Document:

EX-10.2

Exhibit 10.2

EXECUTION VERSION

      

REGISTRATION RIGHTS AGREEMENT

dated as of June 5, 2009

between

BROADPOINT SECURITIES GROUP, INC.

and

ERIC J. GLEACHER

 

 

 

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is dated as of June 5, 2009, by
BROADPOINT SECURITIES GROUP, INC., a New York corporation (the “Company”), and ERIC J.
GLEACHER (the “Investor”).

RECITALS

     WHEREAS, pursuant to that certain Agreement and Plan of Merger, dated as of March 2, 2009 (the
“Merger Agreement”), as amended, by and among the Company, Magnolia Advisory LLC, Gleacher
Partners Inc., the Investor and the other parties signatory thereto, the Company has issued to the
Investor shares (the “Shares”) of Common Stock (as defined below) and has agreed to enter
into this Agreement to provide the Investor with certain registration rights in respect of such
Shares; and

     WHEREAS, the parties hereto hereby desire to set forth the Company’s obligations to cause the
registration of the Registrable Securities (as defined below) pursuant to the Securities Act (as
defined below) and applicable state securities laws.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     Section 1. Definitions and Usage.

          As used in this Agreement:

          1.1. Definitions.

          “Agent” means the principal placement agent on an agented placement of Registrable
Securities.

          “Commission” shall mean the Securities and Exchange Commission.

          “Common Stock” shall mean (i) the common stock, par value $.01 per share, of the
Company, and (ii) shares of capital stock of the Company issued by the Company in respect of or in
exchange for shares of such common stock in connection with any stock dividend or distribution,
stock split-up, recapitalization, recombination or exchange generally of shares of such common
stock.

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

          “Holder” shall mean the Investor and any Transferee of any Registrable Securities from
a Holder, to the extent that such Transferee shall have been assigned rights under this Agreement
in accordance with Section 7, in each case at such times as such Person shall own any
Registrable Securities.

 

 

          “Majority Selling Holders” means those Selling Holders whose Registrable Securities
included in such registration represent a majority of the Registrable Securities of all Selling
Holders included therein.

          “Person” shall mean any individual, corporation, partnership, joint venture,
association, joint-stock company, limited liability company, trust, unincorporated organization or
government or other agency or political subdivision thereof.

          “Piggyback Registration” shall have the meaning set forth in Section 2.1.

          “Register”, “registered”, and “registration” shall refer to a
registration effected by preparing and filing a registration statement or similar document in
compliance with the Securities Act, and the declaration or ordering by the Commission of
effectiveness of such registration statement or document.

          “Registrable Securities” shall mean, subject to Section 7: (i) the Shares
owned by the Investor on the date hereof, (ii) any shares of Common Stock or other securities of
the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to, or in exchange
generally for, or in replacement by the Company generally of, such Shares (or other Registrable
Securities); and (iii) any securities issued in exchange for Shares (or other Registrable
Securities) in any merger, reorganization, consolidation, share exchange, recapitalization,
restructuring or other comparable transaction of the Company, in each case that are not subject to
Transfer Restrictions (as defined in the Merger Agreement); provided, however, that
Registrable Securities shall not include any securities which have theretofore been registered and
sold pursuant to the Securities Act or which may be sold to the public pursuant to Rule 144 or any
similar rule promulgated by the Commission pursuant to the Securities Act without restriction
(including because the Investor is not an “affiliate” (within the meaning of Rule 144 or any
similar rule promulgated by the Commission pursuant to the Securities Act) of the Company and has
not been such during the three-month period referenced in Rule 144(b) (as such time period or Rule
may be modified in the future)), and, provided, further, that the Company shall
have no obligation under Section 2 to register any Registrable Securities of a Holder if
the public sale or disposition in a single three-month period of all of the Registrable Securities
for which registration was requested does not require registration under the Securities Act. For
purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities
whenever such Person has the then-existing right to acquire such Registrable Securities (by
conversion, purchase or otherwise), whether or not such acquisition has actually been effected.

          “Registrable Securities then outstanding” shall mean, with respect to a specified
determination date, the Registrable Securities owned by all Holders on such date.

          “Registration Expenses” shall have the meaning set forth in Section 5.1.

          “Shelf Registration Termination Date” shall have the meaning set forth in Section
3.2.

          “Securities Act” shall mean the Securities Act of 1933, as amended.

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          “Selling Holders” shall mean, with respect to a specified registration pursuant to
this Agreement, Holders whose Registrable Securities are included in such registration.

          “Shares” shall have the meaning set forth in the Recitals.

          “Specified Registration Rights Agreements” shall mean (i) that certain Registration
Rights Agreement, dated June 13, 2003, between the Company and Farm Bureau Life Insurance Company,
and (ii) that certain Registration Rights Agreement, dated June 13, 2003, between the Company and
Kansas City Life Insurance Company.

          “Transfer” shall have the meaning set forth in the Merger Agreement.

          “Underwriters’ Representative” shall mean the managing underwriter, or, in the case of
a co-managed underwriting, the managing underwriter designated as the underwriters’ representative
by the co-managers.

          “Violation” shall have the meaning set forth in Section 6.1.

          1.2. Usage.

          (i) References to a Person (other than a natural person) are also references to its assigns
and successors in interest (by means of merger, consolidation or sale of all or substantially all
the assets of such Person or otherwise, as the case may be).

          (ii) References to Registrable Securities “owned” or “held” by a Holder shall include
Registrable Securities beneficially owned by such Person but which are held of record in the name
of a nominee, trustee, custodian, or other agent, but shall exclude shares of Common Stock held by
a Holder in a fiduciary capacity for customers of such Person.

          (iii) References to a document are to it as amended, waived and otherwise modified from time
to time and references to a statute or other governmental rule are to it as amended and otherwise
modified from time to time (and references to any provision thereof shall include references to any
successor provision).

          (iv) References to Sections or to Schedules or Exhibits are to sections hereof or schedules or
exhibits hereto, unless the context otherwise requires.

          (v) The definitions set forth herein are equally applicable both to the singular and plural
forms and the feminine, masculine and neuter forms of the terms defined.

          (vi) The term “including” and correlative terms shall be deemed to be followed by “without
limitation” whether or not followed by such words or words of like import.

          (vii) The term “hereof” and similar terms refer to this Agreement as a whole.

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          (viii) The “date of” any notice or request given pursuant to this Agreement shall be
determined in accordance with Section 12.2.

     Section 2. Piggyback and Shelf Registration.

          2.1. Piggyback Registration

          (i) If at any time when Holders own Registrable Securities, the Company proposes to register
(including for this purpose a registration effected by the Company for shareholders of the Company
other than the Holders) securities under the Securities Act in connection with the public offering
solely for cash on Form S-1, S-2 or S-3 (or any replacement or successor forms), the Company shall
promptly give each Holder of Registrable Securities written notice of such registration (a
“Piggyback Registration”); provided, however, that the Company shall have no obligations
and Holders shall have no rights, hereunder with respect to any “Demand Registration” or “Shelf
Registration” as defined in the Registration Rights Agreement, dated September 21, 2007, by and
among the Company, MatlinPatterson FA Acquisition LLC and the other parties thereto. Upon the
written request of each Holder given within twenty (20) days following the date of such notice, the
Company shall cause to be included in such registration statement and use its best efforts to be
registered under the Securities Act all the Registrable Securities that each such Holder shall have
requested to be registered. The Company shall have the absolute right to withdraw or cease to
prepare or file any registration statement for any offering referred to in this Section 2.1
without any obligation or liability to any Holder.

