Document:

Exhibit
      10.4

     

    STOCK
      ESCROW AGREEMENT

     

    STOCK
      ESCROW AGREEMENT, dated as of December 15, 2006 (“Agreement”),
      by
      and among Restaurant Acquisition Partners, Inc., a Delaware corporation (the
      “Company”),
      Christopher R. Thomas, John M. Creed and Clyde E. Culp III (collectively
“Initial
      Stockholders”)
      and
      Continental Stock Transfer & Trust Company, a New York corporation
      (“Escrow
      Agent”).

     

    WHEREAS,
      the Company has entered into an Underwriting Agreement, dated December 15,
      2006 (“Underwriting
      Agreement”)
      with
      Ladenburg Thalmann & Co. Inc. and Capital Growth Financial, LLC acting as
      the representative of the underwriters (the “Underwriters”),
      pursuant to which, among other matters, the Underwriters have agreed to purchase
      3,333,333 units (“Units”)
      of the
      Company. Each Unit consists of one share of the Company’s Common Stock, par
      value $.0001 per share, and two Warrants, each Warrant to purchase one share
      of
      Common Stock, all as more fully described in the Company’s Registration
      Statement, No. 333-129316 on Form S-1 under the Securities Act of 1933, as
      amended (“Registration
      Statement”),
      declared effective on December 14, 2006 (“Effective
      Date”).

     

    WHEREAS,
      the Initial Stockholders have agreed as a condition of the sale of the Units
      to
      deposit their shares of Common Stock of the Company, as set forth opposite
      their
      respective names in Exhibit A attached hereto (collectively “Escrow
      Shares”),
      in
      escrow as hereinafter provided.

     

    WHEREAS,
      the Company and the Initial Stockholders desire that the Escrow Agent accept
      the
      Escrow Shares, in escrow, to be held and disbursed as hereinafter
      provided.

     

    IT
      IS
      AGREED:

     

    1.  Appointment
      of Escrow Agent.
      The
      Company and the Initial Stockholders hereby appoint the Escrow Agent to act
      in
      accordance with and subject to the terms of this Agreement and the Escrow Agent
      hereby accepts such appointment and agrees to act in accordance with and subject
      to such terms.

     

    2.  Deposit
      of Escrow Shares.
      On or
      before the Effective Date, each of the Initial Stockholders shall deliver to
      the
      Escrow Agent certificates representing his respective Escrow Shares, to be
      held
      and disbursed subject to the terms and conditions of this Agreement. Each
      Initial Stockholder acknowledges that the certificate representing his Escrow
      Shares is legended to reflect the deposit of such Escrow Shares under this
      Agreement.

     

    3.  Disbursement
      of the Escrow Shares.
      The
      Escrow Agent shall hold the Escrow Shares until the first anniversary of the
      date of the consummation of an initial business combination (“Escrow
      Period”),
      on
      which date it shall automatically disburse each of the Initial Stockholder’s
      Escrow Shares to such Initial Stockholder; provided, however, that if the Escrow
      Agent is notified by the Company pursuant to Section 6.7 hereof that the Company
      is being liquidated at any time during the Escrow Period, then the Escrow Agent
      shall promptly destroy the certificates representing the Escrow Shares; and
      provided further, that if, after the Company consummates an initial business
      combination, it (or the surviving entity) subsequently consummates a
      liquidation, merger, stock exchange or other similar transaction which results
      in all of the stockholders of such entity having the right to exchange their
      shares of Common Stock for cash, securities or other property, then the Escrow
      Agent will, upon receipt of a certificate executed by the Chief Executive
      Officer, President or Chief Financial Officer of the Company in form reasonably
      acceptable to the Escrow Agent, that such transaction is then being consummated,
      release the Escrow Shares to the Initial Stockholders upon consummation of
      the
      transaction so that they can similarly participate. The Escrow Agent shall
      have
      no further duties hereunder after the disbursement or destruction of the Escrow
      Shares in accordance with this Section 3.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.  Rights
      of Initial Stockholders in Escrow Shares.

     

    4.1  Voting
      Rights as a Stockholder.
      Subject
      to the terms of the Insider Letter described in Section 4.4 hereof and except
      as
      herein provided, the Initial Stockholders shall retain all of their rights
      as
      stockholders of the Company during the Escrow Period, including, without
      limitation, the right to vote such shares.

     

    4.2  Dividends
      and Other Distributions in Respect of the Escrow Shares.
      During
      the Escrow Period, all dividends payable in cash with respect to the Escrow
      Shares shall be paid to the Initial Stockholders, but all dividends payable
      in
      stock or other non-cash property (“Non-Cash
      Dividends”)
      shall
      be delivered to the Escrow Agent to hold in accordance with the terms hereof.
      As
      used herein, the term “Escrow
      Shares”
shall
      be deemed to include the Non-Cash Dividends distributed thereon, if
      any.

     

    4.3  Restrictions
      on Transfer.
      During
      the Escrow Period, no sale, transfer or other disposition may be made of any
      or
      all of the Escrow Shares except (i) by gift to a member or members of any
      Initial Stockholder’s immediate family or to a trust or other entity, the
      beneficiaries or owners of which are Initial Stockholders or a member or members
      of an Initial Stockholder’s immediate family, (ii) by virtue of the laws of
      descent and distribution upon death of any Initial Stockholder or (iii) pursuant
      to a qualified domestic relations order; provided, however, that such permissive
      transfers may be implemented only upon the respective transferee’s written
      agreement to be bound by the terms and conditions of this Agreement and of
      the
      Insider Letter (as defined below) signed by the Initial Stockholder transferring
      the Escrow Shares. During the Escrow Period, the Initial Stockholders shall
      not
      pledge or grant a security interest in the Escrow Shares or grant a security
      interest in their rights under this Agreement.

     

    4.4  Insider
      Letters.
      Each of
      the Initial Stockholders has executed a letter agreement with the Company,
      dated
      as indicated on Exhibit A hereto, and which is filed as an exhibit to the
      Registration Statement (“Insider
      Letter”),
      respecting the rights and obligations of such Initial Stockholder in certain
      events, including but not limited to the liquidation of the
      Company.

     

    5.  Concerning
      the Escrow Agent.

     

    5.1  Good
      Faith Reliance.
      The
      Escrow Agent shall not be liable for any action taken or omitted by it in good
      faith and in the exercise of its own best judgment, and may rely conclusively
      and shall be protected in acting upon any order, notice, demand, certificate,
      opinion or advice of counsel (including counsel chosen by the Escrow Agent),
      statement, instrument, report or other paper or document (not only as to its
      due
      execution and the validity and effectiveness of its provisions, but also as
      to
      the truth and acceptability of any information therein contained) which is
      believed by the Escrow Agent to be genuine and to be signed or presented by
      the
      proper person or persons. The Escrow Agent shall not be bound by any notice
      or
      demand, or any waiver, modification, termination or rescission of this Agreement
      unless evidenced by a writing delivered to the Escrow Agent signed by the proper
      party or parties and, if the duties or rights of the Escrow Agent are affected,
      unless it shall have given its prior written consent thereto.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    5.2  Indemnification.
      The
      Escrow Agent shall be indemnified and held harmless by the Company from and
      against any expenses, including counsel fees and disbursements, or loss suffered
      by the Escrow Agent in connection with any action, suit or other proceeding
      involving any claim which in any way, directly or indirectly, arises out of
      or
      relates to this Agreement, the services of the Escrow Agent hereunder or the
      Escrow Shares held by it hereunder, other than expenses or losses arising from
      the breach of any provision of this Agreement or gross negligence or willful
      misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent
      of notice of any demand or claim or the commencement of any action, suit or
      proceeding, the Escrow Agent shall notify the other parties hereto in writing.
      In the event of the receipt of such notice, the Escrow Agent, in its sole
      discretion, may commence an action in the nature of interpleader in an
      appropriate court to determine ownership or disposition of the Escrow Shares
      or
      it may deposit the Escrow Shares with the clerk of any appropriate court or
      it
      may retain the Escrow Shares pending receipt of a final, non-appealable order
      of
      a court having jurisdiction over all of the parties hereto directing to whom
      and
      under what circumstances the Escrow Shares are to be disbursed and delivered.
      The provisions of this Section 5.2 shall survive in the event the Escrow Agent
      resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

