Document:

ex10_1.htm

Exhibit 10.1 - Turnover Agreement

TURNOVER AGREEMENT

THIS TURNOVER AGREEMENT (this “Agreement”) is made and entered into this 29th day of July, 2010, by and between East Fork Biodiesel, LLC ("EFB") and Farm Credit Services of America, FLCA or its Assignee, (“FCSA”).

RECITALS:

 

This Agreement is made with reference to the following facts and recitals:

 

	
(a)  

	
Pursuant to the terms of a Master Loan Agreement and various Supplements thereto, (the Master Loan Agreement, Supplements and all other documents related thereto are collectively referred to as the "Loan Documents") EFB is currently indebted to FCSA (the "Indebtedness").

 

	
(b)  

	
To secure the Indebtedness, EFB has granted, inter alia, FCSA a real estate mortgage dated as of January 30, 2007, on certain real property and improvements located in Kossuth County, Iowa (the "Mortgage" on the "Mortgaged Property").

 

	
(c)  

	
In order to collect the Indebtedness due to the default of EFB, FCSA initiated a lawsuit in the Iowa District Court for Kossuth County entitled Farm Credit Services of America, FLCA v. East Fork Biodiesel, LLC, Case No EQCV 025857 (the "Litigation.").

 

	
(d)  

	
On April 29, 2010, the Kossuth County District Court granted FCSA's Motion for Summary Judgment in the amount of $25,736,391.99 together with interest at the per diem rate of $5,197.91, plus any further sums for taxes or insurance for the real estate and improvements which FCSA may be required to advance (the "Judgment Balance") and entered its Order and Decree of Foreclosure (the "Decree of Foreclosure") in the Litigation.

 

	
(e)  

	
In order to provide for orderly special execution on the Decree of Foreclosure and turn over of possession of the Mortgaged Property to FCSA, the parties have agreed to enter into and perform this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE, in order to consummate the intent of the parties as set forth in the foregoing Recitals, which are made a contractual part of this Agreement, and in consideration of the mutual agreements, provisions, and covenants herein contained, the parties agree as follows:

 

1.           Turnover of Possession of the Mortgaged Property.   EFB, on July 30, 2010, at 12:00 Noon (the "Turnover Date") shall voluntarily turn over possession of the Mortgaged Property including all personal property subject to the Security Agreement, dated January 30, 2007, made by EFB in favor of FCSA, as amended (the "Security Agreement"), to FCSA.  FCSA agrees to accept possession of the Mortgaged Property on July 30, 2010 and agrees to be solely responsible for care, safekeeping, utilities, insurance and maintenance of such Mortgaged

 

 

  

  

  

Property as of and after the Turnover Date.  EFB reserves until August 20, 2010, the right to remove from the Mortgaged Property and to sell for its own account any inventories of methanol and of sodium methylate stored on the Mortgaged Property.  Notwithstanding anything to the contrary herein, EFB agrees to allow personnel of Energetix, LLC, to access the Mortgaged Property on July 28, 2010 to work with EFB management in order to evaluate and understand the facility and its various processes, inventories, etc.  In addition, EFB agrees to allow an environmental consultant retained by FCSA to access the Mortgaged Property prior to July 30, 2010 in order to do an environmental assessment on the Mortgaged Property.

 

2.           Foreclosure by FCSA.

	
  

	
(a)

	
On or before July 30, 2010, FCSA and CoBank shall file a Joint Motion for Leave to Reopen Foreclosure Proceedings together with an Agreed Order stipulating that the Mortgaged Property is not agricultural land or agricultural property or used for an agricultural purpose as defined under Iowa Code.

	
  

	
(b)

	
FCSA shall promptly proceed with Special Execution and Sheriff's Sale under the Decree of Foreclosure.

3.           Right of First Refusal.  If FCSA is the highest bidder at the foreclosure sale and receives the sheriff's certificate deed, then from and after the receipt of the sheriff's certificate deed thru December 31, 2010, EFB shall have a right of first refusal to repurchase the Mortgaged Property.  If FCSA proposes to sell the Mortgaged Property, in a transaction other than a public auction, FCSA shall first offer EFB the right to repurchase the Mortgaged Property on the same terms and at the same price that FCSA proposes to sell the Mortgaged Property.  EFB has ten business days after being given notice of the terms and price of the proposed sale in which to exercise the right to repurchase the Mortgaged Property by submitting a binding offer to FCSA on the same terms and at the same price, with closing to occur within thirty days after the offer.  After the expiration of either the period for offer or the period for closing, without submission of an offer or a closing occurring, FCSA may sell the Mortgaged Property to any other person on the terms upon which it was offered to FCSA.

