Document:

exv10w2

 

Exhibit 10.2

ASSET ACCEPTANCE CAPITAL CORP.

2004 STOCK INCENTIVE PLAN

(as amended and restated effective May 22, 2007)

 

Restricted Stock Unit Award Agreement

 

Award No.                     

          You are hereby awarded Restricted Stock Units (the “RSUs”) subject to the terms and
conditions set forth in this Restricted Stock Unit Award Agreement (the “Award Agreement”
or “Award”), and in the Asset Acceptance Capital Corp. 2004 Stock Incentive Plan (the
“Plan”), as amended and restated effective May 22, 2007. A copy of the Plan is attached as
Annex A and a summary of the Plan appears in its Prospectus, which is attached as Annex
B. The Plan shall control over the prospectus in the event of any conflict or inconsistency
between them. You should carefully review these documents, and consult with your personal
financial advisor, in order to fully understand the implications of this Award Agreement, including
your tax alternatives and their consequences.

          By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and
conditions as if they had been set out verbatim below. In addition, you recognize and agree that
all determinations, interpretations, or other actions respecting the Plan and this Award Agreement
will be made by the Asset Acceptance Capital Corp.’s Board of Directors (the “Board”) or
the Compensation Committee (the “Committee”) appointed by the Board, and shall be final,
conclusive and binding on all parties, including you, your heirs and representatives. Capitalized
terms are defined in the Plan or in this Award Agreement.

	1.	 	Specific Terms. Your RSUs have the following terms:

	 	 	 	 	 	 

	 	Name of Participant
	 	 	 	 

	 	Number of RSUs Subject to Award
	 	 	 	 

	 	Purchase Price per Common Stock
share (if applicable)

	 	 	Not applicable.	 

	 	Grant Date

	 	 	August 7, 2007	 

	 	Vesting

	 	 	Your Award will vest on the earlier of
(1) the filing date of the
Corporation’s Form 10-Q for the
quarterly period ending June 30, 2011
or (2) August 15, 2011 (the “Vesting
Date”) provided that your Continuous
Service has not ended before the
vesting date and you have satisfied
the performance criteria as set forth
in Section 2 of this Award Agreement.	 

	 	Deferral Elections

	 	 	þ   Not allowed.	 

 

 

	2.	 	Vesting Requirements. A percentage of the total number of RSUs specified in Section
1 above shall vest on the Vesting Date with the percentage being determined by the Committee
pursuant to the following table based on the Corporation’s cumulative earnings per share
(“EPS”) for its most recent four-year period ending at the end of the calendar quarter
immediately preceding the Vesting Date:
	 
	3.	 	Satisfaction of Vesting Restrictions. No shares of Common Stock will be issued
before you complete the requirements that are necessary for you to vest in the shares of
Common Stock underlying your RSUs. As soon as practicable after the date on which your RSUs
vest in whole or in part the Corporation will issue to you or your duly-authorized transferee,
free from vesting restrictions (but subject to such legends as the Corporation determines to
be appropriate), one share of Common Stock for each vested RSU. Certificates shall not be
delivered to you unless all applicable employment and tax-withholding obligations have been
satisfied in accordance with Section 14 of this Award Agreement.
	 
	4.	 	Dividends. During the Restricted Period, you are entitled to any cash or stock
dividends declared and paid to holders of shares of Common Stock. Any stock dividends will be
subject to the same vesting or forfeiture of the RSUs to which they are attributable. Any cash
dividends will be reinvested in additional RSUs (determined by dividing the dividend amount by
the Fair Market Value of the Common Stock) when the dividends would be otherwise paid. These
reinvested RSUs will also vest or be forfeited based on the vesting or forfeiture of the RSUs
to which they are attributable.
	 
	5.	 	Restrictions on Transfer of Award. Your rights under this Award Agreement may not be
sold, pledged, or otherwise transferred without the prior written consent of the Committee.
	 
	6.	 	Termination of Employment. As provided in Section 7.2 of the Plan, if your
Continuous Service terminates (other than as provided in Section 8.2 of the Plan, after a
Change in Control), your rights to shares of Common Stock underlying RSU’s subject to this
Award that have not vested shall automatically terminate and be forfeited; provided, however,
that the Committee, has discretion to decide that you will become vested in this Award (to the
extent determined by the Committee) if your Continuous Service ends due to death, your
Disability, or any other reason based solely on the discretion of the Committee.
	 
	7.	 	Change in Control. Notwithstanding anything contained herein to the contrary, in the
event of your Change in Position subsequent to a Change in Control, your Award shall
immediately become fully vested.
	 
	8.	 	Effect on Term on Employment. Neither the granting of the Award, nor the execution
and delivery of this Agreement shall be deemed to create or confer on you any right to be

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	 	 	retained (or to continue) as an Employee or to interfere in any way with the right of the
Corporation to terminate your employment at any time.
	 
	9.	 	Adjustments.

(a) The total number of shares of Common Stock subject to the grant of the Award shall be
adjusted pro rata pursuant to Section 8.1(a) of the Plan. The foregoing adjustments shall
be made by the Board, whose determination in that respect shall be final, binding and
conclusive.

(b) In the event of a proposed dissolution or liquidation of the Corporation, the Committee
shall notify you as soon as practicable prior to the effective date of such proposed
transaction. The Committee in its discretion may provide for you to have the right to fully
vest in this Award within ten (10) days prior to such transaction as to all of the shares of
Common Stock covered thereby. In addition, the Committee may provide that any re-purchase
Award of the Corporation applicable to the shares of Common Stock received through vesting
of the Award shall lapse as to all such shares, provided that the proposed dissolution or
liquidation takes place at the time and in the manner contemplated. To the extent it has
not been previously exercised, the Award shall terminate immediately prior to the
consummation of the proposed dissolution or liquidation.

(c) In the event of a merger of the Corporation with or into another corporation, the sale
of substantially all of the assets of the Corporation, or the reorganization or
consolidation of the Corporation, this Award shall be assumed or an equivalent Award or
right substituted by the successor corporation or the parent or a subsidiary of the
successor corporation. In the event that such successor corporation (or the parent or a
subsidiary thereof) refuses to assume or substitute for the Award, you shall fully vest in
the Award in full. If an Award becomes fully vested in lieu of assumption or substitution
in the event of a merger or sale of assets, the Committee shall notify you in writing or
electronically that the Award shall be fully vested from the date of such notice, and the
Award shall terminate upon the expiration of such period. For the purposes of this Section
9(c), the Award shall be considered assumed if, following the merger, sale of assets,
reorganization or consolidation, the Award or right confers the right to purchase or
receive, for each share of Common Stock covered by your Award, immediately prior to such
transaction, the consideration (whether stock, cash, or other securities or property)
received in the merger, sale of assets, reorganization or consolidation by holders of Common
Stock for each share of Common Stock held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares); provided, however, that if such
consideration received in the merger, sale of assets, reorganization or consolidation is not
solely common stock of the successor corporation (or the parent or a subsidiary thereof),
the Committee may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Award, for each share of Common Stock
subject to the Award, to be solely Common Stock of the successor corporation (or the parent
or a subsidiary thereof) equal in Fair Market Value to

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the per share consideration received by holders of Common Stock in the merger or sale of
assets.

(d) The foregoing adjustments described in Section 9(b) and Section 9(c) shall be made by
the Committee. Any such adjustment may provide for the elimination of any fractional share
which might otherwise become subject to an Award.

	10.	 	Rights Prior to Issuance of Shares. You shall not have any rights as a shareholder
with respect to shares of Common Stock covered by the Award until the issuance of a
certificate for such shares of Common Stock.
	 
	11.	 	Non-Assignability. The Award shall not be transferable by you except by will or the
laws of descent and distribution. During your lifetime, the Award shall be settled only by
you, except in the event of your Disability, in which case your legal guardian or the
individual designated in the your durable power of attorney may settle the Award. Any
transferee of the Award shall take the same subject to the terms and conditions of this
Agreement and the Plan. No transfer of the Award by will or the laws of descent and
distribution, or as otherwise permitted by the Committee, shall be effective to bind the
Corporation unless the Corporation shall have been furnished with written notice thereof and a
copy of the will and/or such evidence as the Corporation may deem necessary to establish the
validity of the transfer and the acceptance by the transferee or transferees of the terms and
conditions of the Award.
	 
