Document:

Exhibit 10.3

 

Execution Copy

 

STOCKHOLDERS AGREEMENT

 

BY AND AMONG

 

OPEN LINK FINANCIAL, INC.

 

THE MANAGEMENT STOCKHOLDERS

as defined herein

 

AND

 

THE INVESTORS

as defined herein

 

Dated as of February 1, 2006

 

 

 

	
  TABLE OF CONTENTS

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION I.

  	
  DEFINITIONS

  	
  1

  
	
   

  	
  1.1.

  	
  Drafting Conventions; No Construction Against Drafter

  	
  1

  
	
   

  	
  1.2.

  	
  Terms Not Defined

  	
  2

  
	
   

  	
  1.3.

  	
  Number of Shares of Stock

  	
  2

  
	
   

  	
  1.4.

  	
  Defined Terms

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION II.

  	
  REPRESENTATIONS AND WARRANTIES

  	
  5

  
	
   

  	
  2.1.

  	
  Representations and Warranties of the Management Stockholders

  	
  5

  
	
   

  	
  2.2.

  	
  Representations and Warranties of the Investors

  	
  5

  
	
   

  	
  2.3.

  	
  Representations and Warranties of the Company

  	
  5

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION III.

  	
  RESTRICTIONS ON TRANSFER; RIGHT OF FIRST REFUSAL; CO-SALE PROVISIONS

  	
  6

  
	
   

  	
  3.1.

  	
  Restrictions on Transfer

  	
  6

  
	
   

  	
  3.2.

  	
  Permitted Transfers

  	
  6

  
	
   

  	
  3.3.

  	
  Right of Refusal

  	
  7

  
	
   

  	
  3.4.

  	
  Co-Sale Option of Investors

  	
  9

  
	
   

  	
  3.5.

  	
  Co-Sale Option of Management Stockholders

  	
  11

  
	
   

  	
  3.6.

  	
  Contemporaneous Transfers

  	
  12

  
	
   

  	
  3.7.

  	
  Effect of Prohibited Transfers

  	
  12

  
	
   

  	
  3.8.

  	
  Assignment of Rights

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION IV.

  	
  RIGHTS AND OBLIGATIONS TO SELL

  	
  13

  
	
   

  	
  4.1.

  	
  Drag Along Rights

  	
  13

  
	
   

  	
  4.2.

  	
  Procedure

  	
  13

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION V.

  	
  RIGHTS TO PURCHASE

  	
  13

  
	
   

  	
  5.1.

  	
  Right to Participate in Certain Sales of Additional Securities

  	
  13

  
	
   

  	
  5.2.

  	
  Eligible Person Acceptance

  	
  14

  
	
   

  	
  5.3.

  	
  Calculation of Pro Rata Allotment

  	
  14

  
	
   

  	
  5.4.

  	
  Sale to Third Party

  	
  14

  
	
   

  	
  5.5.

  	
  Exceptions to Participation Rights

  	
  14

  
	
   

  	
  5.6.

  	
  Assignment of Rights

  	
  15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION VI.

  	
  ELECTION OF DIRECTORS

  	
  15

  
	
   

  	
  6.1.

  	
  Initial Board of Directors

  	
  15

  
	
   

  	
  6.2.

  	
  Board Representation of Management Stockholders

  	
  15

  
	
   

  	
  6.3.

  	
  Representation of the Management Stockholder Nominee on the
  Compensation Committees

  	
  16

  

 

i

 

	
  SECTION VII.

  	
  COVENANTS OF THE COMPANY

  	
  16

  
	
   

  	
  7.1.

  	
  Financial Statements, Reports, Etc.

  	
  16

  
	
   

  	
  7.2.

  	
  Inspection, Consultation and Advice

  	
  17

  
	
   

  	
  7.3.

  	
  Key Person Insurance

  	
  17

  
	
   

  	
  7.4.

  	
  Directors and Officers’ Insurance; Charter and Bylaws

  	
  17

  
	
   

  	
  7.5.

  	
  Compensation of Directors and Investors

  	
  17

  
	
   

  	
  7.6.

  	
  [Reserved]

  	
  17

  
	
   

  	
  7.7.

  	
  Material Adverse Change

  	
  17

  
	
   

  	
  7.8.

  	
  Indemnification

  	
  18

  
	
   

  	
  7.9.

  	
  Certain Notices

  	
  19

  
	
   

  	
  7.10.

  	
  Approval by Management Stockholder Nominee

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION VIII.

  	
  MISCELLANEOUS PROVISIONS

  	
  19

  
	
   

  	
  8.1.

  	
  Reliance

  	
  19

  
	
   

  	
  8.2.

  	
  Legend on Securities

  	
  20

  
	
   

  	
  8.3.

  	
  Amendment and Waiver; Actions of the Board

  	
  20

  
	
   

  	
  8.4.

  	
  Notices

  	
  21

  
	
   

  	
  8.5.

  	
  Counterparts

  	
  21

  
	
   

  	
  8.6.

  	
  Remedies; Severability

  	
  21

  
	
   

  	
  8.7.

  	
  Entire Agreement

  	
  22

  
	
   

  	
  8.8.

  	
  Governing Law

  	
  22

  
	
   

  	
  8.9.

  	
  Successors and Assigns

  	
  22

  
	
   

  	
  8.10.

  	
  Dispute Resolution

  	
  22

  
	
   

  	
  8.11.

