Document:

Shareholders Agreement

 Exhibit 10.2 
  
 RUTH U. FERTEL, INC. 
  
 SHAREHOLDERS AGREEMENT 
  
 THIS AGREEMENT is made as of September 17, 1999, between Ruth U. Fertel, Inc., a Louisiana corporation (the “Company”), Madison Dearborn
Capital Partners III, L.P., a Delaware limited partnership (“MDCP”), Madison Dearborn Special Equity III, L.P., a Delaware limited partnership (“MDSE”), Special Advisors Fund I, LLC, a Delaware limited liability
company (“SAF”), First Union Investors, Inc., a North Carolina corporation (“First Union”), GS Mezzanine Partners, L.P., a Delaware limited partnership and GS Mezzanine Partners Offshore, an exempted limited
partnership organized under the laws of the Cayman Island (“GS Mezzanine Offshore” and together with GS Mezzanine, “GS” and together with First Union, the “Warrantholders”) and each of the
shareholders listed as Investors on the signature page hereto (the “Investors”), MDCP, MDSE, SAF, First Union, GS and the Investors are collectively referred to as the “Shareholders” and individually as a
“Shareholder,” and all other capitalized terms used herein are defined in paragraph 9 hereof. 
  
 Pursuant to the terms of that certain Transaction and Merger Agreement, dated as of July 16, 1999, by and among the Company, RUF Merger Corp., a Louisiana
corporation (“Merger Corp”), MDCP, MDSE and SAF (the “Merger Agreement”), (i) MDCP, MDSE and SAF have purchased shares of the Company’s Series B Preferred Stock and Class A Common Stock, and (ii) the Investors
have been issued shares of Class A Common Stock and Series B Preferred Stock. First Union has acquired a warrant exercisable into shares of Class B Common Stock (the “First Union Warrant”) pursuant to the terms of that certain
Securities Purchase Agreement, dated as of the date hereof, between the Company and First Union. GS has acquired a warrant exercisable into shares of Class A Common Stock (the “GS Warrant” and together with the First Union Warrant,
the “Warrants”) pursuant to that certain Purchase Agreement, dated as of the date hereof among the Company, GS Mezzanine, GS Mezzanine Offshore and the Guarantors listed on the signature pages thereof. 
  
 The Company and the Shareholders desire to enter into this Agreement for the
purpose (among others) of limiting the manner and terms by which the Company’s capital stock may be transferred. The execution and delivery of this Agreement is a condition to the MDCP Holders’ purchase of the Series B Preferred Stock and
Common Stock, First Union’s purchase of the First Union Warrant and Series A Preferred Stock, and GS’s purchase of the GS Warrant and the Senior Subordinated Notes. 
  

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 
  
 1 . Financial Statements and Other Information. The Company shall deliver to each Shareholder and each Shareholder’s Permitted Transferee (so
long as such Person holds any Preferred Stock or Common Stock or any of the Warrants): 
  
 (a) as soon as available but in any event within 45 days after the end of each monthly accounting period in each fiscal year, unaudited consolidated statements of income and cash flows of the Company and its
Subsidiaries for such monthly period and for the period from the beginning of the fiscal year to the end of such month, and unaudited consolidated balance sheets of the Company and its Subsidiaries as of the end of such monthly period, setting forth
in each case comparisons to the Company’s annual budget and to the corresponding period in the preceding fiscal year, and all such statements shall be prepared in accordance with GAAP, subject to the absence of footnote disclosures and to
normal year-end adjustments; 
  
 (b) within 90 days after the end
of each fiscal year, consolidated statements of income and cash flows of the Company and its Subsidiaries for such fiscal year, and consolidated balance sheets of the Company and its Subsidiaries as of the end of such fiscal year, setting forth in
each case comparisons to the Company’s annual budget and to the preceding fiscal year, all prepared in accordance with GAAP, and with respect to the consolidated portions of such statements, accompanied by an opinion of an independent
accounting firm of recognized national standing; and 
  
 (c)
within 30 days after the beginning of each fiscal year, an annual budget prepared on a monthly basis for the Company and its Subsidiaries for such fiscal year (displaying anticipated statements of income and cash flows and balance sheets).

  
 Except as otherwise expressly required by law or judicial order or decree or
by any governmental agency or authority or with respect to information that became available to the public generally other than as a result of a breach of confidentiality obligations to the Company, each Person entitled to receive information
regarding the Company and its Subsidiaries under this paragraph 1 shall maintain the confidentiality of, and shall not disclose to any third party, any information obtained by it hereunder from the Company. The provisions of this paragraph 1 shall
terminate upon the consummation of a registered public offering of Securities by the Company under the Securities Act. 
  
 2. Sale of the Company. 
  
 (a) If the Company’s board of directors (the “Board”) and the holders of a majority of the shares of Common Stock then outstanding,
voting share for share as a single class, approve a sale of all or substantially all of the Company’s assets determined on a consolidated basis or a sale of all or substantially all of the Company’s outstanding capital stock (whether by
merger, recapitalization, consolidation, reorganization, combination or otherwise) to any Independent Third Party or group of Independent Third Parties (collectively, an “Approved Sale”), subject to the provisions set forth in
paragraph 2(c), each holder of Shareholder Shares shall vote for or furnish a written consent to vote such holder’s shares and raise no objections against such Approved Sale subject to the terms hereof. In connection with any Approved Sale, the
Company 

  

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shall send a written notice at least ten (10) business days prior to the consummation of any Approved Sale to all holders of Shareholder Shares setting forth
the principal terms of the proposed Approved Sale. If the Approved Sale is structured as (i) a merger or consolidation, each holder of Shareholder Shares shall waive any dissenters rights, appraisal rights or similar rights in connection with such
merger or consolidation or (ii) a sale of stock, each holder of Shareholder Shares and rights to acquire shares of such stock shall agree to sell all of his shares of such stock and rights to acquire shares of such stock on the terms and conditions
approved by the Board and the holders of a majority of Common Stock then outstanding. Each holder of Shareholder Shares shall take all necessary or desirable actions reasonably requested and approved by the Board of Directors of the Company in
connection with the consummation of the Approved Sale. 
  
 (b)
Each holder of Shareholder Shares shall bear its pro-rata share (based upon the amount of consideration received) of the reasonable out-of-pocket costs of any sale of Shareholder Shares pursuant to an Approved Sale to the extent such costs are
incurred for the benefit of all holders of Shareholder Shares and are not otherwise paid by the Company or the acquiring party. Costs incurred by any holder of Shareholder Shares on its own behalf will not be considered costs of the transaction
hereunder. 
  
 (c) The obligations of the holders of Shareholder
Shares under paragraph 2(a) with respect to the Approved Sale of the Company are subject to the satisfaction of the following conditions: (i) upon the consummation of the Approved Sale, each holder of Shareholder Shares shall receive the amount of
consideration as set forth in paragraph 3 below; (ii) each holder of then currently exercisable rights to acquire shares of Common Stock shall be given an opportunity to either (A) exercise such rights prior to the consummation of the Approved Sale
and participate in such sale as holders of Common Stock or (B) upon the consummation of the Approved Sale, receive in exchange for such rights consideration equal to the amount determined by multiplying (1) the same amount of consideration per share
of Common Stock received by holders of Common Stock in connection with the Approved Sale less the exercise price per share of Common Stock of such rights to acquire Common Stock by (2) the number of shares of Common Stock represented by such rights
and (iii) if any holder of any series or class of Shareholder Shares is given the option as to the form and amount of consideration per share to be received in connection with such Approved Sale, then each holder of such series or class of
Shareholder Shares shall be given the same option. 
  
 3.
Distributions upon Sale of the Company. In the event of a sale or exchange by the holders of Shareholder Shares of all or substantially all of the Shareholder Shares (whether by sale, merger, recapitalization, reorganization, consolidation,
combination or otherwise), including an Approved Sale, each holder of Shareholder Shares shall receive in exchange for such holder’s Shareholder Shares the same portion of the aggregate consideration from such sale or exchange that such holder
would have received (assuming exercise of all the outstanding warrants and payment of the exercise price thereunder) if such aggregate consideration had been distributed by the Company in complete liquidation pursuant to the rights and preferences
set forth in the Company’s Articles of Incorporation as in effect immediately prior to such sale or exchange. Each holder of Shareholder Shares shall take all reasonably necessary or desirable actions in connection 

  

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with the distribution of the aggregate consideration from such sale or exchange as reasonably requested by the Company. 
  
