Document:

thryv-arstockholdersagre

                                                        EXECUTION VERSION                            AMENDED AND RESTATED                         STOCKHOLDERS AGREEMENT                                  by and among                             THRYV HOLDINGS, INC.                                       and                      THE OTHER PARTIES NAMED HEREIN                           Dated as of September 23, 2020   WEIL:\97487965\11\40631.0007

 

                            TABLE OF CONTENTS                                                                            Page  Article I   Definitions................................................................................................................1  Section 1.1 Certain Definitions...................................................................................................1  Section 1.2 Interpretive Provisions.............................................................................................5  Article II  Corporate Governance .............................................................................................6  Section 2.1 Board of Directors....................................................................................................6  Article III Registration Rights...................................................................................................8  Section 3.1 Demand Registration ...............................................................................................8  Section 3.2 Piggyback Registration ..........................................................................................12  Section 3.3 Certain Information................................................................................................14  Section 3.4 Expenses ................................................................................................................14  Section 3.5 Registration and Qualification ...............................................................................14  Section 3.6 Underwriting; Due Diligence.................................................................................17  Section 3.7 Indemnification and Contribution..........................................................................17  Section 3.8 Rule 144 Information.............................................................................................20  Section 3.9 Grant of Additional Registration Rights................................................................20  Section 3.10 Holdback Agreement .............................................................................................20  Section 3.11 Termination............................................................................................................21  Article IV  Representations and Warranties.............................................................................21  Section 4.1 Existence; Authority; Enforceability .....................................................................21  Section 4.2 Absence of Conflicts..............................................................................................21  Section 4.3 Consents.................................................................................................................21  Article V   General...................................................................................................................22  Section 5.1 Assignment ............................................................................................................22  Section 5.2 Term and Effectiveness..........................................................................................22  Section 5.3 Severability ............................................................................................................22  Section 5.4 Entire Agreement; Amendment .............................................................................22  Section 5.5 Counterparts...........................................................................................................23  Section 5.6 Governing Law ......................................................................................................23  Section 5.7 Waiver of Jury Trial; Consent to Jurisdiction........................................................24  Section 5.8 Specific Enforcement.............................................................................................24  Section 5.9 Notices ...................................................................................................................24  Section 5.10 Binding Effect; Third Party Beneficiaries .............................................................25  Section 5.11 Further Assurances.................................................................................................25  Section 5.12 Table of Contents, Headings and Captions............................................................25  Section 5.13 No Recourse...........................................................................................................25  Annex A – Form of Joinder Agreement                                         i WEIL:\97487965\11\40631.0007

 

          AMENDED AND RESTATED STOCKHOLDERS AGREEMENT        This  AMENDED  AND  RESTATED  STOCKHOLDERS  AGREEMENT  (as  amended,  supplemented or restated from time to time, this “Agreement”) is entered into as of September 23,  2020  (the “Effective Date”), by and among (i) Thryv Holdings, Inc., a Delaware corporation (the  “Company”),  (ii)  Mudrick  Capital  Management,  L.P.,  a  Delaware  limited  partnership  (the  “Mudrick Entity”), (iii) GoldenTree Asset Management LP, a Delaware limited partnership (the  “GoldenTree Entity”), (iv) Paulson & Co. Inc., a Delaware corporation (the “Paulson Entity”), and  (v) Cerberus Capital Management L.P., a Delaware limited partnership (the “Cerberus Entity”)  and  each of the other Affiliates (as defined below) of the foregoing that are signatories to this  Agreement (each a “Stockholder” and collectively the “Stockholders”).                                   RECITALS        WHEREAS,  the  Company  and  the  Stockholders  are  party  to  that  certain  Stockholders  Agreement, dated July 29, 2016 (as amended, the “Original Agreement”).        WHEREAS,  in  connection  with  the  Company’s  proposed  Public  Listing  (as  defined  below), the Original Agreement will terminate in accordance with Section 3.13 of the Original  Agreement, provided, that certain provisions will survive and the Stockholders and the Company  now  desire to amend and restate the Original Agreement in its entirety pursuant to Section 7.5 of  the Original Agreement for the purpose of providing for certain surviving rights and obligations  of the Company and the Stockholders upon and after the consummation of the Public Listing.        NOW THEREFORE, in consideration of the mutual covenants and agreements contained  herein, and other good and valuable consideration the receipt and sufficiency of which are hereby  acknowledged, and intending to be legally bound, the parties hereby agree as follows:                                   ARTICLE I                                  DEFINITIONS        Section 1.1 Certain  Definitions.   As  used  in  this  Agreement,  the  following  definitions  shall apply:        “5% Stockholder” means each Stockholder Group with an Aggregate Ownership of at least  five  percent (5%) of the issued and outstanding shares of Common Stock as of such date.        “Affiliate” means, when used with reference to any specified Person, any other Person that  directly or indirectly, through one (1) or more intermediaries, controls, is controlled by or is under  common control with such specified Person and, in respect of any Stockholder, any investment  fund, vehicle or holding company of which such Stockholder or any Affiliate of such Stockholder  serves as the general partner, managing member or discretionary manager or advisor; provided,  that none of the Company or its subsidiaries shall be deemed to be an Affiliate of the Stockholders;  provided,  further,  that  no  portfolio  company  of  any  Stockholder  or  of  any  Affiliate  of  such  Stockholder shall be considered an Affiliate of such Stockholder.   WEIL:\97487965\11\40631.0007

 

           “Aggregate Ownership” means, with respect to any Stockholder Group, the total number   of shares of Common Stock Beneficially Owned, in the aggregate and without duplication, by such   Stockholder Group as of the date of such calculation.          “Agreement” has the meaning set forth in the Preamble.          “Automatic Shelf Registration Statement” means an “automatic shelf registration   statement” as defined in Rule 405 (or any successor rule then in effect) promulgated under the   Securities Act.          “Beneficially Owned” has the meaning set forth in Rule 13d-3 promulgated under the   Exchange Act.          “Board” means the board of directors of the Company.          “Business Day” means a day other than a Saturday, Sunday or other day on which banks   located in New York City, New York are authorized or required by law to close.          “Bylaws” means the Second Amended and Restated Bylaws of the Company, as may be   amended, modified or supplemented or amended and restated and in effect from time to time.          “Cerberus” means Cerberus Capital Management L.P..          “Cerberus Entity” has the meaning set forth in the Preamble.          “Cerberus Parties” means Cerberus, the Cerberus Entity and their Affiliates, in each case   so long as any such Cerberus Party (i) is managed, sponsored, controlled or advised by an   investment fund affiliated with Cerberus and (ii) owns Company Securities.          “Certificate of Incorporation” means the Fourth Amended and Restated Certificate of   Incorporation of the Company, as may be amended, modified or supplemented or amended and   restated and in effect from time to time, including any certificates of correction or amendment   thereto that are filed with the Delaware Secretary of State.          “Common Stock” means the common stock of the Company, par value $0.01 per share (or   any successor of the Company by merger, consolidation or other reorganization) and any stock   into which any such common stock shall have been changed or any stock resulting from any   reclassification of any such common stock.          “Company” has the meaning set forth in the Preamble.          “Company Securities” means (i) the Common Stock and (ii) securities then convertible   into, or exercisable or exchangeable for, Common Stock.          “Demand Registration Notice” has the meaning set forth in Section 3.1(a).          “Director” means any of the individuals elected to serve on the Board.          “Director Nominee” has the meaning set forth in Section 2.1(b)(i).                                           2  WEIL:\97487965\11\40631.0007 

 

           “Effective Date” has the meaning set forth in the Preamble.          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor   federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same   shall be in effect from time to time.          “FINRA” means the Financial Industry Regulatory Authority.          “GoldenTree” means GoldenTree Asset Management LP.          “GoldenTree Entity” has the meaning set forth in the Preamble.           “GoldenTree Parties” means GoldenTree, the GoldenTree Entity and their Affiliates, in   each case so long as any such GoldenTree Party (i) is managed, sponsored, controlled or advised   by an investment fund affiliated with GoldenTree and (ii) owns Company Securities.          “Governing Documents” means the Certificate of Incorporation and the Bylaws.          “Initial Requesting Holder” means, with respect to any registration of Registrable   Securities that is requested pursuant to Section 3.1(a), the Stockholder or Stockholders (as the case   may be) who made the underlying Registration Demand.          “Losses” has the meaning set forth in Section 3.7.          “Mudrick” means Mudrick Capital Management, L.P..          “Mudrick Parties” means Mudrick, the Mudrick Entity and their Affiliates, in each case so   long as any such Mudrick Party (i) is managed, sponsored, controlled or advised by an investment   fund affiliated with Mudrick and (ii) owns Company Securities.          “Necessary Action” means, with respect to a specified result, all actions (to the extent such   actions are permitted by law and by the Governing Documents) necessary to cause such result,   including (i) voting or providing a written consent or proxy with respect to the Company Securities,   (ii) causing the adoption of shareholders’ resolutions and amendments to the Governing  Documents, (iii) executing agreements and instruments, and (iv) making, or causing to be made,  with governmental, administrative or regulatory authorities, all filings, registrations or similar  actions that are required to achieve such result.          “Nominating Stockholder Group” has the meaning set forth in Section 2.1(b).          “Original Agreement” has the meaning set forth in the Recitals.          “Paulson” means Paulson & Co. Inc.          “Paulson Entity” has the meaning set forth in the Preamble.          “Paulson Parties” means Paulson, the Paulson Entity and their Affiliates, in each case so   long as any such Paulson Party (i) is managed, sponsored, controlled or advised by an investment   fund affiliated with Paulson and (ii) owns Company Securities.                                           3  WEIL:\97487965\11\40631.0007 

 