  	
  Consent to Jurisdiction

  	
  23

  
	
   

  	
  8.12.

  	
  Termination

  	
  23

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXHIBIT

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A       -

  	
    Form of Joinder Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedule A    -

  	
    Management Stockholders and Investors

  	
   

  
						

 

ii

 

STOCKHOLDERS AGREEMENT

 

This Stockholders Agreement (the “Agreement”) is made as of February 1,
2006 (the “Effective Date”), by and among Open Link Financial, Inc.,
a Delaware corporation (the “Company”), the individuals identified on Schedule
A as Management Stockholders (collectively, the “Management Stockholders”),
the Persons identified on Schedule A as Investors (collectively, the “Investors”
and, together with the Management Stockholders, the “Stockholders”), and
any other stockholder or option holder who from time to time becomes party to
this Agreement by execution of a joinder agreement substantially in the form of
Exhibit A (a “Joinder Agreement”). For purposes of this
Agreement, a stockholder or an option holder who joins this Agreement pursuant
to a Joinder Agreement shall be included in the term “Management Stockholder”
or “Investor” as specified in the applicable Joinder Agreement.

 

WHEREAS, the Investors are holders of issued and outstanding shares of
Convertible Preferred Stock (as defined in Section 1.4) and Warrants (as
defined in Section 1.4) issuable upon conversion of the Subordinated Notes
(as defined in Section 1.4);

 

WHEREAS, the Management Stockholders are the owners of issued and
outstanding shares of Common Stock; and

 

WHEREAS, the parties hereto desire to agree upon the terms on which the
securities of the Company, now or hereafter outstanding and held by them, will
be held, transferred and voted.

 

NOW, THEREFORE, the Company, the Management Stockholders and the
Investors hereby covenant and agree as follows:

 

SECTION I. DEFINITIONS

 

1.1.                              Drafting Conventions;
No Construction Against Drafter.

 

(a)                                  The headings in this
Agreement are provided for convenience and do not affect its meaning. The words
“include”, “includes” and “including” are to be read as if they were followed
by the phrase “without limitation”. Unless specified otherwise, any reference
to an agreement means that agreement as amended or supplemented, subject to any
restrictions on amendment contained in such agreement. Unless specified
otherwise, any reference to a statute or regulation means that statute or
regulation as amended or supplemented from time to time and any corresponding
provisions of successor statutes or regulations. If any date specified in this
Agreement as a date for taking action falls on a day that is not a business
day, then that action may be taken on the next business day. Unless specified
otherwise, the words “party” and “parties” refer only to a party named in this
Agreement or one who joins pursuant to the terms hereof.

 

(b)                                 The parties have participated
jointly with their respective counsel in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this
Agreement is to be construed as if drafted jointly by the parties and

 

 

there is to be no presumption or burden of proof favoring or
disfavoring any party because of the authorship of any provision of this
Agreement.

 

1.2.                              Terms Not Defined.
Capitalized terms used herein and not otherwise defined shall have the meanings
ascribed to them in the Major Stockholder Contribution and Exchange Agreement
(as defined in Section 1.4).

 

1.3.                              Number of Shares of
Stock. Whenever any provision of this Agreement calls for any calculation
based on the number of shares of capital stock issued and outstanding or held
by a specified Person, the number of shares deemed to be issued and outstanding
or held by that specified Person, unless specifically stated otherwise, shall
be in each case the total number of shares of Common Stock then issued and
outstanding or held by that specified Person, plus, without duplication, the
total number of shares of Common Stock issuable upon the conversion of any
Convertible Preferred Stock or the exercise of any Warrants then issued and
outstanding or held by that specified Person.

 

1.4.                              Defined Terms. The
following capitalized terms, as used in this Agreement, shall have the meanings
set forth below.

 

“Affiliate” shall mean with respect to any specified Person, any
other Person which, directly or indirectly, controls, is controlled by or is
under common control with the specified Person, including, without limitation,
any partner, officer, director or member of the specified Person and, if the
specified Person is a venture capital fund, any investment fund now or
hereafter managed by, or which is controlled by or under common control with,
one or more general partners of the specified Person. For the purposes of this
definition, “control” (including, with its correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any Person, shall
mean the possession, directly or indirectly, of the power to direct, or cause
the direction of the management and policies of such Person, whether through the
ownership of securities, by contract or otherwise.

 

“Board of Directors” shall mean the Board of Directors of the
Company.

 

“Charter” shall mean the Company’s certificate of incorporation
in effect as of the date hereof, as amended from time to time.

 

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

 

“Common Stock” shall mean the common stock, par value $0.001 per
share, of the Company and any other common equity securities issued by the
Company, together with any shares of stock or other securities issued or
issuable with respect thereto (whether by way of a stock dividend or stock
split or in exchange for or in replacement or upon conversion of such shares or
otherwise in connection with a combination of shares, recapitalization, merger,
consolidation or other corporate reorganization).

 

“Company” shall have the meaning set forth in the preamble and
shall include any successor thereto.

 

2

 

“Contribution and Exchange Agreement” shall mean the
Contribution and Exchange Agreement dated as of the date hereof, by and among
HoldCo, Kevin Hesselbirg, Robert Kalish, the Investors and the other parties
thereto.

 

“Convertible Preferred Majority Interest” shall mean, at any
time, Investors holding not less than a majority of the outstanding Shares held
at that specified time by all Investors, calculated in accordance with Section 1.3
hereof.

