is personal to the Grantee
and without the prior written consent of the Company shall not be assignable by
the Grantee.  This Agreement shall inure
to the benefit of and shall be enforceable by the Grantee and the Grantee’s
legal representatives.

 

(ii)                                  This Agreement shall inure to the benefit
of and be binding upon the Company and its successors and assigns.

 

(iii)                               Nothing in this Agreement, express or
implied, is intended to or shall confer upon any person other than the parties
hereto, and their respective heirs, legal representatives, successors, and
permitted assigns, any rights, benefits, or remedies of any nature whatsoever
under or by reason of this Agreement.

 

(e)                                  Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of New York or any
other jurisdiction) that would cause the application of the law of any
jurisdiction other than the State of New York.

 

(f)                                    Remedies.  Each of the
parties to this Agreement and any such Person granted rights hereunder whether
or not such Person is a signatory hereto shall be entitled to enforce its
rights under this Agreement specifically to recover damages and costs
(including reasonable attorney’s fees) for any breach of any provision of this
Agreement and to exercise all other rights existing in its favor.  The parties hereto agree and acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that any party and any such Person granted rights hereunder
whether or not such Person is a signatory hereto may in its sole discretion apply
to any court of law or equity of competent jurisdiction for specific
performance

 

10

 

and/or other injunctive relief (without posting any
bond or deposit) in order to enforce or prevent any violations of the
provisions of this Agreement.

 

(g)                                 Amendment and Waiver. 
The provisions of this Agreement may be amended and waived only with the
prior written consent of the Company and the Grantee and no course of conduct
or failure or delay in enforcing the provisions of this Agreement shall be
construed as a waiver of such provisions or affect the validity, binding effect
or enforceability of this Agreement or any provision hereof.

 

(h)                                 Notices.  Any notice
provided for in this Agreement must be in writing and must be either personally
delivered, transmitted via facsimile, mailed by first class mail (postage
prepaid and return receipt requested) or sent by reputable overnight courier
service (charges prepaid) to the recipient at the address below indicated or at
such other address or to the attention of such other person as the recipient
party has specified by prior written notice to the sending party.  Notices will be deemed to have been given
hereunder and received when delivered personally, when received if transmitted
via facsimile, five (5) days after deposit in the U.S. mail and one (1) day
after deposit with a reputable overnight courier service.

 

If
to the Company, to:

 

New
Refco Group Ltd., LLC

c/o
Refco Group Ltd., LLC

One
World Financial Center

200
Liberty Street

New
York, NY 10281

Attention:  General Counsel

 

With
a copy to:

 

Thomas
H. Lee Partners, L.P.

100 Federal Street, 35th Floor

Boston,
MA 02110

	
  Attention:

  	
  Scott
  A. Schoen

  
	
   

  	
  Scott
  Jaeckel

  
	
   

  	
  George
  Taylor

  

 

If to the Grantee, to the
address set forth underneath the Grantee’s name on the signature pages hereto.

 

(i)                                     Business Days. 
If any time period for giving notice or taking action hereunder expires
on a day which is a Saturday, Sunday or holiday in the state in which the
Company’s chief executive office is located, the time period for giving notice
or taking action shall be automatically extended to the business day
immediately following such Saturday, Sunday or holiday.

 

11

 

(j)                                     Survival of Representations, Warranties
and Agreements.  All representations, warranties and
agreements contained herein shall survive the consummation of the transactions
contemplated hereby and the termination of this Agreement indefinitely.

 

(k)                                  Descriptive Headings. 
The descriptive headings of this Agreement are inserted for convenience
only and do not constitute a part of this Agreement.

 

(l)                                     Construction. 
Where specific language is used to clarify by example a general
statement contained herein, such specific language shall not be deemed to
modify, limit or restrict in any manner the construction of the general
statement to which it relates.  The
language used in this Agreement shall be deemed to be the language chosen by
the parties to express their mutual intent, and no rule of strict construction
shall be applied against any party.

 

(m)                               WAIVER OF JURY TRIAL. 
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT.

 

(n)                                 Nouns and Pronouns. 
Whenever the context may require, any pronouns used herein shall include
the corresponding masculine, feminine or neuter forms, and the singular form of
nouns and pronouns shall include the plural and vice versa.

 

 

[SIGNATURE
PAGE FOLLOWS]

 

12

 

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

 

	
   

  	
  NEW
  REFCO GROUP LTD, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  PHILLIP BENNETT

  	
   

  
	
   

  	
   

  	
  Phillip
  Bennett

  
	
   

  	
   

  	
  President

  

 

 

SIGNATURE PAGE TO
RESTRICTED UNIT AGREEMENT

 

 

	
   

  	
  GRANTEE:

  
	
   

  	
   

  
	
   

  	
  Ronald
  O’Kelley

  	
   

  
	
   

  	
  Print
  Name

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  RONALD O’KELLEY

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
  6001
  Trophy Dr.

  	
   

  
	
   

  	
   

  	
  Unit
  1002

  	
   

  
	
   

  	
   

  	
  Naples,
  FL 34110

  	
   

  
	
   

  	
   

  
	
   

  	
  Number
  of Grantee Units Received

  
	
   

  	
   

  
	
   

  	
  Twenty
  Thousand (20,000)Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of July 1,
2002, by and among (i) VeriFone Holdings, Inc., a Delaware corporation
(together with its successors and permitted assigns, the “Company”),
(ii) GTCR Fund VII, L.P., a Delaware limited partnership (“GTCR Fund VII”),
GTCR Co-Invest, L.P., a Delaware limited partnership (“GTCR Co-Invest”),
and GTCR Capital Partners, L.P., a Delaware limited partnership (“GTCR
Capital”), (iii) the TCW/Crescent Lenders (as defined herein), (iv) each executive on the attached “Schedule of
Holders” and any other executive employee of the Company or its
Subsidiaries who, at any time, acquires securities of the Company in accordance
with Section 8 hereof and executes a counterpart of this Agreement
or otherwise agrees to be bound by this Agreement (each, an “Executive”
and collectively, the “Executives”), and (v) VF Holding Corp., a
Delaware corporation (formerly known as VeriFone Holding Corp.) (“Seller”),
and each of the other entities and individuals set forth from time to time on
the attached “Schedule of Holders” under the heading “Other
Stockholders” who, at any time, acquires securities of the Company in
accordance with Section 8 hereof and executes a counterpart of this
Agreement or otherwise agrees to be bound by this Agreement (together with the
Seller, the “Other Stockholders”). 
Each of GTCR Fund VII, GTCR Co-Invest, GTCR Capital and the TCW/Crescent
Lenders are sometimes individually referred to as an “Investor” and
collectively as the “Investors.” 
The Investors, the
Executives and the Other Stockholders are collectively referred to herein as
the “Stockholders”.