If FCSA seeks to sell the Mortgaged Property by public auction, EFB must be given ten days notice of the following: (a) the date, time, place and procedures of the auction sale; and (b) any minimum terms or limitations imposed upon the auction.

Notice by FCSA of a proposed sale or auction is given on the date that notice or offer is mailed to:

East Fork Biodiesel, LLC

c/o Chris Daniel

5358 Appleton Drive

Davenport, Iowa 52804

By regular United States mail, postage prepaid with a copy by electronic mail to:

Terry M. Giebelstein

Lane & Waterman, LLP

220 N. Main Street, Suite 600

Davenport, Iowa 52801-1987

Telephone: (563) 333-6614

tgiebelstein@l-wlaw.com

 

 

 

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Notice of EFB's right of first refusal or the submission of a binding offer by EFB, is given on the date that notice or offer is mailed to:

Ronald P. Seigley

Vice President, Division Manager

CoBank

P.O. Box 5110

Denver, Colorado 80217

By regular United States mail, postage prepaid with a copy by electronic mail to:

Robert J. Bothe

McGrath North Mullin & Kratz, PC LLO

Suite 3700 First National Tower

1601 Dodge Street

Omaha, Nebraska 68102

rbothe@mcgrathnorth.com

Nothing to the contrary herein, EFB's right of first refusal terminates December 31, 2010, except as to any transaction as to which EFB serves timely notice of exercise of its right of first refusal on or before December 31, 2010.

4.           Waiver of Redemption Rights.   As of the foreclosure sale, EFB knowingly, voluntarily, and with full advice of counsel, hereby waives and relinquishes any and all rights of redemption to which it may be entitled under Iowa law, either statutory or equitable, with respect to the Mortgaged Property and agrees and commits that it will never assert in any forum whatsoever, that it is entitled to redeem the Mortgaged Property from the Decree of Foreclosure.

5.           Waiver of Deficiency.  In consideration of this Agreement, as of the foreclosure sale of the Mortgaged Property, FCSA hereby waives any claim or right to a deficiency judgment against EFB.  FCSA agrees to limit its judgment to in rem claims against the Mortgaged Property.

6.           Consideration.  In consideration for EFB's commitments hereunder, including the waiver of redemption rights, FCSA shall pay to EFB, on September 8, 2010, by wire transfer to the trust account of EFB's counsel, Lane & Waterman, LLP, One Hundred Thousand ($100,000.00) Dollars.

7.           Personal Property.  EFB acknowledges and agrees that the security interests created by the Security Agreement are valid, existing, perfected and enforceable liens on the property described therein and that EFB will not sell, trade, lease or in any manner transfer any of the collateral covered by the Security Agreement without FCSA's prior written permission.

8.           Access to Computers and Records.   EFB shall have the right to retain possession and ownership of, and to remove from the Mortgaged Property prior to the Turnover Date, all of its business and financial records.  In addition, EFB shall be entitled to retain possession of, and to remove from the Mortgaged Property prior to the Turnover Date, one (1) desktop computer and one (1) laptop computer (including screens, keyboards and software), and one (1) server (including screens, keyboards and software) upon which such business and financial records are kept. The parties understand and agree that such computers and the information contained thereon are necessary to the wrap-up and termination of EFB's business affairs.   FCSA releases any lien or other claim that it may have to said computers and records.

 

 

 

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9.           Insurance.  EFB will maintain the Federal Insurance/Chubb Policy # 3584-89-04 CHI in full force and effect through the Turnover Date and shall cancel the same effective as of the Turnover Date and shall be entitled to receive and retain all insurance premium refunds arising from such cancellation; FCSA shall not object to EFB's cancellation of such insurance effective as of the Turnover Date and disclaims any right or interest in such insurance premium refund.  FCSA shall be solely responsible to provide all insurance on the Mortgaged Property (including fire and casualty and liability insurance) from and after the Turnover Date.  At FCSA's option, and if permitted by the insurer, FCSA may assume the existing insurance policy as of the Turnover Date by paying to EFB an amount equal to the premium refund that EFB would otherwise be entitled to receive on cancellation.  Upon such payment to EFB from FCSA, which shall be made no later than July 30, 2010, EFB shall assign the insurance policy to FCSA.

