Document:

exv10w11

Exhibit 10.11

 

FOURTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

CALAMOS HOLDINGS LLC

Effective as of February 9, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I

	DEFINITIONS

	 
	 	 	 	 
	SECTION 1.01. Definitions
	 	 	1	 
	ARTICLE II

	FORMATION, TERM, PURPOSE AND POWERS

	 
	 	 	 	 
	SECTION 2.01. Formation
	 	 	7	 
	SECTION 2.02. Name
	 	 	7	 
	SECTION 2.03. Term
	 	 	7	 
	SECTION 2.04. Offices
	 	 	7	 
	SECTION 2.05. Agent for Service of Process
	 	 	7	 
	SECTION 2.06. Business Purpose
	 	 	7	 
	SECTION 2.07. Powers of the Company
	 	 	8	 
	SECTION 2.08. Maintenance of Separate Existence
	 	 	8	 
	SECTION 2.09. No Personal Liability
	 	 	8	 
	SECTION 2.10. Admission of New Members
	 	 	8	 
	SECTION 2.11. Withdrawal
	 	 	8	 
	SECTION 2.12. Waiver of Fiduciary Duties
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III

	MANAGEMENT

	 
	 	 	 	 
	SECTION 3.01. Manager
	 	 	9	 
	SECTION 3.02. Compensation
	 	 	9	 
	SECTION 3.03. Reimbursements
	 	 	10	 
	SECTION 3.04. Authority of Members
	 	 	10	 
	SECTION 3.05. Voting Power
	 	 	10	 
	SECTION 3.06. Action by Written Consent
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV

	OFFICERS

	 
	 	 	 	 
	SECTION 4.01. Officers
	 	 	10	 
	SECTION 4.02. Management Policies
	 	 	10	 
	 
	 	 	 	 
	ARTICLE V

	DISTRIBUTIONS

	 
	 	 	 	 
	SECTION 5.01. Distributions
	 	 	10	 
	SECTION 5.02. Liquidation Distribution
	 	 	11	 
	SECTION 5.03. Withholding
	 	 	11	 
	SECTION 5.04. Limitations on Distribution
	 	 	12	 

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	 	 	Page	 
	ARTICLE VI

	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS

	 
	 	 	 	 
	SECTION 6.01. Initial Capital Contributions
	 	 	12	 
	SECTION 6.02. Additional Capital Contributions
	 	 	12	 
	SECTION 6.03. Ownership Interests
	 	 	12	 
	SECTION 6.04. Members’ Capital Accounts
	 	 	13	 
	SECTION 6.05. Allocations of Net Profits and Net Losses
	 	 	13	 
	SECTION 6.06. Special Allocations
	 	 	13	 
	SECTION 6.07. Tax Allocations
	 	 	15	 
	SECTION 6.08. Tax Decisions
	 	 	15	 
	SECTION 6.09. Curative Allocations
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VII

	BOOKS AND RECORDS; REPORTS

	 
	 	 	 	 
	SECTION 7.01. Books and Records
	 	 	16	 
	 
	 	 	 	 
	ARTICLE VIII

	CERTIFICATES; OWNERSHIP INTERESTS; RESTRICTIONS ON TRANSFER

	 
	 	 	 	 
	SECTION 8.01. Certificates
	 	 	17	 
	SECTION 8.02. Legend
	 	 	17	 
	SECTION 8.03. Lost or Destroyed Certificates
	 	 	18	 
	SECTION 8.04. Reserved
	 	 	18	 
	SECTION 8.05. Incentive Plans
	 	 	18	 
	SECTION 8.06. Reserved
	 	 	18	 
	SECTION 8.07. Registered Members
	 	 	18	 
	SECTION 8.08. Restrictions on Transfer
	 	 	18	 
	SECTION 8.09. Permitted Transfers
	 	 	18	 
	SECTION 8.10. Transfers to Persons other than CFP Permitted Transferees
	 	 	19	 
	 
	 	 	 	 
	ARTICLE IX

	DISSOLUTION, LIQUIDATION AND TERMINATION

	 
	 	 	 	 
	SECTION 9.01. No Dissolution
	 	 	19	 
	SECTION 9.02. Events Causing Dissolution
	 	 	19	 
	SECTION 9.03. Distribution upon Dissolution
	 	 	20	 
	SECTION 9.04. Time for Liquidation
	 	 	20	 
	SECTION 9.05. Termination
	 	 	20	 
	SECTION 9.06. Claims of the Members
	 	 	20	 
	 
	 	 	 	 
	ARTICLE X

	LIABILITY AND INDEMNIFICATION

	 
	 	 	 	 
	SECTION 10.01. Liability of Members
	 	 	21	 
	SECTION 10.02. Indemnification by the Company
	 	 	21	 

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	 	 	Page	 
	ARTICLE XI

	MISCELLANEOUS

	 
	 	 	 	 
	SECTION 11.01. Severability
	 	 	22	 
	SECTION 11.02. Notices
	 	 	22	 
	SECTION 11.03. Cumulative Remedies
	 	 	23	 
	SECTION 11.04. Binding Effect
	 	 	23	 
	SECTION 11.05. Interpretation
	 	 	23	 
	SECTION 11.06. Counterparts
	 	 	24	 
	SECTION 11.07. Further Assurances
	 	 	24	 
	SECTION 11.08. Entire Agreement
	 	 	24	 
	SECTION 11.09. Governing Law; Submission to Jurisdiction;
WAIVER OF JURY
TRIAL
	 	 	24	 
	SECTION 11.10. Specific Performance
	 	 	24	 
	SECTION 11.11. Expenses
	 	 	24	 
	SECTION 11.12. Amendments and Waivers
	 	 	24	 
	SECTION 11.13. No Third Party Beneficiaries
	 	 	25	 
	SECTION 11.14. Headings
	 	 	25	 
	SECTION 11.15. Construction
	 	 	25	 

Schedule I Members; Ownership Interests; Capital Accounts

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FOURTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

CALAMOS HOLDINGS LLC

          This FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (the
“Agreement”) of Calamos Holdings LLC, a Delaware limited liability company (the
“Company”), is made and entered into, effective as of February 9, 2010, by and among
Calamos Family Partners, Inc., a Delaware corporation (f/k/a Calamos Holdings Inc.,
“CFP”), John P. Calamos, Sr. and Calamos Asset Management, Inc., a Delaware corporation
(“CAM”).

W I T N E S S E T H:

          WHEREAS, the Company was formed as a limited liability company pursuant to the Delaware
Limited Liability Company Act, 6 Del. C. Section 18-101, et seq., as it may be amended
from time to time (the “Act”), by the filing of a Certificate of Formation (the
“Certificate of Formation”) with the Office of the Secretary of State of the State of
Delaware on October 6, 2004; and

          WHEREAS, the parties hereto desire to amend and restate the Third Amended and Restated Limited
Liability Company Agreement, dated as of March 1, 2009 and entered into by CAM, CFP and John P.
Calamos, Sr.

          NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Members hereby agree as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.01. Definitions. Capitalized terms used herein without definition have
the following meanings (such meanings being equally applicable to both the singular and plural
form of the terms defined):

     “Act” has the meaning set forth in the recitals of this Agreement.

     “Adjusted Capital Account Deficit” means, with respect to each Member, the
deficit balance, if any, in such Member’s Capital Account as of the end of the relevant
Fiscal Year, after giving effect to the following adjustments:

     (i) Credit to such Capital Account any amounts which such Member is obligated to restore
pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to the
penultimate sentences of each of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and

 

 

     (ii) Debit to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4),
1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the Regulations.

     “Affiliate” means, with respect to a specified Person, any other Person that
directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is
under common Control with, such specified Person.

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

     “Asset Value” means, with respect to any asset, the asset’s adjusted tax basis for
federal income tax purposes, except as follows: (i) the initial Asset Value of any asset
contributed by a Member to the Company shall be the gross fair market value of such asset, as
agreed by the contributing Member and the Manager; (ii) the Asset Values of all assets of the
Company shall be adjusted to equal their respective gross fair market values, as determined by the
Manager, as of the following times: (A) the acquisition of additional Ownership Interest in the
Company by any new or existing Member in exchange for more than a de minimis Capital Contribution,
(B) the distribution by the Company to a Member of more than a de minimis amount of Company
property as consideration for a Ownership Interest in the Company, and (C) the liquidation of the
Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); provided,
however, that an adjustment pursuant to clause (A) or (B) shall be made only if the Manager
reasonably determines that such an adjustment is necessary or appropriate to reflect the relative
economic interests of the Members in the Company; (iii) the Asset Value of any Company property
distributed to any Member shall be adjusted to equal its fair market value on the date of
distribution, as agreed by the distributee Member and the Manager; and (iv) the Asset Value of each
asset shall be increased (or decreased) to reflect any adjustments to the adjusted tax basis of
such asset pursuant to Code Sections 734(b) or 743(b), but only to the extent that such adjustments
are taken into account in determining Capital Accounts pursuant to Regulations Section
1.704-1(b)(2)(iv)(m). If the Asset Value of an asset has been determined or adjusted pursuant to
the preceding clause (i), (ii), or (iv), such Asset Value shall thereafter be adjusted by the
Depreciation taken into account with respect to such asset for purposes of computing Net Profits
and Net Losses hereunder.

     “Bankruptcy” of a Member shall be deemed to occur for purposes of this
Agreement if:

     (i) an involuntary petition under any bankruptcy or insolvency Law or under the reorganization
provisions of any such Law is filed with respect to such Member or a receiver of or for the
property of such Member is appointed without acquiescence of such Member, which petition or
appointment remains undischarged or unstayed for an aggregate period of ninety (90) days (whether
or not consecutive); or

     (ii) a voluntary petition under any bankruptcy or insolvency Law or under the reorganization
provisions of any such Law is filed by such Member, a

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voluntary assignment of such Member’s property for the benefit of creditors is
made, or a receiver of or for the property of such Member is appointed by, or
acquiesced in, by such Member.

     “Beneficial Owner” or “Beneficially Own” has the meaning given such term in
Rule 13d-3 (as in effect on the date hereof) under the Exchange Act. For purposes of this
Agreement, a minor for whom Ownership Interests or other securities are held pursuant to the
Uniform Gifts to Minors Act or similar law shall be considered the Beneficial Owner of such
securities.

     “Board of Directors” means the Board of Directors of CAM.

     “Business Day” means any day, except a Saturday, Sunday or other day on which
commercial banking institutions in the State of New York are authorized or directed by Law or
executive order to close.

     “By-laws” means the Second Amended and Restated By-laws of CAM.

     “Calamos Family Members” means John P. Calamos, Sr., Nick P. Calamos and John P.
Calamos, Jr. and their respective Family Members.

     “CAM” has the meaning set forth in the preamble of this Agreement.

     “Capital Account” means the separate capital account maintained for each
Member in accordance with Section 6.04 hereof.

     “Capital Contribution” means, with respect to any Member, the aggregate amount of
money contributed to the Company and the Asset Value of any property (other than money) contributed
to the Company pursuant to Article VI.

     “Certificate of Formation” has the meaning set forth in the recitals of this
Agreement.

     “CFP” has the meaning set forth in the preamble of this Agreement.

     “CFP Permitted Transferee” means (i) any Calamos Family Member, (ii) any entity
Controlled by one or more Calamos Family Members, (iii) any trustee of a trust (or such trust) for
the primary benefit of (or any entity similar to a trust the beneficial interests in which shall be
primarily held by) one or more Calamos Family Members, (iv) the executor or administrator of the
estate of any deceased Calamos Family Member, (v) the guardian or conservator of the estate of any
disabled Calamos Family Member or (vi) the trustee of the estate of any bankrupt or insolvent
Calamos Family Member.

     “Class A Common Stock” means Class A common stock of CAM.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
corresponding federal tax statute enacted after the date of this Agreement. The reference to
a specific section of the Code refers not only to such specific section but also

3

 

to any
corresponding provision of any federal tax statute enacted after the date of this Agreement, as
such specific section or corresponding provision is in effect on the date of application of the
provisions of this Agreement containing such reference.

     “Company” has the meaning set forth in the preamble of this Agreement.

     “Contingencies” has the meaning set forth in Section 9.03(b) of this Agreement.

     “Control” (including the terms “Controlled by” and “under common Control
with”) means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting
securities, as trustee or executor, by contract or otherwise, including, without limitation, the
ownership, directly or indirectly, of securities having the power to elect a majority of the
board of directors or similar body governing the affairs of such Person.

     “Credit Amount” has the meaning set forth in Section 5.01(b)(ii) of this
Agreement.

     “Depreciation” means, for each Fiscal Year or other period, an amount equal to the
depreciation, amortization or other cost recovery deduction allowable for federal income tax
purposes with respect to an asset for such Fiscal Year or other period; provided,
however, that if the Asset Value of an asset differs from its adjusted basis for federal
income tax purposes at the beginning of such Fiscal Year or other period, Depreciation shall be an
amount that bears the same ratio to such beginning Asset Value as the federal income tax
depreciation, amortization or other cost recovery deduction with respect to such asset for such
Fiscal Year or other period bears to such beginning adjusted tax basis; and provided further that, if the federal income tax depreciation, amortization or other cost recovery
deduction for such Fiscal Year or other period is zero, Depreciation shall be determined with
reference to such beginning Asset Value using any reasonable method selected by the Manager.

     “Dissolution Event” has the meaning set forth in Section 9.02 of this Agreement.

     “Exchange Act” means the United States Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

     “Family Member” means, as applied to any individual, such individual’s parents,
siblings, spouse and descendants (whether natural or legally adopted) and the spouses of such
descendents.

     “Final Tax Amount” has the meaning set forth in Section 5.01(b)(ii) of this
Agreement.

     “Fiscal Year” means (i) the period commencing upon the formation of the Company and
ending on December 31, 2004, (ii) any subsequent twelve-month period commencing on January 1 and
ending on December 31, or (iii) any portion of the period described in clause (ii) of this sentence
for which the Company is required to allocate Net

4

 

Profits, Net Losses and other items of Company
income, gain, loss or deduction pursuant
to Article VI hereof.

     “GAAP” means United States generally accepted accounting principles as in
effect from time to time.

     “Incentive Plan” means the Calamos Asset Management, Inc. Incentive
Compensation
Plan or any other incentive plan adopted by CAM in accordance with the approval
procedures set forth in the Second Amended and Restated Certificate of Incorporation or
the By-laws.

     “Law” means any statute, law, ordinance, regulation, rule, code, executive
order, injunction, judgment, decree or other order issued or promulgated by any national,
supranational, state, federal, provincial, local or municipal government or any
administrative or regulatory body with authority therefrom with jurisdiction over the
Company or any Member, as the case may be.

     “Liquidation Agent” has the meaning set forth in Section 9.03 of this
Agreement.

     “Manager” means CAM or any successor thereto.

     “Member” means, at any time, CFP, John P. Calamos, Sr. and CAM if, at such a
time, they hold Ownership Interests in the Company and any Person who at such a time holds
Ownership Interests in the Company.

          “Net Profit” and “Net Loss” shall mean, for each Fiscal Year or other period,
an amount equal to the Company’s taxable income or loss, respectively, for such year or period,
determined in accordance with Subchapter K of the Code (taking into account all items of income,
gain, loss, or deduction required to be stated separately pursuant to Subchapter K of the Code),
with the following adjustments:

	 	(i)	 	any income of the Company that is exempt from federal income tax and not otherwise taken
into account in computing Net Profit or Net Loss pursuant to this provision shall be added to such
taxable income or loss;
	 
	 	(ii)	 	any expenditures of the Company described in Subchapter K of the Code relating to
expenditures which are neither deductible nor properly chargeable to capital, or expenditures not
otherwise taken into account in computing Net Profit or Net Loss pursuant to this provision, shall
be subtracted from such taxable income or loss;
	 
	 	(iii)	 	in the event assets of the Company are revalued pursuant to Section
7.8, the amount of such adjustment shall be taken into account as gain or loss from
the disposition of such assets;
	 
	 	(iv)	 	Book Gain or Book Loss from the sale or other disposition of any asset of the Company
shall be taken into account in lieu of any tax gain or tax loss recognized by the Company by reason
of such sale or other disposition;

5

 

	 	(v)	 	in lieu of the depreciation, amortization and other cost recovery deductions taken into
account in computing such taxable income or loss, there shall be taken into account Depreciation
for such fiscal year or other period, computed as provided in this Agreement; and
	 
	 	(vi)	 	any items that are specially allocated pursuant to Section 6.06 and 6.09 shall not be
taken into account.

