Document:

Exhibit 101

		

			* CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

		

		

			 

		

		
			SETTLEMENT AND PATENT LICENSE AGREEMENT
		

		
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			This Settlement and Patent License Agreement (“Agreement”) is made as of July 1, 2016 (“Effective Date”) between Samsung Electronics Co., Ltd., a Korean corporation having its principal place of business at 129 Samsung-ro (Maetan-dong), Yeongtong-gu, Suwon-si, Gyeonggi-do, Korea, on behalf of itself and its Affiliates (as defined below) (collectively, “Samsung”) and ParkerVision, Inc., a Florida corporation having its principal place of business at 7915 Baymeadows Way, Suite 400, Jacksonville, FL 32256, on behalf of itself and its Affiliates (collectively, “ParkerVision”). As used herein, “Party” refers to ParkerVision or Samsung, as the case may be, and “Parties” refers to ParkerVision and Samsung collectively.
		

		
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			WHEREAS, ParkerVision filed a complaint before the U.S. International Trade Commission (“ITC”), and the ITC instituted an investigation pursuant to 19 U.S.C. §1337 of Apple, Inc., LG Electronics, Inc., Samsung, and Qualcomm Incorporated (“Qualcomm”), and certain of their Affiliates (defined below), captioned Certain RF Capable Integrated Circuits and Products Containing the Same, Inv. No. 337-TA-982 (the “Investigation”);
		

		
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			WHEREAS, ParkerVision sued Samsung and has pending allegations of patent infringement in proceedings (currently stayed) in the United States District Court for the Middle District of Florida against: (a) Apple Inc., Qualcomm, Samsung, and LG Electronics, Inc., and certain of their Affiliates, captioned ParkerVision v. Apple, Inc. et al., Case No. 3:15-cv-01477-BJD-JRK, and (b) Qualcomm, HTC Corporation, and Samsung, and certain of their Affiliates, captioned ParkerVision v. Qualcomm Incorporated et al., Case No. 6:14-cv-00687-PGB-KRS, (collectively, the “Lawsuits”);
		

		
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			WHEREAS, the Parties wish to settle all claims that have been asserted or may be asserted by ParkerVision against Samsung and its Affiliates, with respect to the Licensed Products, including the dismissal and/or termination of Samsung and its Affiliates from the Investigation and the Lawsuits, in a manner that does not waive, forfeit, exhaust or otherwise impair ParkerVision’s historic, present, and future right and ability to assert infringement claims directly against the manufacturer(s) of any Excluded Component(s), including but not limited to any such claims presently asserted in the Investigation and/or the Lawsuits; and
		

		
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			WHEREAS, ParkerVision desires to grant, and Samsung desires to acquire, certain licenses, covenants, and releases under ParkerVision’s patents, on the terms and conditions herein;
		

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

		

		

		 

		

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			* CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

		

		

			 

		

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			1.DEFINITIONS.
		

		
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			1.1“Affiliate” means, with respect to any person or entity, any other person or entity, such as a present or future corporation, joint venture, firm, or other entity that, directly or indirectly, Controls, is Controlled by, or is under common Control with, such person or entity, but only during such time that such Control exists. 
		

		
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			1.2“Control” means (i) the ownership, or the direct or indirect control, of more than fifty percent (50%) of the voting stock or other voting ownership interest of an entity, or (ii) the sole power to elect, appoint, or cause the election or appointment of, directly or indirectly, at least a majority of the members of the board of directors (or such other governing body that exercises a similar level of control) of an entity. The terms “Controlled” and “Controls” shall have a correlative meaning.
		

		
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			1.3“Excluded Components”  [*]
		

		
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			1.4“Licensed Patents”  [*]
		

		
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			1.5“Licensed Products”  [*]
		

		
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			1.6“Term” has the meaning set forth in Section 5.1.
		

		
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			2.LICENSE, COVENANT, RELEASE & DISMISSAL.
		

		
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			2.1License. ParkerVision, on behalf of itself and its Affiliates, hereby grants, and shall grant, to Samsung and its Affiliates, a [*] perpetual, worldwide license under the Licensed Patents to [*] any Licensed Products, and to practice any process or method involved in the design, manufacture, assembly, testing, or use of the Licensed Products.
		

		
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			2.2Covenant for Excluded Components.  [*]
		

		
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			2.3Release.  [*]
		

		
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			2.4Unknown Claims. The Parties expressly understand and acknowledge the possibility that unknown claims may exist that arise from or relate to the claims being released in this Agreement, and that the Parties have bargained for a full accord, satisfaction and discharge of all such claims. Consequently, the Parties expressly waive all rights under Section 1542 of the California Civil Code and all statutes or other laws of similar effect in any other jurisdictions throughout the world. Section 1542 reads as follows:
		

		
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		A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
		

		
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			The Parties accept and assume the risk that facts relating to the subject matter of this Agreement may hereafter be found to be different from the facts now believed to be true, and agree that this Agreement and the releases in it shall remain effective notwithstanding any such differences.
		