 

The
Company and the Investors are parties to a Purchase Agreement of even date
herewith (the “Purchase Agreement”) regarding, among other things, a
purchase of the Company’s Common Stock. 
Pursuant to the Agreement and Plan of Merger of even date herewith among
the Company, VeriFone Intermediate Holdings, Inc., a Delaware corporation,
VeriFone MergerSub, Inc., a Delaware corporation, VeriFone, Inc., a Delaware
corporation, and Seller (the “Merger Agreement”), certain parties
thereto shall acquire shares of the Company’s Common Stock.  The Company, GTCR Capital and the
TCW/Crescent Lenders are parties to a Senior Subordinated Loan Agreement of
even date herewith, as amended, supplemented or modified from time to time (the
“Loan Agreement”).  In connection
with the transactions contemplated by the Loan Agreement, the Company will
issue to certain of the Investors Warrants (as defined herein) to purchase
shares of the Company’s Common Stock.

 

In
order to induce GTCR Fund VII, GTCR Co-Invest and the TCW/Crescent Lenders to
enter into the Purchase Agreement; Seller and the other parties thereto to
enter into the Merger Agreement; and GTCR Capital and the TCW/Crescent Lenders
to enter into the Loan Agreement, the Company has agreed to provide the
registration rights set forth in this Agreement.  The execution and delivery of this Agreement
is a condition to the closings under the Purchase Agreement and the Loan
Agreement.  Unless otherwise  provided in this Agreement, capitalized terms
used herein shall have the meanings set forth in Section 10 hereof.

 

The
parties hereto agree as follows:

 

 

1.                                       Demand Registrations.

 

(a)                                  Requests for
Registration. At any time, the holders of a majority of the
Investor Registrable Securities may request registration under the Securities
Act of all or any portion of their Registrable Securities on Form S-1 or any
similar long-form registration (“Long-Form Registrations”), or on Form S-2
or S-3 (including pursuant to Rule 415 under the Securities Act) or any similar
short-form registration (“Short-Form Registrations”), if available.  In addition, subject to Section 1(c),
no earlier than 180 days after the Company has completed its initial public
offering, the holders of a majority of the TCW/Crescent Registrable Securities
may request registration under the Securities Act of all or part of their
Registrable Securities in a Short-Form Registration, if available.  All registrations requested pursuant to this Section 1(a)
are referred to herein as “Demand Registrations.”  Each request for a Demand Registration shall
specify the approximate number of Registrable Securities requested to be
registered and the anticipated per share price range for such offering.  Within ten days after receipt of any such
request, the Company shall give written notice of such requested registration
to all other holders of Registrable Securities and shall include in such
registration all Registrable Securities with respect to which the Company has
received written requests for inclusion therein within 15 days after the
receipt of the Company’s notice.

 

(b)                                 Investor Long-Form
Registrations.  The holders
of Investor Registrable Securities shall be entitled to request an unlimited
number of Long-Form Registrations in which the Company shall pay all
Registration Expenses (as defined in Section 5).  All Long-Form Registrations shall be
underwritten registrations.

 

(c)                                  Investor Short-Form
Registrations.  In addition
to the Long-Form Registrations provided pursuant to Section 1(b),
the holders of  Investor Registrable
Securities shall be entitled to request an unlimited number of Short-Form
Registrations in which the Company shall pay all Registration Expenses and the
holders of a majority of the TCW/Crescent Registrable Securities shall be
entitled to request one (1) Short-Form Registration, if available, in which the
Company shall pay all Registration Expenses. 
Demand Registrations shall be Short-Form Registrations whenever the
Company is permitted to use any applicable short form.  After the Company has become subject to the
reporting requirements of the Securities Exchange Act, the Company shall use
its commercially reasonable efforts to make Short-Form Registrations on Form S-3
available for the sale of Registrable Securities.  If the Company, pursuant to the request of
the holder(s) of a majority of Investor Registrable Securities, is qualified to
and has filed with the Securities Exchange Commission a registration statement
under the Securities Act on Form S-3 pursuant to Rule 415 under the Securities
Act (the “Required Registration”), then the Company shall use its
commercially reasonable efforts to cause the Required Registration to be
declared effective under the Securities Act as soon as practicable after
filing, and, once effective, the Company shall cause such Required Registration
to remain effective for a period ending on the earlier of (i) the date on which
all Investor Registrable Securities have been sold pursuant to the Required
Registration or (ii) the date as of which the holder(s) of Investor Registrable
Securities (assuming such holder(s) are affiliates of the Company) are able to
sell all of the Investor Registrable Securities then held by them within a
ninety-day period in compliance with Rule 144 under the Securities Act.  In the case of a Short-Form Registration
requested by the holders of a majority of the TCW/Crescent Registrable
Securities pursuant to this Section 1(c), a registration shall
count as the permitted Short-Form Registration only if the parties requesting
such registration are able to register and sell at least 75% of their
Registrable Securities requested to be included in such registration or
if an

 

2

 

aggregate amount of
TCW/Crescent Registrable Securities equal to at least 75% of the TCW/Crescent
Registrable Securities outstanding as of the date hereof has been registered
and sold (whether under such Short-Form Registration or one or more prior
registered offerings).

