Document:

ex1047.htm

Exhibit 10.47

SHAREHOLDERS’ AGREEMENT

THIS SHAREHOLDERS’ AGREEMENT is entered into this 29th day of September, 2010, by and among CapTerra Financial Group, Inc., a Colorado corporation (the “Company”), BOCO Investments, LLC, a Colorado limited liability company (“BOCO”), GDBA Investments, LLC, a Colorado limited liability limited partnership (“GDBA”), West Mountain Asset Management, Inc., a Colorado corporation (“WAM”) and the Trustees (the “Trustees”) of the Voting Trust (as defined below).  BOCO, GDBA, WAM, and the Trustees are referred to herein as an “Investor” and together, the “Investors”.

 

Recitals

 

WHEREAS, contemporaneously with the execution of this Agreement, the Company acquired a majority of the limited partnership interests of NexCore Group LP, a Delaware limited partnership (“NexCore”), from the holders of such interests (the “Former NexCore Investors”) in exchange for shares of the Company’s common stock (the “Acquisition”); and

 

WHEREAS, as a result of the Acquisition, the Investors have a controlling interest in the Company; and

 

WHEREAS, the Former NexCore Investors have deposited the shares of Company common stock they received in the Acquisition into a voting trust (the “Voting Trust”) governed by the terms of a Voting Trust Agreement of even date herewith; and

 

WHEREAS, the Company expects to receive substantial benefits as a result of the ownership by the Investors of the Company; and

 

WHEREAS, the execution of this Agreement relating to the election of members to the Company’s board of directors (the “Board”) is a condition to the Acquisition;

 

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

 

1. Election of Directors.

 

(a) Until the termination of this Agreement in accordance with Section 4 hereof, at each annual meeting of the shareholders of the Company and at each special meeting of the shareholders of the Company called for the purpose of the election of directors of the Company, and at any other time at which shareholders of the Company will have the right to or will vote for or consent in writing to the election of directors of the Company, then each of the Investors hereby covenants and agrees to vote all shares of capital stock (including shares of Preferred Stock, if any) of the Company now or hereafter owned or controlled by it and otherwise use its respective best efforts as a shareholder of the Company in favor of causing and maintaining the election to the Board of the designated directors (as provided in Section 1(c), 1(d) and 1(e)).

 

  

  

  

(b) Promptly after execution of this Agreement, but in any event within five (5) days after the ten day notice period has expired for notice to shareholders under Rule 14(f)(1) of the Securities Exchange Act of 1934, as amended, the Company shall take all necessary and desirable actions within its control (including, without limitation, calling special board meetings), so that the authorized number of directors on the Board shall be increased to five directors and the five (5) designated directors (as provided in Section 1(c), 1(d) and 1(e)) are appointed. At each annual meeting of shareholders, the Company shall nominate for election to the Board the individuals designated to be directors as provided in Section 1(c), 1(d) and 1(e).

 

(c) BOCO and GDBA shall together be entitled to designate one individual to be nominated for election to the Board (the “BOCO/GDBA Director”).  The initial BOCO/GDBA Director shall be Brent Backman (the “Initial BOCO/GDBA Director”).  The Initial BOCO/GDBA Director was previously appointed to and is currently serving on the Board. Unless and until the Company receives written notice from BOCO and GDBA jointly to the contrary, the Initial BOCO/GDBA Director shall be nominated by the Company for election to the Board at each annual meeting of shareholders as set forth in Section 1(b).

 

(d) The Trustees shall be entitled to designate three individuals to be nominated for election to the Board (the “NexCore Directors”).  The initial NexCore Directors shall be Greg Venn, Peter Kloepfer and one individual to be determined as soon as possible after the date hereof (the “Initial NexCore Directors”).  Unless and until the Company receives written notice from the Trustees to the contrary, the Initial NexCore Directors shall be nominated by the Company for election to the Board at each annual meeting of shareholders as set forth in Section 1(b).

 

(e) The BOCO/GDBA Director and the Trustees shall be entitled to mutually designate one individual to be nominated for election to the Board (the “Mutual Director”).  The initial Mutual Director shall be designated as soon as possible after the date hereof (the “Initial Mutual Director”).  Unless and until the Company receives written notice jointly from the BOCO/GDBA Director and the Trustees to the contrary, the Initial Mutual Director shall be nominated by the Company for election to the Board at each annual meeting of shareholders as set forth in Section 1(b).