		
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			2.5Worldwide Scope. ParkerVision agrees that the licenses, covenants, and releases under this Agreement permit Samsung and its customers and distributors to sell Licensed Products anywhere in the world, regardless of the country in which the first sale of such Licensed Product took place.
		

		
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			2.6No Admission. The Parties agree that nothing in this Agreement shall be construed as an admission of liability, validity, or enforceability by Samsung with respect to the Licensed Patents.
		

		
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			2.7Dismissal. Within five (5) business days from the execution of this Agreement, ParkerVision shall: (a) file a motion to terminate Samsung and its Affiliates from the Investigation, in the form set forth in Exhibit A; and (b) dismiss, without prejudice (subject to Section 2.3), all claims brought against Samsung and its Affiliates in the Lawsuits by filing a Stipulation and Order of Dismissal without Prejudice as to the Samsung Defendants only in the form as set forth in Exhibit B attached hereto. Each of the parties shall bear its own legal fees and costs with regard to such filings, the Investigation, and the Lawsuits.
		

		
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			2.8No Validity Challenge. Samsung, on behalf of itself and its Affiliates, agrees that for such time as the licenses and covenants are in effect, it shall not challenge, and shall not assist or cause any third party to challenge the validity of any Licensed Patent unless ParkerVision or any of its Affiliates asserts any patent infringement claims against products of Samsung or its Affiliates, or their customers, distributors or end-users with respect to such products, or contests or assists in the contest of, the validity of any of Samsung’s or its Affiliates’ patents.
		

		
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			2.9No Other Rights. Nothing contained in this Agreement will be construed as conferring any rights by implication, estoppel or otherwise, under any intellectual property rights other than the rights expressly granted in this Agreement with respect to the Licensed Patents. All rights not expressly granted in this Agreement are reserved by ParkerVision.
		

		
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			3.PAYMENT.
		

		

		

		 

		

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			* CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

		

		

			 

		

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			[*]
		

		
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			4.WARRANTIES.
		

		
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			Each Party warrants and represents that it is a validly existing business and in good standing under the laws of the respective jurisdictions in which it has activities, and has the full power and authority to enter into this Agreement and to perform its obligations hereunder and consummate the transactions contemplated herein. ParkerVision represents and warrants to Samsung that (i) it owns or has the right to grant licenses, releases and covenants under the Licensed Patents, (ii) ParkerVision has not transferred to any third party any ownership, control, or rights to enforce under any patents in the twelve (12) month period prior to the Effective Date, and (iii) no third party owns any right to enforce or recover for infringement of the Licensed Patents.
		

		
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			5.TERM AND TERMINATION.
		

		
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			5.1Term. This Agreement shall be effective as of the Effective Date and ends upon the last to expire of those patents and patent applications that ParkerVision or its Affiliates owns or controls as of the Effective Date (“Term”).
		

		
			 
		

		
			5.2Termination for Breach. If either Party materially defaults in fulfilling any of its obligations under this Agreement and such default is not cured within thirty (30) days after notice from the other Party specifying the nature of the default, then the non-defaulting Party may terminate this Agreement by giving written notice of termination to the defaulting Party. Otherwise, this Agreement may only be terminated by the mutual written agreement of the Parties.
		

		
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			6.ASSIGNABILITY.
		

		
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			6.1Assignment. Neither Party may grant or assign any rights or delegate any duties under this Agreement to any third party without the prior written consent of the other Party, and any attempted assignment without such consent shall be null and void. 
		

		
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			6.2Binding Effect. The licenses, covenants and releases set forth in this Agreement shall run with the Licensed Patents and shall be binding on any successors-in-interest or assigns thereof. ParkerVision agrees that it shall assign, sell or otherwise transfer any of the Licensed Patents only upon the acquiring party’s agreement to be bound by the licenses, covenants and releases set forth in this Agreement. This Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties and their permitted successors and assigns.
		

		
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			* CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

		

		

			 

		

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			7.CONFIDENTIALITY.
		

		
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			The terms and conditions of this Agreement and all correspondence relating to this Agreement are confidential, and shall not be disclosed to any third party except: (i) with the prior written consent of the other Party, (ii) as may be required by applicable law, regulation or order of a governmental authority of competent jurisdiction, (iii) during the course of litigation so long as the disclosure of such terms and conditions are protected under a court-entered protective order limiting disclosure to outside counsel and so long as the disclosing Party provides the other Party with written notice at least one (1) week prior to such disclosure, (iv) in confidence to a Party’s legal or financial counsel with a need to know such information, or (v) in confidence to any party covered by the licenses, releases, or standstill herein (provided that the financial terms shall not be disclosed).
		

		
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			8.NOTICES.
		

		
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			All notices under this Agreement shall be in writing and be addressed to:
		

		
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			For Samsung:[*]
		

		
			Samsung Electronics Co., Ltd.
		

		
			Seoul R&D Campus
		

		
			33, Seongchon-gil, Seocho-gu
		

		
			06765 Korea
		

		
			E-mail: [*]
		

		
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			For ParkerVision:Cynthia Poehlman
		

		
			Chief Financial Officer
		

		
			ParkerVision, Inc.
		

