Document:

ZIMMERMAN SIGN COMPANY

                              AMENDED AND RESTATED
                             REGISTRATION AGREEMENT

                  THIS AMENDED AND RESTATED REGISTRATION AGREEMENT (this
"Agreement") is made as of April 13, 2001, between Zimmerman Sign Company, a
Texas corporation (the "Company"), Continental Illinois Venture Corporation, a
Delaware corporation ("CIVC"), MIG Partners VIII, a Delaware partnership
("MIG"), and each of the other persons identified on the signature pages hereto
(collectively, the "Other Stockholders" and each, an "Other Stockholder"). CIVC
and MIG are referred to herein collectively as the "Investors" and each is
referred to herein individually as an "Investor." The Investors and the Other
Stockholders are referred to herein collectively as the "Stockholders" and
individually as a "Stockholder". This Agreement amends and restates in its
entirety the original Registration Agreement, dated as of September 30, 1998,
between the Company, the Investors and the Other Stockholders (the "Original
Registration Agreement").

                  The Company, the Investors and certain of the Other
Stockholders are parties to a Senior Subordinated Note, Preferred Stock and
Warrant Purchase Agreement, dated as of September 30, 1998, as amended (the
"Securities Purchase Agreement"). The Company and the Investors are parties to
that certain Common Stock Purchase Agreement, dated as of the date hereof (the
"Common Stock Purchase Agreement"). In order to induce the Investors to enter
into the Securities Purchase Agreement and the Common Stock Purchase Agreement,
the Company agreed to provide the registration rights set forth in this
Agreement. The execution and delivery of this Agreement was a condition to the
Closing under the Securities Purchase Agreement and a condition to Closing under
the Common Stock Purchase Agreement . Unless otherwise provided in this
Agreement, capitalized terms used herein shall have the meanings set forth in
Section 9 hereof.

         The parties hereto agree as follows:

                  1.       Demand Registrations.

                  (a) Requests for Registration. At any time after the date
hereof the holders of a majority of the Investor Registrable Securities (the
"Majority Investor Holders") may request registration under the Securities Act
of 1933, as amended (the "Securities Act") of all or any portion of their
Registrable Securities on Form S-1 or any similar long-form registration
("Long-Form Registrations") or on Form S-2 or S-3 or any similar short-form
registration ("Short-Form Registrations") if available. All registrations
requested pursuant to this paragraph l(a) are referred to herein as "Demand
Registrations." Each request for a Demand Registration shall specify the
approximate number of Registrable Securities requested to be registered, the
anticipated per share price range for such offering and the intended method of
disposition. Within ten (10) days after

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receipt of any such request, the Company shall give written notice of such
requested registration to all other holders of Registrable Securities and shall
include in such registration all Registrable Securities with respect to which
the Company has received written requests for inclusion therein within 15 days
after the receipt of the Company's notice.

                  (b) Long-Form Registrations. The Majority Investor Holders
shall be entitled to request two (2) Long-Form Registrations in which the
Company shall pay all Registration Expenses (as defined in Section 6(a)). A
registration shall not count as one of the permitted Long-Form Registrations
until it has become effective, and neither the last nor any subsequent Long-Form
Registration shall count as one of the permitted Long-Form Registrations unless
the holders of Registrable Securities are able to register and sell all of the
Registrable Securities requested to be included in such registration; provided
that in any event the Company shall pay all Registration Expenses in connection
with any registration initiated as a Long-Form Registration whether or not it
has become effective and whether or not such registration has counted as one of
the Long-Form Registrations.

                  (c) Short-Form Registrations. In addition to the Long-Form
Registrations provided pursuant to Section l(b), the Majority Investor Holders
shall be entitled to request five (5) Short-Form Registrations in which the
Company shall pay all Registration Expenses; provided that in each such
Short-Form Registration the holders of Registrable Securities shall request to
include in such registration at least 25% of the Registrable Securities held by
them in the aggregate as of the date hereof (or such lesser amount if less than
25% are unregistered as of such demand). Demand Registrations shall be
Short-Form Registrations whenever the Company is permitted to use any applicable
short form.

                  (d) Restrictions on Demand Registrations. The Company shall
not be obligated to effect any Demand Registration within 180 days after the
effective date of a previous Demand Registration or a previous registration in
which the holders of Registrable Securities were given piggyback rights pursuant
to Section 2 and in which there was no reduction in the number of Registrable
Securities requested to be included. The Company may postpone for up to 180 days
(from the date of the request) the filing or the effectiveness of a registration
statement for a Demand Registration if the Company's board of directors
determines in its reasonable good faith judgment that such Demand Registration
would reasonably be expected to have a material adverse effect on any proposal
or plan by the Company or any of its Subsidiaries to engage in any acquisition
of assets (other than in the ordinary course of business) or any merger,
consolidation, tender offer, reorganization or similar transaction; provided
that in such event, the holders of Registrable Securities initially requesting
such Demand Registration shall be entitled to withdraw such request and, if such
request is withdrawn, such Demand Registration shall not count as one of the
permitted Demand Registrations hereunder and the Company shall pay all
Registration Expenses in connection with such registration. The Company may
delay a Demand Registration hereunder only once in any twelve-month period.

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                  (e) Priority on Demand Registrations. The Company will not
include in any Demand Registration any securities which are not Registrable
Securities without the prior written consent of the holders of a majority of the
Investor Registrable Securities. If a Demand Registration is an underwritten
offering and the managing underwriters advise the Company in writing that in
their opinion the number of Registrable Securities and, if permitted hereunder,
other securities requested to be included in such offering exceeds the number of
Registrable Securities and other securities, if any, which can be sold in an
orderly manner in such offering within a price range acceptable to the holders
of a majority of the Registrable Securities initially requesting registration,
the Company will include in such registration, if any, (i) first, the
Registrable Securities requested to be included in such registration by the
holders thereof, which securities can in the opinion of such underwriters be
sold in an orderly manner within the price range of such offering, pro rata
among such holders on the basis of the number of shares of Registrable
Securities owned by each such holder, and (ii) second, the other securities
requested to be included which in the opinion of such underwriters can be sold
in an orderly manner within the price range of such offering.

                  (f) Selection of Underwriters. In any Demand Registration, the
Company shall have the right to select the investment banker(s) and manager(s)
to administer the offering, provided that the investment banker(s) and
manager(s) so selected are reasonably satisfactory to the Majority Investor
Holders.

                  2.       Piggyback Registrations.

                  (a) Right to Piggyback. Whenever the Company proposes to
register any of its securities under the Securities Act (other than pursuant to
(i) a Demand Registration or (ii) pursuant to a registration on Form S-4 or S-8
or any successor or similar forms) and the registration form to be used may be
used for the registration of Registrable Securities (a "Piggyback
Registration"), the Company shall give prompt written notice (in any event
within ten (10) days after its receipt of notice of any exercise of demand
registration rights other than under this Agreement) to all holders of
Registrable Securities of its intention to effect such a registration and shall
include in such registration all Registrable Securities with respect to which
the Company has received written requests for inclusion therein within 15 days
after the receipt of the Company's notice.

                  (b)      Piggyback Expenses.  The Registration Expenses of the
holders of Registrable Securities shall be paid by the Company in all Piggyback
Registrations.

                  (c) Priority on Primary Registrations. If a Piggyback
Registration is an underwritten primary registration on behalf of the Company,
and the managing underwriters advise the Company in writing that in their
opinion the number of securities requested to be included in such registration
exceeds the number which can be sold in such offering without adversely
affecting the marketability of the offering, the Company shall include in such
registration (i) first, the securities the Company proposes to sell, and (ii)
second, the Registrable Securities requested to be included in such registration
pro rata among the holders thereof on the basis of the number of shares of
Registrable Securities owned by each such holder, and (iii) third, other
securities requested to be

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included in such registration pro rata among the holders of such securities and
any other securities held by others requested to be included in such
registration, pro rata among the holders thereof on the basis of the number of
shares requested to be included in such registration.