          (ii) If the Underwriters’ Representative or Agent shall advise the Company in writing (with a
copy to each Selling Holder) that, in its opinion, the amount of Registrable Securities requested
to be included in such registration would materially adversely affect such offering, or the timing
thereof, then the Company will include in such registration, to the extent of the amount and class
which the Company is so advised can be sold without such material adverse effect in such offering:
(A) first, all securities proposed to be sold by the Company for its own account and, if such
registration is effected as a result of the exercise of demand registration rights granted by the
Company, all securities required to be registered pursuant to the exercise of such demand
registration rights allocated (as between the Company and the holders exercising such demand
registration rights) in accordance with the priorities then existing among the Company and such
holders; (B) second, securities required to be included in such registration statement pursuant to
the exercise of piggyback registration rights set forth in the Specified Registration Rights
Agreements, to the extent that the Specified Registration Rights Agreements require the Company to
include such securities in such registration in priority to the securities described in the
following clause (C); and (C) third, the Registrable Securities requested to be included in such
registration by Holders pursuant to this Section 2.1, and all other securities being
registered pursuant to the exercise of other contractual registration rights granted by the
Company, pro rata based on the estimated gross proceeds from the sale thereof; and third all other
securities requested to be included in such registration.

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          (iii) Except as set forth in Section 2.1(ii), each Holder shall be entitled to have
Registrable Securities included in an unlimited number of Piggyback Registrations pursuant to this
Section 2.1.

          2.2. Shelf Registration

          (i) The Investor may request that the Company prepare and file with the Commission, and the
Company shall prepare and file with the Commission (provided that the Company need not effect such
filing prior to the third anniversary of the Closing Date (as such term is defined in the Merger
Agreement)), a shelf registration statement on Form S-3 or any similar short-form or other
appropriate registration statement that may be available at such time, which, if the Company is a
“well-known seasoned issuer” (as such term is defined in Rule 405 of the Securities Act), shall be
an “Automatic Shelf Registration Statement,” as such term is defined in Rule 405 of the Securities
Act for the purpose of registering under the Securities Act (the “Shelf Registration
Statement”) the offer and sale of all the Registrable Securities by the Holders from time to
time in accordance with the methods of distribution elected by such Holders and set forth in the
Shelf Registration Statement (the “Shelf Registration”); provided however,
that such method or methods of distribution shall not, without the prior written consent of the
Company, include any firm commitment or best efforts underwritten public offering. The Shelf
Registration Statement shall indicate that the Registrable Securities are to be offered and sold on
a continuous basis pursuant to Rule 415 under the Securities Act.

          (ii) If a Shelf Registration Statement is not automatically effective upon filing, the Company
shall use its reasonable best efforts to cause the Shelf Registration Statement to be declared
effective under the Securities Act as promptly as practicable after the filing thereof, but in any
event not later than sixty days following the later of the third anniversary of the Closing Date
and the date of the Investor’s request.

          (iii) If prior to the Shelf Registration Termination Date, the number of Registrable
Securities at any time exceeds the number of securities then registered for sale in the Shelf
Registration Statement, the Company shall file as soon as practicable an additional Shelf
Registration Statement covering the offer and sale by the Holders of not less than the number of
such Registrable Securities.

     Section 3. Registration Procedures. Whenever required under Section 2 to
effect the registration of any Registrable Securities, the Company shall take each of the actions
set forth in this Section 3, as expeditiously as practicable.

          3.1. In the case of any Piggyback Registration, the Company shall prepare and file with the
Commission a registration statement with respect to such Registrable Securities and use the
Company’s reasonable best efforts to cause such registration statement to become effective. With
respect to either a Piggyback Registration or Shelf Registration, before filing a registration
statement or prospectus or any amendments or supplements thereto, including documents incorporated
by reference after the initial filing of the registration statement and prior to effectiveness
thereof, the Company shall furnish to one firm of counsel for the

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Selling Holders (selected by Majority Selling Holders, as the case may be) copies of all such
documents in the form substantially as proposed to be filed with the Commission at least four (4)
business days prior to filing for review and comment by such counsel;

          3.2. With respect to either a Piggyback Registration or Shelf Registration, the Company shall
prepare and file with the Commission such amendments and supplements to such registration statement
and the prospectus used in connection with such registration statement as may be necessary to
comply with the provisions of the Securities Act and rules thereunder with respect to the
disposition of all securities covered by such registration statement. If the registration is for
an underwritten offering, the Company shall amend the applicable registration statement or
supplement the prospectus whenever required by the terms of the underwriting agreement entered into
pursuant to Section 4.2. Subject to Rule 415 under the Securities Act, if the registration
statement is a shelf registration, the Company shall amend the registration statement or supplement
the prospectus so that it will remain current and in compliance with the requirements of the
Securities Act for three years after its effective date, provided that in the case of the Shelf
Registration, the Company shall be required to use its reasonable best efforts to keep the Shelf
Registration Statement continuously effective under the Securities Act until such time as there are
no Registrable Securities remaining (the “Shelf Registration Termination Date”), and if
during such period any event or development occurs as a result of which the registration statement
or prospectus contains a misstatement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, the Company shall
promptly notify each Selling Holder, amend the registration statement or supplement the prospectus
so that each will thereafter comply with the Securities Act and furnish to each Selling Holder of
Registrable Shares such amended or supplemented prospectus, which each such Holder shall thereafter
use in the Transfer of Registrable Shares covered by such registration statement. Pending such
amendment or supplement (and written notice of the need therefor) each such Holder shall cease
making offers or Transfers of Registrable Shares pursuant to the prior prospectus. In the event
that any Registrable Securities included in a registration statement subject to, or required by,
this Agreement remain unsold at the end of the period during which the Company is obligated to use
its reasonable best efforts to maintain the effectiveness of such registration statement, the
Company may file a post-effective amendment to the registration statement for the purpose of
removing such Securities from registered status.

          3.3. The Company shall furnish to each Selling Holder of Registrable Securities, without
charge, such numbers of copies of the registration statement, any pre-effective or post-effective
amendment thereto, the prospectus, including each preliminary prospectus and any amendments or
supplements thereto, in each case in conformity with the requirements of the Securities Act and the
rules thereunder, and such other related documents as any such Selling Holder may reasonably
request in order to facilitate the disposition of Registrable Securities owned by such Selling
Holder.

          3.4. The Company shall use the Company’s reasonable best efforts (i) to register and qualify
the securities covered by such registration statement under such other securities or Blue Sky laws
of such states or jurisdictions as shall be reasonably requested by the Underwriters’
Representative or Agent (as applicable, or if inapplicable, the Majority Selling

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Holders), and (ii) to obtain the withdrawal of any order suspending the effectiveness of a
registration statement, or the lifting of any suspension of the qualification (or exemption from
qualification) of the offer and transfer of any of the Registrable Securities in any jurisdiction,
as soon as practicable; provided, however, that the Company shall not be required
in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions in which it is not already so
qualified or subject to service.

          3.5. In the event of any underwritten or agented offering, the Company shall enter into and
perform the Company’s obligations under an underwriting or agency agreement (including
indemnification and contribution obligations of underwriters or agents), in usual and customary
form, with the managing underwriter or underwriters of or agents for such offering.

          3.6. The Company shall promptly notify each Selling Holder of any stop order issued or
threatened to be issued by the Commission in connection therewith (and take all reasonable actions
required to prevent the entry of such stop order or to remove it if entered.