	12.	 	Designation of Death Beneficiary. Notwithstanding anything to the contrary contained
herein or in the Plan, following the execution of this Award Agreement, you may expressly
designate a death beneficiary (the “Beneficiary”) to your interest, if any, in this Award and
any underlying shares of Common Stock. You may designate the Beneficiary by completing and
executing a designation of beneficiary agreement substantially in the form attached hereto as
Annex C (the “Designation of Death Beneficiary”) and delivering an executed
copy of the Designation of Beneficiary to the Corporation. To the extent you do not duly
designate a beneficiary who survives your death, your estate will automatically be your death
beneficiary.
	 
	13.	 	Securities Laws.

(a) Anything to the contrary herein notwithstanding, the Corporation’s obligation to sell
and deliver Common Stock pursuant to the exercise of the Award is subject to such compliance
with federal and state laws, rules and regulations applying to the authorization, issuance
or sale of securities as the Corporation deems necessary or advisable. The Corporation
shall not be required to sell and deliver or issue Common Stock unless and until it receives
satisfactory assurance that the issuance or transfer of such shares shall not violate any of
the provisions of the Securities Act of 1933 or the Exchange Act, or the rules and
regulations of the Securities Exchange Commission promulgated thereunder or those of the
Stock Exchange or any stock exchange on which the Common Stock may be listed, the provisions
of any state laws governing the sale of securities, or that there has been compliance with
the provisions of such acts, rules, regulations and laws.

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(b) The Committee may impose such restrictions on any shares of Common Stock acquired
pursuant to the exercise of the Award as it may deem advisable, including, without
limitation, restrictions (i) under applicable federal securities laws, (ii) under the
requirements of the Stock Exchange or any other securities exchange, recognized trading
market or quotation system upon which such shares of Common Stock are then listed or traded,
and (iii) under any blue sky or state securities laws applicable to such shares. No shares
shall be issued until counsel for the Corporation has determined that the Corporation has
complied with all requirements under appropriate securities laws.

	14.	 	Taxes.

(a) The Corporation shall have the right to withhold from your compensation or require you
to remit sufficient funds to satisfy applicable withholding for income and employment taxes
upon the vesting of the Award. You may make a written election to tender
previously-acquired shares of Common Stock or have shares of Common Stock withheld from the
settlement of your Award, provided that the shares have an aggregate Fair Market
Value sufficient to satisfy in whole or in part the applicable withholding taxes. The
Corporation shall not withhold more shares of Common Stock than are necessary to meet the
minimum established tax withholding requirements of federal, state and local obligations.

(b) If you are subject to the insider trading restrictions of Section 16(b) of the Exchange
Act, then you may use Common Stock to satisfy the applicable withholding requirements only
if such disposition is approved in accordance with Rule 16b-3 of the Exchange Act. Any
election by you to utilize Common Stock for withholding purposes is further subject to the
discretion of the Committee.

(c) Except to the extent otherwise specifically provided in any agreement between you and
the Corporation, by signing this Award Agreement you acknowledge being solely responsible
for the satisfaction of any taxes that may arise pursuant to this Award (including taxes
arising under Code Sections 409A (regarding deferred compensation) or 4999 (regarding golden
parachute excise taxes), and that neither the Corporation nor the Committee shall have any
obligation whatsoever to pay such taxes or to otherwise indemnify or hold you harmless from
any or all of such taxes. The Committee shall have the sole discretion to interpret the
requirements of the Code, including Section 409A, for purposes of the Plan and this Award
Agreement.

	15.	 	Disputes. As a condition of the granting of the Award hereunder, you, as well as
your permitted successors and assigns, legal guardian or the individual designated in your
durable power of attorney, agree that any dispute or disagreement which shall arise under or
as a result of the Award, this Agreement or the Plan shall be determined and interpreted by
the Committee in its sole discretion and judgment and that any such determination and any such
interpretation by the Committee shall be final and shall be binding and conclusive for all
purposes.
	 
	16.	 	Provisions of Plan Controlling. The provisions of this Agreement are subject to the
terms and provisions of the Plan. In the event of any conflict between the provisions of

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this Agreement, the Award, and/or the provisions of the Plan, the provisions of the Plan
shall control.

[FOR THOSE WITH EMPLOYMENT AGREEMENTS:

	17.	 	Long-term Consideration for Award. The terms and conditions set forth in Annex
D (including the terms of the Protective Provisions as defined therein) are hereby
incorporated by reference and made an integral part of this Agreement. An invalidation of all
or a part of Annex D or the Protective Provisions, your commencement of litigation to
invalidate, modify or alter the terms and conditions set forth in Annex D or the
Protective Provisions, or your failure to perform your obligations under the Protective
Provisions shall cause this Agreement to become null, void and
unenforceable.]

[FOR THOSE WITHOUT EMPLOYMENT AGREEMENTS:

	17.	 	Long-term Consideration for Award; Non-Interference, Non-Disclosure and Non-Competition
Agreement. The terms and conditions set forth in Annex D (including the terms of
the Non-Interference, Non-Disclosure and Non-Competition Agreement as defined therein) are
hereby incorporated by reference and made an integral part of this
Agreement. [The
effectiveness of the obligations of the Corporation set forth in this Agreement are also
subject to the Optionee’s execution and delivery of the Non-Interference, Non-Disclosure and
Non-Competition Agreement.] An invalidation of all or a part of Annex D or
the Non-Interference, Non-Disclosure and Non-Competition Agreement, your commencement of
litigation to invalidate, modify or alter the terms and conditions set forth in Annex
D or the Non-Interference, Non-Disclosure and Non-Competition Agreement, or your failure
to perform your obligations under the Non-Interference, Non-Disclosure and Non-Competition
Agreement shall cause this Agreement to become null, void and
unenforceable.]

	18.	 	Miscellaneous.

(a) Notices. All notices, requests, demands, claims, and other communications
hereunder shall be in writing and shall be deemed to have been duly given (i) if physically
delivered, (ii) if telephonically transmitted by facsimile transmission, if such
transmission is confirmed by delivery by certified or registered United States Mail (with
first class postage pre-paid) or guaranteed overnight delivery, (iii) if transmitted via
e-mail, if such transmission is confirmed by delivery by certified or registered United
States Mail (with first class postage pre-paid) or guaranteed overnight delivery, (iv) five
business days after having been deposited in the United States Mail, as certified or
registered mail (with return receipt requested and with first class postage pre-paid), or
(v) one (1) business day after having been transmitted to a third party providing delivery
services in the ordinary course of business which guarantees delivery on the next business
day after such transmittal (e.g., via Federal Express), all of which notices or other
communications shall be addressed to the recipient as follows:

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(x)    If to the Corporation, to:

ASSET ACCEPTANCE CAPITAL CORP.

28405 Van Dyke Avenue

Warren, Michigan 48093

(596.939.9600)

Attention: Secretary

(y)    If to you, to the address set forth in the records of the Corporation.

Such names and addresses may be changed by written notice.

(b) Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together shall constitute one and the same
instrument.

(c) Captions. The captions to the sections and subsections contained in this
Agreement are for reference only, do not form a substantive part of this Agreement and shall
not restrict or enlarge substantive provisions of this Agreement.

(d) Parties in Interest. This Agreement shall bind and shall inure to the benefit
of the parties hereto, their respective permitted successors and assigns.

(e) Complete Agreement. This Agreement shall constitute the entire agreement
between the parties hereto and shall supersede all proposals, oral or written, and all other
communications between the parties relating to the subject matter of this Agreement.

(f) Modifications. The terms of this Agreement cannot be modified except in writing
and signed by each of the parties hereto.

(g) Assignment. Except as otherwise expressly provided in this Agreement, the
rights and obligations provided by this Agreement shall not be assignable by any party
without the prior written consent of the other parties.

(h) Severability. In the event that any one or more of the provisions of this
Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby.

(i) Governing Law. The terms of this Agreement shall be governed by and construed
in accordance with Michigan law.

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     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 	 	 
	 	CORPORATION:

ASSET ACCEPTANCE CAPITAL CORP.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PARTICIPANT:

The undersigned Participant hereby accepts the terms of this Award
Agreement and the Plan.

 	 
	 	By:  	
 	 
	 	 	Name of Participant: 	 
	 	 	 	 

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ANNEX A

ASSET ACCEPTANCE CAPITAL CORP.

2004 STOCK INCENTIVE PLAN

 

Plan Document

 

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ANNEX B

ASSET ACCEPTANCE CAPITAL CORP.

2004 STOCK INCENTIVE PLAN

 

Plan Prospectus

 

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ANNEX C

ASSET ACCEPTANCE CAPITAL CORP.

2004 STOCK INCENTIVE PLAN

 

Designation of Death Beneficiary

 

          In connection with the Awards designated below that I have received pursuant to the Plan, I
hereby designate the person specified below as the beneficiary upon my death of my interest in such
Awards. This designation shall remain in effect until revoked in writing by me.