 

“Convertible Preferred Stock” shall mean the Series A
Convertible Preferred Stock, par value $0.001 per share, of the Company,
together with any shares of stock or other securities issued or issuable with
respect thereto (whether by way of a stock dividend or stock split or in
exchange for or in replacement or upon conversion of such shares or otherwise
in connection with a combination of shares, recapitalization, merger,
consolidation or other corporate reorganization).

 

“Director” shall mean a member of the Board of Directors.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934
and the rules and regulations thereunder.

 

“HoldCo” shall mean OLF Acquisition Corp., a Delaware
corporation.

 

“Major Investor” means any Investor that owns more than 5% of
the Common Stock, calculated in accordance with Section 1.3 hereof.

 

“Major Stockholder Contribution and Exchange Agreement” shall
mean the Major Stockholder Contribution and Exchange Agreement dated as of the
date hereof, by and among HoldCo, Coleman Fung and the Investors.

 

“Material Adverse Effect” means a material adverse effect on the
assets, liabilities, financial condition, business or results of operations of
the Company, other than any effects relating to or resulting from (i) unless
such changes have a disproportionate effect on the Company and its
Subsidiaries, changes in general economic, financial or securities market
conditions in the United States or elsewhere, (ii) general changes or
developments in the industry in which the Company and its Subsidiaries operate
that do not affect the Company disproportionately, (iii) the announcement
of this Agreement and the transactions contemplated hereby, (iv) any
actions required under this Agreement to obtain any approval or authorization
under applicable antitrust or competition laws for the consummation of the
transactions contemplated by this Agreement, (v) unless such events have a
disproportionate effect on the Company and its Subsidiaries, changes in
applicable Laws or the interpretation thereof after the date hereof, and (vi) unless
such events have a disproportionate effect on the Company and its Subsidiaries,
any outbreak of major hostilities in which the United States is involved or any
act of insurrection, sabotage or terrorism within the United States or directed
against its facilities or citizens wherever located.

 

“Person” shall mean an individual, a corporation, a joint
venture, a trust, an unincorporated organization, a limited liability company
or partnership, a government (or agency or political subdivision thereof) or
any other entity of any kind.

 

3

 

“Proceeding” shall mean any complaint, lawsuit or similar legal
action filed in any court or any investigation, formal or informal, by any
Person, regulatory or self-regulatory authority.

 

“Registration Rights Agreement” shall mean the Registration
Rights Agreement, dated as of the date hereof, by and among the Company, the
Investors and the Management Stockholders.

 

“Sale Event” shall mean a bona fide negotiated transaction with
a Third Party Buyer in which (A) the Convertible Preferred Majority
Interest has determined to sell their Shares in a transaction that will result
in a majority of the voting power of the Company immediately prior to such
transaction being transferred to such Third Party Buyer, (B) the Company
has determined to sell or otherwise dispose of all or substantially all of its
assets to a Third Party Buyer, or (C) the Company has determined to merge
with or into, or consolidate with, a Third Party Buyer.

 

“Securities” shall mean the Convertible Preferred Stock, the
Subordinated Notes and the Warrants.

 

“Securities Act” shall mean the Securities Act of 1933 and the rules and
regulations thereunder.

 

“Shares” shall mean, at any time, (i) Common Stock, (ii) Convertible
Preferred Stock, (iii) Warrants, and (iv) any other equity securities
now or hereafter issued by the Company, together with any options thereon and
any other shares of stock or other securities issued or issuable with respect
thereto (whether by way of a stock dividend, stock split or in exchange for or
in replacement or upon conversion of such shares or otherwise in connection
with a combination of shares, recapitalization, merger, consolidation or other
corporate reorganization).

 

“Subordinated Notes” shall mean the convertible subordinated
notes issued by the Company, in the initial principal amount of $20,000,000
pursuant to the Note Purchase Agreement, of even date herewith, between the
Company and TA Subordinated Debt Fund, L.P. and TA Investors II, L.P.

 

“Subscription Agreement” shall mean that certain Subscription
Agreement entered into prior to the date hereof by and among HoldCo and the
Investors.

 

“Third Party Buyer” shall mean the buyer or buyers in a
transaction of a type described in clauses (A) or (B) in the
definition of Sale Event, and the surviving entity in clause (C) in the
definition of Sale Event; provided that, in no event will shall any Investor or
any Investor’s Affiliate be deemed a Third Party Buyer.

 

“Transfer” means any direct or indirect transfer, donation,
sale, assignment, pledge, hypothecation, grant of a security interest in or
other disposal or attempted disposal of all or any portion of a security, any
interest or rights in a security, or any rights under this Agreement. “Transferee”
means the recipient of a Transfer.

 

“Warrants” shall mean the warrants to purchase shares of Common
Stock issuable upon conversion of the Subordinated Notes, together with any
other shares of stock or other securities issued or issuable with respect
thereto (whether by way of a stock dividend or stock split or in exchange for
or in replacement or upon exercise of such Warrants or otherwise in connection

 

4

 

with a combination of shares, recapitalization, merger, consolidation
or other corporate reorganization).