          3.7. The Company shall make generally available to the Company’s security holders copies of
all periodic reports, proxy statements, and other information referred to in Section 9.1
and an earnings statement satisfying the provisions of Section 11(a) of the Securities Act no later
than ninety (90) days following the end of the 12-month period beginning with the first month of
the Company’s first fiscal quarter commencing after the effective date of each registration
statement filed pursuant to this Agreement.

          3.8. The Company shall make available for inspection by any Selling Holder, any underwriter
participating in such offering and the representatives of such Selling Holder and Underwriter (but
not more than one firm of counsel to such Selling Holders), all financial and other information as
shall be reasonably requested by them, and provide the Selling Holder, any underwriter
participating in such offering and the representatives of such Selling Holder and Underwriter the
opportunity to discuss the business affairs of the Company with its principal executives and
independent public accountants who have certified the audited financial statements included in such
registration statement, in each case all as necessary to enable them to exercise their due
diligence responsibility under the Securities Act; provided, however, that
information that the Company determines, in good faith, to be confidential and which the Company
advises such Person in writing, is confidential shall not be disclosed unless such Person signs a
confidentiality agreement reasonably satisfactory to the Company or the related Selling Holder of
Registrable Securities agrees to be responsible for such Person’s breach of confidentiality on
terms reasonably satisfactory to the Company.

          3.9. The Company shall provide and cause to be maintained a transfer agent and registrar for
all Registrable Securities covered by such registration statement from and after a date not later
than the effective date of such registration statement.

          3.10. The Company shall use all reasonable efforts to cause the Registrable Securities covered
by such registration statement (i) if the Common Stock is then

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listed on a securities exchange or included for quotation in a recognized trading market, to
continue to be so listed or included for a reasonable period of time after the offering, and (ii)
to be registered with or approved by such other United States or state governmental agencies or
authorities as may be necessary by virtue of the business and operations of the Company to enable
the Selling Holders of Registrable Securities to consummate the disposition of such Registrable
Securities.

          3.11. The Company shall use the Company’s reasonable efforts to provide a CUSIP number for the
Registrable Securities prior to the effective date of the first registration statement including
Registrable Securities.

          3.12. The Company shall take such other actions as are reasonably requested in order to
expedite or facilitate the disposition of Registrable Securities included in each such
registration.

          Section 4. Holders’ Obligations. It shall be a condition precedent to the obligations
of the Company to take any action pursuant to this Agreement with respect to the Registrable
Securities of any Selling Holder of Registrable Securities that such Selling Holder shall:

          4.1. furnish to the Company such information regarding such Selling Holder, the number of the
Registrable Securities owned by it and the intended method of disposition of such securities as
shall be required to effect the registration of such Selling Holder’s Registrable Securities, and
to cooperate with the Company in preparing such registration; and

          4.2. if applicable, agree to sell its Registrable Securities to the underwriters at the same
price and on substantially the same terms and conditions as the Company or the other Persons on
whose behalf the registration statement was being filed have agreed to sell their securities, and
to execute the underwriting agreement agreed to by the Majority Selling Holders.

     Section 5. Expenses of Registration. Expenses in connection with registrations
pursuant to this Agreement shall be allocated and paid as follows:

          5.1. The Company shall bear and pay all expenses incurred in connection with any registration,
filing, or qualification of Registrable Securities for each Selling Holder (which right may be
Transferred to any Person to whom Registrable Securities are Transferred as permitted by
Section 7), including all registration, filing and Financial Industry Regulatory Authority,
Inc. fees, all fees and expenses of complying with securities or blue sky laws, all word
processing, duplicating and printing expenses, messenger and delivery expenses, the reasonable fees
and disbursements of counsel for the Company, and of the Company’s independent public accountants,
including the expenses of “cold comfort” letters required by or incident to such performance and
compliance, and the reasonable fees and disbursements of one firm of counsel for the Selling
Holders of Registrable Securities (selected by the Majority Selling Holders) (the “Registration
Expenses”), but excluding underwriting discounts and commissions relating to Registrable
Securities (which shall be paid on a pro rata basis by the Selling Holders).

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          5.2. Any failure of the Company to pay any Registration Expenses as required by this
Section 5 shall not relieve the Company of its obligations under this Agreement.

     Section 6. Indemnification; Contribution. If any Registrable Securities are included
in a registration statement under this Agreement:

          6.1. To the extent permitted by applicable law, the Company shall indemnify and hold harmless
each Selling Holder, each Person, if any, who controls such Selling Holder within the meaning of
the Securities Act, and each officer, director, partner, and employee of such Selling Holder and
such controlling Person, against any and all losses, claims, damages, liabilities and expenses
(joint or several), including attorneys’ fees and disbursements and expenses of investigation,
incurred by such party pursuant to any actual or threatened action, suit, proceeding or
investigation, or to which any of the foregoing Persons may become subject under the Securities
Act, the Exchange Act or other federal or state laws, insofar as such losses, claims, damages,
liabilities and expenses arise out of or are based upon any of the following statements, omissions
or violations (collectively a “Violation”):

          (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus contained therein,
or any amendments or supplements thereto; or

          (ii) the omission or alleged omission to state therein a material fact required to be stated
therein, or necessary to make the statements therein not misleading;

provided, however, that the indemnification required by this Section 6.1
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or expense
if such settlement is effected without the consent of the Company (which consent shall not be
unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim,
damage, liability or expense to the extent that it arises out of or is based upon (x) a Violation
which occurs in reliance upon and in conformity with written information furnished to the Company
by the indemnified party expressly for use in connection with such registration or (y) the failure
of any person entitled to indemnification hereunder to deliver or make available to a purchaser of
Registrable Securities (to the extent required by law), a copy of any registration statement,
including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto (if the same was required by applicable law to be delivered or made available),
provided that the Company shall have delivered to the applicable Selling Holder such registration
statement, including such preliminary prospectus or final prospectus contained therein and any
amendments or supplements thereto. The Company shall also indemnify underwriters, selling brokers,
dealer managers and similar securities industry professionals participating in the distribution,
their officers, directors, agents and employees and each person who controls such persons (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same
extent as provided above with respect to the indemnification of the Selling Holders.

          6.2. To the extent permitted by applicable law, each Selling Holder shall indemnify and hold
harmless the Company, each of its directors, each of its officers who

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shall have signed the registration statement, each Person, if any, who controls the Company
within the meaning of the Securities Act, any other Selling Holder, any controlling Person of any
such other Selling Holder and each officer, director, partner, and employee of such other Selling
Holder and such controlling Person, against any and all losses, claims, damages, liabilities and
expenses (joint and several), including attorneys’ fees and disbursements and expenses of
investigation, incurred by such party pursuant to any actual or threatened action, suit, proceeding
or investigation, or to which any of the foregoing Persons may otherwise become subject under the
Securities Act, the Exchange Act or other federal or state laws, insofar as such losses, claims,
damages, liabilities and expenses arise out of or are based upon any Violation, in each case to the
extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with
written information furnished by such Selling Holder expressly for use in connection with such
registration; provided, however, that (x) the indemnification required by this
Section 6.2 shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or expense if settlement is effected without the consent of the relevant Selling Holder
of Registrable Securities, which consent shall not be unreasonably withheld, and (y) in no event
shall the amount of any indemnity under this Section 6.2 exceed the gross proceeds from the
applicable offering received by such Selling Holder.