 

(f) No Shareholder, nor any Affiliate of any Shareholder, shall have any liability as a result of designating a person for election as a director for any act or omission by such designated person in his or her capacity as a director of the Company, nor shall any Investor have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement.  “Affiliate” for the purposes of this Agreement shall mean a person or entity controlling, controlled by, or under common control with the Investors, including, without limitation, any officer, employee, or principal of an Investor.

 

(g) The Board may, in its discretion, increase the size of the Board; provided however, that the Trustees will always have the right to designate a majority of the individuals to be nominated for election to the Board and there shall always be one BOCO/GDBA Director.  For example, if the size of the Board is increased to seven directors, then there shall be four NexCore Directors, one BOCO/GDBA Director and two Mutual Directors,  and if the size of

 

  

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the Board is increased to nine directors, then there shall be five NexCore Directors, one BOCO/GDBA Director and three Mutual Directors.

 

(h) The right by the Trustees to name directors shall be terminated if the Company (i) fails to break ground on at least $30 million of new construction within twelve months of the date of this Agreement; or (ii) fails to break ground on at least an additional $30 million of new construction within twenty-four months of the date of this Agreement.

 

2. Vacancies and Removal.  A director designated above in Section 1 shall be elected at any annual or special meeting of shareholders and shall serve until his or her successor is elected and qualified or until his or her earlier resignation or removal.  Any director may be removed during his or her term of office in accordance with the bylaws of the Company and the Colorado Business Corporation Act.  Any vacancy in the office of a director may be filled in accordance with the bylaws of the Company and the Colorado Business Corporation Act; provided, however, that in the event that any of the BOCO/GDBA Directors or NexCore Directors is removed, resigns, or ceases to serve as a director for any reason, BOCO and GDBA jointly, or the Trustees, as applicable, shall be entitled to name the replacement for such director in accordance with Section 1 hereof.

 

3. Transfer of Stock.  The sale, conveyance, assignment, or other transfer of shares of common stock of the Company by BOCO and GDBA shall be subject to the terms of a Lock Up Agreement of even date executed by BOCO and GDBA.

 

4. Duration of Agreement.  The rights and obligations of BOCO shall terminate on the earlier of (i) the fifth anniversary of the date hereof or (ii) the date on which BOCO no longer own shares of common stock (the “BOCO Termination Date”).  Following the BOCO Termination Date, the rights and obligations of BOCO under this Agreement shall cease but this Agreement shall remain in effect as between the Company, GDBA, and NexCore. The rights and obligations of GDBA shall terminate on the earlier of (i) the fifth anniversary of the date hereof or (ii) the date on which GDBA no longer own shares of common stock (the “GDBA Termination Date”).  Following the GDBA Termination Date, the rights and obligations of GDBA under this Agreement shall cease but this Agreement shall remain in effect as between the Company, BOCO, and NexCore.  The rights and obligations of the Trustees shall terminate on the earlier of (i) the fifth anniversary of the date hereof or (ii) the date on which Greg Venn, Peter Kloepfer and Bob Gross cease to be Affiliates of the Company (the “NexCore Termination Date”).  Following the NexCore Termination Date, the rights and obligations of NexCore under this Agreement shall cease but this Agreement shall remain in effect as between the Company, GDBA, and BOCO. The rights and obligations of the Company under this Agreement shall terminate on the later of the BOCO Termination Date, the GDBA Termination Date, or the NexCore Termination Date.

 

5. Remedies.

 

(a) Covenants of the Company.  The Company agrees to use its best efforts, within the requirements of applicable law, to ensure that the rights granted under this Agreement are effective and that the parties enjoy the benefits of this Agreement.  Such actions

 

  

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include, without limitation, the use of the Company’s best efforts to cause the nomination and election of the directors as provided in this Agreement.

