Document:

Exhibit 4.2

 

EXECUTION COPY

 

CEPHALON,
INC.

Zero
Coupon Convertible Subordinated Notes due June 15, 2033,

First Putable June 15, 2008

Zero
Coupon Convertible Subordinated Notes due June 15, 2033,

First Putable June 15, 2010

 

REGISTRATION
RIGHTS AGREEMENT

 

December 20, 2004

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

on behalf of the Holders of New Securities

(as defined herein)

225 Asylum Street, 23rd Floor

Hartford, Connecticut  06103

 

Ladies and Gentlemen:

 

Cephalon,
Inc., a Delaware corporation (the “Company”)
proposes to offer to holders (the “Holders”) of
its outstanding $375,000,000 of Zero Coupon Convertible Subordinated Notes due
June 15, 2033, First Putable June 15, 2008 and its outstanding
$375,000,000 of Zero Coupon Convertible Subordinated Notes due June 15,
2033, First Putable June 15, 2010 (collectively, the “Existing
Securities”) to exchange in an exchange offer (the “Exchange Offer”) new securities (the “New
Securities”) for any and all of its Existing Securities.  The New Securities will be convertible into
shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”) at the conversion price set forth in the
Offer to Exchange dated November 16, 2004 (the “Offer to
Exchange”).  The New
Securities will be issued pursuant to an Indenture, dated as of
December 20, 2004 (the “Indenture”),
among the Company and U.S. Bank National Association, as trustee (the “Trustee”).  The
Company hereby agrees for the benefit of the Trustee and the holders of the New
Securities and the Common Stock issuable upon conversion of the New Securities,
in each case, that are subject to restrictions on transfer under the Securities
Act of 1933, as amended (the “Securities Act”)
(collectively, the “Securities”),
from time to time until such time as such Securities have been sold pursuant to
a Shelf Registration Statement (as defined below) (each of the foregoing
holders a “Holder” and collectively the “Holders”), as follows:

 

1.  Shelf Registration.  (a)  The Company shall, at its
cost, prepare and, as promptly as practicable (but in no event more than
45 days after so required or requested pursuant to this Section 1)
file with the Securities and Exchange Commission (the “Commission”)
and thereafter use all commercially reasonable efforts to cause to be declared
effective as soon as practicable, but not later than 150 days after the
latest date of original issuance of the New Securities, a registration
statement on Form S-3 (the “Shelf Registration
Statement”) relating to the offer and
sale of the Transfer Restricted Securities (as defined in Section 5
hereof) by the Holders thereof from time to time in accordance with the methods
of distribution set forth in the Shelf Registration Statement and Rule 415
under the Securities Act (hereinafter, the “Shelf
Registration”); provided, however, that no Holder
shall be entitled to have the Securities held by it covered by such Shelf
Registration Statement unless such Holder agrees in writing to be bound by all
the provisions of this Agreement applicable to such Holder.

 

(b)  The Company shall use all commercially
reasonable efforts to keep the Shelf Registration Statement continuously
effective in order to permit the prospectus included therein (the “Prospectus”) to be lawfully delivered

 

 

by the Holders of the relevant
Securities, for a period of two years (or for such longer period if extended
pursuant to Section 2(h) below) from the date of its effectiveness or such
shorter period that will terminate when all the Securities covered by the Shelf
Registration Statement (i) have been sold pursuant thereto or
(ii) are no longer restricted securities (as defined in Rule 144(k)
under the Securities Act, or any successor rule thereof), assuming for this
purpose that the Holders thereof are not affiliates of the Company (in any such
case, such period being called the “Shelf Registration Period”).  The Company shall be deemed not to have used
all commercially reasonable efforts to keep the Shelf Registration Statement
effective during the requisite period if it voluntarily takes any action that
would result in Holders of Securities covered thereby not being able to offer
and sell such Securities during that period, unless such action is
(i) required by applicable law or (ii) taken by the Company in good
faith and contemplated by Section 2(b)(v) below, and the Company
thereafter complies with the requirements of Section 2(h).

 

(c)  Notwithstanding any other provisions of this
Agreement to the contrary, the Company shall cause the Shelf Registration
Statement and the Prospectus and any amendment or supplement thereto, as of the
effective date of the Shelf Registration Statement, amendment or supplement,
(i) to comply in all material respects with the applicable requirements of
the Securities Act and the rules and regulations of the Commission and
(ii) not to contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

 

2.  Registration
Procedures.  In connection
with the Shelf Registration contemplated by Section 1 hereof, the
following provisions shall apply:

 

(a)  The Company shall (i) furnish to the
Trustee, (A) prior to the filing thereof with the Commission, a copy of
the Shelf Registration Statement and each amendment thereof, (B) within
one day following the filing thereof with the Commission, each supplement, if
any, to the prospectus included in the Shelf Registration Statement, and shall
use its best efforts to reflect in the Shelf Registration Statement and each
amendment thereof, when so filed with the Commission, such comments as the
Trustee reasonably may propose; and (ii) include the names of the Holders
who propose to sell Securities pursuant to the Shelf Registration Statement as
selling securityholders and who have completed and returned to the Company the
questionnaire included as Annex A to the Offering Circular (a “Completed
Questionnaire”).