     “Nonrecourse Deductions” shall have the meaning set forth in the Code.

     “Officers” has the meaning set forth in Section 4.01 of this Agreement.

     “Operating Companies” has the meaning set forth in Section 2.06 of this
Agreement.

     “Ownership Interest(s)” shall mean, with respect to a Member or a group of
Members, the
percentage reflecting the interest of such Member or Members in the Company in relation to
the interest of all Members in the Company, as determined by using their respective Capital
Accounts. The respective Ownership Interests of the Members are set forth in Schedule I
attached hereto and shall be adjusted from time to time as set forth in this Agreement.

     “Partner Nonrecourse Deduction” shall have the meaning set forth in Regulation
Section 1.704-2(i)(2).

     “Person” means any individual, corporation, partnership, limited partnership,
limited liability company, joint venture, trust, unincorporated or governmental organization
or any agency or political subdivision thereof.

     “Regulations” means the income tax regulations, including temporary regulations,
promulgated under the Code, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

     “Regulatory Allocations” has the meaning set forth in Section 6.09 of this
Agreement.

     “Second Amended and Restated Certificate of Incorporation” means the Second Amended
and Restated Certificate of Incorporation of CAM, effective on March 1, 2009 with the Secretary
of State of the State of Delaware pursuant to the Delaware General Corporation Law.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated by thereunder.

     “Tax Advances” has the meaning set forth in Section 5.01(b)(i) of this
Agreement.

     “Tax Amount” has the meaning set forth in Section 5.01(b)(i) of this Agreement.

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     “Tax Matters Member” has the meaning set forth in Section 6.08 of
this Agreement.

     “Transfer” means, in respect of any Ownership Interest, property or other
asset, any sale, assignment, transfer, distribution or other disposition thereof, whether
voluntarily or by operation of Law.

     “Transferee” means any Person that is a transferee of a Member’s interest in
the Company, or part thereof.

ARTICLE II

FORMATION, TERM, PURPOSE AND POWERS

          SECTION 2.01. Formation. (a) The Company was formed as a limited liability company
under the provisions of the Act by the filing on October 6, 2004 of the Certificate of Formation
with the Secretary of State of the State of Delaware. Each of the Persons listed on Schedule I,
by virtue of the execution of this Agreement, are Members of the Company. The rights and
liabilities of the Members shall be as provided in the Act, except as is otherwise expressly
provided herein.

          (b) Hereafter, the Manager or any officer designated by the Manager, as an authorized
person of the Company within the meaning of the Act, shall execute, deliver and file, or cause
the execution, delivery and filing of, all certificates (and any amendments and/or restatement
thereof or corrections thereto) required or permitted by the Act to be filed with the Secretary of
State of the State of Delaware.

          SECTION 2.02. Name. The name of the Company shall be, and the business of the Company
shall be conducted under the name of, Calamos Holdings LLC.

          SECTION 2.03. Term. The term of the Company shall commence on the date of the filing
of the Certificate of Formation, and the term shall continue for a term shall be perpetual, subject
to the provisions set forth in Article IX and applicable Law. The existence of the Company as a
separate legal entity shall continue until cancellation of the Certificate of Formation in the
manner required by the Act.

          SECTION 2.04. Offices. The Company’s principal office shall be located at 2020
Calamos Court, Naperville, Illinois 60563. The Company may have other offices at such other
places within or without the State of Delaware as the Manager from time to time may select.

          SECTION 2.05. Agent for Service of Process. The Company’s registered agent for
service of process in the State of Delaware shall be as set forth in the Certificate of Formation,
as the same may be amended by the Manager from time to time.

          SECTION 2.06. Business Purpose. The principal business purpose of the Company is to
act as a holding company for Calamos Partners LLC, Calamos Advisors LLC, Calamos Financial
Services LLC, Calamos Property Management LLC and Calamos Wealth Management LLC and such other
operating companies as may be formed from time to time

7

 

(collectively, the “Operating
Companies”) and to have full management and control of the businesses of the Operating
Companies, and to engage in any and all other lawful activities which may be necessary or
appropriate to engage, directly or indirectly through other Persons, in the investment advisory,
securities brokerage or properties management business or any related business.

          SECTION 2.07. Powers of the Company. Subject to the limitations set forth in this
Agreement, the Company will possess and may exercise all of the powers and privileges granted to
it by the Act, by any other Law or this Agreement, together with all powers incidental thereto, so
far as such powers are necessary or convenient to the conduct, promotion or attainment of the
purpose of the Company set forth in Section 2.06.

          SECTION 2.08. Maintenance of Separate Existence. The Company shall do all things
necessary to maintain its limited liability company existence separate and apart from each Member
and any Affiliate of any Member, including holding regular meetings of the Members and maintaining
its books and records on a current basis separate from that of any Affiliate of the Company or any
other Person, and shall not commingle the Company’s assets with those of any Affiliate of the
Company or any other Person.

          SECTION 2.09. No Personal Liability. Except as provided by the Act, no Member
shall be personally liable for any obligations of the Company.

          SECTION 2.10. Admission of New Members. The Members of the Company are listed in
Schedule I. Subject to the prior written consent of all Members, a new Person may be admitted from
time to time as a Member; provided, however, that no Member may block the admission
as a Member of any Person to whom Ownership Interests are transferred in connection with a merger
or
consolidation of CAM or the Company, or any transaction having the same effect, approved in
accordance with the By-laws or any CFP Permitted Transferee. Each new Member shall execute an
appropriate supplement to this Agreement pursuant to which the new Member agrees to be bound by the
terms and conditions of the Agreement, as it may be amended from time to time.

          SECTION 2.11. Withdrawal. No Member shall have the right to voluntarily withdraw
as a Member of the Company other than following the transfer of all Ownership Interests held
by such Member, which transfer shall be in accordance with Article VIII.

          SECTION 2.12. Waiver of Fiduciary Duties. This Agreement is not intended to create or
impose any fiduciary duty on any of the Members or the Manager, or their respective Affiliates.
Notwithstanding anything to the contrary contained in this Agreement or otherwise applicable
provision of law or equity, to the maximum extent permitted by the Act, a Member or Manager, and
their respective Affiliates, shall owe no duties (including fiduciary duties) to the Company or the
other Members; provided however that a Member or Manager shall have the duty to act in
accordance with the implied contractual covenant of good faith and fair dealing. Notwithstanding
anything to the contrary contained in this Agreement or otherwise applicable provision of law or
equity, to the maximum extent permitted by the Act, no Member or Manager, or their respective
Affiliates, shall be liable to the Company or any other Member for breach of this Agreement or any
duty (including any fiduciary duty); provided that such Member or

8

 

Manager may be liable to
the Company or any other Member for any act or omission that constitutes a bad faith violation of
the implied covenant of good faith and fair dealing.

ARTICLE III

MANAGEMENT

          SECTION 3.01. Manager. (a) The business, property and affairs of the Company shall be
managed under the exclusive direction of the Manager, which may from time to time by resolution
delegate authority to officers or to others to act on behalf of the Company.

          (b) Without limiting the foregoing provisions of this Section 3.01, the Manager shall have the
general power to manage or cause the management of the Company within the scope of the business
purpose set forth in Section 2.06, including the following powers which may, subject to any
limitations set forth in this Agreement, be delegated to officers of the Company:

     (i) to have developed and prepared a business plan each year which will set forth the
operating goals and plans for the Company;

     (ii) to execute and deliver or to authorize the execution and delivery of contracts, deeds,
leases, licenses, instruments of transfer and other documents in the ordinary course of business on
behalf of the Company;

     (iii) to employ, retain, consult with and dismiss such personnel as may be required for
accomplishment of the business purpose set forth in Section 2.06;

     (iv) to establish and enforce limits of authority and internal controls with respect to all
personnel and functions;

     (v) to engage attorneys, consultants and accountants for the Company;

     (vi) to develop or cause to be developed accounting procedures for the maintenance of the
Company’s books of account; and

     (vii) to do all such other acts as shall be specifically authorized in this Agreement or by
the Members in writing from time to time.

          (c) Notwithstanding anything to the contrary contained in this Agreement, including Section
2.06, (i) the transactions and agreements described in and authorized, adopted, approved and
ratified in the Written Consent of the Members and Manager of the Company, dated as of November 2,
2004, are hereby confirmed as authorized, adopted, approved and ratified by the Company, the
Members and the Manager, and (ii) such Written Consent shall continue in full force and effect
notwithstanding the adoption of this Agreement and any prior amendments and\or restatements .

          SECTION 3.02. Compensation. The Manager shall not be entitled to
compensation for services rendered to the Company in its capacity as Manager.

9

 

          SECTION 3.03. Reimbursements. Except as set forth in this Agreement or otherwise
agreed upon by the Members, the Company shall reimburse the Manager for any expenses incurred
by the Manager.

          SECTION 3.04. Authority of Members. Except as expressly provided herein, Ownership
Interests do not confer any rights upon the Members to participate in the control and management of
the business of the Company described in this Agreement, which conduct, control and management
shall be vested exclusively in the Manager. Except as otherwise expressly provided herein, in all
matters relating to or arising out of the conduct of the operation of the Company, the decision of
the Manager shall be the decision of the Company. Except as required by Law, or expressly provided
herein or by separate agreement with the Company, no Member who is not also a Manager (and acting
in such capacity) shall take any part in the control or management of the operation or business of
the Company in its capacity as a Member, nor shall any Member who is not also a Manager (and acting
in such capacity) have any right, authority or power to act for or on behalf of or bind the Company
in his or its capacity as a Member in any respect or assume any obligation or responsibility of the
Company or of any other Member. Notwithstanding the foregoing, the Company may employ one or more
Members from time to time, and such Members, in their capacity as employees of the Company, may
take part in the control and management of the business of the Company to the extent such authority
and power to act for or on behalf of the Company has been delegated to them by the Manager.

          SECTION 3.05. Voting Power. Except as otherwise specifically set forth herein, Members
shall have no voting rights whatsoever.

          SECTION 3.06. Action by Written Consent. Any action required or permitted to be taken
by the Members pursuant to this Agreement shall be taken if all Members whose consent is required
consent thereto in writing.

ARTICLE IV

OFFICERS

          SECTION 4.01. Officers. The officers of the Company (the “Officers”) shall at
all times be identical to the then officers of CAM. Any changes in the officers of CAM, whether by
election, resignation, removal, death or otherwise, shall automatically and concurrently take
effect with respect to the Officers of the Company. No Officer may resign unless such Officer
concurrently resigns as an officer of CAM. Any resignation by an Officer shall constitute such
Officer’s concurrent resignation as an officer of CAM.

          SECTION 4.02. Management Policies. The Officers and employees of the Company shall
develop and implement management policies consistent with the general policies and programs
established by the Manager, as approved, in accordance with the By-laws.

ARTICLE V

DISTRIBUTIONS

          SECTION 5.01. Distributions. (a) The Manager, in its discretion, may authorize
distributions by the Company to the Members pro rata in accordance with their respective Ownership
Interests.

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          (b)(i) Notwithstanding the foregoing, if the Manager reasonably determines that the Net
Profits of the Company for a Fiscal Year will give rise to net taxable income for the Members
(after giving effect to cumulative Net Losses from prior Fiscal Years available to offset such Net
Profits), the Manager shall cause the Company to distribute available cash for purposes of allowing
the Members to fund their respective income tax liabilities (the “Tax Advances”). The Tax
Advances payable with respect to any Fiscal Year shall be computed based upon the Manager’s
estimate of the net taxable income attributable to Net Profits of the Company for such Fiscal Year
(after giving effect to cumulative Net Losses from prior Fiscal Years available to offset such Net
Profits), multiplied by the highest combined tax rate (federal, state and local, taking into
account any deductions of state or local taxes against federal tax liability) applicable to any
Member or, in the case of CFP, any of its shareholders, taking into account the character of the
taxable income for tax purposes (the “Tax Amount”). For purposes of computing the Tax
Amount, the effect of any benefit to a Member under Section 743 of the Code, if any, will be
ignored. Tax Advances shall be distributed to the Members on a pro rata basis in accordance with
their respective Ownership Interests, but in no event shall the distributed amount exceed the
available cash of the Company, as determined in the reasonable discretion of the Manager.

          (ii) Tax Advances shall be calculated and paid no later than one day prior to each quarterly
due date for the payment of estimated taxes under the Code in the following manner: (i) for the
first quarterly period, 25% of the Tax Amount, (ii) for the second quarterly period, 50% of the Tax
Amount, less the prior Tax Advances for the Fiscal Year, (iii) for the third quarterly period, 75%
of the Tax Amount, less the prior Tax Advances for the Fiscal year and (iv) for the fourth
quarterly period, 100% of the Tax Amount, less the prior Tax Advances for the Fiscal Year.
Following each Fiscal Year, and no later than one day prior to the due date for the payment by
individuals or corporations, whichever is earlier, of income taxes for such Fiscal Year under the
Code, the Manager shall make a final calculation of the Tax Amount for such Fiscal Year (the
“Final Tax Amount”), and shall cause the Company to distribute a Tax Advance, subject to
the availability of cash, to the extent that the Final Tax Amount so calculated exceeds the
cumulative Tax Advances previously made by the Company in respect of such Fiscal Year. If the Final
Tax Amount is less than the cumulative Tax Advances previously made by the Company in respect of
the relevant Fiscal Year, then the difference (the “Credit Amount”) shall be applied
against, and shall reduce, the amount of Tax Advances made to the Members for subsequent Fiscal
Years. Any Credit Amount applied against future Tax Advances shall be treated as an amount actually
distributed pursuant to this Section 5.01(b) for purposes of the computations herein.

          (iii) Any Tax Advances made to a Member pursuant to this Section 5.01(b) shall be repaid to
the Company by reducing the amount of the next succeeding distribution or distributions which would
otherwise have been made to such Member pursuant to Section 5.01(a) or 9.03 hereof.

          SECTION 5.02. Liquidation Distribution. Distributions made upon liquidation of the
Company shall be made as provided in Section 9.03.

          SECTION 5.03. Withholding. (a) Each Member hereby authorizes the Company to withhold
from or pay on behalf of or with respect to such Member any amount of federal, state, local or
foreign taxes that the Manager determines that the Company is required to

11

 

withhold or pay with
respect to any amount distributable or allocable to such Member pursuant to this Agreement,
including any taxes required to be withheld by the Company pursuant to Sections 1441, 1442, 1445 or
1446 of the Code. Any amount paid on behalf of or with respect to a Member shall constitute a loan
by the Company to such Member, which loan shall be repaid by such Member within fifteen (15) days
after notice from the Manager that such payment must be made unless (i) the Company withholds such
payment from a distribution which would otherwise be made to such Member or (ii) the Manager
determines, in its sole discretion, that such payment may be satisfied out of the available funds
of the Company which would, but for such payment, be distributed to such Member. Any withheld
amounts described in clauses (i) and
(ii) of the preceding sentence shall be treated as having been distributed to such Member.

          (b) A Member shall not have the status of, and is not entitled to the remedies available to, a
creditor of the Company with regard to distributions that such Member becomes entitled to receive
pursuant to this Agreement and the Act.

          SECTION 5.04. Limitations on Distribution. Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not make a distribution to any Member on
account of its Ownership Interests if such distribution would violate Section 18-607 of the Act
or other applicable Law.

ARTICLE VI

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS

          SECTION 6.01. Initial Capital Contributions. The Members have made, on or prior to the
date hereof, Capital Contributions and hold Ownership Interests as specified opposite their
respective names on Schedule I.

          SECTION 6.02. Additional Capital Contributions. Except as otherwise provided herein,
no Member shall be required or permitted to make additional Capital Contributions to the Company
without the consent of all of the Members.

