Document:

exv10w36

Exhibit 10.36

RETENTION BONUS AGREEMENT

     This Retention Bonus Agreement (“Agreement”) is made as of ____________ ____, 2010 (“Effective
Date”), by and between Thermadyne Holdings Corporation (“Company”) and ________ (“Employee”).

     WHEREAS, the Employee is currently employed by and provides services to the Company, and the
Company recognizes the valuable services that the Employee has rendered; and

     WHEREAS, the Company desires to provide incentives to the Employee, and align the interests of
the Employee with those of the Company and its stockholders;

     NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein,
the Company and the Employee hereby agree as follows:

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

     “Board” or “Board of Directors” means the Board of Directors of the Company.

     “Cause” means (a) the conviction of a crime by the Employee constituting a felony or other
crime involving moral turpitude; (b) an act of dishonesty by the Employee that resulted in or was
intended to result in gain to or personal enrichment of the Employee at the Company’s expense; (c)
the willful engaging by the Employee in misconduct which is injurious to the Company; (d) the
Employee’s failure to comply with the material terms of this Agreement, which is not remedied by
the Employee within thirty (30) days after receipt of written notice thereof given by the Company;
(e) failure by the Employee to comply fully with any lawful directives of the Board or the Company,
which is not remedied by the Employee within thirty (30) days after receipt of written notice
thereof given by the Board or the Company; (f) misappropriation by the Employee of the Company’s
funds; (g) habitual abuse of alcohol, narcotics or other controlled substances by the Employee; (h)
gross negligence in the performance of the Employee’s duties and responsibilities; or (i) failure
to perform or adhere to the Code of Ethics adopted by the Board, as the same may be amended by the
Board from time to time. Notwithstanding the foregoing, if, at the time of the relevant event, the
Employee is a party to an employment agreement with the Company which contains a definition of
“cause,” the definition of “cause” for purposes of such employment agreement shall be the meaning
ascribed to the term Cause for purposes of this Agreement.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     “Company” means Thermadyne Holdings Corporation and any successor thereto.

     “Good Reason” means one or more of the following events without the Employee’s prior written
consent, provided that the Employee provided the Company with written notice within thirty (30)
days of the Employee becoming aware of such Good Reason: (a) any failure by the Company to comply
with any of the material provisions of this Agreement which is not remedied by the Company within
thirty (30) days after receipt of written notice thereof given by

 

 

Employee; or (b) any reduction in base compensation, bonus percentage, or material reduction
in duties, unless a similar reduction in basic compensation or bonus percentage is made with
respect to similarly situated employees of the Company. Notwithstanding the foregoing, if at the
time of the relevant event, the Employee is a party to an employment agreement with the Company
which contains a definition of “good reason,” “constructive termination,” or similar concept, such
definition for purposes of such employment agreement shall be the meaning ascribed to the term Good
Reason for purposes of this Agreement.

     “Merger Agreement” means the Agreement and Plan of Merger, dated as of October 5, 2010,
between the Company, Razor Holdco Inc., and Razor Merger Sub Inc.

     “Payment Date” means the date specified in Section 2.3.

     “Retention Bonus” means an amount payable, if any, to the Employee under the terms hereof.

     “Transaction” means the consummation of the merger, as described in the Merger Agreement,
after the Effective Date.

Article 2. Retention Bonus

     2.1 Amount of Retention Bonus. The amount of the Employee’s Retention Bonus shall be _______
Dollars ($_______), subject to all requirements and other terms and conditions herein.

     2.2 Requirements for Payment of Retention Bonus. The Employee will be entitled to payment of
a Retention Bonus from the Company if and to the extent all requirements hereunder are met and only
if the Employee does not voluntarily terminate employment other than for Good Reason and is not
terminated from employment for Cause by the Company before the Payment Date. If the Transaction is
not consummated as a result of the termination of the Merger Agreement, or if the Employee’s
employment with the Company terminates due to a voluntary termination by the Employee other than
for Good Reason or a termination for Cause by the Company prior to the Payment Date, then no
Retention Bonus will be paid to the Employee and this Agreement shall terminate immediately upon
the earliest to occur of any such termination.

     2.3 Timing and Medium of Payment. The Company shall pay the Employee’s Retention Bonus, if
any, to the Employee (or, in the event of death, to the Employee’s estate) in cash, in one lump
sum, on the date that is six (6) months after the date of the consummation of the Transaction (the
date that such payment is made, the “Payment Date”). In no event shall the Employee be entitled to
more than one Retention Bonus, and this Agreement shall automatically terminate upon the Payment
Date and payment of any Retention Bonus due hereunder.

     2.4 Resignation or Termination for Cause. If the Employee voluntarily terminates employment
with the Company other than for Good Reason or is terminated for Cause by the Company prior to the
Payment Date, the Employee is not eligible for the Retention Bonus.

     2.5 Nontransferability. No interest of the Employee in, or right to receive a payment under,
this Agreement will be subject in any manner to sale, transfer, assignment, pledge,

2

 

attachment, garnishment, or other alienation or encumbrance of any kind; nor may such an
interest or right to receive a payment be taken, either voluntarily or involuntarily, for the
satisfaction of the debts of, or other obligations or claims against, the person or entity,
including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

Article 3. Rights of Employee

     Nothing in this Agreement will interfere with or limit in any way the right of the Company to
terminate any Employee’s employment at any time, or confer upon any Employee any right to continue
in employment with the Company.

Article 4. Amendment, Modification and Termination

     The Board may at any time and from time to time, alter, amend, modify or terminate this
Agreement in whole or in part; provided, however, that no such amendment or action shall diminish,
delay or otherwise affect the Employee’s right to his Retention Bonus without the Employee’s
written consent.

Article 5. Withholding

     The Company shall withhold from any amount payable hereunder an amount sufficient to satisfy
federal, state, and local taxes, required to be withheld with respect to any amounts payable under
this Agreement.

Article 6. Successors

     All obligations of the Company under this Agreement will be binding on any successor to the
Company.

Article 7. Legal Construction

     7.1 Entire Agreement. This Agreement embodies the entire agreement and any verbal or written
understandings between the Employee and the Company and supersedes all prior agreements and
understandings relating to the subject matter hereof. If any provision of this Agreement is
determined to be invalid or unenforceable in any respect, such determination will not affect such
provision in any other respect or any other provision of this Agreement, which will remain in full
force and effect. This Agreement may not be amended or otherwise modified or waived except by an
instrument in writing signed by the parties.

     7.2 Number. Except where otherwise indicated by the context, any plural term used in this
Agreement includes the singular and a singular term includes the plural.

     7.3 Severability. If any provision of the Agreement is held illegal or invalid for any
reason, the illegality or invalidity will not affect the remaining parts of the Agreement, and the
Agreement will be construed and enforced as if the illegal or invalid provision had not been
included.

3

 

     7.4 Governing Law. Except to the extent preempted by federal law, the Agreement will be
construed and administered under the laws of the State of Missouri, without giving effect to its
conflict of laws principles.

     IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date.

	 	 	 	 	 	 	 

	COMPANY	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	Date:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	Date:	 	 	 	 
	 

	 	 	 	 

	 	 

4exv10w37

Exhibit
10.37

Execution Copy

 

STOCKHOLDERS’ AGREEMENT

DATED AS OF DECEMBER 3, 2010

AMONG

THERMADYNE TECHNOLOGIES HOLDINGS, INC.

(FORMERLY KNOWN AS RAZOR HOLDCO INC.)

AND

THE HOLDERS THAT ARE PARTIES HERETO

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	Section 1.	 	Definitions
	 	 	1	 
	Section 2.	 	Certain Dispositions and Issuances by the Company
	 	 	10	 
	Section 3.	 	Transfers; Additional Parties
	 	 	16	 
	            3.1	 	Restrictions; Permitted Dispositions
	 	 	16	 
	            3.2	 	Additional Parties
	 	 	17	 
	            3.3	 	Securities Restrictions; Legends
	 	 	18	 
	Section 4.	 	Registration Rights
	 	 	20	 
	Section 5.	 	Repurchase Rights
	 	 	33	 
	Section 6.	 	Board of Directors
	 	 	36	 
	Section 7.	 	Financial Statements; Access; Confidentiality
	 	 	37	 
	Section 8.	 	Transactions with Affiliates
	 	 	38	 
	Section 9.	 	Preferred Stock Certificate of Designations
	 	 	39	 
	Section 10.	 	Voting Agreement
	 	 	39	 
	Section 11.	 	Notices
	 	 	40	 
	Section 12.	 	Representations and Warranties of the Company
	 	 	40	 
	Section 13.	 	Representations and Warranties of the Holders
	 	 	41	 
	Section 14.	 	Miscellaneous Provisions
	 	 	42	 

i

 

     This STOCKHOLDERS’ AGREEMENT, is dated as of December 3, 2010 (this “Agreement”) among
THERMADYNE TECHNOLOGIES HOLDINGS, INC. (formerly known as RAZOR HOLDCO INC.), a Delaware
corporation (the “Company”), and the Holders that are parties hereto.

          WHEREAS, each Holder deems it to be in the best interest of the Company and the Holders that
provision be made for the continuity and stability of the business and policies of the Company and,
to that end, the Company and the Holders hereby set forth herein their agreement with respect to
the Common Stock, Preferred Stock and Options owned by them.

          NOW, THEREFORE, in consideration of the premises and of the mutual consents and obligations
hereinafter set forth, the parties hereto hereby agree as follows:

     Section 1. Definitions.

          As used in this Agreement:

          “Accredited Investor” shall have the meaning ascribed to such term in Section
2(a)(ii).

          “Affiliate of the Company or IPC” means any Person that, directly or indirectly,
through one or more intermediaries, controls, or is controlled by, or is under common control with,
the Company or IPC, as applicable; provided, that, for all purposes of this Agreement
(other than Section 8(a)), the limited partners and investors in any of IPC, Irving
Place Capital Partners III, L.P., Irving Place Capital Partners III Co-Investors, L.P., Irving
Place Capital III Feeder Fund, L.P. or any of their respective Affiliates as of the date hereof
shall be considered Affiliates of IPC. As used in this definition, the term “control,” including
the correlative terms “controlling,” “controlled by” and “under common control with” means
possession, directly or indirectly, of the power to direct or cause the direction of management or
policies (whether through ownership of securities or any partnership or other ownership interest,
by contract or otherwise) of a Person.

          “Affiliate of a Holder” means for any Holder other than IPC or any Affiliate of IPC:
(i) an individual Holder’s parents, spouse, siblings and children (including those by adoption),
the lineal descendants of such siblings and children, and in any such case, any trust whose primary
beneficiary is such individual Holder or such Holder’s parents, spouse, siblings, children and/or
lineal descendants; (ii) the legal representative or guardian of such individual Holder or of any
such family members referred to in clause (i) above in the event such individual Holder or any such
family members becomes mentally incompetent; and (iii) for any Holder that is not a natural person,
any Person that, directly or indirectly, through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Holder. As used in

 

 

this definition, the term “control,” including the correlative terms “controlling,” “controlled by”
and “under common control with” means possession, directly or indirectly, of the power to direct or
cause the direction of management or policies (whether through ownership of securities or any
partnership or other ownership interest, by contract or otherwise) of a Person.

          “Board” means the board of directors of the Company and any duly authorized committee
thereof. All determinations by the Board required pursuant to the terms of this Agreement to be
made by the Board shall be made in good faith and, except as otherwise provided herein, should be
binding and conclusive.

          “Bylaws” means the bylaws of the Company, as may be amended, supplemented or restated
from time to time in accordance with the terms thereof and hereof.

          “Capital Stock” means any and all shares, securities, interests, participation or
other equivalents (however designated) of corporate stock of a Person (including all securities,
directly or indirectly, convertible into or exchangeable or exercisable for corporate stock of such
Person and all options (including vested and unvested Options), warrants and other rights to
purchase or otherwise acquire corporate stock of such Person (in each such case whether at the time
of issuance or upon the passage of time or the occurrence of some future event), debt obligations
which are convertible into corporate stock or any of the foregoing of such Person and contractual
rights to receive payments where the amount thereof is determined by reference to the equity value
or fair market value of such Person or any corporate stock of such Person) and, in the case of the
Company, shall include all Common Stock and Preferred Stock.

          “Cause” means, with respect to the termination of employment of any Management Holder
by the Company or any Subsidiary thereof (each, an “Employer”): (i) if such Management Holder is at
the time of termination a party to an employment or retention agreement with an Employer thereof
which defines such term, the meaning given therein, and (ii) in all other cases, such Management
Holder’s: (A) continuing failure, for more than 15 days after the Employer’s written notice to such
Management Holder thereof, by such Management Holder to perform such duties as are reasonably
requested by the Employer as documented in writing to such Management Holder; (B) failure to
observe material policies generally applicable to directors, employees and/or consultants of an
Employer communicated to such Management Holder in writing unless such failure is capable of being
cured and is cured within 15 days of such Management Holder receiving written notice of such
failure; (C) commission of any act of fraud, theft or financial dishonesty with respect to an
Employer or any criminal act involving moral turpitude or any felony; (D) violation of the material
provisions of any employment, consulting, non-competition or confidentiality agreement with an
Employer or any of its Affiliates unless such violation is capable of being cured and is cured
within 15 days of such Management Holder receiving written notice of such violation; (E) chronic
absenteeism; (F) abuse of alcohol or another controlled substance; or (G) failure to perform or
adhere to the Code of Ethics adopted by the Board, as the same may be

2

 

amended by the Board from time to time communicated to such Management Holder in writing.

          “Come Along Option” shall have the meaning ascribed to such term in Section
2(b).

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

          “Common Stock” means the common stock of the Company, par value $.01 per share.

          “Confidential Information” shall have the meaning ascribed to such term in Section
7(c).

          “Constructive Termination” means, with respect to the termination of employment by any
Executive Management Holder, the meaning given to the term “Constructive Termination Without Cause
“in such Executive Management Holder’s employment agreement; provided, however, that if an
Executive Management Holder does not have such a defined term, such Executive Management Holder
shall not have the benefit of the concept of Constructive Termination. For the avoidance of doubt,
no Management Holder that is not an Executive Management Holder shall have the benefit of the
concept of Constructive Termination.

          “Deemed Held Shares” shall have the meaning ascribed to such term in Section
2(a)(ii).

          “Demand Notice” shall have the meaning ascribed to such term in Section
4(a)(i).

          “Demand Registration” means IPC’s rights to demand registration of all or part of its
shares of Common Stock or Preferred Stock pursuant to Section 4(a).

          “DGCL” means the Delaware General Corporation Law.

