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Exhibit 10.2  

 
 

SHAREHOLDERS AGREEMENT    
    

        THIS SHAREHOLDERS AGREEMENT (the "Agreement"), dated as of June 15, 2006, is by and among Petrie
Parkman & Co., Inc., a Delaware corporation (the "Company"), and James E. Parkman, Jr.
("Parkman"). 

RECITALS  

        WHEREAS, as of the date hereof, Parkman is the holder of one thousand, one hundred twenty-five (1,125) shares (the
"Shares") of common stock, par value $1.00 per share (the "Common Stock"), of the Company; 

        WHEREAS,
Parkman is entering into that certain Separation and Release Agreement, dated as of the date hereof, by and between the Company and Parkman, providing for, inter alia, the
termination of Parkman's employment by the Company (the "Separation Agreement"); and 

        WHEREAS,
in connection with Separation Agreement, the parties hereto have determined that it is appropriate to enter into this Agreement governing their relationship with one another;
and 

        NOW
THEREFORE, in consideration of the foregoing, of the mutual covenants and obligations set forth in this Agreement and of other good and valuable consideration, the parties hereto,
intending to be legally bound, hereby agree as follows: 

1.
DEFINITIONS. As used herein the following terms shall have the following respective meanings: 

        "Affiliate" of a specified Person means any Person that directly or indirectly through one or more intermediaries controls, is controlled
by, or is under common control with, such specified Person. As used in this definition of Affiliate, the term "control" of a specified Person including, with correlative meanings, the terms
"controlled by" and "under common control with," means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise. 

        "Arbitrator" has the meaning set forth in Section 5.2(d). 

        "Arbitrator's Notice" has the meaning set forth in Section 5.2(b)(ii). 

        "Board" means the Board of Directors of the Company. 

        "Business" means the investment banking advisory business involving energy-related clients and/or in connection with energy-related
transactions. 

        "Business Day" means any day other than a Saturday, a Sunday or a holiday on which commercial banks in the State of Colorado are closed. 

        "Change of Control" means any merger, sale of shares, tender offer, exchange offer or other business combination transaction involving the
Company that results in the holders of the outstanding shares of Common Stock immediately prior to the consummation thereof holding less than fifty percent (50%) of the total number of shares of the
outstanding Common Stock (or capital stock of the surviving or resulting entity therefrom or the parent thereof, as applicable) immediately following consummation thereof. 

        "Common Stock" has the meaning set forth in the Recitals. 

        "Company" has the meaning set forth in the Preamble. 

        "Company Exercise Notice" has the meaning set forth in Section 5.2(a). 

        "Competitor" means any entity or person that directly or indirectly competes with Company in the Business (or any portion thereof) and/or
whose business is or includes the Business (or any portion thereof). 

 

        "Demand Registration" has the meaning set forth in Section 4.1(a). 

        "Drag Along Notice" has the meaning set forth in Section 3.2. 

        "Equity Change of Control" means any transaction involving the sale by one or more holders of Common Stock of not less than fifty percent
(50%) of the outstanding shares of Common Stock. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "Excluded Issuance" means (i) any securities issued in connection with (x) the acquisition of, or investment in, another
business entity or business segment of any such entity by the Company or a subsidiary of the Company (whether by merger, asset purchase, stock purchase or otherwise), (y) any private placement,
including, without limitation pursuant Rule 144A of the Securities Act, in anticipation of an IPO or (z) the formation of any joint venture or similar arrangement and
(ii) securities issued to new employees of the Company in connection with the hiring of such employees. 

        "Filing Range" has the meaning set forth in Section 4.6. 

        "Holders" means Parkman and any other Immediate Family member of Parkman or any chartiable organization holding Registrable Securities to
whom Parkman's rights under Article 4 hereof have been assigned pursuant to Section 4.9. 

        "Immediate Family" means (a) the persons listed in Rule 16a-1(e) promulgated under the Exchange Act, together
with (b) any entity in which substantially all beneficial ownership interests are
held by persons described in the foregoing clause (a). The term "member" of the Immediate Family includes entities described in clause (b) of this definition. 

        "Indemnified Party" has the meaning set forth in Section 4.5(c). 

        "Indemnifying Party" has the meaning set forth in Section 4.5(c). 

        "IPO" means an initial public offering of the Common Stock of the Company. 

        "Parkman" has the meaning set forth in the Preamble. 

        "Person" means any legal person, including any natural person, domestic or foreign corporation, limited liability company, general or
limited partnership, joint venture, association, joint stock company, business trust, estate, trust, enterprise, unincorporated organization, any government or any agency or political subdivision
thereof, and any other legal or commercial entity. 

        "Petrie" has the meaning set forth in Section 4.8. 

        "Piggyback Registration" has the meaning set forth in Section 4.2(a). 

        "Registrable Securities" means the shares of Common Stock held by Parkman; provided, however, that any such securities shall cease to be
Registrable Securities (i) when a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been
disposed of in accordance with the plan of distribution set forth in such registration statement or the registration statement has remained effective for 180 days whether or not such securities
have been disposed of, (ii) when such securities have been Transferred by Parkman, other than pursuant to any testamentary transfer, transfer by descent and distribution or transfer for estate
planning purposes in which such securities are Transferred to an Immediate Family member of Parkman and Parkman's rights under Section 4 are assigned to the transferee, (iii) when they
shall have ceased to be outstanding or (iv) on the date upon which all shares of Common Stock held by Parkman and members of his Immediate Family may be distributed to the public in a single
sale pursuant to Rule 144 (or any successor provision) under the Securities Act. 

2

 

        "Registration Expenses" means all expenses incurred by the Company in complying with Sections 4.1 and 4.2 hereof, including,
without limitation, all registration, qualification and filing fees, printing expenses, transfer agent's and registrar's expenses, and escrow fees, fees and disbursements of counsel for the Company,
blue sky fees and expenses and the expense of any special audits incident to or required by any such registration, but shall not include fees and disbursements of counsel, auditors or other
professionals or consultants retained by Parkman. 

        "Sales Notice" has the meaning set forth in Section 5.2(a). 

        "SEC" means the U.S. Securities and Exchange Commission. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Selling Expenses" means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered
pursuant to a Piggyback Registration. 

        "Separation Agreement" has the meaning set forth in the Preamble. 

        "Shares" has the meaning set forth in the Recitals. 

        "Subject Shares" has the meaning set forth in Section 5.2(a). 

        "Tag Along Notice" has the meaning set forth in Section 3.1. 

        "Transfer" has the meaning set forth in Section 5.1. 

2.
DESIGNATION OF PARKMAN AS A DIRECTOR. 

        2.1   Pre-IPO; Pre-Change of Control. Subject to Section 2.4 below, from and after the date
hereof through the earlier of (x) such time that an IPO becomes effective and (y) a Change of Control, Parkman shall have the right to serve on the Board. 

        2.2   Post-IPO; Post-Change of Control. Subject to Section 2.4 below, from and after such time
that an IPO becomes effective, the Company shall use its commercially reasonable efforts to cause Parkman to be nominated and elected to the Board. 

        2.3   Transfer or Assignment of Board Seat. Parkman's rights under Sections 2.1 and 2.2 are personal to Parkman and may
not be assigned or Transferred. 

        2.4   Termination of Board Seat. Notwithstanding anything to the contrary contained herein, unless this Agreement is earlier
terminated in accordance with Section 7, Parkman's rights under Sections 2.1 and 2.2 above shall terminate on the earlier of (i) the first date that the shares of Common Stock
held by Parkman constitute less than ten percent (10%) of the fully diluted shares of Common Stock (after giving affect to the exercise of all outstanding options, warrants and similar rights, and the
conversion of all outstanding convertible securities (the "10% Threshold"), or (ii) at such time, if any, that Parkman is in violation of
Section 5(c)(i) of the Separation Agreement, or would be but for the expiration of the Restricted Period. Parkman hereby agrees to resign from the Board immediately upon the occurrence
of either of the foregoing events designated in clauses (i) and (ii) of the immediately preceding sentence. 

3.
TAG ALONG RIGHTS / DRAG ALONG RIGHTS. 

        3.1   Tag Along Rights. In the event that one or more holders of the Common Stock enters into a binding agreement to effect an
Equity Change of Control, then the Company shall deliver a written notice to Parkman stating the material terms of such agreement (the "Tag Along
Notice"). If the Company delivers the Tag Along Notice, then Parkman shall have the right, at his option, as a condition to the closing of the Equity Change of Control, to
require that the prospective purchaser or purchasers in such Equity Change of Control agree to purchase a pro rata amount of Parkman's shares of Common Stock on the same terms and conditions
(including at the same per share price and at the 

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same
time) as all other sellers of Common Stock participating in such Equity Change of Control by delivering written notice to the Company of Parkman's exercise of such right within ten
(10) Business Days of the receipt of the Tag Along Notice. If Parkman so elects to require the prospective purchaser in such transaction to purchase his shares of Common Stock or portion
thereof, as applicable, Parkman shall be obligated to (x) execute a purchase agreement and/or conveyance instrument as reasonably required by such prospective purchaser but shall not be
required to make any representations and warranties other than customary representations and warranties as to good title, due authorization and enforceability of the purchase agreement and conveyance
instrument and non-contravention or violation of law or contracts, and (y) transfer and deliver his shares of Common Stock free and clear of all liens and encumbrances at the same
time as the sale by all other sellers of Common Stock participating in such Equity Change of Control. 