	 	 	 	 	 	 	 
	 

	 	Name of Beneficiary:
	 	 
	 	 
	 

	 	 
	 	 

	 	 
	 

	 	Address:	 	 	 	 
	 

	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 
	 	 

	 	 
	 

	 	Social Security No.:	 	 	 	 
	 

	 	 
	 	 

	 	 

          This beneficiary designation relates to any and all of my rights under the following Award or
Awards:

	 	o
	 	any Award that I have received or ever receive under the Plan.
	 
	 	o
	 	the                      Award that I received pursuant to an award agreement
dated                      ___,
___ between myself and the Corporation.

          I understand that this designation operates to entitle the above named beneficiary, in the
event of my death, to any and all of my rights under the Award(s) designated above from the date
this form is delivered to the Corporation until such date as this designation is revoked in writing
by me, including by delivery to the Corporation of a written designation of beneficiary executed by
me on a later date.

	 	 	 	 	 
	 	 	 
	 	Date: 	
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name of Participant 	 
	 	 	 	 
	 

Sworn to before me this

___day of                     , 200_

                                                                                

Notary Public

County of                                                                 

State of                                                                      

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ANNEX D

ASSET ACCEPTANCE CAPITAL CORP.

2004 STOCK INCENTIVE PLAN

 

Long-Term Consideration and

Corporation Recovery for Breach

 

          By signing and accepting your Award Agreement, you recognize and agree that the Corporation’s
key consideration in granting the Award is securing your long-term commitment to serve as its
Chairman, President and Chief Executive Officer who will advance and promote the Corporation’s
business interests and objectives. Accordingly, you agree that this Award shall be subject to the
following terms and conditions as material and indivisible consideration for this Award:

          (a) Fiduciary Duty. During your employment with the Corporation you shall devote your
full energies, abilities, attention and business time to the performance of you job
responsibilities and shall not engage in any activity which conflicts or interferes with, or in any
way compromises, your performance of such responsibilities.

[FOR THOSE WITH EMPLOYMENT AGREEMENTS:

          (b) Employment Agreement. You and the Company have entered into the Employment
Agreement dated                     , ___, as amended (the “Employment Agreement”).

          (c) Survival of Commitments; Potential Recapture of Award and Proceeds. You
acknowledge and agree that the terms and conditions of this Annex D and the provisions of
Sections ___and ___through ___of
the Employment Agreement (the “Protective
Provisions”)
[i.e., non-interference, non-disclosure and non-competition related covenants] shall survive both (i) the termination of your employment with the Corporation for any reason, and
(ii) the termination of the Plan, for any reason. You acknowledge and agree that the grant of
Restricted Stock Units in this Award Agreement is just and adequate consideration for the survival
of the restrictions set forth herein, and that the Corporation may pursue any or all of the
following remedies if you either violate the terms of this Section or succeed for any reason in
invalidating any part of it (it being understood that the invalidity of any term hereof would
result in a failure of consideration for this Award):

	 	(i)	 	declaration that the Award is null and void and of no further
force or effect;
	 
	 	(ii)	 	recapture of any cash paid or shares of Common Stock issued to
you, or any designee or beneficiary of you, pursuant to the Award;
	 
	 	(iii)	 	recapture of the proceeds, plus reasonable interest, with
respect to any shares of Common Stock that are both issued pursuant to this
Award and sold or otherwise disposed of by you, or any designee or beneficiary
of you.

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          The
remedies provided above are not intended to be exclusive, and the Corporation may seek
such other remedies as are provided by law, including equitable
relief.]

[FOR THOSE WITHOUT EMPLOYMENT AGREEMENTS:

          (b)
Non-Interference, Non-Disclosure and Non-Competition Agreement. You and the
Company have entered into the Non-Interference, Non-Disclosure and Non-Competition Agreement
[dated                     ,
___] [in the form attached hereto as Annex
D-1] (the “Non-Interference, Non-Disclosure and Non-Competition Agreement”).

          (c)
Survival of Commitments; Potential Recapture of Award and Proceeds. You
acknowledge and agree that the terms and conditions of this Annex D and the
Non-Interference, Non-Disclosure and Non-Competition Agreement shall survive both (i) the
termination of your employment with the Corporation for any reason, and (ii) the termination of the
Plan, for any reason. You acknowledge and agree that the grant of Restricted Stock Units in this
Award Agreement is just and adequate consideration for the survival of the restrictions set forth
herein, and that the Corporation may pursue any or all of the following remedies if you either
violate the terms of this Section or succeed for any reason in invalidating any part of it (it
being understood that the invalidity of any term hereof would result in a failure of consideration
for this Award):

	 	(i)	 	declaration that the Award is null and void and of no further
force or effect;
	 
	 	(ii)	 	recapture of any cash paid or shares of Common Stock issued to
you, or any designee or beneficiary of you, pursuant to the Award;
	 
	 	(iii)	 	recapture of the proceeds, plus reasonable interest, with
respect to any shares of Common Stock that are both issued pursuant to this
Award and sold or otherwise disposed of by you, or any designee or beneficiary
of you.

          The
remedies provided above are not intended to be exclusive, and the Corporation may seek
such other remedies as are provided by law, including equitable
relief.]

          (d)
Acknowledgement. You acknowledge and agree that your adherence to the foregoing
requirements will not prevent you from engaging in your chosen occupation and earning a
satisfactory livelihood following the termination of your employment with the Corporation.

13exv4w1

 

Exhibit 4.1

Execution Copy

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is made and entered into as of May 17,
2007, by and between Orion Marine Group, Inc., a Delaware corporation (together with any successor
entity thereto, the “Company”), and Friedman, Billings, Ramsey & Co., Inc., a Delaware corporation
(“FBR”), for the benefit of FBR, the purchasers of the Company’s common stock, $0.01 par value per
share, as participants (“Participants”) in the private placement by the Company of shares of its
common stock, and the direct and indirect transferees of FBR, and each of the Participants.

     This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement
Agreement”), dated as of May 9, 2007, by and between the Company and FBR in connection with the
purchase and sale or placement of an aggregate of 17,500,000 shares of the Company’s common stock
(plus an additional 3,449,196 shares to cover additional allotments, if any). In order to induce
FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the
registration rights provided for in this Agreement to FBR, the Participants, and their respective
direct and indirect transferees. The execution of this Agreement is a condition to the closing of
the transactions contemplated by the Purchase/Placement Agreement.

     The parties hereby agree as follows:

1. Definitions

     As used in this Agreement, the following terms shall have the following meanings:

     Accredited Investor Shares: Shares initially sold by the Company to “accredited investors”
(within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants.

     Affiliate: As to any specified Person, (i) any Person directly or indirectly owning,
controlling or holding, with power to vote, ten percent or more of the outstanding voting
securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting
securities are directly or indirectly owned, controlled or held, with power to vote, by such other
Person, (iii) any Person directly or indirectly controlling, controlled by or under common control
with such other Person, (iv) any executive officer, director, trustee or general partner of such
Person and (v) any legal entity for which such Person acts as an executive officer, director,
trustee or general partner. An indirect relationship shall include circumstances in which a
Person’s spouse, children, parents, siblings or mother, father, sister- or brother-in-law is or has
been associated with a Person.

     Agreement: As defined in the preamble.

     Board of Directors: As defined in Section 5(a) hereof.

 

 

     Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New
York or other applicable places where such act is to occur are authorized or obligated by
applicable law, regulation or executive order to close.

     Closing Date: May 17, 2007 or such other time or such other date as FBR and the Company may
agree.

     Commission: The Securities and Exchange Commission.

     Common Stock: The common stock, $0.01 par value per share, of the Company.

     Company: As defined in the preamble.

     Controlling Person: As defined in Section 6(a) hereof.

     End of Suspension Notice: As defined in Section 5(b) hereof.

     Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission pursuant thereto.

     FBR: As defined in the preamble.

     Holder: Each record owner of any Registrable Shares from time to time, including FBR and its
Affiliates.

     Indemnified Party: As defined in Section 6(c) hereof.

     Indemnifying Party: As defined in Section 6(c) hereof.

     IPO Registration Statement: As defined in Section 2(b) hereof.

     Issuer Free Writing Prospectus: As defined in Section 2(c) hereof.

     Liabilities: As defined in Section 6(a) hereof.

     NASD: The National Association of Securities Dealers, Inc.

     No Objections Letter: As defined in Section 4(t) hereof.

     Participants: As defined in the preamble.

     Person: An individual, partnership, corporation, trust, unincorporated organization,
government or agency or political subdivision thereof, or any other legal entity.