10.           General Release by EFB.  In consideration of this Agreement, EFB, for itself, and its shareholders, members, officers, directors, successors and assigns, hereby releases and discharges FCSA and each participant and lender, and their respective officers, directors, employees, agents, successors and assigns, of and from all claims, demands, actions and causes of action of every kind, known or unknown, which may now exist or hereafter accrue by reason of any acts, transactions or omissions occurring prior to the date of this Agreement.

11.           General Release by FCSA.  Subject to FCSA's waiver of its deficiency rights and subject to all other rights and remedies under the Loan Documents and the Decree of Foreclosure as provided in this Agreement, in consideration of this Agreement, FCSA, for itself, and its shareholders, members, officers, directors, successors and assigns, hereby releases and discharges EFB, and its members, officers, directors, mangers, employees, agents, successors and assigns, of and from all claims, demands, actions and causes of action of every kind, known or unknown, which may now exist or hereafter accrue by reason of any acts, transactions or omissions occurring prior to the date of this Agreement.

12.           Representations and Covenants.  With the knowledge and expectation that each party is placing complete reliance on the representations and covenants set forth in this Agreement by the other party, and with the knowledge and understanding that those representations and covenants shall survive beyond the date of this Agreement, each party represents and covenants with and to the other party as follows:

	
  

	
(a)

	
It enters into this Agreement freely, voluntarily, and of its own volition, and it is not under any undue influence.

	
  

	
(b)

	
It enters into this Agreement based upon its own knowledge of the facts and circumstances and not upon any representations made by the other party or its representatives which are not contained in this written agreement.

	
  

	
(c)

	
It is  represented by  counsel of  its choice,  who  has  consulted with it concerning the legal effect of this Agreement, and it understands the consequences of the Agreement and the transactions contemplated by it.

	
  

	
(d)

	
It has the legal capacity to enter into this Agreement, and this Agreement is binding and enforceable on it in accordance with its terms.

 

	
  

	
(e)

	
 

	
It shall fully and completely cooperate with the other party and its agents in any and all aspects that may be required to implement this Agreement or that may, from    time to time, be reasonably requested of it in relation to the same, including

 

 

 

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execution of any and all other documents reasonably required by the other party or its counsel to carry out the terms and intentions of this Agreement.

13.           Reservation by FCSA.  FCSA's execution of this Agreement or acceptance of the benefits granted it hereby shall under no circumstances be construed as a release of any lien, mortgage or security interest in the property, whether real or personal, now owned by EFB unless and until a properly authorized and executed release is placed of record.

14.           No Cure of Waiver of Default.  The execution of this Agreement shall not deprive FCSA of any of the rights, benefits and entitlements conferred upon it by any document previously executed and delivered to FCSA by EFB nor cure any present default thereunder except as the same may be expressly altered or affected by the terms of this Agreement.  No waiver of any default shall operate as a waiver of any other default or the same default on a future occasion.

15.           Miscellaneous.  This Agreement and all of its terms, representations and requirements shall survive the execution hereof and the execution and delivery of any instruments or property required by the terms hereof.  All questions and interpretations of this Agreement shall be determined under the laws of the state of Iowa.  This Agreement shall apply to , inure to the benefit of, and bind each of the parties hereto, their respective successors an assigns, heirs and personal representatives.  In case one or more of the provisions contained in this Agreement shall be held to be invalid, illegal or unenforceable for any reason, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been included.  None of the covenants, provisions, terms or conditions of this Agreement shall be in any manner modified, waived or abandoned, except by written instrument duly signed by the parties hereto.  This Agreement contains the whole agreement of the parties in relation to the subject matter hereof.  Words and phrases herein, including acknowledgements hereof shall be construed in the singular or plural numbers and as masculine, feminine or neuter gender according to the context.

16.           Effectiveness.  This Agreement shall become effective when it has been executed by the Administrative Agent, and EFB as set forth on the signature pages hereto.