        3.2   Drag Along Rights. In the event that one or more holders of the Common Stock enters into a binding agreement to effect an
Equity Change of Control, the Company may require that Parkman sell a pro rata amount of Parkman's shares of Common Stock on the same terms and conditions (including at the same per share price and at
the same time) as all other sellers of Common Stock participating in such Equity Change of Control. The Company may exercise this option by giving written notice (the "Drag
Along Notice") of the exercise of such option, to Parkman. If a Drag Along Notice is delivered, Parkman shall be obligated to (x) execute a purchase agreement and/or
conveyance instrument as may be reasonably required, but shall not be required to make any representations and warranties other than customary representations and warranties as to good title, due
authorization and enforceability of the purchase agreement and conveyance instrument and non-contravention or violation of law or contracts, and (y) transfer and deliver his shares
of Common Stock free and clear of all liens and encumbrances at the same time as the sale by all other sellers of Common Stock participating in such Equity Change of Control. Notwithstanding the
foregoing, Parkman's obligation to sell his shares of Common Stock under this Section 3.2 shall be conditioned upon the receipt by the Company (at the sole cost and expense of the Company) of
an opinion from an independent financial advisor selected and engaged by the Company to the effect that the sale of the shares of Common Stock is fair, from a financial point of view, to the selling
stockholders of the Company. 

        3.3   Transfer or Assignment of Tag Along and Drag Along Rights. Parkman's rights under Sections 3.1 may be assigned, in
whole or in part, in connection with any Transfer of Parkman's shares of Common Stock (other than any Transfers of shares effected on a national securities exchange, in which case such rights may not
be assigned). In the event of any Transfer by Parkman of all or any portion of such shares of Common Stock, such shares Transferred shall remain subject to Section 3.2 following any such
Transfer (other than any Transfers of shares effected on a national securities exchange, to which the provisions of Section 3.2 shall no longer apply from and after the time of such Transfer). 

4.
REGISTRATION RIGHTS. 

        4.1   Demand Registrations. 

        (a)   Notice of Registration. At any time after one (1) year after the effective date of the Company's IPO, if any,
Parkman may, by written notice, request that the Company register under the Securities Act all or any part of the Registrable Securities then held by Parkman or other Holders, provided that, if the
securities requested to be registered constitute less than all of the outstanding Registrable Securities at such time, such securities shall have an estimated aggregate offering price, net of
underwriting discounts and expenses, equal to or exceeding $25 million (a "Demand Registration"). As soon as practicable following receipt by the
Company of such written request, the Company shall use its commercially reasonable efforts to effect such registration (including, without limitation, appropriate qualification under applicable blue
sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or regulations) as may be so requested
and as 

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would
permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request. Notwithstanding the foregoing, the Company shall not be
obligated to take any action to effect any such registration pursuant to this Section 4.1: 

        (i)    In
any particular jurisdiction in which the Company would be required to qualify as a foreign corporation, subject itself to taxation in that jurisdiction or execute a
general consent to service of process in effecting such registration unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

        (ii)   During
the period starting with the date ninety (90) days prior to the Company's estimated date of filing of, and ending on the date six (6) months
immediately following the effective date of, a registration statement pertaining to securities of the Company (other than a registration of securities in a Rule 145 transaction or with respect
to an employee benefit plan), provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; 

        (iii)  At
any time within one hundred eighty (180) days following the delivery by Parkman of a previous request for a Demand Registration; 

        (iv)  After
the Company has effected two Demand Registrations pursuant to this Section 4.1 and such registrations have been declared or ordered effective; or 

        (v)   If
either (x) the Company shall furnish to the Holders whose Shares are to be included in such registration a certificate signed by the Chairman of the Board or
the Chief Executive Officer stating that in the good faith judgment of the Board (i) that a postponement or withdrawal is necessary in order to avoid premature disclosure of a matter that the
Board has determined would not be in the best interests of the Company to be disclosed at such time or (ii) that the filing of a registration statement would have a material adverse effect on
the Company or its stockholders, as the case may
be, or (y) the Company would be required to prepare audited financial statements as of a date other than its fiscal year end, then the Company's obligation to use its commercially reasonable
efforts to register under this Section 4.1 shall be deferred for a period not to exceed ninety (90) days from the date of receipt of written request from Parkman; provided, however, that
the Company shall not exercise such right more than once in any twelve-month period and provided, further, however, that in any of the events described above, such Holders shall be entitled to
withdraw such request and, if such request is withdrawn by all such Holders, such Demand Registration shall not count as one of the permitted Demand Registrations. The Company shall provide written
notice to the Holders whose Shares are to be included in such registration of (x) any postponement or withdrawal of the filing or effectiveness of a registration statement pursuant to this
Section 4.1, (y) the Company's decision to file or seek effectiveness of such registration statement following such withdrawal or postponement and (z) the effectiveness of such
registration statement. If the Company shall withdraw a Demand Registration pursuant to this Section 4.1(a)(vi), the Holders shall be entitled to a replacement Demand Registration. 

Subject
to the foregoing clauses (i) through (vi), the Company shall file a registration statement covering the Registrable Securities so requested to be registered as soon as
practicable, after receipt of a valid request for a Demand Registration under this Section 4.1. 

        (b)   Underwriting. The right of the Holders to registration pursuant to this Section 4.1 shall be conditioned upon the
participation of the Holders whose Shares are to be included in such registration in the underwriting arrangements required by this Section 4.1, and the inclusion of the Registrable Securities
held by such Holders in the underwriting to the extent provided herein. 

        (c)   Procedures. The Company and the Holders whose Shares are to be included in such registration shall enter into an
underwriting agreement in customary form with an underwriter or 

5

 

underwriters
of recognized national standing selected for such underwriting by the Company and reasonably acceptable to Parkman. Subject to the following sentence, the Company may include in any
Demand Registration any securities to be issued by the Company or held by any other holders of the Company's securities. Notwithstanding any other provision of this Section 4.1, if the managing
underwriter advises the Company in writing that, in its opinion, marketing factors require a limitation of the number of shares to be underwritten, the underwriter may limit the Registrable Securities
and other securities to be distributed through such underwriting. The Company shall so advise all Persons distributing their securities through such underwriting of such limitation and the number of
shares of Registrable Securities and other securities that may be included in the registration (and underwriting if any) shall be allocated (i) first, to Parkman and the Holders whose Shares
are to be included in such registration in respect of Registrable Securities covered by the request for Demand Registration; (ii) second, to the securities the Company proposes to sell in such
registration and (iii) third, securities requested to be included in such registration by Persons, if any, whose rights to piggyback registration provide that they are subordinate to the rights
of the Holders. If the Holders whose Shares are to be included in such registration disapprove of the terms of the underwriting, the Holders shall provide written notice of such disapproval to the
Company and the managing underwriter. Upon the receipt of such notice, the Holders shall be withdrawn from the underwriting; provided, that the registration shall still be deemed to be a Demand
Registration, unless the Holders pay the Registration Expenses associated with such withdrawn registration. 

        (d)   Registration Statement Form. The Company shall use its commercially reasonable efforts to register any registrations
under this Section 4.1 under the Securities Act on Form S-3 or any successor thereto or on such appropriate registration form of the SEC (i) as shall be selected by
the Company and, as shall be reasonably acceptable to Parkman and (ii) as shall permit the disposition of such Registrable Securities in accordance with the intended method or methods of
disposition specified in Parkman's request for such registration. Notwithstanding the foregoing, if the managing underwriters, if any, shall advise the Company in writing that in their opinion the use
of another permitted form (other than Form S-3 or any successor thereto) is of material importance to the success of the offering, then such registration shall be on such other
permitted form. 

        (e)   Effective Registration Statement. A Demand Registration pursuant to this Section 4.1 shall not be deemed to have
been effected (i) unless a registration statement with respect thereto has become effective, provided that a registration which does not become effective after the Company has filed a
registration statement with respect thereto solely by reason of the Holders' refusal to proceed shall be deemed to have been effected by the Company at the request of the Holders, (ii) if,
after it has become effective, such registration becomes subject to any stop order, injunction or other order or requirement of the SEC or other governmental agency or court other than by reason of
some act or omission by Parkman, unless such stop-order, injunction or other order or requirement is vacated or otherwise removed, or (iii) the conditions to closing specified in
the purchase agreement or underwriting agreement entered into in connection with such registration are not satisfied, other than by reason of some act or omission by the Holders whose Shares are to be
included in such registration. 

        (f)    Effective Period of Demand Registrations. After any registration statement filed pursuant to a Demand Registration has
become effective, the Company shall use its commercially reasonable efforts to keep such registration statement effective for a period equal to 180 days from the date on which the SEC declares
such registration statement effective (or if such registration statement is not effective during any period within such 180 days, such 180-day period shall be extended by the number
of days during such period when such registration statement is not effective), or such shorter period which shall terminate when all of the Registrable Securities covered by such 

6

 

registration
statement have been sold pursuant to such registration statement, provided, however, that (i) such 180-day period shall be extended for a period of time equal to the
period the Holders whose Shares are to be included in such registration refrain from selling any securities included in such registration at the request of an underwriter of the Registrable
Securities; and (ii) in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such
180-day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, however in no event longer than one year from
the effective date of the registration statement and provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided
further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment
that (I) includes any prospectus required by Section 10(a)(3) of the Securities Act or (II) reflects facts or events representing a material or fundamental change in the
information set forth in the registration statement, the incorporation by reference of information required to be included in (I) and (II) above to be contained in periodic reports filed
pursuant to Section 13 or 15(d) of the Exchange Act in the registration statement. 

        (g)   Limitation on Demand Registrations. Notwithstanding anything to the contrary contained in this Section 4.1, the
Company may limit the amount of Registrable Securities of Parkman or other Holders included in any registration statement filed pursuant to a Demand Registration to the extent it believes in good
faith that such a limitation is in the best interest of the Company; provided, that in no event shall such amount of Registrable Securities included in such registration statement be reduced below the
greater of (x) an amount of Registrable Securities having a value equal to $25 million or (y) an amount of Registrable Securities that (assuming the disposition of the such
Registrable Securities to be included in such registration statement) would cause the aggregate amount of Registrable Securities held by Parkman and all other Holders to be less than 10% of the total
outstanding shares of Common Stock or such greater percentage as the Company may determine, based on advice of counsel, does not cause Parkman to be an affiliate (as defined under
Rule 144(a)(1) of the Securities Act) of the Company. 