          SECTION 6.03. Ownership Interests. All Ownership Interests shall have identical
rights in all respects as all other Ownership Interests except as otherwise specified in this
Agreement. Each Member hereby agrees that its interest in the Company and its Ownership Interests
shall for all purposes be personal property. Schedule I to this Agreement may be updated from
time to time to reflect changes in the information set forth therein accomplished in accordance
with this Agreement, and any such update shall not constitute an amendment to this Agreement and
shall not be subject to Section 11.12 hereof. Ownership Interests in the Company shall constitute
a “security” within the meaning of (i) Article 8 of the Uniform Commercial Code (including Section
8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) the
Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially
includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the
National Conference of Commissioners on Uniform State Laws and approved by the American Bar
Association on February 14, 1995.

12

 

          SECTION 6.04. Members’ Capital Accounts. No Member shall have any right to withdraw
any portion of its Capital Account, except as otherwise provided herein. No interest shall be paid
to any Member with respect to its Capital Contributions. Each Member’s initial Capital Account is
set forth on Schedule I, which initial Capital Accounts apply the principles of Regulation Section
1.704-1(b)(2)(iv)(d) and thereafter such Capital Accounts shall be adjusted as follows:

     (a) The Capital Account of each Member shall be increased by:

     (i) The amount of any Net Profits (and any items of income or gain), allocated to such Member;

     (ii) The amount, if any, of any Company liabilities assumed by such Member or taken subject to
or in connection with the distribution of property to such Member by the Company;

     (iii) The amount of any cash contributed by the Member to the Company; and

     (iv) The initial Asset Value of property contributed to the Company by such Member.

     (b) The Capital Account of each Member shall be decreased by:

     (i) The amount of cash distributed to such Member by the Company;

     (ii) The amount of any Net Losses (and any items of deduction or loss) allocated to such
Member;

     (iii) The Asset Value of any property distributed to such Member by the Company;
and

     (iv) The amount of any liabilities of such Member assumed by the Company or taken
subject to or in connection with the contribution of property by such Member to the Company.

The foregoing provisions and the other provisions of this Agreement relating to the maintenance of
Capital Accounts are intended to comply with Regulations under Section 704(b) of the Code and, to
the extent not inconsistent with the provisions of this Agreement, shall be interpreted and
applied in a manner consistent with such Regulations.

          SECTION 6.05. Allocations of Net Profits and Net Losses. Subject to the special
allocations set forth in Sections 6.06 and 6.09 below, Net Profits and Net Losses for each Fiscal
Year shall be allocated among the Members pro rata in accordance with their respective Ownership
Interests.

          SECTION 6.06. Special Allocations. (a) Minimum Gain Chargeback. Except as
otherwise provided in Section 1.704-2(f) of the Regulations, notwithstanding any other provision of
this Article VI, if there is a net decrease in partnership minimum gain during any Fiscal Year,

13

 

each Member shall be specially allocated items of Company income and gain for the Fiscal Year (and,
if necessary, subsequent Fiscal Years) in an amount equal to such Member’s share of the net
decrease in partnership minimum gain, determined in accordance with Regulations Section 1.704-2(g).
Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts
required to be allocated to each Member pursuant thereto. The items to be so allocated shall be
determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. This
Section 6.06(a) is intended to comply with the minimum gain chargeback requirement in Section
1.704-2(f) of the Regulations and shall be interpreted consistently therewith.

          (b) Partner Minimum Gain Chargeback. Except as otherwise provided in Section
1.704-2(i)(4) of the Regulations, notwithstanding any other provision of this Article VI, if there
is a net decrease in partner nonrecourse debt minimum gain attributable to a partner nonrecourse
debt during any Fiscal Year, each Member who has a share of the partner nonrecourse debt minimum
gain attributable to such partner nonrecourse debt, determined in accordance with Section
1.704-2(i)(5) of the Regulations, shall
be specifically allocated items of Company income and gain for such Fiscal Year (and, if necessary,
subsequent Fiscal Years) in an amount equal to such Member’s share of the net decrease in partner
nonrecourse debt minimum gain attributable to such partner nonrecourse debt, determined in
accordance with Section 1.704-2(i)(4) of the Regulations. Allocations pursuant to the previous
sentence shall be made in proportion to the respective amounts required to be allocated to each
Member pursuant thereto. The items to be so allocated shall be determined in accordance with
Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Regulations. This Section 6.06(b) is intended to
comply with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Regulations and
shall be interpreted consistently therewith.

          (c) Qualified Income Offset. In the event any Member unexpectedly receives any
adjustments, allocations or distributions described in Section 1.704-1(b)(2)(ii)(d)(4),
1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and
gain shall be specially allocated to each such Member in an amount and manner sufficient to
eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such
Member as quickly as possible, provided that an allocation pursuant to this Section 6.06(c) shall
be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit
after all other allocations provided for in this Article VI have been tentatively made as if this
Section 6.06(c) were not in the Agreement.

          (d) Gross Income Allocation. In the event any Member has a deficit Capital Account at
the end of any Fiscal Year which is in excess of the sum of (i) the amount such Member is obligated
to restore pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed
to be obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and
1.704-2(i)(5) of the Regulations, each such Member shall be specially allocated items of Company
income and gain in the amount of such excess as quickly as possible; provided that an
allocation pursuant to this Section 6.06(d) shall be made only if and to the extent that such
Member would have an Adjusted Capital Account Deficit in excess of such sum after all other
allocations provided for in this Article VI have been made as if Section 6.06(c) and this Section
6.06(d) were not in the Agreement.

14

 

          (e) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be
allocated to the Members pro rata in accordance with their respective Ownership Interests.

          (f) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any Fiscal Year
shall be specially allocated to the Member who bears the economic risk of loss, or to the Members
in the proportions in which they bear the economic risk of loss, with respect to the partner
nonrecourse debt to which such Partner Nonrecourse Deductions are attributable in accordance with
Regulation Section 1.704-2(i).

          (g) Section 754 Adjustments. To the extent that an adjustment to the adjusted tax
basis of any Company asset under Code Section 734(b) or Code Section 743(b) is required, pursuant
to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account
in determining Capital Accounts as the result of a distribution to a Member in complete liquidation
of the Membership Interest of such Member, the amount of such adjustment to Capital Accounts shall
be treated as an item of gain (if the adjustment increases the adjusted tax basis of the asset) or
loss (if the adjustment decreases the adjusted tax basis of the asset), and such gain or loss shall
be specially allocated to the Members in accordance with their Percentage Interests if Regulations
Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made if
Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

          SECTION 6.07. Tax Allocations. (a) In accordance with Code Section 704(c) and the
Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed
to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as
to take account of any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its initial Asset Value (computed in accordance with the definition
of Asset Value).

          (b) In the event the Asset Value of any Company asset is adjusted pursuant to subparagraph
(ii) of the definition of Asset Value, subsequent allocations of income, gain, loss, and deduction
with
respect to such asset shall take account of any variation between the adjusted basis of such asset
for federal income tax purposes and its Asset Value in the same manner as under Code Section 704(c)
and the Regulations thereunder.

          (c) Any elections or other decisions relating to allocations under this Section 6.07 shall be
made by the Tax Matters Member in any manner that reasonably reflects the purpose and intention of
this Agreement. Allocations pursuant to this Section 6.07 are solely for purposes of federal,
state, and local taxes and shall not affect, or in any way be taken into account in computing, any
Member’s Capital Account, share of Net Profit, Net Loss or distributions pursuant to any provision
of this Agreement.

          SECTION 6.08. Tax Decisions. CAM shall be the initial “tax matters partner” within
the meaning of Section 6231(a)(7) of the Code (the “Tax Matters Member”). The Company
shall file as a partnership for federal, state and local income tax purposes, except where
otherwise required by Law. All elections required or permitted to be made by the Company, and
all other tax decisions and determinations relating to federal, state or local tax matters of
the Company, shall be made by the Tax Matters Member, in consultation with the Company’s
attorneys and/or accountants. Tax audits, controversies and litigations shall be

15

 

conducted
under the direction of the Tax Matters Member. The Tax Matters Member shall keep the other
Members reasonably informed as to any tax actions, examinations or proceedings relating to the
Company and shall submit to the other Members, for their review and comment, any settlement or
compromise offer with respect to any disputed item of income, gain, loss, deduction or credit of
the Company. As soon as reasonably practicable after the end of each Fiscal Year, the Company
shall send to each Member a copy of IRS Schedule K-1, and any comparable statements required by
applicable state or local income tax Law, with respect to such Fiscal Year. The Company also
shall provide the Members with such other information as may be reasonably requested for
purposes of allowing the Members to prepare and file their own tax returns.

          SECTION 6.09. Curative Allocations. The allocations set forth in Section 6.06 (the
“Regulatory Allocations”) are intended to comply with certain requirements of the
Regulations. It is the intent of the Members that, to the maximum extent possible, all Regulatory
Allocations shall be offset either with other Regulatory Allocations or with special allocations of
other items of Company income, gain, loss or deduction pursuant to this Section 6.09. Accordingly,
notwithstanding any other provision of this Article VI (other than the Regulatory Allocations), the
Manager shall make such offsetting special allocations of Company income, gain, loss or deduction
in whatever manner the Manager determines appropriate so that, after such offsetting allocations
are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital
Account balance such Member would have had if the Regulatory Allocations were not part of this
Agreement and all Company items were allocated pursuant to this Article VI without regard to the
Regulatory Allocations. In exercising its discretion under this Section 6.09, the Manager shall
take into account future Regulatory Allocations under Section 6.06 that, although not yet made, are
likely to offset other Regulatory Allocations previously made under Section 6.06.

ARTICLE VII

BOOKS AND RECORDS; REPORTS

          SECTION 7.01. Books and Records. At all times during the continuance of the Company,
the Company shall prepare and maintain separate books of account for the Company that shall show
a true and accurate record of all costs and expenses incurred, all charges made, all credits made
and received and all income derived in connection with the operation of the Company business in
accordance with GAAP. Such books of account shall at all times be maintained at the principal
place of business of the Company and shall, solely to the extent required under applicable
Law, be open to inspection and examination at reasonable times by each Member and its duly
authorized representatives. Without limiting the foregoing, the Company shall keep at its
principal office the following:

          (a) a current list of the full name and the last known street address of each Member;

          (b) a copy of the Certificate of Formation and this Agreement and all amendments thereto;

16

 

          (c) copies of the Company’s federal, state and local income tax returns and reports, if any,
for the three most recent years;

          (d) copies of any financial statements, if any, of the Company for the six most recent Fiscal
Years; and

          (e) such other documents with respect to the Company’s business as may reasonably be required
from time to time by the Manager.

ARTICLE VIII

CERTIFICATES; OWNERSHIP INTERESTS; RESTRICTIONS ON TRANSFER

          SECTION 8.01. Certificates. Ownership Interest in the Company shall be represented by
a certificate or certificates, setting forth upon the face thereof that the Company is a limited
liability company formed under the laws of the State of Delaware, the name of the Member to which
it is issued and Ownership Interests which such certificate represents. Such certificates shall be
entered in the books of the Company as they are issued, and shall be signed by the Chairman, Chief
Executive Officer or General Counsel of the Company. Upon any Transfer permitted under this
Agreement, the transferring Member shall surrender to the Company the certificates representing the
Ownership Interests transferred for cancellation and the Company shall issue to the transferee
certificates representing the Ownership Interests transferred and shall issue to the transferring
Member certificates representing the remaining Ownership Interests held by such transferring Member
after taking into account such Transfer and represented by such cancelled certificates. Each
certificate issued by the Company representing Ownership Interests shall contain the language in
the last sentence of Section 6.03.

          SECTION 8.02. Legend. The Company shall affix to each certificate issued by the
Company on or after the date hereof evidencing Ownership Interests issued to Members a legend in
substantially the following form:

“THE OWNERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 OR AN
EXEMPTION THEREFROM AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE
STATE SECURITIES LAWS.

THE OWNERSHIP INTERESTS REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN A FOURTH AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT
DATED AS OF FEBRUARY 9, 2010, AS IT MAY BE AMENDED FROM TIME TO TIME,
AND A STOCKHOLDERS’ AGREEMENT, AS IT MAY BE AMENDED

17

 

FROM TIME TO TIME,
A COPY OF EACH OF WHICH IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES
OF THE COMPANY. NO REGISTRATION OF TRANSFER OF OWNERSHIP INTERESTS
WILL BE MADE ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL SUCH
RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.”

          SECTION 8.03. Lost or Destroyed Certificates. The Company may issue a new certificate
for Ownership Interests in place of any certificate or certificates theretofore issued by it,
alleged to have been lost or destroyed, upon the making of an affidavit of that fact, and
providing an indemnity in form and substance reasonably satisfactory to the Manager, by the Person
claiming the certificate to be lost or destroyed.

          SECTION 8.04. Reserved.

          SECTION 8.05. Incentive Plans. At any time CAM issues a share of Class A Common Stock
pursuant to an Incentive Plan (whether pursuant to the exercise of a stock option or the grant of a
restricted share award or otherwise), the following shall occur, notwithstanding anything to the
contrary contained herein: (i) CAM shall be deemed to have transferred such share of Class A
Common Stock to the Company as a capital contribution; (ii) the value of the capital contribution
shall be equal to the fair market value of the shares of Class A Common Stock contributed that is
attributable to the Company; (iii) the Class A Common Stock shall be deemed transferred to the
appropriate employee pursuant to the Incentive Plan; and (iv) the net proceeds of any such issuance
of stock shall remain with the Company.

          SECTION 8.06. Reserved.

          SECTION 8.07. Registered Members. The Company shall be entitled to recognize the
exclusive right of a Person registered on its records as the holder of the Ownership Interests for
all purposes and shall not be bound to recognize any equitable or other claim to or interest in
such Ownership Interests on the part of any other Person, whether or not it shall have express or
other notice thereof, except as otherwise provided by the Act.

          SECTION 8.08. Restrictions on Transfer. Any Transfer of Beneficial Ownership of any
Ownership Interest by CFP or any CFP Permitted Transferee shall be subject to Sections
8.09 and 8.10.

          SECTION 8.09. Permitted Transfers. Notwithstanding anything in this Agreement to the
contrary, each of CFP and any CFP Permitted Transferee may Transfer record or Beneficial Ownership
of some or all of the Ownership Interests Beneficially Owned by it (and any rights it may have
under this Agreement):

          (a) to a CFP Permitted Transferee;

          (b) to CAM in exchange for Class A Common Stock in accordance with the Second Amended
and Restated Certificate of Incorporation; or

18

 

     (c) in the case of a CFP Permitted Transferee that is a trustee or other fiduciary,
pursuant to applicable Law or the terms of the trust agreement governing the applicable
trust;

provided, however, that the Manager is reasonably satisfied that the Transfer will
not cause the Company to qualify as a “publicly traded partnership,” as that term is defined in
Section 7704 of the Code; and, provided, further, that neither CFP nor any CFP
Permitted Transferee shall be prohibited from Transferring some or all of the Ownership Interests
held by it (and any rights it may have under this Agreement) in connection with any merger or
consolidation of CAM or the Company, or any transaction having the same effect, that is approved in
accordance with the By-Laws.

          SECTION 8.10. Transfers to Persons other than CFP Permitted Transferees. In the event
that Beneficial Ownership of Ownership Interests is Transferred to any Person that is not a CFP
Permitted Transferee (other than to CAM in exchange for Class A Common Stock in accordance with the
Second Amended and Restated Certificate of Incorporation), until such time, if any, that such
Ownership Interests become Beneficially Owned by a CFP Permitted Transferee, (a) the record holder
of such Transferred Ownership Interests shall cease to exercise any rights or powers of a Member
(other than as a third party beneficiary with respect to Section 8.04) and (b) such Transferred
Ownership Interests shall not be deemed held by the record holder thereof (and such Ownership
Interests shall not be taken into account) for purposes of determining the number of votes to which
such holder is entitled pursuant to the Second Amended and Restated Certificate of Incorporation or
By-laws; provided that such record holder shall continue to be entitled to share in all
profits and losses (including Net Profits and Net Losses), to receive such distribution or
distributions, and to receive such allocation of income, gain, loss, deduction or credit or similar
item to which the record holder of such Ownership Interests was entitled prior to such Transfer;
provided, further, that nothing in this Section 8.10 shall be deemed to limit any
rights that such record holder of Ownership Interests may have under the Second Amended and
Restated Certificate of Incorporation (other than Section 3(a) of the Second Amended and Restated
Certificate of Incorporation) or By-laws.

