Document:

Exhibit 10.4

 

EXCHANGE
AGREEMENT

 

EXCHANGE AGREEMENT (this “Agreement”), dated
as of                  ,
2010, among DynaVox Inc., a Delaware corporation, and the holders of Holdings
Units (as defined herein) from time to time party hereto.

 

WHEREAS, the parties hereto desire to provide for
the exchange of Holdings Units for shares of Class A Common Stock (as
defined herein), on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual
covenants and undertakings contained herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

ARTICLE I

 

SECTION 1.1.  
Definitions

 

The following definitions
shall be for all purposes, unless otherwise clearly indicated to the contrary,
applied to the terms used in this Agreement.

 

A “Change in Control” shall be deemed to have
occurred if or upon:

 

(i) the stockholders of the Corporation approve
the sale, lease or transfer, in one or a series of related transactions, of all
or substantially all of the Corporation’s assets (determined on a consolidated
basis) to any person or group (as such term is used in Section 13(d)(3) of
the Exchange Act other than to any subsidiary of the Corporation;

 

(ii) the stockholders of the Corporation
approve a merger or consolidation of the Corporation with any other person,
other than a merger or consolidation which would result in the Voting
Securities of the Corporation outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into Voting
Securities of the surviving entity) at least 50.1% of the total voting power
represented by the Voting Securities of the Corporation or such surviving
entity outstanding immediately after such merger or consolidation;

 

(iii) the stockholders of the Corporation
approve the adoption of a plan the consummation of which would result in the
liquidation or dissolution of the Corporation;

 

(iv) the acquisition, directly or indirectly,
by any person or group (as such term is used in Section 13(d)(3) of
the Exchange Act) (other than (a) a trustee or other fiduciary holding
securities under an employee benefit plan of the Corporation; (b) a
corporation or other entity owned, directly or indirectly, by the stockholders
of the Corporation in substantially the same proportions as their ownership of
stock of the Corporation; (c) Vestar Capital Partners IV, L.P., VCD
Investors LLC and their affiliates; or (d) any party from time to time to
the Securityholders Agreement, dated as of or about the date hereof, by and
among the Corporation, Holdings and the Securityholders from time to time
parties thereto, as such agreement may be amended from time to time,  unless such party together with its
affiliates is the holder of securities representing 

 

 

at least 50.01% of the
outstanding voting securities of the Corporation or is deemed to beneficially
own at least 50.01% of the outstanding voting securities of the Corporation for
purposes of Rule 16a-1(a)(2) under the Exchange Act, or any group (as
such term is used in Section 13(d)(3) of the Exchange Act) to the
extent that such group may be deemed to exist solely as a result of the
Securityholders Agreement ((a) through (d) collectively are referred
to herein as “Exempt Persons”)) of beneficial ownership (as defined in Rule 13d-3
under the Exchange Act) of more than 50.01% of the aggregate voting power of
the Voting Securities of the Corporation;

 

(v) during any 12 month period, individuals who
at the beginning of such period composed the Board of Directors of the
Corporation (together with any new directors whose election by such Board of
Directors or whose nomination for election by the stockholders of the
Corporation was approved by a vote of 66 2/3% of the directors of the
Corporation then still in office who were either directors at the beginning of
such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of
Directors of the Corporation then in office; or

 

(vi)  the Corporation (or a directly or
indirectly wholly-owned subsidiary thereof) ceasing to be the sole Managing
Member of Holdings.

 

“Change in Control  Event” means any of the following (i) the
commencement of, or the first public announcement of the intent to commence,
any transaction, including, without limitation, a tender or exchange offer by
any person or entity (other than any Exempt Person), the consummation of which
would result in a Change in Control; (ii) the commencement of, or the
first public announcement of the intent to commence, any proxy solicitation by
any person or entity subject to Rule 14a-12(c) under the Exchange
Act, the consummation of which would result in a Change in Control; (iii) the
Corporation, Holdings or any affiliate thereof entering into an agreement with
any person or entity which, if consummated, would result in a Change in
Control; or (iv) the adoption by the Board of Directors of the Corporation
of resolutions authorizing any transaction or event which, if consummated,
would result in a Change in Control.

 

“Class A Common Stock” means the Class A
common stock, par value $0.01 per share, of the Corporation.

 

“Code” means the Internal Revenue Code of
1986, as amended.

 

“Corporation” means DynaVox Inc., a Delaware
corporation, and any successor thereto.

 

“Exchange” has the meaning set forth in Section 2.1(a) of
this Agreement.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

“Exchange Rate” means the number of shares of
Class A Common Stock for which a Holdings Unit is entitled to be
Exchanged.  On the date of this
Agreement, the Exchange Rate shall be 1 for 1, subject to adjustment pursuant
to Section 2.2 of this Agreement.

 

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“Holdings” means DynaVox Systems Holdings
LLC, a Delaware limited liability company, and any successor thereto.

 

“Holdings LLC Agreement” means the Third
Amended and Restated Limited Liability Company Agreement of Holdings, dated on
or about the date hereof, as such agreement may be amended from time to time.

 

“Holdings Unit” means (i) each Class A
Unit (as such term is defined in the Holdings LLC Agreement) issued as of the
date hereof and (ii) each Class A Unit or other interest in Holdings
that may be issued by Holdings in the future that is designated by the
Corporation as a “Holdings Unit”.

 

“Holdings Unitholder” means each holder of
one or more Holdings Units that may from time to time be a party to this
Agreement.

 

“IPO” has the meaning set forth in Section 2.1(a)(i) of
this Agreement.

 

“Permitted Transferee” has the meaning given
to such term in Section 3.1 of this Agreement.

 

“Unvested Units” has the meaning given to
such term in the Holdings LLC Agreement.

 

“Voting Securities” shall mean any securities
of the Corporation which are entitled to vote generally in matters submitted
for a vote of the Corporation’s stockholders or generally in the election of
the Corporation’s board of directors.

 

ARTICLE II

 

SECTION 2.1.       
 Exchange of Holdings Units for Class A
Common Stock.

 

(a)           (i)  Subject to Section 2.1(a)(ii) hereof,
from and after the first anniversary of the date of the closing of the initial
public offering and sale of Class A Common Stock (as contemplated by the
Corporation’s Registration Statement on Form S-1 (File No. 333-164217))
(the “IPO”), each Holdings Unitholder shall be entitled at any
time and from time to time, upon the terms and subject to the conditions
hereof, to surrender Holdings Units (other than Unvested Units) to the
Corporation in exchange for the delivery by the Corporation of a number of
shares of Class A Common Stock that is equal to the product of the number
of Holdings Units surrendered multiplied by the Exchange Rate (such
exchange, an “Exchange”); provided that any such Exchange is for a
minimum of the lesser of 1,000 Holdings Units or all of the Holdings Units
(other than Unvested Units) held by such Holdings Unitholder.

 

(ii)  Notwithstanding
anything to the contrary herein, upon the occurrence of any Change in Control
Event, each Holdings Unitholder shall be entitled, upon the terms and subject
to the conditions hereof, to elect to Exchange Holdings Units for shares of Class A
Common Stock; provided, that any such Exchange pursuant to this sentence shall
be effective immediately prior to the consummation of the Change in Control
(and, for the avoidance of doubt, shall not be effective if such Change of
Control is not consummated); and provided further, that any such election pursuant
to this Section 2.1(a)(ii) may be withdrawn by the 

 

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Holdings Unitholder who
submitted such election by providing written notice to the Corporation not less
than four business days prior to the consummation of the Change in Control.

 

(b)           A Holdings Unitholder shall exercise its right to Exchange
Holdings Units as set forth in Section 2.1(a) above by delivering to
the Corporation a written election of exchange in respect of the Holdings Units
to be Exchanged substantially in the form of Exhibit A hereto, duly
executed by such holder or such holder’s duly authorized attorney, in each case
delivered during normal business hours at the principal executive offices of
the Corporation.  Subject to Section 2.1(a)(ii),
as promptly as practicable following the delivery of such a written election of
exchange, and in any event within three business days, the Corporation shall
deliver or cause to be delivered at the offices of the then-acting registrar
and transfer agent of the Class A Common Stock or, if there is no
then-acting registrar and transfer agent of the Class A Common Stock, at
the principal executive offices of the Corporation, the number of shares of Class A
Common Stock deliverable upon such Exchange, registered in the name of the
relevant Exchanging Holdings Unitholder.  To the extent the Class A Common Stock
is settled through the facilities of The Depository Trust Company, the Company
will, subject to Section 2.1(c) below, upon the written instruction of
an Exchanging Unitholder, use its reasonable best efforts to deliver the shares
of Class A Common Stock deliverable to such Exchanging Unitholder, through
the facilities of The Depository Trust Company, to the account of the
participant of The Depository Trust Company designated by such Exchanging
Holder.

 

(c)           The Corporation and each Exchanging Holdings Unitholder
shall bear their own expenses in connection with the consummation of any
Exchange, whether or not any such Exchange is ultimately consummated, except
that the Corporation shall bear any transfer taxes, stamp taxes or duties, or
other similar taxes in connection with, or arising by reason of, any Exchange;
provided, however, that if any shares of Class A Common Stock are to be
delivered in a name other than that of the Holdings Unitholder that requested
the Exchange, then such Holdings Unitholder and/or the person in whose name
such shares are to be delivered shall pay to the Corporation the amount of any
transfer taxes, stamp taxes or duties, or other similar taxes in connection
with, or arising by reason of, such Exchange or shall establish to the
reasonable satisfaction of the Corporation that such tax has been paid or is
not payable.

 

(d)           The Corporation covenants and agrees that, prior to
taking or causing to be taken any action that would cause interests in Holdings
to not meet the requirements of Treasury Regulation section 1.7704-1(h),
including, without limitation, issuing any Holdings Units in a transaction
required to be registered with the Securities and Exchange Commission pursuant
to the Securities Act of 1933, as amended, it will provide at least 15 business
days advance written notice describing the proposed action in reasonable detail
to the Holdings Unitholders and provide each Holdings Unitholders with the
opportunity to effect an Exchange of all such Holdings Unitholder’s Holdings
Units in accordance with the terms of this Agreement; provided, however, that
in no event will the Corporation take or cause to be taken any action that
would cause interests in Holdings to not meet the requirements of Treasury
Regulation section 1.7704-1(h) prior to the first anniversary of the
closing of the IPO.  Provided that the
notice and opportunity to Exchange contemplated by the previous sentence has
been provided the Holdings Unitholders, then, notwithstanding anything to the
contrary herein, if the Board of Directors of the Corporation, after
consultation with its outside legal counsel and tax advisor, shall determine in
good faith that interests in Holdings do not meet the requirements of Treasury
Regulation 

 

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section 1.7704-1(h), the Corporation may impose such restrictions on
Exchange as the Corporation may reasonably determine to be necessary or
advisable so that Holdings is not treated as a “publicly traded partnership”
under Section 7704 of the Code.