          6.3. Promptly after receipt by an indemnified party under this Section 6 of notice of
the commencement of any action, suit, proceeding, investigation or threat thereof made in writing
for which such indemnified party may make a claim under this Section 6, such indemnified
party shall deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume the
defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party shall have the right to retain its own counsel, with the
fees and disbursements and expenses to be paid by the indemnifying party, if representation of such
indemnified party by the counsel retained by the indemnifying party would be inappropriate due to
actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time following the commencement of any such action, if
prejudicial to its ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Section 6 to the extent of such prejudice but
shall not relieve the indemnifying party of any liability that it may have to any indemnified party
otherwise than pursuant to this Section 6. Any fees and expenses incurred by the
indemnified party (including any fees and expenses incurred in connection with investigating or
preparing to defend such action or proceeding) shall be paid to the indemnified party, as incurred,
within thirty (30) days of written notice thereof to the indemnifying party (regardless of whether
it is ultimately determined that an indemnified party is not entitled to indemnification
hereunder). Any such indemnified party shall have the right to employ separate counsel in any such
action, claim or proceeding and to participate in the defense thereof, but the fees and expenses of
such counsel shall be the expenses of such indemnified party unless (i) the indemnifying party has
agreed to pay such fees and expenses or (ii) the indemnifying party shall have failed to promptly
assume the defense of such action, claim or proceeding or (iii) the named parties to any such
action, claim or proceeding (including any impleaded parties) include both such indemnified party
and the indemnifying party, and such indemnified party shall have been advised by counsel

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that there may be one or more legal defenses available to it which are different from or in
addition to those available to the indemnifying party and that the assertion of such defenses would
create a conflict of interest such that counsel employed by the indemnifying party could not
faithfully represent the indemnified party (in which case, if such indemnified party notifies the
indemnifying party in writing that it elects to employ separate counsel at the expense of the
indemnifying party, the indemnifying party shall not have the right to assume the defense of such
action, claim or proceeding on behalf of such indemnified party, it being understood, however, that
the indemnifying party shall not, in connection with any one such action, claim or proceeding or
separate but substantially similar or related actions, claims or proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (together with appropriate
local counsel) at any time for all such indemnified parties, unless in the reasonable judgment of
such indemnified party a conflict of interest may exist between such indemnified party and any
other of such indemnified parties with respect to such action, claim or proceeding, in which event
the indemnifying party shall be obligated to pay the fees and expenses of such additional counsel
or counsels). No indemnifying party shall be liable to an indemnified party for any settlement of
any action, proceeding or claim without the written consent of the indemnifying party, which
consent shall not be unreasonably withheld.

          6.4. If the indemnification required by this Section 6 from the indemnifying party is
unavailable to an indemnified party hereunder in respect of any losses, claims, damages,
liabilities or expenses referred to in this Section 6:

          (i) The indemnifying party, in lieu of indemnifying such indemnified party, shall contribute
to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and indemnified parties in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable
considerations. The relative fault of such indemnifying party and indemnified parties shall be
determined by reference to, among other things, whether any Violation has been committed by, or
relates to information supplied by, such indemnifying party or indemnified parties, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such Violation. The amount paid or payable by a party as a result of the losses, claims, damages,
liabilities and expenses referred to above shall be deemed to include, subject to the limitations
set forth in Section 6.1 and Section 6.2, any legal or other fees or expenses
reasonably incurred by such party in connection with any investigation or proceeding.

          (ii) The parties hereto agree that it would not be just and equitable if contribution pursuant
to this Section 6.4 were determined by pro rata allocation or by any other method of
allocation which does not take into account the equitable considerations referred to in Section
6.4(i). 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.

          6.5. If indemnification is available under this Section 6, the indemnifying parties
shall indemnify each indemnified party to the full extent provided in this

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Section 6 without regard to the relative fault of such indemnifying party or
indemnified party or any other equitable consideration referred to in Section 6.4.

          6.6. The obligations of the Company and the Selling Holders of Registrable Securities under
this Section 6 shall survive the completion of any offering of Registrable Securities
pursuant to a registration statement under this Agreement, and otherwise.

     Section 7. Transfer of Registration Rights. All rights of a Holder with respect to
Registrable Securities pursuant to this Agreement may be Transferred by such Holder to any other
Person in connection with the Transfer of Registrable Securities to such Person, in all cases, if
and only if (x) any such Transferee that is not a party to this Agreement shall have executed and
delivered to the Secretary of the Company a properly completed agreement substantially in the form
of Exhibit A, (y) the Transferor shall have delivered to the Secretary of the Company, no
later than fifteen (15) days following the date of the Transfer, written notification of such
Transfer setting forth the name of the Transferor, name and address of the Transferee, and the
number of Registrable Securities which shall have been so Transferred and (z) the Transfer of
Registrable Securities and complies with all restrictions applicable thereto; including any
applicable “Transfer Restrictions” (as defined in the Merger Agreement).

     Section 8. Holdback. Each Holder entitled pursuant to this Agreement to have
Registrable Securities included in a piggyback registration statement prepared pursuant to
Section 2.1 of this Agreement, if so requested by the Underwriters’ Representative or Agent
in connection with an offering of any Registrable Securities, shall not effect any public sale or
distribution of shares of Common Stock or any securities convertible into or exchangeable or
exercisable for shares of Common Stock, including a sale pursuant to Rule 144 under the Securities
Act (except as part of such underwritten or agented registration), during the fifteen (15) day
period prior to, and up to ninety (90) day period beginning on (but in any event not longer that
the period applicable to the Company’s directors who are required by the Underwriters’
Representative or Agent to be subject to similar restrictions), the date such registration
statement is declared effective under the Securities Act by the Commission, provided that
such Holder is timely notified of such effective date in writing by the Company or such
Underwriters’ Representative or Agent. In order to enforce the foregoing covenant, the Company
shall be entitled to impose stop-transfer instructions with respect to the Registrable Securities
of each Holder until the end of such period.

     Section 9. Covenants.

          9.1. The Company shall file as and when applicable, on a timely basis, all reports required to
be filed by it under the Exchange Act. If the Company is not required to file reports pursuant to
the Exchange Act, upon the request of any Holder of Registrable Securities, the Company shall make
publicly available the information specified in subparagraph (c)(2) of Rule 144 of the Securities
Act, and take such further action as may be reasonably required from time to time and as may be
within the reasonable control of the Company, to enable the Holders to Transfer Registrable
Securities without registration under the Securities Act within the limitation of the exemptions
provided by Rule 144 under the Securities Act or any similar rule or regulation hereafter adopted
by the Commission.

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          9.2. Upon written notice from the Company, the Holders shall not offer or sell any Registrable
Securities pursuant to or in reliance upon a piggyback registration statement filed pursuant to
Section 2.1 hereof (or the prospectus related thereto) during any suspension or similar
period applicable to other securities registered pursuant to such registration statement. The
Company shall be entitled to postpone (but not more than once in any fiscal quarter) for a
reasonable period not in excess of thirty (30) calendar days, the filing or initial effectiveness
of, or suspend the use of a Shelf Registration Statement if the Company delivers to the Majority
Selling Holders a certificate signed by the Chief Executive Officer and Chief Financial Officer of
the Company certifying that in the good faith judgment of such officers, following consultation
with counsel, such registration, offering or use would reasonably be expected to materially and
adversely affect or to materially interfere with any bona fide material financing of the Company or
any material transaction under consideration by the Company or would require the disclosure of
information that has not been, and is not otherwise required to be, disclosed to the public, the
premature disclosure of which would materially and adversely affect the Company (no postponement or
suspension shall apply during any period in which the directors and executive officers of the
Company are not also generally prohibited from selling shares of Common Stock). The Holders shall
maintain in confidence the existence and content of such notice or certificate.