 

SECTION II. REPRESENTATIONS AND WARRANTIES

 

2.1.                              Representations and
Warranties of the Management Stockholders. Each of the Management
Stockholders hereby represents, warrants and covenants to the Company and the
Investors as follows: (a) such Person has full legal capacity to enter
into this Agreement and perform its obligations hereunder; (b) this
Agreement constitutes the valid and binding obligation of such Person
enforceable against such Person in accordance with its terms; and (c) the
execution, delivery and performance by such Person of this Agreement does not
and will not (i) violate any laws, rules or regulations of the United
States or any state or other jurisdiction applicable to such Person, or require
such Person to obtain any approval, consent or waiver of, or to make any filing
with, any Person that has not been obtained or made or (ii) constitute a
breach of or default under any material agreement to which such Management
Stockholder is a party.

 

2.2.                              Representations and
Warranties of the Investors. Each of the Investors hereby represents,
warrants and covenants to the Company and the Management Stockholders as
follows: (a) such Person has full limited partnership power and authority
to enter into this Agreement and perform its obligations hereunder; (b) this
Agreement constitutes the valid and binding obligation of such Person
enforceable against such Person in accordance with its terms; and (c) the
execution, delivery and performance by such Person of this Agreement: (i) does
not and will not violate any laws, rules or regulations of the United States
or any state or other jurisdiction applicable to such Person, or require such
Person to obtain any approval, consent or waiver of, or to make any filing
with, any Person that has not been obtained or made; and (ii) does not
constitute a breach of or default under any material agreement to which such
Investor is a party.

 

2.3.                              Representations and
Warranties of the Company. The Company hereby represents, warrants and
covenants to the Investors and the Management Stockholders as follows: (a) the
Company has full corporate power and authority to enter into this Agreement and
perform its obligations hereunder; (b) this Agreement constitutes the
valid and binding obligation of the Company enforceable against it in
accordance with its terms; and (c) the execution, delivery and performance
by the Company of this Agreement: (i) does not and will not violate any
laws, rules or regulations of the United States or any state or other
jurisdiction applicable to the Company, or require the Company to obtain any
approval, consent or waiver of, or to make any filing with, any Person that has
not been obtained or made; and (ii) does not and will not result in a
breach of, constitute a default under, accelerate any obligation under or give
rise to a right of termination of any indenture or loan or credit agreement or
any other material agreement, contract, instrument, mortgage, lien, lease,
permit, authorization, order, writ, judgment, injunction, decree, determination
or arbitration award to which the Company is a party or by which the property
of the Company is bound or affected, or result in the creation or imposition of
any mortgage, pledge, lien, security interest or other charge or encumbrance on
any of the assets or properties of the Company.

 

5

 

SECTION III. RESTRICTIONS ON TRANSFER;
RIGHT OF FIRST REFUSAL; CO-SALE PROVISIONS

 

3.1.                              Restrictions on
Transfer. Each Stockholder shall not, without the prior written consent of
a Convertible Preferred Majority Interest, Transfer all or any portion of the
Shares now owned or hereafter acquired by such Stockholder, except in
compliance with this Section III. Without limiting the generality of the
foregoing (except pursuant to an initial public offering of the Common Stock or
upon consummation of a Sale Event), no Stockholder may Transfer any Shares to
any Person who is determined, in the reasonable, good-faith judgment of the
Board of Directors, to be a direct or indirect competitor of the Company or of
any subsidiary of the Company.

 

3.2.                              Permitted Transfers.
Notwithstanding anything in Section III to the contrary, the provisions of
Sections 3.3 and 3.4 shall not apply to a Transfer of the type listed below in
clauses (a), (b) or (c); provided that in the case of either clause
(a) or (b) the Transferee shall have entered into a Joinder Agreement
in substantially the form of Exhibit A providing that all Shares so
Transferred shall continue to be subject to all provisions of this Agreement as
if such Shares were still held by such Management Stockholder:

 

(a)                                  Transfers by any
Management Stockholder (or any Transferee permitted under this clause (a) or
clause (b)) to (i) such Management Stockholder’s spouse or any lineal
ancestor or descendant (including by adoption), (ii) any trust of which
such Management Stockholder is the trustee or settler or donor and which is
established solely for the benefit of any of the foregoing individuals and
whose terms are not inconsistent with the terms of this Agreement (iii) any
partnership, whose general partner(s) and limited partner(s) (if any)
consist solely of one or more Persons identified in this clause (a) or (iv) any
organization exempt from federal income tax pursuant to Section 501(c)(3) of
the Code, provided that no Management Stockholder may Transfer more than 50% of
the Shares owned by such Management Stockholder as of the date of this
Agreement pursuant to Section 3.2(a)(iv);

 

(b)                                 Upon the death of any
Management Stockholder or Transferee, Transfers to such Management Stockholder’s
or Transferee’s estate, heirs, executors or administrators or to a trust under
such Management Stockholder’s or Transferee’s will, or Transfers between such
Management Stockholder or Transferee and such Management Stockholder’s or
Transferee’s guardian or conservator; or

 

(c)                                  Transfers by any
Management Stockholder pursuant to an initial public offering of the Common
Stock or upon consummation of a Sale Event.

 

Notwithstanding anything to the contrary in this Agreement or any
failure by a Transferee under this Section 3.2 to execute a Joinder
Agreement, except for Transfers pursuant to an initial public offering of the
Common Stock or upon the consummation of a Sale Event, any Transferee of Shares
hereunder shall take such Shares subject to all provisions of this Agreement as
if such Transferee were a Management Stockholder; provided that the term
“Management Stockholder” in Section 3.2(a) and 3.2(b) shall
continue to refer to the applicable original Management Stockholder and not any
Transferee thereof.