 

(e)           For the avoidance of doubt, and notwithstanding anything
to the contrary herein, a Holdings Unitholder shall not be entitled to Exchange
Holdings Units to the extent the Corporation reasonably determines in good
faith that such Exchange (i) would be prohibited by law or regulation or (ii) would
not be permitted under any other agreement with the Corporation or its
subsidiaries to which such Holdings Unitholder is then subject (including,
without limitation, the Holdings LLC Agreement) or any written policies of the
Corporation relating to insider trading then applicable to such Holdings
Unitholder.  For avoidance of doubt, no
Exchange shall be deemed to be prohibited by any law or regulation pertaining
to the registration of securities if such securities have been so registered or
if any exemption from such registration requirements is reasonably available.

 

SECTION 2.2.  
Adjustment.

 

(a)           The Exchange Rate shall be adjusted accordingly if there
is: (a) any subdivision (by any unit split, unit distribution,
reclassification, reorganization, recapitalization or otherwise) or combination
(by reverse unit split, reclassification, reorganization, recapitalization or
otherwise) of the Holdings Units that is not accompanied by an identical
subdivision or combination of the Class A Common Stock; or (b) any
subdivision (by any stock split, stock dividend or distribution,
reclassification, reorganization, recapitalization or otherwise) or combination
(by reverse stock split, reclassification, reorganization, recapitalization or
otherwise) of the Class A Common Stock that is not accompanied by an
identical subdivision or combination of the Holdings Units. If there is any
reclassification, reorganization, recapitalization or other similar transaction
in which the Class A Common Stock are converted or changed into another
security, securities or other property, then upon any subsequent Exchange, an
exchanging Holdings Unitholder shall be entitled to receive the amount of such
security, securities or other property that such exchanging Holdings Unitholder
would have received if such Exchange had occurred immediately prior to the
effective date of such reclassification, reorganization, recapitalization or
other similar transaction, taking into account any adjustment as a result of
any subdivision (by any split, distribution or dividend, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse
split, reclassification, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such
reclassification, reorganization, recapitalization or other similar
transaction. For the avoidance of doubt, if there is any reclassification,
reorganization, recapitalization or other similar transaction in which the Class A
Common Stock are converted or changed into another security, securities or
other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other
property.  This Agreement shall apply to
the Holdings Units held by the Holdings Unitholders and their Permitted
Transferees as of the date hereof, as well as any Holdings Units hereafter
acquired by a Holdings Unitholder and his or her or its Permitted Transferees.
This Agreement shall apply to, mutatis mutandis,
and all references to “Holdings Units” shall be deemed to include, any
security, securities or other property of Holdings which may be issued in
respect of, in exchange for or in substitution of Holdings Units by reason of
any distribution or dividend, split, reverse split, 

 

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combination, reclassification, reorganization, recapitalization,
merger, exchange (other than an Exchange) or other transaction.

 

SECTION 2.3.  
Class A Common Stock to be Issued.

 

(a)           The Corporation covenants and agrees to deliver shares of Class A
Common Stock that have been registered under the Securities Act with respect to
any Exchange to the extent that a registration statement is effective and
available for such shares.  In the event
that any Exchange in accordance with this Agreement is to be effected at a time
when any required registration has not become effective or otherwise is
unavailable, upon the request and with the reasonable cooperation of the
Holdings Unitholder requesting such Exchange, the Corporation shall use its
reasonable best efforts to promptly facilitate such Exchange pursuant to any
reasonably available exemption from such registration requirements.  The Corporation shall use its reasonable best
efforts to list the Class A Common Stock required to be delivered upon
exchange prior to such delivery upon each national securities exchange or
inter-dealer quotation system upon which the outstanding Class A Common
Stock may be listed or traded at the time of such delivery. Nothing contained
herein shall be construed to preclude the Corporation or Holdings from
satisfying their obligations in respect of the exchange of the Holdings Units
by delivery of Class A Common Stock which are held in the treasury of the
Corporation or Holdings or any of their subsidiaries.

 

(b)           The Corporation shall at all times reserve and keep
available out of its authorized but unissued Class A Common Stock, solely
for the purpose of issuance upon an Exchange, such number of shares of Class A
Common Stock as shall be deliverable upon any such Exchange; provided that
nothing contained herein shall be construed to preclude the Corporation from
satisfying its obligations in respect of any such Exchange by delivery of
purchased shares of Class A Common Stock (which may or may not be held in
the treasury of the Corporation or any subsidiary thereof).

 

(c)           Prior to the date of this Agreement, the Corporation has
taken all such steps as may be required to cause to qualify for exemption under
Rule 16b-3(d) or (e), as applicable, under the Exchange Act, and be
exempt for purposes of Section 16(b) under the Exchange Act, any
acquisitions or dispositions of equity securities of the Corporation (including
derivative securities with respect thereto) and any securities which may be
deemed to be equity securities or derivative securities of the Corporation for
such purposes that result from the transactions contemplated by this Agreement,
by each director or officer of the Corporation who may reasonably be expected
to be subject to the reporting requirements of Section 16(a) of the
Exchange Act with respect to the Corporation upon the registration of any class
of equity security of the Corporation pursuant to Section 12 of the
Exchange Act (with the authorizing resolutions specifying the name of each such
officer or director whose acquisition or disposition of securities is to be exempted
and the number of securities that may be acquired and disposed of by each such
person pursuant to this Agreement).

 

(d)           If any Takeover Law or other similar law or regulation
becomes or is deemed to become applicable to the this Agreement or any of the
transactions contemplated hereby, the Corporation shall use its reasonable best
efforts to render such law or regulation inapplicable to all of the foregoing.

 

6

 

(e)           The Corporation covenants that all Class A Common
Stock issued upon an Exchange will, upon issuance, be validly issued, fully
paid and non-assessable and not subject to any preemptive right of stockholders
of the Corporation or to any right of first refusal or other right in favor of
any person or entity.

 

ARTICLE III

 

SECTION 3.1.  
Representations and Warranties of the Corporation.  The Corporation represents and warrants that (i) it
is a corporation duly incorporated and is existing in good standing under the
laws of the State of Delaware, (ii) it has all requisite corporate power
and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby and to issue the Class A Common Stock in
accordance with the terms hereof, (iii) the execution and delivery of this
Agreement by the Corporation and the consummation by it of the transactions
contemplated hereby (including without limitation, the issuance of the Class A
Common Stock) have been duly authorized by all necessary corporate action on
the part of the Corporation, including but not limited to all actions necessary
to ensure that the acquisition of shares Class A Common Stock pursuant to
the transactions contemplated hereby, to the fullest extent of the Corporation’s
Board of Directors’ power and authority and to the extent permitted by law,
shall not be subject to any “moratorium,” “control share acquisition,” “business
combination,” “fair price” or other form of anti-takeover laws and regulations”
of any jurisdiction that may purport to be applicable to this Agreement or the
transactions contemplated hereby (collectively, “Takeover Laws”), (iv) this
Agreement constitutes a legal, valid and binding obligation of the Corporation
enforceable against the Corporation in accordance with its terms, except as
enforcement may be limited by equitable principles or by bankruptcy,
insolvency, reorganization, moratorium, or similar laws relating to or limiting
creditors’ rights generally, and (v) the execution, delivery and
performance of this Agreement by the Corporation and the consummation by the
Corporation of the transactions contemplated hereby will not (A) result in
a violation of the Certificate of Incorporation of the Corporation or the
Bylaws of the Corporation or (B) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture or instrument to which the
Corporation is a party, or (C) result in a violation of any law, rule,
regulation, order, judgment or decree applicable to the Corporation or by which
any property or asset of the Corporation is bound or affected, except with
respect to clauses (B) or (C) for any conflicts, defaults,
accelerations, terminations, cancellations or violations, that would not
reasonably be expected to have a material adverse effect on the Corporation or
its business, financial condition or results of operations.

 

SECTION 3.2.  
Representations and Warranties of the Holdings Unitholders.  Each Holdings Unitholder, severally and not
jointly, represents and warrants that (i) if it is not a natural person,
that it is duly incorporated or formed and, the extent such concept exists in
its jurisdiction of organization, is in good standing under the laws of such
jurisdiction, (ii) it has all requisite legal capacity and authority to
enter into and perform this Agreement and to consummate the transactions
contemplated hereby, (iii) if it is not a natural person, the execution
and delivery of this Agreement by it of the transactions contemplated
hereby  have been duly authorized by all
necessary corporate or other entity action on the part of such Holdings 

 

7

 

Unitholder, (iv) this Agreement constitutes a legal, valid and
binding obligation of such Holdings Unitholder enforceable against it in
accordance with its terms, except as enforcement may be limited by equitable
principles or by bankruptcy, insolvency, reorganization, moratorium, or similar
laws relating to or limiting creditors’ rights generally, and (v) the
execution, delivery and performance of this Agreement by such Holdings
Unitholder and the consummation by such Holdings Unitholder of the transactions
contemplated hereby will not (A) if it is not a natural person, result in
a violation of the Certificate of Incorporation and Bylaws or other
organizational documents of such Holdings Unitholder or (B) conflict with,
or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or
instrument to which such Holdings Unitholder is a party, or (C) result in
a violation of any law, rule, regulation, order, judgment or decree applicable
such Holdings Unitholder, except with respect to clauses (B) or (C) for
any conflicts, defaults, accelerations, terminations, cancellations or
violations, that would not in any material respect result in the
unenforceability against such Holdings Unitholder of this Agreement.

 

ARTICLE IV

 

SECTION 4.1.  
Additional Holdings Unitholders.  To the extent
a Holdings Unitholder validly transfers any or all of such holder’s Holdings
Units to another person in a transaction in accordance with, and not in
contravention of, the Holdings LLC Agreement, then such transferee (each, a “Permitted
Transferee”) shall have the right to execute and deliver a joinder to
this Agreement, substantially in the form of Exhibit B hereto, whereupon
such Permitted Transferee shall become a Holdings Unitholder hereunder.  To the extent Holdings issues Holdings Units
in the future, then the holder of such Holdings Units shall have the right to execute and deliver a
joinder to this Agreement, substantially in the form of Exhibit B hereto,
whereupon such holder shall become a Holdings Unitholder hereunder.

 

SECTION 4.2.  
Addresses and Notices.  All
notices, requests, claims, demands and other communications hereunder shall be
in writing and shall be given (and shall be deemed to have been duly given upon
receipt) by delivery in person, by courier service, by fax, by electronic mail
(delivery receipt requested) or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses
(or at such other address for a party as shall be as specified in a notice
given in accordance with this Section 3.2):

 

(a) 
If to the Corporation, to:

 

2100 Wharton Street

Suite 400

Pittsburgh, PA 15203

Attention: Chief Financial
Officer

Fax: (412) 381-5241

Electronic Mail:
Ken.Misch@dynavoxtech.com

 

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(b) 
If to any Holdings Unitholder, to the address and other contact information set
forth in the records of Holdings from time to time.

 

SECTION 4.3.  
Further Action. The parties shall execute and deliver all documents,
provide all information and take or refrain from taking action as may be
necessary or appropriate to achieve the purposes of this Agreement.

 

SECTION 4.4.  
Binding Effect. This Agreement shall be binding upon and inure to the
benefit of all of the parties and, to the extent permitted by this Agreement,
their successors, executors, administrators, heirs, legal representatives and
assigns.