        4.2   Piggyback Registration. 

        (a)   Notice of Registration. If, at any time or from time to time, the Company shall determine to register (a
"Piggyback Registration") any of its common equity securities, either for its own account or the
account of a security holder or holders, other than (x) a registration relating solely to employee benefit plans or (y) a registration relating solely to a Rule 145 transaction,
the Company will: 

        (i)    promptly
give Parkman written notice thereof; and 

        (ii)   subject
to Section 4.1(b), include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved
therein, all of the Registrable Securities specified in a written request or requests, made within ten (10) days after receipt of such written notice from the Company, by the Holders. 

        (b)   Underwriting. If the registration for which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise Parkman as a part of the written notice given pursuant to Section 4.2(a)(i). In such event the right of the Holders to registration pursuant to this
Section 4.2 shall be conditioned upon the participation by the Holders whose Shares are to be included in such registration in such underwriting and the inclusion of the Registrable Securities
in the underwriting to the extent provided herein. The Holders whose Shares are to be included in such registration shall (together with the Company and the other holders of securities of the Company
with registration rights to participate therein distributing their securities 

7

 

through
such underwriting) enter into an underwriting agreement in customary form (including an appropriate lock-up) with the underwriter or underwriters selected by the Company. 

Notwithstanding
any other provision of this Section 4.2, if the Company undertakes a public offering for its own account and the managing underwriter advises the Company in writing that, in its
opinion, the number of securities to be included in such registration exceeds the number which can be sold in such offering and/or that the number of shares of Registrable Securities proposed to be
included in any such registration would adversely affect the price per share of the equity securities to be sold in such offering, the Company shall include in such registration (i) first, the
securities the Company proposes to sell, (ii) second, among any security holders having registration rights senior to the rights of the Holders, (iii) third, the Registrable Securities
and (except with respect to securities described in clause (iv) below) other securities requested to be included in such registration pro rata among the Holders whose Shares are to be
included in such registration and the holders of such securities on the basis of the number of shares requested to be registered by such holders or as such holders may otherwise agree and
(iv) fourth, securities requested to be included in such registration by Persons, if any, whose rights to piggyback registration provide that they are subordinate to the rights of the Holders.
No Registrable Securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such registration. 

Notwithstanding
the other provision, of this Section 4.2, if a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company's securities other than
Registrable
Securities, and the managing underwriter 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 and/or that the number of shares of Registrable Securities proposed to be included in any such registration would adversely affect the price per share of the Company's equity
securities to be sold in such offering, the Company shall include in such registration (i) first, the securities the Company proposes to sell, (ii) second, among any security holders
having registration rights senior to the rights of the Holders, (iii) third, the Registrable Securities and (except with respect to securities described in clause (iv) below)
other securities requested to be included in such registration pro rata among the Holders whose Shares are to be included in such registration and the holders of such securities on the basis of the
number of shares requested to be registered by such holders or as such holders may otherwise agree and (iv) fourth, securities requested to be included in such registration by Persons, if any,
whose rights to piggyback registration provide that they are subordinate to the rights of the Holders. 

No
Registrable Securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such registration. 

If
the Holders whose Shares are to be included in such registration disapprove of the terms of any such underwriting prior to the effectiveness of such registration, the Holders may elect to withdraw
therefrom by written notice to the Company and the managing underwriter. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration, and shall not be
transferred in a public distribution prior to ninety (90) days after the effective date of the registration statement relating thereto, or such other shorter period of time as the underwriters
may require. 

        (c)   Right to Terminate Registration. The Company shall have the right at any time in its sole discretion to postpone,
terminate or withdraw any registration initiated by it under this Section 4.2 prior to the effectiveness of such registration whether or not Parkman has elected to include securities in such
registration. 

        (d)   Delay of Registration. Parkman shall not have any right to take any action to restrain, enjoin, or otherwise delay any
registration as the result of any controversy that might arise with respect to the interpretation or implementation of Section 4.1 or Section 4.2. 

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        4.3   Expenses of Registration. 

        (a)   The
Company shall bear all Registration Expenses in connection with all registrations pursuant to Sections 4.1 and Section 4.2 hereof exclusive of any
Selling Expenses. All Selling Expenses relating to securities registered on behalf of any Holder shall be borne by such Holder. In addition, each Holder shall bear its own expenses incurred in
connection with exercising its rights hereunder. The Company shall pay its internal expenses, 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 they are to be listed. 

        (b)   The
obligation of the Company to bear the Registration Expenses shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes
effective, is withdrawn or suspended, is converted to another form of registration and irrespective of when any of the foregoing shall occur; provided, however, that Registration Expenses in respect
of any supplements or amendments to a registration statement or prospectus resulting from a misstatement furnished to the Company by any Holder shall be borne by such Holder. 

        4.4   Registration Procedures. Whenever Registrable Securities are to be registered pursuant hereto, the Company will use its
commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended methods of disposition thereof, and pursuant thereto the Company
shall: 

        (a)   Prepare
and file with the SEC a registration statement with respect to such securities and use commercially reasonable efforts to cause such registration statement to
become and remain effective for 180 days or less if the distribution described in the registration statement has been completed; 

        (b)   Prepare
and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as
may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

        (c)   Furnish
to each Holder requesting such registration and to the underwriters of the securities being registered such reasonable number of copies of the registration
statement, preliminary prospectus, final prospectus and such other documents as may be reasonably requested in order to facilitate the public offering of such securities; 

        (d)   Use
its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue sky laws of
such jurisdictions as shall be reasonably requested by the underwriters, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller and underwriter
to consummate the disposition in such jurisdictions of the Registrable Securities (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 subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process
in any such jurisdiction); 

        (e)   In
the case of an underwritten offering, enter into an underwriting agreement provided such underwriting agreement contains reasonable and customary provisions; 

        (f)    Notify
each Holders whose Shares are to be included in such registration at any time when a prospectus relating thereto is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and, at the request of any such Holder, the
Company 

9

 

promptly
shall prepare and furnish to such Holders and each underwriter, if any, a reasonable number of copies of such supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading; 

        (g)   Use
its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange on which securities of the same class issued by
the Company are then listed; and 

        (h)   Provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement. 

If
requested by the Company, each Holder requesting such registration shall furnish to the Company any other information regarding such Holder and the distribution of such securities as the Company
may from time to time reasonably request in writing and as shall be required in connection with any registration referred to in this Agreement. 

Each
Holder requesting such registration agrees by having such Holder's Registrable Securities treated as Registrable Securities that, upon notice from the Company 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 material fact necessary to make the statements therein not
misleading, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such registration statement until such Holder is advised in writing by the Company that the use of
the prospectus may be resumed and is furnished with a supplemented or amended prospectus as contemplated by Section 4.4(f) hereof, and, if so directed by the Company, such Holder will
deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Holder's possession, of the prospectus covering such Registrable Securities current at the
time of receipt of such notice. If the Company shall give any notice to suspend the disposition of Registrable Securities pursuant to a
prospectus, the Company shall extend the period of time during which the Company is required to maintain the registration statement effective pursuant to this Agreement by the number of days
during the period from and including the date of the giving of such notice to and including the date the Holders whose Shares are to be included in such registration either are advised by the Company
that the use of the prospectus may be resumed or receives the copies of the supplemented or amended prospectus contemplated by Section 4.4(f). 

        4.5   Indemnification. 

        (a)   To
the extent permitted by law, the Company will indemnify each Holder with respect to which registration has been effected pursuant to this Agreement, and each
underwriter, if any, and each Person who controls any underwriter within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages or liabilities (or
actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue
statement) of a material fact contained in any registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration, or
based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were
made, not misleading, or any violation by the Company of the Securities Act or any rule or regulation promulgated under the Securities Act applicable to the Company in connection with any such
registration, and the Company will reimburse each such Holder, each such underwriter and each Person who controls any such underwriter, for any legal and any other expenses reasonably incurred in
connection with investigating, preparing or defending any such claim, loss, damage, liability or action, provided that the Company will not be liable in any such case to the extent that any such
claim, loss, damage, 

10

 

liability
or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, made in reliance upon and in conformity with information furnished to the
Company by such Holder or a controlling Person specifically for use therein, or the failure of such Holder to deliver a prospectus that was delivered to such Holder prior to a sale or sales by such
Holder. 

        (b)   To
the extent permitted by law, each Holder requesting registration hereunder will, if Registrable Securities held by such Holder are included in the securities as to
which such registration is being effected, indemnify the Company, each of its directors and officers, each underwriter, if any, of the Company's securities covered by such a registration statement,
each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect
thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document,
or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company, such
directors, officers, underwriters or control Persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or
action, in each case to the extent, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in
conformity with information furnished to the Company by such Holder specifically for use therein. 

        (c)   Each
party entitled to indemnification under this Section 4.5 (the "Indemnified Party") shall give notice to the
party required to provide indemnification (the "Indemnifying Party") promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided
that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and
the Indemnified Party may participate in such defense at such party's expense, and provided further that the failure of any Indemnified Party to give
notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 4.5 unless the failure to give such notice is materially prejudicial to an Indemnifying
Party's ability to defend such action and provided further, that the Indemnifying Party shall not assume the defense for matters as to which there is a
conflict of interest or separate and different defenses but shall bear the expense of such defense nevertheless, except that the Company shall not be obligated to bear the expense of more than one
counsel for the Holders. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent 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 such Indemnified Party of a release from all liability in respect to such claim or
litigation. 