 

(b) Irrevocable Proxy and Power of Attorney.  Each party to this Agreement hereby constitutes and appoints as the proxies of the party and hereby grants a power of attorney to the Trustees, and a designee of the Investors, and each of them, with full power of substitution, with respect to the matters set forth herein, including without limitation, election of persons as members of the Board in accordance with Section 1 hereto, and hereby authorizes each of them to represent and to vote, if and only if the party (i) fails to vote or (ii) attempts to vote (whether by proxy, in person or by written consent), in a manner which is inconsistent with the terms of this Agreement, all of such party’s shares of common stock of the Company in favor of the election of persons as members of the Board determined pursuant to and in accordance with the terms and provisions of this Agreement.  Each of the proxy and power of attorney granted pursuant to the immediately preceding sentence is given in consideration of the agreements and covenants of the Company and the parties in connection with the transactions contemplated by this Agreement and, as such, each is coupled with an interest and shall be irrevocable unless and until this Agreement terminates or expires pursuant to Section 1(h) or 4 hereof.  Each party hereto hereby revokes any and all previous proxies or powers of attorney with respect to its shares of common stock of the Company and shall not hereafter, unless and until this Agreement terminates or expires pursuant to Section 1(h) or 4 hereof, purport to grant any other proxy or power of attorney with respect to any of such shares, deposit any of the shares into a voting trust or enter into any agreement (other than this Agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or give instructions with respect to the voting of any of the shares, in each case, with respect to any of the matters set forth herein.

 

(c) Specific Enforcement.  Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached.  Accordingly, it is agreed that each of the Company and the Investors shall be entitled to an injunction to prevent breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter jurisdiction.

 

6. Insurance.  The Company shall use its commercially reasonable efforts to maintain or obtain, within ninety (90) days of the date hereof, from financially sound and reputable insurers directors and Officers liability insurance, in an amount and on terms and conditions satisfactory to the Board, and will use commercially reasonable efforts to cause such insurance policy to be maintained until such time as the Board determines that such insurance should be discontinued.  The policy shall not be cancelable by the Company without prior approval by the Board, including a majority of the NexCore Directors and the BOCO/GDBA Director.

 

7. Remedies Cumulative.  All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative

 

  

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8. Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

 

9. Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Colorado (without giving effect to the conflicts of law provisions thereof).

 

10. Notices.  All notices to be given or otherwise made to any party to this Agreement shall be in writing and shall be hand delivered, sent by facsimile, or mailed, postage prepaid to the Company, at the address listed below, or to the Investors at the following addresses, which shall be the same addresses reflected on the records of the Company until such time as the Company receives notice of a change:

 

The Company:                      CapTerra Financial Group, Inc.

1621 Eighteenth Street, Suite 250

Denver, CO 80202

Facsimile:  303-

Attention:  Chief Executive Officer

with a copy to:

	
  

	
David Wagner & Associates, P.C.

	
  

	
8400 East Prentice Ave.

	
  

	
Penthouse Suite

	
  

	
Greenwood Village, Colorado 80111

	
  

	
Attention: David J. Wagner, Esq.

	
  

	
Telephone: (303) 793-0304

	
  

	
Facsimile: (303) 794-3393

	
The Investors:

	
BOCO Investments, LLC

	
  

	
103 West Mountain Ave.

	
  

	
Fort Collins, Colorado 80524

	
  

	
Facsimile:  (970) 482-6139

	
  

	
Attention:  Chief Executive Officer

with copy to:

Davis & Ceriani P.C.

Suite 400, Market Center

1350 Seventeenth Street

Denver, CO 80202

Facsimile:  (303) 534-4618

Attention:  Patrick J. Kanouff

	
  

	
with copy to:

  

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GDBA Investments, LLC

1440 Blake Street, Suite 310

Denver, CO 80202

Facsimile:  (720) 932-9397

Attention:  Chief Executive Officer

with copy to:

Davis & Ceriani P.C.

Suite 400, Market Center

1350 Seventeenth Street

Denver, CO 80202

Facsimile:  (303) 534-4618

Attention:  Patrick J. Kanouff

Trustees

1621 18th Street

Suite 250

Denver, CO 80202

Attention:  Greg Venn

            Peter Kloepfer

with copy to:

Kutak Rock LLP

1650 Farnam Street

Omaha, Nebraska 68102

Facsimile: (402) 346-1148

Attention:   Jay Gilbert

                                                                     James C. Creigh

Each such notice, report, or other communication shall, for all purposes hereof, be treated as effective or having been given when delivered if delivered personally or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or, if sent by facsimile with written confirmation, at the earlier of (i) 24 hours after confirmation of transmission by the sending facsimile machine or (ii) delivery of written confirmation.