17.           Continuing Validity of Loan Documents.  EFB hereby (a) admits the validity and enforceability of each Loan Document and all of its obligations thereunder, and (b) agrees and admits that it has no defenses to or offsets against any such obligation.

18.           Limitations.  In all other respects, the Loan Documents shall remain in full force and effect, and no amendment or wavier in respect of any term or condition of any Loan Document shall be deemed (i) to be an amendment or waiver in respect of any other term or condition contained in any Loan Document or (ii) to prejudice any right or rights which the Administrative Agent, and any Lender may now have or may have in the future under or in connection with any of the Loan Documents.

19.           Counterparts.  This Agreement may be executed in any number of counterparts all of which, taken together, shall constitute one agreement.  In making proof of this Agreement, it shall be necessary to produce only the counterpart executed and delivered by the party to the charged.

 

 

 

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

 

 

	
FARM CREDIT SERVICES OF AMERICA,

FLCA

	  	
EAST FORK BIODIESEL, LLC

	  	  	  	  	  
	
By:

	  	  	
By:

	  
	
Its:

	
VP Special Accounts

	  	
Its:

	
CEO

 

 

 

 

6ex41.htm

    
      Exhibit
4.1

      

      
        	
                To:

              	
                National
      Financial Partners Corp.

                340
      Madison Avenue, 20th Floor

                New
      York, New York 10173

              
	
                A/C

              	
                00673131

              
	
                From:

              	
                Goldman
      Sachs Financial Markets, L.P.

              
	
                Subject:

              	
                Termination
      of Convertible Bond Hedge Transaction Reference No.
      SDB1624135469

              
	
                Date:

              	
                July
      8, 2010

              

      

      

      

      This
letter agreement (this “Termination
Agreement”) relates to the Transaction (the “Transaction”)
entered into between Goldman Sachs Financial Markets, L.P. (“Dealer”)
and National Financial Partners Corp. (“Counterparty”),
pursuant to a letter agreement dated January 17, 2007 entitled Convertible Bond
Hedge Transaction (Transaction Reference Number: SDB1624135469) (the “Confirmation”).  Dealer
is acting as principal and Goldman, Sachs & Co. (“GS&Co.”),
its affiliate, is acting as agent for Dealer and Counterparty for the
Transaction.  Dealer
is not a member of the Securities Investor Protection
Corporation.  Capitalized terms used herein but not otherwise
defined shall have the meanings assigned to them in the
Confirmation.

      

      On
June 9, 2010, Counterparty commenced a tender offer for any and all of its
$230,000,000 aggregate principal amount of its outstanding 0.75% Convertible
Senior Notes due 2012 (the “Convertible
Notes”) subject to the satisfaction or waiver of certain conditions set
forth in the offer to purchase, dated as of  June 9, 2010 (as
subsequently amended, the “Offer
to Purchase”).  In connection with the tender offer for the
Convertible Notes, Dealer and Counterparty desire to terminate the Transaction
in its entirety (the “Termination”).

      

      1.  Termination.  (a)
The parties hereby agree that, in full satisfaction of its obligations in
respect of the Termination, Dealer shall pay to Counterparty on the Payment Date
(as defined below) an amount in USD (the “Termination
Payment”) equal to the Termination Payment Amount (as defined
below).

       

      
        
          	 
      	
                  Termination Payment
      Amount:

                	
                  An
      amount in USD equal to the product of the Applicable Number of Options and
      the Termination Value.

                
	 
      	 
      	 
      
	 
      	
                  Applicable Number of
      Options:

                	
                  All
      Options outstanding as of the Settlement Date.

                
	 
      	 
      	 
      
	 
      	
                  Settlement
      Date:

                	
                  Notwithstanding
      anything to the contrary in the Confirmation or the Equity Definitions,
      the “Settlement Date” (as defined in the Offer to
    Purchase).

                
	 
      	 
      	 
      
	 
      	
                  Termination
      Value:

                	
                  An
      amount per Option that would be payable by Dealer to Counterparty pursuant
      to Section 6 of the Agreement as if Dealer designated an Early Termination
      Date in respect of an Additional Termination Event, with Counterparty as
      the sole Affected Party and the Transaction as the sole Affected
      Transaction, occurring on the Settlement Date.  For purposes of
      determining such amount, the Dealer shall use the Daily Average Price on
      the Valuation Date as the current Share price input.