          “Disclosure Package” means, with respect to any offering of securities, (i) the
preliminary prospectus, (ii) each Free Writing Prospectus and (iii) all other information, in each
case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to
purchasers of securities at the time of sale of such securities (including a contract of sale).

          “Disposition” means any direct or indirect assignment, sale, transfer, gift, pledge,
hypothecation or other encumbrance, or any other disposition, of Common Stock or Preferred Stock
(or any interest therein or right thereto) or of all or part of the voting power (other than the
granting of a revocable proxy) associated with the Common Stock or Preferred Stock (or any interest
therein) whatsoever, or any other transfer of beneficial ownership of Common Stock or Preferred
Stock whether voluntary or involuntary,

3

 

including, without limitation (i) as a part of any liquidation of a Holder’s assets or (ii) as a
part of any reorganization of a Holder pursuant to the United States or other bankruptcy law or
other similar debtor relief laws.

          “Employer” shall have the meaning ascribed to such term in the definition of “Cause”.

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

          “Excluded Securities” means: (A) securities issued in a Qualified Public Offering; (B)
securities issuable upon the exercise, exchange or conversion of Common Stock, Preferred Stock or
convertible securities and shares of Common Stock issuable upon the conversion of the Preferred
Stock, in each case, issued by the Company on or prior to the date hereof; (C) securities issued in
connection with any Board-approved merger, acquisition or other business combination with a Person
not IPC or an Affiliate of IPC; (D) securities issued by the Company to give effect to any stock
dividend or distribution, stock split, reverse stock split, subdivision or combination or other
similar pro rata recapitalization event affecting any class or series of the Company’s Capital
Stock; (E) any Options issued to employees of the Company or any of its Subsidiaries, or any Common
Stock issuable upon the exercise thereof; and (F) securities issued as an inducement to purchase
debt securities in connection with any debt financing or refinancing (so long as (x) the debt
financing incurred represents substantially all of the proceeds of such financing or refinancing
and (y) no Person providing such debt financing is IPC, an Affiliate of IPC, any Holder (other than
a Holder who is a Holder by virtue of previously having received an equity kicker) or an Affiliate
of such Holder.

          “Executive Management Holder” means (i) Martin Quinn, Terry A. Moody, Steven A. Schumm
and Terry Downes or (ii) any other Management Holder who enters into an employment agreement with
the Company or a Subsidiary thereof following the date hereof and who is designated by the Board
(or the compensation committee thereof) as an “Executive Management Holder,” in each case, so long
as such Management Holder is an employee of the Company or a Subsidiary thereof.

          “Exercising Offerees” shall have the meaning ascribed to such term in Section
2(a)(i).

          “Fair Market Value” means, with respect to any assets or securities, the fair market
value for such assets or securities, reflecting the amount that a willing buyer would pay to a
willing seller in an arm’s length transaction occurring on the date of valuation, as determined in
good faith by the Board in its reasonable discretion using commonly known and widely accepted
valuation methods for a private company based upon the Company and its Subsidiaries valued as a
whole on a going concern basis, without taking into account any discount due to a lack of
marketability or ownership of a minority interest; provided, however, that the Fair
Market Value of any publicly traded securities shall be determined as follows: (a) if the
securities are listed on one or more

4

 

national securities exchanges or a similarly liquid non-United States securities exchange, the fair
market value of such securities shall be the average of the closing prices as reported for
composite transactions on the primary exchange or market for such securities during the ten (10)
consecutive trading days preceding the trading day immediately prior to the date of valuation, or
if no sale occurred on a trading day, then the mean between the closing bid and ask prices on such
exchange or market on such trading day; or (b) if the securities are traded over-the-counter (other
than a liquid non-United States securities exchange), the fair market value of such securities
shall be the arithmetic average (for consecutive trading days) of the mean between the highest bid
and lowest asked prices as of the close of business during the ten (10) consecutive trading days
preceding the trading day immediately prior to the date of valuation, as quoted on the OTC Bulletin
Board or equivalent generally accepted reporting service. Notwithstanding the foregoing, with
respect to a repurchase pursuant to Section 5, if (a) the shares being repurchased had an
Original Cost exceeding $100,000 and (b) the Management Holder was not terminated for Cause, then
the Management Holder may object in writing to the determination of the Fair Market Value within
ten (10) days of such determination if the shares are not publicly traded securities and such
objection shall set forth the Management Holder’s belief of Fair Market Value. The Management
Holder and the Company will attempt in good faith to mutually agree upon the Fair Market Value, but
in the event that the parties are unable to agree within a twenty (20) day period (or such longer
period as the parties may agree), the Fair Market Value will be conclusively determined by a
qualified independent appraiser selected by the Board with the prior consent of the Management
Holder (such consent not to be unreasonably withheld) (the “Independent Appraiser”), and the
Company shall bear the costs of the Independent Appraiser.

          “FINRA” means the Financial Industry Regulatory Authority, Inc.

          “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405
promulgated under the Securities Act.

          “Group” shall have the meaning ascribed thereto in Section 13(d)(3) of the
Exchange Act.

          “Holders” means the holders of securities of the Company who are parties hereto.

          “IPC” means IPC/Razor LLC, a Delaware limited liability company.

          “IPC Directors” shall have the meaning ascribed to such term in Section
6(a).

          “IPC Required Director” shall have the meaning ascribed to such term in Section
6(d).

          “Independent Appraiser” shall have the meaning ascribed to such term in the definition
of “Fair Market Value”.

5

 

          “Initial Notice” shall have the meaning ascribed thereto in Section
4b(i).

          “IRA” shall have the meaning ascribed to such term in Section 3.2(c).

          “Management Holder” means Holders who are currently employed or serve as directors of
the Company or any of its Subsidiaries (and includes the Executive Management Holders).

          “Management Services Agreement” shall have the meaning ascribed to such term in
Section 8(a).

          “Merger Agreement” means the Agreement and Plan of Merger, dated as of October 5,
2010, by and among the Company, Razor Merger Sub Inc. and Thermadyne Holdings Corporation as it may
be amended, supplemented or restated from time to time.

          “Non-IPC Holders” means, collectively, the Holders other than IPC (and Affiliates of
IPC).

          “Notice of Acceptance” shall have the meaning ascribed thereto in Section
2(e)(iv).

          “Offer to Resell” shall have the meaning ascribed thereto in Section
2(e)(ii).

          “Offered Securities” shall have the meaning ascribed thereto in Section
2(e)(i).

          “Offerees” shall have the meaning ascribed thereto in Section
2(a)(i).

          “Offeror” shall have the meaning ascribed thereto in Section
2(a)(i).

          “Option” means the options to purchase Common Stock issued to Holders pursuant to the
2010 Equity Incentive Plan or any other similar plan approved by the Board.

          “Original Cost” means:

     (a) With respect to a share of Common Stock, the price per share paid by the holder of
such share, subject to appropriate adjustment by the Board for stock splits, stock dividends,
combinations and similar transactions; and

     (b) With respect to a share of Preferred Stock, $1,000 per share, subject to appropriate
adjustment by the Board for stock splits, stock dividends, combinations and similar
transactions.

          “Permitted Disposition” shall have the meaning given to such term in Section
3.1.

6

 

          “Person” shall be construed broadly and shall include, without limitation, an
individual, a partnership, 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.

          “Piggyback Notice” shall have the meaning ascribed to such term in Section
4(b).

          “Piggyback Registration Rights” means the registration rights pursuant to a Piggy Back
Notice in Section 4(b).

          “Preemptive Offer” shall have the meaning ascribed to such term in Section
2(e)(i).

          “Preemptive Offeree” shall have the meaning ascribed to such term in Section
2(e)(i).

          “Preferred Stock” means shares of the Company’s Series A Preferred Stock, par
value, $.01 per share.

          “Proportionate Percentage” means, with respect to any Holder, (i) in respect of shares
of Common Stock, a fraction (expressed as a percentage) the numerator of which is the total number
of shares of Common Stock held by such Holder (including any Deemed Held Shares held by such
Holder) and the denominator of which is the total number of shares of Common Stock outstanding at
the time of determination (including any Deemed Held Shares held by all Holders), and (ii) in
respect of the Preferred Stock, a fraction (expressed as a percentage), the numerator of which is
the total number of shares of Preferred Stock held by such Holder and the denominator of which is
the total number of shares of Preferred Stock outstanding at the time of determination.

          “Prospectus” shall mean the prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement with respect to the terms of the offering of
any portion of the securities covered by such Registration Statement and, in each case, by all
other amendments and supplements to such prospectus, including post-effective amendments and, in
each case, all material incorporated by reference in such prospectus.

          “Proxy” shall have the meaning ascribed to such term in Section 10(b).

          “Public Sale” means any sale, occurring simultaneously with or after an initial public
offering, of Common Stock or Preferred Stock to the public pursuant to an offering registered under
the Securities Act or to the public in the manner described by the provisions of Rule 144.

          “Qualified Public Offering means an underwritten public offering of Common Stock by
the Company pursuant to an effective registration statement filed by

7

 

the Company with the Securities and Exchange Commission (other than on Forms S-4 or S-8 or
successors to such forms) under the Securities Act, pursuant to which the aggregate offering price
of the Common Stock sold in such offering is at least $125,000,000.

          “Realization Event” means (i) the consummation of a Sale of the Company or (ii) the
consummation of any transaction or series of related transactions in which IPC and Affiliates of
IPC and their permitted transferees (x) sell, after giving effect to such transaction and all other
transactions, a majority of the outstanding shares of Common Stock or a majority of the outstanding
shares of Preferred Stock or (y) sell shares of Common Stock or shares of Preferred Stock and as a
result of such sale a Person other than IPC or Affiliates of IPC beneficially owns or controls a
majority of the Common Stock or a majority of the Preferred Stock, excluding, in each of
clauses (x) and (y) hereof, any shares sold pursuant to a public offering.

          “Registrable Securities” means shares of Common Stock and Preferred Stock beneficially
owned by the Holders; provided that any Registrable Securities shall cease to be
Registrable Securities when (i) a registration statement with respect to the sale of such
Registrable Securities has been declared effective under the Securities Act and such Registrable
Securities have been disposed of in accordance with the plan of distribution set forth in such
registration statement, (ii) such Registrable Securities are disposed of pursuant to Rule 144 (or
any similar provision then in force) under the Securities Act or (iii) such Registrable Securities
shall have been otherwise transferred and new certificates for them not bearing a legend
restricting further Disposition under the Securities Act shall have been delivered by the Company
in accordance with applicable law; and provided further that any securities that have
ceased to be Registrable Securities shall not thereafter become Registrable Securities.
Notwithstanding any other provision of this Agreement, with respect to any Registration Statement
that only registers shares of Common Stock, “Registrable Securities” shall only include shares of
Common Stock and with respect to any Registration Statement that only registers shares of Preferred
Stock, “Registrable Securities” shall only include shares of Preferred Stock.

          “Registration Expenses” shall have the meaning ascribed to such term in Section
4(e).

          “Registration Statement” means any Registration Statement of the Company which covers
Registrable Securities, including the Prospectus, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits thereto and all material incorporated
by reference in such Registration Statement.

          “Repurchase Event” means, with respect to a Management Holder, such Management
Holder shall cease to be employed by, to be a director of the Company or any of its Subsidiaries
for any reason.

8

 

          “Resale Notice” shall have the meaning ascribed to such term in Section
2(e)(ii).

          “Resale Notice Period” shall have the meaning ascribed to such term in Section
2(e)(ii).

          “Resale Period” shall have the meaning ascribed to such term in Section
2(e)(ii).

          “Restated Certificate” means the Company’s Amended and Restated Certificate of
Incorporation, as it may be amended, supplemented or restated from time to time, including, without
limitation, pursuant to the Certificate of Designations, Preferences and Rights for the Preferred
Stock.

          “Restricted Group” shall have the meaning ascribed to such term in Section
7(c).

          “Sale of the Company” means, with respect to the Company, (i) any merger,
consolidation or other business combination of the Company with or into any other entity,
recapitalization, spin-off, distribution or any other similar transaction, whether in a single
transaction or series of related transactions, where, or as a result of which, IPC and Affiliates
of IPC and their permitted transferees, collectively, after giving effect to such transactions and
all other transactions, (x) have disposed of beneficial ownership or control of a majority of the
Voting Securities of the Company or (y) do not beneficially own a majority of the Voting Securities
of the entity surviving or resulting from such transaction (or the ultimate sole parent thereof)
other than, in each of clauses (x) and (y) hereof, sales through public offerings,
(ii) any transaction or series of related transactions as a result of which IPC and Affiliates of
IPC and their permitted transferees, collectively, (x) have disposed of beneficial ownership or
control of a majority of the voting power of the Voting Securities of the Company (or the ultimate
sole parent thereof) or (y) are no longer entitled, directly or indirectly, to elect a majority of
the members of the Board other than, in each of clauses (x) and (y) hereof, sales
through public offerings, (iii) any transaction or series of related transactions which, after
giving effect to such transaction and all other transactions, results in the sale or transfer of
beneficial ownership or control of a majority of the capital stock of any one or more Subsidiary of
the Company owning, controlling or otherwise constituting a majority of the assets of the Company
and its Subsidiaries (determined based on value) other than through a public offering, or (iv) to
the extent not described in clauses (i), (ii) or (iii)hereof, any sale of
at least a majority of the assets, property or business of the Company and its Subsidiaries.

          “Sale Notice” shall have the meaning ascribed to such term in Section
2(a).

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

9

 

          “Selling Holders’ Counsel” shall have the meaning ascribed to such term in Section
4(d)(ii).

          “Subsidiary” means any corporation, company or entity with respect to which a specified Person
(or a Subsidiary thereof) (a) has the power, directly or indirectly, to vote or direct the voting
of sufficient securities to elect a majority of the board of directors or comparable governing body
or (b) has or holds more than a 50% equity interest.

          “Tag Along Notice” shall have the meaning ascribed to such term in Section
2(a).

          “Tag Along Transaction” shall have the meaning ascribed to such term in Section
2(a).

          “Total Disability” means, with respect to the termination of employment of any
Management Holder: (i) if such Management Holder is at the time of termination a party to an
employment or retention agreement with an Employer thereof which defines such term the meaning
given therein, and (ii) in all other cases, the Management Holder has been unable to perform the
duties of his employment due to mental or physical incapacity of a period of six (6) consecutive
months.

          “Underwritten Offering” means a sale of shares of Common Stock or Preferred Stock
to an underwriter for reoffering to the public.

          “Voting Securities” shall mean, at any time, shares of any class of Capital Stock of
the Company which are then entitled to vote generally in the election of Directors or on any other
matter.

          “2010 Equity Incentive Plan” means the Company’s 2010 Equity Incentive Plan, as
it may be amended, supplemented or restated from time to time.

