Document:

EX-10.10

 

Exhibit 10.10

 

                           , 2007

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”), dated as of                     , 2007, is between Hushang
Ansary (“Employee”) and Stewart & Stevenson LLC, a limited liability company organized under the
laws of Province of New Brunswick (the “Company”). This Agreement shall become effective and the
obligations herein shall commence upon the date hereof (the “Effective Date”).

     The parties hereto agree as follows:

I. DEFINITIONS

     1.1 Definitions. In addition to terms defined elsewhere in this Agreement, for
purposes of this Agreement, the following terms will have the following respective meanings when
used in this Agreement with initial capital letters:

          (a) “Affiliate”: with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with such Person. For purposes of this
definition, “control,” when used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of any
such Person, whether through the ownership of voting securities, by contract or otherwise, and the
terms “controlling” and “controlled” have the respective meanings correlative to the foregoing.
With respect to any natural Person, “Affiliate” will also include such Person’s grandparents, any
descendants of such Person’s grandparents, the grandparents of such Person’s spouse and any
descendants of the grandparents of such Person’s spouse (in each case, whether by blood, adoption
or marriage).

          (b) “Agreement”: as defined in the introductory paragraph.

          (c) “Company”: as defined in the introductory paragraph.

          (d) “Disability”: a physical or mental incapacity as a result of which Employee becomes
unable to continue to perform fully his duties hereunder for 90 consecutive calendar days or for
shorter periods aggregating 90 or more days in any 12-month period or upon the determination by a
physician selected by the Company that Employee will be unable to return to work and perform his
duties on a full-time basis within 90 calendar days following the date of such determination on
account of mental or physical incapacity.

          (e) “Effective Date”: as defined in the introductory paragraph.

          (f) “Employee”: as defined in the introductory paragraph.

          (g) “Employment Period”: as defined in Section 2.1.

          (h) “Estate”: as defined in Section 2.6(b).

          (i) “GAAP”: generally accepted accounting principles in effect from time to time in the
United States of America, applied on a consistent basis.

 

 

          (j) “Initial Base Salary”: as defined in Section 2.3.

          (k) “Person”: an individual, a corporation, a partnership, a limited liability company, an
association, a trust, a joint stock corporation, a joint venture, an unincorporated organization or
any federal, state, county, city, municipal or other local or foreign government or any
subdivision, authority, commission, board, bureau, court, administrative panel or other
instrumentality thereof.

          (l) “Salary”: as defined in Section 2.3.

          (m) “Subsidiary”: with respect to any Person, (i) any corporation of which a majority of the
total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote generally in the election of directors thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof or (ii) any limited liability company, partnership, association or
other business entity, of which a majority of the partnership or other similar ownership interests
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes of this definition, a Person or
Persons will be deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons will be allocated a
majority of limited liability company, partnership, association or other business entity gains or
losses, or is or controls the managing member or general partner of such limited liability company,
partnership, association or other business entity.

          (n) “Termination Date”: as defined in Section 2.1.

II. TERMS OF EMPLOYMENT

     2.1 Employment Period. This Agreement and Employee’s employment hereunder will
commence on the Effective Date and continue until terminated in accordance with Section 2.6 or
otherwise (the “Employment Period”). The date on which Employee’s employment hereunder terminates
pursuant to Section 2.6 or otherwise, is referred to herein as the “Termination Date”.

     2.2 Duties During Employment Period. Employee will be an employee of, and serve as
the Chairman of, the Company. In such capacity, Employee will perform such duties and exercise
such powers that are customarily consistent with the position of Chairman of the Company, and
agrees to use his best efforts to discharge such duties and responsibilities. Employee agrees that
to the best of his ability and experience he shall at all times conscientiously perform all of his
duties and obligations under the terms of this Agreement.

     2.3 Compensation.

     For Employee’s services under this Agreement, the Company will pay to Employee an annual base
salary (“Salary”) of $2,500,000.00 (the “Initial Base Salary”). The Company may review the amount
of Salary from time to time, and the Company may adjust Salary after any such review, with any such
adjustments effective as of the dates determined by the Company, provided that in no event may
Salary be adjusted below the Initial Base Salary. Employee’s

2

 

Salary will be payable to Employee periodically with the normal practices of the Company and
less all previously authorized or legally required deductions and withholding.

     2.4 Benefits.

          (a) Benefits. During the Employment Period, Employee shall be entitled to participate
in all pension, medical, retirement and other benefit plans and programs generally available to the
Company’s other senior executive officers, provided that Employee meets the eligibility
requirements under those plans and programs. Employee shall be subject to the terms and conditions
of the plans and programs, including, without limitation, the Company’s right to amend or terminate
the plans and programs at any time and without advance notice to the participants.

          (b) Vacation. Employee shall be entitled to paid vacation in accordance with the
vacation policy of the Company. Employee shall also be entitled to all paid holidays and to
reasonable sick leave in accordance with the policies of the Company applicable to its employees.

     2.5 Deductions and Withholdings. All amounts payable or that become payable under
this Agreement will be subject to any deductions and withholdings required by law.

     2.6 Special Termination Provisions.

          (a) Termination for Disability. The Company will have the right to terminate
Employee’s employment hereunder at any time upon the Disability of Employee during the Employment
Period. If Employee’s employment is terminated because of Employee’s Disability, the Company will
pay to Employee such amount for which Employee is eligible under the disability policies of the
Company applicable to its employees as in effect from time to time. Such amount will be paid to
Employee as and at such times as Employee would have otherwise received his Salary had he remained
an employee of the Company. This Agreement in all other respects will terminate upon the
Disability of Employee, except as otherwise provided in this Agreement.

          (b) Termination by Death of Employee. If Employee dies during the Employment Period,
the Company will pay to such Person or Persons as Employee may designate in writing or, in the
absence of such designation, to the estate of Employee (as the case may be, the “Estate”) accrued
but unpaid Salary. The payments described in the preceding sentence will be paid as and at such
times as Employee would have otherwise received such payments had he remained an employee of the
Company. This Agreement in all other respects will terminate upon the death of Employee, except as
otherwise provided in this Agreement, and all rights of Employee and his heirs, legatees,
descendants, testamentary executors and testamentary administrators regarding compensation and
other benefits under this Agreement shall cease.

III. MISCELLANEOUS

     3.1 Notices. All notices and other communications required or permitted hereunder
will be in writing and, unless otherwise provided in this Agreement, will be deemed to have been

3

 

duly given when delivered in person or by a nationally recognized overnight courier service or
when dispatched if during normal business hours by electronic facsimile transfer (confirmed in
writing by mail simultaneously dispatched) to the appropriate party at the address specified below:

          (a) If to the Company, to:

Stewart & Stevenson LLC

1000 Louisiana, Suite 5900

Houston, Texas 77002

Attention: Chief Executive Officer

          (b) If to Employee, to:

Mr. Hushang Ansary

Chairman

Stewart & Stevenson LLC

1000 Louisiana, Suite 5900

Houston, Texas 77002

or to such other address or addresses as any such party may from time to time designate as to
itself by like notice.

     3.2 Amendments and Waivers.

          (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment
or waiver is in writing and is signed, in the case of an amendment, by each party to this
Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.

          (b) No failure or delay by any party in exercising any right, power or privilege hereunder
will operate as a waiver thereof nor will 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 will be cumulative and not exclusive of any rights or remedies provided by
law.

     3.3 Successors and Assigns. The provisions, obligations and rights of this Agreement
will be binding upon and inure to the benefit of the parties hereto and their respective
successors, assigns, heirs and administrators.

     3.4 No Third Party Beneficiaries. Except as otherwise expressly provided for herein,
this Agreement is for the sole benefit of the parties hereto and their permitted assigns and
nothing herein expressed or implied will give or be construed to give to any Person, other than the
parties hereto and such permitted assigns, any legal or equitable rights hereunder.

     3.5 Governing Law. This Agreement will be governed by and construed under, and any
dispute determined in accordance with, the laws of the State of New York without regard to
conflict-of-laws principles that would require the application of any other law.

4

 

     3.6 Counterparts. This Agreement may be signed in any number of counterparts,
including via facsimile transmission, each of which will be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

     3.7 Headings. The headings in this Agreement are for convenience of reference only
and will not control or affect the meaning or construction of any provisions hereof.

     3.8 Severability. If any provision of this Agreement or the application of any such
provision to any Person or circumstance is held invalid, illegal or unenforceable in any respect by
a court of competent jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision hereof. If any provision of this Agreement is finally judicially determined to
be invalid, ineffective or unenforceable, the determination will apply only in the jurisdiction in
which such final adjudication is made, and such provision will be deemed severed from this
Agreement for purposes of such jurisdiction only, but every other provision of this Agreement will
remain in full force and effect, and there will be substituted for any such provision held invalid,
ineffective or unenforceable, a provision of similar import reflecting the original intent of the
parties to the extent permitted under applicable law.

     3.9 Certain Interpretive Matters.

          (a) Unless the context otherwise requires, (i) all references to Sections are to Sections of
this Agreement, (ii) each term defined in this Agreement has the meaning assigned to it, (iii)
words in the singular include the plural and vice versa, and (iv) the terms “herein,” “hereof,”
“hereby,” “hereunder” and words of similar import shall mean references to this Agreement as a
whole and not to any individual section or portion hereof.

          (b) No provision of this Agreement will be interpreted in favor of, or against, any of the
parties hereto by reason of the extent to which any such party or his or its counsel participated
in the drafting thereof or by reason of the extent to which any such provision is inconsistent with
any prior draft hereof or thereof.

     3.10 Entire Agreement. Except as may be set forth in the Asset Purchase Agreement or
other agreement executed simultaneously with the Asset Purchase Agreement, this Agreement
constitutes the entire agreement among the parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, both oral and written, between the parties with
respect to the subject matter of this Agreement.

[Remainder of Page Intentionally Left Blank]

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

	 	 	 	 	 
	 	STEWART & STEVENSON LLC

 	 
	 	By:  	 	 
	 	 	[Name] 	 
	 	 	[Title] 	 
	 

	 	 	 	 	 
	 

	 	 

Hushang AnsaryEX-10.1

 

 

Exhibit
10.1

Execution Copy

 

STOCKHOLDERS AGREEMENT

among

SOI HOLDINGS, INC., SOI INVESTORS LLC

TRUMPET INVESTORS L.P., TRUMPET SBIC INVESTORS L.P.

REGIONS BANK

and

THE OTHER STOCKHOLDERS SIGNATORY HERETO

 

Dated: August 3, 2005

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II RESTRICTIONS ON TRANSFER OF SHARES
	 	 	11	 
	2.1 Limitation on Transfer
	 	 	11	 
	2.2 Permitted Transfers
	 	 	12	 
	2.3 Permitted Transfer Procedures
	 	 	12	 
	2.4 Transfers in Compliance with Law; Substitution of Transferee
	 	 	12	 
	 
	 	 	 	 
	ARTICLE III RIGHT OF FIRST OFFER; TAG-ALONG RIGHTS; DRAG-ALONG RIGHTS
	 	 	13	 
	3.1 Proposed Voluntary Transfer
	 	 	13	 
	3.2 Involuntary Transfers
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IV OTHER RIGHTS
	 	 	19	 
	4.1 Registrable Securities
	 	 	19	 
	4.2 Holders of Registrable Securities
	 	 	20	 
	4.3 Request for Demand Registration
	 	 	20	 
	4.4 Effective Demand Registration
	 	 	21	 
	4.5 Request for a Form S-3 Registration
	 	 	22	 
	4.6 Limitations on Demand Registrations and S-3 Registrations
	 	 	23	 
	4.7 Underwriting Procedures
	 	 	24	 
	4.8 Request for Incidental Registration
	 	 	25	 
	4.9 Expenses
	 	 	26	 
	4.10 Obligations of the Company
	 	 	26	 
	4.11 Obligations of Selling Stockholders
	 	 	30	 
	4.12 Notice to Discontinue
	 	 	30	 
	4.13 Registration Expenses
	 	 	30	 
	4.14 Indemnification by the Company
	 	 	31	 
	4.15 Indemnification by Designated Holders
	 	 	32	 
	4.16 Conduct of Indemnification Proceedings
	 	 	32	 
	4.17 Contribution
	 	 	33	 
	4.18 Rule 144
	 	 	33	 
	4.19 Restrictions on Public Sale by the Company
	 	 	34	 
	4.20 Restrictions on Public Sale by Designated Holders
	 	 	34	 
	4.21 Recapitalizations, Exchanges, etc
	 	 	35	 
	4.22 No Inconsistent Agreements
	 	 	35	 
	4.23 Transfer of Registration Rights
	 	 	35	 
	 
	 	 	 	 
	ARTICLE V FUTURE ISSUANCE OF SHARES; PREEMPTIVE RIGHTS
	 	 	36	 
	5.1 Offering Notice
	 	 	36	 
	5.2 Stockholder Option
	 	 	36	 
	5.3 Exercise of Options
	 	 	36	 
	5.4 Closing
	 	 	36	 

i 

 

	 	 	 	 	 
	 	 	Page
	5.5 Sale to Subject Purchaser
	 	 	37	 
	5.6 Post Issuance Notice
	 	 	37	 
	5.7 After-Acquired Securities
	 	 	38	 
	5.8 Agreement to be Bound
	 	 	38	 
	 
	 	 	 	 
	ARTICLE VI CORPORATE GOVERNANCE
	 	 	38	 
	6.1 General
	 	 	38	 
	6.2 Stockholders Actions
	 	 	38	 
	6.3 Election of Directors; Number and Composition
	 	 	39	 
	6.4 Removal and Replacement of Directors
	 	 	39	 
	6.5 Limitation on Affiliate Transactions
	 	 	40	 
	6.6 Entry into New Line of Business
	 	 	41	 
	 
	 	 	 	 
	ARTICLE VII CALL RIGHT; PUT RIGHT
	 	 	43	 
	7.1 Call Right
	 	 	43	 
	7.2 Put Right
	 	 	44	 
	 
	 	 	 	 
	ARTICLE VIII STOCK CERTIFICATE LEGEND
	 	 	45	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS
	 	 	46	 
	9.1 Notices
	 	 	46	 
	9.2 Amendment and Waiver
	 	 	47	 
	9.3 Specific Performance
	 	 	48	 
	9.4 Headings
	 	 	48	 
	9.5 Severability
	 	 	48	 
	9.6 Entire Agreement
	 	 	48	 
	9.7 Term of Agreement
	 	 	48	 
	9.8 Variations in Pronouns
	 	 	48	 
	9.9 GOVERNING LAW
	 	 	48	 
	9.10 SUBMISSION TO JURISDICTION, WAIVER OF JURY TRIAL
	 	 	49	 
	9.11 Representation by Counsel
	 	 	49	 
	9.12 Rules of Construction
	 	 	49	 
	9.13 Further Assurances
	 	 	49	 
	9.14 Exercise of Management Stock Options
	 	 	49	 
	9.15 Successors and Assigns
	 	 	50	 
	9.16 Counterparts
	 	 	50	 

	 	 	 
	EXHIBITS
	 	 
	A

	 	Certificate of Incorporation of the Company
	B

	 	By-laws of the Company
	C-1

	 	Form of Transfer Agreement (Previously issued shares)
	C-2

	 	Form of Transfer Agreement (Newly issued shares)

	 	 	 
	SCHEDULES
	 	 
	1

	 	Stockholders
	2

	 	Management Stockholders

ii

 

 

STOCKHOLDERS AGREEMENT

     STOCKHOLDERS AGREEMENT, dated as of August 3, 2005 (this “Agreement”), by and among
SOI Holdings, Inc., a Delaware corporation (the “Company”), Trumpet Investors, L.P., a
Delaware limited partnership, Trumpet SBIC Partners, L.P., a Delaware limited partnership, SOI
Investors LLC, a Delaware limited liability company (“Clarion”), Regions Bank, an Alabama
state-chartered bank (“Regions”) and the other stockholders signatory hereto.

     WHEREAS, pursuant to the Stock Purchase Agreement, dated as of June 29, 2005, as amended by
Amendment No. 1 thereto dated as of August 3, 2005 (as the same may be amended, modified and
supplemented from time to time, the “Stock Purchase Agreement”), by and among Regions
Financial Corporation, a Delaware corporation (“RFC”), Regions, Strategic Outsourcing, Inc.
(“SOI”), and Clarion, Regions agreed to sell to Clarion, and Clarion agreed to purchase
from Regions upon the terms and subject to the conditions set forth in the Stock Purchase
Agreement, 270,000 shares of Common Stock (as hereinafter defined), constituting 90% of the shares
of Common Stock issued and outstanding at closing under the Stock Purchase Agreement
(“Closing”), and 270,000 shares of Preferred Stock (as hereinafter defined), constituting
90% of the shares of Preferred Stock issued and outstanding at closing under the Stock Purchase
Agreement, and;

     WHEREAS, simultaneously with the closing of the transactions contemplated by the Stock
Purchase Agreement, the Company has agreed to sell shares of Common Stock and Preferred Stock to
certain other Persons;

     WHEREAS, after immediately giving effect to the transactions contemplated by the Stock
Purchase Agreement, Clarion and Regions will own the number of shares of Common Stock and Preferred
Stock set forth opposite such Person’s name on Schedule 1 hereto; and

     WHEREAS, pursuant to the Stock Purchase Agreement, the Company agreed to issue to Regions,
subject to an earn-out calculation, an amount of shares of Common Stock and Preferred Stock (as
hereinafter defined), equal to a percentage of the aggregate number of issued and outstanding
shares of Common Stock and Preferred Stock as of the closing, such percentage not to exceed ten
percent (10%);

     NOW, THEREFORE, in consideration of the mutual promises and agreements set forth herein, the
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     As used in this Agreement, the following terms shall have the meanings set forth below:

 

 

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     “Additional Stockholder” means the holders of Common Stock and/or Preferred Stock
listed on Schedule 3 hereto, as such Schedule may be updated from time to time by the Company.

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

     “Affiliate” means, with respect to any Person, any other Person who is an “affiliate”
as defined in Rule 12b-2 of the General Rules and Regulations under the Exchange Act;
provided, that, with respect to any Additional Stockholder that is an “affiliate” (as
defined in Exchange Act Rule 12b-2) of or a fund or account managed by Guggenheim Corporate
Funding, LLC or any of its Affiliates (as defined in Exchange Act Rule 12b-2) (together,
“Guggenheim”), the term “Affiliate” shall include Guggenheim and any fund or account
managed by Guggenheim.