 

6

 

3.3.                              Right of Refusal. Subject to the second sentence of Section 3.1,
in the event that any of the Management Stockholders entertains a bona fide,
arm’s length offer (a “Transaction
Offer”) from any other Person (a “Buyer”) to purchase all or any portion of the Shares
held by such Management Stockholder such Management Stockholder (a “Transferring Management Stockholder”)
may, subject to the provisions of Section 3.4, Transfer such Shares
pursuant to and in accordance with the following provisions of this Section 3.3:

 

(a)                                  Offer Notice. The Transferring Management
Stockholder shall cause the Transaction Offer and all of the terms thereof to
be reduced to writing and shall promptly notify the Company and each of the Investors
of such Transferring Management Stockholder’s desire to effect the Transaction
Offer and otherwise comply with the provisions of this Section 3.3 and, if
applicable, Section 3.4 (such notice, the “Offer Notice”). The Offer Notice shall constitute an
irrevocable offer to sell all of the Shares which are the subject of the
Transaction Offer (the “Offered
Shares”) to the Company and the Investors, together as a group, on
the basis described below, at a purchase price equal to the price contained in,
and on the same terms and conditions as, the Transaction Offer. The Offer
Notice shall be accompanied by a true copy of the Transaction Offer (which
shall identify the Buyer and all material information in connection therewith).

 

(b)                                 Company Option. The Company shall have the first
option to purchase all or a portion of the Offered Shares. At any time within
10 days after receipt by the Company of the Offer Notice (the “Company Option Period”), the
Company may elect to accept the offer to purchase with respect to any or all of
the Offered Shares and shall give written notice of such election (the “Company Acceptance Notice”) to
the Transferring Management Stockholder and each Investor within the Company
Option Period, which notice shall indicate the number of Offered Shares that
the Company is willing to purchase. The Company Acceptance Notice shall
constitute a valid, legally binding and enforceable agreement for the sale and
purchase of the Offered Shares covered by the Company Acceptance Notice. If the
Company accepts the offer to purchase all of the Offered Shares, the closing
for such purchase of the Offered Shares by the Company under this Section 3.3(b) shall
take place within 30 days following the expiration, whether by lapse of time or
acceptance, of the Company Option Period (or such later date as specified in Section 3.3(c)),
at the offices of the Company or on such other date or at such other place as
may be agreed to by the Transferring Management Stockholder and the Company. If
the Company fails, or elects not to purchase all of the Offered Shares by
exercising its option under this Section 3.3(b) within the period
provided, the Transferring Management Stockholder shall so notify the Investors
promptly (the “Additional Offer
Notice”), which Additional Offer Notice shall specify the number of
the Offered Shares that the Company has elected not to purchase (the “Remaining Shares”). The
Remaining Shares shall be subject to the options granted to the Investors
pursuant to Section 3.3(c) below.

 

(c)                                  Investors’ Option. If the Company elects not to
purchase all of the Offered Shares under Section 3.3(b), at any time
within 30 days after receipt by the Investors of the Additional Offer Notice
(the “Investor Option Period”),
each Investor may elect to accept the offer to purchase with respect to any and
all of the Remaining Shares and shall give written notice of such election (the
“Investor Acceptance Notice”)
to the Transferring Management Stockholder to and each other Investor within
the Investor Option Period, which notice shall indicate the maximum number of
Remaining Shares that such Investor is willing to purchase,

 

7

 

including the number of Remaining Shares it would purchase if one or
more other Investors do not elect to purchase their Pro Rata Fractions (as
defined in Section 3.3(d) below). An Investor Acceptance Notice shall
constitute a valid and enforceable agreement for the sale and purchase of the
Remaining Shares covered by such Investor Acceptance Notice. The closing for
the purchase of the Remaining Shares by the Investors under this Section 3.3(c) (along
with the purchase by the Company of any Shares under Section 3.3(b) if the
Company is purchasing less than all of the Offered Shares) shall take place at
the offices of the Company no later than the later of (i) 30 days
following the expiration of the Investor Option Period, and (ii) five days
following the date on which all governmental approval or filing requirements
relating to the purchase of the Remaining Shares are satisfied, or on such
other date or at such other place as may be agreed to by the Transferring
Management Stockholder and such Investors. The Transferring Management
Stockholder shall notify the Investors promptly if any Investor fails to offer
to purchase its Pro Rata Fraction.

 

(d)                                 Allocation of
Offered Shares among Investors. Upon the expiration of the Investor Option
Period, the number of Remaining Shares to be purchased by each Investor shall
be determined as follows: (i) first, there shall be allocated to each
Investor electing to purchase, a number of Remaining Shares equal to the lesser
of (A) the number of Remaining Shares as to which such Investor accepted
the offer to purchase, as set forth in its respective Investor Acceptance
Notice, or (B) such Investor’s Pro Rata Fraction (as defined below), and (ii) second,
the balance, if any, not allocated under clause (i) above, shall be
allocated to those Investors who within the Investor Option Period delivered an
Investor Acceptance Notice to purchase a number of Remaining Shares that
exceeded their respective Pro Rata Fractions, in each case on a pro rata basis in proportion to the number
of Shares held by each such Investor up to the amount of such excess. An
Investor’s “Pro Rata Fraction” shall be equal to the product obtained by
multiplying the total number of Remaining Shares by a fraction, the numerator of which is the total number of
Shares owned by such Investor, and the denominator
of which is the total number of Shares held by all Investors, in
each case calculated as of the date of the Offer Notice.

