Document:

ex10_3.htm

    
      
Exhibit 10.3

     

    Execution
Copy

    

    

    

    PARTNERS
AGREEMENT

    

    

    This
PARTNERS AGREEMENT (this “Agreement”) is made
as of September 14, 2009 by and among Grande Investment L.P., a Delaware limited
partnership (the “Partnership”), Grande
Manager, LLC, a Delaware limited liability
company (“Grande Manager”),
ABRY Partners VI, L.P., a Delaware limited partnership (“ABRY VI”), Rio GP,
LLC, a Nevada limited liability company (“Rio”), the other
Partners (as defined herein) signatories hereto as of the date hereof and the
Partners who are from time to time joined hereto after the date
hereof.  Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in Section 1
hereof.

    

    WHEREAS,
each Partner holds the number and type of Partner Interests as are set forth on
Schedule I
attached hereto; and

    

    WHEREAS,
the parties hereto desire to enter into this Agreement for the purposes, among
others, of (i) assuring continuity in the management and ownership of the
Partnership and (ii) limiting the manner and terms by which the Partner
Interests may be transferred.

    

    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 hereby agree as follows:

    

    1.          
   Definitions.  As
used herein, the following terms shall have the following meanings:

    

    “ABB” means Atlantic
Broadband Finance, LLC, a Delaware limited liability company.

    

    “ABB Advisory
Agreement” means the advisory agreement between ABB and Grande Operating,
dated as of the date hereof.

    

    “ABRY-Affiliated
Partner” means any Partner who holds ABRY-Affiliated Partner Interests
but only with respect to, and to the extent that such Partner holds,
ABRY-Affiliated Partner Interests.

    

    “ABRY-Affiliated Partner
Interests” means, subject to Section 3(a), those
Partner Interests initially issued to or subsequently acquired by ABRY VI or its
Affiliates.

    

     “ABRY Advisory
Agreement” means the advisory agreement between ABRY Partners LLC, a
Delaware limited liability company, and Grande Operating, dated as of the date
of this Agreement.

    

    “ABRY Directors” has
the meaning set forth in Section
2(b)(i).

    

    “ABRY VI” has the
meaning set forth in the preamble hereof.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    “Affiliate” shall
mean, as to any Person, any other Person which directly or indirectly controls,
or is under common control with, or is controlled by, such Person.  As
used in this definition, “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).

    

    “Affiliate
Transaction” shall have the meaning set forth in Section
12(a).

    

    “Agreement” has the
meaning set forth in the preamble hereof.

    

    “Approved Sale” means
the sale of the Partnership, in a single bona fide arm’s length transaction or a
series of related bona fide arm’s length transactions, to a third party (which
is not (i) an Affiliate of the Partnership or of ABRY VI, (ii) a Person that
qualifies as a Permitted Transferee of any Affiliate of the Partnership or ABRY
VI or (iii) a group consisting of any of the foregoing), (a) pursuant to which
such third party has agreed in writing to acquire a majority of the Common Units
(whether by merger, consolidation, recapitalization, reorganization, purchase of
the outstanding Common Units or otherwise), or all or substantially all of the
consolidated assets of the Partnership, (b) which has been approved by the
General Partners, and (c) pursuant to which, upon the consummation of the
Approved Sale, each holder of Equity Securities shall receive the same form of
consideration and the same portion of the aggregate net consideration (following
the payment of the reasonable expenses incurred by holders of Equity Securities
in connection with such Approved Sale to the extent such expenses are approved
by the General Partners and are not otherwise paid by the Partnership or the
acquiring party) as such holder would have received if such aggregate net
consideration had been distributed by the Partnership in complete liquidation
pursuant to the rights and preferences set forth in the Partnership Agreement as
in effect immediately prior to the consummation of the Approved Sale (and, if
less than all of the outstanding Equity Securities are being sold in the
Approved Sale, then the form and portions of aggregate consideration shall be
determined as if the Equity Securities included in the Approved Sale were all of
the outstanding Equity Securities then outstanding), or, if any holders of any
type of Equity Securities are given an option as to the form and amount of
consideration to be received, all holders of Equity Securities of such type are
given the same option.

    

    “Business Day” means
any day that is not a Saturday, Sunday or a statutory or civic holding in the
State of New York or the Commonwealth of Massachusetts.

    

    “Class A Common Unit”
means the Partnership’s Class A Common Units (as defined in the Partnership
Agreement), as adjusted for any Unit split, Unit dividend or other combination,
exchange, conversion, recapitalization, merger, consolidation or reorganization,
or, if the Class A Common Units are hereafter changed or exchanged for different
Units, interests or securities of the Partnership, such other Units, interests
or securities, and any other Class A Common Units of the Partnership hereafter
issued.

    

    “Class B Common Unit”
means the Partnership’s Class B Common Units (as defined in the Partnership
Agreement), as adjusted for any Unit split, Unit dividend or other combination,
exchange, conversion, recapitalization, merger, consolidation or reorganization,
or, if the Class B Common Units are hereafter changed or exchanged for different
Units, interests or securities of the Partnership, such other Units, interests
or securities, and any other Class B Common Units of the Partnership hereafter
issued.

    

    
      
        
           

        

        
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    “Common Partner” means
any Partner who holds Common Units but only with respect to, and to the extent
that such Partner holds, Common Units.

    

    “Common Units” has the
meaning set forth in the Partnership Agreement.  The Series A
Preferred Units are not Common Units.

    

    “Confidential
Information” means all information (whether technical, marketing,
business, financial or otherwise), in whatever form (whether tangible, orally
communicated, physically communicated or disclosed in writing, electronically or
otherwise, including information disclosed by samples or demonstrations of
processes, techniques or equipment) which is disclosed to any Partner subsequent
to the date of this Agreement and which relates in any way to the Partnership or
any of its Subsidiaries, their respective technology and their respective
businesses, including any information received by any Partner in connection any
other Transaction Document; provided that
Confidential Information shall not include, as to any particular Partner,
information that (a) was publicly known at the time it was disclosed to such
Partner, (b) subsequently becomes publicly known through no act or omission by
such Partner or any Person acting on its behalf, (c) otherwise becomes known to
such Partner (other than through disclosure by the Partnership or any
Subsidiary) from a source that to the knowledge of such Partner is not subject
to a requirement of confidentiality with respect to the Partnership or any
Subsidiary or such information or (d) is related specifically to such Partner’s
percentage interest in the Partnership such as type and number of Equity
Securities owned by such Partners, and any description of rights, considerations
and obligations of each Partner under the Transaction Documents.

    

    “Contribution
Agreement” means the contribution, assignment and assumption agreement,
dated as of the date hereof, by and between Grande Holdings and Grande
Operating.

    

    “Convertible Security”
has the meaning set forth in the Partnership Agreement.

    

    “Director” means a
member of the Grande Manager Board.

    

    “Election Notice” has
the meaning set forth in Section 6(a)
hereof.

    

    “Eligible
Purchaser(s)” has the meaning set forth in Section 3(b)(i)
hereof.

    

    “Equity Securities”
means (i) any capital stock, partnership, membership, joint venture or other
ownership or equity interest, participation or securities (whether voting or
non-voting, whether preferred, common or otherwise, and including any stock
appreciation, contingent interest or similar right) of the Partnership or such
successor corporation and (ii) any option, warrant, security or other right
(including debt securities) directly or indirectly convertible into or
exercisable or exchangeable for, or otherwise to acquire directly or indirectly,
any stock, interest, participation or security described in clause (i)
above.

    

    
      
        
           

        

        
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    “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time.

    

    “Fair Market Value”
means, with respect to any asset, the price (after taking into account any
liabilities relating to such assets) which could be negotiated in an
arm’s-length free market transaction, for cash, between a willing seller and a
willing and able buyer, neither of which is under any compulsion to complete the
transaction, as determined by the General Partners in good faith.

    

    “General Partner”
means Grande Manager or Rio, together, “General
Partners”.  The General Partners, along with their number and
type of Partnership Interests, are listed on Schedule I attached
hereto.

    

    “Governmental
Authority” means any Federal, state, local or foreign government, or
other entity (including any governmental or quasi-governmental agency or
authority) exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

    

    “Grande Holdings”
means Grande Communications Holdings, Inc., a Delaware corporation and any
successor-in-interest thereto, including Rio Holdings, Inc., a Nevada
corporation and surviving corporation of a merger with Grande Communications
Holdings, Inc. on or after the date hereof.

    

    “Grande Holdings
Director” means the representative of Grande Holdings Partner designated
to the Board of Directors of Grande Manager pursuant to Section
2.

    

    “Grande Holdings
Partner” means Rio and any transferee thereof to whom the Partner
Interests initially issued to or subsequently acquired by Rio are transferred in
accordance with this Agreement and the Partnership Agreement.

    

    “Grande Manager” has
the meaning set forth in the preamble hereof.

    

    “Grande Manager Board”
means the board of managers of Grande Manager.

    

    “Grande Operating”
means Grande Communications Networks, Inc., a Delaware corporation that has been
or will be converted into a Delaware limited liability company on or prior to
the date of this Agreement.

    

    “Incentive Unit Purchase
Agreement” has the meaning set forth in the Partnership
Agreement.

    

    “Independent Financial
Advisor” means a nationally recognized accounting, appraisal or
investment banking firm or consultant in the United States that is, in the good
faith judgment of the Grande Manager Board, independently qualified to perform
the task for which it has been engaged.

    

    “Issuance Notice” has
the meaning set forth in Section 6(a)
hereof.

    

    
      
        
           

        

        
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    “Limited Partner”
means any Person now or hereafter admitted as a limited partner in accordance
with the terms of this Agreement.  The Limited Partners as of the date
hereof are listed on Schedule I attached
hereto.

    

    “Management Partner”
means any Partner that holds Class B Common Units, but only with respect to, and
to the extent that such Partner holds, Class B Common Units.

    

    “Non-Core Company” has
the meaning set forth in the Partnership Agreement.

    

    “Non-Management
Partner” means any Partner that is not a Management Partner.

    

    “Offer Period” has the
meaning set forth in Section 3(b)(ii)
hereof.

    

    “Offered Units” has
the meaning set forth in Section 6(a)
hereof.

    

    “Offered Securities”
has the meaning set forth in Section 3(a)
hereof.

    

    “Offering Partner” has
the meaning set forth in Section 3(b)(i)
hereof.

    

    “Other Partners”
means, with respect to any Partner, all Partners other than such
Partner.

    

    “Participation Notice”
has the meaning set forth in Section 3(b)(ii)
hereof.

    

    “Partner Interests”
means (i) any Unit and (ii) any Equity Securities issued or issuable directly or
indirectly with respect to the securities referred to in clause (i) above by way
of distribution or of a combination, exchange, conversion or division of such
securities or in connection with a recapitalization, merger, consolidation or
other reorganization.  As to any particular Units or other Equity
Securities constituting Partner Interests, such Units or other Equity Securities
will cease to be Partner Interests when they have been sold in a Public Sale, an
Approved Sale, or upon the consummation of a Qualified Public
Offering.  For purposes of this Agreement, a Person will be deemed to
be a holder of Partner Interests whenever such Person has the right to acquire
directly or indirectly such Partner Interests (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.