		
			7915 Baymeadows Way, Suite 400
		

		
			Jacksonville, FL 32256
		

		
			Email: cpoehlman@parkervision.com
		

		
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			9.MISCELLANEOUS.
		

		
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			9.1Independent Contractors. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, employer-employee, or joint venture relationship between the Parties.
		

		
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			9.2No Other Rights. Nothing contained in this Agreement shall be construed as conferring any right to a license or to otherwise use any patent, patent application, 
		

		 

		

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			* CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

		

		

			 

		

		trademark, service name, service mark, trade dress, trade secret or other intellectual property belonging to any Party except as expressly set forth herein. 
		

		
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			9.3Severability. If any portion of this Agreement is found to be invalid, illegal, or unenforceable for any reason, the remainder of the Agreement shall continue in force and, if needed, the Parties or a court of competent jurisdiction shall substitute suitable provisions having like economic effect and intent.
		

		
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			9.4Counterparts. This Agreement may be executed in several counterparts, each of which is deemed to be an original but all of which constitute one and the same instrument.
		

		
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			9.5Headings. The headings inserted in this Agreement are for reference only and shall not be employed in the interpretation of this Agreement.
		

		
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			9.6Governing Law. This Agreement shall be governed by and construed, and the relationship between the Parties determined, in accordance with the laws of the State of California, without regard to its conflicts of laws provisions.
		

		
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			9.7Entire Agreement. This Agreement sets forth the entire understanding of the Parties with respect to the subject matter of this Agreement, and replaces any prior oral or written communications, discussions or agreements between them. This Agreement cannot be modified, terminated or amended in any respect orally or by conduct of the Parties. Any modification or amendment may be made only by a writing signed by both Parties. No waiver of any provision shall be binding in any event unless executed in writing by the Party making the waiver.
		

		
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			IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties effective as of the Effective Date.
		

		
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			SAMSUNG ELECTRONICS CO., LTD.PARKERVISION, INC.
		

		
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			By: __________________________By: __________________________
		

		
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			Name:  _______________________Name:  _______________________
		

		
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			Its:  __________________________Its:  __________________________
		

		
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			Dated:  _______________________Dated:  _______________________
		

		
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			-  6  -fbk-ex41_289.htm

Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

BY AND BETWEEN

FB FINANCIAL CORPORATION

AND

JAMES W. AYERS

DATED AS OF September 15, 2016

 

 

 

 

TABLE OF CONTENTS

 

	
 
	
 
	
Page

	
1.
	
DEMAND REGISTRATIONS.
	
1

	
 
	
1.1
	
Requests for Registration
	
1

	
 
	
1.2
	
Demand Notice
	
1

	
 
	
1.3
	
Demand Registration Expenses
	
2

	
 
	
1.4
	
Short-Form Registrations
	
2

	
 
	
1.5
	
Priority on Demand Registrations
	
2

	
 
	
1.6
	
Restrictions on Demand Registrations
	
2

	
 
	
1.7
	
Selection of Underwriters
	
3

	
 
	
1.8
	
Other Registration Rights
	
3

	
 
	
 
	
 

	
2.
	
PIGGYBACK REGISTRATIONS.
	
3

	
 
	
2.1
	
Right to Piggyback
	
3

	
 
	
2.2
	
Piggyback Expenses
	
3

	
 
	
2.3
	
Priority on Primary Registrations
	
3

	
 
	
2.4
	
Priority on Secondary Registrations
	
3

	
 
	
 
	
 

	
3.
	
REGISTRATION AND COORDINATION GENERALLY.
	
4

	
 
	
3.1
	
Registration Procedures
	
4

	
 
	
3.2
	
Registration Expenses
	
7

	
 
	
3.3
	
Participation in Underwritten Offerings
	
8

	
 
	
3.4
	
Company Holdback
	
8

	
 
	
3.5
	
Current Public Information
	
9

	
 
	
3.6
	
Shelf Take-Downs
	
9

	
 
	
 
	
 

	
4.
	
INDEMNIFICATION
	
9

	
 
	
4.1
	
Indemnification by the Company
	
9

	
 
	
4.2
	
Indemnification by Ayers
	
10

	
 
	
4.3
	
Procedure
	
11

	
 
	
4.4
	
Entry of Judgment; Settlement
	
11

	
 
	
4.5
	
Contribution
	
11

	
 
	
4.6
	
Other Rights
	
12

	
 
	
 
	
 

	
5.
	
DEFINITIONS.
	
12

	
 
	
 
	
 

	
6.
	
MISCELLANEOUS.
	
14

	
 
	
6.1
	
No Inconsistent Agreements; Foreign Registration
	
14

	
 
	
6.2
	
Adjustments Affecting Registrable Securities
	
14

	
 
	
6.3
	
Remedies
	
15

	
 
	
6.4
	
Amendment and Waiver
	
15

	
 
	
6.5
	
Successors and Assigns; Transferees
	
15

	
 
	
6.6
	
Severability
	
15

	
 
	
6.7
	
Counterparts
	
16

	
 
	
6.8
	
Descriptive Headings
	
16

	
 
	
6.9
	
Notices
	
16

	
 
	
6.10
	
Delivery by Facsimile
	
17

	
 
	
6.11
	
Governing Law
	
17

	
 
	
6.12
	
Exercise of Rights and Remedies
	
17

 

 

i

 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (as the same may be amended, modified or supplemented from time to time, the “Agreement”) is made as of September 15, 2016 (the “Effective Time”) by and between FB Financial Corporation, a Tennessee corporation (the “Company”) and James W. Ayers (“Ayers”). 