 

(b)  The Company shall give written notice to the
Trustee and, in the case of clauses (ii)-(vi) hereof, the Holders of the
Securities from whom the Company has received a Completed Questionnaire (which
notice pursuant to clauses (iii)-(vi) hereof shall be accompanied by an
instruction to suspend the use of the Prospectus until the requisite changes
have been made):

 

(i) 
when the Shelf Registration Statement or any amendment thereto has been
filed with the Commission;

 

(ii) 
and when the Shelf Registration Statement or any post-effective
amendment thereto has become effective;

 

(iii) of any request by the Commission for
amendments or supplements to the Shelf Registration Statement or the prospectus
included therein or for additional information;

 

(iv) of the issuance by the Commission of any
stop order suspending the effectiveness of the Shelf Registration Statement or
the initiation of any proceedings for that purpose;

 

(v) of the receipt by the Company or its
legal counsel of any notification with respect to the suspension of the
qualification of the Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose; and

 

(vi) of the happening of any event that
requires the Company to make changes in the Shelf Registration Statement or the
Prospectus in order that the Shelf Registration Statement or the
Prospectus  does not contain an untrue
statement of a material fact nor omit to state a material fact required to be
stated

 

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therein or
necessary to make the statements therein (in the case of the Prospectus, in
light of the circumstances under which they were made) not misleading.

 

(c)  The Company shall make every
reasonable effort to obtain the withdrawal at the earliest possible time, of
any order suspending the effectiveness of the Shelf Registration Statement.

 

(d)  The Company shall, upon
request, furnish to each Holder of Securities included as a selling
securityholder in the Shelf Registration, without charge, at least one copy of
the Shelf Registration Statement and any post-effective amendment thereto,
including financial statements and schedules, and, if the Holder so requests in
writing, all exhibits thereto (including those, if any, incorporated by
reference).

 

(e)  The Company shall, during
the Shelf Registration Period, deliver to each Holder of Securities included as
a selling securityholder in the Shelf Registration, without charge, as many
copies of the Prospectus (including each preliminary prospectus) included in
the Shelf Registration Statement and any amendment or supplement thereto as
such person may reasonably request.  The
Company consents, subject to the provisions of this Agreement, to the use of
the Prospectus or any amendment or supplement thereto by each of the selling
Holders of the Securities in connection with the offering and sale of the
Securities covered by the Prospectus, or any amendment or supplement thereto,
included in the Shelf Registration Statement.

 

(f)  Prior to any public offering
of the Securities pursuant to the Shelf Registration Statement, the Company
shall register or qualify or cooperate with the Holders of the Securities
included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the
securities or “blue sky” laws of such states of the United States as any Holder
of the Securities reasonably requests in writing and do any and all other acts
or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement; provided,
however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified
or (ii) take any action which would subject it to general service of
process or to taxation in any jurisdiction where it is not then so subject.

 

(g)  The Company shall cooperate
with the Holders of the Securities to facilitate the timely preparation and
delivery of certificates representing the Securities to be sold pursuant to any
Registration Statement free of any restrictive legends and in such
denominations and registered in such names as the Holders may request, and with
respect to the New Securities in accordance with the Indenture, a reasonable
period of time prior to sales of the Securities pursuant to the Shelf
Registration Statement.

 

(h)  Upon the occurrence of any
event contemplated by paragraphs (iii) through (vi) of Section 2(b)
above during the period for which the Company is required to maintain an
effective Shelf Registration Statement, the Company shall promptly prepare and
file a post-effective amendment to the Shelf Registration Statement or an
amendment or supplement to the Prospectus and any other required document so
that, as thereafter delivered to Holders or purchasers of the Securities, the
Prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.  If the Company notifies
the Trustee and the Holders in accordance with paragraphs (iii) through
(vi) of Section 2(b) above to suspend the use of the Prospectus until the
requisite changes to the Prospectus have been made, then the Trustee and the
Holders shall suspend use of such prospectus, and the period of effectiveness
of the Shelf Registration Statement provided for in Section 1(b) above
shall be extended by the number of days from and including the date of the
giving of such notice to and including the date when the Trustee and the
Holders shall have received such amended or supplemented prospectus pursuant to
this Section 2(h).

 

(i)  Not later than the effective
date of the Shelf Registration Statement, the Company will obtain CUSIP numbers
for the New Securities and the Common Stock registered under the Shelf
Registration Statement (and provide such CUSIP numbers to the Depository Trust
Company), and provide the Trustee with printed certificates for the New
Securities, in a form eligible for deposit with The Depository Trust Company.

 

(j)  The Company will comply with
all rules and regulations of the Commission to the extent and so long as they
are applicable to the Shelf Registration and will make generally available to
its security holders (or otherwise

 

3

 

provide in accordance with
Section 11(a) of the Securities Act), an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act, no later than
45 days after the end of a 12-month period (or 90 days, if such
period is a fiscal year) beginning with the first month of the Company’s first
fiscal quarter commencing after the effective date of the Shelf Registration
Statement, which statement shall cover such 12-month period.

 

(k)  The Company shall cause the Indenture to be
qualified under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), in a timely manner.  In the event that such qualification would
require the appointment of a new trustee under the Indenture, the Company shall
appoint a new trustee thereunder pursuant to the applicable provisions of the
Indenture.

 

(l)  The Company may require each Holder of
Securities to be sold pursuant to the Shelf Registration Statement to furnish
to the Company such information regarding the Holder and the distribution of
the Securities as the Company may from time to time reasonably require for
inclusion in the Shelf Registration Statement, and the Company may exclude from
such registration the Securities of any Holder that unreasonably fails to
furnish such information within a reasonable time after receiving such request.