           “Person” means an individual, a corporation, a partnership, a limited liability company, a   trust, an incorporated or unincorporated association, a joint venture, a joint stock company or any   other legal entity or body, or a governmental agency or political subdivision thereof.          “Piggyback Registration” means any proposed filing of a Registration Statement with   respect to Company Securities that requires the Company to provide the Stockholders with a   Piggyback Registration Notice.          “Piggyback Registration Notice” has the meaning set forth in Section 3.2(a).          “Piggyback Registration Request” has the meaning set forth in Section 3.2(a).          “Public Offering” means any (a) Public Listing or (b) bona fide firm commitment   underwritten sale of Common Stock to the public pursuant to an effective Registration Statement.          “Public Listing” means the public listing of the shares of Common Stock pursuant to an   effective Registration Statement in which the Company becomes required under the Exchange Act  to file reports pursuant thereto.           “Registrable Securities” means all shares of Common Stock issued by the Company to a   Stockholder, any additional shares of Common Stock held by a Stockholder (including Common   Stock acquired upon the exercise of any preemptive rights and upon exercise of options or  settlement of other awards issued by the Company) and any additional securities issued or  distributed by way of a dividend or other distribution in respect of any such shares of Common  Stock; provided, that such Registrable Securities shall cease to be Registrable Securities (i) upon  any sale pursuant to a Registration Statement or Rule 144 (or any successor provision) under the  Securities Act and (ii) upon repurchase by the Company.          “Registration Demand” has the meaning set forth in Section 3.1(a).          “Registration Expenses” means any and all expenses incident to the performance of or   compliance with Article III, including (i) the fees, disbursements and expenses of the Company’s   counsel and accountants (including the expenses of any annual audit letters and “cold comfort”   letters required or incidental to the performance of such obligations), (ii) the reasonable fees and   disbursements of one (1) counsel for all of the Selling Holders, which counsel shall be selected by  the Company and be reasonably acceptable to holders of a majority of the Registrable Securities  to be registered on the Registration Statement, (iii) all expenses, including filing fees, in connection  with the preparation, printing and filing of the Registration Statement, any free writing,  preliminary prospectus or final prospectus, any other offering document and amendments and   supplements thereto and the mailing and delivering of copies thereof to any underwriters and   dealers, (iv) the cost of printing or producing any agreements among underwriters, underwriting   agreements, any selling agreements and any other documents in connection with the offering, sale   or delivery of the securities to be disposed of, (v) all expenses in connection with the qualification   of the securities to be disposed of for offering and sale under state securities laws, (vi) the filing   fees incidental to securing any required review by FINRA of the terms of the sale of the securities   to be disposed of, (vii) transfer agents’ and registrars’ fees and expenses and the fees and expenses   of any other agent or trustee appointed in connection with such offering, (viii) all security                                           4  WEIL:\97487965\11\40631.0007 

 

     engraving and security printing expenses, (ix) all fees and expenses payable in connection with the   listing of the securities on any national securities exchange and (x) all rating agency fees.          “Registration Request” has the meaning set forth in Section 3.1(a).          “Registration Statement” means a registration statement under the Securities Act that is   filed by the Company with the SEC for a public offering and sale of securities of the Company,   other than a registration statement on Form S-8 or Form S-4 or any successor forms thereto.          “Requesting Holder” means, with respect to any Registration Statement that is used to   register Registrable Securities pursuant to Article III, any Stockholder who is an Initial Requesting   Holder or timely submits a Registration Request pursuant to Section 3.1, or any Stockholder who   timely submits a Piggyback Registration Request pursuant to Section 3.2.           “Responsible Requesting Holder” has the meaning set forth in Section 3.4.          “Rule 144” means Rule 144 under the Securities Act, and any successor rule or regulation   hereafter adopted by the SEC.          “SEC” means the United State Securities and Exchange Commission.          “Securities Act” means the Securities Act of 1933, as amended, or any successor federal   statute, and the rules and regulations of the SEC promulgated thereunder, all as the same shall be   in effect from time to time.          “Selling Holder” means, with respect to any Registration Statement that is used to register   Registrable Securities pursuant to Article III, any Stockholder who Beneficially Owns Registrable   Securities included in such Registration Statement.          “Shelf Registration Statement” has the meaning set forth in Section 3.1(d)(i).          “Stockholder(s)” has the meaning set forth in the Preamble.          “Stockholder Group” means each of the Mudrick Parties, the GoldenTree Parties, the   Paulson Parties and the Cerberus Parties, severally and not jointly.          “Stock Exchange” means the New York Stock Exchange or other national securities   exchange or interdealer quotation system on which the shares of Common Stock is at any time   listed or quoted.          “Underwriter’s Maximum Number” has the meaning set forth in Section 3.1(j).          “Underwriting Agreement” has the meaning set forth in Section 3.6.          “Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule   405 promulgated under the Securities Act (or any successor rule then in effect).           Section 1.2 Interpretive Provisions.  The words “hereof”, “herein” and “hereunder” and   words of like import used in this Agreement shall refer to this Agreement as a whole and not to                                           5  WEIL:\97487965\11\40631.0007 

 

     any particular provision of this Agreement.  The captions herein are included for convenience of   reference only and shall be ignored in the construction or interpretation hereof.  References to   Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified.    Any singular term in this Agreement shall be deemed to include the plural, and any plural term the   singular.  Whenever the words “include”, “includes” or “including” are used in this Agreement,   they shall be deemed to be followed by the words “without limitation”, whether or not they are in  fact followed by those words or words of like import.  “Writing”, “written” and comparable terms  refer to printing, typing and other means of reproducing words (including electronic media) in a  visible form.  References to any statute shall be deemed to refer to such statute as amended from  time to time and to any rules or regulations promulgated thereunder.  References to any agreement  or contract are to that agreement or contract as amended, restated, supplemented or otherwise  modified from time to time in accordance with the terms hereof and thereof.  References to any  Person include the successors and permitted assigns of that Person.  References from or through  any date mean, unless otherwise specified, from and including or through and including,  respectively.  References in this Agreement to a number or percentage of shares, units or other  equity interests shall take into account and give effect to any split, combination, dividend or  recapitalization of such shares, units or other equity interests, as applicable.                                     ARTICLE II                                                                     CORPORATE GOVERNANCE          Section 2.1 Board of Directors.                (a) Size.  As of the Effective Date, the total number of Directors on the Board   shall be eight (8), which shall initially consist of the following individuals Joseph Walsh; Jason   Mudrick; Amer Akhtar; Ryan O’Hara; Lauren Vaccarello; Heather Zynczak; Bonnie Kintzer and   John Slater and shall thereafter be increased or decreased as determined by the Board from time   to time in accordance with this Agreement and the Governing Documents.                (b) Composition.  Subject to Section 2.1(a), the composition of the Board shall   be as follows:                    (i)  So long as the Aggregate Ownership of any one of the Mudrick Parties,   GoldenTree Parties or Paulson Parties (each individually a “Nominating Stockholder Group”) each   constitutes at least ten percent (10%) of the issued and outstanding shares of Common Stock, such   Nominating Stockholder Group shall have the right to designate for nomination one (1) Director   for every ten percent (10%) of the issued and outstanding shares of Common Stock that are held   by such Nominating Stockholder Group as of the date of calculation (each such individual so   designated, a “Director Nominee”).  For the avoidance of doubt, as of the Effective Date:                            A.    the Mudrick Parties shall have the right to designate five (5)  Director Nominees for so long as the Aggregate Ownership of the Mudrick Parties shall constitute  at least fifty percent (50%) of the issued and outstanding shares of Common Stock;                                           6  WEIL:\97487965\11\40631.0007 

 

                             B.    the GoldenTree Parties shall have the right to designate one   (1) Director Nominee for so long as the Aggregate Ownership of the GoldenTree Parties shall  constitute at least ten percent (10%) of the issued and outstanding shares of Common Stock; and                           C.    the Paulson Parties shall have the right to designate one (1)  Director Nominee for so long as the Aggregate Ownership of the Paulson Parties shall constitute  at least ten percent (10%) of the issued and outstanding shares of Common Stock.                    provided, that, notwithstanding the foregoing, upon any date on which the   Aggregate Ownership of any Nominating Stockholder Group falls below ten percent (10%) of the   issued and outstanding shares of Common Stock, such Nominating Stockholder Group’s right to   nominate any Directors to the Board shall automatically terminate and any subsequent increase in   the Aggregate Ownership of such Nominating Stockholder Group to, or in excess of, ten percent   (10%) shall not entitle such Nominating Stockholder Group to any rights under this Article II; and                    (ii) other than as expressly set forth in this Agreement, each additional   designee to the Board shall be filled as provided in the Governing Documents.                (c) Nominations.  With respect to any Director to be nominated by any   Nominating Stockholder Group other than the initial Directors listed in Section 2.1(a), a   Nominating Stockholder Group shall nominate its Director or Directors by delivering to the   Company its written statement at least sixty (60) days prior to the annual meeting of the Company   where such Nominating Stockholder Group is entitled to nominate its Director or Directors and  setting forth such Director’s or Directors’ business address, telephone number, facsimile number  and e-mail address; provided, that if a Nominating Stockholder Group shall fail to deliver such  written notice, such Nominating Stockholder Group, shall be deemed to have nominated the  Director(s) previously nominated (or designated pursuant to Section 2.1(a)) by such Nominating   Stockholder Group who is/are currently serving on the Board.                (d) Company  Obligations. The Company hereby agrees to take all Necessary   Action to effectuate this Section 2.1 by (A) including the Director Nominees of each Nominating   Stockholder Group nominated pursuant to this Section 2.1 as the nominees to the Board on each   slate of nominees for election of the Board included in the Company’s annual meeting proxy   statement (or consent solicitation or similar document), (B) recommending the election of such   Director Nominees to the stockholders of the Company and (C) without limiting the foregoing,   using its reasonable best efforts to cause such Director Nominees to be elected to the Board,  including providing at least as high a level of support for the election of such Director Nominees  as it provides to any other individual standing for election as a Director.                (e) Removal; Vacancies.                    (i)  In the event that a Nominating Stockholder Group has nominated less   than the total number of Director Nominees that such Nominating Stockholder Group is entitled   to nominate pursuant to this Section 2.1, such Nominating Stockholder Group shall have the right,   at any time, to nominate such additional Director Nominees to which it is entitled, in which case   the Nominating Stockholder Group and the Company shall take, or cause to be taken, all Necessary   Action to (A) increase the size of the Board as required to enable the Nominating Stockholder                                           7  WEIL:\97487965\11\40631.0007 

 