     

    5.3  Compensation.
      The
      Escrow Agent shall be entitled to reasonable compensation from the Company
      for
      all services rendered by it hereunder. The Escrow Agent shall also be entitled
      to reimbursement from the Company for all expenses paid or incurred by it in
      the
      administration of its duties hereunder including, but not limited to, all
      counsel’s, advisors’ and agents’ fees and disbursements and all taxes or other
      governmental charges.

     

    5.4  Further
      Assurances.
      From
      time to time on and after the date hereof, the Company and the Initial
      Stockholders shall deliver or cause to be delivered to the Escrow Agent such
      further documents and instruments and shall do or cause to be done such further
      acts as the Escrow Agent shall reasonably request to carry out more effectively
      the provisions and purposes of this Agreement, to evidence compliance herewith
      or to assure itself that it is protected in acting hereunder.

     

    5.5  Resignation.
      The
      Escrow Agent may resign at any time and be discharged from its duties as escrow
      agent hereunder by its giving the other parties hereto written notice and such
      resignation shall become effective as hereinafter provided. Such resignation
      shall become effective at such time that the Escrow Agent shall turn over to
      a
      successor escrow agent appointed by the Company, the Escrow Shares held
      hereunder. If no new escrow agent is so appointed within the 60 day period
      following the giving of such notice of resignation, the Escrow Agent may deposit
      the Escrow Shares with any court it reasonably deems appropriate.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    5.6  Discharge
      of Escrow Agent.
      The
      Escrow Agent shall resign and be discharged from its duties as escrow agent
      hereunder if so requested in writing at any time by the other parties hereto,
      jointly, provided, however, that such resignation shall become effective only
      upon acceptance of appointment by a successor escrow agent as provided in
      Section 5.5.

     

    5.7  Liability.
      Notwithstanding anything herein to the contrary, the Escrow Agent shall not
      be
      relieved from liability hereunder resulting from the breach of any provision
      of
      this Agreement or its own gross negligence or its own willful
      misconduct.

     

    6.  Miscellaneous.

     

    6.1  Governing
      Law.
      This
      Agreement shall for all purposes be deemed to be made under and shall be
      construed in accordance with the laws of the State of New York.

     

    6.2  Entire
      Agreement.
      This
      Agreement contains the entire agreement of the parties hereto with respect
      to
      the subject matter hereof and, except as expressly provided herein, may not
      be
      changed or modified except by an instrument in writing signed by the party
      to be
      affected by such change or modification.

     

    6.3  Headings.
      The
      headings contained in this Agreement are for reference purposes only and shall
      not affect in any way the meaning or interpretation thereof.

     

    6.4  Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the respective
      parties hereto and their legal representatives, successors and
      assigns.

     

    6.5  Notices.
      Any
      notice or other communication required or which may be given hereunder shall
      be
      in writing and either be delivered personally or be mailed, certified or
      registered mail, or by private national courier service, return receipt
      requested, postage prepaid, and shall be deemed given when so delivered
      personally or, if mailed, two days after the date of mailing, as
      follows:

     

    If
      to the
      Company, to:

     

    Restaurant
      Acquisition Partners, Inc.

    5950
      Hazeltine National Drive, Suite 290

    Orlando,
      Florida 32822

    Attn:
      Christopher R. Thomas, Chief Executive Officer and President

    Tel:
      (407) 240-9190

    Fax:
      (407) 240-9176

     

    With
      a
      copy to:

     

    Pillsbury
      Winthrop Shaw Pittman LLP

    1540
      Broadway

    New
      York,
      New York 10036

    Attn:
      Ronald A. Fleming, Jr., Esq.

    Tel:
      (212) 858-1000

    Fax:
      (212) 298-9931

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If
      to a
      Stockholder, to his address set forth in Exhibit A.

     

    If
      to the
      Escrow Agent, to:

     

    Continental
      Stock Transfer & Trust Company

    17
      Battery Place

    New
      York,
      NY 10004

    Attn:
      Steven G. Nelson

    Tel:
      (212) 845-3200

    Fax:
      (212) 509-5150

     

    The
      parties may change the persons and addresses to which the notices or other
      communications are to be sent by giving written notice to any such change in
      the
      manner provided herein for giving notice.

     

    6.6  Liquidation
      of Company.
      The
      Company shall give the Escrow Agent written notification of the liquidation
      and
      dissolution of the Company in the event that the Company fails to consummate
      an
      initial business combination within the time period(s) specified in the
      Registration Statement.

     

    [Remainder
      of Page Intentionally Left Blank.]

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    WITNESS
      the execution of this Agreement as of the date first above written.

     

    
      	 	 	 
	 	RESTAURANT
              ACQUISITION PARTNERS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Christopher
              R. Thomas
	 	
              
Name:
              Christopher R. Thomas
	 	
              Title:
                Chief Executive Officer and Vice
                President

            

    

     

    
      	 	 	 
	 	INITIAL
              STOCKHOLDERS:
	 
 	 
 	 
 
	 	  	/s/ Christopher
              R. Thomas
	 	
              
Christopher
              R. Thomas

    

     

    
      	 	 	 
	 	  	/s/ John
              M. Creed
	 	 	
              
 John
              M. Creed
	 	 	 
	 	 	 
	 	 	 /s/ Clyde E. Culp III
	 	 	
              
 Clyde
              E. Culp III

    

     

    
      
        	 	 	 
	 	
                CONTINENTAL
                  STOCK TRANSFER & TRUST COMPANY

              
	 
 	 
 	 
 
	 	By:  	/s/ Felix
                Orihuela
	 	
                
Name: 
Felix
                Orihuela
	 	
                Title:  
                  Vice President

              

      

    

     

    
      [Signature
        Page to Stock Escrow Agreement]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    
      	
              Names
                and Addresses of Initial Stockholders

            	 	 	
              Number

              of
                Shares

            	 	 	
              Stock

              Certificate

              Number

            	 	 	
              Date
                of

              Insider

              Letter

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              Christopher
                R. Thomas

              c/o
                Restaurant Acquisition Partners, Inc.

              5950
                Hazeltine National Drive, Suite 290

              Orlando,
                Florida 32822

            	 	 	
              277,778

            	 	 	
              1

            	 	 	
              September
                25, 2006

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              Clyde
                E. Culp III

              c/o
                Restaurant Acquisition Partners, Inc.

              5950
                Hazeltine National Drive, Suite 290

              Orlando,
                Florida 32822

            	 	 	
              277,778

            	 	 	
              2

            	 	 	
              September
                25, 2006

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              John
                M. Creed

              c/o
                Restaurant Acquisition Partners, Inc.

