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[CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTIONS OF THIS AGREEMENT HAVE BEEN REDACTED AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.] 

***Confidential
treatment requested. 

Exhibit 10.17  

 
 

LETTER AGREEMENT    
    

June 12,
2002 

Administrative
Board

Arthur Andersen LLP

33 West Monroe Street

Chicago, IL 60603 

Re:          Insurance
Claims Practice of Value Solutions Unit 

        LECG,
LLC, a California limited liability company ("LECG"), proposes to offer employment positions to the partners, participating principals and national directors listed in
Schedule A-1 (collectively, the "Partners") of the existing Insurance Claims Practice and certain other portions of its Value Solutions Unit (the "Practice Group") of Arthur
Andersen LLP ("Andersen"), each of whom has agreed to separate (the "Separation") from Andersen. 

        This
letter ("Letter Agreement") sets forth the terms applicable to the Separation. The closing of the transaction will occur on the date hereof (the "Closing Date")(it being understood
that the separation of the Transferred Employees (as hereinafter defined) from Andersen shall be deemed to be effective on June 10, 2002 (the "Employment Effective Date")). 

        1.    Payment by LECG.    On the Closing Date, LECG will pay Andersen an aggregate amount of $2,907,559.25 consisting
of: (a) [***] (b) [***] as consideration for certain rights of Andersen pursuant to the APH Contracts (as defined in Section 6)
(the "APH Contract Amount"); (c) [***] as reimbursement for certain accrued vacation payments made by Andersen pursuant to Section 11 hereof (the "Accrued
Vacation Amount"); (d) [***] in consideration of Andersen's agreement that LECG would not assume any obligation or liability with respect to computer equipment leased or
owned by Andersen and used by the Practice Group; (e) [***] in consideration of a release of LECG from any obligation or liability with respect to Andersen's lease
obligations in Houston, Texas; (f) [***] for the pro-rated June lease payment for furniture, fixtures and equipment as contemplated by Section 5;
(g) [***] for the equipment to be purchased by LECG as contemplated by Section 5 (the "Equipment Consideration") and (h) [***] for
the pro-rated June rent due pursuant to the Sublease contemplated by Section 4(a). The payment contemplated by this Section 1 shall be made by wire transfer of immediately
available funds to the account of Andersen set forth on Schedule B. 

        2.    Release of Partners and Other Transferred Employees.    

        (a)    Partners.    On the Closing Date, and, simultaneously with the receipt of the payments specified in
Section 1 above, the Partners shall be released by Andersen from any notice requirements to leave Andersen and any non-competition or other restrictive covenants under which they
may be bound by Andersen, or any of its affiliates. The release shall be effected by the execution by Andersen and the applicable Partner on or before the Closing Date of a Separation Agreement in the
applicable form attached as Exhibit A-1. Andersen also acknowledges that Gene L. Deetz previously separated from Andersen to join LECG effective May 1, 2002, but
Mr. Deetz will nonetheless be released by Andersen pursuant to a Termination of Non-Compete Agreement to be executed by Andersen and Mr. Deetz. Upon joining LECG, the
compensation and benefits 

 

received
by the Partners from LECG will be based on market rate compensation approximately equal to their Andersen compensation and benefits. 

        (b)    Additional Partners.    LECG and Andersen acknowledge and agree that in the event that LECG desires for any
partner, participating principal or national director of Andersen not included within the Partners to become associated (by way of a member arrangement, an employment arrangement or otherwise) with
LECG or an affiliate subsequent to the Closing Date ("Additional Partner"), LECG and Andersen shall in good faith attempt to agree on the terms pursuant to which Andersen would release such Additional
Partner from such Additional Partner's non-competition and other restrictive covenants. 

        (c)    Other Employees.    On the Closing Date, and, simultaneously with the receipt of the payments specified in
Section 1 above, Andersen shall also execute and deliver a Termination of Non-Compete Agreement in the form attached as Exhibit A-2 in favor of each Transferred
Employee (as defined below and other than the Partners) who has previously executed a non-competition agreement with Andersen or is otherwise subject to restrictions on competition in
favor or Andersen (which such Transferred Employees are identified with an asterisk on Schedule A-2) (the "Managers"). 

        3.    Hiring of Additional Personnel.    In addition to the Partners, LECG will, prior to the Closing Date, offer
employment to those client service professionals of Andersen and Practice Management Personnel who are identified on Schedule A-2 (collectively, the "Employee Group"). The offers of
employment to the Employee Group will be based on market rate compensation for such employee's current position, which shall be approximately equal to their base salary with Andersen immediately prior
to the Closing Date, plus any contractually guaranteed bonuses. Each member of the Employee Group, as well as each Partner, that accepts employment with LECG shall be referred to herein as a
"Transferred Employee." 

        4.    Office Space.    

        (a)   Prior
to the Closing Date, each of Andersen and LECG will use its commercially reasonable efforts to obtain for LECG, subject to the consent of the landlord (if such
consent is required), a sublease (the "Sublease") on approximately 16,000 square feet of office space located on the 18th floor at 33 West Monroe Street, Chicago, Illinois, which space
is leased by Andersen and, prior to the Closing Date, is occupied by Andersen's Global Corporate Finance Group (the "Subleased Space"). Unless otherwise agreed by Andersen and LECG, the Sublease will
have (i) a minimum term of three (3) years (with an option to renew for an additional two (2) years on the same terms), (ii) a pass-through rental rate equal to
the rent paid by Andersen for the Subleased Space pursuant to the primary lease and (iii) if acceptable to the landlord, appropriate non-disturbance and attornment language to
preserve LECG's occupancy of the Subleased Space regardless of the status of the primary lease. Andersen will use its commercially reasonable efforts to obtain such non-disturbance and
attornment language from the landlord (it being understood that Andersen shall not be required to make any payments of any kind in order to satisfy its obligations pursuant to this sentence). The
parties agree that, at the option of LECG, LECG shall have the right to lease the Subleased Space directly from the landlord rather than sublease the Subleased Space from Andersen so long as such
arrangement is agreeable to the landlord. 

        (b)   On
or prior to the Closing Date, all of the Partners and the Transferred Employees who are currently located in Andersen's office space in Houston, Texas (the "Houston
Space") shall vacate the Houston Space. It is acknowledged and agreed that LECG will acquire no rights to use or occupy the Houston Space. 