     Group to so nominate such additional Director Nominees and (B) appoint such additional Director  Nominees of the Nominating Stockholder Group to such newly created directorships.                    (ii) If at any time the number of Director Nominees that a Nominating  Stockholder Group is entitled to nominate pursuant to this Section 2.1 is less than the number of   Director Nominees on the Board, such Nominating Stockholder Group shall cause the required  number of Directors to (i) immediately offer to resign from the Board and the Board will consider  whether to accept such resignation or (ii) if such Director has not resigned, will not stand for  reelection on or prior to the Company’s next annual meeting of the stockholders at which Directors  of the Board are to be elected.                    (iii) If any Director previously nominated by a Nominating Stockholder   Group dies or is unwilling or unable to serve as such or otherwise resigns from office, then the   Nominating Stockholder Group who previously nominated such Director shall promptly nominate  a successor to such Director, in accordance with this Section 2.1; but if none of the Nominating   Stockholder Groups are entitled to fill such vacant Director position(s), such vacant Director   position(s) shall be filled by the Board in accordance with the Governing Documents.                    (iv) Except as set forth in this Section 2.1(e), (i) Directors shall serve until   their resignation or removal or until their successor is nominated and elected and (ii) any other   vacant Director position(s) shall be filled by the Board, or the Board shall nominate a replacement   Director, in each case in accordance with the Governing Documents.                                     ARTICLE III                                                                        REGISTRATION RIGHTS          Section 3.1 Demand Registration.                (a) Requests for Registration.  Subject to Section 3.1(b) and the other terms of   this Article III, any 5% Stockholder shall have the right to, in each case, pursuant to Section 3.1(c)   or Section 3.1(d), request the Company to effect the registration under and in accordance with the   provisions of the Securities Act of the offering of all or any portion of the Registrable Securities   Beneficially Owned by such 5% Stockholder, by submitting a written request of such registration   and specifying the amount of Registrable Securities proposed to be registered and the intended   method (or methods) and plan of disposition thereof, including whether such requested registration   is to involve an underwritten offering (a “Registration Demand”).  The Company shall give prompt   written notice thereof (a “Demand Registration Notice”) (and in any event within ten (10) Business   Days from the date of receipt of such Registration Demand) to each of the other 5% Stockholders,   each of whom shall be entitled to elect to include, subject to the terms and conditions set forth in   this Article III, Registrable Securities Beneficially Owned by it in the Registration Statement to   which a Demand Registration Notice relates, by submitting a written request to the Company (a   “Registration Request”) within fifteen (15) days after the date of such Demand Registration   Notice, specifying the number of Registrable Securities that such Initial Requesting Holder intends  to dispose of pursuant to such Registration Statement.  Except as otherwise provided in this  Agreement, the Company shall prepare and use its reasonable best efforts to file with the SEC,  within ninety (90) days after the date of the applicable Registration Demand, a Registration                                           8  WEIL:\97487965\11\40631.0007 

 

     Statement with respect to the following (in either case subject to Section 3.1(j) if the Registrable   Securities will be sold in an underwritten offering):  (i) all Registrable Securities of the Initial   Requesting Holder included in such Registration Demand and (ii) all Registrable Securities that   other Stockholders elect to include in such Registration Statement, pursuant to one (1) or more   timely submitted Registration Requests.  Thereafter, the Company shall use its reasonable best   efforts, in accordance with Section 3.5, to effect the registration of the offering of such Registrable   Securities under the Securities Act and applicable state securities laws, for disposition in   accordance with the intended method or methods of disposition stated in the underlying   Registration Demand.  Subject to Section 3.1(j), the Company may include in such Registration   Statement such number of Registrable Securities as the Company proposes to offer and sell for its   own account or the account of any other Person.                (b) Limitation on Demand Registration.  Notwithstanding anything to the   contrary in this Section 3.1, no 5% Stockholder may make a Registration Demand until the earliest   to occur of (i) the six-month anniversary of the Company’s Public Listing and (ii) the date on   which the Board approves the making of a Registration Demand pursuant to this Section 3.1,   provided, that, notwithstanding the foregoing, no 5% Stockholder may make a Registration   Demand pursuant to Section 3.1(c) if the Company is preparing or has a Shelf Registration   Statement on file with the SEC in accordance with Section 3.1(d).                (c) Form S-1 Registration.  Subject to the terms and conditions of this Article III,   any 5% Stockholder, shall have the right to submit a Registration Demand to effect the registration   on Form S-1 (or any successor form) of all or any portion of the Registrable Securities held by   such Stockholders; provided, that the 5% Stockholders, shall, collectively, be limited to three (3)   such Registration Demands.  Any registration pursuant to such a Registration Demand may, if so   requested in the underlying Registration Demand, be a “shelf” registration for an offering of   Registrable Securities on a continuous or delayed basis pursuant to Rule 415 under the Securities   Act (or any successor rule that is subsequently adopted by the SEC).  For the avoidance of doubt,   the Company shall not be required to effect a registration of Registrable Securities pursuant to this   Section 3.1(c) if the Company is preparing or has a Shelf Registration Statement on file with the   SEC in accordance with Section 3.1(d).                (d) Registration; Shelf Registration.                      (i)  Subject to the terms and conditions of this Article III, as soon as   reasonably practicable after the Company is eligible to use Form S-3 (or any successor form) as a   “shelf” registration on a continuous basis pursuant to Rule 415 under the Securities Act (or any   successor rule that is subsequently adopted by the SEC) for the registration of all the Registrable   Securities of the Stockholders for resale (a "Shelf Registration Statement"), the Company shall   prepare and file with the SEC a Shelf Registration Statement and shall use its commercially   reasonable efforts to cause the Shelf Registration Statement to be declared effective under the   Securities Act as soon as practicable after filing.  The Company shall use its commercially   reasonable efforts to keep such Shelf Registration Statement continuously effective until such date  on which all Registrable Securities included in such Shelf Registration Statement have been sold  pursuant to the Shelf Registration Statement or another Registration Statement is filed under the  Securities Act.                                             9  WEIL:\97487965\11\40631.0007 

 

                     (ii) Further, upon the Company becoming a Well-Known Seasoned Issuer,   (i) the Company shall give written notice to all of the 5% Stockholders as promptly as reasonably   practicable, and such notice shall describe, in reasonable detail, the basis on which the Company   has become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as   practicable, register, under an Automatic Shelf Registration Statement, the sale of all of the   Registrable Securities in accordance with the terms of this Agreement. The Company shall use   commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly   as practicable, but in no event later than ninety (90) days after it becomes a Well-Known Seasoned   Issuer, and take commercially reasonable efforts to cause such Automatic Shelf Registration   Statement to remain effective thereafter (subject to applicable securities laws).  Notwithstanding   the foregoing, in the event that an effective Shelf Registration Statement or Automatic Shelf   Registration Statement is not on file, each 5% Shareholder shall have the right, subject to terms   and conditions of this Article III, to submit a Registration Demand pursuant to Section 3.1(c) or a   Registration Demand for the Company to file a Shelf Registration.                 (e) Delay for Disadvantageous Condition.  If, in connection with any requested   or ongoing registration pursuant to a Registration Demand and in addition to any limitations set   forth in Section 3.1(f), the Company provides a certificate to the Requesting Holders, signed by   the Chief Executive Officer of the Company and stating that, in the good faith judgment of the   Board, it would be materially detrimental to the Company or its Stockholders for such Registration   Statement either to become effective or to remain effective for as long as such Registration   Statement otherwise would be required to remain effective, or if the Company is prohibited by the   terms of any applicable underwriting or securities purchase agreement, then the Company shall   have the right to defer taking action with respect to such Registration Statement and any time   periods with respect to filing or effectiveness thereof shall be tolled correspondingly; provided,   however, that (i) the aggregate number of days in all such delay periods in any period of twelve   (12) consecutive months shall not exceed one hundred and thirty five (135) days and (ii) at least   thirty (30) days shall elapse between the termination of any delay period and the commencement  of the immediately succeeding delay period.                (f) Limitation on Successive Registrations and Underwritten Offerings.  The   Company shall not be required to effect a registration of Registrable Securities pursuant to Section   3.1(c) or Section 3.1(d) for a period of ninety (90) days immediately following the effective date   of any Registration Statement filed pursuant to this Section 3.1 and in no event shall the Company   be required to file more than three (3) Registration Statements pursuant to Section 3.1(d) during   any twelve (12) month period.  Without limiting the foregoing, in addition, in no event shall the   Company have the obligation to effect more than three (3) underwritten offerings pursuant to this   Section 3.1, and, provided, further, the Company shall not be required to effect an underwritten   offering if the Company determines in good faith with the consent a majority of the Board that  pursuing an underwritten offering is not in the best interests of the Company.                 (g) Demand Withdrawal.  With respect to any registration requested pursuant to   this Section 3.1, (i) the Initial Requesting Holder who submitted the underlying Registration   Demand may withdraw such Registration Demand and (ii) any Requesting Holder may withdraw   its Registrable Securities from such registration, in either case by providing written notice to the   Company at any time (x) in the case of an underwritten offering, prior to the filing of the   preliminary prospectus pursuant to such registration, and (y) in the case of non-underwritten                                           10  WEIL:\97487965\11\40631.0007 

 

     offering, prior to the effective date of the Registration Statement relating to such Registration   Demand.  If all of the Registrable Securities to be included in the registration pursuant to any   Registration Demand are so withdrawn, then such Registration Demand shall be deemed   withdrawn.  In the event of any such actual or deemed withdrawal of a Registration Demand, the   Company shall cease all efforts to effect the registration of the Registrable Securities requested to   be included in such registration, without liability to any Requesting Holder.  Such registration will   be deemed to have been effected (including for purposes of Section 3.1(c) and Section 3.1(d), with   respect to a Registration Demand made thereunder) unless (A) each Requesting Holder who has   withdrawn its Registration Demand or has withdrawn all of its Registrable Securities from such   registration has paid (or reimbursed the Company for), pursuant to Section 3.4, its pro rata share   (based on a fraction, the numerator of which is the number of Registrable Securities that such   Requesting Holder asked to be included in such withdrawn registration and the denominator of   which is the aggregate number of Registrable Securities that all Requesting Holders, collectively,  requested to be included in such withdrawn registration) of the Registration Expenses incurred by  the Company in connection with such withdrawn registration; provided, that if any revocation was   based on the Company’s failure to comply in any material respect with its obligations hereunder,   such reimbursement of Registration Expenses shall not be required or (B) the withdrawal is made   following the occurrence of a material adverse change in the business or financial condition of the   Company that is made known to the Initial Requesting Holder after the date of the applicable   Registration Demand, or (C) if the registration is interfered with by any stop order, injunction or   other order or requirement of the SEC or other governmental agency or court for any reason other   than a misrepresentation or omission by any Requesting Holder; provided, that if any such stop   order, injunction, order or requirement is issued or imposed as a result of any misrepresentation or   omission by any Requesting Holder(s), the Responsible Requesting Holder(s) shall be solely   responsible for paying (or reimbursing the Company for) all of the Registration Expenses to be   paid or reimbursed to the Company pursuant to Section 3.4.                (h) Effective Registration.  Notwithstanding anything to the contrary in this   Agreement, except to the extent expressly set forth in Section 3.1(g), a Registration Statement filed   pursuant to this Section 3.1 shall not be deemed to have been requested or effected (including for   purposes of Section 3.1(c) and Section 3.1(d), with respect to a Registration Demand made   thereunder) unless it has been declared effective by the SEC and shall have remained effective for   one hundred and eighty (180) days (excluding any periods of time during which such Registration   Statement is tolled or suspended pursuant to Section 3.1(e) or Section 3.5(c)) or such shorter period   as may be required to sell all Registrable Securities included in such Registration Statement;   provided, that in the case of any registration of Registrable Securities that are intended to be offered   on a continuous or delayed basis, such one hundred and eighty (180) day period shall be extended,   if necessary, to keep the Registration Statement effective until all such Registrable Securities are   sold.  In no event shall a registration be deemed to have been effected if (i) after the Registration   Statement has been declared effective by the SEC, such registration is interfered with by any stop   order, injunction or other order or requirement of the SEC or other governmental agency or court,   for any reason other than a misrepresentation or an omission by any Requesting Holder and, as a   result thereof, the Registrable Securities requested to be registered therein cannot be completely   distributed in accordance with the plan of distribution set forth in such Registration Statement or   (ii) the conditions to closing the sale of Registrable Securities specified in any purchase agreement   or Underwriting Agreement, which agreement was entered into in connection with such   registration for the purpose of distributing Registrable Securities in accordance with the plan of                                           11  WEIL:\97487965\11\40631.0007 