        (d)   If
the foregoing indemnification is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, claim, damage,
liability or action referred to therein, then the Indemnifying Party shall, in lieu of indemnifying such Indemnified Party hereunder, contribute to the amount paid or payable by such Indemnified Party
as a result of such losses, claims, damages, liabilities or actions in such proportion as appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and of the Indemnified
Party, on the other, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or actions as well as any other relevant equitable considerations,
including the failure to give any notice under paragraph (c). The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact relates 

11

 

to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. 

        (e)   Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection
with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

        4.6   Registration in Connection with an IPO. In the event the Company plans to effect an IPO, Parkman may request to include
shares of Common Stock owned by Parkman in such IPO subject to the terms and conditions of this Section 4.6. The Company shall notify Parkman in writing of its intention to effect an IPO
reasonably in advance of the effectiveness of its registration statement. If Parkman desires to register and sell any of his shares of Common Stock in connection with such IPO, he shall provide
written notice of such desire to the Company within seven days following receipt of such written notice from the Company. Thereafter, the Company shall provide Parkman with written notice of
(x) the filing price range (the "Filing Range") for the shares of Common Stock as promptly as practicable following the establishment of such
range and (y) the expected pricing date of the IPO. In the event that Parkman desires to sell shares of Common Stock in the IPO, Parkman shall provide written notice of his desire (such notice
to state the number of shares Parkman desires to register and sell) no later than three Business Days following his receipt of the written notice from the Company referred to in the immediately
preceding sentence. Such notice by Parkman shall be a binding commitment by Parkman to sell such shares of Common Stock provided that the IPO price is at least within the Filing Range for the Common
Stock set forth in the registration statement. Following its receipt of such binding notice from Parkman, the Company shall use its commercially reasonable efforts to cause the underwriters for such
IPO to register ands sell such number of shares of Common Stock held by Parkman having a value, based on the mid-point of the Filing Range, of up to $25,000,000. Any registration of shares
of Common Stock held by Parkman pursuant to this Section 4.6 shall be subject to the restrictions and other provisions of Sections 4.2, 4.3, 4.4 and 4.5 hereof, as applicable. 

        4.7   Cooperation in Connection with an IPO. At the reasonable request of the Company from time to time (and at the Company's
sole cost and expense), Parkman shall cooperate with the Company and its agents and advisors in connection with the Company's efforts to effect an IPO, including, without limitation, in connection
with the Company's conversion from an S corporation to a C corporation. The foregoing shall include, without limitation, the obligation of Parkman to make any and all filings with any governmental
authority, including, without limitation, the SEC and the Internal Revenue Service, as may be necessary or appropriate in connection with the Company's effort to effect the IPO. Parkman shall not take
any action that would impair or otherwise adversely affect the Company's ability to effect an IPO. 

        4.8   Certain Rights Relating to Registration Rights. In the event that the Company grants registration rights to Thomas A.
Petrie ("Petrie") in respect of shares of Common Stock held by Petrie and the terms of such rights are more favorable to Petrie than the terms of the
registration rights provided to Parkman hereunder, the Company agrees to promptly amend this Agreement to provide Parkman with registration rights that are no less favorable than the terms of the
registration rights granted to Petrie; provided, however that any provisions relating to numbers of shares or dollar amounts of securities shall be amended to provide Parkman with such rights on a
proportionate basis in relation to the number of shares owned by Parkman relative to the number of shares owned by Petrie. 

        4.9   Transfer or Assignment of Registration Rights. The rights granted to Parkman under this Section 4 may not be
assigned or Transferred, other than in connection with a Transfer by Parkman of shares of Common Stock pursuant to any (a) testamentary transfer, transfer by descent and distribution 

12

 

or
transfer for estate planning purposes in which such shares are Transferred to an Immediate Family member of Parkman or (b) charitable donation. The Company's obligations under this
Article 4 to register Registrable Securities held by any Holder (other than Parkman) shall be conditioned upon receipt by the Company from any such Holder requesting registration of an written
assumption of the obligations under this Agreement in a form reasonably acceptable to the Company and duly executed by such Holder. 

        4.10 Termination of Registration Rights. The rights of the Holders to request inclusion in any registration and the
obligations of the Company to register Registrable Securities hereunder shall terminate on the fifth (5th) anniversary of the closing of IPO, if any. 

5.
TRANSFER OF INTERESTS. 

        5.1   Transfers to Competitors Prohibited. Except as set forth in the following sentence, Parkman hereby agrees that he shall
not sell, transfer, assign, convey, or otherwise dispose of (a "Transfer") all or any his shares of Common Stock to a Competitor. The foregoing
restriction does not apply, however, to any Transfer in which Parkman has no ability to influence the identity of the purchaser of such shares, including, without limitation, any Transfer pursuant to
the IPO or Rule 144 (other than sales pursuant to Rule 144(k) that are not made in the manner set forth in paragraph (f) of Rule 144). The parties acknowledge
and agree that the provisions of this Section 5.1 shall not be deemed to be violated by Parkman's continuing to hold such shares while he is engaged in competition with the Company in any
manner that is not in violation of Section 5(c)(i) of the Separation Agreement, or his Transfer of any such shares to a member of his Immediate Family at any such time. 

        5.2   Right of First Refusal for Sales of Common Stock. 

        (a)   In
the event that Parkman at any time desires to Transfer all or a portion of shares of Common Stock (other than any Transfer in which Parkman has no ability to
influence the identity of the purchaser of such shares, including, without limitation, the IPO or any Transfer pursuant to Rule 144 (other than sales pursuant to Rule 144(k) that
are not made in the manner set forth in paragraph (f) of Rule 144), to which this Section 5.2 shall not apply) pursuant to a bona fide offer from another Person, Parkman
shall promptly give written notice thereof (the "Sales Notice") to the Company unless the Board of Directors shall have waived Parkman's obligation to
comply with this Section 5.2(a). The Sales Notice shall set forth all relevant information with respect to the proposed Transfer, including the name and address of the prospective acquirer, the
purchase price (and any related information that is required by Section 5.2(b)), the number of shares of Common Stock that are the subject of the Transfer (the "Subject
Shares"), the other terms and conditions of the proposed Transfer, and in such notice shall offer to Transfer the Subject Shares to the Company on the terms and at the price
set forth in the Sales Notice, which offer shall be irrevocable for a period of thirty (30) days after the date of receipt of the notice by the Company except as otherwise provided in
Section 5.2(b)(ii). The Company shall have the preferential right to acquire all but not less than all of such Subject Shares for the same purchase price and on the same terms and conditions,
as are set forth in the Sales Notice, except as provided otherwise in this Section 5.2. The Company shall have thirty (30) days following receipt of the Sales Notice in which to notify
Parkman in writing whether it desires to exercise its preferential right; provided, however, that, if the Company disputes Parkman's estimate of the fair market value of any non-cash
consideration, then the applicable deadline for delivering such notice shall be as otherwise provided in Section 5.2(b)(ii). If the Company delivers a written notice to purchase (a
"Company Exercise Notice") and there is a dispute that is mutually resolved or resolved by arbitration, the Company, in order to exercise its
preferential rights, must deliver a new Company Exercise Notice to Parkman. A Company Exercise Notice can be delivered by the Company after resolution of such a dispute or the delivery of an
Arbitrator's Notice even if it did not deliver one previously. 

13

 

        (b)   If
any portion of the purchase price, as disclosed in the Sales Notice, is to be paid in a form other than cash, the following procedures shall be applicable: 

        (i)    If
any portion of the purchase price is to be represented by a promissory note (which term shall include any form of deferred payment obligation), the Sales Notice shall
set forth the terms of such promissory note. With respect to such portion of the purchase price, the Company shall have the option, in its sole discretion (to be elected in its Company Exercise
Notice), either (x) to deliver an equivalent promissory note, or (y) to pay in cash the principal amount of such promissory note; and 

        (ii)   If
any portion of the purchase price is to be payable in a form other than cash or a promissory note, the Sales Notice shall set forth Parkman's best estimate of the
fair market value thereof. If the Company disagrees with such estimate, the Company shall notify Parkman of its disagreement. If Parkman and the Board of Directors on behalf of the Company resolve the
dispute, the Company shall have fifteen (15) days from the date of such resolution to exercise its preferential right to purchase. If such disagreement is not resolved within twenty
(20) days following delivery of the Sales Notice, the Company, by notice to Parkman, may require the determination of fair market value to be made by the Arbitrator following the procedures and
provisions of Section 5.2(d). Parkman shall promptly give
written notice to the Company of the Arbitrator's decision and the value of the non-cash consideration (the "Arbitrator's Notice") and the
Company shall have fifteen (15) days after delivery of the Arbitrator's Notice to exercise its preferential right to purchase. With respect to such portion of the purchase price, the Company
shall have the option, in its sole discretion (to be elected in its Company Exercise Notice), either (x) to make payment of such portion of the price in the same form as is specified in the
Sales Notice, or (y) to pay in cash the fair market value of such portion of the price, as so stated in the Sales Notice, or if disputed, as so determined by agreement or arbitration. 

        (c)   If
the preferential right is exercised in accordance with this Section 5.2, the closing of the purchase shall occur at the principal place of business of the
Company no later than the fortieth (40th) day after the expiration of the preferential right period on such date as Parkman shall agree with the Company or on such later date as
otherwise agreed upon by Parkman and the Company. At the closing under this Section 5.2, (x) Parkman shall execute and deliver to the Company, (I) an assignment or other
instrument of conveyance, including the certificate(s) representing all of the Subject Shares, with duly executed stock powers, in form and substance reasonably acceptable to the Company, free and
clear of all liens and encumbrances of any nature whatsoever other than the provisions of this Agreement and (II) any other instruments reasonably requested to give effect to the purchase; and
(y) the Company shall deliver to Parkman the purchase price specified in the Sales Notice, which shall consist of cash or other immediately available funds in respect of the portion to be paid
in cash, and the promissory notes, and/or other consideration set forth in the Sales Notice. 