 

SECTION 4.5.  
Severability.  If any term or
other provision of this Agreement is held to be invalid, illegal or incapable
of being enforced by any rule of law, or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions
is not affected in any manner materially adverse to any party. Upon a
determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest
extent possible.

 

SECTION 4.6.  
Amendment.  The provisions of this
Agreement may be amended only by the affirmative vote or written consent of
each of (i) the Corporation and (ii) Holdings Unitholders holding at
least two thirds of the then outstanding Holdings Units (excluding Holdings
Units held by the Corporation). 
Notwithstanding the foregoing, in addition to any other consent that may
be required, the prior written consent of each of Vestar Capital Partners IV,
L.P. and Edward L. Donnelly, Jr. shall also be required for any amendment
of this Agreement that adversely affects such Holdings Unitholder and/or its
affiliates for so long as such Holdings Unitholder continues, together with its
affiliates, to hold a number of Holdings Units that is equal to or greater than
3% of the number of Holdings Units outstanding immediately following the
closing of the IPO and the related repurchase of Holdings Units with the
proceeds therefrom (such number to be adjusted for any subdivision or
combination of the Holdings Units effected after the closing of the IPO).

 

SECTION 4.7.  
Waiver. No failure by any party to insist upon the strict performance of
any covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof shall constitute waiver of any
such breach of any other covenant, duty, agreement or condition.

 

SECTION 4.8.  
Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)           Any and all disputes which cannot be settled amicably,
including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation,
performance or non-performance of this Agreement (including the validity, scope
and enforceability of this arbitration provision) shall be finally settled by
arbitration conducted by a single arbitrator in New York in accordance with the
then-existing Rules of Arbitration of the International Chamber of
Commerce. If the parties to 

 

9

 

the dispute fail to agree on the selection of
an arbitrator within thirty (30) days of the receipt of the request for
arbitration, the International Chamber of Commerce shall make the
appointment.  The arbitrator shall be a
lawyer and shall conduct the proceedings in the English language.  Performance under this Agreement shall
continue if reasonably possible during any arbitration proceedings.

 

(b)           Notwithstanding the provisions of paragraph (a), the
parties hereto may bring an action or special proceeding in any court of
competent jurisdiction for the purpose of compelling a party to arbitrate,
seeking temporary or preliminary relief in aid of an arbitration hereunder,
and/or enforcing an arbitration award and, for the purposes of this paragraph
(b), each party hereto (i) expressly consents to the application of
paragraph (c) of this Section 4.8 to any such action or proceeding
and (ii) agrees that proof shall not be required that monetary damages for
breach of the provisions of this Agreement would be difficult to calculate and
that remedies at law would be inadequate.

 

(c)           (i)            EACH
PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW
YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE
WITH THE PROVISIONS OF THIS SECTION 4.8, OR ANY JUDICIAL PROCEEDING
ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR
RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings
include any suit, action or proceeding to compel arbitration, to obtain
temporary or preliminary judicial relief in aid of arbitration, or to confirm
an arbitration award. The parties acknowledge that the fora designated by this
paragraph (c) have a reasonable relation to this Agreement, and to the
parties’ relationship with one another.

 

(ii)           The parties hereby waive, to the fullest extent permitted
by applicable law, any objection which they now or hereafter may have to
personal jurisdiction or to the laying of venue of any such ancillary suit,
action or proceeding brought in any court referred to in the preceding
paragraph of this Section 4.8 and such parties agree not to plead or claim
the same.

 

(d)           Notwithstanding any provision of this Agreement to the
contrary, this Section 3.8 shall be construed to the maximum extent
possible to comply with the laws of the State of Delaware, including the
Delaware Uniform Arbitration Act (10 Del. C. § 5701 et  seq.) (the “Delaware Arbitration Act”).  If, nevertheless, it shall be determined by a
court of competent jurisdiction that any provision or wording of this Section 4.8,
including any rules of the International Chamber of Commerce, shall be
invalid or unenforceable under the Delaware Arbitration Act, or other
applicable law, such invalidity shall not invalidate all of this Section 4.8.  In that case, this Section 4.8 shall be
construed so as to limit any term or provision so as to make it valid or
enforceable within the requirements of the Delaware Arbitration Act or other
applicable law, and, in the event such term or provision cannot be so limited,
this Section 3.8 shall be construed to omit such invalid or unenforceable
provision.

 

SECTION 4.9.  
Counterparts. This Agreement may be executed and delivered (including by
facsimile transmission or by e-mail delivery of a “.pdf” format data file) in
one or more counterparts, and by the different parties hereto in separate
counterparts, each of which 

 

10

 

when executed and delivered shall be deemed
to be an original but all of which taken together shall constitute one and the
same agreement. Copies of executed counterparts transmitted by telecopy, by
e-mail delivery of a “.pdf” format data file or other electronic transmission
service shall be considered original executed counterparts for purposes of this
Section 4.9.

 

SECTION 4.10.  
Tax Treatment. This Agreement shall be treated as part of the
partnership agreement of Holdings as described in Section 761(c) of
the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the
Treasury Regulations promulgated thereunder. As required by the Code and the
Treasury Regulations promulgated thereunder: (a) the parties shall report
an Exchange consummated hereunder as a taxable sale of Holdings Units by a
Holdings Unitholder to the Corporation; and (b) no party shall take a
contrary position on any income tax return, amendment thereof or communication
with a taxing authority.

 

SECTION 4.11.  
Specific Performance.  The parties
hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. 
It is accordingly agreed that the parties shall be entitled to specific
performance of the terms and provisions hereof, in addition to any other remedy
to which they are entitled at law or in equity.

 

SECTION 4.12.  
Independent Nature of Holdings Unitholders’ Rights and Obligations.  The obligations of each Holdings Unitholder
hereunder are several and not joint with the obligations of any other Holdings
Unitholder, and no Holdings Unitholder shall be responsible in any way for the
performance of the obligations of any other Holdings Unitholder under
hereunder.  The decision of each Holdings
Unitholder to enter into to this Agreement has been made by such Holdings
Unitholder independently of any other Holdings Unitholder. Nothing contained
herein, and no action taken by any Holdings Unitholder pursuant hereto, shall
be deemed to constitute the Holdings Unitholders as a partnership, an
association, a joint venture or any other kind of entity, or create a
presumption that the Holdings Unitholders are in any way acting in concert or
as a group with respect to such obligations or the transactions contemplated
hereby and the Corporation acknowledges that the Holdings Unitholders are not
acting in concert or as a group, and the Corporation will not assert any such
claim, with respect to such obligations or the transactions contemplated
hereby.

 

SECTION 4.13.  
Applicable Law. This Agreement shall be governed by, and construed in
accordance with, the law of the State of Delaware.

 

11

 

IN WITNESS WHEREOF, the
parties have caused this Agreement to be duly executed and delivered, all as of
the date first set forth above.

 

	
   

  	
  DYNAVOX INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HOLDINGS UNITHOLDERS

  
	
   

  	
   

  	
   

  
	
   

  	
  Each Holdings Unitholder
  set forth on Annex A hereto

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: Attorney-in-fact

  

 

[Exchange Agreement]

 

 

EXHIBIT
A

 

[FORM OF]

ELECTION OF EXCHANGE

 

DynaVox Inc.

2100
Wharton Street

Suite 400

Pittsburgh,
PA 15203

Attention:
Chief Financial Officer

 

Reference is hereby made to the Exchange Agreement, dated as of  [               ],
2010 (the “Exchange Agreement”), among DynaVox Inc., a Delaware
corporation, and the holders of Holdings Units (as defined herein) from time to
time party thereto.  Capitalized terms
used but not defined herein shall have the meanings given to them in the
Exchange Agreement.

 

The undersigned Holdings Unitholder hereby transfers to the Corporation
the number of Holdings Units set forth below in Exchange for shares of Class A
Common Stock to be issued in its name as set forth below, as set forth in the
Exchange Agreement.

 

	
  Legal
  Name of Holdings Unitholder:

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  
	
  Number of Holdings Units
  to be Exchanged:

  	
   

  
					

 

The undersigned hereby
represents and warrants that (i) the undersigned has full legal capacity
to execute and deliver this Election of Exchange and to perform the undersigned’s
obligations hereunder; (ii) this Election of Exchange has been duly
executed and delivered by the undersigned and is the legal, valid and binding
obligation of the undersigned enforceable against it in accordance with the
terms thereof or hereof, as the case may be, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally and the
availability of equitable remedies; (iii) the Holdings Units subject to
this Election of Exchange are being transferred to the Corporation free and
clear of any pledge, lien, security interest, encumbrance, equities or claim;
and (iv) no consent, approval, authorization, order, registration or
qualification of any third party or with any court or governmental agency or
body having jurisdiction over the undersigned or the Holdings Units subject to
this Election of Exchange is required to be obtained by the undersigned for the
transfer of such Holdings Units to the Corporation.

 

The undersigned hereby
irrevocably constitutes and appoints any officer of the Corporation as the
attorney of the undersigned, with full power of substitution and resubstitution
in the premises, to do any and all things and to take any and all actions that
may be necessary to transfer to the Corporation the Holdings Units subject to
this Election of Exchange and to deliver to the undersigned the shares of Class A
Common Stock to be delivered in Exchange therefor. 

 

 

IN WITNESS WHEREOF the
undersigned, by authority duly given, has caused this Election of Exchange to
be executed and delivered by the undersigned or by its duly authorized
attorney.

 

 

	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  
				

 

 

EXHIBIT
B

 

[FORM OF]

JOINDER AGREEMENT

 

This
Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange
Agreement, dated as of                ,
2010 (the “Agreement”), among DynaVox Inc., a Delaware corporation (the “Corporation”),
and each of the Holdings Unitholders from time to time party thereto.  Capitalized terms used but not defined in
this Joinder Agreement shall have their meanings given to them in the
Agreement.  This Joinder Agreement shall
be governed by, and construed in accordance with, the law of the State of
Delaware.  In the event of any conflict
between this Joinder Agreement and the Agreement, the terms of this Joinder
Agreement shall control.

 

The undersigned hereby joins
and enters into the Agreement having acquired Holdings Units in Holdings.  By signing and returning this Joinder
Agreement to the Corporation, the undersigned (i) accepts and agrees to be
bound by and subject to all of the terms and conditions of and agreements of a
Holdings Unitholder contained in the Agreement, with all attendant rights,
duties and obligations of a Holdings Unitholder thereunder and (ii) makes
each of the representations and warranties of a Holdings Unitholder set forth
in Section 3.2 of the Agreement as fully as if such representations and
warranties were set forth herein.  The
parties to the Agreement shall treat the execution and delivery hereof by the undersigned
as the execution and delivery of the Agreement by the undersigned and, upon
receipt of this Joinder Agreement by the Corporation, the signature of the
undersigned set forth below shall constitute a counterpart signature to the
signature page of the Agreement.

 

	
  Name:

  	
   

  	
   

  

 

	
  Address for Notices:

  	
   

  	
  With copies to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attention:Exhibit 10.5

 

 

 

REGISTRATION
RIGHTS AGREEMENT

 

 

OF

 

 

DYNAVOX INC.