              5950
                Hazeltine National Drive, Suite 290

              Orlando,
                Florida 32822

            	 	 	
              277,778

            	 	 	
              3

            	 	 	
              September
                25, 2006Exhibit
      10.6

     

    REGISTRATION
      RIGHTS AGREEMENT

     

    THIS
      REGISTRATION RIGHTS AGREEMENT
      (this
“Agreement”) is entered into as of the 15th day of December, 2006, by and among:
      Restaurant Acquisition Partners, Inc., a Delaware corporation (the “Company”);
      and each of Christopher R. Thomas, Clyde E. Culp III and John M. Creed (each,
      an
“Investor” and collectively, the “Investors”).

     

    WHEREAS,
      the
      Investors currently hold all of the issued and outstanding securities of the
      Company;

     

    WHEREAS,
      the
      Investors and the Company desire to enter into this Agreement to provide the
      Investors with certain rights relating to the registration of shares of Common
      Stock held by them;

     

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

     

    1.  DEFINITIONS.
      The
      following capitalized terms used herein have the following
      meanings:

     

    “Agreement”
means
      this Agreement, as amended, restated, supplemented or otherwise modified from
      time to time.

     

    “Commission”
means
      the Securities and Exchange Commission, or any other federal agency then
      administering the Securities Act or the Exchange Act.

     

    “Common
      Stock”
means
      the common stock, par value $0.0001 per share, of the Company.

     

    “Company”
is
      defined in the preamble to this Agreement.

     

    “Demand
      Registration”
is
      defined in Section 2.1.1.

     

    “Demanding
      Holder”
is
      defined in Section 2.1.1.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, as amended, and the rules and regulations
      of the Commission promulgated thereunder, all as the same shall be in effect
      at
      the time.

     

    “Underwriter
      Demanding Holder”
is
      a
      Demanding Holder as defined in the Underwriter Registration Rights
      Agreement.

     

    “Underwriter
      Demand Registration”
is
      a
      demand for registration of securities set forth in the Underwriter Registration
      Rights Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Underwriter
      Registration Rights Agreement”
is
      that
      certain Registration Rights Agreement between the Company and Capital Growth
      Financial, LLC to be entered into in connection with the Company’s initial
      public offering.

     

    “Indemnified
      Party”
is
      defined in Section 4.3.

     

    “Indemnifying
      Party”
is
      defined in Section 4.3.

     

    “Investor”
is
      defined in the preamble to this Agreement.

     

    “Investor
      Indemnified Party”
is
      defined in Section 4.1.

     

    “Maximum
      Number of Shares”
is
      defined in Section 2.1.4.

     

    “Notices”
is
      defined in Section 6.3.

     

    “Piggy-Back
      Registration”
is
      defined in Section 2.2.1.

     

    “Register,”
      “Registered”
and
      “Registration”
mean
      a
      registration effected by preparing and filing a registration statement or
      similar document in compliance with the requirements of the Securities Act,
      and
      the applicable rules and regulations promulgated thereunder, and such
      registration statement becoming effective.

     

    “Registrable
      Securities”
mean
      all of the shares of Common Stock and Warrants owned or held by Investors.
      Registrable Securities include any warrants, shares of capital stock or other
      securities of the Company issued as a dividend or other distribution with
      respect to or in exchange for or in replacement of such shares of Common Stock,
      and shares of Common Stock issuable upon exercise of the Warrants (“Warrant
      Shares”).
      As to
      any particular Registrable Securities, such securities shall cease to be
      Registrable Securities when: (a) a Registration Statement with respect to the
      sale of such securities shall have become effective under the Securities Act
      and
      such securities shall have been sold, transferred, disposed of or exchanged
      in
      accordance with such Registration Statement; (b) such securities shall have
      been
      otherwise transferred, new certificates for them not bearing a legend
      restricting further transfer shall have been delivered by the Company and
      subsequent public distribution of them shall not require registration under
      the
      Securities Act; (c) such securities shall have ceased to be outstanding or
      (d)
      the Registrable Securities are salable under Rule 144(k).

     

    “Registration
      Statement”
means
      a
      registration statement filed by the Company with the Commission in compliance
      with the Securities Act and the rules and regulations promulgated thereunder
      for
      a public offering and sale of Common Stock (other than a registration statement
      on Form S-4 or Form S-8, or their successors, or any registration statement
      covering only securities proposed to be issued in exchange for securities or
      assets of another entity).

     

    “Release
      Date”
means
      (1) the date on which shares of Common Stock are disbursed from escrow pursuant
      to Section 3 of that certain Stock Escrow Agreement to be entered into by and
      among the parties hereto and Continental Stock Transfer & Trust Company and
      (2) in the case of the Warrants and the Warrant Shares, 30 days after the
      Company consummates a business combination.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended, and the rules and regulations of the
      Commission promulgated thereunder, all as the same shall be in effect at the
      time.

     

    “Underwriter”
means
      a
      securities dealer who purchases any Registrable Securities as principal in
      an
      underwritten offering and not as part of such dealer’s market making
      activities.

     

      2.     
      REGISTRATION
      RIGHTS.

     

    2.1  DEMAND
      REGISTRATION.

     

    2.1.1  REQUEST
      FOR REGISTRATION .
      Subject
      to and in accordance with this Agreement, at any time and from time to time
      on
      or after the applicable Release Date, the holders of at least 50% of the then
      Registrable Securities held by the Investors or the transferees of the
      Investors, may make a written demand for registration under the Securities
      Act
      of all or part of their Registrable Securities (a “Demand Registration”). Any
      demand for a Demand Registration shall specify the number of shares of
      Registrable Securities proposed to be sold and the intended method(s) of
      distribution thereof. The Company will notify all other holders of Registrable
      Securities and the Underwriters party to the Underwriter Registration Rights
      Agreement (the “IPO Underwriter”) (so long as said IPO Underwriter shall hold
      Registrable Securities as defined in the Underwriter Registration Rights
      Agreement) of the demand, and each holder of Registrable Securities who wishes
      to include all or a portion of such holder’s Registrable Securities in the
      Demand Registration (each such holder including shares of Registrable Securities
      in such registration, a “Demanding Holder”) shall so notify the Company in
      writing within fifteen (15) days after the receipt by the holder of the notice
      from the Company. An election by an IPO Underwriter to become a Demanding Holder
      hereunder shall be deemed an exercise of its demand right pursuant to the
      Underwriter Registration Rights Agreement. Upon any such request, the Demanding
      Holders shall be entitled to have their Registrable Securities included in
      the
      Demand Registration, subject to Section 2.1.4 and the provisos set forth in
      Section 3.1.1. The Company shall not be obligated to effect more than an
      aggregate of two (2) Demand Registrations under this Section 2.1.1 in respect
      of
      Registrable Securities.

     

    2.1.2  EFFECTIVE
      REGISTRATION .
      A
      registration will not count as a Demand Registration until the Registration
      Statement filed with the Commission with respect to such Demand Registration
      covering all of the Registrable Securities specified in the notice received
      pursuant to Section 2.1.1 has been declared effective and the Company has
      complied with all of its obligations under this Agreement with respect thereto;
      PROVIDED, HOWEVER, that if, after such Registration Statement has been declared
      effective, the offering of Registrable Securities pursuant to a Demand
      Registration is interfered with by any stop order or injunction of the
      Commission or any other governmental agency or court, the Registration Statement
      with respect to such Demand Registration will be deemed not to have been
      declared effective, unless and until, (i) such stop order or injunction is
      removed, rescinded or otherwise terminated, and (ii) a majority-in-interest
      of
      the Demanding Holders thereafter elect to continue the offering.

