Document:

exv10w8

Exhibit 10.8

SPONSOR WARRANTS PURCHASE AGREEMENT

     THIS SPONSOR WARRANTS PURCHASE AGREEMENT, dated as of August 5, 2010 (as it may from time to
time be amended and including all exhibits referenced herein, this “Agreement”), is entered into by
and among JWC Acquisition Corp., a Delaware corporation (the “Company”), and each of the
individuals set forth on the signature pages hereto under “Purchasers” (the “Purchasers”).

     The Company intends to consummate a public offering of the Company’s units (the “Public
Offering”), each unit consisting of one share of the Company’s common stock, par value $0.0001 per
share (a “Share”), and one warrant to purchase one Share at an exercise price of $12.00 per Share.
The Purchasers have agreed to purchase an aggregate of 5,000,000 warrants (the “Sponsor Warrants”),
each Sponsor Warrant entitling the holder to purchase one Share at an exercise price of $12.00 per
Share.

     NOW THEREFORE, in consideration of the mutual promises contained in this Agreement and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties to this Agreement hereby, intending legally to be bound, agree as follows:

AGREEMENT

     Section 1. Authorization, Purchase and Sale; Terms of the Sponsor Warrants.

     A. Authorization of the Sponsor Warrants. The Company has duly authorized the issuance
and sale of the Sponsor Warrants to the Purchasers.

     B. Purchase and Sale of the Sponsor Warrants. Immediately prior to the consummation of
the Public Offering or on such earlier time and date as may be mutually agreed by the Purchasers
and the Company (the “Closing Date”), the Company shall issue and sell to the Purchasers, and the
Purchasers shall purchase from the Company, the Sponsor Warrants at a price of $0.75 per warrant
for an aggregate purchase price of $3,750,000 (the “Purchase Price”) in the amounts set forth
opposite each Purchaser’s name on Exhibit A annexed hereto, which shall be paid by wire transfer of
immediately available funds to the Company in accordance with the Company’s wiring instructions. On
the Closing Date, upon the payment by the Purchasers of the Purchase Price by wire transfer of
immediately available funds to the Company, the Company shall deliver a certificate evidencing the
Sponsor Warrants duly registered in the Purchasers’ names to the Purchasers.

     C. Terms of the Sponsor Warrants.

     (i) Each Sponsor Warrant shall have the terms set forth in a Warrant Agreement to be entered
into by the Company and a warrant agent, in connection with the Public Offering (a “Warrant
Agreement”).

     (ii) Registration Rights: At the time of the closing of the Public Offering, the Company and
the Purchasers shall enter into a registration rights agreement (the “Registration

 

 

Rights Agreement”) pursuant to which the Company will grant certain registration rights to the
Purchasers relating to the Sponsor Warrants and the Shares underlying the Sponsor Warrants.

     Section 2. Representations and Warranties of the Company. As a material inducement to the
Purchasers to enter into this Agreement and purchase the Sponsor Warrants, the Company hereby
represents and warrants to the Purchasers (which representations and warranties shall survive the
Closing Date) that:

     A. Organization and Corporate Power. The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware and is qualified to
do business in every jurisdiction in which the failure to so qualify would reasonably be expected
to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out
the transactions contemplated by this Agreement and the Warrant Agreement.

     B. Authorization; No Breach.

     (i) The execution, delivery and performance of this Agreement and the Sponsor Warrants have
been duly authorized by the Company as of the Closing Date. This Agreement constitutes the valid
and binding obligation of the Company, enforceable in accordance with its terms. Upon issuance in
accordance with, and payment pursuant to, the terms of the Warrant Agreement and this Agreement,
the Sponsor Warrants will constitute valid and binding obligations of the Company, enforceable in
accordance with their terms as of the Closing Date.

     (ii) The execution and delivery by the Company of this Agreement and the Sponsor Warrants, the
issuance and sale of the Sponsor Warrants, the issuance of the Shares of common stock upon exercise
of the Sponsor Warrants and the fulfillment of and compliance with the respective terms hereof and
thereof by the Company, do not and will not as of the Closing Date (a) conflict with or result in a
breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in the
creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or
assets under, (d) result in a violation of, or (e) require any authorization, consent, approval,
exemption or other action by or notice or declaration to, or filing with, any court or
administrative or governmental body or agency pursuant to the Certificate of Incorporation of the
Company or the By Laws of the Company, or any material law, statute, rule or regulation to which
the Company is subject, or any agreement, order, judgment or decree to which the Company is
subject, except for any filings required after the date hereof under federal or state securities
laws.

     C. Title to Securities. Upon issuance in accordance with, and payment pursuant to, the
terms hereof and the Warrant Agreement, the Shares issuable upon exercise of the Sponsor Warrants
will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with,
and payment pursuant to, the terms hereof and the Warrant Agreement, the Purchasers will have good
title to the Sponsor Warrants and the Shares issuable upon exercise of such Sponsor Warrants, free
and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions
hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under
federal and state securities laws, and (iii) liens, claims or encumbrances imposed due to the
actions of the Purchasers.

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     D. Governmental Consents. No permit, consent, approval or authorization of, or
declaration to or filing with, any governmental authority is required in connection with the
execution, delivery and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

     Section 3. Representations and Warranties of the Purchasers. As a material inducement to the
Company to enter into this Agreement and issue and sell the Sponsor Warrants to the Purchasers, the
Purchasers hereby represent and warrant to the Company (which representations and warranties shall
survive the Closing Date) that:

     A. Organization and Requisite Authority. Each Purchaser possesses all requisite power
and authority necessary to carry out the transactions contemplated by this Agreement.

     B. Authorization; No Breach.

     (i) This Agreement constitutes a valid and binding obligation of each Purchaser, enforceable
in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other laws of general applicability relating to or affecting
creditors’ rights and to general equitable principles (whether considered in a proceeding in equity
or law).

     (ii) The execution and delivery by the Purchasers of this Agreement and the fulfillment of and
compliance with the terms hereof by the Purchasers does not and shall not as of the Closing Date
conflict with or result in a breach by the Purchasers of the terms, conditions or provisions of any
agreement, instrument, order, judgment or decree to which any of the Purchasers are subject.

     C. Investment Representations.

     (i) Each Purchaser is acquiring the Sponsor Warrants and, upon exercise of the Sponsor
Warrants, the Shares issuable upon such exercise (collectively, the “Securities”) for its own
account, for investment purposes only and not with a view towards, or for resale in connection
with, any public sale or distribution thereof.

     (ii) Each Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3) of
Regulation D.

     (iii) Each Purchaser understands that the Securities are being offered and will be sold to it
in reliance on specific exemptions from the registration requirements of the United States federal
and state securities laws and that the Company is relying upon the truth and accuracy of, and such
Purchaser’s compliance with, the representations and warranties of such Purchaser set forth herein
in order to determine the availability of such exemptions and the eligibility of such Purchaser to
acquire such Securities.

     (iv) No Purchaser decided to enter into this Agreement as a result of any general solicitation
or general advertising within the meaning of Rule 502(c) under the Securities Act of 1933, as
amended (the “Securities Act”).

3

 

     (v) The Purchasers have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which
have been requested by the Purchasers. The Purchasers have been afforded the opportunity to ask
questions of the executive officers and directors of the Company. Each Purchaser understands that
its investment in the Securities involves a high degree of risk and it has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with
respect to the acquisition of the Securities.

     (vi) The Purchasers understand that no United States federal or state agency or any other
government or governmental agency has passed on or made any recommendation or endorsement of the
Securities or the fairness or suitability of the investment in the Securities by the Purchasers nor
have such authorities passed upon or endorsed the merits of the offering of the Securities.

     (vii) The Purchasers understand that: (a) the Securities have not been and are not being
registered under the Securities Act or any state securities laws, and may not be offered for sale,
sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance
on an exemption therefrom; and (b) except as specifically set forth in the Registration Rights
Agreement, neither the Company nor any other person is under any obligation to register the
Securities under the Securities Act or any state securities laws or to comply with the terms and
conditions of any exemption thereunder. In this regard, the Purchasers understand that the
Securities and Exchange Commission has taken the position that promoters or affiliates of a blank
check company and their transferees, both before and after a Business Combination, are deemed to be
“underwriters” under the Securities Act when reselling the securities of a blank check company.
Based on that position, Rule 144 adopted pursuant to the Securities Act would not be available for
resale transactions of the Securities despite technical compliance with the requirements of such
Rule, and the Securities can be resold only through a registered offering or in reliance upon
another exemption from the registration requirements of the Securities Act.