 

(d)                                 Priority on
Demand Registrations.  The Company
shall not include in any Demand Registration any securities which are not
Registrable Securities without the prior written consent of the holders of a
majority of the Investor Registrable Securities included in such
registration.  If a Demand Registration
is an underwritten offering and the managing underwriters advise the Company in
writing that, in their opinion, the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any,
which can be sold in an orderly manner in such offering within a price range
acceptable to the holders of a majority of the Investor Registrable Securities to be included in
such registration, then the Company shall include in such registration, prior
to the inclusion of any securities which are not Registrable Securities, the
number of Registrable Securities requested to be included which, in the opinion
of such underwriters, can be sold in an orderly manner within the price range
of such offering, pro rata among the respective holders thereof on the basis of
the amount of Registrable Securities owned by each such holder.

 

(e)                                  Restrictions on
Long-Form Registrations.  The
Company shall not be obligated to effect any Long-Form Registration within 90
days after the effective date of a previous Long-Form Registration or a
previous registration in which the holders of Registrable Securities were given
piggyback rights pursuant to Section 2 and in which there was no
reduction in the number of Registrable Securities requested to be
included.  The Company may postpone for
up to 180 days the filing or the effectiveness of a registration statement for
a Demand Registration if the Company and the holders of a majority of the
Investor Registrable Securities agree that such Demand Registration would
reasonably be expected to have a material adverse effect on any proposal or
plan by the Company or any of its Subsidiaries to acquire financing, engage in
any acquisition of assets (other than in the ordinary course of business), or
engage in any merger, consolidation, tender offer, reorganization, or similar
transaction; provided  that, in such event, the holders of
Investor Registrable Securities initially requesting such Demand Registration
shall be entitled to withdraw such request and the Company shall pay all
Registration Expenses in connection with such registration.  The Company may delay a Demand Registration
hereunder only once in any twelve-month period.

 

(f)                                    Selection of
Underwriters.  The holders
of a majority of the Investor Registrable Securities included in any Demand Registration
shall have the right to select the investment banker(s) and manager(s) to
administer the offering.

 

(g)                                 Other
Registration Rights.  Except as
provided in this Agreement, the Company shall not grant to any Persons the
right to request the Company to register any equity securities of the Company,
or any securities, options, or rights convertible or exchangeable into or
exercisable for such securities, without the prior written consent of the
holders of a majority of the Investor Registrable Securities.

 

(h)                                 Obligations of Holders of
Registrable Securities. 
Subject to the Company’s obligations under Section 4(e) hereof,
each holder of Registrable Securities shall

 

3

 

cease
using any prospectus after receipt of written notice from the Company of the
happening of any event as a result of which such prospectus contains an untrue
statement of a material fact or omits any fact necessary to make the statements
therein not misleading in light of the circumstances under which they were
made.

 

2.                                       Piggyback
Registrations.

 

(a)                                  Right to
Piggyback.  Whenever
the Company proposes to register any of its securities (including any proposed
registration of the Company’s securities by any third party) under the Securities
Act (other than (i) pursuant to a Demand Registration, to which Section 1
is applicable, (ii) in connection with an initial public offering of the
Company’s equity securities other than an initial public offering in which any
holder of Registrable Securities is entitled to participate, or (iii) in
connection with registrations on Form S-4, S-8 or any successor or similar
forms) and the registration form to be used may be used for the registration of
Registrable Securities (a “Piggyback Registration”), the Company shall
give prompt written notice (and in any event within three business days after
its receipt of notice of any exercise of demand registration rights other than
under this Agreement) to all holders of Registrable Securities of its intention
to effect such a registration and shall include in such registration all
Registrable Securities with respect to which the Company has received written
requests for inclusion therein within 20 days after the receipt of the Company’s
notice.

 

(b)                                 Piggyback Expenses.  The Registration Expenses of the holders of
Registrable Securities shall be paid by the Company in all Piggyback
Registrations.

 

(c)                                  Priority on
Primary Registrations.  If a
Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that, in
their opinion, the number of securities requested to be included in such
registration exceeds the number which can be sold in an orderly manner in such
offering within a price range acceptable to the Company, then the Company shall
include in such registration (i) first, the securities the Company proposes to
sell, (ii) second, the Registrable Securities requested to be included in such
registration, pro rata among the holders of such Registrable Securities on the
basis of the number of shares owned by each such holder and (iii) third, the
other securities requested to be included in such registration.

 

(d)                                 Priority on
Secondary Registrations.  If a
Piggyback Registration is an underwritten secondary registration on behalf of
holders of the Company’s securities other than holders of Registrable
Securities (it being understood that secondary registrations on behalf of
holders of Registrable Securities are addressed in Section 1 above
rather than this Section 2(d)), and the managing underwriters
advise the Company in writing that, in their opinion, the number of securities
requested to be included in such registration exceeds the number which can be
sold in an orderly manner in such offering within a price range acceptable to
the holders of a majority of the Investor Registrable Securities to be included
in such registration, then the Company shall include in such registration (i)
first, the securities requested to be included therein by the holders
requesting such registration, (ii) second, the Registrable Securities requested
to be included in such registration, pro rata among the holders of such
Registrable Securities on the basis of the number of shares owned by each such
holder and (iii) third, the other securities requested to be included in such
registration.

 

4

 

(e)                                  Selection of
Underwriters.  If any
Piggyback Registration is an underwritten offering, then the selection of investment
banker(s) and manager(s) for the offering must be approved by the holders of a
majority of the Investor Registrable Securities included in such Piggyback
Registration.  Such approval shall not be
unreasonably withheld.

 

(f)                                    Other
Registrations.  If the
Company has previously filed a registration statement with respect to
Registrable Securities pursuant to Section 1 or pursuant to this Section 2,
and if such previous registration has not been withdrawn or abandoned, then,
unless such previous registration is a Required Registration,  the Company shall not file or cause to be
effected any other registration of any of its equity securities or securities
convertible or exchangeable into or exercisable for its equity securities under
the Securities Act (except on Form S-4, Form S-8 or any successor forms),
whether on its own behalf or at the request of any holder or holders of such
securities, until a period of at least 180 days has elapsed from the effective
date of such previous registration.