     

    2.1.3  UNDERWRITTEN
      OFFERING .
      If a
      majority-in-interest of the Demanding Holders so elect and such holders so
      advise the Company as part of their written demand for a Demand Registration,
      the offering of such Registrable Securities pursuant to such Demand Registration
      shall be in the form of an underwritten offering. In such event, the right
      of
      any holder to include its Registrable Securities in such registration shall
      be
      conditioned upon such holder’s participation in such underwriting and the
      inclusion of such holder’s Registrable Securities in the underwriting to the
      extent provided herein. All Demanding Holders proposing to distribute their
      securities through such underwriting shall enter into an underwriting agreement
      in customary form with the Underwriter or Underwriters selected for such
      underwriting by a majority-in-interest of the holders initiating the Demand
      Registration.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    2.1.4  REDUCTION
      OF OFFERING .
      If the
      managing Underwriter or Underwriters for a Demand Registration that is to be
      an
      underwritten offering advises the Company and the Demanding Holders in writing
      that the dollar amount or number of shares of Registrable Securities which
      the
      Demanding Holders desire to sell, taken together with all other shares of Common
      Stock or other securities which the Company desires to sell and the shares
      of
      Common Stock, if any, as to which registration has been requested pursuant
      to
      written contractual piggy-back registration rights held by other shareholders
      of
      the Company who desire to sell, exceeds the maximum dollar amount or maximum
      number of shares that can be sold in such offering without adversely affecting
      the proposed offering price, the timing, the distribution method, or the
      probability of success of such offering (such maximum dollar amount or maximum
      number of shares, as applicable, the “Maximum Number of Shares”), then the
      Company shall include in such registration: (i) first, the Registrable
      Securities as to which Demand Registration has been requested by the Demanding
      Holders (pro rata in accordance with the number of shares of Registrable
      Securities which such Demanding Holders have requested be included in such
      registration, regardless of the number of shares held by such Demanding Holders)
      that can be sold without exceeding the Maximum Number of Shares; (ii) second,
      to
      the extent that the Maximum Number of Shares has not been reached under the
      foregoing clause (i), the securities as to which an IPO Underwriter piggy-back
      registration demand has been made under Section 2.2 of the IPO Underwriter
      Registration Rights Agreement that can be sold without exceeding the Maximum
      Number of Shares; (iii) third, to the extent that the Maximum Number of Shares
      has not been reached under the foregoing clauses (i) and (ii), the shares of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (iv) fourth, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clauses (i), (ii) and (iii), the shares of Common Stock for the account of
      other
      persons that the Company is obligated to register pursuant to written
      contractual arrangements with such persons and that can be sold without
      exceeding the Maximum Number of Shares; and (v) fifth, to the extent that the
      Maximum Number of Shares have not been reached under the foregoing clauses
      (i),
      (ii), (iii) and (iv), the shares of Common Stock that other shareholders desire
      to sell that can be sold without exceeding the Maximum Number of Shares to
      the
      extent that the Company, in its sole discretion, wishes to permit such sales
      pursuant to this clause (v).

     

    2.1.5  WITHDRAWAL
      .
      If a
      majority-in-interest of the Demanding Holders disapprove of the terms of any
      underwriting or are not entitled to include all of their Registrable Securities
      in any offering, such majority-in-interest of the Demanding Holders may elect
      to
      withdraw from such offering by giving written notice to the Company and the
      Underwriter or Underwriters of their request to withdraw prior to the
      effectiveness of the Registration Statement filed with the Commission with
      respect to such Demand Registration. If the majority-in-interest of the
      Demanding Holders withdraws from a proposed offering relating to a Demand
      Registration, then such registration shall not count as a Demand Registration
      provided for in Section 2.1.1.

     

    
      
        
        

      

      
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    2.2  PIGGY-BACK
      REGISTRATION.

     

    

      2.2.1  PIGGY-BACK
        RIGHTS. If at any time on or after the Release Date the Company proposes
        to file
        a Registration Statement under the Securities Act with respect to an offering
        of
        equity securities, or securities or other obligations exercisable or
        exchangeable for, or convertible into, equity securities, by the Company
        for its
        own account or for shareholders of the Company for their account (or by the
        Company and by shareholders of the Company including, without limitation,
        pursuant to Section 2.1), other than a Registration Statement (i) filed in
        connection with any employee stock option or other benefit plan, (ii) for
        an
        exchange offer or offering of securities solely to the Company’s existing
        shareholders, (iii) for an offering of debt that is convertible into equity
        securities of the Company or (iv) for a dividend reinvestment plan, then
        the
        Company shall (x) give written notice of such proposed filing to the holders
        of
        Registrable Securities as soon as practicable but in no event less than ten
        (10)
        days before the anticipated filing date, which notice shall describe the
        amount
        and type of securities to be included in such offering, the intended method(s)
        of distribution, and the name of the proposed managing Underwriter or
        Underwriters, if any, of the offering, and (y) offer to the holders of
        Registrable Securities in such notice the opportunity to register the sale
        of
        such number of shares of Registrable Securities as such holders may request
        in
        writing within five (5) days following receipt of such notice (a “Piggy-Back
        Registration”). The Company shall cause such Registrable Securities to be
        included in such registration and shall use commercially reasonable efforts
        to
        cause the managing Underwriter or Underwriters of a proposed underwritten
        offering to permit the Registrable Securities requested to be included in
        a
        Piggy-Back Registration to be included on the same terms and conditions as
        any
        similar securities of the Company and to permit the sale or other disposition
        of
        such Registrable Securities in accordance with the intended method(s) of
        distribution thereof. All holders of Registrable Securities proposing to
        distribute their securities through a Piggy-Back Registration that involves
        an
        Underwriter or Underwriters shall enter into an underwriting agreement in
        customary form with the Underwriter or Underwriters selected for such Piggy-Back
        Registration.

       

    

    2.2.2
         REDUCTION OF OFFERING. If the managing Underwriter or
      Underwriters for a Piggy-Back Registration that is to be an underwritten
      offering advises the Company and the holders of Registrable Securities in
      writing that the dollar amount or number of shares of Common Stock which the
      Company desires to sell, taken together with shares of Common Stock, if any,
      as
      to which registration has been demanded pursuant to written contractual
      arrangements with persons other than the holders of Registrable Securities
      hereunder, the Registrable Securities as to which registration has been
      requested under this Section 2.2, and the shares of Common Stock, if any, as
      to
      which registration has been requested pursuant to the written contractual
      piggy-back registration rights of other shareholders of the Company, exceeds
      the
      Maximum Number of Shares, then the Company shall include in any such
      registration:

     

    (i)  If
      the
      registration is undertaken for the Company’s account: (A) first, the shares of
      Common Stock or other securities that the Company desires to sell that can
      be
      sold without exceeding the Maximum Number of Shares; (B) second, to the extent
      that the Maximum Number of Shares has not been reached under the foregoing
      clause (A), the Registrable Securities as to which registration has been
      requested under this Section 2.2 and the securities as to which piggy-back
      registration has been requested under Section 2.2 of the Underwriter
      Registration Rights Agreement (pro rata in accordance with the number of shares
      of Registrable Securities and securities each holder has actually requested
      to
      be included in such registration, regardless of the number of shares of Common
      Stock with respect to which such persons have the right to request such
      inclusion) that can be sold without exceeding the Maximum Number of Shares;
      and
      (c) to the extent that the Maximum Number of Shares has not been reached under
      the foregoing clauses (A) and (B), the shares of Common Stock as to which
      registration has been requested pursuant to written contractual piggy-back
      registration rights of other security holders (pro rata in accordance with
      the
      number of shares such person has actually requested to be included in such
      registration, regardless of the number of shares of Common Stock with respect
      such person has the right to request inclusion).