 

(e)                                  Valuation of
Property. In the event that the price set forth in the Offer Notice is
stated in consideration other than cash or cash equivalents, the Transferring
Management Stockholder, the Company and a Convertible Preferred Majority
Interest shall mutually determine the fair market value of such consideration,
reasonably and in good faith, and the Company and/or the Investors, as the case
may be, may effect their purchase under this Section 3.3 by payment of
such fair market value in cash or cash equivalents; provided that, if the
parties cannot mutually agree upon such fair market value, they shall settle
such dispute as provided for in Section 8.10.

 

(f)                                    Sale to Third
Party. In the event that the Company and/or the Investors, together as a
group, do not elect to exercise the rights to purchase under this Section 3.3
with respect to all of the Offered Shares proposed to be sold, the Transferring
Management Stockholder may sell the Offered Shares not purchased by the Company
or the Investors under this Section 3.3 to the Buyer on the terms and
conditions set forth in the Offer Notice, subject to the provisions of Section 3.4.
If the Transferring Management Stockholder’s sale to a Buyer is not consummated
in accordance with the terms of Section 3.4, the Transaction Offer shall
be deemed to lapse, and any Transfers of Shares by the Transferring Management
Stockholder shall be in violation of the provisions of this Agreement unless
the Transferring Management

 

8

 

Stockholder sends a new Offer Notice and once again complies with the
provisions of this Section 3.3 with respect to such Transaction Offer.

 

3.4.                              Co-Sale Option of
Investors. If a Transferring Management Stockholder provides an Offer
Notice to sell Offered Shares and the Company and/or the Investors, together as
a group, do not elect to exercise the rights to purchase under Section 3.3
with respect to all of the Offered Shares, the Transferring Management
Stockholder may Transfer the Offered Shares only pursuant to and in accordance
with the following provisions of this Section 3.4:

 

(a)                                  Co-Sale Notice.
As soon as practicable following the expiration of the Investor Option Period,
and in no event later than five (5) days thereafter, the Transferring
Management Stockholder shall provide notice to each of the Investors (the “Co-Sale
Notice”) of its right to participate (by selling Shares held by each of the
Investors to the Buyer) in the Transaction Offer on a pro rata basis with the Transferring Management Stockholder
and on the same terms and conditions applicable to the Transferring Management
Stockholder (except as to price as set forth in the proviso to Section 3.4(b)),
as are set forth in the Offer Notice (the “Co- Sale Option”). To the
extent one or more Investors exercise their Co-Sale Option in accordance with
this Section 3.4, the number of Offered Shares that the Transferring
Management Stockholder may Transfer in the Transaction Offer shall be
correspondingly reduced.

 

(b)                                 Investor Acceptance.
Each of the Investors shall have the right to exercise its Co-Sale Option by
giving written notice of such intent to participate (the “Co-Sale Acceptance
Notice”) to the Transferring Management Stockholder within fifteen days
after receipt by such Investor of the Co-Sale Notice (the “Co-Sale Election
Period”). Each Co-Sale Acceptance Notice shall indicate the maximum number
of Shares subject thereto which the Investor wishes to sell, including the
number of Shares it would sell if one or more other Investors do not elect to
participate in the sale on the terms and conditions stated in the Offer Notice.
Any Investor holding Convertible Preferred Stock or Warrants shall be permitted
to sell to the relevant Buyer in connection with any exercise of the Co-Sale
Option, at its option, (i) shares of Common Stock issuable upon the
conversion of such Convertible Preferred Stock or shares of Common Stock
issuable on the exercise of Warrants, or (ii) shares of Convertible
Preferred Stock or the Warrants, provided, that in the case of the sale
of Convertible Preferred Stock, the Buyer shall pay for each such share the
greater of (A) the full liquidation preference of each such share of
Convertible Preferred Stock, as determined in accordance with the Charter, or (B) the
relevant aggregate purchase price for the underlying shares of Common Stock
issuable upon conversion of such Convertible Preferred Stock.

 

(c)                                  Allocation of
Shares. Each Investor shall have the right to sell a portion of its Shares
pursuant to the Transaction Offer which is equal to or less than the product
obtained by multiplying the total number of Offered Shares available for sale
to the Buyer by a fraction, the numerator of
which is the total number of shares of Common Stock owned by such Investor
(calculated in accordance with Section 1.3) and the denominator of which is the total number
of shares of Common Stock held by all Investors who have submitted a Co-Sale
Acceptance and the Transferring Management Stockholder (calculated in
accordance with Section 1.3), in each case as of the date of the Offer
Notice, subject to increase as hereinafter provided. If any Investor does not
elect to sell the full amount of such Shares which such Investor is entitled to
sell pursuant to this Section 3.4, then any Investors who have elected to
sell Shares shall have the

 

9

 

right to sell, on a pro-rata basis (based on the number of Shares held
by each such Investor) with any other Investors and up to the maximum number of
Shares stated in each such Investor’s Co-Sale Acceptance Notice, any Shares not
elected to be sold by such Investor, but that the Investor was entitled to sell
under this Section 3.4.