     Section 10. Amendment, Modification and Waivers; Further Assurances.

          (i) This Agreement may be amended with the consent of the Company and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if
the Company shall have obtained the written consent of the Majority Selling Holders to such
amendment, action or omission to act.

          (ii) No waiver of any terms or conditions of this Agreement shall operate as a waiver of any
other breach of such terms and conditions or any other term or condition, nor shall any failure to
enforce any provision hereof operate as a waiver of such provision or of any other provision
hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the
contrary, shall be construed to effect a continuing waiver of the provisions being waived and no
such waiver in any instance shall constitute a waiver in any other instance or for any other
purpose or impair the right of the party against whom such waiver is claimed in all other instances
or for all other purposes to require full compliance with such provision.

          (iii) Each of the parties hereto shall execute all such further instruments and documents and
take all such further action as any other party hereto may reasonably require in order to
effectuate the terms and purposes of this Agreement.

     Section 11. Assignment; Benefit. This Agreement and all of the provisions hereof
shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, assigns, executors, administrators or successors; provided, however, that
except as specifically provided herein with respect to certain matters, neither this Agreement nor
any of the rights, interests or obligations hereunder shall be assigned or delegated by the Company
without the prior written consent of the Majority Selling Holders on the date as of which such

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delegation or assignment is to become effective. A Holder may Transfer its rights hereunder
to a successor in interest to the Registrable Securities owned by such assignor only as permitted
by Section 7.

     Section 12. Miscellaneous.

          12.1. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING REGARD TO THE CONFLICT OF LAWS PRINCIPLES
THEREOF.

          12.2. Notices. All notices and requests given pursuant to this Agreement shall be in
writing and shall be made by hand-delivery, first-class mail (registered or certified, return
receipt requested), confirmed facsimile or overnight air courier guaranteeing next business day
delivery to the relevant address specified on Schedule 1 to this Agreement or in the
relevant agreement in the form of Exhibit A whereby such party became bound by the
provisions of this Agreement. Except as otherwise provided in this Agreement, the date of each
such notice and request shall be deemed to be, and the date on which each such notice and request
shall be deemed given shall be: at the time delivered, if personally delivered or mailed; when
receipt is acknowledged, if sent by facsimile; and the next business day after timely delivery to
the courier, if sent by overnight air courier guaranteeing next business day delivery.

          12.3. Entire Agreement; Integration. This Agreement supersedes all prior agreements
between or among any of the parties hereto with respect to the subject matter contained herein and
therein, and such agreements embody the entire understanding among the parties relating to such
subject matter.

          12.4. Injunctive Relief. Each of the parties hereto acknowledges that in the event of
a breach by any of them of any material provision of this Agreement, the aggrieved party may be
without an adequate remedy at law. Each of the parties therefore agrees that in the event of such
a breach hereof the aggrieved party may elect to institute and prosecute proceedings in any court
of competent jurisdiction to enforce specific performance or to enjoin the continuing breach
hereof. By seeking or obtaining any such relief, the aggrieved party shall not be precluded from
seeking or obtaining any other relief to which it may be entitled.

          12.5. Section Headings. Section headings are for convenience of reference only and
shall not affect the meaning of any provision of this Agreement.

          12.6. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original, and all of which shall together constitute one and the same
instrument. All signatures need not be on the same counterpart.

          12.7. Severability. If any provision of this Agreement shall be invalid or
unenforceable, such invalidity or unenforceability shall not affect the validity and enforceability
of the remaining provisions of this Agreement, unless the result thereof would be unreasonable, in
which case the parties hereto shall negotiate in good faith as to appropriate amendments hereto.

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          12.8. Filing. A copy of this Agreement and of all amendments thereto shall be filed
at the principal executive office of the Company with the corporate recorder of the Company.

          12.9. Termination. This Agreement may be terminated at any time by a written
instrument signed by the parties hereto. Unless sooner terminated in accordance with the preceding
sentence, this Agreement (other than Section 6 hereof) shall terminate in its entirety on
such date as there shall be no Registrable Securities outstanding, provided that any shares
of Common Stock previously subject to this Agreement shall not be Registrable Securities following
the sale of any such shares in an offering registered pursuant to this Agreement.

          12.10. Attorneys’ Fees. In any action or proceeding brought to enforce any provision
of this Agreement, or where any provision hereof is validly asserted as a defense, the successful
party shall be entitled to recover reasonable attorneys’ fees (including any fees incurred in any
appeal) in addition to its costs and expenses and any other available remedy.

          12.11. No Third Party Beneficiaries. Nothing herein expressed or implied is intended
to confer upon any person, other than the parties hereto or their respective permitted assigns,
successors, heirs and legal representatives, any rights, remedies, obligations or liabilities under
or by reason of this Agreement.

[The rest of this page has been intentionally left blank]

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

	 	 	 	 	 	 	 
	 	 	BROADPOINT SECURITIES GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Lee Fensterstock	 	 
	 

	 	By:
	 	 

Lee Fensterstock
	 	 
	 

	 	Title:
	 	Chairman and Chief Executive Officer	 	 

Signature Page to Registration Rights Agreement

 

 

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

	 	 	 	 	 
	 
	 

	 	
/s/ Eric J. Gleacher
	 	 
	 

	 	 

Eric J. Gleacher
	 	 

Signature Page to Registration Rights Agreement

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

 

 

Schedule 1

Address for Notices

Notice to the Company

Broadpoint Securities Group, Inc.

12 East 49th Street, 31st Floor

New York, New York 10117

Attention: General Counsel

Fax: 212-273-7320

Notice to the Investor

Eric J. Gleacher

c/o Gleacher Partners Inc.

660 Madison Avenue, 19th Floor

New York, New York 10065

 

 

EXHIBIT A

to

Registration

Rights Agreement

AGREEMENT TO BE BOUND

BY THE REGISTRATION RIGHTS AGREEMENT

          The
undersigned, being the transferee of                      shares of the common stock, $.01 par value
per share [or describe other capital stock received in exchange for such common stock] (the
“Registrable Securities”), of Broadpoint Securities Group, Inc., a New York corporation
(the “Company”), as a condition to the receipt of such Registrable Securities, acknowledges
that matters pertaining to the registration of such Registrable Securities is governed by the
Registration Rights Agreement dated as of [ ], 2009 initially among the Company and Eric J.
Gleacher referred to therein (the “Agreement”), and the undersigned hereby (1) acknowledges
receipt of a copy of the Agreement, and (2) agrees to be bound as a Holder by the terms of the
Agreement, as the same has been or may be amended from time to time.

          Agreed to this ___day of _________, _________.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 
	 	*
	 	 
	 

	 	 
	 	*
	 	 

 

			
	*	 	Include address for notices.