RECITALS 

WHEREAS, as of the Effective Time, the Shareholder owns all of the outstanding shares of common stock, par value $1.00 per share (the “Common Stock”), of the Company;

WHEREAS, the Company is proposing to consummate an initial public offering of its Common Stock (the “Initial Public Offering”); 

WHEREAS, as of the closing of the Initial Public Offering, the Company will have the authority to issue that number of shares of Common Stock as set forth in its registration statement on Form S-1; and

WHEREAS, the parties hereto desire for the Company to provide the registration rights set forth in this Agreement. Unless otherwise noted herein, capitalized terms used herein shall have the meanings set forth in Section 5. 

AGREEMENT

NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 

	
1.
	
DEMAND REGISTRATIONS. 

	
 
	
1.1
	
Requests for Registration. Subject to the other provisions of this Section 1, Ayers may (on behalf of himself and any of his Affiliate) initiate, after the closing of the Initial Public Offering, an unlimited number of registrations of all or part of his Registrable Securities on Form S-1 or any similar or successor long-form registration (“Long-Form Registrations”) and, if available, an unlimited number of registrations of all or part of his Registrable Securities on Form S-3 or any similar or successor short-form registration (“Short-Form Registrations”); provided that the aggregate proposed gross offering price of the Registrable Securities requested to be registered in any Demand Registration must equal at least $10,000,000 in the case of any Long Form Registration and at least $1,000,000 or include all remaining Registrable Securities held by Ayers in the case of any Short Form Registration. 

	
 
	
1.2
	
Demand Notice. All requests for Demand Registrations shall be made by giving written notice to the Company (a “Demand Notice”). Each Demand Notice shall specify the approximate number of Registrable Securities requested to be registered. 

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1.3
	
Demand Registration Expenses. The Company will pay all Registration Expenses in connection with any registration initiated as a Demand Registration, whether or not it has become effective. 

	
 
	
1.4
	
Short-Form Registrations. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short-form (unless the managing underwriter(s) of such offering requests the Company to use a Long-Form Registration in order to sell all of the Registrable Securities requested to be sold). After the Company has become subject to the reporting requirements of the Exchange Act, the Company will use its reasonable efforts to make Short-Form Registrations available for the sale of Registrable Securities. 

	
 
	
1.5
	
Priority on Demand Registrations. The Company shall not include in any Demand Registration any securities which are not Registrable Securities, other than securities of the Company to be offered by the Company (the “Company Offered Securities”), without the prior written consent of Ayers. If a Demand Registration is an underwritten offering and the managing underwriter(s) advises the Company in writing that in its opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold therein without adversely affecting the marketability of the offering, then the Company shall include in such registration, prior to the inclusion of any securities that are not Registrable Securities, other than Company Offered Securities, the number of Registrable Securities requested to be included in such offering that, in the opinion of such underwriter(s), can be sold without adversely affecting the marketability of the offering, and only then securities that are not Registrable Securities if the managing underwriter(s) has advised that such securities may be included. 

	
 
	
1.6
	
Restrictions on Demand Registrations. The Company will not be obligated to commence a Public Offering upon a Demand Registration for (i) one hundred eighty (180) days after the closing of the Initial Public Offering and (ii) ninety (90) days after the closing of any other Public Offering, in each case, except to the extent that the managing underwriter(s) agrees to a shorter lock-up period. The Company may postpone for up to thirty (30) days (from the date of the request) the filing or the effectiveness of a registration statement for a Demand Registration if and so long as the Company determines that such Demand Registration would reasonably be expected to have an adverse effect on any proposal or plan by the Company or any of its subsidiaries to engage in any acquisition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer, registration or issuance of securities, financing or other material transaction; provided, that in such event, the Company will pay all Registration Expenses in connection with such registration. The Company may not postpone a Demand Registration more than two (2) times in any twelve (12)-month period. 

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1.7
	
Selection of Underwriters. Ayers shall have the right to select the underwriter or underwriters to administer the offering for a Demand Registration. 

	
 
	
1.8
	
Other Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Company, other than this Agreement. Except as provided in this Agreement, the Company shall not grant to any Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, without the approval of Ayers. 

	
2.
	
PIGGYBACK REGISTRATIONS. 

	
 
	
2.1
	
Right to Piggyback. Whenever the Company proposes to register any of its equity securities under the Securities Act, including any registration pursuant to Section 1.1 above (other than in connection with registration on Form S-4 or Form S-8 or any successor or similar form) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company will give prompt written notice to Ayers of its intention to effect such a registration and, subject to Sections 2.3 and 2.4 below, will include in such registration all Registrable Securities held by Ayers with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after the delivery of the Company’s notice. Each such Company notice shall specify the approximate number of Company equity securities to be registered and the anticipated per share price range for such offering. 