        5.    Furniture, Fixtures and Equipment.    At the closing of the transactions contemplated hereby (the "Closing"),
the parties will execute and deliver a Fixtures and Equipment Lease in the form of Exhibit B hereto with respect to the leasing of furniture, fixtures and equipment that is located in the 

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Subleased
Space. A listing of the furniture, fixtures and equipment subject to the Fixtures and Equipment Lease is attached hereto as Schedule C-1. At the Closing, LECG will
purchase from Andersen the specific items of equipment listed on Schedule C-2 attached hereto for a purchase price equal to the Equipment Consideration. The purchase contemplated by
the previous sentence will be effected by the execution and delivery by the parties of a Bill of Sale in the form of Exhibit C attached hereto. From the Closing Date until the earlier of
(x) the date on which LECG obtains new direct inward dial phone numbers for the Subleased Space ("New DID Numbers") and (y) the date that is thirty (30) days from the Closing
Date, Andersen will make available to LECG, at LECG's sole cost and expense, the direct inward dial phone numbers that are currently in effect for the Subleased Space (it being understood that LECG
shall use its reasonable commercial efforts to obtain the New DID Numbers as promptly as practicable after the Closing Date). 

        6.    Licensed Materials.    At the Closing, LECG and Andersen shall execute a License Agreement in the form of
Exhibit D hereto with respect to the intellectual property set forth on Schedule D hereto. 

        7.    APH Contracts.    In exchange for LECG's payment of the APH Contract Amount on the Closing Date, Andersen will
assign to LECG all of Andersen's right, title and interest in and to any compensation with respect to all contingent fee and value added asbestos pollution and health hazard ("APH") insurance claims
contracts, proposals and arrangement letters set forth on Schedule E (collectively, the "APH Contracts") which relate to all open APH insurance claims engagements as of April 24, 2002
(the "APH Rights"). It is acknowledged and agreed that the APH Contracts will be terminated pursuant to Section 10 hereof. 

        8.    Value Added Adjustment Collection Effort.    In accordance with paragraph 2B of the contract between
Andersen and [***], after the Closing Date LECG will allow the Partners to (and the Partners shall) use their best efforts to collect any "value added adjustments" that may be
due Andersen as a result of the tentative settlement between [***]. LECG will be entitled to a fee equal to [***] of any "value added adjustments"
received by Andersen after the Closing Date as compensation to LECG for the costs incurred by LECG in having the Partners devote professional time to support the finalization of the tentative
settlement, to assist in the documentation of the settlement agreement and to negotiate and collect such "value added adjustments." The fee is due and payable by Andersen to LECG, from time
to time, within two (2) business days after receipt of any "value added adjustment." LECG and the Partners do not guarantee the collection of any "value added adjustments" and, absent the
collection of any "value added adjustments," Andersen cannot guarantee the existence of the [***] fee. 

        9.    Accounts Receivable.    Except with respect to the APH Contracts, Andersen will retain all billed and unbilled
accounts receivable related to the Practice Group for all periods prior to the Closing Date (the "Receivables"). After the Closing Date, LECG shall cause the Partners to use their best efforts to
assist Andersen in the collection of the Receivables of those clients for which each of them had billing responsibility. If, following the Closing Date, the Partners (or LECG) receive any payments of
any kind from any person that is an obligor with respect to Receivables (or any affiliate of such obligor), the payments will not become the property of the Partners or LECG, the payments shall be
received in trust, and the Partners or LECG, as the case may be, shall promptly, and in any event within two (2) business days, remit such payment to Andersen. Neither LECG nor any Partner
guarantees the collection of any Receivable. 

        10.    In-Process Engagements.    The in-process engagements of the Practice Group that are
set forth on Schedule F hereto (collectively, the "Current Engagements") will be terminated on the Closing Date. The balance of the work required to complete the Current Engagements shall be
treated as a new engagement for LECG, and LECG shall enter into a new engagement with the applicable client in order to undertake the unperformed work. If, following the Closing Date, Andersen
receives payments of any kind from any person that is an obligor with respect to a Current Engagement (or any affiliate 

3

 

of
such obligor) for periods after the Closing Date ("LECG Funds"), the LECG Funds will not become the property of Andersen, the LECG Funds will be received by Andersen in trust for LECG, and Andersen
shall promptly, and in any event within two (2) business days, remit such payment to LECG. Further, if Andersen determines (either internally or after notification from a client), that a client
under a Current Engagement overpaid Andersen on invoices paid by such client prior to the Closing Date (an "Overpayment"), Andersen will promptly reimburse the client for the Overpayment and LECG will
have no liability or obligation with respect to such Overpayment. 

        At
any time from and after the Closing Date, and at the request of LECG (accompanied by a consent from a client in the form of Exhibit E-1), Andersen will deliver to
LECG copies, at LECG's expense, of certain identified work papers, files, and other documentation relating to clients of Partners that become clients of LECG, including in respect of Current
Engagements, subject to (i) the procedures set forth in the Client Record Access Master Agreements attached in Exhibit E-2 to be executed by Andersen and LECG on the Closing
Date, and (ii) applicable tax advisor privilege, attorney-client privilege or other privilege or similar rule (e.g., the work product rules). 

        11.    Accrued Compensation and Vacation.    Andersen will pay to each Transferred Employee (including Partners, if
applicable) in their final paycheck an amount equal to their respective base salary, contractually guaranteed bonuses, and vacation accrued for the period through and including the Employment
Effective Date (the "Accrued Compensation"), irrespective of whether such amounts exceed the Accrued Vacation Amount. LECG is not responsible for, and is not assuming any liability with respect to,
the Accrued Compensation payable to any Transferred Employee. 

        12.    Reserved.    

        13.    Representations by Andersen.    Andersen is a duly organized, validly existing Illinois limited liability
partnership with full partnership power and authority to execute, deliver and perform this Letter Agreement, the Separation Agreements, and the Termination of Non-Compete Agreements. The
execution, delivery and performance of this Letter Agreement, the Separation Agreements and the Termination of Non-Compete Agreements have been duly authorized and approved by Andersen,
and do not require any further authorization or consent from Andersen. 

        14.    Representations by LECG.    LECG is a duly organized, validly existing California limited liability company
with full limited liability company power and authority to execute, deliver and perform this Letter Agreement. The execution, delivery and performance of this Letter Agreement have been duly
authorized and approved by LECG's sole manager, and do not require any further authorization or consent from LECG that has not been, or will not have been, obtained prior to the Closing Date. 