ARTICLE IX

DISSOLUTION, LIQUIDATION AND TERMINATION

          SECTION 9.01. No Dissolution. The Company shall not be dissolved by the admission
of additional Members in accordance with the terms of this Agreement.

          SECTION 9.02. Events Causing Dissolution. The Company shall be dissolved and its
affairs shall be wound up upon the occurrence of any of the following events (each, a
“Dissolution Event”):

     (a) the written consent of all Members;

     (b) the entry of a decree of judicial dissolution under Section 18-802 of the Act;

     (c) any event which makes it unlawful for the business of the Company to be carried on by the
Members;

19

 

     (d) any other event not inconsistent with any provision hereof causing a dissolution of a
limited liability company under the Act; or

     (e) the Bankruptcy of any Member; provided, however, that upon any such event,
the Company shall be deemed dissolved, but such dissolution shall not cause the termination of the
Company, it being understood and agreed that, upon any such dissolution, the remaining Members may
elect to continue to carry on the Company business pursuant to, and subject to, all of the terms
and provisions of this Agreement.

          SECTION 9.03. Distribution upon Dissolution. Upon dissolution, the Company shall
continue until the winding up of the affairs of the Company is completed. Upon the dissolution of
the Company, the Manager, or any other Person designated by the Manager (the “Liquidation
Agent”), shall take full account of the assets and liabilities of the Company and shall, unless
the Members agree otherwise, liquidate the assets of the Company as promptly as is consistent with
obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed
in the following order:

     (a) First, to the payment of debts and liabilities of the Company (including payment of all
indebtedness to Members and/or their Affiliates, to the extent permitted by Law), including the
expenses of liquidation;

     (b) Second, to the establishment of any reserve which the Liquidation Agent shall deem
reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company
(“Contingencies”). Such reserve may be paid over by the Liquidation Agent to any
attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of
any Contingencies and, at the expiration of such period as shall be deemed advisable by the
Liquidation Agent for distribution of the balance in the manner hereinafter provided in this
Section 9.03; and

     (c) The balance, if any, to the holders of Ownership Interests, pro rata, in accordance with
their positive Capital Account balances (as determined after giving effect to all allocations set
forth in Article VI).

          SECTION 9.04. Time for Liquidation. A reasonable amount of time shall be allowed for
the orderly liquidation of the assets of the Company and the discharge of liabilities to creditors
so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation.

          SECTION 9.05. Termination. The Company shall terminate when all of the assets of the
Company, after payment of or due provision for all debts, liabilities and obligations of the
Company, shall have been distributed to the holders of Ownership Interests in the manner provided
for in this Article IX, and the Certificate of Formation shall have been cancelled in the manner
required by the Act.

          SECTION 9.06. Claims of the Members. The Members shall look solely to the Company’s
assets for the return of their Capital Contributions, and if the assets of the Company remaining
after payment of or due provision for all debts, liabilities and obligations of the Company are
insufficient to return such Capital Contributions, the Members shall have no

20

 

recourse against the
Company or any other Member or any other Person. No Member with a negative balance in such
Member’s Capital Account shall have any obligation to the Company or to the other Members or to
any creditor or other Person to restore such negative balance upon dissolution or termination of
the Company or otherwise.

ARTICLE X

LIABILITY AND INDEMNIFICATION

          SECTION 10.01. Liability of Members. Except as otherwise provided under the Act, the
debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise,
shall be solely the debts, obligations and liabilities of the Company and neither any Member nor
the Manager shall be obligated or liable for any such debt, obligation or liability of the
Company. Except as otherwise provided by the laws of the State of Delaware, the debts,
obligations and liabilities of any Member, whether arising in contract, tort or otherwise, shall
be solely the debts, obligations and
liability of such Member and neither any other Member, the Manager (in its capacity as such)
nor the Company shall be obligated or liable for any such debt, obligation or liability of such
Member.

          SECTION 10.02. Indemnification by the Company. (a) The Company shall indemnify, defend
and hold harmless any Member, the Manager or other Person (and any of their respective officers,
directors, managers, employees and agents), who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Company) by reason
of the fact that he, she or it is or was a Member, the Manager, or an officer, director, manager,
employee or agent of the Company, the Manager or any Member, or is or was serving at the request of
the Company as a director, officer, manager, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, from and against expenses (including attorneys’ fees and
expenses), judgments, fines and amounts paid in settlement actually and reasonably incurred by such
Person in connection with such claim, action, suit or proceeding if such Person acted in good faith
and in a manner such Person reasonably believed to be in, or not opposed to, the best interests of
the Company, and, with respect to any criminal sanction or proceeding, had no reasonable cause to
believe that his, her or its conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the Person did not act in good faith
and in a manner which he, she or it reasonably believed to be in, or not opposed to, the best
interests of the Company, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that his, her or its conduct was unlawful.

          (b) Expenses incurred in defending a civil or criminal action, suit or proceeding shall be
paid by the Company in advance of the final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of any Member, the Manager, or any officer, director,
manager, employee or agent of the Company, the Manager or any Member to repay such amount if it
shall be ultimately determined by a court of competent jurisdiction from which no further appeal
may be taken or the time for appeal has lapsed that such Person is not entitled to be indemnified
by the Company pursuant to the terms and conditions of this Section
10.02.

21

 

          (c) The Company shall maintain insurance on behalf of any Person who is or was a Member, the
Manager, or an officer, director, employee or agent of the Company, the Manager or any Member, or
is or was serving at the request of the Company as an officer, director, manager, employee or agent
of another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against and incurred by such Person in any such capacity, or arising out of such Person’s
status as such, whether or not the Company would have the power to indemnify such Person against
such liability under this Section 10.02.

          (d) The indemnification and advancement of expenses provided by, or granted pursuant to, this
Section 10.02 shall continue as to a Person who has ceased to be a Member, the Manager, or any
officer, director, manager, employee or agent of the Company, the Manager or any Member, and shall
inure to the benefit of the heirs, executors, administrators and other legal successors of such
Person.

          (e) The indemnification provided by this Section 10.02 shall not be deemed exclusive of any
other rights to indemnification to which those seeking indemnification may be entitled under any
agreement, determination of Members or otherwise.

          (f) Any indemnification hereunder shall be satisfied only out of the assets of the Company
(including insurance and any agreements pursuant to which the Company and indemnified Persons are
entitled to indemnification), and the Members shall not, in such capacity, be subject to personal
liability by reason of these indemnification provisions.

          (g) No Person shall be denied indemnification in whole or in part under this Section 10.02
because such Person had an interest in the transaction with respect to which the indemnification
applies
if the transaction was otherwise permitted by the terms of this Agreement.

ARTICLE XI

MISCELLANEOUS

          SECTION 11.01. Severability. If any term or other provision of this Agreement is held
to be invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in full force and
effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible.

          SECTION 11.02. Notices. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given (and shall be deemed to have been
duly given upon receipt) by delivery in person, by courier service, by fax or by registered or
certified mail (postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be specification notice given in
accordance with this Section 11.02:

22

 

          (a) If to the Company, to:

Calamos Holdings LLC

2020 Calamos Court

Naperville, Illinois 60563

Attention: General Counsel

Fax: (630) 245-7511

          (b) If to John P. Calamos, Sr., to:

John P. Calamos

2020 Calamos Court

Naperville, Illinois 60563

Fax: (630) 245-7511

          (c) If to CFP, to:

Calamos Family Partners, Inc.

2020 Calamos Court

Naperville, Illinois 60563

Attention: John P. Calamos, Sr.

Fax: (630) 245-7511

          (d) If to CAM, to:

Calamos Asset Management, Inc.

2020 Calamos Court

Naperville, Illinois 60563

Attention: General Counsel

Fax: (630) 245-7511

          SECTION 11.03. Cumulative Remedies. The rights and remedies provided by this Agreement
are cumulative and the use of any one right or remedy by any party shall not preclude or waive its
right to use any or all other remedies. Said rights and remedies are given in addition to any
other rights the parties may have by Law.

          SECTION 11.04. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of all of the parties and, to the extent permitted by this Agreement, their
successors, executors, administrators, heirs, legal representatives and assigns.

          SECTION 11.05. Interpretation. Throughout this Agreement, nouns, pronouns and verbs
shall be construed as masculine, feminine, neuter, singular or plural, whichever shall be
applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and
paragraphs shall refer to corresponding provisions of this Agreement.

23

 

          SECTION 11.06. Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which when executed and delivered shall be deemed
to be an original but all of which taken together shall constitute one and the same agreement.
Copies of executed counterparts transmitted by telecopy or other electronic transmission service
shall be considered original executed counterparts for purposes of this Section 11.06.

          SECTION 11.07. Further Assurances. Each party shall perform all other acts and execute
and deliver all other documents as may be necessary or appropriate to carry out the purposes and
intent of this Agreement.

          SECTION 11.08. Entire Agreement. This Agreement constitutes the entire agreement
among the parties hereto pertaining to the subject matter hereof and supersedes all prior
agreements and understandings pertaining thereto.

          SECTION 11.09. Governing Law; Submission to Jurisdiction; WAIVER OF JURY TRIAL. (a)
This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware.

          (b) Any claim, action, suit or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions contemplated hereby
shall be heard and determined in any Delaware State or federal court sitting in the State of
Delaware, and each of the parties hereto hereby consents to the exclusive jurisdiction of such
courts (and of the appropriate appellate courts therefrom in any such claim, action, suit or
proceeding) and irrevocably waives, to the fullest extent permitted by law, any objection which it
may now or hereafter have to the laying of venue of any such claim, action, suit or proceeding in
any such court or that any such claim, action, suit or proceeding which is brought in any such
court has been brought in an inconvenient forum.

          (c) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT THEREOF.

          SECTION 11.10. Specific Performance. The parties hereto agree that irreparable damage
would occur in the event any provision of this Agreement was not performed in accordance with the
terms hereof and that the parties hereto shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at Law or in equity.

          SECTION 11.11. Expenses. Except as otherwise specified in this Agreement, all costs
and expenses, including, without limitation, fees and disbursements of counsel, financial advisors
and accountants, incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses.

          SECTION 11.12. Amendments and Waivers. (a) Any provision of this Agreement may be
amended or waived if, and only if, such amendment or waiver is in writing and signed, in the
case of an amendment, by the all of the Members, or in the case of a waiver,

24

 

by the party or
parties against whom the waiver is to be effective; provided however, that Schedule I to
this Agreement shall be deemed amended from time to time to reflect the admission of a new
Member, the withdrawal or resignation of a Member and the adjustment of the Ownership Interests
resulting from any Transfer or other disposition of Ownership Interests, in each case that is
made in accordance
with the provisions hereof.

          (b) No failure or delay by any party in exercising any right, power or privilege hereunder
(other than a failure or delay beyond a period of time specified herein) shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by Law.

          SECTION 11.13. No Third Party Beneficiaries. This Agreement shall be binding upon and
inure solely to the benefit of the parties hereto and their permitted assigns and successors and
except as provided in Section 8.10 nothing herein, express or implied, is intended to or shall
confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any
nature whatsoever under or by reason of this Agreement. Without limiting the foregoing, any
obligation of the Members to make Capital Contributions to the Company under this Agreement is an
agreement only between the Members and no other person or entity, including the Company, shall have
any rights to enforce such obligations.

          SECTION 11.14. Headings. The headings and subheadings in this Agreement are
included for convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any provision
hereof.

          SECTION 11.15. Construction. Each party hereto acknowledges and agrees it has had the
opportunity to draft, review and edit the language of this Agreement and that no presumption for or
against any party arising out of drafting all or any part of this Agreement will be applied in any
dispute relating to, in connection with or involving this Agreement. Accordingly, the parties
hereby waive the benefit of any rule of Law or any legal decision which would require that in cases
of uncertainty, the language of a contract should be interpreted most strongly against the party
who drafted such language.

25

 

     IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this
Agreement to be duly executed by their respective authorized officers, in each case as of the date
first above stated.

	 	 	 	 	 
	 	CALAMOS FAMILY PARTNERS, INC.

 	 
	 	By:  	/s/ Cristina Wasiak
 	 
	 	 	Name:  	Cristina Wasiak 	 
	 	 	Title:  	Senior Vice President and

Chief Financial Officer 	 
	 
	 	 	 
	 	/s/ John P. Calamos, Sr.
 	 
	 	John P. Calamos, Sr. 	 
	 	 	 
	 
	 	CALAMOS ASSET MANAGEMENT, INC.

 	 
	 	By:  	/s/ James J. Boyne
 	 
	 	 	Name:  	James J. Boyne 	 
	 	 	Title:  	President of Distribution and Operations 	 

26

 

	 	 	 	 	 

SCHEDULE I

MEMBERS; OWNERSHIP INTERESTS; CAPITAL ACCOUNTS

	 	 	 	 	 	 	 	 	 
	Member	 	Ownership Interests	 	Capital Account
	 	 	(as of 12/31/09)	 	(as of 12/31/08)
	Calamos Asset Management, Inc.
	 	 	21.4718	%	 	$	416,742,159	 
	 
	Calamos Family Partners, Inc.
	 	 	78.3283	%	 	$	333,334,368	 
	 
	John P. Calamos, Sr.
	 	 	0.1999	%	 	$	3,427,275exv10w1

Exhibit 10.1

AMENDED AND RESTATED ASSET PURCHASE AGREEMENT

     This Amended and Restated Asset Purchase Agreement (the “Agreement”) shall be
effective as of February 26, 2010 (the “Effective Date”), by and between Famous Dave’s of America,
Inc., a Minnesota corporation, or its designee (“Purchaser”), and North Country BBQ Ventures, Inc.,
a Delaware corporation (“NC BBQ”), North Country BBQ Ventures (Smithtown), LLC, a Delaware limited
liability company (“Smithtown”), North Country BBQ Ventures (Westbury), LLC, a Delaware limited
liability company (“Westbury”), North Country BBQ Ventures (Mountainside), LLC, a Delaware limited
liability company (“Mountainside”), North Country BBQ Ventures (Brick), LLC, a Delaware limited
liability company (“Brick”), North Country B.B.Q. Ventures (Hamilton), LLC, a Delaware limited
liability company (“Hamilton”), North Country BBQ Ventures (New Brunswick), LLC, a Delaware limited
liability company (“New Brunswick”), North Country BBQ Ventures (Woodbridge), LLC, a Delaware
limited liability company (“Woodbridge”), (NC BBQ, Smithtown, Westbury, Mountainside, Brick,
Hamilton, New Brunswick and Woodbridge are hereinafter each referred to individually as a “Seller”
and collectively as the “Sellers”).

     This Agreement completely amends, restates and supersedes that certain Asset Purchase
Agreement dated as of December 17, 2009, by and among Purchaser, Sellers, North Country BBQ
Ventures (Manchester), LLC, a Delaware limited liability company (“Manchester”), and North Country
BBQ Ventures (Hillsborough), LLC, a Delaware limited liability company (“Hillsborough”), as amended
by Amendment No. 1 to Asset Purchase Agreement dated as of December 23, 2009 (collectively, the
“Prior Agreement”).

RECITALS

     A. Sellers conduct the business of the ownership and operation of seven restaurants that
utilize the “Famous Dave’s” system and trademarks at the locations identified below (each referred
to individually as a “Restaurant” and collectively as the “Restaurants”; the operation of the
Restaurants, is referred to herein as the “Business”). In connection with the Business, Purchaser
and each of the Sellers identified below are parties to those certain Franchise Agreements of
various dates identified below (as amended from time to time, each referred to individually as a
“Franchise Agreement” and collectively as the “Franchise Agreements”):

	 	 	 	 	 
	Restaurant Location	 	Party to Agreement	 	Date of Agreement
	 
	 	 	 	 
	720 Smithtown Bypass, Smithtown, New York

	 	Smithtown
	 	June 17, 2004
	1050 Corporate Drive, Westbury, New York

	 	Westbury
	 	December 17, 2004
	1443 Route 22 East, Mountainside, New Jersey
(hereinafter referred to as the “Mountainside Location”)

	 	Mountainside
	 	August 16, 2001
	950 Cedar Bridge Avenue, Brick Township, New Jersey

	 	Brick
	 	November 20, 2002
	4215 Black Horse Pike, Hamilton (Mays Landing), New Jersey

	 	Hamilton
	 	October 10, 2003
	23 U.S. Highway, Route 1 South, New Brunswick, New Jersey

	 	New Brunswick
	 	October 10, 2003
	53 Lafayette Avenue, Metuchen, New Jersey
(hereinafter referred to as the “Woodbridge Location”)

	 	Woodbridge
	 	June 29, 2006

     B. On or about December 18, 2009, each of the Sellers filed a voluntary petition for
relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United
States

 

 

Bankruptcy Court, District of New Jersey (the “Bankruptcy Court”). The chapter 11 cases
filed by Sellers, as well as those of certain non-Seller affiliates (the “Bankruptcy Cases”) are
jointly administered under NC BBQ’s bankruptcy case for administrative purposes only. Sellers
continue to operate the Businesses and manage their properties as debtors in possession pursuant to
sections 1107(a) and 1108 of the Bankruptcy Code.