     “Affiliate Transaction” has the meaning set forth in Section 6.5.

     “Applicable Banking Laws” has the meaning set forth in Section 6.6(a).

     “Approved Underwriter” has the meaning set forth in Section 4.7.

     “BHC Act” has the meaning set forth in Section 6.6(a).

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

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks in the State of New York are authorized or required by law or executive order to
close.

     “Call Option” has the meaning set forth in Section 7.1.

     “Call Option Notice” has the meaning set forth in Section 7.1.

     “Call Option Sellers” has the meaning set forth in Section 7.1.

     “Call Option Shares” has the meaning set forth in Section 7.1.

     “Change of Control Transaction” means (i) any acquisition of the Company by another
entity by means of any transaction or series of related transactions (including, without
limitation, any reorganization, merger, share exchange or consolidation) that results in the
Company’s stockholders immediately prior to such transaction not holding, directly or indirectly,
at least 50% of the voting power of the surviving or continuing entity, or (ii) a sale, conveyance
or disposition of all or substantially all of the assets of the Company unless the Company’s
stockholders immediately prior to such transaction will, as a result of such sale, conveyance or
disposition hold at least 50% of the voting power of the purchasing entity.

     “Change of Stockholder Control” has the meaning set forth in Section 2.1.

 

3

     “Charter Documents” means the Certificate of Incorporation and the By-laws of the
Company as in effect on the date hereof, as the same may be amended from time to time in accordance
with the terms hereof and thereof, copies of which are attached hereto as Exhibits A and B,
respectively.

     “Chosen Court” has the meaning set forth in Section 9.10.

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

     “Clarion Demand Registration” has the meaning set forth in Section 4.3(a).

     “Clarion Directors” has the meaning set forth in Section 6.3.

     “Clarion Holders’ Counsel” has the meaning set forth in Section 4.10(a).

     “Clarion Initiating Holders” has the meaning set forth in Section 4.3(a).

     “Clarion S-3 Initiating Holders” has the meaning set forth in Section 4.5(a).

     “Clarion S-3 Registration” has the meaning set forth in Section 4.5(a).

     “Clarion Stockholders” means, collectively, Clarion, each Person through which Clarion
directly or indirectly beneficially owns any Shares, and each direct and indirect Permitted
Transferee thereof to whom Shares are transferred in accordance with the terms of this Agreement
and the term “Clarion Stockholder” shall mean any such Person.

     “Closing” has the meaning set forth in the recitals to this Agreement.

     “Commission” means the Securities and Exchange Commission or any similar agency having
jurisdiction to enforce the Securities Act.

     “Common Shares” means all Common Stock, all Common Stock Equivalents and all other
capital stock of the Company that are entitled to vote in the election of directors or otherwise,
in each case whether now owned or hereinafter acquired.

     “Common Stock” means the Common Stock, par value $0.01 per share, of the Company, or
any other capital stock of the Company or any other Person into which such stock is reclassified or
reconstituted (whether by merger, consolidation or otherwise).

     “Common Stock Equivalents” means any security or obligation which is by its terms
convertible into or exchangeable or exercisable for shares of Common Stock, including, without
limitation any option, warrant or other subscription or purchase right with respect to Common Stock
or any Common Stock Equivalent.

 

4

     “Company Option” has the meaning set forth in Section 3.1(c).

     “Company Option Period” has the meaning set forth in Section 3.1(c).

     “Company Option Plan” has the meaning set forth in the definition of “New Securities”
in this Article I.

     “Company Underwriter” has the meaning set forth in Section 4.8.

     “Contract Date” has the meaning set forth in Section 3.1(e).

     “Demand Registration” has the meaning set forth in Section 4.3(b).

     “Designated Clarion Holder” means the Clarion Stockholders and each of their
transferees to which the applicable registration rights have been transferred in compliance with
Section 4.23, other than a transferee to whom Registrable Securities have been transferred pursuant
to a Registration Statement under the Securities Act or Rule 144 or Regulation S under the
Securities Act (or any successor rule thereto).

     “Designated Holder” means each Designated Regions Holder, each Designated Clarion
Holder and each Designated Other Holder.

     “Designated Other Holder” means the Management Stockholders and Additional
Stockholders and each of their transferees to which the applicable registration rights have been
transferred in compliance with Section 4.23, other than a transferee to whom Registrable Securities
have been transferred pursuant to a Registration Statement under the Securities Act or Rule 144 or
Regulation S under the Securities Act (or any successor rule thereto).

     “Designated Regions Holder” means the Regions Stockholders and each of their
transferees to which the applicable registration rights have been transferred in compliance with
Section 4.23, other than a transferee to whom Registrable Securities have been transferred pursuant
to a Registration Statement under the Securities Act or Rule 144 or Regulation S under the
Securities Act (or any successor rule thereto).

     “DGCL” has the meaning set forth in Section 9.9.

     “Drag-Along Notice” has the meaning set forth in Section 3.1(g).

     “Drag-Along Rightholders” has the meaning set forth in Section 3.1(g).

     “Drag-Along Sellers” has the meaning set forth in Section 3.1(g).

     “Excess Offered Securities” has the meaning set forth in Section 3.1(b)(iii).

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

 

5

     “Fair Market Value” means, with respect to the Shares at any time, the fair market
value of the Shares as determined by agreement among Regions and Clarion or, if such parties cannot
agree on such fair market value within 30 days after the need for a determination, by an
internationally recognized investment banking firm selected by agreement of Clarion and Regions.
The determination of Fair Market Value shall not include a discount for any minority interest. The
fees, costs and expenses of the investment banking firm shall be borne (i) one half by the Company
and one half by the Call Option Sellers or the Put Right Sellers, as applicable, in the case of a
determination required by Article VII; (ii) by the Involuntary Transferee, in the case of a
determination required by Section 3.2; and (iii) one half by the Company and one half by the
Regions Stockholders, in the case of a determination required by Section 6.6(b).

     “Fully Participating Rightholder” has the meaning set forth in Section 3.1(b)(ii).

     “Governmental Authority” means the government of any nation, state, city, locality or
other political subdivision thereof, any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government, and any corporation or other
entity owned or controlled, through stock or capital ownership or otherwise, by any of the
foregoing.

     “Incidental Registration” has the meaning set forth in Section 4.8.

     “Indemnified Party” has the meaning set forth in Section 4.16.

     “Indemnifying Party” has the meaning set forth in Section 4.16.

     “Independent Director” means any person other than (i) any person who is, or in the
last two (2) years has been, an officer or employee of the Company or Clarion or any Affiliate of
Clarion, (ii) any person who is a family member of an individual who is, or at any time during the
past two years (2) years was, an officer or employee of the Company or Clarion or any Affiliate of
Clarion, (iii) any person who at any time over the past two (2) years has had a material business
or professional relationship with the Company or Clarion or any Affiliate of Clarion, or (iv) any
person who is an Affiliate of the Company or Clarion or who is a member, partner, officer or
employee of any Affiliate of the Company or Clarion.

     “Initial Control Person” has the meaning set forth in Section 2.1.

     “Initial Public Offering” means the Company’s initial Public Offering.

     “Initiating Holder” has the meaning set forth in Section 4.3(b).

     “Inspector” has the meaning set forth in Section 4.10(g).

     “Investment” in any Person means any direct or indirect advance, loan (other than
advances to customers in the ordinary course of business that are recorded as accounts receivable
on the balance sheet of the lender) or other extensions of credit

 

6

(including by way of guarantee or similar arrangement) or capital contribution to (by means of
any transfer of cash or other property to others or any payment for property or services for the
account or use of others), or any purchase or acquisition of capital stock, indebtedness or other
similar instruments issued by such Person. Except as otherwise provided for herein, the amount of
an Investment shall be its fair value at the time the Investment is made and without giving effect
to subsequent changes in value.

     “Involuntary Transfer” means any transfer, proceeding or action by or in which a
Stockholder shall be deprived or divested of any right, title or interest in or to any of the
Shares, including, without limitation, any seizure under levy of attachment or execution, any
transfer in connection with bankruptcy (whether pursuant to the filing of a voluntary or an
involuntary petition under the United States Bankruptcy Code of 1978, or any modifications or
revisions thereto) or other court proceeding to a debtor in possession, trustee in bankruptcy or
receiver or other officer or agency, any transfer to a state or to a public officer or agency
pursuant to any statute pertaining to escheat or abandoned property and any transfer pursuant to a
divorce or separation agreement or a final decree of a court in a divorce action.

     “Involuntary Transferee” has the meaning assigned such term in Section 3.2(a) of this
Agreement.

     “IPO Effectiveness Date” means the date upon which the Company commences an Initial
Public Offering.

     “Liability” has the meaning set forth in Section 4.14.

     “Management Agreement” means the Management Services Agreements, dated as of the date
hereof, by and among Clarion Operating, LLC, a Delaware limited liability company and the Company,
as such agreements may be amended, from time to time.

     “Management Stockholder” means the holders of Common Stock and/or Preferred Stock
listed on Schedule 2 hereto, as such Schedule may be updated from time to time by the Company
(including to reflect the issuance of Common Stock and/or Preferred Stock issued upon exercise of
Common Stock Equivalents and/or Preferred Stock Equivalents granted under the Company Option Plan).

     “New Business” has the meaning set forth in Section 6.6(a).

     “New Issuance Closing Date” has the meaning set forth in Section 5.1.

     “New Issuance Notice” has the meaning set forth in Section 5.1.

     “New Securities” means any capital stock of the Company whether now authorized or not,
and rights, options or warrants to purchase such capital stock, and securities of any type
whatsoever that are, or may become, convertible into or exchangeable for such capital stock;
provided that the term “New Securities” does not include capital stock which may be issued (i) to
employees of the Company pursuant to a

 

7

stock option plan or other employee benefit arrangement approved by the Board of Directors (a
“Company Option Plan”), (ii) pursuant to a stock split or dividend applicable to all Shares
of the subject class (other than Common Stock Equivalents or Preferred Stock Equivalents), (iii)
pursuant to the exercise of any Common Stock Equivalent or Preferred Stock Equivalents outstanding
on the date hereof or issued in conformity with Article V, (iv) as consideration for an acquisition
transaction or business combination involving the Company or any of its Subsidiaries approved by
the Board of Directors, (v) in connection with any joint venture or strategic partnership approved
by the Board of Directors, (vi) in connection with the incurrence or guarantee of any indebtedness
by the Company or any of its Subsidiaries, and (vii) in connection with an IPO.

     “Offered Securities” has the meaning set forth in Section 3.1(a).

     “Offering Notice” has the meaning set forth in Section 3.1(a).

     “Offer Price” has the meaning set forth in Section 3.1(a).

     “Other Stockholder” means (i) any transferee (other than a Clarion Stockholder or a
Regions Stockholder) of a Stockholder (a) who has agreed to be bound by the terms and conditions of
this Agreement in accordance with Section 2.4 and (b) to whom Shares have been transferred in
accordance with Article II or III, (ii) each Management Stockholder and each transferee (other than
a Clarion Stockholder or a Regions Stockholder) to whom such Management Stockholder (or its
transferee) has transferred Shares in accordance with Article II or III and (iii) each Additional
Stockholder and each transferee (other than a Clarion Stockholder or a Regions Stockholder) to whom
such Additional Stockholder (or its transferee) has transferred Shares in accordance with Article
II or III.

     “Payment Date” has the meaning set forth in Section 1.4(a) of the Stock Purchase
Agreement.

     “Permitted Payment” with respect to any Person means:

     (1) the declaration or payment of any dividends or any other distributions of any sort
in respect of its capital stock (including any payment in connection with any merger or
consolidation involving such Person) or similar payment to the direct or indirect holders
of its capital stock that in each case are made on a pro rata basis to all holders of the
outstanding shares of the same class or series of such capital stock; or

     (2) the purchase, redemption or other acquisition or retirement for value of any
capital stock of the Company held by any Person, including the exercise of any option to
exchange any capital stock, in each case made pursuant to an offer or right available on a
pro rata basis to all holders of the outstanding shares of the same class or series of such
capital stock.

     “Permitted Transferee” has the meaning set forth in Section 2.2.

 

8

     “Person” means any individual, firm, corporation, partnership, trust, incorporated or
unincorporated association, joint venture, joint stock company, limited liability company,
Governmental Authority or other entity of any kind, and shall include any successor (by merger or
otherwise) of such entity.

     “Preemptive Rightholder” has the meaning set forth in Section 5.2.

     “Preferred Shares” means all Preferred Stock and all Preferred Stock Equivalents, in
each case whether now owned or hereinafter acquired.

     “Preferred Stock” means the shares of Series A Preferred Stock, par value $0.01 per
share, of the Company, or any other capital stock of the Company or any other Person into which
such stock is reclassified or reconstituted (whether by merger, consolidation or otherwise).

     “Preferred Stock Equivalents” means any security or obligation which is by its terms
convertible into or exchangeable or exercisable for shares of Preferred Stock, including, without
limitation any option, warrant or other subscription or purchase right with respect to Preferred
Stock or any Preferred Stock Equivalent.

     “Proportionate Percentage” has the meaning set forth in Section 5.2.

     “Proposed Price” has the meaning set forth in Section 5.1.

     “Public Offering” means any offer for sale of shares of Common Stock pursuant to an
effective Registration Statement filed under the Securities Act that results in the listing for
trading on an internationally recognized securities exchange or inter-dealer quotation system.

     “Public Sale” means any sale of Shares to the public (a) pursuant to an offering
registered under the Securities Act or (b) through a broker, dealer or market maker pursuant to the
provisions of Rule 144 (or any similar provisions then in effect) adopted under the Securities Act,
other than Rule 144(k) or any similar provision then in effect.

     “Put Right” has the meaning set forth in Section 7.2.

     “Put Right Notice” has the meaning set forth in Section 7.2.

     “Put Right Restriction” has the meaning set forth in Section 7.2.

     “Put Right Sellers” has the meaning set forth in Section 7.2.

     “Put Right Shares” has the meaning set forth in Section 7.2.

     “Records” has the meaning set forth in Section 4.10(g).

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

 

9

     “Regions Demand Registration” has the meaning set forth in Section 4.3(b).

     “Regions Holders’ Counsel” has the meaning set forth in Section 4.10(a).

     “Regions Initiating Holders” has the meaning set forth in Section 4.3(b).

     “Regions S-3 Initiating Holders” has the meaning set forth in Section 4.5(b).

     “Regions S-3 Registration” has the meaning set forth in Section 4.5(b).

     “Regions Stockholders” means Regions, and each direct and indirect Permitted
Transferee thereof to whom Shares are transferred in accordance with the terms of this Agreement,
and the term “Regions Stockholder” shall mean any such Person.

     “Registrable Securities” means: (a) any and all shares of Common Stock held by the
Designated Holders as of the date hereof, (b) any and all shares of Common Stock acquired by any
Designated Holder after the date hereof, and (c) any shares of capital stock issued or issuable to
any of the Designated Holders with respect to the Registrable Securities by way of stock dividend
or stock split or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise and any shares of capital stock issuable upon
conversion, exercise or exchange thereof, subject, in each case, to Section 4.1.

     “Registration Expenses” has the meaning set forth in Section 4.13.

     “Registration Statement” means a Registration Statement filed pursuant to the
Securities Act.

     “Related Person” means (a) with respect to any individual, (i) any other individual
who is related to such individual as a sibling, spouse or former spouse, is a direct lineal
descendent or ancestor by birth or adoption of such individual or is a spouse of such decedent or
ancestor, (ii) a trust, corporation, partnership or limited liability company, more than a majority
of the beneficial interests in which shall be held by such Person or one or more Related Persons of
such Person or (iii) any foundation or charitable organization established by any Person set forth
in subsection (i) above, and (b) with respect to any foundation or charitable organization, the
individuals for which such foundation or organization has been established.

     “Required Regulatory Consents” has the meaning set forth in Section 6.6(a).

     “Restriction Termination Date” means the fifth anniversary of the date of this
Agreement.

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

 

10

     “Rightholders” has the meaning set forth in Section 3.1(a), and the term “Rightholder”
shall mean any such person.

     “Rightholder Option” has the meaning set forth in Section 3.1(b)(i).

     “Rightholder Option Period” has the meaning set forth in Section 3.1(b)(i).

     “S-3 Initiating Holders” has the meaning set forth in Section 4.5(b).

     “S-3 Registration” has the meaning set forth in Section 4.5(b).

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

     “Selling Stockholder” has the meaning set forth in Section 3.1(a).

     “Shares” means, collectively, Common Shares and Preferred Shares.

     “SOI” has the meaning set forth in the recitals to this Agreement.

     “Stock Purchase Agreement” has the meaning assigned to such term in the recitals to
this Agreement.

     “Stockholders” means the Clarion Stockholders, the Regions Stockholders and the Other
Stockholders and the term “Stockholder” means any such Person.

     “Stockholders Meeting” has the meaning set forth in Section 6.1.

     “Subject Purchaser” has the meaning set forth in Section 5.1.

     “Subsidiary” means any business entity of which a Person (i) owns or controls,
directly or indirectly, 50% or more of the outstanding equity securities or other ownership or
equity interests therein, (ii) serves as a general partner or managing member, or (iii) otherwise
direct or cause the direction of the management and policies thereof.

     “Tag-Along Notice” has the meaning set forth in Section 3.1(f)(ii).

     “Tag-Along Offered Securities” has the meaning set forth in Section 3.1(f)(i).

     “Tag-Along Purchaser” has the meaning set forth in Section 3.1(f)(i).

     “Tag-Along Rightholder” has the meaning set forth in Section 3.1(f)(i).

     “Tag-Along Selling Stockholder” has the meaning set forth in Section 3.1(f)(i).

     “Third Party Purchaser” has the meaning set forth in Section 3.1(a).

 

11

     “transfer” has the meaning set forth in Section 2.1 and “transferor” and
“transferee” shall have correlative meanings.

     “Transferred Shares” has the meaning set forth in Section 3.2(a).

     “Trigger Event” has the meaning set forth in Section 6.6(c).

     “Ultimate Parent” mean, with respect to any Stockholder, the direct or indirect parent
of such Stockholder that itself is not a subsidiary of any other Person.

     “Valid Business Reason” has the meaning set forth in Section 4.6.

     “Written Consent” has the meaning set forth in Section 6.1.