        15.    Conditions to Closing.    The obligation of either LECG or Andersen, as applicable, to consummate the
transactions contemplated by this Letter Agreement is subject to the fulfillment, on or prior to the Closing Date, of the following conditions, any of which may be waived by LECG or Andersen, as the
case may be: 

        (a)   There
shall have been no material breach by either party in the performance of any of its covenants and agreements herein; and each of the representations and warranties
of LECG or Andersen, as applicable, contained herein shall be true and correct in all material respects on the Closing Date as though made on the Closing Date; 

        (b)   A
sublease or a lease, in form and substance satisfactory to each of LECG and Andersen, for the Subleased Space identified in Section 4 hereof shall have been
executed by LECG and Andersen (or, in the case of a lease, the landlord) and consented to by the landlord of such Subleased Space; 

4

 

        (c)   An
Assignment and Assumption Agreement, in the form of Exhibit F, shall have been executed by LECG and Andersen with respect to the APH Rights; and 

        (d)   Those
Partners who currently have outstanding loans related to their prior capital contribution to Andersen shall have repaid or refinance such loans such that Andersen
has no further liability with respect to such loans. 

Each
of LECG and Andersen will deliver to the other party on the Closing Date a certificate of a duly authorized representative of such party confirming the satisfaction or waiver of each of the
conditions to closing identified in this Section 15 that are applicable to such party. 

        16.    Transaction Expenses.    Each of Andersen, LECG and the Partners shall pay their respective fees and expenses
incurred by them in connection with this Agreement and the transactions contemplated hereby. 

        17.    Disclaimers.    

        (a)   Except
as expressly set forth herein, Andersen is making no representation, warranty or covenant as to itself, the
Transferred Employees or any other matter. LECG and the Partners acknowledge that none of Andersen, its affiliates or any of their representatives has made any representation or warranty, express or
implied, as to the accuracy or completeness of (i) any memoranda, charts, summaries, projections or schedules heretofore made available by Andersen, its affiliates or their representatives to
LECG, the Partners or any of their representatives or (ii) any information that is not included in this Agreement, and none of Andersen, its affiliates or any of their representatives will have
or be subject to any liability to LECG or the Partners or their representatives resulting from the distribution of any such information to, or the use of any such information by, LECG or the Partners
or any of their representatives. LECG and the Partners acknowledge that the current circumstances of Andersen make the reliability of any projections particularly questionable. 

        (b)   Except
as expressly set forth herein, LECG is making no representation, warranty or covenant as to itself or any other matter. LECG states that it is not assuming,
directly or indirectly, any actual or contingent liability or obligation of Andersen or any of the Partners of any nature whatsoever, whether known or unknown, whether due or to become due, and
whether related to the Practice Group, the Partners, the Transferred Employees or otherwise, and regardless of when asserted. 

        18.    Limitation on Recourse.    Notwithstanding anything to the contrary contained herein, it is expressly
acknowledged and agreed that (a) in no event shall the Administrator of Andersen, any member of the Administrative Board of Andersen, any directors, officers, managers, partners, participating
principals, national directors or similar persons of Andersen or any of their respective representatives or agents (collectively, the "Andersen Covered Persons") have any personal liability with
respect to Andersen's obligations pursuant to this Letter Agreement and (b) no Andersen Covered Person shall be obligated to make, and no Andersen Covered Person in fact will make, any capital
contribution or other payment of any kind to Andersen in order for Andersen to satisfy Andersen's obligations pursuant to this Letter Agreement. Notwithstanding anything to the contrary contained
herein, it is expressly acknowledged and agreed that (a) in no event shall any director, officer, manager, member, employees, independent contractors or similar person of LECG or any of their
respective representatives or agents (collectively, the "LECG Covered Persons") have any personal liability with respect to LECG's obligations pursuant to this Letter Agreement and (b) no LECG
Covered Person shall be obligated to make, and no LECG Covered Person in fact will make, any capital contribution or other payment of any kind to LECG in order for LECG to satisfy LECG's obligations
pursuant to this Letter Agreement. 

5

 

        19.    Confidentiality; Disclosure.    Neither party will make, or cause to be made, and LECG will not permit the
Partners to make, any press release, or other public announcement in respect of the matters set forth in this letter, or otherwise communicate with the new media without the prior consent of Andersen,
except as may be required by law, regulation, any listing or trading agreement concerning publicly-traded securities, or by any administrative or governmental agency in connection with the listing of
securities for public trading (in which case the disclosing party will use its best efforts to advise the other party prior to making that required disclosure). 

        20.    Entire Agreement.    This Letter Agreement, the Separation Agreements, the Termination of Noncompete Agreements
and the Mutual Nondisclosure Agreement dated April 5, 2002 contain the entire understanding of the parties hereto with regard to the subject matter contained herein and therein and supersede
all prior agreements, understandings or letters of intent between or among the parties hereto. 

        21.    Further Assurances.    Each party upon the request of the other agrees to perform such further acts and execute
and deliver such further documents as may be reasonably necessary to effectually carry out the terms and intent of this Letter Agreement, the Separation Agreements and the Termination of
Non-Compete Agreements. 

        22.    Governing Law.    This letter will be governed by and construed in accordance with the laws of the State of
Illinois. 

        Please
acknowledge your agreement to the terms set forth in this Letter Agreement by signing a copy of this letter in the space provided below. 

	 	Very truly yours,
	

 	

LECG, LLC
	 	 	 	 
	

 	

By:	
 	

/s/  MARVIN A. TENENBAUM      

	 	Name:	 	Marvin A. Tenenbaum

	 	Title:	 	General Counsel

	

Agreed and Accepted as of

the date first written above.	

 	
 	

 
	

ARTHUR ANDERSEN LLP	

 	
 	

 

	

By:	
 	

/s/  D. BRYAN RUEZ      
	

 
	Name:	 	D. Bryan Ruez
	 
	Title:	 	Partner
	 

***Confidential
treatment requested. 

6

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Exhibit 10.18  

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement") is made as of September 29, 2000, by and among
(i) LECG Holding Company, LLC, a California limited liability company (the "Company"), (ii) TCEP/LECG FUNDING CORPORATION, a Delaware
corporation ("TCEP"), (iii) DAVID J. TEECE and DAVID KAPLAN (the "Executives"), (iv) the
institutional investors listed on the signature pages hereto (each an "iCap Entity") and (v) any other Person who becomes a party to this
Agreement by executing and delivering a joinder to this Agreement ("Joinder Agreement") in the form of Exhibit B  attached hereto (who, together with
TCEP, the Executives and the iCap Entities, are collectively herein as the
"Securityholders"). Certain definitions are set forth in Section 8 below. 

 
 

Recitals:    
    

        A.    The
Company, TCEP, the Executives and certain other Securityholders are parties to a Purchase Agreement dated the date hereof (the "Purchase
Agreement"). In order to induce TCEP, the Executives and certain other purchasers to enter into the Purchase Agreement, the Company agreed to provide the registration rights
set forth in this Agreement. Any other Persons who purchase equity securities of the Company may, with the consent of the Company's Board of Directors, become parties to this Agreement by executing a
Joinder Agreement. 