                  (d) Priority on Secondary Registrations. If a Piggyback
Registration is an underwritten secondary registration on behalf of holders of
the Company's securities (other than the parties hereto) who have been granted
contractual demand registration rights, and the managing underwriters advise the
company in writing that in their opinion the number of securities requested to
be included in such registration exceeds the number which can be sold in such
offering without adversely affecting the marketability of the offering, the
Company will include in such registration (i) first, the securities requested to
be included therein by the holders requesting such registration, (ii) second,
the Registrable Securities requested to be included in such registration, pro
rata among the holders thereof on the basis of the number of shares of
Registrable Securities owned by each such holder, and (iii) third, other
securities requested to be included in such registration pro rata among the
holders of such securities.

                  (e)      Selection of Underwriters.  In any Piggyback
Registration, the Company shall have the right to select the investment
banker(s) and manager(s) to administer the offering.

                  3.       Holdback Agreements.

                  (a) The Company shall not effect any public sale or other
distribution (including sales pursuant to Rule 144) of its equity securities, or
any securities convertible into or exchangeable or exercisable for such
securities, during the seven (7) days prior to and during the 180-day period
beginning on the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration (except as part of such underwritten
registration or pursuant to registrations on Form S-8 or any successor form),
unless the underwriters managing the registered public offering otherwise agree.

                  (b) Each holder of Registrable Securities shall not effect any
public sale or other distribution (including sales pursuant to Rule 144) of
equity securities of the Company, 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 any underwritten Piggyback Registration in
which Registrable Securities are eligible for inclusion (except as part of such
underwritten registration or pursuant to registrations on Form S-8 or any
successor form), unless the underwriters managing the registered public offering
otherwise agree.

                  4. Registration Procedures. Whenever the holders of
Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company shall use its best efforts to
effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof (including the
registration of the Warrants held by a holder of Registrable Securities
requesting registration as to which the Company

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has received reasonable assurances that only Common Stock shall be distributed
to the public), and pursuant thereto the Company shall as expeditiously as
possible:

                  (a) prepare and file with the Securities and Exchange
Commission a registration statement with respect to such Registrable Securities
and use its best efforts to cause such registration statement to become
effective (provided that before filing a registration statement or prospectus or
any amendments or supplements thereto, the Company shall furnish to the counsel
selected by the holders of a majority of the Registrable Securities covered by
such registration statement copies of all such documents proposed to be filed,
which documents shall be subject to the review and comment of such counsel);

                  (b) notify each holder of Registrable Securities of the
effectiveness of each registration statement filed hereunder and prepare and
file with the Securities and Exchange Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective for a period
of not less than 180 days and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement;

                  (c) furnish to each seller of Registrable Securities such
number of requested copies of such registration statement, each amendment and
supplement thereto, the prospectus included in such registration statement
(including each preliminary prospectus) and such other documents as such seller
may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller;

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

                  (e) notify each seller of such Registrable Securities, at any
time when a prospectus relating thereto is required to be delivered under the
Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein
not misleading, and, at the request of any such seller, the Company shall
prepare a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus
shall not contain an untrue statement of a material fact or omit to state any
fact necessary to make the statements therein not misleading; provided that upon
such

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notification by the Company, each seller of such Registrable Securities will not
offer or sell such Registrable Securities until the Company has notified such
seller that it has prepared a supplement or amendment to such prospectus and
delivered copies of such supplement or amendment to such seller;

                  (f) cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then
listed and, if not so listed, to be listed on the NASD automated quotation
system and, if listed on the NASD automated quotation system, use its best
efforts to secure designation of all such Registrable Securities covered by such
registration statement as a NASDAQ "national market system security" within the
meaning of Rule 11Aa2-1 of the Securities and Exchange Commission or, failing
that, to secure NASDAQ authorization for such Registrable Securities and,
without limiting the generality of the foregoing, to arrange for at least two
market makers to register as such with respect to such Registrable Securities
with the NASD;

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

                  (h) enter into such customary agreements (including
underwriting agreements in customary form) and take all such other actions as
the holders of a majority of the Registrable Securities being sold or the
underwriters, if any, reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities (including effecting a stock split or
a combination of shares);

                  (i) make available for inspection by any seller of Registrable
Securities, any underwriter participating in any disposition pursuant to such
registration statement and any attorney, accountant or other agent retained by
any such seller or underwriter (in each case after reasonable prior notice), all
financial and other records, pertinent corporate documents and properties of the
Company, and cause the Company's officers, directors, employees and independent
accountants to supply, on a confidential basis, all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in
connection with such registration statement;

                  (j) otherwise use its best efforts to comply with all
applicable rules and regulations of the Securities and Exchange Commission, and
make available to its security holders, as soon as reasonably practicable, an
earnings statement covering the period of at least twelve months beginning with
the first day of the Company's first full calendar quarter after the effective
date of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

                  (k) permit any holder of Registrable Securities which holder,
in its sole and exclusive judgment, might be deemed to be an underwriter or a
controlling person of the Company, to participate in the preparation of such
registration or comparable statement and to require the

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insertion therein of material, furnished to the Company in writing, which in the
reasonable judgment of such holder and its counsel should be included;

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

                  (m) obtain a comfort letter from the Company's independent
public accountants in customary form and covering such matters of the type
customarily covered by comfort letters as the holders of a majority of the
Registrable Securities being sold reasonably request (provided that such
Registrable Securities constitute at least 10% of the securities covered by such
registration statement).

Each seller of Registrable Securities, upon receipt of any notice from the
Company of the happening of any event of the kind described in subsection (e) of
this Section 4, will forthwith discontinue disposition of the Registrable
Securities until receipt by the seller of Registrable Securities of the copies
of the supplemented or amended prospectus contemplated by subsection (e) of this
Section 4 or until it is advised in writing (the "Advice") by the Company that
the use of the prospectus may be resumed and has received copies of any
additional or supplemental filings which are incorporated by reference in the
prospectus, and if so directed by the Company, such seller of Registrable
Securities will, or will request the managing underwriter or underwriters, if
any, to deliver to the Company (at the Company's expense) all copies (other than
permanent file copies) then in the possession of such seller of Registrable
Securities and of any underwriter or underwriters, of he prospectus covering
such Registrable Securities current at the time of receipt of such notice. In
the event the Company shall give any such notice, the time periods mentioned in
subsection (b) of this Section 4 shall be extended by the number of days during
the period from and including the date of the giving of such notice to and
including the date when each seller of Registrable Securities covered by such
registration statement shall have received the copies of the supplemented or
amended prospectus contemplated by subsection (e) of this Section 4 hereof or
the Advice.

                  5.       Cooperation by Holders of Registrable Securities.

                  (a) Each seller of Registrable Securities will furnish to the
Company in writing such information as the Company may reasonably require from
time to time from such seller, and otherwise reasonably cooperate with the
Company in connection with any registration with respect to such holder's
Registrable Securities.

                  (b) The failure of any prospective seller of Registrable
Securities to furnish any information or documents in accordance with any
provision contained in this Agreement shall not affect the obligations of the
Company hereunder to any remaining sellers who furnish such information and
documents unless, in the reasonable opinion of counsel to the Company or the

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underwriters, such failure impairs or may impair the viability of the or the
legality of any registration statement in connection therewith.