 

     distribution set forth in the applicable Registration Statement, are not satisfied or waived other   than solely by reason of some act or omission by any Requesting Holder.                (i) Selection of Underwriters.  Subject to Section 3.1(f), any registration of   Registrable Securities pursuant to this Section 3.1 may, if so requested in the underlying   Registration Demand by the 5% Stockholder, be effected as an underwritten offering, and in such   event the Company shall have the right to select the managing underwriter or underwriters for the   offering; provided, that such underwriter or underwriters shall be reasonably acceptable to the   Requesting Holder(s).                (j) Priority.  If a registration under this Section 3.1 involves an underwritten   offering and the managing underwriter(s) in its good faith judgment advises the Company that the   number of Registrable Securities requested to be included in the Registration Statement by the   Requesting Holders exceeds the number of securities that can be sold without adversely affecting   the price, timing, distribution or sale of securities in the offering (the “Underwriter’s Maximum   Number”), the Company shall be required to include in such Registration Statement only such   number of securities as is equal to the Underwriter’s Maximum Number and the Company and the   Requesting Holders shall participate in such offering in the following order of priority:                    (i)  First, the Company shall be obligated and required to include in the   Registration Statement the number of Registrable Securities that the Requesting Holder(s) have   requested to be included in the Registration Statement and that does not exceed the Underwriter’s   Maximum Number; provided, that if there are multiple Requesting Holders, the Registrable   Securities to be included in the Registration Statement shall be allocated among all such   Requesting Holders in proportion, as nearly as practicable, to the respective number of Registrable   Securities held by them on the date of the underlying Registration Demand.  If any Requesting   Holder would thus be entitled to include more Registrable Securities than it requested to be   registered, the excess shall be allocated among other Requesting Holders pro rata in the manner   described in the preceding sentence.                    (ii) Second, the Company shall be entitled to include in such Registration   Statement such number of Registrable Securities as the Company proposes to offer and sell for its   own account or the account of any other Person to the full extent of the remaining portion of the   Underwriter’s Maximum Number.          Section 3.2 Piggyback Registration.                (a) Notice of Registrations.  In the event that the Company proposes to file a   Registration Statement with respect to Registrable Securities (other than a Registration Statement   (i) filed in connection with the Company’s initial Public Offering, (ii) filed pursuant to Section   3.1, or (iii) filed solely in connection with a dividend reinvestment plan or an employee benefit   plan covering only officers or directors of the Company or its Affiliates, whether or not for sale   for its own account, the Company shall provide each Stockholder with written notice of its   intention to do so (a “Piggyback Registration Notice”) at least thirty (30) days prior to filing such   Registration Statement.  Any Stockholder may elect to include Registrable Securities Beneficially  Owned by it in the Registration Statement to which a Piggyback Registration Notice relates, by  submitting a written request (a “Piggyback Registration Request”) to the Company within fifteen                                           12  WEIL:\97487965\11\40631.0007 

 

     (15) days after the date of such Piggyback Registration Notice, specifying the number of  Registrable Securities that such Stockholder intends to dispose of pursuant to such Registration  Statement, and the intended method of disposition thereof.  The Company shall use its reasonable  best efforts to effect the registration under the Securities Act of all Registrable Securities that  Stockholders have requested, pursuant to timely submitted Piggyback Registration Requests, to be  included in the Registration Statement to which the underlying Piggyback Registration Notice  relates.                (b) Withdrawal of Registration.  If, at any time after the Company provides a   Piggyback Registration Notice and prior to the effective date of any Registration Statement filed   in connection therewith, the Company shall determine for any reason not to register the Registrable   Securities to which such Piggyback Registration Notice relates, the Company may, in its sole   discretion, give the Requesting Holders written notice of such determination and thereupon shall   be relieved of its obligation to register any Registrable Securities that the Requesting Holders   requested to be registered pursuant to a Piggyback Registration Request delivered in response to   such Piggyback Registration Notice.  Each Stockholder shall be permitted to withdraw all or any   portion of the Registrable Securities of such Stockholder from a Piggyback Registration at any   time prior to the effective date of such Piggyback Registration.                (c) Priority.  If a registration under this Section 3.2 involves an underwritten   offering and the managing underwriter(s) in its good faith judgment advises the Company that the   number of Registrable Securities requested to be included in the Registration Statement by the   Requesting Holders exceeds the Underwriter’s Maximum Number, the Company shall be required  to include in such Registration Statement only such number of Registrable Securities as is equal  to the Underwriter’s Maximum Number and the Company and the Requesting Holders shall  participate in such offering in the following order of priority:                    (i)  First, the Company shall be entitled to include in such Registration   Statement the Registrable Securities that the Company proposes to offer and sell for its own   account in such registration and that does not exceed the Underwriter’s Maximum Number.                    (ii) Second, the Company shall be obligated and required to include in such   Registration Statement that number of Registrable Securities that the Requesting Holders have,   collectively, requested to be included in such offering, to the full extent of the remaining portion   of the Underwriter’s Maximum Number; provided, that if such number of Registrable Securities   exceeds the remaining portion of the Underwriter’s Maximum Number, the Registrable Securities  to be included in such offering shall be allocated among all of the Requesting Holders, in  proportion, as nearly as practicable, to the respective number of Registrable Securities held by  them on the date of the underlying Piggyback Registration Notice.  If any Requesting Holder would  thus be entitled to include more Registrable Securities than it requested to be registered, the excess  shall be allocated among other Requesting Holders pro rata in the manner described in the  preceding sentence.                    (iii) Third, the Company shall be entitled to include in such Registration   Statement that number of Registrable Securities that the Company proposes to offer and sell for   the account of any other Person, to the full extent of any remaining portion of the Underwriter’s   Maximum Number.                                           13  WEIL:\97487965\11\40631.0007 

 

                 (d) Not a Demand Registration.  No registration of Registrable Securities effected   under this Section 3.2 shall relieve the Company of its obligation to effect any registration of   Registrable Securities pursuant to Section 3.1.          Section 3.3 Certain Information.  In connection with any request for registration pursuant   to Section 3.1 or Section 3.2, each Selling Holder shall furnish to the Company such information   regarding itself, the Registrable Securities held by it, and the intended method of disposition of   such Registrable Securities as the Company shall reasonably request, to the extent required to   complete the filing of such Registration Statement in accordance with applicable law (including   the Securities Act and any state securities or “blue sky” laws).          Section 3.4 Expenses.  Except as expressly provided otherwise in this Agreement, if the   Company is required to effect the registration of any Registrable Securities pursuant to Section 3.1   or Section 3.2, the Company shall pay all Registration Expenses with respect to such registration;   provided, that each Selling Holder shall bear its pro rata share, on the basis of the number of   Registrable Securities sold in such registration, of all underwriting discounts, selling commissions   and stock transfer taxes, and each such Selling Holder shall be responsible for any fees and   expenses of any persons retained by such Selling Holder.  Notwithstanding the foregoing, in the  event that any registration of Registrable Securities, as applicable, requested pursuant to Section   3.1 is withdrawn or deemed withdrawn pursuant to Section 3.1(g) and the Initial Requesting   Holder(s) elects not to have such withdrawn registration counted as a registration under Section   3.1, the Initial Requesting Holder(s) and each Requesting Holder withdrawing all of its Registrable   Securities shall pay (or reimburse the Company for) its pro rata share (in proportion to the number   of Registrable Securities that it asked to be included in such withdrawn registration) of the   Registration Expenses incurred by the Company with respect to such withdrawn registration.  The   immediately preceding sentence shall not apply if such registration is withdrawn (i) as a result of   information concerning the occurrence of a material adverse change in the business or financial   condition of the Company that is made known to the Requesting Holders after the date on which   such registration was requested, (ii) if the revocation of such Selling Holder’s request for   registration is based on the Company’s failure to comply in any material respect with its   obligations hereunder or (iii) if the registration is interfered with by any stop order, injunction or   other order or requirement of the SEC or other governmental agency or court for any reason other   than a misrepresentation or omission by any Requesting Holder; provided, that if any such stop   order, injunction, order or requirement is issued or imposed as a result of any misrepresentation or   omission by any Requesting Holder(s), such Requesting Holder(s) (each, a “Responsible   Requesting Holder”) shall be solely responsible for paying (or reimbursing the Company for) all   of the Registration Expenses incurred by the Company with respect to such withdrawn registration;   provided, further, that if more than one (1) Responsible Requesting Holder is responsible for such   payment or reimbursement of Registration Expenses, then each such Responsible Requesting   Holder shall be responsible for its pro rata share of such Registration Expenses (for each   Responsible Requesting Holder based on a fraction, the numerator of which is the number of   Registrable Securities that such Responsible Requesting Holder asked to be included in such   withdrawn registration and the denominator of which is the aggregate number of Registrable   Securities that all Responsible Requesting Holder, collectively, asked to be included in such   withdrawn registration).          Section 3.5 Registration and Qualification.                                           14  WEIL:\97487965\11\40631.0007 