     Section 2. Certain Dispositions and Issuances by the Company.

          (a) Tag Along Transaction.

     (i) Subject to the provisions of Sections 2(a)(iv) and
2(b), prior to the consummation of a Qualified Public Offering, if IPC (the
“Offerer”) desires to effect any Disposition of shares of Common Stock or
Preferred Stock to any third party and Offerer shall have previously Disposed of at
least 20% of the number of shares of Common Stock or Preferred Stock, as applicable,
that Offerer originally owned, adjusted as required to reflect any stock splits,
combinations or reclassifications (when aggregated with all prior such sales or
Dispositions except those pursuant to Section 2(a)(iv)), to a transferee or
Group (each a “Tag Along Transaction”), Offerer shall give written notice to
the remaining Holders

10

 

(the “Offerees”) at least twenty five (25) days prior to the anticipated sale date offering
such Holders the option to participate in such Tag Along Transaction. The notice shall set forth
the material terms of the proposed Tag Along Transaction and identify the contemplated transferee
or Group (a “Sale Notice”).

     (ii) Each of the Offerees may, by written notice to the Offerer (a “Tag Along
Notice”), delivered within fourteen (14) days after the date of the Sale Notice (each such
Offeree delivering such timely notice being an “Exercising Offeree”), elect to Dispose of a
number of shares of Common Stock or Preferred Stock, as applicable, in such Tag Along Transaction,
which will not exceed such Exercising Offeree’s Proportionate Percentage of the total number of
shares of Common Stock or Preferred Stock, as applicable, that the Offerer proposes to Dispose of
in the applicable Tag Along Transaction; provided, however, that if the
consideration to be received in the Tag Along Transaction includes securities, only Offerees that
are an accredited investor (as such term is defined in Rule 501 (a) of the Securities Act, an
“Accredited Investor”) shall be entitled to participate in such Tag Along Transaction
unless the proposed transferee otherwise consents. This number of shares may include shares of
Common Stock and Preferred Stock to be distributed to such Exercising Offeree in connection with
such Tag Along Transaction from the 2010 Equity Incentive Plan or any similar plan or which such
Exercising Offeree may obtain by exercising any Options held by such Exercising Offeree that are
vested as of the date of such Tag Along Notice or which would vest in connection with such Tag
Along Transaction (collectively, the “Deemed Held Shares”).The Exercising Offeree’s
participation in the Tag Along Transaction is conditioned upon (i) the consummation of the
transactions contemplated in the Sale Notice with the transferee named therein and (ii) such
Exercising Offeree’s execution and delivery of all reasonable agreements and other reasonable
documents as the Offeror executes and delivers in connection with the Tag Along Transaction.

     (iii) If none of the Offerees delivers a timely Tag Along Notice, then the Offeror may
thereafter consummate the Tag Along Transaction, on the same terms and conditions as are described
in the Sale Notice for a period of the longer of (i) ninety (90) days thereafter or (ii) thirty
(30) after regulatory approval. In the event the Offeror has not consummated the Tag Along
Transaction within the period set forth in the prior sentence, the Offeror shall not thereafter
consummate a Tag Along Transaction without first providing a Sale Notice and an opportunity to the
Exercising Offerees to sell in the manner provided above. If one or more of Exercising Offeree
gives the Offeror a timely Tag Along Notice, then the Offeror shall use its commercially reasonable
best efforts to cause the

11

 

prospective transferee or Group to agree to acquire all shares identified in all timely Tag Along
Notices, upon the same terms and conditions as applicable to the shares held by the Offeror. Each
Exercising Offeree shall take all reasonably necessary actions approved by IPC in connection with
the consummation of the Tag Along Transaction, including executing such reasonable agreements and
such reasonable instruments and other actions reasonably necessary to provide the representations,
warranties, covenants and indemnities, as well as escrow arrangements relating to such Tag Along
Transaction but only to the extent similar agreements and instruments are executed and actions
taken by IPC in connection with such Tag Along Transaction; provided, however, that
(i) any representations, warranties, covenants, indemnities, escrow agreements and other provisions
and agreements made by the Exercising Offerees shall be several and not joint and (ii) to the
extent the Exercising Offerees are required to provide indemnities in connection with the
Disposition of their shares of Common Stock or Preferred Stock, no Exercising Offeree shall be
required to provide indemnification that would result in an aggregate liability to such Exercising
Offeree in excess of such Exercising Offeree’s net proceeds from such Disposition pursuant to this
Section 2(a)(iii), as applicable, and such indemnities shall be made by all Exercising
Offerees participating in the applicable transaction or transactions, severally and not jointly.
Each Holder hereby waives any claims such Holder may have against the Board or IPC in connection
with the Tag Along Transaction. If such prospective transferee or Group is unable or unwilling to
acquire all shares proposed to be included in the Tag Along Transaction upon such terms, then the
Offeror may elect to cancel such Tag Along Transaction or to allocate the maximum number of shares
that each prospective transferee or Group is willing to purchase among the Offeror and the
Exercising Offerees in the proportion that each such Exercising Offeree’s and the Offeror’s
Proportionate Percentage bears to the total Proportionate Percentages of the Offeror and the
Exercising Offerees (e.g., if the Sale Notice contemplated a Tag Along Transaction of 10%
Proportionate Percentage by the Offeror, and if the Offeror at such time owns a 30% Proportionate
Percentage and one Exercising Offeree who owns a 20% Proportionate Percentage elects to
participate, then the Offeror would be entitled to sell a 6% Proportionate Percentage (30%/50%
multiplied by the 10% Proportionate Percentage) and the Exercising Offeree would be entitled to
sell a 4% Proportionate Percentage (20%/50% multiplied by the 10% Proportionate Percentage).

     (iv) Notwithstanding the provisions of this Section 2(a), IPC may, without
complying with the provisions of this Section 2(a), Dispose of shares of Common Stock and
Preferred Stock to any Affiliate of IPC (provided that such Affiliate transferee agrees in writing
to be bound by

12

 

this Agreement in accordance with, and to the extent set forth, in Section 3.2).

     (v) This Section 2(a) shall not apply to any Disposition for which IPC has
elected to exercise its rights pursuant to Section 2(b).

          (b) Come Along Transaction.

     (i) If, at any time, IPC desires to affect any Disposition of at least fifty percent
(50%) of the shares of Common Stock and/or Preferred Stock then outstanding to a Person who is not
an Affiliate of IPC, adjusted as required to reflect any stock splits, combinations or
reclassifications (a “Come Along Transaction”), then each Non-IPC Holder shall raise no
objections against, and, if a stockholder vote is required by law in connection therewith, consent
to, the Come Along Transaction, and if the Come Along Transaction is structured as (1) a merger or
consolidation of the Company or an asset sale, each Non-IPC Holder hereby waives any dissenters
rights, appraisal rights or similar rights in connection with such merger, consolidation or asset
sale or (2) a sale of Capital Stock of the Company, each Non-IPC Holder shall agree to sell his or
its pro rata portion of shares of Common Stock and Preferred Stock which are the subject of the
Come Along Transaction (including his or its Deemed Held Shares). Each Non-IPC Holder shall take
all reasonably necessary actions approved by IPC in connection with the consummation of the Come
Along Transaction and execute reasonable agreements and reasonable instruments in connection
therewith, but only to the extent similar agreements and instruments are executed and similar
actions are taken by IPC in connection with such Come Along Transaction; provided,
however, that no Non-IPC Holder shall be required (x) to enter into any non-competition or
similar covenants in connection with such Come Along Transaction, (y) to make any representations
or warranties with respect to the Company or its Subsidiaries or the transactions contemplated by
the Come Along Transaction other than with respect to good standing, due power, authority,
non-contravention, enforceability, no brokers and title to Common Stock and Preferred Stock free
and clear of liens held by such Non-IPC Holder and (z) to the extent the Non-IPC Holders are
required to provide indemnities in connection with the Disposition of their shares of Common Stock
and Preferred Stock, to provide indemnification other than indemnification that shall be several
and not joint, made pro rata based upon the consideration received and would not result in an
aggregate liability to such Non-IPC Holder in excess of such Non-IPC Holder’s net proceeds from
such Disposition pursuant to this Section 2(b)(i), as applicable. Each Holder hereby waives
any claims such Holder may have against the Board or IPC in connection with the Come Along
Transaction.

13

 

     (c) The Company and the Non-IPC Holder shall cooperate in causing any Deemed Held
Shares that are ultimately included in a Tag Along Transaction or a Come Along Transaction to be
delivered to the Non-IPC Holder immediately prior to the closing of such Tag Along Transaction or
Come Along Transaction in order that the Non-IPC Holder may exercise his rights under Section
2(a) or that IPC may exercise its rights under Section 2(b), as the case may be.

     (d) Upon the closing of the sale of any shares of Common Stock or Preferred Stock (including
any Deemed Held Shares) pursuant to this Section 2, the Holders shall deliver at such
closing, against payment of the purchase price therefor, certificates representing their shares of
Common Stock or Preferred Stock to be sold, duly endorsed for Disposition or accompanied by duly
endorsed stock powers, and evidence of good title to the shares to be sold and the absence of
liens, encumbrances and adverse claims with respect thereto and such other matters as are
reasonably deemed necessary by the Company for the proper Disposition of such shares on the books
of the Company. There shall be no liability on the part of IPC if the Disposition of Common Stock
or Preferred Stock is not consummated pursuant to a Tag Along Transaction or Come Along
Transaction.

     (e) Preemptive Rights.

     (i) Except for Excluded Securities, prior to the consummation of a Qualified
Public Offering, the Company shall not issue or sell any Capital Stock unless the Company
shall have first offered to sell to each Holder that owns Capital Stock with an Original
Cost exceeding $100,000 (each, a “Preemptive Offeree”) the percentage of such
securities equal to the Preemptive Offeree’s Proportionate Percentage as of such date (the
“Offered Securities”) at a price and on such other terms and conditions as shall
have been specified by the Company in a writing delivered to such Preemptive Offeree (the
“Preemptive Offer”). A Preemptive Offer by its terms shall remain open and
irrevocable for a period of twenty (20) days from the date of delivery to each Preemptive
Offeree.

     (ii) For convenience of administration, if the Company is unable to make the
Preemptive Offer or hold the Preemptive Offer open for the entire 20-day period referred
to in Section 2(e)(i), IPC may purchase or cause to be purchased from the Company
all of the Offered Securities that are to be offered to the Preemptive Offerees pursuant
to Section 2(e)(i), in which case the Company’s obligations under Section
2(e)(i) shall be deemed fully satisfied. Promptly after such purchase, IPC shall or
shall cause the applicable purchaser to offer (an “Offer to
Resell”) to each Preemptive
Offeree the number of such Offered Securities that such Preemptive Offerees would
otherwise be entitled to purchase pursuant to Section 2(e)(i), at the same price
paid by such purchaser and on the same terms and conditions. Such Offer to Resell by its
terms shall

14

 

remain open for a period of twenty (20) days from the date it is delivered (the “Resale
Period”). Notice of any Preemptive Offeree’s intention to accept the Offer to Resell shall be
evidenced by a writing signed by such Preemptive Offeree and delivered to IPC and the Company prior
to the end of the Resale Period (the “Resale Notice”). Within five (5) days after receipt
of the Resale Notice, IPC or the applicable purchaser shall sell and each Preemptive Offeree
delivering a Resale Notice shall purchase the applicable Offered Securities which were the subject
of the Offer to Resell, upon the terms and conditions of the Offer to Resell.

     (iii) The Company may specify in the Preemptive Offer that all or a minimum amount of the
Offered Securities must be sold to the Preemptive Offerees and IPC pursuant to Section
2(e)(vi) below, in which case any Notice of Acceptance (as defined below) shall be deemed
conditioned upon the sale of all or such minimum amount, as applicable, of the Offered Securities
pursuant to Section 2(e)(vi).

     (iv) Notice of a Preemptive Offeree’s intent to accept, in whole or in part, a Preemptive
Offer shall be irrevocable and evidenced by a writing (the “Notice of Acceptance”) signed
by such Preemptive Offeree and delivered to the Company prior to the end of the 20-day period of
such Preemptive Offer, setting forth the number of Offered Securities to be purchased by such
Preemptive Offeree (up to the number of Offered Securities set forth in the Preemptive Offer
received by such Preemptive Offeree pursuant to Section 2(e)), on the above described terms
and conditions.

     (v) If any Preemptive Offeree fails to exercise its preemptive rights under this
Section 2(e) or elects to exercise such rights with respect to less than such Preemptive
Offeree’s pro rata share (the difference between such Preemptive Offeree’s pro rata share and the
number of shares for which such Preemptive Offeree exercised its preemptive rights under this
Section 2(e), the “Excess Shares”), any participating Preemptive Offeree electing to
exercise its rights with respect to its full pro rata share (a “Fully Participating
Holder”) shall be entitled to purchase from the Company additional Capital Stock equal to the
product of (x) the Excess Shares and (y) the Preemptive Offeree’s Proportionate Percentage.

     (vi) The Company shall have one hundred and twenty (120) days from the expiration of the
foregoing 20-day period to sell all or any part of such Offered Securities as to which Notices of
Acceptance have not been given by the Preemptive Offerees, but only (x) upon terms and conditions
(including, without limitation, representations, covenants, indemnification and interest rates),
which, when taken as a whole, are no more favorable to the prospective purchaser and no less
favorable to the Company than those set forth in the Preemptive Offer and (y) at or above

15

 

the price per share of Capital Stock set forth in the Preemptive Notice. Upon the
closing of such sale to the prospective purchaser (which shall include full payment
to the Company), each Preemptive Offeree shall purchase from the Company, and the
Company shall sell to each Preemptive Offeree, the Offered Securities in respect of
which a timely Notice of Acceptance was delivered to the Company by such Preemptive
Offeree, on the terms specified in the Preemptive Offer.

     (vii) Any Offered Securities not purchased by the Preemptive Offerees in
accordance with Section 2(e)(v) or (vi) may not be sold or
otherwise disposed of to the prospective purchaser until they are again offered to
the Preemptive Offerees under the procedures specified in this Section
2(e).

     Section 3. Transfers; Additional Parties.