                  (c) At the end of any period during which the Company is
obligated to keep any registration statement current and effective as provided
in Section 4, the holders of Registrable Securities included in such
registration statement shall discontinue sales of shares pursuant to such
registration statement upon receipt of notice from the Company of its intention
to remove from registration the shares covered by such registration statement
which remain unsold and such holders shall notify the Company of the number of
shares registered which remain unsold promptly after receipt of such notice from
the Company.

                  6.       Registration Expenses.

                  (a) All expenses incident to the Company's performance of or
compliance with this Agreement, including without limitation all registration
and filing fees, fees and expenses of compliance with securities or blue sky
laws, printing expenses, messenger and delivery expenses, fees and disbursements
of custodians, and fees and disbursements of counsel for the Company and all
independent certified public accountants, underwriters (excluding discounts,
commissions, and undocumented expense allowances) and other Persons (as defined
in the Securities Purchase Agreement) retained by the Company (all such expenses
being herein called "Registration Expenses"), shall be borne as provided in this
Agreement, except that the Company shall, in any event, pay its internal
expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of
any annual audit or quarterly review, the expense of any liability insurance and
the expenses and fees for listing the securities to be registered on each
securities exchange on which similar securities issued by the Company are then
listed or on the NASD automated quotation system.

                  (b) In connection with each Demand Registration and each
Piggyback Registration, the Company shall reimburse the holders of Investor
Registrable Securities included in such registration for the reasonable fees and
disbursements of one counsel chosen by the holders of a majority of the Investor
Registrable Securities initially requesting such registration. The Company shall
not be required to pay or obtain reimbursement for excessive discounted fees and
commissions attributable to a sale of the Company and fees and/or expenses of
other experts retained by the holders of Registrable Securities.

                  (c) To the extent Registration Expenses are not required to be
paid by the Company, each holder of securities included in any registration
hereunder shall pay those Registration Expenses allocable to the registration of
such holder's securities so included, and any Registration Expenses not so
allocable shall be borne by all sellers of securities included in such
registration in proportion to the aggregate selling price of the securities to
be so registered.

                  (d)      The Company will not bear the cost of or pay for any
stock transfer tax imposed in respect of the transfer of any Registrable
Securities to any purchaser thereof by any

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holder of Registrable Securities in connection with any registration of
Registrable Securities pursuant to this Agreement.

                  7.       Indemnification.

                  (a) The Company agrees to indemnify, to the extent permitted
by law, each holder of Registrable Securities (requesting or joining in a
registration hereunder), its officers and directors and each Person who controls
(within the meaning of the Securities Act) such holder against all losses,
claims, damages, liabilities and expenses caused by any untrue or alleged untrue
statement of material fact contained in any registration statement, prospectus
or preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as the
same are caused by or contained in any information furnished in writing to the
Company by such holder expressly for use therein or by such holder's failure to
deliver a copy of the registration statement or prospectus or any amendments or
supplements thereto after the Company has furnished such holder with a
sufficient number of copies of the same. In connection with an underwritten
offering the Company shall indemnify such underwriters, their officers and
directors and each Person who controls such underwriters (within the meaning of
the Securities Act) to the same extent as provided above with respect to the
indemnification of the holders of Registrable Securities.

                  (b) In connection with any registration statement in which a
holder of Registrable Securities is participating, each such holder shall
furnish to the Company in writing such information and affidavits as the Company
reasonably requests for use in connection with any such registration statement
or prospectus and, to the extent permitted by law, shall indemnify the Company,
its directors and officers and each Person who controls (within the meaning of
the Securities Act) the Company against any losses, claims, damages, liabilities
and expenses resulting from any untrue or alleged untrue statement of material
fact contained in the registration statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is contained in any information or affidavit so
furnished in writing by such holder; provided that the obligation to indemnify
shall be limited to the net amount of proceeds received by such holder from the
sale of Registrable Securities pursuant to such registration statement. In
connection with an underwritten offering in which a holder of Registrable
Securities is participating, each such holder shall indemnify such underwriters,
their officers and directors and each Person who controls such underwriters
(within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the Company.

                  (c) Any Person entitled to indemnification hereunder shall (i)
give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt
notice shall not impair any Person's right to indemnification hereunder to the
extent such failure has not prejudiced the indemnifying party) and (ii) unless
in such

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indemnified party's reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party. If such defense is assumed,
the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects
not to, assume the defense of a claim shall not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such
claim.

                  (d) The indemnification provided for under this Agreement
shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling
Person of such indemnified party and shall survive the transfer of securities.
The parties hereto also agree to make such provisions, as are reasonably
requested by any indemnified party, for contribution to such party in the event
such party's indemnification is unavailable for any reason.

                  8. Participation in Underwritten Registrations. No Person may
participate in any registration hereunder which is underwritten unless such
Person (i) agrees to sell such Person's securities on the basis provided in any
underwriting arrangements approved by the Person or Persons entitled hereunder
to approve such arrangements and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements; provided that no
holder of Registrable Securities included in any underwritten registration shall
be required to make any representations or warranties to the Company or the
underwriters (other than representations and warranties regarding such holder
and such holder's intended method of distribution) or to undertake any
indemnification obligations to the Company or the underwriters with respect
thereto, except as otherwise provided in Section 7 hereof.

                  9.       Definitions.

                  (a) "Investor Registrable Securities" means (i) any Common
Stock issued to CIVC or MIG (whether pursuant to the Common Stock Purchase
Agreement or otherwise), (ii) any Common Stock issued or issuable upon the
exercise or otherwise in respect of the Warrants, (iii) any Common Stock issued
or issuable with respect to the securities referred to in clauses (i) and (ii)
above by way of a stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other
reorganization, and (iv) any other shares of Common Stock held by the Investors
holding securities described in clauses (i), (ii) and (iii), inclusive, above.
As to any particular Investor Registrable Securities, such securities shall
cease to be Investor Registrable Securities when they have been distributed to
the public pursuant to a offering registered under the Securities Act or sold to
the public through a broker, dealer or market maker in compliance with Rule 144
under the Securities Act (or any similar rule then in force) or repurchased by
the Company or any Subsidiary. For purposes of this Agreement, a Person shall be
deemed to be a

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holder of Investor Registrable Securities, and the Registrable Securities shall
be deemed to be in existence, whenever such Person has the right to acquire
directly or indirectly such Registrable Securities (upon conversion or exercise
in connection with a transfer of securities or otherwise, but disregarding any
restrictions or limitations upon the exercise of such night), whether or not
such acquisition has actually been effected, and such Person shall be entitled
to exercise the rights of a holder of Investor Registrable Securities hereunder.

                  (b) "Other Registrable Securities" means (i) any Common Stock
held by or issued to any Other Stockholder, (ii) any Common Stock issued or
issuable with respect to the securities referred to in clause (i) above by way
of a stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization. As to
any particular Other Registrable Securities, such securities shall cease to be
Other Registrable Securities when they have been distributed to the public
pursuant to a offering registered under the Securities Act or sold to the public
through a broker, dealer or market maker in compliance with Rule 144 under the
Securities Act (or any similar rule then in force) or repurchased by the Company
or any Subsidiary. For purposes of this Agreement, a Person shall be deemed to
be a holder of Other Registrable Securities, and the Other Registrable
Securities shall be deemed to be in existence, whenever such Person has the
right to acquire directly or indirectly such Other Registrable Securities (upon
conversion or exercise in connection with a transfer of securities or otherwise,
but disregarding any restrictions or limitations upon the exercise of such
night), whether or not such acquisition has actually been effected, and such
Person shall be entitled to exercise the rights of a holder of Other Registrable
Securities hereunder.

                  (c)      "Registrable Securities" means, collectively, the
Investor Registrable Securities and the Other Registrable Securities.

                  (d) "Warrants" means the Warrants issued by the Company to
CIVC and MIG pursuant to the Securities Purchase Agreement, as such Warrants are
amended from time to time.