ARTICLE II

RESTRICTIONS ON TRANSFER OF SHARES

     2.1 Limitation on Transfer. No Stockholder shall, directly or indirectly, sell, offer, give, assign, hypothecate,
pledge, encumber, grant a security interest in or otherwise dispose of (whether by operation of law
or otherwise) (each a “transfer”) any Shares or any right, title or interest therein or
thereto, unless (i) such transfer complies with Section 2.2 and (ii) such transfer (A) is made
pursuant to Section 3.1(f) or (g) or Section 3.2, (B) in the case of Stockholders other than
Clarion Stockholders, is made in compliance with Sections 3.1(a)-(e) or (C) is made pursuant to the
Initial Public Offering or any subsequent Public Sale. Notwithstanding the foregoing, no transfer
of Shares shall be made by a Management Stockholder prior to the Restriction Termination Date
(including, without limitation, pursuant to the exercise of “piggy-back” registration rights
pursuant to Article IV), except pursuant to Section 3.1(f) or (g). Any attempt to transfer any
Shares or any rights therein or thereto in violation of the preceding sentence shall be null and
void ab initio. It is understood and agreed that a change in the ownership or
control of any Stockholder which is not an individual, directly or indirectly, will not be deemed
to be a transfer of any Shares (or rights, title or interest thereon or therefrom) held by such
Stockholder unless and until a majority of the voting interests in, or the power to direct the
policies, management and affairs of, such Stockholder, becomes held, directly or indirectly, by any
Person or group (as defined in Rule 13d-3 under the Exchange Act) of Persons that did not hold a
majority of such voting interests, or that did not hold such power, as the case may be, directly or
indirectly, at the time such Stockholder most recently became a Stockholder (any such change, a
“Change of Stockholder Control” and any such Person or group of Persons that so held such
voting interests or power immediately prior to such Change of Stockholder Control, the “Initial
Control Person”), whereupon a transfer of such Shares (and any such rights) shall be deemed to
have occurred for the purposes of, and shall be required to comply with, this Article II and
Article III, provided, that in all cases a Change of Stockholder Control of the Ultimate
Parent of such Stockholder shall not be such a transfer, and provided, further,
that such Stockholder shall be deemed to be the transferee of all such Shares (and rights) that it
continues to own after such transfer and Initial Control Person with respect

 

12

to such Change of
Stockholder Control shall be deemed to be the transferor thereof. Any transfer deemed to have
occurred upon a Change of Stockholder Control as described in the preceding sentence shall be
deemed to have been permitted if such transfer, had it occurred other than by virtue of such Change
of Stockholder Control, would have been permitted under this Article II.

     2.2 Permitted Transfers. Notwithstanding anything to the contrary contained in this Agreement, but subject to
Sections 2.3 and 2.4, (i) any Stockholder who is an individual may transfer all or a portion of his
or her Shares (but not Common Stock Equivalents or Preferred Stock Equivalents issued or granted
under any employee option or incentive plan of the Company) to any Related Person of such
Stockholder, (ii) any Stockholder which is an entity may transfer all or a portion of its Shares to
an Affiliate of the transferor, provided that, if the transferee ceases to be an Affiliate
of the transferor at any time after the transfer, then (unless the original transfer would have
been permitted under this Section 2.2 if effected immediately after such time) the transferee shall
promptly transfer all Shares acquired in the original transfer either back to the transferor or an
Affiliate of the transferor, which transfer (for purposes of this Section 2.2) shall be treated as
a transfer to an Affiliate, provided that such subsequent transfer would comply with this
Section 2.2, or to another Person in a transfer that complies with this Section 2.2 or Article III,
and (iii) any Clarion Stockholder may transfer all or a portion of its Shares to any direct or
indirect partner or member of Clarion (including any stockholder or member of any such direct or
indirect partner or member). Each transferee referred to in any clause of the preceding sentence
is referred to hereinafter as a “Permitted Transferee.” A Permitted Transferee of Shares
pursuant to this Section 2.2 may transfer his, her or its Shares pursuant to this Section 2.2 only
to the Stockholder who transferred such shares to the Permitted Transferee or to a person that
would be a Permitted Transferee of such original transferor Stockholder at the time of such
subsequent transfer.

     2.3 Permitted Transfer Procedures. If any Stockholder wishes to transfer any Shares to a Permitted Transferee under Section
2.2, such Stockholder shall give notice to the Company of its intention to make such transfer not
less than 10 days prior to effecting such transfer, which notice shall state the name and address
of each Permitted Transferee to whom such transfer is proposed, the relationship of such Permitted
Transferee to such Stockholder and the number of Shares proposed to be transferred to such
Permitted Transferee.

     2.4 Transfers in Compliance with Law; Substitution of Transferee. Notwithstanding any other provision of this Agreement, no transfer of Shares may be made by
any Stockholder unless (a) the transferee has agreed in writing to be bound by the terms and
conditions of this Agreement pursuant to an instrument substantially in the form attached hereto as
Exhibit C-1, (b) the transfer complies in all respects with the applicable provisions of
this Agreement and (c) the transfer complies in all respects with applicable federal and state securities laws,
including, without limitation, the Securities Act. If requested by the Company, an opinion of
outside counsel to such transferring Stockholder shall be supplied to the Company, at such
transferring Stockholder’s expense, to the effect that such transfer complies with the applicable
federal and state securities laws. Upon becoming a party to this Agreement, (i) a transferee of a
Clarion

 

13

Stockholder that is a Permitted Transferee thereof shall be substituted for, and shall
enjoy the same rights and be subject to the same obligations as, the transferring Clarion
Stockholder hereunder with respect to the Shares transferred to such transferee, (ii) a transferee
of a Regions Stockholder that is a Permitted Transferee thereof shall be substituted for, and shall
enjoy the same rights and be subject to the same obligations as, the transferring Regions
Stockholder hereunder with regard to the Shares transferred to such transferee, (iii) an Additional
Stockholder shall have the rights and obligations of an Additional Stockholder set forth in this
Agreement, and any transferee of such an Additional Stockholder that is a Permitted Transferee
thereof shall be substituted for, and shall enjoy the same rights and be subject to the same
obligations as, the transferring Additional Stockholder hereunder with regard to the Shares
transferred to such transferee and (iv) unless determined otherwise by agreement of Clarion and
Regions, an Other Stockholder who becomes a Stockholder after the date hereof and its transferees
shall be subject to the same obligations as, but none of the rights, if any, of, the transferring
Stockholder, as the case may be (except with respect to registration rights to the extent provided
in Section 4.23).

ARTICLE III

RIGHT OF FIRST OFFER;

TAG-ALONG RIGHTS; DRAG-ALONG RIGHTS

     3.1 Proposed Voluntary Transfer.

          (a) Offering Notice. If any Stockholder other than a Clarion Stockholder (a
“Selling Stockholder”) wishes to transfer all or any portion of its, hers or his Shares to
any Person (other than transfers in accordance with Sections 2.2, 3.1(f) or 3.1(g) or in connection
with an Initial Public Offering or any subsequent Public Sale) (a “Third Party Purchaser”),
such Selling Stockholder shall then offer such Shares first to each of the Clarion Stockholders
(for the purpose of this Section 3.1, each, a “Rightholder” and collectively, the
“Rightholders”), by sending written notice (an “Offering Notice”) to each of the
Rightholders, which shall state (i) the number and class of Shares proposed to be transferred (the
“Offered Securities”); (ii) the proposed purchase price per share for the Offered
Securities (the “Offer Price”); and (iii) the other terms and conditions of such sale.
Upon delivery of the Offering Notice, such offer shall be irrevocable unless and until the rights
of first offer provided for herein shall have been waived or shall have expired. Such Selling
Stockholder shall promptly deliver a copy of the Offering Notice to the Company.

          (b) Rightholder Option; Exercise.

               (i) For a period of fifteen (15) days after the giving of the Offering Notice pursuant to
Section 3.1(a) (the “Rightholder Option Period”), each of the Rightholders shall have the
right (the “Rightholder Option”) to purchase all, but not less than all, of the Offered
Securities at a purchase price equal to the Offer Price and upon the terms and conditions set forth
in the Offering Notice. Each such Rightholder shall have the right to purchase that percentage of
each class of Offered Securities

 

14

determined by dividing (i) the total number of Shares of the class
of Offered Securities then owned by such Rightholder by (ii) the total number of Shares of the
class of Offered Securities then owned by all such Rightholders.

               (ii) The right of each Rightholder to purchase all of the Offered Securities under subsection
(i) above shall be exercisable by delivering written notice of the exercise thereof, prior to the
expiration of the Rightholder Option Period, to the Selling Stockholder with a copy to the Company
(each Rightholder exercising such right in full being referred to as a “Fully Participating
Rightholder”). Each such notice shall state (a) the number of Shares of the class of Offered
Securities held by such Rightholder and (b) the number of Shares that such Rightholder is willing
to purchase pursuant to this Section 3.1(b). The failure of a Rightholder to respond within the
Rightholder Option Period to the Selling Stockholder shall be deemed to be a waiver of such
Rightholder’s rights under subsection (i) above, provided that each Rightholder may waive its
rights under subsection (i) above prior to the expiration of the Rightholder Option Period by
giving written notice to the Selling Stockholder, with a copy to the Company.

               (iii) If any Rightholder does not fully subscribe for the number of Offered Securities it, she
or he is entitled to purchase, then promptly after (and in no event more than two (2) days after)
the earlier to occur of (A) the expiration of the Rightholder Option Period and (B) the date upon
which the Company shall have received written notice from all of the Rightholders of their exercise
of the Rightholder Option pursuant to this Section 3.1(b) or their waiver thereof, the Company
shall notify each Fully Participating Rightholder of such fact and each Fully Participating
Rightholder shall have the right, exercisable by delivering to the Selling Stockholders (with a
copy to the Company) written notice of the exercise thereof within one (1) Business Day after
receipt of the Company’s notice, to purchase that percentage of the Offered Securities not so
subscribed for (for the purposes of this Section 3.1(b), the “Excess Offered Securities”)
determined by dividing (x) the total number of Shares of the class of Offered Securities then owned
by such Fully Participating Rightholder by (y) the total number of Shares of the class of Offered
Securities then owned by all Fully Participating Rightholders who elected to purchase such class of
Offered Securities. The procedure described in the preceding sentence shall be repeated until
there are no remaining Excess Offered Securities; provided, that in no event shall the repetition
of such procedure delay the closing date to a date later than the date determined pursuant to
Section 3.1(d).

          (c) Company Option; Exercise. If the Rightholders do not elect to purchase all of the
Offered Securities, then for a period of ten (10) days after the earlier
to occur of (A) the expiration of the Rightholder Option Period and (B) the date upon which
the Selling Stockholder shall have received written notice from all of the Rightholders of their
exercise of the Rightholder Option pursuant to Section 3.1(b) or their waiver thereof (the
“Company Option Period”), the Company shall have the right (the “Company Option”)
to purchase all, but not less than all, of the remaining Offered Securities at a purchase price
equal to the Offer Price and upon the terms and conditions set forth in the Offering Notice. The
right of the Company to purchase all of the remaining Offered Securities under this Section 3.1(c)
shall be exercisable by delivering

 

15

written notice of the exercise thereof, prior to the expiration
of the Company Option Period, to the Selling Stockholder, with a copy to the Clarion Stockholders.
The failure of the Company to respond within the Company Option Period shall be deemed to be a
waiver of the Company Option, provided that the Company may waive its rights under this Section
3.1(c) prior to the expiration of the Company Option Period by giving written notice to the Selling
Stockholder, with a copy to the Clarion Stockholders. If either the Rightholders or the Company do
not purchase all of the Offered Securities pursuant to Section 3.1(b) or 3.1(c), then the Selling
Stockholder may sell the Offered Securities to a Third Party Purchaser in accordance with Section
3.1(e).

          (d) Closing. The closing of the purchases of Offered Securities subscribed for by the
Rightholders under Section 3.1(b) or the Company under Section 3.1(c) shall be held at the
executive office of the Company at 11:00 a.m., local time, on the thirtieth (30th) day after the
giving of the Offering Notice pursuant to Section 3.1(a) or at such other time and place as the
parties to the transaction may agree. At such closing, the Selling Stockholder shall deliver
certificates representing the Offered Securities, duly endorsed for transfer in a form acceptable
to the purchaser thereof and accompanied by all requisite transfer taxes, if any, and such Offered
Securities shall be free and clear of any liens and other encumbrances (other than those arising
hereunder and those attributable to actions by the purchasers thereof) and the Selling Stockholder
shall so represent and warrant, and shall further represent and warrant that it is the sole
beneficial and record owner of such Offered Securities. Each Rightholder or the Company, as the
case may be, purchasing Offered Securities shall deliver at the closing payment in full in
immediately available funds for the Offered Securities purchased by it, her or him. At such
closing, all of the parties to the transaction shall execute such additional documents as are
otherwise necessary or appropriate to consummate the transaction.

          (e) Sale to a Third Party Purchaser. Unless the Rightholders or the Company elect to
purchase all, but not less than all, of the Offered Securities under Section 3.1(b) or 3.1(c),
respectively, the Selling Stockholder may sell all, but not less than all, of the Offered
Securities to the Third Party Purchaser on the terms and conditions set forth in the Offering
Notice; provided, however, that such sale is bona fide and made pursuant to a
contract entered into within forty-five (45) days after the earlier to occur of (i) the waiver (or
deemed waiver) by all of the Rightholders and the Company of their options to purchase the Offered
Securities and (ii) the expiration of the Company Option Period (the “Contract Date”); and
provided further, that such sale shall not be consummated unless and until (x) such
Third Party Purchaser shall represent in writing to each Rightholder and the Company that it is
aware of the rights of the Rightholders and the Company contained in this Agreement and (y)
concurrently with the purchase by such
Third Party Purchaser of any of such Offered Securities, such Third Party Purchaser shall
become a party to this Agreement as an Other Stockholder and shall agree to be bound by the terms
and conditions hereof in accordance with Section 2.4. If such sale is not consummated within forty
five (45) days after the Contract Date for any reason, then the restrictions provided for herein
shall again become effective, and no transfer of such Offered Securities may be made thereafter by
the Selling Stockholder without again offering the same to the Rightholders and the Company in
accordance with this Section 3.1.

 

16

          (f) Tag-Along Rights.

               (i) Except in the case of (i) any transfer of Shares by any Clarion Stockholder on the Closing
Date to any manager or employee of the Company or to any Additional Stockholder or (ii) a transfer
pursuant to Section 3.1(g), if any Clarion Stockholder (a “Tag-Along Selling Stockholder”)
seeks to transfer Shares to one or more third parties other than a Permitted Transferee (a
“Tag-Along Purchaser”) in any one transaction or series of related transactions,
representing more than five percent (5%) of the Shares (determined based on the applicable class of
Shares being transferred) then held by such Tag-Along Selling Stockholder, then each Regions
Stockholder and each Additional Stockholder (each, a “Tag-Along Rightholder”) shall have
the right to sell to such Tag-Along Purchaser, upon the terms set forth in the Tag-Along Notice
(except that the purchase price payable to the Tag-Along Rightholders and the Tag-Along Selling
Stockholder in respect of any Common Stock Equivalents and/or Preferred Stock Equivalents sold in
such transaction shall be net of the exercise price thereof, if any) that number of Shares
specified by the Tag-Along Rightholder of each class of Shares proposed to be transferred by such
Clarion Stockholder, up to that number equal to the percentage of the number of Shares of such
class proposed to be transferred by the Tag-Along Selling Stockholder (the “Tag-Along Offered
Securities”) determined by dividing (A) the total number of Common Shares (other than Common
Stock Equivalents granted under any Company Option Plan) or Preferred Shares (other than Preferred
Stock Equivalents granted under any Company Option Plan), as applicable, then owned by such
Tag-Along Rightholder by (B) the sum of (x) the total number of Common Shares (other than Common
Stock Equivalents granted under any Company Option Plan) or Preferred Stock (other than Preferred
Stock Equivalents granted under any Company Option Plan), as applicable, then owned by all such
Tag-Along Rightholders exercising their rights pursuant to this Section 3.1(f)(i), (y) the total
number of Common Shares then owned by any other Person that is entitled to participate in such
sale, and (z) the total number of Common Shares or Preferred Shares, as applicable, then owned by
the Clarion Stockholders. The Tag-Along Selling Stockholder shall effect the sale of the Tag-Along
Offered Securities and the Tag-Along Rightholder(s) shall sell the number and class of Shares to be
sold by such Tag-Along Rightholder(s) pursuant to this Section 3.1(f)(i), and the number and class
of Shares to be sold to such Tag-Along Purchaser by the Tag-Along Selling Stockholder shall be
reduced accordingly.

               (ii) The Tag-Along Selling Stockholder intending to transfer Shares to a Tag-Along Purchaser
shall give written notice to each Tag-Along Rightholder of each proposed transfer by it of Shares
which gives rise to the rights of the
Tag-Along Rightholders set forth in this Section 3.1(f), at least fifteen (15) days prior to
the proposed consummation of such transfer, setting forth the name of such Tag-Along Selling
Stockholder, the number of Tag-Along Offered Securities, the class of Shares represented by the
Tag-Along Offered Securities, the name and address of the proposed Tag-Along Purchaser, the
proposed amount and form of consideration and terms and conditions of payment offered by such
Tag-Along Purchaser and the percentage of each class of Shares that such Tag-Along Rightholder may
sell to such Tag-Along Purchaser (determined in accordance with Section 3.1(f)(i)) (the
“Tag-Along Notice”). The tag-along rights provided by this Section 3.1(f) must be
exercised by any Tag-Along

 

17

Rightholder wishing to sell its Shares within fifteen (15) days
following receipt of the Tag-Along Notice, by delivery of a written notice to the Tag-Along Selling
Stockholder indicating such Tag-Along Rightholder’s wish to exercise its, her or his rights and
specifying the number of Tag-Along Offered Securities (up to the maximum number of Tag-Along
Offered Securities as determined in accordance with Section 3.1(f)(i)) it wishes to sell, provided
that any Tag-Along Rightholder may waive its rights under this Section 3.1(f) prior to the
expiration of such 15-day period by giving written notice to the Tag-Along Selling Stockholder,
with a copy to the Company. The failure of a Tag-Along Rightholder to respond within such 15-day
period shall be deemed to be a waiver of such Tag-Along Rightholder’s rights under this Section
3.1(f), and the Tag-Along Selling Stockholder may effect the sale of Shares to the Tag-Along
Purchaser within a period of ninety (90) days after the date of the Tag-Along Notice without the
participation of such non-participating Tag-Along Rightholder. Any such sale shall be made only to
Tag-Along Purchaser identified in the Tag-Along Notice and at the same price and upon such other
terms and conditions that are not more favorable (taken as a whole) to the Tag-Along Selling
Stockholder than those set forth in the Tag-Along Notice. In the event the Tag-Along Selling
Stockholder has not sold the Tag-Along Offered Securities within such ninety (90) day period, the
Tag-Along Selling Stockholder shall not thereafter sell any Shares without again complying with
Section 2 and this Section 3.1(f).