 

11. Complete Agreement.  This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter, whether oral or written.

 

12. Modification or Amendment.  Neither this Agreement nor any provision hereof can be modified or changed, except by an instrument in writing, signed by the Company, BOCO, GDBA and the Trustees.

 

  

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13. Pronouns.  Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine, or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa.

 

14. Counterparts; Facsimile Signatures.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document.  This Agreement may be executed by facsimile signatures.

 

15. Section Headings.  The section headings are for the convenience of the parties and in no way alter, modify, amend, limit, or restrict the contractual obligations of the parties.

 

 

[Signature page follows]

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Shareholders’ Agreement to be executed as of the date first above written.

 

CAPTERRA FINANCIAL GROUP, INC.

BY:              /s/ Gregory C. Venn                                                                

Name:         Gregory C. Venn                                                      

Title:             Chief Executive Officer

  

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IN WITNESS WHEREOF, the parties hereto have caused this Shareholders’ Agreement to be executed as of the date first above written.

 

INVESTORS:

BOCO INVESTMENTS, LLC

BY:              /s/ Joseph C. Zimlich                                                                

Name:         Joseph C. Zimlich

Title:           Chief Executive Officer

 

  

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IN WITNESS WHEREOF, the parties hereto have caused this Shareholders’ Agreement to be executed as of the date first above written.

 

 

INVESTORS:

GDBA INVESTMENTS, LLC

BY:              /s/ G. Brent Backman                                                                

Name:         G. Brent Backman

Title:           Manager

  

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IN WITNESS WHEREOF, the parties hereto have caused this Shareholders’ Agreement to be executed as of the date first above written.

 

INVESTORS:

WEST MOUNTAIN ASSET MANAGEMENT, 

                    INC.

By:           

Name:

Title:

  

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IN WITNESS WHEREOF, the parties hereto have caused this Shareholders’ Agreement to be executed as of the date first above written.

 

TRUSTEES:

   /s/ Gregory C. Venn                                                                

Greg Venn

 

 

   /s/ Peter Kloepfer                                                      

   Peter Kloepfer

  

12ex1048.htm

Exhibit 10.48

LOCK-UP AGREEMENT

 

This Lock-Up Agreement (this “Agreement”) is made this 29th day of September 2010 by and among CAPTERRA FINANCIAL GROUP, INC., a Colorado corporation (hereinafter referred to as the “Company”), and the shareholders of the Company set forth on Exhibit A attached hereto (each hereinafter referred to as a “Shareholder” and collectively as the “Shareholders”).

 

R E C I T A L S

 

WHEREAS, the parties hereto have entered into that certain Interest Purchase Agreement, dated as of September 29, 2010 (the “Purchase Agreement”; all capitalized terms used herein without definition shall have the meanings ascribed to them in the Purchase Agreement), pursuant to which each Seller agreed to sell to the Purchaser the Interests set forth for such Seller in the Purchase Agreement in exchange for the shares of the Company’s Common Stock specified in the Purchase Agreement; and

 

WHEREAS, in connection with the Closing of the transactions contemplated by the Purchase Agreement, the parties hereto wish to restrict the resale of the shares of Company Common Stock they owned prior to date of this Agreement or acquired pursuant to the transactions contemplated by the Purchase Agreement;

 

NOW, THEREFORE, in consideration of the premises and the covenants, agreements, representations, warranties and payments hereinafter contained, the parties hereto covenant and agree as follows:

 

1.           Resale Restrictions.

 