A-1EX-10.3

Exhibit 10.3

EXECUTION VERSION

TRADE NAME AND TRADEMARK AGREEMENT

This TRADE NAME AND TRADEMARK AGREEMENT (this “Agreement”), dated and effective as of June
5, 2009, is entered into by and between Broadpoint Securities Group, Inc., a New York corporation
(“Parent”); Magnolia Advisory LLC, a Delaware limited liability company (“Merger
Sub” and together with Parent the “Buying Parties”); Mr. Eric Gleacher, an individual
(“Mr. Gleacher”); Gleacher Fund Advisors LP, a Delaware limited partnership (“Gleacher
Fund Advisors”); Gleacher Advisors LLC, a Delaware limited liability company (“Gleacher
Advisors”); Gleacher Mezzanine Fund I, L.P., a Delaware limited partnership (“Gleacher
Mezzanine Fund I”); and Gleacher Mezzanine Fund P, L.P., a Delaware limited partnership
(“Gleacher Mezzanine Fund P”, together with Gleacher Fund Advisors, Gleacher Advisors,
Gleacher Mezzanine Fund I and Gleacher Mezzanine Fund P being collectively referred to as the
“Gleacher Entities” and together with Mr. Gleacher the “Gleacher Parties”).

RECITALS

     WHEREAS, Parent, Merger Sub, Gleacher Partners, Inc. and Mr. Gleacher, a shareholder of
Gleacher Partners, Inc., are parties to that certain Agreement and Plan of Merger entered into as
of March 2, 2009 (the “Merger Agreement”), as amended, under the terms of which (a) Augusta
Advisory Inc. is to be merged into Gleacher Partners, Inc., with Gleacher Partners Inc. as the
surviving company, and (b) Gleacher Partners, Inc. is to be merged into Merger Sub, with Merger Sub
as the surviving company;

     WHEREAS, the assets of Gleacher Partners, Inc. include rights in the trade name and trademark
Gleacher, either alone or in combination with the words “Partners” or “Holdings”, in connection
with the investment banking and advisory business of Gleacher Partners, Inc. and its subsidiaries;

     WHEREAS, following the closing of the transactions under the Merger Agreement, it is
contemplated that Parent, Merger Sub and one or more subsidiaries or controlled Affiliates of
Parent will use a trade name or trademark containing the word GLEACHER, including Broadpoint
Gleacher in combination with each other, in connection with investment banking, securities
brokerage and related businesses;

     WHEREAS, Mr. Gleacher has previously authorized the Gleacher Entities to use the Gleacher name
in their respective trade names and to use those trade names in connection with their respective
businesses; and

     WHEREAS, following the Closing the parties wish to continue using their respective names in
harmony throughout the world, with each giving respect to the rights and privileges of the other in
accordance with the transactions contemplated by the Merger Agreement.

     NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, intending to be legally bound, the parties hereto agree as follows:

 

 

ARTICLE I

DEFINITIONS

     1.1 Definitions. Capitalized terms used herein and not otherwise defined shall have
the meaning ascribed to such terms in the Merger Agreement. The following definitions shall apply
to this Agreement:

     “Affiliate” shall mean another Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with such first Person. The
term “control” (including its correlative meanings “controlled by” and “under common control
with”), as used in the immediately preceding sentence, shall mean possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of the
controlled Person (whether through ownership of securities or partnership or other ownership
interests, by contract or otherwise).

     “Buying Parties” shall mean the entities identified as such in the introductory
paragraph of this Agreement.

     “Buying Parties Field of Use” shall mean any business activity in the financial
services industry other than the Investment Management Business.

     “Effective Date” shall be the date indicated in the introductory paragraph of this
Agreement.

     “Investment Banking Business” shall mean the investment banking business of Gleacher
Partners, Inc. as conducted immediately prior to the Effective Date, consisting of mergers and
acquisitions and restructuring transaction services and corporate strategic advisory services. For
the avoidance of doubt, the Investment Banking Business excludes the Investment Management
Business.

     “Investment Management Business” shall mean the investment management businesses of
certain of the Gleacher Entities, consisting of: (i) the active management for investors of
portfolios of hedge funds (such a portfolio sometimes referred to a “fund of hedge funds”),
substantially as conducted immediately prior to the Effective Date by Gleacher Fund Advisors; and
(ii) the active management of mezzanine funds (including Gleacher Mezzanine Fund I, Gleacher
Mezzanine Fund II and Gleacher Mezzanine Fund P) providing capital in the form of subordinated
debt, preferred stock and non-control common equity for buyouts and recapitalizations of
middle-market companies, substantially as conducted immediately prior to the Effective Date by JGKP
Management, LLC, Mr. Gleacher or other entities controlled by Mr. Gleacher. For the avoidance of
doubt, the Investment Management Business excludes the Investment Banking Business.

     “Merger Agreement” shall have the meaning given that term in the first Recital.

     “Gleacher Entities” shall mean the entities identified as such in the introductory
paragraph of this Agreement.

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     “Gleacher Entity Names” shall mean the legal names of the Gleacher Entities identified
in the introductory paragraph and signature pages of this Agreement.

     “Gleacher Mezzanine Fund I” shall mean the entity identified as such in the
introductory paragraph of this Agreement.

     “Gleacher Mezzanine Fund II” shall have the meaning given that term in Section
2.5.

     “Gleacher Mezzanine Fund P” shall mean the entity identified as such in the
introductory paragraph of this Agreement.

     “Gleacher Name and Mark” shall mean the trade name and trademark GLEACHER, either
alone or in combination with the other words including “Partners” or “Holdings”.

     “Gleacher Parties” shall mean the entities and individual identified as such in the
introductory paragraph of this Agreement.

     “Gleacher Shacklock” shall have the meaning given that term in Section 2.4.

     “Gleacher Shacklock Agreement” shall mean the Agreement dated as of June 17, 2005, by
and among Gleacher Partners Inc., Gleacher Holdings LLC, Gleacher Partners LLC, Gleacher Fund
Advisors, Gleacher Advisors, Gleacher Shacklock LLP, Gleacher Shacklock UK Limited, Mr. Gleacher
and Timothy A. Shacklock.

     “Mr. Gleacher” shall mean the individual identified in the introductory paragraph of
this Agreement.

     “Name or Mark” shall mean any trademark, service mark, trade name, logo, domain name
or other identifier of source.

     “Parties” shall mean collectively the Buying Parties and the Gleacher Parties.

     “Passive Investment Vehicles” shall mean collectively the following passive investment
vehicles: Gleacher CBO-1 E Note Investors LLC; Gleacher Mezzanine II Investors LLC; Gleacher China
LLC; Gleacher/Craven Investors, LLC; Gleacher/Craven Investors, L.P.; Gleacher Intermediate LLC;
Gleacher Management LLC; Gleacher/Unext Investors LLC; Gleacher Equity LLC.

     “Person” shall mean any individual, sole proprietorship, corporation, general
partnership, limited partnership, limited liability company or partnership, joint venture,
association, joint stock company, bank, trust, estate, unincorporated organization, any federal,
state, county or municipal government (or any agency or political subdivision thereof), endowment
fund or any other form of entity.

     1.2 Interpretation. For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires: (i) the terms defined in this Article have the
meanings assigned to them in this Article and include the plural as well as the singular; (ii) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance

-3-

 

with generally accepted accounting principles as at the time applicable; (iii) all references
in this Agreement to designated “Articles,” “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this Agreement; (iv) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Article, Section or other subdivision; and (v) the term “including” and words of similar
import shall be deemed to be followed by the phrase “without limitation.”

ARTICLE II

ACKNOWLEDGEMENTS

     2.1 By Parties. The Parties mutually acknowledge and agree that the use of the
Gleacher Name and Mark by the Buying Parties and by the Gleacher Entities, Gleacher Shacklock and
Gleacher Mezzanine Fund II in accordance with the terms of this Agreement are separate and distinct
so as not to create confusion in the markets for their respective businesses.