                
	 
      	 
      	 
      
	 
      	
                  Valuation
      Date:

                	
                  The
      Exchange Business Day immediately following the Settlement
      Date.

                

        

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

      
        
          	 	
                  Daily Average
      Price:

                	
                  For
      any Exchange Business Day, the New York Volume Weighted Average Price per
      Share for the regular trading session (including any extensions thereof)
      of the Exchange on such Exchange Business Day (without regard to pre-open
      or after hours trading outside of such regular trading session), as
      published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes
      following the end of any extension of the regular trading session), on
      such Exchange Business Day, on Bloomberg page “NFP.N<Equity>AQR” (or
      any successor thereto) (or if such published volume weighted average price
      is unavailable or is manifestly incorrect, the market value of one Share
      on such Exchange Business Day, as determined by the Calculation Agent
      using a volume weighted method).

                
	 	 	 
	 
      	
                  Exchange:

                	
                  New
      York Stock Exchange

                
	 
      	 
      	 
      
	 
      	
                  Consequences of
      Disrupted Days:

                	
                  Notwithstanding
      anything to the contrary in this Termination Agreement or the Equity
      Definitions, if the Valuation Date is a Disrupted Day, the Calculation
      Agent may, if appropriate in light of market conditions, regulatory
      considerations or otherwise, take any or all of the following actions: (i)
      postpone the Valuation Date in accordance with Section 6.6 of the Equity
      Definitions or (ii) determine that the Valuation Date is a Disrupted Day
      only in part, in which case the Calculation Agent shall (A) determine the
      Daily Average Price based on transactions in the Shares on such Valuation
      Date effected before the relevant Market Disruption Event occurred and/or
      after the relevant Market Disruption Event ended, as applicable, and (B)
      designate the immediately following Exchange Business Day as the Valuation
      Date (with the provisions of this paragraph applying successively to each
      such Exchange Business Day so designated) and determine the Termination
      Value using an appropriately weighted average of the Daily Average Prices
      on the original Valuation Date and such designated Valuation Date or
      Dates.  Section 6.6(a) of the Equity Definitions is hereby
      amended by replacing the word “shall” in the fifth line thereof with the
      word “may,” and by deleting clause (ii) thereof.  Any Scheduled
      Trading Day on which the Exchange is scheduled to close prior to its
      normal close of trading shall be deemed a Disrupted Day in
      full.

                
	 
      	 
      	 
      
	 
      	
                  Market Disruption
      Event:

                	
                  Section 6.3(a)
      of the Equity Definitions is hereby amended by deleting the words “during
      the one hour period that ends at the relevant Valuation Time, Latest
      Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the
      case may be,” in clause (ii) thereof.

                
	 
      	 
      	 
      
	 
      	
                  Payment
      Date:

                	
                  The
      date one Settlement Cycle following the Valuation
  Date.

                

        

      

      

      (b)  The parties
further agree that, following the Termination Payment, the Transaction shall be
terminated in its entirety and the parties shall be released from any remaining
obligations with respect to the Transaction.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      2.  Representations
and Warranties.

      

      (a) Each party
represents to the other party that:

      

      (i)       It
is duly organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good
standing.

      

      (ii)       It
has the power to execute this Termination Agreement and any other documentation
relating to this Termination Agreement to which it is a party, to deliver this
Termination Agreement and any other documentation relating to this Termination
Agreement that it is required by this Termination Agreement to deliver and to
perform its obligations under this Termination Agreement and has taken all
necessary action to authorize such execution, delivery and
performance.

      

      (iii)       Such
execution, delivery and performance do not violate or conflict with any law
applicable to it, any provision of its constitutional documents, any order or
judgment of any court or other agency of government applicable to it or any of
its assets or any contractual restriction binding on or affecting it or any of
its assets.

      

      (iv)       All
governmental and other consents that are required to have been obtained by it
with respect to this Termination Agreement have been obtained and are in full
force and effect and all conditions of any such consents have been complied
with.

      

      (v)       Its
obligations under this Termination Agreement constitute its legal, valid and
binding obligations, enforceable in accordance with their respective terms
(subject to applicable bankruptcy, reorganization, insolvency, moratorium or
similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at
law)).