        B.    Unless
otherwise provided in this Agreement, capitalized terms used herein shall have the meanings set forth in Section 8  below. 

 
 

Agreement    
    

        In consideration of the foregoing and the mutual covenants and promises contained herein, the parties agree as follows: 

        1.    Demand Registrations.    

        (a)    Requests for Registration.    The Securityholders contemplate
the organization of a corporation and reorganization or recapitalization of the Company pursuant to Section 15.7 of the LLC Agreement prior to an
Initial Public Offering. The corporate successor to the Company shall also be referred to herein as the "Company." At any time after
September 29, 2002, the holders of a majority of the Investor Registrable Securities may request registration under 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") in the manner provided in  Section 1(b); provided, however, that each
Long-Form Registration has anticipated aggregate proceeds equal to or exceeding $5,000,000. 

        (b)    Long-Form Registrations.    The Initiating Holders
shall be entitled to request (i) two (2) Long-Form Registrations in which the Company shall pay all Registration Expenses ("Company-paid
Long-Form Registrations") and (ii) an unlimited number of Long-Form Registrations in which the holders of Investor Registrable Securities
included in such registration shall pay their pro rata share of the Registration Expenses as set forth in Section 5 below. A registration shall
not count as one of the permitted Company-paid Long-Form Registrations until it has become effective and the holders requesting registration are able to register and sell at
least ninety percent (90%) 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 Company-paid Long-Form Registration whether or not it has become effective and whether or not such
registration is counted as one of the permitted Company-paid Long-Form Registrations. Notwithstanding the foregoing, and subject to Section 1(f)  below, if any registration initiated by the

1

 

Initiating
Holders as a Company-paid Long-Form Registration is voluntarily withdrawn by the Initiating Holders, such holders shall pay all Registration Expenses in connection
with such registration, and the failure to pay such expenses shall result in such registration counting as one of the permitted Company-paid Long-Form Registrations. 

        (c)    Short-Form Registrations.    In addition to the
Long-Form Registrations permitted pursuant to Section l(b), the Initiating Holders shall be entitled to request four
(4) registrations under the Securities Act of all or part of their Registrable Securities on Forms S-2 or S-3 or any similar short-form registration
("Short-Form Registrations") in which the Company shall pay all Registration Expenses. After the Company has become subject to the reporting
requirements of the Securities Exchange Act, the Company shall use its best efforts to make Short-Form Registrations on Form "S-3 available for the sale of Investor
Registrable Securities, including, without limitation, as a shelf registration" if so requested by the Initiating Holders; provided,  however, that the
Company will not be obligated to effect a Short-Form Registration (i) if the Initiating Holders, together with the
holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) on Form S-3 at
an aggregate price to the public of less than $1,000,000; (ii) in the circumstances described in Section 1(f) below; or (iii) if,
in a given 12-month period, the Company has effected one Short-Form Registration in such period. 

        (d)    Demand Registrations.    All registrations requested pursuant
to Sections l(b), and (c) are referred to herein as "Demand
Registrations." Demand Registrations shall be Short-Form Registrations whenever the Company is permitted to use any applicable short form. Each request for a Demand
Registration shall specify the approximate number of Registrable Securities requested to be registered. Within ten days after receipt of any such request from the Initiating Holders, the Company shall
give written notice of such requested registration to all other holders of Investor Registrable Securities and, except as provided in Section 1(e)  below, 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. 

        (e)    Priority on Demand Registrations.    The Company shall 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 included in
such registration. 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 registration exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the
Initiating Holders, the Company shall include in such registration: (i) first, the Investor Registrable Securities requested to be included in
such registration, pro rata among the holders of such Investor Registrable Securities on the basis of the number of shares owned by such holders;
(ii) second, the Management Registrable Securities requested to be included in such registration, pro rata among the holders of such Management
Registrable Securities on the basis of the number of shares owned by such holders; and (iii) third, other securities which are not Registrable
Securities requested to be included in such registration pursuant to contractual registration rights ("Other Registrable Securities"), pro rata among
the holders thereof on the basis of the number of their securities requested to be included therein. Without the consent of the Company and the holders of a majority of the Investor Registrable
Securities included in such registration, any Person other than holders of Registrable Securities who participate in Demand Registrations must pay their share of the Registration Expenses as provided
in Section 5 below. 

        (f)    Restrictions on Demand Registrations.    If, at the time of a
request for a Demand Registration the Company reasonably expects to file a registration statement for its securities within 60 days of such request, the Company may postpone for up to
180 days from the effectiveness of such contemplated registration statement the filing of the registration statement for such requested Demand Registration. The Company shall not be obligated
to effect any Demand Registration within 180 days after the 

2

 

effective
date of a previous Long-Form 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 the filing or the effectiveness of a registration statement for a Demand Registration if the Company and the Initiating Holders agree 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 Initiating Holders shall be entitled
to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Company-paid Long Form 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 12-month period. 

        (g)    Selection of Underwriters.    The Initiating Holders
participating in a Demand Registration shall have the right to select the investment banker(s) and manager(s) to administer the offering with the consent of the Board, and such consent shall not be
unreasonably withheld. 

        (h)    Other Registration Rights.    Except as provided in this
Agreement, the Company shall not enter into any agreement with any Person to grant such Person the right to request the Company to register any equity securities of the Company, or any securities
convertible or exchangeable into or exercisable for such securities on terms that are more favorable than the registration rights granted to the holders of Registrable Securities hereunder. 

        2.    Piggyback Registrations.    

        (a)    Right to Piggyback.    Whenever the Company proposes to
register any of its securities (including any proposed registration of the Company's securities by any third party) under the Securities Act (other than (i) pursuant to a Demand Registration,
to which Section 1 is applicable, (ii) in connection with the Initial Public Offering, or (iii) in connection with registrations on
form S-4, 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 three (3) business 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 twenty-five (25) 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 an orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such
registration (i) first, the securities the Company proposes to sell; (ii) second, the
Registrable Securities requested to be included in such registration, pro rata among the holders of such Registrable Securities on the basis of the number of shares owned by such holders; and
(iii) third, Other Registrable Securities requested to be included in such registration, pro rata among the holders thereof on the basis of the
number of Other Registrable Securities requested to be included therein; provided, however, that in any
Piggyback Registration other than the Initial Public Offering of the Company's equity securities, the holders of Registrable Securities shall be permitted to include in any such registration not less 

3

 

than
twenty-five percent (25%) of the shares of equity securities proposed to be sold in such offering, unless the holders of a majority of the Registrable Securities requesting such
Piggyback Registration agree in writing to reduce such position or to waive their rights under this proviso. 