 

(m)  The Company shall enter into such customary
agreements (including, if requested, an underwriting agreement in customary
form) and take all such other actions, if any, as any Holder shall reasonably
request in order to facilitate the disposition of the Securities pursuant to
the Shelf Registration; provided, however, that the Company is
required to facilitate no more than two underwritten offerings.

 

(n)  The Company shall (i) make reasonably
available for inspection by the Holders, any underwriter participating in any
disposition pursuant to the Shelf Registration Statement and any attorney,
accountant or other agent retained by the Holders or any such underwriter, all
relevant financial and other records, pertinent corporate documents and
properties of the Company and (ii) cause the Company’s officers,
directors, employees, accountants and auditors to supply all relevant
information reasonably requested by the Holders or any such underwriter,
attorney, accountant or agent in connection with the Shelf Registration
Statement, in each case, as shall be reasonably necessary to enable such
persons, to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act; provided, however, that
the foregoing inspection and information gathering shall be coordinated by one
counsel designated by and on behalf of such other parties as described in
Section 3 hereof.

 

(o)  The Company, if requested by any Holder of
Securities covered by the Shelf Registration Statement, shall (i) use all
commercially reasonable efforts to cause (A) its counsel to deliver an
opinion and updates thereof relating to the Securities (in form, scope, and
substance which is reasonably satisfactory to the managing underwriters, if
any) addressed to such Holders and the managing underwriters, if any, thereof,
and dated, in the case of the initial opinion, the effective date of such Shelf
Registration Statement, and (B) its independent public accountants to
provide to the selling Holders of the applicable Securities and any underwriter
therefor a comfort letter in customary form and covering matters of the type customarily
covered in comfort letters in connection with primary underwritten offerings,
subject to receipt of appropriate documentation as contemplated, and only if
permitted, by Statement of Auditing Standards No. 72,  and (ii) cause its officers to execute
and deliver all customary documents and certificates and updates thereof
requested by any underwriters of the Securities.

 

(p)  In the event that any broker-dealer
registered under the Exchange Act shall underwrite any Securities or
participate as a member of an underwriting syndicate or selling group or “assist
in the distribution” (within the meaning of the Conduct Rules (the “Rules”) of the National Association of Securities Dealers,
Inc. (“NASD”)) thereof, whether as a Holder of
such Securities or as an underwriter, a placement or sales agent or a broker or
dealer in respect thereof, or otherwise, the Company will assist such
broker-dealer in complying with the requirements of such Rules, including,
without limitation, by (i) if such Rules, including Rule 2720, shall
so require, engaging a “qualified independent underwriter” (as defined in
Rule 2720) to participate in the preparation of the Shelf Registration
Statement relating to such Securities, to exercise usual standards of due
diligence in respect thereto and, if any portion of the offering contemplated
by such Registration Statement is an underwritten offering or is made through a
placement or sales agent, to recommend the yield of such Securities,
(ii) indemnifying any such qualified independent underwriter to the extent
of the indemnification of underwriters provided in Section 5 hereof and
(iii) providing such information to such broker-dealer as may be required
in order for such broker-dealer to comply with the requirements of the Rules.

 

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(q)  The Company shall use commercially reasonable
efforts to take all other steps necessary to effect the registration of the
Securities covered by a Registration Statement contemplated hereby.

 

(r)  The Company may suspend use of the Prospectus
for a period not to exceed an aggregate of 45 days in any 90-day period or
an aggregate of 90 days in any twelve-month period in the event of:

 

(i)            the
issuance by the SEC of a stop order suspending the effectiveness of the Shelf
Registration Statement or the initiation of proceedings with respect to the
Shelf Registration Statement under Section 8(d) or 8(e) of the Securities
Act,

 

(ii)           the
occurrence of any event or the existence of any fact as a result of which any
Registration Statement shall contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, or any Prospectus shall contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, or

 

(iii)          the
occurrence or existence of any pending corporate development that, in the
discretion of the Company, makes it appropriate to suspend the availability of
the Shelf Registration Statement and the related Prospectus.

 

In the event of a suspension pursuant to clause (ii) above,
subject to the next sentence, the Company shall as promptly as practicable
prepare and file a post-effective amendment to such Registration Statement or a
supplement to the related Prospectus or any document incorporated therein by
reference or file any other required document that would be incorporated by
reference into such Registration Statement and Prospectus so that such
Registration Statement does not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, and such Prospectus does not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading,
as thereafter delivered to the purchasers of the Securities being sold
thereunder, and, in the case of a post-effective amendment to a Registration
Statement, subject to the next sentence, use all commercially reasonable
efforts to cause it to be declared effective as promptly as is reasonably
practicable, and give notice to the Holders that the availability of the Shelf
Registration Statement is suspended and, upon receipt of any such notice, each
Holder agrees not to sell any Securities pursuant to the Registration Statement
until such Holder’s receipt of copies of the supplemented or amended Prospectus
provided for above, or until it is advised in writing by the Company that the
Prospectus may be used, and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference
in such Prospectus.

 

The Company will use all commercially reasonable efforts to ensure that
the use of the Prospectus may be resumed (x) in the case of
clause (i) above, as promptly as is practicable, (y) in the case of
clause (ii) above, as soon as, in the sole judgment of the Company, public
disclosure of such material event would not be prejudicial to or contrary to
the interests of the Company or, if necessary to avoid unreasonable burden or
expense, as soon as reasonably practicable thereafter and (z) in the case
of clause (iii) above, as soon as, in the discretion of the Company, such
suspension is no longer appropriate.