 

3.                                       Holdback Agreements.

 

(a)                                  To the extent
not inconsistent with applicable law, each holder of Registrable Securities
shall not effect any public sale or distribution (including sales pursuant to
Rule 144) of equity securities of the Company, or any securities, options, or
rights convertible into or exchangeable or exercisable for such securities, (i)
in the case of any initial public offering, during the seven days prior to and
the 180-day period beginning on the effective date of the registration
statement relating to such initial public offering (or such shorter period as
agreed to by the underwriters managing such registered public offering) or (ii)
in all cases other than any initial public offering, during the seven days
prior to and the 90-day period beginning on the effective date of the
registration statement relating to any underwritten Demand Registration or any
underwritten Piggyback Registration (or such shorter period as agreed to by the
underwriters managing such registered public offering), in each case in which
Registrable Securities are included (except as part of such underwritten
registration or pursuant to registrations on Form S-4 or Form S-8 or any
successor form), unless the underwriters managing the registered public
offering otherwise agree.

 

(b)                                 The Company (i)
shall not effect any public sale or distribution of its equity securities, or
any securities, options, or rights convertible into or exchangeable or
exercisable for such securities, during the seven days prior to and during the
180-day period beginning on the effective date of the registration statement
relating to any underwritten Demand Registration or any underwritten Piggyback
Registration (except as part of such underwritten registration or pursuant to
registrations on Form S-4, Form S-8 or any successor forms), unless the
underwriters managing the registered public offering otherwise agree, and (ii)
to the extent not inconsistent with applicable law, shall cause each holder of
at least 1% of its equity securities, or any securities convertible into or
exchangeable or exercisable for equity securities, purchased from the Company
at any time after the date of this Agreement (other than in a registered public
offering) to agree not to effect any public sale or distribution (including sales
pursuant to Rule 144) of any such securities during such period (except as part
of such underwritten registration, if otherwise permitted), unless the
underwriters managing the registered public offering otherwise agree.

 

5

 

4.                                       Registration
Procedures.  Whenever
the holders of Registrable Securities have requested that any Registrable
Securities be registered pursuant to this Agreement, the Company shall use its
commercially reasonable efforts to effect the registration and the sale of such
Registrable Securities in accordance with the intended method of disposition
thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(a)                                  prepare and,
within 60 days after the end of the period within which requests for
registration may be given to the Company, file with the Securities and Exchange
Commission a registration statement with respect to such Registrable Securities
and use its commercially reasonable efforts to cause such registration statement
to become effective (provided that, before filing a registration statement or
prospectus or any amendments or supplements thereto, the Company shall furnish
to the counsel selected by the holders of a majority of the Investor
Registrable Securities covered by such registration statement copies of all
such documents proposed to be filed, which documents shall be subject to the
review and comment of such counsel);

 

(b)                                 notify in
writing each holder of Registrable Securities of the effectiveness of each registration
statement filed hereunder and prepare and file with the Securities and Exchange
Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than 180 days (or, if
such registration statement relates to an underwritten offering, such longer
period as in the opinion of counsel for the underwriters a prospectus is
required by law to be delivered in connection with sales of Registrable
Securities by an underwriter or dealer) and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by
such registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration
statement;

 

(c)                                  furnish to each
seller of Registrable Securities such number of copies of such registration
statement, each amendment and supplement thereto, the prospectus included in
such registration statement (including each preliminary prospectus), and such
other documents as such seller may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such seller;

 

(d)                                 use its commercially
reasonable efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as any seller
reasonably requests and do any and all other acts and things which may be
reasonably necessary or advisable to enable such seller  of Registrable Securities to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such
seller of Registrable Securities (provided that the Company shall not be
required to (i) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 4(d),
(ii) subject itself to taxation in any such jurisdiction, or (iii) consent to
general service of process in any such jurisdiction);

 

(e)                                  promptly notify
in writing each seller of such Registrable Securities, at any time when a
prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included
in such registration

 

6

 

statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements
therein not misleading in light of the circumstances under which they were made,
and, at the request of the holders of a majority of the Investor Registrable
Securities covered by such registration statement, the Company shall promptly
prepare and furnish to each such seller a reasonable number of copies of a
supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state any fact
necessary to make the statements therein not misleading in light of the
circumstances under which they were made;

 

(f)                                    cause all such
Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed and, if not so listed,
to be listed on the NASD automated quotation system and, if listed on the NASD
automated quotation system, use its commercially reasonable efforts to secure
designation of all such Registrable Securities covered by such registration
statement as a NASDAQ “national market system security” within the meaning of
Rule 11Aa2-1 of the Securities and Exchange Commission or, failing that, to
secure NASDAQ authorization for such Registrable Securities;

 

(g)                                 provide a
transfer agent and registrar for all such Registrable Securities not later than
the effective date of such registration statement;

 

(h)                                 enter into such
customary agreements (including underwriting agreements in customary form) and
take all such other actions as the holders of a majority of the Registrable
Securities being sold or the underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of Registrable Securities (including
effecting a stock split or a combination of shares);

 

(i)                                     make available
for inspection by any underwriter participating in any disposition pursuant to
such registration statement, and any attorney, accountant, or other agent
retained by any such underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all
information reasonably requested by any such underwriter, attorney, accountant,
or agent in connection with such registration statement and assist and, at the
request of any participating underwriter, use reasonable commercially
reasonable efforts to cause such officers or directors to participate in
presentations to prospective purchasers;

 

(j)                                     otherwise use
its commercially reasonable efforts to comply with all applicable rules and
regulations of the Securities and Exchange Commission, and make available to
its security holders, as soon as reasonably practicable, an earnings statement
covering the period of at least twelve months beginning with the first day of
the Company’s first full calendar quarter 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 thereunder;

 

(k)                                  in the event of
the issuance of any stop order suspending the effectiveness of a registration
statement, or of any order suspending or preventing the use of any related
prospectus or suspending the qualification of any equity securities included in
such registration statement for sale in any jurisdiction, the Company shall use
its commercially reasonable efforts promptly to obtain the withdrawal of such
order;

 

7

 

(l)                                     use its
commercially reasonable efforts to cause such Registrable Securities covered by
such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers
thereof to consummate the disposition of such Registrable Securities;

 

(m)                               obtain one or
more cold comfort letters, dated the effective date of such registration
statement (and, if such registration includes an underwritten public offering,
dated the date of the closing under the underwriting agreement), from the
Company’s independent public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters as the holders
of a majority of the Investor Registrable Securities being sold in such
registered offering reasonably request (provided that such Investor Registrable
Securities constitute at least 10% of the securities covered by such
registration statement); and

 

(n)                                 provide a legal
opinion of the Company’s outside counsel, dated the effective date of such
registration statement (or, if such registration includes an underwritten
public offering, dated the date of the closing under the underwriting
agreement), with respect to the registration statement, each amendment and
supplement thereto, the prospectus included therein (including the preliminary
prospectus) and such other documents relating thereto in customary form and
covering such matters of the type customarily covered by legal opinions of such
nature.