        (d)   Any
arbitration conducted pursuant to Section 5.2(b) shall be heard by a sole arbitrator (the "Arbitrator")
with expertise in the valuation of interests similar to the interest required to be valued hereunder, selected in accordance with this Section 5.2. Each party and each proposed Arbitrator shall
disclose to the other parties any business, familial or other relationship or affiliation that may exist between a disputing party and such proposed Arbitrator; and any disputing party may disapprove
of such proposed Arbitrator on the basis of such relationship or affiliation. A party that requests arbitration under Section 5.2(b) shall designate a proposed Arbitrator. If the Company
or Parkman objects to such proposed Arbitrator, it or he may, on or before the tenth (10th) day following delivery of the request for arbitration naming the proposed Arbitrator, notify
the other in writing of such objection and the Company and Parkman shall attempt to agree upon a mutually acceptable Arbitrator. If they are unable to do so within twenty 

14

 

(20) days
following delivery of the notice described in the immediately preceding sentence, either the Company or Parkman may petition the American Arbitration Association to designate the
Arbitrator and direct that the American Arbitration Association designate an Arbitrator with expertise in the valuation of interests similar to the interest required to be valued hereunder within
thirty (30) days. If the Arbitrator so chosen shall die, resign or otherwise fail or becomes unable to serve as Arbitrator, a replacement Arbitrator shall be chosen in accordance with this
Section 5.2. The Arbitrator shall permit discovery to the extent it believes, in its discretion, that discovery is necessary. At the hearing, the Company and Parkman shall present such evidence
and witnesses as they may choose, with or without counsel. Adherence to formal rules of evidence and testimony shall not be required but the Arbitrator shall consider any evidence and testimony that
it determines to be relevant and in accordance with procedures that it determines to be appropriate. The Arbitrator shall expeditiously (and, if possible, within sixty (60) days after the
Arbitrator's selection) hear and decide all matters concerning the valuation issue. Any arbitration hearing shall be held in New York, New York. The arbitration shall be conducted in accordance with
the then-current Commercial Arbitration Rules of the American Arbitration Association (excluding rules governing the payment of arbitration, administrative or other fees or expenses
to the Arbitrator or such Association), to the extent that such Rules do not conflict with the terms of this Agreement. The decision of the Arbitrator shall be rendered in writing, shall be
binding upon the parties and may be enforced in any court of competent jurisdiction. The responsibility for paying the costs and expenses of the arbitration, including compensation to the Arbitrator
and any experts retained by the Arbitrator, shall be allocated between the Company and Parkman in a manner determined by the Arbitrator to be fair and reasonable under the circumstances. Each of the
parties to the arbitration shall be responsible for its own fees and expenses in connection with the arbitration. 

        (e)   If
the Company does not exercise its preferential right under Section 5.2(a), Parkman shall have the right, subject to compliance with the provisions of this
Section 5.2, to Transfer all of the Subject Shares to the prospective acquirer named in the Sales Notice on terms and conditions that are no more favorable to the prospective acquirer than the
terms and conditions specified in the Sales Notice for a period of thirty (30) days after the expiration of the preferential right period. If, however, Parkman fails so to complete such
Transfer of the Subject Shares within such thirty (30) day period, any proposed Transfer shall again become subject to the preferential right set forth in this Section 5.2. 

        5.3   Pre-IPO Transfers. Without the Company's prior written consent (which consent shall not be unreasonably
withheld), Parkman shall not Transfer any shares of Common Stock between the period (not to exceed 270 days) beginning on the date that the Company files a registration statement with the SEC
for the purpose of effecting an IPO and the earlier of (x) such time that the underwriters of the IPO determine the price at which the shares of Common Stock will be sold in the IPO and
(y) such time, if any, that the Company withdraws such registration statement. In the event that the Company withdraws such registration statement, (i) the Company shall provide written
notice thereof as promptly as practicable to Parkman and (ii) the restrictions on Transfer set forth in the first sentence of this Section 5.3 shall apply in the case of any subsequent
registration statement filed with the SEC for the purpose of effecting an IPO. 

        5.4   Other Transfers in Connection with an IPO. Subject to Section 5.5 below, in connection with an IPO in which
Parkman seeks to exercise his rights under Section 4.6 above and Parkman desires to sell shares of his Common Stock in an amount in excess of the amount set forth in Section 4.6, Parkman
shall provide written notice thereof to the Company at such time as Parkman requests inclusion of Shares in such IPO under Section 4.6. Following receipt of such written notice, the Company
shall use commercially reasonable efforts for a reasonable period of time following such written notice to 

15

 

facilitate
one or more private sales of shares of Common Stock held by Parkman in an aggregate amount of up to $25,000,000. 

        5.5   Lock-Up Agreement. In the event of an IPO, Parkman agrees not Transfer any shares of Common Stock for such
period of time as is required by the underwriters in the IPO; provided that (i) officers and directors of the Company, including Petrie, are similarly restricted from Transferring any shares of
Common Stock and (ii) such period of time shall not, in any event, exceed one hundred eighty (180) days. 

        5.6   Pledges. Parkman shall not pledge, mortgage, encumber or hypothecate all or any portion of the Shares without the consent
of the Company, which consent maybe withheld in its sole discretion. 

        5.7   Transfers in Violation of this Agreement. Any attempted Transfer in violation of this Section 5 shall be null and
void and of no force or effect whatsoever. 

6.
ANTI-DILUTION. 

        6.1   Anti-Dilution. From and after the date hereof until the earlier of (x) IPO or (y) a Change of
Control, the Company shall not, in any given calendar year, issue additional shares of, or securities convertible into or exchangeable or exercisable for, or options, warrants, calls, commitments or
rights of any kind to acquire, any shares of its capital stock, other than Excluded Issuances, if the result of such issuance would cause the number of shares of capital stock of the Company (on a
fully diluted basis) to exceed the Applicable Percentage (as defined below) of the number of shares of capital stock of the Company (on a fully diluted basis) at the beginning of such calendar year.
In respect of any such issuance by the Company, the foregoing calculation shall be made by comparing (x) the number of shares of capital stock of the Company (on a fully diluted basis) as of
January 1 of the calendar year in question (including, for purposes of this clause (x), any Excluded Issuances made prior to January 1 of such calendar year) to (y) the
number of shares of capital stock of the Company (on a fully diluted basis) on the date of the issuance in question, but excluding from such amount in clause (y), any Excluded Issuances
occurring since January 1 of such calendar year in question. For the avoidance of doubt, the restrictions on the Company's ability to issue shares of Common Stock pursuant to this
Section 6.1 shall not apply to the issuance of Common Stock in an IPO. "Applicable Percentage" means (x) 110% in respect of calendar year 2006 and (y) 105% in respect of any
calendar year 2007 and any calendar year thereafter. 

7.
REPRESENTATIONS OF PARKMAN. Parkman owns of record and beneficially the Shares free and clear of any encumbrances or liens. Parkman has not granted any Person any right or has entered into
(i) any agreement or understanding (whether by option, warrant, call, commitment, conversion, plan or otherwise), fixed or contingent, with respect to the acquisition, purchase, sale, transfer,
assignment or creation of any interest in the Shares or (ii) any agreement, voting trust, proxy or other arrangement, instrument or understanding relating to the voting of any of the Shares. 

8.
MISCELLANEOUS. 

        8.1   Entire Agreement. This Agreement together with the documents expressly referred to herein and the Separation Agreement,
each as amended or supplemented, constitutes the entire agreement among the parties with respect to the subject matter herein or therein and supersedes any prior agreement or understanding among the
parties hereto. 

        8.2   Choice of Law. THIS AGREEMENT AND THE RIGHTS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

16

 

        8.3   Successors and Assigns. Except as otherwise specifically provided herein, this Agreement shall be binding upon and inure
to the benefit of the parties and their legal representatives, heirs, administrators, executors, successors and permitted assigns. 

        8.4   Legend on Stock Certificates. Each certificate representing shares of Common Stock owned by Parkman shall conspicuously
bear the following legend until such time as the shares represented thereby are no longer subject to the provisions hereof: 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS AGREEMENT, DATED AS OF MAY    , 2006, AS THE SAME MAY BE AMENDED, BY AND
BETWEEN PETRIE PARKMAN & CO., INC. AND JAMES E. PARKMAN, JR. COPIES MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO PETRIE
PARKMAN & CO., INC. 

Simultaneous
with the execution of this Agreement, Parkman has surrendered his certificates representing Common Stock and the Company has issued, in exchange therefore, replacement certificates
containing the foregoing legend. The Company covenants that it shall keep a copy of this Agreement on file at the address listed in Section 8.8 for the purpose of furnishing copies to the
holders of record of shares of Common Stock. 

        8.5   Amendments; Waivers, Etc. No amendment, modification or discharge of this Agreement, and no waiver under this Agreement,
shall be valid or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification, discharge or waiver is sought. Any such waiver shall
constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other
time. The waiver by any of the parties of a breach of or a default under any of the provisions of this Agreement shall not be construed as a waiver of any other breach or default. Any failure or delay
to exercise any right or privilege under this Agreement, shall not be construed as a waiver thereof or otherwise affect any of such provisions, rights or privileges under this Agreement. 

        8.6   Specific Performance. Each of the parties acknowledges and agrees that a breach of this Agreement by the other may cause
irreparable damage to such party and that such party might not have an adequate remedy at law for such damage. Therefore, the obligations of each party under this Agreement shall be enforceable by a
decree of specific performance issued by any court of competent jurisdiction, and appropriate injunctive relief may be applied for and granted in connection therewith. Such remedies shall, however, be
cumulative and not exclusive and shall be in addition to any other remedies that any party may have under this Agreement or otherwise. 