 4. Representations and Warranties. Each Shareholder solely for itself
represents and warrants that (i) such Shareholder is the record owner of the number of Shareholder Shares set forth opposite its name on the Schedule of Shareholders attached hereto, (ii) this Agreement has been duly authorized, executed and
delivered by such Shareholder and constitutes the valid and binding obligation of such Shareholder, enforceable in accordance with its terms, except as would be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or
other similar laws affecting the enforcement of creditors’ rights generally and except that the availability of equitable remedies, including specific performance, may be subject to the discretion of any court before which any proceeding
therefor may be brought, (iii) Randy Fertel is the sole beneficiary of the Randy J. Fertel Trust and (iv) such Shareholder has not granted and is not a party to any proxy, voting trust or other agreement which is inconsistent with, conflicts with or
violates any provision of this Agreement; it being understood and agreed however, that the representation and warranty made in clause (iii) above is made only by the Randy J. Fertel Trust. No holder of Shareholder Shares shall grant any proxy or
become party to any voting trust or other agreement which is inconsistent with, conflicts with or violates any provision of this Agreement. 
  
 5. Retention of Shareholder Shares. Until the first to occur of (i) the consummation of the initial public offering of the Company’s Class A
Common Stock registered under the Securities Act or (ii) the receipt by the MDCP Holders of proceeds from the sale, repurchase, redemption and/or repayment of the Series B Preferred Stock and Class A Common Stock issued to the MDCP Holders as of the
date hereof in one or more transactions equal to at least the MDCP Holders’ original cost of such securities, no Investor shall sell, transfer, assign, pledge or otherwise dispose of any Shareholder Shares held by such Investor on the date
hereof or hereafter acquired, except pursuant to the consummation of a Sale of the Company or pursuant to paragraph 2, 6(d) or 6(e) hereof. 
  
 6. Restrictions on Transfer of Shareholder Shares. 
  
 (a) Transfer of Shareholder Shares. No holder of Shareholder Shares shall sell, transfer, assign, pledge or otherwise dispose of (whether with or
without consideration and whether voluntarily or involuntarily or by operation of law) any interest in such holder’s Shareholder Shares (a “Transfer”), except pursuant to the provisions of this paragraph 6 or paragraph 2
hereof, or pursuant to a Public Sale; provided that in no event shall any Transfer of Shareholders Shares pursuant to this paragraph 6 be made for any consideration other than cash payable upon consummation of the Transfer or in installments
over time, and no Shareholder Shares may be pledged by the holders thereof. No holder of Shareholder Shares shall consummate any Transfer (other than a Public Sale or pursuant to paragraph 2 or paragraph 6(e) hereof) until 30 days after the delivery
to the Company and the other Shareholders of such Shareholder’s Sale Notice, unless the parties to the Transfer have been finally determined pursuant to this paragraph 6 prior to the expiration of such 30-day period (the “Election
Period”). 
  

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 (b) Sale Notice. At least 30 days prior to making any Transfer of any Shareholder Shares (other
than pursuant to a Public Sale or pursuant to paragraph 2 or paragraph 6(e)), the holder transferring the Shareholder Shares (the “Transferring Holder’”) shall deliver a written notice (a “Sale Notice”) to the
Company, the MDCP Holders and the other Shareholders who are not MDCP Holders (the “Non-MDCP Shareholders”). The Sale Notice shall disclose in reasonable detail the proposed number of Shareholder Shares to be transferred, the
proposed terms and conditions of the Transfer and the identity and background of the prospective transferee(s). 
  
 (c) First Refusal Rights. If the Transferring Holder is not an MDCP Holder, the Company may, first, elect to purchase all (but not less than all)
of the Shareholders Shares to be transferred, upon the same terms and conditions as those set forth in the Sale Notice given by the Transferring Holder, by delivering a written notice of such election to the Transferring Holder, the Non-MDCP
Shareholders and the MDCP Holders within 15 days after the Sale Notice has been delivered to the Company. If the Company has not elected to purchase all of the Shareholders Shares to be transferred, the MDCP Holders and the Non-MDCP Shareholders
together may elect to purchase all (but not less than all) of the Shareholders Shares to be transferred which have not been elected to be purchased by the Company, upon the same terms and conditions as those set forth in the Sale Notice, by
delivering written notice of such election to the Transferring Holder and the other Shareholders within twenty-five (25) days after the Sale Notice has been delivered to the MDCP Holders and the Non-MDCP Shareholders. The number of shares of each
class or series of Shareholder Shares to be purchased by each electing MDCP Holder and Non-MDCP Shareholder shall be determined on a pro rata basis according to the number of shares each such class or series of Shareholder Shares (assuming exercise
of the Warrants) owned by each such MDCP Holder and Non-MDCP Shareholder. If the Company, the Non-MDCP Shareholders and the MDQP Holders have not, either individually or in the aggregate, elected to purchase all of the Shareholders Shares specified
in the Sale Notice, the Transferring Holders may transfer the Shareholders Shares specified in the Sale Notice at a price and on terms no more favorable to the transferee(s) thereof than specified in the Sale Notice during the 45-day period
immediately following the Election Period. Any Shareholders Shares not transferred within such 45-day period shall be subject to the, provisions of this paragraph 6(c) upon subsequent transfer. If the Company, the Non-MDCP Shareholders or the MDCP
Holders have elected to purchase Shareholders Shares, the transfer of such shares shall be consummated as soon as practical after the delivery of the election notice(s) to .the Transferring Shareholder, but in any event within 30 days after the
expiration of the Election Period. 
  
 (d) Participation
Rights. If one or more MDCP Holders are the Transferring Holders and they desire to Transfer in a single transaction, or if the Transfer then contemplated would result in one or more of the MDCP Holders having transferred in one or more
transactions after the date of this Agreement, shares representing more than 25 % of any class or series of Shareholder Shares held by the MDCP Holders as of the date of this Agreement, each other holder of any such class or series of
Shareholder Shares (an “Other Holder”) may elect to participate in the contemplated Transfer by delivering written notice to the MDCP Holders and the Company within 15 days after receipt by such holder of the Sale Notice; provided
that if more than one class or series of Shareholder Shares are being sold any other Holder electing to participate in such sale 

  

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must participate equally in the sale of such class or series, except that, in the case of the Warrantholders, the Warrantholders shall be entitled to
participate in such Transfer by selling only Shareholder Shares that are either Warrants or Common Stock. If any Other Holder has elected to participate in such sale, each MDCP Holder and each electing Other Holder shall be entitled to sell in the
contemplated sale, at the same price and on the same terms and conditions, a number of any such class or series of Shareholder Shares to be sold hereunder equal to the product of (i) the quotient determined by dividing the percentage of such class
or series of Shareholder Shares (assuming exercise of the Warrants) held by such person, by the aggregate percentage of such class or series of Shareholder Shares (assuming exercise of the Warrants) owned by the MDCP Holders and all electing Other
Holders and (ii) the number of shares of such class or series of Shareholder Shares to be sold in the contemplated sale. 
  
 For example, if the Sale Notice contemplated a sale of 100 shares of Common Stock, and if the MDCP Holders were at such time the owners of 30% of the
Company’s Common Stock (on a fully-diluted basis) and if one Shareholder elected to participate and the Shareholder owned 20% of the Company’s Common Stock (on a fully-diluted basis), the MDCP Holders would be entitled to sell 60 shares
((30 % ÷ 50 %) x 100 shares) and the Shareholder would be entitled to sell 40 shares ((20% ÷ 50%) x 100 shares). 
  
 The MDCP Holders shall use commercially reasonable efforts to obtain the agreement of the prospective transferee(s) to the participation of the Other Holders in the
contemplated transfer and shall not transfer any Shareholder Shares to the prospective transferee(s) if such Transferee(s) refuses to allow the participation of the Other Holders. Each Shareholder transferring Shareholder Shares pursuant to this
paragraph 6(d) shall pay its pro rata share (based on the total consideration to be received) of the out-of-pocket expenses incurred by the Shareholders in connection with such Transfer and shall be obligated to join on a pro rata basis (based on
the total consideration to be received) in any representations and warranties, any indemnification obligations, or any other obligations that the MDCP Holders agree to provide in connection with such Transfer (other than any such obligations that
relate specifically to a particular Shareholder, such as indemnification with respect to representations and warranties given by a Shareholder regarding such Shareholder’s title to and ownership of Shareholder Shares); provided that no
holder shall be obligated in connection with such Transfer to agree to indemnify or hold harmless the transferees with respect to an amount in excess of the net cash proceeds paid to such holder for the Shareholder Shares sold by it pursuant to such
Transfer. If all or any portion of the Warrants are transferred as Shareholder Shares under this paragraph 6(d), the purchase price therefor shall be reduced by the aggregate exercise price of the portion of the Warrants so transferred. 