    

    “Partners” means
collectively, the General Partners and the Limited Partners (as listed on Schedule I attached
hereto), and any additional or successor partners of the Partnership admitted to
the Partnership pursuant to a joinder substantially in the form of Exhibit A attached
hereto.

    

    “Partnership” has the
meaning set forth in the preamble hereof.

    

    “Partnership
Agreement” means the Amended and Restated Limited Partnership Agreement
of the Partnership, dated as of the date hereof, by and among the Partnership
and the Partners party thereto, as amended, restated or otherwise modified from
time to time.

    

    
      
        
           

        

        
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    “Partnership Loss(es)”
has the meaning set forth in Section 4(c)
hereof.

    

    “Permitted
Transferee(s)” has the meaning set forth in Section 3(c)
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 or a governmental entity or any department, agency or political
subdivision thereof.

    

    “Preemptive Period”
has the meaning set forth in Section 6(a)
hereof.

    

    “Public Offering” has
the meaning set forth in Section 5
hereof.

    

    “Public Sale” means
any sale of Partner Interests to the public pursuant to an offering registered
under the Securities Act or to the public effected through a broker, dealer or
market maker pursuant to the provisions of Rule 144 under the Securities
Act.

    

    “Qualified Public
Offering” means any sale, in an underwritten public offering registered
under the Securities Act, of Equity Securities having an aggregate value of at
least $50,000,000.

    

    “Recapitalization
Agreement” means the Recapitalization Agreement, dated as of August 27,
2009, by and among ABRY Partners, LLC, a Delaware limited liability company,
Grande Parent LLC, a Delaware limited liability company, ABRY VI, Grande
Communications Holdings, Inc., the Partnership, and Grande
Operating.

    

    “Registration Rights
Agreement” means the Registration Rights Agreement, dated as of the date
hereof, by and among the Partnership and the Partners party thereto, as in
effect from time to time.

    

    “Rio” has the meaning
set forth in the preamble hereof.

    

    “RULPA” means the
Delaware Revised Uniform Limited Partnership Act, as amended from time to
time.

    

    “Sale Notice” has the
meaning set forth in Section 3(a)
hereof.

    

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

    

    “Separation Date” has
the meaning set forth in the Partnership Agreement.

    

    “Series A Preferred
Units” has the meaning set forth in the Partnership
Agreement.

    

    “Specified Securities”
has the meaning set forth in Section 3(b)(i)
hereof.

    

    “Subsidiary” means,
with respect to any Person, any corporation, partnership, limited liability
company, 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 partnership, limited liability
company, association or other business entity, a majority of the 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 partnership, limited
liability company, association or other business entity if such Person or
Persons shall be allocated a majority of partnership, limited liability company,
association or other business entity gains or losses or shall be or control or
have the right to appoint, as the case may be, the managing director, manager,
board of advisors, a general partner or other governing body of such
partnership, limited liability company, association or other business entity by
means of ownership interest, agreement or otherwise.

    

    
      
        
           

        

        
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    “Successor
Corporation” has the meaning set forth in Section 5
hereof.

    

    “Transaction
Documents” means, collectively, (i) this Agreement, (ii) the Partnership
Agreement, (iii) the Registration Rights Agreement, (iv) the Recapitalization
Agreement, (v) the Incentive Unit Purchase Agreements, (vi) the Investors
Securities Purchase Agreement, and (vii) the Contribution Agreement dated as of
the date hereof, by and among the Partnership and the Partners that are parties
thereto.

    

    “Transfer” has the
meaning set forth in Section 3(a)
hereof.

    

    “Transfer Notice” has
the meaning set forth in Section 3(b)(i)
hereof.

    

    “Transferring Partner”
has the meaning set forth in Section 3(a)
hereof.

    

    “Unit” has the meaning
set forth in the Partnership Agreement.

    

    “Vested Incentive
Units” means Class B Common Units that have vested pursuant to the terms
and conditions of the Incentive Unit Purchase Agreement or other document
pursuant to which such Units were acquired by the holder thereof or any other
document governing the vesting of such Units.

    

    2.       
      Grande Manager
Board

    

    (a)      
     ABRY VI hereby represents and warrants to Grande
Holdings Partner that it holds all of the outstanding equity securities of
Grande Manager and has the right to designate and elect all the members of the
Grande Manager Board.  ABRY VI hereby covenants and agrees that, until
the provisions of this Section 2 cease to be
effective, ABRY VI will not transfer its ownership interest in Grande Manager or
grant any contract right giving any Person the right to designate or elect the
Grande Manager Board, or cause or permit the interest of Grande Manager in the
Partnership to be transferred, except in each case in accordance with this
Agreement and to a transferee or other Person that agrees in writing to be bound
by all the terms of this Section 2 as if it
were substituted for ABRY VI hereunder; provided that ABRY
VI, in its sole discretion, shall have the right to elect and to grant others
the right to designate or elect other members to the Grande Manager Board in
addition to the Grande Holdings Director.

    

    
      
        
           

        

        
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    (b)   
        Until the provisions of this
Section 2 cease
to be effective, ABRY VI will take and will cause each officer and employee of
ABRY Partners, LLC to take actions as may be necessary or desirable that are
within its or their control (whether in its or their capacity as a member,
manager, Director, member of a committee of the Grande Manager Board or
otherwise, and including attendance at meetings in person or by proxy for
purposes of obtaining a quorum and execution of written consents in lieu of
meetings), and Grande Manager shall take all reasonably necessary or desirable
actions within its control (including calling special Grande Manager Board and
member meetings), so that:

    

    (i)       
     one or more Directors (the “ABRY Directors”),
designated as such by ABRY VI, shall be elected to the Grande Manager
Board;

    

    (ii)       
    one Director (the “Grande Holdings
Director”), designated as such by the Grande Holdings Partner, shall be
elected to the Grande Manager Board and the board of directors or similar
governing body of each direct and indirect Subsidiary of the Partnership, so
long as the Grande Holdings Partner holds any Class A Common Units;

    

    (iii)           any
other Directors designated by ABRY VI from time to time shall be elected to the
Grande Manager Board;

    

    (iv)           (A)
any ABRY Director or Director described in clause (iii) above may be removed as
a Director at the written request of ABRY VI; provided that no ABRY
Director or other such Director will be removed from such position except as
provided in this clause (iv)(A), and (B) the Grande Holdings Director may be
removed as a Director at the written request of the Grande Holdings Partner;
provided that
the Grande Holdings Director will not be removed from such position except as
provided in this clause (iv)(B) so long as the Grande Holdings Partner holds any
Class A Common Units; and

    

    (v)        
   if (A) any ABRY Director or director described in clause (iii)
above ceases to serve as a Director, due to death, resignation removal or
otherwise, during his or her term of office, the resulting vacancy on the Grande
Manager Board shall be filled by a representative designated as provided in
Section 2(b)(i)
or Section
2(b)(iii), as applicable, and (B) the Grande Holdings Director ceases to
serve as a Director, due to death, resignation removal or otherwise, during his
or her term of office, the resulting vacancy on the Grande Manager Board shall
be filled by a representative designated as provided in Section 2(b)(ii)
above if the Grande Holdings Partner then holds any Class A Common
Units.

    

    The
initial ABRY Directors shall be Blake R. Battaglia, Jay M. Grossman and Azra
Kanji; the initial Grande Holdings Director shall be Duncan Butler; and each
such Person shall hold office as a Director until his or her respective
successor is designated or until his or her earlier death, resignation or
removal.

    

    (c)          
 The Partnership shall pay or reimburse the reasonable out-of-pocket
expenses incurred by each member of the Grande Manager Board in connection with
attending the meetings of the Grande Manager Board or any committees
thereof.

    

    
      
        
           

        

        
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    (d)      
     The provisions of this Section 2 shall
terminate automatically and be of no further force and effect upon the
consummation of a Qualified Public Offering or an Approved Sale.

    

    3.           
  Restrictions on Transfer of
Partner Interests.  No holder of Partner Interests shall
Transfer (as defined below) any interest in any Partner Interest except (i)(A)
in accordance with the terms and conditions of this Section 3 and Section 9 below, (B)
pursuant to an Approved Sale in accordance with Section 4 below or
(C) pursuant to a Public Sale and (ii) in accordance with the terms and
conditions of the Partnership Agreement.  Except for any Transfer made
pursuant to Section
3(a), Section
3(c) or Section
4 below, no Management Partner may Transfer any Class B Common Units held
by such Management Partner unless such Transfer is approved in writing by the
General Partners and otherwise complies with the terms and conditions of this
Section 3,
Section 9 below
and the Partnership Agreement.

    

    (a)           
Tag Along
Rights.  At least 30 days prior to any direct or indirect sale,
transfer, conveyance assignment, pledge, hypothecation, gift, delivery or other
transfer or disposal (a “Transfer”) of all or
any portion of Units or other Equity Securities or any interest therein (the
“Offered
Securities”) by ABRY-Affiliated Partners (collectively, the “Transferring
Partner”) to a Person other than a Permitted Transferee of such
ABRY-Affiliated Partners or Grande Manager or transfers on or prior to the date
that is six (6) months from the date first written above of an aggregate number
of Class A Common Units and/or Series A Preferred Units (so long as the
ABRY-Affiliated Partners thereafter continue to own, in the aggregate, greater
than 50% of each of the Class A Common Units and the Series A Preferred Units)
to any member of Atlantic Broadband Group LLC or any Affiliate of any such
member (provided that no such transferee shall constitute an ABRY-Affiliated
Partner), Grande Manager shall deliver a written notice (the “Sale Notice”) to the
Partnership and to each Other Partner specifying in reasonable detail the
identity of the prospective transferee(s), the terms and conditions of the
Transfer (including the number, type and class of Offered Securities and the
purchase price therefor) and the closing date and location.  Each
Other Partner may elect to participate in the contemplated Transfer, on the same
terms as those set forth in the Sale Notice except as set forth in this Section 3(a), by
delivering written notice to the Transferring Partner within 10 days following
receipt of the Sale Notice; provided that a
Management Partner shall have the right to so participate only with respect to
Vested Incentive Units held by such Management Partner at the time of receipt of
such Sale Notice.  If one or more Other Partners have elected to
participate in such Transfer, the Transferring Partner and such Other Partners
shall be entitled to sell in the contemplated Transfer that number of (i) Common
Units (if Common Units are being Transferred by the Transferring Partner) of any
class (subject, in the case of a sale by any Management Partner, to the provisos
in the immediately preceding sentence) as is equal to the percentage of Offered
Securities determined by dividing (x) the number of Common Units owned by such
Partner by (y)
the sum of (A) the total number of Common Units owned by all such Other Partners
electing to participate in such Transfer and (B) the total number of Common
Units owned by the Transferring Partner; and (ii) Series A Preferred Units (if
Series A Preferred Units are being transferred by the Transferring Partner) as
is equal to the percentage of Offered Securities determined by dividing (x) the
number of Series A Preferred Units owned by such Partner by (y) the sum of (A)
the total number of Series A Preferred Units owned by all such Other Partners
electing to participate in such Transfer plus (B) the total number of Series A
Preferred Units owned by the Transferring Partner; provided, in each
case, that each Partner participating in such Transfer shall receive the same
form of consideration and the same portion of the aggregate net consideration
(net of any post-closing adjustments following the payment of the reasonable
expenses incurred by the Partners in connection with such Transfer to the extent
such expenses are approved by the Transferring Partner and are not otherwise
paid by the Partnership or the acquiring party) as such holder would have
received if such aggregate net consideration had been distributed by the
Partnership in complete liquidation pursuant to the rights and preferences set
forth in the Partnership Agreement as in effect immediately prior to the
consummation of the Transfer (assuming that the Units included in the Transfer
were all of the Equity Securities then outstanding); provided, further, that the
Transferring Partner shall not be required to give a Sale Notice to any Other
Partner who does not hold Units of the classes and/or series that would permit
such Other Partner to participate in such Transfer in compliance with this
proviso prior to any such Transfer by the Transferring Partner.  Each
Partner transferring Units pursuant to this Section 3(a) shall be
obligated to make customary representations and warranties as to such Partner
and the Units such Partner is transferring and join in any indemnification or
other obligations that the Transferring Partner agrees to provide in connection
with such Transfer; provided, that each
such joining Partner’s liability arising under any such indemnification or
obligation with respect to such Transfer (i) shall be several and not joint and
limited to its pro rata
share (based on the percentage of net cash proceeds received by such Partner
pursuant to such Transfer) of such liability and (ii) shall in no event exceed
the aggregate net cash proceeds actually received by such holder in connection
with such Transfer.  This Section 3(a) shall
not apply to any Transfer pursuant to Section 4
below.