        (d)    Priority on Secondary Registrations.    If a Piggyback
Registration is an underwritten secondary registration on behalf of holders of Other Registrable Securities, 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 an orderly manner in such offering within a price range acceptable to the holders of a
majority of the Registrable Securities to be included in such registration, the Company shall include in such registration (i) first, the
securities requested to be included therein by the holders of Other Registrable Securities requesting such registration, (ii) second, the
Registrable Securities requested to be included in such registration, pro rata among the holders of such Registrable Securities on the basis of the number of shares owned by such holders; and
(iii) third, any non-requesting Other Registrable Securities requested to be included in such registration, pro rata among the
holders thereof on the basis of the number of their securities requested to be included therein. 

        (e)    Selection of Underwriters.    If any Piggyback Registration is
an underwritten offering, the selection of investment banker(s) and manager(s) for the offering must be approved by the Board of Directors (such approval to include the TCEP Representatives). 

        3.    Holdback Agreements.    

        (a)    Holders of Registrable Securities.    Each holder of
Registrable Securities shall not effect any public sale or 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 the 90-day period beginning on the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration in which Registrable Securities are included (except as part of such underwritten registration), unless the underwriters managing the Demand Registration or
Piggyback Registration otherwise agree. 

        (b)    The Company.    The Company shall not effect any public sale or
distribution of any 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 first effective date of any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such Demand Registration or
Piggyback Registration or pursuant to registrations on Form S-4, 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, 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 included in 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 

4

 

be
necessary to keep such registration statement effective for a period of 120 days or until the distribution described in such registration statement has been completed, whichever occurs
first, 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; provided,  however, that if the Company is eligible to use
Form S-3, the holders of Registrable Securities may require the Company to keep such
registration effective as a "shelf registration" for a period of up to two years; 

        (c)   furnish to each seller of Registrable Securities such number of 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 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; 

        (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 llAa2-1 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, 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 all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement; 

5

   
        (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 12 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 the Company's 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 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 equity securities 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; 

        (m)  subject to Section 4(d) above, use its best efforts to cause any
Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to
consummate the disposition of such Registrable Securities; 

        (n)   obtain a cold comfort letter from the Company's independent public accountants in customary form and covering such
matters of the type customarily covered by cold comfort letters as the holders of a majority of the Registrable Securities being sold reasonably request; and 

        (o)   if the offering is underwritten and at the request of any seller of Registrable Securities, use its best efforts to
furnish on the date that Registrable Securities are delivered to the underwriters for sale pursuant to such registration an opinion dated such date of counsel representing the Company for the purposes
of such registration, addressed to the underwriters and to such seller, stating that such registration statement has become effective under the Securities Act and that (i) to the best knowledge
of such counsel, no stop order suspending the effectiveness thereof has been issued and no proceedings for that purpose have been instituted or are pending or contemplated under the Securities Act,
(ii) the registration statement, the related prospectus and each amendment or supplement thereof comply as to form in all material respects with the requirements of the Securities Act (except
that such counsel need not express any opinion as to financial statements contained therein) and (iii) to such other matters as reasonably may be requested by counsel for the underwriters or by
such seller or its counsel. 

        5.    Registration Expenses.    

        (a)    Payment of Registration Expenses.    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 and commissions) and other Persons 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. 

6

 

        (b)    Reimbursement of Registration Expenses.    In connection with
each Demand Registration and each Piggyback Registration, the Company shall reimburse the holders of 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 included in such registration and for the reasonable fees and disbursements of each additional counsel retained
by any holder of Registrable Securities for the purpose of rendering a legal opinion on behalf of such holder in connection with any underwritten Demand Registration or Piggyback Registration. 

        (c)    Payment of Registration Expenses by Holders of Registrable
Securities.    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 its proportionate share of all Registration Expenses based upon the ratio of the aggregate selling price of each holder's securities included therein to the aggregate selling price of all
securities to be so registered. 

        6.    Indemnification.    

        (a)    Indemnification by the Company.    The Company agrees to
indemnify, to the extent permitted by law, each holder of Registrable Securities, its officers and directors and each Person who controls such holder (within the meaning of the Securities Act) 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 or on behalf of 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)    Indemnification by the Holders of Registrable Securities.    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 the Company (within the meaning of the Securities Act) 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 individual, not joint and several, for each holder and shall be limited to the net amount of proceeds received
by such holder from the sale of Registrable Securities pursuant to such registration statement. 

        (c)    Procedure for Indemnification.    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 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. 

7

 

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
(1) 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)    Survival.    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 Company also agrees to make such provisions, as are reasonably requested by any indemnified party, for contribution to such party in the event the
Company's indemnification is unavailable for any reason. 

        7.    Participation in Underwritten Registrations.    No Person may
participate in any registration hereunder unless such Person: 

        (a)   in the case of a registration which is underwritten, agrees to sell such Person's securities on the basis provided in the
applicable underwriting arrangement; provided, however, that no holder of less than ten percent (10%) of
all Registrable Securities included in any underwritten registration (other than an executive officer or director of the Company) shall be required to make any representations or warranties to the
Company or the underwriters (other than representations and warranties regarding such holder, such holder's ownership of stock 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 6; 

        (b)   as expeditiously as possible, notifies the Company, at any time when a prospectus relating to such Person's Registrable
Securities is required to be delivered under the Securities Act, of the happening of any event as a result of which such prospectus contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading; 

        (c)   complies with all reasonable requests made by the Company or its counsel with respect to the registration of such
Person's Registrable Securities, including, without limitation, providing access to all relevant books and records; and 

        (d)   completes, executes and delivers all questionnaires, powers of attorney, indemnities, underwriting agreements and other
usual and customary documents necessary or appropriate with respect to the offering of such Person's Registrable Securities, and in the case of a registration which is underwritten, necessary or
appropriate under the terms of such underwriting arrangements (subject to the provision in Section 7(a)). 

        8.    Definitions.    

        Unless
otherwise stated, capitalized terms contained herein and not otherwise defined herein, have the meanings set forth in the Purchase Agreement. 

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

        "Buy-Sell Agreement" means the Buy-Sell Agreement dated as of the date hereof among the Company and the
unitholders named therein. 

        "Company" has the meaning specified in the preamble of this Agreement. 

        "Company-paid Long-Form Registration" has the meaning specified in  Section 1(b). 

        "Demand Registrations" has the meaning specified in Section 1(d). 

        "Executives" has the meaning specified in the preamble of this Agreement. 