 

3.  Registration
Expenses.  (a) All
expenses incident to the Company’s performance of and compliance with this
Agreement will be borne by the Company, regardless of whether a Registration
Statement is ever filed or becomes effective, including without limitation:

 

(i) 
all registration and filing fees and expenses;

 

(ii) all fees and expenses of compliance
with federal securities and state “blue sky” or securities laws;

 

5

 

(iii) all expenses of printing (including
printing certificates for the Securities to be issued and printing of
Prospectuses), messenger and delivery services and telephone;

 

(iv) all fees and disbursements of
counsel for the Company;

 

(v) all application and filing fees in
connection with listing the Securities on a national securities exchange or
automated quotation system pursuant to the requirements hereof;

 

(vi) all fees and disbursements of
independent certified public accountants of the Company (including the expenses
of any special audit and comfort letters required by or incident to such
performance); and

 

(vii)  all fees and disbursements
of the Trustee.

 

The Company will bear its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expenses of any annual audit and the fees and
expenses of any person, including special experts, retained by the Company.

 

(b)  In connection with the Shelf
Registration Statement required by this Agreement, the Company will reimburse
the Trustee and the Holders of Securities covered by the Shelf Registration
Statement for the reasonable fees and disbursements of not more than one
counsel, which shall initially be Shipman & Goodwin LLP.

 

4.  Indemnification.  (a)  The
Company agrees to indemnify and hold harmless the Trustee, each Holder and each
person, if any, who controls the Trustee or such Holder within the meaning of
the Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the Trustee, each Holder, and such
controlling persons are referred to collectively as the “Indemnified
Parties”) from and against any losses,
claims, damages or liabilities, joint or several, or any actions in respect
thereof (including, but not limited to, any losses, claims, damages,
liabilities or actions relating to purchases and sales of the Securities) to
which each Indemnified Party may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities
or actions arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Shelf Registration
Statement or Prospectus including any document incorporated by reference
therein, or in any amendment or supplement thereto or in any preliminary
prospectus relating to the Shelf Registration, or arise out of, or are based
upon, the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not
misleading, and shall reimburse, as incurred, the Indemnified Parties for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action in
respect thereof; provided, however, that (i) the Company
shall not be liable in any such case to the extent that such loss, claim,
damage or liability arises out of or is based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in the Shelf
Registration Statement or Prospectus or in any amendment or supplement thereto
or in any preliminary prospectus relating to the Shelf Registration in reliance
upon and in conformity with written information pertaining to such Holder and
furnished to the Company by or on behalf of such Holder specifically for
inclusion therein (which shall include, without limitation, the information
provided to the Company by such Indemnified Party in the Completed
Questionnaire) and (ii) with respect to any untrue statement or omission
or alleged untrue statement or omission made in any preliminary prospectus
relating to the Shelf Registration Statement, the indemnity agreement contained
in this subsection (a) shall not inure to the benefit of any Holder from whom
the person asserting any such losses, claims, damages or liabilities purchased
the Securities concerned, to the extent that a prospectus relating to such
Securities was required to be delivered by such Holder under the Securities Act
in connection with such purchase and any such loss, claim, damage or liability
of such Holder results from the fact that there was not sent or given to such
person, at or prior to the written confirmation of the sale of such Securities
to such person, a copy of the final prospectus if the Company had previously
furnished copies thereof to such Holder; provided  further, however,
that this indemnity agreement will be in addition to any liability which the
Company may otherwise have to such Indemnified Party.  The Company also shall indemnify
underwriters, their officers and directors and each person who controls such
underwriters within the meaning of the Securities Act or the Exchange Act to
the same extent as provided above with respect to the indemnification of the
Holders of the Securities if requested by such Holders.

 

6

 

(b)  Each Holder, severally and
not jointly, will indemnify and hold harmless the Company, its officers and
directors and each person, if any, who controls the Company within the meaning
of the Securities Act or the Exchange Act from and against any losses, claims,
damages or liabilities or any actions in respect thereof, to which the Company
or any such controlling person may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities
or actions arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Shelf Registration
Statement or Prospectus or in any amendment or supplement thereto or in any
preliminary prospectus relating to the Shelf Registration, or arise out of or
are based upon the omission or alleged omission to state therein a material
fact necessary to make the statements therein not misleading, but in each case
only to the extent that the untrue statement or omission or alleged untrue
statement or omission was made in reliance upon and in conformity with written
information pertaining to such Holder and furnished to the Company by or on
behalf of such Holder specifically for inclusion therein (which shall include,
without limitation, the information provided to the Company by such Indemnified
Party in the Completed Questionnaire); and, subject to the limitation set forth
immediately preceding this clause, shall reimburse, as incurred, the Company
for any legal or other expenses reasonably incurred by the Company or any such
controlling person in connection with investigating or defending any loss,
claim, damage, liability or action in respect thereof.  This indemnity agreement will be in addition
to any liability which such Holder may otherwise have to the Company or any of
its controlling persons.

 

(c)  Promptly after receipt by an
indemnified party under this Section 4 of notice of the commencement of
any action or proceeding (including a governmental investigation), such
indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 4, notify the indemnifying party of the
commencement thereof; but the failure to notify the indemnifying party shall
not relieve it from any liability that it may have under subsection (a) or
(b) above except to the extent that it has been materially prejudiced (through
the forfeiture of substantive rights or defenses) by such failure; and provided
further that the failure to notify the indemnifying party shall not relieve it
from any liability that it may have to an indemnified party otherwise than
under subsection (a) or (b) above. 
In case any such action is brought against any indemnified party, and it
notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled to participate therein and, to the extent that it may
wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be
counsel to the indemnifying party), and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense
thereof the indemnifying party will not be liable to such indemnified party
under this Section 4 for any legal or other expenses, other than
reasonable costs of investigation, subsequently incurred by such indemnified
party in connection with the defense thereof. 
No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened action in
respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party unless
such settlement (i) includes an unconditional release of such indemnified
party from all liability on any claims that are the subject matter of such
action, and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified
party.