    

    
      
        
           

        

        
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    The
Transferring Partner shall use its commercially reasonable efforts to obtain the
agreement of the prospective transferee(s) to the participation of the Other
Partners in any contemplated Transfer as provided in this Section 3(a), and the
Transferring Partner shall not Transfer any of its Units to the prospective
transferee(s) if the prospective transferee(s) declines to allow the
participation of the Other Partners as contemplated by this Section
3(a).  The transferee(s) must agree in writing to be bound by
all provisions of this Agreement and the Partnership Agreement and otherwise
comply with Section
9 below and Article XI of the Partnership Agreement.

    

    (b)    
       First Offer
Rights.

    

    (i)      
      Subject to Section 3(c) below,
prior to any proposed Transfer of Common Units by any Common Partner (other than
(i) a Transfer to a Permitted Transferee of such Common Partner or (ii) a
Transfer by an ABRY-Affiliated Partner), the Partner proposing to make such a
Transfer (the “Offering Partner”)
shall deliver a written notice (the “Transfer Notice”) to
each Other Partner holding Class A Common Units (the “Eligible Purchasers”)
specifying in reasonable detail the number (and type) of Partner Interests
proposed to be Transferred (the “Specified
Securities”).

    

    (ii)    
       For a period of 30 days following receipt of a
Transfer Notice (the “Offer Period”), the
Offering Partner shall negotiate in good faith for the sale of the Specified
Securities with any Eligible Purchaser expressing a good faith desire to
purchase such Specified Securities, and any Eligible Purchaser may elect to
offer to purchase all or any portion of the Specified Securities, for a purchase
price, and on the other terms and conditions specified by such Eligible
Purchaser, by delivering a written notice (a “Participation
Notice”) of such election to the Offering Partner on or prior to the end
of the Offer Period.  The Offering Partner may, in its sole
discretion, elect to accept the offer price and other terms and conditions set
forth in any Participation Notice with respect to all or any portion of the
Specified Securities.

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

    

    (iii)           If
the Offering Partner receives one or more Participation Notices for the purchase
of all of the Specified Securities, then the Offering Partner may transfer all
of the Specified Securities to a third party, at a price and on terms and
conditions no more favorable to the Offering Partner than the terms and
conditions contained in the Participation Notice most favorable to the Offering
Partner, during the 180-day period immediately following the expiration of the
Offer Period.  Any Partner Interests not transferred within such
180-day period will be once again subject to the provisions of this Section 3(b) upon
subsequent transfer.

    

    (iv)           If
the Offering Partner does not receive any Participation Notices within the
Option Period or does not receive Participation Notices with respect to all of
the Specified Securities in a single Transfer, then the Offering Partner may
transfer all of the Specified Securities to a third party at a price on and on
terms determined by such Offering Partner in its sole discretion, during the
180-day period immediately following the expiration of the Offer
Period.  Any Partner Interests not transferred within such 180-day
period will be once again subject to the provisions of this Section 3(b) upon
subsequent transfer.

    

    (c)     
      Permitted
Transfers.  Subject to the succeeding three sentences of this
Section 3(c),
the restrictions contained in this Section 3 shall not
apply with respect to any Transfer of Units by any Partner (i) in the case of an
individual Partner, pursuant to applicable laws of descent and distribution or
to such Partner’s parent, spouse, descendants or a trust formed exclusively for
the benefit of one or more of the foregoing, or (ii) in the case of any Partner
that is an entity, any Transfer to any of its Affiliates.  All
transferees of Transfers permitted under this Section 3(c) are
collectively referred to herein as “Permitted
Transferees” and such transferred Partner Interests shall remain subject
to the terms of this Agreement and any restrictions on Transfer set forth in the
Partnership Agreement.  A Permitted Transferee of Units may Transfer
such Units pursuant to this Section 3(c) only to
the transferor Partner, as the case may be, or to a Person that is a Permitted
Transferee of such transferor Partner, as the case may be.  No Partner
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, and any Transfer or
attempted Transfer in violation of this covenant shall be null and void ab initio.

    

    (d)      
     Termination of
Restrictions.  The restrictions on transfer in this Section 3 with
respect to any Partner Interest shall terminate at the time such Partner
Interest is sold in a Public Sale, an Approved Sale or upon a Qualified Public
Offering.

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

    
      4.           
  Sale of
the Partnership.

      

      (a)           
In the event of an Approved Sale, each Partner shall (i) consent to the Approved
Sale, (ii) waive and agree not to pursue any dissenter’s rights and other
similar rights, and (iii) if the Approved Sale is structured as a sale of
securities, agree to sell its Partner Interests (or applicable portion thereof)
on the terms and conditions of the Approved Sale; provided,
that  (i) each Partner participating in such Approved Sale shall
receive the same form of consideration and the same portion of the aggregate net
consideration (net of any post-closing adjustments and following the payment of
the reasonable expenses that are approved by the General Partners and are not
otherwise paid by the Partnership or the acquiring party) as such holder would
have received if such aggregate net consideration had been distributed by the
Partnership in complete liquidation pursuant to the rights and preferences set
forth in the Partnership Agreement as in effect immediately prior to the
consummation of the Approved Sale (assuming that the Partner Interests included
in the Transfer were all of the Equity Securities then outstanding); and (ii)
notwithstanding the preceding clause (i), the holders of Series A Preferred
Units will be entitled to receive cash consideration even if the consideration
to be paid to the holders of Common Units consists in part or in whole of
non-cash consideration, so long as all holders of Common Units receive the same
form(s) of non-cash consideration and the amount of the total net consideration
described in the preceding clause (i).  Each Partner will take all
necessary and desirable lawful actions as reasonably directed by the General
Partners in connection with the consummation of any Approved Sale, including
executing the applicable purchase agreement pursuant to which each holder of
Partner Interests will severally (but not jointly) make representations and
warranties concerning solely (i) the beneficial ownership of the Partner
Interests (if any) to be sold by such holder, and (ii) such holder’s ability to
execute such sale contract and necessary ancillary documents and perform the
obligations thereunder, and provide indemnities solely in respect of such
representations and warranties made by such holder, provided, that each
such joining Partner’s liability arising under any such indemnification or other
obligation with respect to such Approved Sale shall in no event exceed the
aggregate net cash proceeds actually received by such Partner in connection with
such Approved Sale.  No Partner shall be required to make any
representations or warranties with respect to any other Partner or the
Partnership, its Subsidiaries or their respective assets, properties,
liabilities, operations or businesses.

    

     

    (b)      
     If the General Partners enter into any negotiation
or transaction for which Rule 506 promulgated under the Securities Act by the
Securities and Exchange Commission may be available with respect to such
negotiation or transaction (including a sale of assets, merger, consolidation or
other reorganization), each holder of Partner Interests who is not an
“accredited investor,” as that term is defined in Regulation D promulgated under
the Securities Act, will, at the election of the General Partners, either (i)
appoint either a purchaser representative (as such term is defined in Rule 501)
designated by the Partnership, in which event the Partnership will pay the fees
of such purchaser representative, or another purchaser representative
(reasonably acceptable to the Partnership), in which event such holder will be
responsible for the fees of the purchaser representative so appointed, or (ii)
be deemed to have elected to receive cash in an amount equal to the Fair Market
Value of any securities that such holder would otherwise have received in such
Approved Sale and that are not registered under the Securities Act, in lieu of
receiving such unregistered securities.

    

    (c)      
     Each holder of Partner Interests agrees that, if
the General Partners so request, the agreements relating to the Approved Sale
may provide for indemnity by each holder of Partner Interests in respect of
representations and warranties regarding the Partnership, its Subsidiaries and
their respective assets, properties, liabilities, operations and businesses not
made by such holder of Partner Interests, so long as the sole source for payment
of any such indemnity (a “Partnership Loss”)
will be funds (the amount of which for each holder shall not exceed the
aggregate net cash proceeds that otherwise would have been received by such
holder in connection with such Approved Sale) deposited in escrow for such
purpose or otherwise segregated and withheld from the proceeds otherwise
distributed to the selling persons, as the General Partners may determine, and
any Partnership Losses will be borne by the selling persons as described in the
first sentence of Section 4(a) above as if they
were post-closing adjustments.

    

    
      
        
           

        

        
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    (d)     
      No consideration or fee shall be paid or
provided to the General Partners or any of their Affiliates or any Persons that
would qualify as Permitted Transferees of the General Partners in any manner
(including in connection with a non-compete agreement, consulting agreement or
any other agreement, arrangement or understanding) in connection with an
Approved Sale, which would cause the General Partners or any of their Affiliates
or any Persons that would qualify as Permitted Transferees of the General
Partners to receive consideration or fees (of any kind, in any form and/or at
any time) not available to all Partners in a manner other than the manner in
which such benefit would have been received by such Partner had such benefit,
together with the net consideration of the Approved Sale and any like
consideration or fees received by any other Partner or Affiliate thereof, been
distributed by the Partnership in complete liquidation pursuant to the rights
and preferences set forth in the Partnership Agreement as in effect immediately
prior to the consummation of the Approved Sale (assuming that the Partner
Interests included in the Transfer were all of the Equity Securities then
outstanding).  Notwithstanding the foregoing or anything else to the
contrary set forth in this Agreement, the Partners and the Partnership agree
that in connection with such Approved Sale, ABRY VI and /or its Affiliates shall
be entitled to be paid the management fee provided for in the ABRY Advisory
Agreement and a fee in connection with any Approved Sale in an aggregate amount
equal to 2% of the enterprise value implied by such Approved Sale and shall not
be required to share any portion of these amounts with the Partnership, any
other Partner or any other Person.