8

 

        "Initial Public Offering" means the initial public offering of the Company's equity securities pursuant to an effective registration
statement under the Securities Act filed with the Securities and Exchange Commission on Form S-1 (or a successor form adopted by the Securities and Exchange Commission). 

        "Initiating Holders" means the holders of a majority of the outstanding Investor Registrable Securities. 

        "Investor Registrable Securities" means all Registrable Securities (i) initially issued by the Company to TCEP and (ii) all
other Registrable Securities subsequently acquired by TCEP. Investor Registrable Securities will continue to be Investor Registrable Securities if held or acquired by any holder of Registrable
Securities other than a holder of Management Registrable Securities. 

        "LLC Agreement" means that certain Limited Liability Company Agreement dated as of the date hereof among the Company and the unitholders
named therein. 

        "Long-Form Registrations" has the meaning specified in Section 1(a). 

        "Management Registrable Securities" means all Registrable Securities initially held by the Executives and the iCap Entities, including
those issued under the Purchase Agreement and the Buy-Sell Agreement. Management Registrable Securities will continue to be Management Registrable Securities if held or acquired by any
holder of Registrable Securities other than a holder of Investor Registrable Securities. 

        "Other Registrable Securities" has the meaning specified in Section 1(e) above. 

        "Person" means any individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, trust
or unincorporated organization. 

        "Piggyback Registration" has the meaning specified in Section 2(a). 

        "Purchase Agreement" has the meaning specified in Recital A. 

        "Registrable Securities" means, following the organization of a corporation and reorganization or recapitalization of the Company as
anticipated in Section 1(a) above, (i) any common equity securities of
the Company issued in respect of the Company's equity securities issued pursuant to the Purchase Agreement or the Buy-Sell Agreement, (ii) common equity securities of the Company
issued or issuable with respect to the securities referred to in clause (i) by way of stock dividend, stock distribution, stock split or
combination of stock, or any recapitalization, merger, consolidation or other reorganization, and (iii) other common equity securities of the Company held by Persons holding securities
described in clauses (i) and (ii). As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when they have been distributed to the public pursuant to an 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). For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable
Securities whenever such Person has the right to acquire such Registrable Securities (upon conversion of any equity securities or upon exercise of any options or warrants or in connection with a
transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 

        "Registration Expenses" has the meanings specified in Section 5(a). 

        "Securities Act" means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor to such
statute, rules, or regulations. Any reference herein to a specific section, rule, or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 

9

 

        "Securities Exchange Act" means the Securities Exchange Act of 1934, as amended, and applicable rules and regulations thereunder, and any
successor to such statute, rules, or regulations. Any reference herein to a specific section, rule, or regulation of the Securities Exchange Act shall be deemed to include any corresponding provisions
of future law. 

        "Securityholders" has the meaning specified in the preamble of this Agreement. 

        "Short-Form Registrations" has the meaning specified in Section 1(c). 

        "TCEP Representatives" has the meaning specified in the Secuityholders' Agreement dated as of the date hereof among the Company and the
securityholders named therein. 

        9.    Subsidiary Public Offering.    If the initial public offering of
the equity securities of a Subsidiary of the Company is planned before the Initial Public Offering, the Securityholders hereby agree to take such actions that are necessary to put in place a
registration agreement, in substantially the same form as this Agreement, with respect to such Subsidiary's equity securities. 

        10.    Miscellaneous.    

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

        (b)    Adjustments Affecting Registrable Securities.    The Company
shall not take any action, or permit any change to occur, with respect to its securities which would adversely affect the ability of the holders of Registrable Securities to include such Registrable
Securities in a registration undertaken pursuant to this Agreement or which would adversely affect the marketability of such Registrable Securities in any such registration (including effecting a unit
split or a combination of units). 

        (c)    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. 

        (d)    Amendments and Waivers.    Except as otherwise provided herein,
the provision of this Agreement may be amended or waived only upon the prior written consent of the Company, as the case may be, and a majority of the Investor Registerable Securities. Notwithstanding
the foregoing, in the event that TCEP holds less than thirty percent (20%) of the Registrable Securities held by TCEP on the date immediately following the closing of the Initial Public Offering, then
any amendment or waiver shall be approved by the Company and the holders of a majority of all Registrable Securities. 

        (e)    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. 

        (f)    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 prohibited by or invalid under applicable law,
such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

10

 

        (g)    Counterparts; Facsimile Transmission.    This Agreement may be
executed simultaneously 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. Each party to this Agreement agrees that it will be bound by its own telecopied signature and that it accepts the telecopied signature of each other party to this Agreement. 

        (h)    Descriptive Headings.    The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the
corresponding masculine, feminine, or neuter forms, and the singular form of nouns, pronouns, and verbs shall include the plural and visa versa. The use of the word "including" in this Agreement shall
be, in each case, by way of example and without limitation. The use of the words "or," "either," and "any" shall not be exclusive. Reference to any agreement, document, or instrument means such
agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. 

        (i)    Governing Law.    This Agreement shall be governed by and
construed in accordance with the domestic laws of the State of California or, if at the time registration rights are exercised hereunder the Company is domiciled in state other than California, such
state of domicile, without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction other than the State of California
or the state of domicile, as applicable. 

        (j)    Notices.    All notices, demands or other communications to be
given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given to the recipient when delivered personally, sent by facsimile or
one day after being sent by reputable overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent (i) to TCEP, (ii) to each Securityholder
at the addresses indicated on the Schedule of Securityholders attached hereto as Exhibit A and
(iii) to the Company, at the address of its corporate headquarters or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice
to the sending party. 

        (k)    Additional Parties.    During the term of this Agreement, the
Company may, with the consent of the Company's Board of Directors (which shall include the consent of the TCEP Representative), allow other Persons to become parties to this Agreement by executing a
Joinder Agreement, and the Schedule of Securityholders attached hereto shall be revised and updated accordingly. 

        (l)    Termination of Agreement.    All registration rights granted
hereunder will expire and this Agreement will be terminated at such time as (i) ninety percent (90%) of the Registrable Securities issued by the Company to TCEP and the Executives following the
organization of a corporation and reorganization or recapitalization of the Company as provided in Section 1(a) above have been sold to the
public (either in an offering registered under the Securities Act or pursuant to Rule 144 promulgated under the Securities Act), and (ii) the average daily trading volume of the
Company's common stock over the six (6) month period immediately preceding the termination is at least one-quarter of one percent (1/4%) of the Company's outstanding
common stock; provided, however, that the right to request a Demand Registration shall expire five years
after the Initial Public Offering. 