 

                 (a) In the event that the Company is required to effect the registration of any   Registrable Securities pursuant to this Article III, the Company shall:                    (i)  use its reasonable best efforts to, as promptly as practicable, prepare,   file and cause to become effective and remain effective a Registration Statement relating to such   Registrable Securities;                    (ii) prepare and file with the SEC such amendments (including post- effective amendments) and supplements to the Registration Statement for such Registrable  Securities and the prospectus used in connection therewith as may be necessary to keep such  Registration Statement effective and to comply with the provisions of the Securities Act with  respect to the disposition of all such Registrable Securities until such time as all of such Registrable  Securities have been disposed of; provided, that the Company shall, as far in advance as practicable   but at least five (5) Business Days prior to filing a Registration Statement or prospectus (or any   amendment or supplement thereto), furnish to each Selling Holder, for their review, copies of such   Registration Statement or prospectus (or amendment or supplement) as proposed to be filed   (including, upon the request of such Selling Holder, documents to be incorporated by reference   therein); provided, further, that each Selling Holder may request reasonable changes to such   Registration Statement, prospectus, amendment or supplement (as the case may be) and the   Company shall be required to comply therewith to the extent necessary to lawfully complete such   filing or maintain the effectiveness of such Registration Statement;                    (iii) furnish to each Selling Holder and each underwriter of such Registrable   Securities such number of conformed copies of such Registration Statement and each amendment   and supplement thereto (in each case including all exhibits), such number of copies of the   prospectus included in such Registration Statement (including each preliminary prospectus and   any summary prospectus), in conformity with the requirements of the Securities Act, such   documents as are incorporated by reference in such Registration Statement or prospectus   (including any amendments or supplements thereto), and such other documents as such Selling   Holder or underwriter may reasonably request;                    (iv) promptly notify each Selling Holder in writing of the effectiveness of   the Registration Statement and of any stop order issued or threatened by the SEC with respect   thereto, use its reasonable best efforts to prevent the entry of any such stop order that is threatened   and promptly remove any such stop order that has been entered, and promptly notify each Selling   Holder of such lifting or withdrawal of any such stop order;                    (v)  use its reasonable best efforts to (x) register or qualify all Registrable   Securities covered by such Registration Statement under the securities or blue sky laws of such   jurisdictions as may be reasonably requested by any Selling Holder or underwriter of such  Registrable Securities and promptly notify the Selling Holders of the receipt of any notification   with respect to the suspension of the qualification of Registrable Securities for sale or offer in any   such jurisdiction and (y) obtain all appropriate registrations, permits and consents in connection   with such registrations and qualifications, and do any and all other acts and things (including using   reasonable best efforts to promptly remove any such suspension) necessary or advisable to enable   the Selling Holders and underwriters to consummate the disposition of such Registrable Securities   in such jurisdictions; provided, that the Company shall not be required to qualify to do business as                                           15  WEIL:\97487965\11\40631.0007 

 

     a foreign corporation in any such jurisdiction where it is not so qualified, to consent to general   service of process in any such jurisdiction or to amend its Governing Documents;                    (vi) in an underwritten offering, use its reasonable best efforts to furnish to   each underwriter of such Registrable Securities (x) an opinion letter and negative assurance letter   of counsel to the Company addressed to each such underwriter and dated the date of the closing   under the Underwriting Agreement and (y) “cold comfort” letters dated the effective date of the  Registration Statement (and brought down to the date of closing under the Underwriting  Agreement) addressed to each underwriter and signed by the independent public accountants who  have certified the Company’s financial statements included in such Registration Statement, in each  such case covering substantially the same matters as are customarily covered in such opinions and  cold comfort letters in connection with underwritten public offerings of securities;                    (vii) not later than the effective date of the applicable Registration Statement,   (x) retain a transfer agent and registrar (if the Company does not already have one), (y) obtain a   CUSIP number for all Registrable Securities included in such Registration Statement and (z)   provide the applicable transfer agent with printed certificates for the Registrable Securities which   are in a form eligible for deposit with The Depository Trust Company or other applicable clearing   agency;                    (viii) in the case of an underwritten offering of such Registrable Securities   cause its senior executive officers to participate in such customary “road show” presentations as   may be reasonably requested by the managing underwriter, and to otherwise facilitate, cooperate   with, and participate in each proposed offering of Registrable Securities pursuant to this Article   III and customary selling efforts related thereto; and                    (ix) otherwise use its reasonable best efforts to comply with all applicable   securities laws, including the Securities Act, the Exchange Act, and state securities and “blue sky”   laws.                (b) In the event that the Company delivers a prospectus covering Registrable   Securities to the Selling Holders and such prospectus is subsequently amended to comply with the   requirements of the Securities Act, the Company shall promptly notify each Selling Holder and   may, in its discretion, request that the Selling Holders cease making offers of Registrable Securities   and return to the Company all prospectuses in their possession.  In the event that the Company   makes such a request each Selling Holder shall immediately cease making such offers and shall   promptly return all such prospectuses.  The Company shall promptly provide the Selling Holders  with revised prospectuses and each Selling Holder shall be free, following its receipt of such  revised prospectuses, to resume making offers of the Registrable Securities.                (c) In the event that the Company determines, in its sole discretion, that it is   advisable to suspend use of a prospectus included in a Registration Statement due to pending   material developments or other events that have not yet been publicly disclosed and as to which   the Company believes public disclosure would be detrimental to the Company, the Company shall   direct the Selling Holders to discontinue sales of Registrable Securities pursuant to such   prospectus, and each Selling Holder shall immediately so discontinue, until such Selling Holder   has received copies of a supplemented or amended prospectus or until such Selling Holder is                                           16  WEIL:\97487965\11\40631.0007 

 

     advised in writing by the Company that the then-current prospectus may be used and has received   copies of any additional or supplemental filings that are incorporated or deemed incorporated by   reference in such prospectus.  The Company shall promptly furnish to each Selling Holder copies   of any such supplemented or amended prospectuses or additional or supplemental filings, as the  case may be.  Notwithstanding anything to the contrary in this Agreement, the Company shall not  exercise its rights under this Section 3.5(c) to suspend sales of Registrable Securities for a period   in excess of one hundred and thirty five (135) days during any period of three hundred and sixty   five (365) consecutive days.          Section 3.6 Underwriting; Due Diligence.  In the event of an underwritten offering of   Registrable Securities pursuant to a registration requested under this Article III, the Company shall,   if requested by the underwriters for such offering, enter into an underwriting agreement with such   underwriters (an “Underwriting Agreement”).  Any such Underwriting Agreement shall contain   such representations, warranties and covenants by the Company and such other terms and   provisions as are customarily contained in underwriting agreements with respect to secondary   distributions, and shall include indemnification and contribution provisions substantially to the   effect and extent of those set forth in Section 3.7, and agreements as to the provision of opinions   of counsel and accountants’ letters substantially to the effect and extent of those set forth in Section   3.5(a)(vi).  The Selling Holders on whose behalf such Registrable Securities are to be distributed   by the underwriters shall enter into such Underwriting Agreement, which shall also contain such   representations, warranties and indemnities by the Selling Holders as are customarily provided by   selling stockholders in underwriting agreements with respect to secondary distributions.  With  respect to any Underwriting Agreement:  (i) all of the conditions precedent to the obligations of  the underwriters thereunder shall be conditions precedent to the obligations of the Selling Holders  and (ii) no Selling Holder shall be required to make any representations or warranties to, or  agreements with, the Company or the underwriters, other than customary representations,  warranties or agreements generally made by selling stockholders in similar offerings.          Section 3.7 Indemnification and Contribution.                (a) The Company’s Indemnification Obligations.  To the fullest extent permitted   by law, the Company agrees to indemnify and hold harmless each Selling Holder, its Affiliates,   and their respective directors, officers, members, managers, partners, employees, stockholders,   agents, advisors, investment managers and any Person who “controls” such Selling Holder (within  the meaning of Section 15 of the Securities Act), from and against any and all losses, claims,  damages and liabilities, including any legal or other costs, fees and expenses reasonably incurred  in connection with defending or investigating any such action or claim (collectively, “Losses”)   insofar as such Losses are caused by (i) any untrue statement or alleged untrue statement of a   material fact contained in any Registration Statement or amendment thereto, any free writing   prospectus, any preliminary prospectus or prospectus (as amended or supplemented) relating to   the Registrable Securities, (ii) 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, or (iii)   any violation by the Company of any federal, state or common law rule or regulation applicable to   the Company and relating to action required of or inaction by the Company in connection with   such registration, except insofar as such Losses (x) relate to a transaction or sale made by a Selling   Holder in violation of Section 3.5(c) or (y) are caused by any such untrue statement or omission   or alleged untrue statement or omission that is based upon and in conformity with information                                           17  WEIL:\97487965\11\40631.0007 

 

     relating to a Selling Holder which is furnished to the Company in writing by such Selling Holder   expressly for use therein; provided, that clause (y) shall not apply to the extent that the Selling   Holder has furnished in writing to the Company prior to the filing of such Registration Statement,   free writing prospectus, preliminary prospectus, prospectus, amendment or supplement   information expressly for use in such document which information corrected or made not   misleading the information previously furnished to the Company by such Selling Holder, and the   Company failed to include such information therein.                (b) The Selling Holder’s Indemnification Obligations.  To the fullest extent   permitted by law, each Selling Holder agrees to indemnify and hold harmless the Company, all   Affiliates of the Company, each of their respective directors, officers, members, managers,   partners, employees, stockholders, agents and advisors and each Person, if any, who “controls”   (within the meaning of Section 15 of the Securities Act) the Company, from and against any and   all Losses insofar as such Losses are caused by (i) any untrue statement or alleged untrue statement   of a material fact contained in any Registration Statement or amendment thereto, any free writing   prospectus, preliminary prospectus or prospectus (as amended or supplemented if the Company   shall have furnished any amendments or supplements thereto) relating to the Registrable   Securities, or (ii) caused by any omission or alleged omission to state therein a material fact   required to be stated therein or necessary to make the statements therein not misleading, but in   each case only with reference to information relating to such Selling Holder furnished in writing   by or on behalf of such Selling Holder expressly for use in such Registration Statement, free   writing prospectus, preliminary prospectus, prospectus, amendments or supplement; provided, that   such Selling Holder shall not be liable in any such case to the extent that it has furnished in writing   to the Company prior to the filing of any such Registration Statement, free writing prospectus,   preliminary prospectus, prospectus, amendment or supplement information expressly for use in   such document which information corrected or made not misleading the information previously   furnished to the Company by such Selling Holder, and the Company failed to include such   information therein.  Notwithstanding anything to the contrary in this Section 3.7, each Selling   Holder’s indemnification obligations under this paragraph are several, and not joint and several,   and shall not exceed, with respect to any given registration of Registrable Securities pursuant to   this Article III, the amount of net proceeds received by such Selling Holder in connection with the   offering of its Registrable Securities under such registration.                (c) Each party that is entitled to indemnification under paragraph (a) or (b) of this   Section 3.7 shall, promptly after receipt of notice of a claim or action against such indemnified   party in respect of which indemnity may be sought hereunder, notify the indemnifying party in   writing of the claim or action and the indemnifying party shall assume the defense thereof,   including the employment of counsel reasonably satisfactory to such indemnified party, and shall   assume the payment of all fees and expenses; provided, that the failure of any indemnified party   to so notify the indemnifying party shall not relieve the indemnifying party of its obligations   hereunder except to the extent that the indemnifying party is materially prejudiced by such failure   to notify.  In any such action, any indemnified party shall have the right to retain its own counsel,   but the fees and expenses of such counsel shall be at the sole expense of such indemnified party   unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the   retention of such counsel or (ii) in the reasonable judgment of such indemnified party,   representation of both parties by the same counsel would be inappropriate due to actual or potential   differing interests between them, in which case the fees and expenses of such counsel shall be at                                           18  WEIL:\97487965\11\40631.0007 