 
 (e) Permitted Transfers. The restrictions set forth in this
paragraph 6 shall not apply with respect to any Transfer of Shareholder Shares by any Shareholder (i) in the case of an Investor, pursuant to a devise by will to such Investor’s Family Group or pursuant to applicable laws of descent and
distribution or among such Investor’s Family Group, (ii) in the case of the MDCP Holders, among its Affiliates (which, in the case of MDCP, shall include no partners other than general partners) or (iii) in the case of the Warrantholders, among
their respective Affiliates (which, in the case of GS, shall not include any of its partners) (collectively referred to herein as 

  

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“Permitted Transferees”); provided that the restrictions contained in this paragraph 6 shall continue to be applicable to the
Shareholder Shares after any such Transfer and provided further that the transferees of such Shareholder Shares shall have agreed in writing to be bound by the provisions of this Agreement affecting the Shareholder Shares so transferred. For
purposes of this Agreement, “Family Group” means an Investor’ s spouse, descendants (whether natural or adopted) or devisees and any, trust solely for the benefit of the Investor and/or the Investor’s spouse and/or
descendants. If an Investor is a trust, Family Group shall include such Investor’s beneficiaries. Notwithstanding the foregoing, no party hereto shall avoid the provisions of this Agreement by making one or more transfers to one or more
Permitted Transferees and then disposing of all or any portion of such party’s interest in any such Permitted Transferee. 
  
 (f) Termination of Restrictions. Except as otherwise provided in this Agreement, the restrictions on the Transfer of Shareholder Shares set forth
in this paragraph 6 shall continue with respect to each Shareholder Share following the Transfer thereof. 
  
 (g) Sale of Shareholder Shares to Competitor. Notwithstanding anything else contained in this Agreement, except pursuant to paragraph 2, no holder
of Shareholder Shares shall transfer any of the Shareholder Shares to any Person engaged in any line of business in which the Company or any of its Subsidiaries may engage from time to time or may have plans to engage, unless the Board otherwise
consents to such transfer. 
  
 7. Transfer of Restricted
Securities. 
  
 (a) General Provisions. Restricted
Securities are transferable only pursuant to (i) public offerings registered under the Securities Act, (ii) Rule 144 of the Securities and Exchange Commission (or any similar rule or rules then in force) if such rule is available or (iii) subject to
the conditions specified in paragraph 7(b) below, any other legally available means of transfer. 
  
 (b) Opinion Delivery. In connection with the transfer of any Restricted Securities (other than a transfer described in paragraph 2 or paragraph
7(a)(i) or (ii) above), the holder thereof shall deliver written notice to the Company describing in reasonable detail the transfer or proposed transfer, together with an opinion of counsel which (to the Company’s reasonable satisfaction) is
knowledgeable in securities law matters to the effect that such transfer of Restricted Securities may be effected without registration of such Restricted Securities under the Securities Act. In addition, if the holder of the Restricted Securities
delivers to the Company an opinion of such other counsel that no subsequent transfer of such Restricted Securities shall require registration under the Securities Act, the Company shall promptly upon such contemplated transfer deliver new
certificates for such Restricted Securities which do not bear the Securities Act legend set forth in paragraph 8(a) below. If the Company is not required to deliver new certificates for such Restricted Securities not bearing such legend, the holder
thereof shall not transfer the same until the prospective transferee has confirmed to the Company in writing its agreement to be bound by the conditions contained in this paragraph 7 and paragraph 8. 
  

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 (c) Legend Removal. If any Restricted Securities become eligible for sale pursuant to Rule 144(k),
the Company shall, upon the request of the holder of such Restricted Securities, remove the legend set forth in paragraph 8(a) from the certificates for such Restricted Securities. 
  
 8. Legends. 
  
 (a) Securities Act Legend. Each certificate representing Restricted Securities and each certificate issued in exchange for or upon the transfer of
any Restricted Securities (if such securities remain Restricted Securities) shall be imprinted with a legend in substantially the following form: 
  
 “The securities represented by this certificate were originally issued on 9-17-99, and have not been registered under the Securities Act of
1933, as amended or any applicable state securities laws. The transfer of the securities represented by this certificate is subject to the conditions specified in the Shareholders Agreement, dated as of 9-17, 1999, and as amended and modified from
time to time, between the issuer (the “Company”) and certain investors, and the Company reserves the right to refuse the transfer of such securities until such conditions have been fulfilled with respect to such transfer. A copy of such
conditions shall be furnished by the Company to the holder hereof upon written request and without charge.” 
  
 The legend set forth above shall be removed from the certificates evidencing any Restricted Securities which cease to be Restricted Securities in accordance with the
definition thereof in paragraph 9 hereof. 
  
 (b) Other
Legends. Each certificate evidencing Shareholder Shares and each certificate issued in exchange for or upon the transfer of any Shareholder Shares (if such shares remain Shareholder Shares after such transfer) shall be imprinted with a legend in
substantially the following form: 
  
 “The securities
represented by this certificate are subject to a Shareholders Agreement dated as of 9-17, 1999, among the issuer of such securities (the “Company”) and certain of the Company’s stockholders, as amended and modified from time to time.
A copy of such Shareholders Agreement shall be furnished without charge by the Company to the holder hereof upon written request.” 
  
 The legend set forth above shall be removed from the certificates evidencing any shares which cease to be Shareholder Shares in accordance with the definition of
Shareholder Shares in paragraph 10 hereof. 
  
 9. Transfer.
Prior to transferring any Shareholder Shares (other than a Public Sale or a Sale of the Company) to any Person, the transferring holders of Shareholder Shares shall 

  

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cause the prospective transferee to be bound by this Agreement and to execute and deliver to the Company and the other holders of Shareholder Shares a
counterpart of this Agreement. 
  
 10. Definitions.

  
 “Affiliate” of any Person means any other
Person controlling, controlled by or under common control with any such Person and, in the case of MDCP, any partner of MDCP. As used in this Agreement “control” (including, with its correlative meanings, “controlled
by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other
ownership interests, by contract or otherwise). 
  
 “Class
A Common Stock” means the Company’s Class A Common Stock, par value $.01 per share. 
  
 “Class B Common Stock” means the Company’s Class B Common Stock, par value $.01 per share. 
  
 “Common Stock” means the Class A Common Stock and Class B
Common Stock. 
  
 “Company” has the meaning set
forth in the preamble. 
  
 “GAAP” means generally
accepted accounting principles, consistently applied. 
  
 “Independent Third Party” means any Person who, immediately prior to the contemplated transaction, (i) does not own in excess of 5% of the Company’s Common Stock on a fully-diluted basis (a “5%
Owner”), (ii) is not controlling, controlled by or under common control with any such 5% Owner, (iii) is not the spouse or descendent (by birth or adoption) of any such 5 % Owner or a trust for the benefit of such 5 %
Owner and/or such other Persons and (iv) is neither a portfolio company of any such 5% Owner nor a subsidiary of any portfolio company of any such 5% Owner. 
  
 “Investors” has the meaning set forth in the preamble. 
  
 “MDCP Holders” means the holders of Shareholder Shares
originally issued to MDCP, MDSE and SAF and the Permitted Transferees of such Shareholder Shares. 
  
 “Permitted Transferee” has the meaning set forth in paragraph 6(e) hereof. 
  
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
  
 “Preferred Stock” means the Company’s Series B Preferred Stock. 
  

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 “Public Sale” means any sale of Shareholder Shares to the public pursuant to an offering
registered under the Securities Act or to the public through a broker, dealer or market maker pursuant to the provisions of Rule 144 adopted under the Securities Act. 
  
 “Restricted Securities” means (i) any Series B Preferred Stock or Common Stock issued to any Shareholder
and (ii) any securities issued with respect to the securities referred to in clause (i) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization.
As to any particular Restricted Securities, such securities shall cease to be Restricted Securities when they have (a) been effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them,
(b) been distributed to the public through a broker, dealer or market maker pursuant to Rule 144 (or any similar provision then in force) under the Securities Act or become eligible for sale pursuant to Rule 144(k) (or any similar provision then in
force) under the Securities Act or (c) been otherwise transferred and new certificates for them not bearing the Securities Act legend set forth in paragraph 8(a) have been delivered by the Company in accordance with paragraph 8. Whenever any
particular securities cease to be Restricted Securities, the holder thereof shall be entitled to receive from the Company, without expense, new securities of like tenor not bearing a Securities Act legend of the character set forth in paragraph
8(a). 
  
 “Sale of the Company” means the sale of
the Company to an Independent Third Party or group of Independent Third Parties pursuant to which such party or parties acquire (i) capital stock of the Company possessing the voting power under normal circumstances to elect a majority of the
Company’s board of directors (whether by merger, consolidation or sale or transfer of the Company’s capital stock) or (ii) all or substantially all of the Company’s assets determined on a consolidated basis. 
  
 “Securities Act” means the Securities Act of 1933, as
amended from time to time. 
  
 “Senior Subordinated
Notes” means the Company’s 13% Senior Subordinated Notes due 2006. 
  
 “Series A Preferred Stock” means the Company’s Series A Senior Cumulative Preferred Stock, par value $.01 per share. 
  