        8.7   Captions. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit
or extend or otherwise affect the scope or intent of this Agreement or any provision hereof. 

        8.8   Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance,
shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions of this Agreement, or the application of such provision in
jurisdictions or to persons or circumstances other than those to which it is held invalid, illegal or unenforceable shall not be affected thereby. 

        8.9   Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this
Agreement shall be in writing and shall be deemed to have been duly 

17

 

given
on if (a) delivered personally, (b) mailed by certified or registered mail with postage prepaid, (c) sent by next-day or overnight mail or delivery, or
(d) sent by fax or telegram, as follows: 

If
to the Company, 

Petrie
Parkman & Co., Inc.

475 17th Street

Suite 1100

Denver, CO 80202

Attention: Chairman of the Board of Directors

Facsimile: 

If
to Parkman: 

James
E. Parkman, Jr.

c/o Roy Bertolatus

Andrews Kurth LLP

600 Travis Street, Suite 4200

Houston, Texas 77002

Facsimile: 713 220-4285 

or,
in each case, at such other address as may be specified in writing to the other Parties. 

All
such notices, requests, demands, waivers and other communications shall be deemed to have been received, if by personal delivery, certified or registered mail or next-day or overnight
mail or delivery, on the day delivered or, if by fax or telegram, on the next Business Day following the day on which such fax or telegram was sent, provided that a copy is also sent by certified or
registered mail. 

        8.10 Consent to Jurisdiction. Without limiting the other provisions of this Section 8.10, except as provided in
Section 5.2, the parties agree that any legal proceeding by or against any party or with respect to or arising out of this Agreement shall be brought in the Court of Chancery of the State of
Delaware. By execution and delivery of this Agreement, each party irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and to the appellate courts therefrom solely for
the purposes of disputes arising under this Agreement and not as a general submission to such jurisdiction or with respect to any other dispute, matter or claim whatsoever. The parties irrevocably
consent to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof by registered or certified airmail, postage prepaid, to the
address for such party to which notices are deliverable hereunder. Any such service of process shall be effective upon delivery. Nothing herein shall affect the right to serve process in any other
manner permitted by applicable law. The parties hereby waive any right to stay or dismiss any action or proceeding under or in connection with This Agreement brought before the foregoing courts on the
basis of (i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, or that it or any of its property is immune from the above-described legal
process, (ii) that such action or proceeding is brought in an inconvenient forum, that venue for the action or proceeding is improper or that this Agreement may not be enforced in or by such
courts, or (iii) any other defense that would hinder or delay the levy, execution or collection of any amount to which any party is entitled pursuant to any final judgment of any court having
jurisdiction. 

        8.11 Counterparts. This Agreement may be executed and delivered (including via facsimile) in any number of counterparts, each
of which shall, for all purposes, be deemed an original and all of which shall together constitute but one and the same instrument. 

[The
remainder of the page has been intentionally left blank.] 

18

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date and year first written above. 

	

 	
 	

PETRIE PARKMAN & CO., INC.
	

 	
 	

By:	
 	

/s/  THOMAS A. PETRIE      
 Name:  Thomas A. Petrie

Title:    Chairman and CEO
	

 	
 	

JAMES E. PARKMAN, JR.
	

 	
 	

/s/  JAMES E. PARKMAN, JR.      
 James E. Parkman, Jr.

19

QuickLinks

SHAREHOLDERS AGREEMENTEXHIBIT 10.38

    
      EXHIBIT
        10.38

      

      REAL
        ESTATE CONTRACT

       

      
        
          	THIS
                  CONTRACT IS MADE in triplicate this	 	
                  15th

                	 	
                  day
                    of 

                	 	
                  August,

                	 	
                  2006,

                
	
                	 	
                  

                	 	
                	 	
                  

                	
                	
                  

                

        

      

      
        	by
                and between	
                   Bowlin
                  Travel Centers, Inc.   
                  

                

              

      

      
        
          	
                       A
                    Nevada Corporation

                  
                    

                  

                

        

        
          
            	whose
                    address is	
                       150
                      Louisiana NE, Albuquerque, NM 87108 
                      

                    

                  

          

        

      

      
        	hereinafter
                called the Seller, and	
                        Teak,
                  LLC, a New Mexico Limited Liability Company

                
                  

                

              

      

      
        	whose
                address is	
                        PO
                  Box 925, Mesilla Park, NM 88047

                
                  

                

              

      

      hereinafter
        called the Purchaser. Whenever a masculine pronoun is used, it shall also
        be
        considered as referring to the female gender and plural pronouns, whichever
        is
        proper.

       

      1.  
        SALE: The Seller, in consideration of the promises and agreements herein
        made by
        the Purchaser, agrees to sell and convey to the Purchaser the following
        described real estate, hereinafter called the Property, in the County of
        Dona
        Ana and State of New Mexico:

    

    

    Lot
      1
      Bowlin Tracts, in the County of Dona Ana, New Mexico, as the same is shown
      and
      designated on Plat No. 3587 thereof filed for record in the Office of the County
      Clerk of said county on March 26, 2002, and recorded in Book 20 page 41, Plat
      Records.

    

    Subject
      to reservations, restrictions and easements of record.

    

    Subject
      to all the terms and conditions for the Easement in perpetuity for Outdoor
      Advertising signs as set out in the warranty deed from the grantor to the
      grantee herein, of which a copy is attached hereto and made a part
      hereof.

    

    The
      Seller agrees, upon completion of all terms and conditions of this contract
      by
      the Purchaser, that the Purchaser shall then receive the Warranty Deed and
      related documents placed in escrow with this Contract.

    

    2.  
      PRICE AND PAYMENT: The Purchaser agrees to buy the above-described Property
      and
      to pay Seller therefore the total sum of    Sixty-seven
      thousand five hundred and no/100   Dollars
      ($  
      67,500.00  
      ),
      payable
      as follows:     Thirteen
      thousand two hundred fifty and
      no/100   Dollars
      ($  
      13,250.00  
      ),
      cash
      down payment, the receipt of which is hereby acknowledged, and the balance
      of      Fifty-four
      thousand two hundred fifty and
      no/100      dollars
      ($   54,250.00  
      ),
      payable as follows:

    

    the
      balance of $54,250.00 is due and payable in 20 equal quarterly installments
      in
      the amount of $3,398.33 each, including interest, at the rate of 9.0% per annum.
      Commencing on the 15th day of November, 2006 and continuing on the 15th day
      of
      each February, May, August and November of each and every year thereafter until
      all principal and accrued interest is paid in full.

    

    The
      payments as above provided shall be paid to the escrow agent and continue until
      the entire unpaid balance of the purchase price (exclusive of any prior lien
      or
      obligation being assumed) plus any accrued interest due to the seller is fully
      paid. Said unpaid balance shall bear interest at the rate
      of      Nine
      point zero      per
      centum (   9.0  
      %)
      per
      annum from the effective date      August
      15, 2006    

     

    

    APPLICATION
      OF PAYMENTS:   Check
      and
      initial only one of the following two paragraphs.

    
       

      
        	(a) 	 	
                 

                Initials

                ____________

                ____________

                ____________

              	 	
                Payments,
                  excepting prepayments, shall be
                  applied to regularly scheduled installments in the order in which
                  the same
                  were due and shall be credited as though the payments were made
                  on their
                  respective due dates.

              

      

      
        

        
          	(b) 	 	
                  XX

                  Initials

                  /i/      
                    TJ            

                  /i/  
                    MLB            

                  ____________

                	 	
                  Payments
                    shall be applied as of the date of
                    receipt by Escrow Agent first to accrued interest then to principal
                    balance of this Contract.Payments shall be applied as of the
                    date of
                    receipt by Escrow Agent first to accrued interest then to principal
                    balance of this Contract.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    

    All
      payments shall be assumed to be regular payments, and not prepayments, unless
      otherwise specified by Purchaser in writing at the time of delivering such
      payments to Escrow Agent. Unless otherwise provided, Purchaser may prepay the
      unpaid balance in whole or in part at any time. Any prepayment shall be credited
      first to accrued interest, then to the principal balance of this Contract
      exclusive of assumed liens or obligations, then to assumed liens or obligations
      as described in this paragraph. Notwithstanding any prepayments, Purchaser
      shall
      make the next regularly scheduled payments.

    Should
      Purchaser fail to make any of the payments or perform any other obligations
      required hereunder, including the payment of any assumed obligation, and if
      Seller’s attorney makes written demand therefore pursuant to Paragraph 5 below,
      the Purchaser shall pay within the time allowed the additional sum of
      $   150.00  
      ,
      unless
      otherwise stated, for Seller’s attorney’s fees.

    The
      following lien(s) or obligation(s) is currently outstanding on the property:
      
      
        	Type of Lien or Obligation
                Holder 	 	Loan Number	 	Recording Data: Book &
                Page
	 	 	 	 	 
	
                        None

              	 	 	 	 

      

    

    

    IF
      ANY LIEN (S) OR OBLIGATION(S) IS/ARE CURRENTLY OUTSTANDING ON THE PROPERTY,
      CHECK AND INITIAL ONLY ONE OF THE FOLLOWING THREE PARAGRAPHS. ONLY THAT
      PARAGRAPH SHALL APPLY.

    
      
        
          	
                  (a)

                  
                    Initials

                    ____________

                    ____________

                    ____________

                  

                	 	
                  Purchaser
                    assumes and agrees to pay the
                    above-mentioned prior lien(s) or obligation(s) in accordance
                    with
                    its/their terms. Purchaser shall make the installment payments
                    on the
                    prior lien(s) or obligation(s), together with installment payments
                    on this
                    Contract, to the Escrow Agent named below, who will remit the
                    payments to
                    the person or company to whom they are payable. Purchaser shall
                    advise the
                    Escrow Agent of any change in the amount of the payment due on
                    any assumed
                    obligation(s). Failure to make such payments at the time required
                    shall be
                    a default under this Contract. At such time as the unpaid balance
                    of the
                    purchase price due the seller is fully paid, this Escrow shall
                    terminate
                    and the purchaser shall thereafter make the installment payments
                    on said
                    prior lien(s) or obligation(s) directly to the person(s) or company(ies)
                    to whom they are payable.