 

     the sole expense of the indemnifying party; provided, that in the event that the Company, as   indemnifying party, is required to pay expenses of separate legal counsel for any one (1) or more   Selling Holders as indemnified party, a single counsel shall be designated in writing to the   Company by the Selling Holder with the largest number of Registrable Securities included in such   registration.  All such fees and expenses shall be reimbursed as they are incurred.  The   indemnifying party shall not be liable for any settlement of any claim or action effected without   its written consent, which consent shall not be unreasonably withheld or delayed, but if settled   with such consent, or if there be a final judgment for the plaintiff, the indemnifying party shall   indemnify and hold harmless such indemnified parties from and against any loss or liability (to the   extent stated above) by reason of such settlement or judgment.  No indemnifying party shall,   without the prior written consent of the indemnified party, effect any settlement of any pending or   threatened claim or action in respect of which any indemnified party is or could have been a party   and indemnity could have been sought hereunder by such indemnified party, unless such   settlement includes an unconditional release of such indemnified party from all liability arising out   of such proceeding and imposes no obligations on such indemnified party other than the payment   of monetary damages (which damages will be paid by the indemnifying party hereunder).                (d) If the indemnification provided for in this Section 3.7 shall for any reason be   unavailable (other than in accordance with its terms) to an indemnified party in respect of any   Losses referred to therein, then the indemnifying party shall, in lieu of indemnifying such   indemnified party, contribute to the amount paid or payable by the indemnified party as a result of  such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying  party on the one hand and the indemnified party on the other.  The relative fault shall be determined   by reference to, among other things, whether the untrue or alleged untrue statement of a material   fact or the omission or alleged omission to state a material fact relates to information supplied by   the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access   to information and opportunity to correct or prevent such untrue statement or omission.    Notwithstanding anything to the contrary in this paragraph, (i) each Selling Holder’s contribution   obligations under this paragraph are several, and not joint and several, and (ii) no indemnifying   party (other than the Company) shall be required to contribute any amount in excess of the amount   by which the net proceeds received by such indemnifying party from the sale of Registrable   Securities in the offering to which the Losses relate exceed the amount of any damages which such   indemnifying party has otherwise been required to pay by reason of such untrue statement or   omission.  The parties to this Agreement agree that it would not be just and equitable if contribution   pursuant to this paragraph were determined by pro rata allocation or by any other method of   allocation that does not take into account the equitable considerations referred to in Section 3.7(c).    No Person who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of   the Securities Act) that results in Losses shall be entitled to contribution with respect to such Losses   from any Person who is not guilty of such fraudulent misrepresentation.                (e) Indemnification and contribution similar to that specified in the preceding   paragraphs of this Section 3.7 (with appropriate modifications) shall be given by the Company,   the Selling Holders and the underwriters with respect to any required registration or other   qualification of Registrable Securities under any state law or regulation or governmental authority.                (f) The obligations of the parties under this Section 3.7 shall be in addition to any   liability which any party may otherwise have to any other party.  If indemnification is available                                           19  WEIL:\97487965\11\40631.0007 

 

     under this Section 3.7, the indemnifying parties shall indemnify each indemnified party to the   fullest extent permitted by applicable law and as provided in paragraphs (a) and (b) hereof without   regard to the relative fault of said indemnifying parties or indemnified party.                (g) The rights and obligations of the Company and the Selling Holders under this   Section 3.7 shall survive the termination of this Agreement.          Section 3.8 Rule 144 Information.  The Company hereby covenants and agrees it shall (a)   file such periodic reports as it is required to file under the Exchange Act, and other applicable laws  or rules, and thereafter shall timely file such information, documents and reports as may be  required or prescribed under Section 13 or 15(d) (whichever is applicable) of the Exchange Act,  and, (b) if the Company is not required to file such reports during any period, it will upon the  reasonable request of any Stockholder make publicly available such information for so long as is   necessary to permit such Stockholder to sell Registrable Securities pursuant to Rule 144 or   Regulation S under the Securities Act, take such further action as any Stockholder may reasonably   request, to the extent from time to time such action is necessary to permit such Stockholder to sell   Registrable Securities pursuant to Rule 144 or Regulation S of the Securities Act, including   without registration under the Securities Act within the limitation of the exemptions provided by   Rule 144 or Regulation S under the Securities Act.          Section 3.9 Grant of Additional Registration Rights.  Except for the registration rights   granted pursuant to this Article III, the Company shall not grant any registration rights with respect   to shares of Common Stock to any other Person without the prior written consent of the majority   of the then outstanding shares of Common Stock held by the Stockholder Groups unless such   registration rights so granted do not materially affect the rights of the Stockholder Groups under   this Agreement with respect to their priority in any Public Offering.          Section 3.10 Holdback Agreement.  The Company and each 5% Stockholder (whether or   not such Registrable Securities are included in a Registration Statement filed pursuant to Section   3.1 or Section 3.2) agree, if requested (pursuant to a timely written notice) by the lead or managing   underwriter or underwriters in an underwritten offering, not to effect any public sale or distribution   of any of the Registrable Securities, including a sale pursuant to Rule 144 (except as part of such   underwritten offering), for a customary period (which period shall be the same for all applicable   Stockholders and shall not be longer than one hundred and eighty (180) days in the case of the  Company’s first Public Offering and ninety (90) days in the case of any other Public Offering,  except to the extent required by FINRA regulations or applicable law), as reasonably determined  by the lead or managing underwriter or underwriters in consultation with the Stockholders, after  the closing date of the underwritten offering made pursuant to such Registration Statement;  provided, that no 5% Stockholder shall be subject to any such restrictions unless (a) all such   restrictions shall have been requested of, and shall be applicable to, all 5% Stockholders and (b)   such underwriter(s) shall have obtained written holdback agreements from the Company, each   executive officer of the Company and each other Person who has been granted registration rights   by the Company.  No waiver of any such restrictions shall be effective with respect to any   Stockholder unless such waiver applies uniformly to all such Stockholders.  Notwithstanding   anything contained in this Section 3.10, all obligations of the Stockholders under this Section 3.10   shall terminate in the event that the Company or any underwriter terminates, releases or waives, in   whole or in part, the holdback agreements with respect to the Company, any executive officer of                                           20  WEIL:\97487965\11\40631.0007 

 

     the Company or any such other Person who has been granted registration rights by the Company,   unless such termination, release or waiver also applies proportionally (based on their respective   ownership of Registrable Securities relative to the number of Registrable Securities held by such   executive officer or other Person) to each Stockholder.          Section 3.11 Termination.  All of the Company’s obligations to register Registrable   Securities under Section 3.1 and Section 3.2 shall terminate on the date on which the Stockholders   cease to Beneficially Own any Registrable Securities.                                     ARTICLE IV                                                                REPRESENTATIONS AND WARRANTIES          Each of the parties hereto hereby represents and warrants, solely with respect to itself   (and, in each case to the extent applicable in the case of parties who are natural persons), to each   other party that:          Section 4.1 Existence; Authority; Enforceability.  Such party has the power and authority   to enter into this Agreement and to carry out its obligations hereunder.  Such party is duly   organized and validly existing under the laws of its jurisdiction of organization, and the execution   of this Agreement, and the performance of its obligations hereunder, have been authorized, and no   other act or proceeding on its part is necessary to authorize the execution of this Agreement or the   performance of its obligations hereunder.  This Agreement has been duly executed by it and   constitutes its legal, valid and binding obligation, enforceable against it in accordance with its   terms except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws,   or by legal or equitable principles relating to or limiting the rights of contracting parties generally.          Section 4.2 Absence of Conflicts.  The execution and delivery by such party of this   Agreement and the performance of its obligations hereunder does not (a) conflict with, or result in   the breach of any provision of the constitutive documents of such party; (b) result in any violation,   breach, conflict, default or event of default (or an event which with notice, lapse of time, or both,   would constitute a default or event of default), or give rise to any right of acceleration or   termination or any additional payment obligation, under the terms of any contract, agreement or   permit to which such party is a party or by which such Party’s assets or operations are bound or  affected; or (c) violate any law applicable to such party, except, in the case of clause (b), as would  not have a material  adverse effect on such party’s ability to perform its obligations hereunder.          Section 4.3 Consents.  Other than as has already been obtained, no consent, waiver,   approval, authorization, exemption, registration, license or declaration is required to be made or   obtained by such party in connection with the execution, delivery or performance of this   Agreement, except in each case, as would not have a material adverse effect on such party’s ability   to perform its obligations hereunder.                                           21  WEIL:\97487965\11\40631.0007 

 