               (iii) In the event a Tag-Along Rightholder exercises its tag-along rights hereunder, the
Tag-Along Selling Stockholder shall assign so much of its interest in the proposed sale transaction
as the Tag-Along Rightholder shall be entitled to and shall request hereunder, and the Tag-Along
Rightholder shall assume such part of the obligations of the Tag-Along Selling Stockholder with
respect to such sale transaction as shall relate to the sale of the Tag-Along Offered Securities by
the Tag-Along Rightholder. In addition to the foregoing, the Tag-Along Rightholder shall pay his,
her or its pro rata share of all costs associated with such sale transaction.

          (g) Drag-Along Rights. In the event that the holders of a majority of the Shares held
by all the Clarion Stockholders (the “Drag-Along Rightholders”) receive a bona fide offer
from a third party which is not an Affiliate of Clarion to consummate a Change of Control
Transaction, the Drag-Along Rightholders may send written notice (the “Drag-Along Notice”)
to the Company and the other Stockholders (the “Drag-Along Sellers”) notifying them of the
Change of Control Transaction and of the election of the Drag-Along Rightholders to exercise their
rights under this Section 3.1(g). Upon receipt of a Drag-Along Notice, each Drag-Along Seller
receiving such notice shall be obligated to (i) sell its Shares in the Change of Control
Transaction contemplated by the Drag-Along Notice on the same terms (subject to the last
sentence of this Section 3.1(g)) and conditions as the Drag-Along Sellers (including
representations, warranties and indemnities, in each case related to the Shares to be sold by such
Drag-Along Seller, and the payment of its pro rata share of all costs associated with such
transaction) and (ii) otherwise take all reasonable and necessary action to cause the consummation
of such transaction, including executing documents reasonable and appropriate for the Change of
Control Transaction, voting its Common Shares in favor of such transaction and not exercising any
appraisal or dissenter rights in connection therewith. If any Drag-Along Rightholder or Drag-Along
Seller shall sell any Common

 

18

Stock Equivalent or Preferred Stock Equivalent in any sale pursuant to
this Section 3.1(g), such Drag-Along Rightholder or Drag-Along Seller shall receive in exchange for
such Common Stock Equivalent or Preferred Stock Equivalent consideration in the amount (if greater
than zero) equal to the purchase price received by the Drag-Along Rightholders in such sale for the
number of shares of Common Stock that would be issued upon exercise conversion or exchange of such
Common Stock Equivalent or Preferred Stock Equivalent less the exercise price, if any, of such
Common Stock Equivalent or Preferred Stock Equivalent (to the extent exercisable, convertible or
exchangeable at the time of such sale), subject to reduction for any tax or other amounts required
to be withheld under applicable law. Notwithstanding any other provision of this Section 3.1(g),
the Regions Stockholders may only be required to sell Shares in, and approve of, a Change of
Control Transaction pursuant to this Section 3.1(g) where the consideration to be received by the
Regions Stockholders in such Change of Control Transaction in exchange for their Shares is in the
form of either (i) cash or (ii) equity securities of the surviving corporation to the extent that
the Regions Stockholders are permitted under Applicable Banking Laws to hold such equity securities
of the surviving corporation; provided, however, that after the receipt of a
Drag-Along Notice and prior to the consummation of a Change of Control Transaction pursuant to this
Section 3.1(g), the Regions Stockholders shall use, and shall cause their Affiliates to use,
commercially reasonable efforts to obtain all Required Regulatory Consents to permit such Regions
Stockholder to hold the equity securities for which the Shares are exchanged in the Change of
Control Transaction; provided, further, that in the event that all Required
Regulatory Consents are not obtained (or are obtained subject to a condition or restriction in a
manner (including requirements relating to the raising of additional capital or the disposition of
assets) which would adversely affect Regions, RFC, their respective Affiliates or their respective
businesses), then the form of consideration to be received by the Regions Stockholders in such
Change in Control Transaction in exchange for their Shares shall be cash.

     3.2 Involuntary Transfers.

          (a) Rights of First Offer upon Involuntary Transfer. If an Involuntary Transfer of
any Shares (the “Transferred Shares”) owned by any Stockholder other than a Clarion
Stockholder shall occur, then the Rightholders and the Company shall have the same rights as
specified in Sections 3.1(b) and 3.1(c), respectively, with respect to such Transferred Shares as
if the Involuntary Transfer had been a proposed voluntary transfer by a Selling Stockholder and
shall be governed by Sections 3.1(a), 3.1(b) and
3.1(c), except that (a) the time periods shall run from the date of receipt by the
Rightholders and the Company of notice of the Involuntary Transfer, (b) such rights shall be
exercised by notice to the transferee of such Transferred Shares (the “Involuntary
Transferee”) rather than to the Stockholder who suffered or will suffer the Involuntary
Transfer and (c) the purchase price per Transferred Share shall be agreed upon by the Involuntary
Transferee and the Company or the purchasing Rightholders, as the case may be; provided,
however, that if such parties fail to agree as to such purchase price, the purchase price
shall be the Fair Market Value thereof.

          (b) Closing. The closing of any purchase under this Section 3.2 shall be held at the
principal office of the Company at 11:00 a.m. local time on the earlier

 

19

to occur of (a) the fifth
(5th) Business Day after delivery of written notice to the Involuntary Transferee by the Company or
the Rightholders, as the case may be, in accordance with Section 3.2(a) or (b) the fifth (5th)
Business Day after the determination of the purchase price or the Fair Market Value, as the case
may be, of the Transferred Shares in accordance with Section 3.2(a), or at such other time and
place as the parties to the transaction may agree. At such closing, the Involuntary Transferee
shall deliver certificates, if applicable, or other instruments or documents representing the
Transferred Shares being purchased under this Section 3.2, duly endorsed with a signature guarantee
for transfer and accompanied by all requisite transfer taxes, if any, and such Transferred Shares
shall be free and clear of any liens and other encumbrances (other than those arising hereunder and
those attributable to the purchaser thereof) and the Involuntary Transferee shall so represent and
warrant, and shall further represent and warrant that it is the sole beneficial and record owner of
such Transferred Shares. The Company or each Rightholder, as the case may be, purchasing such
Transferred Shares shall deliver at closing payment in full in immediately available funds for such
Transferred Shares. At such closing, all parties to the transaction shall execute such additional
documents as are otherwise necessary or appropriate to consummate the transaction.

          (c) General. In the event that the provisions of this Section 3.2 shall be held to be
unenforceable with respect to any particular Involuntary Transfer, the Rightholders and the Company
shall have the rights specified in Sections 3.1(b) and 3.1(c), respectively, with respect to any
transfer by an Involuntary Transferee of such Shares, and each Rightholder agrees that any
Involuntary Transfer shall be subject to such rights, in which case the Involuntary Transferee
shall be deemed to be the Selling Stockholder for purposes of Section 3.1(a) of this Agreement and
shall be bound by the provisions of Section 3.1(a) and other provisions of this Agreement.

ARTICLE IV

OTHER RIGHTS

     4.1 Registrable Securities. For the purposes of this Agreement, Registrable Securities will cease to be Registrable
Securities, when (i) a Registration Statement covering such Registrable Securities has been
declared effective under the Securities Act by the
Commission and such Registrable Securities have been disposed of pursuant to such effective
Registration Statement, (ii) the entire amount of the Registrable Securities owned by a Designated
Holder may be sold in a single sale, in the opinion of counsel satisfactory to such Designated
Holder, in its reasonable judgment, without any limitation as to volume pursuant to Rule 144 (or
any successor provision then in effect) under the Securities Act, (iii) such Registrable Securities
have been otherwise transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company and subsequent public distribution of them shall
not, in the opinion of counsel to the Company, as applicable, require registration of them under
the Securities Act or (iv) such Registrable Securities shall have ceased to be outstanding.

 

20

     4.2 Holders of Registrable Securities. A Person is deemed to be a holder of Registrable Securities whenever such Person owns of
record Registrable Securities, or holds an option to purchase, or a security convertible into or
exercisable or exchangeable for, Registrable Securities whether or not such acquisition or
conversion has actually been effected. If the Company receives conflicting instructions, notices
or elections from two or more Persons with respect to the same Registrable Securities, the Company
may act upon the basis of the instructions, notice or election received from the registered owner
of such Registrable Securities. Registrable Securities issuable upon exercise of an option or upon
conversion of another security shall be deemed outstanding for the purposes of this Agreement.

     4.3 Request for Demand Registration.

          (a) At any time commencing on the earlier of (x) six months after the IPO Effectiveness Date
and (y) the expiration or waiver of any lock-up agreement entered into in connection with the IPO,
in the event that the Company has not become eligible or shall become ineligible to register the
Registrable Securities under the Securities Act on Form S-3 (or any successor form thereto), the
Designated Clarion Holders acting through Clarion (the “Clarion Initiating Holders”), may
make up to four written requests to the Company to register the resale of Registrable Securities
under the Securities Act on Form S-1 or any equivalent form for registration by issuers (each a
“Clarion Demand Registration”); provided, however, that (i) at any time
when the Clarion Stockholders own fewer Registrable Securities than are owned by all other
Designated Clarion Holders, such right of the Designated Clarion Holders will be exercisable by the
Designated Clarion Holders holding in excess of 50% of the Registrable Securities then held by all
of the Designated Clarion Holders and (ii) the Company shall not be obligated to effect more than
two such Clarion Demand Registrations in any 12 month period. For purposes of the preceding
sentence, two or more Registration Statements filed in response to one demand shall be counted as
one Clarion Demand Registration. Each request for a Clarion Demand Registration by the Clarion
Initiating Holders shall state the amount of the Registrable Securities proposed to be sold and the
intended method of disposition thereof.

          (b) At any time commencing on the earliest of (x) the fifth anniversary of the date hereof,
(y) six months after the IPO Effectiveness Date and (z) the expiration or waiver of any lock-up
agreement entered into in connection with the IPO, in the event (in the case of clauses (y) and
(z)) that the Company has not become eligible or shall become ineligible to register the
Registrable Securities under the Securities Act on Form S-3 (or any successor form thereto), one or
more of the Designated Regions Holders (the “Regions Initiating Holders” and, together with
the Clarion Initiating Holders, each “Initiating Holders”), may make up to two written
requests to the Company to register the resale of Registrable Securities under the Securities Act
on Form S-1 or any equivalent form for registration by issuers (each a “Regions Demand
Registration” and together with the Clarion Demand Registrations, a “Demand
Registration”); provided, however, that the Company shall not be obligated to
effect more than one such Regions Demand Registration in any 12 month period; provided,
further, that if in connection with a Regions Demand Registration at least 50% of the
Registrable Securities requested to be

 

21

registered by the Initiating Holders are not included in
such registration, then one or more of the Regions Designated Holders may request up to one
additional Regions Demand Registration such that the total number of Regions Demand Registrations
that may be made under this Section 4.3(a) shall equal three. For purposes of the preceding
sentence, two or more Registration Statements filed in response to one demand shall be counted as
one Regions Demand Registration. Each request for a Regions Demand Registration by the Regions
Initiating Holders shall state the amount of the Registrable Securities proposed to be sold and the
intended method of disposition thereof. Notwithstanding anything to the contrary contained herein,
in no event will the Company be obligated to prepare, file, or cause to become effective a Regions
Demand Registration unless a request pursuant to this Section 4.3(b) is made by Designated Regions
Holders holding at least 50% of the aggregate Registrable Securities held by all Designated Regions
Holders.

          (c) Each of the Designated Holders (other than Initiating Holders that have requested a
registration under this Section 4.3) may offer to sell some or all of its, his or her Registrable
Securities under any Demand Registration pursuant to this Section 4.3(c). Within five Business
Days after the receipt of a request for a Demand Registration from an Initiating Holder, the
Company shall (i) give written notice thereof to all of the Designated Holders (other than
Initiating Holders which have requested a registration under Section 4.3) and (ii) subject to
Section 4.7(b), include in such registration all of the Registrable Securities held by such
Designated Holders from whom the Company has received a written request for inclusion therein
within 30 days of the receipt by such Designated Holders of such written notice referred to in
clause (i) above. Each such request by such Designated Holders shall specify the number of
Registrable Securities to be included in the Registration Statement. The failure of any Designated
Holder to respond within the 30-day period referred to in clause (ii) above shall be deemed to be a
waiver of such Designated Holder’s rights under this Section 4.3(c) with respect to such Demand
Registration. Any Designated Holder may waive its rights under this Section 4.3(c) prior to the
expiration of such 30-day period by giving written notice to the Company.

     4.4 Effective Demand Registration.

          (a) Subject to Section 7.1 (Call Right), the Company shall use its reasonable best efforts to
cause any Demand Registration to become and remain effective not later than 90 days after the
expiration of the 30-day period referred to in clause (ii) of Section 4.3(c) (or, in the case of a
Regions Demand Registration that is subject to Section 7.1, not later than 90 days after the end of
the 60-day (or shorter if applicable) period referred to in Section 7.1). A registration shall not
constitute a Demand Registration until it has become effective and remains continuously effective
for the lesser of (i) the period during which all Registrable Securities registered in the Demand
Registration are sold and (ii) 180 days; provided, however, that a registration
shall not constitute a Demand Registration if (x) after such Demand Registration has become
effective, such registration or the related offer, sale or distribution of Registrable Securities
thereunder is interfered with by any stop order, injunction or other order or requirement of the
Commission or other Governmental Authority or court for any reason not explicitly attributable to
the Initiating Holders (as determined by the Commission or

 

22

other Governmental Authority or a court
of competent jurisdiction) and such interference is not thereafter eliminated or (y) the conditions
specified in the underwriting agreement, if any, entered into in connection with such Demand
Registration are not satisfied or waived.

          (b) No S-3 Demand Registration requested by an S-3 Initiating Holder pursuant to Section 4.5
shall be deemed a Demand Registration pursuant to Section 4.3.

     4.5 Request for a Form S-3 Registration. Upon the Company becoming eligible for use of Form S-3 (or any successor form thereto)
under the Securities Act for transactions involving secondary offerings:

          (a) In the event that the Company shall receive from one or more Designated Clarion Holders
acting through Clarion, a written request that the Company register, under the Securities Act on
Form S-3 (or any successor form then in effect) (a “Clarion S-3 Registration”), all or a
portion of the Registrable Securities owned by such Designated Clarion Holders (the “Clarion
S-3 Initiating Holders”), the Company shall give written notice of such request to all of the
Designated Holders (other than the Clarion S-3 Initiating Holders) at least 10 days before the
anticipated filing date of such Form S-3, and such notice shall describe the proposed registration
and distribution and offer such Designated Holders the opportunity to register the number of
Registrable Securities as each such Designated Holder may request in writing to the Company within
5 days after the giving of such written notice by the Company; provided, however,
that at any time when the Clarion Stockholders own fewer Registrable Securities than all other
Designated Clarion Holders, such right of Clarion will be exercisable by those Persons holding in
excess of 50% of the Registrable Securities held by the Designated Clarion Holders.

          (b) In the event that the Company shall receive from one or more of the Designated Regions
Holders (the “Regions S-3 Initiating Holders” and, together with the Clarion Initiating
Holders, each “S-3 Initiating Holders”), a written request that the Company register, under
the Securities Act on Form S-3 (or any successor form then in effect) (a “Regions S-3
Registration” and together with a Clarion S-3 Registration, an “S-3 Registration”), all
or a portion of the Registrable Securities owned by such Regions S-3 Initiating Holders, the
Company shall give written notice of such request to all of the Designated Holders (other than
Regions S-3 Initiating Holders that have requested a Regions S-3 Registration under this Section
4.5(b)) at least 10 days before the anticipated filing date of such Form S-3, and such notice shall
describe the proposed registration and distribution and offer such Designated Holders the
opportunity to register the number of Registrable Securities as each such Designated Holder may
request in writing to the Company within 5 days after the giving of such written notice by the
Company. Notwithstanding anything to the contrary contained herein, in no event will the Company
be obligated to prepare, file, or cause to become effective a Regions S-3 Registration unless a
request pursuant to this Section 4.5(b) is made by Designated Regions Holders holding at least 50%
of the aggregate Registrable Securities then held by all Designated Regions Holders.

 

23

          (c) If requested by the applicable S-3 Initiating Holders, such applicable S-3 Registration
shall be for an offering on a continuous basis pursuant to Rule 415 under the Securities Act to be
kept effective for the period described in Section 4.4(a). With respect to each S-3 Registration,
the Company shall, subject to Section 4.6, (i) include in such offering the Registrable Securities
of the applicable S-3 Initiating Holders and (ii) use its best efforts to (x) cause such
registration pursuant to this Section 4.5(c) to become and remain effective as soon as practicable,
but in any event not later than 45 days after it receives a request therefor and (y) include in
such offering the Registrable Securities of the Designated Holders (other than the applicable S-3
Initiating Holders) which have requested in writing to participate in such registration on the same
terms and conditions as the Registrable Securities of the applicable S-3 Initiating Holders
included therein. Notwithstanding the foregoing, the Company shall not be required to effect any
registration under this Section 4.5 (i) within 90 days after the effective date of any other
Registration Statement of the Company, (ii) if within the twelve month period preceding the date of
such request the Company has effected two registrations on Form S-3 pursuant to this Section 4.5 or
(iii) if Form S-3 is not available for such offering. Notwithstanding the foregoing, the
Designated Regions Holders shall have the right to effect no more than two Regions S-3
Registrations in the aggregate; provided, however, that if in connection with a
Regions S-3 Registration at least 50% of the Registrable Securities requested to be registered by
the Regions S-3 Initiating Holders are not included in such registration, then one or more of the
Designated Regions Holders may request up to one additional Regions S-3 Registration such that the
total number of Regions S-3 Registrations that may be made under this Section 4.5 shall equal
three. A registration shall not constitute a S-3 Registration if (x) after such S-3 Registration
has become effective, such registration or the related offer, sale or distribution of Registrable
Securities thereunder is interfered with by any stop order, injunction or other order or
requirement of the Commission or other Governmental Authority or court for any reason not
explicitly attributable to the S-3 Initiating Holders (as determined by the Commission
or other Governmental Authority or a court of competent jurisdiction) and such interference is
not thereafter eliminated or (y) the conditions specified in the underwriting agreement, if any,
entered into in connection with such S-3 Registration are not satisfied or waived.