               3.1 Restrictions; Permitted Dispositions.

               Without the written consent of the Board, except as otherwise provided in this Agreement, no
Non-IPC Holder shall make any Disposition, directly or indirectly, through an Affiliate or
otherwise. The preceding sentence shall apply with respect to all shares of Common Stock and
Preferred Stock held at any time by a Non-IPC Holder (including, without limitation, all shares of
Common Stock acquired upon the exercise of any Option pursuant to the 2010 Equity Incentive Plan or
any similar plan), regardless of the manner in which such Non-IPC Holder initially acquired Common
Stock or Preferred Stock, as applicable. Notwithstanding the foregoing, the following Dispositions
shall be permitted (each, a “Permitted Disposition”):

     (a)
 By any Non-IPC Holder (i) in the case of shares of Common Stock or Preferred
Stock, with respect to a Public Sale in connection with the exercise of registration rights
pursuant to Section 4, (ii) subject to Section 4(f), a Public Sale of
Common Stock or Preferred Stock, (iii) any sale of Common Stock or Preferred Stock to any
other Holder with the consent of the Board or (iv) pursuant to Section 5 of this
Agreement;

     (b) By any individual Non-IPC Holder during such Non-IPC Holder’s lifetime to: (i) a
guardian of the estate of such Non-IPC Holder; (ii) an inter-vivos trust primarily for the
benefit of such Non-IPC Holder; (iii) an inter-vivos trust whose primary beneficiary is one
or more of such Non-IPC Holder’s lineal descendants (including lineal descendants by
adoption) or (iv) any Affiliate of such Holder;

     (c) By any individual Non-IPC Holder by will or intestacy, following such Non-IPC
Holder’s death, to such Non-IPC Holder’s legal representative, heir or legatee; and

16

 

     (d) By any Non-IPC Holder pursuant to Section 2.

No Holder shall permit a transaction involving a change of ownership interest or voting power of
such Holder which avoids the restrictions on Dispositions provided in this Section 3.1 to
be consummated; provided, however, that the transfer of interests in a Holder that
holds substantial assets in addition to equity interests in the Company and is not a Management
Holder will be deemed not to be a Disposition which avoids the restrictions on Dispositions
provided in this Section 3.1.

               3.2 Additional Parties.

     (a) As a condition to the Company’s obligation to effect a Disposition of Common Stock
or Preferred Stock permitted by this Agreement on the books and records of the Company, any
transferee (other than a Disposition to the Company or in accordance with Section 3.1
(a) above) shall be required to become a party to this Agreement by executing (together
with such Person’s spouse, if applicable) an Adoption Agreement in substantially the form
of Exhibit A or in such other form that is reasonably satisfactory to the Company
and upon execution of such Adoption Agreement such transferee shall have all the rights and
obligations of the disposing Holder hereunder, as if such transferee was such disposing
Holder named herein, and shall be deemed to be such disposing Holder for all purposes of
this Agreement with respect to such Common Stock or Preferred Stock, as the case may be,
and shall be deemed to be such Holder for all purposes of this Agreement.

     (b) In the event that any Person acquires shares of Common Stock or Preferred Stock
from (i) a Holder or any Affiliate or member of such Holder’s Group or (ii) any direct or
indirect transferee of a Holder, such Person shall be subject to any and all obligations
and restrictions of the Holder (for whom the shares of Common Stock or Preferred Stock were
purchased) hereunder, as if such Person was such Holder named herein, and shall be deemed
to be such Holder for all purposes of this Agreement. Without limiting the foregoing, and
for the avoidance of doubt, any transferee of Common Stock or Preferred Stock that was
originally held by a Management Holder is subject to the repurchase based on the employment
of such Management Holder. Notwithstanding the foregoing, the requirements of this
Section 3.2(b) shall not apply in connection with any Disposition in accordance
with Section 3.1 (a) above.

     (c) The Company shall not issue or sell any Capital Stock to any Person (other than
pursuant to a Public Sale) unless such Person is already a party to this Agreement or first
executes and delivers to the Company a counterpart to this Agreement (and such Person’s
spouse, if applicable, executes a Spousal Acknowledgement and Consent in substantially the
form of Exhibit B or in such other form as is reasonably satisfactory to the
Company), pursuant to which such Person will thereupon become a party to, and be bound by
and obligated to comply with the terms and provisions of, this Agreement.

17

 

     (d) Any shares of Common Stock or Preferred Stock acquired by an individual retirement
account (“IRA”) on behalf of an employee of the Company or any of its Subsidiaries shall,
for purposes of this Agreement, be deemed to be held by such employee.

               3.3 Securities Restrictions; Legends.

     (a) No shares of Common Stock or Preferred Stock shall be transferable except upon the
conditions specified in this Section 3.3, which conditions are intended to insure
compliance with the provisions of the Securities
Act.

     (b) Each certificate, if any, representing shares of Common Stock and Preferred Stock shall
(unless otherwise permitted by the provisions of paragraph (d) below) be stamped or otherwise
imprinted with a legend in substantially the following form:

“THE SECURITIES OF THIS COMPANY REPRESENTED BY THIS CERTIFICATE MUST BE
ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR THE STATE SECURITIES LAWS OF ANY STATE.
WITHOUT SUCH
REGISTRATION, SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR
OTHERWISE TRANSFERRED AT ANY TIME WHATSOEVER, EXCEPT UPON DELIVERY TO
THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED FOR SUCH TRANSFER AND/OR THE SUBMISSION TO
THE COMPANY OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE COMPANY
TO THE EFFECT THAT ANY SUCH TRANSFER WILL NOT BE IN VIOLATION OF THE
SECURITIES ACT OF 1933 AND/OR APPLICABLE STATE SECURITIES LAWS, AND/OR
ANY RULE OR REGULATION PROMULGATED THEREUNDER.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A
STOCKHOLDERS’ AGREEMENT DATED AS OF DECEMBER 3, 2010 AMONG THE ISSUER OF
SUCH SECURITIES (THE “COMPANY”), AND THE OTHER PARTIES NAMED THEREIN.
THE TERMS OF SUCH STOCKHOLDERS’ AGREEMENT

18

 

INCLUDE, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFER. A COPY OF
SUCH AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE
HOLDER HEREOF UPON WRITTEN REQUEST.”

     (c) The Holder of any shares of Common Stock and/or Preferred Stock by acceptance
thereof agrees, prior to any Disposition of any such shares, to give written notice to the Company
of such Holder’s intention to effect such Disposition and to comply in all other respects with the
provisions of this Section. Each such notice shall describe the manner and circumstances of the
proposed Disposition. Upon request by the Company, the Holder delivering such notice shall deliver
a written opinion, addressed to the Company, of counsel for the Holder of such shares, stating that
in the opinion of such counsel (which opinion and counsel shall be reasonably satisfactory to the
Company) such proposed Disposition does not involve a transaction requiring registration or
qualification of such shares under the Securities Act. Such Holder of such shares shall be entitled
to Dispose of such shares in accordance with the terms of the notice delivered to the Company, if
the Company does not reasonably object to such Disposition and request such opinion within fifteen
(15) days after delivery of such notice, or, if it requests such opinion, does not reasonably
object to such Disposition within fifteen (15) days after delivery of such opinion. Each
certificate or other instrument evidencing the securities issued upon the Disposition of any shares
of Common Stock or Preferred Stock shall bear the legend set forth in paragraph (b) above unless
(i) in such opinion of counsel to the Holder of such shares (each of which opinion and counsel
shall be reasonably acceptable to the Company) registration of any future Disposition is not
required by the applicable provisions of the Securities Act or (ii) the Company shall have waived
the requirement of such legends.

     (d) Notwithstanding the foregoing provisions of this Section 3.3, the restrictions
imposed by this Section 3.3 upon the transferability of any shares of Common Stock or
Preferred Stock shall cease and terminate (i) when any such shares are sold or otherwise disposed
of (A) pursuant to an effective registration statement under the Securities Act or (B) in a
transaction contemplated by paragraph (c) above which does not require that the shares so
transferred bear the legend set forth in paragraph (b) hereof, (ii) when the Holder of such shares
has met the requirements for Disposition of such shares under Rule 144(b)(1) under the Securities
Act (subject to the delivery of opinions as set forth above) or (iii) upon the expiration of the
period of time in which IPC has agreed not to sell publicly, make any short sale of, grant any
option for the purchase of, or otherwise dispose publicly of, any Capital Stock of the Company
following the consummation of a Qualified Public Offering; provided, however, that
the period of time in the preceding clause (iii) shall not exceed 180 days (subject to extension in
connection with any earnings release or other release of material

19

 

information pursuant to FINRA Rule 2711(f) to the extent applicable) unless a longer period of
time has become market practice at the time of the registration of securities related thereto.
Whenever the restrictions imposed by this Section 3.3 shall terminate, the Holder of any
shares as to which such restrictions have terminated shall be entitled to receive from the Company,
without expense, a new certificate not bearing the restrictive legend set forth in paragraph (b)
above and not containing any other reference to the restrictions imposed by this Section.

     Section 4. Registration Rights.

          (a) Demand Registration.

     (i) Right to Demand; Demand Notices. Subject to the provisions of this
Section 4(a) at any time and from time to time after the date hereof, IPC and
Affiliates of IPC may make up to six written requests to the Company for registration
under and in accordance with the provisions of the Securities Act of all or part of their
shares of Common Stock or Preferred Stock. All requests made pursuant to this Section will
specify the aggregate amount of Registrable Securities to be registered and will also
specify the intended methods of disposition thereof (a “Demand Notice”). Subject
to Section 4(a)(ii), promptly upon receipt of any such Demand Notice, the Company
will notify each Non-IPC Holder of its intent to register the Registrable Securities and
the Company shall use its commercially reasonable best efforts to effect within 180 days
such registration under the Securities Act of the Registrable Securities which the Company
has been so requested to register. Subject to the provisions of this Section 4(a),
each Non-IPC Holder shall be permitted to participate in any Demand Registration initiated
by IPC and Affiliates of IPC by delivery of written notice to the Company within 30 days
of receiving notice from the Company of the Demand Notice specifying the aggregate number
of Registrable Securities such Non-IPC Holder desires to have registered. Each Non-IPC
Holder seeking registration of any Registrable Securities shall be treated on a pan passu
basis with IPC and Affiliates of IPC.

     (ii) Company’s Right to Defer Registration. If the Company is requested
to effect a Demand Registration and the Company furnishes to IPC and Affiliates of IPC a
copy of a resolution of the Board certified by the secretary of the Company stating that
in the good faith judgment of the Board it would be materially adverse to the Company for
such Registration Statement to be filed on or before the date such filing would otherwise
be required hereunder, the Company shall have the right to defer such filing for a period
of not more than ninety (90) days after receipt of the request for such registration from
IPC and Affiliates of IPC. If the Company shall so postpone the filing of a Registration
Statement and if IPC and Affiliates of IPC within thirty (30) days after receipt of the
notice

20

 

of postponement advises the Company in writing that it has determined to withdraw such request for
registration, then such Demand Registration shall be deemed to be withdrawn, with respect to any
Registrable Securities of IPC and Affiliates of IPC and any participating Non-IPC Holders.

     (iii) Registration Statement Form. Registrations under this Section 4
shall be on such appropriate registration form of the Commission (i) as shall be selected by the
Company and as shall be reasonably acceptable to IPC and (ii) as shall permit the disposition of
such Registrable Securities in accordance with the intended method or methods of disposition
specified in Demand Notice of IPC and Affiliates of IPC. If, in connection with any registration
under this Section 4 which is proposed by the Company to be on Form S-3 or any successor
form, the managing underwriter, if any, shall advise the Company in writing that in its opinion the
use of another permitted form is of material importance to the success of the offering, then such
registration shall be on such other permitted form.

     (iv) Effective Registration Statement. The Company shall be deemed to have
effected a Demand Registration if (a) the Registration Statement relating to such Demand
Registration is declared effective by the Commission; provided, however, that no
Demand Registration shall be deemed to have been effected if (i) such registration, after it has
become effective, is interfered with by any stop order, injunction or other order or requirement of
the Commission or other governmental agency or court by reason of an act or omission by the Company
and such interference is not cured within twenty (20) business days, or (ii) the conditions to
closing specified in the purchase agreement or underwriting agreement entered into in connection
with such registration are not satisfied because of an act or omission by the Company (other than a
failure of the Company or any of its representatives to execute or deliver any closing certificate
by reason of facts or circumstances not within the control of the Company or such representatives),
or (b) at any time after IPC and Affiliates of IPC delivers a Demand Notice to the Company and
prior to the effectiveness of the Registration Statement, the preparation of such Registration
Statement is discontinued or such Registration Statement is withdrawn or abandoned at the request
of IPC and Affiliates of IPC (other than as contemplated by Section 4(a)(ii)) unless IPC
and Affiliates of IPC have elected to pay and has paid to the Company in full the Registration
Expenses in connection with such Registration Statement.

     (v) Underwriter’s Cutback. If the managing underwriter informs the Company in
writing that the inclusion of all such Registrable Securities proposed to be included in such
Demand Registration would adversely affect the successful marketing (including pricing, timing and

21

 

distribution) of the Registrable Securities to be offered thereby, then the number
of Registrable Securities proposed to be included in such registration shall be
allocated among the Company, IPC, Affiliates of IPC and all selling Non-IPC Holders
of the Company proportionately, such that the number of Registrable Securities that
each such Person shall be entitled to sell in the Public Offering shall be included
in the following order:

     (A) first, the Registrable Securities held by the Persons requesting
their Registrable Securities be included in such registration pursuant to
the terms of this Section 4(a), pro rata based upon the
number of Registrable Securities requested to be included by such Person
in the registration; and

     (B) second, the Registrable Securities to be issued and sold by the
Company in such registration.

Notwithstanding anything to the contrary set forth in this Section 4(a)(v), if the managing
underwriter for an Underwritten Offering informs the Company in writing that the inclusion of all
Registrable Securities proposed to be included in any registration by any particular Management
Holder would adversely affect the successful marketing (including pricing, timing and distribution)
of the Registrable Securities to be offered thereby, then the number of Registrable Securities
proposed to be included in such registration by such Management Holder shall be reduced to the
lower of the number of Registrable Securities that the managing underwriter advises that such
Management Holder may sell in the Underwritten Offering and the number of Registrable Securities
calculated pursuant to the foregoing.

     (vi) Selection of Underwriters. Notwithstanding any other
provision herein, IPC shall have sole discretion to select any and all underwriters
that may participate in any Underwritten Offering pursuant to this Section
4(a)(vi).

          (b) Piggyback Registration.