(a)           No Shareholder may offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or otherwise dispose of (the “Resale Restrictions”) any shares of Common Stock of the Company, or any securities convertible into or exchangeable for shares of Common Stock of the Company, that such Shareholder beneficially owns or otherwise holds as of the date of this Agreement, or which such Shareholder may acquire pursuant to the Purchase Agreement, or which are issuable upon exercise of options, warrants, or other convertible securities held by such Shareholder from time to time which are currently held or afterward acquired by such Shareholder (collectively, the “Restricted Securities”) during the period from the date hereof until the second anniversary of the date hereof.  Thereafter, such Shareholder may sell up to the lesser of five percent (5%) or that number of securities available for sale under Rule 144 of such Shareholder’s Restricted Securities every quarter commencing after the second anniversary of the date of this Agreement. Notwithstanding the foregoing, no sales may be at a price less than $2.00 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other recapitalization affecting the number of such shares authorized or issued and outstanding) for a period of four years from the date of the Purchase Agreement unless a mutual agreement is reached by all of the Shareholders, under such terms and conditions as such Shareholders may agree.

 

  

  

  

(b)           Notwithstanding the foregoing, (i) each Shareholder who is an individual may transfer any or all of the Restricted Securities either during such Shareholder’s lifetime or on such Shareholder’s death by will or intestacy to such Shareholder’s immediate family or to a trust, the beneficiaries of which are exclusively such Shareholder, or a member or members of such Shareholder’s immediate family; provided, however, that in any such case it shall be a condition of the transfer that the transferee execute an agreement stating that the transferee is receiving and holding the Restricted Securities subject to the provisions of this Agreement, and there shall be no further transfer of such Restricted Securities except in accordance with this Agreement, and (ii) transfers may be made between parties to this Agreement pursuant to the terms of any Stock Pledge Agreement in place on the date of this Agreement.  For purposes of this Section, “immediate family” shall mean a spouse, lineal descendant, father, mother, brother or sister of the transferor.

 

(c)           Each Shareholder hereby agrees that to the extent that it assigns securities received by it to employees and/or officers of such Shareholder, it will obtain appropriate lock-up agreements from such assignees prior to completing such assignment.

 

(d)           The restrictions set forth in this section 1 shall not apply to any shares of Company capital stock acquired after the date hereof; provided however, that section 1 shall apply to any shares of Company capital stock acquired upon exercise of any options, warrants or other rights to acquire Company capital stock that were issued on or prior to the date hereof.

 

2.           Corporate Opportunities. Each party agrees that if an opportunity arises to sell Restricted Securities in an underwritten public offering, block sale or other privately negotiated transaction, such opportunity will be presented to the Company and allocated equally between (i) the Shareholders who were former owners of NexCore Group LP and (ii) GDBA Investments, LLC, BOCO Investments, LLC, and WestMountain Asset Management, Inc.  Any sales made pursuant to this Section 2 shall not be subject to the restrictions in Section 1.

 

3.           Representations and Warranties of the Shareholders.  Each Shareholder, severally and not jointly, represents and warrants to the Company and the other Shareholders as follows:

 

(a)           Corporate Status.  Each Shareholder who is an entity is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the power and capacity to carry on such Shareholder’s business as now being conducted by it and to enter into this Agreement and to carry out its terms to its fullest extent.

 

(b)           Authority.  The execution and delivery of this Agreement has been duly and validly authorized by all necessary corporate action on the part of each Shareholder who is an entity and this Agreement constitutes a legal, valid and binding obligation of the such Shareholder, enforceable against such Shareholder in accordance with its terms except as may be limited by laws of general application affecting the rights of creditors.

 

  

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(c)           No Default.  Neither the execution and delivery of this Agreement, nor the completion of the transactions contemplated herein, will violate any of the terms and provisions of any Governing Documents of such Shareholder who is an entity, or any order, decree, statute, regulation, covenant, or restriction applicable to such Shareholder.

 

(d)           The Subject Shares.  Set forth on Exhibit A opposite such Shareholder’s name is the total number of shares of Common Stock of the Company over which such Shareholder has record or beneficial ownership as of the date hereof (the “Subject Shares”).  Except as set forth on such Exhibit A, neither such Shareholder nor any Affiliate of such Shareholder owns or holds any right to acquire any additional shares of any class of capital stock of the Company or other securities of the Company or any interest therein.  Such Shareholder has good and valid title to the Subject Shares denoted as being owned by such Shareholder on Exhibit A, free and clear of any and all pledges, mortgages, liens, charges, proxies, voting agreements, encumbrances, adverse claims, options, security interests and demands of any nature or kind whatsoever, other than those created by this Agreement.