 “Series B Preferred Stock” means the Company’s Series B Junior Cumulative Preferred Stock, par value
$.01 per share. 
  
 “Shareholder Shares” means
(i) any Common Stock purchased or otherwise acquired by any Shareholder, (ii) any Common Stock issued or issuable directly or indirectly upon exercise of any employee stock options or the Warrants by any Shareholder, (iii) any Preferred Stock
purchased or otherwise acquired by any Shareholder, and (iv) any Preferred Stock or Common Stock issued or issuable with respect to the securities referred to in clauses (i), (ii) and (iii) above by way of stock dividend, stock split or conversion
rights or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. For purposes of this Agreement, a Person shall be deemed to be a holder of Shareholder Shares if such 

  

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Person has the right to acquire directly or indirectly by such Shareholder Shares (upon conversion or exercise of such rights but disregarding any
restrictions or limitations on the exercise of such rights), whether or not such acquisition has been effected. As to any particular Shareholder Shares, such shares shall cease to be Shareholder Shares when they have been (a) effectively registered
under the Securities Act and disposed of in accordance with the registration statement covering them or (b) distributed to the public through a broker, dealer or market maker pursuant to Rule 144 under the Securities Act (or any similar provision
then in force). 
  
 “Shareholders” has the
meaning set forth in the preamble. 
  
 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of
stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is
at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited
liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the
managing director or general partner of such limited liability company, partnership, association or other business entity. 
  
 “Transfer” has the meaning set forth in paragraph 6(a). 
  
 “Warrantholders” has the meaning set forth in the Preamble. 
  
 “Warrantholder Shares” has the meaning set forth in
paragraph 24(a). 
  
 11. Purchase Rights. If at any time
the Company proposes to issue any shares of capital stock (or any options or convertible securities exercisable or convertible into shares of capital stock of the Company) to the MDCP Holders or any of its Affiliates or to any other Shareholder or
any of such Shareholder’s Affiliates (except for the granting of options and the issuance of shares to employees of the Company and its Subsidiaries for compensatory purposes as approved by the Board from time to time and except for the
issuance of shares pursuant to the anti-dilution provisions set forth in the Warrants), prior to any such issuance, the Company shall be required to offer (by delivering written notice thereof) to all of the Shareholders the opportunity to purchase
each such Shareholder’s Pro Rata Share of the aggregate amount of capital stock to be issued in connection with such transaction at the same price and on the same terms and conditions as the issuance to any other shareholder. In order to
purchase any of such capital stock, the electing Shareholder must (i) respond in writing to the Company within ten (10) days after delivery of the Company’s notice hereunder to such Shareholder, and (ii) if more than one class or series of
capital stock is being offered, purchase the same proportion of stock as the other 

  

 11 

 
Shareholders. For purposes hereof, a Shareholder’s “Pro Rata Share” shall be based upon the percentage that such Shareholder’s Common
Stock constitutes of all of the outstanding Common Stock (assuming exercise of the Warrants) prior to the proposed issuance. 
  
 12. Voting Agreement. At any meeting of the Company’s shareholders (or pursuant to any action by written consent of the Company’s
shareholders) called for the purpose of electing directors prior to the public offering of Securities by the Company under the Securities Act or a Change of Control (as defined in the Company’s Articles of Incorporation), each holder of
Shareholder Shares covenants and agrees to vote (or act by written consent with respect to) all Shares of Common Stock or Preferred Stock which such Shareholder is entitled to vote (or act by written consent with respect to) to elect (i) William
Hyde, Jr. (“Hyde”) as a director of the Company for so long as Hyde remains the President and Chief Executive Officer of the Company pursuant to the terms of the Bill Hyde Employment Agreement (as defined in the Merger Agreement), (ii)
Ruth U. Fertel (“Fertel”) as a director of the Company for so long as Fertel remains an employee to the Company pursuant to the terms of the Fertel Employment Agreement (as defined in the Merger Agreement) and (iii) the nominee of GS
Mezzanine pursuant to Section 7.8 of the Purchase Agreement. 
  
 13. Termination of Provisions. The provisions of paragraphs 1, 2, 6, 7 and 11 shall terminate and cease to be effective upon the consummation of a registered public offering of the Company’s Common Stock under the Securities
Act. 
  
 14. Transfers in Violation of Agreement. Any
Transfer or attempted Transfer of any Shareholder Shares in violation of any provision of this Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported transferee of such Shareholder Shares as the
owner of such shares for any purpose. 
  
 15. Amendment and
Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement (including the termination of all or any provision of this Agreement) shall be effective against (a) the Company, (b) the MDCP
Holders or (c) the holders of Shareholder Shares unless such modification, amendment or waiver is approved in writing by (i) the Company, (ii) the MDCP Holders owning a majority of the Shareholder Shares held by the MDCP Holders or (iii) the holders
of a majority of the Shareholder Shares not held by MDCP Holders (the “Non-MDCP Shareholders”), respectively; provided that (A) no such modification, amendment or waiver may treat any Non-MDCP Shareholder more
adversely than any other Non-MDCP Shareholder without such Non-MDCP Shareholder’s written consent, (B) no modification, amendment or waiver of this paragraph 15 and/or paragraph 24 shall be effective against any Warrantholder without such
Warrantholder’s written consent, and (C) no modification, amendment or waiver of paragraph 12 shall be effective against GS without GS’s written consent. The failure of any party to enforce any of the provisions of this Agreement shall in
no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  

 12 

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

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

  
 18. Successors and Assigns. Except as otherwise
provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and the Shareholders and any subsequent holders of Shareholder Shares and the respective successors and assigns
of each of them, so long as they hold Shareholder Shares. 
  
 19.
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. 
  
 20. 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 when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid)
or mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to each of the Investors at the addresses indicated on the schedules hereto and to
any subsequent holder of Shareholder Shares subject to this Agreement at such address as indicated by the Company’s records and to the Company, MDCP and the Warrantholders at their respective addresses indicated below: 
  

			
	 Company:
	  	 Ruth U. Fertel, Inc.
 3321 Hessmer Avenue

Metairie, LA 70002
 Attn: President

		
	 MDCP Holders:
	  	 Madison Dearborn Capital Partners III, L.P.
 Three
First National Plaza Ste. 3800
 Chicago, IL 60602
 Attn: Benjamin
D. Chereskin

  

 13 

			
	 with a copy to:
	  	 Kirkland & Ellis

	 	  	 200 E. Randolph Drive

	 	  	 Chicago, IL 60601

	 	  	 Attn: Edward T. Swan, P.C.

  

			
	 First Union:
	  	 First Union Investors, Inc.

	 	  	 One First Union Center, 5th Floor
 301 S. College
 Charlotte, North Carolina 28288
 Attn: Kevin J. Roche

		
	 GS:
	  	 GS Mezzanine Partners, L.P.

	 	  	 85 Broad Street
 New York, NY 10004
 Attn: Mr. Doug Londal

  

			
	 with a copy to:
	  	 Fried, Frank, Harris, Shriver & Jacobson

	 	  	 One New York Plaza
 New York, NY 10004
 Attn: Arthur S. Kaufman, Esq.

  
 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. 
  
 21. Governing Law. The corporate law of the State of Louisiana shall govern all issues and questions concerning the relative rights of the Company
and its stockholders. All other issues and questions concerning the construction, validity, interpretation and enforceability of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of
the State of Illinois, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the
State of Illinois. 
  
 22. Business Days. If anytime period
forgiving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the state in which the Company’s chief-executive office is located, the time period shall automatically be extended to the business day
immediately following such Saturday, Sunday or legal holiday. 
  
 23. Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
  

 14 

 24. Regulatory Requirements. 
  
 (a) Notwithstanding anything else set forth herein to the contrary, in the event of any reasonable determination in good
faith by any Warrantholder that, by reason of any existing or future Federal or state rule, regulation, guideline, order, request or directive (whether or not having the force of law and whether or not failure to comply therewith would be unlawful)
(collectively, a “Regulatory Requirement”), such Warrantholder is effectively restricted or prohibited from holding any of the Shareholder Shares or any other shares of the Company’s capital stock (the “Warrantholder
Shares”) then held by such Warrantholder, such Warrantholder shall be permitted to transfer such Warrantholder Shares to the extent reasonably necessary to comply with any Regulatory Requirements without complying with the provisions of
paragraph 6 (except for paragraph 6(g)) but subject to the provisions of paragraph 24(b) below. All such actions shall be taken at the expense of such Warrantholder. Such Warrantholder shall give written notice to the Company and the other
Shareholders of any reasonable determination by it hereunder and the transfer it believes may be necessary or appropriate to permit it to comply with such Regulatory Requirements. 
  