     (i) If the Company at any time proposes for any reason to register
shares of Common Stock or Preferred Stock under the Securities Act (other than on
Form S-4 or Form S-8 promulgated under the Securities Act or any successor forms
thereto) on behalf of itself or any other Person (other than on behalf of a Holder
pursuant to Section 4(a) above), it shall give written notice to each
Holder of its intention to so register such Registrable Securities (an “Initial
Notice”) as soon as practicable and in any event at least 30 days before the
filing of such Registration Statement. Upon the written request of any Holder (a
“Piggyback Notice”), delivered within 20 days after receipt of any such
notice (or 5 days if the Company gives telephonic notice with written confirmation
to follow promptly

22

 

thereafter, stating that (i) such registration will be on Form S-3 and (ii) such
shorter period of time is required), to include in such registration Registrable
Securities designated by such Holder (which request shall specify the number of
Registrable Securities proposed to be included in such registration), the Company
shall use its commercially reasonable best efforts to cause all such Registrable
Securities to be included in such registration on the same terms and conditions as
the securities otherwise being sold in such registration; subject to the
limitations set forth in Section 4(b)(ii).

     (ii) Underwriter’s Cutback. If the managing underwriter informs
the Company in writing that the inclusion of all such Registrable Securities
proposed to be included in such Piggyback Registration would adversely affect the
successful marketing (including pricing, timing and distribution) of the
Registrable Securities to be offered thereby, then the number of Registrable
Securities proposed to be included in such registration shall be allocated among
the Company and all selling Holders of the Company proportionately, such that the
number of Registrable Securities that each such Person shall be entitled to sell in
the Public Offering shall be included in the following order:

     (A) first, the Registrable Securities to be issued and sold by the
Company for its own account in such registration; and

     (B) second, the Registrable Securities requested to be included in
such registration pursuant to the terms of this Section 4(b) and
Section 4(i)(y), pro rata based upon the number of
Registrable Securities requested to be included by such Person in the
registration; and

     (C) third, all other Registrable Securities not covered by the
preceding clause (B) requested to be included in such registration, pro
rata based upon the number of Registrable Securities owned by the holders
thereof at the time of registration.

Notwithstanding anything to the contrary set forth in this Section 4(b)(ii), if the
managing underwriter for an Underwritten Offering informs the Company in writing that the inclusion
of all Registrable Securities proposed to be included in any registration by any particular
Management Holder would adversely affect the successful marketing (including pricing, timing and
distribution) of the Common Stock or Preferred Stock to be offered thereby, then the number of
Registrable Securities proposed to be included in such registration by such Management Holder shall
be reduced to the lower of the number of Registrable Securities that the managing underwriter
advises that such Management Holder may sell in the Underwritten Offering and the number of
Registrable Securities calculated pursuant to the foregoing.

23

 

     (iii) Company Control. The Company may decline to file a Registration
Statement after an Initial Notice has been given or after receipt by the Company of a
Piggyback Notice, and the Company may withdraw a Registration Statement after filing and
after such Initial Notice or Piggyback Notice, but prior to the effectiveness of the
Registration Statement, provided that the Company shall promptly notify the Holders in
writing of any such action.

     (iv) Selection of Underwriters. Notwithstanding any other provision
herein, IPC shall have sole discretion to select any and all underwriters that may
participate in any Underwritten Offering pursuant to this Section 4(b).

     (c) Registrations on Form S-3. Notwithstanding anything contained in this Agreement to
the contrary, at such time as the Company shall have qualified for the use of Form S-3 promulgated
under the Securities Act or any successor form thereto, IPC and the Holders shall have the right to
request in writing an unlimited number of registrations on Form S-3, or such successor form, of
Registrable Securities, which request or requests shall (i) specify the number of Registrable
Securities intended to be sold or disposed of and (ii) state the intended method of disposition of
such Registrable Securities, and upon receipt of such request, the Company shall use its best
efforts promptly to effect the registration under the Securities Act of the Registrable Securities
so requested to be registered; provided, however, that in the case of all requests,
such request is made for Registrable Securities of at least $7,500,000. A requested registration on
Form S-3, or any such successor form, in compliance with this Section 4 shall not count as
a registration statement initiated pursuant to Section 4(a) but shall otherwise be treated
as a registration initiated pursuant to, and shall, except as otherwise expressly provided herein,
be subject to the other provisions of, this Section 4.

     (d) Preparation and Filing. If and whenever the Company is under an obligation
pursuant to the provisions of this Agreement to effect the registration of any Registrable
Securities, the Company shall, as expeditiously as practicable:

     (i) use its commercially reasonable best efforts to cause a Registration
Statement that registers such Registrable Securities to become and remain effective for a
period of 90 days or until all of such Registrable Securities have been disposed of (if
earlier);

     (ii) furnish, at least five business days before filing a Registration Statement
that registers such Registrable Securities, a Prospectus relating thereto or any amendments
or supplements relating to such Registration Statement or Prospectus, to one counsel
selected by the Holders of a majority of such Registrable Securities (the “Selling
Holders’ Counsel”), copies of all such documents proposed to be filed (it being

24

 

understood that such five-business-day period need not apply to successive drafts of the same
document proposed to be filed so long as such successive drafts are supplied to the Selling
Holders’ Counsel in advance of the proposed filing by a period of time that is customary and
reasonable under the circumstances);

     (iii) prepare and file with the Commission such amendments and supplements to such
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep
such Registration Statement effective for at least a period of 90 days or until all of such
Registrable Securities have been disposed of (if earlier) and to comply with the provisions of the
Securities Act with respect to the sale or other disposition of such Registrable Securities;

     (iv) notify in writing the Selling Holders’ Counsel promptly of the receipt by the
Company of any notification with respect to (a) any comments by the Commission with respect to such
Registration Statement or Prospectus or any amendment or supplement thereto or any request by the
Commission for the amending or supplementing thereof or for additional information with respect
thereto, (b) the issuance by the Commission of any stop order suspending the effectiveness of such
Registration Statement or Prospectus or any amendment or supplement thereto or the initiation or
threatening of any proceeding for that purpose and (c) the suspension of the qualification of such
Registrable Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purposes;

     (v) use its commercially reasonable best efforts to (i) register or qualify such
Registrable Securities under such other securities or blue sky laws of such jurisdictions as the
holders of Registrable Securities reasonably request, (ii) keep such registration or qualifications
in effect for so long as such registration statement remains in effect or until all Registrable
Securities covered thereby have been disposed of pursuant thereto, and (iii) do any and all other
acts and things which may be reasonably necessary or advisable to enable such Holders of
Registrable Securities to consummate their disposition in such jurisdictions; provided,
however, that the Company will not be required to qualify generally to do business, subject
itself to general taxation or consent to general service of process in any jurisdiction where it
would not otherwise be required to do so but for this paragraph (v);

     (vi) furnish to each Holder of Registrable Securities such number of copies of a summary
Prospectus or other Prospectus, including a preliminary Prospectus, in conformity with the
requirements of the Securities Act, and such other documents as such Holders may reasonably

25

 

request in order to facilitate the public sale or other disposition of such Registrable Securities;

     (vii) without limiting subsection (v) above, use its commercially reasonable best
efforts to cause such Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the business and operations
of the Company to enable the Holders of such Registrable Securities to consummate the disposition
of such Registrable Securities;

     (viii) notify the Holders of such Registrable Securities promptly and confirm such advice
in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to a registration statement or any post-effective amendment, when the same
has become effective, (ii) of any request by the Commission for amendments or supplements to a
Registration Statement or related Prospectus or for additional information, (iii) of the issuance
by the Commission of any stop order suspending the effectiveness of a registration statement or the
initiation of any proceedings for that purpose, (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification of any of the registered
securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose, (v) of the occurrence of any event or information becoming known which requires the making
of any changes in a Registration Statement or related Prospectus so that such documents will not
contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading and (vi) of the Company’s
reasonable determination that a post-effective amendment to a registration statement would be
appropriate;

     (ix) give the Selling Holders’ Counsel the opportunity (but not the obligation) to
participate in the preparation of each Registration Statement under the Securities Act pursuant to
this Agreement, each Prospectus included therein or filed with the Commission and, to the extent
practicable, each amendment thereof or supplement thereto, and make available for inspection by the
Holders of such Registrable Securities, the Selling Holders’ Counsel or any underwriter
participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other agent retained by any such holder or underwriter (collectively, the
“Inspectors”), all pertinent financial and other records, pertinent corporate documents and
properties of the Company (collectively, the “Records”), as shall be reasonably necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers,
directors and employees to supply all information (together with the Records, the
“Information”) reasonably requested by

26

 

any such Inspector in connection with such Registration Statement. Any of the Information which the
Company determines in good faith to be confidential, and of which determination the Inspectors are
so notified, shall not be disclosed by the Inspectors unless (a) the disclosure of such Information
is necessary to avoid or correct a misstatement or omission in the Registration Statement, (b) the
release of such Information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction or (c) such Information has been made generally available to the public. The
Persons holding such Registrable Securities agree that they will, upon learning that disclosure of
such Information is sought in a court of competent jurisdiction, give notice to the Company and
allow the Company, at the Company’s expense, to undertake appropriate action to prevent disclosure
of the Information deemed confidential;

     (x) in the case of an underwritten offering, use its reasonable best efforts to obtain
from its independent certified public accountants “comfort” letters in customary form and at
customary times and covering matters of the type customarily covered by comfort letters;

     (xi) in the case of an underwritten offering, use its reasonable best efforts to obtain
from its counsel an opinion or opinions in customary form;

     (xii) provide a transfer agent and registrar (which may be the same entity and which may
be the Company) for such Registrable Securities;

     (xiii) issue to any underwriter to which any seller of Registrable Securities may sell
shares in such offering certificates evidencing such Registrable Securities;

     (xiv) upon the request of Holders of a majority of such Registrable Securities, list such
Registrable Securities on any national securities exchange on which any shares of the Common Stock
or Preferred Stock are listed or, if the Common Stock or Preferred Stock is not listed on a
national securities exchange, use its best efforts to qualify such Registrable Securities for
inclusion on such national securities exchange as the requesting Holders shall designate;

     (xv) otherwise use its best efforts to comply with all applicable rules and regulations of
the Commission and make available to its securityholders, as soon as reasonably practicable,
earnings statements (which need not be audited) covering a period of 12 months beginning within
three months after the effective date of the Registration Statement, which earnings statements
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; and

27

 

     (xvi) cooperate and assist in any filings required to be made with FINRA
and in the performance of any due diligence investigation by any underwriter (including
any “qualified independent underwriter” that is required to be retained in accordance with
the rules and regulations of FINRA);

     (xvii) subject to all the other provisions of this Agreement, use its commercially
reasonable best efforts to take all other steps necessary to effect the registration of
such Registrable Securities contemplated hereby.

     (e) Registration Expenses. All expenses incident to the Company’s performance of
or compliance with this Section 4, including without limitation (i) all registration and
filing fees, and any other fees and expenses associated with filings required to be made with any
stock exchange, the Commission and FINRA (including, if applicable, the fees and expenses of any
“qualified independent underwriter” and its counsel as may be required by the rules and regulations
of FINRA), (ii) all fees and expenses of compliance with state securities or blue sky laws
(including fees and disbursements of counsel for the underwriters or selling Holders in connection
with blue sky qualifications of the Registrable Securities and determination of their eligibility
for investment under the laws of such jurisdictions as the managing underwriters or the selling
Holders may designate), (iii) all printing and related messenger and delivery expenses (including
expenses of printing certificates for the Registrable Securities in a form eligible for deposit
with The Depository Trust Company and of printing prospectuses, all fees and disbursements of
counsel for the Company and of all independent certified public accountants of the issuer
(including the expenses of any special audit and “cold comfort” letters required by or incident to
such performance), (iv) Securities Act liability insurance if the Company so desires or the
underwriters so require, (v) all fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange and all rating agency fees, (vi) all reasonable
fees and disbursements of Selling Holders’ Counsel representing such Persons in connection with
such registration, (vii) all fees and disbursements of underwriters customarily paid by the issuer
or sellers of securities, excluding underwriting discounts and commissions and transfer taxes, if
any, and fees and disbursements of counsel to underwriters (other than such fees and disbursements
incurred in connection with any registration or qualification of Registrable Securities under the
securities or blue sky laws of any state), and (viii) fees and expenses of other Persons retained
by the Company in connection with the registrations or qualifications of Registrable Securities
(all such expenses being herein called “Registration
Expenses”), will be borne by the Company,
regardless of whether the Registration Statement becomes effective; provided, however, that in no
event will Registration Expenses include any underwriting discounts, commissions or fees
attributable to the sale of Registrable Securities. In addition, the Company will, in any event,
pay its internal expenses (including, without limitation, all salaries and expenses of its officers
and employees performing legal

28

 

or accounting duties), the expense of any audit and the fees and expenses of any
Person, including special experts, retained by the Company.

     (f) Lock-Up. If the Company at any time shall register shares of Common Stock or
Preferred Stock under the Securities Act for sale to the public, no Non-IPC Holder shall sell
publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose
publicly of, any capital stock of the Company without the prior written consent of the Company, for
the period of time in which IPC has similarly agreed not to sell publicly, make any short sale of,
grant any option for the purchase of, or otherwise dispose publicly of, any capital stock of the
Company; provided, however, that such period of time shall not exceed 180 days in
the case of an initial public offering, or 90 days in the case of any subsequent offering (subject,
in each case, to extension in connection with any earnings release or other release of material
information pursuant to FINRA Rule 2711(f) to the extent applicable) unless a longer period of
time has become market practice at the time of such registration.

     (g) Participation in Underwritten Offerings. No Person may participate in any
Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on
the basis provided in any underwriting arrangements approved by the Persons entitled to approve
such arrangements and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements, lock-ups and other documents required under applicable
federal and state securities laws and regulations for such underwriting arrangements. Nothing in
this Section 4(g) shall be construed to create any additional rights regarding the
registration of Registrable Securities in any Person otherwise than as set forth herein.

     (h) Indemnification.

     (i) Indemnification by the Company. The Company agrees to indemnify
and hold harmless, to the full extent permitted by law, each selling Holder and its
Affiliates and their respective members, partners, managers, agents, officers, directors
and employees and each Person who controls (within the meaning of the Securities Act or
the Exchange Act) such selling Holder against any losses, claims, damages, liabilities and
expenses (or actions in respect thereof) that arise out of or are based on any untrue or
alleged untrue statement of a material fact contained in any Registration Statement,
Disclosure Package, Prospectus, preliminary Prospectus or Free Writing Prospectus or any
omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as the
same may be caused by or contained in any information furnished in writing to the Company
by such selling Holder for use therein. The Company will also indemnify underwriters,
selling brokers, dealer managers and similar securities industry professionals
participating in the

29

 

distribution, their officers and directors and each Person who controls such Persons (within the
meaning of the Securities Act and the Exchange Act) to the same extent as provided above with
respect to the indemnification of the selling Holder, if requested. These indemnities shall be in
addition to any liability which the Company may otherwise have.