 

(d)  If the indemnification
provided for in this Section 4 is unavailable or insufficient to hold
harmless an indemnified party under subsections (a) or (b) above, then
each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to in subsection (a) or (b) above in
such proportion as is appropriate to reflect the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the
other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities (or actions in respect thereof) as well
as any other relevant equitable considerations. 
The relative fault of the parties shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company on the one hand or such Holder
or such other indemnified party, as the case may be, on the other, and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
The amount paid by an indemnified party as a result of the losses,
claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any action or claim which is the subject of this subsection (d).  Notwithstanding any other provision of this
Section 4(d), the Holders shall not be required to contribute any amount

 

7

 

in excess of the amount by
which the net proceeds received by such Holders from the sale of the Securities
pursuant to the Shelf Registration Statement exceeds the amount of damages
which such Holders have otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.  For
purposes of this paragraph (d), each person, if any, who controls such
indemnified party within the meaning of the Securities Act or the Exchange Act
shall have the same rights to contribution as such indemnified party and each
person, if any, who controls the Company within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as the
Company.

 

(e)  The agreements contained in
this Section 4 shall survive the sale of the Securities pursuant to the
Shelf Registration Statement and shall remain in full force and effect,
regardless of any termination or cancellation of this Agreement or any
investigation made by or on behalf of any indemnified party.

 

5.  Interest
Amounts Under Certain Circumstances. 
(a) Interest (the “Interest Amounts”)
with respect to the New Securities shall be assessed as follows if any of the
following events occur (each such event in clauses (i) through
(iii) below being herein called a “Registration Default”):

 

(i) 
the Shelf Registration Statement has not been filed with the Commission
by the 45th day after the date of the exchange of the New Securities
for the Existing Securities;

 

(ii) 
the Shelf Registration Statement has not been declared effective by the
Commission by the 150th day after the date of the exchange of the
New Securities for the Existing Securities; or

 

(iii) 
after the Shelf Registration Statement has been declared effective, such
Shelf Registration Statement ceases to be effective, or the Prospectus ceases
to be usable in connection with resales of the New Securities and the Common
Stock issuable upon conversion of the New Securities, in accordance with and
during the periods specified in this Agreement and (A) the Company does
not cure the Shelf Registration Statement within five business days by
post-effective amendment or report filed pursuant to the Exchange Act or
(B) if applicable, the Company does not terminate the suspension period
described in Section 2(r) above by the 45th or 90th
day, as the case may be.

 

Each of the foregoing will constitute a Registration Default whatever
the reason for any such event and whether it is voluntary or involuntary or is
beyond the control of the Company or pursuant to operation of law or as a
result of any action or inaction by the Commission.

 

Interest Amounts shall accrue on the New Securities from and including
the date on which any such Registration Default shall occur to but excluding
the date on which all such Registration Defaults have been cured, at a rate of
0.50% per annum, or an equivalent amount for any Common Stock issued upon
conversion of the New Securities (the “Interest Amount Rate”).  Notwithstanding anything herein to the
contrary, Interest Amounts shall only accrue on Transfer Restricted Securities
(and only for so long as such New Securities are Transfer Restricted
Securities).

 

(b)  A Registration Default
referred to in Section 5(a)(iii) hereof shall be deemed not to have
occurred and be continuing in relation to the Shelf Registration Statement or
the related prospectus if (i) such Registration Default has occurred
solely as a result of (x) the filing of a post-effective amendment to the Shelf
Registration Statement to incorporate annual audited financial information with
respect to the Company where such post-effective amendment is not yet effective
and needs to be declared effective to permit Holders to use the related
prospectus or (y) other material events, with respect to the Company that would
need to be described in such Shelf Registration Statement or the related
prospectus and (ii) in the case of clause (y), the Company is
proceeding promptly and in good faith to amend or supplement the Shelf
Registration Statement and related prospectus to describe such events as
required by paragraph 2(h) hereof; provided, however, that
in any case if such Registration Default occurs for a continuous period in
excess of 30 days, Interest Amounts shall be payable in accordance with
the above paragraph from the day such Registration Default occurs until
such Registration Default is cured.

 

8

 

(c)  Any Interest Amounts due
pursuant to Section 5(a) will be payable in cash on the Interest Amount
payment dates, which shall be June 15 and December 15 of each year,
to the holders of record of the New Securities on the preceding June 1 or
December 1, as the case may be.  The
amount of Interest Amounts will be determined by multiplying the applicable
Interest Amount Rate by the principal amount of the New Securities, further
multiplied by a fraction, the numerator of which is the number of days such
Interest Amount Rate was applicable during such period (determined on the basis
of a 360-day year comprised of twelve 30-day months), and the denominator
of which is 360.

 

(d)  “Transfer
Restricted Securities” means each Security until (i) the date
on which such Security has been effectively registered under the Securities
Act, including through disposal in accordance with the Shelf Registration
Statement or (ii) the date on which such Security is distributed to the
public pursuant to Rule 144 under the Securities Act or is saleable
pursuant to Rule 144(k) under the Securities Act.