 (b) If any Warrantholder gives a notice under paragraph (a) above setting forth the transfer it reasonably believes is
necessary or appropriate to permit it to comply with such Regulatory Requirement, in lieu of such Warrantholder taking such actions as may be set forth in paragraph (a), the Company shall have the option, at the determination of a majority of the
members of its Board, to repurchase all the Warrantholder Shares held by such Warrantholder. At any time within 15 days after the date of their receipt of the notice given pursuant to paragraph (a) above, the Company may indicate its interest in
purchasing all the Warrantholder Shares held by such Warrantholder by giving written notice to such Warrantholder (with copies to the other Shareholders). If the Company has indicated its interest in purchasing all the Warrantholder Shares held by
such Warrantholder, then the Company shall have the right to purchase such shares for a period of 60 days (or such longer period as may be required to obtain necessary regulatory approvals for closing the repurchase or to determine fair market
value) (the “Repurchase Period”). During the Repurchase Period, the Company shall endeavor to obtain financing in amounts sufficient to provide for the purchase of the Warrantholder Shares held by such Warrantholder. If, at the end
of the Repurchase Period, the Company has not been able to obtain financing in amounts sufficient to provide for the purchase of the Warrantholder Shares held by such Warrantholder, then such Warrantholder shall have the right to sell such shares.
Any such repurchase shall be based on the fair market value of such shares, as determined by mutual agreement of the Company and such Warrantholder, or if they cannot reach an agreement within 30 days, then by an appraisal thereof by three
independent qualified appraisers, one being selected by the Company, one being selected by such Warrantholder, and the third appraiser being chosen by the two appraisers thus chosen, which determination shall be final and binding on all parties. The
cost of any such appraisal shall be paid entirely by such Warrantholder. Notwithstanding the foregoing, upon final determination of fair market value, the Company has the right for 10 days thereafter to rescind its election to repurchase and such
Warrantholder will be free to sell to third parties hereunder. 
  
 *  *  *  * 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Shareholders Agreement on the date first
written above. 
  

			
	 RUTH U. FERTEL, INC.

		
	 By:
	 	 /s/ William L. Hyde, Jr.

	 Its:
	 	 President & CEO

	
	 MADISON DEARBORN CAPITAL PARTNERS

	 III, L.P.

		
	 By:
	 	 Madison Dearborn Partners III, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 Madison Dearborn Partners, L.L.C.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Robin P. Selati

	 Its:
	 	 Managing Director

	
	 MADISON DEARBORN SPECIAL EQUITY III,

	 L.P.

		
	 By:
	 	 Madison Dearborn Partners III, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 Madison Dearborn Partners, L.L.C.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Robin P. Selati

	 Its:
	 	 Managing Director

	
	 SPECIAL ADVISORS FUND I, LLC

		
	 By:
	 	 Madison Dearborn Partners III, L.P.

	 Its:
	 	 Manager

		
	 By:
	 	 Madison Dearborn Partners, L.L.C.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Robin P. Selati

	 Its:
	 	 Managing Director

  

					
	 FIRST UNION INVESTORS, INC.

		
	 By:
	 	 /s/ Kevin J. Roche

	 	 	 Name:
	 	 Kevin J. Roche

	 	 	 Title:
	 	 Senior Vice President

	
	 GS MEZZANINE PARTNERS, L.P.

		
	 By:
	 	 GS Mezzanine Advisors. L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 GS Mezzanine Advisors, Inc.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Eve M. Gerriets

	 	 	 Name:`
	 	 Eve M. Gerriets

	 	 	 Title:
	 	 V.P.

	
	 GS MEZZANINE PARTNERS OFFSHORE, L.P.

		
	 By:
	 	 GS Mezzanine Advisors (Cayman), L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 GS Mezzanine Advisors. Inc.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Eve M. Gerriets

	 	 	 Name:
	 	 Eve M. Gerriets

	 	 	 Title:
	 	 V.P.

	
	 INVESTORS:

	
	 /s/ Ruth U. Fertel

	 Ruth U. Fertel

	
	 /s/ William L. Hyde, Jr.

	 William L. Hyde, Jr.

  

					
	 RANDY J. FERTEL TRUST

		
	 By:
	 	 /s/ Philip S. Brooks

	 	 	 Name:
	 	 Philip S. Brooks

	 	 	 Title:
	 	 Trustee

  

 SCHEDULE OF SHAREHOLDERS 
  

			
	 Name and Address

	  	Number of Shareholder Shares

		
	 Ruth U. Fertel
 2728 Orleans Ave.
 New Orleans, LA 70119
	  	32,657.94993
		
	 Bill Hyde
 3355 Blackburn
 Suite 8401
 Dallas, TX 75204
	  	26,701.46882
		
	 Randy J. Fertel Trust
 1311 Henry Clay Avenue
 New Orleans, LA 70118
	  	5,134.89785
		
	 First Union Investors, Inc.
 One First Union Center, 5th Floor
 301 S. College Street
 Charlotte, NC 28288
	  	57,735.849
		
	 GS Mezzanine Partners, L.P.
 and GS Mezzanine Partners Offshore, L.P.
 85 Broad Street
 New York, NY 10004
	  	28,301.887
		
	 Madison Dearborn Capital Partners III, L.P.
 Three First National Plaza Ste. 3800
 Chicago, IL 60602
	  	471,886.52852
		
	 Madison Dearborn Special Equity III, L.P.
 Three First National Plaza Ste. 3800
 Chicago, IL 60602
	  	10,477.92202
		
	 Special Advisors Fund I, LLC
 Three First National Plaza Ste. 3800
 Chicago, IL 60602
	  	1,540.46886Registration Agreement

 Exhibit 10.3 
  
 RUTH U. FERTEL, INC. 
  
 REGISTRATION AGREEMENT 
  
 THIS AGREEMENT is made as of September 17, 1999, among Ruth U. Fertel, Inc., a Louisiana corporation (the “Company”), Madison Dearborn
Capital Partners III, L.P., a Delaware limited partnership (“MDCP”), Madison Dearborn Special Equity III, L.P., a Delaware limited partnership (“MDSE”), Special Advisors Fund I, LLC, a Delaware limited liability
company (“SAF”). First Union Investors, Inc., a North Carolina corporation (“First Union”), GS Mezzanine Partners, L.P., a Delaware limited partnership (“GS Mezzanine”) and GS Mezzanine Partners
Offshore, L.P., an exempted limited partnership organized under the laws of the Cayman Islands (“GS Mezzanine Offshore”, and together with GS Mezzanine, “GS”) and the investors listed on the signature page hereto
(the “Investors”). 
  
 Pursuant to the terms of
that certain Transaction and Merger Agreement, dated as of July 16, 1999, by and among the Company, RUF Merger Corp., a Louisiana corporation (“Merger Corp.”), MDCP, MDSE and SAF (the “Merger Agreement”) (i) MDCP,
MDSE and SAF have agreed to purchase shares of Series B Preferred Stock and Class A Common Stock of the Company, and (ii) the Investors will be issued shares of Series B Preferred Stock and Class A Common Stock of the Company. In order to induce
MDCP, MDSE, SAF and Merger Corp. to enter into the Merger Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the Closing under the Merger
Agreement. Unless otherwise provided in this Agreement, capitalized terms used herein shall have the meanings set forth in the Merger Agreement. 
  
 The Company and First Union are parties to that certain Securities Purchase Agreement, of even date herewith (the “Investment
Agreement”). In order to induce First Union to enter into the Investment Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the
closing under the Investment Agreement. 
  
 The Company, GS
Mezzanine, GS Mezzanine Offshore and the Guarantors listed in the signature page thereof are parties to that certain Purchase Agreement, of even date herewith (the “Purchase Agreement”). In order to induce GS to enter into the
Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement 
  
 The parties hereto agree as follows: 
  
 1. Piggyback Registrations. 
  
 (a) Right to Piggyback. Whenever the Company proposes to register any
of its Common Stock or Securities convertible into or exchangeable for Common Stock under the 

  

 
Securities Act, on a form which may be used for an offering for cash of shares of the Company held by third parties and which is not a registration solely to
implement an employee benefit plan or a transaction to which Rule 145 or any other similar rule of the Securities and Exchange Commission (the “Commission”) is applicable (a “Piggyback Registration”), the Company
shall give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and shall include in such registration (and any related qualification under blue sky laws or in compliance with other
registration requirements) and in any underwriting of such sale of securities, all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after the receipt of the Company’s
notice. 
  
 (b) Piggyback Expenses. The Registration
Expenses of the holders of Registrable Securities shall be paid by the Company in all Piggyback Registrations. 
  
 (c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the
managing underwriters advise the Company in writing that in their opinion the number of Securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of
the offering, the Company shall include in such registration (i) first, the securities the Company proposes to sell, (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 each such holder, and (iii) third, other Securities requested to be included in such registration; provided, that the Company shall not exclude from the registration more
than the amount of Registrable Securities which, in the reasonable opinion of the managing underwriters, must be excluded because of the marketability factors affecting the offering. 
  