     (viii) The Purchasers have such knowledge and experience in financial and business matters,
know of the high degree of risk associated with investments in the securities of companies in the
development stage such as the Company, are capable of evaluating the merits and risks of an
investment in the Securities and are able to bear the economic risk of an investment in the
Securities in the amount contemplated hereunder for an indefinite period of time. The Purchasers
have adequate means of providing for their current financial needs and contingencies and will have
no current or anticipated future needs for liquidity which would be jeopardized by the investment
in the Securities. The Purchasers can afford a complete loss of their investments in the
Securities.

     Section 4. Conditions of the Purchasers’ Obligations. The obligation of the Purchasers to
purchase and pay for the Sponsor Warrants is subject to the fulfillment, on or before the Closing
Date, of each of the following conditions:

     A. Representations and Warranties. The representations and warranties of the Company
contained in Section 2 shall be true and correct at and as of the Closing Date as though then made.

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     B. Performance. The Company shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or
complied with by it on or before the Closing Date.

     C. No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement.

     D. Warrant Agreement. The Company shall have entered into a Warrant Agreement with a
warrant agent on terms satisfactory to the Purchasers.

     Section 5. Conditions of the Company’s Obligations. The obligations of the Company to the
Purchasers under this Agreement are subject to the fulfillment, on or before the Closing Date, of
each of the following conditions:

     A. Representations and Warranties. The representations and warranties of the
Purchasers contained in Section 3 shall be true and correct at and as of the Closing Date as though
then made.

     B. Performance. The Purchasers shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or
complied with by the Purchasers on or before the Closing Date.

     C. Corporate Consents. The Company shall have obtained the consent of its Board of
Directors authorizing the execution, delivery and performance of this Agreement and the Warrant
Agreement and the issuance and sale of the Sponsor Warrants hereunder.

     D. No Injunction. No litigation, statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court
or governmental authority of competent jurisdiction or any self-regulatory organization having
authority over the matters contemplated hereby, which prohibits the consummation of any of the
transactions contemplated by this Agreement or the Warrant Agreement.

     E. Warrant Agreement. The Company shall have entered into a Warrant Agreement with a
warrant agent on terms satisfactory to the Company.

     Section 6. Termination. This Agreement may be terminated at any time after December 31, 2010
upon the election by either the Company or Purchasers entitled to purchase a majority of the
Sponsor Warrants upon written notice to the other party if the closing of the Public Offering does
not occur prior to such date.

     Section 7. Survival of Representations and Warranties. All of the representations and
warranties contained herein shall survive the Closing Date.

     Section 8. Definitions. Terms used but not otherwise defined in this Agreement shall have the
meaning assigned to such terms in the Registration Statement.

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     Section 9. Miscellaneous.

     A. Successors and Assigns. Except as otherwise expressly provided herein, all
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto
shall bind and inure to the benefit of the respective successors of the parties hereto whether so
expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may
not assign this Agreement, other than assignments by the Purchasers to affiliates thereof.

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

     C. Counterparts. This Agreement may be executed simultaneously in two or more
counterparts, none of which need contain the signatures of more than one party, but all such
counterparts taken together shall constitute one and the same agreement.

     D. Descriptive Headings; Interpretation. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a substantive part of this Agreement. The
use of the word “including” in this Agreement shall be by way of example rather than by limitation.

     E. Governing Law. This Agreement shall be deemed to be a contract made under the laws
of the State of Delaware and for all purposes shall be construed in accordance with the internal
laws of the State of Delaware.

     F. Amendments. This letter agreement may not be amended, modified or waived as to any
particular provision, except by a written instrument executed by all parties hereto.

[Signature page follows]

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement.

	 	 	 	 	 
	 	COMPANY:

JWC ACQUISITION CORP.

 	 
	 	By:  	/s/ Adam L. Suttin
 	 
	 	 	Adam L. Suttin 	 
	 	 	President	 
	 
	 	PURCHASERS:

 	 
	 	/s/ John W. Childs
 	 
	 	John W. Childs 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ Adam L. Suttin
 	 
	 	Adam L. Suttin 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ Arthur P. Byrne
 	 
	 	Arthur P. Byrne 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ David A. Fiorentino
 	 
	 	David A. Fiorentino 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ Raymond B. Rudy
 	 
	 	Raymond B. Rudy 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ John Shulman
 	 
	 	John Shulman 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ Jeffrey J. Teschke
 	 
	 	Jeffrey J. Teschke 	 
	 	 	 
	 
	 	 	 
	 	                                                  /s/ William E. Watts
 	 
	 	William E. Watts 	 
	 	 	 
	 
	 	SAWAYA CAPITAL PARTNERS, LLC

 	 
	 	By:  	/s/ Fuad Saway
 	 
	 	 	 	 
	 	 	 	 
	 

[Signature Page to Sponsor Warrants Purchase Agreement]exv10w1

Exhibit 10.1

Final Version

 

JEFFERIES SBI USA FUND L.P.

 

SUBSCRIPTION AGREEMENT

 

Dated as of July 26, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page
	1. Sale and Purchase of Limited Partner Interest
	 	 	1	 
	 
	 	 	 	 
	2. Power of Attorney
	 	 	2	 
	 
	 	 	 	 
	3. Other Subscription Agreements
	 	 	3	 
	 
	 	 	 	 
	4. Closing
	 	 	3	 
	 
	 	 	 	 
	5. Representations and Warranties of the Partnership and the General Partner
	 	 	4	 
	 
	 	 	 	 
	5.1.Formation and Standing
	 	 	4	 
	5.2.Authorization of Agreement, etc.
	 	 	4	 
	5.3.Compliance with Laws and Other Instruments
	 	 	4	 
	5.4.Offer of Interests
	 	 	5	 
	5.5.Investment Company Act
	 	 	5	 
	5.6.Investment Advisers Act
	 	 	5	 
	5.7.Partnership Liabilities; Litigation
	 	 	5	 
	5.8.Placement Fees
	 	 	5	 
	 
	 	 	 	 
	6. Representations and Warranties of the Purchaser
	 	 	5	 
	 
	 	 	 	 
	6.1.Authorization of Purchase; Organization
	 	 	5	 
	6.2.Compliance with Laws and Other Instruments
	 	 	5	 
	6.3.The
Memorandum, etc.
	 	 	5	 
	6.4.Access to Information
	 	 	6	 
	6.5.Evaluation of and Ability to Bear Risks
	 	 	6	 
	6.6.Purchase for Investment
	 	 	6	 
	6.7.Beneficial Ownership, etc.
	 	 	7	 
	6.8.Certain ERISA Matters
	 	 	7	 
	6.9.Certain Tax Matters
	 	 	7	 
	6.10.Compliance with Anti-Money Laundering Regulations, etc.
	 	 	7	 
	 
	 	 	 	 
	7. Management Fee
	 	 	10	 
	 
	 	 	 	 
	8. Amendments and Waivers
	 	 	11	 
	 
	 	 	 	 
	9. Survival of Representations and Warranties
	 	 	11	 
	 
	 	 	 	 
	10. Successors and Assigns
	 	 	11	 
	 
	 	 	 	 
	11. Notices
	 	 	11	 
	 
	 	 	 	 
	12. Applicable Law
	 	 	11	 
	 
	 	 	 	 
	13. Table of Contents and Headings
	 	 	11	 
	 
	 	 	 	 
	14. Entire Agreement
	 	 	12	 
	 
	 	 	 	 
	i 
	 	 	 	 

 

 

	 	 	 	 	 
	Section	 	Page
	15. Counterparts
	 	 	12	 

EXHIBITS

Exhibit A  —  Form of Amended and Restated Limited Partnership Agreement

Exhibit B  —  Investor Questionnaire

ii 

 

 

JEFFERIES SBI USA FUND L.P.

          IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER
AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THE SECURITIES DESCRIBED
HEREIN AND IN THE MEMORANDUM (AS DESCRIBED BELOW) HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL, STATE
OR FOREIGN SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES
HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT OR THE MEMORANDUM. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

          THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM, AND EXCEPT AS PERMITTED PURSUANT TO THE PARTNERSHIP AGREEMENT.
INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

As of July 26, 2010

To the Undersigned Purchaser:

          Jefferies SBI USA Fund L.P., a Delaware limited partnership (the “Partnership”), and
Jefferies-SBI Strategic Investments USA LLC, a Delaware limited liability company which acts as
general partner of the Partnership (the “General Partner”), hereby agree with the
undersigned “Purchaser” or “you” (in the case of a subscription for the account of
a trust or other entity, such terms shall refer to the trustee, fiduciary or representative making
the investment decision and executing this Subscription Agreement (this “Agreement”), or
the trust or other entity, or both, as appropriate) as follows:

          1. Sale and Purchase of Limited Partner Interest. The Partnership has
been formed under the laws of the State of Delaware, and from and after the date of the Closing (as
defined below) shall be governed by an Amended and Restated Limited Partnership Agreement in
substantially the form attached hereto as Exhibit A (as the same may be modified in
accordance with the terms of any amendment or supplement thereto or restatement thereof, the
“Partnership Agreement”). Capitalized terms used herein without definition have the
meanings set forth in the Partnership Agreement. Subject to the terms and conditions hereof, and
in reliance upon the representations and warranties of the respective parties contained herein, (a)
the Partnership agrees to sell to you and you irrevocably subscribe for and agree to purchase from
the Partnership an interest (an “Interest”) as a limited partner in the Partnership, (b)
you agree to become a limited partner of the Partnership (a “Limited Partner”), and (c) the
Partnership and the General Partner agree that you shall be admitted as a Limited Partner, upon the
terms and conditions, and in consideration for your agreement to be bound by the terms and
provisions, of the Partnership Agreement and this Agreement, with a capital commitment in the
amount equal to the amount set forth opposite your

 

 

signature at the end of this Agreement (your “Capital Commitment”). Subject to the
terms and conditions hereof and of the Partnership Agreement, your obligation to subscribe and pay
for your Interest shall be complete and binding upon the execution and delivery of this Agreement,
but, for the convenience of the Partnership, your Capital Commitment shall be payable in
installments as provided in Section 7.1 of the Partnership Agreement.

          2. Power of Attorney. You hereby irrevocably constitute and appoint
Jefferies Capital Partners LLC, a Delaware limited liability company which acts as manager of the
Partnership (the “Manager”), or the successor thereof as manager of the Partnership, with
full power of substitution, as your true and lawful attorney-in-fact and agent, to execute,
acknowledge, verify, swear to, deliver, record and file, in its or its assignee’s name, place and
stead, all instruments, documents and certificates which may from time to time be required by the
laws of the United States of America, the State of Delaware, the State of New York, any other
jurisdiction in which the Partnership conducts or plans to conduct business, or any political
subdivision or agency thereof, to effectuate, implement and continue the valid existence and
business of the Partnership, including, without limitation, the power and authority to execute,
verify, swear to, acknowledge, deliver, record and file:

(a) all certificates and other instruments, including, without limitation, the Partnership
Agreement and any amendments thereto that have been approved by the Partnership or are
permitted under the Partnership Agreement and the Certificate of Limited Partnership of the
Partnership (the “Certificate”) and any amendments thereto, which the Manager deems
appropriate to (i) form, qualify or continue the Partnership as a limited partnership in the
State of Delaware and the State of New York and all other jurisdictions in which the
Partnership conducts or plans to conduct business and (ii) admit the undersigned as a
Limited Partner in the Partnership;

(b) all instruments which the Manager deems appropriate to reflect any amendment to the
Partnership Agreement or the Certificate (i) so long as such amendment does not
adversely affect the interests of the undersigned Limited Partner, (x) to satisfy
any requirements, conditions, guidelines or opinions contained in any opinion, directive,
order, ruling or regulation of the Securities and Exchange Commission, the Internal Revenue
Service, or any other U.S. federal or state or foreign agency, or in any U.S. federal or
state or foreign statute, compliance with which the Manager deems to be in the best
interests of the Partnership, (y) to change the name of the Partnership or
(z) to cure any ambiguity or correct or supplement any provision therein contained
which may be incomplete or inconsistent with any other provision therein contained so long
as such amendment does not adversely affect the interests of the undersigned Limited Partner
or (ii) to the extent the amendment is duly adopted in accordance with the
Partnership Agreement and the Act;

(c) all conveyances and other instruments which the Manager deems appropriate to reflect
and effect the dissolution and termination of the Partnership pursuant to the terms of the
Partnership Agreement, including the filing of a certificate of cancellation of the
Certificate of Limited Partnership of the Partnership as provided for in Section 14 of the
Partnership Agreement;

2

 

(d) all instruments relating to (i) transfers, sales, assignments, conveyances, pledges,
hypothecations or other dispositions of interests of Limited Partners to the extent
permitted pursuant to the Partnership Agreement, or the admission of Substitute Limited
Partners pursuant to Section 12 of the Partnership Agreement, (ii) the treatment of a
Defaulting Limited Partner, an Excused Limited Partner, or a Limited Partner whose
participation in an investment is excused, limited or discontinued pursuant to Sections 7.3
or 7.4 of the Partnership Agreement, or (iii) any change in the Capital Commitment of any
Limited Partner, all in accordance with the terms of the Partnership Agreement;

(e) certificates of assumed name and such other certificates and instruments as may be
necessary under the fictitious or assumed name statutes from time to time in effect in the
State of New York and all other jurisdictions in which the Partnership conducts or plans to
conduct business; and

(f) any other instruments determined by the Manager to be necessary or appropriate in
connection with the proper conduct of the business of the Partnership and which do not
adversely affect the interests of the undersigned Limited Partner.

     Such attorney-in-fact and agent shall not, however, have the right, power or authority to
amend or modify the Partnership Agreement when acting in such capacities, except to the extent
authorized herein.

     The power of attorney granted herein shall be deemed to be coupled with an interest, shall be
irrevocable, shall survive and not be affected by the dissolution, bankruptcy, death, incapacity,
incompetence or legal disability of the undersigned and shall extend to its successors and assigns.
The power of attorney granted herein may be exercised by such attorney-in-fact and agent for all
Limited Partners of the Partnership (or any of them) by a single signature of the Manager acting as
attorney-in-fact. Any Person dealing with the Partnership may conclusively presume and rely upon
the fact that any instrument referred to above, executed by such attorney-in-fact and agent, is
authorized, regular and binding, without further inquiry. If required, the undersigned shall
execute and deliver to the Manager, within five days after receipt of a request therefor, such
further designations, powers of attorney or other instruments as the Manager shall reasonably deem
necessary for the purposes hereof.

          3. Other Subscription Agreements. The Partnership has entered into or
expects to enter into separate but substantially identical subscription agreements (the “Other
Subscription Agreements” and, together with this Agreement, the “Subscription
Agreements”) with other purchasers (the “Other Purchasers”), providing for the sale to
the Other Purchasers of Interests and the admission of the Other Purchasers as Limited Partners.
The Parallel Funds will also enter into separate but substantially identical subscription
agreements with their respective investors (the “Parallel Subscription Agreements”). This
Agreement, the Other Subscription Agreements and the Parallel Subscription Agreements are separate
agreements. The sales of Interests to you and the Other Purchasers and the sales pursuant to the
Parallel Subscription Agreements are to be separate sales.

     4. Closing. The closing (the “Closing”) of the sale to you, and
the subscription for and purchase by you, of an Interest, and your admission as a Limited Partner,
shall take place on the date hereof at the offices of Dechert LLP, 1095 Avenue of the Americas, New
York, New York

3

 

10036, upon the execution of this Agreement by each of you and the General Partner. At the
Closing, the General Partner will list you as a Limited Partner on Schedule A of the
Partnership Agreement following the execution and delivery of the Partnership Agreement by you or
on your behalf.

          5. Representations and Warranties of the Partnership and the General
Partner. The Partnership and the General Partner jointly and severally represent and warrant
that:

     5.1. Formation and Standing. The Partnership is duly formed,
validly existing and in good standing as a limited partnership under the laws of the State
of Delaware, and has all requisite limited partnership power and authority to carry on its
business as now conducted and as proposed to be conducted as described in the Confidential
Offering Memorandum dated June, 2010 (together with any amendments and supplements
thereto, the “Memorandum”), relating to the private offering of limited partner
interests by Jefferies Capital Partners V L.P. (“JCP V”), an Institutional Parallel
Fund to the Partnership, and the Partnership Agreement. The General Partner is duly formed,
validly existing and in good standing as a limited liability company under the laws of the
State of Delaware and has all requisite limited liability company power and authority to act
as general partner of the Partnership and to carry out the terms of this Agreement and the
Partnership Agreement applicable to it. The Manager is duly formed, validly existing and in
good standing as a limited liability company under the laws of the State of Delaware, and
has all requisite limited liability company power and authority to act as the manager of the
Partnership as contemplated by the Memorandum (as described therein with respect to JCP V)
and the Partnership Agreement.

     5.2. Authorization of Agreement, etc. The execution, delivery and
performance of this Agreement have been duly authorized by all necessary action on behalf of
the Partnership, and this Agreement is a legal, valid and binding agreement of the
Partnership, enforceable against the Partnership in accordance with its terms. The
execution, delivery and performance by the General Partner of the Partnership Agreement and
this Agreement have been authorized by all necessary action on behalf of the General
Partner, and each of the Partnership Agreement and this Agreement is a legal, valid and
binding agreement of the General Partner, enforceable against the General Partner in
accordance with its terms.