     (ii) Indemnification by Selling Holders. Each selling Holder agrees to,
severally but not jointly, indemnify and hold harmless, to the full extent permitted by law, the
Company, each other selling Holder and their Affiliates and their respective members, partners,
managers, agents, directors and officers and each Person who controls the Company (within the
meaning of the Securities Act or the Exchange Act) against any losses, claims, damages or
liabilities and expenses (or actions in respect thereof) caused by any untrue or alleged untrue
statement of a material fact contained in any Registration Statement or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, to the extent, but only to the extent, that such untrue
statement or omission is contained in any information furnished in writing to the Company by such
selling Holder expressly for inclusion in such Registration Statement, Prospectus or preliminary
Prospectus. In no event shall the liability of any selling Holder hereunder be greater in amount
than the dollar amount of the net proceeds received by such selling Holder upon the sale of the
securities giving rise to such indemnification obligation. The Company shall be entitled to receive
indemnities from underwriters, selling brokers, dealer managers and similar securities industry
professionals participating in the distribution, to the same extent as provided above with respect
to information so furnished in writing by such Persons specifically for inclusion in any Prospectus
or Registration Statement.

     (iii) Conduct of Indemnification Proceedings. Any Person entitled to
indemnification hereunder will (a) give prompt (but in any event within 20 days after such Person
has actual knowledge of the facts constituting the basis for indemnification) written notice to the
indemnifying party of any claim with respect to which it seeks indemnification and (b) permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party; provided, however, that any delay or failure to so notify the
indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the
extent, if at all, that it is prejudiced by reason of such delay or failure; provided
further, however that any Person entitled to indemnification hereunder shall have
the right to select and employ separate counsel and to participate in the defense of such claim,
but the fees and expenses of such counsel shall be at the expense of such Person unless (x) the
indemnifying party has agreed in writing to pay such

30

 

fees or expenses, (y) the indemnifying party shall have failed to assume the defense of such claim
within a reasonable time after receipt of notice of such claim from the Person entitled to
indemnification hereunder and employ counsel reasonably satisfactory to such Person or (z) in the
reasonable judgment of any such Person, based upon advice of counsel, a conflict of interest may
exist between such Person and the indemnifying party, or any other indemnified party, with respect
to such claims (in which case, if the Person notifies the indemnifying party in writing that such
Person 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 claim on behalf of such Person). The
indemnifying party will not be subject to any liability for any settlement made without its consent
(but such consent will not be unreasonably withheld), provided that an indemnified party
shall not be required to consent to any settlement involving the imposition of equitable remedies
or involving the imposition of any material obligations on such indemnified party other than
financial obligations for which such indemnified party will be indemnified hereunder. No
indemnifying party will be required to consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect to such claim or
litigation. Whenever the indemnified party or the indemnifying party receives a firm offer to
settle a claim for which indemnification is sought hereunder, it shall promptly notify the other of
such offer. If the indemnifying party refuses to accept such offer within 20 business days after
receipt of such offer (or of notice thereof), such claim shall continue to be contested and, if
such claim is within the scope of the indemnifying party’s indemnity contained herein, the
indemnified party shall be indemnified pursuant to the terms hereof. If the indemnifying party
notifies the indemnified party in writing that the indemnifying party desires to accept such offer,
but the indemnified party refuses to accept such offer within 20 business days after receipt of
such notice, the indemnified party may continue to contest such claim and, in such event, the total
maximum liability of the indemnifying party to indemnify or otherwise reimburse the indemnified
party hereunder with respect to such claim shall be limited to and shall not exceed the amount of
such offer, plus reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees
and, disbursements) to the date of notice that the indemnifying party desires to accept such offer,
provided that this sentence shall not apply to any settlement of any claim involving the
imposition of equitable remedies or to any settlement imposing any material obligations on such
indemnified party other than financial obligations for which such indemnified party will be
indemnified hereunder. 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

31

 

expenses of more than one counsel for all parties indemnified by such indemnifying party with
respect to such claim in any one jurisdiction, unless in the written opinion of counsel to the
indemnified party, reasonably satisfactory to the indemnifying party, use of one counsel would be
expected to give rise to a conflict of interest between such indemnified party and any other of
such indemnified parties with respect to such claim, in which the indemnifying party shall be
obligated to pay the fees and expenses of one additional counsel.

     (iv) Other Indemnification. Indemnification similar to that specified in this
Section 4(h) (with appropriate modifications) shall be given by the Company and each
selling Holder with respect to any required registration or other qualification of securities under
Federal or state law or regulation of governmental authority, in addition to the Securities Act.

     (v) Contribution. If for any reason the indemnification provided for in the
preceding clauses (i) and (ii) is unavailable to an indemnified party or insufficient to hold it
harmless as contemplated by the preceding clauses (i) and (ii), then the indemnifying party shall
contribute to the amount paid or payable by the indemnified party as a result of such loss, claim,
damage or liability in such proportion as is appropriate to reflect not only the relative benefits
received by the indemnified party and the indemnifying party, but also the relative fault of the
indemnified party and the indemnifying party, as well as any other relevant equitable
considerations. The parties agree that it would not be just and equitable if contribution pursuant
to this Section 4(h) were determined by pro rata allocation (even if the Holders of Registrable
Securities or any agents or underwriters or all of them were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to above in this Section 4(h)(v). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect
thereof) shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. No
selling Holder shall be required to contribute in an amount greater than the dollar amount of the
net proceeds received by such selling Holder with respect to the sale of any securities. For the
purposes of this Section 4, each Person who controls any Holder of Registrable Securities, agent or
underwriter within the meaning of either the Securities Act of the Exchange Act shall have the same
rights to contribution as such Holder. 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.

32

 

     (i) Other Registration Rights. Except as provided herein, the Company
represents and warrants, as of the date hereof, that it is not a party to, or otherwise subject to,
any other agreement granting registration rights to any other Person with respect to any Common
Stock or Preferred Stock. Without the prior written consent of a majority (based on ownership of
Common Stock) of the Executive Management Holders, the Company (x) will not provide any Person who
owns 5% or less of the Capital Stock demand registration rights (except as set forth in Section
4(a)) and (y) may provide any Person who owns 5% or more of the Capital Stock demand
registrations rights so long as the Management Holders are provided a piggyback right to permit
Management Holders the right to include their Registrable Securities in a registration as a result
of the exercise of any such demand registration right, subject to qualifications substantially
similar to Section 4(b).

     (j) Rule 144 Compliance Information. With a view to making available to the
Holders of Registrable Securities the benefits of Rule 144 promulgated under the Securities Act,
the Company covenants that it will, following an initial public offering, make available
information necessary to comply with Rule 144, all to the extent required from time to time to
enable such Holder to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144.

     Section 5. Repurchase Rights.

     (a) Company Repurchase Right. The Company (or a designee of the Company) shall
have the right to repurchase shares of Common Stock (including, for the avoidance of doubt, any
Common Stock issued upon exercise of any Options) and Preferred Stock held by any Management Holder
after the termination of employment of such Management Holder.

     (i) This Section 5(a)(i) applies with respect to Common Stock or
Preferred Stock acquired by a Management Holder through the execution of a subscription
agreement (which, for the avoidance of doubt, excludes any Common Stock issued upon
exercise of any Options). Upon the termination of employment of a Management Holder, the
Company (or its designee) shall be permitted, in its sole discretion, to purchase all, but
not less than all, of the Management Holder’s shares of Common Stock and Preferred Stock at
a per share purchase price equal to the Fair Market Value; provided,
however, that in the event such Management Holder was terminated by the Company for
Cause or such Management Holder terminated his employment (other than a Constructive
Termination if such Management Holder is an Executive Management Holder) within 24 months
of the date hereof, the Company (or its designee) shall be permitted, in its sole
discretion, to purchase all, but not less than all, of the Management Holder’s shares of
Common Stock and Preferred Stock at a

33

 

per share purchase price equal to the lower of the Original Cost and the Fair Market
Value.

     (ii) This Section 5(a)(ii) applies with respect to any Common Stock
issued upon exercise of any Options by the Management Holder. In the case of (x) a
termination of employment by any Management Holder (other than (I) non-renewal of the
applicable employment agreement, retirement, death, disability or (II) a Constructive
Termination if the Management Holder is an Executive Management Holder) or (y) a
termination of employment of any Management Holder by the Company for Cause, the Company
(or its designee) shall be permitted, in its sole discretion, to purchase all, but not
less than all, of the Management Holder’s shares of Common Stock and Preferred Stock at a
per share purchase price equal to the lower of the Original Cost and the Fair Market
Value. In the case of a termination of employment of a Management Holder other than as set
forth in the preceding sentence, the Company (or its designee) shall be permitted, in its
sole discretion, to purchase all, but not less than all, of the Management Holder’s shares
of Common Stock and Preferred Stock at a per share purchase price equal to the Fair Market
Value.

     (iii) Notwithstanding the foregoing, if (x) within 6 months after the Management
Holder’s termination without Cause, non-renewal of the applicable employment agreement,
retirement, death, disability or, if the Management Holder is an Executive Management
Holder, Constructive Termination, a Realization Event occurs and (y) the Preferred Shares
and Common Shares owned by such Management Holder (including any shares issued upon
exercise of any vested options held by such Management Holder) shall have been repurchased
by the Company (or its designee), the Company will pay or cause to be paid to such
Management Holder the excess, if any, of the net proceeds that would have been received by
such Management Holder in such sale transaction if the Company did not repurchase such
Management Holder’s shares over the purchase price actually paid to such Management Holder
by the Company pursuant to the exercise of the repurchase rights hereunder.

     (b) Time to Exercise. The Company (or a designee of the Company) shall give
notice in writing to the applicable Management Holder of its intention to purchase the Management
Holder’s shares pursuant to this Section 5 within the later of (i) 120 days or (ii) 60 days
after the issuance of any Common Stock upon exercise of any options. In the event that the
Management Holder disputes the value of Fair Market Value as provided in the definition of the
“Fair Market Value,” and the final determination of Fair Market Value by the Independent Appraiser
is 25% or more than the initial Fair Market Value determined by the Board, then the Company (or a
designee of the Company) may revoke its

34

 

intention to purchase such Management Holder’s shares pursuant to this Section 5.

     (c) Form of Payment. The Company (or its designee) shall pay such Management Holder
(or, if applicable, his estate) the purchase price pursuant to Section 5(a) in cash (by
wire transfer of immediately available funds or by certified or cashier’s check), except that:

     (i) if the payment of cash is restricted by covenants of any financing
agreement of the Company or its Subsidiaries or by applicable law, then the Company (or
its designee) may make the payment in the form of a subordinated promissory note at the
rate then applicable to the senior revolving credit facility of the Company or its
Subsidiaries and with a maturity date of the earliest of (x) the date of any Realization
Event or (y) the date the Company is no longer subject to such restriction or a
restriction with the same effect that prohibits such payment; and

     (ii) if such Management Holder was terminated for Cause, then the Company (or
its designee) may make the payment in the form of a subordinated promissory note at the
rate then applicable to the senior revolving credit facility of the Company or its
Subsidiaries and with a maturity at any Realization Event.

     (d) Closing. The closing of the purchase or sale of the shares of Common Stock and
shares of Preferred Stock pursuant to this Section 5 shall take place on a date no more
than 5 days after the latest of (i) the date Company has provided written notice of its intention
to exercise its rights under this Section 5, (ii) if the Management Holder has the
right to object to the determination of Fair Market Value, the date such Management Holder’s right
to object lapses and if the Management Holder has the right to object and does object, the date of
the final determination of Fair Market Value (but subject to the last sentence of Section
5(b)) or (iii) all necessary regulatory approvals are obtained. At such closing, such
Management Holder shall deliver to the Company the certificates or instruments evidencing the
Management Holder’s shares of Common Stock and Preferred Stock, duly endorsed (or accompanied by
duly executed stock powers) and otherwise in good form for delivery and free and clear of all liens
and the Company shall pay or caused to pay the purchase price in the form specified in 

Section
5(c).

     (e) Restrictions on Repurchase. Notwithstanding anything to the contrary contained in
this Agreement, all purchases of shares of Common Stock and shares of Preferred Stock by the
Company (or its designee) shall be subject to applicable restrictions contained in the DGCL. If any
restrictions imposed by agreements evidencing the Company’s indebtedness prevent or restrict the
purchase of the shares, the Company shall use its commercially reasonable best efforts to obtain a
waiver of such restrictions. In the event that shares of Common

35

 

Stock and shares of Preferred Stock are purchased or sold pursuant to this Section 5, the
Management Holder, and such Management Holder’s successors, assigns or representatives, will take
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.

     Section 6. Board of Directors.

     (a)
Number; Voting. The number of directors constituting the Board shall be fixed from
time to time by the Board in accordance with this Agreement and the Bylaws. Notwithstanding any
provision in the By-laws, the number of directors constituting the Board shall not be changed
without the consent of IPC. At each annual meeting of the Holders, and at each special meeting of
the Holders called for the purpose of electing directors of the Company, and at any time at which
the Holders shall have the right to, or shall, vote for, or consent in writing to, the election of
directors of the Company, then, and in each such event, the Holders shall vote all of the shares of
Common Stock owned by them or their Affiliates for, or consent in writing with respect to such
shares in favor of, the election of the directors designated by IPC
(the “IPC Directors” and
individually, each a “IPC Director”).

     (b) Removal and Vacancies. Subject to the next sentence, the Holders shall vote their
shares of Common Stock (i) to remove any director whose removal is requested by IPC and (ii) to
fill any vacancy created by the removal, resignation or death of a director, in each case for the
election of a new director designated and approved, in accordance with the provisions of this
Section 6. Each of IPC Directors may only be removed by IPC. Vacancies on the Board shall
be filled only by IPC. In the event such party or parties fail to designate a director to fill any
such vacancy pursuant to this Section 6, such Board seat shall remain vacant until the
party or parties entitled to designate such director fills such vacancy pursuant to this
Section 6.

     (c) Voting Rights. The special and exclusive voting rights contained in Section
6(a) may be exercised either at a special meeting, at any annual or special meeting of the
Holders of the Company or by written consent in lieu of a meeting. The directors to be elected
pursuant to Section 6(a) shall serve for terms extending from the date of their election
and qualification until their successors shall have been elected and qualified in accordance with
Section 6(a).

     (d) Committees. Each committee established by the Board shall contain at least
one director that is employed by IPC or its Affiliate and designated by IPC as an “IPC
Required Director” (each, an “IPC Required Director”), unless otherwise approved by
IPC.

36

 

     (e) Quorum. A quorum of the Board or a committee of the Board shall consist of a
majority of the directors or committee members, as applicable, which in any case, must include at
least one IPC Required Director. A quorum must be present at all meetings of the Board or committee
of the Board (whether in person or by telephone, videoconference or otherwise) to conduct business.
A quorum must exist at all times during any meeting of the Board or committee of the Board,
including the reconvening of a meeting adjourned, in order for any action taken at such meeting to
be valid.