 

(e)  The Company shall notify the
Trustee of the occurrence of a Registration Default no later than the Business
Day immediately following the date on which such Registration Default
occurs.  Unless and until the Trustee
receives written notice of a Registration Default, the Trustee may assume,
without inquiry, that no Registration Default has occurred and, therefore, that
no Interest Amounts are due and payable to the Holders.

 

6.  Rules 144
and 144A.  The Company shall
use its best efforts to file the reports required to be filed by it under the
Securities Act and the Exchange Act in a timely manner and, if at any time the
Company is not required to file such reports, it will, upon the request of any
Holder, make publicly available other information so long as necessary to
permit sales of their securities pursuant to Rules 144 and 144A.  The Company covenants that it will take such
further action as any Holder may reasonably request in writing, all to the
extent required from time to time to enable such Holder to sell Transfer
Restricted Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rules 144 and 144A (including the
requirements of Rule 144A(d)(4)). 
The Company will provide a copy of this Agreement to prospective
purchasers of Securities identified to the Company upon written request.  Upon the written request of any Holder, the
Company shall deliver to such Holder a written statement as to whether it has
complied with such requirements. 
Notwithstanding the foregoing, nothing in this Section 6 shall be
deemed to require the Company to register any of its securities pursuant to the
Exchange Act.

 

7.  Underwritten
Registrations.  If any of the
Transfer Restricted Securities covered by the Shelf Registration are to be sold
in an underwritten offering, the investment banker or investment bankers and
manager or managers that will administer the offering (“Managing
Underwriters”) will be selected by the holders of a majority in
aggregate principal amount of such Transfer Restricted Securities to be
included in such offering (provided that holders of Common Stock issued upon
conversion of the New Securities shall not be deemed holders of Common Stock,
but shall be deemed to be holders of the aggregate principal amount of New
Securities from which such Common Stock was converted).

 

No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person’s Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

 

8.  Miscellaneous.

 

(a)  Remedies.  The Company acknowledges and agrees that any
failure by the Company to comply with its obligations under Section 1
hereof may result in material irreparable injury to the Trustee and the Holders
for which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of any such
failure, the Trustee or any Holder may obtain such relief as may be required to
specifically enforce the Company’s obligations under Sections 1
hereof.  The Company further agrees to
waive the defense in any action for specific performance that a remedy at law
would be adequate.

 

(b)  No
Inconsistent Agreements.  The
Company will not on or after the date of this Agreement enter into any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders in this

 

9

 

Agreement or otherwise
conflicts with the provisions hereof. 
The Company represents that the rights granted to the Holders hereunder
do not in any way conflict with and are not inconsistent with the rights
granted to the holders of the Company’s securities under any agreement in
effect on the date hereof.

 

(c)  Amendments
and Waivers.  The provisions
of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, except by
the Company and the written consent of the holders of a majority in principal
amount of the Securities affected by such amendment, modification, supplement,
waiver or consents (provided that holders of Common Stock issued upon
conversion of New Securities shall not be deemed holders of Common Stock, but
shall be deemed to be holders of the aggregate principal amount of New
Securities from which such Common Stock was converted).  Without the consent of the Holder of each New
Security, however, no modification may change the provisions relating to the
payment of Interest Amounts.

 

(d)  Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand delivery,
first-class mail, facsimile transmission, or air courier which guarantees
overnight delivery:

 

(1)  if
to a Holder of the Securities, at the most current address given by such Holder
to the Company.

 

(2)  if to the Company, at its
address as follows:

 

Cephalon, Inc.

145 Brandywine Parkway

West Chester, PA 19380

Fax No.: (610) 344-7563

Attn: General Counsel

 

with a copy
to:

 

Sidley Austin Brown Wood LLP

Bank One Plaza

10 South Dearborn Street

Chicago, IL 60603

Fax No.: (312) 853-7036

Attn: Pran Jha, Esq.

 

(3)  if
to Trustee, at its address as follows:

 

U.S. Bank National Association

225 Asylum Street, 23rd Floor

Hartford, Connecticut  06103

Fax No.:  (860) 241-6881

Attention:  Corporate Trust Services
(Cephalon, Inc.

Zero Coupon Convertible Subordinated Notes due

June 15, 2033)

 

with a copy
to:

 

Shipman & Goodwin LLP

One Constitution Plaza

Hartford, Connecticut  06103-1919

Fax No.: (860) 251-5212

Attn: Daniel P. Brown, Jr., Esq.

 

10

 

All such notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if
personally delivered; three business days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged by recipient’s
facsimile machine operator, if sent by facsimile transmission; and on
the day delivered, if sent by overnight air courier guaranteeing
next day delivery.

 

(e)  Third Party
Beneficiaries.  The Holders
shall be third party beneficiaries to the agreements made hereunder between the
Company, on the one hand, and the Trustee, on the other hand, and shall have
the right to enforce such agreements directly to the extent they may deem such
enforcement necessary or advisable to protect their rights or the rights of
Holders hereunder.

 

(f)  Successors
and Assigns.  This Agreement
shall be binding upon the Company and its successors and assigns.

 

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

 

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

 

(i)  Governing
Law.  THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

By the execution and delivery of this Agreement, the Company submits to
the nonexclusive jurisdiction of any federal or state court in the State of New
York.

 

(j)  Severability.  If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.