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     Proceeding: An action, claim, suit or proceeding (including without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge
of the Person subject thereto, threatened.

     Prospectus: The prospectus included in any Registration Statement, including any preliminary
prospectus at the “time of sale” within the meaning of Rule 159 under the Securities Act and all
other amendments and supplements to any such prospectus, including post-effective amendments, and
all material incorporated by reference or deemed to be incorporated by reference, if any, in such
prospectus.

     Purchase/Placement Agreement: As defined in the preamble.

     Purchaser Indemnitee: As defined in Section 6(a) hereof.

     Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares and the Regulation S
Shares, upon original issuance thereof, and at all times subsequent thereto, including upon the
transfer thereof by the original holder or any subsequent holder (provided, in each case that the
transferee has duly completed, executed and delivered a Transferee Letter in the form specified in
the offering memorandum for the initial issuance of such shares) and any shares or other securities
issued in respect of such Registrable Shares by reason of or in connection with any stock dividend,
stock distribution, stock split, purchase in any rights offering or in connection with any exchange
for or replacement of such Registrable Shares or any combination of shares, recapitalization,
merger or consolidation, or any other equity securities issued pursuant to any other pro rata
distribution with respect to the Common Stock, until, in the case of any such Rule 144A Share,
Accredited Investor Share or Regulation S Share, the earliest to occur of (i) the date on which the
resale of such share has been registered pursuant to the Securities Act and it has been disposed of
in accordance with the Registration Statement relating to it, (ii) the date on which either it has
been transferred pursuant to Rule 144 (or any similar provision then in effect) or is saleable
pursuant to Rule 144(k) promulgated by the Commission pursuant to the Securities Act or (iii) the
date on which it is sold to the Company.

     Registration Default: As defined in Section 2(f) hereof.

     Registration Expenses: Any and all expenses incident to the Company’s performance of or
compliance with this Agreement and certain expenses incident to FBR’s performance of or compliance
with this Agreement, including, and, with respect to the expenses incident to the Company’s
performance, without limitation: (i) all Commission, securities exchange, NASD registration,
listing, inclusion and filing fees; (ii) all fees and expenses incurred in connection with
compliance with international, federal or state securities or blue sky laws (including, without
limitation, any registration, listing and filing fees and reasonable fees and disbursements of
counsel in connection with blue sky qualification of any of the Registrable Shares and the
preparation of a blue sky memorandum and compliance with the rules of the NASD); (iii) all expenses
in preparing or assisting in preparing, word processing, duplicating, printing, delivering and
distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any
underwriting agreements, securities sales agreements, certificates and any other documents relating
to the performance under and compliance with this Agreement; (iv) all fees and expenses incurred in

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connection with the listing or inclusion of any of the Registrable Shares on any securities
exchange or The Nasdaq Stock Market, Inc.® pursuant to Section 4(n) of this Agreement; (v) the fees
and disbursements of counsel for the Company and of the independent registered public accounting
firm of the Company (including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to the performance of this Agreement); (vi) reasonable
fees and disbursements of Nelson Mullins Riley & Scarborough, LLP, or one such other counsel,
reasonably acceptable to the Company, for the Holders, selected by the Holders holding a majority
of the Registrable Shares (such counsel, “Selling Holders’ Counsel”); and (vii) any fees and
disbursements customarily paid in issues and sales of securities (including the fees and expenses
of any experts retained by the Company in connection with any Registration Statement); provided,
however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and
commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder.

     Registration Statement: Any registration statement of the Company that covers the resale of
Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus,
amendments and supplements to such registration statement or Prospectus, including pre- and
post-effective amendments, all exhibits thereto and all material incorporated by reference or
deemed to be incorporated by reference, if any, in such registration statement.

     Regulation S: Regulation S (Rules 901-905) promulgated by the Commission under the Securities
Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission as a replacement thereto having substantially the same effect as such
regulation.

     Regulation S Shares: Shares initially resold by FBR pursuant to the Purchase/Placement
Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in
accordance with Regulation S).

     Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such
rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 144A Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement
to “qualified institutional buyers” (as such term is defined in Rule 144A).

     Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

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     Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 433: Rule 433 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Securities Act: The Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder.

     Shares: The shares of Common Stock being offered and sold pursuant to the terms and
conditions of the Purchase/Placement Agreement.

     Shelf Registration Statement: As defined in Section 2(a) hereof.

     Suspension Event: As defined in Section 5(b) hereof.

     Suspension Notice: As defined in Section 5(b) hereof.

     Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters
for re-offering to the public.

2. Registration Rights

     (a) Mandatory Shelf Registration. As set forth in Section 4 hereof, the Company agrees to
file with the Commission as soon as reasonably practicable following the date of this Agreement
(but in no event later than the date that is 120 days after the date of this Agreement) a shelf
Registration Statement on Form S-1 or such other form under the Securities Act then available to
the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to
time by the Holders (a “Shelf Registration Statement”). The Company shall use its commercially
reasonable efforts to cause such Shelf Registration Statement to be declared effective

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by the Commission as soon as reasonably practicable. Any Shelf Registration Statement shall
provide for the resale from time to time, and pursuant to any method or combination of methods
legally available (including, without limitation, an Underwritten Offering, a direct sale to
purchasers or a sale through brokers or agents, which may include sales over the internet) by the
Holders of any and all Registrable Shares.

     (b) IPO Registration. If the Company proposes to file a registration statement on Form S-1 or
such other form under the Securities Act providing for the initial public offering of shares of
Common Stock (the “IPO Registration Statement”), the Company will notify in writing each Holder of
the filing, within the ten (10) Business Days after the filing thereof, and afford each Holder an
opportunity by the time designated in the notice to include in the IPO Registration Statement all
or any part of the Registrable Shares then held by such Holder. Each Holder desiring to include in
the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall,
within twenty (20) days after receipt of the above-described notice from the Company, so notify the
Company in writing, and in such notice shall inform the Company of the number of Registrable Shares
such Holder wishes to include in the IPO Registration Statement. Any election by any Holder to
include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of
such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been
sold under the IPO Registration Statement.

     (i) Right to Terminate IPO Registration. The Company shall have the right to terminate
or withdraw the IPO Registration Statement initiated by it referred to in this Section 2(b)
prior to the effectiveness of such registration whether or not any Holder has elected to
include Registrable Shares in such registration.

     (ii) Selection of Underwriter. The Company shall have the sole right to select the
managing underwriter(s) for its initial public offering, regardless of whether any
Registrable Securities are included in the IPO Registration Statement or otherwise.

     (iii) Shelf Registration not Impacted by IPO Registration Statement. The Company’s
obligation to file the Shelf Registration Statement pursuant to Section 2(a) hereof shall
not be affected by the filing or effectiveness of the IPO Registration Statement.

     (c) Issuer Free Writing Prospectus. The Company represents and agrees that, unless it obtains
the prior consent of Holders of a majority of the Registrable Shares that are registered under a
Registration Statement at such time or the consent of the managing underwriter in connection with
any Underwritten Offering of Registrable Shares, and each Holder represents and agrees that, unless
it obtains the prior consent of the Company and any such underwriter, it will not make any offer
relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in
Rule 433 (an “Issuer Free Writing Prospectus”), or that would otherwise constitute a “free writing
prospectus,” as defined in Rule 405, required to be filed with the Commission. The Company
represents that any Issuer Free Writing Prospectus prepared by it will not include any information
that conflicts with the information contained in any Registration Statement or the related
Prospectus and, any Issuer Free Writing Prospectus, when taken together with the information in
such Registration Statement and the related Prospectus, will not include any untrue

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statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading.