 (d) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on
behalf of holders of the Company’s 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 such
offering without adversely affecting the marketability of the offering, the Company shall include in such registration (i) first, the Securities requested to be included therein by the holders requesting such registration and the Registrable
Securities requested to be included in such registration, pro rata among such holders on the basis of the number of shares owned by each such holder, and (ii) second, other Securities requested to be included in such registration; provided
that the Company shall not exclude from the registration more than the amount of Registrable Securities which, in the reasonable opinion of the managing underwriters, must be excluded because of the marketability factors affecting the offering.

  
 (e) Withdrawal Rights. If any holder of Registrable
Securities disapproves of the terms of the underwriting of a registration under paragraphs 1(c) or 1(d) above, the holder may elect to withdraw from such registration by written notice to the Company and the managing underwriters, which notice, to
be effective, must be received by the Company at least five (5) business days before the anticipated effective date of the applicable registration statement. The Registrable Securities or other securities so withdrawn from such underwritten offering
shall also 

  

 2 

 
be withdrawn from such registration; provided that if by the withdrawal of such Registrable Securities, a greater number of Registrable Securities
held by other holders of Registrable Securities may be included in such registration (up to the maximum of any limitation imposed by the managing underwriters), then the Company shall include in the registration in place of such withdrawn
Registrable Securities such additional Registrable Securities held by other holders whose Registrable Securities were excluded pursuant to limitations by the managing underwriters pursuant to paragraphs 1(c) and 1(d) above, in the same proportion
(among the group of such holders of previously excluded Registrable Securities) as such Registrable Securities were excluded pursuant to such managing underwriters’ limitation (with no more Registrable Securities being so included than were
withdrawn). Any securities excluded or withdrawn from such underwriting shall also be withdrawn from such registration and such Registrable Securities shall not be transferred in a public distribution prior to 180 days after the effective date of
such registration, or such shorter period of time as the underwriters may require. The Company may at any time withdraw or abandon any registration statement which triggers the provisions of the paragraph 1(a) without any liability to any holder.

  
 (f) Other Registrations. If the Company has previously
filed a registration statement with respect to Registrable Securities pursuant to this paragraph 1, and if such previous registration has not been withdrawn or abandoned, the Company shall not file or cause to be effected any other registration of
any of its Securities under the Securities Act (except on Form S-8 or any successor form), whether on its own behalf or at the request of any holder or holders of such Securities, until a period of at least 180 days has elapsed from the effective
date of such previous registration. 
  
 2. Demand
Registration. 
  
 (a) Demand for Registration.
Following One Hundred Eighty (180) days after the initial public offering of the Securities of the Company, upon the written request of First Union Holders and GS Holders holding more than 40% of the Registrable Securities held by all First Union
Holders and GS Holders (the “ Initiating Investors”) that the Company effect one registration under the Securities Act of all or any part of such Initiating Investors’ Registrable Securities and specifying the intended method
of distribution thereof (a “Demand Registration”), the Company will promptly give written notice of such requested registration to all other holders (if any) of Registrable Securities and thereupon the Company will use its
commercially reasonable efforts to effect the registration under the Securities Act of: 
  
 (i) the Registrable Securities which the Company has been so requested to register by the Initiating Investors, and 
  
 (ii) all other Registrable Securities which the Company has
been requested to register by the holders thereof by written request given to the Company within ten business days after the giving of such written notice by the Company (which request shall specify the intended method of disposition of such
Registrable Securities), all to the extent required to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered; provided that the Company will not be required to
effect 

  

 3 

 
any registration under this paragraph 2(a) (A) prior to the earlier of (i) 180 days after the consummation of an underwritten public offering of the
Company’s Securities or (ii) ninety (90) days following the effective date of any other registration statement initiated by the Company, (B) unless the aggregate offering value of the Registrable Securities requested to be included in such
registration is at least $25,000,000 in the case of a registration on form S-1 or at least $10,000,000 in the case of a registration on form S-3 and (C) unless MDCP has received proceeds from the sale, repurchase, redemption and/or repayment of the
Common Stock and Series B Preferred Stock issued to MDCP as of the date hereof in one or more transactions equal to at least MDCP’s original cost of such Securities. The Company will not be required to effect more than one registration pursuant
to this paragraph 2. 
  
 (b) Expenses. The Registration
Expenses in connection with the registration requested pursuant to this paragraph 2 shall be paid by the Company; provided that if the Initiating Investors elect to pay the Registration Expenses pursuant to the proviso in paragraph 2(c)
below, then the Initiating Investors shall pay to the Company, promptly following the decision not to have the registration become effective, the Registration Expenses incurred by the Company. 
  
 (c) Effective Registration Statement. A registration requested
pursuant to this paragraph 2 shall not be deemed to have been effected (i) unless a registration statement with respect thereto has become effective; provided that a registration which does not become effective after the Company has filed a
registration statement with respect thereto solely by reason of a refusal by the Initiating Investors to proceed (other than refusal to proceed based upon any material adverse change relating to the Company’s business, which change occurred
after the date of the filing of the registration statement) shall be deemed to have been effected by the Company at the request of such Initiating Investor unless such Initiating Investors shall have elected to pay all Registration Expenses in
connection with such registration, (ii) if after it has become effective, such registration is interfered with by any stop order, injunction or other order to requirement of the Securities Exchange Commission or other governmental agency or court
for any reason, or (iii) if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with such registration (other than action required to be taken by the holders of the Registrable
Securities included in such registration) are not satisfied or waived. 
  
 (d) Priority in Demand Registration. If a requested registration pursuant to this paragraph 2 involves an underwritten offering, and the managing underwriters advise the Company in writing (with a copy to each holder of Registrable
Securities requesting registration) that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering,
the Company shall include in such registration to the extent of the number which the Company is so advised can be sold in such offering without any significant adverse effect on price, (i) first, the Registrable Securities requested to be included
in the registration by the First Union Holders and GS Holders up to but not exceeding 70% of the number of shares that are available to be sold in the opinion of the underwriters, (ii) second, the Registrable Securities requested to be included in
the registration, pro rata among the Other Holders on the basis of the number of shares owned by each such holder, and (iii) third, if all 

  

 4 

 
Registrable Securities requested to be included in such registration are to be included, Securities of the Company proposed to be sold by the Company for its
own account in such registration. 
  
 (e) Restrictions on
Demand Registrations. 
  
 (i) 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 determines 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 (including, without limitation, any acquisition of assets (other than in the ordinary course of business), any merger, consolidation, tender offer, reorganization or similar transaction) or would
require the disclosure of any material non-public information which the Company reasonably believes disclosure of which would have an adverse effect on the Company; provided that in such event, the holders of Registrable Securities initially
requesting such Demand Registration shall be entitled to withdraw such request at any time prior to the effective date of the registration statement and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations hereunder and the Company shall pay all Registration Expenses in connection with such registration. 
  
 (ii) Notwithstanding anything to the contrary contained in this paragraph 2, if certain First Union Holders and GS Holders request a
Demand Registration, the Company may, within 20 days after receiving written notice from such First Union Holders and GS Holders of such requested registration, elect to proceed with a primary registration of Securities to be issued and sold by the
Company pursuant to the provisions of paragraph 1 as a Piggy-Back Registration instead of a Demand Registration as requested by such First Union Holders and GS Holders so long as the Company provides written notice of such election to the First
Union Holders, GS Holders and the Other Holders, and the Company shall include Registrable Securities in such registration as provided under paragraph 1 (except that notwithstanding the provisions of paragraph 1(c), if the managing underwriters
advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the
Company shall include in such registration to the extent of the number which the Company is so advised can be sold in such offering without any significant adverse effect on price, (i) first, the number of securities the Company proposes to sell,
(ii) second, the Registrable Securities requested to be included in the registration by the First Union Holders and GS Holders up to but not exceeding 60% of the remaining number of shares that are available to be sold in the opinion of the
underwriters, (iii) third, the Registrable Securities requested to be included in the registration, pro rata among the Other Holders on the basis of the number of shares owned by each such holder and (iv) fourth, other Securities requested to be
included in such registration); provided that in such event, the holders of Registrable Securities initially requesting such Demand Registration shall be entitled to withdraw such request at any time prior to the effective date of the registration
statement and, if such request is withdrawn, such Demand Registration shall not count as the permitted Demand Registrations hereunder and the Company shall pay all Registration Expenses in connection with such registration. 
  

 5 

 (f) Additional Shares. To the extent permitted by paragraph 2(d), the Company may include in any
registration requested under this paragraph 2 any number of shares proposed to be sold by the Company for its own account. 
  