     5.3. Compliance with Laws and Other Instruments. The execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby will
not conflict with or result in any violation of or default under any provision of the
Partnership Agreement, or any agreement or other instrument to which the Partnership is a
party or by which it or any of its properties are bound, or any permit, franchise, judgment,
decree, statute, order, rule or regulation applicable to the Partnership or its business or
properties. The execution and delivery of the Partnership Agreement and this Agreement and
the consummation of the transactions contemplated thereby will not conflict with or result
in any violation of or default under any provision of the limited liability company
agreement of the General Partner, or any agreement or other instrument to which the General
Partner is a party or by which it or any of its properties are bound, or any permit,
franchise, judgment, decree, statute, order, rule or regulation applicable to the General
Partner or its business or properties.

4

 

     5.4. Offer of Interests. Neither the Partnership nor anyone acting
on its behalf has taken or will take any action that would subject the issuance and sale of
the Interests to the registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”).

     5.5. Investment Company Act. Subject to the accuracy of the
representations of the Purchaser in the Investor Questionnaire attached hereto and of the
representations of the Other Purchasers in the Investor Questionnaires included in the Other
Subscription Agreements, the Partnership is not required to register as an “investment
company” under the Investment Company Act of 1940, as amended (the “Company Act”).

     5.6. Investment Advisers Act. Neither the Manager nor the General
Partner is required to register as an “investment adviser” under the Investment Advisers Act
of 1940, as amended.

     5.7. Partnership Liabilities; Litigation. Prior to the date
hereof, the Partnership has not incurred any material liabilities other than liabilities in
respect of Organizational Expenses. There is no action, proceeding or investigation pending
or, to the knowledge of the General Partner or the Partnership, threatened against the
General Partner, the Manager or the Partnership.

     5.8. Placement Fees. There are no placement or other similar fees
in connection with the negotiation of this Agreement or the consummation of the sale of your
Interest except for such as shall be borne by the Manager, directly or indirectly.

          6. Representations and Warranties of the Purchaser. You represent and
warrant to the Partnership, the General Partner and each of the other Partners that:

     6.1. Authorization of Purchase; Organization. You have the full
power and authority to execute, deliver and perform this Agreement and to subscribe for and
purchase an Interest hereunder. Your purchase of an Interest and your execution, delivery
and performance of this Agreement and the Partnership Agreement have been duly authorized by
all necessary corporate or other action on your behalf, and this Agreement and the
Partnership Agreement are your legal, valid and binding obligations, enforceable against you
in accordance with their respective terms.

     6.2. Compliance with Laws and Other Instruments. The execution and
delivery of this Agreement and the Partnership Agreement, the consummation of the
transactions contemplated hereby and thereby and the performance of your obligations
hereunder and thereunder will not conflict with, or result in any violation of or default
under, any provision of any charter, by-laws, trust agreement, partnership agreement,
operating agreement or other governing instrument applicable to you, or any agreement or
other instrument to which you are a party or by which you or any of your properties are
bound, or any permit, franchise, judgment, decree, statute, order, rule or regulation
applicable to you or your business or properties.

     6.3. The Memorandum, etc. You have been furnished with a copy of
the Memorandum, this Agreement and the form of Partnership Agreement attached hereto as
Exhibit A, and you understand the risks of, and other considerations relating to, a
purchase of an Interest, including the risks set forth under the caption “Certain Investment

5

 

Considerations” in the Memorandum and the effect of the provisions of Section 7.4 of
the Partnership Agreement. You understand that the Memorandum describes specifically JCP V,
but that the Partnership shall invest on a pari passu basis with JCP V. You represent and
warrant that the Interests were not offered to you by any means of general solicitation or
general advertising. In that regard, you are not purchasing the Interests: (a) as a result
of or subsequent to becoming aware of any advertisement, article, notice or other
communication published in any newspaper, magazine or similar medium, generally available
electronic communication, broadcast over television or radio or generally available to the
public on the Internet or the Worldwide Web; (b) as a result of or subsequent to attendance
at a seminar or meeting called by any of the means set forth in (a); or (c) as a result of
or subsequent to any solicitations by a person not previously known to you in connection
with investments in securities generally. Moreover, you confirm that you have not relied on
any representations or other information purported to be given on behalf of the Partnership,
except as set forth herein, in the Memorandum, the Partnership Agreement and the opinions of
counsel delivered at the Closing, or otherwise supplied by the Partnership or the General
Partner.

     6.4. Access to Information. You have been provided an opportunity
to ask questions of, and you have received answers thereto satisfactory to you from, the
Partnership and its representatives regarding the terms and conditions of the offering of
Interests, and you have obtained all additional information requested by you of the
Partnership and its representatives to verify the accuracy of all information furnished to
you regarding the offering of Interests.

     6.5. Evaluation of and Ability to Bear Risks. You have such
knowledge and experience in financial affairs that you are capable of evaluating the merits
and risks of purchasing an Interest, and you have not relied in connection with this
investment upon any representations, warranties or agreements other than those set forth in
this Agreement, the Partnership Agreement, the opinions of counsel delivered at the Closing,
and the Memorandum. Your financial situation is such that you can afford to bear the
economic risk of holding the Interest for an indefinite period of time, and you can afford
to suffer the complete loss of your investment in the Interest. You are (a) an
“accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under
the Securities Act, and (b) a “qualified purchaser” as defined under Section
2(a)(51)(A) of the Company Act, and you represent and warrant that you have duly completed
the Investor Questionnaire attached hereto as Exhibit B and that the information
contained therein is true and correct. You hereby agree to promptly notify the General
Partner if at any time any of the information provided in the Investor Questionnaire is no
longer true and correct.

     6.6. Purchase for Investment. You are acquiring the Interest to be
purchased by you pursuant to this Agreement for your own account, not with a view to or for
sale in connection with any distribution of all or any part of such Interest. You hereby
agree that you will not, directly or indirectly, transfer all or any part of such Interest
(or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any
part of the Interest) except in accordance with (a) the registration provisions of
the Securities Act or an exemption from such registration provisions, (b) any
applicable state or non-U.S. securities laws, and (c) the terms of the Partnership
Agreement. You understand that you may not transfer your Interest to a person falling under
any of the sub-items of Article 63, Paragraph 1, Item 1 of the Financial Instruments and
Exchange Law (“FIEL”). You understand that you must bear the economic risk of an investment
in an Interest for an indefinite period of time

6

 

because, among other reasons, the Interests are illiquid and the offering and sale of
the Interests have not been registered under the Securities Act and, therefore, the
Interests cannot be sold unless they are subsequently registered under the Securities Act or
an exemption from such registration is available. You also understand that sales or
transfers of the Interests are further restricted by the provisions of the Partnership
Agreement, and may be restricted by applicable state and non-U.S. securities laws.

     6.7. Beneficial Ownership, etc. If you are not a natural person,
(a) you have not been formed, organized, reorganized, capitalized or recapitalized
for the purpose of acquiring an Interest, (b) your Capital Commitment is less than
or equal to 20% of your total assets or, if you are an investment fund or other collective
investment scheme, less than or equal to 20% of your committed capital, (c) your
stockholders, partners, members or other beneficial owners do not have and will not have
individual discretion as to their participation in particular investments made by the
Partnership, (d) you are not an investment company registered or required to be registered
under the Company Act and (e) you are not a participant-directed defined contribution plan.
You understand and agree that the representations and warranties set forth above in this
Section 6.7 shall be deemed repeated and reaffirmed by you as of each date that you are
required to make a contribution of capital to the Partnership pursuant to the Partnership
Agreement, and if at any time during the term of the Partnership the representations and
warranties set forth in this Section 6.7 shall cease to be true, you shall promptly notify
the General Partner. If you are unable to make any of the representations set forth in the
preceding sentences of this Section 6.7, you shall have so indicated to the General Partner
in writing and shall have provided the General Partner at least five Business Days prior to
the date hereof with evidence (including opinions of outside counsel, if requested by the
General Partner) satisfactory in form and substance to the General Partner relating to
compliance with the Securities Act, the Company Act and such other governmental rules and
regulations as the General Partner shall request.

     6.8. Certain ERISA Matters. You represent that no part of the
funds used by you to acquire an Interest constitutes assets of any “benefit plan investor”
within the meaning of section 3(42) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), and U.S. Department of Labor regulation 29 C.F.R. 2510.3-101,
including assets allocated to any insurance company separate account in which any such
employee benefit plan (or its related trust) has any interest. You acknowledge that, as a
Limited Partner, you generally will have no right to withdraw from the Partnership.

     6.9. Certain Tax Matters. Either (a) you are not a
partnership, grantor trust, or S corporation, or (b) you are such an entity, but
(i) less than 65% of your value is attributable to your interests in the
Partnership, and (ii) permitting the Partnership to satisfy the 100-partner
limitation in Treasury Regulations section 1.7704-1(h)(ii) is not a principal purpose of
your beneficial owners investing in the Partnership through you; provided that if you are
unable to make either such representation, you shall have so indicated to the General
Partner in writing and shall have provided the General Partner with evidence (including
opinions of counsel) satisfactory in form and substance to the General Partner relating the
status of the Partnership under section 7704 of the Code.