 

(k)  Securities
Held by the Company.  Whenever
the consent or approval of Holders of a specified percentage of principal
amount of Securities is required hereunder, Securities held by the Company or
its affiliates (other than subsequent Holders of Securities if such subsequent
Holders are deemed to be affiliates solely by reason of their holdings of such
Securities) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

 

11

 

If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the Company a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding
agreement between the Trustee and the Company in accordance with its terms.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CEPHALON, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Kevin Buchi

  	
   

  
	
   

  	
   

  	
  Name:

  	
  J. Kevin Buchi

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
  The foregoing Registration Rights Agreement is hereby confirmed and
  accepted as of the date first above written.

  	
   

  	
   

  	
   

  
					

 

 

	
  BY:

  	
  U.S. BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
  on behalf of the Holders of the New Securities

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  Arthur L. Blakeslee

  	
   

  
	
   

  	
  Name:
  Arthur L. Blakeslee

  
	
   

  	
  Title:
  Vice President

  

 

12Exhibit 10.1

 

Execution Copy

 

AMENDMENT NO. 2 TO

 

AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT

 

AMENDMENT NO. 2, dated as
of December 15, 2004 (the “Amendment”), to AMENDED AND RESTATED
SHAREHOLDERS’ AGREEMENT, dated as of September 29, 2000 and amended on March 15,
2004 (the “Shareholders’ Agreement”), among Interline Brands, Inc., a
New Jersey corporation (the “Company”), Interline Brands, Inc., a
Delaware corporation (“Holdco”), and Parthenon Investors, L.P., Parthenon
Investors II, L.P., PCIP Investors, J&R Founders Fund, L.P., JP Morgan Chase
Bank, as trustee for First Plaza Group Trust, J.P. Morgan Partners (23A SBIC),
LLC (formerly, CB Capital Investors, LLC), Sterling Investment Partners, L.P.,
JMH Partners Corp., BancBoston Capital Inc., Private Equity Portfolio Fund II,
LLC, Svoboda, Collins & Company QP, L.P., Svoboda, Collins & Company,
L.P., Allied Capital Corporation, National City Equity Partners, Inc., Great Lakes
Capital Investments II, LLC, Mellon Ventures II, L.P., Key Principal Partners,
LLC, Blackstone Mezzanine Holdings L.P., Blackstone Mezzanine Partners L.P., Citizens
Capital, Inc., Bain Capital V. Mezzanine, BCM Capital Partners, L.P., BCIP
Trust Associates II, Sankaty High Yield Asset Partners, L.P., Sankaty High
Yield Partners II, L.P., Stanfield CLO, Ltd., Stanfield RMF/Transatlantic CDO,
Ltd., William S. Green, Michael J. Grebe, William E. Sanford, William R. Pray and
such other Persons who from time to time become a party thereto (collectively,
the “Shareholders”, and together with the Company and Holdco, the “Parties”).

 

WHEREAS, the Board of
Directors of the Company has determined that it is advisable and in the best
interests of the Company to engage in (i) the formation and incorporation of Holdco
and a wholly-owned subsidiary of Holdco (“Subco”), (ii) the merger of
the Company with and into Subco, with the Company to be the surviving entity
and Holdco to be the Company’s direct parent, and (iii) an initial public
offering of shares of the common stock of Holdco (collectively, the “Transactions”);
and

 

WHEREAS, pursuant to Section 7.8
of the Shareholders’ Agreement, the Shareholders desire to amend the
Shareholders’ Agreement to permit for the orderly disposition of the common
stock of Holdco in the period of time following the Transactions.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual agreements and covenants herein
contained, and intending to be legally bound hereby, the Parties hereto agree
as follows:

 

1.                                       All
capitalized terms used herein but not otherwise defined shall have the meanings
given to them in the Shareholders’ Agreement.

 

2.                                       This
Amendment shall become effective upon its execution and delivery by the parties
hereto.

 

 

3.                                       Section 1
is hereby amended as follows:

 

a.                                       the
following new definitions are hereby added:

 

i.                                          “Holdco”
shall mean Interline Brands, Inc., a Delaware corporation.

 

ii.                                       “Holdco
Common Stock” shall mean the common stock of Holdco, par value $0.01 per
share.

 

iii.                                    “Secondary
Public Offering” shall mean a public offering and sale of Holdco Common
Stock held by one or more Shareholders, other than the Initial Public Offering,
pursuant to an effective registration statement under the Securities Act
(except any registration statement on Form S-4 or Form S-8 or any successor or
similar form thereto).

 

b.                                      the
definition of “Company” is hereby amended and restated in its entirety
to read as follows:  “Company”
shall have the meaning specified in the Preamble, and, upon consummation of the
Initial Public Offering, shall mean Holdco.

 

c.                                       the
definition of “Initial Public Offering” is hereby amended and restated
in its entirety to read as follows:  “Initial
Public Offering” shall mean a public offering and sale of Holdco Common
Stock pursuant to the initial registration thereof under the Securities Act
(excluding any registration pursuant to an effective registration statement on
Form S-4 or S-8 or any successor or similar form thereto).”

 

d.                                      the
definition of “Qualified Public Offering” is hereby amended and restated
in its entirety to read as follows:  “Qualified
Public Offering” shall mean the first underwritten public offering of
Holdco Common Stock or Common Stock that results in aggregate gross proceeds to
Holdco, the Company and any selling stockholders of at least $40 million.”