     4.6 Limitations on Demand Registrations and S-3 Registrations. If the Board of Directors,
in its good faith judgment, determines that any registration of
Registrable Securities should not be made or continued because it would materially interfere with
any material financing, acquisition, corporate reorganization or merger or other material
transaction involving the Company (a “Valid Business Reason”), the Company may (i) postpone
filing a Registration Statement for a Demand Registration or an S-3 Registration until the earlier
of (x) such Valid Business Reason no longer exists or (y) 90 days after the first day the Company
postpones filing such Registration Statement, and (ii) in the event that a Demand Registration
Statement or S-3 Registration Statement has been filed, the Company, upon the approval of a
majority of the Board of Directors, may cause such Registration Statement to be withdrawn and its
effectiveness terminated or may postpone amending or supplementing such Registration Statement;
provided, however, that in the event of a withdrawal, such request shall not be
counted for purposes of the requests for Demand Registration or S-3 Registration Statement to which
holders

 

24

of Registrable Securities are entitled pursuant to Sections 4.3, 4.4 or 4.5. If the
Company so postpones the filing of a Registration Statement, the applicable Initiating Holders or
S-3 Initiating Holders shall have the right to withdraw the request for registration by giving
written notice to the Company, and, in the event of such withdrawal, such request shall not be
counted for purposes of the requests for Demand Registration or S-3 Demand Registration to which
holders of Registrable Securities are entitled pursuant to Sections 4.3, 4.4 or 4.5. The Company
shall give prompt written notice of its determination to postpone or withdraw a Registration
Statement and of the fact that the Valid Business Reason for such postponement or withdrawal no
longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to
the contrary contained herein, the Company may not postpone or withdraw a filing due to a Valid
Business Reason for one or more periods aggregating more than 180 days in any 12 month period.

     4.7 Underwriting Procedures.

          (a) If any Demand Registration or S-3 Registration is in the form of an underwritten offering,
the Company shall be entitled to select an investment banking firm of national reputation to act as
the managing underwriter of the offering (the “Approved Underwriter”), subject to the
approval of the applicable Initiating Holders or S-3 Initiating Holders, as the case may be,
holding a majority of the Registrable Securities held by all of the Initiating Holders or S-3
Initiating Holders, as applicable, which approval shall not be unreasonably conditioned, delayed or
withheld.

          (b) If the applicable Initiating Holders or S-3 Initiating Holders, as the case may be,
holding a majority of the Registrable Securities held by all of the applicable Initiating Holders
or S-3 Initiating Holders, as the case may be, so elect, the Company shall use its reasonable best
efforts to cause such Demand Registration or S-3 Registration, as applicable, to be in the form of
a firm commitment underwritten offering and the managing underwriter or underwriters selected for
such offering shall be the Approved Underwriter selected in accordance with Section 4.7(a). In
connection with any such underwritten offering, none of the Registrable Securities held by any
Designated Holder making a request for inclusion of such Registrable Securities pursuant to Section
4.3 or 4.5 shall be included in such underwritten offering unless such holder accepts the terms of
the offering as agreed upon by the Company, the applicable Initiating Holders or S-3 Initiating
Holders and the Approved Underwriter, and then only in such quantity as will not, in the opinion of
the Approved Underwriter, be reasonably likely to have an adverse effect on such offering by the
applicable Initiating Holders or S-3 Initiating Holders. If the Approved Underwriter advises the
Company that the aggregate amount of such Registrable Securities requested to be included in such
offering is sufficiently large to have an adverse effect on such offering by the applicable
Initiating Holders or S-3 Initiating Holders, then the Company shall include in such registration
only the aggregate amount of Registrable Securities that the Approved Underwriter believes may be
sold without any such adverse effect and shall reduce the aggregate amount of Registrable
Securities to be included in such registration, first as to the Company, second as
to any holder of shares of Common Stock other than the Designated Clarion Holders and Designated
Regions Holders who have the right to request the registration of any such

 

25

shares owned by them in
such registration, pro rata based on the number of shares of Common Stock owned by each such
holder, third as to the Designated Clarion Holders and Designated Regions Holders (who are
not included in clause fourth below) who requested inclusion of their Registrable Securities as a
group, pro rata based on the number of Registrable Securities owned by each such Designated Holder
and fourth (i) in the case of a Clarion Demand Registration or Clarion S-3 Registration, as
to the Clarion Initiating Holders or Clarion S-3 Initiating Holders, as applicable, and the
Designated Clarion Holders who requested to participate in such registration as a group, pro rata
based on the number of Registrable Securities owned by each such holder; or (ii) in the case of a
Regions Demand Registration or Regions S-3 Registration, as to the Regions Initiating Holders or
Regions S-3 Initiating Holders, as applicable, and the Designated Regions Holders who requested to
participate in such registration as a group, pro rata based on the number of Registrable Securities
owned by each such holder.

     4.8 Request for Incidental Registration. At any time commencing six
months after the IPO Effectiveness Date, if the Company proposes
to file a Registration Statement under the Securities Act with respect to an offering of securities
by the Company for its own account (other than a Registration Statement on Form S-4 or S-8 or any
successor thereto) or for the account of any stockholder of the Company other than the Designated
Holders, then the Company shall give written notice of such proposed filing to each of the
Designated Holders at least 20 days before the anticipated filing date, and such notice shall
describe the proposed registration and distribution and offer such Designated Holders the
opportunity to register the number of Registrable Securities as each such Designated Holder may request
(an “Incidental Registration”). The Company shall use its best efforts to cause the
managing underwriter or underwriters in the case of a proposed underwritten offering (the
“Company Underwriter”) to permit each of the Designated Holders who have requested, in
writing received by the Company within 15 days after receipt of the Company’s written notice by
such Designated Holders, to participate in the Incidental Registration to include some or all of
its, his or her Registrable Securities in such offering on the same terms and conditions as the
securities of the Company offered for the account of the Company or the account of such other
stockholder, as the case may be, included therein. In connection with any Incidental Registration
under this Section 4.8 involving an underwritten offering, the Company shall not be required to
include any Registrable Securities in such underwritten offering unless the Designated Holders
thereof accept the terms of the underwritten offering as agreed upon between the Company, such
other stockholders, if any, and the Company Underwriter, and then only in such quantity as will
not, in the opinion of the Company Underwriter, be reasonably likely to have a material adverse
effect on the offering by the Company. If the Company Underwriter advises the Company that the
registration of all or part of the Registrable Securities which the Designated Holders have
requested to be included would materially adversely affect the success of such offering, then the
Company shall be required to include in such Incidental Registration, to the extent of the amount
that the Company Underwriter believes may be sold without causing such material adverse effect,
first, all of the securities to be offered for the account of the Company and any
stockholder of the Company, other than the Designated Holders, that have initiated such
registration pursuant to an exercise of their demand registration rights; second, the
Registrable Securities to be offered for the account of the Designated Clarion

 

26

Holders and
Designated Regions Holders pursuant to this Article IV, pro rata based on the number of Registrable
Securities owned by each such holder; and third, any other securities requested to be
included in such offering, pro rata based on the number of Registrable Securities owned by each
other holder of Registrable Securities who have requested registration of Registrable Securities.

     4.9 Expenses. The Company shall bear all Registration Expenses in connection with any Demand Registration,
S-3 Registration or Incidental Registration pursuant to this Article IV, whether or not such
registration becomes effective.

     4.10 Obligations of the Company. Whenever a registration of Registrable Securities has been requested pursuant to Section 4.3
or 4.5, the Company shall use its reasonable best efforts to effect the registration and sale of
such Registrable Securities in accordance with the intended method of distribution thereof as
quickly as practicable, and in connection with any such request, the Company shall, as
expeditiously as possible,

          (a) prepare and file with the Commission a Registration Statement on any form for which the
Company then qualifies and which counsel for the
Company reasonably shall deem appropriate and which form shall be available for the sale of
such Registrable Securities in accordance with the intended method of distribution thereof, cause
such Registration Statement to comply as to form with the requirements of the applicable form and
include all financial statements required by the Commission to be included therein or, if permitted
by the rules, regulations and forms of the Commission, incorporate such financial statements
therein by reference, and cause such Registration Statement to become effective within the time
frames set forth in Section 4.4(a) or Section 4.5(c), as applicable; provided,
however, that (i) before filing a Registration Statement or prospectus or any amendments or
supplements thereto, the Company shall provide counsel selected by the Designated Clarion Holders
holding a majority of the Registrable Securities being registered in such registration by
Designated Clarion Holders (“Clarion Holders’ Counsel”), counsel selected by the Designated
Regions Holders holding a majority of the Registrable Securities being registered in such
registration by Designated Regions Holders (“Regions Holders’ Counsel”), and any other
Inspector (as defined below) with an adequate and appropriate opportunity to review and comment on
such Registration Statement and each prospectus included therein (and each amendment or supplement
thereto) to be filed with the Commission, subject to such documents being under the Company’s
control, and (ii) the Company shall notify the Clarion Holders’ Counsel, Regions Holders’ Counsel,
and each seller of Registrable Securities of any stop order issued or threatened by the Commission
and take all action required to prevent the entry of such stop order or to remove it if entered;

          (b) (1) notify in writing each holder of Registrable Securities of the effectiveness of each
Registration Statement filed hereunder, (2) cause the prospectus to each Registration Statement to
be amended or supplemented as required and to be filed as required by Rule 424 or any similar rule
under the Securities Act, (3) respond as promptly as practicable to any comments received from the
Commission with respect to each Registration Statement or any amendment thereto and (4) prepare and
file with the

 

27

Commission such amendments and supplements to such Registration Statement and the
prospectus used in connection therewith as may be necessary to keep such Registration Statement
continuously effective for the lesser of (i) 180 days and (ii) such shorter period which will
terminate when all Registrable Securities covered by such Registration Statement have been sold,
and the Company shall comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during such period in
accordance with the intended methods of disposition by the sellers thereof set forth in such
Registration Statement;

          (c) furnish to each seller of Registrable Securities, prior to filing a Registration
Statement, at least one copy of such Registration Statement as is proposed to be filed, and
thereafter such number of copies of such Registration Statement, each amendment and supplement
thereto (in each case including all exhibits thereto), and the prospectus included in such
Registration Statement (including each preliminary prospectus) and any prospectus filed under Rule
424 or any similar rule under the Securities Act as each such seller may reasonably request in
order to facilitate the disposition of the Registrable Securities owned by such seller;

          (d) register or qualify such Registrable Securities under such other securities or “blue sky”
laws of such jurisdictions as any seller of Registrable Securities may request, and to continue
such qualification in effect in such jurisdiction for as long as permissible pursuant to the laws
of such jurisdiction, or for as long as any such seller requests or until all of such Registrable
Securities are sold, whichever is shortest, and do any and all other acts and things which may be
reasonably necessary or advisable to enable any such seller to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such seller; provided,
however, that the Company shall not be required to (i) qualify generally to do business in
any jurisdiction where it would not otherwise be required to qualify but for this Section 4.10,
(ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of
process in any such jurisdiction;

          (e) promptly notify each seller of Registrable Securities (1) at any time when a prospectus
relating thereto is required to be delivered under the Securities Act, (2) when any amendment or
supplement to the prospectus relating to each Registration Statement has been filed with the
Commission, (3) of the issuance by the Commission or any state securities authority of any stop
order suspending the effectiveness of any Registration Statement or any part thereof or the
initiation of any proceedings for such purpose, (4) if the Company receives any notification with
respect to the suspension of the qualification of the Registrable Securities for offer or sale in
any jurisdiction or the initiation of any proceedings for such purpose, or (5) upon discovery that,
or upon the happening of any event as a result of which, (A), the prospectus included in such
Registration Statement contains an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading, or (B) such Registration Statement
contains an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading and, subject to Section
4.6, the Company shall promptly prepare a

 

28

supplement or amendment to such Registration Statement or
prospectus and furnish to each seller of Registrable Securities a reasonable number of copies of
such supplement to or an amendment of such prospectus as may be necessary so that, after delivery
to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading;

          (f) enter into and perform customary agreements (including an underwriting agreement in
customary form with the Approved Underwriter or Company Underwriter, if any, selected as provided
in Section 4.7 or 4.8), make representations, warranties and agreements (including indemnities) to
the holders of Registrable Securities covered by such Registration Statement and any Approved
Underwriter or Company Underwriter, as applicable, in form and scope as are customarily made by
issuers to underwriters and selling securityholders in underwritten offerings and confirm the same
in writing to the extent customary if and when requested, and take such other actions as the
Initiating Holders or S-3 Holders, as the case may be, holding a majority of the Registrable
Securities reasonably request in order to expedite or facilitate the disposition
of such Registrable Securities, including causing its officers to participate in “road shows”
and other information meetings organized by the Approved Underwriter or Company Underwriter;

          (g) make available at reasonable times for inspection by any seller of Registrable Securities,
any managing underwriter participating in any disposition of such Registrable Securities pursuant
to a Registration Statement, Clarion Holders’ Counsel, Regions Holders’ Counsel, and any attorney,
accountant or other agent retained by any such seller or any managing underwriter (each, an
“Inspector” and collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company and its subsidiaries (collectively, the
“Records”) as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s and its subsidiaries’ officers, directors and employees,
and the independent public accountants of the Company, to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement. Records that the
Company determines, in good faith, to be confidential and which it notifies the Inspectors are
confidential shall not be disclosed by the Inspectors (and the Inspectors shall confirm their
agreement in writing in advance to the Company if the Company shall so request) unless (i) the
disclosure of such Records is necessary, in the Company’s judgment, to avoid or correct a
misstatement or omission in the Registration Statement, (ii) the release of such Records is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction after exhaustion of
all appeals therefrom, (iii) the information in such Records was known to the Inspectors on a
non-confidential basis prior to its disclosure by the Company or (iv) the information has been made
generally available to the public. Each seller of Registrable Securities agrees that it shall,
upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate
action to prevent disclosure of the Records deemed confidential;

 

29

          (h) if such sale is pursuant to an underwritten offering, obtain “cold comfort” letters dated
the effective date of the registration statement and the date of the closing under the underwriting
agreement from the Company’s independent public accountants in customary form and covering such
matters of the type customarily covered by “cold comfort” letters as Clarion Holders’ Counsel,
Regions Holders’ Counsel or the managing underwriter reasonably requests;

          (i) furnish, at the request of any seller of Registrable Securities on the date such
securities are delivered to the underwriters for sale pursuant to such registration or, if such
securities are not being sold through underwriters, on the date the registration statement with
respect to such securities becomes effective, an opinion, dated such date, of counsel representing
the Company for the purposes of such registration, addressed to the underwriters, if any, and to
the seller making such request, covering such legal matters with respect to the registration in
respect of which such opinion is being given as the underwriters, if any, and which such seller may
reasonably request and are customarily included in such opinions;

          (j) comply with all applicable rules and regulations of the Commission, and make available to
its security holders, as soon as reasonably practicable, but no later than 15 months after the
effective date of the Registration Statement, an earnings statement covering a period of 12 months
beginning after the effective date of the Registration Statement, in a manner which satisfies the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

          (k) provide a transfer agent and registrar for all such Registrable Securities not later than
the effective date of such Registration Statement;

          (l) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed, provided that the applicable
listing requirements are satisfied;

          (m) in the event of the issuance of any stop order suspending the effectiveness of a
Registration Statement, or of any order suspending or preventing the use of any related prospectus
or suspending the qualification of any Registrable Securities included in such Registration
Statement for sale in any jurisdiction, use reasonable best efforts to promptly obtain the
withdrawal of such order;

          (n) keep Clarion Holders’ Counsel and Regions Holders’ Counsel advised, in writing, as to the
initiation and progress of any such registration;

          (o) cooperate with each seller of Registrable Securities and each underwriter participating in
the disposition of such Registrable Securities and their respective counsel in connection with any
filings required to be made with the NASD; and

          (p) take all other steps reasonably necessary to effect the registration of the Registrable
Securities contemplated hereby.

 

30

     4.11 Obligations of Selling Stockholders. The Company may require each seller of Registrable Securities as to which any registration
is being effected to furnish, and such seller shall furnish to the Company, such information
regarding such seller and the distribution of such securities as the Company may from time to time
reasonably request in writing and as is reasonably necessary to assure compliance with federal
securities laws and Commission rules and all information required to be disclosed in order to make
the information previously furnished to the Company by such seller not materially misleading, or
necessary to cause the Registration Statement which covers such Registrable Securities not to omit
a material fact with respect to such seller necessary in order to make the statements therein not
misleading. The Company’s obligation to register Registrable Securities held by any such seller in
any Registration Statement shall be contingent on such seller furnishing to the Company the
information required by this Section 4.11. Moreover, no person may participate in any underwritten
offering hereunder unless such person (i) provides the information required by this Section 4.11;
(ii) agrees to sell such person’s Registrable Securities on the basis provided in any underwriting
arrangements approved by the Approved Underwriter or the Company Underwriter, as applicable; and
(iii) completes and executes all questionnaires, custody agreements, powers of attorney, lock-up agreements,
indemnification agreements, underwriting agreements and other documents reasonably required under
the terms of such underwriting arrangements. The Company shall not be obligated to register
Registrable Securities held by any transferee of Registrable Securities otherwise entitled to
participate in such registration unless such transferee undertakes such obligations relating to
registration expenses, indemnification and contribution as are provided in Sections 4.13, 4.15 and
4.17.