     

    
      
        
        

      

      
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    (ii)  If
      the
      registration is a “demand” registration undertaken at the demand of persons
      other than the holders of Registrable Securities pursuant to written contractual
      arrangements with such persons, (A) first, the shares of Common Stock for the
      account of the demanding persons that can be sold without exceeding the Maximum
      Number of Shares; (B) second, to the extent that the Maximum Number of Shares
      has not been reached under the foregoing clause (A), the shares of Common Stock
      or other securities that the Company desires to sell that can be sold without
      exceeding the Maximum Number of Shares; and (C) third, to the extent that the
      Maximum Number of Shares has not been reached under the foregoing clauses (A)
      and (B), the Registrable Securities as to which registration has been requested
      under this Section 2.2 and the securities as to which piggy-back registration
      has been requested under Section 2.2 of the Underwriter Registration Rights
      Agreement (pro rata in accordance with the number of shares such person has
      actually requested to be included in such registration, regardless of the number
      of shares of Common Stock with respect such person has the right to request
      inclusion); and (D) fourth, to the extent that the Maximum Number of Shares
      has
      not been reached under the foregoing clauses (A), (B) and (C), the shares of
      Common Stock, if any, as to which registration has been requested pursuant
      to
      written contractual piggy-back registration rights which other shareholders
      desire to sell that can be sold without exceeding the Maximum Number of
      Shares.

     

    
      2.2.3   
        WITHDRAWAL. Any holder of Registrable Securities may elect to withdraw
        such holder’s request for inclusion of Registrable Securities in any Piggy-Back
        Registration by giving written notice to the Company of such request to withdraw
        prior to the effectiveness of the Registration Statement. The Company may
        also
        elect to withdraw a registration statement at any time prior to the
        effectiveness of the Registration Statement without thereby incurring any
        liability to the holders of Registrable Securities. Notwithstanding any such
        withdrawal, the Company shall pay all expenses incurred by the holders of
        Registrable Securities in connection with such Piggy-Back Registration as
        provided in Section 3.3.

    

     

         
      3.  REGISTRATION
      PROCEDURES.

     

    
      3.1  
        FILINGS; INFORMATION. Whenever the Company is required to effect
        the registration of any Registrable Securities pursuant to Section 2, the
        Company shall use commercially reasonable efforts to effect the registration
        and
        sale of such Registrable Securities in accordance with the intended method(s)
        of
        distribution thereof as expeditiously as practicable, and in connection with
        any
        such request:

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

     

    

      3.1.1   
        FILING REGISTRATION STATEMENT. The Company shall, as expeditiously
        as
        possible and in any event within sixty (60) days after receipt of a request
        for
        a Demand Registration pursuant to Section 2.1, prepare and file with the
        Commission a Registration Statement on any form for which the Company then
        qualifies or which counsel for the Company shall deem appropriate and which
        form
        shall be available for the sale of all Registrable Securities to be registered
        thereunder in accordance with the intended method(s) of distribution thereof,
        and shall use commercially reasonable efforts to cause such Registration
        Statement to become and remain effective for the period required by Section
        3.1.3; PROVIDED, HOWEVER, that the Company shall have the right to defer
        any
        Demand Registration for up to one hundred twenty (120) days, and any Piggy-Back
        Registration for such period as may be applicable to deferment of any demand
        registration to which such Piggy-Back Registration relates, in each case
        if the
        Company shall furnish to the holders a certificate signed by the Chief Executive
        Officer of the Company stating that, in the good faith judgment of the Board
        of
        Directors of the Company, it would be materially detrimental to the Company
        and
        its shareholders for such Registration Statement to be effected at such time;
        PROVIDED FURTHER, HOWEVER, that the Company shall not have the right to exercise
        the right set forth in the immediately preceding proviso more than twice
        or for
        more than an aggregate of one hundred eighty (180) days in any 365-day period
        in
        respect of a Demand Registration hereunder.

    

     

    3.1.2  
       COPIES. The Company shall, prior to filing a Registration Statement or
      prospectus, or any amendment or supplement thereto, furnish without charge
      to
      the holders of Registrable Securities included in such registration, and such
      holders’ legal counsel, copies of such Registration Statement as proposed to be
      filed, each amendment and supplement to such Registration Statement (in each
      case including all exhibits thereto and documents incorporated by reference
      therein), the prospectus included in such Registration Statement (including
      each
      preliminary prospectus), and such other documents as the holders of Registrable
      Securities included in such registration or legal counsel for any such holders
      may request in order to facilitate the disposition of the Registrable Securities
      owned by such holders.

     

    3.1.3   
      AMENDMENTS AND SUPPLEMENTS. The Company shall prepare and file with the
      Commission such amendments, including post-effective amendments, and supplements
      to such Registration Statement and the prospectus used in connection therewith
      as may be necessary to keep such Registration Statement effective and in
      compliance with the provisions of the Securities Act until all Registrable
      Securities and other securities covered by such Registration Statement have
      been
      disposed of in accordance with the intended method(s) of distribution set forth
      in such Registration Statement (which period shall not exceed twelve months
      plus
      any period during which any such disposition is interfered with by any stop
      order or injunction of the Commission or any governmental agency or court)
      or
      such securities have been withdrawn.

     

    3.1.4    NOTIFICATION.
      After the filing of a Registration Statement, the Company shall promptly, and
      in
      no event more than two (2) business days after such filing, notify the holders
      of Registrable Securities included in such Registration Statement of such
      filing, and shall further notify such holders promptly and confirm such advice
      in writing in all events within two (2) business days of the occurrence of
      any
      of the following: (i) when such Registration Statement becomes effective; (ii)
      when any post-effective amendment to such Registration Statement becomes
      effective; (iii) the issuance or threatened issuance by the Commission of any
      stop order (and the Company shall take all actions required to prevent the
      entry
      of such stop order or to remove it if entered); and (iv) any request by the
      Commission for any amendment or supplement to such Registration Statement or
      any
      prospectus relating thereto or for additional information or 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 the securities
      covered by such Registration Statement, 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 make available to the holders of Registrable Securities included
      in
      such Registration Statement any such supplement or amendment; except that before
      filing with the Commission a Registration Statement or prospectus or any
      amendment or supplement thereto, including documents incorporated by reference,
      the Company shall furnish to the holders of Registrable Securities included
      in
      such Registration Statement and to the legal counsel for any such holders,
      copies of all such documents proposed to be filed sufficiently in advance of
      filing to provide such holders and legal counsel with a reasonable opportunity
      to review such documents and comment thereon, and the Company shall not file
      any
      Registration Statement or prospectus or amendment or supplement thereto,
      including documents incorporated by reference, to which such holders or their
      legal counsel shall object.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    3.1.5   
      STATE SECURITIES LAWS COMPLIANCE. The Company shall use commercially reasonable
      efforts to (i) register or qualify the Registrable Securities covered by the
      Registration Statement under such securities or “blue sky” laws of such
      jurisdictions in the United States as the holders of Registrable Securities
      included in such Registration Statement (in light of their intended plan of
      distribution) may request and (ii) take such action necessary to cause such
      Registrable Securities covered by the Registration Statement to be registered
      with or approved by such other Governmental 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 necessary or advisable to enable the holders of
      Registrable Securities included in such Registration Statement to consummate
      the
      disposition of such Registrable Securities in such jurisdictions; PROVIDED,
      HOWEVER, that the Company shall not be required to qualify generally to do
      business in any jurisdiction where it would not otherwise be required to qualify
      but for this Section 3.1.5 or subject itself to taxation in any such
      jurisdiction.