	
 
	
2.2
	
Piggyback Expenses. The Registration Expenses of Ayers will be paid by the Company in all Piggyback Registrations, whether or not any such registration becomes effective. 

	
 
	
2.3
	
Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company and the managing underwriter(s) advises the Company in writing (with a copy to each applicable party hereto requesting registration of Registrable Securities) that in its opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of such offering, the Company will include in such registration: (a) first, the securities the Company proposes to sell, (b) second, the Registrable Securities requested to be included in such registration by Ayers, and (c) third, other securities requested to be included in such registration. 

	
 
	
2.4
	
Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of Company securities (other than Ayers), and the managing underwriter(s) advises the Company in writing that in its opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will include in 

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such registration: (a) first, the securities requested to be included therein by the applicable holders requesting registration and the Registrable Securities requested to be included in such registration, pro rata among the holders of such securities and Registrable Securities on the basis of the number of shares owned by each such holder, and (b) second, other such securities requested to be included in such registration. 

	
3.
	
REGISTRATION AND COORDINATION GENERALLY. 

	
 
	
3.1
	
Registration Procedures. Whenever Ayers requests that any of his Registrable Securities be registered pursuant to this Agreement, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof and pursuant thereto the Company will as expeditiously as reasonably practicable: 

(a)prepare and (within sixty (60) days after the end of the period within which requests for inclusion in such registration may be given to the Company) file with the Securities and Exchange Commission a registration statement with respect to such Registrable Securities and thereafter use its best efforts to cause such registration statement to become effective (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by Ayers for any registration in which Ayers participates copies of all such documents proposed to be filed, which documents will be subject to review by such counsel); 

(b)prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary (i) to keep such registration statement effective (A) for at least ninety (90) days (subject to extension pursuant to Section 3.3(b)) or until Ayers has completed the distribution described in the registration statement relating to such distribution, whichever occurs first or, if such registration statement relates to an underwritten offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer, or (B) in the case of a Shelf Registration, until the earlier of (I) the date on which all Registrable Securities have been sold under the Shelf Registration or otherwise no longer qualify as Registrable Securities, (II) when all such Registrable Securities can be sold in any ninety (90)-day period under Securities Act Rule 144, and (III) the latest date allowed by applicable law, and (ii) to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until such time as all of such securities have been disposed of in accordance with the intended methods of disposition by Ayers thereof set forth in such registration statement; 

(c)furnish to Ayers such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as Ayers 

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may reasonably request in order to facilitate the disposition of the Registrable Securities owned by Ayers; 

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

(e)promptly notify Ayers, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and, at the request of Ayers, the Company will prepare and furnish to Ayers a reasonable number of copies of a supplement or amendment to such prospectus so that, as thereafter delivered to the prospective purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(f)cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed; 

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

(h)enter into such customary agreements (including underwriting agreements in customary form) and perform the Company’s obligations thereunder and take all such other actions as Ayers or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (which might include effecting a stock split or a combination of shares); 

(i)make available for inspection by Ayers, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by Ayers or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by Ayers, underwriter, attorney, accountant or agent in connection with such registration statement, and to cooperate and participate as reasonably requested by Ayers in road show presentations, in the preparation of the registration statement, each amendment and supplement thereto, the prospectus included therein, and other activities 

5

as Ayers may reasonably request in order to facilitate the disposition of the Registrable Securities owned by Ayers; 

(j)otherwise use its best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, but not later than eighteen (18) months after the effective date of the registration statement, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

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

(l)obtain one or more comfort letters, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement) addressed to Ayers, signed by the Company’s independent public accountants in the then-current customary form and covering such matters of the type customarily covered from time to time by comfort letters as Ayers may reasonably request; 

(m)provide a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters), with respect to the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in the then-current customary form and covering such matters of the type customarily covered from time to time by legal opinions of such nature (in a form reasonably acceptable to Ayers); 

(n)cooperate with Ayers and the managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable such securities to be in such denominations and registered in such names as the managing underwriter(s), if any, or Ayers may request; 

(o)notify counsel for Ayers and the managing underwriter(s), immediately, and confirm the notice in writing (i) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any supplement to the prospectus or any amendment prospectus shall have been filed, (ii) of the receipt of any comments from the Securities and Exchange Commission, (iii) of any request of the Securities and Exchange Commission to amend the registration statement or amend or supplement the prospectus or for additional information, and (iv) of the issuance by the 

6

Securities and Exchange Commission of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or of the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 

(p)use its reasonable effort to prevent the issuance of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus; 

(q) if requested by the managing underwriter(s) or Ayers, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter(s) or Ayers reasonably requests to be included therein, including, without limitation, with respect to the number of Registrable Securities being sold by Ayers to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus supplement or post-effective amendment; and 

(r)cooperate with Ayers and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority, Inc. 

The Company may require Ayers to furnish the Company such information relating to the sale or registration of such securities regarding Ayers and the distribution of Ayers’ securities as the Company may from time to time reasonably request in writing. 

	
 
	
3.2
	
Registration Expenses.