                  (e) Unless otherwise stated, other capitalized terms contained
herein have the meanings set forth in the Securities Purchase Agreement.

                  10.      Miscellaneous.

                  (a)      No Inconsistent Agreements.  The Company shall not
hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the holders of Registrable
Securities in this Agreement.

                  (b) Amendments and Waivers. Except as otherwise provided
herein, the provisions of this Agreement may be amended or waived only upon the
prior written consent of the Company and holders of a majority of the
Registrable Securities.

                                     - 11 -

<PAGE>

                  (c) 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
the validity, legality or enforceability of any other provision of this
Agreement in such jurisdiction or affect the validity, legality or
enforceability of any provision in 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.

                  (d) Successors and Assigns. All covenants and agreements in
this Agreement by or on behalf of any of the parties hereto shall bind and inure
to the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not; in addition, whether or not any express assignment
has been made, the provisions of this Agreement which are for the benefit of
purchasers or holders of Registrable Securities are also for the benefit of, and
enforceable by, any subsequent holder of Registrable Securities.

                  (e) Entire Agreement. Except as otherwise expressly set forth
herein, this Agreement 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, including, without limitation, the Original Registration Agreement.

                  (f) Counterparts. This Agreement may be executed in two or
more counterparts, any one of which need not contain the signatures of more than
one party, but all such counterparts taken together shall constitute one and the
same Agreement.

                  (g) Remedies. Any Person having rights under any provision of
this Agreement shall be entitled to enforce such rights specifically to recover
damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting
any bond or other security) for specific performance and for other injunctive
relief in order to enforce or prevent violation of the provisions of this
Agreement.

                  (h) Governing Law. The corporate law of the State of Texas
shall govern all issues and questions concerning the relative rights of the
Company and its stockholders. All other issues and questions concerning the
construction, validity, interpretation and enforceability of this Agreement and
the exhibits and schedules hereto shall be governed by, and construed in
accordance with, the laws of the State of Illinois, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of
Illinois or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Illinois.

                                     - 12 -

<PAGE>

                  (i) Notices. Any notice provided for in this Agreement shall
be in writing and shall be either personally delivered, sent by telecopy, mailed
first class mail (postage prepaid) or sent by reputable overnight courier
service (charges prepaid) to the Company at the address set forth below and to
any other recipient at the address indicated on the schedules hereto, or at such
address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. Notices shall be deemed
to have been given hereunder upon receipt when delivered personally or by
telecopy, three business days after deposit in the U.S. mail and on the first
business day after deposit with a reputable overnight courier service (postage
provided for and with instructions for overnight delivery). The Company's
address is:

                             Zimmerman Sign Company
                             9846 Hwy 31 East
                             Tyler, Texas 75705
                             Attn: Chief Executive Officer

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

                             *     *     *     *     *

                                     - 13 -

<PAGE>

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

ZIMMERMAN SIGN COMPANY

By:  /s/ Jeffrey P. Johnson

Its: Vice President, Chief Financial Officer
     and Secretary

INVESTORS:
CONTINENTAL ILLINOIS VENTURE
CORPORATION

By: /s/ Robert F. Perille

Its: Managing Director

MIG PARTNERS VIII

By: /s/ Robert F. Perille

Its: General Partner

                    SIGNATURE PAGE TO REGISTRATION AGREEMENT

<PAGE>

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

OTHER STOCKHOLDERS:

/s/ David E. Anderson
David E. Anderson

/s/ Tom E. Boner
Tom E. Boner

SOUTHERN INVESTORS CORP.

By: ___________________________________
Its:  ___________________________________

SOUTHERN MORTGAGE HOLDING
CORPORATION

By: ___________________________________
Its:  ___________________________________

GENEVE SECURITIES PORTFOLIO CORP.

By: ___________________________________
Its:  ___________________________________

GENEVE SECURITIES HOLDING CORP.

By: ___________________________________
Its:  ___________________________________

CHAPARRAL INTERNATIONAL RE.

By: ___________________________________
Its:  ___________________________________

            CONTINUATION OF SIGNATURE PAGE TO REGISTRATION AGREEMENTZIMMERMAN SIGN COMPANY

                              AMENDED AND RESTATED
                             STOCKHOLDERS AGREEMENT

                  THIS AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (this
"Agreement") is made as of April 13, 2001, between Zimmerman Sign Company, a
Texas corporation (the "Company"), each of the investors listed on the Schedule
of Investors attached hereto (the "Investors"), each of the executives listed on
the Schedule of Executives attached hereto (the "Executives") and each of the
other stockholders listed on the Schedule of Other Stockholders attached hereto
(the "Other Stockholders" and, collectively with the Investors and the
Executives, the "Stockholders"; each, a "Stockholder"). Capitalized terms used
and not otherwise defined herein are defined in Section 9 hereof. This Agreement
amends and restates in its entirety the original Stockholders Agreement, dated
as of September 30, 1998, between the Company, the Investors, the Executives and
the Other Stockholders (the "Original Stockholders Agreement").

                  The Investors entered into that certain (i) Senior
Subordinated Note, Preferred Stock and Warrant Purchase Agreement, dated as of
September 30, 1998, as amended (the "Securities Purchase Agreement"), pursuant
to which the Investors and certain other Persons purchased Senior Subordinated
Notes (as amended and reissued as of the date hereof, the "Notes"), shares of
Series A Preferred Stock and the Investor Warrants, and (ii) Common Stock
Purchase Agreement, dated as of the date hereof (the "Common Stock Purchase
Agreement"), pursuant to which the Investors purchased shares of Common Stock.
As of the date hereof, each of the Executives and each of the Other Stockholders
owns shares of Common Stock in the amounts set forth opposite such Executive's
name and such Other Stockholder's name, respectively, on the Schedule of
Executives and the Schedule of Other Stockholders.

                  The Company and the Stockholders desire to enter into this
Agreement for the purposes, among others, of (i) establishing the composition of
the Company's board of directors (the "Board"), (ii) assuring continuity in the
management of the Company and (iii) limiting the manner and terms by which the
Common Stock may be transferred. The execution and delivery of this Agreement is
a condition to the Investors' obligations under the Securities Purchase
Agreement and the Common Stock Purchase Agreement.

                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties to this Agreement
hereby agree as follows:

                                       -1-

<PAGE>

                  1.       Board of Directors.

                  (a) From and after the date hereof and until the provisions of
this Section 1 cease to be effective, each Stockholder shall vote all of his or
its Stockholder Shares which are voting shares and any other voting securities
of the Company over which such Stockholder has voting control and shall take all
other necessary or desirable actions within his or its control (whether in his
or its capacity as a stockholder, director, member of a Board committee or
officer of the Company or otherwise, and including, without limitation,
attendance at meetings in person or by proxy for purposes of obtaining a quorum
and execution of written consents in lieu of meetings), and the Company shall
take all necessary or desirable actions within its control (including, without
limita tion, calling special board and stockholder meetings), so that:

                           (i)      subject to Section 1(e) below, the
         authorized number of directors on the Board shall be established at
         seven (7) directors,

                           (ii)     the following individuals shall be elected
         to the Board:

                                    (A) three (3) representatives (the "Investor
                  Directors") designated by holders of a majority of the
                  Investor Shares (the "Majority Investor Holders"); provided
                  that the designation of the Investor Directors pursuant to
                  this subparagraph (ii) (A) shall be in lieu of, and operative
                  only to the extent that, (i) the holders of the Series A
                  Preferred have failed to designate (or for any reason, have
                  been prevented from designating) in accordance with Section 6
                  of the Certificate of Designation, Series A, three (3)
                  representatives to serve on the Board, or (ii) the Investors
                  do not hold a majority of the Series A Preferred;