     

    3.1.6   
      AGREEMENTS FOR DISPOSITION. The Company shall enter into customary agreements
      (including, if applicable, an underwriting agreement in customary form) and
      take
      such other actions as are reasonably required in order to expedite or facilitate
      the disposition of such Registrable Securities. The representations, warranties
      and covenants of the Company in any underwriting agreement which are made to
      or
      for the benefit of any Underwriters, to the extent applicable, shall also be
      made to and for the benefit of the holders of Registrable Securities included
      in
      such registration statement. No holder of Registrable Securities included in
      such registration statement shall be required to make any representations or
      warranties in the underwriting agreement except, if applicable, with respect
      to
      such holder’s organization, good standing, authority, title to Registrable
      Securities, lack of conflict of such sale with such holder’s material agreements
      and organizational documents, and with respect to written information relating
      to such holder that such holder has furnished in writing expressly for inclusion
      in such Registration Statement.

     

    
      
        
        

      

      
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    3.1.7   
      COOPERATION. The principal executive officer of the Company, the principal
      financial officer of the Company, the principal accounting officer of the
      Company and all other officers and members of the management of the Company
      shall cooperate fully in any offering of Registrable Securities hereunder,
      which
      cooperation shall include, without limitation, the preparation of the
      Registration Statement with respect to such offering and all other offering
      materials and related documents, and participation in meetings with
      Underwriters, attorneys, accountants and potential investors.

     

    3.1.8   
      RECORDS. The Company shall make available for inspection by the holders of
      Registrable Securities included in such Registration Statement, any Underwriter
      participating in any disposition pursuant to such registration statement and
      any
      attorney, accountant or other professional retained by any holder of Registrable
      Securities included in such Registration Statement or any Underwriter, all
      financial and other records, pertinent corporate documents and properties of
      the
      Company, as shall be necessary to enable them to exercise their due diligence
      responsibility, and cause the Company’s officers, directors and employees to
      supply all information requested by any of them in connection with such
      Registration Statement.

     

    3.1.9   
      OPINIONS AND COMFORT LETTERS. The Company shall furnish to each holder of
      Registrable Securities included in any Registration Statement a signed
      counterpart, addressed to such holder, of (i) any opinion of counsel to the
      Company delivered to any Underwriter and (ii) any comfort letter from the
      Company’s independent public accountants delivered to any
      Underwriter.

     

    3.1.10   
      EARNINGS STATEMENT. The Company shall comply with all applicable rules and
      regulations of the Commission and the Securities Act, and make available to
      its
      shareholders, as soon as practicable, an earnings statement covering a period
      of
      twelve (12) months, beginning within three (3) months after the effective date
      of the registration statement, which earnings statement shall satisfy the
      provisions of Section 11(a) of the Securities Act and Rule 158
      thereunder.

     

    3.1.11   
      LISTING. The Company shall use commercially reasonable efforts to cause all
      Registrable Securities included in any registration to be listed on such
      exchanges or otherwise designated for trading in the same manner as similar
      securities issued by the Company are then listed or designated or, if no such
      similar securities are then listed or designated, in a manner satisfactory
      to
      the holders of a majority of the Registrable Securities included in such
      registration.

     

    3.2   
      OBLIGATION TO SUSPEND DISTRIBUTION. Upon receipt of any notice from the
      Company of the happening of any event of the kind described in Section
      3.1.4(iv), or, each holder of Registrable Securities included in any
      registration shall immediately discontinue disposition of such Registrable
      Securities pursuant to the Registration Statement covering such Registrable
      Securities until such holder receives the supplemented or amended prospectus
      contemplated by Section 3.1.4(iv) or the restriction on the ability of
“insiders” to transact in the Company’s securities is removed, as applicable,
      and, if so directed by the Company, each such holder will deliver to the Company
      all copies, other than permanent file copies then in such holder’s possession,
      of the most recent prospectus covering such Registrable Securities at the time
      of receipt of such notice.

     

    
      
        
        

      

      
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    3.3   
      REGISTRATION EXPENSES. The Company shall bear all costs and expenses
      incurred in connection with any Demand Registration pursuant to Section 2.1
      and
      any Piggy-Back Registration pursuant to Section 2.2, and all expenses incurred
      in performing or complying with its other obligations under this Agreement,
      whether or not the Registration Statement becomes effective, including, without
      limitation: (i) all registration and filing fees; (ii) fees and expenses of
      compliance with securities or “blue sky” laws (including fees and disbursements
      of counsel in connection with blue sky qualifications of the Registrable
      Securities); (iii) printing expenses; (iv) the Company’s internal expenses
      (including, without limitation, all salaries and expenses of its officers and
      employees); (v) the fees and expenses incurred in connection with the listing
      of
      the Registrable Securities as required by Section 3.1.11; (vi) National
      Association of Securities Dealers, Inc. fees; (vii) fees and disbursements
      of
      counsel for the Company and fees and expenses for independent certified public
      accountants retained by the Company (including the expenses or costs associated
      with the delivery of any opinions or comfort letters requested pursuant to
      Section 3.1.9); (viii) the fees and expenses of any special experts retained
      by
      the Company in connection with such registration and (ix) the fees and expenses
      of one legal counsel selected by the holders of a majority-in-interest of the
      Registrable Securities included in such registration. The Company shall have
      no
      obligation to pay any underwriting discounts or selling commissions attributable
      to the Registrable Securities being sold by the holders thereof, which
      underwriting discounts or selling commissions shall be borne by such holders.
      Additionally, in an underwritten offering, all selling shareholders and the
      Company shall bear the expenses of the underwriter pro rata in proportion to
      the
      respective amount of shares each is selling in such offering.

     

    3.4   
      INFORMATION. The holders of Registrable Securities shall provide such
      information as may reasonably be requested by the Company, or the managing
      Underwriter, if any, in connection with the preparation of any Registration
      Statement, including amendments and supplements thereto, in order to effect
      the
      registration of any Registrable Securities under the Securities Act pursuant
      to
      Section 2 and in connection with the Company’s obligation to comply with federal
      and applicable state securities laws.

     

     
      4.  INDEMNIFICATION
      AND CONTRIBUTION.

     

    4.1   
      INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify and hold
      harmless each Investor and each other holder of Registrable Securities, and
      each
      of their respective officers, employees, affiliates, directors, partners,
      members, attorneys and agents, and each person, if any, who controls an Investor
      and each other holder of Registrable Securities (within the meaning of Section
      15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor
      Indemnified Party”), from and against any expenses, losses, judgments, claims,
      damages or liabilities, whether joint or several, arising out of or based upon
      any untrue statement (or allegedly untrue statement) of a material fact
      contained in any Registration Statement under which the sale of such Registrable
      Securities was registered under the Securities Act, any preliminary prospectus,
      final prospectus or summary prospectus contained in the Registration Statement,
      or any amendment or supplement thereto, or arising out of or based upon any
      omission (or alleged omission) to state a material fact required to be stated
      therein or necessary to make the statements therein not misleading, or any
      violation by the Company of the Securities Act or any rule or regulation
      promulgated thereunder applicable to the Company and relating to action or
      inaction required of the Company in connection with any such registration;
      and
      the Company shall promptly reimburse the Investor Indemnified Party for any
      legal and any other expenses reasonably incurred by such Investor Indemnified
      Party in connection with investigating and defending any such expense, loss,
      judgment, claim, damage, liability or action; PROVIDED, HOWEVER, that the
      Company will not be liable in any such case to the extent that any such expense,
      loss, claim, damage or liability arises out of or is based upon any untrue
      statement or allegedly untrue statement or omission or alleged omission made
      in
      such Registration Statement, preliminary prospectus, final prospectus, or
      summary prospectus, or any such amendment or supplement, in reliance upon and
      in
      conformity with information furnished to the Company, in writing, by such
      selling holder expressly for use therein.