(a)All expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, all registration, qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), will be paid by the Company in respect of each Demand Registration and each Piggyback Registration, whether or not it has become effective, including that the Company will pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed. 

7

(b)In connection with each Demand Registration and each Piggyback Registration, whether or not it has become effective, the Company will pay, and reimburse Ayers for the payment of, the reasonable fees and disbursements of one counsel selected by Ayers, and such expenses shall be considered Registration Expenses hereunder. 

(c)For the avoidance of doubt, any underwriting discount or commission with respect to the sale of any Registrable Securities shall be borne by Ayers and shall not be considered Registration Expenses. 

	
 
	
3.3
	
Participation in Underwritten Offerings. 

(a)Ayers may not participate in any registration hereunder which is underwritten unless Ayers (i) agrees to sell Ayers’ securities on the basis provided in any underwriting arrangements approved by the Person entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option requested by the managing underwriter(s), provided that Ayers will not be required to sell more than the number of Registrable Securities that Ayers has requested the Company to include in any registration) and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

(b)Ayers agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3.1(e) above, Ayers will forthwith discontinue the disposition of his Registrable Securities pursuant to the registration statement until the Ayers’ receipt of the copies of a supplemented or amended prospectus as contemplated by such Section 3.1(e). In the event the Company shall give any such notice, the applicable time period mentioned in Section 3.1(b) during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to this paragraph to and including the date when Ayers shall have received the copies of the supplemented or amended prospectus contemplated by Section 3.1(e). 

	
 
	
3.4
	
Company Holdback. 

(a)The Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during (a) with respect to any underwritten Demand Registration or any underwritten Piggyback Registration in which Registrable Securities are included, the seven (7) days prior to and the ninety (90)-day period beginning on the effective date of such registration, and (b) upon notice from Ayers that Ayers intends to effect an underwritten distribution of Registrable Securities pursuant to a Shelf Registration, the seven (7) days prior to and the ninety (90)-day period beginning on the date of the commencement of such distribution, in each case except as part of such underwritten registration or pursuant to registrations on Form S-4 or Form S-8, and in each case unless the managing underwriter(s) otherwise agrees. 

8

(b)Ayers agrees, if requested by the Company and the managing underwriter of Registrable Securities in connection with any underwritten public offering of the Company and if the Company’s executive officers and directors so agree, not to directly or indirectly offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any equity securities of the Company (or any other security the value of which is derived by reference to the equity securities of the Company) held by Ayers for ninety (90) days following the effective date of the relevant registration statement in connection with any public offering of Registrable Securities, as such underwriter shall specify reasonably and in good faith. Ayers agrees, if requested by the Company and the managing underwriter, to execute a separate letter reflecting the agreement set forth in this Section 3.4(b). 

	
 
	
3.5
	
Current Public Information. At all times after the Company has filed a registration statement with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Company will use its reasonable efforts to timely file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Securities and Exchange Commission thereunder, and will take such further action as Ayers may reasonably request, all to the extent required to enable Ayers pursuant to Securities Act Rule 144. 

	
 
	
3.6
	
Shelf Take-Downs. At any time that a Shelf Registration is effective, if Ayers delivers a written notice to the Company (a “Take-Down Notice”) stating that he intends to effect an offering of all or part of his Registrable Securities included on the Shelf Registration, whether such offering is underwritten or non-underwritten (provided that such underwritten offering is for more than $2,000,000) (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in the Shelf Offering, then, the Company shall amend or supplement the Shelf Registration as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering. In connection with any Shelf Offering, in the event that the managing underwriter(s), if any, advises the Company in writing that in its opinion the number of Registrable Securities to be included in such Shelf Offering exceeds the number of Registrable Securities which can be sold therein without adversely affecting the marketability of the offering, such managing underwriter(s), if any, may limit the number of shares which would otherwise be included in such Shelf Offering in the same manner as is described in Section 1.5. 

	
4.
	
INDEMNIFICATION 

	
 
	
4.1
	
Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, Ayers and, as applicable, his agents (including, but not limited to, his officers, directors, trustees, employees, stockholders, holders of beneficial interests, members, and general and limited partners (collectively, Ayers’ “Indemnitees”)) and each Person who controls Ayers (within the meaning of the Securities Act) against any and all losses, 

9

	
 
		
claims, damages, liabilities, joint or several, to which such holder or any such Indemnitee may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (a) any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto, together with any documents incorporated therein by reference or, (b) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse Ayers and each of his Indemnitees for any legal or any other expenses, including any amounts paid in any settlement effected with the consent of the Company, which consent will not be unreasonably withheld or delayed, incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement, or omission or alleged omission, made in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished to the Company by Ayers expressly for use therein. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of Ayers. 