                                    (B)     three (3) members of the Company's
                  management designated by the Executives, determined by a
                  vote of the Executives owning a majority of the Stockholder
                  Shares held by all Executives (the "Executive Directors"),
                  provided that the initial Executive Directors shall be David
                  E. Anderson, Tom E. Boner and Robert Moran; and

                                    (C) one (1) representative designated by the
                  Executives (determined on the basis of a vote of a majority of
                  the Stockholder Shares held by all Executives) and acceptable
                  to the Majority Investor Holders, provided that the person so
                  designated is not a member of the Company's management or an
                  employee or officer of the Company or its subsidiaries of an
                  Affiliate, or related by blood or marriage to any affiliate,
                  of any of the Executives or any other member of the Company's
                  management (the "Outside Director");

                           (iii)    the composition of the board of directors of
         each of the Company's Subsidiaries, if any (a "Sub Board"), shall be
         the same as that of the Board;

                           (iv) the removal from the Board or a Sub Board (with
         or without cause) of any representative designated (x) under
         subparagraph (ii)(A), shall be at the written request of the Majority
         Investor Holders, (y) under subparagraph (ii)(B), shall be at the
         written request of the Executives or (z) under subparagraph (ii)(C),
         shall be at the written

                                       -2-

<PAGE>

         request of the Majority Investor Holders, the Executives or the
         Majority Investor Holders and the Executives, collectively, but only
         upon such written request and under no other circumstances (in each
         case, determined on the basis of a vote of the holders of a majority of
         the Stockholder Shares held by such Persons), provided that if any
         director elected pursuant to subparagraph (ii)(B) above ceases to be an
         employee of the Company and its Subsidiaries, he shall be removed as a
         director promptly after his employment ceases and shall have no right
         to designate any representative pursuant to this Section 1(a), except
         that, the foregoing not withstanding, David Anderson shall be permitted
         to serve as an Executive Director designated pursuant to Section
         1(a)(ii)(B) for so long as he continues to hold not less than 5% of the
         aggregate outstanding shares of the Company's Common Stock, whether or
         not he is employed by the Company; and

                           (v) in the event that any representative designated
         hereunder by the Majority Investor Holders or by the Executives, or by
         the Executives with the approval of the Majority Investor Holders,
         ceases to serve as a member of the Board or a Sub Board during his term
         of office, the resulting vacancy on the Board or the Sub Board shall be
         filled by a representative designated and/or approved by the Majority
         Investor Holders or the Executives, or by a representative designated
         and/or approved by the Majority Investor Holders or the Executives, as
         the case may be, as provided hereunder.

                  (b) The Company shall pay the reasonable out-of-pocket
expenses incurred by each director in connection with attending the meetings of
the Board, any Sub Board and any committee thereof. So long as any Investor
Director serves on the Board and for 4 years thereafter, the Company shall, at
the request of such Investor Director, maintain directors and officers indemnity
insurance coverage satisfactory to the Investors.

                  (c) The rights of each Executive under this Section 1 shall
terminate upon such Executive ceasing to be employed by the Company or, if
earlier, at such time as the Executives and their Permitted Transferees (as
defined in Section 4(c) hereof), for any reason, hold in the aggregate less than
75% of the Stockholder Shares held by the Executives as of September 30, 1998;
provided that, the foregoing not withstanding, David Anderson shall be permitted
to serve as an Executive Director designated pursuant to Section 1(a)(ii)(B) for
so long as he continue to hold not less than 5% of the aggregate outstanding
shares of the Company's Common Stock, whether or not he is employed by the
Company.

                  (d) If any party fails to designate a representative to fill a
directorship pursuant to the terms of this Section 1, the individual previously
holding such directorship shall be elected to such position, or if such
individual fails or declines to serve, the election of an individual to such
directorship shall be accomplished in accordance with the Company's Bylaws and
applicable law; provided that the Stockholders shall vote to remove such
individual if the party which failed to designate such directorship so directs.

                  (e) Notwithstanding anything to the contrary contained in this
Section 1, upon the occurrence of an Event of Noncompliance of the type
described in Section 7 of the Certificate of Designation and so long as any such
Event of Noncompliance continues uncured and unwaived,

                                       -3-

<PAGE>

each holder of Stockholder Shares shall vote all of his or its Stockholder
Shares and any other voting securities of the Company over which it has voting
control and take all other necessary or desirable actions within his or its
control, and the Company shall take all necessary and desirable actions within
its control, in order to cause, at the option of and as directed by Majority
Investor Holders, the removal from the Board of one of the representatives
designated pursuant to paragraph 1(a)(ii)(B) and the election to the Board of a
replacement representative designated by the Majority Investor Holders; provided
that, the foregoing notwithstanding, upon the occurrence of an Event of
Noncompliance, the Stockholders shall not be required to vote their Stockholder
Shares to effect the removal and replacement of a representative in accordance
with this Section 1(e) so long as (i) each of the three directors designated to
the Board by holders of the Series A Preferred is entitled, in accordance with
Section 7(b)(iii) of the Certificate of Designation, to cast with respect to
each resolution or other matter presented to the Board for approval, two times
the number of votes that each other director is entitled to cast in with respect
to approval of such resolution or other matter, and (ii) the Investors hold a
majority of the Series A Preferred.

                  (f) Notwithstanding any other provision of this Section 1, the
holders of Series A Preferred shall not be obligated to vote such shares to
elect any person to the Board other than the Investor Directors.

                  (g) The provisions set forth in Section 1 shall terminate at
such time when the Investors no longer own at least 5% of the outstanding shares
of Common Stock of the Company.

                  2. Representations and Warranties. Each Stockholder represents
and warrants that (i) such Stockholder is the record owner of the number of
Stockholder Shares set forth opposite its name on the applicable schedule
attached hereto, (ii) this Agreement has been duly authorized, executed and
delivered by such Stockholder and constitutes the valid and binding obligation
of such Stockholder, enforceable in accordance with its terms, and (iii) such
Stockholder has not granted and is not a party to any proxy, voting trust or
other agreement other than this Agreement. No holder of Stockholder Shares shall
grant any proxy or become party to any voting trust or other agreement which is
inconsistent with, conflicts with or violates any provision of this Agreement.

                  3.       [Intentionally deleted.]

                  4.       Restrictions on Transfer of Stockholder Shares.

                  (a) Transfer of Stockholder Shares. No Executive or Other
Stockholder shall sell, transfer, assign, pledge or otherwise dispose of
(whether with or without consideration and whether voluntarily or involuntarily
or by operation of law) any interest in his or its Stockholder Shares (a
"Transfer"), except pursuant to the provisions of Section 6, in connection with
a Public Sale, pursuant to the Stock Purchase Option Agreements (as defined in
the Securities Purchase Agreement) or with the prior written approval of the
Majority Investor Holders or, in the case of the Executives, pursuant to the
provisions of this Section 4.

                  (b)      Tag-Along Rights.  At least thirty 30 days prior to
any Transfer of Stockholder Shares (other than a Public Sale), the Executive (or
his Permitted Transferee) making such Transfer

                                       -4-

<PAGE>

(the "Transferring Stockholder") shall deliver a written notice (the "Sale
Notice") to the holders of Investor Shares, specifying in reasonable detail the
identity of the prospective transferee(s), the number of shares to be
transferred and the terms and conditions of the contemplated Transfer. Each
holder of Investor Shares may elect to participate in the contemplated Transfer
at the same price per share (whether voting or non-voting stock) and on the same
terms by delivering written notice to the Transferring Stockholder within 30
days after delivery of the Sale Notice. If any holder of Investor Shares has
elected to participate in such contemplated Transfer, the Transferring
Stockholder and each such electing holder shall be entitled to sell in the
contemplated Transfer, at the same price and on the same terms, a number of
Stockholder Shares equal to the product of (i) the quotient determined by
dividing the percentage of Stockholder Shares owned by such Person by the
aggregate percentage of Stockholder Shares owned by the Transferring Stockholder
and the holders of Investor Shares participating in such sale and (ii) the
number of Stockholder Shares to be sold in the contemplated Transfer.