     6.10. Compliance with Anti-Money Laundering Regulations, etc.

7

 

     (a) Either (i) the Purchaser (A) is subscribing for an Interest for the
Purchaser’s own account, own risk and own beneficial interest, (B) is not acting as an
agent, representative, intermediary, nominee or in a similar capacity for any other person
or entity, nominee account or beneficial owner, whether a natural person or entity (each
such natural person or entity, an “Underlying Beneficial Owner”) and no Underlying
Beneficial Owner will have a beneficial or economic interest in the Interest being purchased
by the Purchaser (whether directly or indirectly, including without limitation, through any
option, swap, forward or any other hedging or derivative transaction), (C) if it is an
entity, including a fund-of-funds, trust, pension plan or any other entity that is not a
natural person (each, an “Entity”), has carried out thorough due diligence as to and
established the identities of such Entity’s partners, members, shareholders, directors,
officers, trustees, beneficiaries and grantors (to the extent applicable, each a
“Related Person” of such Entity), holds the evidence of such identities, will
maintain all such evidence for at least five years from the end of the Investment Term, will
request such additional information as the Partnership may require to verify such identities
as may be required by applicable law, and will make such information available to the
Partnership upon its request, and (D) does not have the intention or obligation to transfer
all or a portion of its Interest to any Underlying Beneficial Owner or any other person; or
(ii) the Purchaser (A) is subscribing for an Interest as a record owner and will not have a
beneficial ownership interest in the Interest, (B) is acting as an agent, representative,
intermediary, nominee or in a similar capacity for one or more Underlying Beneficial Owners
and understands and acknowledges that the representations, warranties and covenants made in
this Agreement are made by the Purchaser with respect to both the Purchaser and the
Underlying Beneficial Owner(s), (C) has all requisite power and authority from the
Underlying Beneficial Owner(s) to execute and perform the obligations under this Agreement,
(D) has carried out thorough due diligence as to and established the identities of all
Underlying Beneficial Owners (and the identities of such Underlying Beneficial Owner’s
Related Persons (to the extent applicable)), holds the evidence of such identities, will
maintain all such evidence for at least five years from the end of the Investment Term, and
will make such information available to the Partnership upon its request and (E) does not
have the intention or obligation to transfer all or a portion of its Interest to any person
other than the Underlying Beneficial Owner(s).

     (b) If the Purchaser is a “financial institution” as such term is defined
in the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations
promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be
amended from time to time (the “Bank Secrecy Act”), the Purchaser has anti-money
laundering policies and procedures in place reasonably designed to collect information with
respect to and verify the identity of its Underlying Beneficial Owners or Related Persons.

     (c) Assuming the accuracy of the representations made by the General
Partner and the Partnership in Section 5, the purchase of an Interest that is being made on
its own behalf or, if applicable, on behalf of any Underlying Beneficial Owner does not
contravene, and amounts to be contributed by the Purchaser or any Underlying Beneficial
Owner to the Partnership were and are not directly or indirectly derived from activities
that contravene U.S. federal, state, local or international laws and regulations applicable
to the Purchaser or such Underlying Beneficial Owner, as the case may be, including
anti-money laundering laws and regulations (a “Prohibited Investment”).

8

 

     (d) Federal regulations and Executive Orders administered by the Department
of the Treasury’s Office of Foreign Assets Control (“OFAC”) prohibit, among other
things, the engagement in transactions with, and the provision of services to, certain
foreign countries, territories, entities and individuals. The lists of OFAC prohibited
countries, territories, persons and entities can be found on the OFAC website at
<www.treas.gov/ofac>. Neither the Purchaser nor, if applicable, any Underlying
Beneficial Owner or Related Person, is a country, territory, person or entity named on an
OFAC list, nor is the Purchaser nor, if applicable, any Underlying Beneficial Owner or
Related Person, a natural person or entity with whom dealings are prohibited under any OFAC
regulations.

     (e) Neither the Purchaser nor, if applicable, any Underlying Beneficial
Owner or Related Person, is a senior foreign political figure, or any immediate family
member or close associate of a senior foreign political figure within the meaning of, and
applicable guidance issued by the Department of the Treasury concerning, the Bank Secrecy
Act.

     (f) Neither the Purchaser nor, if applicable, any Underlying Beneficial
Owner or Related Person, is a foreign bank without a physical presence in any country other
than a foreign bank that (i) is an affiliate of a depositary institution, credit union or
foreign bank that maintains a physical presence in the United States or a foreign country,
as applicable, and (ii) is subject to supervision by a banking authority in the country
regulating such affiliated depositary institution, credit union, or foreign bank. A foreign
bank described in the preceding clauses (i) and (ii) is referred to herein as a
“Regulated Affiliate”, and a foreign bank without a physical presence in any country
that is not a Regulated Affiliate is referred to herein as a “Foreign Shell Bank”.
In addition, the Capital Contributions of the Purchaser and, if applicable, any Underlying
Beneficial Owner, do not originate from, nor will they be routed through, an account
maintained at (A) a Foreign Shell Bank or (B) a foreign bank (other than a Regulated
Affiliate) that is barred, pursuant to its banking license, from conducting banking
activities with the citizens of, or with the local currency of, the country that issued the
license.

     (g) The Purchaser agrees promptly to notify the General Partner should the
Purchaser become aware of any change in the information set forth in paragraphs (a) through
(f) of this Section 6.10. The Purchaser is advised that, by law, the Partnership may be
obligated to “freeze the account” of such Purchaser, either by prohibiting additional
contributions of capital or subscriptions for Interests, declining any requests by you to
transfer your Interest and/or segregating the assets in the Purchaser’s account in
compliance with governmental regulations, and the Partnership may also be required to report
such action and to disclose the Purchaser’s identity to OFAC or other government agencies.
To the fullest extent permitted by law, the Purchaser shall have no claim against any
Covered Person for any form of damages as a result of any of the actions described in this
Section 6.10(g).

     (h) The Purchaser understands and agrees that, notwithstanding anything to
the contrary contained in the Partnership Agreement, if, following the Purchaser’s purchase
of an Interest, it is discovered that the investment is or has become a Prohibited
Investment, such purchase may immediately be redeemed by the Partnership or otherwise be
subject to the remedies required by law, and, to the fullest extent permitted by law, the
Purchaser shall have no claim against the Partnership or the General Partner for any Claims
or Damages relating to or arising out of such forced redemption or other action.

9

 

     (i) The Purchaser agrees to provide the General Partner at any time during
the life of the Partnership with such information as the General Partner determines to be
necessary and appropriate to verify compliance with the anti-money laundering laws and
regulations of any applicable jurisdiction, including laws and regulations applicable to a
portfolio investment of the Partnership, or to respond to requests for information
concerning the identity of Limited Partners from any governmental entity (including any
governmental body, agency, authority or instrumentality in any jurisdiction exercising
executive, legislative, regulatory or administrative functions of government),
self-regulatory organization or financial institution in connection with its anti- money
laundering compliance procedures, and to update such information as necessary. The
Purchaser understands and agrees that the Partnership may be required to release
confidential information about the Purchaser and, if applicable, any Underlying Beneficial
Owner or Related Person to any person, if the General Partner, in its sole discretion,
determines that such disclosure is necessary to comply with applicable anti-money laundering
laws and regulations.

The representations and warranties set forth in this Section 6 shall be deemed repeated and
reaffirmed by the Purchaser as of each date that the Purchaser is required to make a contribution
of capital to or receives a distribution from the Partnership. If at any time during the life of
the Partnership the representations and warranties set forth in this Section 6 shall cease to be
true, the Purchaser shall promptly so notify the General Partner in writing.