 

5.                                       Registration
Expenses.

 

(a)                                  Subject to Section 5(b)
below, all expenses incident to the Company’s performance of or compliance with
this Agreement, including all registration and filing fees, fees and expenses
of compliance with securities or blue sky laws, printing expenses, travel
expenses, filing expenses, messenger and delivery expenses, fees and
disbursements of custodians, and fees and disbursements of counsel for the
Company, and fees and disbursements of all independent certified public
accountants, underwriters including, if necessary, a “qualified independent
underwriter” within the meaning of the rules of the National Association of
Securities Dealers, Inc. (in each case, excluding discounts and commissions),
and other Persons retained by the Company or by holders of Investor Registrable
Securities or their affiliates on behalf of the Company (all such expenses
being herein called “Registration Expenses”), shall be borne as provided
in this Agreement, except that the Company shall, in any event, pay its
internal expenses (including all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit or quarterly review, the expense of any liability insurance, and the
expenses and fees for listing the securities to be registered on each
securities exchange on which similar securities issued by the Company are then
listed or on the NASD automated quotation system (or any successor or similar
system).

 

(b)                                 In connection
with each Demand Registration and each Piggyback Registration, the Company
shall reimburse (i) the holders of Registrable Securities included in such
registration for the reasonable fees and disbursements of one counsel chosen by
the holders of a majority of the Investor Registrable Securities included in
such registration and (ii) the TCW/Crescent Lenders included in such
registration up to $15,000.00 for the reasonable fees and disbursements of one
counsel.

 

8

 

(c)                                  To the extent
Registration Expenses are not required to be paid by the Company, each holder
of securities included in any registration hereunder shall pay those
Registration Expenses allocable to the registration of such holder’s securities
so included, and any Registration Expenses not so allocable shall be borne by
all sellers of securities included in such registration in proportion to the
aggregate selling price of the securities to be so registered.

 

6.                                       Indemnification.

 

(a)                                  The Company
agrees to indemnify and hold harmless, to the fullest extent permitted by law,
each holder of Registrable Securities, its officers, directors, agents, and
employees, and each Person who controls such holder (within the meaning of the
Securities Act) against all losses, claims, damages, liabilities, and expenses
(or actions or proceedings, whether commenced or threatened, in respect
thereof), whether joint and several or several, together with reasonable costs
and expenses (including reasonable attorney’s fees) to which any such
indemnified party may become subject under the Securities Act or otherwise
(collectively, “Losses”) caused by, resulting from, arising out of,
based upon, or relating to any untrue or alleged untrue statement of material
fact contained in (i) (A) any registration statement, prospectus or
preliminary prospectus, or any amendment thereof or supplement thereto or (B)
any application or other document or communication (in this Section 6,
collectively called an “application”) executed by or on behalf of the Company
or based upon written information furnished by or on behalf of the Company
filed in any jurisdiction in order to qualify any securities covered by such
registration under the “blue sky” or securities laws thereof or (ii) any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, and the Company
will reimburse such holder and each such director, officer, and controlling
Person for any legal or any other expenses incurred by them in connection with
investigating or defending any such Losses; provided  that the
Company shall not be liable in any such case to the extent that any such Losses
result from, arise out of, are based upon, or relate to an untrue statement or
alleged untrue statement, or omission or alleged omission, made in such
registration statement, any such prospectus, or preliminary prospectus or any
amendment or supplement thereto, or in any application, in reliance upon, and
in conformity with, written information prepared and furnished in writing to
the Company by such holder expressly for use therein or by such holder’s
failure to deliver a copy of the registration statement or prospectus or any
amendments or supplements thereto after the Company has furnished such holder with
a sufficient number of copies of the same. 
In connection with an underwritten offering, the Company shall indemnify
such underwriters, their officers and directors, and each Person who controls
such underwriters (within the meaning of the Securities Act) to the same extent
as provided above with respect to the indemnification of the holders of
Registrable Securities.

 

(b)                                 In connection
with any registration statement in which a holder of Registrable Securities is
participating, each such holder will furnish to the Company in writing such
information and affidavits as the Company reasonably requests for use in
connection with any such registration statement or prospectus and, to the
fullest extent permitted by law, shall indemnify and hold harmless the other
holders of Registrable Securities and the Company, and their respective
officers, directors, agents, and employees, and each other Person who controls
the Company (within the meaning of the Securities Act) against any Losses
caused by, resulting from, arising out of, based upon, or relating to
(i) any untrue or alleged untrue statement of

 

9

 

material fact contained in
the registration statement, prospectus or preliminary prospectus, or any
amendment thereof or supplement thereto or in any application, or (ii) any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is made in such registration
statement, any such prospectus or preliminary prospectus or any amendment or
supplement thereto, or in any application in reliance upon and in conformity
with written information prepared and furnished to the Company by such holder
expressly for use therein, and such holder will reimburse the Company and each
such other indemnified party for any legal or any other expenses incurred by
them in connection with investigating or defending any such Losses; provided
that the obligation to indemnify will be individual, not joint and
several, for each holder and shall be limited to the net amount of proceeds
received by such holder from the sale of Registrable Securities pursuant to
such registration statement.

 

(c)                                  Any Person entitled
to indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification
(provided that the failure to give prompt notice shall not impair any Person’s
right to indemnification hereunder to the extent such failure has not
prejudiced the indemnifying party) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. 
If such defense is assumed and diligently undertaken, then the
indemnifying party will not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent will not be
unreasonably withheld).  An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim will
not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party a conflict of
interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim.