    

    5.          
   Public
Offering.  In the event that the General Partners approve a
recapitalization of, or a transaction which contemplates the recapitalization
of, the Partnership or its Subsidiaries, including a public offering and sale of
Equity Securities pursuant to an effective registration statement under the
Securities Act (a “Public Offering”),
including pursuant to the Registration Rights Agreement, then the Partnership
and all holders of Partner Interests shall take all necessary or desirable
actions in connection with the consummation of such recapitalization as the
General Partners may reasonably request (i) to convert the Partnership to a
corporate form or otherwise combine its Subsidiaries with, and/or cause them to
be owned (directly or indirectly) by, a single corporation, in each case, in a
tax-free transaction (except to the extent of taxable income or gain required to
be recognized by a Person in an amount that does not exceed the amount of cash
received by such Person upon the consummation of such recapitalization and/or
any concurrent transaction), including the approval of a merger of the
Partnership and/or one or more of its Subsidiaries with and into a newly formed
“shell” corporation or one of the Subsidiaries, with the result that each Person
shall hold capital stock of such surviving corporation (the “Successor
Corporation”) with rights, preferences and privileges that are equivalent
to the Partner Interests held by such Person, and (ii) to cause the Successor
Corporation to assume all of the obligations of the Partnership under the
Transaction Documents.  Notwithstanding the foregoing, it is the
intent of the parties hereto that any such Public Offering will result in the
parties hereto obtaining common stock of the company whose Equity Securities are
so offered in exchange for, and in proportion to, their interests in the
Partnership that are Common Units immediately prior to such recapitalization as
if such common stock (valued at the price at which shares of common stock are
sold to the public in such offering) were distributed in liquidation of the
Partnership pursuant to the Partnership Agreement.

    

    
      
        
           

        

        
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    6.       
      Preemptive
Rights

    

    (a)      
     Subject to Section 6(b) below,
if the Partnership or any of its Subsidiaries proposes to issue any Equity
Security, the Partnership will (or will cause such Subsidiary to) offer to sell
to each Partner holding Common Units a number of such securities (“Offered Units”) as is
equal to such Partner’s pro rata share, based on the ratio of (i) the number
of Common Units
owned by such Partner divided by (ii) the total number of Common Units
outstanding at such time; provided that for the
purpose of calculating Offered Units with respect to any Management Partner, the
“Partner Interests owned by such Partner” shall mean such Partner’s Vested
Incentive Units held by such Partner at the time of such
calculation.  The Partnership shall give each Partner at least thirty
(30) days prior written notice of any proposed issuance, which notice shall
disclose in reasonable detail the proposed terms and conditions of such issuance
(the “Issuance
Notice”); provided the issue
price for any Class A Common Units issued as provided in this Section 6 prior to
the first anniversary of the date of this Agreement will the same as the price
per Unit at which Class A Common Units are being issued pursuant to the Investor
Securities Purchase Agreement on the date of this Agreement (i.e., $1.00 per
Class A Common Unit).  Each Partner will be entitled to purchase such
securities at the same price and on the same terms (including, if more than one
type of security is issued, the same proportionate mix of such securities) as
the securities are issued by delivery of irrevocable written notice (the “Election Notice”) to
the Partnership of such election within thirty (30) days after receipt of the
Issuance Notice (the “Preemptive
Period”).  If any Partner has elected to purchase any Offered
Units, the sale of such units shall be consummated as soon as practical (but in
any event within twenty (20) days, unless the Company abandons or withdraws its
offering of the Offered Units) after the delivery of the Election Notice to the
Partnership.  To the extent the Partners do not elect to, or are not
entitled to, purchase all of the Offered Units, then the Partnership or such
Subsidiary may issue the remaining Offered Units at a price and on terms no more
favorable to the transferee(s) thereof specified in the Issuance Notice during
the 120-day period following the Preemptive Period.  Notwithstanding
anything in this Section 6 to the
contrary, the Partnership shall not be deemed to have breached this Section 6 if, within
30 days following the issuance of any Equity Securities in contravention of this
Section 6, the
Partnership or the Subsidiary in question (as applicable) offers to sell the
same type of such Equity Securities or the holder of such Equity Securities
offers to sell all or the applicable portion of such additional Equity
Securities in each case to each Partner so that, taking into account such
previously issued securities and any such additional securities, each Partner
will have had the right to purchase or subscribe for securities in a manner
consistent with the allocation provided in the initial sentence of this Section 6(a);
provided that no merger or consolidation or sale of all or substantially all of
the assets of, transfer of Equity Securities or issuance or sale of additional
Equity Securities of the Partnership or any Subsidiary may be approved or
effected or any distribution under the Partnership Agreement may be approved or
occur prior to the consummation of such subsequent offer.

    

    (b)     
      The rights contained in this Section 6 shall not
apply to (i) the issuance of Common Units (including any Convertible Security)
as a dividend or upon any subdivision or Unit split of outstanding Common Units;
(ii) the issuance of Equity Securities upon conversion of any Convertible
Securities issued in compliance herewith; (iii) the issuance of Equity
Securities to officers, directors, managers employees or consultants of the
Partnership, its Subsidiaries or Grande Manager or, for so long as the ABB
Advisory Agreement is in effect, of ABB or its Affiliates, approved by, or
pursuant to arrangements approved by, the General Partners or the Grande Manager
Board, (iv) the issuance of Common Units pursuant to any underwritten public
offering, (v) the issuance of any Common Unit (including any Convertible
Security) as consideration for the acquisition of any Person or business or unit
or division thereof or any other asset or other property to be used in the
operations of the Partnership or any of its Subsidiaries, (vi) any issuance of
Class A Common Units pursuant to the Recapitalization Agreement, or (vii) any
issuance of Equity Securities of a Subsidiary of the Partnership to the
Partnership or to any other Subsidiary of the Partnership.

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    7.     
        Legend.  Each
certificate or instrument, if any, evidencing Partner Interests and each
certificate or instrument, if any, issued in exchange for or upon the Transfer
of any Partner Interests (if such units remain) shall be stamped or otherwise
imprinted with legends as provided in Section 11.4 of the Partnership
Agreement.

    

    8.         
    Transfers in Violation of
Agreement.  Any Transfer or attempted Transfer of any Partner
Interests in violation of any provision of this Agreement or of the Partnership
Agreement shall be null and void, and the Partnership shall not record such
Transfer on its books or treat any purported transferee of such Partner
Interests as the owner of such units for any purpose.

    

    9.             
Transfer of Partner
Interests

    

    (a)           
In connection with the Transfer of any Partner Interests other than a Transfer
pursuant to a Public Sale, the holder thereof shall deliver written notice to
the Partnership describing in reasonable detail the Transfer or proposed
Transfer, together with an opinion of counsel reasonably acceptable to the
Partnership (which such opinion requirement may be waived by the Partnership in
its sole discretion) to the effect that such Transfer of Partner Interests may
be effected without registration of such Partner Interests under the Securities
Act.  Notwithstanding anything in this Agreement or any other
Transaction Document to the contrary, no Partner shall Transfer any Common Unit
if, as a result of and after giving effect to such Transfer, an obligation would
arise under the Exchange Act to register any Common Unit.

    

    (b)           
No Transfer or issuance of any Partner Interests (other than pursuant to a
Public Sale) shall be permitted unless and until the prospective transferee
agrees to become a party to this Agreement and be bound by all the terms and
conditions hereof to the same extent as the transferring party by executing and
delivering to the Partnership a joinder to this Agreement in substantially the
form attached hereto as Exhibit
A.

    

    10.           
Information and
Consulting Rights.

    

    (a)           
So long as any Grande Holdings Partner or any Non-Management Partner continues
to hold any Partner Interest, the Partnership shall deliver, or cause to be
delivered to such Grande Holdings Partner and/or such Non-Management
Partner:

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

    

    (i)   
         as soon as available, but
in any event within 120 days after the end of each fiscal year of the
Partnership beginning with the fiscal year ending after December 31, 2009, a
copy of the consolidated balance sheet of Grande Operating, as at the end of
such fiscal year and the related consolidated statements of operations, members’
equity and cash flows for such fiscal year, setting forth in comparative form
the figures (if any) for the previous year and, if obtained by Grande Operating,
accompanied by a report thereon, without qualification as to the scope of the
audit, of independent certified public accountants of nationally recognized
standing, stating that such financial statements fairly present, in all material
respects, the consolidated financial position of the Grande Operating and its
Subsidiaries as at the dates indicated and the results of their operations and
their cash flows for the periods indicated in conformity with GAAP applied on a
basis consistent with prior years (except as otherwise disclosed in such
financial statements) and that the examination by such accountants in connection
with such consolidated financial statements has been made in accordance with
generally accepted auditing standards;

    

    (ii)    
       following the Separation Date and as
soon as available, but in any event within 120 days after the end of each fiscal
year of the Partnership, a copy of the consolidated balance sheet of each
Non-Core Company as at the end of such fiscal year and the related consolidated
statements of operations, members’ equity and cash flows for such fiscal year,
setting forth in comparative form the figures (if any) for the previous year
and, if obtained by such Non-Core Company, accompanied by a report thereon,
without qualification as to the scope of the audit, of independent certified
public accountants of nationally recognized standing, stating that such
financial statements fairly present, in all material respects, the consolidated
financial position of such Non-Core Company and its Subsidiaries as at the dates
indicated and the results of their operations and their cash flows for the
periods indicated in conformity with GAAP applied on a basis consistent with
prior years (except as otherwise disclosed in such financial statements) and
that the examination by such accountants in connection with such consolidated
financial statements has been made in accordance with generally accepted
auditing standards; and

    

    (iii)           as
soon as available, but in any event not later than 45 days after the end of each
of the first three fiscal quarters of each fiscal year of the Partnership (other
than any quarterly period ending prior to the date hereof), the unaudited
consolidated balance sheet of each of Grande Operating and each Non-Core
Company, in each case with its Subsidiaries (if any), in each case, as at the
end of each such quarter and the related unaudited consolidated and
consolidating statements of operations, owners’ equity and cash flows for such
quarterly period and the portion of the fiscal year of such entity through such
date.

    

    (b)      
     [Intentionally Omitted]

    

    (c)        
   [Intentionally Omitted]

    

    (d)         
  [Intentionally Omitted]

    

    11.          
 Certain Approval
Rights of the Grande Holdings Partner.  Without the prior
written consent of the Grande Holdings Partner or the Grande Holdings Director,
the Partnership will not, and the General Partners shall cause the Partnership
not to:

    

    
      
        
           

        

        
          16

          
            

          

        

        
           

        

      

    

    

    (a)   
        directly or indirectly issue any
Class B Common Units or other incentive-based Equity Securities to any ABRY VI
officers, directors, employees or consultants; or

    

    (b)    
       during the period of 18 months from
the date of this Agreement, (i) directly or indirectly issue incentive-based
Equity Securities other than Class B-1 Common Units, Class B-2 Common Units or
Class B-3 Common Units to any of the officers, directors, employees or
consultants of the Partnership, (ii) issue any Class B-1 Common Units, Class B-2
Common Units or Class B-3 Common Units if, after giving effect to such issuance,
the Class B Common Units of such series would represent greater than 5% of the
then-outstanding Common Units, or (iii) decrease the Non-Distribution Amount of
Class B-1 Common Units, Class B-2 Common Units or Class B-3 Common
Units.