 

 

Dated as of                   ,
2010

 

 

 

 

Table of Contents

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I

  
	
  DEFINITIONS AND OTHER
  MATTERS

  
	
   

  
	
  Section 1.1

  	
  Definitions

  	
  1

  
	
  Section 1.2

  	
  Definitions Generally

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
  REGISTRATION RIGHTS

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Exchange Registration

  	
  5

  
	
  Section 2.2

  	
  Demand Registration

  	
  5

  
	
  Section 2.3

  	
  Incidental Registration

  	
  7

  
	
  Section 2.4

  	
  Holdback Agreements

  	
  9

  
	
  Section 2.5

  	
  Registration Procedures

  	
  10

  
	
  Section 2.6

  	
  Indemnification by the Company

  	
  13

  
	
  Section 2.7

  	
  Indemnification by Registering Covered Persons

  	
  14

  
	
  Section 2.8

  	
  Conduct of Indemnification Proceedings

  	
  15

  
	
  Section 2.9

  	
  Contribution

  	
  15

  
	
  Section 2.10

  	
  Participation in Public Offering

  	
  16

  
	
  Section 2.11

  	
  Other Indemnification

  	
  16

  
	
  Section 2.12

  	
  Cooperation by the Company

  	
  16

  
	
  Section 2.13

  	
  Parties in Interest

  	
  17

  
	
  Section 2.14

  	
  Acknowledgement Regarding the Company

  	
  17

  
	
  Section 2.15

  	
  Mergers,
  Recapitalizations, Exchanges or Other Transactions Affecting Registrable
  Securities

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Term of the Agreement; Termination of Certain Provisions

  	
  17

  
	
  Section 3.2

  	
  Assignment; Successors

  	
  18

  
	
  Section 3.3

  	
  Governing Law

  	
  18

  
	
  Section 3.4

  	
  Severability

  	
  18

  
	
  Section 3.5

  	
  Entire Agreement

  	
  18

  
	
  Section 3.6

  	
  Successors and Assigns; Certain Transferees Bound Hereby

  	
  18

  
	
  Section 3.7

  	
  Counterparts

  	
  18

  
	
  Section 3.8

  	
  Remedies

  	
  18

  
	
  Section 3.9

  	
  Notices

  	
  19

  
	
  Section 3.10

  	
  Governing Law

  	
  20

  
	
  Section 3.11

  	
  Specific Performance

  	
  20

  
	
  Section 3.12

  	
  Descriptive Headings

  	
  20

  
	
   

  	
   

  	
   

  
	
  Appendix A

  	
  Covered Person Questionnaire

  	
   

  

 

i

 

REGISTRATION RIGHTS
AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (including Appendix A hereto, as such Appendix A may be amended from
time to time pursuant to the provisions hereof, this “Agreement”), is
made and entered into as of             ,
2010, by and among DynaVox Inc., a Delaware corporation (the “Company”),
and the Covered Persons (defined below) from time to time party hereto.

 

WHEREAS, the Covered Persons
are holders of Holdings Units (defined below), which, subject to certain
restrictions and requirements, are exchangeable at the option of the holder
thereof for shares of the Company’s Class A common stock, par value $0.01
per share (the “Class A Common Stock”); and

 

WHEREAS, the Company desires
to provide the Covered Persons with registration rights with respect to Class A
Common Stock underlying their Holdings Units and certain other shares of Class A
Common Stock they may otherwise hold from time to time.

 

NOW, THEREFORE, in consideration
of the premises and of the mutual agreements, covenants and provisions herein
contained, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS AND OTHER MATTERS

 

Section 1.1             Definitions. Capitalized terms used
in this Agreement without other definition shall, unless expressly stated
otherwise, have the meanings specified in this Section 1.1:

 

“Beneficial Owner”
has the meaning set forth in Rule 13d-3 under the Exchange Act.

 

“Board” means the
Board of Directors of the Company.

 

“Class A Common
Stock” has the meaning ascribed to such term in the Recitals.

 

“Company” has the
meaning ascribed to such term in the preamble.

 

“Covered Holdings Units”
means, with respect to a Covered Person, such Covered Person’s Holdings Units.

 

“Covered Person”
means those persons, other than the Company, who shall from time to time be
parties to this Agreement in accordance with the terms hereof (including
Permitted Transferees).

 

“Demand Registration”
has the meaning ascribed to such term in Section 2.2(a).

 

“Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

 

 

“Exchange Agreement”
means the Exchange Agreement, dated as of or about the date hereof among the
Company, Holdings and holders of Holdings Units from time to time party
thereto, as amended from time to time.

 

“Exchange Registration”
has the meaning ascribed to such term in Section 2.1(a).

 

“FINRA” means the
Financial Industry Regulatory Authority, Inc.

 

“Follow-on Holdback Period”
has the meaning ascribed to such term in Section 2.4(a).

 

“Governmental Authority”
means any national, local or foreign (including U.S. federal, state or local)
or supranational (including European Union) governmental, judicial,
administrative or regulatory (including self-regulatory) agency, commission,
department, board, bureau, entity or authority of competent jurisdiction.

 

“Holdback Extension”
has the meaning ascribed to such term in Section 2.4(a).

 

“Holdings” means
DynaVox Systems Holdings LLC, a Delaware limited liability company.

 

“Holdings LLC Agreement”
means the Third Amended and Restated Limited Liability Company Agreement of
Holdings dated as of or about the date hereof, as it may be amended,
supplemented or restated from time to time.

 

“Holdings Unit” has
the meaning given to such term in the Exchange Agreement.

 

“Incidental Registration”
has the meaning ascribed to such term in Section 2.3(a).

 

“Indemnified Parties”
has the meaning ascribed to such term in Section 2.6.

 

“IPO Holdback Period”
has the meaning ascribed to such term in Section 2.4(a).

 

“Other Registration
Rights” has the meaning ascribed to such term in Section 2.2(a)(iii).

 

“Permitted Transferee”
means any transferee of a Holdings Unit after the date hereof the transfer of
which was permitted by the Holdings LLC Agreement.

 

“Priority Right” has
the meaning ascribed to such term in Section 2.2(c).

 

“Public Offering”
means an underwritten public offering pursuant to an effective registration
statement under the Securities Act, other than pursuant to a registration
statement on Form S-4 or Form S-8 or any similar or successor form.

 

“Registering Covered
Person” has the meaning ascribed to such term in Section 2.5(a).

 

“Registrable Securities”
means shares of Class A Common Stock that may be delivered in exchange for
Holdings Units and other shares of Class A Common Stock otherwise held by
Covered Persons from time to time. For purposes of this Agreement, a Person
shall be deemed to be a holder of Registrable Securities and such Registrable
Securities shall be deemed to be in

 

2

 

existence
whenever such Person has the right to acquire such Registrable Securities (upon
conversion, exchange or exercise in connection with a transfer of securities or
otherwise, but disregarding any restrictions or limitations upon the exercise
of such right other than vesting), whether or not such acquisition has actually
been effected, and such Person shall be entitled to exercise the rights of a
holder of Registrable Securities hereunder. 
For purposes of this Agreement, as to any particular Covered Person,
Registrable Securities shall cease to be Registrable Securities when and to the
extent that (i) such Registrable Securities (x) have been sold in a transaction
registered under the Securities Act, (y) have been sold  pursuant to Rule 144 under the
Securities Act (or any successor provision then in effect) or (z) in the
case of any Registrable Securities that are not “restricted securities” for
purposes of Rule 144 under the Securities Act, have been sold by a Person
who is not an “affiliate” of the Company for purposes of Rule 144 in
reliance upon Section 4(1) of the Securities Act, (ii) the
holder of such Registrable Securities is not an “affiliate” of the Company for
purposes of Rule 144 and is eligible to sell all Registrable Securities
held by such person pursuant to Rule 144(b)(1) under the Securities
Act in any three-month period without limitation under any of the other
requirements of Rule 144, (iii) in the case of any Registrable
Securities that are not “restricted securities” for purposes of Rule 144
under the Securities Act, the Covered Person is not an “affiliate” of the
Company for purposes of Rule 144 and is eligible to publicly sell such securities
in reliance upon Section 4(1) of the Securities Act (or any successor
provision then in effect), provided that such Covered Person, together with its
affiliates, owns less than 3% of the then outstanding Class A Common Stock
on a fully-diluted basis (including giving effect to the exchange of all
Holdings Units held by Persons other than the Company for shares of Class A
Common Stock); or (iv) such Registrable Securities cease to be outstanding
(or issuable upon exchange).

 

“Registration Expenses”
means any and all expenses incident to the performance of or compliance with
any registration or marketing of securities, including all (i) SEC and
securities exchange registration and filing fees, and all other fees and
expenses payable in connection with the listing of securities on any securities
exchange or automated interdealer quotation system, (ii) fees and expenses
of compliance with any securities or “blue sky” laws (including reasonable fees
and disbursements of counsel in connection with “blue sky” qualifications of
the securities registered), (iii) expenses in connection with the
preparation, printing, mailing and delivery of any registration statements,
prospectuses and other documents in connection therewith and any amendments or
supplements thereto, (iv) security engraving and printing expenses, (v) internal
expenses of the Company and Holdings (including, without limitation, all
salaries and expenses of the officers and employees of the Company or Holdings
performing legal or accounting duties), (vi) reasonable fees and
disbursements of counsel for the Company or Holdings and customary fees and
expenses for independent certified public accountants retained by the Company
or Holdings (including the expenses relating to any comfort letters or costs
associated with the delivery by independent certified public accountants of any
comfort letters requested pursuant to Section 2.5(i)), (vii) reasonable
fees and expenses of any special experts retained by the Company or Holdings in
connection with such registration, (viii) reasonable fees, out-of-pocket
costs and expenses of the Covered Persons, including one counsel for all of the
Covered Persons participating in the offering selected by the Requesting
Holder, (ix) fees and expenses in connection with any review by FINRA of
the underwriting arrangements or other terms of the offering, and all fees and
expenses of any “qualified independent underwriter,” including the fees and
expenses of any counsel thereto, (x) fees and disbursements of
underwriters customarily paid by issuers or sellers of securities, but
excluding any underwriting fees, discounts and

 

3

 

commissions
attributable to the sale of Registrable Securities, (xi) costs of printing and
producing any agreements among underwriters, underwriting agreements, any “blue
sky” or legal investment memoranda and any selling agreements and other
documents in connection with the offering, sale or delivery of the Registrable
Securities, (xii) transfer agents’ and registrars’ fees and expenses and the
fees and expenses of any other agent or trustee appointed in connection with
such offering, (xiii) expenses relating to any analyst or investor
presentations or any “road shows” undertaken in connection with the registration,
marketing or selling of the Registrable Securities, (xiv) fees and expenses
payable in connection with any ratings of the Registrable Securities, including
expenses relating to any presentations to rating agencies and (xv) all
out-of-pocket costs and expenses incurred by the Company, Holdings or their
appropriate officers in connection with their compliance with Section 2.5(m).

 

“Registration Notice”
has the meaning ascribed to such term in Section 2.2(a).

 

“Registration Request”
has the meaning ascribed to such term in Section 2.2(a).

 

“Requesting Holder”
has the meaning ascribed to such term in Section 2.2(a).