 

4.           General Provisions.

 

(a)           Further Assurances.  The parties hereto shall execute such further and other documents and do such further and other things as may be necessary to carry out and give effect to the intent of this Agreement.

 

(b)           Entire Agreement.  This Agreement, together with its Exhibits and the applicable portions of the Purchase Agreement, constitutes the entire Agreement between the parties and there are no representations or warranties, express or implied, statutory or otherwise and no agreements collateral hereto other than as expressly set forth or referred to herein.

 

(c)           Applicable Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of Colorado.

 

(d)           Assignment; No Third Party Beneficiaries.  This Agreement shall not be assignable or otherwise transferable by a party without the prior written consent of the other parties, and any attempt to so assign or otherwise transfer this Agreement without such consent shall be void and of no effect.  This Agreement shall be binding upon the respective heirs, legal representatives and permitted transferees of the parties hereto.  Nothing in this Agreement shall be construed as giving any Person, other than the parties hereto and their heirs, legal representatives and permitted transferees, any right, remedy or claim under or in respect of this Agreement or any provision hereof.  No failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies provided herein shall be cumulative and not exclusive of any rights or remedies provided by law.

 

  

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(e)           Captions.  The captions appearing in this Agreement are inserted for convenience of reference only and shall not affect the interpretation of this Agreement.

 

(f)           Counterparts; Facsimile or Electronic Execution. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.  For purposes of this Agreement, a document (or signature page thereto) signed and transmitted by facsimile machine, telecopier or electronic transmission is to be treated as an original document.  The signature of any party thereon, for purposes hereof, is to be considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an original signature on an original document.  At the request of any party, a facsimile, telecopy or electronically transmitted document is to be re-executed in original form by the parties who executed the facsimile, telecopy or electronically transmitted document.  No party may raise the use of a facsimile machine, telecopier machine or electronic transmission as a defense to the enforcement of the Agreement or any amendment or other document executed in compliance with this Section.

 

(g)           Transfer Agent Instructions.  As a reasonable means of ensuring compliance with the terms of this Agreement, each Shareholder further agrees that the Company may instruct the transfer agent for the Restricted Securities to place a transfer restriction on such transfer agent’s records.

 

[remainder of page intentionally left blank; signature page follows]

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

COMPANY:

 

CAPTERRA FINANCIAL GROUP, INC.

 

By:   /s/ Gregory C. Venn                                                                           

Its:   Chief Executive Officer 

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

RANDOLPH P. MYERS

 

 

   /s/ Randolph P. Myers                                                                           

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

DAVID NEENAN

 

 

   /s/ David Neenan                                                                           

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

GDBA INVESTMENTS, LLC

 

 

By:   /s/ G. Brent Backman 

Its:                                                                           

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

GRAND RANCHES LLC

 

 

By:       /s/ Rick Pederson                                                                          

Name:  Rick Pederson 

Title:    Member                                                                           

 

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

BERNIE ROLAND

 

 

   /s/ Bernie Roland                                                                           

 

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

LOREN E. SNYDER

 

 

   /s/ Loren E. Snyder 

 

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

BOCO INVESTMENTS, LLC

 

 

By:   /s/ Joseph Zimlich                                                                           

Its:    President and Managing Member                                                                           

 

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

WEST MOUNTAIN ASSET MANAGEMENT,

INC.

 

 

By:                                                                           

                    Its:

 

 

 

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

NEXCORE PARTNERS, L.P.

 

By:          NexCore Management, Inc.

Its General Partner

 

 

By:   /s/ Peter Kloepfer                                                                           

Its:   Vice President           

                                                                

  

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IN WITNESS WHEREOF, the parties hereto have executed this Lock-Up Agreement as of the day and year first above written.

 

SHAREHOLDERS:

 

KEY ASSOCIATES LLC

 

By:           NexCore Management Inc.

 

 

By:           /s/ Peter Kloepfer                                                                

                    Its:   Vice President 

 

 

  

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EXHIBIT A

 

SHAREHOLDERS

 

	
Name and Address

	
Number of Shares

	  	  
	  	  
	  	  

  

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