     C. Sellers desire to sell, and Purchaser desires to purchase, substantially all of the assets
of Sellers used in the operation of the Restaurants in accordance with the terms and subject to the
conditions set forth herein.

AGREEMENT

     Now, Therefore, in consideration of the foregoing premises which are hereby
incorporated by reference and made a part of this Agreement, the mutual covenants and conditions
contained herein, and for other consideration the receipt and legal sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

Article 1

Definitions

     In addition to capitalized terms otherwise defined herein, the following terms shall have the
meanings specified below.

     “Assigned Contracts” means the Contracts listed on Schedule 2.1(b) to be
assumed by Sellers and assigned to Purchaser or its designee under Section 365 of the Bankruptcy
Code, as such schedule may be amended from time to time prior to the Closing Date pursuant to
Section 2.5.

     “Assignment and Assumption Agreement” means the Assignment and Assumption Agreement in
substantially the form attached hereto as Exhibit B.

     “Assumed Liabilities” has the meaning set forth in Section 2.4.

     “Avoidance Claims” means any and all claims or causes of action under Chapter 5 of the
Bankruptcy Code.

     “Auction” means the auction contemplated by the Sale Procedures Order.

     “Bankruptcy Cases” has the meaning set forth in the Recitals.

     “Bankruptcy Code” has the meaning set forth in the Recitals.

     “Bankruptcy Court” has the meaning set forth in the Recitals.

     “Bill of Sale” means the Bill of Sale in substantially the form attached hereto as
Exhibit A.

     “Books and Records” means the books and records held for use in the conduct of the
Business including, but not limited to, all personnel records, but excluding Sellers’ corporate
records and any documents not related to any of the Purchased Assets.

     “Business” has the meaning set forth in the Recitals.

2

 

     “Business Day” means any day of the year on which national banking institutions in the
State of New Jersey are open to the public for conducting business and are not required or
authorized to close.

     “Closing” has the meaning set forth in Section 4.1.

     “Closing Date” has the meaning set forth in Section 4.1.

     “Closing Deadline” has the meaning set forth in Section 4.4.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Contemplated Transactions” has the meaning set forth in Section 4.1.

     “Contract” means any agreement, contract obligation, promise, or undertaking, whether
written or oral, to which any Seller is a party or otherwise bound.

     “Cure Amount” or “Cure Amounts” means, as to each Assigned Contract, the
amount required to be paid pursuant to Section 365(b) of the Bankruptcy Code in connection with the
assumption by Sellers of such Assigned Contract as reported on a schedule filed with the Bankruptcy
Court at least three (3) Business Days prior to the hearing for the approval of the Sale Order,
which schedule was determined by the mutual agreement of the parties hereto and/or by agreement of
the contract counterparties, in all such cases as determined by Final Order of the Bankruptcy
Court.

     “Effective Date” has the meaning set forth in the preamble.

     “Encumbrance” means any lien, mortgage, pledge, security interest, easement,
encumbrance, third party interest, or other restriction or limitation of any kind.

     “Environmental Law” has the meaning set forth in Section 5.15.

     “Excluded Assets” has the meaning set forth in Section 2.2.

     “Excluded Restaurant” means collectively the Restaurant located at 1707 S. Willow
Street, Manchester, New Hampshire and operated by Manchester, and the Restaurant located at 315
Route 206, Hillsborough, New Jersey and operated by Hillsborough.

     “Final Order” means an order of the Bankruptcy Court which is not subject to any stay
of its effectiveness or motion for reargument or rehearing and (i) as to which the time to appeal
or petition for certiorari has expired and as to which no timely appeal, or petition for certiorari
shall then be pending; or (ii) if a timely appeal or writ of certiorari thereof has been sought,
the order shall have been affirmed by the highest court to which such order was appealed, or
certiorari shall have been denied or reargument or rehearing on remand shall have been denied or
resulted in no modification of such order, and the time to take any further appeal, petition for
certiorari, or move for modification of such order, or move for reargument or rehearing shall have
expired.

     “Franchise Agreement” or “Franchise Agreements” has the meaning set forth in
the Recitals.

     “Governmental Authority” means any federal, state or local government, governmental
authority, or regulatory or administrative authority or any court, tribunal, or judicial body
having jurisdiction.

     “Governmental Authorization” means any approval, consent, license, permit, waiver, or
other authorization issued or granted by or under the authority of any Governmental Authority.

3

 

     “Law” means any federal, state, local, municipal, or foreign law, ordinance, rule,
regulation, statute or treaty.

     “Lease Amendment” has the meaning set forth in Section 8.3.

     “Mountainside Location” has the meaning set fort in the Recitals.

     “Order” means any award, writ, injunction, judgment, order, or decree entered, issued,
made or rendered by any Governmental Authority.

     “Organizational Documents” means (i) the articles or certificate of incorporation and
the bylaws of a corporation; (ii) the operating agreement or limited liability company agreement
and the articles of organization or certificate of formation of a limited liability company; and
(iii) any amendment to any of the foregoing.

     “Person” means any individual, partnership, corporation, limited liability company,
joint stock company, joint venture, estate, trust, association, unincorporated organization,
Governmental Authority, or other entity.

     “Purchase Consideration” has the meaning set forth in Section 3.1.

     “Purchased Assets” has the meaning set forth in Section 2.1.

     “Purchaser” has the meaning set forth in the preamble.

     “Real Estate Lease” or “Real Estate Leases” means the lease agreements for the
real property on which the Restaurants are located.

     “Restaurant” or “Restaurants” has the meaning set forth in the Recitals.

     “Seller Employment Obligations” has the meaning set forth in Section 8.4.

     “Sale Order” has the meaning set forth in Section 7.5.

     “Sale Procedures Order” means that certain Amended Order Approving Bidding and Auction
Procedures and Scheduling Matters in Connection Therewith dated as of January 13, 2010 and
appearing on the docket in the Bankruptcy Cases.

     “Seller” or “Sellers” have the meaning set forth in the preamble.

     “Tax” or “Taxes” means (i) any federal, state, provincial, local, foreign or
other income, alternative, minimum, add-on minimum, accumulated earnings, personal holding company,
franchise, capital stock, net worth, capital, profits, intangibles, windfall profits, gross
receipts, value added, sales, use, goods and services, excise, customs duties, transfer,
conveyance, mortgage, registration, stamp, documentary, recording, premium, severance,
environmental (including taxes under Section 59A of the Code), natural resources, real property,
personal property, ad valorem, intangibles, rent, occupancy, license, occupational, employment,
unemployment insurance, social security, disability, workers’ compensation, payroll, health care,
withholding, estimated, or other similar tax, duty, levy, or other governmental charge or
assessment or deficiency thereof (including all interest and penalties thereon and
additions thereto whether disputed or not) and (ii) any transferee liability in respect of any
items described in clause (i) above.

4

 

     “Transaction Documents” means any agreements, instruments, or documents entered into,
delivered or required to be delivered pursuant to this Agreement.

     “Transfer Taxes” has the meaning set forth in Section 8.5.

     “Treasury Regulations” means the regulations promulgated by the U.S. Treasury
Department pursuant to the Code.

     “Woodbridge Location” has the meaning set fort in the Recitals.

Article 2

Purchase and Sale of Assets

     2.1 Purchased Assets. On the terms and conditions of this Agreement, Sellers hereby
agree to sell, transfer, convey and deliver to Purchaser, and Purchaser hereby agrees to purchase
from Sellers, on and as of the Closing Date, all property and assets of Sellers, of every kind and
description, real or personal, tangible or intangible, used in the operation of the Business, not
including the Excluded Assets (the “Purchased Assets”). The Purchased Assets shall include,
without limitation, the following:

     (a) all furniture, fixtures, equipment, smallwares, machinery, computers, point of sale
hardware and software, décor items, memorabilia and other tangible personal property used or
held in the Business including, but not limited to, all of the personal property described
in Schedule 2.1(a);

     (b) all right, title and interest of Sellers in and to all Real Estate Leases, all
Franchise Agreements and all other Assigned Contracts identified on Schedule 2.1(b);
provided, however, that Purchaser or its designee shall be permitted to exclude the Real
Estate Lease and the Franchise Agreement for the Woodbridge Location at any time prior to
the Closing, and, if so excluded, the Woodbridge Location shall be an Excluded Restaurant;

     (c) all inventory, raw materials and supplies of the Business, wherever located,
including but not limited to all rights of Sellers as to all suppliers associated with the
Business, together with all uniforms, paper goods and promotional items used by Sellers in
the operation of the Business;

     (d) unlimited access to during reasonable business hours and Purchaser’s ability to
make copies of the Books and Records for up to six (6) months after the Closing Date;

     (e) all rights of Sellers under any warranty or guarantee by any manufacturer, supplier
or other transferor of the Purchased Assets for the Business;

     (f) all of the intangible rights and property used in Sellers’ conduct of the Business,
including without limitation, Sellers’ intellectual property rights to technology, licenses,
construction or plans, drawings, memos, blueprints, and other work product of consultants or
architects, telephone numbers, telecopy numbers and e-mail addresses and listings relating
to the Business;

     (g) to the extent legally transferable, all permits, licenses and approvals received
from any governmental entity for the Business; provided however, that to the extent a liquor
license is not held by Mountainside (in which case, such license shall not be a Purchased
Asset), the Sellers

5

 

shall cause North Country BBQ Ventures, LLC to transfer any liquor
license it may hold to Purchaser as soon as reasonably practicable;

     (h) all leasehold improvements, signage and prepaid deposits in the possession of the
applicable non-Seller counterparties for the Business;

     (i) all rights, claims and causes of action of Sellers against third parties relative
to the Purchased Assets and the proceeds thereof, excluding Avoidance Claims, tort claims
against Sellers’ current and former officers and directors, rights, claims and causes of
action relating to any Excluded Restaurant, credit card payments that are in process and
that originate from sales occurring prior to and including the Closing Date, and claims
giving rise to Sellers’ rights of set off with respect to its creditors; and

     (j) any and all other properties, assets and rights of Sellers which are used in
Sellers’ conduct of the Business and are not expressly listed or referred to in Section 2.2
below or otherwise is not an Excluded Asset per the terms of this Agreement.

     Effective as of the Closing Date, Sellers will transfer the Purchased Assets to Purchaser in
accordance with this Agreement by delivering the Transaction Documents together with all required
consents of any and all third parties, free and clear of all Taxes, Encumbrances or any other
adverse claims of any kind.

     2.2 Excluded Assets. The following property and assets of Sellers are excluded from the
sale to Purchaser (the “Excluded Assets”):

     (a) Sellers’ rights arising under this Agreement;

     (b) Sellers’ corporate records and any documents not related to any of the Purchased
Assets;

     (c) cash and any cash equivalents;

     (d) accounts receivable resulting from retail sales by Sellers in the ordinary course
of business prior to the Closing Date;

     (e) any Contracts not specifically identified on Schedule 2.1(b) or not
otherwise designated an Assigned Contract pursuant to the procedures described herein;

     (f) all assets (including without limitation assets of the nature identified in Section
2.1) that are used exclusively in the operation of a Restaurant that is an Excluded
Restaurant;

     (g) rights, claims and causes of action relating to any Excluded Restaurant, Avoidance
Actions, tort claims against Sellers’ current and former officers and directors, credit card
payments that are in process and that originate from sales occurring prior to and including
the Closing Date, and claims giving rise to Sellers’ rights of set off with respect to its
creditors, and

     (h) all assets of Sellers not related to the Business.

     2.3 Proration of Income and Expenses. To the extent assumed by Purchaser and except
as otherwise provided herein, all deposits, reserves, income and expenses relating to the conduct
of the business and operations of Sellers shall be prorated between Purchaser and Sellers in
accordance with

6

 

generally accepted accounting principles as of 11:59 p.m. prevailing Eastern time,
on the date immediately preceding the Closing Date. Such prorations shall include, without
limitation, all utility expenses, insurance premiums, amounts due or to become due under all lease
payments, real estate taxes (if any) and similar prepaid and deferred items.

     2.4 Assumed Liabilities. Except as otherwise provided herein, Purchaser shall not and
does not assume any liabilities or obligations of Sellers. Sellers shall be solely liable for all
Taxes, liabilities and obligations arising from ownership of the Purchased Assets, operation of the
Business and incidents and occurrences prior to the Closing Date, whether or not reflected in
Sellers’ books and records and whether or not such incidents or occurrences first became known
following the Closing Date. Purchaser shall be solely liable for (i) all liability associated with
any gift cards issued by Sellers, Hillsborough, and Manchester that are outstanding on the Closing
Date and (ii) all Taxes, liabilities and obligations arising from ownership of the Purchased
Assets, operation of the Business and incidents and occurrences beginning on the first day
following the Closing Date and thereafter (the “Assumed Liabilities”).

     2.5 Contract Matters.

     (a) From the date hereof through the Closing Date, Purchaser or its designee shall have
the right in its sole discretion to remove the Real Estate Lease and the Franchise Agreement
for the Woodbridge Location from Schedule 2.1(b), in which case Schedule
2.1(b) shall be amended to remove such Contracts as Assigned Contracts. Any Contract
removed from Schedule 2.1(b) shall become an Excluded Asset and shall not be an
Assigned Contract for all purposes of this Agreement and all liabilities and obligations
under such Contract shall constitute Excluded Liabilities for all purposes.

     (b) Sellers may in their sole and absolute discretion, subject to applicable Law,
assume, assign, or reject any Contract other than an Assigned Contract at any time,
provided, however, that in the event Sellers intend to do so prior to the Closing Date,
Sellers shall notify Purchaser of such intent and Purchaser shall have two (2) Business Days
to agree to treat said Contract as an Assigned Contract. In the event Purchaser does not
agree in writing to treat said Contract as an Assigned Contract within said period, Sellers
may assume, assign, or reject such Contract in their sole and absolute discretion at any
time.

     (c) Except as otherwise provided in Section 3.1 below, on the Closing Date or as soon
thereafter as reasonably practicable, Sellers shall pay, from the Purchase Consideration,
the appropriate Cure Amount to each counterparty to an Assigned Contract.

     2.6 Assignment of Purchased Assets. To the maximum extent permitted by the
Bankruptcy Code, the Purchased Assets that constitute Assigned Contracts shall be assumed and
assigned to Purchaser pursuant to Section 365 of the Bankruptcy Code as of the Closing Date or such
other date as specified in the Sale Order or in this Agreement, as applicable.

     2.7 Further Assurances. Sellers and Purchaser shall use commercially reasonable
efforts to take, or cause to be taken, all appropriate action, including executing and delivering
such documents and other papers, as may be required to consummate the transactions contemplated by
this Agreement; provided, however, that nothing in this Section 2.7 shall prohibit any Seller from ceasing
operations or winding up its affairs following the Closing Date.