     2.2 By Gleacher Parties. The Gleacher Parties acknowledge and agree that the Buying
Parties own all right, title and interest in and to the Gleacher Name and Mark in the Investment
Banking Business. The Gleacher Parties further acknowledge and agree that use of the Gleacher Name
and Mark by the Buying Parties shall not create in the Gleacher Parties’ favor any right, title or
interest in or to the Gleacher Name and Mark, and that all uses of the Gleacher Name and Mark by
the Buying Parties shall inure solely to the benefit of the Buying Parties. The Gleacher Parties
acknowledge and agree that, except as otherwise expressly provided in this Agreement, the Gleacher
Parties shall not have any rights in the Gleacher Name and Mark within the Buying Party Field of
Use.

     2.3 By Buying Parties. The Buying Parties acknowledge and agree that the Gleacher
Entities have used and will continue to use the Gleacher Name and Mark in their respective trade
names and businesses. The Buying Parties will not contest the use of the Gleacher Name and Marks
by the Gleacher Entities in connection with the Investment Management Business. The Buying Parties
further acknowledge and agree that use of the Gleacher Name and Marks by the Gleacher Entities
shall not create in the Buying Parties’ favor any right, title, or interest in or to the Gleacher
Name and Marks, and that all uses of the Gleacher Name and Marks by the Gleacher Entities shall
inure solely to the benefit of the Gleacher Entities.

     2.4 Gleacher Shacklock. The Buying Parties acknowledge that Gleacher Shacklock LLP,
its subsidiaries, associates and Affiliates (collectively “Gleacher Shacklock”) have the
right to use and are using the Gleacher Shacklock name under the terms of the Gleacher Shacklock
Agreement, a full and correct copy of which has been provided by the Gleacher Entities to the
Buying Parties. The Gleacher Parties make no representation, warranty or covenant under this
Agreement with respect to the use by Gleacher Shacklock of the Gleacher Name or Mark.

     2.5 Gleacher Mezzanine Fund II. The Buying Parties acknowledge that Gleacher
Mezzanine Fund II, L.P., its subsidiaries and controlled Affiliates (collectively “Gleacher
Mezzanine Fund II”) have the right to use and are using the Gleacher Name and Marks and any
subsequent related mezzanine fund may likewise do so if Mr. Gleacher is an investor therein and

-4-

 

is authorized by Mr. Gleacher to do so. The Gleacher Parties make no representation, warranty
or covenant under this Agreement with respect to the use by Gleacher Mezzanine Fund II of the
Gleacher Name or Mark.

     2.6 For the avoidance of doubt, nothing herein shall place any limitations on the use of the
Gleacher Name and Marks by Mr. Gleacher’s children, grandchildren or other familial relations in
any of their business or other pursuits, and the Buying Parties shall not contest, or permit any
affiliate, successor or assignee to contest, any such use (including as the name of a business,
provided that the Buying Parties’ commitment hereunder shall not apply to the extent that any of
such relations is using the Gleacher Name as the name of an Investment Banking Business during the
five (5) year period following the Effective Time) so long as Mr. Gleacher is not involved in
conducting, managing or overseeing such business (provided that Mr. Gleacher may be involved in any
asset management business operated or engaged in by his son, Jay Gleacher (the “Protected
Business”)).

ARTICLE III

COVENANTS

     3.1 The Gleacher Parties. Each Gleacher Party will not at any time do or cause to be
done any act or thing contesting or in any way knowingly impairing the ownership by the Buying
Parties of the Gleacher Name and Mark within the Buying Parties Field of Use, including: (i)
objecting to the use by the Buying Parties or any subsidiary or controlled Affiliate of Parent of
the Gleacher Name or Mark in the Buying Parties Field of Use in accordance with the terms of this
Agreement; (ii) opposing an application to register or seeking to cancel a registration for a
trademark containing the Gleacher Name or Mark in the Buying Parties Field of Use; or (iii)
representing that it has ownership of the Gleacher Name and Mark in the Buying Parties Field of
Use. For the avoidance of doubt, the preceding sentence shall apply to a Name or Mark containing
the words Broadpoint Gleacher.

     3.2 The Gleacher Entities. In addition to its obligations under Section 3.1,
each Gleacher Entity shall: (i) use the Gleacher Name and Mark only in connection with the
Investment Management Business; (ii) not license or otherwise authorize any third party to use the
word GLEACHER for any purpose except in connection with the conduct of the Investment Management
Business; and (iii) not file an application to register its Gleacher Entity Name or any other
Gleacher Name or Mark as a trademark or service mark. Although Mr. Gleacher may authorize other
Persons to use the Gleacher Name and Marks in connection with Investment Management Business, he
will not do so if he is not an investor or otherwise involved in such Investment Management
Business (provided that any Person permitted to use the Gleacher Name and Mark shall continue to be
able to use the Gleacher Name and Mark notwithstanding the withdrawal of Mr. Gleacher from any such
investment or involvement).

     3.3 Mr. Gleacher. In addition to his obligations under Section 3.1, Mr.
Gleacher shall not: (i) use, or authorize any third party to use the Gleacher Name or Mark in the
Buying Parties Field of Use, provided nothing herein shall prevent Mr. Gleacher from using his full
personal name on business cards, resumes or similar materials to identify his personal activities
or

-5-

 

participating in the Protected Business; or (ii) apply to register the Gleacher Name or Mark
for any goods or services in the Buying Parties Field of Use.

     3.4 The Buying Parties. Each Buying Party will not at any time do or cause to be done
any act or thing contesting or in any way knowingly impairing the ownership by the Gleacher
Entities or Gleacher Mezzanine Fund II of the Gleacher Name and Mark outside the Buying Parties
Field of Use, including: (i) objecting to the use by a Gleacher Entity or Gleacher Fund II of the
Gleacher Name and Mark in connection with the Investment Management Business in accordance with the
terms of this Agreement; or (ii) representing that it has ownership of the Gleacher Name and Mark
outside the Buying Parties Field of Use. Each Buying Party will not at any time do or cause to be
done any act or thing contesting or in any way impairing or tending to impair: (x) the use by Mr.
Gleacher, or by a third party authorized by Mr. Gleacher of the Gleacher Name and Mark for business
purposes outside the Buying Parties Field of Use; or (y) the registration by Mr. Gleacher or a
third party authorized by Mr. Gleacher of a Name or Mark containing the name GLEACHER for any
entity engaged in business outside the Buying Parties Field of Use or as a trademark or service
mark for any goods or services outside the Buying Parties Field of Use.

     3.5 Further Assurances. The Parties will execute such additional documents and take
such other actions as may be necessary or desirable to record or memorialize the Parties applicable
rights in the Gleacher Name or Mark.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     4.1 By The Buying Parties And The Gleacher Entities. Each of the Buying Parties and
the Gleacher Entities hereby represent and warrant to the other Parties as follows:

     (a) The Party is duly organized, validly existing and in good standing under the laws of its
state of organization, and has authority to conduct business and is in good standing in all other
states where the nature and extent of the business transacted by it or the ownership of its assets
makes such authorization necessary.

     (b) The execution, delivery and performance by a Party of this Agreement: (i) are within the
Party’s corporate, limited liability company or partnership powers, as the case may be; (ii) have
been duly authorized by all necessary corporate, limited liability company or partnership actions,
as applicable; (iii) do not contravene the Party’s certificate of incorporation or other
organizational documents; and (iv) do not contravene nor result in a default under, nor result in
the creation of a lien under, any law or any contractual restriction binding on or affecting the
Party.