     

    
      
        
        

      

      
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    4.2   
      INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES. Each selling holder
      of Registrable Securities will, in the event that any registration is being
      effected under the Securities Act pursuant to this Agreement of any Registrable
      Securities held by such selling holder, indemnify and hold harmless the Company,
      each of its directors and officers and each underwriter (if any), and each
      other
      person, if any, who controls the Company or such underwriter within the meaning
      of the Securities Act, against any losses, claims, judgments, damages or
      liabilities, whether joint or several, insofar as such losses, claims,
      judgments, damages or liabilities (or actions in respect thereof) arise out
      of
      or are based upon any untrue statement or allegedly untrue statement of a
      material fact contained in any Registration Statement under which the sale
      of
      such Registrable Securities was registered under the Securities Act, any
      preliminary prospectus, final prospectus or summary prospectus contained in
      the
      Registration Statement, or any amendment or supplement thereto, or arise out
      of
      or are based upon any omission or the alleged omission to state a material
      fact
      required to be stated therein or necessary to make the statement therein not
      misleading, if the statement or omission was made in reliance upon and in
      conformity with information furnished in writing to the Company by such selling
      holder expressly for use therein, and shall reimburse the Company, its directors
      and officers, and each such controlling person for any legal or other expenses
      reasonably incurred by any of them in connection with investigation or defending
      any such loss, claim, damage, liability or action. Each selling holder’s
      indemnification obligations hereunder shall be several and not joint and shall
      be limited to the amount of any net proceeds actually received by such selling
      holder.

     

    4.3   
      CONDUCT OF INDEMNIFICATION PROCEEDINGS. Promptly after receipt by any
      person of any notice of any loss, claim, damage or liability or any action
      in
      respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such
      person (the “Indemnified Party”) shall, if a claim in respect thereof is to be
      made against any other person for indemnification hereunder, notify such other
      person (the “Indemnifying Party”) in writing of the loss, claim, judgment,
      damage, liability or action; PROVIDED, HOWEVER, that the failure by the
      Indemnified Party to notify the Indemnifying Party shall not relieve the
      Indemnifying Party from any liability which the Indemnifying Party may have
      to
      such Indemnified Party hereunder, except and solely to the extent the
      Indemnifying Party is actually prejudiced by such failure. If the Indemnified
      Party is seeking indemnification with respect to any claim or action brought
      against the Indemnified Party, then the Indemnifying Party shall be entitled
      to
      participate in such claim or action, and, to the extent that it wishes, jointly
      with all other Indemnifying Parties, to assume control of the defense thereof
      with counsel reasonably satisfactory to the Indemnified Party. After notice
      from
      the Indemnifying Party to the Indemnified Party of its election to assume
      control of the defense of such claim or action, the Indemnifying Party shall
      not
      be liable to the Indemnified Party for any legal or other expenses subsequently
      incurred by the Indemnified Party in connection with the defense thereof other
      than reasonable costs of investigation; PROVIDED, HOWEVER, that in any action
      in
      which both the Indemnified Party and the Indemnifying Party are named as
      defendants, the Indemnified Party shall have the right to employ separate
      counsel (but no more than one such separate counsel) to represent the
      Indemnified Party and its controlling persons who may be subject to liability
      arising out of any claim in respect of which indemnity may be sought by the
      Indemnified Party against the Indemnifying Party, with the fees and expenses
      of
      such counsel to be paid by such Indemnifying Party if, based upon the written
      opinion of counsel of such Indemnified Party, representation of both parties
      by
      the same counsel would be inappropriate due to actual or potential differing
      interests between them. No Indemnifying Party shall, without the prior written
      consent of the Indemnified Party, consent to entry of judgment or effect any
      settlement of any claim or pending or threatened proceeding in respect of which
      the Indemnified Party is or could have been a party and indemnity could have
      been sought hereunder by such Indemnified Party, unless such judgment or
      settlement includes an unconditional release of such Indemnified Party from
      all
      liability arising out of such claim or proceeding.

     

    
      
        
        

      

      
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    4.4  CONTRIBUTION.

     

    4.4.1   
      If the indemnification provided for in the foregoing Sections 4.1, 4.2 and
      4.3
      is unavailable to any Indemnified Party in respect of any loss, claim, damage,
      liability or action referred to herein, then each such 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 loss, claim, damage,
      liability or action in such proportion as is appropriate to reflect the relative
      fault of the Indemnified Parties and the Indemnifying Parties in connection
      with
      the actions or omissions which resulted in such loss, claim, damage, liability
      or action, as well as any other relevant equitable considerations. The relative
      fault of any Indemnified Party and any Indemnifying Party shall be determined
      by
      reference to, among other things, whether the untrue or alleged untrue statement
      of a material fact or the omission or alleged omission to state a material
      fact
      relates to information supplied by such Indemnified Party or such Indemnifying
      Party and the parties’ relative intent, knowledge, access to information and
      opportunity to correct or prevent such statement or omission.

     

    4.4.2  The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 4.4 were determined by PRO RATA allocation or by any
      other method of allocation which does not take account of the equitable
      considerations referred to in the immediately preceding Section.

     

    4.4.3   
      The amount paid or payable by an Indemnified Party as a result of any loss,
      claim, damage, liability or action referred to in the immediately preceding
      paragraph shall be deemed to include, subject to the limitations set forth
      above, any legal or other expenses incurred by such Indemnified Party in
      connection with investigating or defending any such action or claim.
      Notwithstanding the provisions of this Section 4.4, no holder of Registrable
      Securities shall be required to contribute any amount in excess of the dollar
      amount of the net proceeds (after payment of any underwriting fees, discounts,
      commissions or taxes) actually received by such holder from the sale of
      Registrable Securities which gave rise to such contribution obligation. 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.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    5.  UNDERWRITING
      AND DISTRIBUTION.

     

    5.1   
      RULE 144. The Company covenants that it shall use commercially reasonable
      efforts to file any reports required to be filed by it under the Securities
      Act
      and the Exchange Act and to take such further action as the holders of
      Registrable Securities may reasonably request, all to the extent required from
      time to time to enable such holders to sell Registrable Securities without
      registration under the Securities Act within the limitation of the exemptions
      provided by Rule 144 under the Securities Act, as such Rules may be amended
      from
      time to time, or any similar Rule or regulation hereafter adopted by the
      Commission.

     

    6.  MISCELLANEOUS.

     

    6.1   
      OTHER REGISTRATION RIGHTS. The Company represents and warrants that no
      person, other than a holder of the Registrable Securities and the IPO
      Underwriter, has any right to require the Company to register any shares of
      the
      Company’s capital stock for sale or to include shares of the Company’s capital
      stock in any registration filed by the Company for the sale of shares of capital
      stock for its own account or for the account of any other person.