          7. Management Fee. In consideration of the investment advisory and
management services referred to in Section 3.1 of the Partnership Agreement, you shall pay to the
Manager an annual fee (the “Management Fee”) in installments, payable when billed for the
period from the Closing through December 31, 2010, and thereafter semi-annually in advance as of
each July 1 and January 1 thereafter prior to the expiration of the Investment Term (each, a
“Payment Date”), in an amount not in excess of your Remaining Capital Commitment calculated
as follows:

     (a) (i) through the earliest of (x) the termination of the
Investment Period, (y) one year after the date on which an amount equal to 75% of
the aggregate Capital Commitments of the Non-Defaulting Limited Partners (excluding Capital
Commitments reserved but not yet committed for Follow-on Investments) have been invested or
committed for investment and (z) the date on which the Principals hold an initial
closing in respect of a new private equity fund having the same investment objective as the
Partnership, an amount equal to 2% per annum of your Capital Commitment, and (ii)
thereafter until the last day of the Investment Term, an amount equal to 1.75% per annum of
your pro rata share (expressed as a fraction, the numerator of which is your Capital
Commitment and the denominator of which is an amount equal to the aggregate Capital
Commitments of all the Partners) of the aggregate Carrying Value of the Portfolio
Investments from time to time held by the Partnership;

     (i) reduced, but not below zero, by an amount equal to your pro
rata share (expressed as a fraction, the numerator of which is your Capital Commitment and
the denominator of which is an amount equal to the aggregate Capital Commitments of all the
Partners) of the Partnership’s proportionate share (based on the Committed Capital of the
Partnership and the Institutional Parallel Funds) of 80% of all Fee Income received by the
Manager or the General Partner since the previous Payment Date.

10

 

To the extent that the Management Fee is not reduced as of any given Payment Date by the fees
or amounts referred to in sub-clause (b) above (or any portion thereof determined with respect to a
previous Payment Date and carried over to the current Payment Date pursuant to this sentence)
because the Management Fee has been reduced to zero, the excess shall be carried over to the next
succeeding Payment Date (and, if necessary, to one or more subsequent Payment Dates) and applied as
a reduction of the Management Fee, but not below zero, for such succeeding Payment Date (or a
subsequent Payment Date). Installments for any period other than a full semi-annual period shall
be adjusted on a pro rata basis according to the actual number of days elapsed.

          8. Amendments and Waivers. This Agreement may be amended and the
observance of any provision hereof may be waived (either generally or in a particular instance and
either retroactively or prospectively) only with the written consent of you and the Partnership.

          9. Survival of Representations and Warranties. All representations and
warranties contained herein or made in writing by you or by or on behalf of the Partnership in
connection with the transactions contemplated by this Agreement shall survive the execution and
delivery of this Agreement, any investigation at any time made by or on behalf of the Partnership
or you, and the issue and sale of Interests.

          10. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective successors and assigns of the parties
hereto, and the Manager and its successors and assigns as third party beneficiaries hereof.

          11. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given to any party when
delivered by hand, when delivered by facsimile or e-mail and confirmed, or when mailed, first-class
postage prepaid, (a) if to you, to you at the address, telecopy number or e-mail address set forth
below your signature, or to such other address, telecopy number or e-mail address as you shall have
furnished to the Partnership in writing, and (b) if to the Partnership, to it at 520 Madison
Avenue, 10th Floor, New York, New York 10022, telephone (212) 284-1700, fax number (212)
284-1717, attention: Brian P. Friedman (bfriedman@jefferies.com), with a copy to Carmen Romano,
Esq. (carmen.romano@dechert.com), Dechert LLP, Cira Centre, 2929 Arch Street, Philadelphia, PA
19104, fax number 215-994-2222, or to such other address or addresses, telecopy number or numbers
or e-mail address or addresses, as the Partnership shall have furnished to you in writing, provided
that any notice to the Partnership shall be effective only if and when received by the General
Partner.

          12. Applicable Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HERETO SHALL BE INTERPRETED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY WITHIN THAT JURISDICTION
WITHOUT REFERENCE TO CONFLICTS OF LAW PRINCIPLES THEREOF.

          13. Table of Contents and Headings. The table of contents and the
headings of the sections of this Agreement are inserted for convenience only and shall not be
deemed to constitute a part hereof.

11

 

          14. Entire Agreement. This Agreement contains the entire agreement of the
parties with respect to the subject matter of this Agreement, and there are no representations,
covenants or other agreements except as stated or referred to herein.

          15. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original and all of which taken together shall
constitute a single instrument.

          If you are in agreement with the foregoing, please sign the form of agreement on the enclosed
counterparts of this Agreement and return such counterparts to the General Partner. Upon
acceptance by the General Partner, this Agreement shall become a binding agreement between you and
the Partnership.

12

 

	 	 	 	 	 
	 	JEFFERIES SBI USA FUND L.P

 	 
	 	By:  	Jefferies-SBI Strategic Investments USA LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	             Jefferies Capital Partners LLC,
 	 
	 	 	its Managing Member 	 

	 	 	 	 	 
	 	By:  	     /s/ Brian P. Friedman
 	 
	 	Name:  	Brian P. Friedman 	 
	 	Title:  	Managing Member 	 

	 	 	 	 	 
	 	JEFFERIES-SBI STRATEGIC INVESTMENTS USA LLC

 	 
	 	By:  	Jefferies Capital Partners LLC,
 	 
	 	 	its Managing Member 	 
	 	 	 	 
	 	By:  	     /s/ Brian P. Friedman
 	 
	 	Name:  	Brian P. Friedman 	 
	 	Title:  	Managing Member 	 
	 
	 	The undersigned Manager is executing and delivering this Agreement solely for the purpose of agreeing to and accepting the benefits of the provisions of Sections 2 and 7.

JEFFERIES CAPITAL PARTNERS LLC

 	 
	 	By:  	/s/ Brian P. Friedman
 	 
	 	Name:  	Brian P. Friedman 	 
	 	Title:  	Managing Member 	 
	 

13

 

The foregoing Agreement is

hereby agreed to by the

undersigned as of the 26th

day of July, 2010

	 	 	 	 	 
	Jefferies Group, Inc. 

 	 	Amount of Capital Commitment: 
	By:  	/s/ Lloyd H. Feller
 	 	$75,000,000 
	 	Name:  	Lloyd Feller 	 	 
	 	Title:  	General Counsel 	 	 
	 

Name, Address, Facsimile

Number and E-mail Address for Notices: Peregrine Broadbent: pbroadbent@jefferies.com

Jefferies Group, Inc., 520 Madison Ave., New York, NY 10021

Location of Principal Executive Office: 520 Madison Ave., New York, NY 10021

Attention: Chief Financial Officer; GC

	 	 	 	 	 

	Facsimile:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Telephone:
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	E-mail:
	 	 	 	 
	 

	 	 	 	 

14

 

Exhibit A

Amended and Restated

Limited Partnership Agreement

 

 

Exhibit B

INVESTOR QUESTIONNAIRE

	A.	 	General Information
	 
	1.	 	The Purchaser
	 
	 	 	Name: Jefferies Group,
Inc. 

	 
	 	 	Type of investor (e.g., individual, corporation, trust, limited partnership, general
partnership, limited liability company):corporation  

	 	 	 	 	 

	 

	 	Permanent residence or principal place of business:
	 	520 Madison Ave., NY, NY 10021 
	 

	 	(as applicable)
	 	(Number and Street)

	 	 	 	 	 	 	 	 	 

	 	 	 
	 

	 	          (City)
	 	(State)
	 	(Zip Code)
	 	(Country)

	 	 	 	 	 

	 

	 	Address for correspondence (if different from above):	 	 
	 

	 	 	 	 
	 

	 	 	 	(Number and Street)

	 	 	 	 	 	 	 	 	 

	 	 	 
	 

	 	          (City)
	 	(State)
	 	(Zip Code)
	 	(Country)

	 	 	Preferred mailing address: Residence                     ; Business x     

	 	 	 	 	 	 	 	 	 	 	 

	 

	 	Telephone number:
	 	 	 	E-mail Address:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Facsimile number:	 	 	 	 	 	 	 	 
	 	 	 	 	 

	2.	 	Authorized Individual Executing this Questionnaire or Individual Responsible for
Investment Decisions on Behalf of Purchaser

	 	 	 	 	 

	 

	 	Name: Lloyd H. Feller	 	 
	 

	 	 	 	 

	 	 	 	 	 

	 

	 	Address:same	 	 
	 

	 	 	 	 
	 

	 	 	 	(Number and Street)

	 	 	 	 	 	 	 	 	 

	 	 	 
	 

	 	          (City)
	 	(State)
	 	(Zip Code)
	 	(Country)

	 	 	Principal occupation and current position or title: EVP, Secretary & General Counsel                     

Telephone number: 212-284-2266                     E-mail Address: lfeller@jefferies.com

	 	 	 	 	 

	 

	 	Facsimile number:	 	 
	 

	 	 	 	 

	 	 	 	 	 

	 

	 	Title or relationship to the investor (e.g., attorney, accountant):	 	 
	 

	 	 	 	 

	3.	 	Primary Contact Person for Purchaser (if applicable)

	 	 	 	 	 

	 

	 	Name: Peregrine Broadbent	 	 
	 

	 	 	 	 

	 	 	 	 	 

	 

	 	Address:same	 	 
	 

	 	 	 	 
	 

	 	 	 	(Number and Street)

	 	 	 	 	 	 	 	 	 

	 	 	 
	 

	 	          (City)
	 	(State)
	 	(Zip Code)
	 	(Country)