 

(d)                                 The
indemnification provided for under this Agreement shall be in addition to any
other rights to indemnification or contribution which any indemnified party may
have pursuant to law or contract, and will remain in full force and effect
regardless of any investigation made or omitted by or on behalf of the
indemnified party or any officer, director, or controlling Person of such
indemnified party and shall survive the transfer of securities.

 

(e)                                  If the
indemnification provided for in this Section 6 is unavailable to or
is insufficient to hold harmless an indemnified party under the provisions
above in respect to any Losses referred to therein, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party
as a result of such Losses (i) in such proportion as is appropriate to
reflect the relative fault of the Company on the one hand and the sellers of
Registrable Securities and any other sellers participating in the registration
statement on the other hand or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, then in such
proportion as is appropriate to reflect not only the relative fault referred to
in clause (i) above but also the relative benefit of the Company on the
one hand and of the sellers of Registrable Securities and any other sellers
participating in the registration statement on the other in connection with the
statement or omissions which resulted in such Losses, as well as any other
relevant equitable considerations.  The
relative benefits received by the Company on the one

 

10

 

hand and the sellers of
Registrable Securities and any other sellers participating in the registration
statement on the other shall be deemed to be in the same proportion as the
total net proceeds from the offering (before deducting expenses) to the Company
bear to the total net proceeds from the offering (before deducting expenses) to
the sellers of Registrable Securities and any other sellers participating in
the registration statement.  The relative
fault of the Company on the one hand and of the sellers of Registrable
Securities and any other sellers participating in the registration statement on
the other shall be determined by reference to, among other things, whether the
untrue statement or alleged omission to state a material fact relates to
information supplied by the Company or by the sellers of Registrable Securities
or other sellers participating in the registration statement and the parties’
relative intent, knowledge, access to information, and opportunity to correct
or prevent such statement or omission.

 

(f)                                    The Company and
the sellers of Registrable Securities agree that it would not be just and
equitable if contribution pursuant to this Section 6 were
determined by pro rata allocation (even if the sellers of Registrable
Securities 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 Section 6(e) above. 
The amount paid or payable by an indemnified party as a result of the
Losses referred to in Section 6(e) above 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 6,
no seller of Registrable Securities shall be required to contribute pursuant to
this Section 6 any amount in excess of the sum of (i) any
amounts paid pursuant to Section 6(b) above and (ii) the net
proceeds received by such seller from the sale of Registrable Securities
covered by the registration statement filed pursuant hereto.  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.

 

7.                                       Participation
in Underwritten Registrations.

 

(a)                                  No Person may
participate in any underwritten registration hereunder unless such Person
(i) agrees to sell such Person’s securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements (including pursuant to the terms of any
over-allotment or “green shoe” option requested by the managing underwriter(s),
provided  that no holder of Registrable Securities will be
required to sell more than the number of Registrable Securities that such
holder has requested the Company to include in any registration) and (ii)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements, and other documents reasonably required under the
terms of such underwriting arrangements; provided  that no holder
of Registrable Securities included in any underwritten registration shall be
required to make any representations or warranties to the Company or the
underwriters (other than representations and warranties regarding such holder
and such holder’s intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters with respect
thereto, except as otherwise provided in Section 6 hereof.

 

(b)                                 Each Person
that is participating in any registration hereunder agrees that, upon receipt
of any notice from the Company of the happening of any event of the kind

 

11

 

described in Section 4(e)
above, such Person will immediately discontinue the disposition of its
Registrable Securities pursuant to the registration statement until such Person’s
receipt of the copies of a supplemented or amended prospectus as contemplated
by Section 4(e). In the event the Company shall give any such
notice, the applicable time period mentioned in Section 4(b) during
which a Registration Statement is to remain effective shall be extended by the
number of days during the period from and including the date of the giving of such
notice pursuant to this Section 7(b) to and including the date when
each seller of a Registrable Security covered by such registration statement
shall have received the copies of the supplemented or amended prospectus
contemplated by Section 4(e).

 

8.                                       Additional
Stockholders.  In
connection with the issuance of any additional equity securities of the
Company, the Company, with the consent of GTCR Fund VII, may permit such Person
to become a party to this Agreement and succeed to all of the rights and obligations
of a holder of any particular category of Registrable Securities under this
Agreement by obtaining an executed counterpart signature page to this
Agreement, and, upon such execution, such Person shall for all purposes be a
holder of such category of Registrable Securities and party to this Agreement.

 

9.                                       Current Public
Information.  At all
times after the Company has filed a registration statement with the Securities
and Exchange Commission pursuant to the requirements of either the Securities
Act or the Securities Exchange Act, the Company shall file all reports required
to be filed by it under the Securities Act and the Securities Exchange Act and
the rules and regulations adopted by the Securities and Exchange Commission
thereunder and shall take such further action as any holder or holders of
Registrable Securities may reasonably request, all to the extent required to
enable such holders to sell Registrable Securities pursuant to
(i) Rule 144 adopted by the Securities and Exchange Commission under
the Securities Act (as such rule may be amended from time to time) or any
similar rule or regulation hereafter adopted by the Securities and Exchange
Commission or (ii) a registration statement on Form S-2 or S-3 or any
similar registration form hereafter adopted by the Securities and Exchange
Commission.

 

10.                                 Definitions.

 

(a)                                  “Common
Stock” means any class of the Company’s common stock.

 

(b)                                 “Executive  Registrable
Securities” means (i) any shares of Common Stock held as of the date
hereof, or acquired hereafter, by the Executives and (ii) any other Common
Stock issued or issuable directly or indirectly with respect to the securities
referred to in clause (i) above by way of a stock dividend or stock split or in
connection with an exchange or combination of shares, recapitalization, merger,
consolidation, or other reorganization.

 

(c)                                  “Investor
Registrable Securities” means (i) any Common Stock (x) issued to the
Investors pursuant to the Purchase Agreement or
(y) issued or issuable upon exercise of the Warrants (whether issued before,
on, or after the Closing Date), (ii) any other securities of the Company issued
or issuable directly or indirectly with respect to the securities referred to
in clause (i) above by way of a stock dividend or stock split or in connection
with an exchange or combination of shares, recapitalization, merger,
consolidation, or other reorganization and (iii)

 

12

 

any other shares of Common
Stock held by Persons holding securities that are described in clauses (i) or
(ii) above.