 (g) Withdrawal Rights. If any holder of Registrable Securities disapproves of the terms of the underwriting of a registration under this paragraph,
the holder may elect to withdraw from such registration by written notice to the Company and the managing underwriters, which notice, to be effective, must be received by the Company at least five business days before the anticipated effective date
of the applicable registration statement. The Registrable Securities or other securities so withdrawn from such underwritten offering shall also be withdrawn from such registration; provided, that if by the withdrawal of such Registrable
Securities, a greater number of Registrable Securities held by other holders of Registrable Securities may be included in such registration (up to the maximum of any limitation imposed by the managing underwriters) then the Company shall include in
the registration in place of such withdrawn Registrable Securities such additional Registrable Securities held by other holders whose Registrable Securities were excluded pursuant to limitations by the managing underwriters pursuant to paragraph
2(d) above, in the same proportion (among the group of such holders of previously excluded Registrable Securities) as such Registrable Securities were excluded pursuant to such managing underwriters’ limitation (with no more Registrable
Securities being so included than were withdrawn). The Company may at any time withdraw or abandon any registration statement which triggers the provisions of this paragraph 2(g) without any liability to any holder. Any securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration and such Registrable Securities shall not be transferred in a public distribution prior to 180 days after the effective date of such registration, or such shorter period of
time as the underwriters may require. 
  
 3. Holdback
Agreements. To the extent requested by the Company or the managing underwriters of a registration, 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 180-day period beginning on the effective date of any underwritten public offering of the Company’s
equity securities registered under the Securities Act in which Registrable Securities are included (except as part of such underwritten registration), 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 commercially reasonable 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, and amendments and supplements thereto and related prospectuses
as may be necessary to comply with the federal securities laws, with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective (provided that before filing a
registration statement or prospectus or any amendments or supplements thereto, 

  

 6 

 
the Company shall furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration statement copies of
all such documents proposed to be filed); 
  
 (b) notify each
holder of Registrable Securities of the effectiveness of each registration statement filed hereunder and prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than 90 days or until the distribution shall be completed, whichever first occurs, 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 selling holders thereof set forth in such registration
statement; 
  
 (c) furnish to each selling holder 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 selling holder; 
  
 (d) use its commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such
jurisdictions as any selling holder reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such selling holder to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such selling holder (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) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form,
with the managing underwriters of such offering (and each holder of Registrable Securities participating in such underwriting shall also enter into and perform its obligations under such an agreement); 
  
 (f) notify each selling holder 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 selling holder, 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; 
  

 7 

 (g) use its commercially reasonable efforts to cause all such Registrable Securities covered by such
registration statement to be listed on any securities exchange, or automated quotation system, on which similar securities issued by the Company are then listed; 
  
 (h) furnish, at the request of any holder of Registrable Securities requesting registration of Registrable Securities
pursuant to paragraph 1 or paragraph 2, on the date that such Registrable Securities are delivered to the managing underwriters for sale in connection with a registration pursuant to paragraph 1 or paragraph 2, (i) an opinion dated such date, of
counsel representing the Company for the purposes of such registration, addressed to the managing underwriters and, if such counsel is also representing the holders requesting registration of Registrable Securities, to such holders, and (ii) subject
to its commercially reasonable efforts, a letter dated such date, from the independent certified public accountants of the Company, addressed to the managing underwriters and to such holders; 
  
 (i) provide a transfer agent and registrar for all such Registrable
Securities not later than the effective date of such registration statement; 
  
 (j) 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 selling holder 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; and 
  
 (k) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of
the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 
  
 5. Registration Expenses. 
  
 (a) All expenses incident to the Company’ s performance of or compliance with this Agreement, including without limitation all registration,
qualification and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, escrow fees, 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 

  

 8 

 
securities exchange on which similar Securities issued by the Company are then listed or on the NASD automated quotation system. 
  
 (b) In connection with each Piggyback Registration and each registration
requested under paragraph 2, 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 Registrable Securities
included in such registration. 
  
 (c) All Selling Expenses
relating to Securities registered by the holders of Registrable Securities included in any registration shall be borne by the holder of Registrable Securities pro rata on the basis of the number of shares so registered and to be sold by each.

  
 6. Indemnification. 
  
 (a) The Company agrees to indemnify, to the extent permitted by law, each
holder of Registrable Securities, its officers, directors and partners 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 or qualification 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, or any violation by the Company of any rule or regulation promulgated under the Securities Act applicable to the Company and relating to action or inaction required of the
Company in connection with any such registration, qualification or compliance, and will pay to each holder of Registrable Securities, its officers, directors and partners and each Person who controls such holder (within the meaning of the Securities
Act), each such underwriter and each Person who controls any such underwriter, as incurred, any legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or
action, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such holder expressly for use therein or by such holder’s failure to deliver a copy of the registration statement or
prospectus or any amendments or supplements thereto after the Company has furnished such holder with a sufficient number of copies of the same. In connection with an underwritten offering, the Company shall indemnify such underwriters, their
officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 
  
 (b) In connection with any registration statement in which a holder of
Registrable Securities is participating, each such holder shall furnish to the Company in writing such information as to itself and its ownership of Registrable Securities and affidavits relating thereto 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, 

  

 9 

 
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 expressly for use in such
registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto and is included in such registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto in
reliance upon and in conformity with the affidavit or other information furnished in writing by such holder in accordance with this paragraph and stated to be expressly for use therein; 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) 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. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of counsel representing the indemnified parties a conflict of interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the Registrable Securities included in the registration,
at the expense of the indemnified party. No indemnifying party, in the defense of such claim or litigation, shall, except with the consent of each indemnified party, consent to the entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
  
 (d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer of securities. 
  
 (e) Each party hereto agrees that, if for any reason the indemnification provisions contemplated by this Paragraph 6 are
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities (or 

  

 10 

 
actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in
connection with the statements or omissions which 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 such indemnifying party and
indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and
equitable if contributions pursuant to this Paragraph 6(e) were determined by pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this Paragraph 6(e). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to
above shall be deemed to include any reasonable legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Paragraph
6(e), no holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the net proceeds received by such holder from the sale of any Registrable Securities (after deducting any fees, discounts and
commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to
contribute any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such underwriter has
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. The holders’ and any underwriters’ obligations in this Paragraph 6(e) to contribute shall be several in proportion to the principal amount of Registrable
Securities registered or underwritten, as the case may be, by them and not joint. 
  
 7. Participation in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s Securities on the basis
provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such underwriting arrangements. The Company shall select the underwriters (if any) in all registrations under this Agreement. 
  
 8. Definitions. 
  
 (a) “Class A Common Stock” means the Company’s Class A Common Stock, par value $.01 per share. 
  

 11 

 (b) “Class B Common Stock” means the Company’s Class B Common Stock, par value $.01
per share. 
  
 (c) “Common Stock” means the Class
A Common Stock and the Class B Common Stock. 
  
 (d)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (e) “Exchange Act Registration Statement” means a registration statement filed with the Securities and Exchange Commission pursuant to the Exchange Act. 
  
 (f) “First Union Holders” mean the holders of Registrable
Securities originally issued to First Union and the transferees of such Registrable Securities. 
  
 (g) “GS Holders” means the holders of Registrable Securities originally issued to GS and the transferees of such Registrable Securities.

  
 (h) “Other Holders” mean the holders, other
than the First Union Holders and GS Holders, of Registrable Securities and the transferees of such Registrable Securities. 
  
 (i) “Registrable Securities” means (i) any shares of Class A Common Stock originally issued to any of MDCP, MDSE or SAF or the Investors
pursuant to the Merger Agreement, (ii) any shares of Class A Common Stock issued upon conversion of any shares of the Class B Common Stock issued upon exercise of the Warrant issued to First Union, (iii) any shares of Class A Common Stock issued
upon exercise of the Warrants issued to GS, (iv) any shares of Class A Common Stock issued upon conversion of the Series B Preferred Stock originally issued to any of MDCP, MDSE or SAF or the Investors pursuant to the Merger Agreement, (v) any
shares of Class A Common Stock issued upon the exercise of any employee stock options held by any Investor and (vi) any Common Stock issued or issuable with respect to the securities referred to in clauses (i), (ii), (iii), (iv) or (v) above by way
of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities
when they have been distributed to the public pursuant to a offering registered under the Securities Act or sold to the public through a broker, dealer or market maker in compliance with Rule 144 under the Securities Act (or any similar rule then in
force) or repurchased by the Company or any Subsidiary. For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities, and the Registrable Securities shall be deemed to be in existence, whenever such Person has
the right to acquire directly or indirectly such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether
or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Registrable Securities hereunder. 
  
 (j) “Securities Act” means the Securities Act of 1933, as amended. 
  

 12 

 (k) “Securities” means the equity securities of the Company, including any class or
series of Preferred Stock, Common Stock, instruments convertible or exchangeable into such Securities, or rights to acquire such Securities. 
  