	 	 	Telephone number: 212-284-2338                     E-mail Address:pbroadbent@jefferies.com

	 	 	 	 	 

	 

	 	Facsimile number:	 	 
	 

	 	 	 	 

 

 

			
	Title or relationship to the Purchaser (e.g., attorney, accountant): CFO	
 

	4.	 	Alternative Contact Person for Drawdown Notices (if applicable)

			
	Name:	
 

			
	Address:	 	
 

	 	 	
 

	 
	(Number and Street)
	 
	 	 	 

	 	 	 	 	 	 	 

	(City)
	 	(State)
	 	(Zip Code)
	 	(Country)

	 	 	 	 	 	 	 

	Telephone number:

	 	 	 	E-mail Address:	 	 
	 

	 	 
	 	 	 	 

			
	Facsimile number:	
 

			
	Title or relationship to the Purchaser (e.g., attorney, accountant):	
 

	5.	 	[RESERVED]
	 
	6.	 	Entities

			
	State or other jurisdiction in which incorporated or formed:DE	
 

			
	Date of incorporation or formation:12/23/1998	
 

	B.	 	Other Certifications
	 
	1.	 	The Purchaser was formed, organized, reorganized, capitalized or recapitalized for
the specific purpose of purchasing an Interest:

Yes o     No þ

	 	 	NOTE: If “Yes,” each person who is a beneficial owner of the Purchaser: (i) must separately
qualify as an “accredited investor,” (ii) must separately indicate whether the beneficial
owner is a “qualified purchaser” (as described below), and (iii) must complete a copy of
this Investor Questionnaire as if such person were directly purchasing an Interest.
	 
	2.	 	(a) The Purchaser is an investment company or, but for the exceptions provided in
Sections 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940, as amended (the “Company
Act”), would be an “investment company” under the Company Act.

Yes o     No þ

	 	 	NOTE: If “No,” proceed to Question 3 below.
	 
	 	 	(b) The Purchaser had one or more beneficial owners of its outstanding securities
(determined in accordance with Section 3(c)(1)(A) of the Company Act) on or before April 30,
1996.

Yes o     No o

	 	 	(c) If “Yes,” the Purchaser has received the consent of all investors and beneficial owners
as required under Section 2(a)(51)(C) of the Company Act in order for the investor to be
treated as a “qualified purchaser.”

2

 

Yes o No o

	*	 	[If the Purchaser answered “Yes” to 2(a), then, upon request of the General Partner, the
investor shall be required to disclose to the General Partner the number of “beneficial
owners” (within the meaning of the Company Act) of voting securities of the Purchaser.]*
	 
	3.	 	The Purchaser is exempt from U.S. federal income taxation under Section 501(a) of
the Internal Revenue Code of 1986, as amended (the “Code”).

Yes o No þ

	4.	 	The Purchaser is controlled by U.S. persons or entities.

Yes þ No o

	5.	 	The Purchaser is a “United States person” for U.S. federal income tax
purposes. 1

Yes þ No o

	 	 	If “Yes,” the Purchaser must provide a completed and executed copy of Internal Revenue
Service Form W-9 to the General Partner prior to the Closing Date.
	 
	 	 	If “No,” the Purchaser must provide a completed and executed copy of Internal Revenue
Service Form W-8BEN (or other applicable form of Form W-8) to the General Partner prior to
the Closing Date.
	 
	 	 	Other Information

	 	(a)	 	Within the past two years, has the Purchaser made a general assignment for the
benefit of creditors, been in receivership or filed or had filed against the investor a
petition in bankruptcy?

Yes o No þ

	 	(b)	 	Are there any lawsuits outstanding or threatened involving the Purchaser, or
are there any claims against the Purchaser, that could materially affect the
Purchaser’s net worth as reported in this Investor Questionnaire? If “Yes,” please
provide details on a separate sheet.

Yes o No þ

 

			
	1	 	The term “United States person” means (i) a
citizen or resident of the United States; (ii) a domestic partnership; (iii) a
domestic corporation; (iv) an estate that is not a “foreign estate” as defined
in the Code; (v) any trust if a court within the United States is able to
exercise primary supervision over its administration and one or more United
States persons have the authority to control all of its substantial decisions.

3

 

	 	(c)	 	Please indicate below any additional matter of a financial nature that is
relevant to an analysis of the Purchaser’s financial position:
	 
	 	 	 	 

	 
	 	 	 	 

	 
	 	(d)	 	Are you a person (including an entity) that has discretionary authority or
control with respect to the assets of the Partnership or a person that provides
investment advice with respect to Partnership assets, or an “affiliate” of such a
person? For purposes of this representation, an “affiliate” is any person controlling,
controlled by or under common control with the Fund or any of its investment advisers,
including by reason of having the power to exercise a controlling influence over the
management or policies of the Fund or its investment adviser(s).

Yes o No þ

	C.	 	Purchaser Eligibility (Purchasers must complete both parts 1 and 2 below)
	 
	1.	 	Accredited Investor

          Interests will be sold only to investors who are “accredited investors,” as defined in Rule
501 under the Securities Act of 1933, as amended (the “Securities Act”). For additional information
regarding the definition of “accredited investor,” please refer to Rule 501 under the Securities
Act. Please indicate the basis of the investor’s “accredited investor” status by checking all
applicable statements below.

          The Purchaser is:

	 	(a)	 	[RESERVED];
	 
	 	(b)	 	[RESERVED];

	    (c)	o 	 	a bank, as defined in Section 3(a)(2) of the Securities Act, or a savings and
loan association, building and loan association, cooperative bank, homestead
association or similar institution, as defined in Section 3(a)(5)(A) of the Securities
Act, in each case whether acting in its individual or fiduciary capacity;
	 
	    (d)	o 	 	a broker or dealer registered pursuant to Section 15 of the Securities Exchange
Act of 1934, as amended;
	 
	    (e)	o 	 	an insurance company as defined in Section 2(a)(13) of the Securities Act;
	 
	    (f)	o 	 	an investment company registered under the Company Act;
	 
	    (g)	o 	 	(i) a business development company as defined in Section 2(a)(48) of the
Company Act or (ii) a Small Business Investment Company licensed by the United States
Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958;

4

 

	 	(h)	o	an employee benefit plan established and maintained by a state, its
political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, if such plan has total assets in excess of $5,000,000;
	 
	 	(i)	o	any employee benefit plan within the meaning of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), if the investment decision is made
by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank,
savings and loan association, insurance company or registered investment adviser, or if
the employee benefit plan has total assets in excess of $5,000,000;
	 
	 	(j)	 	[RESERVED]
	 
	 	(k)	o	a private business development company as defined in Section 202(a)(22)
of the Investment Advisers Act of 1940, as amended (the “Advisers Act”);
	 
	 	(l)	þ	 a corporation, a partnership, a Massachusetts or similar business trust, or
an organization described in Section 501(c)(3) of the Code, in each case not formed for
the specific purpose of acquiring an Interest, with total assets in excess of
$5,000,000;
	 
	 	(m)	o	a trust, with total assets in excess of $5,000,000, not formed for the
specific purpose of acquiring an Interest, whose purchase is directed by persons having
such knowledge and experience in financial and business matters that they are capable
of evaluating the merits and risks of the prospective investment;
	 
	 	(n)	o	 an entity in which each and every one of the equity owners is an
accredited investor.

	 	•	 	If the Purchaser checked this statement, please provide a list of all
equity owners and a completed Investor Questionnaire from each equity owner.

2. Qualified Purchaser

     Interests will be sold only to investors who meet the requirements of a “qualified purchaser”
as defined for purposes of Section 3(c)(7) of the Company Act. For additional information
regarding the definition of “qualified purchaser” please refer to Sections 3(c)(7) and 2(a)(51)(A)
of the Company Act and the related provisions and rules (including but not limited to Rule 2a51-1).

     Please indicate the basis of the Purchaser’s “qualified purchaser” status by checking all
applicable statements below.

     The Purchaser is:

	 	(a)	o	 an individual (including any person who holds a joint,
community property, or other similar shared ownership interest in an issuer that is
excepted under Section 3(c)(7) of the Company Act with that person’s qualified
purchaser spouse) who owns not less than $5,000,000 in Investments (as defined herein);

5

 

	 	(b)	o	 a company1 that owns at least
$5,000,000 in Investments and that is owned directly or indirectly by or for two or
more natural persons who are related as siblings or spouse (including former spouses),
or direct lineal descendants by birth or adoption, spouses of such persons, the estates
of such persons, or foundations, charitable organizations, or trusts established by or
for the benefit of such persons (“Family Company”);
	 
	 	(c)	o	 a trust that is not covered by clause (b) and that was not formed for
the specific purpose of acquiring the securities offered, as to which the trustee or
other person authorized to make decisions with respect to the trust, and each settlor
or other person who has contributed assets to the trust, is a person described in
clause (a), (b) or (d);
	 
	 	(d)	þ 	 a person (including a company), acting for its own account or the accounts of
other qualified purchasers, who in the aggregate owns and invests on a discretionary
basis, not less than $25,000,000 in Investments;
	 
	 	(e)	o	 a “Qualified Institutional Buyer” as defined in Rule 144A under the
Securities Act (as that term is modified by the limitations imposed thereon by Rule
2a51-1(g)(1) under the Company Act);
	 
	 	(f)	o	 a company, regardless of the amount of its investment, each
of the beneficial owners of which is a person described in (a), (b), (c), (d) or (e).