 

(d)                                 Co-Sale Closing. Within ten (10) calendar days
after the end of the Co-Sale Election Period, the Transferring Management
Stockholder shall promptly notify each participating Investor of the number of
Shares held by such Investor that will be included in the sale and the date on
which the Transaction Offer will be consummated, which shall be no later than
the later of (i) 30 calendar days after the end of the Co-Sale Election
Period and (ii) five days following the date on which all governmental
approval or filing requirements relating to the sale of any of the Shares are
satisfied. Each participating Investor may consummate the sale of Shares in any
Transaction Offer hereunder by delivering to the Buyer, or to the Transferring
Management Stockholder for delivery to the Buyer, one or more instruments or
certificates, properly endorsed for transfer, representing the Shares it elects
to sell pursuant thereto. At the time of consummation of the Transaction Offer,
the Buyer shall remit directly to each participating Investor that portion of
the sale proceeds to which the participating Investor is entitled by reason of
its participation in the Transaction Offer. No Shares may be purchased by the
Buyer from the Transferring Management Stockholder unless the Buyer
simultaneously purchases from the participating Investors all of the Shares
that they have elected to sell pursuant to this Section 3.4.

 

(e)                                  Sale to Third Party. Any Shares held by a Transferring
Management Stockholder that are the subject of a Transaction Offer and that the
Transferring Management Stockholder desires to Transfer to a Buyer following
compliance with this Section 3.4, may be sold to such Buyer only during
the period specified in Section 3.4(d) and only on terms no more
favorable to the Transferring Management Stockholder than those contained in
the Offer Notice. Promptly after such Transfer, the Transferring Management
Stockholder shall notify the Company and the Investors of the consummation
thereof and shall furnish such evidence of the completion and date of
completion of the Transfer and of the material terms thereof as may reasonably
be requested by a Convertible Preferred Majority Interest. Prior to the
effectiveness of any Transfer to a Buyer hereunder, such Buyer shall enter into
a Joinder Agreement in substantially the form of Exhibit A,
whereupon such Buyer shall have all the rights and obligations of a Management
Stockholder hereunder. In the event that the Transaction Offer is not
consummated within the period required by this Section 3.4 or the Buyer
fails timely to remit to each participating Investor its respective portion of
the sale proceeds, the Transaction Offer shall be deemed to lapse, and any
Transfer of Shares by the Transferring Management Stockholder shall be in violation
of the provisions of this Agreement unless the Transferring Management
Stockholder sends a new Offer Notice with respect to such Offered Shares and
once again complies with the provisions of Section 3.3 and Section 3.4
with respect to such Transaction Offer.

 

10

 

3.5.                              Co-Sale Option of
Management Stockholders. If any one or more of the Major Investors
entertains a Transaction Offer from a Buyer that is not an Affiliate of such
Investor to purchase all or any portion of the Shares held by such Major
Investor or Major Investors (each, a “Transferring Major Investor”) for
a purchase price equal to or greater than the Series A Preference Amount
(as defined in the Charter), each Transferring Major Investor must sell such
Shares to the Buyer pursuant to and in accordance with the following
provisions:

 

(a)                                  Co-Sale Notice.
Such Transferring Major Investor shall provide prompt written notice (the “Management
Stockholder Co-Sale Notice”) to each Management Stockholder of the
Transferring Major Investor’s desire to sell shares pursuant to the Transaction
Offer and otherwise comply with this Section 3.5, and of each Management
Stockholder’s right to participate in the Transaction Offer with such
Transferring Major Investor in accordance with the allocation prescribed by Section 3.5(c) and
on the same terms and conditions applicable to such Transferring Major Investor
(the “Management Stockholder Co-Sale Option”). The Management
Stockholder Co-Sale Notice shall be accompanied by a true copy of the
Transaction Offer (which shall identify the Buyer and other material
information in connection therewith).

 

(b)                                 Acceptance.
Each Management Stockholder shall have the right to exercise its Management
Stockholder Co-Sale Option by giving written notice (the “Management
Stockholder Co-Sale Acceptance Notice”) to the Transferring Major Investor
within fifteen days after receipt by such Management Stockholder of the
Management Stockholder Co-Sale Notice (the “Management Stockholder Co-Sale
Election Period”). Each Management Stockholder Co-Sale Acceptance Notice
shall indicate the maximum number of Shares that the Management Stockholder
wishes to sell, including the number of Shares it would sell if one or more
other Management Stockholders do not elect to participate in the sale on the
terms and conditions stated in the Offer Notice (each Management Stockholder
that provides a Management Stockholder Co-Sale Acceptance Notice, a “Participating
Management Stockholder”).

 

(c)                                  Allocation of
Shares; Price. Each of the Participating Management Stockholders shall have
the right to sell pursuant to the Transaction Offer and on the same terms and
conditions as applicable to the Transferring Major Investor, that portion of
its Shares that is equal to or less than the result obtained by multiplying (i) the
total number of Shares available for sale to the Buyer subject to the
Transaction Offer times (ii) a fraction, the numerator of which is the
total number of shares of Common Stock owned by such Participating Management
Stockholder and the denominator of which is the total number of shares of
Common Stock held by all Participating Management Stockholders and the
Transferring Major Investor (calculated in accordance with Section 1.3),
in each case, as of the date of the Offer Notice, subject to increase as
hereinafter provided. If any Participating Management Stockholder does not
elect to sell the full amount of such Shares that such Participating Management
Stockholder is entitled to sell pursuant to this Section 3.5, then any
Participating Management Stockholders that have elected to sell Shares shall
have the right to sell, on a pro rata basis (based on the number of Shares held
by each such Participating Management Stockholder) with any other Participating
Management Stockholders and up to the maximum number of Shares stated in each
such Participating Management Stockholder’s Management Stockholder Co-Sale
Acceptance Notice, any Shares not elected to be sold by such Participating
Management Stockholder.