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Article 3

Purchase Consideration

     3.1 Purchase Consideration. The aggregate consideration for the Purchased Assets
shall be $7,435,000.00 (the “Purchase Consideration”). The Purchase Consideration shall be
payable on the Closing Date as follows:

     (a) $564,402.95 constituting (i) the estimated Cure Amount through and including
January 2010 and seventy-five percent of the estimated Cure Amount for February 2010 owing
in connection with Sellers’ assumption and assignment to Purchaser of the Franchise
Agreements for the Business (excluding the Business for the Woodbridge Location) and (ii)
the post-petition franchise fees for December 2009 and January 2010 and seventy-five percent
of the estimated franchise fees for February 2010 arising from the franchise agreements
between (x) Purchaser and Manchester; (y) Purchaser and Hillsborough; and (z) Purchaser and
Woodbridge, shall be credited to and retained by Purchaser;

     (b) If and only if Purchaser or its designee does not elect to treat the Woodbridge
Location as an Excluded Restaurant, $48,349.94 constituting the estimated pre-petition Cure
Amount owing in connection with Sellers’ assumption and assignment to Purchaser of the
Franchise Agreement for the Business for the Woodbridge Location shall be credited to and
retained by shall be credited to and retained by Purchaser;

     (c) $35,652.78, constituting the maximum, potential (i) additional Cure Amounts owing
to Purchaser in connection with Sellers’ assumption and assignment to Purchaser of the
Franchise Agreements for the Business (including the Business for the Woodbridge Location to
the extent applicable) and (ii) post-petition franchise fees arising from the franchise
agreements between Purchaser and Manchester and Purchaser and Hillsborough (and, to the
extent applicable, between Purchaser and Woodbridge), shall be deposited into a segregated
account until the earlier of (x) Purchaser and Sellers entering into a written agreement
regarding the allocation of such funds to each; or (y) the entry of a Final Order by the
Bankruptcy Court resolving any dispute between Purchaser and Sellers regarding the
allocation of such funds to each;

     (d) The Cure Amounts, if any, owing in connection with Sellers’ assumption and
assignment to Purchaser of the Real Estate Leases shall be paid (i) from the Purchase
Consideration for that portion of the Cure Amounts attributable to the pre-Closing time
period (the “Seller Cure Amounts”), and (ii) directly and independently by the
Purchaser for that portion of the Cure Amounts arising from and after the Closing (the
“Purchaser Cure Amounts”), which breakdown of Cure Amounts shall be set forth on
Schedule 3.1(d) (to be finalized by mutual agreement of the Sellers and Purchaser
prior to Closing) and be paid to each landlord under the Real Estate Leases (excluding the
Cure Amount owing under the Real Estate Lease for the Woodbridge Location in the event that
Purchaser elects to treat the Woodbridge Location as an Excluded Restaurant); and

     (e) Purchaser shall pay the balance of the Purchase Consideration (the “Cash
Consideration”) to Sellers or Sellers’ designee(s) pursuant to instructions to be provided
by Sellers to Purchaser on or prior to the Closing Date, or otherwise in accordance with any
Final Order entered by the Bankruptcy Court.

     3.2 Disputed Cure Amounts. If, on the Closing Date, any Cure Amount referred to in
Section 3.1(d) is in dispute, Purchaser shall deposit the maximum amount of the alleged Seller Cure
Amount

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(which amount as a percentage of the aggregate maximum alleged Cure Amount shall be
determined with reference to Schedule 3.1(d)) into a segregated account pending the entry of a
Final Order by the Bankruptcy Court resolving such dispute. Within five (5) Business Days
following delivery by Sellers to Purchaser of a Final Order from the Bankruptcy Court approving
resolution of any dispute over the actual or claimed Cure Amount, any amount deemed to be a Cure
Amount shall be credited to and retained by Purchaser or paid directly to each landlord in
accordance with Section 3.1(d) or Order of the Bankruptcy Court and the balance shall be paid to
Sellers or Sellers’ designee(s) in cash pursuant to instructions to be provided by Sellers to
Purchaser.

     3.3 [Intentionally Omitted].

     3.4 Allocation. The Purchase Consideration shall be allocated among the Restaurants
that are not Excluded Restaurants in accordance with Schedule 3.4 attached hereto. Within 30 days
after the Closing Date, Purchaser shall deliver to Sellers a further allocation, taking into
account the per-Restaurant allocations reflected on Schedule 3.4, of the Purchased Assets for tax
purposes, which further allocation shall be subject to the consent of the Sellers (such consent not
to be unreasonably withheld or delayed). Each party agrees that it will adopt and utilize such
allocation for purposes of completing and filing Form 8594 for Federal income tax purposes and no
party hereto will voluntarily take any position inconsistent therewith upon examination of their
respective Federal tax return, in any claim, litigation or otherwise with respect to such tax
return.

Article 4

Closing

     4.1 Closing. The closing (“Closing”) of the transactions contemplated by this
Agreement (the “Contemplated Transactions”) shall take place at such place, date and time as the
parties may mutually agree no later than one (1) Business Day following the date on which the
conditions set forth in Article 9 hereof have been satisfied or waived (other than the conditions
which by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver
of such conditions). The date or time at which the Closing actually occurs is hereinafter referred
to as the “Closing Date”; provided, however, that for purposes of this Agreement, the Closing shall
be effective as of 12:01 a.m. on the Closing Date.

     4.2 Closing Deliveries. At the Closing, and subject to the terms and conditions set
forth in this Agreement, including without limitation the satisfaction or (if permissible) waiver
of the conditions set forth in Article 9 hereof, the parties agree to consummate the transactions
described below:

     (a) Sellers shall deliver to Purchaser a certified copy of the Sale Order;

     (b) Sellers will assign and transfer to Purchaser good and valid title in and to the
Purchased Assets, free and clear of all Taxes and Encumbrances by delivering to Purchaser a
bill of sale in substantially the form attached as Exhibit A (the “Bill of Sale”),
and Purchaser will assume the Assumed Liabilities by delivering to Sellers an assignment and
assumption agreement in substantially the form attached as Exhibit B (the
“Assignment and Assumption Agreement”);

     (c) Sellers shall deliver a certificate of an authorized officer attaching, for each
Seller, true and correct copies of all Organizational Documents and resolutions of the
directors authorizing the execution and delivery of the Transaction Documents and the
entering into and performance of the Contemplated Transactions;

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     (d) Sellers shall deliver such other assignments, certificates or instruments as may
reasonably be required by Purchaser to effectuate the Contemplated Transactions and to
convey to Purchaser all right, title and interest in and to the Purchased Assets;

     (e) Purchaser will pay the Cash Consideration to Sellers or Sellers’ designee(s) in
accordance with Article 3; and

     (f) Purchaser will pay the Purchaser Cure Amounts to applicable non-Debtor parties in
accordance with Article 3.

     4.3 Transfer of Operations. Purchaser shall be entitled to immediate possession of,
and to exercise all rights arising under, the Purchased Assets from and after the time that the
Business opens for business at 12:01 a.m. on the first day following the Closing Date, and
operation of the Business shall transfer at such time. Except as provided hereby, all profits,
losses, liabilities, claims, or injuries arising before such transfer shall be solely to the
benefit or the risk of Sellers. All such occurrences after transfer shall be solely to the benefit
or the risk of Purchaser. The risk of loss or damage by fire, storm, flood, theft, or other
casualty or cause shall be in all respects upon Sellers prior to such transfer and upon Purchaser
thereafter.

     4.4 Termination. This Agreement may be terminated as follows:

     (a) by mutual consent of Purchaser and Sellers;

     (b) by either Sellers or Purchaser if Purchaser is not approved by the Bankruptcy Court
as the purchaser of the Purchased Assets; or

     (c) by Sellers or Purchaser, respectively, if, prior to the Closing, any condition set
forth herein for the benefit of Sellers or Purchaser, respectively, that cannot be cured
shall not have been timely satisfied or waived by the party that it benefits; or

     (d) by either Sellers or Purchaser if the Closing has not occurred on or prior to March
8, 2010 (the “Closing Deadline”), for any reason other than the delay or nonperformance of
the party or parties seeking such termination; provided, however, that the unavailability of
or the scheduling of a later date by the Bankruptcy Court shall extend the Closing Deadline
to March 15, 2010;

In the event of termination of this Agreement, each party will return to the other all documents
and materials obtained from the other in connection with the Contemplated Transactions, and will
not use and will keep confidential all confidential information about the other party obtained
pursuant to this Agreement. Termination of this Agreement shall not in any way terminate, limit or
restrict the rights and remedies of the non-breaching party against the party who has violated,
breached or failed to satisfy any of the agreements, covenants, representations, warranties,
conditions or other provisions of this Agreement prior to the termination hereof. Termination of
this Agreement shall terminate all obligations of the parties hereunder, except for the obligations
under this Section, Sections 8.1, 8.8, 10.5 and Section 10.10, and such termination shall not
constitute a waiver of any rights of any agreement or covenant in this Agreement occurring prior to
such termination. Notwithstanding anything contained in this Section 4.4 or otherwise provided
herein, in the event Purchaser breaches its obligation to close, Seller shall have all of its
remedies at law and equity, including the right to seek damages.

Article 5

Representations and Warranties of Sellers

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     Sellers hereby represent and warrant to Purchaser, as of the Effective Date and as of the
Closing Date, as follows:

     5.1 Organization; Good Standing, Etc. NC BBQ is a corporation, and each of the
remaining Sellers is a limited liability company, in each case duly organized, and each Seller is
validly existing and in good standing under the Laws of the State of Delaware, and, subject to any
necessary approval of the Bankruptcy Court, each has the requisite corporate or limited liability
company power and authority to carry on its business as it is now being conducted and as it is
proposed to be conducted after the transactions contemplated by this Agreement.

     5.2 Business Activities; Subsidiaries. Sellers have performed all acts necessary to
operate the Business under applicable Law.

     5.3 Authority. Subject to entry of the Sale Order, the Transaction Documents to which
each Seller is a party have been (or shall be as of the Closing Date) duly authorized by all
necessary action of the board of directors of the Sellers, are duly executed and delivered by
authorized individuals or officers, as applicable, are valid and binding agreements on the part of
Sellers and are enforceable against Sellers in accordance with their respective terms.

     5.4 Restrictive Covenants. Except for the Franchise Agreements and the credit
agreement with Wells Fargo Bank, N.A., no Seller is a party to, nor are the Purchased Assets bound
or affected by, any agreement or document containing any covenant limiting any Seller’s freedom to
compete in any line of business or which materially or adversely affects the business practices,
operations or conditions of the Business or the continued operation of the Business after the
Closing Date on substantially the same basis and on substantially the same terms and conditions as
the Business is presently carried on.

     5.5 Actions, Suits and Proceedings. Other than the Bankruptcy Cases and all claims
asserted therein, or as otherwise set forth on Schedule 5.5, there are no actions, suits or
proceedings pending or threatened against Sellers or any of the Purchased Assets in any court or
before any federal, state, municipal or other governmental agency or before any other private or
public tribunal or quasi-tribunal which, (a) if decided adversely to Sellers, would have a
materially adverse effect upon the Business or Assets, (b) seek to restrain or prohibit the
Contemplated Transactions or obtain any damages in connection therewith, or (c) in any way call
into question the validity of this Agreement or the other Transaction Documents to be executed and
delivered by Sellers. Except as set forth on Schedule 5.5, no Seller is in default with
respect to any order of any court or governmental agency entered against it in respect of the
Business or the Purchased Assets.

     5.6 No Material Violations. Except as set forth in Schedule 5.6 hereto, no
Seller is in violation of any applicable Law, rule or regulation relating to the Business that
would reasonably be expected to have a material adverse effect on the Business, and, to the
knowledge of Sellers, there are no requests, claims, notices, investigations, demands,
administrative proceedings, hearings or other governmental claims against any Seller alleging the
existence of any such violation. Sellers have maintained all governmental licenses and permits
necessary to operate the Business and is in material compliance with all such licenses and permits.

     5.7 Title; Encumbrances. Except as set forth in Schedule 5.7, Sellers have
good and marketable title to all property included in the Purchased Assets. Subject to the Sale
Order, immediately after the Closing Date, Purchaser will own all of the rights, title and interest
in and to the Purchased Assets, free and clear of all Taxes and Encumbrances.

11

 

     5.8 Inventory Level. Sellers shall maintain an inventory level sufficient to run the
Business in the ordinary course.

     5.9 Assigned Contracts. Except as set forth on Schedule 5.9 hereto, Sellers
and, to the knowledge of Sellers, each other party thereto, has performed all obligations required
to be performed under the Assigned Contracts to date, and are not in default under any Assigned
Contract. The Assigned Contracts are each in full force and effect and are assignable to Purchaser
without the consent of third parties (other than the Bankruptcy Court), and Sellers have not waived
or assigned to any other person any of its rights thereunder. True, correct and complete copies of
all Assigned Contracts, including all amendments or supplements thereto, have been delivered to
Purchaser. All amounts due up through and including the Effective Date under each of the Assigned
Contracts have been paid or will be paid pursuant to the Sale Order, and all amounts due up through
the Closing Date under each of the Assigned Contracts have been timely paid by Sellers as of the
Closing Date or will be paid pursuant to the Sale Order. No Assigned Contract shall prohibit or
limit the ability of Purchaser to engage in any business activity or compete with any person in
connection with the Business and/or other activities of the Purchaser.

     5.10 Taxes. Except as set forth in Sellers’ schedules filed in the Bankruptcy Cases,
Sellers have paid all Taxes, including federal, state and local income, profits, franchise, sales,
use, property, excise, payroll, withholding, unemployment and other taxes and assessments
(including interest and penalties) relating to or for Sellers, the Purchased Assets or the
Business, in each case to the extent that such have become due and are not being contested in good
faith. No audits, suits, actions, claims, investigations, inquiries, or proceedings are pending
with respect to any tax liabilities of Sellers. All applicable sales and use Taxes shall be paid
out of the proceeds of the sale as an allowed administrative claim in the Bankruptcy Cases,
pursuant to Sections 503(b) and 507(a)(2) of the Bankruptcy Code.

     5.11 Labor and Employment Agreements. Sellers represent and warrant that no Seller is
a party to any collectively bargained agreements with any union, collective bargaining agent or
other entity regarding Sellers’ Employment Obligations and/or Sellers’ employees. Additionally, no
Seller is a party to any other material written or oral agreement with any person that would
provide one or more of Sellers’ employees with rights to employment, severance pay, profit sharing,
deferred compensation, bonuses, stock options, stock-purchase rights, pensions, retainers,
consulting rights or payments, retirement plans, health care rights (including without limitation,
dental care), vacation benefits, sick leave benefits, incentive pay, holiday leave, salary
continuation for any reason, and/or other rights or benefits of employment. Further, Sellers
represent and warrant that no Seller is a party to any other plan, agreement, arrangement or
commitment to provide benefits of any type to any of Sellers’ employees or independent contractors.
Specifically, but without limiting the breadth of the foregoing representations and warranties,
Sellers represent and warrant that:

     (a) Except as set forth in Sellers’ schedules filed in their Bankruptcy Cases, Sellers
have complied in all material respects with all applicable Laws, rules and regulations
relating to the employment of their employees, the Sellers’ Employment Obligations and the
termination of any of Sellers’ employees, including but not limited to those relating to
wages, hours, and the payment and withholding of taxes and other sums as required by
appropriate governmental authorities;

     (b) No trade union, council of trade unions, affiliated bargaining agency, employee
bargaining agency or labor organization has bargaining rights, or has claimed to have
bargaining rights, on behalf of any of Sellers’ present or former employees;

     (c) Seller is not aware of any person who has asserted any charge, complaint, claims or
demands against any Seller related to that person’s present or former employment with such

12

 

Seller, including without limitation any claims for discrimination, harassment,
retaliation, breach of any contract, breach of any duty of good faith and fair dealing,
breach of any duty allegedly owed by such Seller, invasion of privacy, interference with
contract or with prospective business advantage, or any other state, local or federal common
Law claim or cause of action; and

     (d) No Seller is aware of any present or former employee who is or has within the past
three years violated any covenant not to compete with any Seller, any agreement to maintain
the confidentiality of Sellers’ Business information, and/or any violation of any duty owed
by the present or former employee to any Seller.