 (1) “Selling Expenses” means all underwriting discounts, selling commissions and transfer taxes applicable to the sale and all fees and
disbursements of counsel for any holder of Registrable Securities (other than the reasonable fees of one special counsel to the holders of Registrable Securities as provided in paragraph 5(b)). 
  
 (m) “Series B Preferred Stock” means the Company’s
Series B Junior Cumulative Preferred Stock, par value $.01 per share. 
  
 (n) “Warrants” means the common stock purchase warrants issued pursuant to the Securities Purchase Agreement and the Purchase Agreement, entitling the holders thereof to purchase shares of the Company’s Class B Common
Stock and Class A Common Stock, respectively. 
  
 9. Filing of
Reports Under The Exchange Act. The Company shall give prompt notice to the holders of Registrable Securities of (a) the filing of any Exchange Act Registration Statement relating to any class of equity securities of the Company, and (b) the
effectiveness of such Exchange Act Registration Statement, in order to enable the holders of Registrable Securities to comply with any reporting requirements under the Exchange Act or the Securities Act. The Company shall, at any time after the
Company shall register any shares of Common Stock under the Securities Act and upon the written request of the holders of a majority of the Registrable Securities, file an Exchange Act Registration Statement relating to the Common Stock. 

 
 10. Rule 144 Reporting. With a view to making available to the
holders of Registrable Securities benefits of certain rules and regulations of the Securities and Exchange Commission which may permit the sale of Registrable Securities to the public without registration, after the completion of any registration
pursuant to paragraph 1 or 2 above, the Company agrees to: 
  
 (a)
make and keep public information available, as those terms are understood and defined in Securities and Exchange Commission Rule 144, or any successor provision thereto, at all times; 
  
 (b) use its commercially reasonable efforts to file with the Securities and Exchange Commission in a timely manner all
reports and other documents required of the Company under the Securities Act and the Exchange Act; 
  
 (c) so long as any Person owns any Registrable Securities (or other securities of the Company), to furnish to such Person forthwith upon its request a
written statement by the Company as to the Company’s compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the 

  

 13 

 
Company, and such other reports and documents so filed by the Company as such Person may reasonably request in availing itself of any rule or regulation of
the Securities and Exchange Commission allowing such Investor to sell any such Securities without registration; and 
  
 (d) take any further action reasonably requested by any holder of Registrable Securities to enable such Person to sell its Registrable Securities without
registration under Rule 144, under any successor provision, or any similar rule or regulation promulgated by the Securities and Exchange Commission from time to time, including delivery upon such holder’s request of a written statement as to
whether the Company has complied with the requirements of Rule 144. 
  
 11. Other Registration Rights. The Company covenants that it will not grant to any Person any right of registration under the Securities Act relating to any of its Securities other than pursuant to this Agreement, except to the
extent that the rights of the holders of such Securities shall be subordinate to the rights pursuant to paragraphs 1 and 2 of the holders of Registrable Securities hereunder on terms consented to in writing by persons holding a majority of the
Registrable Securities and by the Persons holding a majority of the Registrable Securities then held by the Investors. 
  
 12. Miscellaneous. 
  
 (a) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with
or violates the rights granted to the holders of Registrable Securities in this Agreement. 
  
 (b) Amendments and Waivers. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement (including the termination of all or any provision of this Agreement)
shall be effective against the Company or the holders of Registrable Securities (assuming the exercise of the Warrants and the conversion of the Class B Common Stock into Class A Common Stock) unless such modification, amendment or waiver is
approved in writing by the Company or the holders of the majority of the Registrable Securities, respectively; provided that no such modification, amendment or waiver may treat any holder more adversely than any other holder without
such holder’s written consent and no modification, amendment or waiver of paragraph 2 (and the defined terms used therein) and/or this paragraph 12(b) shall be effective against First Union or GS without their written consent. The failure of
any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of any such party thereafter to enforce each and every provision of this Agreement in accordance
with its terms. 
  
 (c) 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.

  

 14 

 (d) 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. 
  
 (e)
Counterparts. 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. 
  
 (f) Descriptive Headings. The descriptive
headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
  
 (g) Governing Law. All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of Illinois, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Illinois or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. 
  
 (h) 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 when delivered personally to the recipient, sent to the recipient by reputable overnight courier service (charges prepaid) or mailed to the recipient by certified or registered mail, return receipt
requested and postage prepaid. Such notices, demands and other communications shall be sent to each Investor at the address indicated on the Schedule of Investors and to the Company at their respective addresses indicated below: 
  

			
	Company:	  	Ruth U. Fertel, Inc.
	 	  	3321 Hessmer Avenue
	 	  	Metairie, LA 70002
	 	  	Attn: President

  
 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. 
  
 *     *    *    * 
  

 15 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Agreement on the date first
written above. 
  

			
	 RUTH U. FERTEL, INC.

		
	 By:
	 	 /s/ William L. Hyde, Jr.

	 Its:
	 	 President & CEO

	
	 MADISON DEARBORN CAPITAL PARTNERS
 III, L.P.

		
	 By:
	 	 Madison Dearborn Partners III, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 Madison Dearborn Partners, L.L.C.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Robin P. Selati

	 Its:
	 	 Managing Director

	
	 MADISON DEARBORN SPECIAL EQUITY III,
 L.P.

		
	 By:
	 	 Madison Dearborn Partners III, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 Madison Dearborn Partners, L.L.C.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Robin P. Selati

	 Its:
	 	 Managing Director

	
	 SPECIAL ADVISORS FUND I, LLC

		
	 By:
	 	 Madison Dearborn Partners III, L.P.

	 Its:
	 	 Manager

		
	 By:
	 	 Madison Dearborn Partners, L.L.C.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Robin P. Selati

	 Its:
	 	 Managing Director

  

					
	 FIRST UNION INVESTORS, INC.

		
	 By:
	 	 /s/ Kevin. J. Roche

	 	 	 Name:
	 	 Kevin. J. Roche

	 	 	 Title:
	 	 Senior Vice President

	
	 GS MEZZANINE PARTNERS, L.P.

		
	 By:
	 	 GS Mezzanine Advisors, L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 GS Mezzanine Advisors, Inc.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Eve M. Gerriets

	 	 	 Name:
	 	 Eve M. Gerriets

	 	 	 Title:
	 	 V.P.

	
	 GS MEZZANINE PARTNERS OFFSHORE, L.P.

		
	 By:
	 	 GS Mezzanine Advisors (Cayman), L.P.

	 Its:
	 	 General Partner

		
	 By:
	 	 GS Mezzanine Advisory, Inc.

	 Its:
	 	 General Partner

		
	 By:
	 	 /s/ Eve M. Gerriets

	 	 	 Name:
	 	 Eve M. Gerriets

	 	 	 Title:
	 	 V.P.

	
	 INVESTORS:

	
	 /s/ Ruth U. Fertel

	 Ruth U. Fertel

	
	 /s/ William L. Hyde, Jr.

	 William L. Hyde, Jr.

  

					
	 RANDY J. FERTEL TRUST

		
	 By:
	 	 /s/ Philip S. Brooks

	 	 	 Name:
	 	 Philip S. Brooks

	 	 	 Title:
	 	 Trustee

  

 SCHEDULE OF INVESTORS 
  
 Name and Address 
  
 Ruth U. Fertel 
 2728 Orleans Ave. 

New Orleans, LA 70119 
  
 Bill Hyde 
 3355 Blackburn 
 Suite 8401 
 Dallas, TX 75204 
  
 Randy J. Fertel Trust 
 1311 Henry Clay Avenue 
 New Orleans, LA 70118 
  
 First Union Investors, Inc. 
 One First Union Center, 5th Floor 
 301 S. College Street 
 Charlotte, NC 28288 
 Attention: Mr. Kevin J. Roche 
 Telecopy No: (704) 383-3927 
  
 GS Mezzanine Partners, L.P. 
 85 Broad Street 
 New York, NY 10004 
 Attention: Mr. Douglas F. Londal 
 Telecopy No: (212) 902-3000 
  
 GS Mezzanine
Partners Offshore, L.P. 
 c/o GS Mezzanine Partners, L.P. 
 85
Broad Street 
 New York, NY 10004 
 Attention: Ben Adler, Esq.

 Telecopy No: (212) 902-3000 
  
 Madison Dearborn Capital Partners III, L.P. 
 Three First National Plaza Ste.
3800 
 Chicago, IL 60602 
 Attention: Benjamin D. Chereskin

  

 Madison Dearborn Special Equity III, L.P. 
 Three First National Plaza Ste. 3800 
 Chicago, IL 60602 
 Attention: Benjamin D. Chereskin 
  
 Special
Advisors Fund I, LLC 
 Three First National Plaza Ste. 3800 
 Chicago, IL 60602 
 Attention: Benjamin D. Chereskin

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