     (d) Underwriting. The Company shall advise all Holders of the underwriter for the
Underwritten Offering proposed under the IPO Registration Statement. The right of any such
Holder’s Registrable Shares to be included in the IPO Registration Statement pursuant to Section
2(b) shall be conditioned upon such Holder’s participation in such underwriting and the inclusion
of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders
proposing to distribute their Registrable Shares through such underwriting shall enter into an
underwriting agreement in customary form with the managing underwriter(s) selected for such
underwriting and complete and execute any questionnaires, powers of attorney, indemnities, custody
agreements, securities escrow agreements and other documents reasonably required under the terms of
such underwriting, and furnish to the Company such information as the Company may reasonably
request in writing for inclusion in the Registration Statement; provided, however, that no Holder
shall be required to make any representations or warranties to or agreements with the Company or
the underwriters other than representations, warranties or agreements regarding such Holder and
such Holder’s intended method of distribution and any other representation required by law or
reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement,
if the managing underwriter(s) determine(s) in good faith that marketing factors require a
limitation on the number of shares to be included, then the managing underwriter(s) may exclude
shares (including Registrable Shares) from the IPO Registration Statement and Underwritten
Offering, and any shares included in such IPO Registration Statement and Underwritten Offering
shall be allocated first, to the Company, and second, to each of the Holders requesting inclusion
of their Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the
total number of Registrable Shares then held by each such Holder who is requesting inclusion);
provided, however, that the number of Registrable Shares to be included in the IPO Registration
Statement shall not be reduced unless all other securities of the Company held by (i) officers,
directors, other employees of the Company and consultants; and (ii) other holders of the Company’s
capital stock with registration rights that are inferior (with respect to such reduction) to the
registration rights of the Holders set forth herein, are first entirely excluded from the
underwriting and registration; provided, further, however, that Holders of Registrable Shares shall
be permitted to include Registrable Shares comprising at least 25% of the total securities included
in the Underwritten Offering proposed under the IPO Registration Statement.

          By electing to include the Registrable Shares in the IPO Registration Statement, the Holder of
such Registrable Shares shall be deemed to have agreed not to effect any public sale or
distribution of securities of the Company of the same or similar class or classes of the securities
included in the IPO Registration Statement or any securities convertible into or exchangeable or
exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the
Securities Act, during such periods as reasonably requested (but in no event for a period longer
than thirty (30) days prior to and one hundred eighty (180) days following the effective date of
the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten
Offering, or by the Company in any other registration.

          If any Holder disapproves of the terms of any such underwriting, such Holder may elect to
withdraw therefrom by written notice to the Company and the managing underwriter(s),

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delivered at least ten (10) Business Days prior to the effective date of the IPO Registration
Statement. Any Registrable Shares excluded or withdrawn from such underwriting shall be excluded
and withdrawn from the registration.

     (e) Expenses. The Company shall pay all Registration Expenses in connection with the
registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a
registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the
total number of Registrable Shares sold in such registration) of all discounts and commissions
payable to underwriters or brokers in connection with a registration of Registrable Shares pursuant
to this Agreement.

     (f) Executive Bonuses. If the Company does not file a Registration Statement registering the
resale of the Accredited Investor Shares, the Rule 144A Shares, and the Regulation S Shares within
120 days after the Closing Date, other than as a result of the Commission being unable to accept
such filings (a “Registration Default”), then, for each day the Registration Default continues,
each of J. Michael Pearson, President, Chief Executive Officer and Chief Operating Officer and Mark
R. Stauffer, Chief Financial Officer and Secretary, shall forfeit 1.0% of any bonus that would
otherwise become payable to him in the 2007 fiscal year after the date of this Agreement (or to
which he became entitled as a result of performance during the 2007 fiscal year) but excluding any
amounts payable under the Transaction Bonus Agreements dated April 2, 2007, whether under an
employment agreement with the Company, a bonus plan or any other bonus arrangement, including any
bonus compensation for which payment would otherwise be deferred until after 2007. No bonuses,
compensation, awards, equity compensation or other amounts shall be payable or granted in lieu of
or to make such President, Chief Executive Officer and Chief Operating Officer or Chief Financial
Officer and Secretary whole for any such forfeited bonuses.

3. Rules 144 and 144A Reporting

     With a view to making available the benefits of certain rules and regulations of the
Commission that may at any time permit the sale of the Registrable Shares to the public without
registration, the Company agrees to:

     (a) use commercially reasonable efforts to make and keep public information available, as
those terms are understood and defined in Rule 144 under the Securities Act, at all times after the
effective date of the first registration statement under the Securities Act filed by the Company
for an offering of its securities to the general public;

     (b) use commercially reasonable efforts to file with the Commission in a timely manner all
reports and other documents required to be filed by the Company under the Securities Act and the
Exchange Act (at any time after it has become subject to such reporting requirements);

     (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file
reports and other documents under the Securities Act and the Exchange Act, it will make available
other information as required by, and so long as necessary to permit sales of Registrable

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Shares pursuant to, Rule 144A and, commencing at such time as sales are permitted under Rule 144,
Rule 144, and in any event shall make available (either by mailing a copy thereof, by posting on
the Company’s website, or by press release) to each Holder a copy of:

     (i) the Company’s annual consolidated financial statements (including at least balance
sheets, statements of profit and loss, statements of stockholders’ equity and statements of
cash flows) prepared in accordance with generally accepted accounting principles in the
U.S., accompanied by an audit report of the Company’s independent accountants, no later than
ninety (90) days after the end of each fiscal year of the Company; and

     (ii) the Company’s unaudited quarterly financial statements (including at least balance
sheets, statements of profit and loss, statements of stockholders’ equity and statements of
cash flows) prepared in a manner substantially consistent with the preparation of the
Company’s annual financial statements, no later than forty-five (45) days after the end of
each fiscal quarter of the Company;

The Company shall hold, a reasonable time after the availability of such financial statements and
upon reasonable notice to the Holders and FBR (either by mail, by posting on the Company’s website,
or by press release), a quarterly investor conference call to discuss such financial statements,
which call will also include an opportunity for the Holders to ask questions of management with
regard to such financial statements, and will also cooperate with, and make management reasonably
available to, FBR personnel in connection with making Company information available to investors;
and

     (d) at any time after it has become subject to the reporting requirements of the Exchange Act,
so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i)
a written statement by the Company as to its compliance with the reporting requirements of Rule 144
(at any time after ninety (90) days after the effective date of the first registration statement
filed by the Company for an offering of its securities to the general public), and of the
Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of
the Company, and (iii) such other reports and documents of the Company, and take such further
actions, as a Holder may reasonably request in availing itself of any rule or regulation of the
Commission allowing a Holder to sell any such Registrable Shares without registration.

4. Registration Procedures

     In connection with the obligations of the Company with respect to any registration pursuant to
this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be
effected the registration of the Registrable Shares under the Securities Act to permit the sale of
such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’
intended method or methods of distribution, and the Company shall:

     (a) notify FBR and Selling Holders’ Counsel, in writing, at least ten (10) Business Days prior
to filing a Registration Statement, of its intention to file a Registration Statement with

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the Commission and, at least five (5) Business Days prior to filing, provide a copy of the
Registration Statement to FBR, its counsel and Selling Holders’ Counsel for review and comment;
prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s),
which Registration Statement(s) shall (x) comply as to form in all material respects with the
requirements of the applicable form and include all financial statements required by the Commission
to be filed therewith and (y) be reasonably acceptable to FBR, its counsel and Selling Holders’
Counsel; notify FBR and Selling Holders’ Counsel in writing, at least five (5) Business Days prior
to filing of any amendment or supplement to such Registration Statement and, at least three (3)
Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its counsel
and Selling Holders’ Counsel for review and comment; promptly following receipt from the
Commission, provide to FBR, its counsel and Selling Holders’ Counsel copies of any comments made by
the staff of the Commission relating to such Registration Statement and of the Company’s responses
thereto for review and comment; and use its commercially reasonable efforts to cause such
Registration Statement to become effective as soon as practicable after filing and to remain
effective, subject to Section 5 hereof, until the earlier of (i) such time as all Registrable
Shares covered thereby have been sold in accordance with the intended distribution of such
Registrable Shares, (ii) there are no Registrable Shares outstanding or (iii) the second
anniversary of the initial effective date of such Registration Statement (subject to extension as
provided in Section 5(c) hereof); provided, however, that the Company shall not be required to
cause the IPO Registration Statement to remain effective for any period longer than ninety (90)
days following the effective date of the IPO Registration Statement (subject to extension as
provided in Section 5(c) hereof); provided, further, that if the Company has an effective Shelf
Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3 or
such other short-form registration statement form under the Securities Act, the Company may, upon
twenty (20) Business Days prior written notice to all Holders, register any Registrable Shares
registered but not yet distributed under the effective Shelf Registration Statement on such a
short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is
declared effective, de-register such shares under the previous Registration Statement or transfer
the filing fees from the previous Registration Statement (such transfer pursuant to Rule 429, if
applicable) unless any Holder registered under the initial Shelf Registration Statement notifies
the Company within fifteen (15) Business Days of receipt of the Company notice that such a
registration under a new Registration Statement and de-registration of the initial Shelf
Registration Statement would interfere with its distribution of Registrable Shares already in
progress;

     (b) subject to Section 4(i) hereof, (i) prepare and file with the Commission such amendments
and post-effective amendments to each such Registration Statement as may be necessary to keep such
Registration Statement effective for the period described in Section 4(a) hereof; (ii) cause each
Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the
Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by each Registration Statement during the applicable period
in accordance with the intended method or methods of distribution by the selling Holders thereof;