    

    (c)      
     [Intentionally Omitted]

    

    (d)       
    [Intentionally Omitted]

    

    (e)         
  [Intentionally Omitted]

    

    12.          
 [Intentionally Omitted]

    

    13.           
Confidentiality.  Each
Partner agrees (as to itself) that it will maintain the confidentiality of all
Confidential Information in accordance with procedures adopted by such Partner
in good faith to protect confidential information of third parties delivered to
it and will not use any Confidential Information other than for a purpose
reasonably related to such Partner’s investment in the Partnership; provided that each
Partner may deliver or disclose Confidential Information to (i) such Partner’s
stockholders, directors, officers, employees, agents, attorneys, affiliates and
financial and professional advisors (in each case, to the extent such disclosure
reasonably relates to the ownership, disposition or administration of the
investment represented by the Partner Interests held by such Partner) who agree
to hold confidential and refrain from using the Confidential Information
substantially in accordance with the terms of this Section 13; provided that a
stockholder of Grande Holdings will not be required to agree to maintain
confidentiality of information such stockholder receives from or through the
Grande Holdings Partner so long as the information such stockholder receives
is of the type
customarily provided by privately held corporations to stockholders, taking into
account the identity of such shareholder, who are not subject to confidentiality
obligations, (ii) any other holder of any Partnership Interest that is bound by
this Section 13
to the same extent as such Partner, (iii) any Person to which such Partner may
sell or offer to sell any Partnership Interest or any part thereof or any
participation therein (if such Person has agreed in writing prior to its receipt
of such Confidential Information to be bound by the provisions of this Section 13 to the
same extent as such Partner), (iv) any Person from which such Partner may offer
to purchase any security of the Partnership (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 13 to the
same extent as such Partner), (v) any federal or state regulatory authority
having jurisdiction over the Partner, or (vi) any other Person to which such
delivery or disclosure may be necessary or appropriate (w) to effect compliance
with any applicable law, rule, regulation or order, including any filings with
or disclosures to the Securities and Exchange Commission required to be made by
such Partner under the Exchange Act and any other filings with or notices to any
Governmental Authorities in accordance with the Recapitalization Agreement or
otherwise required under applicable law, (x) in response to any subpoena or
other legal process or (y) in connection with any litigation.

    

    
      
        
           

        

        
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    14.   
        Amendment and
Waiver.

    

    (a)     
      Subject to Section 14(b) below,
no modification, amendment or waiver of any provision of this Agreement (whether
by merger, consolidation or otherwise) shall be effective against the
Partnership and the Partners unless such modification, amendment or waiver is
approved in writing by, respectively, the Partnership and the holders of a
majority of the Common Units on a fully diluted as if converted basis; provided
that:  (i) no such modification, amendment or waiver will adversely
affect the rights hereunder of any of the parties hereto when compared with its
effect on the other similarly situated parties hereto without the prior written
approval of a majority-in-interest of such adversely-affected parties, and (ii)
no such modification, amendment or waiver of Section 11 or Section 12 above, or
that eliminates the right of the Grande Holdings Partner to designate, remove or
replace the Grande Holdings Director, or to participate in transfers pursuant to
Section 3(a)
above or issuances pursuant to Section 6 above or to
receive financial statements or other information pursuant to Section 10 above,
will be effective unless the same has been approved in writing by the Grande
Holdings Partner or the Grande Holdings Director.  A joinder to this
Agreement by any other Person as a “Partner” hereunder shall not be deemed to
adversely affect the rights of any other Partner hereunder or to be a
modification, amendment or waiver of this Agreement for purposes of this Section
14.  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.

    

    (b)      
     Notwithstanding anything in this Section 14 to the
contrary, a modification, amendment or waiver made to reflect (A) the terms and
conditions of any new class or series of Equity Securities (with respect to such
Equity Securities) and any restrictions, rights, preferences and privileges
associated therewith or (B) the restrictions on or rights of any Person who
purchases Equity Securities of the Partnership after the date hereof (with
respect to such Equity Securities) shall, in each case, require only the
approval of the Partnership and the Partners holding a majority of the Class A
Common Units; provided that (i) no
such modification, amendment or waiver will adversely affect the rights
hereunder of any of the parties hereto when compared with its effect on the
other similarly situated parties hereto without the prior written approval of a
majority-in-interest of such adversely-affected parties and (ii) no such
modification, amendment or waiver that eliminates the right of the Grande
Holdings Partner thereof to designate, remove or replace the Grande Holdings
Director, or to
participate in transfers pursuant to Section 3(a) above or
issuances pursuant to Section 6 above will
be effective unless the same has been approved in writing by the Grande Holdings
Partner or the Grande Holdings Director.

    

    15.        
   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.

    

    
      
        
           

        

        
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    16.    
       Entire
Agreement.  This document and the other Transaction Documents
embody the complete agreement and understanding among the parties hereto with
respect to the subject matter hereof and supersede and preempt 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.

    

    17.      
     Termination.  This
Agreement will automatically terminate and be of no further force or effect
immediately after the earlier of the consummation of (i) an Approved Sale or
(ii) a Qualified Public Offering.

    

    18.       
    Successors and
Assigns.  Except as otherwise provided herein, this Agreement
shall bind and inure to the benefit of and be enforceable by the Partnership and
its successors and assigns and the Partners and any subsequent holders of their
respective Partner Interests and the respective successors and assigns of each
of them, so long as they hold Partner Interests; provided that, during the
period of 18 months from the date of this Agreement, none of the rights,
interests or obligations of Grande Holdings Partner pursuant to any of Sections
10(b) through 10(d) or Section 11 or 12 shall be assigned without the prior
written consent of the Partnership.

    

    19.         
  Counterparts.  This
Agreement may be executed in separate counterparts each of which shall be an
original and all of which taken together shall constitute one and the same
agreement.

    

    20.          
 Remedies.  The
parties hereto shall be entitled to enforce their rights under this Agreement
specifically to recover damages by reason of any breach of any provision of this
Agreement and to exercise all other rights existing in their
favor.  The parties hereto agree and acknowledge that money damages
may not be an adequate remedy for any breach of the provisions of this Agreement
and that the Partnership and any Partner may in his, hers, or its sole
discretion apply to any court of law or equity of competent jurisdiction for
specific performance and/or injunctive relief (without posting a bond or other
security) in order to enforce or prevent any violation of the provisions of this
Agreement.

    

    21.           
WAIVER OF JURY
TRIAL.  EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO,
IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT,
TORT, EQUITY, OR OTHERWISE.  EACH PARTY TO THIS AGREEMENT HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION
SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS
AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF
THEIR RIGHT TO TRIAL BY JURY.

    

    
      
        
           

        

        
          19

          
            

          

        

        
           

        

      

    

    

    22.       
    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 (a) on the date of personal delivery to the recipient
or an officer of the recipient, or (b) when sent by telecopy or facsimile
machine to the number shown below on the date of such confirmed facsimile or
telecopy transmission (provided that a confirming copy is sent via overnight
mail), or (c) when properly deposited for delivery by a nationally recognized
commercial overnight delivery service, prepaid, or three Business Days after
deposit in the United States mail, certified or registered mail, postage
prepaid, return receipt requested.  Such notices, demands and other
communications shall be sent to each Partner at the address set forth for such
Partner on Schedule
II attached hereto and to the Partnership at the address set forth
below:

    

    Grande
Investment L.P.

    c/o ABRY
Partners IV, L.P.

    111
Huntington Avenue

    30th
Floor

    Boston,
MA  02199

    
      	
               
      

            	
              Facsimile:

            	
              617-859-8797

            

    

    
      	
               
      

            	
              Attention:

            	
              Jay
      Grossman

            

    

    

    
      	
               
      

            	
              with a copy (which
      will not constitute notice to the Partnership),
  to:

            

    

    

    Kirkland
& Ellis LLP

    601
Lexington Avenue

    New York,
NY  10022

    
      	
               
      

            	
              Facsimile:

            	
              212-446-4900

            

    

    
      	
               
      

            	
              Attention:

            	
              John
      L. Kuehn, Esq.

            

    

    

    or to
such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending
party.

    

    23.      
     Other Partner
Agreements.  Each of ABRY VI and the Partnership agrees that it
will not enter into any agreement with respect to any of the matters contained
in this Partners Agreement with terms and conditions that are more favorable to
any party or Partner than the rights and obligations of Grande Holdings Partner
hereunder.

    

    24.           Governing
Law.    This Agreement shall be construed,
interpreted, and governed in accordance with the laws of the State of Delaware
without reference to rules relating to conflicts of law that would cause the
laws or any other jurisdiction to be applied.

    

    25.        
   No
Strict Construction.  The parties to this Agreement have
participated jointly in the negotiation and drafting of this
Agreement.  In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties to this Agreement, and no presumption or burden of proof shall
arise favoring or disfavoring any party by virtue of the authorship of any of
the provisions of this Agreement.

    

    
      
        
           

        

        
          20

          
            

          

        

        
           

        

      

    

    

    26.          
 Parties in
Interest.  Nothing herein shall be construed to be to the
benefit of or enforceable by any Person that is not a party hereto including any
creditor of the Partnership.

    

    27.           
Submission to
Jurisdiction.  .  EACH PARTY HEREBY CONSENTS AND
AGREES THAT THE STATE COURTS LOCATED IN THE STATE OF DELAWARE WILL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE
PARTIES PERTAINING TO THIS AGREEMENT OR ANY ANCILLARY AGREEMENT OR TO ANY MATTER
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY ANCILLARY
AGREEMENT.  EACH PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO
SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH
PARTY HEREBY WAIVES ANY OBJECTION THAT SUCH PARTY MAY HAVE BASED UPON LACK OF
PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT.  EACH PARTY HEREBY WAIVES PERSONAL SERVICE
OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT
AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE
MADE IN THE MANNER PROVIDED FOR SUCH PARTY IN SECTION 22 AND THAT SERVICE SO
MADE WILL BE DEEMED COMPLETED AS PROVIDED IN SECTION 22.

    

    28.           
Descriptive
Headings.  The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this
Agreement.

    

    *   *   *   *   *

    

    
      
        
           

        

        
          21

          
            

          

        

        
           

        

      

    

    

    Execution
Copy

    

    

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

    

    
      	 
      	
              GRANDE
      INVESTMENT L.P.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              Grande
      Manager, LLC,

            
	 
      	 
      	
              Its
      General Partner

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Patrick Bratton

            
	 
      	
              Name:

            	
              Patrick Bratton

            
	 
      	
              Title:

            	
              Chief Financial Officer

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              GRANDE
      MANAGER, LLC

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              ABRY
      Partners VI, L.P.,

            
	 
      	 
      	
              Its
      Sole Member

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Patrick Bratton

            
	 
      	
              Name:

            	
              Patrick Bratton

            
	 
      	
              Title:

            	
              Chief Financial Officer

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              ABRY
      PARTNERS VI, L.P.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              ABRY
      VI Capital Partners, L.P.,

            
	 
      	 
      	
              Its
      General Partner

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              ABRY
      VI Capital Investors, LLC,

            
	 
      	 
      	
              Its
      General Partner

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jay M. Grossman

            
	 
      	
              Name:

            	
              Jay M. Grossman

            
	 
      	
              Title:

            	
              Authorized
  Signatory

            

    

    

    
      
        
           

        

        
          22

          
            

          

        

        
           

        

      

    

     

    
      	 
      	
              ABRY
      INVESTMENT PARTNERSHIP, L.P.