     4.12 Notice to Discontinue. Each Designated Holder agrees that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 4.6, such Designated Holder shall forthwith
discontinue disposition of Registrable Securities pursuant to the Registration Statement covering
such Registrable Securities until such Designated Holder’s receipt of the copies of the
supplemented or amended prospectus contemplated by Section 4.10(b) or Section 4.10(e), as
applicable, and, if so directed by the Company, such Designated Holder shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies then in such Designated
Holder’s possession, of the prospectus covering such Registrable Securities which are current at
the time of receipt of such notice. If the Company shall give any such notice, the Company shall
extend the period during which such Registration Statement shall be maintained effective pursuant
to this Agreement (including the period referred to in Section 4.6) by the number of days during
the period from and including the date of the giving of such notice pursuant to Section 4.6 to and
including the date when sellers of such Registrable Securities under such Registration Statement
shall have received the copies of the supplemented or amended prospectus contemplated by, and
meeting the requirements of, Section 4.10(e).

     4.13 Registration Expenses. The Company shall pay all expenses arising from or incident to its performance of, or
compliance with, this Agreement, including, without limitation, (i) Commission, stock exchange and
NASD registration and filing fees, (ii) all fees and expenses incurred in complying with securities
or “blue

 

31

 sky” laws (including reasonable fees, charges and disbursements of counsel to any
underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as
may be set forth in any underwriting agreement), (iii) all printing, messenger and delivery
expenses, (iv) the reasonable fees, charges and expenses of counsel to the Company and of its
independent public accountants and any other accounting fees, charges and expenses incurred by the
Company (including any expenses arising from any “cold comfort” letters or any special audits
incident to or required by any registration or qualification), (v) the reasonable fees, charges and
expenses of one counsel to the Designated Clarion Holders and one counsel to the Designated Regions
Holders and (vi) any liability insurance or other premiums for insurance obtained in connection
with any Demand Registration or piggy-back registration thereon, Incidental Registration or S-3
Registration pursuant to the terms of this Agreement, regardless of whether such Registration
Statement is declared effective. All of the expenses described in the preceding sentence of this
Section 4.13 are referred to herein as “Registration Expenses.” The Designated Holders of Registrable
Securities sold pursuant to a Registration Statement shall bear the expense of any broker’s
commission or underwriter’s discount or commission relating to registration and sale of such
Designated Holders’ Registrable Securities and, subject to clause (v) above, shall bear the fees
and expenses of their own counsel. All such expenses shall be borne by the Designated Holders in
proportion to the number of shares of Registrable Securities sold by each, or as such Designated
Holders may otherwise agree.

     4.14 Indemnification by the Company. The Company agrees to indemnify and hold harmless each Designated Holder, its partners,
members, stockholders, directors, officers, employees, Affiliates and each Person who controls
(within the meaning of Section 15 of the Securities Act) such Designated Holder (any such Person, a
“Holder Indemnitee”) from and against any and all losses, claims, damages, liabilities and
expenses (including reasonable costs of investigation, preparation and defending any claim or
proceeding) (each, a “Liability” and collectively, “Liabilities”), arising out of,
based upon or in connection with any untrue, or allegedly untrue, statement of a material fact
contained in any Registration Statement, prospectus or preliminary prospectus or notification or
offering circular (as amended or supplemented if the Company shall have furnished any amendments or
supplements thereto), or arising out of, based upon or in connection with any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading under the circumstances such statements were made, except insofar
as such Liability arises out of or is based upon any untrue statement or alleged untrue statement
or omission or alleged omission contained in such Registration Statement, preliminary prospectus or
final prospectus in reliance and in conformity with information concerning a Designated Holder
furnished in writing to the Company by such Designated Holder expressly for use therein, including
the information furnished to the Company pursuant to Section 4.11. The Company shall also provide
customary indemnities to any underwriters of the Registrable Securities, their officers, directors
and employees and each Person who controls such underwriters (within the meaning of Section 15 of
the Securities Act) to the same extent as provided above with respect to the indemnification of the
Designated Holders of Registrable Securities.

 

32

     4.15 Indemnification by Designated Holders. Each Designated Holder agrees to indemnify and hold harmless the Company, and each Person
who controls the Company (within the meaning of Section 15 of the Securities Act) to the same
extent as the foregoing indemnity from the Company to the Designated Holders, but only if such
statement or alleged statement or omission or alleged omission was made in reliance upon and in
conformity with information with respect to such Designated Holder furnished in writing to the
Company by such Designated Holder expressly for use in such Registration Statement or prospectus;
provided, however, that the total amount to be indemnified by such Designated
Holder pursuant to this Section 4.15 shall be limited to the net proceeds (after
deducting the underwriters’ discounts and commissions) received by such Designated Holder in
the offering to which the Registration Statement or prospectus relates.

     4.16 Conduct of Indemnification Proceedings. Any Person
entitled to indemnification hereunder (the “Indemnified Party”) agrees to
give prompt written notice to the indemnifying party (the “Indemnifying Party”) after the
receipt by the Indemnified Party of any written notice of the commencement of any action, suit,
proceeding or investigation or threat thereof made in writing for which the Indemnified Party
intends to claim indemnification or contribution pursuant to this Agreement; provided,
however, that the failure so to notify the Indemnifying Party shall not relieve the
Indemnifying Party of any Liability that it may have to the Indemnified Party hereunder (except to
the extent that the Indemnifying Party is materially prejudiced or otherwise forfeits substantive
rights or defenses by reason of such failure). If notice of commencement of any such action is
given to the Indemnifying Party as above provided, the Indemnifying Party shall be entitled to
participate in and, to the extent it may wish, jointly with any other Indemnifying Party similarly
notified, to assume the defense of such action at its own expense, with counsel chosen by it and
reasonably satisfactory to such Indemnified Party. The Indemnified Party shall have the right to
employ separate counsel in any such action and participate in the defense thereof, but the fees and
expenses of such counsel shall be paid by the Indemnified Party unless (i) the Indemnifying Party
agrees to pay the same, (ii) the Indemnifying Party fails to assume the defense of such action
within a reasonable time of notice thereof and with counsel reasonably satisfactory to the
Indemnified Party or (iii) the named parties to any such action (including any impleaded parties)
include both the Indemnifying Party and the Indemnified Party and such parties have been advised by
such counsel that either (x) representation of such Indemnified Party and the Indemnifying Party by
the same counsel would be inappropriate under applicable standards of professional conduct or (y)
there may be one or more legal defenses available to the Indemnified Party which are different from
or additional to those available to the Indemnifying Party. In any of such cases, the Indemnifying
Party shall not have the right to assume the defense of such action on behalf of such Indemnified
Party, it being understood, however, that the Indemnifying Party shall not be liable for the fees
and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all
Indemnified Parties (except that if the Company is the Indemnifying Party and one or more
Designated Clarion Holders and one or more Designated Regions Holders are both Indemnified Parties,
the Company shall be liable for the fees and expenses of two separate firms of attorneys (in
addition to local counsel) one for the Designated Clarion Holders, as a group, and one for the
Designated Regions

 

33

Holders, as a group). No Indemnifying Party shall be liable for any settlement
entered into without its written consent, which consent shall not be unreasonably withheld or
delayed. No Indemnifying Party shall, without the consent of such Indemnified Party, effect any
settlement of any pending or threatened proceeding in respect of which such Indemnified Party is a
party and indemnity has been sought hereunder by such Indemnified Party, (i) unless such settlement
includes an unconditional release of such Indemnified Party from all liability for claims that are
the subject matter of such proceeding and (ii) such
settlement does not include a statement as to, or an admission of, fault, culpability or a
failure to act by or on behalf of the Indemnified Party.

     4.17 Contribution. If the indemnification provided for in this Article IV from the Indemnifying Party is
unavailable to an Indemnified Party hereunder in respect of any Liabilities referred to herein or
is insufficient to hold harmless a party indemnified hereunder, then the Indemnifying Party, in
lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Liabilities in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions
which resulted in such Liabilities, as well as any other relevant equitable considerations. The
relative faults of such Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has been
made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and
the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such action. The amount paid or payable by a party as a result of the Liabilities referred
to above shall be deemed to include, subject to the limitations set forth in Sections 4.13, 4.14
and 4.15, any legal or other fees, charges or expenses reasonably incurred by such party in
connection with any investigation or proceeding; provided, that the total amount to be
contributed by a Designated Holder shall be limited to the net proceeds (after deducting the
underwriters’ discounts and commissions) received by such Designated Holder in the offering to
which the Registration Statement or prospectus relates.

          The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 4.17 were determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

     4.18 Rule 144. The Company covenants that from and after the IPO Effectiveness Date it shall (a) timely
file any reports and other documents required to be filed by it under the Exchange Act, (b) at all
times make and keep public information available, as those terms are understood and defined in Rule
144(c) under the Securities Act, (c) if it is not required to file reports and other documents
under the Exchange Act, make available other information as required by, and so long as necessary
to permit sales of Registrable Securities pursuant to Rule 144A under the Securities Act, (d)
without cost

 

34

to any holder of Registrable Securities, furnish to any such holder promptly upon
request a copy of the most recent annual and quarterly reports of the Company, and such other
reports, documents or shareholder communications of the Company, and (e) take such
further action as each Designated Holder may reasonably request (including providing any
information necessary to comply with Rule 144 under the Securities Act), all to the extent required
from time to time to enable such Designated Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions provided by (i) Rule
144 under the Securities Act, as such rule may be amended from time to time, Regulation S under the
Securities Act or (ii) any similar rules or regulations hereafter adopted by the Commission. The
Company shall, upon the request of any Designated Holder, deliver to such Designated Holder a
written statement as to whether it has complied with such requirements.

     4.19 Restrictions on Public Sale by the Company. Unless otherwise agreed to by (x) Clarion in the case of a Clarion Demand Registration or
Clarion S-3 Registration, or (y) the Designated Regions Holders holding a majority of the
Registrable Securities then held by all Designated Regions Holders in the case of an Regions Demand
Registration or Regions S-3 Registration, the Company agrees not to effect any public sale or
distribution of any shares of Common Stock, or any securities convertible into or exchangeable or
exercisable for shares of Common Stock (except pursuant to registrations on Form S-4 or S-8 or any
successor thereto), during the period beginning on the effective date of any Registration Statement
in which the Designated Holders of Registrable Securities are participating and ending on the
earlier of (i) the date that all Registrable Securities registered on such Registration Statement
are sold and (ii) 90 days after the effective date of such Registration Statement (except as part
of such registration).

     4.20 Restrictions on Public Sale by Designated Holders. To the extent requested (A) by the applicable Initiating Holders or the S-3 Initiating
Holders in the case of a non-underwritten public offering and (B) by the Approved Underwriter or
the Company Underwriter, as the case may be, in the case of an underwritten public offering, each
Designated Holder agrees (x) not to effect any public sale or distribution of any Registrable
Securities or of any securities convertible into or exchangeable or exercisable for such
Registrable Securities, including a sale pursuant to Rule 144 under the Securities Act, or offer to
sell, contract to sell (including without limitation any short sale), grant any option to purchase
or enter into any hedging or similar transaction with the same economic effect as a sale any
Registrable Securities and (y) not to make any request for a Demand Registration or S-3
Registration under this Agreement, during the 90-day period or such shorter period, if any,
mutually agreed upon by such Designated Holder and the requesting party beginning on the effective
date of the Registration Statement (except as part of such registration) for such public offering;
provided, however, that (a) all executive officers and directors of the Company
then holding shares of Common Stock or securities convertible into or exchangeable or exercisable
for shares of Common Stock shall enter into similar agreements for not less than the entire time
period required of the Initiating Holders or S-3 Initiating Holders, as the case may be, and (b)
the Initiating Holders and S-3 Initiating Holders, as the case may be, shall be allowed any
concession

 

35

or proportionate release allowed to any executive officer or director or other holder of
Common Stock that entered into similar agreements.

     4.21 Recapitalizations, Exchanges, etc. The provisions of this Article IV shall apply to the full extent set forth herein with
respect to (i) the shares of Common Stock, (ii) any and all shares of voting common stock of the
Company into which the shares of Common Stock are converted, exchanged or substituted in any
recapitalization or other capital reorganization by the Company and (iii) any and all equity
securities of the Company or any successor or assign of the Company (whether by merger,
consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in
exchange for or in substitution of, the shares of Common Stock and shall be appropriately adjusted
for any stock dividends, splits, reverse splits, combinations, recapitalizations and the like
occurring after the date hereof. The Company shall cause any successor or assign (whether by
merger, consolidation, sale of assets or otherwise) to enter into a new registration rights
agreement with the Designated Holders on terms substantially the same as this Agreement as a
condition of any such transaction.

     4.22 No Inconsistent Agreements. The Company represents and warrants that it has not granted to any Person the right to
request or require the Company to register any securities issued by the Company, other than the
rights granted to the Designated Holders herein. The Company shall not enter into any agreement
with respect to its securities that is inconsistent with the rights granted to the Designated
Holders in this Agreement.

     4.23 Transfer of Registration Rights. The Demand Registration rights and the S-3 Registration rights and related rights of
Clarion and Regions contained in this Article IV shall be (i) with respect to any Registrable
Security that is transferred to a Permitted Transferee of Clarion or Regions, automatically
transferred to such Permitted Transferee and (ii) with respect to any Registrable Security that is
transferred in all cases to any other Person, transferred only to the extent so permitted in
writing by the Board of Directors at the time of transfer, in which case the parties agree to the
extent necessary to amend the applicable provisions of Article IV to give effect to such transfer.
The incidental or “piggy-back” registration rights of the Designated Holders contained in this
Article IV and the other related rights of each of the Designated Holders with respect thereto
shall be, with respect to any Registrable Security, automatically transferred to any Person who is
the transferee of such Registrable Security in a transfer otherwise made in compliance with this
Agreement. Except as provided in this Section 4.23 and Sections 4.15, 4.16 and 4.17 concerning
indemnification and contribution, this Article IV is not intended to confer any rights or remedies
upon any Person other than the parties to this Agreement and their successors.

 

36

ARTICLE V

FUTURE ISSUANCE OF SHARES; PREEMPTIVE RIGHTS

     5.1 Offering Notice. If the Company wishes to issue any New Securities to any Person (a “Subject
Purchaser”) prior to the IPO Effectiveness Date, then the Company shall offer such New
Securities first to the Preemptive Rightholders (as defined below) by sending written notice (the
“New Issuance Notice”) to the Preemptive Rightholders at least fifteen (15) days prior to
the issuance and sale of the New Securities, which shall state (a) the number of shares of New
Securities proposed to be issued and sold, (b) all material terms and conditions under which the
Company proposes to sell the New Securities, including the lowest purchase price per share of the
New Securities that the Company is willing to accept (the “Proposed Price”) and (c) the
date on which the New Securities will be sold to accepting Preemptive Rightholders (the “New
Issuance Closing Date”). The Company may condition its offer of such New Securities to the
Stockholders upon the purchase by such Stockholders of any securities (including debt securities)
other than the New Securities that are being proposed to be issued to the Subject Purchaser.

     5.2 Stockholder Option. For a period of fifteen (15) days after the giving of the New Issuance Notice pursuant to
Section 5.1, each Stockholder other than an Other Stockholder (except as otherwise determined by
Clarion) (each, a “Preemptive Rightholder”) shall have the right to purchase any or all of
its Proportionate Percentage (as hereinafter defined) of the New Securities at a purchase price
equal to the Proposed Price and upon the terms and conditions set forth in the New Issuance Notice.
Each such Preemptive Rightholder shall have the right to purchase that percentage of the New
Securities determined by dividing (a) the total number of Common Shares and Common Stock
Equivalents (other than Common Stock Equivalents granted under any Company Option Plan) then owned
by such Preemptive Rightholder by (b) the total number of then outstanding Common Shares and Common
Stock Equivalents (other than Common Stock Equivalents granted under any Company Option Plan) (the
“Proportionate Percentage”). Notwithstanding the foregoing, if, in the judgment of the
Company, the participation by a Preemptive Rightholder would require under applicable law the
registration or qualification of such securities or any Person as a broker or dealer or agent not
otherwise required by such issuance, such Preemptive Rightholder shall not have the right to
participate in such issuance.

     5.3 Exercise of Options. The right of each Preemptive Rightholder to purchase the New Securities under Section 5.2
shall be exercisable by delivering irrevocable written notice of the exercise thereof, prior to the
expiration of the 15-day period referred to in Section 5.2, to the Company, which notice shall
state the amount of New Securities that such Preemptive Rightholder elects to purchase. The
failure of a Preemptive Rightholder
to respond within such 15-day period shall be deemed to be a waiver of such Preemptive
Rightholder’s rights under Section 5.2.

     5.4 Closing. The closing of the purchase of New Securities subscribed for by the Preemptive Rightholders
under Section 5.3 shall be held at the principal office

 

37

of the Company at 11:00 a.m. local time on
the New Issuance Closing Date or at such other time and place as the parties to the transaction may
agree. At such closing, the Company shall deliver certificates representing the New Securities,
and the New Securities shall be issued free and clear of all liens and encumbrances and the Company
shall so represent and warrant, and further represent and warrant that such New Securities shall
be, upon issuance thereof to the subscribing Preemptive Rightholders and after payment therefore,
duly authorized, validly issued, fully paid and nonassessable. Each Preemptive Rightholder
purchasing the New Securities shall deliver at the closing payment in full in immediately available
funds for the New Securities purchased by it, her or him. At such closing, all of the parties to
the transaction shall execute such additional documents as are otherwise necessary or appropriate
to consummate such transaction.

     5.5 Sale to Subject Purchaser. If the Preemptive Rightholders do not elect to purchase all of the New Securities pursuant
to Section 5.2, the Company may sell to the Subject Purchaser the New Securities not so purchased
by the Preemptive Rightholders pursuant to Section 5.2 on terms and conditions that are no more
favorable to the Subject Purchaser than those set forth in the New Issuance Notice;
provided, however, that such sale is bona fide and made pursuant to a contract
entered into within ninety (90) days after the earlier to occur of (a) the waiver (or deemed
waiver) by the Preemptive Rightholders of their option to purchase the New Securities and (b) the
expiration of the 15-day period referred to in Section 5.2. If such sale is not consummated within
one hundred twenty (120) days after the execution and delivery of such contract for any reason,
then the restrictions provided for herein shall again become effective, and no issuance and sale of
New Securities may be made thereafter by the Company without again offering the same to the
Preemptive Rightholders in accordance with this Article V. The closing of any issue and purchase
of New Securities pursuant to this Section 5.5 shall be held at any time (prior to the expiration
of such one hundred twenty (120) day period) and place as the parties to the transaction may agree.