      

      (vi)       Each
party acknowledges and agrees to be bound by the Conduct Rules of the Financial
Industry Regulatory Authority, Inc. applicable to transactions in options, and
further agrees not to violate the position and exercise limits set forth
therein.

       

      
        	
                 
      

              	
                (b) Counterparty
      represents and warrants to and for the benefit of Dealer as
      follows:

              

      

      

      (i)       On
the date of this Termination Agreement, (A) none of Counterparty and its
officers and directors is aware of any material nonpublic information regarding
Counterparty or the Shares; (B) the Applicable Number of Options does not
constitute material nonpublic information; and (C) all reports and other
documents filed by Counterparty with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) when considered as a whole (with the more recent such reports and
documents deemed to amend inconsistent statements contained in any earlier such
reports and documents), do not contain any untrue statement of a material fact
or any omission of a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances in which they
were made, not misleading.

       

       (ii)       Counterparty
acknowledges that neither Dealer nor any of its affiliates is making any
representations or warranties or taking any position or expressing any view with
respect to the treatment of the Transaction under any accounting standards
including ASC Topic 260,
Earnings Per Share, ASC Topic 815,
Derivatives and Hedging, or ASC Topic 480,
Distinguishing Liabilities from Equity and ASC 815-40,
Derivatives and Hedging – Contracts in Entity’s Own Equity (or any
successor issue statements).

       

      (iii)       Counterparty
has not received notice that is the subject of a tender offer made under Section
14(d)(1) of the Exchange Act and has not commenced any tender offer that would
be subject to Rule 13e-4 under the Exchange Act, except for the Offer to
Purchase.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (iv)       Counterparty
is not entering into this Termination Agreement to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable
for Shares) or to raise or depress or otherwise manipulate the price of the
Shares (or any security convertible into or exchangeable for Shares) or
otherwise in violation of the Exchange Act.

       

      (v)       Counterparty
is not, and after giving effect to the transactions contemplated hereby will not
be, required to register as, an “investment company” as such term is defined in
the Investment Company Act of 1940, as amended (the “1940
Act”).

       

      

      (vi)                  
On the Settlement Date and Payment Date, Counterparty is not “insolvent” (as
such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11
of the United States Code).

      

      (vii)                  Counterparty
understands that notwithstanding any other relationship between Counterparty and
Dealer and its affiliates, in connection with this Transaction and any other
over-the-counter derivative transactions between Counterparty and Dealer or its
affiliates, Dealer or its affiliates is acting as principal and is not a
fiduciary or advisor in respect of any such transaction, including any entry,
exercise, amendment, unwind or termination thereof.

      

      
        	
                 
      

              	
                (c) Counterparty
      acknowledges that:

              

      

      

      (i)       In
connection with the Termination, GS&Co. and its affiliates may buy or sell
Shares or other securities or buy or sell options or futures contracts or enter
into swaps or other derivative securities in order to adjust or unwind its hedge
position with respect to the Transaction.

      

      (ii)       GS&Co.
and its affiliates may also be active in the market for the Shares other than in
connection with activities in relation to the Transaction or the
Termination.

      

      (iii)                  GS&Co.
shall make its own determination as to whether, when or in what manner any
hedging or market activities in Counterparty’s securities shall be conducted and
shall do so in a manner that it deems appropriate to hedge its price and market
risk with respect to the Daily Average Price.

      

      (iv)                  Any
market activities of GS&Co. and its affiliates with respect to the Shares
may affect the market price and volatility of the Shares, as well as the Daily
Average Price, in a manner that may be adverse to Counterparty.

      

      (v)       This
Termination Agreement relates to the termination of the Transaction; GS&Co.
may purchase shares for its own account at an average price that may be greater
than, or less than, the Daily Average Price.

      

      3.  Termination
of this Termination Agreement.  This Termination Agreement
shall terminate automatically upon the payment of all amounts owing hereunder
following termination of the Offer to Purchase, except that the representations
and warranties set forth above in Section 2 of this Termination Agreement shall
survive the termination of this Termination Agreement without
limitation.

      

      4.  No
Netting and Set-off.  Each party waives any and all rights it
may have to set-off delivery or payment obligations it owes to the other party
under this Termination Agreement against any delivery or payment obligations
owed to it by the other party, whether arising under the this Termination
Agreement, under any other agreement between parties hereto, by operation of law
or otherwise.