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              ABRY
      Investment GP, LLC,

            
	 
      	 
      	
              Its
      General Partner

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Jay M. Grossman

            
	 
      	
              Name:

            	
              Jay M. Grossman

            
	 
      	
              Title:

            	
              Authorized
  Signatory

            

    

    

    
      
        
           

        

        
          23

          
            

          

        

        
           

        

      

    

     

    
      	 
      	
              GRANDE
      COMMUNICATIONS HOLDINGS, INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Michael Wilfley

            
	 
      	
              Name:

            	
              Michael Wilfley

            
	 
      	
              Title:

            	
              Chief Financial
  Officer

            

    

     

     

    24ex10_4.htm

Exhibit 10.4

Execution Copy

REGISTRATION RIGHTS AGREEMENT

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of September 14, 2009, by and among Grande Investment L.P., a Delaware partnership (the “Company”), and the partners
of the Company signatory hereto or signatory to a joinder in the form attached hereto as Exhibit A (collectively, the “Investors”).  Capitalized terms used herein but not otherwise defined in this Agreement are defined in Section 9 below.

The parties hereto agree as follows:

1.            Demand Registrations.

(a)           Requests for Registration.  Subject to Sections 1(b) through (g),
at any time and from time to time, the holders of a majority of the Registrable Securities may request registration, whether underwritten or not, under the Securities Act of all or any portion of their respective Registrable Securities (i) on Form S-1 or any similar long-form registration statement (the “Long Form Registrations”), (ii) on Form S-2 or S-3 or any similar short-form registration statement (the “Short-Form
Registrations”), if available, or (iii) on any applicable “short form” pursuant to Rule 415 under the Securities Act, if available (“415 Registrations”).  All registrations requested as described in this Section 1 are referred to herein as “Demand Registrations.”  Each
such request for a Demand Registration (a “Demand Notice”) will specify the approximate number of Registrable Securities requested to be registered, the anticipated per share price range for such offering (which range may be revised from time to time by the Persons initiating such Demand Registration by written notice to the Company to that effect), and whether the Demand Registration will be underwritten.  Each request for
a Demand Registration and, subject to the provisions of Section 7, each request for inclusion in such Demand Registration also will specify the manner and disposition of the shares of Registrable Securities to be included therein.  Within ten (10) days after receipt of any such Demand Notice, the Company will give written notice of such request for registration to all other holders of Registrable Securities and, subject to Section
1(e), will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days after the receipt of the Company’s notice.

(b)           Long-Form Registrations.  (i) The holders of a majority of the Registrable Securities will be entitled to request three (3) Long-Form Registrations in which the Company will pay all Registration
Expenses; provided that the Company will have no obligation to grant any request for a Long-Form Registration unless the aggregate value of the Registrable Securities to be sold through such registration equals at least $5.0 million.  The Company will pay all Registration Expenses in connection with any Demand Registration initiated as a Long-Form Registration whether or not it has become effective.  The Company will use commercially
reasonable efforts to cause any Long-Form Registration to be declared effective under the Securities Act as soon as practicable after filing such Long-Form Registration.  A registration will not count as a permitted Long-Form Registration until it has become effective.  A registration will not count as a Long-Form Registration unless the holders that delivered the related Demand Notice are able to register and sell at least 90% of the Registrable Securities that such holders have requested
to be included in such registration.

  

  

  

(c)           Short-Form Registrations.  (i) The holders of a majority of the Registrable Securities will be entitled to request an unlimited number of Short-Form Registrations in which the Company will pay
all Registration Expenses.  Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form.  After the Company has become subject to the reporting requirements of the Securities Exchange Act, the Company will use commercially reasonable efforts to make Short-Form Registrations on Form S-3 or any other short form available for the sale of Registrable Securities.  The Company will use its commercially reasonable efforts to cause
any Short-Form Registration to be declared effective under the Securities Act as soon as practicable after filing of such Short-Form Registration.  A registration will not count as a permitted Short-Form Registration until it has become effective.

(d)           415 Registrations.

(i)           The holders of a majority of the Registrable Securities will be entitled to request four (4) 415 Registrations in which the Company will pay all Registration Expenses; provided that the Company will have
no obligation to grant any request for a 415 Registration unless such registration is on Form S-2 or S-3 or any similar short-form; and provided, further, that the Company will have no obligation to grant any request for a 415 Registration unless the aggregate value of the Registrable Securities to be sold through such registration equals at least $1.0 million.  Subject to
the availability of required financial information, within 45 days after the Company receives written notice of a request for a 415 Registration, the Company will file with the Securities and Exchange Commission a registration statement under the Securities Act for the 415 Registration.  The Company will use its commercially reasonable efforts to cause the 415 Registration to be declared effective under the Securities Act as soon as practicable after filing and, once effective, the Company will (subject
to the provisions of clause (ii) below) cause such 415 Registration to remain effective for such time period as is specified in such request, but for no time period longer than the period ending on the earlier of (A) the second anniversary of the date of filing of the 415 Registration, (B) the date on which all Registrable Securities covered by such 415 Registration have been sold pursuant to the 415 Registration and (C) the date as of which there are no longer any Registrable Securities covered by such 415 Registration
in existence.

(ii)           If the holders of a majority of the Registrable Securities notify the Company in writing that they intend to effect the sale of all or substantially all of the Registrable Securities held by such holders pursuant to a single integrated offering pursuant to a then effective
registration statement for a 415 Registration (a “Takedown”), then so long as the aggregate value of the Registrable Securities to be sold through such Takedown equals at least $1.0 million, the Company and each holder of Registrable Securities will not effect any public sale or distribution of its Equity Securities during the 90-day period beginning on the date such notice of a Takedown is received, except pursuant to such Takedown.  Notwithstanding
anything contained herein to the contrary, all holders of Registrable Securities and holders of other Common Stock who have a contractual right to participate in such Takedown may participate in such Takedown, pro rata based on the number of Registrable Securities and shares of other Common Stock requested by such holders to be included in such Takedown.

  

2

  

(e)           Priority on Demand Registrations.  If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable
Securities and other shares of Common Stock requested to be included in such offering exceeds the number of Registrable Securities and other shares of Common Stock, if any, which can be sold in such offering without adversely affecting the Company or the marketability of the offering, the Company will include in such registration (i) first, the number of Company Registrable Securities (if any) that holders of a majority of the Registrable Securities held
by the Person(s) that delivered the related Demand Notice have requested to be included in such offering pursuant to Section 4(c) below, and (ii) second, the number of Registrable Securities or shares of other Common Stock requested to be included in such registration by the holders of such Registrable Securities or shares of such other Common Stock under this Agreement or pursuant to
any other agreement with the Company, pro rata among the respective holders thereof on the basis of the number of Registrable Securities or shares of such other Common Stock owned by each such holder, in each case, up to the aggregate number of shares of Common Stock which in the opinion of such managing underwriters can be sold without adversely affecting the Company or the marketability of such offering.

(f)            Restrictions on Demand Registrations.

(i)           Notwithstanding any other provision of this Agreement, the Company will not be obligated to effect any Demand Registration within 180 days after the effective date of a previous Demand Registration or a previous registration in which the holders of Registrable Securities
were given piggyback rights to have such holder’s Registrable Securities included pursuant to Section 2, whether or not Section 1(e), Section 2(c) or Section 2(d) applied to such offering.

(ii)           If the Company’s board of directors in good faith determines that the filing or effectiveness of a registration statement in connection with any requested Demand Registration would be reasonably likely to materially and adversely affect any material contemplated
acquisition, divestiture, registered primary offering or other transaction as to which the Company or any of its Subsidiaries has then taken substantial steps, or would require disclosure of facts or circumstances which disclosure would be reasonably likely to materially and adversely affect any material contemplated acquisition, divestiture, registered primary offering or other transaction as to which the Company or any of its Subsidiaries has then taken substantial steps, then the Company may delay such registration
for a period of up to 120 days so long as the Company is still pursuing the transaction that allowed such delay (it being agreed that the Company may not delay requested registrations pursuant to this clause (ii) more than once during any period of 360 consecutive days).  If the Company postpones the filing or effectiveness of a registration statement pursuant to this Section 1(f)(ii), it will promptly notify in writing the holders
of Registrable Securities requesting such registration when the events or circumstances permitting such postponement have ended.

  

3

  

(g)           Selection of Underwriters.  The holders of a majority of the Registrable Securities held by the holders that delivered such Demand Notice shall have the right to select the investment banker(s)
and manager(s) to administer the offering in the related Demand Registration, in each case, subject to the Company’s approval which will not be unreasonably withheld or delayed.

2.             Piggyback Registrations.

(a)           Right to Piggyback.  Whenever the Company proposes to register any of its Common Stock under the Securities Act (other than pursuant to a Demand Registration) and the registration form to be used
may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company will give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and will, subject to Section 2(c) and (d), include in such registration all Registrable
Securities with respect to which the Company has received written requests for inclusion in such registration within twenty (20) days after the receipt of the Company’s notice.  Holders of Registrable Securities shall have an unlimited amount of Piggyback Registrations.

(b)           Piggyback Expenses.  The Registration Expenses of the Company and of the holders of Registrable Securities will 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 shares of Common Stock requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will include in such registration (i) first, the number of shares of Common Stock the Company proposes to sell in such registration; and (ii) second, the number of Registrable
Securities and other shares of Common Stock requested to be included in such registration pursuant to contractual obligations of the Company, pro rata among the respective holders of such Registrable Securities or such other shares of Common Stock on the basis of the number of Registrable Securities or shares of such other Common Stock owned by each such holder, in each case, up to the aggregate number of Common Stock which in the opinion of such managing
underwriters can be sold without adversely affecting the Company or the marketability of such offering.

(d)           Priority on Secondary Registrations.  If a Piggyback Registration is an underwritten secondary registration on behalf of holders of Common Stock who have the contractual right to initiate such
a registration, and the managing underwriters advise the Company in writing that in their opinion the number of shares of Common Stock requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the Company or the marketability of the offering, the Company will include in such registration (i) first, the number of shares of Common Stock requested to be included in such offering by the holders
initially requesting such registration pursuant to their contractual rights; (ii) second, the number of shares of Common Stock the Company proposes to sell in such registration; and (iii) third, the number of Registrable Securities and other shares of Common Stock requested to be included in such registration pursuant to binding contractual obligations of the Company, pro
rata among the respective holders thereof on the basis of the number of Registrable Securities or shares of such other Common Stock requested by them to be included in such registration, in each case, up to the aggregate number of shares of Common Stock which in the opinion of such managing underwriters can be sold without adversely affecting the Company or the marketability of such offering.