     (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each
preliminary Prospectus, and any amendment or supplement thereto and such other

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documents as such Holder may reasonably request, in order to facilitate the public sale or other
disposition of the Registrable Shares; the Company consents to the use of such Prospectus,
including each preliminary Prospectus, by the Holders, if any, in connection with the offering and
sale of the Registrable Shares covered by any such Prospectus;

     (d) use its commercially reasonable efforts to register or qualify, or obtain exemption from
registration or qualification for, all Registrable Shares by the time the applicable Registration
Statement is declared effective by the Commission under all applicable state securities or “blue
sky” laws of such jurisdictions as FBR or any Holder of Registrable Shares covered by a
Registration Statement shall reasonably request in writing, keep each such registration or
qualification or exemption effective during the period such Registration Statement is required to
be kept effective pursuant to Section 4(a) and do any and all other acts and things that may be
reasonably necessary to enable such Holder to consummate the disposition in each such jurisdiction
of such Registrable Shares owned by such Holder; provided, however, that the Company shall not be
required to (i) qualify generally to do business in any jurisdiction or to register as a broker or
dealer in such jurisdiction where it would not otherwise be required to qualify but for this
Section 4(d) and except as may be required by the Securities Act, (ii) subject itself to taxation
in any such jurisdiction, or (iii) submit to the general service of process in any such
jurisdiction;

     (e) use its commercially reasonable efforts to cause all Registrable Shares covered by such
Registration Statement to be registered and approved by such other governmental agencies or
authorities as may be necessary to enable the Holders thereof to consummate the disposition of such
Registrable Shares;

     (f) (i) notify FBR and each Holder promptly and, if requested by FBR or any Holder, confirm
such advice in writing (1) when a Registration Statement has become effective and when any
post-effective amendments and supplements thereto become effective, (2) of the issuance by the
Commission or any state securities authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose, (3) of any request by
the Commission or any other federal, state or foreign governmental authority for (A) amendments or
supplements to a Registration Statement or related Prospectus or (B) additional information and (4)
of the happening of any event during the period a Registration Statement is effective as a result
of which such Registration Statement or the related Prospectus or any document incorporated by
reference therein contains any untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading
(which information shall be accompanied by an instruction to suspend the use of the Prospectus
until the requisite changes have been made) and (ii) at the request of any such Holder, promptly to
furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such
Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such
securities, such Prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading;

     (g) except as provided in Section 5, make every reasonable effort to avoid the issuance of, or
if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness
of a Registration Statement or suspending of the qualification (or exemption from

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qualification) of any of the Registrable Shares for sale in any jurisdiction, as promptly as
practicable;

     (h) upon written request, furnish to each requesting Holder of Registrable Shares, without
charge, at least one conformed copy of each Registration Statement and any post-effective amendment
or supplement thereto (without documents incorporated therein by reference or exhibits thereto,
unless requested);

     (i) except as provided in Section 5, upon the occurrence of any event contemplated by Section
4(f)(i)(4) hereof, use its commercially reasonable efforts to promptly prepare a supplement or
post-effective amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading;

     (j) if requested by the representative of the underwriters, if any, or any Holders of
Registrable Shares being sold in connection with such offering, (i) promptly incorporate in a
Prospectus supplement or post-effective amendment such information as the representative of the
underwriters, if any, or such Holders indicate relates to them or that they reasonably request be
included therein and (ii) make all required filings of such Prospectus supplement or such
post-effective amendment as soon as practicable after the Company has received notification of the
matters to be incorporated in such Prospectus supplement or post-effective amendment; provided,
however, that the Company shall not be required to prepare or file a Prospectus supplement or post
effective amendment to name additional selling stockholders therein more than once in any thirty
(30) day period;

     (k) in the case of an Underwritten Offering, use its commercially reasonable efforts to
furnish to the underwriters a signed counterpart, addressed to the underwriters, of: (i) an opinion
of counsel for the Company, dated the date of each closing under the underwriting agreement,
reasonably satisfactory to the underwriters; and (ii) a “comfort” letter, dated the effective date
of such Registration Statement and the date of each closing under the underwriting agreement,
signed by the independent public accountants who have certified the Company’s financial statements
included in such Registration Statement, covering substantially the same matters with respect to
such Registration Statement (and the Prospectus included therein) and with respect to events
subsequent to the date of such financial statements, as are customarily covered in accountants’
letters delivered to underwriters in underwritten public offerings of securities and such other
financial matters as the underwriters may reasonably request;

     (l) enter into customary agreements (including in the case of an Underwritten Offering, an
underwriting agreement in customary form) and take all other action in connection therewith in
order to expedite or facilitate the distribution of the Registrable Shares included in such
Registration Statement and, in the case of an Underwritten Offering, make representations and
warranties to the underwriters in such form and scope as are customarily made by issuers to

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underwriters in underwritten offerings and confirm the same to the extent customary if and when
requested;

     (m) make available for inspection by representatives of the Holders and the representative of
any underwriters participating in any disposition pursuant to a Registration Statement and any
special counsel or accountants retained by such Holders or underwriters, all financial and other
records, pertinent corporate documents and properties of the Company and cause the respective
officers, directors and employees of the Company to supply all information reasonably requested by
any such representatives, the representative of the underwriters, counsel thereto or accountants in
connection with a Registration Statement; provided, however, that such records, documents or
information that the Company determines, in good faith, to be confidential and notifies such
representatives, representative of the underwriters, counsel thereto or accountants are
confidential shall not be disclosed by the representatives, representative of the underwriters,
counsel thereto or accountants unless (i) the disclosure of such records, documents or information
is necessary to avoid or correct a misstatement or omission in a Registration Statement or
Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or
information have been generally made available to the public;

     (n) use its commercially reasonable efforts (including, without limitation, seeking to cure
any deficiencies cited by the exchange or market in the Company’s listing or inclusion application)
to list or include all Registrable Shares on the New York Stock Exchange or the Nasdaq Global
Market;

     (o) prepare and file in a timely manner all documents and reports required by the Exchange Act
and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the
Exchange Act expires prior to the expiration of the effectiveness period of the Registration
Statement as required by Section 4(a) hereof, the Company shall register the Registrable Shares
under the Exchange Act and shall maintain such registration through the effectiveness period
required by Section 4(a) hereof;

     (p) provide a CUSIP number for all Registrable Shares, not later than the effective date of
the Registration Statement;

     (q) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules
and regulations of the Commission, (ii) make generally available to its stockholders, as soon as
reasonably practicable, earnings statements covering at least 12 months that satisfy the provisions
of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under the
Securities Act) thereunder, but in no event later than ninety (90) days after the end of each
fiscal year of the Company and (iii) not file any Registration Statement or Prospectus or amendment
or supplement to such Registration Statement or Prospectus to which any Holder of Registrable
Shares covered by any Registration Statement shall have reasonably objected on the grounds that
such Registration Statement or Prospectus or amendment or supplement does not comply in all
material respects with the requirements of the Securities Act, such Holder having been furnished
with a copy thereof at least two (2) Business Days prior to the filing thereof;

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     (r) provide and cause to be maintained a registrar and transfer agent for all Registrable
Shares covered by any Registration Statement from and after a date not later than the effective
date of such Registration Statement;

     (s) in connection with any sale or transfer of the Registrable Shares (whether or not pursuant
to a Registration Statement) that will result in the securities being delivered no longer being
Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any,
to facilitate the timely preparation and delivery of certificates representing the Registrable
Shares to be sold, which certificates shall not bear any restrictive transfer legends and to enable
such Registrable Shares to be in such denominations and registered in such names as the
representative of the underwriters, if any, or the Holders may request at least two (2) Business
Days prior to any sale of the Registrable Shares;

     (t) in connection with the initial filing of a Shelf Registration Statement and each amendment
thereto with the Commission pursuant to Section 2(a) hereof, cooperate with FBR in connection with
the filing with the NASD of all forms and information required or requested by the NASD in order to
obtain written confirmation from the NASD that the NASD does not object to the fairness and
reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and
arrangements) (each such written confirmation, a “No Objections Letter”) relating to the resale of
Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation,
information provided to the NASD through its COBRADesk system, and pay all reasonable costs, fees
and expenses incident to the NASD’s review of the Shelf Registration Statement and the related
underwriting terms and arrangements, including, without limitation, all filing fees associated with
any filings or submissions to the NASD and the legal expenses, filing fees and other disbursements
of FBR and any other NASD member that is the holder of, or is affiliated or associated with an
owner of, Registrable Shares included in the Shelf Registration Statement (including in connection
with any initial or subsequent member filing);

     (u) in connection with the initial filing of a Shelf Registration Statement and each amendment
thereto with the Commission pursuant to Section 2(a) hereof, provide to FBR and its
representatives, the opportunity to conduct due diligence, including, without limitation, an
inquiry of the Company’s financial and other records, and make available members of its management
for questions regarding information which FBR may request in order to fulfill any due diligence
obligation on its part; and

     (v) upon effectiveness of the first Registration Statement filed under this Agreement, take
such actions and make such filings as are necessary to effect the registration of the Common Stock
under the Exchange Act simultaneously with or immediately following the effectiveness of the
Registration Statement.