                
	 	 	 
	
                  (b)

                  
                    Initials

                    ____________

                    ____________

                    ____________

                  

                	 	
                  Purchaser
                    assumes and agrees to pay the
                    above-mentioned prior lien(s) or obligation(s) in accordance
                    Initials with
                    its/their terms. Purchaser shall make the installment payments
                    on the
                    prior lien(s) or obligation(s) directly to the person or company
                    to whom
                    payable. Failure to make such payments at the time required shall
                    be a
                    default under this Contract.

                
	 	 	 
	
                  (c)

                  
                    Initials

                    ____________

                    ____________

                    ____________

                  

                	 	
                  Purchaser
                    does not assume or agree to pay the
                    above described lien(s) or obligation(s). All payments due Initials
                    on
                    such lien(s) or obligation(s) shall be remitted by the Escrow
                    Agent to the
                    person or company to whom they are payable out of the payments
                    made by
                    Purchaser. If the payments due from Purchaser are insufficient
                    to satisfy
                    the amounts due to be made on the above-described lien(s) or
                    obligation(s), Seller shall pay Escrow Agent such additional
                    funds as are
                    necessary to keep such lien(s) or obligation(s)
                    current.

                

        

      

       

      Should
        Purchaser fail to pay any such installment payments prior to the same becoming
        delinquent, Seller may pay the same for the protection of the Property and
        his
        interest therein. Payment by Seller shall not be deemed a waiver of Purchaser’s
        default, and the amount so paid by Seller shall be immediately due and payable
        to Seller and shall bear interest until paid at the same rate as provided
        in
        Paragraph 2 above.

    

    3.  
      PURCHASER
      TO PAY INSURANCE, TAXES AND PAVING LIENS, AND SELLER’S
      RIGHTS:

    (a) 
      Insurance.
      The
      Purchaser agrees to keep the insurable improvements upon the Property insured
      against the hazards covered by fire and extended coverage insurance, with an
      insurance company satisfactory to Seller in the sum of not less than
      $____________
      for the
      benefit of Purchaser and Seller as their interests may appear, and furnish
      a
      copy of the insurance policy or certificate of the insurance policy to Seller
      annually prior to expiration of existing insurance.

    (b) 
      Taxes.
      Unless
      otherwise stated herein, the property taxes for the current year have been
      divided and prorated between Seller and Purchaser as of
      the
      date of this Contract, and the Purchaser is responsible for and will pay the
      taxes and assessments of every kind hereafter billed.  Purchaser
      will have the Property assessed for taxation in Purchaser’s name. Upon request
      by Seller, Purchaser will send copies of the paid tax receipts each year to
      Seller.

    (c) 
      Paving
      and Other Improvement Liens and Standby Charges.
      Unless
      otherwise stated herein, the Purchaser assumes any paving and/or other
      improvement lien and/or standby charges now assessed against the Property and
      agrees to pay all installments of principal and interest thereon that hereafter
      become due.

    (d) 
      Seller’s
      Rights.
      Should
      the Purchaser fail to pay insurance premiums, taxes and assessments, paving
      liens, improvement liens or standby charges, or other such matters prior to
      the
      same becoming delinquent, Seller may pay the same (but is not obligated to
      do
      so) for protection of the Property and his interest therein, Payment of such
      charges shall not be deemed a waiver of any default of
      Purchaser for failure to pay such charges, and such amounts as have been so
      paid
      shall be immediately due and payable to Seller, and shall bear interest until
      paid at the same rate as provided in Paragraph 2 above.

    4.  
      PURCHASER’S
      RIGHT, SELLER’S RETENTION OF INTEREST:  

    Purchaser
      shall be entitled to take possession of the Property and retain possession
      unless and until Purchaser’s interests under this Contract shall be terminated
      by Seller as provided in Paragraph 5 below. Legal title to the Property shall
      remain in Seller’s name until this contract has been fully performed upon the
      part of Purchaser and the Warranty Deed delivered as specified.

    5.  
      SELLER’S
      RIGHTS IF PURCHASER DEFAULTS:

    (a) 
      Default
      Notice.
      Time is
      of the essence in this contract, meaning that the parties shall perform their
      respective obligations within the times stated. If Purchaser fails to make
      any
      of the payments required in Paragraph 2, herein, at the times specified, or
      fails or refuses to maintain insurance or to pay taxes, assessments or other
      charges against the Property, or fails or refuses to repay any sums advanced
      by
      the Seller under the provisions of Paragraph 3 above, the Seller may make
      written demand upon the Purchaser, with such notice to specify the default
      and
      the curative action required, at his address as follows:

    
      
        
          	PO
                  Box 925
	
                  

                
	Mesilla
                  Park, NM 88047 
	
                  

                

        

    

    or
      at
      such other address that Purchaser may designate by a notarized statement
      delivered to the Escrow Agent, which change of address will be effective on
      the
      seventh (7th) calendar day after receipt by the Escrow Agent.

    (b) 
      Manner
      of Giving Default Notice. Notice
      in
      writing shall be given by certified mail, return receipt requested, addressed
      to
      the Purchaser at the effective address for Purchaser as provided in Paragraph
      5(a), with a copy to Escrow Agent. Purchaser expressly acknowledges that notice
      to him by mail, in the manner above specified, is sufficient for all purposes,
      regardless of whether he actually receives such notice. 
      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

    

    (c) 
      Purchaser’s
      Failure to Cure Default Results in Termination of Contract or Acceleration
      of
      Entire Unpaid Balance.

    If
      the
      Purchaser fails or neglects to cure any default within   
Thirty    (30)
      days
      after the date Seller’s default notice is mailed, then the Seller may, at his
      option either declare the whole amount remaining unpaid to be then due and
      pro-ceed to enforce payment of the entire remaining unpaid balance, plus any
      accrued interest, together with reasonable attorney’s fees, or he may terminate
      Purchaser’s rights to the Property and retain all sums paid as liquidated
      damages to that date for the use of the property, and all rights of Purchaser
      in
      the Property shall thereupon end. If the final day for curing the default shall
      fall on a Saturday, Sunday, or non-busi-ness day of the Escrow Agent, then
      the
      period for curing the default shall extend to the close of business on the
      next
      regular business day of the Escrow Agent.

    Acceptance
      by Escrow Agent of any payment tendered shall not be deemed a waiver by Seller,
      or extension of the time for cure, of any other default under this Contract.
      In
      the event of termination, Purchaser hereby waives any and all rights and claims
      for reimbursement for improvements he may have made upon the
      Property.

    (d) 
      Affidavit
      of Uncured Default and Election of Termination.

    A
      recordable affidavit made by Seller, his agent, or Escrow Agent, identifying
      the
      parties, stating the legal description of the Property or the recording data
      of
      this Contract and stating the date that notice was duly given as provided above,
      that the specified default has not been cured within the time allowed and that
      the Seller has elected to terminate, and delivered to the Escrow Agent shall
      be
      conclusive proof for the Escrow Agent and any subsequent Purchaser or
      encumbrancer for value of such uncured default and election of
      termination.

    (e) 
      Purchaser
      Becomes Tenant. Upon
      termination, Purchaser has no continuing right to possession. If Purchaser
      remains in possession of the Property after this Contract has been terminated
      as
      above provided, Purchaser shall then become a tenant at will, for a rental
      amount equivalent to the installment payment theretofore required as monthly
      payments under this Contract, with the first such rental payment due
      immediately, in advance, and such tenancy being subject to termination by either
      party upon thirty (30) days separate prior written notice. Seller’s acceptance
      of such rental payment(s) shall not be deemed as any waiver of his rights,
      nor
      shall it constitute any manner of estoppel.

    (f) 
      Legal
      Right to Evict Purchaser. Forcible
      entry and detainer proceedings, in addition to any other appropriate legal
      remedies, may be utilized by the Seller if necessary to obtain possession of
      the
      Property following termination of this Contract and termination of Purchaser’s
      continued tenancy thereafter. If such proceedings are filed, Purchaser shall
      be
      liable for Seller’s reasonable attorney’s fees plus the legal costs of such
      action.

    6.  
      TITLE
      INSURANCE OR ABSTRACT:

    Unless
      otherwise provided herein, Seller is delivering a Contract Purchaser’s Title
      Insurance Policy to Purchaser or Abstract of Title to Escrow Agent at the time
      this Contract is made, showing merchantable title to the Property as of the
      date
      of this Contract, subject to the matters referred to in this Contract, and
      Seller is not obligated to provide any other or further evidence of
      title.

    7.  
      PURCHASER’S
      RIGHT TO SELL:

    (A) 
      First Provision:

    Purchaser
      shall be entitled to sell, assign, convey or encumber his entire interest in
      this Contract (but not a portion thereof) and the Property to any person or
      entity, hereinafter called Assignee, and may retain a security interest therein,
      without obtaining the consent or approval of the Seller.
      The Purchaser shall not, however, be released from his obligations hereunder
      by
      any such sale, assignment, conveyance or encumbrance. In the event Purchaser
      does sell, assign, convey or encumber said interest, then Purchaser, his
      Assignee, or any subsequent Assignee shall deliver a copy of such written sale,
      assignment, conveyance or encumbrance document to Escrow Agent.