For the purposes of determining “qualified purchaser” status, the term “Investments” means all of
the following:

     (i) Securities (as defined by Section 2(a)(1) of the Securities Act), other than securities of
an issuer that controls, is controlled by, or is under common control with, the Purchaser, unless
the issuer of such securities is any of the following:

	 	(A)	 	An investment company, a company that would be an investment
company under the Company Act but for the exclusions provided by Sections
3(c)(1) through 3(c)(9) of the Company Act or the exemptions provided by Rules
3a-6 or 3a-7 thereunder, or a commodity pool;
	 
	 	(B)	 	A company that files reports pursuant to Section 13 or Section
15(d) of the U.S. Securities Exchange Act of 1934, as amended, or that has a
class of securities that are listed on a “designated offshore securities
market” as that term is defined by Regulation S under the Securities Act; or
	 
	 	(C)	 	A company with shareholders’ equity of not less than $50
million (determined in accordance with generally accepted accounting
principles) as reflected on the company’s most recent financial statements,
provided that such financial statements present the information as of a date
within 16

 

			
	1	 	For purposes of this question, “company”
includes a corporation, a partnership, an association, a joint-stock company, a
trust, a fund or any organized group of persons whether incorporated or not, or
any receiver, trustee in bankruptcy or similar official or a liquidating agent
for any of the foregoing, in its capacity as such.

6

 

	 	 	 	months preceding the date on which the Purchaser acquires the securities of
a Section 3(c)(7) company.

     (ii) Real estate held for “Investment Purposes,” as described below.

     (iii) “Commodity Interests” held for Investment Purposes, as described below. “Commodity
Interests” means commodity futures contracts, options on commodity futures contracts, and options
on physical commodities traded on or subject to the rules of:

	 	(A)	 	Any contract market designated for trading such transactions
under the Commodity Exchange Act (the “CEA”) and the rules thereunder; or
	 
	 	(B)	 	Any board of trade or exchange outside the United States, as
contemplated in Part 30 of the rules under the CEA.

     (iv) “Physical Commodities” held for Investment Purposes, as described below. “Physical
Commodity” means any physical commodity with respect to which a Commodity Interest is traded on a
market specified in (iii)(A) or (B) immediately above.

     (v) To the extent not securities, “Financial Contracts” entered into for Investment Purposes,
as described below. “Financial Contracts” means any arrangement that:

	 	(A)	 	Takes the form of an individually negotiated contract,
agreement, or option to buy, sell, lend, swap, or repurchase, or other similar
individually negotiated transaction commonly entered into by participants in
the financial markets;
	 
	 	(B)	 	Is in respect of securities, commodities, currencies, interest
or other rates, other measures of value, or any other financial or economic
interest similar in purpose or function to any of the foregoing; and
	 
	 	(C)	 	Is entered into in response to a request from a counter party
for a quotation, or is otherwise entered into and structured to accommodate the
objectives of the counter party to such arrangement.

     (vi) If the Purchaser is a company that would be an investment company but for one of the
exclusions provided by Section 3(c)(1) or Section 3(c)(7) of the Company Act, or a commodity pool,
any amounts payable to the Purchaser pursuant to a firm agreement or similar binding commitment
pursuant to which a person has agreed to acquire an interest in, or make capital contributions to,
the Purchaser upon demand of the Purchaser; and

     (vii) Cash and cash equivalents (including foreign currencies) held for Investment Purposes,
as described below, including:

	 	(A)	 	Bank deposits, certificates of deposit, bankers acceptances and
similar bank instruments held for Investment Purposes; and
	 
	 	(B)	 	The net cash surrender value of an insurance policy.

Investment Purposes. For purposes of determining if something is an “Investment” the following
applies. Real estate is not considered to be held for Investment Purposes by an investor if it is
used

7

 

by the investor or a Related Person, as described below, for personal purposes or as a place of
business, or in connection with the conduct of the trade or business of the investor or a Related
Person, provided that real estate owned by an investor that is engaged primarily in the business of
investing, trading or developing real estate in connection with such business may be deemed to be
held for Investment Purposes. Residential real estate is not deemed to be used for personal
purposes if deductions with respect to such real estate are not disallowed by Section 280A of the
Code. A Commodity Interest or Physical Commodity owned, or a financial contract entered into, by
an investor that is engaged primarily in the business of investing, reinvesting, or trading in
Commodity Interests, Physical Commodities or financial contracts in connection with such business
may be deemed to be held for Investment Purposes. The term “Related Person” generally means a
person who is related to the investor as a sibling, spouse or former spouse, or is a direct lineal
descendant or ancestor by birth or adoption of the investor, or is a spouse of such descendant or
ancestor, provided that, in the case of a Family Company, a Related Person includes any owner of
the Family Company and any person who is a Related Person of such owner.

Valuation. For purposes of determining whether an investor is a qualified purchaser, the aggregate
amount of Investments owned and invested on a discretionary basis by the investor is the
Investments’ fair market value on the most recent practicable date or their cost, provided that: in
the case of Commodity Interests, the amount of Investments is the value of the initial margin or
option premium deposited in connection with such Commodity Interests; and, in each case, certain
deductions (described below) from the amount of Investments owned by the investor must be made. In
determining whether any person is a qualified purchaser there is deducted from the amount of such
person’s Investments the amount of any outstanding indebtedness incurred to acquire or for the
purpose of acquiring the Investments owned by such person. Additionally, in determining whether a
Family Company is a qualified purchaser, there will be deducted from the value of such Family
Company’s Investments any outstanding indebtedness incurred by an owner of the Family Company to
acquire such Investments.

Joint Investments. In determining whether a natural person is a qualified purchaser, there may be
included in the amount of such person’s Investments any Investments held jointly with such person’s
spouse, or Investments in which such person shares with such person’s spouse a community property
or similar shared ownership interest. In determining whether spouses who are making a joint
investment in the Partnership are qualified purchasers, there may be included in the amount of each
spouse’s Investments any Investments owned by the other spouse (whether or not such Investments are
held jointly). In each case, the amount of any such Investments will be reduced by any deductions
specified above (under “Valuation”) with respect to each spouse.

Investments by Subsidiaries. For purposes of determining the amount of Investments owned by a
company under “Qualified Purchaser” in the Investor Eligibility section above, there may be
included Investments owned by majority-owned subsidiaries of the company and Investments owned by a
company (“Parent Company”) of which the company is a majority-owned subsidiary, or by a
majority-owned subsidiary of the company and other majority-owned subsidiaries of the Parent
Company.

Certain Retirement Plans and Trusts. In determining whether a natural person is a qualified
purchaser, there may be included in the amount of such person’s Investments any Investments held in
an individual retirement account or similar account the Investments of which are directed by and
held for the benefit of such person.

8

 

Exhibit C

Qualified Institutional Investors

          A qualified institutional investor is an investor who has professional knowledge and
experience relating to investment in securities. The following types of institutional investors are
designated as qualified institutional investors:

	(i)	 	Financial instruments firms that deal with highly liquid securities such as stocks and bonds
or that operate investment management business.
	 
	(ii)	 	Financial institutions that accept deposits (restricted to entities filed with the
Commissioner of the Financial Services Agency (FSA) for a credit cooperative and entities
designated by the Commissioner of the FSA for agricultural and fishermen’s cooperatives)
	 
	(iii)	 	Insurance companies
	 
	(iv)	 	Corporations that have securities balances of 1 billion yen or more and have filed with the
Commissioner of the FSA
	 
	(v)	 	Individuals who have securities balances of 1 billion yen or more and one year has passed
since the opening of their accounts and who have filed with the Commissioner of the FSA
	 
	(vi)	 	Corporations or individuals that operate an association under the Civil Code (with securities
balances of 1 billion yen or more and the consent of other associates) and have filed with the
Commissioner of the FSA
	 
	(vii)	 	Limited liability investment partnerships
	 
	(viii)	 	Employees’ pension funds that have filed with the Commissioner of the FSA
	 
	(ix)	 	Investment management-type trust companies that have filed with the Commissioner of the FSA

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