 

“SEC” means the
Securities and Exchange Commission.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

 

“Suspension Period”
has the meaning ascribed to such term in Section 2.5(k).

 

“Vestar” means,
collectively, Vestar Capital Partners IV, L.P., a Delaware limited partnership,
and VCD Investors LLC, a Delaware limited liability company.

 

“Vestar Demand Right”
has the meaning ascribed to such term in Section 2.2(a).

 

Section 1.2             Definitions Generally.  Wherever required by the context of this Agreement, the singular shall
include the plural and vice versa, and the masculine gender shall include the
feminine and neuter genders and vice versa, and references to any agreement,
document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time.  When used herein:

 

(a)           the
word “or” is not exclusive;

 

(b)           the
words “including,” “includes,” “included” and “include” are deemed to be
followed by the words “without limitation”;

 

(c)           the
terms “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular section, paragraph
or subdivision;

 

4

 

(d)           the
word “person” means any individual, corporation, limited liability company,
trust, joint venture, association, company, partnership or other legal entity
or a government or any department or agency thereof or self-regulatory
organization; and

 

(e)           all
section, paragraph or clause references not attributed to a particular document
shall be references to such parts of this Agreement, and all exhibit, annex and
schedule references not attributed to a particular document shall be references
to such exhibits, annexes and schedules to this Agreement.

 

ARTICLE
II

REGISTRATION RIGHTS

 

Section 2.1             Exchange Registration.

 

(a)           The Company shall
use its commercially reasonable efforts to file with the SEC prior to the time
that Holdings Units held by Covered Persons become available for exchange for
Common Units pursuant to the terms of the Exchange Agreement, and cause to be
declared effective under the Securities Act by the SEC promptly thereafter, one
or more registration statements (the “Exchange Registration”) covering (i) the
delivery by the Company from time to time to the Covered Persons of all shares
of Class A Common Stock deliverable to the Covered Persons in exchange for
Holdings Units pursuant to the Exchange Agreement or (ii) if the Company
determines that the registration provided for in clause (i) is not
available for any reason, the registration of resale of such shares of Class A
Common Stock by the Covered Persons.

 

(b)           The Company shall be
liable for and pay all Registration Expenses in connection with any Exchange
Registration, regardless of whether such registration is effected.

 

(c)           Upon notice to each Covered Person, the Company may
postpone effecting a registration pursuant to this Section 2.1 for a
reasonable time specified in the notice but not exceeding 60 days (which period
may not be extended or renewed), if (i) the Board shall determine in good
faith that effecting the registration would materially and adversely affect an
offering of securities of the Company the preparation of which had then been
commenced or (ii) the Company is in possession of material non-public
information the disclosure of which during the period specified in such notice
the Board believes in good faith would not be in the best interests of the
Company.

 

Section 2.2             Demand Registration.

 

(a)           Requests
for Registration.  Subject to the
provisions of this Article II, Vestar shall have the right (the “Vestar
Demand Right”) to request registration under the Securities Act of all or
any portion of the Registrable Securities held by Vestar and its affiliates
(referred to herein as the “Requesting Holder”) by delivering a written
notice to the principal business office of the Company, which notice identifies
the Requesting Holder and specifies the number of Registrable Securities to be
included in such registration (the “Registration Request”).  Subject to the restrictions set forth in
paragraph

 

5

 

2.2(d), the Company will give prompt written notice of such
Registration Request (the “Registration Notice”) to all other holders of
Registrable Securities and will thereupon use its best efforts to effect the
registration (a “Demand Registration”) under the Securities Act on any
form available to the Company of:

 

(i)            the
Registrable Securities requested to be registered by the Requesting Holder;

 

(ii)           all
other Registrable Securities of the same type and class which the Company has
received a written request to register within 30 days after the Registration
Notice is given and any securities of the Company proposed to be included in
such registration by the Company for its own account; and

 

(iii)          any
securities of the Company proposed to be included in such registration by the
holders of registration rights granted other than pursuant to this Agreement (“Other
Registration Rights”).

 

(b)           A
registration undertaken by the Company at the request of the Requesting Holder
will not count as a Demand Registration:

 

(i)            if,
pursuant to the Vestar Demand Right, the Requesting Holder fails to register
and sell at least 75% of the Registrable Securities requested to be included in
such registration by it, unless such failure results from any act of, or
failure to act by, the Requesting Holder (provided that if the
Requesting Holder withdraws its Registration Request prior to the time the
registration statement therefore is declared effective and promptly reimburses
the Company for all Registration Expenses incurred by the Company in connection
with effecting such registration, such Registration Request shall not count as
a Demand Registration); or

 

(ii)           if
the Requesting Holder withdraws a Registration Request (A) upon the
determination of the Board to postpone the filing or effectiveness of a
Registration Statement pursuant to Section 2.2(d) or (B) within
ten days of receiving notice from the Company of its intent to exercise its
Priority Right in connection with such registration.

 

(c)           If
the sole or managing underwriter of a Demand Registration advises the Company
in writing that in its opinion the number of Registrable Securities and other
securities requested to be included exceeds the number of Registrable
Securities and other securities which can be sold in such offering without
adversely affecting the distribution of the securities being offered, the price
that will be paid in such offering or the marketability thereof, the Company
will include in such registration the greatest number of (i) Registrable
Securities proposed to be registered by the holders thereof, (ii) securities
having Other Registration Rights that are pari passu with the demand rights
granted in respect of Registrable Securities hereunder proposed to be
registered by the holders thereof and (iii) securities proposed to be
registered by the Company for its own account which in the opinion of such
underwriters can be sold in such offering without

 

6

 

adversely affecting the distribution of the securities being offered,
the price that will be paid in such offering or the marketability thereof,
ratably among the holders of Registrable Securities, the holders of such Other
Registration Rights and the Company, based (A) as between the Company and
such holders requesting registration, on the respective amounts of securities
requested to be registered, and (B) as among the holders requesting
registration (whether the Requesting Holder or otherwise), on the respective
amounts of Registrable Securities (whether requested to be registered pursuant
to Sections 2.1, 2.2 or 2.3) and securities subject to such Other Registration
Rights, as the case may be, held by each such holder; provided, however, that
the Company shall have the right (the “Priority Right”) to receive
priority over all holders of Registrable Securities in any Demand Registration
to be effected under this Section 2.2 with respect to securities that the
Company proposes to include in such registration for its own account by giving
written notice of its election to exercise such Priority Right to the holders
of Registrable Securities requesting registration thereof.

 

(d)           Except
as otherwise provided in this Section 2.2(d), the Company shall be
obligated to effect six Demand Registrations pursuant to a Vestar Demand
Right.  Any Demand Registration requested
must be for a firmly underwritten public offering to be managed by an
underwriter or underwriters of recognized national standing selected by the
Requesting Holder and reasonably acceptable to the Company.

 

(e)           Other
Registration Rights.  The Company
represents and warrants that neither it nor any of its subsidiaries is a party
to, or otherwise subject to, any other agreement granting registration rights
to any other person with respect to any securities of the Company.  The Company shall not grant any Incidental
Registration rights to any person that are superior to those provided to the
Covered Persons herein without the consent of the Covered Persons holding
two-thirds of the Registrable Securities that are then entitled to Incidental
Registration rights pursuant to Section 2.3.

 

Section 2.3             Incidental Registration.

 

(a)           Requests
for Incidental Registration.  At any
time the Company proposes to register any shares of Class A Common Stock
under the Securities Act (other than an Exchange Registration or registrations
on such form(s) solely for registration of shares of Class A Common
Stock in connection with any employee benefit plan or dividend reinvestment
plan or a merger or consolidation), including registrations pursuant to Section 2.2(a),
whether or not for sale for its own account, the Company will give written
notice to each holder of Registrable Securities at least thirty (30) days prior
to the initial filing of such Registration Statement with the SEC of its intent
to file such registration statement and of such holder’s rights under this Section 2.3.  Upon the written request of any holder of
Registrable Securities made within twenty (20) days after any such notice is
given (which request shall specify the Registrable Securities intended to be
disposed of by such holder), the Company will use its best efforts to effect
the registration (an “Incidental Registration”) under the Securities Act
of all Registrable Securities which the Company, as the case may be, has been
so requested to register by the holders thereof; provided, however,
that if, at any time after giving written notice of its intention to register
any securities and prior to the effective date of the Registration Statement
filed in

 

7

 

connection with such Incidental Registration, the Company shall
determine for any reason not to register or to delay registration of such
securities, the Company may, at its election, give written notice of such
determination to each holder of Registrable Securities and, thereupon, (a) in
the case of a determination not to register, the Company shall be relieved of
its obligation to register any Registrable Securities under this Section 2.3
in connection with such registration (but not from its obligation to pay the
expenses incurred in connection therewith), and (b) in the case of a
determination to delay registration, the Company shall be permitted to delay
registering any Registrable Securities under this Section 2.3 during the
period that the registration of such other securities is delayed.

 

(b)           Priority
on Incidental Registration.  If the
sole or managing underwriter of a registration advises the Company in writing
that in its opinion the number of Registrable Securities and other securities
requested to be included exceeds the number of Registrable Securities and other
securities which can be sold in such offering without adversely affecting the
distribution of the securities being offered, the price that will be paid in
such offering or the marketability thereof, the Company will include in such
registration the Registrable Securities and other securities of the Company in
the following order of priority:

 

(i)            first,
the greatest number of securities of the Company proposed to be included in
such registration by the Company for its own account and by holders of Other
Registration Rights that have priority over the Incidental Registration rights
granted to holders of Registrable Securities under this Agreement, which in the
opinion of such underwriters can be so sold; and

 

(ii)           second,
after all securities that the Company proposes to register for its own account
or for the accounts of holders of Other Registration Rights that have priority
over the Incidental Registration rights under this Agreement have been
included, the greatest amount of Registrable Securities and securities having
Other Registration Rights that are pari passu with Registrable
Securities, in each case requested to be registered by the holders thereof
which in the opinion of such underwriters can be sold in such offering without
adversely affecting the distribution of the securities being offered, the price
that will be paid in such offering or the marketability thereof, ratably among
the holders of Registrable Securities (whether requested to be registered
pursuant to Sections 2.1, 2.2 or 2.3) and securities subject to such Other
Registration Rights based on the respective amounts of Registrable Securities
and securities subject to such Other Registration Rights held by each such
holder.

 

(c)           Upon
delivering a request under this Section 2.3, a Covered Person (excluding
Vestar and its affiliates, but including any other Permitted Transferee of any
thereof) will, if requested by the Company, execute and deliver a custody
agreement and power of attorney in form and substance reasonably satisfactory
to the Company and Vestar with respect to such Covered Person’s Securities to
be registered pursuant to this Section 2.3 (a “Custody Agreement and
Power of Attorney”).  The Custody
Agreement and Power of Attorney will provide, among other things, that the
Covered Person will

 

8

 

deliver to and deposit in custody with the custodian and
attorney-in-fact named therein (who shall be reasonably satisfactory to Vestar)
a certificate or certificates representing such Securities (duly endorsed in
blank by the registered owner or owners thereof or accompanied by duly executed
stock powers in blank) and irrevocably appoint said custodian and
attorney-in-fact with full power and authority to act under the Custody
Agreement and Power of Attorney on such Covered Person’s behalf with respect to
the matters specified therein.  Such
Covered Person also agrees to execute such other agreements as the Company may
reasonably request to further evidence the provisions of this Section 2.3.