     (f) Voting. All decisions of the Board shall be made at a meeting of the Board, where
a quorum is present pursuant to Section 6(e), by a majority vote of the directors present
at such meeting which must include the affirmative vote of at least one IPC Required Director. All
decisions of a committee of the Board shall be made at a meeting of such committee, where a quorum
is present pursuant to Section 6(e), by a majority vote of the directors present at such
meeting which must include the affirmative vote of at least one IPC Required Director.

     Section 7.
Financial Statements; Access; Confidentiality.

     (a) If the Company and its Subsidiaries do not file periodic reports under the Exchange Act,
the Company shall deliver quarterly and annual financial statements to each Holder promptly
following the preparation and finalization thereof.

     (b) Until the consummation of a Qualified Public Offering, the Company shall afford any Holder
of at least five percent (5%) of the outstanding shares of Common Stock and its counsel and other
authorized representatives (collectively, “Authorized Representatives”) during normal
business hours the opportunity to (i) visit and inspect the assets and properties, (ii) examine
upon reasonable advance notice, the books of accounts and records of the Company and (iii) make
copies of such records and permit such Persons to discuss all aspects of the Company with any
officers, employees or accountants of the Company; provided, however, that such
investigation shall not unreasonably interfere with the operations of the Company. The Company will
instruct its accountants to discuss such aspects of the financial condition of the Company with any
such Holder and its representatives as such holder may reasonably request, and to permit such
holder and its representatives to inspect, copy and make extracts from such financial statements,
analyses, work papers and other documents and information (including electronically stored
documents and information) prepared by the accountants with respect to the Company as such Holder
may reasonably request. All costs and expenses incurred by such Holder and its representatives in
connection with exercising such rights of access shall be borne by such Persons, and all
out-of-pocket costs and expenses incurred by the Company in complying with any extraordinary
requests by such Holder and its representatives in connection with exercising such access rights
shall be borne by such Holder.

37

 

     (c) Each Non-IPC Holder hereby covenants and agrees that such Non-IPC Holder will
not, without the prior written consent of the Board, divulge, disclose or make accessible to any
other Person, firm, partnership, corporation or other entity for any reason whatsoever, any
Confidential Information pertaining to the business of the Company or IPC (or any of the Affiliates
of IPC that are engaged in the same business or businesses as the Company or any of the Affiliates
of the Company) or any group, division, Subsidiary or Affiliate of the Company (collectively, the
“Company Group”) except when required to do so by a court of competent jurisdiction, by any
governmental agency having supervisory authority over the business of the Company Group, or by any
administrative body or legislative body with jurisdiction to order such Holder to divulge, disclose
or make accessible such information. “Confidential Information” means non-public
information concerning financial data, strategic business plans, product development (or other
proprietary product data), customer lists, marketing plans, personnel information pertaining to
present and former employees of the Company Group and any other non-public, proprietary and
protected information of the Company Group or their customers. Nothing herein will prevent a
Non-IPC Holder from using information generally known to him or it or generally by Persons employed
in the industry of the Company and its Subsidiaries so long as it does not involve Confidential
Information.

     Section 8. Transactions with Affiliates.

     (a) Except for transactions contemplated by this Agreement, the Company will not, nor will it
permit any of its Subsidiaries to, directly or indirectly, enter into any transaction or agreement,
including without limitation the purchase, sale or exchange of property or the rendering of any
services, with IPC or any Affiliate thereof (other than the Company and its Subsidiaries and
Persons that are Affiliates of IPC solely as a result of being employees of the Company or its
Subsidiaries), except (i) pursuant to the Management Services Agreement, dated as of the date
hereof, between IPC Manager III, L.P. and the Company (the “Management Services
Agreement”), (ii) any agreement evidencing investments to be made by IPC or an Affiliate
thereof in respect of which the Management Holders are given preemptive or other participation
rights, (iii) the issuance of pro-rata dividends, distributions and redemptions, (iv) transactions
with portfolio companies of IPC that are in the ordinary course of business and on an arm’s length
terms, and if material, have been approved by a majority of disinterested directors of the Board,
(v) the payment of reasonable directors’ fees and expenses and the provision of customary
indemnification to directors and officers of the Company and its Subsidiaries, (vi) transactions
between the Company and its Subsidiary and IPC and its Affiliates contemplated by the Merger
Agreement or (vii) any other transaction approved by a majority of disinterested directors of the
Board.

     (b) IPC and the Company hereby acknowledge and agree that the Management Services Agreement
shall not be amended in a manner materially

38

 

adverse to the Non-IPC Holders without the consent of the holders of a majority of the
outstanding shares of Common Stock held by Holders other than IPC and Affiliates of IPC.

     Section 9. Preferred Stock Certificate of Designations.

          In the event the Company seeks to amend, eliminate, supplement or restate any of the terms of
the Preferred Stock (collectively, the “Amended Terms”) in connection with a sale of shares of
Preferred Stock by IPC in which the Non-IPC Holders are offered full pro rata tag-along rights (a
“Series A Sale”), the Company shall not amend, eliminate, supplement or restate such terms without
(i) obtaining the consent of the holders of a majority of the outstanding shares of Preferred Stock
acting in good faith prior to effectuating the Amended Terms and (ii) complying with the other
requirements of this Section 9. The Amended Terms may include, without limitation, (a)
modifications to the dividend rate or the ranking of the Preferred
Stock (provided,
however, that the dividend rate of any Retained Shares (as defined below) shall not be
increased), (b) the implementation of optional and/or mandatory redemption provisions on the
Preferred Stock and (c) the elimination or modification of the conversion rights of the Preferred
Stock. The Amended Terms, in the aggregate, may be favorable or adverse to the Company or to the
third party-buyer pursuant to a Series A Sale and may be implemented through an amendment to the
Restated Certificate, a reclassification or exchange of the Capital Stock or in any other manner
permitted by the DGCL; provided, however, that the terms of any shares of Preferred Stock
not sold in a Series A Sale (the “Retained Shares”) shall not be amended or supplemented
except as necessary to effectuate the Amended Terms in connection with a Series A Sale.
Notwithstanding anything to the contrary contained in this Section 9, the Amended Terms
shall not adversely affect the shares of Preferred Stock held by any Non-IPC Holder without
similarly affecting the shares of Preferred Stock held by all other Holders, unless (i) with
respect to Preferred Stock owned by an Executive Management Holder, such Executive Management
Holder consents to the Amended Terms and (ii) with respect to
Preferred Stock owned by any Non-IPC
Holder, a majority of the Non-IPC Holders (including, for the avoidance of doubt, Executive
Management Holders) consents to the Amended Terms (based on the number of shares of Preferred
Stock).

     Section 10. Voting Agreement.

     (a) Voting of the Shares. At any meeting of the stockholders of the
Company, however called, and in any action by consent of the stockholders of the Company
solely for the purpose of electing directors, each Management Holder hereby agrees to vote
his or her shares of Common Stock to elect the IPC Directors (and, when requested by IPC,
the removal of any director), and in connection therewith, to execute any documents which
are necessary in order to effectuate the foregoing, including the ability for the Company
or its nominees to vote such shares of Common Stock directly.

39

 

     (b) Proxy. Each Management Holder hereby revokes any and all prior
proxies or powers of attorney in respect of any of such Management Holder’s shares of
Common Stock and, to the extent such Management Holder fails to vote his Common Stock in
favor of the IPC Directors (and, when requested by IPC, the removal of any director),
constitutes and appoints the Company, or any nominee of the Company, with full power of
substitution and resubstitution, at any time during the Term, as its true and lawful
attorney and proxy (its “Proxy”), for and in its name, place and stead, and to vote each of
such shares of Common Stock as its Proxy to vote in favor of the IPC Directors (and, when
requested by IPC, the removal of any director), at every annual, special, adjourned or
postponed meeting of the stockholders of the Company, including the right to sign its name
(as stockholder) to any consent, certificate or other document relating to the Company that
the laws of the state of Delaware may permit or require with respect to any matter referred
to be voted on by the stockholders of the Company. THE FOREGOING PROXY AND POWER OF
ATTORNEY ARE IRREVOCABLE AND COUPLED WITH AN INTEREST THROUGHOUT THE TERM.

     Section 11. Notices.

          In the event a notice or other document is required to be sent hereunder to the Company or to
any Holder or the spouse or legal representative of a Holder, such notice or other document shall
be in writing and may be personally served, sent via email, facsimile, overnight courier or mail,
and if sent by mail, shall be sent by registered mail, return receipt requested (and by air mail in
the event the addressee is not in the continental United States), to the party entitled to receive
such notice or other document at the address, facsimile number or email address set forth on the
signatures pages of this Agreement, any Adoption Agreement or any joinder. Any such notice shall be
effective and deemed received if personally served, when served; if couriered, upon receipt; if via
email or facsimile, the date received if received prior to 5:00pm on a business day, otherwise the
next succeeding business day; and if by mail, three (3) days after proper deposit in the mails, but
actual notice shall be effective however and whenever received. The Company or any Holder or spouse
or their respective legal representatives may effect a change of address, email or facsimile number
for purposes of this Agreement by giving notice of such change to the Company, and the Company
shall, upon the request of any party hereto, notify such party of such change in the manner
provided herein. Until such notice of change of address is properly given, the addresses set forth
herein shall be effective for all purposes.

     Section 12. Representations and Warranties of the Company.

          As a material inducement to each Holder to enter into and to perform his obligations under
this Agreement, the Company represents and warrants to each Holder as of the date hereof as set
forth below.

40

 

     (a) The Company has all requisite power and authority to execute and deliver this
Agreement and any and all instruments necessary or appropriate in order to effectuate fully
the terms and conditions of this Agreement, and the transactions contemplated hereby. This
Agreement has been duly authorized by all necessary action (corporate or otherwise) on the
part of the Company and this Agreement has been duly executed and delivered by the Company
and constitutes the valid and legally binding obligation of the Company, enforceable in
accordance with its terms and conditions, subject, as to enforcement, to bankruptcy,
insolvency, reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles.

     (b) The execution, delivery and performance of this Agreement by the Company and the
consummation of the transactions contemplated hereby shall not (a) violate any law
applicable to the Company or any of its assets or (b) conflict with, or result in any
breach of, any of the terms, conditions or provisions of, or constitute (with due notice or
lapse of time, or both) a default or give rise to any right of termination, cancellation or
acceleration, or result in the creation of any encumbrance (x) upon any of the Company’s
assets or (y) under any provision of (i) the Company’s certificate of incorporation or
bylaws, (ii) any permit or (iii) any other material contract to which the Company is a
party or by which its assets is or may be bound. The Company has not been and is not
required to give any notice to, or make any filing with, any governmental authority or any
other Person, or obtain any permit, in each case, for the valid execution, delivery and
performance by the Company.

     Section 13. Representations and Warranties of the Holders.

          As a material inducement to the Company to enter into and perform its obligations under this
Agreement, each Holder represents and warrants to the Company as of the date hereof as set forth
below.

     (a) The Holder has all requisite power and authority to execute and deliver this
Agreement and any and all instruments necessary or appropriate in order to effectuate fully
the terms and conditions of this Agreement and to perform and consummate such Holder’s
obligations hereunder. This Agreement and the performance of the Holder’s obligations
hereunder, have been duly authorized by all requisite action on the part of the Holder, and
this Agreement has been duly and validly executed and delivered by the Holder and
constitutes a valid and legally binding obligation of the Holder, enforceable against the
Holder in accordance with its terms and conditions, except as enforceability thereof may be
limited by any applicable bankruptcy, reorganization, insolvency or other Laws affecting
creditors’ rights generally or by general principles of equity.

     (b) The execution, delivery and performance by the Holder of this Agreement, and the
consummation of the transactions contemplated hereby, shall

41

 

not (i) violate any law applicable to the Holder or (ii) conflict with or result in any
violation or breach of, any of the terms, conditions or provisions of, or constitute (with
due notice or lapse of time, or both) a default under, or give rise to any right of
termination, cancellation or acceleration or result in the creation of any encumbrance upon
any of the assets of the Holder, any material contracts to which the Holder is a party or
by which the Holder or any of the Holder’s assets is or may be bound, in each case, which
would prohibit the Holder from consummating the transactions contemplated hereby. The
Holder has not been or is not required to give any notice to, or make any filing with, any
governmental authority or any other Person, or obtain any permit, in each case, for the
valid execution, delivery and performance by the Holder of this Agreement.

     Section 14. Miscellaneous Provisions.

     (a) On and as of the date hereof, each Holder hereby approves and votes all of his or
its shares of Common Stock in favor of, the form, terms and provisions (including all
exhibits, schedules and annexes, if any) of the 2010 Equity Incentive Plan, in
substantially the form previously presented to the Holders.

     (b) All questions concerning the construction, interpretation and validity of this
Agreement shall be governed by and construed in accordance with the domestic laws of the
State of Delaware without giving effect to any choice or conflict of law provision or rule
(whether in 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.

     (c) Whenever the context requires, the gender of all words used herein shall include
the masculine, feminine and neuter, and the number of all words shall include the singular
and plural.

     (d) As used in this Agreement, the words “include”, “includes” and “including” are
deemed to be followed by “without limitation” whether or not they are in fact followed by
such words.

     (e) This Agreement shall be binding upon the parties hereto, any spouses of
Management Holders, and their respective heirs, executors, administrators and
permitted successors and assigns.

     (f) This Agreement may be amended, waived or terminated from time to time by an
instrument in writing signed by the Company and the Holders party hereto holding a majority
of the outstanding shares of Common Stock; provided, however, that (i) no amendment
or waiver shall (A) adversely affect the rights of any Executive Management Holder
contained in Section 2(a), Section 2(b),
Section 2(c), Section 2(d) or Section
2(e) without the prior written consent of such Executive Management Holder and (B)
adversely affect the rights of any

42

 

Management Holder contained in
Section 2(a), Section 2(b),
Section 2(c), Section 2(d) or
Section 2(e) without the prior written consent of a majority (based on ownership of Common
Stock) of the Executive Management Holders, (ii) no amendment or waiver that would adversely affect
any rights not listed in Section 14(f)(i) of any Management Holder disproportionately as
compared to other Holders shall be made without the prior written consent of a majority (based on
ownership of Common Stock) of the Executive Management Holders, (iii) no amendment or waiver that
would adversely affect any rights not listed in Section 14(f)(i) of any Non-IPC Holder
(that is not a current or former Management Holder) disproportionately as compared to other Holders
shall be made without the prior written consent of a majority (based on ownership of Common Stock)
of such Non-IPC Holder (that is not a current or former Management Holder), (iv) no amendment or
waiver shall adversely affect the rights or obligations specifically granted to or imposed upon the
Executive Management Holders, but not all Holders, without the prior written consent of a majority
(based on ownership of Common Stock) of the Executive Management Holders, and (v) the parties to
this Agreement, as set forth on the signature pages hereto, shall be amended from time to time by
the Company without requiring the consent of any party hereto to reflect issuances by the Company
of Capital Stock or Dispositions of Capital Stock made in compliance with the terms of this
Agreement.