[THIS SPACE INTENTIONALLY LEFT BLANK]

11

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

	 	 	LECG HOLDING COMPANY, LLC
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	By:	 	/s/  J. GEOFFREY COLTON      
	 	 	 	 	

	 	 	 	 	Name:	 	J. Geoffrey Colton
	 	 	 	 	 	 	

	 	 	 	 	Title:	 	CFO, VP and Secretary
	 	 	 	 	 	 	

	 	 	 	 	 	 	 
	 	 	TCEP/LECG FUNDING CORPORATION
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	By:	 	/s/  WILLIAM W. LIEBECK      
 William W. Liebeck
 President
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	EXECUTIVES:
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	/s/  DAVID J. TEECE      
 David J. Teece
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	/s/  DAVID KAPLAN      
 David Kaplan

  [Signatures continued on next page]

EXHIBIT A  

 
  Effective as of September 29, 2000    
    

 
 

SCHEDULE OF SECURITYHOLDERS    
    

	Investor:
	

c/o Thoma Cressey Equity Partners

600 Montgomery Street

San Francisco, CA 94111
	Attention:	 	Orlando Bravo
	Tel No.:	 	(415) 263-3667
	Fax No.:	 	(415) 392-6480
	
Executives:
	

David J. Teece

2000 Powell Street, Suite 600

Emeryville, CA 94608
	Tel No.:	 	(510) 450-6799
	Fax No.:	 	(510) 653-6213
	

David Kaplan

1600 M Street, N.W., Suite 700

Washington, DC 20036
	Tel No.:	 	(202) 973-0508
	Fax No.:	 	(202) 466-4487
	
iCap Entities:
	

Frog & Peach Investors, LLC
	
Other Securityholders:
	

Teece Irrevocable Trust No. 3 U/A/D 10-14-97

Exhibit B  

 
 

JOINDER TO REGISTRATION RIGHTS AGREEMENT    
    

        The undersigned hereby consents to and agrees to be bound by the terms, covenants and provisions of the Registration Rights Agreement (the
"Registration Rights Agreement") as of September 29, 2000 applicable to the holders of Registrable Securities of LECG Holding Company, LLC
subject to all of the rights, obligations, and restrictions described in the Registration Rights Agreement. Except as otherwise provided in the Securityholders' Agreement, the term
"Securityholder" shall be deemed to include the undersigned. 

	 	 	 	 	 
	 	 	 	 	 
	Dated:	 	October                        , 2000
	 	/s/  DEBRA ARON      
 Debra Aron

	 	 	 	 	 
	 	 	FROG & PEACH INVESTORS, LLC,

A CALIFORNIA LIMITED LIABILITY COMPANY
	 	 	 	 	 
	 	 	By:	 	/S/ MATTHEW R. BARGER
 Matthew R. Barger

Manager
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	NORMAN LABOE AS TRUSTEE OF

TEECE IRREVOCABLE TRUST NO. 3

U/A/D 10-14-97
	 	 	 	 	 
	 	 	By:	 	/S/ NORMAN LABOE
 Norman Laboe, Trustee

 [Signatures continued on next page]

	 	 	I-CAP EQUITY PARTNERS (NO. 1) LIMITED
	 	 	 	 	 
	 	 	By:	 	/S/ TONY HANNON

	 	 	Its:	 	Director
	 	 	 	 	 
	 	 	 	 	/S/ MANUEL ABDALA
 Manuel Abdala
	 	 	 	 	 
	 	 	 	 	/S/ ALAN S. ALEXANDROFF
 Alan S. Alexandroff
	 	 	 	 	 
	 	 	 	 	 
	 	 	THE A. ALEXANDROFF FAMILY TRUST
	 	 	 	 	 
	 	 	By:	 	/S/ ALAN S. ALEXANDROFF
 Trustee
	 	 	 	 	 
	 	 	 	 	/S/ NEAL BRODY
 Neal Brody
	 	 	 	 	 
	 	 	 	 	/S/ DUNCAN CAMERON
 Duncan Cameron
	 	 	 	 	 
	 	 	 	 	/S/ ROBIN CANTOR
 Robin Cantor
	 	 	 	 	 
	 	 	 	 	/S/ JOHN CHANDLEY
 John Chandley
	 	 	 	 	 
	 	 	 	 	/S/ J. GEOFFREY COLTON
 J. Geoffrey Colton
	 	 	 	 	 
	 	 	 	 	/S/ CARL R. DANNER
 Carl R. Danner
	 	 	 	 	 
	 	 	 	 	/S/ WILLIAM L. FITZSIMMONS
 William L. Fitzsimmons
	 	 	 	 	 
	 	 	 	 	/S/ ALAN S. FRANKEL
 Alan S. Frankel
	 	 	 	 	 
	 	 	 	 	/S/ RICHARD GILBERT
 Richard Gilbert
	 	 	 	 	 
	 	 	 	 	/S/ JAMES GRIFFIN
 J.P. Griffin Family Partnership
	 	 	 	 	 
	 	 	 	 	/S/ MARK GLUECK
 Mark Glueck

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	 	 	 	 	/S/ CLIFF W. HAMAL
 Cliff W. Hamal
	 	 	 	 	 
	 	 	 	 	/S/ WILLIAM GILES HAMM
 William Giles Hamm
	 	 	 	 	 
	 	 	 	 	/S/ ROBERT G. HARRIS
 Robert G. Harris
	 	 	 	 	 
	 	 	 	 	/S/ DANIEL E. INGBERMAN
 Daniel E. Ingberman
	 	 	 	 	 
	 	 	THOMAS & MARY ANNE JORDE

REVOCABLE TRUST
	 	 	 	 	 
	 	 	By:	 	/S/ THOMAS JORDE
 Trustee
	 	 	 	 	 
	 	 	 	 	/S/ HENRY KAHWATY
 Henry Kahwaty
	 	 	 	 	 
	 	 	LECG INVESTMENT, LLC
	 	 	 	 	 
	 	 	By:	 	/S/ [ILLEGIBLE]

	 	 	 	 	 
	 	 	 	 	/S/ DANIEL M. KASPER
 Daniel M. Kasper
	 	 	 	 	 
	 	 	 	 	/S/ JAMES LANGENFELD
 James Langenfeld
	 	 	 	 	 
	 	 	 	 	/S/ GREGORY NACHTWEY
 Gregory Nachtwey

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	 	 	 	 	/S/ ERNEST NADEL
 Ernest Nadel
	 	 	 	 	 