 

(d)                                 Notwithstanding anything to
the contrary herein, after the time the Company has caused to become effective
an Exchange Registration, covering all shares to be registered pursuant to Section 2.1
hereof, and continuing for so long as such Exchange Registration remains
effective and available for use, any Covered Person who is not an “affiliate”
of the Company for purposes of Rule 144 or the holder of at least 3% of
the then-outstanding Class A Common Stock on a fully-diluted basis
(including giving effect to the exchange of all Holdings Units held by Persons
other than the Company for shares of Class A Common Stock) shall cease to
have any Incidental Registration rights pursuant to this Section 2.3.

 

Section 2.4                                      Holdback
Agreements.

 

(a)                                  Each Covered Person agrees
that if requested in writing in connection with an underwritten offering made
pursuant to a Registration Statement for which such Covered Person has
registration rights pursuant to this Article II by the managing
underwriter or underwriters of such underwritten offering, such holder will not
effect any Public Sale or distribution of any of the securities being
registered or any securities convertible or exchangeable or exercisable for
such securities (except as part of such underwritten offering), during the
period beginning 10 days prior to, and ending 180 days after, the effective
date of the Company’s initial public offering of the Class A Common Stock
(the “IPO Holdback Period”), except as part of such Initial Public
Offering, or, in the case of any subsequent underwritten offering pursuant to
this Agreement, during the period beginning seven days prior to, and ending 90
days after, the effective date of any such subsequent underwritten registration
(the “Follow-On Holdback Period”), except as part of any such
underwritten registration (or for such shorter period as to which the managing
underwriter or underwriters may agree, provided that such shorter period
applies equally to all Covered Persons). 
If (i) the Company issues an earnings release or discloses other
material information or a material event relating to the Company occurs during
the last 17 days of the IPO Holdback Period or a Follow-On Holdback Period (as
applicable) or (ii) prior to the expiration of the IPO Holdback Period or
a Follow-On Holdback Period (as applicable), the Company announces that it will
release earnings results during the 16-day period beginning upon the expiration
of such period, then to the extent necessary for a managing or co-managing
underwriter of a registered offering required hereunder to comply with FINRA Rule 2711(f)(4),
the IPO Holdback Period or the Follow-On Holdback Period (as applicable) will
be extended until 18 days after the earnings release or disclosure of other
material information or the occurrence of the material event, as the case may
be (a “Holdback Extension”). 
Notwithstanding the 

 

9

 

foregoing, no Follow-On Holdback Period shall apply to any person who (i) is
not an executive officer or director of the Company, a selling stockholder in
such offering or a person selling Holdings Units to the Company, Holdings or
any of the their respective subsidiaries if such purchase is funded by the sale
of Class A Common Stock by the Company, Holdings or any of their
respective subsidiaries in such offering and (ii) holds, together with its
affiliates, less than 1% of the then-outstanding Class A Common Stock.

 

(b)                                 The Company agrees (i) not
to effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisable for such securities,
during the seven days prior to and during the 180-day period beginning on the
effective date of any underwritten Demand Registration (or for such shorter
period as to which the managing underwriter or underwriters may agree), except
as part of such Demand Registration or in connection with an Exchange
Registration or any employee benefit or similar plan, any dividend reinvestment
plan, or a business acquisition or combination and (ii) to use all
reasonable efforts to cause each holder of 
at least 5% (on a fully-diluted basis) of its Class A Common Stock,
or any securities convertible into or exchangeable or exercisable for such Class A
Common Stock, which are or may be purchased from the Company at any time after
the date of this Agreement (other than in a registered offering) to agree not
to effect any sale or distribution of any such Class A Common Stock during
such period (except as part of such underwritten offering, if otherwise
permitted).

 

Section 2.5                                      Registration
Procedures.  In
connection with any request by the Requesting Holder that Registrable
Securities be registered pursuant to Sections 2.2 or 2.3, subject to the
provisions of such Sections, the paragraphs below shall be applicable, and in
connection with any Exchange Registration pursuant to Section 2.1,
paragraphs (a), (c), (d), (e), (f), (k), (l) and (n) below shall be
applicable:

 

(a)                                  The Company shall as
expeditiously as reasonably practicable prepare and file with the SEC a
registration statement on any form for which the Company then qualifies or that
counsel for the Company shall deem appropriate and which form shall be
available for the registration of the Registrable Securities to be registered
thereunder in accordance with the intended method of distribution thereof, and
use its commercially reasonable efforts to cause such filed registration
statement to become and remain effective for a period of not less than 40 days,
or in the case of an Exchange Registration until all of the Registrable
Securities of the Covered Persons included in any such registration statement
(each, a “Registering Covered Person”) shall have actually been
exchanged thereunder.

 

(b)                                 Prior to filing a
registration statement or prospectus or any amendment or supplement thereto,
the Company shall, if requested, furnish to each Registering Covered Person and
each underwriter, if any, of the Registrable Securities covered by such
registration statement copies of such registration statement as proposed to be
filed, and thereafter the Company shall furnish to such Registering Covered
Person and underwriter, if any, such number of copies of such registration
statement, each amendment and supplement thereto (in each case including all
exhibits thereto and documents incorporated by reference therein), the
prospectus included in such 

 

10

 

registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A
under the Securities Act and such other documents as such Registering Covered
Person or underwriter may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such Registering Covered
Person.  The Registering Covered Person
shall have the right to request that the Company modify any information
contained in such registration statement, amendment and supplement thereto
pertaining to such Registering Covered Person and the Company shall use its all
commercially reasonable efforts to comply with such request, provided, however,
that the Company shall not have any obligation to so modify any information if
the Company reasonably expects that so doing would cause the prospectus to
contain an untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading.

 

(c)                                  After the filing of the
registration statement, the Company shall (i) cause the related prospectus
to be supplemented by any required prospectus supplement, and, as so
supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply
with the provisions of the Securities Act with respect to the disposition of
all Registrable Securities covered by such registration statement during the
applicable period in accordance with the intended methods of disposition by the
Registering Covered Person thereof set forth in such registration statement or
supplement to such prospectus and (iii) promptly notify each Registering
Covered Person holding Registrable Securities covered by such registration
statement of any stop order issued or threatened by the SEC suspending the
effectiveness of such registration statement or any state securities commission
and take all commercially reasonable efforts to prevent the entry of such stop
order or to obtain the withdrawal of such order if entered.

 

(d)                                 To the extent any “free
writing prospectus” (as defined in Rule 405 under the Securities Act) is
used, the Company shall file with the SEC any free writing prospectus that is
required to be filed by the Company with the SEC in accordance with the
Securities Act and retain any free writing prospectus not required to be filed.

 

(e)                                  The Company shall use its
commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by such registration statement under such other securities
or “blue sky” laws of such jurisdictions in the United States as any
Registering Covered Person holding such Registrable Securities or each
underwriter, if any, reasonably (in light of such member’s intended plan of
distribution) requests and (ii) cause such Registrable Securities to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Company and
do any and all other acts and things that may be reasonably necessary or
advisable to enable such Registering Covered Person to consummate the
disposition of the Registrable Securities owned by such person, provided that
the Company shall not be required to (A) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for
this Section 2.5(e), (B) subject itself to taxation in any such
jurisdiction or (C) consent to general service of process in any such
jurisdiction.

 

11

 

(f)                                    The Company shall
immediately notify each Registering Covered Person holding such Registrable
Securities covered by such registration statement or each underwriter, if any,
at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such
prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein not misleading and promptly prepare and make available to
each such Registering Covered Person or underwriter, if any, and file with the
SEC any such supplement or amendment.

 

(g)                                 The Requesting Holder shall
select an underwriter or underwriters in connection with any Public
Offering.  In connection with any Public
Offering, the Company shall enter into customary agreements (including an
underwriting agreement in customary form) and take such all other actions as
are reasonably required in order to expedite or facilitate the disposition of
such Registrable Securities in any such Public Offering, including if necessary
the engagement of a “qualified independent underwriter” in connection with the
qualification of the underwriting arrangements with FINRA.

 

(h)                                 Subject to the execution of
confidentiality agreements satisfactory in form and substance to the Company in
the exercise of its good faith judgment, pursuant to the reasonable request of
the Requesting Holder or underwriter (if any), the Company will give to each
Registering Covered Person, each underwriter (if any) and their respective
counsel and accountants (i) reasonable and customary access to its books
and records and (ii) such opportunities to discuss the business of the
Company with its directors, officers, employees, counsel and the independent
public accountants who have certified its financial statements, as shall be
appropriate, in the reasonable judgment of counsel to such Registering Covered
Person or underwriter, to enable them to exercise their due diligence
responsibility.

 

(i)                                     The Company shall use its
commercially reasonable efforts to furnish to each Registering Covered Person
and to each such underwriter, if any, a signed counterpart, addressed to such
person or underwriter, of (i) an opinion or opinions of counsel to the
Company and (ii) a comfort letter or comfort letters from the Company’s
independent public accountants, each in customary form and covering such
matters of the kind customarily covered by opinions or comfort letters, as the
case may be, as the Requesting Holder or underwriter reasonably requests.

 

(j)                                     Each Registering Covered
Person registering securities under Sections 2.2 or 2.3 shall promptly furnish
in writing to the Company the information set forth in Appendix B and such
other information regarding itself, the distribution of the Registrable
Securities as the Company may from time to time reasonably request and such
other information as may be legally required or advisable in connection with
such registration.

 

(k)                                  Each Registering Covered
Person and each underwriter, if any, agrees that, upon receipt of any notice
from the Company of the happening of any event of the 

 

12

 

kind described in Section 2.5(f), such Registering Covered Person
or underwriter shall forthwith discontinue disposition of Registrable
Securities pursuant to the registration statement covering such Registrable
Securities until such Registering Covered Person’s or underwriter’s receipt of
the copies of the supplemented or amended prospectus contemplated by Section 2.5(f),
provided, however, that, upon written notice to each Registering
Covered Person and each underwriter, if any, and for a reasonable time
specified in the notice but not exceeding 60 days thereafter or 90 days in any
365 day period (the “Suspension Period”), the Company may suspend the
use or effectiveness of any registration statement if the Company’s Board
reasonably believes that the Company is in possession of material non-public
information, the failure of which to be disclosed in the prospectus included in
the registration statement could constitute a material misstatement or
omission; and, if so directed by the Company, such Registering Covered Person
or underwriter shall deliver to the Company all copies, other than any
permanent file copies then in such Registering Covered Person’s possession, of
the most recent prospectus covering such Registrable Securities at the time of
receipt of such notice.  If the Company
shall give such notice, the Company shall extend the period during which such
registration statement shall be maintained effective (including the period
referred to in Section 2.5(a)) by the number of days during the period
from and including the date of the giving of notice pursuant to Section 2.5(f) to
the date when the Company shall make available to such Registering Covered
Person a prospectus supplemented or amended to conform with the requirements of
Section 2.5(f).