     The Company may require the Holders to furnish to the Company such information regarding the
proposed distribution by such Holder of such Registrable Shares as the Company may from time to
time reasonably request in writing or as shall be required to effect the registration of the
Registrable Shares, and no Holder shall be entitled to be named as a selling stockholder in any
Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof
if such Holder does not provide such information to the Company. Each Holder further

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agrees to furnish promptly to the Company in writing all information required from time to time to
make the information previously furnished by such Holder not misleading.

     Each Holder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 4(f)(i)(3)(A) or 4(f)(i)(4) hereof, such Holder will
immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so
directed by the Company, such Holder will deliver to the Company (at the expense of the Company)
all copies in its possession, other than permanent file copies then in such Holder’s possession, of
the Prospectus covering such Registrable Shares current at the time of receipt of such notice.

5. Black-Out Period

     (a) Subject to the provisions of this Section 5 and a good faith determination by a majority
of the independent members of the board of directors of the Company (the “Board of Directors”) that
it is in the best interests of the Company to suspend the use of the Registration Statement,
following the effectiveness of a Registration Statement (and the filings with any international,
federal or state securities commissions), the Company, by written notice to FBR and the Holders,
may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration
Statement for such times as the Company reasonably may determine is necessary and advisable (but in
no event for more than an aggregate of ninety (90) days in any rolling twelve (12) month period
commencing on the Closing Date or more than sixty (60) days in any rolling ninety (90) day period,
except as a result of a review of any post effective amendment by the Commission prior to declaring
any post effective amendment to the Registration Statement effective; provided the Company has used
all commercially reasonable efforts to cause such post effective amendment to be declared
effective), if any of the following events shall occur: (i) the representative of the underwriters
of an Underwritten Offering of primary shares by the Company has advised the Company that the sale
of Registrable Shares pursuant to the Registration Statement would have a material adverse effect
on the Company’s primary offering; (ii) the majority of the independent members of the Board of
Directors of the Company shall have determined in good faith that (A) the offer or sale of any
Registrable Shares would materially impede, delay or interfere with any proposed financing, offer
or sale of securities, acquisition, merger, tender offer, business combination, corporate
reorganization or other significant transaction involving the Company, (B) after the advice of
counsel, the sale of Registrable Shares pursuant to the Registration Statement would require
disclosure of non-public material information not otherwise required to be disclosed under
applicable law, and (C) (x) the Company has a bona fide business purpose for preserving the
confidentiality of such transaction or information, (y) disclosure would have a material adverse
effect on the Company or the Company’s ability to consummate such transaction, or (z) renders the
Company unable to comply with Commission requirements, in each case under circumstances that would
make it impractical or inadvisable to cause the Registration Statement (or such filings) to become
effective or to promptly amend or supplement the Registration Statement on a post-effective basis,
as applicable; or (iii) the majority of the independent members of the Board of Directors of the
Company shall have determined in good faith, after the advice of counsel, that it is required by
law, rule or regulation or that it is in the best interests of the

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Company to supplement the Registration Statement or file a post-effective amendment to the
Registration Statement in order to incorporate information into the Registration Statement for the
purpose of (1) including in the Registration Statement any prospectus required under Section
10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration
Statement any facts or events arising after the effective date of the Registration Statement (or of
the most recent post-effective amendment) that, individually or in the aggregate, represents a
fundamental change in the information set forth therein; or (3) including in the prospectus
included in the Registration Statement any material information with respect to the plan of
distribution not disclosed in the Registration Statement or any material change to such
information. Upon the occurrence of any such suspension, the Company shall use commercially
reasonable efforts to cause the Registration Statement to become effective or to promptly amend or
supplement the Registration Statement on a post-effective basis or to take such action as is
necessary to make resumed use of the Registration Statement compatible with the Company’s best
interests, as applicable, so as to permit the Holders to resume sales of the Registrable Shares as
soon as possible.

     (b) In the case of an event that causes the Company to suspend the use of a Registration
Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to
FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state
generally the basis for the notice and that such suspension shall continue only for so long as the
Suspension Event or its effect is continuing and the Company is using commercially reasonable
efforts and taking all reasonable steps to terminate suspension of the use of the Registration
Statement as promptly as possible. The Holders shall not effect any sales of the Registrable
Shares pursuant to such Registration Statement (or such filings) at any time after it has received
a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as
defined below). If so directed by the Company, each Holder will deliver to the Company (at the
expense of the Company) all copies other than permanent file copies then in such Holder’s
possession of the Prospectus covering the Registrable Shares at the time of receipt of the
Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant
to the Registration Statement (or such filings) following further notice to such effect (an “End of
Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company
to the Holders and FBR in the manner described above promptly following the conclusion of any
Suspension Event and its effect.

     (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 5, the Company agrees that it shall extend the period of
time during which the applicable Registration Statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from the date of receipt by the Holders of
the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension
Notice and copies of the supplemented or amended Prospectus necessary to resume sales.

6. Indemnification and Contribution

     (a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares
and any underwriter (as determined in the Securities Act) for such Holder (including, if

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applicable, FBR), (ii) each Person, if any, who controls (within the meaning of Section 15 of the
Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause (i) (any
of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling
Person”), and (iii) the respective officers, directors, partners, employees, representatives and
agents of any such Person or any Controlling Person (any Person referred to in clause (i), (ii) or
(iii) above may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent
lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket
expenses, and other liabilities (the “Liabilities”), including without limitation and as incurred,
reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim
or action, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee,
joint or several, directly or indirectly related to, based upon, arising out of or in connection
with any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement
thereto) or any Issuer Free Writing Prospectus prepared by the Company (or any amendment or
supplement thereto), or any preliminary Prospectus or any other document used to sell the Shares,
or 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 under which they were
made, not misleading, except insofar as such Liabilities arise out of or are based upon any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with information relating to any Purchaser Indemnitee furnished to the Company or any
underwriter in writing by such Purchaser Indemnitee expressly for use therein. The Company shall
notify the Holders promptly of the institution, threat or assertion of any claim, proceeding
(including any governmental investigation), or litigation of which it shall have become aware in
connection with the matters addressed by this Agreement which involves the Company or a Purchaser
Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of
any investigation made by or on behalf of any Purchaser Indemnitee.

     (b) In connection with any Registration Statement in which a Holder of Registrable Shares is
participating, such Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, each Person who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act and the respective partners, directors, officers, members,
representatives, employees and agents of such Person or Controlling Person to the same extent as
the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to
untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and
in strict conformity with information relating to such Holder furnished to the Company in writing
by such Holder expressly for use in such Registration Statement (or any amendment thereto),
Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any
amendment or supplement thereto) or any preliminary Prospectus. Absent gross negligence or willful
misconduct, the liability of any Holder pursuant to this paragraph shall in no event exceed the net
proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration
Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer
Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus.

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     (c) If any suit, action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnity may
be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”) shall
promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in
writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not
relieve it from any liability which it may have under this Section 6, except to the extent the
Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying
Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the
Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may
reasonably designate in such proceeding and shall pay the reasonable fees and expenses actually
incurred by such counsel related to such proceeding. Notwithstanding the foregoing, in any such
proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary,
(ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the
action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party,
(iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of
such action or (iv) the named parties to any such action (including any impleaded parties) include
both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and
such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be
one or more legal defenses available to it which are different from or additional to those
available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict
may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the
Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor
direct the defense of such action on behalf of such Indemnified Party; it being understood,
however, that the Indemnifying Party shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances, be liable for the fees and expenses of more than one separate
firm of attorneys (in addition to any local counsel) for all such Indemnified Parties, which firm
shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable
Shares sold by all such Indemnified Parties and any such separate firm for the Company, the
directors, the officers and such control Persons of the Company as shall be designated in writing
by the Company). The Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent, which consent shall not be unreasonably withheld, but if
settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party
agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such
settlement or judgment. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of
which any Indemnified Party is or could have been a party and indemnity could have been sought
hereunder by such Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject matter of such proceeding.