 

4.                                       Section 6(a)
is hereby amended and restated in its entirety as follows:  “The provisions of Sections 2, 3  and 4, and Sections 7.1, 7.2, 7.3, 7.4, 7.5,
7.6 and 7.14 shall terminate on the date on which any of the following events
first occurs:  (i) the consummation
of a Qualified Public Offering, or (ii) the consummation of any sale or
other disposition of a majority of the outstanding Common Stock of the Company,
merger, consolidation or reorganization involving the Company, or sale of all
or substantially all of the assets of the Company or its Subsidiaries, in each
case where immediately after giving effect to such transaction the Shareholders
(as of immediately prior to such transaction) own less than a majority of the
outstanding shares of common stock, on a fully diluted basis, of the surviving,
resulting, successor or purchasing Person (as the case may be).”

 

2

 

5.                                       Notwithstanding
anything to the contrary set forth in the Shareholders’ Agreement, with respect
to the Initial Public Offering (as defined in Section 3 hereof) only, any
holder of Registrable Securities may assign its rights under Section 5.1
to have any portion or all of its Registrable Securities registered under the
Securities Act, pursuant to the registration statement on Form S-1 of Holdco
filed in connection with the Initial Public Offering, to any other holder of
Registrable Securities.  Any such
assignment shall be made in writing.  For
purposes of clarity, it is understood that the provisions of Section 5 shall
apply to the Initial Public Offering (as defined in Section 3 hereof) and
the selling stockholders in the Initial Public Offering shall be deemed to have
exercised registration rights under Section 5.1 of the Shareholders’
Agreement in respect of the Initial Public Offering.

 

6.                                       Except
as otherwise expressly provided herein, the Shareholders’ Agreement is, and
shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects except that on and after the date hereof all
references in the Shareholders’ Agreement to “this Agreement”, “hereto”, “hereof”,
“hereunder” or words of like import referring to the Shareholders’ Agreement
shall mean the Shareholders’ Agreement as amended by this Amendment.

 

7.                                       This
Amendment shall be governed by, and construed in accordance with, the internal
laws of the State of New York (except with respect to matters involving
corporate formation, good standing and other corporate procedural matters,
which shall be governed by the laws of the State of New Jersey) without regard
to the principles of conflicts of laws thereof.

 

8.                                       This
Amendment may be executed in one or more counterparts, and by the different
Parties hereto in separate counterparts, each of which shall be deemed to be an
original but all of which taken together shall constitute one and the same
agreement.

 

(Remainder of this page
intentionally left blank.)

 

3

 

IN
WITNESS WHEREOF, the undersigned have executed or caused this Amendment No. 2
to Amended and Restated Shareholders’ Agreement to be executed on the date
first set forth above.

 

	
   

  	
  INTERLINE BRANDS, INC.,

  
	
   

  	
  a New Jersey corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  INTERLINE BRANDS, INC.,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  PARTHENON INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By: Parthenon Investment Advisors, L.L.C.,

  its General Partner

  
	
   

  	
  By: Parthenon Investment Partners, L.L.C.,

  
	
   

  	
  its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John C. Rutherford

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
  PCIP INVESTORS

  
	
   

  	
   

  
	
   

  	
  By: Parthenon Capital, LLC, its Managing Partner

  
	
   

  	
  By: J&R Investment Management Company, LLC,

  its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John C. Rutherford

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
  J&R FOUNDERS FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By: J&R Advisors F.F., Inc., its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John C. Rutherford

  
	
   

  	
   

  	
  Title:

  	
  Director, President and
  Secretary

  
					

 

4

 

	
   

  	
  PARTHENON INVESTORS II, L.P.

  
	
   

  	
   

  
	
   

  	
  By: PCap Partners II, LLC, its General Partner

  
	
   

  	
  By: PCap II, LLC, its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John C. Rutherford

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JP MORGAN CHASE BANK, AS

  TRUSTEE FOR FIRST PLAZA GROUP

  TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  J.P. MORGAN PARTNERS (23A SBIC,

  LLC)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: J.P. Morgan Partners (23A SBIC

  Manager), Inc., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STERLING INVESTMENT PARTNERS,

  L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Sterling Investment Partners

  	
   

  
	
   

  	
   

  	
  Management, LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
						

 

5

 

	
   

  	
  JMH PARTNERS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANCBOSTON CAPITAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PRIVATE EQUITY PORTFOLIO

  
	
   

  	
  FUND II, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Fleet National Bank, as
  Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SVOBODA, COLLINS & COMPANY QP,

  L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Svoboda, Collins L.L.C., its General

  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

6

 

	
   

  	
  SVOBODA, COLLINS & COMPANY L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Svoboda, Collins L.L.C., its General

  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NATIONAL CITY EQUITY PARTNERS,

  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GREAT LAKES CAPITAL

  INVESTMENTS II, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MELLON VENTURES II, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KEY PRINCIPAL PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

7

 

	
   

  	
  ALLIED CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLACKSTONE MEZZANINE

  HOLDINGS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLACKSTONE MEZZANINE

  PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIZENS CAPITAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BAIN CAPITAL V. MEZZANINE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BCM CAPITAL PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

8

 

	
   

  	
  BCIP TRUST ASSOCIATES II

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SANKATY HIGH YIELD ASSET

  PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SANKATY HIGH YIELD

  
	
   

  	
  PARTNERS II, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STANFIELD CLO, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STANFIELD RMF/

  
	
   

  	
  TRANSATLANTIC CDO, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  William S. Green

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Michael J. Grebe

  

 

9

 

	
   

  	
   

  	
   

  
	
   

  	
  William E. Sanford

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  William R. Pray

  

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]