     (c) This Agreement constitutes the valid, binding and legal obligation of the Party
enforceable in accordance with its terms. No consent or approval of any holder of any indebtedness
or obligation of the Party, and no consent, permission, authorization, order or

-6-

 

license of any governmental authority, is necessary in connection with the execution, delivery
and performance of this Agreement.

     4.2 By Mr. Gleacher. Mr. Gleacher hereby represents and warrants to each of the other
Parties as follows:

     (a) The execution, delivery and performance by Mr. Gleacher of this Agreement do not
contravene or result in a default under, or result in the creation of a lien under, any law or any
contractual restriction binding on or affecting Mr. Gleacher.

     (b) This Agreement constitutes the valid, binding and legal obligation of Mr. Gleacher
enforceable in accordance with its terms. No consent or approval of any holder of any indebtedness
or obligation of Mr. Gleacher, and no consent, permission, authorization, order or license of any
governmental authority, is necessary in connection with the execution, delivery and performance of
this Agreement.

     (c) Except for Gleacher Partners, Inc, Gleacher Holdings, LLC, Gleacher Partners, LLC,
Gleacher Shacklock, Gleacher Mezzanine Fund II, Gleacher CBO 2000-1 Corp., Gleacher CBO 2000-1 Ltd
and the Passive Investment Vehicles, the Gleacher Parties are the only entities presently
authorized by Mr. Gleacher to use the Gleacher Name or Mark. For the avoidance of doubt, nothing
herein shall require Gleacher Mezzanine Fund II, Gleacher CBO 2000-1 Corp., Gleacher CBO 2000-1 Ltd
or the Passive Investment Vehicles to modify its name.

ARTICLE V

NOTICES

     All notices and other communications required or permitted hereunder will be in writing and,
unless otherwise provided in this Agreement, will be deemed to have been duly given when delivered
in person or sent via facsimile (with confirmation), or one (1) Business Day after having been
dispatched by a nationally recognized overnight courier service to the appropriate party at the
address specified below:

	 	(a)	 	If to the Buying Parties, to:
	 
	 	 	 	Broadpoint Securities Group, Inc.

12 East 49th Street, 31st Floor

New York, New York 10117

Attention: General Counsel

Fax: 212-273-7320

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	 	 	 	with a copy to:
	 
	 	 	 	Sidley Austin llp

787 Seventh Avenue

New York, New York 10019

Attention: Duncan N. Darrow

               Gabriel Saltarelli

Fax: 212-839-5599
	 
	 	(b)	 	If to the Gleacher Entities or Mr. Gleacher to:
	 
	 	 	 	Gleacher Partners Inc.

660 Madison Avenue

New York, New York 10065

Attention: Eric Gleacher
Fax: 212-752-2711
	 
	 	 	 	with a copy to:
	 
	 	 	 	Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019

Attention: Edward D. Herlihy

               Nicholas G. Demmo

Fax: 212-403-2000

or to such other address or addresses or facsimile number as any such party may from time to time
designate as to itself by like notice.

ARTICLE VI

MISCELLANEOUS

     6.1 Severability. If any term or provision of this Agreement or any application
thereof shall be invalid or unenforceable: (i) the remainder of this Agreement and any other
application of such term or provision shall not be affected thereby; and (ii) this Agreement shall
be deemed amended by modifying such provision to the extent necessary to make it valid while
preserving its intent or, if such a modification is not possible, substituting another valid
provision so as to materially effectuate the parties’ intent.

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

     6.3 Entire Agreement. This Agreement contains the entire agreement between the
Parties with respect to the subject matter hereof.

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     6.4 Governing Law. This Agreement shall be construed with respect to the substantive
laws of the State of New York, but otherwise without regard to its conflicts of law rules.

     6.5 No Waiver. No waiver of any condition or covenant herein contained, or of any
breach of any such condition or covenant, shall be held or taken to be a waiver of any subsequent
breach of such covenant or condition, or to permit or excuse its continuance or any future breach
thereof or of any condition or covenant herein construed as a waiver of such default, or the right
to exercise any other remedy granted herein on account of such existing default. To the extent
permitted by law, no waiver of any breach shall affect or alter this Agreement, which shall
continue in full force and effect with respect to any other then existing or subsequent breach.

     6.6 Modifications in Writing. This Agreement may only be modified by a writing signed
by all of the Parties.

     6.7 Effect of Delay or Omission. No delay or omission by a Party to exercise any
right or power accruing upon any noncompliance or default by another Party with respect to any of
the terms hereof shall impair any such right or power or be construed to be a waiver thereof.

     6.8 Third Party Beneficiaries. Nothing in this Agreement shall be deemed to create
any right in any Person not a Party hereto, and this Agreement shall not be construed in any
respect to be a contract in whole or in part for the benefit of any third Person.

     6.9 Execution in Counterparts. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original, but all of which together will constitute
one and the same agreement.

[remainder of page intentionally left blank]

-9-

 

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

	 	 	 	 	 
	 	 	BROADPOINT SECURITIES GROUP, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Lee Fensterstock
	 

	 	 	 	 
	 

	 	Name:
	 	Lee Fensterstock
	 

	 	Title:
	 	Chairman and Chief Executive Officer
	 
	 	 	 	 
	 	 	MAGNOLIA ADVISORY LLC
	 
	 	 	 	 
	 	 	By: Broadpoint Securities Group, Inc.

Its Managing Member
	 
	 	 	 	 
	 

	 	By:	 	/s/ Lee Fensterstock 
	 

	 	 	 	 
	 

	 	Name:
	 	Lee Fensterstock
	 

	 	Title:
	 	Chairman and Chief Executive Officer

Signature Page to Trade Name and Trademark Agreement

 

 

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

	 	 	 	 	 
	 	 	GLEACHER FUND ADVISORS LP
	 
	 	 	 	 
	 

	 	By:	 	/s/ Jeffrey H. Tepper 
	 

	 	 	 	 
	 

	 	Name:	 	Jeffrey H. Tepper
	 

	 	Title:	 	President

Signature Page to Trade Name and Trademark Agreement

 

 

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

	 	 	 	 	 
	 	 	GLEACHER ADVISORS LLC
	 
	 	 	 	 
	 

	 	By:	 	/s/ Jeffrey H. Tepper
	 

	 	 	 	 
	 

	 	Name:	 	Jeffrey H. Tepper
	 

	 	Title:	 	President

Signature Page to Trade Name and Trademark Agreement

 

 

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

	 	 	 	 	 
	 	 	GLEACHER MEZZANINE FUND I, L.P.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Eric J. Gleacher
	 

	 	 	 	 
	 

	 	Name:	 	Eric J. Gleacher
	 

	 	Title:	 	Managing Member of Gleacher
Mezzanine LLC,
General Partner

Signature Page to Trade Name and Trademark Agreement

 

 

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

	 	 	 	 	 
	 	 	GLEACHER MEZZANINE FUND P, L.P.
	 
	 	 	 	 
	 

	 	By:	 	/s/ Eric J. Gleacher 
	 

	 	 	 	 
	 

	 	Name:	 	Eric J. Gleacher
	 

	 	Title:	 	Managing Member of Gleacher
Mezzanine LLC,
General Partner

Signature Page to Trade Name and Trademark Agreement

 

 

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

	 	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	 	 	/s/ Eric Gleacher
	 

	 	 	 	 
	 

	 	 	 	Eric Gleacher

Signature Page to Trade Name and Trademark Agreement

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