     (d) If the indemnification provided for in paragraphs (a) and (b) of this Section 6 is for any
reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to
therein (other than by reason of the exceptions provided therein) or is insufficient to hold
harmless

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a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu of
indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to
reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying
Party(ies) on the other in connection with the statements or omissions that resulted in such
Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified
Party, as well as any other relevant equitable considerations. The relative fault of the Company
on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the
Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

     (e) The parties agree that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by pro rata allocation (even if such Indemnified Parties were treated as
one entity for such purpose), or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph 6(d) above. The amount paid or payable by an
Indemnified Party as a result of any Liabilities referred to paragraph 6(d) shall be deemed to
include, subject to the limitations set forth above, any reasonable legal or other expenses
actually incurred by such Indemnified Party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser
Indemnitee be required to contribute any amount in excess of the amount by which the net proceeds
received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any
damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. For purposes of this Section 6, each
Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section
20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to
contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the
Company, and each officer, director, partner, employee, representative, agent or manager of the
Company shall have the same rights to contribution as the Company. Any party entitled to
contribution will, promptly after receipt of notice of commencement of any action, suit or
proceeding against such party in respect of which a claim for contribution may be made against
another party or parties, notify each party or parties from whom contribution may be sought, but
the omission to so notify such party or parties shall not relieve the party or parties from whom
contribution may be sought from any obligation it or they may have under this Section 6 or
otherwise, except to the extent that any party is materially prejudiced by the failure to give
notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

     (f) The indemnity and contribution agreements contained in this Section 6 will be in addition
to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties
referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this

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Section 6 are several in proportion to the respective number of Shares sold by each of the
Purchaser Indemnitees hereunder and not joint.

7. Market Stand-off Agreement

     Each Holder hereby agrees that it shall not, to the extent requested by the Company or an
underwriter of securities of the Company, directly or indirectly sell, offer to sell (including
without limitation any short sale), grant any option or otherwise transfer or dispose of any
Registrable Shares or other shares of Common Stock of the Company or any securities convertible
into or exchangeable or exercisable for shares of Common Stock of the Company then owned by such
Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a
period of sixty (60) days following the effective date of an IPO Registration Statement of the
Company filed under the Securities Act; provided, however, that:

     (a) the restrictions above shall not apply to Registrable Shares sold pursuant to the IPO
Registration Statement;

     (b) all executive officers and directors of the Company then holding shares of Common Stock of
the Company or securities convertible into or exchangeable or exercisable for shares of Common
Stock of the Company enter into agreements that are no less restrictive;

     (c) the Holders shall be allowed any concession or proportionate release allowed to any
officer or director that entered into agreements that are no less restrictive (with such proportion
being determined by dividing the number of shares being released with respect to such officer or
director by the total number of issued and outstanding shares held by such officer or director);
provided, that nothing in this Section 7(c) shall be construed as a right to proportionate release
for the executive officers and directors of the Company upon the expiration of the sixty (60) day
period applicable to all Holders other than the executive officers and directors of the Company;
and

     (d) this Section 7 shall not be applicable if a Shelf Registration Statement of the Company
filed under the Securities Act has been declared effective prior to the filing of an IPO
Registration Statement.

     In order to enforce the foregoing covenant, the Company shall have the right to place
restrictive legends on the certificates representing the securities subject to this Section 7 and
to impose stop transfer instructions with respect to the Registrable Shares and such other
securities of each Holder (and the securities of every other Person subject to the foregoing
restriction) until the end of such period.

8. Termination of the Company’s Obligation

     The Company shall have no obligation pursuant to this Agreement with respect to any
Registrable Shares proposed to be sold by a Holder in a registration pursuant to this Agreement if,

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in the opinion of counsel to the Company, all such Registrable Shares proposed to be sold by a
Holder may be sold in a three month period without registration under the Securities Act pursuant
to Rule 144 under the Securities Act.

9. Limitations on Subsequent Registration Rights

     From and after the date of this Agreement, the Company shall not, without the prior written
consent of Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares (provided, however, that for purposes of this Section 9, Registrable Shares that are owned,
directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding),
enter into any agreement with any holder or prospective holder of any securities of the Company
that would allow such holder or prospective holder (a) to include such securities in any
Registration Statement filed pursuant to the terms hereof, unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration
only to the extent that the inclusion of its securities will not reduce the amount of Registrable
Shares of the Holders that is included, or (b) to have its securities registered on a registration
statement that could be declared effective prior to, or within one hundred eighty (180) days of,
the effective date of any Registration Statement filed pursuant to this Agreement.

10. Miscellaneous

     (a) Remedies. In the event of a breach by the Company of any of its obligations under this
Agreement, each Holder, in addition to being entitled to exercise all rights provided herein or, in
the case of FBR, in the Purchase/Placement Agreement, or granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. Subject to
Section 6, the Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further
agree that, in the event of any action for specific performance in respect of such breach, it shall
waive the defense that a remedy at law would be adequate.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given, without the written consent of the Company
and Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares; provided, however, that for purposes of this Section 10(b), Registrable Shares that are
owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be
outstanding. No amendment shall be deemed effective unless it applies uniformly to all Holders.
Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with
respect to a matter that relates exclusively to the rights of a Holder whose securities are being
sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair,
limit or compromise the rights of other Holders may be given by such Holder; provided that the
provisions of this sentence may not be amended, modified or supplemented except in accordance with
the provisions of the immediately preceding sentence.

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     (c) Notices. All notices and other communications, provided for or permitted hereunder, shall
be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or
registered or certified mail, return receipt requested, or by telegram:

     (i) if to a Holder, at the most current address given by the transfer agent and
registrar of the Shares to the Company; and

     (ii) if to the Company, at the offices of the Company at 12550 Fuqua Street, Houston,
Texas 77034, Attention: Chief Financial Officer; (facsimile: 713-852-6350); with a copy to
Vinson & Elkins L.L.P., The Terrace 7, 2801 Via Fortuna, Suite 100, Austin, Texas 78746,
Attention Kyle K. Fox (facsimile: 512-236-3340).

     (iii) if to FBR, at the offices of FBR at 1001 Nineteenth Street North, Arlington,
Virginia 22209, Attention: William Ginivan, Esq. (facsimile 703-469-1140); with a copy
(which shall not constitute notice) to Nelson Mullins Riley & Scarborough LLP, 101
Constitution Avenue, N.W., Suite 900, Washington, D.C. 20001, Attention: Jonathan H.
Talcott, Esq. (facsimile 202-712-2856).

     (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties hereto, including, without limitation and without
the need for an express assignment or assumption, subsequent Holders. The Company agrees that the
Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the Company,
and each Holder shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights hereunder; provided, however, that
such Holder fulfills all of its obligations hereunder.

     (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

     (f) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR ANY FEDERAL
COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR

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PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT
IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     (h) Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions set forth herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their commercially reasonable efforts to find and employ an alternative means to achieve the
same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties hereto that
they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

     (i) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is
intended by the parties hereto as a final expression of their agreement, and is intended to be a
complete and exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein.

     (j) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or
approval of Holders of a specified percentage of Registrable Shares is required hereunder,
Registrable Shares held by the Company or its Affiliates shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage.

     (k) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a
specific number of shares, then upon the occurrence of any subdivision, combination, or stock
dividend of such shares, the specific number of shares so referenced in this Agreement shall
automatically be proportionally adjusted to reflect the effect on the outstanding shares of such
class or series of stock by such subdivision, combination, or stock dividend.

     (l) Survival. This Agreement is intended to survive the consummation of the transactions
contemplated by the Purchase/Placement Agreement. The indemnification and contribution obligations
under Section 6 of this Agreement shall survive the termination of the Company’s obligations under
Section 2 of this Agreement.

     (m) Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this
Agreement, or where any provision hereof is validly asserted as a defense, the prevailing party, as
determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to
any other available remedy.

[Signature page follows]

-23-

 

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

	 	 	 	 	 
	 	ORION MARINE GROUP, INC.

 	 
	 	By:  	/s/ J. Michael Pearson 	 
	 	 	Name:  	J. Michael Pearson 	 
	 	 	Title:  	President and CEO 	 
	 
	 	FRIEDMAN, BILLINGS, RAMSEY & CO., INC.

 	 
	 	By:  	/s/ James R. Kleeblatt 	 
	 	 	Name:  	James R. Kleeblatt 	 
	 	 	Title:  	Senior Managing Director 	 
	 

-24-

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