  

4

  

(e)           Selection of Underwriters.  If any Piggyback Registration is an underwritten offering, the Company’s selection of investment banker(s) and manager(s) for the offering must be approved by
the holders of a majority of the Registrable Securities requested to be included in such offering.  Such approval will not be unreasonably withheld or delayed.

(f)            Other Registrations.  If the Company has previously filed a registration statement with respect to Registrable Securities pursuant to Section 1 hereof
or pursuant to this Section 2, and if such previous registration has not been withdrawn or abandoned, the Company will not file or cause to be effected any other registration of any of its Equity Securities or securities convertible or exchangeable into or exercisable for its Equity Securities under the Securities Act (except on Form S-4 or Form S-8 or any successor forms), 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 date such previous registration became effective.

3.             Holdback Agreements.  Notwithstanding anything to the contrary contained in this Agreement, neither the Company nor any holder of Registrable Securities will effect any public sale or distribution
of the Company’s Equity Securities during the seven (7) days prior to or during the 180-day period beginning on the effective date of the Initial Public Offering, the 90-day period beginning on the effective date of any underwritten Demand Registration or the 90-day period beginning on the effective date of any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-8 or any successor form), unless the underwriter(s) managing such underwritten
registration otherwise agree.  Notwithstanding anything in this Section 3 to the contrary, no holder of Registrable Securities shall be released from the restrictions on public sale and distributions contained in this Section 3 unless all holders of Registrable Securities are so released.

4.             Registration Procedures.  Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will, subject
to the provisions of Section 7 hereof, 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 will as expeditiously as possible:

(a)            prepare and file with the Securities and Exchange Commission a registration statement, and all amendments and supplements thereto and related prospectuses as may be necessary to comply with applicable securities laws, with respect to such Registrable Securities and use
its commercially reasonable efforts to cause such registration statement to become effective as soon as practicable after filing;

(b)           notify each holder of Registrable Securities of the effectiveness of each registration statement filed under this Agreement 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 the earlier of (i) a period of not less than two years (or, in the case of a 415 Registration, not more than two years) and (ii) the date as of which there are no longer any Registrable Securities covered by such registration statements in existence, in each case in order to comply with the provisions of the Securities Act with respect to the disposition of all shares of Common Stock covered by such registration
statement;

  

5

  

(c)           in the case of a Demand Registration that is the Initial Public Offering only, if requested by the holders of a majority of the Registrable Securities held by the Person(s) that delivered the related Demand Notice, use its commercially reasonable efforts to cause to be
included in such registration statement Equity Securities (“Company Registrable Securities”) to be offered in a primary offering of Common Stock contemporaneously with or as part of such offering;

(d)           furnish to each seller of Registrable Securities such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus), exhibits and such other documents
as such seller and underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller in accordance with the procedures described therein;

(e)           use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller and underwriter reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable
to enable such seller and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will 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 subsection, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction);

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

(g)           cause all such Registrable Securities if the Common Stock is then listed on a securities exchange or included for quotation in a recognized market, to continue to be so listed or included for so long as such registration statement is required to remain effective;

(h)           provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of the first registration statement relating to Registrable Securities or other shares of Common Stock;

  

6

  

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

(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 seller or underwriter, all financial and other
records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement;

(k)           otherwise use 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 (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the applicable registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

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

(m)           use its commercially reasonable efforts to cause its management to participate fully in the sale process, including the preparation of the applicable registration statement and the preparation and presentation of any “road shows,” whether domestic or international;

(n)           use its commercially reasonable efforts to cause all Registrable Securities covered by the applicable registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers of such
Registrable Securities to consummate the disposition of such Registrable Securities in accordance with the procedures set forth in such registration statement;

(o)           furnish to each seller of Registrable Securities a signed counterpart addressed to such seller and the underwriters, if any, of:

(i)           an opinion of counsel for the Company (in customary form), dated the effective date of such registration statement (and, if such registration relates to an underwritten public offering, an opinion dated the date of the closing under the underwriting agreement), reasonably
satisfactory in form and substance to such seller, and

  

7

  

(ii)           a “comfort” letter, dated the effective date of such registration statement (and, if such registration relates to an underwritten public offering, a letter dated the date of the closing under the underwriting agreement), signed by the independent public
accountants who have certified the Company’s financial statements included in such registration statement, covering substantially the same matters with respect to such registration statement (and the prospectus included in such registration statement) and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters
in underwritten public offerings of securities;

(p)           notify the holders of Registrable Securities and the managing underwriter or underwriters, if any, promptly and confirm such advice in writing promptly thereafter:

(i)            when the registration statement, the prospectus or any prospectus supplement related to such registration statement or post-effective amendment to the registration statement has been filed, and, with respect to the registration statement or any post-effective amendment
to such registration statement, when the same has become effective;

(ii)           of any request by the Securities and Exchange Commission for amendments or supplements to the registration statement or the prospectus or for additional information;

(iii)          of the issuance by the Securities and Exchange Commission of any stop order suspending the effectiveness of the registration or the initiation of any proceedings by any Person for that purpose; and

(iv)           of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose;

(q)           at least ten (10) days before filing a registration statement or prospectus and as promptly as practicable prior to filing any amendments or supplements thereto, furnish to legal counsel representing the holders of the Registrable Securities covered by such registration
statement copies of all such documents proposed to be filed (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to counsel of Rio GP, LLC, a Nevada limited liability partnership, to the extent it has included any Registrable Securities in such filing, copies of all such documents proposed to be filed, which documents shall be subject to the review and comment of such counsel);

(r)           use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement filed in connection herewith, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, at the earliest possible moment;

(s)           cooperate with each holder of Registrable Securities covered by the applicable registration statement and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates
will not bear any restrictive legends and will be in a form eligible for deposit with the transfer agent for the Common Stock, and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters, if any, or holders may request at least two business days prior to any sale of Registrable Securities;

  

8

  

(t)           make available for inspection by a representative selected by a majority of the holders of Registrable Securities participating in the offering, any underwriter participating in any disposition pursuant to the registration and any attorney or accountant retained by such
selling holder or underwriter (each, an “Inspector”), all financial and other records, pertinent corporate documents and properties of the Company (the “Records”) and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector in connection with such registration; provided that
the Company will not be required to comply with this clause (t) if there is a reasonable likelihood, in the judgment of the Company exercised in good faith, that such delivery could result in the loss of any attorney-client privilege related thereto; and provided further that Records which the Company determines, in good faith, to be confidential and which it notifies the Inspectors
are confidential will not be disclosed by the Inspectors (other than to any holder of Registrable Securities participating in the offering) unless (x) such Records have become generally available to the public or (y) the disclosure of such Records may be necessary or appropriate (A) to comply with any law, rule, regulation or order applicable to any such Inspectors or holder of Registrable Securities, (B) in response to any subpoena or other legal process or (C) in connection with any litigation to which such
Inspectors or any holder of Registrable Securities is a party (provided that Company is provided with reasonable notice of such proposed disclosure and a reasonable opportunity to seek a protective order or other appropriate remedy with respect to such Records); and

(u)           use its commercially reasonable efforts to provide a CUSIP number for the Registrable Securities, not later than the effective date of the registration.

Each holder of Registrable Securities who is an officer or employee of the Company agrees that if and for so long as such holder serves as an officer of the Company or is employed by the Company, such holder will participate fully in the sale process, including the preparation of the registration statement and the preparation and presentation
of any such road shows.  Any holder of Registrable Securities requested to be included in such offering may withdraw any or all of such Registrable Securities from such offering by written notice to the Company to that effect (whereupon such withdrawn Registrable Securities will no longer be considered to have been requested to be included in such offering), and no such withdrawal will adversely affect the rights of any holder of Registrable Securities requested to be included in such offering.

5.             Registration Expenses.

(a)           All expenses incidental to the Company’s performance of or compliance with this Agreement, including all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and
disbursements of custodians and transfer agents and registrars, 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”), will be borne by the Company, and the Company will pay its internal expenses (including all salaries and expenses
of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or inclusion for quotation in a recognized market.

  

9

  

(b)           In connection with each Demand Registration and each Piggyback Registration, the Company will reimburse the holders of Registrable Securities included in such registration for the reasonable fees and disbursements of one law firm chosen by the holders of a majority of
the Registrable Securities requested to be included in such registration.

6.             Indemnification.

(a)           The Company agrees to indemnify, to the extent permitted by law, each holder of Registrable Securities, such holder’s officers, directors, partners trustees, members, managers, employees, advisors, agents and each Person who controls such holder (within the meaning
of the Securities Act) against all losses, claims, damages, liabilities and expenses, including the reasonable attorney’s fees and disbursements and expenses incurred in connection therewith (“Losses”) caused by (i) any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment of such registration statement or supplement to such registration
statement, (ii) any omission or alleged omission of a material fact required to be stated in such registration statement or necessary to make the statements in such registration statement not misleading, or (iii) any violation, or alleged violation by the Company of the Securities Act, the Exchange Act or any applicable state securities law or any rule or regulation promulgated thereunder except in each case, insofar as the same are caused by or contained in any information furnished in writing to the Company
by such holder expressly for use in such registration statement or by such holder’s failure to deliver to the purchaser a copy of the registration statement or prospectus or any amendments or supplements to such registration statement after the Company has furnished such holder with copies of the same, in each case to the extent that such document was required to be delivered and the damages, liabilities or expenses are caused by a failure to deliver such document.  In connection with an underwritten
offering, the Company will 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 will furnish to the Company in writing such information and affidavits (upon the reasonable request of the Company, in the form of an executed
writing satisfactory the requirements set forth below in this Section 6(b)) as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue
or alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment of such registration statement or supplement to such registration statement or any omission or alleged omission of a material fact required to be stated in such registration statement or necessary to make the statements in such registration statement 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 or on such holder’s behalf, in such holder’s capacity as a holder of Registrable Securities and not in such holder’s capacity as a director or officer of the Company, if applicable, expressly for use therein; provided that the obligation to indemnify will be individual, not joint and several, for each holder and will be limited to the net amount of proceeds received by such holder from the
sale of Registrable Securities pursuant to the registration statement upon which the claim for indemnification is based.

  

10

  

(c)           Any Person entitled to indemnification hereunder will (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 will 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 will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld).  An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one law firm (plus one local counsel in each applicable jurisdiction) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.

(d)           The indemnification provided for under this Agreement will 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 will survive the transfer
of securities and the termination of this Agreement.  No indemnifying party, in the defense of any such claim or litigation, will, except with the consent of any indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term of such settlement a requirement that the claimant or plaintiff give to such indemnified party a release from all liability in respect to such claim or litigation.