                                      ARTICLE V                                                                               GENERAL          Section 5.1 Assignment.  The rights and obligations hereunder shall not be assignable   without the prior written consent of the other parties hereto; provided, however, any party hereto,   without the consent of any other party, may assign, in whole or in part, any of its rights hereunder   to any Person who is an Affiliate of such party, if such assignee contemporaneously enters into a   Joinder Agreement in the form attached hereto as Annex A.  Any attempted assignment of rights   or obligations in violation of this Section 5.1 shall be null and void.          Section 5.2 Term and Effectiveness.                (a) This Agreement shall become effective immediately prior to the   consummation of the Public Listing.  This Agreement shall automatically terminate if the Public   Listing is not consummated on or before the tenth (10th) Business Day following the date of this   Agreement.                (b) Article II shall terminate as to any Nominating Stockholder Group when such   Nominating Stockholder Group no longer Beneficially Owns at least ten percent (10%) of the then  issued and outstanding shares of Common Stock.                (c) Subject to Section 5.2(b), this Agreement (other than this Article V) shall   terminate with respect to any Stockholder on the date such Stockholder no longer holds Registrable  Securities.                (d) Notwithstanding anything contained herein to the contrary, this Article V   shall survive any termination of any provisions of this Agreement.                (e) The termination of any provision of this Agreement shall not relieve any party   from any liability for the breach of its obligations under this Agreement prior to such termination.          Section 5.3 Severability.  If any term or other provision of this Agreement is held to be   invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other   conditions and provisions of this Agreement shall nevertheless remain in full force and effect so   long as the economic or legal substance of the transactions is not affected in any manner materially   adverse to any party.  Upon a determination that any term or other provision is invalid, illegal or   incapable of being enforced, the parties hereto shall negotiate in good faith to modify this   Agreement so as to effect the original intent of the parties as closely as possible in a mutually   acceptable manner in order that the transactions contemplated hereby be consummated as   originally contemplated to the fullest extent possible.          Section 5.4 Entire Agreement; Amendment.                (a) This Agreement sets forth the entire understanding and agreement between   the parties with respect to the subject matter hereof and supersedes all prior agreements and   understandings, including the Original Agreement, both oral and written, between the parties with   respect to the subject matter of this Agreement.  This Agreement or any provision thereof may                                           22  WEIL:\97487965\11\40631.0007 

 

     only be amended, modified or supplemented, and no provision in this Agreement may be waived,   in whole or in part, by an instrument in writing signed by the Stockholders holding a majority of   the then issued and outstanding shares of Common Stock, provided, however that (i) Article II   may only be amended, modified, supplemented or waived with the consent of each Nominating   Stockholder Group for so long as the Aggregate Ownership of such Nominating Stockholder  Group constitutes at least ten percent (10%) of the outstanding shares of Common Stock, and (ii)  the consent of a Stockholder will be required to effect any amendment, modification, supplement  or waiver to the Agreement that would reasonably be expected to disproportionately affect such  Stockholder that is material and adverse to such Stockholder as compared to any other Stockholder.                (b) No waiver of any breach of any of the terms of this Agreement shall be   effective unless such waiver is expressly made in writing and executed and delivered by the party   against whom such waiver is claimed.  The waiver by any party hereto of a breach of any provision   of this Agreement shall not operate or be construed as a further or continuing waiver of such breach   or as a waiver of any other or subsequent breach.  Except as otherwise expressly provided herein,   no failure on the part of any party to exercise, and no delay in exercising, any right, power or   remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a   waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party   preclude any other or further exercise thereof or the exercise of any other right, power or remedy.                (c) No waiver of a right under this Agreement shall be effective unless such   waiver is expressly made in writing and executed and delivered by the party against whom such   waiver is claimed.  The waiver of a right under this Agreement in a specified instance or in  specified circumstances shall not operate or be construed as a waiver of such right in other  instances or circumstances.                (d) Any nomination or other consent or action under this Agreement exercisable   by the Mudrick Parties, and any waiver of a breach of, or waiver or consent to modification of,  any right of the Mudrick Parties under this Agreement, may be exercised on their behalf by the  Mudrick Entity; any nomination or consent right or action under this Agreement exercisable by  the GoldenTree Parties, and any waiver of a breach of, or waiver or consent to modification of,  any right of the GoldenTree Parties under this Agreement, may be exercised on their behalf by the  GoldenTree Entity; any nomination or consent right or action under this Agreement exercisable  by the Paulson Parties, and any waiver of a breach of, or waiver or consent to modification of, any  right of the Paulson Parties under this Agreement, may be exercised on their behalf by the Paulson  Entity; any consent right or action under this Agreement exercisable by the Cerberus Parties, and  any waiver of a breach of, or waiver or consent to modification of, any right of the Cerberus Parties  under this Agreement, may be exercised on their behalf by the Cerberus Entity.          Section 5.5 Counterparts.  This Agreement may be executed in one or more counterparts,   and by the different parties hereto in separate counterparts, each of which when executed shall be   deemed to be an original but all of which taken together shall constitute one and the same   agreement.          Section 5.6 Governing Law.  This Agreement shall be construed in accordance with and   governed by the laws of the State of Delaware, without giving effect to any choice of law or conflict                                           23  WEIL:\97487965\11\40631.0007 

 

     of law provision or rule that would cause the application of the laws of any jurisdiction other than   the State of Delaware.          Section 5.7 Waiver of Jury Trial; Consent to Jurisdiction.  EACH OF THE PARTIES   HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED   BY LAW ANY AND ALL RIGHT TO TRIAL BY        JURY IN ANY LEGAL PROCEEDING   ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS   CONTEMPLATED BY THIS AGREEMENT.  Each party hereby irrevocably    submits to the  exclusive jurisdiction of the federal courts located in the State of Delaware or the Delaware Court  of Chancery for the purpose of adjudicating any dispute arising hereunder.  Each party hereby  irrevocably and unconditionally waives and agrees not to plead or claim in any such court any  objection to such jurisdiction, whether on the grounds of hardship, inconvenient forum or  otherwise.  Each party further agrees that service of any process, summons, notice or document by  U.S. registered mail to such party’s respective address set forth in Section 5.9 shall be effective   service of process for any action, suit or proceeding with respect to any matters to which it has   submitted to jurisdiction in this Section 5.7.          Section 5.8 Specific Enforcement.  The parties hereto acknowledge that the remedies at   law of the other parties for a breach or threatened breach of this Agreement would be inadequate   and, in recognition of this fact, any party to this Agreement, without posting any bond, and in   addition to all other remedies that may be available, shall be entitled to equitable relief in the form   of specific performance, a temporary restraining order, a temporary or permanent injunction or   any other equitable remedy that may then be available.          Section 5.9 Notices.  All notices, requests and other communications to any party   hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”)   transmission, so long as a receipt of such e-mail is requested and received by non-automated   response).  All such notices, requests and other communications shall be delivered in person or   sent by facsimile, e-mail or nationally recognized overnight courier and shall be deemed received   on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in   the place of receipt.  Otherwise, any such notice, request or communication shall be deemed to   have been received on the next succeeding Business Day in the place of receipt.  All such notices,  requests and other communications to any party hereunder shall be given to such party as follows:          If to the Company, to:                Thryv Holdings, Inc.               2200 W. Airfield Drive               P.O. Box 619810               DFW Airport, TX 75261               Attention: Lesley Bolger, Corporate Secretary              Facsimile: (877) 238-4973              E-mail:  Lesley.Bolger@thryv.com         with a copy (which shall not constitute notice) to:                                           24  WEIL:\97487965\11\40631.0007 

 

                 Weil, Gotshal & Manges LLP               767 Fifth Avenue               New York, NY 10153               Attention: Brian Gingold               Facsimile: (212) 310-8007               E-mail:  Brian.Gingold@weil.com          If to any Stockholder:          At such Person’s address for notice as set forth in the books and records of the Company,   or, as to each of the foregoing, at such other address as shall be designated by a party in a written   notice to other parties complying as to delivery with the terms of this Section 5.9.  All such notices,   requests, demands and other communications shall, when mailed, telegraphed or sent, respectively,   be effective (i) two (2) days after being deposited in the mail or (ii) one (1) day after being  deposited with the express overnight courier service, respectively, addressed as aforesaid.          Section 5.10 Binding Effect; Third Party Beneficiaries.  The provisions of this Agreement   shall be binding upon and shall inure to the benefit of the parties hereto and their respective   permitted successors and assigns.  Except as provided in Section 5.13, no provision of this   Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder   upon any Person other than the parties hereto and their respective permitted successors and assigns.          Section 5.11 Further Assurances.  The parties hereto will sign such further documents,   cause such meetings to be held, resolutions passed, exercise their votes and do and perform and   cause to be done such further acts and things necessary, proper or advisable in order to give full   effect to this Agreement and every provision hereof.          Section 5.12 Table of Contents, Headings and Captions.  The table of contents, headings,   subheadings and captions contained in this Agreement are included for convenience of reference   only, and in no way define, limit or describe the scope of this Agreement or the intent of any   provision hereof.          Section 5.13 No Recourse.  This Agreement may only be enforced against, and any claims   or cause of action that may be based upon, arise out of or relate to this Agreement, or the   negotiation, execution or performance of this Agreement may only be made against the entities   that are expressly identified as parties hereto and no past, present or future Affiliate, director,   officer, employee, incorporator, member, manager, partner, stockholder, controlling person,   fiduciary, agent, attorney or representative of any party hereto, or any past, present or future   Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder,   controlling person, fiduciary, agent, attorney or representative of any of the foregoing shall have   any liability for any obligations or liabilities of the parties to this Agreement or for any claim based   on, in respect of, or by reason of, the transactions contemplated hereby.                         [Remainder of page intentionally left blank]                                               25  WEIL:\97487965\11\40631.0007 

 

      IN WITNESS WHEREOF, each of the parties hereto has caused this Stockholders  Agreement to be executed by its duly authorized officers as of the day and year first above written.                                                      THRYV HOLDINGS, INC.                                             By: __________________________                                            Name: Joseph A. Walsh                                            Title:  President and Chief Executive                                                  Officer            [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                         

 