                  Each Transferring Stockholder shall use its best efforts to
obtain the agreement of the prospective transferee(s) to the participation of
the holders of Investor Shares in any contemplated Transfer and to the inclusion
of the Investor Warrants and Series A Preferred in the contemplated Transfer,
and no Transferring Stockholder shall transfer any of its Stockholder Shares to
any prospective transferee if such prospective transferee(s) declines to allow
the participation of the holders of Investor Shares or the inclusion of the
Warrants or Series A Preferred. If any portion of the Investor Warrants is
included in any Transfer of Stockholder Shares under this Section 4(b), the
purchase price for the Investor Warrants shall be equal to the full purchase
price determined hereunder for the Stockholder Shares covered by the portion of
the Investor Warrants to be transferred, reduced by the aggregate exercise price
for such shares.

                  (c) Permitted Transfers. The restrictions set forth in this
Section 4 shall not apply with respect to any Transfer of Stockholder Shares by
any Executive pursuant to applicable laws of descent and distribution or among
such Executive's Family Group (collectively referred to herein as "Permitted
Transferees"); provided that the restrictions contained in this Section 4 shall
continue to be applicable to the Stockholder Shares after any such Transfer and
provided further that such transferees of such Stockholder Shares shall have
agreed in writing to be bound by the provisions of this Agreement affecting the
Stockholder Shares so transferred to the same extent and in the same manner as
the transferor thereof was so bound (e.g., any transferee of Stockholder Shares
in a Transfer from an Executive shall be subject to the obligations of an
Executive hereunder).

                  (d) Termination of Restrictions. The restrictions on the
Transfer of Stockholder Shares set forth in this Section 4 shall continue with
respect to each Stockholder Share until the date on which such Stockholder Share
has been transferred in a Public Sale or a Sale of the Company in accordance
with Section 6.

                  5. Legend. Each certificate evidencing Stockholder Shares and
each certificate issued in exchange for or upon the transfer of any Stockholder
Shares (if such shares remain Stock holder Shares after such transfer) shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

                                       -5-

<PAGE>

                  "The securities represented by this certificate are subject to
                  a Stockholders Agreement among the issuer of such securities
                  (the "Company") and certain of the Company's stockholders, as
                  amended and modified from time to time. A copy of such
                  Stockholders Agreement shall be furnished without charge by
                  the Company to the holder hereof upon written request."

The Company shall imprint such legend on certificates evidencing Stockholder
Shares outstanding as of the date hereof. The legend set forth above shall be
removed from the certificates evidencing any shares which cease to be
Stockholder Shares in accordance with paragraph 9 hereof.

                  6.       Drag-Along Rights.

                  (a) Simultaneous with or at any time following exercise of the
Investor Warrants, the Majority Investor Holders shall have the right to seek a
Sale of the Company and identify a third party or parties to acquire (i) all of
the issued and outstanding capital stock of the Company (whether by merger,
consolidation or sale or transfer of stock) or (ii) all or substantially all of
the Company's assets on a consolidated basis. The holder or holders proposing a
Sale of the Company (the "Proposing Stockholders") shall notify the Company and
the other Stockholders (the "Non- Proposing Stockholders") prior to initiating
contact with any prospective third party purchaser in connection with such
transaction.

                  (b) Election. The Proposing Stockholders shall deliver written
notice to the Company and the Non-Proposing Stockholders setting forth in
reasonable detail the terms of the proposed Sale of the Company (the "Sale
Notice"). Within 20 days following receipt of the Sale Notice (the "Election
Period"), the Non-Proposing Stockholders shall deliver to the Company and the
Proposing Stockholders written notice setting forth such holders' election (i)
to consent to and raise no objections against such proposed Sale of the Company,
and if the Sale of the Company is structured as a sale of stock, to sell their
Stockholder Shares on the terms and conditions set forth in the Sale Notice, or
(ii) if such Non-Proposing Stockholders hold in the aggregate more than 20% of
the Stockholder Shares, to deliver a written offer (a "Stockholder Offer"), upon
substantially the same terms as described in the Sale Notice, to acquire the
Company (a "Stockholder Transaction"). If the Non-Proposing Stockholders have
not delivered a Stockholder Offer within such 20-day period, the Proposing
Stockholders shall have 180 days after the expiration of the Election Period to
consummate the Sale of the Company, or during which the Company may enter into
an agreement providing for such a sale, on the terms specified in the Sale
Notice. If the Sale of the Company is not consummated or the Company fails to
enter into such an agreement within such 180-day period, the Proposing
Stockholders shall again comply with the provisions of this Section 6. If the
Non- Proposing Stockholders have delivered a Stockholder Offer within the
Election Period, the Non- Proposing Stockholders must (A) obtain an executed
definitive and binding agreement to consummate the Stockholder Transaction and
obtain binding commitments regarding the financing thereof satisfactory in all
respects to the Proposing Stockholders both within 30 days after receipt by the
Proposing Stockholders of the Stockholder Offer and (B) must consummate the
Stockholder Transaction within 120 days after receipt by the Proposing
Stockholders of the Stockholder Offer. If any of the conditions set forth in (A)
or (B) of the preceding sentence is not fulfilled, the Non- Proposing
Stockholders must again comply with the provisions of this Section 6. The
consummation of a Sale of the Company or a Stockholder Transaction pursuant to
this Section 6(b) shall be in accordance with the provisions of the Texas
Business Corporation Act.

                  (c) Upon consummation of the Sale of the Company hereunder,
all holders of Common Stock shall receive the same form and amount of
consideration per share of Common Stock, or if any holders of Common Stock as
such holders are given an option as to the form and consideration to be
received, all holders shall be given the same option.

                  7.       Put Arrangements.

                  (a) At any time after September 30, 2003, each holder of
Investor Shares shall have the right to require the Company to repurchase all or
any portion of such holder's Investor Shares (other than Investor Shares which
are shares of Common Stock of the Company acquired by such holders pursuant to
the Common Stock Purchase Agreement and any shares of Common Stock issued or
issuable with respect to such shares by way of stock dividend or stock split or
in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization) at the Put Price (the "Put") by
delivering a written notice to the Company and each other holder of Investor
Shares specifying the amount thereof to be purchased (the "Put Notice"). The
right to exercise the Put shall inure to the benefit of all transferees of the
Investor Shares (other than transferees in a Public Sale).

                  (b) Upon the delivery of the Put Notice, the Company and the
holder or holders of Investor Shares delivering the Put Notice (including those
specified in the last sentence of this Section 7(b), the "Requesting Holders")
shall in good faith promptly determine the Put Price as provided hereunder, and
subject to the provisions hereof, within twenty (20) days after the
determination of the Put Price, the Company shall purchase and the Requesting
Holders shall sell the amount of such Requesting Holder's Investor Shares
specified in the Put Notice at a mutually agreeable time and place (the "Put
Closing"). Upon receipt of any Put Notice, any other holder of Investor Shares
may, by written notice delivered to the Company within five (5) business days
after receiving such Put Notice specifying the number of Investor Shares that
such holder elects to include in such Put, elect to participate in such Put, and
upon delivery of such written notice each such other holder shall be deemed to
be a Requesting Holder.