	
 
	
4.2
	
Indemnification by Ayers. In connection with any registration statement in which Ayers is participating, Ayers will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify and hold harmless the Company and its Indemnitees against any losses, claims, damages, liabilities, joint or several, to which the Company or any such Indemnitee may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (a) any untrue or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any application, together with any documents incorporated therein by reference or (b) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon and in conformity with written information prepared and furnished to the Company by Ayers expressly for use therein, and Ayers will reimburse the Company and each such Indemnitee for any legal or any other 

10

	
 
		
expenses including any amounts paid in any settlement effected with the consent of Ayers, which consent will not be unreasonably withheld or delayed, incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided, however, that the obligation to indemnify will be limited to the net amount of proceeds received by Ayers from the sale of Registrable Securities pursuant to such registration statement, less any other amounts paid by Ayers in respect of such untrue statement, alleged untrue statement, omission or alleged omission. 

	
 
	
4.3
	
Procedure. Any Person entitled to indemnification hereunder will (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, however, that the failure of any indemnified party to give such notice shall not relieve the indemnifying party of its obligations hereunder, except to the extent that the indemnifying party is actually prejudiced by such failure to give such notice), and (b) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 

	
 
	
4.4
	
Entry of Judgment; Settlement. The indemnifying party shall not, except with the approval of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified party of a release from all liability in respect to such claim or litigation without any payment or consideration provided by such indemnified party. 

	
 
	
4.5
	
Contribution. If the indemnification provided for in this Section 4 is, other than expressly pursuant to its terms, unavailable to or is insufficient to hold harmless an indemnified party under the provisions above in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (a) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and Ayers and any other sellers participating in the registration statement on the other hand from the sale of Registrable Securities pursuant to the registered offering of securities as to which indemnity is sought or (b) if the allocation provided by clause (a) above is not permitted by applicable law, in such proportion as is 

11

	
 
		
appropriate to reflect the relative benefits referred to in clause (a) above but also the relative fault of the Company on the one hand and Ayers and any other sellers participating in the registration statement on the other hand in connection with the statement or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and Ayers and any other sellers participating in the registration statement on the other hand shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) to the Company bear to the total net proceeds from the offering (before deducting expenses) to Ayers and any other sellers participating in the registration statement. The relative fault of the Company on the one hand and Ayers and any other sellers participating in the registration statement on the other hand shall be determined by reference to, among other things, whether the untrue or alleged statement or omission to state a material fact relates to information supplied by the Company or by Ayers or other sellers participating in the registration statement and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The Company and Ayers agree that it would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4, Ayers shall not be required to contribute any amount in excess of the net proceeds received by Ayers covered by the registration statement filed pursuant hereto, less any other amounts paid by Ayers in respect of such untrue statement, alleged untrue statement, omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

	
 
	
4.6
	
Other Rights. The indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract and will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities. 

	
5.
	
DEFINITIONS. 

“Affiliate” shall mean, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. 

12

“Board” shall mean the Board of Directors of the Company. 

“Demand Registrations” shall mean Long-Form Registrations and Short-Form Registrations requested pursuant to Section 1.1. 

“Discriminate” shall mean, with respect to a specified Person, to change the rights of such specified Person as compared to other applicable Persons in a manner that is, or is reasonably expected to be, materially and adversely different than the changes to the rights of the other applicable Persons. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force. 

“Initial Public Offering” shall mean the initial underwritten Public Offering registered on Form S-1 (or any successor form under the Securities Act). 

“Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Public Offering” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration statement under the Securities Act. 

“Registrable Securities” shall mean (a) any share of Common Stock owned by Ayers as of the Effective Time or thereafter acquired (other than through the exercise of options), and (b) any common equity securities issued or issuable directly or indirectly with respect to any of the foregoing securities referred to in clause (a) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular shares constituting Registrable Securities, such shares will cease to be Registrable Securities when they have been (x) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, or (y) sold to the public pursuant to Securities Act Rule 144 or sold in a block sale to a financial institution in the ordinary course of its trading business, in each case in compliance with this Agreement. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire directly or indirectly such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 

“Related Transfer” means any Transfer by Ayers or any Related Transferee of Ayers to any Related Transferee.

“Related Transferee” means with respect to Ayers or any Related Transferee of Ayers, (a) a spouse, (b) any child or grandchild, (c) any parent or spouse of any child, grandchild or parent, (d) any trust created for the benefit of any of the foregoing or for the benefit of Ayers or any Related Transferee of Ayers, (e) any court-appointed legal representative of the estate of Ayers or the estate of any Related Transferee of Ayers, including, but not limited to, an administrator, personal representative, or executor, as established by letters testamentary, letters of 

13

administration, or other similar instrument issued by a court of competent jurisdiction or (f) any entity created for the benefit of Ayers or any Related Transferee of Ayers or one or more members of such Person’s family where all of the ownership interests of such entity are held directly or indirectly by or for the benefit of only such Person and such family members.  

“Rule 144” shall mean Securities and Exchange Commission Rule 144 under the Securities Act, as Rule 144 may be amended from time to time, or any similar successor rule that may be issued by the Securities and Exchange Commission. 

“Securities Act” shall mean the Securities Act of 1933 and the rules promulgated thereunder, in each case as amended from time to time. 

“Securities and Exchange Commission” includes any governmental body or agency succeeding to the functions thereof. 

“Shelf Registration” shall mean the filing of a Short-Form Registration with the Securities and Exchange Commission in accordance with and pursuant to Rule 415 under the Securities Act (or any successor rule then in effect). 