                                                                Mudrick Parties                                     Mudrick Capital Management, L.P.                                                                              By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                  MUDRICK DISTRESSED OPPORTUNITY                                    FUND GLOBAL LP                                                                        By: Mudrick GP, LLC, its General Partner                                                                              By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                  VERTO DIRECT OPPORTUNITY II LP                                                                  By: Verto Direct Opportunity GP, LLC, its                                     General Partner                                                                                                By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                                                                 BOSTON PATRIOT BATTERYMARCH                                    ST LLC                                                                  By: Mudrick Capital Management, L.P., its                                    Investment Manager                                                                                                By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            MUDRICK DISTRESSED OPPORTUNITY                                    DRAWDOWN FUND II LP                                                                        By: Mudrick Distressed Opportunity                                    Drawdown Fund II GP, LLC, its General                                    Partner                                                                                                By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            MUDRICK DISTRESSED OPPORTUNITY                                    DRAWDOWN FUND LP                                                                  By: Mudrick Distressed Opportunity                                    Drawdown Fund GP, LLC                                                                                                            By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            BLACKWELL PARTNERS LLC SERIES A                                                                  By: Mudrick Capital Management, L.P., its                                    Investment Manager                                                                                                            By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            MERCER QIF FUND PLC                                                                        By: Mudrick Capital Management, L.P., its                                     Investment Manager                                                                                                By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            TRUSTEES OF GRINNELL COLLEGE                                                                  By: Mudrick Capital Management, its                                    Investment Manager                                                                                                            By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            P MUDRICK LTD                                                                  By: Mudrick Capital Management, L.P., its                                    Investment Manager                                                                                                            By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                                                                                            MUDRICK DISTRESSED OPPORTUNITY                                    SPECIALTY FUND LP                                                                        By: Mudrick GP, its General Partner                                                                                                By: __________________________                                    Name: Glenn Springer                                    Title:  Chief Financial Officer   [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                  VERTO DIRECT OPPORTUNITY                                      GP LLC                                                                                                            By: __________________________                                    Name: Glenn Springer                                    Title:   Chief Financial Officer                                                                                                                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                 

 

                                  GoldenTree Parties                                     GoldenTree Asset Management LP                                      By: __________________________                                    Name: Sasha Linney                                    Title:  Associate General Counsel    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)] 

 

                                  GoldenTree 2004 Trust                                    By: GoldenTree Asset Management, LP                                      By:                                    Name: Karen Weber                                    Title: Director – Bank Debt    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)] 

 

                                                  Crown Managed Accounts SPC –                                    Crown/GT Segregated Portfolio                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  GN3 SIP Limited                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  GoldenTree Distressed Master Fund 2014                                    Ltd                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  GoldenTree Insurance Fund Series Interests                                    of the SALI Multi-Series Fund, L.P.                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  GoldenTree Master Fund, Ltd.                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  GoldenTree V1 Master Fund, LP                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  GT NM, LP                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  High Yield and Bank Loan Series Trust                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  Louisiana State Employees’ Retirement                                    System                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                                  San Bernardino County Employees’                                    Retirement Association                                     By: GoldenTree Asset Management, LP                                                                         By:                                                              Name: Karen Weber                                    Title: Director – Bank Debt                                                        [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                  Paulson Parties                                     Paulson & Co. Inc.                                     By: __________________________                                    Name:                                     Title:                                         [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                  Paulson Credit Opportunities Master LTD                                     By: __________________________                                    Name:                                     Title:                                                                             [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]                                  

 

                                  Paulson Credit Opportunities Master II LTD                                     By: __________________________                                    Name:                                     Title:     [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)] 

 

                                   Cerberus Parties                                      Cerberus Capital Management L.P.                                      By: __________________________                                     Name:  Michael F. Sanford Jr.                                     Title:  Senior Managing Director    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)] 

 

                                   Yosemite Sellers' Representative LLC                                      By: __________________________                                     Name:  Michael F. Sanford Jr.                                     Title:  President    [SIGNATURE PAGE TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)] 

 

                                                                                         Annex A                                      FORM OF                              JOINDER AGREEMENT    The undersigned is executing and delivering this Joinder Agreement pursuant to that certain   Stockholders Agreement, dated as of September 23, 2020 (as amended, restated, supplemented or   otherwise modified in accordance with the terms thereof, the “Stockholders Agreement”) by and   among (i) Thryv Holdings, Inc., a Delaware corporation (the “Company”), (ii) Mudrick Capital   Management, L.P., a Delaware limited partnership (the “Mudrick Entity”), (iii) GoldenTree Asset   Management LP, a Delaware limited partnership (the “GoldenTree Entity”), (iv) Paulson & Co.   Inc., a Delaware corporation (the “Paulson Entity”), and (v) Cerberus Capital Management L.P., a   Delaware limited partnership (the “Cerberus Entity”) and each of the other Affiliates of the   foregoing that are signatories to the Agreement.  Capitalized terms used but not defined in this  Joinder Agreement shall have the respective meanings ascribed to such terms in the Stockholders  Agreement.    By executing and delivering this Joinder Agreement to the Stockholders Agreement, the   undersigned hereby adopts and approves the Stockholders Agreement and agrees, effective   commencing on the date hereof and as a condition to the undersigned’s becoming the beneficial   owner and/or transferee of Company Securities, to become a party as a Stockholder to, and to be   bound by and comply with the provisions of, the Stockholders Agreement applicable to the   Stockholders in the same manner as if the undersigned were an original signatory to the   Stockholders Agreement.    The undersigned acknowledges and agrees that Article V of the Stockholders Agreement is   incorporated herein by reference, mutatis mutandis.               [ANNEX A TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]    

 

   Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the  _______ day of ______________, ______________.                                                                                                                             (Signature of Transferee)                                                                                                                             (Print Name of Transferee)                                             Address:                                                                                                                                                                                                                                        Telephone:                                            Facsimile:                                                                      Email:                                 AGREED AND ACCEPTED  as of the ____ day of ________, _________.   THRYV HOLDINGS, INC.   By:                                Name:     Title:           [SIGNATURE PAGE TO JOINDER TO AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (THRYV HOLDINGS, INC.)]Exhibit
10.2

 

PULMATRIX,
INC.

 

September
25, 2020

 

Todd
Bazemore

 

RE:
Offer to Join the Board of Directors

 

Dear
Mr. Bazemore,

 

On
behalf of Pulmatrix, Inc. (the “Company”), in recognition of our belief that your skills, expertise
and knowledge will prove helpful to the Company’s progress, I am pleased to extend to you an offer to join the Company’s
Board of Directors (the “Board”), effective as of October 1, 2020 (the “Commencement Date”),
to serve as a Class I director for a term expiring at the next annual meeting of the Company’s stockholders at which the
term of the Class I directors expires, or until your successor shall be duly appointed and qualified or your earlier death, resignation
or removal. Upon your acceptance of this offer, you will also be invited to join the Nomination and Corporate Governance Committee
of the Board.

 

Pursuant
to the Company’s director compensation policy and as consideration for your services to the Company as a director, the Company
will provide you with the following:

 

	 	(a)	Expenses.
    The Company agrees to reimburse you for the reasonable out-of-pocket expenses incurred by you in attending meetings of the
    Board and any committee on which you serve. Reimbursements will be paid within a reasonable time following receipt of reasonably
    detailed supporting documentation relating to such expenses and in accordance with the Company’s expense reimbursement
    policies and procedures as they may be in effect from time to time.
	 	 	 
	 	(b)	Cash
    Fees. The Company will pay you cash fees of $30,000 per year for your service as a director and your attendance at meetings
    of the Board, payable in accordance with the Company’s standard director fee payment practices. The Company also agrees
    to pay you the following cash fees to the extent you fill one or more of the following roles on the Board:

 

    	 

     

    

 

	Position	 	Annual Cash Compensation

                                                                                ($)
	 
	Chair
    of the Audit Committee	 	 	15,000	 
	Non-Chair
    Member of the Audit Committee	 	 	7,000	 
	Chair
    of the Nomination and Corporate Governance Committee	 	 	10,000	 
	Non-Chair
    Member of the Nomination and Corporate Governance Committee	 	 	5,000	 
	Chair
    of the Compensation Committee	 	 	7,000	 
	Non-Chair
    Member of the Compensation Committee	 	 	3,000	 

 

		(c)	Option
    Grant. Following approval by the Company’s Board or the Compensation Committee of the Board, as applicable, on the
    Commencement Date, you will be issued a stock option pursuant to the Incentive Plan (defined below) to purchase 30,000 shares
    (the “Initial Option”) of the Company’s common stock, $0.0001 par value per share (“Common
    Stock”), with (i) an exercise price equal to the fair market value of a share of Common Stock on the date of
    grant, determined in accordance with the terms of the Incentive Plan; (ii) a term of ten years and (iii) one-fourth of the
    Initial Option vesting on the first anniversary of the date of grant (the “First Vesting Date”)
    and an additional 2.083% of the Initial Option vesting on the last day of each of the 36 months that follow the First Vesting
    Date, in each case provided that you are providing services to the Company through the applicable vesting date. The Initial
    Option shall be subject to such further terms and conditions as are specified in the Pulmatrix, Inc. 2013 Employee, Director
    and Consultant Equity Incentive Plan (or any other applicable equity incentive plan that may be adopted in the future (the
    “Incentive Plan”)) and one or more non-qualified stock option agreements to be executed by you and
    the Company.

 

In
accepting this offer, you are representing to the Company (i) that you will devote adequate time and effort to perform your duties
in a manner consistent with prevailing professional standards, (ii) that you do not know of any conflict which would restrict
your ability to consult with the Company or serve on the Board, and (iii) that you will not provide the Company with any documents,
records, or other confidential information belonging to other parties. You further represent that during the term of your service
on the Board, you will not engage in any activity that competes with or creates an actual conflict of interest with the Company,
and that you will notify the Board before engaging in any activity that creates a potential conflict of interest with the Company.

 

As
a condition of your service on the Board and in accordance with your fiduciary duty to the Company, you agree to hold in strict
confidence and trust, and not to use or disclose, any confidential information you receive or learn in connection with your service
on the Board. In the event your service on the Board is terminated for any reason, you agree to return to the Company any materials
received by you in the course of your service relating to the Company or the Board.

 

    	 

     

    

 

Your
service on the Board is entirely “at will” for both you and the Company. As a result, you are free to terminate your
role as a Board member at any time, for any reason. Similarly, you may be removed by the Company as a Board member at any time,
with or without cause, subject only to compliance with applicable law and the Company’s governing documents. Nothing in
this letter creates any offer of employment or employment relationship between you and the Company.

 

If
the foregoing terms are agreeable, please indicate your acceptance by signing this letter in the space provided below and returning
this letter to the Company. We look forward to your serving as a member of the Board.

 

	 	Sincerely,
	 	 
	 	Pulmatrix,
    Inc.
	 	 	 
	 	By:	/s/
    Michael J. Higgins
	 	Name: 	Michael
    J. Higgins
	 	Title:	Chairman
    of the Board
	 	 	 
	Agreed
and Accepted:	 	 
	 	 	 
	/s/
    Todd Bazemore	 	 
	Todd
    Bazemore	 	 
	 	 	 
	Date:
    September 27, 2020

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