 

(d)                                 “Other
Registrable Securities” means (i) any shares of Common Stock held as of the
date hereof, or acquired hereafter from the Company, by the Other Stockholders
including pursuant to the Agreement and Plan of Merger and (ii) any shares of
Common Stock issued or issuable directly or indirectly with respect to the
securities referred to in clause (i) above by way of dividend or split or in
connection with a combination of securities, recapitalization, merger,
consolidation, or other reorganization, including a recapitalization or
exchange.

 

(e)                                  “Person”
means an individual, a partnership, a limited liability company, a corporation,
an association, a joint stock company, a trust, a joint venture, an unincorporated
organization, an investment fund, any other business entity and a governmental
entity or any department, agency or political subdivision thereof.

 

(f)                                    “Registrable
Securities” means the Investor Registrable Securities, the Executive
Registrable Securities and the Other Registrable Securities.  As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities when they
(i) have been distributed to the public pursuant to an offering registered
under the Securities Act or sold to the public through a broker, dealer, or
market maker in compliance with Rule 144 under the Securities Act (or any
similar rule then in force), (ii) unless the respective Investor otherwise
elects, have been distributed to the limited partners of any of the Investors,
(iii) have been effectively registered under a registration statement that
continues to be effective as of the time of determination, including, without
limitation, a registration statement on Form S-8 (or any successor form)
or (iv) have been repurchased by the Company. 
For purposes of this Agreement, a Person shall be deemed to be a holder
of Registrable Securities whenever such Person has the right to acquire such
Registrable Securities (upon conversion or exercise in connection with a
transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been effected; provided, that this sentence shall not apply
to shares of the common equity securities of the Company issuable upon the
exercise of unvested options originally issued to employees or former employees
of the Company or its subsidiaries.

 

(g)                                 “Securities
Act” means the Securities Act of 1933, as amended, or any successor federal
law then in force, together with all rules and regulations promulgated
thereunder.

 

(h)                                 “Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor federal law then in force, together with all rules and regulations promulgated
thereunder.

 

(i)                                     “TCW/Crescent
Lenders” means, collectively, (i) TCW/Crescent Mezzanine Partners III,
L.P., a Delaware limited partnership, (ii) TCW/Crescent Mezzanine Trust III, a
Delaware business trust, (iii) TCW/Crescent Mezzanine Partners III Netherlands,
L.P., a Delaware limited partnership, and (iv) TCW Leveraged Income Trust IV,
L.P., a Delaware limited partnership.

 

13

 

(j)                                     “TCW/Crescent
Registrable Securities” means (i) any Common Stock (x) issued to the
TCW/Crescent Lenders pursuant to the Purchase Agreement or (y) issued or issuable upon exercise of
the Warrants (whether issued before, on, or after the Closing Date), (ii) any
other securities of the Company issued or issuable directly or indirectly with
respect to the securities referred to in clause (i) above by way of a stock
dividend or stock split or in connection with an exchange or combination of
shares, recapitalization, merger, consolidation, or other reorganization and
(iii) any other shares of Common Stock held by Persons holding securities that
are described in clauses (i) or (ii) above.

 

(k)                                  “Warrants”
means the warrants to purchase shares of Common Stock issued by the Company to
GTCR Capital and the TCW/Crescent Lenders prior to the date hereof, on the date
hereof or at any time in the future.

 

(l)                                     Unless
otherwise stated, other capitalized terms contained herein have the meanings
set forth in the Purchase Agreement.

 

11.                                 Miscellaneous.

 

(a)                                  No Inconsistent
Agreements.  The Company
shall not hereafter enter into any agreement with respect to its securities
which is inconsistent with or violates the rights granted to the holders of
Registrable Securities in this Agreement.

 

(b)                                 Adjustments
Affecting Registrable Securities.  The Company shall not take any action, or
permit any change to occur, with respect to its securities which would
adversely affect the ability of the holders of Registrable Securities to
include such Registrable Securities in a registration undertaken pursuant to
this Agreement or which would adversely affect the marketability of such
Registrable Securities in any such registration (including effecting a stock
split or a combination of shares).

 

(c)                                  Remedies.  Any Person having rights under any provision
of this Agreement shall be entitled to enforce such rights specifically to
recover damages caused by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by law.  The parties hereto agree and acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that any party may in its sole discretion apply to any court
of law or equity of competent jurisdiction (without posting any bond or other
security) for specific performance and for other injunctive relief in order to
enforce or prevent violation of the provisions of this Agreement.  Nothing contained in this Agreement shall be
construed to confer upon any Person who is not a signatory hereto any rights or
benefits, whether as a third-party beneficiary or otherwise.

 

(d)                                 Amendments and
Waivers.  Except as otherwise provided
herein, no modification, amendment, or waiver of any provision of this
Agreement shall be effective against the Company or the holders of Registrable Securities
unless such modification, amendment, or waiver is approved in writing by the
Company and the holders of at least a majority of the Investor Registrable
Securities then in existence; provided  that no such amendment or
modification that would materially and adversely affect holders of one class or
group of Registrable Securities in a manner different than holders of any other
class or group of

 

14

 

Registrable Securities
(other than amendments and modifications required to implement the provisions
of Section 8), shall be effective against the holders of such class
or group of Registrable Securities without the prior written consent of holders
of at least a majority of Registrable Securities of such class or group
materially and adversely affected thereby. 
No failure 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 a breach thereof shall constitute a waiver of any
such breach or any other covenant, duty, agreement, or condition.

 

(e)                                  Successors and
Assigns.  All covenants and agreements
in this Agreement by or on behalf of any of the parties hereto shall bind and
inure to the benefit of the respective successors and assigns of the parties
hereto whether so expressed or not.  In
addition, whether or not any express assignment has been made, the provisions
of this Agreement which are for the benefit of purchasers or holders of
Registrable Securities are also for the benefit of, and enforceable by, any
subsequent holder of Registrable Securities. 
Notwithstanding the foregoing, in order to obtain the benefit of  this Agreement, any subsequent holder of
Registrable Securities must execute a counterpart to this Agreement, thereby
agreeing to be bound by the terms hereof.