    Such
      sale, assignment, conveyance or encumbrance document shall specify the address
      of the Assignee and upon receipt of such document by the Escrow Agent, Seller
      shall only be required to send notice of default to the most recent Assignee
      who
      has given notice of such sale or assignment and his address to the Escrow Agent
      as provided herein. If such document is not received by the Escrow Agent, any
      notice of default need be sent only to the last person or entity and address
      for
      which written notice has been provided to the Escrow Agent as provided
      herein.

    (B) 
      Special Alternative Provision:

    

    CAUTION:
      THE FOLLOWING PROVISION SEVERELY RESTRICTS THE RIGHT OF PURCHASER TO SELL,
      ASSIGN, CONVEY OR ENCUMBER THIS CONTRACT AND THE PROPERTY. If the parties wish
      to invoke this provision, they should check the box as indicated and each
      initial as provided. If the Special Alternative Provision is elected, the First
      Provision does not apply.

    
       

      
        
          
            	
                    
                      XX

                      Initials

                      /i/      
                        TJ            

                      /i/  
                        MLB            

                      ____________

                    

                  	 	
                    Purchaser
                      shall not be entitled, directly or
                      indirectly, to sell, assign, convey or encumber all or any
                      portion of the
                      Purchaser’s interest in this Contract or in the Property without first
                      obtaining the written consent of Seller, and Seller shall not
                      be under any
                      obligation of any kind to give such consent. In the event that
                      Purchaser
                      shall, directly or indirectly, sell, assign, convey or encumber
                      or
                      contract to sell, assign, convey or encumber, directly or indirectly,
                      all
                      or any portion of the Purchaser’s interest this Contract or in the
                      Property without the consent of Seller, it shall be an event
                      of default
                      subject to the rights of Seller in Paragraph 5,
                      herein.

                  

          

        

    

    Caution:
      If the Property is subject to any prior mortgage(s), Deed(s) of Trust or Real
      Estate Contract(s), then the provisions thereof should be examined carefully
      for
      any conflict with the above clause.

    
       

      8.  
        BINDING
        EFFECT:
        This
        Contract shall extend to and be obligatory upon the heirs, executors,
        administrators, personal representatives, successors and assigns of the parties
        to this Contract.

      9.  
        APPOINTMENT
        OF AND INSTRUCTIONS TO ESCROW AGENT:

      The
        parties hereby appoint as Escrow Agent:          
        
          
            
              	Mountain
                      State Escrow, Inc.
	
                      

                    
	PO
                      Box 15186 
	
                      

                    
	Las
                      Cruces, NM 88004
	
                      

                    

            

        The
          following papers are herewith placed in escrow:

        
          	 	1.   Signed copy of this
                  Contract.
	 	2.   Original Warranty Deed signed
                  by Seller.
	 	3.   Original Special Warranty Deed
                  signed by Purchaser.

        

         

        Add
          following information, if applicable: 
          
            	 	Name and address of mortgagee:
	 	n/a
	 	
                    

                  
	 	Loan No. 
	 	Name and address of Escrow Agent
                    under any
                    other contract on the Property: 
	 	n/a 
	 	
                    

                  

          

        

        
           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

        

      

    

     

    
      (a) 
        The fee(s) of the Escrow Agent shall be paid as
        follows:       all
        fees shall be paid by the
        purchaser         If
        such
        fee(s) is/are paid wholly or in part by Purchaser, such amount shall be in
        addition to the amounts due from Purchaser as provided in Paragraph 2, herein.
        The Escrow Agent is instructed to accept all monies paid in accordance with
        this
        Contract and remit the money received (less applicable escrow fees) as
        follows:      all proceeds
        are to be mailed to seller      

      (b) 
        All payments shall be deemed provisionally accepted when tendered, subject
        to
        determination by the Escrow Agent of the correct amount and its
        timeliness.

    

    (c) 
      Upon full payment of all amounts due and owing to the Seller under this Contract
      by the Purchaser, the Escrow Agent is directed to release and deliver the escrow
      documents to the Purchaser.

    (d) 
      If the Seller or his agent delivers an Affidavit of Uncured Default and Election
      of Termination (as described in Paragraph 5 above) to the Escrow Agent, then
      the
      Escrow Agent shall release and deliver the escrow documents to the Seller.
      The
      Escrow Agent shall be entitled to rely on such Affidavit as conclusive proof
      of
      termination.

    (e) 
      The Escrow Agent is instructed that after each and every written demand is
      mailed to the Purchaser, pursuant to Paragraph 5 above, and a copy thereof
      is
      furnished to the Escrow Agent, not to accept less than the full amount of the
      sum stated as due in the written demand, plus the additional
      $__________,
      unless
      otherwise stated, for Seller’s attorney’s
      fees.

    (f) 
      The Escrow Agent is entitled to charge its standard fees current as of the
      date
      the service is rendered, but all changes shall become effective only after
      sixty
      (60) days written notice to the party or parties paying the fee of the Escrow
      Agent.

    (g) 
      Seller and Purchaser will each indemnify and save harmless the Escrow Agent
      against all costs, damages, attorney’s fees, expenses and liabilities, which it
      may incur or sustain in connection with this Contract, including any
      interpleader or declaratory judgment action brought by Escrow Agent, but
      excepting failure of the Escrow Agent to comply with this Paragraph
      9.

    (h) 
      The Escrow Agent shall have the right to resign as Escrow Agent under this
      Contract by giving the parties sixty (60) days written notice of intent to
      resign. The parties shall thereupon mutually select a successor Escrow Agent
      and
      give written notice to the Escrow Agent of such selection. If the parties fail,
      for any reason, to mutually select a successor Escrow Agent and give Escrow
      Agent written notice of such selection within sixty (60) days after mailing
      by
      the Escrow Agent of notice of intent to resign as aforesaid, then the Escrow
      Agent may select the successor Escrow Agent. Delivery by the Escrow Agent to
      the
      successor Escrow Agent of all documents and funds, after deducting there from
      its charges and expenses, shall relieve the Escrow Agent of all liability and
      responsibility for acts occurring after the date of the assignment in connection
      with this Contract.

    10.  
      SEVERABILITY
      CLAUSE: The
      invalidity or unenforceability of any provision of this Contract shall not
      affect the validity or enforceability of the remainder of this
      Contract.

    The
      parties have signed and acknowledged this Contract effective as of the date
      stated at the beginning of this Contract.

    

    CAUTION:
      YOU SHOULD READ THIS ENTIRE CONTRACT BEFORE SIGNING. IF YOU DO NOT UNDERSTAND
      THIS CONTRACT, YOU SHOULD CONSULT YOUR ATTORNEY.

     

    
      
        	SELLER	 	 	PURCHASER 
	 	 	 	 
	Bowlin Travel Centers, Inc.	 	 	Teak, LLC 
	
                

              	 	 	
                

              
	by: 
                /s/ Michael L. Bowlin 	 	 	by: 
                /s/ Teak Johnson
	
                

              	 	 	
                

              
	 	 	 	Teak
                Johnson, Managing Member
	 	 	 	
                

              

      ACKNOWLEDGMENT
        FOR NATURAL PERSONS

      STATE
        OF
        NEW MEXICO

      COUNTY
        OF      Dona
        Ana     } ss.

      
        	This instrument was
                acknowledged before me on  	
              	
                August
                  15, 

              	 	
                2006

              
	 	 	
                

              	 	
                

              

      

      
        
          	by 	 	         Teak
                  Johnson, Managing Member of
                  Teak, LLC 
	 	 	
                  

                

        

        
          	My
                  commission expires: 	 	 	/s/
                  Gregg C. Floyd 
	7-20-10 	 	 	
                  

                
	
                  

                	 	 	Notary Public
	 	 	 	 

        

        STATE
          OF
          NEW MEXICO

        
          COUNTY
            OF                     
     } ss.

          
            	This instrument
                    was
                    acknowledged before me on  	
                  	
                     

                  	
                     

                  
	 	 	
                    

                  	
                    

                  

          

          
            
              	by 	 	         
	 	 	
                      

                    

            

            
              	My
                      commission expires: 	 	 	 
	 	 	 	
                      

                    
	
                      

                    	 	 	Notary Public
	 	 	 	 

            

        

         

      ACKNOWLEDGEMENT
        FOR CORPORATION

      
        STATE
          OF
          NEW MEXICO

        COUNTY
          OF      Bernalillo     } ss.

      

      
        	This instrument was
                acknowledged before me on  	
              	
                August
                  17, 

              	 	
                2006

              
	 	 	
                

              	 	
                

              

      

      
        
          	by 	 	         Michael
                  L. Bowlin, President 
                  of
                   Bowlin
                  Travel Centers, Inc. 
	 	 	
                  

                
	a   	Nevada Corporation
	 	
                  

                

        

        
          	My
                  commission expires: 	 	 	/s/ Cynthia
                  K. Biggers 
	12-16-08 	 	 	
                  

                
	
                  

                	 	 	Notary Public
	 	 	 	 

        

      RECEIPT
        AND ACCEPTANCE BY ESCROW
        AGENT

      
        The
          Escrow Agent hereby acknowledges receipt of the following documents in
          regard to
          the above-captioned Escrow Contract:

      

      
        	_____	 	(a)	 	Escrow
                Set-Up fee in amount of $__________	 	_____	 	(d)	 	Special
                Warranty Deed
	_____	 	(b)	 	Signed
                copy of this Contract 	 	_____	 	(e)	 	__________________________
	_____	 	(c)	 	Warranty
                Deed	 	_____	 	(f)	 	__________________________
	 	 	 	 	 	 	_____	 	(g)	 	__________________________
	 	 	 	 	 	 	 	 	 	 	 

      

       

      
        
          	____________________________	 	 	 
	ESCROW
                  AGENT	 	 	 
	 	 	 	 	 
	By:	   	 	Date:	_______________________,
                  20____
	 	
                  

                	 	 	
                

        

      

       

      
        
          
          

        

        
          4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]