                  (c) At the Put Closing, the Requesting Holders shall deliver
to the Company certificates and other instruments (if any) representing the
Investor Shares to be repurchased by the Company, and the Company shall deliver
to the Requesting Holders the Put Price by cashier's or certified check payable
to the Requesting Holders or by wire transfer of immediately available funds to
an account designated by the Requesting Holders; provided that if, as the result
of the payment in cash of the Put Price in accordance with this Section 7(c),
there will exist an Event of Default (as defined in each of the Securities
Purchase Agreement and the Loan Agreement) and the Company shall have used its
best efforts to obtain financing from an outside source for payment of the Put
Price, then the Company may pay the Put Price by delivery (i) of cash (as
provided above) up to the maximum portion of the Put Price, the payment of which
will not result in the occurrence or existence of an Event of Default and (ii) a
promissory note in a principal amount equal to that

                                       -6-

<PAGE>

portion of the Put Price not being paid pursuant to the foregoing clause (i),
payable in three successive annual installments, with the first installment due
on the first anniversary of the delivery of the Put Notice, and otherwise
containing terms substantially similar to the terms set forth in the Notes. If
the Requesting Holder delivers to the Company all or any portion of the Investor
Warrants in satisfaction of the sale of the Investor's Stockholder Shares
hereunder, the Put Price shall be reduced by the aggregate exercise price of
such portion of the Warrants.

                  (d) The "Put Price", as of any date, of any Requesting
Holder's Investor Shares to be repurchased hereunder shall be determined based
on a value of the Company's common stock equal to the greater of (i) the product
of 6.25, multiplied by the Company's EBITDA for the trailing 12-month period (as
defined in the Securities Purchase Agreement) for its most recently completed
fiscal year as reflected on the Company's audited consolidated income statement
for such fiscal year, minus the Company's aggregate principal amount of, plus
accrued and unpaid interest on, outstanding indebtedness as of such date minus
the liquidation value of, plus accrued and unpaid dividends, if any, on, the
then outstanding preferred stock of the Company, and (ii) the Market Value as of
such date. The aggregate Put Price payable to each Requesting Holder shall be
equal to the amount which such holder would receive with respect to the Investor
Shares specified by such holder in such holder's Put Notice in the event of a
Sale of the Company for an aggregate purchase price equal to the value
attributable to the Company in accordance with the foregoing sentence. In
calculating the Put Price, all accounting determinations shall be made in
accordance with generally accepted accounting principles consistently applied.

                  (e) The Investors' right to exercise the Put hereunder shall
terminate upon the first to occur of (i) September 30, 2008, and (ii) a Sale of
the Company.

                  8.       Transfer.  Prior to transferring any Stockholder
Shares (other than in a Public Sale or a Sale of the Company) to any Person, the
transferring Stockholder shall cause the prospective transferee to be bound by
this Agreement and to execute and deliver to the Company and the other
Stockholders a counterpart of this Agreement.

                  9.       Definitions.

                  "Certificate of Designation, Series A" means the Certification
of Designation, Series A, as approved by the Company's Board of Directors and
filed with the Secretary of the State of Texas as of September 30, 1998, and as
amended in accordance with the provisions of applicable law as of the date
hereof.

                  "Common Stock" means the Company's Common Stock, par value
$.01 per share.

                  "Family Group" means an Executive's spouse and descendants
(whether natural or adopted) and any trust created solely for the benefit of the
Executive and/or the Executive's spouse and/or descendants.

                  "Independent Third Party" means any Person who, immediately
prior to the contemplated transaction, does not own in excess of 5% of the
Common Stock on a fully-diluted

                                       -7-

<PAGE>

basis (a "5% Owner)", who is not controlling, controlled by or under common
control with any such 5% Owner and who is not the spouse or descendent (by birth
or adoption) of any such 5% Owner or a trust for the benefit of such 5% Owner
and/or such other Persons.

                  "Investor Shares" means the Stockholder Shares issued at any
time to, or issuable in respect of securities issued at any time to, Continental
Illinois Venture Corporation or MIG Partners VIII, including, but not limited
to, the shares of Common Stock issued to the Investors pursuant to the Common
Stock Purchase Agreement.

                  "Investor Warrants" means the stock purchase warrants issued
to the Investors under the Securities Purchase Agreement exercisable into shares
of Common Stock.

                  "Loan Agreement" means the Second Amended and Restated
Revolving Credit and Term Loan Agreement, dated as of September 30, 1998, by and
between the Company and Comerica Bank-Texas, a Texas banking association, as
amended from time to time.

                  "Market Value" means the fair market value of the Company's
entire common equity determined on a going concern basis as between a willing
buyer and a willing seller and taking into account all relevant factors
determinative of value. In determining the Market Value as of any date, the
Company and the Investors first shall use their respective reasonable best
efforts to agree on such Market Value. In the event that the Company and the
Investors are unable to agree on the Market Value as of such date within 15 days
after delivery of the Put Notice, such Market Value shall be determined by an
investment banking firm selected by the Company and acceptable to the Majority
Investor Holders, which firm shall submit to the Company and the Majority
Investor Holders a written report setting forth such determination. If the
parties are unable to agree on an investment banking firm within 20 days after
delivery of a Put Notice, a firm shall be selected by lot, after the Company and
the Majority Investor Holders have each eliminated one such firm. The expenses
of such firm shall be borne by the Company, and the determination of such firm
shall be final and binding upon all parties, except that after the determination
of Market Value following the exercise of the Put, any Requesting Holder may
rescind its exercise of such Put.

                  "Person" means an individual, a partnership, a corporation, a
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

                  "Public Sale" means any sale of Stockholder Shares to the
public pursuant to an offering registered under the Securities Act or to the
public through a broker, dealer or market maker pursuant to the provisions of
Rule 144 adopted under the Securities Act.

                  "Sale of the Company" means the sale of the Company to an
Independent Third Party or group of Independent Third Parties pursuant to which
such party or parties acquire (i) capital stock of the Company possessing the
voting power under normal circumstances to elect a majority of the Company's
board of directors (whether by merger, consolidation or sale or transfer of the
Company's capital stock) or (ii) all or substantially all of the Company's
assets determined on a consolidated basis.

                                       -8-

<PAGE>

                  "Securities Act" means the Securities Act of 1933, as amended
from time to time.

                  "Stockholder Shares" means (i) any Common Stock purchased or
otherwise acquired by any Stockholder, (ii) any Common Stock issued or issuable
directly or indirectly upon exercise of the Investor Warrants, warrants or
options held by any Stockholder, (iii) any Common Stock issued or issuable with
respect to the securities referred to in clauses (i) and (ii) above by way of
stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization and (iv) any
other shares of any class or series of capital stock of the Company held by a
Stockholder. For purposes of this Agreement, any Person who holds Investor
Warrants shall be deemed to be the holder of the Stockholder Shares issuable
directly or indirectly upon exercise of the Investor Warrants in connection with
the transfer thereof or otherwise and regardless of any restriction or
limitation on the exercise thereof. As to any particular Stockholder Shares,
such shares shall cease to be Stockholder Shares when they have been (a)
effectively registered under the Securities Act and disposed of in accordance
with the registration statement covering them or (b) distributed to the public
through a broker, dealer or market maker pursuant to Rule 144 under the
Securities Act (or any similar provision then in force).

                  "Subsidiary" means, with respect to any Person, any
corporation, limited liability company, partnership, association or other
business entity of which (i) if a corporation, a majority of the total voting
power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person or a combination thereof,
or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the limited liability company, partnership or
other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that Person
or a combination thereof. For purposes hereof, a Person or Persons shall be
deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons
shall be allocated a majority of limited liability company, partnership,
association or other business entity gains or losses or shall be or control the
managing director or general partner of such limited liability company,
partnership, association or other business entity.