 

(f)                                    Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
prohibited by or invalid under applicable law, such provision shall be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement.

 

(g)                                 Counterparts.  This Agreement may be executed simultaneously
in two or more counterparts (including by means of telecopied signature pages),
any one of which need not contain the signatures of more than one party, but
all such counterparts taken together shall constitute one and the same
Agreement.

 

(h)                                 Descriptive
Headings.  The
descriptive headings of this Agreement are inserted for convenience only and do
not constitute a substantive part of this Agreement.  Whenever required by the context, any pronoun
used in this Agreement shall include the corresponding masculine, feminine, or
neuter forms, and the singular form of nouns, pronouns, and verbs shall include
the plural and vice versa.  The use of
the word “including” in this Agreement shall be, in each case, by way of
example and without limitation.  The use
of the words “or,” “either,” and “any” shall not be exclusive.  Reference to any agreement, document, or
instrument means such agreement, document, or instrument as amended or
otherwise modified from time to time in accordance with the terms thereof, and
if applicable hereof.

 

(i)                                     Governing Law.  The corporate law of the State of Delaware
shall govern all issues and questions concerning the relative rights of the
Company and its stockholders.  All other
issues and questions concerning the construction, validity, interpretation, and
enforcement of this Agreement and the exhibits and schedules hereto shall be
governed by, and construed in accordance with, the laws of the State of
Delaware, without giving effect to any choice of law or conflict of law rules
or provisions (whether of the State of Delaware or any other jurisdiction) that
would cause the application of the laws of any jurisdiction other than the
State of Delaware.

 

15

 

(j)                                     Notices.  All notices, demands, or other communications
to be given or delivered under or by reason of the provisions of this Agreement
shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, delivered via facsimile, delivered to the
recipient by reputable overnight courier service (charges prepaid) or three
days following the mailing of such communication to the recipient by certified
or registered mail, return receipt requested and postage prepaid.  Such notices, demands, and other
communications shall be sent to each Investor, each Executive, and each Other
Stockholder at the addresses indicated on the Schedule of Holders
and to the Company at the address of its corporate headquarters or to such
other address or to the attention of such other Person as the recipient party
has specified by prior written notice to the sending party.

 

(k)                                  Entire
Agreement.  This
Agreement, those documents expressly referred to herein and other documents of
even date herewith embody the complete agreement and understanding among the
parties and supersede and preempt any prior understandings, agreements or
representations by or among the parties, written or oral, which may have
related to the subject matter hereof in any way.

 

(l)                                     No Strict
Construction.  The parties
hereto have participated jointly in the negotiation and drafting of this
Agreement.  In the event an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties hereto, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any of the provisions of this Agreement.

 

*     *     *    
*    *

 

16

 

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

 

	
   

  	
  VERIFONE HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas Bergeron

  	
   

  
	
   

  	
  Name:

  	
  Douglas Bergeron

  	
   

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GTCR FUND VII, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTCR Partners VII, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTCR Golder Rauner, L.L.C.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph P. Nolan

  	
   

  
	
   

  	
  Name: 

  	
  Joseph P. Nolan

  	
   

  
	
   

  	
  Its:

  	
  Principal

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GTCR CO-INVEST, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTCR Golder Rauner, L.L.C.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph P. Nolan

  	
   

  
	
   

  	
  Name:

  	
  Joseph P. Nolan

  	
   

  
	
   

  	
  Its:

  	
  Principal

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GTCR CAPITAL PARTNERS,
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTCR Mezzanine Partners,
  L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTCR Partners VI, L.P.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTCR Golder Rauner, L.L.C.

  
	
   

  	
  Its:

  	
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph P. Nolan

  	
   

  
	
   

  	
  Name:

  	
  Joseph P. Nolan

  	
   

  
	
   

  	
  Its:

  	
  Principal

  

 

 

	
   

  	
  TCW/CRESCENT MEZZANINE
  PARTNERS III, L.P.

  
	
   

  	
  TCW/CRESCENT MEZZANINE
  TRUST III

  
	
   

  	
  TCW/CRESCENT MEZZANINE
  PARTNERS III

  
	
   

  	
   

  	
  NETHERLANDS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Crescent Mezzanine
  Management III, L.L.C.,

  
	
   

  	
   

  	
  its Investment manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Asset Management Company,

  
	
   

  	
   

  	
  its Sub-Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy P. Costello

  	
   

  
	
   

  	
  Name:

  	
  Timothy P. Costello

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TCW LEVERAGED INCOME TRUST
  IV, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW/Asset Management
  Company,

  
	
   

  	
   

  	
  as its Investment Advisor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rufus H. Rivers

  	
   

  
	
   

  	
  Name: 

  	
  Rufus H. Rivers

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TCW Asset Management
  Company,

  
	
   

  	
   

  	
  as its Managing Member of

  
	
   

  	
   

  	
  TCW (LINC IV) L.L.C., the
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy P. Costello

  	
   

  
	
   

  	
  Name: 

  	
  Timothy P. Costello

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  

 

 

	
   

  	
  /s/ Jesse Adams

  	
   

  
	
   

  	
  Jesse Adams

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ William G. Atkinson

  	
   

  
	
   

  	
  William G. Atkinson

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Douglas G. Bergeron

  	
   

  
	
   

  	
  Douglas G. Bergeron

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Robert Cook

  	
   

  
	
   

  	
  Robert Cook

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Gary Grant

  	
   

  
	
   

  	
  Gary Grant

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Robert Lopez

  	
   

  
	
   

  	
  Robert Lopez

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ James Sheehan

  	
   

  
	
   

  	
  James Sheehan

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Dave Turnbull

  	
   

  
	
   

  	
  Dave Turnbull

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Elmore Waller

  	
   

  
	
   

  	
  Elmore Waller

  	
   

  

 

 

	
   

  	
  VF HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alec E. Gores

  	
   

  
	
   

  	
  Name:

  	
  Alec E. Gores

  	
   

  
	
   

  	
  Its:

  	
  Chairman

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]