 

(l)                                     The Company shall use its
commercially reasonable efforts to list all Registrable Securities covered by
such registration statement on any securities exchange or quotation system on
which any of the Registrable Securities are then listed or traded.

 

(m)                               The Company shall cause
appropriate officers of the Company or Holdings to (i) prepare and make
presentations at any “road shows” and before analysts and rating agencies, as
the case may be, (ii) take other actions to obtain ratings for any
Registrable Securities and (iii) otherwise use their commercially
reasonable efforts to cooperate as reasonably requested by the underwriters in
the offering, marketing or selling of the Registrable Securities.

 

(n)                                 The Company shall cooperate
with the Registering Covered Persons to facilitate the timely delivery of
Registrable Securities to be sold, which shall not bear any restrictive
legends, and to enable such Registrable Securities to be issued in such
denominations and registered in such names as such Registering Covered Persons
may reasonably request at least two business days prior to the closing of any
sale of Registrable Securities.

 

Section 2.6                                      Indemnification
by the Company.  In the
event of any registration of any Registrable Securities of the Company under
the Securities Act pursuant to this Article II, the Company will, and it
hereby does, indemnify and hold harmless, to the extent permitted by law, a
Registering Covered Person, each affiliate of such Registering Covered Person
and their respective directors and officers or general and limited partners or
members and managing members (including any director, officer, affiliate,
employee, agent and controlling person of any of the foregoing) and each other
person, if any, who controls such seller within the meaning of 

 

13

 

the Securities Act (collectively, the “Indemnified Parties”),
from and against any and all losses, claims, damages and liabilities
(including, without limitation, legal fees and other expenses incurred in
connection with any suit, action or proceeding or any claim asserted, as such
fees and expenses are incurred), joint or several, that arise out of, or are
based upon, (1) any untrue statement or alleged untrue statement of a
material fact contained in any registration statement or amendment or
supplement thereto under which such Registrable Securities were registered or
any omission or alleged omission to state therein a material fact required to
be stated therein or necessary in order to make the statements therein not
misleading, or (2) any untrue statement or alleged untrue statement of a
material fact contained in any prospectus, any free writing prospectus or any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under
the Securities Act in respect of the Registrable Securities, or amendment or
supplement thereto, or any omission or alleged omission to state therein a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided,
that the Company shall not be liable to any Indemnified Party in any such case
to the extent that any such loss, claim, damage, liability (or action or
proceeding in respect thereof) or expense arises out of or is based upon any
untrue statement or alleged untrue statement or omission or alleged omission
made in such registration statement, prospectus, any free writing prospectus or
any “issuer information” filed or required to be filed pursuant to Rule 433(d) under
the Securities Act in respect of the Registrable Securities, or amendment or
supplement thereto, in reliance upon and in conformity with written information
furnished to the Company with respect to such seller or any underwriter
specifically for use in the preparation thereof.

 

Section 2.7                                      Indemnification
by Registering Covered Persons.  Each Registering Covered Person hereby
indemnifies and holds harmless, and the Company may require, as a condition to
including any Registrable Securities in any registration statement filed in
accordance with this Article II, that the Company shall have received an
undertaking reasonably satisfactory to it from any underwriter to indemnify and
hold harmless, the Company and all other prospective sellers of Registrable
Securities, each officer of the Company who signed the Registration Statement
and each person, if any, who controls the Company and all other prospective
sellers of Registrable Securities within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the
indemnity set forth in Section 2.6 above, but only with respect to any
losses, claims, damages or liabilities that 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 written information furnished to the
Company with respect to such seller or any underwriter specifically for use in
the preparation of such registration statement, prospectus, any free writing
prospectus or any “issuer information” filed or required to be filed pursuant
to Rule 433(d) under the Securities Act in respect of the Registrable
Securities, or amendment or supplement thereto. 
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company, any of the Registering
Covered Persons or any underwriter, or any of their respective affiliates,
directors, officers or controlling persons and shall survive the transfer of
such securities by such person.  In no
event shall any such indemnification liability of any Registering Covered
Person be greater in amount than the dollar amount of the proceeds received by
such Registering Covered Person upon the sale of the Registrable Securities
giving rise to such indemnification obligation.

 

14

 

Section 2.8                                      Conduct of
Indemnification Proceedings.  Promptly after receipt by an Indemnified
Party hereunder of written notice of the commencement of any action or
proceeding with respect to which a claim for indemnification may be made
pursuant to this Article II, such Indemnified Party will, if a claim in
respect thereof is to be made against an indemnifying party, give written
notice to the latter of the commencement of such action; provided, that the
failure of the Indemnified Party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under this Article II,
except to the extent that the indemnifying party is materially prejudiced by
such failure to give notice.

 

In case any such action is
brought against an Indemnified Party, unless in such Indemnified Party’s
reasonable judgment a conflict of interest between such Indemnified Party and
indemnifying parties may exist in respect of such claim, the indemnifying party
will be entitled to participate in and to assume the defense thereof, jointly
with any other indemnifying party similarly notified to the extent that it may
wish, with counsel reasonably satisfactory to such Indemnified Party, and after
notice from the indemnifying party to such Indemnified Party of its election so
to assume the defense thereof, the indemnifying party will not be liable to
such Indemnified Party for any legal or other expenses subsequently incurred by
the latter in connection with the defense thereof other than reasonable costs
of investigation.  It is understood and
agreed that the indemnifying person shall not, in connection with any
proceeding or related proceeding in the same jurisdiction, be liable for the
fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Parties, and that all such fees and expenses shall
be reimbursed as they are incurred. Any such separate firm (x) for any
Covered Person, its affiliates, directors and officers and any control persons
of such Indemnified Party shall be designated in writing by the Requesting
Holder, (y) in all other cases shall be designated in writing by the
Board.  The indemnifying person shall not
be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the indemnifying person agrees to indemnify each Indemnified
Party from and against any loss or liability by reason of such settlement or
judgment.  No indemnifying person shall,
without the 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 indemnification could have been sought hereunder
by such Indemnified Party, unless such settlement (A) includes an
unconditional release of such Indemnified Party, in form and substance
reasonably satisfactory to such Indemnified Party, from all liability on claims
that are the subject matter of such proceeding and (B) does not include
any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any Indemnified Party.

 

Section 2.9                                      Contribution.  If the indemnification provided for in this Article II
from the indemnifying party is unavailable to an Indemnified Party hereunder in
respect of any losses, claims, damages, liabilities or expenses referred to
herein, then the indemnifying party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such losses, claims, damages, liabilities or expenses in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party and Indemnified Parties in connection with the actions which resulted in
such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations.  The
relative fault of such indemnifying party and Indemnified Parties shall be determined
by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a 

 

15

 

material fact or omission or alleged omission to state a material fact,
has been made by, or relates to information supplied by, such indemnifying
party or Indemnified Parties, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action.  The amount paid or payable by a party under
this Section 2.9 as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include any legal or other
fees or expenses reasonably incurred by such party in connection with any
investigation or proceeding.

 

The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 2.9
were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in the
immediately preceding paragraph.  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.

 

Section 2.10                                Participation
in Public Offering.  No Covered
Person may participate in any Public Offering hereunder unless such Covered
Person (a) agrees to sell such Covered Person’s securities on the basis
provided in any underwriting arrangements approved by the Covered Persons
entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements and the provisions of this Agreement in respect of
registration rights.

 

Section 2.11                                Other
Indemnification. 
Indemnification similar to that specified herein (with appropriate
modifications) shall be given by the Company and the Registering Covered Person
participating therein with respect to any required registration or other
qualification of securities under any federal or state law or regulation or
Governmental Authority other than the Securities Act.

 

Section 2.12                                Rules 144
and 144A.  At all
times after the Company effects the initial public offering of the Class A
Common Stock, the Company shall use its commercially reasonable efforts to file
the reports required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations promulgated thereunder (or, if
the Company is not required to file such reports, upon the request of any
Covered Person, to make publicly available such information as may be required
to be provided under Rule 144 under the Securities Act), and will use
commercially reasonable efforts to take such further action as any Covered
Person may reasonably request, all to the extent required from time to time to
enable such Covered Person to sell Registrable Securities without registration
under the Securities Act within the limitation of the exemptions provided by (i) Rule 144
under the Securities Act, as such Rule may be amended from time to time,
or (ii) any similar rule or regulation hereafter adopted by the
SEC.  Upon the request of any Covered
Person, the Company shall deliver to such Covered Person a written statement as
to whether it has complied with such requirements.  Notwithstanding anything contained in this Section 2.12,
the Company may deregister under Section 12 of the Exchange Act if it then
is permitted to do so pursuant to the Exchange Act and the rules and
regulations thereunder.

 

16

 

Section 2.13                                Parties in
Interest.  Each
Covered Person shall be entitled to receive the benefits of this Agreement and
shall be bound by the terms and provisions of this Agreement by reason of such
Covered Person’s election to participate in a registration under this Article II.  To the extent Holdings Units are effectively transferred in
accordance with the terms of the Holdings LLC Agreement, the Permitted Transferee of such Holdings Units shall be entitled to receive
the benefits of this Agreement and shall be bound by the terms and provisions
of this Agreement upon becoming bound hereby pursuant to Section 3.1(c).

 

Section 2.14                                Acknowledgement
Regarding the Company.  Other
than those determinations reserved expressly to the Requesting Holder, all
determinations necessary or advisable under this Article II shall be made
by the Board, the determinations of which shall be final and binding.

 

Section 2.15                                Mergers,
Recapitalizations, Exchanges or Other Transactions Affecting Registrable
Securities.  The
provisions of this Agreement shall apply to the full extent set forth herein
with respect to the Registrable Securities, to any and all securities or units
of Holdings or the Company or any successor or assign of any such person
(whether by merger, amalgamation, consolidation, sale of assets or otherwise)
that may be issued in respect of, in exchange for, or in substitution of such Registrable
Securities, by reason of any dividend, split, issuance, reverse split,
combination, recapitalization, reclassification, merger, amalgamation,
consolidation or otherwise.

 

ARTICLE
III

MISCELLANEOUS

 

Section 3.1                                      Term of the
Agreement; Termination of Certain Provisions.

 

(a)                                  The term of
this Agreement shall continue until the first to occur of (i) such time as
no Covered Person holds any Covered Holdings Units or Registrable Securities
and (ii) such time as the Agreement is terminated by both of (A) Vestar
(to the extent it or its affiliates holds Covered Holdings Units or Registrable
Securities), (B) Edward L. Donnelly, Jr. (to the extent he or his
affiliates continues to hold a number of Covered Holdings Units that is equal
to or greater than 3% of the number of Holdings Units outstanding immediately
following the closing of the Initial Public Offering and the related repurchase
of Holdings Units with the proceeds therefrom (such number to be adjusted for
any subdivision or combination of the Holdings Units effected after the closing
of the Initial Public Offering)) and (C) holders of two thirds of the
outstanding Covered Holdings Units. This Agreement may be amended only with the
consent of the Company and the holders of Covered Holdings Units required to
terminate this Agreement.