                  10. Certain Participation Rights. At least 10 days prior to
any repurchase by the Company of any Investor Shares (other than repurchases in
accordance with the provisions of Section 7 hereof), the Company will deliver a
written notice to the Executives holding Stockholder Shares specifying in
reasonable detail the terms and conditions of the contemplated repurchase
transaction (a "Company Repurchase Notice"). Any Executive may elect to
participate in the contemplated repurchase transaction with respect to his or
her Stockholder Shares by delivering written notice to the Company within 10
days after delivery of the Company Repurchase Notice. If any Executive elects to
participate in the repurchase transaction, the Company will repurchase from the
holders of the Investor Shares and each electing Executive, at the same price
and on the same terms, a number of Stockholder Shares equal to the product of
(i) the quotient determined by dividing the number of Stockholders Shares owned
by the electing Executive(s) or the holder of Investor Shares, as the case may
be, by the aggregate number of outstanding Stockholder Shares then

                                       -9-

<PAGE>

owned, collectively, by the Investors and the Executives, multiplied by (ii) the
aggregate number of Stockholder Shares to be repurchased by the Company in the
proposed transaction.

                  11. Transfers in Violation of Agreement. Any Transfer or
attempted Transfer of any Stockholder Shares in violation of any provision of
this Agreement shall be void, and the Company shall not record such Transfer on
its books or treat any purported transferee of such Stockholder Shares as the
owner of such shares for any purpose.

                  12. Amendment and Waiver. Except as otherwise provided herein,
no modification, amendment or waiver of any provision of this Agreement shall be
effective against the Company or the Stockholders unless such modification,
amendment or waiver is approved in writing by the Company or the holders of at
least a majority of the Stockholder Shares, respectively. The failure of any
party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such
party thereafter to enforce each and every provision of this Agreement in
accordance with its terms.

                  13. 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
the validity, legality or enforceability of any other provision of this
Agreement in such jurisdiction or affect the validity, legality or
enforceability of any provision in 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.

                  14. Entire Agreement. Except as otherwise expressly set forth
herein, this Agreement 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, including, without limitation, the Original Stockholders Agreement.

                  15. Successors and Assigns. Except as otherwise provided
herein, this Agreement shall bind and inure to the benefit of and be enforceable
by the Company and its successors and assigns and the Stockholders and any
subsequent holders of Stockholder Shares and the respective successors and
assigns of each of them, so long as they hold Stockholder Shares; provided that
the rights of the Investors under paragraph 1 hereof may not be assigned without
the prior written approval of any Executive or Other Stockholder.

                  16.      Counterparts.  This Agreement may be executed in
multiple counterparts, each of which shall be an original and all of which taken
together shall constitute one and the same agree ment.

                  17.      Remedies.  The Company and the Stockholders shall be
entitled to enforce their rights under this Agreement specifically, to recover
damages by reason of any breach of any

                                      -10-

<PAGE>

provision of this Agreement and to exercise all other rights existing in their
favor. The parties hereto agree and acknowledge that money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that
the Company and any Stockholder may in its sole discretion apply to any court of
law or equity of competent jurisdiction for specific performance and/or
injunctive relief (without posting a bond or other security) in order to enforce
or prevent any violation of the provisions of this Agreement.

                  18. Notices. Any notice provided for in this Agreement shall
be in writing and shall be either personally delivered, or mailed first class
mail (postage prepaid) or sent by reputable overnight courier service (charges
prepaid) to the Company at the address set forth below and to any other
recipient at the address indicated on the schedules hereto and to any subsequent
holder of Stockholder Shares subject to this Agreement at such address as
indicated by the Company's records, or at such address or to the attention of
such other person as the recipient party has specified by prior written notice
to the sending party. Notices shall be deemed to have been given hereunder when
delivered personally, three business days after deposit in the U.S. mail and one
business day after deposit with a reputable overnight courier service prepaid
for next-business day delivery. The Company's address is:

                           Zimmerman Sign Company
                           9846 Hwy 31 East
                           Tyler, Texas 75705

                  19. Governing Law. The corporate law of the State of Texas
shall govern all issues and questions concerning the relative rights of the
Company and its stockholders. All other issues and questions concerning the
construction, validity, interpretation and enforceability of this Agreement and
the exhibits and schedules hereto shall be governed by, and construed in
accordance with, the laws of the State of Illinois, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of
Illinois or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Illinois.

                  20. Business Days. If any time period for giving notice or
taking action hereunder expires on a day which is a Saturday, Sunday or legal
holiday in the state in which the Company's chief-executive office is located,
the time period shall automatically be extended to the business day immediately
following such Saturday, Sunday or legal holiday.

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

                             *      *      *      *

                                      -11-

<PAGE>

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

ZIMMERMAN SIGN COMPANY

By:  /s/  Jeffrey P.  Johnson

Its:  Vice President, Chief Financial Officer and
      Secretary

CONTINENTAL ILLINOIS VENTURE
CORPORATION

By: /s/ Robert F. Perille
Its: Managing Director

MIG PARTNERS VIII

By: /s/ Robert F. Perille
Its: General Partner

                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT
                                      -12-

<PAGE>

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

   /s/  David E. Anderson
David E. Anderson

   /s/   Tom E. Boner
Tom E. Boner

   /s/  Michael Coppinger
Michael Coppinger

   /s/  Michael St. Onge
Michael St. Onge

   /s/  Jeffrey Johnson
Jeffrey Johnson

   /s/  John Griggs
John Griggs

            CONTINUATION OF SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT
                    SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT
                                      -13-

<PAGE>

                              SCHEDULE OF INVESTORS

<TABLE>
<CAPTION>

Name and Address                                       Number of Stockholder Shares
----------------                                       ----------------------------
<S>                                                    <C>
Continental Illinois Venture Corporation               Warrants for 584,268 shares of Common Stock;
231 South LaSalle Street                               and 1,904,762 shares of Common Stock
Chicago, IL 60697
MIG PARTNERS VIII                                      Warrants for 146,067 shares of Common Stock;
231 South LaSalle Street                               and 476,190 shares of Common Stock Chicago, IL 60697
</TABLE>

            CONTINUATION OF SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT
                                      -14-

<PAGE>

<TABLE>
<CAPTION>

                             SCHEDULE OF EXECUTIVES

Name and Address                                       Number of Stockholder Shares
----------------                                       ----------------------------
<S>                                                    <C>
David E. Anderson                                      452,423 shares of Common Stock
8350 N. Central Expressway                             Warrants for 53,564 shares of Common Stock
Suite 600
Dallas, TX 75206

Tom E. Boner                                           61,823 shares of Common Stock
9846 Highway 31 East                                   Warrants for 37,699 shares of Common Stock
Tyler, TX 75705                                        Options for 48,639 shares of Common Stock

Michael Coppinger                                      23,183 shares of Common Stock
9846 Highway 31 East                                   Warrants for 15,546 shares of Common Stock
Common Stock                                           Options for 22,956 shares of Common Stock
Tyler, TX 75705

John Griggs                                            15,455 shares of Common Stock
9846 Highway 31 East                                   Warrants for 3,848 shares of Common Stock
Common Stock                                           Options for 23,228 shares of Common Stock
Tyler, TX 75705

Jeffrey Johnson                                        15,455 shares of Common Stock
9846 Highway 31 East                                   Warrants for 3,848 shares of Common Stock
Common Stock                                           Options for 23,256 shares of Common Stock
Tyler, TX 75705

Michael St. Onge                                       Warrants for 9,419 shares of Common Stock
9846 Highway 31 East                                   Options for 10,000 shares of Common Stock
Common Stock
Tyler, TX 75705
</TABLE>

            CONTINUATION OF SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT
                                      -15-

<PAGE>

                         SCHEDULE OF OTHER STOCKHOLDERS

                                     [None]

            CONTINUATION OF SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT
                                      -16-

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