“Stock” shall mean the capital stock of the Company. For clarification purposes, as of the Effective Time, the Common Stock constitutes all of the Company’s issued and outstanding capital stock. 

“Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Registrable Securities (or any voting or economic interest therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 

	
6.
	
MISCELLANEOUS. 

	
 
	
6.1
	
No Inconsistent Agreements; Foreign Registration. The Company will not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to Ayers in this Agreement. In the event the Board and Ayers approve a public offering or a sale of the Common Stock of the Company (or other securities representing, or exercisable for or convertible into, shares of common stock) pursuant to the securities laws of a country other than the United States of America, the Board shall have the power to amend this Agreement in such manner as it shall deem reasonably necessary to ensure that the provisions of this Agreement will apply in as close to the same manner as possible under such foreign securities laws, and to otherwise preserve and give effect to the rights of the parties hereto. 

	
 
	
6.2
	
Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur, with respect to its securities which would materially and adversely affect the ability of Ayers to include his Registrable Securities in a registration undertaken pursuant to this Agreement (including, without limitation, effecting a stock split or a combination of shares). If Ayers creates a new holding company (“Holdco”), the result of which is that the 

14

	
 
		
stockholders of the Company immediately before such event become all the stockholders of Holdco, then in each instance the provisions of this Agreement will, in addition to applying to the Company, also apply to Holdco in the same manner as if Holdco were substituted for the Company throughout this Agreement. 

	
 
	
6.3
	
Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies at law or in equity existing in its favor, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

	
 
	
6.4
	
Amendment and Waiver. This Agreement may be amended, modified, extended, terminated or waived (an “Amendment”), and the provisions hereof may be waived, only by an agreement in writing signed by the Company and Ayers; provided, that the admission of new parties pursuant to the terms of Section 6.5 shall not constitute an Amendment of this Agreement for purposes of this Section 6.4. Each such Amendment shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder, as to itself, by an instrument in writing signed by such party. The failure of any party to enforce any provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. To the extent the Amendment of any Section of this Agreement would require a specific consent pursuant to this Section 6.4, any Amendment to the definitions used in such Section as applied to such Section shall also require the same specified consent. 

	
 
	
6.5
	
Successors and Assigns; Transferees. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns.  Registrable Securities shall continue to be Registrable Securities after any Related Transfer (except if such securities were effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them). Any Related Transferee receiving shares of Registrable Securities in a Related Transfer shall become a party to this Agreement and subject to the terms and conditions of, and be entitled to enforce, this Agreement to the same extent, and in the same capacity, as the Person that Transfers such shares to such transferee. Prior to the Related Transfer of any Registrable Securities to any Related Transferee, and as a condition thereto, the Person effecting such Related Transfer shall cause such Related Transferee to deliver to the Company its written agreement, in form and substance reasonably satisfactory to the Company, to be bound by the terms and conditions of this Agreement. 

	
 
	
6.6
	
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 

15

	
 
		
any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

	
 
	
6.7
	
Counterparts. This Agreement may be executed in separate counterparts (including by means of facsimile or electronic transmission in portable document format (pdf)), each of which shall be an original and all of which taken together shall constitute one and the same Agreement. 

	
 
	
6.8
	
Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 

	
 
	
6.9
	
Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile, or (c) sent by overnight courier, in each case, addressed as follows: 

If to the Company, to: 

 

FB Financial Corporation 

211 Commerce Street, Suite 300

Nashville, Tennessee 37201

Attn: General Counsel 

 

with a copy (which shall not constitute notice) to: 

 

Alston & Bird LLP 

One Atlantic Center

1201 West Peachtree Street

Atlanta, Georgia 30309

Attention: Kyle G. Healy 

 

If to Ayers, to: 

 

Ayers Asset Management

211 Commerce Street, Suite 300

Nashville, Tennessee 37201

Attn: James W. Ayers, President

 

with a copy (which shall not constitute notice) to: 

 

Ayers Asset Management

211 Commerce Street, Suite 300

Nashville, Tennessee 37201

Attn: David Bourgeois, Chief Financial Officer

16

Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes hereof. 

Unless otherwise specified herein, such notices or other communications shall be deemed effective (x) on the date received, if personally delivered, (y) on the date received if delivered by facsimile on a business day, or if not delivered on a business day, on the first business day thereafter and (z) two (2) business days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

	
 
	
6.10
	
Delivery by Facsimile. This Agreement and any signed agreement or instrument entered into in connection herewith or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation of a contract and each such party forever waives any such defense. 

	
 
	
6.11
	
Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Tennessee without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

	
 
	
6.12
	
Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

 

[Signature Pages Follow]

 

17

 

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement on the day and year first above written. 

 

		
	
FB FINANCIAL CORPORATION

	
 
	
 

	
By:
	
/s/ Christopher T. Holmes

	
Name:
	
Christopher T. Holmes

	
Title:
	
President and Chief Executive Officer

	
 
	
 

	
 
	
 

	
James W. Ayers:

	
 
	
 

	
By:
	
/s/ James W. Ayers

	
 
	
James W. Ayers

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