     5.6 Post Issuance Notice. Notwithstanding the requirements of Sections 5.1 and 5.2, the Company may proceed with any
issuance of New Securities prior to having complied with the provisions of Sections 5.1 and 5.2;
provided that the Company shall:

          (a) provide each Preemptive Rightholder (i) with prompt notice of such issuance and (ii) the
New Issuance Notice described in Section 5.1 in which the actual price per unit of the New
Securities shall be set forth;

          (b) offer to issue to such Preemptive Rightholder such number of New Securities of the type
issued in the issuance as may be requested by such Preemptive Rightholder (not to exceed the
product obtained by multiplying (A) the Proportionate Percentage that such Preemptive Rightholder
would have been entitled to pursuant to Section 5.2 by (B) the sum of (1) the number of New
Securities included in such issuance plus (2) the product obtained by multiplying (A) the
Proportionate Percentage that such Preemptive Rightholder would have been entitled to pursuant to
Section 5.2 by (B) the number of New Securities included in such issuance) on the same

 

38

terms and
conditions with respect to such securities as the subscribers in the issuance received; and

          (c) keep such offer open for a period of ten Business Days, during which period each
Preemptive Rightholder may accept such offer by sending a written acceptance to the Company
committing to purchase an amount of such securities (not to exceed the product obtained by
multiplying (A) the Proportionate Percentage that such Preemptive Rightholder would have been
entitled to pursuant to Section 5.2 by (B) the sum of (1) the number of New Securities included in
such issuance plus (2) the product obtained by multiplying (A) the Proportionate Percentage that
such Preemptive Rightholder would have been entitled to pursuant to Section 5.2 by (B) the number
of New Securities included in such issuance).

     5.7 After-Acquired Securities. All of the provisions of this Agreement shall apply to all of the Shares now owned or which
may be issued or transferred hereafter to a Stockholder in consequence of any additional issuance,
purchase, exchange or reclassification of any of the Shares, corporate reorganization, or any other
form of recapitalization, consolidation, merger, share split or share dividend, or which are
acquired by a Stockholder in any other manner.

     5.8 Agreement to be Bound. The Company shall not issue any Shares or New Securities to any Person not a party to this
Agreement, unless such Person has agreed in writing to be bound by the terms and conditions of this
Agreement pursuant to an instrument substantially in the form attached hereto as Exhibit
C-2. Upon becoming a party to this Agreement, such Person (other than a Clarion Stockholder or
a Regions Stockholder) shall be deemed to be, and shall be subject to the same obligations as an
Other Stockholder hereunder. Any issuance of Shares or New Securities by the Company in violation
of this Section 5.8 shall be null and void ab initio.

ARTICLE VI

CORPORATE GOVERNANCE

     6.1 General. From and after the execution of this Agreement, each Stockholder shall vote its, her or his
Common Shares at any regular or special meeting of stockholders of the Company (a “Stockholders
Meeting”) or in any written consent (a “Written Consent”) executed in lieu of such a
meeting of stockholders, in either case upon any matter arising under this Agreement submitted to a
vote of the Stockholders in such a manner as to implement the terms of this Agreement, and shall
take all other actions necessary to ensure that the Charter Documents do not, at any time
hereafter, conflict in any respect with the provisions of this Agreement.

     6.2 Stockholders Actions. In order to effectuate the provisions of this Agreement, each Stockholder (a) hereby agrees
that when any action or vote is required to be taken by such Stockholder pursuant to this
Agreement, such Stockholder shall use its best efforts to call, or cause the appropriate officer
and directors of the Company to call, a Stockholders Meeting or to execute or cause to be executed
a Written Consent to

 

39

effectuate such stockholder action, (b) shall use its, her or his best efforts
to cause the Board of Directors to adopt, either at a meeting of the Board of Directors or by
unanimous written consent of the Board of Directors, all the resolutions necessary to effectuate
the provisions of this Agreement and (c) shall use its, her or his best efforts to cause the Board
of Directors to cause the Secretary of the Company, or if there be no secretary, such other officer
of the Company as the Board of Directors may appoint to fulfill the duties of Secretary, not to
record any vote or consent contrary to the terms of this Agreement.

     6.3 Election of Directors; Number and Composition. Each Stockholder shall vote its, her or his Common Shares at any Stockholders Meeting, or
act by Written Consent with respect to such Common Shares, and take all other actions necessary to
elect a Board of Directors comprised of up to seven members designated as follows:

          (a) one director designated by Trumpet Investors, L.P. (who initially shall be Marc A. Utay),
one director designated by Trumpet SBIC Investors, L.P. (who initially shall be Eric D. Kogan) and
two additional directors designated by the holders of a majority if the shares of Common Stock held
by the Clarion Stockholders (who initially shall be Jonathan Haas and Alexander Fisher) (the
directors designated by any of the Clarion Stockholders shall be collectively referred to herein as
the “Clarion Directors”);

          (b) for so long as the Regions Stockholders hold at least 50% of the number of shares of
Common Stock and Preferred Stock held by Regions immediately after closing under the Stock Purchase
Agreement (including, for purposes of such calculation, any Earn-Out Shares, to the extent issued
pursuant to the Stock Purchase Agreement) (the “Regions Threshold Amount”), one director
designated by the holders of a majority of the shares of Common Stock held by the Regions
Stockholders (who initially shall be Edmund Fay) (the “Regions Director”);

          (c) one director who is the Chief Executive Officer of the Company; and

          (d) one director who is the Chief Operating Officer of the Company, if any.

The obligation to vote shares in accordance with this Section 6.3 shall be specifically applicable
to and enforceable against any transferees of the parties hereto.

     6.4 Removal and Replacement of Directors.

          (a) Removal of Directors.

               (i) If at any time the Clarion Stockholders holding a majority of the shares of Common Stock
held by the Clarion Stockholders at such time notify the other Stockholders of their wish to remove
at any time and for any reason (or

 

40

no reason) any Clarion Director, then each Stockholder shall
vote all of its, her or his Common Shares so as to remove such Clarion Director.

               (ii) If at any time the Regions Stockholders holding a majority of the shares of Common Stock
held by the Regions Stockholders at such time, notify the other Stockholders of their wish to
remove at any time and for any reason (or no reason) the Regions Director, then each Stockholder
shall vote all of its, her or his Common Shares so as to remove such Regions Director.

               (iii) If at any time after the Regions Stockholders do not hold the Regions Threshold Amount
in accordance with Section 6.3(b), Clarion Stockholders holding a majority of the shares of Common
Stock held by the Clarion Stockholders at such time, notify the other Stockholders of their wish to
remove at any time and for any reason (or no reason) the Regions Director, then each Stockholder
shall vote all of its, her or his Common Shares so as to remove such Regions Director.

          (b) Replacement of Directors.

               (i) If at any time, a vacancy is created on the Board of Directors by reason of the death,
removal or resignation of a Clarion Director, then the Clarion Stockholders holding a majority of
its, her or his Common Shares held by the Clarion Stockholders at such time shall designate a
nominee to be elected to fill such vacancy until the next Stockholders Meeting.

               (ii) For so long as the Regions Stockholders hold the Regions Threshold Amount, if at any
time, a vacancy is created on the Board of Directors by reason of the death, removal or resignation
of a Regions Director, then the Regions Stockholders holding a majority of its, her or his Common
Shares held by the Regions Stockholders at such time shall designate a nominee to be elected to
fill such vacancy until the next Stockholders Meeting.

     6.5 Limitation on Affiliate Transactions.

          (a) During such time as the Regions Stockholders hold Shares, the Company shall not, and shall
not permit any of its Subsidiaries to, enter into any material transaction or series of related
material transactions with, or for the benefit of, Clarion or any of its Affiliates (an
“Affiliate Transaction”) unless: (1) in the good faith judgment of the Company the terms of
the Affiliate Transaction are no less favorable to the Company or its Subsidiary as applicable,
than those that could be obtained at the time of such Affiliate Transaction in arm’s-length
dealings with a Person who is not an Affiliate of Clarion; and (2) if such Affiliate Transaction
involves an amount in excess of $1,000,000, the material terms of the Affiliate Transaction are set
forth in writing, either (i) a majority of the Independent Directors of the Company (or if there is
only one Independent Director, then such Independent Director) have approved the relevant Affiliate
Transaction as evidenced by a resolution of the Board of Directors or (ii) if there are no
Independent Directors at the time such Affiliate Transaction is proposed to the Board of Directors
then, if requested by the Regions Director within 15 Business Days of

 

41

the date that such Affiliate
Transaction is proposed to the Board of Directors, a fairness opinion shall be obtained by the
Company from an independent nationally or regionally recognized investment banking firm to the
effect that the proposed Affiliate Transaction is fair from a financial point of view to the
Company, and if such independent nationally or regionally recognized investment banking firm cannot
render such an opinion with respect to such Affiliate Transaction, then the Company shall not enter
into such Affiliate Transaction.

          (b) Notwithstanding anything to the contrary contained herein, the provisions of this Section
6.5 shall not prohibit (1) any Permitted Payment; (2) any issuance of securities, or other
payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment, compensation or severance arrangements, stock options and stock ownership plans
approved by the Board of Directors; (3) loans or advances to employees in the ordinary course of
business in accordance with the past practices of the Company or otherwise approved by the Board of
Directors, but in any event not to exceed $1,000,000 in the aggregate outstanding at any one time;
(4) the payment of reasonable compensation or employee benefit arrangements to and indemnity
provided for the benefit of directors, officers or employees of the Company in the ordinary course
of business; (5) the payment of reasonable fees to directors of the Company who are not employees
of the Company; (6) the payment of fees and expenses in the amounts provided for in the Management
Agreement; (7) any transaction with a joint venture or similar entity which would constitute an
Affiliate Transaction solely because the Company owns an equity interest in or otherwise controls
such joint venture or similar entity; (8) the exercise of any rights pursuant to this Agreement or
pursuant to the Certificate of Incorporation; and (9) the issuance or sale of Shares in accordance
with the terms of this Agreement.

     6.6 Entry into New Line of Business.

          (a) In order to facilitate compliance with banking laws, regulations, rules, orders and
interpretive letters applicable to the investment by Regions in the Company (“Applicable
Banking Laws”):

               (i) The Company shall notify Regions (a “New Business Notice”) before the Company or
any of its Subsidiaries (as such term is defined in Section 2 of the Bank Holding Company Act of
1956, as amended (the “BHC Act”)) enter into, or acquire any other entity or any securities
of any other entity (including the acquisition of “control” of any other entity as such term is
used in the BHC Act and any related rules, regulations, orders and interpretive letters) which is
engaged in, any business other than the Existing Business (a “New Business”).
“Existing Business” means any business (i) described, or related to the business described,
in the letter dated April 25, 2000 from the Comptroller of the Currency Administrator of National
Banks to Mr. Bill Abney, Union Planters Bank, N.A. or (ii) engaged in, or related to the business
engaged in, by the Company or any of its Subsidiaries as of the Closing Date;

               (ii) Upon receiving a New Business Notice, Regions thereafter shall promptly (A) advise the
Company that no regulatory consents, clearances

 

42

or approvals under Applicable Banking Laws
(“Required Regulatory Consents”) are required to be obtained in order for Regions to
engage, through its ownership interest in the Company, in such New Business, or (B) advise the
Company that Required Regulatory Consents are required to be obtained in order for Regions to
engage, through its ownership interest in the Company, in such New Business, in which case Regions
shall use, and cause each of its Affiliates to use, their commercially reasonable efforts to obtain
as soon as practicable all such Required Regulatory Consents; provided, however,
that Regions shall not be obligated to attempt to obtain any Required Regulatory Consent that
imposes, or is reasonably likely to impose, any restrictions or conditions that materially
adversely affect Regions, its Affiliates or any of their respective material businesses (in which
case, Regions promptly shall notify the Company in writing of such determination and the basis
therefor) ; and

               (iii) If Regions advises the Company that Required Regulatory Consents are to be obtained, (A)
the Company shall provide all information in its possession that Regions may reasonably request in
order to prepare any application for a Required Regulatory Consent and shall cooperate in
responding to inquiries of any Governmental Authority relating to the granting of any Required
Regulatory Consent, and (B) Regions shall (x) advise the Company of its good faith assessment of
the likelihood of, and expected timing for, receipt of the Required Regulatory Consents, (y) keep
the Company fully informed of developments related to the Required Regulatory Consents, and (z)
notify the Company in writing promptly upon receipt or denial of the Required Regulatory Consents.

          (b) If Regions shall have informed the Company that Required Regulatory Consents are to be
obtained or that Regions’s application or applications for Required Regulatory Consents have been
denied, and the Company advises Regions in
writing (a “Put Right Trigger Notice”) that it intends to engage in, or acquire the
entity engaged in, the New Business prior to the time when all Required Regulatory Consents shall
have been obtained or after the time Regions informs the Company that Regions’s application or
applications for Required Regulatory Consents have been denied, then provided that all such
Required Regulatory Consents shall not have subsequently been obtained, the Regions Stockholders
shall have the right (but not the obligation) (the “Regulatory Put Right”) exercisable by
irrevocable written notice to the Company within 10 Business Days after receipt of a Put Right
Trigger Notice (the “Put Right Period”) to require the Company to purchase all (but not
less than all) of the Common Shares and Preferred Shares owned by the Regions Stockholders
(including all Earn-Out Shares that have been issued prior to such time pursuant to Section 1.4 of
the Stock Purchase Agreement) at a purchase price payable in immediately available funds equal to
100% of the Fair Market Value of such Shares. The purchase of Shares pursuant to the Regulatory Put
Right shall occur no later than the 30th day (or if such day is not a Business Day, the first
Business Day thereafter) following the determination of the Fair Market Value of such Shares or
such later date on which all consents and approvals to permit such sale shall have been obtained.

          (c) If Regions shall have informed the Company that Required Regulatory Consents are to be
obtained, then the Company shall not engage in, or acquire

 

43

the entity engaged in, the New Business
until the earlier of (x) the date all such Required Regulatory Consents shall have been obtained,
(y) assuming the Put Right Trigger Notice shall have been given, the date the Company acquires the
Shares under the Regulatory Put Right and (z) assuming the Put Right Trigger Notice shall have been
given, the expiration of the Put Right Period (if the Regulatory Put Right shall not have been
exercised).

          (d) If Shares owned by the Regions Stockholders are acquired by the Company upon exercise of
the Regulatory Put Right and subsequent thereto the Regions Stockholders are entitled to be issued
any Earn-Out Shares pursuant to Section 1.4 of the Stock Purchase Agreement, then in lieu of
issuing such Earn-Out Shares to the Regions Stockholders the Company instead shall pay, on the
Payment Date, to the Regions Stockholders who otherwise would have been entitled to receive the
Earn-Out Shares, an amount in cash equal to 100% of the Fair Market Value (based upon the same Fair
Market Value used to determine the purchase price paid for the Shares under Section 6.6 (b)) of
such Earn-Out Shares.

ARTICLE VII

CALL RIGHT; PUT RIGHT

     7.1 Call Right. If the Company shall not have completed its Initial Public Offering prior to the fifth
anniversary of the date hereof and any Designated Regions Holder thereafter shall make a request
for a Demand Registration for the Initial Public Offering pursuant to Section 4.3(b)(x), the
Company shall have the right (but not the obligation), in lieu of effecting the Regions Demand
Registration so requested, to purchase (or cause its
designee to purchase), at a purchase price equal to the Fair Market Value thereof, all but not
less than all of the Registrable Securities proposed by the Designated Regions Holders to be
included in such Demand Registration (the “Call Option Shares”). Such option (the
“Call Option”) shall be exercisable upon delivery of a written notice (the “Call Option
Notice”) by the Company to each Regions Stockholder that requested the inclusion of Shares in
such Demand Registration (the “Call Option Sellers”) within sixty (60) days after receipt
by the Company of the written request pursuant to Section 4.3(b)(x). During such 60-day period,
the Regions Designated Holder and the Company shall negotiate in good faith to determine the Fair
Market Value; provided, however, if the Regions Designated Holder and the Company
cannot agree on the Fair Market Value on or prior to the 10th day of such 60-day period,
then at any time after the 10th day the Company shall engage an independent nationally
recognized investment banking firm to determine the Fair Market Value within such 60-day period.
If the Call Option is not exercised within such 60-day period by the Company it shall be deemed to
be waived. The Call Option Notice once delivered shall be irrevocable. The purchase of the Call
Option Shares shall occur no later than the 30th day (or if such day is not a Business
Day, the first Business Day thereafter) following the delivery of the Call Option Notice. Delivery
of certificates or other instruments evidencing the Call Option Shares, duly endorsed for transfer
and free and clear of all liens, shall be made on such date against payment in cash of the purchase
price therefor. At the closing, all the parties to the transaction shall execute such additional
documents

 

44

and take such further actions as are otherwise reasonably necessary or appropriate to
effect the purchase and sale of the Call Option Shares.

     7.2 Put Right. If the Company shall not have completed its Initial Public Offering prior to the fifth
anniversary of the date hereof and any Designated Regions Holder thereafter shall have made a valid
request for a Demand Registration for the Initial Public Offering pursuant to Section 4.3(b)(x) and
the Designated Regions Holders shall have failed within 180 days thereafter to effect the sale
pursuant to such Demand Registration of all of the Registrable Securities designated by the
Designated Regions Holders for inclusion in such Demand Registration despite the use of their
reasonable best efforts, then, at any time thereafter, the Designated Regions Holders, as a group,
shall have the right (but not the obligation) to require the Company to purchase, all but not less
than all of the unsold Shares that had been designated for sale in the Regions Demand Registration
(the “Put Right Shares”); provided, that, each Designated Regions Holder
shall have complied, in all material respects, with all of its obligations under this Agreement
with respect to such Demand Registration. Such put right (the “Put Right”) shall be
exercisable upon delivery of a written notice (the “Put Right Notice”) by such Designated
Regions Holders (the “Put Right Sellers”) to the Company and Clarion. The Put Right Notice
once delivered shall be irrevocable. The Put Right Notice shall specify the number of Put Right
Shares. The Designated Regions Holder and the Company shall, following the delivery of the Put
Right Notice, negotiate in good faith to determine the Fair Market Value; provided,
however, if the Regions Designated Holder and the Company cannot agree on the Fair Market
Value on or prior to the 10th day following the date the Put Right Notice is delivered,
then at any time after the 10th day Regions Designated Holder or the Company
shall engage an independent nationally recognized investment banking firm to determine the
Fair Market Value. The Company and the Regions Designated Holder shall instruct the investment
banking firm to deliver its determination of the Fair Market Value within 60 days from the date
the Put Right Notice is delivered. The purchase of the Put Right Shares shall occur no later than
the 30th day (or if such day is not a Business Day, the first Business Day thereafter)
following the determination of the Fair Market Value of such Shares. Notwithstanding the
foregoing, the Company’s obligation to acquire the Put Right Shares under this Section 7.2 shall be
deferred for so long as and solely to the extent that any of the following circumstances (each, a
“Put Right Restriction”) shall exist:

	 	(i)	 	the Company is prohibited by applicable law from acquiring the Put Right
Shares;
	 
	 	(ii)	 	the acquisition by the Company of the Put Right Shares is prohibited by the
contractual terms of any financing arrangement applicable to the Company or any of its
Subsidiaries and, notwithstanding its commercially reasonable and diligent efforts,
the Company is unable to obtain a waiver or consent of the lender(s) thereunder
permitting the Company to acquire the Put Right Shares; or
	 
	 	(iii)	 	the Company is unable to pay the purchase price for the Put Shares out of
its own available funds and, notwithstanding its commercially reasonable 

 

45

	 	 	 	and diligent
efforts, is unable to obtain financing for the acquisition of the Put Right Shares on
commercially reasonable terms.