	 	 	 	 	/S/ VINCENT E. O'BRIEN
 Vincent E. O'Brien
	 	 	 	 	 
	 	 	 	 	/S/ JOE D. PACE
 Joe D. Pace
	 	 	 	 	 
	 	 	 	 	/S/ THOMAS RANDLETT
 Thomas Randlett
	 	 	 	 	 
	 	 	 	 	/S/ DANIEL RUBINFELD
 Daniel Rubinfeld
	 	 	 	 	 
	 	 	 	 	/S/ GAIL RUBINFELD
 Gail Rubinfeld
	 	 	 	 	 
	 	 	 	 	/S/ DAVID SCHEFFMAN
 David Scheffman
	 	 	 	 	 
	 	 	 	 	/S/ GEORGE SCHINK
 George Schink
	 	 	 	 	 
	 	 	 	 	/S/ PABLO T. SPILLER
 Pablo T. Spiller
	 	 	 	 	 
	 	 	 	 	/S/ G. MITCHELL WILK
 G. Mitchell Wilk
	 	 	 	 	 
	 	 	 	 	/S/ JAMES F. WILSON
 James F. Wilson
	 	 	 	 	 
	 	 	 	 	/S/ ROBERT YERMAN
 Robert Yerman

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	 	 	 	 	/S/ WILLIAM HOGAN
 William Hogan
	 	 	 	 	 
	 	 	 	 	/S/ MUKESH BAJAJ
 Mukesh Bajaj
	 	 	 	 	 
	 	 	 	 	/S/ JOSEPH KRAEMER
 Joseph Kraemer
	 	 	 	 	 
	 	 	 	 	/S/ JAMES GRIFFIN
 James Griffin
	 	 	 	 	 
	 	 	 	 	/S/ WALTER VANDAELE
 Walter Vandaele
	 	 	 	 	 
	 	 	 	 	/S/ JOHN C. BUTLER, III
 John C. Butler, III
	 	 	 	 	 
	 	 	 	 	/S/ TIMOTHY DEVITT
 Timothy Devitt
	 	 	 	 	 
	 	 	 	 	/S/ STEPHEN A. JOHNSON
 Stephen A. Johnson
	 	 	 	 	 
	 	 	 	 	/S/ STEPHEN E. SELLICK
 Stephen E. Sellick
	 	 	 	 	 
	 	 	 	 	/S/ CHRISTOPHER J. WARSHAW
 Christopher J. Warshaw
	 	 	 	 	 
	 	 	 	 	/S/ RICHARD L. WHITE
 Richard L. White

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	 	 	 	 	/S/ JEFFREY ZELIKSON
 Jeffrey Zelikson
	 	 	 	 	 
	 	 	 	 	/S/ DAVID HOWEKAMP
 David Howekamp
	 	 	 	 	 
	 	 	 	 	/S/ MARCIA E. WILLIAMS
 Marcia E. Williams
	 	 	 	 	 
	 	 	 	 	/S/ ROBERT MENEES
 Robert Menees
	 	 	 	 	 
	 	 	MARVIN A. TENENBAUM AND LYNN TENENBAUM, JOINT TENANTS
	 	 	 	 	 
	 	 	 	 	/S/ MARVIN A. TENENBAUM

	 	 	 	 	 
	 	 	 	 	/S/ LYNN TENENBAUM

	 	 	 	 	 
	 	 	 	 	/S/ ALAN MADIAN
 Alan Madian
	 	 	 	 	 
	 	 	ESHA BAJAJ IRREVOCABLE TRUST
	 	 	 	 	 
	 	 	 	 	/S/ MUKESH BAJAJ
 Trustee
	 	 	 	 	 
	 	 	AMY ELIZABETH O'BRIEN 1997 IRREVOCABLE TRUST U/T/D NOVEMBER 19, 1997
	 	 	 	 	 
	 	 	By:	 	/S/ KATHERINE A. MARTIN
 Trustee

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	 	 	ERIN KATHYRN O'BRIEN 1997 IRRECOVABLE TRUST U/T/D NOVEMBER 19, 1997
	 	 	 	 	 
	 	 	By:	 	/S/ KATHERINE A. MARTIN
 Trustee
	 	 	 	 	 
	 	 	THE KATHERINE LARSON O'BRIEN 1997 IRRECOVABLE TRUST U/T/D NOVEMBER 19, 1997
	 	 	 	 	 
	 	 	By:	 	/S/ KATHERINE A. MARTIN
 Trustee
	 	 	 	 	 
	 	 	 	 	/S/ COLIN BLAYDON
 Colin Blaydon
	 	 	 	 	 
	 	 	 	 	/S/ ROBIN AARONSON
 Robin Aaronson
	 	 	 	 	 
	 	 	 	 	/S/ DAVID ANDRADE
 David Andrade
	 	 	 	 	 
	 	 	 	 	/S/ LAURIE BAKER
 Laurie Baker
	 	 	 	 	 
	 	 	 	 	/S/ MICHELLE BURTIS
 Michelle Burtis
	 	 	 	 	 
	 	 	 	 	/S/ MARY T. COLEMAN
 Mary T. Coleman
	 	 	 	 	 
	 	 	 	 	/S/ ELIZABETH DEVINE
 Elizabeth Devine

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	 	 	 	 	/S/ MICHAEL A. FLYNN
 Michael A. Flynn
	 	 	 	 	 
	 	 	 	 	/S/ WILLIAM C. PALMER
 William C. Palmer
	 	 	 	 	 
	 	 	 	 	/S/ JOHN L. PETERMAN
 John L. Peterman
	 	 	 	 	 
	 	 	 	 	/S/ SUSAN POPE
 Susan Pope
	 	 	 	 	 
	 	 	 	 	/S/ TIKO SHAH
 Tiko Shah
	 	 	 	 	 
	 	 	 	 	/S/ ANDREW WECHSLER
 Andrew Wechsler
	 	 	 	 	 
	 	 	 	 	/S/ ROBERT YOUNG
 Robert Young
	 	 	 	 	 
	 	 	 	 	/S/ LEONARD WAVERMAN
 Leonard Waverman
	 	 	 	 	 
	 	 	 	 	/S/ JOSEPH COOK
 Joseph Cook
	 	 	 	 	 
	 	 	 	 	/S/ GEORGE BARKER
 George Barker
	 	 	 	 	 
	 	 	 	 	/S/ CHARLES FINCH
 Charles Finch

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	 	 	 	 	/S/ RICHARD LEVINE
 Richard Levine
	 	 	 	 	 
	 	 	 	 	/S/ KIERAN MURRAY
 Kieran Murray
	 	 	 	 	 
	 	 	 	 	/S/ GRAHAM SCOTT
 Graham Scott

QuickLinks

REGISTRATION RIGHTS AGREEMENT

Recitals

Agreement

Effective as of September 29, 2000

SCHEDULE OF SECURITYHOLDERS

JOINDER TO REGISTRATION RIGHTS AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]