      

      5.  Counterparts.  This
Termination Agreement may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if all of the signatures thereto
and hereto were upon the same instrument.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      6.  Additional
Provisions.  Counterparty understands and agrees that
GS&Co. will act as agent for both parties with respect to the
Transaction.  GS&Co. is so acting solely in its capacity as agent
for Counterparty and Dealer pursuant to instructions from Counterparty and
Dealer.  GS&Co. shall have no responsibility or personal liability
to either party arising from any failure by either party to pay or perform any
obligation under any Transaction.  Each party agrees to proceed solely
against the other to collect or recover any amount owing to it or enforce any of
its rights in connection with or as a result of any Transaction.

       

      Notwithstanding any
provisions of the Agreement, all communications relating to the Termination
shall be transmitted exclusively through GS&Co. at 200 West Street, New
York, New York 10282 Telephone: (212) 902-9779, Facsimile No. (917)
977-4253.

       

      GS&Co. received other
remuneration from Dealer in relation to this Termination
Agreement.  The amount and source of any such other remuneration will
be furnished upon written request.  The time of the Termination is
available upon request.

      

      The
parties acknowledge and agree that no collateral shall be posted by either party
hereunder.  Notwithstanding the previous sentence, Dealer hereby
notifies Counterparty that, with respect to collateral posted with it,
(i) except as otherwise agreed in writing between Dealer and Counterparty,
Dealer may repledge or otherwise use any collateral delivered to Dealer by
Counterparty in its business; (ii) in the event of Dealer’s failure,
Counterparty will likely be considered an unsecured creditor of Dealer as to all
such collateral then controlled by Dealer; (iii) the Securities Investor
Protection Act of 1970 (15 U.S.C. 78aaa through 78lll) does not protect
Counterparty with respect to any such collateral deposited with Dealer; and
(iv) such collateral will not be subject to the requirements of and
customer protections afforded by the Securities and Exchange Commission customer
protection rules and Rules 8c-1, 15c2-1, 15c3-2 and 15c3-3 under the
Exchange Act.

      

      7.  Waiver
of Trial by Jury.  EACH OF
COUNTERPARTY AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS TERMINATION
AGREEMENT OR THE ACTIONS OF COUNTERPARTY OR ITS AFFILIATES OR DEALER OR ITS
AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT
HEREOF.

      

      8.  Governing
Law.  All matters arising in connection with this Termination
Agreement shall be governed by, and construed in accordance with, the law of the
State of New York without reference to its choice of laws doctrine.

      

      9.  Submission
to Jurisdiction.  Each party hereby irrevocably and
unconditionally submits for itself and its property in any legal action or
proceeding by the other party against it relating to this Termination Agreement,
or for recognition and enforcement of any judgment in respect thereof, to the
exclusive jurisdiction of the Supreme Court of the State of New York, sitting in
New York County, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof.

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      

      Counterparty hereby agrees (a) to check
this Termination Agreement carefully and immediately upon receipt so that errors
or discrepancies can be promptly identified and rectified and (b) confirm that
the foregoing (in the exact form provided by Dealer) correctly sets forth the
terms of the agreement between Dealer and Counterparty with respect to this
Termination Agreement, by manually signing this Termination Agreement or this
page hereof as evidence of agreement to such terms and providing the other
information required herein and immediately returning an executed copy to Equity
Derivatives Document Department, Facsimile No. (212) 428-1980/83.

       

      

       

      Yours
faithfully,

       

       

      GOLDMAN
SACHS FINANCIAL MARKETS, L.P.

       

      
        	
                 
      

              	
                By:

              	
                Goldman Sachs
      Financial Markets, LLC,

              

      

       

      
        	
                 
      

              	
                general
      partner

              

      

       

      
        	
                 
      

              	
                By:

              	
                /s/
      Menashe Shua

              	 

      

       

      
        	
                 
      

              	
                Name: Menashe
      Shua

              

      

       

      
        	
                 
      

              	
                Title:   Vice
      President

              

      

      

      
 

      

    

    Agreed
and Accepted By:

     

     

    NATIONAL
FINANCIAL PARTNERS CORP.

     

    
      	 By:	 /s/
      Donna Blank
	 Name:	 Donna
      Blank
	 Title: 	 EVP and
      CFO

      6

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