     5.12 Pension and Welfare Plans.

     (a) Sellers represent and warrant that there are no employee-benefit plans, as defined
in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), including without limitation each group insurance and self-insured health plan,
severance-pay plan, non-qualified deferred-compensation plan and retirement plan intended to
be qualified under Code Section 401(a), and that is maintained or contributed to by Sellers
for their employees engaged in the operation of the Business, former employees of the
Business and/or dependents and beneficiaries of such employees and/or former employees
(collectively, the “ERISA Plans”); and each trust fund maintained by the Sellers or any
subsidiary in connection with any such ERISA Plan; and

     (b) Except as described in Schedule 5.12, no Seller maintains any group life
insurance or health-benefit coverage for former employees or directors of Sellers, other
than group life insurance or health-benefit coverage mandated by applicable Law. Sellers
have timely complied with all of its “COBRA” obligations under ERISA Section 602, Code
Section 4980B and applicable state insurance Laws.

     5.13 Environmental Matters. To the best of Sellers’ knowledge, Sellers are, and at
all times have been, in full compliance with, and have not been in violation of or liable under,
any Environmental Law (as defined below) such that non-compliance or violation would reasonably be
expected to have a materially adverse effect on the Business or the Purchased Assets. Sellers have
no basis to expect, nor has any Seller received, any actual or threatened order, notice or other
communication from any governmental agency, office or body, or any private citizen, acting in the
public interest, or the current or prior owner or operator of any building in which Sellers conduct
the Business, of any actual or potential violations or failure to comply with any Environmental
Law. Sellers hold all Environmental Permits (as defined below) necessary for operating the
Business and Sellers are in material compliance with all applicable Environmental Permits. All
Hazardous Materials and Solid Waste (as each is defined below) on or in the Business have been
properly removed and disposed of, and to Sellers’ knowledge no past or present disposal, discharge,
spill, or other release of, or treatment, transportation, or other handling of Hazardous Materials
or Solid Waste on, in, or off-site from the Business will subject Purchaser, or any subsequent
owner, occupant, or operator of the Business, to corrective or compliance action or any other
liability. For purposes of this Agreement, the term “Environmental Law” shall mean any legal
requirement that requires or relates to: (a) advising appropriate authorities, employees and/or
the public of intended or actual releases of pollutants or hazardous substances or materials,
violations of discharge limits or other prohibitions, and the commencement of activities, such as
resource extraction or construction, that could have a significant impact on the environment; (b)
preventing or reducing to acceptable levels the release or existence of pollutants or hazardous
materials or substances in the environment; (c) reducing the quantities, preventing the release or
minimizing the hazardous characteristics of wastes that are generated; (d) assuring that products
are designed, formulated, packaged and used so that they do not present unreasonable risks to human
health or the environment when used or

13

 

disposed of; (e) protecting resources, species or ecological amenities; (f) reducing to
acceptable levels the risks inherent in the transportation of hazardous substances, pollutants or
other potentially harmful substances; (g) cleaning up pollutants that have been released,
preventing the threat of release, or paying the costs of such clean up or prevention; or (h) making
responsible parties pay private parties or groups of private parties for damages done to their
health or the environment, or permitting self-appointed representatives of the public interest to
recover for injuries done to public property or assets. “Environmental Permits” shall mean all
permits, licenses, certificates, approvals, authorizations, regulatory plans or compliance
schedules required by applicable Environmental Laws, or issued by a governmental entity pursuant to
applicable Environmental Laws, or entered into by agreement of the party to be bound, relating to
activities that affect the environment, including without limitation, permits, licenses,
certificates, approvals, authorizations, regulatory plans and compliance schedules for air
emissions, water discharges, pesticide and herbicide or other agricultural chemical storage, use or
application, and Hazardous Material or Solid Waste generation, use, storage, treatment and
disposal. “Hazardous Material” shall mean all substances and materials designated as hazardous or
toxic as of the date hereof pursuant to any applicable Environmental Law. “Solid Waste” shall mean
any garbage, refuse, sludge from a waste treatment plant, water supply treatment plan, or air
pollution control facility, and other discarded material, including solid, liquid, semisolid, or
contained gaseous material resulting from industrial, commercial, mining, and agricultural
operations, and from community activities.

     5.14 Insurance Coverage. Sellers have policies of fire, liability, workers
compensation, health and other forms of insurance presently in effect with respect to the Business
and the Purchased Assets. All such policies are valid, outstanding and enforceable policies and
provide insurance coverage for the properties, assets and operations of Sellers, of the kinds, in
the amounts and against the risks provided for in such policies (which amounts and risks covered
are reasonable for Sellers’ business); and no such policy provides for or is subject to any
currently enforceable retroactive rate or premium adjustment, loss sharing arranging or other
actual or contingent liability arising wholly or partially out of events arising prior to the date
hereof. No notice of cancellation or termination has been received with respect to any such
policy, and no Seller has knowledge of any act or omission of any Seller which could result in
cancellation of any such policy prior to its scheduled expiration date. No Seller has been refused
any insurance with respect to any aspect of the operations of the Business nor has any such
coverage been limited by any insurance carrier to which it has applied for insurance or with which
it has carried insurance during the last three years. Sellers have duly and timely made all claims
it has been entitled to make under each policy of insurance. Copies of such policies and any and
all information with respect to such policies requested by Purchaser shall be made available to
Purchaser upon Purchaser’s request. All such policies provide “occurrence” as opposed to “claims
made” coverage, and provide that they will remain in full force and effect through the Closing
Date.

     5.15 Disclosure. The representations and warranties contained in this Article 5 do
not contain any untrue or misleading statement of a material fact or omit to state any material
fact necessary in order to make the statements and information contained in this Article 5 not
misleading.

     5.16 Warranties Exclusive. The Purchaser acknowledges that the representations and
warranties contained in Article 5 are the only representations and warrants given by Sellers and
that all other express and implied warranties are disclaimed. Without limiting the foregoing and
except as otherwise provided in this Agreement and without waiving any defenses to liability under
any Law, Purchaser acknowledges that the Purchased Assets are conveyed “AS IS”, “WHERE IS” and
“WITH ALL FAULTS” and that all warranties of merchantability or fitness for a particular purpose
are disclaimed. WITHOUT LIMITING THE FOREGOING, THE PURCHASER ACKNOWLEDGES THAT THE SELLERS HAVE
MADE NO REPRESENTATION OR WARRANTY CONCERNING (A) ANY USE TO WHICH THE PURCHASED ASSETS MAY BE PUT,
(B) ANY FUTURE REVENUES, COSTS, EXPENDITURES, CASH FLOW, RESULTS OF OPERATIONS, FINANCIAL CONDITION

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OR PROSPECTS THAT MAY RESULT FROM THE OWNERSHIP, USE OR SALE OF THE PURCHASED ASSETS OR THE
ASSUMPTION OF THE ASSUMED LIABILITIES, (C) ANY OTHER INFORMATION OR DOCUMENTS MADE AVAILABLE TO THE
PURCHASER (OR RELATED PERSONS), OR (D) EXCEPT AS EXPRESSLY SET FORTH IN ARTICLE 5, THE CONDITION OF
THE PURCHASED ASSETS, INCLUDING, WITHOUT LIMITATION, COMPLIANCE WITH ANY ENVIRONMENTAL LAWS OR
OTHER LAWS. “Related Person” means, with respect to the parties hereto, any officer, director,
employee, agent, shareholder, representative, successor or assign of such party.

Article 6

Representations and Warranties of Purchaser

     Purchaser represents and warrants to Sellers as follows:

     6.1 Organization. Purchaser is a corporation validly existing, and in good standing
under the Laws of the State of Minnesota. Purchaser has the requisite power and authority to own
or lease and to operate and use its properties and to carry on its business as now conducted.

     6.2 Authority; Validity. Purchaser has the requisite power and authority necessary to
enter into and perform its obligations under this Agreement and the Transaction Documents to which
Purchaser is a party and to consummate the transactions contemplated hereby and thereby. The
execution, delivery and performance by Purchaser of this Agreement and the Transaction Documents to
which it is a party have been duly and validly authorized by all requisite action on the part of
Purchaser. This Agreement has been duly and validly executed and delivered by Purchaser and each
Transaction Document to which Purchaser is a party will be duly and validly executed and delivered
by Purchaser. This Agreement constitutes, and upon execution and delivery by Purchaser, each
Transaction Document to which Purchaser is a party will constitute, the legal, valid, and binding
obligations of Purchaser, enforceable against Purchaser in accordance with their respective terms,
except in each case as such enforceability is limited by bankruptcy, insolvency, reorganization,
moratorium, or similar Laws now or hereafter in effect relating to creditors’ rights generally or
general principles of equity.

     6.3 Consents. Purchaser is not required to give any notice to, make any filing with,
or obtain any consent from any Person in connection with the execution and delivery of this
Agreement and the Transaction Documents or the consummation or performance of any of the
transactions contemplated hereby and thereby.

     6.4 No Conflict. The execution and delivery of this Agreement and the Transaction
Documents by Purchaser and the consummation of the transactions contemplated hereby and thereby
will not breach any of the terms of, or constitute a default under, or conflict with, or cause any
acceleration of any obligation of Purchaser under (a) the Organizational Documents of Purchaser,
(b) any contract or agreement with respect to which Purchaser is a party or otherwise bound, (c)
any Order applicable to Purchaser, or (d) any Law.

     6.5 Availability of Funds. Purchaser has sufficient cash in immediately available
funds to satisfy all of its obligations hereunder so as to permit Purchaser to consummate the
Contemplated Transactions contemplated by this Agreement and the Transaction Documents.

     6.6 Litigation. There are no proceedings pending or, to the knowledge of Purchaser,
threatened that would affect Purchaser’s ability to perform its obligations under this Agreement or
any Transaction Documents or to consummate the transactions contemplated hereby or thereby.

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     6.7 Brokers or Finders. Neither Purchaser nor any Person acting on behalf of
Purchaser has paid or become obligated to pay any free or commission to any broker, finder,
investment banker, agent or intermediary for or on account of the transactions contemplated by this
Agreement for which Sellers are or will become liable.

     6.8 Assigned Contracts. Purchaser is and will be capable of satisfying the conditions
contained in Section 365(f)(2)(B) of the Bankruptcy Code with respect to the Assigned Contracts and
shall, consistent with Section 9.2, cooperate with Sellers to provide proof of such capability as
is necessary to satisfy counterparties to such Assigned Contracts or to satisfy the Bankruptcy
Court.

Article 7

Actions Prior to the Closing Date

     7.1 Operations Prior to the Closing Date. From and after the Effective Date through
the Closing, except as expressly contemplated by this Agreement or with the prior written consent
of Purchaser (which consent shall not be unreasonably withheld or delayed), or as otherwise
required by Law:

     (a) Sellers shall, subject to Sellers’ obligations and duties as debtors in possession
and except as may be necessary or required in connection with the Bankruptcy Cases:

     (i) use reasonable efforts to carry on the Business in the ordinary course
(provided that nothing herein shall prohibit Sellers from closing any Restaurant
that has been designated an Excluded Restaurant pursuant to this Agreement);

     (ii) use reasonable efforts to retain employees necessary to conduct the
Business as it is currently being conducted; provided, however, notices required
under applicable federal and state law may be given to employees;

     (iii) use reasonable efforts to comply in all material respects with all Laws
with respect to the conduct of the Business; and

     (iv) use reasonable efforts to comply in all material respects with contractual
obligations under the Assigned Contracts (excluding only the monetary obligations
under the Franchise Agreements which, except for any Franchise Agreement for an
Excluded Restaurant, shall be paid or escrowed from the sale proceeds as the Cure
Amount for such Franchise Agreement being assumed and assigned at Closing in
accordance with the terms hereof).

     (b) Sellers shall not:

     (i) other than sales in the ordinary course of business and other than the
incurrence of Encumbrances permitted to any debtor-in-possession financing of
Sellers or Order of the Bankruptcy Court authorizing Sellers’ use of cash
collateral, sell, lease, transfer or otherwise dispose of, or mortgage or pledge, or
voluntarily impose or suffer to be imposed, any Encumbrance on any of the Purchased
Assets;

     (ii) amend any of the Assigned Contracts other than non-material amendments
made in the ordinary course or amendments accepted by Purchaser in writing; or

16

 

     (iii) enter into any agreement or commit to any action prohibited by this
Section 7.1.

     7.2 Reasonable Efforts.

     (a) Each of Sellers and Purchaser shall use their respective commercially reasonable
efforts to take, or cause to be taken, all actions and do, or cause to be done, and to
assist and cooperate with the other in the doing all things necessary, proper, or advisable
to consummate, in the most expeditious manner practicable, the Contemplated Transactions,
including, without limitation, using commercially reasonable efforts to: (i) cause the
conditions precedent set forth in Article 9 to be satisfied; and (ii) obtain Bankruptcy
Court approval of the Sale Order.

     (b) Subject to any restrictions under applicable Laws, Sellers and Purchaser (i) shall
promptly inform each other of any communication from any Governmental Authority concerning
this Agreement, the transactions contemplated hereby, and any filing, notification, or
request for approval and (ii) shall permit the other to review in advance any proposed
written or material oral communication or information submitted to any such Governmental
Authority in response thereto.

     7.3 Access Rights Prior to Closing. From the date that a Sale Order is entered by the
Bankruptcy Court through the Closing, Purchaser shall have all access to the Business reasonably
necessary to accomplish the transition of management, including, but not limited to, access to the
Premises, the right to observe operations, and the right to communicate with employees.

     7.4 Bankruptcy Court Approval. Sellers and Purchaser acknowledge that this Agreement
and the consummation of the transactions contemplated hereby are subject to Bankruptcy Court
approval. Sellers and Purchaser acknowledge that (i) each must comply with the Sale Procedures
Order, and (ii) Purchaser must provide adequate assurance of future performance within the meaning
of Section 365(f)(2)(B) of the Bankruptcy Code with respect to the Assigned Contracts. With
respect to each Assigned Contract, Purchaser shall provide adequate assurance as required under the
Bankruptcy Code of the future performance by Purchaser of each Assigned Contract. Purchaser agrees
that it will promptly take all actions reasonably required to assist in obtaining a Bankruptcy
Court finding that there has been an adequate demonstration of adequate assurance of future
performance under the Assigned Contracts, such as furnishing timely requested and factually
accurate affidavits, non-confidential financial information, and other documents or information for
filing with the Bankruptcy Court.

     7.5 Sale Order. Sellers will use their commercially reasonable efforts to consummate
the transactions contemplated hereby by seeking, with one or more appropriate motion or motions and
the entry of appropriate Orders of the Bankruptcy Court (all such motions and Orders being in form
and substance reasonably satisfactory to Purchaser), such Orders, among other things approving this
Agreement and the purchase of the Purchased Assets by Purchaser, free and clear of all Taxes and
Encumbrances, and the assumption of the Assumed Liabilities pursuant to Section 363(b), (f), (l),
and (m) and Section 365 of the Bankruptcy Code (the “Sale Order”). The Sale Order will be in a
form and of a substance agreeable to Sellers and Purchaser in their reasonable respective
discretion.

     7.6 [Intentionally Omitted].

     7.7 Notice of Developments. Sellers shall give prompt written notice to Purchaser
upon obtaining knowledge (i) of any development constituting a material adverse effect on the
Business, (ii) that any representation or warranty made by Sellers herein was untrue or inaccurate
as of the date hereof, (iii) of any matter or event first arising or occurring after the date
hereof that must be disclosed or

17

 

described in the schedules to this Agreement in order for the representations and warranties
made by Sellers to be true and correct, (iv) of any development materially and adversely affecting
the ability of any Seller to consummate the transactions contemplated by this Agreement, and (v) of
any written notice or other written communication from any Governmental Authority (other than the
Bankruptcy Court) in connection with the transactions contemplated by this Agreement.

     7.8 Communications with Suppliers. Upon request of Purchaser, as soon as reasonably
practicable after the date of the Auction or the date that a motion is filed for a Sale Order,
Sellers will use their reasonable efforts to arrange for discussions between representatives of
Purchaser and material vendors of the Business including, but not limited to, the material vendors
listed on Schedule 7.8.

Article 8

Additional Covenants and Agreements

     8.1 Confidential Information. The parties, including each of the Sellers (whether or
not such Seller is a signatory thereto), hereby agrees to be bound by the terms of that certain
Confidentiality Agreement between Purchaser and NC BBQ dated as of November 20, 2009, which shall
remain in full force in effect and is incorporated herein by reference. Notwithstanding the
preceding sentence, following the Effective Date of this Agreement, Purchaser and Sellers shall be
permitted to issue any press release or report required by applicable law or, with respect to
Purchaser, required or permitted by the rules of the stock exchange on which Purchaser’s securities
are listed for trading, and to provide any notice required under applicable bankruptcy laws.