     (g) This Agreement shall terminate automatically in its entirety upon the earlier to
occur of (i) IPC and Affiliates of IPC ceasing to own at least 20% of the outstanding Capital Stock
and (ii) a liquidation, dissolution or winding up of the Company.

     (h) Any Holder who disposes of all of his or its Common Stock and Preferred Stock in
conformity with the terms of this Agreement shall cease to be a party to this Agreement and shall
have no further rights hereunder.

     (i) As a condition to the issuance of shares of Common Stock and Preferred Stock to
each Management Holder, such Management Holder’s spouse, to the extent applicable, shall execute
the Spousal Acknowledgement and Consent attached hereto as Exhibit B pursuant to which such
spouse shall agree to be bound by the terms and provisions of this Agreement. The spouses of the
Management Holders are fully aware of, understand and fully consent and agree to the provisions of
this Agreement and its binding effect upon any community property interests or similar marital
property interests in the Common Stock and Preferred Stock they may now or hereafter own, and agree
that the termination of their marital relationship with any Management Holder for any reason shall
not have the effect of removing any Common Stock and Preferred Stock of the Company otherwise
subject to this Agreement from the coverage of this Agreement and that their awareness,
understanding, consent and agreement are evidenced by their signing this Agreement. Furthermore,
each Management Holder agrees to cause his or her spouse (and any subsequent spouse) to execute and
deliver, upon the request of the Company, a counterpart of this Agreement, or

43

 

an Adoption Agreement substantially in the form of Exhibit A or in a form
satisfactory to the Company.

     (j) Any Disposition or attempted Disposition in breach of this Agreement shall
be void ab initio and of no effect. In connection with any attempted Disposition in breach
of this Agreement, the Company may hold and refuse to Dispose of any Common Stock or
Preferred Stock or any certificate therefor tendered to it for Disposition, in addition to
and without prejudice to any and all other rights or remedies which may be available to it
or the Holders. Each party to this Agreement acknowledges that a remedy at law for any
breach or attempted breach of this Agreement will be inadequate, agrees that each other
party to this Agreement shall be entitled to specific performance and injunctive and other
equitable relief in case of any such breach or attempted breach and further agrees to waive
(to the extent legally permissible) any legal conditions required to be met for the
obtaining of any such injunctive or other equitable relief (including posting any bond in
order to obtain equitable relief).

     (k) This Agreement may be executed simultaneously in two or more counterparts,
any one of which need not contain the signatures of more than one party, but all such
counterparts taken together will constitute one and the same agreement. It shall not be
necessary in making proof of this Agreement to produce or account for more than one such
counterpart. The failure of any Holder to execute this Agreement does not make it invalid
as against any other Holder.

     (l) Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or any other jurisdiction, and such invalid, void or
otherwise unenforceable provisions shall be null and void. It is the intent of the parties,
however, that any invalid, void or otherwise unenforceable provisions be automatically
replaced by other provisions which are as similar as possible in terms to such invalid,
void or otherwise unenforceable provisions but are valid and enforceable to the fullest
extent permitted by law.

     (m) Each party hereto shall do and perform or cause to be done and performed all
such further acts and things and shall execute and deliver all such other agreements,
certificates, instruments, and documents as any other party hereto reasonably may request
in order to carry out the provisions of this Agreement and the consummation of the
transactions contemplated hereby.

     (n) The parties to this Agreement agree that jurisdiction and venue in any
action brought by any party hereto pursuant to this Agreement shall exclusively lie in any
federal or state court located in the State of Delaware. By execution and delivery of this
Agreement, the parties hereto irrevocably submit to

44

 

the jurisdiction of such courts for himself and in respect of his property with respect to
such action. The parties hereto irrevocably agree that venue would be proper in such court,
and hereby waive any objection that such court is an improper or inconvenient forum for the
resolution of such action. The parties further agree that the mailing by certified or
registered mail, return receipt requested, of any process required by any such court shall
constitute valid and lawful service of process against them, without necessity for service
by any other means provided by statute or rule of court.

     (o) No course of dealing between the Company, or its Subsidiaries, and the
Holders (or any of them) or any delay in exercising any rights hereunder will operate as a
waiver of any rights of any party to this Agreement. The failure of any party to enforce
any of the provisions of this Agreement will in no way be construed as a waiver of such
provisions and will not affect the right of such party thereafter to enforce each and every
provision of this Agreement in accordance with its terms.

     (p) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS
ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE
PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES),
THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE
LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM
AND/OR ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT
OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHT OR REMEDIES UNDER THIS AGREEMENT OR
ANY DOCUMENTS RELATED HERETO.

     (q) This Agreement sets forth the entire agreement of the parties hereto as to
the subject matter hereof and supersedes all previous agreements among all or some of the
parties hereto, whether written, oral or otherwise. Unless otherwise provided herein, any
consent required by the Company may be withheld by the Company in its sole discretion.

     (r) No Person not a party to this Agreement, as a third party beneficiary or
otherwise, shall be entitled to enforce any rights or remedies under this Agreement.

     (s) If, and as often as, there are any changes in the Common Stock or Preferred
Stock by way of stock split, stock dividend, combination or reclassification, or through
merger, consolidation, reorganization or recapitalization, or by any other means,
appropriate adjustment shall be made in the provisions of this Agreement, as may be
required, so that the rights, privileges, duties and obligations hereunder shall continue
with respect to the

45

 

Common Stock or Preferred Stock as so changed. Without limiting the foregoing and
notwithstanding anything to the contrary contained in this Agreement, the provisions of
this Agreement will apply to any shares of Capital Stock or securities received in
consideration for shares of Common Stock and/or Preferred Stock and to the issuer of such
 shares of Capital Stock or securities.

     (t) No director of the Company shall be personally liable to the Company or any
Holder under or in connection with this Agreement as a result of any acts or omissions
taken under this Agreement in good faith.

     (u) Notwithstanding anything that may be expressed or implied in this Agreement,
the Company and each Holder covenant, agree and acknowledge that this Agreement may only be
enforced against the parties hereto. All claims or causes of action (whether in contract,
tort or otherwise) arising out of or relating to this Agreement (including the negotiation,
execution or performance of this Agreement and any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement) may be
made only against the parties hereto. No past, present or future officer, director,
shareholder, employee, incorporator, member, partner, agent, attorney, representative or
Affiliate of any party hereto (including any person negotiating or executing this Agreement
on behalf of a party hereto) shall have any liability or obligation with respect to this
Agreement or with respect to any claim or cause of action (whether in contract, tort or
otherwise) arising out of or relating to this Agreement (including the negotiation,
execution or performance of this Agreement and any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement).

     (v) The parties hereto have participated jointly in the negotiation and drafting
of this Agreement and have been represented by their own legal counsel in connection with
the transactions contemplated by this Agreement, with the opportunity to seek advice as to
their legal rights from such counsel. In the event an ambiguity or question of intent or
interpretation arises, this Agreement is to be construed as jointly drafted by the parties
hereto and no presumption or burden of proof is to arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement or by reason of the extent
to which any such provision is inconsistent with any prior draft hereof.

     (w) In the event additional shares of Common Stock or Preferred Stock are issued
by the Company to a Holder at any time during the term of this Agreement, either directly
or upon the exercise or exchange of securities of the Company exercisable for or
exchangeable into shares of Common Stock or Preferred Stock, such additional shares of
Common Stock or Preferred Stock, as a condition to such issuance, become subject to the
terms and provisions of this Agreement, except if such issuance is made pursuant to a
Public Sale.

46

 

     (x) Notwithstanding anything to the contrary contained herein, IPC may assign its
rights or obligations, in whole or in part, under this Agreement to one or more of its
Affiliates.

47

 

This
Stockholders Agreement  is executed by the Company and by each Holder
to be effective as of the date first above written.

	 	 	 	 	 
	 	THERMADYNE TECHNOLOGIES 
HOLDINGS, INC.

 	 
	 	By:  	/s/ Douglas Korn
 	 
	 	 	Name:  	Douglas Korn 	 
	 	 	Title:  	President 	 
	 

Notices:

c/o
Irving Place Capital

277 Park Avenue, 39th Floor

New York, New York 10172

Attention: Joshua Neuman 

Facsimile: (212) 551-4541

Email: JNeuman@irvingplacecapital.com

With a copy to:

Weil, Gotshal & Manages LLP

767 Fifth Avenue

New York, New York 10153

Attention:  David Zeltner and

                  Jane McDonald

Facsimile: (212) 310-8007

Email:        david.zeltner@weil.com and

     
             jane.mcdonald@weil.com

Signature Page to

Stockholders Agreement

 

 

	 	 	 	 	 
	 	IPC/RAZOR LLC

 	 
	 	By:  	/s/ Douglas Korn
 	 
	 	 	Name:  	Douglas Korn 	 
	 	 	Title: President 	 
	 

Notices:

c/o Irving Place Capital 

277 Park Avenue, 39th Floor

New York, New York 10172

Attention: Joshua Neuman

Facsimile: (212) 551-4541

Email: JNeuman@irvingplacecapital.com

With a copy to:

Weil, Gotshal & Manges LLP 

767 Fifth Avenue

New York, New York 10153

Attention: David Zeltner and

                 Jane McDonald

Facsimile: (212) 310-8007

Email:       david.zeltner@weil.com and

                 jane.mcdonald@weil.com

Signature Page to

Stockholders Agreement

 

 

	 	 	 	 	 
	 	 	 
	 	/s/ Martin Quinn
 	 
	 	Martin Quinn 	 
	 	 	 
	 

Notices:

Martin Quinn

1056 Greystone Manor Parkway

Chesterfield, Missouri 63005

Facsimile: (636) 728-3010

Email: martin_quinn@thermadyne.com

	 	 	 	 	 
	 	 	 
	 	/s/ Terry Downes
 	 
	 	Terry Downes 	 
	 	 	 
	 

Notices:

Terry Downes

12049 Lakeside Place NE

Seattle, Washington 98125

Facsimile: (636) 728-3010

Email: terry_downes@thermadyne.com

Signature Page to

Stockholders Agreement

 

 

	 	 	 	 	 
	 	 	 
	 	/s/                  Steve Schumm
 	 
	 	Stcve Sehumm 	 
	 	 	 

Notices:

Steven
A. Schumm

417 Cheshire Farm Lane

St. Louis, Missouri 63141

Facsimile: (636) 728-3010

Email: steve_schumm@thermadyne.com

	 	 	 	 	 
	 	 	 
	 	/s/                       Terry Moody
 	 
	 	Terry Moody 	 
	 	 	 

Notices:

Terry
A. Moody

609 Charlemagne Drive

Lake Saint Louis, Missouri 63367

Facsimile: (636) 728-3010

Email: terry_moody@thermadyne.com

Signature Page to

Stockholders Agreement

 

 

EXHIBIT A 

ADOPTION AGREEMENT

     This Adoption Agreement (the “Adoption”) is executed pursuant to the terms of the
Stockholders’ Agreement of Thermadyne Technologies Holdings, Inc. (formerly known as Razor Holdco
Inc.), a Delaware corporation (the “Company”), dated as of December 3, 2010, a copy of which is
attached hereto (as it may be amended, supplemented or restated from time to time, the
“Stockholders Agreement”), by the transferee
(“Transferee”) executing this Adoption. By the
execution of this Adoption, the Transferee agrees as follows:

	 	1.	 	Acknowledgement. Transferee acknowledges that
Transferee is acquiring certain shares of Common Stock and/or Preferred Stock
of the Company, subject to the terms and conditions of the Stockholders
Agreement. Capitalized terms used herein without definition are defined in the
Stockholders Agreement and are used herein with the same meanings set forth
therein.
	 
	 	2.	 	Agreement. Transferee (i) agrees that the shares of
Common Stock and/or Preferred Stock acquired by Transferee, and certain other
shares of Common Stock, Preferred Stock, and other securities that may be
acquired by Transferee in the future, shall be bound by and subject to the
terms of the Stockholders Agreement, pursuant to the terms thereof, and (ii)
hereby adopts the Stockholders Agreement with the same force and effect as if
he were originally a party thereto.
	 
	 	3.	 	Notice. Any notice required as permitted by the
Stockholders Agreement shall be given to Transferee at the address, fax number
or email address listed beside Transferee’s signature below.
	 
	 	4.	 	Joinder. The spouse of the undersigned Transferee, if
applicable, executes this Adoption to acknowledge its fairness and that it is
in such spouse’s best interest, and to bind such spouse’s community interest,
if any, in the shares of Common Stock, Preferred Stock, and other securities
referred to above and in the Stockholders Agreement, to the terms of the
Stockholders Agreement.

      
             
             
             
             
               
             

      
             
             
             
             
               
             

A-1

 

EXHIBIT B

SPOUSAL ACKNOWLEDGMENT AND CONSENT

     The undersigned spouse of the Management Holder has read and hereby approves the
foregoing Stockholders’ Agreement of Thermadyne Technologies Holdings, Inc. (formerly known as
Razor Holdco Inc.), a Delaware corporation (the “Company”), dated as of December 3, 2010 (the
“Stockholders Agreement”). In consideration of the Company’s granting the Management Holder the
right to acquire the Common Stock and Preferred Stock in accordance with the terms of such
Management Holder’s Subscription Agreement with the Company, as the case may be, the undersigned
hereby agrees to be irrevocably bound by all the terms of the Stockholders Agreement, including,
without limitation, the right of the Company (or its designees) to purchase the Common Stock and
Preferred Stock otherwise owned or possessed by such Management Holder at the time of the
Management Holder’s termination of employment. The undersigned spouse of the Management Holder
hereby acknowledges the fairness of the Stockholders Agreement and that it shall bind such spouse’s
community interest, if any, in the shares of Common Stock, Preferred Stock, and other securities
referred to therein, to the terms of the Stockholders Agreement. Capitalized terms used herein
without definition are defined in the Stockholders’ Agreement and are used herein with the same
meanings set forth therein.

	 	 	 	 	 
	 	NON-IPC HOLDER’S SPOUSE

 	 
	 	Address: 	
 	 
	 	 	
 	 
	 	 	 
	 

B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]