(e)           If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to in this Agreement,
each indemnifying party, in lieu of indemnifying such indemnified party thereunder, will, to the extent permitted by applicable law, contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the omissions or violations (or alleged omissions or violations) which resulted in such Loss.  The relative fault
of the indemnifying party and of the indemnified party will be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however,
that in no event will any contribution by a holder hereunder exceed the net proceeds from the offering received by such holder less any amounts paid pursuant to Section 6(b) above.  The Company and each holder of Registrable Securities agrees that it would not be just and equitable if contribution pursuant to this Section 6(e) were determined by any method of allocation
which does not take into account the equitable considerations referred to in this Section 6(e).  No Person guilty of fraudulent misrepresentation (within the meaning of subsection 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

  

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7.            Participation in Underwritten Registrations.  No Person may participate in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities
on the basis provided in any underwriting arrangements reasonably approved by the Person or Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents that are standard and customary for similarly situated Persons and are reasonably required under the terms of such underwriting arrangements.

8.             Rule 144; Rule 144A.

(a)           If the Company will have filed a registration statement pursuant to Section 12 of the Securities Exchange Act or a registration statement pursuant to the Securities Act, the Company will file the reports required to be filed by it under the Securities Act and the
Securities Exchange Act with respect to Common Stock and the rules and regulations adopted by the Securities and Exchange Commission thereunder and will use its commercially reasonable efforts to take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 or (b) any similar rule
or regulation hereafter adopted by the Securities and Exchange Commission.  Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such requirements.

(b)           The Company represents and warrants that the Registrable Securities are not, and are not of the same class as any other securities, listed on a national securities exchange registered under Section 6 of the Securities Exchange Act or quoted in an automated inter-dealer
quotation system.  For so long as the representations and warranties contained in the immediately preceding sentence remain accurate and any shares of Registrable Securities are restricted securities within the meaning of Rule 144(a)(3) under the Securities Act, the Company covenants and agrees that it will, during any period in which it is not subject to Section 13 or 15(d) of the Securities Exchange Act, make available to any holder of Registrable Securities in connection with the sale of such
holder’s Registrable Securities and any prospective purchaser of Registrable Securities from such, in each case upon request, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act.

9.              Definitions.

“415 Registration” has the meaning set forth in Section 1(a) hereof.

  

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“Agreement” has the meaning set forth in the first paragraph of this Agreement.

“Class A Common Units,” and “Class B Common Units,” have the meanings set forth in the Operating Agreement, provided that
such terms shall include any Equity Securities issued or issuable with respect to any Class A Common Units and Class B Common Units by way of a distribution, stock dividend, stock split, conversion or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization.

“Common Stock” means the Common Stock of the Successor Corporation formed pursuant to Section 5 of the Partners Agreement.

“Company” has the meaning set forth in the first paragraph of this Agreement, which meaning will include any Successor Corporation.

“Company Registrable Securities” has the meaning set forth in Section 4(c) hereof.

“Demand Notice” has the meaning set forth in Section 1(a) hereof.

“Demand Registrations” has the meaning set forth in Section 1(a) hereof.

“Equity Securities” of any Person means (i) any capital stock, partnership, membership, joint venture or other ownership or equity interest, participation or securities in or of such Person (whether voting or non-voting, whether preferred, common or otherwise,
and including any stock appreciation, contingent interest or similar right) and (ii) any option, warrant, security or other right (including debt securities) directly or indirectly convertible into or exercisable or exchangeable for, or otherwise to acquire directly or indirectly, any stock, interest, participation or security described in clause (i) above.

“Initial Public Offering” means the sale of shares of Common Stock in an underwritten initial public offering registered under the Securities Act (other than on Form S-8 or Form S-4 or any comparable forms) that has been filed under the Securities Act and declared
effective by the Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act, other than a sale of Common Stock issued together with preferred stock or indebtedness of the Company or any of its Subsidiaries.

“Inspector” has the meaning set forth in Section 4(t) hereof.

“Investors” has the meaning set forth in the first paragraph of this Agreement.

“Long-Form Registrations” has the meaning set forth in Section 1(a) hereof.

“Operating Agreement” means the Company’s Amended and Restated Limited Liability Company Agreement, dated as of the date hereof, by and among the Company and its members, as in effect from time to time.

“Partners Agreement” means the Partners Agreement, dated as of the date hereof, by and among the Company and its members, as in effect from time to time.

  

13

  

“Person” means an individual, a partnership, a joint venture, a corporation, a trust, a limited liability company, an unincorporated organization or a government or any department or agency thereof.

“Piggyback Registration” has the meaning set forth in Section 2(a) hereof.

“Records” has the meaning set forth in Section 4(t) hereof.

“Registrable Securities” means (i) any shares of Common Stock acquired by, issued or issuable to, or otherwise owned by any party hereto and (ii) any shares of capital stock of the Company issued or issuable with respect to the securities referred to in clause
(i) above, whether by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization.  For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities 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.  Such securities will cease to be Registrable Securities when sold pursuant to Rule 144 or any offering registered under the Securities Act.  Until a conversion of the Company pursuant to Section 5 of the Partners Agreement, for purposes of this Agreement, any holder of Class A Common Units, Class B Common Units or any other Equity Securities that the Company may issue, will be deemed to hold Registrable
Securities; provided that the Company will only be required to register Common Stock.

“Registration Expenses” has the meaning set forth in Section 5(a) hereof.

“Rule 144” means Rule 144 (or any successor provision) promulgated under the Securities Act, as in effect from time to time.

“Securities Act” means the Securities Act of 1933, as amended and in effect from time to time.

“Securities Exchange Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time.

“Short-Form Registrations” has the meaning set forth in Section 1(a) hereof.

“Subsidiaries” means, with respect to any Person:

(a)           any corporation a majority of the total voting power of shares of stock of which is 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

(b)           any partnership, limited liability company, association or other business entity a majority of the partnership or other similar ownership interest of which is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person
or a combination thereof.

  

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For purposes of this definition, a Person is deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such Person is allocated a majority of the gains or losses of such partnership, limited liability company, association or other business entity or is or controls
the managing director, managing member or general partner of such partnership, limited liability company, association or other business entity.

“Successor Corporation” has the meaning set forth in Section 6 of the Partners Agreement.

“Takedown” has the meaning set forth in Section 1(d)(ii) hereof.

10.           Miscellaneous.

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

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

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

(d)           Amendments and Waivers.  Except as otherwise provided in this Agreement, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company and holders
of a majority of the Registrable Securities; provided that no such amendment or waiver will adversely affect the rights hereunder of any party hereto when compared with its effect on the other similarly-situated parties to this Agreement without the prior written approval of a majority-in-interest of such adversely affected parties.

(e)           Successors and Assigns.  All covenants and agreements in this Agreement by or on behalf of any of the parties to this Agreement will bind and inure to the benefit of the respective successors and
assigns of the parties to this Agreement 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 such Registrable Securities.

  

15

  

(f)            Severability.  Whenever possible, each provision of this Agreement will 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 will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

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

(h)           Descriptive Headings; Interpretation; No Strict Construction.  The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.  Whenever
required by the context, any pronoun used in this Agreement will include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns and verbs will include the plural and vice versa.  Reference to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms of such agreement, document or instrument and, if applicable, of this Agreement.  The use of the
words “include” or “including” in this Agreement will be by way of example rather than by limitation.  The use of the words “or,” “either” or “any” will not be exclusive.  The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties
to this Agreement, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.  The parties agree that prior drafts of this Agreement will be deemed not to provide any evidence as to the meaning of any provision of this Agreement or the intent of the parties hereto with respect to this Agreement.

(i)           GOVERNING LAW.  ALL ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND ANY EXHIBITS AND SCHEDULES TO THIS AGREEMENT
WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.

  

16

  

(j)           Notices.  All communications or notices required or permitted by this Agreement will be in writing and will be deemed to have been given (a) on the date of personal delivery to the recipient or
an officer of the recipient, or (b) when sent by facsimile machine to the number shown below on the date of such confirmed facsimile transmission (provided that a confirming copy is sent via overnight mail), or (c) when properly deposited for delivery by a nationally recognized commercial overnight delivery service, prepaid, or three (3) business days after deposit in the United States mail, certified or registered mail, postage prepaid, return
receipt requested in each case, addressed as follows:

If to the Company, to:

Grande Investment L.P.

c/o ABRY Partners, LLC

111 Huntington Avenue, 30th Floor

Boston, MA 02199

Attention:     Jay Grossman

Facsimile:     (617) 859-8797

with copies (which will not constitute notice to the Company), to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention:     John Kuehn, Esq.

Facsimile:     (212) 446-4900

if to any Investor:

to the address specified for

such Investor in the books

and records of the Company

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

(K)           Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.  EACH PARTY TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION WILL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND
THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

(l)           Transfer.  Prior to transferring any shares of Common Stock (other than a transfer pursuant to which such shares of Common Stock cease to be Registrable Securities) to any Person, the Person transferring
such shares will cause the prospective transferee to execute and deliver to the Company (for itself and as the agent of the other Investors), a counterpart to this Agreement pursuant to which the prospective transferee agrees to be bound by this Agreement to the same extent as the Person transferring such shares of Common Stock with respect to the shares of Common Stock so transferred.

  

17

  

(m)           Entire Agreement.  Except as otherwise expressly set forth in this Agreement, this Agreement and the other agreements referred to in this Agreement embody the complete agreement and understanding
among the parties to this Agreement with respect to the subject matter of this Agreement 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 of this Agreement in any way.

*           *           *           *           *

  

18

  

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

	  	
GRANDE INVESTMENT L.P.

	  	  	  	  
	  	
By:
	
Grande Manager, LLC,
	  
	  	  	
Its General Partner
	  
	  	  	  	  
	  	
By:
	
/s/ Patrick Bratton
	  
	  	
Name:
	
Patrick Bratton
	  
	  	
Title:
	
Chief Financial Officer
	  
	  	  	  	  
	  	
GRANDE MANAGER LLC

	  	  	  	  
	  	
By:
	
/s/ Patrick Bratton
	  
	  	
Name:
	
Patrick Bratton
	  
	  	
Title:
	
Chief Financial Officer
	  
	  	  	  	  
	  	
ABRY PARTNERS VI, L.P.

	  	  	  	  
	  	
By:
	
ABRY VI Capital Partners, L.P.,
	  
	  	  	
Its General Partner
	  
	  	  	  	  
	  	
By:
	
ABRY VI Capital Investors, LLC,
	  
	  	  	
Its General Partner
	  
	  	  	  	  
	  	
By:
	
/s/ Jay M. Grossman
	  
	  	
Name:
	
Jay M. Grossman
	  
	  	
Title:
	
Authorized Signatory
	  

  

19

  

 

	  	
ABRY INVESTMENT PARTNERSHIP, L.P.
	 
	  	  	  	 
	  	
By:
	
ABRY Investment GP, LLC,
	 
	  	  	  	 
	  	
Its General Partner
	 
	  	  	  	 
	  	
By:
	
/s/ Jay M. Grossman
	 
	  	
Name:
	
Jay M. Grossman
	 
	  	
Title:
	
Authorized Signatory
	 

  

20

  

 

	  	
RIO GP, LLC
	 
	  	  	  	 
	  	
By:
	
/s/ Michael Wilfley
	 
	  	
Name:
	
Michael Wilfley
	 
	  	
Title:
	
Chief Financial Officer
	 

 

 

21

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