     

    6.2   
      ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. This Agreement and the rights,
      duties and obligations of the Company hereunder may not be assigned or delegated
      by the Company in whole or in part. This Agreement and the rights, duties and
      obligations of the holders of Registrable Securities hereunder may be freely
      assigned or delegated by such holder of Registrable Securities in conjunction
      with and to the extent of any transfer of Registrable Securities by any such
      holder. This Agreement and the provisions hereof shall be binding upon and
      shall
      inure to the benefit of each of the parties and their respective successors
      and
      the permitted assigns of the Investor or holder of Registrable Securities or
      of
      any assignee of the Investor or holder of Registrable Securities. This Agreement
      is not intended to confer any rights or benefits on any persons that are not
      party hereto other than as expressly set forth in Article 4 and this Section
      6.2.

     

    6.3   
      NOTICES. All notices, demands, requests, consents, approvals or other
      communications (collectively, “NOTICES”) required or permitted to be given
      hereunder or which are given with respect to this Agreement shall be in writing
      and shall be personally served, delivered by reputable air courier service
      with
      charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
      addressed as set forth below, or to such other address as such party shall
      have
      specified most recently by written notice. Notice shall be deemed given on
      the
      date of service or transmission if personally served or transmitted by telegram,
      telex or facsimile; PROVIDED, that if such service or transmission is not on
      a
      business day or is after normal business hours, then such notice shall be deemed
      given on the next business day. Notice otherwise sent as provided herein shall
      be deemed given on the next business day following timely delivery of such
      notice to a reputable air courier service with an order for next-day
      delivery.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    To
      the Company:

     

    Restaurant
      Acquisition Partners, Inc.

    5950
      Hazeltine National Drive, Suite 290

    Orlando,
      Florida 32822

    Attn:
      Christopher R. Thomas, Chief Executive Officer and President

    Tel:
      (407) 240-9190

    Fax:
      (407) 240-9176

     

    With
      a
      copy to:

     

    Pillsbury
      Winthrop Shaw Pittman LLP

    1540
      Broadway

    New
      York,
      New York
      10036

    Attn:
      Ronald A. Fleming, Jr., Esq.

    Tel:
      (212) 858-1000

    Fax:
      (212) 298-9931

     

    To
      an Investor, to:

     

    Christopher
      R. Thomas

    Restaurant
      Acquisition Partners, Inc.

    5950
      Hazeltine National Drive, Suite 290

    Orlando,
      Florida 32822

     

    John
      M.
      Creed

    Restaurant
      Acquisition Partners, Inc.

    5950
      Hazeltine National Drive, Suite 290

    Orlando,
      Florida 32822

     

    Clyde
      E.
      Culp III

    Restaurant
      Acquisition Partners, Inc.

    5950
      Hazeltine National Drive, Suite 290

    Orlando,
      Florida 32822

     

    To
      Capital Growth Financial, LLC:

     

    Capital
      Growth Financial, LLC

    225
      NE
      Mizner Boulevard, Suite 750

    Boca
      Raton, Florida 33432

    Attn:
      Alan L. Jacobs, Chief Executive Officer and Chairman of the Board

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    6.4   
      SEVERABILITY. This Agreement shall be deemed severable, and the
      invalidity or unenforceability of any term or provision hereof shall not affect
      the validity or enforceability of this Agreement or of any other term or
      provision hereof. Furthermore, in lieu of any such invalid or unenforceable
      term
      or provision, the parties hereto intend that there shall be added as a part
      of
      this Agreement a provision as similar in terms to such invalid or unenforceable
      provision as may be possible and be valid and enforceable.

     

    6.5   
      COUNTERPARTS. This Agreement may be executed in multiple counterparts,
      each of which shall be deemed an original, and all of which taken together
      shall
      constitute one and the same instrument.

     

    6.6   
      ENTIRE AGREEMENT. This Agreement (including all agreements entered into
      pursuant hereto and all certificates and instruments delivered pursuant hereto
      and thereto) constitute the entire agreement of the parties with respect to
      the
      subject matter hereof and supersede all prior and contemporaneous agreements,
      representations, understandings, negotiations and discussions between the
      parties, whether oral or written.

     

    6.7   
      MODIFICATIONS AND AMENDMENTS. No amendment, modification or termination
      of this Agreement shall be binding upon any party unless executed in writing
      by
      such party.

     

    6.8   
      TITLES AND HEADINGS. Titles and headings of sections of this Agreement
      are for convenience only and shall not affect the construction of any provision
      of this Agreement.

     

    6.9   
      WAIVERS AND EXTENSIONS. Any party to this Agreement may waive any right,
      breach or default which such party has the right to waive, PROVIDED that such
      waiver will not be effective against the waiving party unless it is in writing,
      is signed by such party, and specifically refers to this Agreement. Waivers
      may
      be made in advance or after the right waived has arisen or the breach or default
      waived has occurred. Any waiver may be conditional. No waiver of any breach
      of
      any agreement or provision herein contained shall be deemed a waiver of any
      preceding or succeeding breacch thereof nor of any other agreement or provision
      herein contained. No waiver or extension of time for performance of any
      obligations or acts shall be deemed a waiver or extension of the time for
      performance of any other obligations or acts.

     

    6.10   
      REMEDIES CUMULATIVE. In the event that the Company fails to observe or
      perform any covenant or agreement to be observed or performed under this
      Agreement, the Investor or any other holder of Registrable Securities may
      proceed to protect and enforce its rights by suit in equity or action at law,
      whether for specific performance of any term contained in this Agreement or
      for
      an injunction against the breach of any such term or in aid of the exercise
      of
      any power granted in this Agreement or to enforce any other legal or equitable
      right, or to take any one or more of such actions, without being required to
      post a bond. None of the rights, powers or remedies conferred under this
      Agreement shall be mutually exclusive, and each such right, power or remedy
      shall be cumulative and in addition to any other right, power or remedy, whether
      conferred by this Agreement or now or hereafter available at law, in equity,
      by
      statute or otherwise.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    6.11   
      GOVERNING LAW. This Agreement shall be governed by, interpreted under,
      and construed in accordance with the internal laws of the State of New York
      applicable to agreements made and to be performed within the State of New York,
      without giving effect to any choice-of-law provisions thereof that would compel
      the application of the substantive laws of any other jurisdiction.

     

    6.12   
      WAIVER OF TRIAL BY JURY. Each party hereby irrevocably and
      unconditionally waives the right to a trial by jury in any action, suit,
      counterclaim or other proceeding (whether based on contract, tort or otherwise)
      arising out of, connected with or relating to this Agreement, the transactions
      contemplated hereby, or the actions of the Investor in the negotiation,
      administration, performance or enforcement hereof.

     

    [Remainder
      of Page Intentionally Left Blank.]
 

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Registration Rights Agreement to be executed and
      delivered by their duly authorized representatives as of the date first written
      above.

    
      	 	 	
               

            
	 	
              RESTAURANT
                ACQUISITION PARTNERS, 

              INC.,
                a Delaware corporation

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Christopher R.
              Thomas                             
	 	
              

              Name:
                Christopher R. Thomas

            
	 	
              Title:
                Chief Executive Officer and
                President

            

    

     

     

    
      	 	 	
              INITIAL
                STOCKHOLDERS:

            
	 
 	 
 	 
 
	
            	
            	
              /s/
                Christopher R.
                Thomas                    

            
	 	
              

              Christopher
                R. Thomas

            
	 	 

    

    
      	 	 	 
	
            	
            	
              /s/
                Clyde E. Culp
                III                               

            
	 	
              

              Clyde
                E. Culp III

            

    

    
      	 	 	 
	 	 	 
	
            	
            	
              /s/
                John M.
                Creed                                     

            
	 	
              

              John
                M. Creed

            

    

    

      [Signature
        Page to Registration Rights Agreement with Insiders]

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