 

(b)                                 Unless this
Agreement is theretofore terminated pursuant to Section 3.1(a) hereof,
a Covered Person shall be bound by the provisions of this Agreement with
respect to any Covered Holdings Units or Registrable Securities until such time
as such Covered Person ceases to hold any Covered Holdings Units or Registrable
Securities.  Thereafter, such Covered
Person shall no longer be bound by the provisions of this Agreement other than Sections
2.7, 2.8, 2.9 and 2.11 and this Article III.

 

17

 

(c)                                  Any Permitted
Transferee of a Covered Person shall be entitled to become part to this
agreement as a Covered Person; provided, that, such Permitted Transferee shall
first sign an agreement in the form approved by the Company acknowledging that
such Permitted Transferee is bound by the terms and provisions of the
Agreement.

 

Section 3.2                                      Assignment;
Successors.  This
Agreement shall be binding upon and inure to the benefit of the respective
legatees, legal representatives, successors and assigns of the Covered Persons;
provided, however, that a Covered Person may not assign this Agreement or any
of his rights or obligations hereunder, and any purported assignment in breach
hereof by a Covered Person shall be void except for any transfer to a Permitted
Transferee in accordance with this Agreement; and provided further that no
assignment of this Agreement by the Company or to a successor of the Company
(by operation of law or otherwise) shall be valid unless such assignment is
made to a person which succeeds to the business of such person substantially as
an entirety.

 

Section 3.3                                      Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

Section 3.4                                      Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or rule in
any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other provision or any other jurisdiction, but this Agreement shall
be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

Section 3.5                                      Entire
Agreement.  Except as
otherwise expressly set forth herein, this document embodies the complete
agreement and understanding among the parties hereto with respect to the
subject matter hereof and supersedes and preempts any prior understandings,
agreements or representations by or among the parties, written or oral, which
may have related to the subject matter hereof in any way.

 

Section 3.6                                      Successors and
Assigns; Certain Transferees Bound Hereby.  Except as otherwise provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by each of
the Company and Holdings and their successors and assigns, and by the Covered
Persons and their respective successors and assigns so long as they hold shares
of Class A Common Stock or Holdings Units.

 

Section 3.7                                      Counterparts.  This Agreement may be executed in separate
counterparts each of which shall be an original and all of which taken together
shall constitute one and the same agreement.

 

Section 3.8                                      Remedies.  The Company, Holdings and the Covered Persons
shall be entitled to enforce their rights under this Agreement specifically, to
recover damages by reason of any breach of any provision of this Agreement
(including costs of enforcement) and to exercise all other rights existing in
their favor.  The parties hereto agree
and acknowledge that 

 

18

 

money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that,
in addition to any other rights and remedies existing in its favor, the
Company, Holdings or any Covered Person may in its or his sole discretion apply
to any court of law or equity of competent jurisdiction for specific
performance and/or other injunctive relief (without posting a bond or other
security) in order to enforce or prevent any violation of the provisions of
this Agreement.

 

Section 3.9                                      Notices.  All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be given (and
shall be deemed to have been duly given upon receipt) by delivery in person, by
courier service, by fax, by electronic mail (delivery receipt requested) or by
registered or certified mail (postage prepaid, return receipt requested) to the
respective parties at the following addresses (or at such other address for a
party as shall be as specified in a notice given in accordance with this Section 3.9):

 

(a)                                  If to the Company at:

 

DynaVox Inc.

2100 Wharton Street

Suite 400

Pittsburgh, PA 15203

Attention:  Chief Executive Officer

 

with a copy to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017-3954

Attention:  Joshua Ford Bonnie, Esq.

 

(b)                                 If to Holdings at:

 

DynaVox Systems Holdings LLC

2100 Wharton Street

Suite 400

Pittsburgh, PA 15203

Attention:  Chief Executive Officer

 

with a copy to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017-3954

Attention:  Joshua Ford Bonnie, Esq.

 

(c)                                  If to any Covered Person, to
the address and other contact information set forth in the records of Holdings
from time to time.

 

19

 

Section 3.10                                Governing Law.  The Delaware Limited Liability Company Act
shall govern all questions arising under this Agreement concerning the relative
rights of Holdings and the holders of its limited liability company
interests.  The Delaware General Company
Law shall govern all questions arising under this Agreement concerning the
relative rights of the Company and its stockholders.  All other questions concerning the
construction, validity and interpretation of this Agreement shall be governed
by and construed in accordance with the domestic laws of the State of New York
applicable to contracts made and to be performed in the State of New York.

 

Section 3.11                                Specific
Performance.  Each party
hereto acknowledges that the remedies at law of the other parties for a breach
or threatened breach of this Agreement would be inadequate and, in recognition
of this fact, any party to this Agreement, without posting any bond, and in
addition to all other remedies that may be available, shall be entitled to
obtain equitable relief in the form of specific performance, a temporary
restraining order, a temporary or permanent injunction or any other equitable
remedy that may be then available.

 

Section 3.12                                Descriptive
Headings.  The
descriptive headings of this Agreement are inserted for convenience only and do
not constitute a part of this Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

20

 

IN WITNESS WHEREOF, the
parties hereto have duly executed or caused to be duly executed this Agreement
as of the dates indicated.

 

	
   

  	
  DYNAVOX INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  COVERED PERSONS

  
	
   

  	
   

  
	
   

  	
  Each Covered Person set forth on Annex A hereto

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title: Attorney-in-fact

  

 

[Registration Rights Agreement]

 

 

Appendix A

 

DYNAVOX
INC.

 

Covered
Person  Questionnaire

 

The
undersigned Covered Person understands that the Company has filed or intends to
file with the SEC a registration statement for the registration of the shares
of Class A Common Stock (as such may be amended, the “Registration
Statement”), in accordance with Sections 2.2 or 2.3 of the Registration
Rights Agreement, dated as of            ,
2010 (the “Registration Rights Agreement”), among the Company and the
Covered Persons referred to therein.  A
copy of the Agreement is available from the Company upon request at the address
set forth below.  All capitalized terms
used and not otherwise defined herein shall have the meanings ascribed thereto
in the Registration Rights Agreement.

 

NOTICE

 

The
undersigned Covered Person hereby gives notice to the Company of its intention
to register Registrable Securities beneficially owned by it and listed below in
Item 3 (unless otherwise specified under Item 3) pursuant to the Registration
Statement.  The undersigned, by signing
and returning this Questionnaire, understands that it will be bound by the
terms and conditions of this Questionnaire and the Registration Rights
Agreement.

 

Pursuant
to the Registration Rights Agreement, the undersigned has agreed to indemnify
and hold harmless the Company and all other prospective sellers of Registrable
Securities, each officer of the Company who signed the Registration Statement
and each person, if any, who controls the Company and all other prospective
sellers of Registrable Securities within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and
all losses, claims, damages and liabilities arising in connection with
statements made or omissions concerning the undersigned in the Registration
Statement, prospectus, any free writing prospectus or any “issuer information”
in reliance upon the information provided in this Questionnaire.

 

The
undersigned Covered Person hereby provides the following information to the
Company and represents and warrants that such information is accurate and
complete:

 

QUESTIONNAIRE

 

1.                                      Name.

 

(a)                                  Full Legal Name
of Covered Person:

 

 

(b)                                 Full Legal Name
of Covered Person (if not the same as (a) above) through which Registrable
Securities Listed in Item 3 below are held:

 

 

 

(c)                                  Full Legal name
of DTC Participant (if applicable and if not the same as (b) above)
through which Registrable Securities listed in Item 3 below are held:

 

 

(d)                                 Full Legal Name
of natural control person (which means a natural person who directly or
indirectly alone or with others has power to vote or dispose of the Registrable
Securities listed in Item 3 below):

 

 

2.                                      Address for Notices to Covered Person:

 

 

 

Telephone:

Fax:

Email:

Contact Person:

 

3.                                      Beneficial Ownership of Registrable Securities:

 

Number of Registrable Securities beneficially owned:

 

 

 

4.                                      Broker-Dealer Status:

 

(a)                                  Are you a
broker-dealer?

 

	
  Yes

  	
   ̈

  	
  No

  	
   ̈

  	
   

  

 

Note:                   If yes, the SEC’s staff has
indicated that you should be identified as an underwriter in the Registration
Statement.

 

(b)                                 Are you an
affiliate of a broker-dealer?

 

	
  Yes

  	
   ̈

  	
  No

  	
   ̈

  	
   

  

 

If yes, please identify the broker-dealer with whom
the Covered Person is affiliated and the nature of the affiliation:

 

 

 

2

 

(c)                                  If you are an
affiliate of a broker-dealer, do you certify that you bought the Registrable
Securities in the ordinary course of business, and at the time of the purchase
of the Registrable Securities to be resold, you had no agreements or
understandings, directly or indirectly, with any person to distribute the
Registrable Securities?

 

	
  Yes

  	
   ̈

  	
  No

  	
   ̈

  	
   

  

 

Note:                   If no, the SEC’s staff has
indicated that you should be identified as an underwriter in the Registration
Statement.

 

(d)                                 If you are (1) a
broker-dealer or (2) an affiliate of a broker-dealer and answered “no” to
Question 4(c), do you consent to being named as an underwriter in the
Registration Statement?

 

	
  Yes

  	
   ̈

  	
  No

  	
   ̈

  	
   

  

 

5.                                      Beneficial Ownership of Other Securities of the Company Owned by the
Covered Person.

 

Except as set forth below in this
Item 5, the undersigned Covered Person is not the beneficial or registered
owner of any securities of the Company other than the Registrable Securities
listed above in Item 3.

 

Type and Amount of Other Securities beneficially
owned by the Covered Person:

 

 

 

6.                                      Relationships with the Company:

 

Except as set forth below, neither
the undersigned Covered Person nor any of its affiliates, officers, directors
or principal equity holders (owners of 5% or more of the equity securities of
the undersigned) has held any position or office or has had any other material
relationship with the Company (or its predecessors or affiliates) during the
past three years.

 

State any exceptions here:

 

 

 

3

 

7.                                      Intended Method of Disposition of Registrable Securities (Only Applicable
to a Demand Registration Effected Pursuant to Section 2.2 of the
Registration Rights Agreement):

 

Intended Method or Methods of Disposition of
Registrable Securities beneficially owned:

 

 

 

4

 

The
undersigned agrees to promptly notify the Company of any inaccuracies or
changes in the information provided herein that may occur subsequent to the
date hereof and at any time while the Registration Statement remains in effect.

 

By
signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 7 and the inclusion of such
information in the Registration Statement and the related prospectus.  The undersigned understands that such information
will be relied upon by the Company in connection with the preparation or
amendment of the Registration Statement and the related prospectus.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

 

	
  Dated:

  	
   

  	
   

  	
  Beneficial Owner:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
							

 

PLEASE SEND A COPY OF THE COMPLETED
AND EXECUTED QUESTIONNAIRE BY FAX OR ELECTRONIC MAIL, AND RETURN THE ORIGINAL
BY OVERNIGHT MAIL, TO:

 

DynaVox
Inc.

2100 Wharton Street

Suite 400

Pittsburgh, PA 15203

Attention: Chief Financial Officer

Fax:

Electronic Mail:

 

5

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