     8.2 [Intentionally Omitted]

     8.3 Real Estate Lease Amendment. From and after the Effective Date, Sellers shall
cooperate with Purchaser and use their respective commercially reasonable efforts to negotiate and
amend, on terms acceptable to Purchaser in its sole discretion, the Real Estate Lease for the
Restaurant located at the Woodbridge Location (such amendment, in a form reasonably acceptable to
Purchaser in its sole discretion, is referred to herein as the “Lease Amendment”).

     8.4 Labor and Employment Matters. Except as otherwise specifically provided in this
Agreement, Purchaser is not assuming, and shall not assume, any obligations that have or will
accrue to Sellers arising out of Sellers’ employment or retention of any person at any time
(regardless of whether the person was classified as an employee or independent contractor),
including without limitation any wage or salary payment obligations, any obligations arising under
any past or present pension plan, profit-sharing plan, deferred-compensation plan, severance plan,
employee welfare plan, sick leave plan or policy, vacation plan or policy (or any existing
obligation to pay or provide any vacation benefits, wage or other employee-benefit plan or policy,
and/or any obligations arising our of any other formal or informal procedure, policy or practice of
Sellers (“Seller Employment Obligations”) regardless of whether the Seller Employment Obligations
are disclosed by Sellers or otherwise mentioned in this Agreement. Sellers covenant that they will
pay or otherwise satisfy, at or prior to the Closing, all accrued and unpaid (or unsatisfied)
Seller Employment Obligations. Sellers will further comply with all state, federal or local
employee notification Laws or rules, including without limitation the federal Worker Adjustment and
Retraining Notification Act (WARN). Sellers will terminate the employment of all of Sellers’
employees relating to the Business, effective as of 11:59 E.D.T. on the date immediately preceding
the Closing Date. Purchaser may, in its sole and absolute discretion, offer employment to any of
Sellers’ employees or independent contractors immediately at or prior to the Closing, pursuant to
terms determined solely by Purchaser. Upon reasonable prior notice, Sellers will permit Purchaser
to have contact with Sellers’ employees and/or independent contractors. To the extent permitted by
Law, Sellers also agree to provide Purchaser with information in Sellers’ files and records (as
Purchaser may

18

 

reasonably request) regarding Sellers’ employees and/or independent contractors. To the
extent Purchaser retains and employs any of Sellers’ managerial employees, Purchaser shall honor
the accrued vacation benefits for such employees accruing from January 1, 2010 through the Closing
Date.

     8.5 Taxes.

     (a) Any sales Tax, use Tax, or similar Tax attributable to the sale or transfer of the
Purchased Assets and not exempted under applicable Law (“Transfer Taxes”) shall be borne by
Sellers. Sellers and Purchasers shall use commercially reasonable efforts and cooperate to
exempt the sale and transfer of the Purchased Assets from any Transfer Taxes.

     (b) Subject to Section 9.4(a) hereof, Purchaser shall be liable for the payment of any
and all personal property Taxes with respect to the Purchased Assets for any Tax period
during which the Closing Date falls and shall be entitled to a credit against the Cash
Consideration for the portion of such Taxes accruing prior to the Closing Date, which shall
be pro rated using the amount of the property Tax assessment for such Purchased Asset for
such Tax period, if available, or if otherwise based on the property Taxes paid with respect
to such Purchased Asset during the preceding Tax year. With respect to any Taxes that are
delinquent as of the Closing Date, the amount of which is known and not subject to dispute,
Purchaser shall pay the delinquent amount of such Taxes directly to the applicable
Governmental Authority at the Closing.

     (c) Purchaser and Sellers agree to furnish or cause to be furnished to each other, upon
request, as promptly as practicable, such information and assistance relating to the
Business and the Purchased Assets as is reasonably necessary for the filing of all tax
returns, the making of any election relating to Taxes, the preparation for any audit by an
taxing authority, the prosecution or defense of any claims, suit or proceeding relating to
any Tax.

     8.6 Casualty. If, prior to the Closing, all or any material portion of the Purchased
Assets is destroyed by fire or other casualty, Purchaser may elect to:

     (a) terminate this Agreement, whereupon no party shall have any further obligation to
any other hereunder; or

     (b) purchase the Purchased Assets notwithstanding any such destruction and reduce the
consideration payable by Purchaser hereunder in an amount equal to all costs necessary to
restore the Purchased Assets to their original condition prior to the casualty.

     Sellers shall be entitled to retain all insurance proceeds, awards, and other amounts paid or
payable to Sellers by any insurance company, Governmental Authority, or other Person by reason of
the destruction of the Purchased Assets.

     8.7 Sellers’ Payroll Obligations. As of the Closing Date, Sellers shall have paid all
payroll obligations owing to all employees of the Restaurants (except for the Excluded Restaurants)
up to and including the Closing Date. To the extent any such payroll obligations remain unpaid as
of the Closing Date, Sellers agree to pay such obligations from the proceeds of the sale as an
allowed administrative claim in the Bankruptcy Cases, pursuant to Sections 503(b) and 507(a)(2) of
the Bankruptcy Code.

     8.8 Gift Cards. Purchaser agrees that it will not assert any claim against any of the
Sellers, Hillsborough or Manchester in their Bankruptcy Cases in connection with or arising out of
gift cards issued by any of the Sellers, Manchester or Hillsborough and redeemed by any Person
after the Closing Date.

19

 

     8.9 Satisfaction of Claims. Purchaser agrees that, upon payment of the Purchase
Consideration in accordance with Section 3.1, Sellers, Manchester, and Hillsborough will be deemed
to have satisfied in full any claims Purchaser may hold against such entities as of the Closing
Date (except any claims solely arising from and in connection with this Agreement), and Purchaser
agrees that it will not file or otherwise assert (i) any claims against the Sellers (including
Woodbridge, if Purchaser does not elect to treat the Woodbridge Location as an Excluded Restaurant)
and (ii) any claims arising on or before the Closing Date against Manchester and Hillsborough (and
Woodbridge, if the Woodbridge Location is or becomes an Excluded Restaurant) in the Bankruptcy
Cases.

Article 9

Conditions to Closing

     Purchaser’s obligations to consummate the Contemplated Transactions are subject to the
satisfaction of each of the following conditions prior to or at the Closing, unless specifically
waived in writing by Purchaser in advance:

     9.1 Representations and Covenants. The representations and warranties of Sellers
contained in this Agreement shall be true and correct in all material respects as of the date of
this Agreement, and as of the Closing Date as though the Closing Date had been substituted for the
date of this Agreement throughout such representations and warranties (except that any
representation or warranty made as of a specified date other than the date hereof need only be true
as of such date), and Sellers shall have delivered to Purchaser a certificate of an officer of each
Seller, as contemplated by Section 4.2(c), to such effect. Sellers shall have duly performed and
complied with all covenants and agreements and satisfied all conditions required by this Agreement
to be performed, complied with or satisfied by Sellers prior to or at the Closing.

     9.2 Approval of the Bankruptcy Court. Sellers shall have obtained entry of the Sale
Order, the effectiveness of which has not been stayed by the Bankruptcy Court.

     9.3 Third Party Consents and Approvals. Sellers shall have obtained all third-party
consents necessary to consummate the Contemplated Transactions, excluding only liquor licenses.

     9.4 Operation of Business. Sellers shall have, through the Closing Date, operated the
Business in the ordinary course of business in conformity with its past practices and in compliance
with the terms and conditions of the Franchise Agreements; and

     9.5 Optional Lease Amendment. With respect to the Woodbridge Location and only in the
event that Sellers have entered into a Lease Amendment with the landlord for the Woodbridge
Location, Sellers shall have delivered to Purchaser this Lease Amendment.

Article 10

General Provisions

     10.1 Assignment. Purchaser may assign any or all of its rights under this Agreement
to any affiliate of Purchaser upon written notice to Sellers of such assignment. Other than an
assignment by Purchaser to an affiliate, neither Purchaser nor any Seller may assign any of their
respective rights under this Agreement without the prior written consent of the other party. The
terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, their successors and permitted assigns, and no person, firm or corporation other
than the parties, their successors and assigns, shall acquire or have any rights under or by virtue
of this Agreement.

20

 

     10.2 Further Assurances. Notwithstanding any provision herein to the contrary,
without further consideration, Sellers, as authorized by the Bankruptcy Court, shall execute and
deliver to Purchaser such further instruments of sale, transfer, conveyance, assignment and
confirmation, as shall be helpful, necessary, and/or appropriate to effectuate the terms of this
Agreement, including the transfer of the Purchased Assets, regardless of whether or not such
documents are prepared as of the Closing Date. 

     10.3 Non-Survival. No representation or warranty contained herein or in the
Transaction Documents shall survive the execution and delivery of this Agreement and the
consummation of the Contemplated Transactions.

     10.4 Entire Agreement. This Agreement, the exhibits and schedules attached hereto and
the agreements and instruments referred to hereby, constitute the entire agreement and
understanding among Sellers and Purchaser with respect to the sale and purchase of the Purchased
Assets and the other Contemplated Transactions. The parties hereby agree that all prior
representations, understandings and agreements between the parties with respect to the sale and
purchase of the Purchased Assets, and the other Contemplated Transactions, are superseded by the
terms of this Agreement.

     10.5 Choice of Law; Venue. This Agreement shall be construed and interpreted in
accordance with the Laws of the State of New York, without regard to its conflicts-of-law
provisions, as though all acts and omissions related to this Agreement occurred in the State of New
York. All disputes related to or arising under this Agreement including, but not limited to, any
disputes relating to claims arising under section 365 of the Bankruptcy Code, shall be subject to
the exclusive jurisdiction of the Bankruptcy Court. Each party hereby (i) waives any objection
which it might have now or hereafter to the foregoing venue of any such litigation, action or
proceeding, (ii) irrevocably submits to the exclusive jurisdiction of any such court set forth
above in any such litigation, action or proceeding, and (iii) waives any claim or defense of
inconvenient forum. Each party hereby consents to service of process by registered mail, return
receipt requested, at such party’s address set forth in this Agreement (as modified by written
notice of a party from time to time) and hereby expressly waives the benefit of any contrary
provision of Law.

     10.6 Injunctive Relief. The parties hereto acknowledge and agree that the other
parties would be damaged irreparably in the event any of the provisions of this Agreement are not
performed substantially in accordance with their specific terms. Accordingly, each of the parties
agrees that the other parties shall be entitled to injunctive relief to prevent breaches of this
Agreement and to enforce specifically the substantial performance of this Agreement.

     10.7 No Consequential Damages. Except as prohibited by Law, Purchaser waives any
right it may have to claim or recover any special, exemplary, punitive or consequential (including
business interruption) damages, or any damages other than, or in addition to, actual damages.

     10.8 Waiver. At any time prior to Closing, Purchaser and Sellers may (a) extend the
time for the performance of any of the obligations or other acts of the other party hereto, (b)
waive any inaccuracies in the representations and warranties of the other party contained herein or
in any document delivered pursuant hereto, and (c) waive compliance with any of the obligations of
the other party or any conditions to its own obligations contained herein to the extent permitted
by Law. Any agreement on the part of Purchaser, on the one hand, and Sellers, on the other hand,
to any such extension or any waiver shall be valid only if set forth in an instrument in writing
signed on behalf of the party against which it is to be enforced. The failure of a party to
exercise any right or remedy shall not be deemed or constitute a waiver of such right or remedy in
the future. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other similar or dissimilar provision hereof, nor shall any such waiver
constitute a continuing waiver unless otherwise expressly provided.

21

 

     10.9 Severability. The provisions of this Agreement shall, where possible, be
interpreted so as to sustain their legality and enforceability, and for that purpose the provisions
of this Agreement shall be read as if they cover only the specific situation to which they are
being applied. The invalidity or unenforceability of any provision of this Agreement in a specific
situation shall not affect the validity or enforceability of that provision in other situations or
of other provisions of this Agreement.

     10.10 Expenses. Except as otherwise expressly provided in this Agreement, each Seller
and Purchaser shall each pay their own respective costs and expenses in connection with this
Agreement and the Contemplated Transactions, including without limitation any finder’s fees,
brokerage, legal, tax, and advisory fees and expenses, or other commission arising by reason of any
services rendered or alleged to have been rendered to such party in connection with this Agreement
or the Contemplated Transactions.

     10.11 Counterparts. This Agreement may be executed in counterparts, each of which
shall be considered an original, and signatures for this Agreement may be delivered by facsimile or
other means of electronic transmission, and any such signature shall be considered valid and
binding to the same extent as delivered original signatures.

     10.12 Notices. All notices given pursuant to this Agreement shall be delivered in
writing by overnight courier or sent by United States registered mail, postage prepaid, addressed
as set forth below:

	 	 	 
	If to Purchaser:

	 	Famous Dave’s of America, Inc.

Attn: Chief Financial Officer

12701 Whitewater Drive, Suite 200

Minnetonka, MN 55343
	 
	 	 
	with a copy to:

	 	Maslon Edelman Borman & Brand, LLP

c/o William M. Mower, Esq.

90 South Seventh Street, Suite 3300

Minneapolis, MN 55402
	 
	 	 
	If to Sellers:

	 	North Country BBQ Ventures, Inc.

c/o David Reilly

571 Central Avenue

New Providence, NJ 07974
	 
	 	 
	with a Copy to:

	 	Crowell & Moring LLP

c/o Mark S. Lichtenstein, Esq.

590 Madison Avenue, 20th Floor

New York, NY 10022

All notices shall be deemed to have been duly given (a) if and when delivered in person, (b) four
(4) days after being mailed by United States registered mail, postage prepaid, or (c) one (1)
Business Day after deposit with an overnight courier and sent prepaid for next Business Day
delivery, in each case to each other party hereto at the addresses set forth above (or to such
other addresses as any such party may designate in writing in accordance with this Section 10.12).

     10.13 Schedules and Exhibits. Sellers and Purchaser acknowledge and agree that the
form of the Schedules and Exhibits attached hereto are in final form; provided, however, that at
anytime prior to the Closing, Purchaser may in its sole discretion make any modifications
reasonably necessary for purposes of excluding the Franchise Agreement and the Real Estate Lease
for the Woodbridge Location from the list of contracts to be assumed and assigned to Purchaser or
its designee pursuant to the Sale

22

 

Order and this Agreement. In the event Purchaser or its designee makes such election, neither
Purchaser nor its designee shall be responsible for any obligations of Sellers owing under the
Franchise Agreement or the Real Estate Lease for the Woodbridge Location at anytime.

Signature Page Follows

23

 

     In Witness Whereof, the parties have caused this Amended and Restated Asset Purchase
Agreement to be executed and delivered by their duly authorized officers effective as of the date
first above written.

	 	 	 	 	 
	 	SELLERS:

North Country BBQ Ventures, Inc.,

a Delaware corporation

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 
	 	North Country BBQ Ventures (Smithtown), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 
	 	North Country BBQ Ventures (Westbury), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 
	 	North Country BBQ Ventures (Mountainside), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 

Signature Page — Amended and Restated Asset Purchase Agreement dated effective February 26, 2010

24

 

	 	 	 	 	 
	 	North Country BBQ Ventures (Brick), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 
	 	North Country B.B.Q. Ventures (Hamilton), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 
	 	North Country BBQ Ventures (New Brunswick), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 
	 	North Country BBQ Ventures (Woodbridge), LLC

a Delaware limited liability company

By North Country BBQ Ventures, Inc.,

its Managing Member

 	 
	 	By:  	/s/ David A. Reilly
 	 
	 	 	David A. Reilly 	 
	 	 	Its Chief Financial Officer 	 
	 

Signature Page — Amended and Restated Asset Purchase Agreement dated effective February 26, 2010

25

 

	 	 	 	 	 
	 	PURCHASER:

FAMOUS DAVE’S OF AMERICA, INC.

a Minnesota corporation

 	 
	 	By:  	/s/ Diana G. Purcel
 	 
	 	 	Diana G. Purcel 	 
	 	 	Its Chief Financial Officer 	 
	 

Signature Page — Amended and Restated Asset Purchase Agreement dated effective February 26, 2010

26

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