     In the event of the existence of a Put Right Restriction at the time the Company would
otherwise be obligated to purchase the Put Right Shares pursuant to this Section 7.2, the Company
shall, to the maximum extent permitted within the parameters of the Put Right Restrictions, perform
its obligations to acquire the Put Right Shares within the time frames and in the manner
contemplated by this Section 7.2. For example, if the Company is unable to purchase all of the Put
Right Shares as a result of the Put Right Restriction described in clause (iii) above, the Company
shall nevertheless purchase, on a pro rata basis, as many of the Put Right Shares as possible in
light of the Company’s financial condition and the availability of financing. At such time as the
Put Right Restrictions terminate or expire and, in the case of the Put Right Restrictions described
in clause (iii), additional funds of the Company or from a financing source become available, the
Company shall promptly purchase the balance of the Put Right Shares or such portion thereof that
may be acquired within the parameters of the Put Right Restrictions.

ARTICLE VIII

STOCK CERTIFICATE LEGEND

     A copy of this Agreement shall be filed with the Secretary of the Company and kept with the
records of the Company. Each certificate representing
Shares now held or hereafter acquired by any Stockholder shall for as long as this Agreement
is effective bear legends substantially in the following forms:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF
ANY STATE. THE SECURITIES MAY NOT BE OFFERED AND SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
SUCH ACT AND SUCH LAWS OR PURSUANT TO A WRITTEN OPINION OF COUNSEL FOR THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SALE, ASSIGNMENT, HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH
A “TRANSFER”) AND VOTING OF ANY OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE STOCKHOLDERS AGREEMENT, DATED
[•], 2005, BY AND AMONG THE COMPANY AND THE OTHER PERSONS NAMED THEREIN, A
COPY OF WHICH MAY BE INSPECTED AT THE COMPANY’S PRINCIPAL OFFICE. THE

 

46

COMPANY WILL
NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS AND
UNTIL THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS
AGREEMENT.

ARTICLE IX

MISCELLANEOUS

     9.1 Notices. All notices, demands or other communications provided for or permitted hereunder shall be
made in writing and shall be by registered or certified first class mail, return receipt requested,
facsimile, courier service, overnight mail or personal delivery:

	 	(i)	 	if the Company:
	 
	 	 	 	SOI Holdings, Inc.

c/o Clarion Capital Partners, LLC

110 East 59th Street, Suite 2100

New York, New York 10022

Facsimile: 212-371-7597

Attention: Marc A. Utay

	 
	 	 	 	with a copy to:
	 
	 	 	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Facsimile: (212) 757-3990

Attention: Paul D. Ginsberg, Esq.
	 
	 	(ii)	 	if to any of the Clarion Stockholders:
	 
	 	 	 	c/o Clarion Capital Partners, LLC

110 East 59th Street, Suite 2100

New York, New York 10022

Facsimile: (212) 371-7597

Attention: Marc A. Utay
	 
	 	 	 	with a copy to:
	 
	 	 	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, New York 10019-6064

Facsimile: (212) 757-3990

Attention: Paul D. Ginsberg, Esq.

 

47

	 	(iii)	 	if to any of the Regions Stockholders:
	 
	 	 	 	Regions Bank

6200 Poplar Avenue

Memphis, Tennessee 38119

Facsimile: (205) 326-7784

Attention: R. Alan Deer
	 
	 	 	 	and to:
	 
	 	 	 	Regions Financial Corporation

417 North 20th Street

Birmingham, Alabama 35203

Facsimile: (205) 326-7784

Attention: R. Alan Deer
	 
	 	 	 	with a copy to:
	 
	 	 	 	Alston & Bird LLP

601 Pennsylvania Avenue, N.W.

North Building, 10th Floor

Washington, D.C. 20004-2601

Facsimile: (202) 756-3333

Attention: Frank M. Conner III
	 
	 	(iv)	 	if to any Other
Stockholder, at the address set forth 
on the signature page
for such Stockholder.

Any party may by notice given in accordance with this Section 9.1 designate another address or
person for receipt of notices hereunder. All such notices and communications shall be deemed to
have been duly given when delivered by hand, if personally delivered; when delivered by courier or
overnight mail, if delivered by commercial courier service or overnight mail; five (5) Business
Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is
mechanically acknowledged, if sent via facsimile transmission.

     9.2 Amendment and Waiver.

          (a) No failure or delay on the part of any party hereto in exercising any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any
such right, power or remedy preclude any other or further exercise thereof or the exercise of any
other right, power or remedy. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to the parties hereto at law, in equity or
otherwise.

          (b) Any amendment, supplement or modification of or to any provision of this Agreement, any
waiver of any provision of this Agreement, and any consent to any departure by any party from the
terms of any provision of this Agreement,

 

48

shall be effective (i) only if it is made or given in
writing and signed by the Clarion Stockholders holding Common Shares representing at least a
majority of the aggregate number of Common Shares owned by all of the Clarion Stockholders and (ii)
only in the specific instance and for the specific purpose for which made or given;
provided, however, that that no such amendment, modification, supplement or waiver
that adversely affects the rights of the Regions Stockholders as a group hereunder shall be made or
given without the prior written consent of the holders of a majority of the Common Shares held by
the Regions Stockholders voting as a group.

     9.3 Specific Performance. The parties hereto intend that each of the parties have the right to seek damages or
specific performance in the event that any other party hereto fails to perform such party’s
obligations hereunder. Therefore, if any party shall institute any action or proceeding to enforce
the provisions hereof, any party against whom such action or proceeding is brought hereby waives
any claim or defense therein that the plaintiff party has an adequate remedy at law.

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

     9.5 Severability. If any one or more of the provisions contained herein, or the application thereof in any
circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid,
illegal or unenforceable shall substantially impair the benefits of the remaining provisions
hereof.

     9.6 Entire Agreement. This Agreement, together with the exhibits and schedules hereto, is intended by the parties
as a final expression of their agreement and intended to be a complete and exclusive statement of
the agreement and understanding of the parties hereto in respect of the subject matter contained
herein and therein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein or therein. This Agreement, together with the exhibits and
schedules hereto, supersede all prior agreements and understandings between the parties with
respect to the subject matter hereof.

     9.7 Term of Agreement. This Agreement shall become effective upon the execution hereof and shall terminate upon
the earlier of (i) IPO Effectiveness Date and (ii) with respect to each Stockholder, when such
Stockholder no longer owns any Shares; provided that, the provisions of Article IV
(and the related provisions of Articles I and IX) shall survive the IPO Effectiveness Date.

     9.8 Variations in Pronouns. All pronouns and any variations thereof refer to the masculine, feminine or neuter,
singular or plural, as the context may require.

     9.9 GOVERNING LAW. THIS AGREEMENT AND ANY CLAIM OR CONTROVERSY HEREUNDER SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK

 

49

APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF, EXCEPT
FOR MATTERS DIRECTLY IN THE PURVIEW OF THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE (THE
“DGCL”), WHICH MATTERS SHALL BE GOVERNED BY THE DGCL.

     9.10 SUBMISSION TO JURISDICTION, WAIVER OF JURY TRIAL. EACH PARTY HERETO AGREES THAT IT SHALL BRING ANY ACTION OR PROCEEDING IN RESPECT OF ANY
CLAIM ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTAINED IN OR CONTEMPLATED
BY THIS AGREEMENT, WHETHER IN TORT OR CONTRACT OR AT LAW OR IN EQUITY, EXCLUSIVELY IN (A) THE
FEDERAL OR STATE COURTS LOCATED IN NEW YORK, NEW YORK OR (B) IN THE EVENT THAT SUCH COURT LACKS
JURISDICTION TO HEAR THE CLAIM, IN THE FEDERAL OR STATE COURTS LOCATED IN WILMINGTON, DELAWARE
(ANY SUCH COURT, THE “CHOSEN COURT”) AND (I) IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE CHOSEN COURTS, (II) WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW ANY
OBJECTION TO LAYING VENUE IN ANY SUCH ACTION OR PROCEEDING IN THE CHOSEN COURTS, (III) WAIVES ANY
OBJECTION THAT ANY CHOSEN COURT IS AN INCONVENIENT FORUM OR DOES NOT HAVE JURISDICTION OVER ANY
PARTY HERETO, (IV) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO A JURY TRIAL AND (V) AGREES THAT SERVICE
OF PROCESS UPON SUCH PARTY IN ANY SUCH ACTION OR PROCEEDING SHALL BE EFFECTIVE IF NOTICE IS GIVEN
IN ACCORDANCE WITH SECTION 9.1 OF THIS AGREEMENT.

     9.11 Representation by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal
counsel in connection with the negotiation and execution of this Agreement. No provision of this
Agreement shall be construed against or interpreted to the disadvantage of any party by any court
or arbitrator or any Governmental Authority by reason of such party having drafted or being deemed
to have drafted such provision.

     9.12 Rules of Construction. Unless the context otherwise requires, references to sections or subsections refer to
sections or subsections of this Agreement.

     9.13 Further Assurances. Each of the parties shall, and shall cause their respective Affiliates to, execute such
instruments and take such action as may be reasonably
required or desirable to carry out the provisions hereof and the transactions contemplated
hereby.

     9.14 Exercise of Management Stock Options. Unless determined otherwise by the Company, each holder of Common Stock Equivalents and/or
Preferred Stock Equivalents issued under the Company Option Plan shall agree to be bound by the

 

50

terms of this Agreement as an Other Stockholder with respect to the shares of Common Stock and/or
Preferred Stock to be received by such holder upon exercise thereof.

     9.15 Successors and Assigns. Except as otherwise provided herein, this Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors, heirs, legatees and legal representatives.
This Agreement is not assignable except in connection with a transfer of Shares in accordance with
this Agreement.

     9.16 Counterparts. This Agreement may be executed in one or more counterparts (by facsimile or otherwise),
each of which shall be deemed an original, and all of which taken together shall constitute one and
the same instrument.

* * *

 

51

          IN WITNESS WHEREOF, the undersigned have executed, or have cause to be executed, this
Agreement on the date first written above.

	 	 	 	 	 
	 	SOI HOLDINGS, INC.

 	 
	 	By:  	
/s/ Edmund Fay
 	 
	 	 	Name:  	Edmund Fay 	 
	 	 	Title:  	President and CEO 	 
	 

	 	 	 	 	 
	 	SOI INVESTORS LLC

 	 
	 	By:  	/s/ Eric D. Kogan
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	TRUMPET INVESTORS L.P.

 	 
	 	By:  	/s/ Marc A. Utay
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	TRUMPET SBIC INVESTORS L.P.

 	 
	 	By:  	/s/ Marc A. Utay
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	/s/ Edmund Fay
 	 
	 	 	Name:  	Edmund Fay 	 
	 	 	Title:  	Senior Vice President 	 

 

52

	 	 	 	 	 

	 	 	 	 	 
	 	BRAD BLACK

 	 
	 	/s/ Brad Black
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	KEN WILLIAMS

 	 
	 	/s/ Ken Williams
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	MARK MCGHEE

 	 
	 	/s/ Mark McGhee
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	ALEX CARRATALA

 	 
	 	/s/ Alex Carratala
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	ELDRIDGE BRAVO

 	 
	 	/s/ Eldridge Bravo
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	PAM MALLDER

 	 
	 	/s/ Pam Mallder
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	SARAH SMITH

 	 
	 	/s/ Sarah Smith
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	KERIM FIDEL

 	 
	 	/s/ Kerim Fidel
 	 
	 	 	 
	 	 	 

 

53

	 	 	 	 	 

	 	 	 	 	 
	 	RAPHAEL REZNEK

 	 
	 	/s/ Raphael Reznek
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	CARL GUIDICE

 	 
	 	/s/ Carl Guidice
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	MICHAEL WILLSON

 	 
	 	/s/ Michael Willson
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	GIL ALEMAN

 	 
	 	/s/ Gil Aleman
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	ANTHONY DANON

 	 
	 	/s/ Anthony Danon
 	 
	 	 	 
	 	 	 
	 

	 	 	 	 	 
	 	SID BANACK

 	 
	 	/s/ Sid Banack
 	 
	 	 	 
	 	 	 

 

54

	 	 	 	 	 

	 	 	 	 	 
	 	UPPER COLUMBIA CAPITAL COMPANY, LLC

 	 
	 	/s/
 	 
	 	 	 
	 	 	 
	 

 

Exhibit C-1 1

ACKNOWLEDGMENT AND AGREEMENT

     The undersigned wishes to receive from ___(“Transferor”) [___] shares
par value $0.01 per share, of Common Stock (the “Shares”) of SOI Holdings, Inc., a Delaware
corporation (the “Company”);

     The Shares are subject to that certain Stockholders Agreement, dated as of ___,
2005 (the “Agreement”), by and among the Company and certain stockholders of the Company
named therein;

     The undersigned has been given a copy of the Agreement and afforded ample opportunity to read
it, and the undersigned is thoroughly familiar with its terms;

     Pursuant to terms of the Agreement, the Transferor is prohibited from transferring such Shares
and the Company is prohibited from registering the transfer of the Shares unless and until the
recipient of such Shares acknowledges the terms and conditions of the Agreement and agrees to be
bound thereby; and

     The undersigned wishes to receive such Shares and have the Company register the transfer of
such Shares;

     NOW, THEREFORE, in consideration of the mutual premises contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and to
induce the Transferor to transfer such Shares to the undersigned and the Company to register such
transfer, the undersigned does hereby acknowledge and agree that (i) it, she or he has been given a
copy of the Agreement and ample opportunity to read it, and the undersigned is thoroughly familiar
with its terms, (ii) the Shares are subject to the terms and conditions set forth in the Agreement,
and (iii) the undersigned does hereby agree fully to be bound thereby as [a “Clarion Stockholder”]
[a “Regions Stockholder”] [an “Other Stockholder”] (as therein defined).

     This ___day of ___, 200[_].

 

 

			
	1	 	For transfers of previously issued stock.

C-1

 

Exhibit C-2 2

ACKNOWLEDGMENT AND AGREEMENT

     The undersigned wishes to receive from SOI Holdings, Inc., a Delaware corporation (the
“Company”), ___shares, par value $0.01 per share, of Common Stock or certain newly
issued options, warrants or other rights to purchase shares of Common Stock (the “Shares”),
of the Company;

     The Shares are subject to that certain Stockholders Agreement, dated as of ___,
2005 (the “Agreement”), by and among the Company and certain stockholders named therein;

     The undersigned has been given a copy of the Agreement and afforded ample opportunity to read
it, and the undersigned is thoroughly familiar with its terms;

     Pursuant to terms of the Agreement, the Company is prohibited from issuing the Shares unless
and until the recipient of such Shares acknowledges the terms and conditions of the Agreement and
agrees to be bound thereby; and

     The undersigned wishes to receive such Shares;

     NOW, THEREFORE, in consideration of the mutual premises contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and to
induce the Company to issue such Shares, the undersigned does hereby acknowledge and agree that (i)
it, she or he has been given a copy of the Agreement and ample opportunity to read it, and the
undersigned is thoroughly familiar with its terms, (ii) the Shares are subject to terms and
conditions set forth in the Agreement, and (iii) the undersigned does hereby agree fully to be
bound thereby as an “Other Stockholder” (as therein defined).

     This ___day of ___, 200[___].

 

 

			
	2	 	For transfers of newly issued stock.

C-2

 

 

Schedule 1

	 	 	 	 	 	 	 	 	 
	 	 	No. of Shares	 	No. of Shares
	Stockholders	 	of Common Stock	 	of Preferred Stock
	SOI Investors LLC
	 	 	249,750	 	 	 	249,750	 
	Regions Bank
	 	 	30,000	 	 	 	30,000	 

 

 

Schedule 2

	 	 	 	 	 	 	 	 	 
	 	 	No. of Shares	 	No. of Shares
	Management Stockholders	 	of Common Stock	 	of Preferred Stock
	Gil Aleman
	 	 	2,500.00	 	 	 	2,497.61	 
	Sid Banack
	 	 	1,351.35	 	 	 	1,350.06	 
	Brad Black
	 	 	337.84	 	 	 	337.52	 
	Eldridge Bravo
	 	 	1,081.08	 	 	 	1,080.05	 
	Alex Carratala
	 	 	67.57	 	 	 	67.50	 
	Anthony Danon
	 	 	5,405.41	 	 	 	5,400.25	 
	Kerim Fidel
	 	 	202.70	 	 	 	202.51	 
	Carl Guidice
	 	 	13,500.00	 	 	 	13,500.00	 
	Pam Mallder
	 	 	540.54	 	 	 	540.02	 
	Mark McGhee
	 	 	270.27	 	 	 	270.01	 
	Raphael Reznek
	 	 	2,027.03	 	 	 	2,025.09	 
	Sarah Smith
	 	 	405.41	 	 	 	405.02	 
	Ken Williams
	 	 	1,081.08	 	 	 	1,080.05	 
	Michael Willson
	 	 	3,378.38	 	 	 	3,375.15	 

 

 

Schedule 3

	 	 	 	 	 	 	 	 	 
	 	 	No. of Shares	 	No. of Shares
	Additional Stockholders	 	of Common Stock	 	of Preferred Stock
	UPPER COLUMBIA CAPITAL COMPANY, LLC
	 	 	6,750	 	 	 	6,750

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