 

11

 

(d)                                 Co-Sale Closing. Within five calendar days after the
end of the Management Stockholder Co-Sale Election Period, the Transferring
Major Investor shall promptly notify each Participating Management Stockholder
of the number of Shares held by such Participating Management Stockholder that
will be included in the sale and the date on which the Transaction Offer will
be consummated, which shall be no later than the date that is the later of (i) 15
calendar days after the end of the Management Stockholder Co-Sale Election
Period and (ii) five calendar days following the date of the satisfaction
of any governmental approval or filing requirements relating to such sale. Each
Participating Management Stockholder may effect its participation in any
Transaction Offer hereunder by delivering to the Buyer, or to any Transferring
Major Investor for delivery to the Buyer, one or more instruments or
certificates, properly endorsed for transfer, representing the Shares it elects
to sell pursuant thereto. At the time of consummation of the Transaction Offer,
the Transferring Major Investors shall cause the Buyer to remit directly to
each Participating Management Stockholder that portion of the sale proceeds to which
the Participating Management Stockholder is entitled by reason of its
participation in the Transaction Offer. No Shares may be purchased by the Buyer
from the Transferring Major Investors unless the Buyer simultaneously purchases
from the Participating Management Stockholders all of the Shares that they have
elected to sell pursuant to this Section 3.5.

 

(e)                                  Sale to Third Party. Any Shares held by a Transferring
Major Investor that are the subject of a Transaction Offer and that the
Transferring Major Investor desires to Transfer to a Buyer in compliance with
this Section 3.5, may be sold to such Buyer only during the period
specified in Section 3.5(d) and only on terms no more favorable to
the Transferring Major Investor than those set forth in the Management
Stockholder Co-Sale Notice. Promptly after such Transfer, the Transferring
Major Investor shall notify the Company and the Management Stockholders of the
consummation thereof and shall furnish such evidence of the completion and date
of completion of the Transfer and of the material terms thereof as may
reasonably be requested by the Company. Prior to the effectiveness of any
Transfer hereunder, such Buyer shall enter into a Joinder Agreement in
substantially the form of Exhibit A,  whereupon such Buyer shall
have all the rights and obligations of a Major Investor hereunder. If the
Transaction Offer is not consummated within the period required by this Section 3.5
or the Buyer fails timely to remit to each Participating Management Stockholder
its respective portion of the sale proceeds, the Transaction Offer shall be
deemed to lapse, and any Transfer of Shares arising out of or resulting from
such Transaction Offer shall be in violation of the provisions of this
Agreement unless the Transferring Major Investor sends a new Management
Stockholder Co-Sale Notice with respect to such Shares and once again complies
with the provisions of Section 3.5 with respect to such Transaction Offer.

 

3.6.                              Contemporaneous Transfers. If there are proposed concurrent
Transfers that are subject to this Section III, then the relevant
provisions of Section 3.3, Section 3.4 and 3.5, as applicable, shall
apply separately to each such proposed Transfer.

 

3.7.                              Effect of Prohibited Transfers. If any Transfer is made or attempted
contrary to the provisions of this Agreement, (a) such purported Transfer
shall be void ab initio, (b) the Company and the other parties shall have,
in addition to any other legal or equitable remedies which they may have, the
right to enforce the provisions of this Agreement by actions for

 

12

 

specific performance (to the extent permitted by law), and (c) the
Company shall have the right to refuse to recognize any such Transferee for any
purpose.

 

3.8.                              Assignment of Rights.
Subject to Section 3.5 hereof, there shall be no restriction under this
Agreement on an Investor’s right to Transfer all or any Shares to any other
Person, and each Investor shall have the right to assign its rights under this Section III
to any Transferee of such Investor’s Securities. Prior to the effectiveness of
any Transfer by an Investor to a Transferee hereunder, such Transferee shall
enter into a Joinder Agreement in substantially the form of Exhibit A,
whereupon such Transferee shall have all the rights and obligations of an
Investor hereunder.

 

SECTION IV.                  RIGHTS
AND OBLIGATIONS TO SELL

 

4.1.                              Drag Along Rights.

 

(a)                                  In the event of a
Sale Event, each Management Stockholder shall, upon the written request of a
Convertible Preferred Majority Interest: (i) sell, transfer and deliver,
or cause to be sold, transferred and delivered, to the Third Party Buyer a pro
rata portion of his, her or its Shares on the same terms applicable to the
Convertible Preferred Majority Interest (but subject to the relative rights and
preferences of the Convertible Preferred Stock, and the Common Stock as
provided in the Charter), and/or (ii) execute and deliver such instruments
of conveyance and transfer and take such other action, including voting all
Shares by that Management Stockholder in favor of any Sale Event proposed by
the Convertible Preferred Majority Interest and executing any purchase
agreements, merger agreements, indemnity agreements, escrow agreements or
related documents as such Convertible Preferred Majority Interest may
reasonably require in order to carry out the terms and provisions of this Section 4.1
(the rights of the Convertible Preferred Majority Interest under this Section 4.1,
the “Drag-Along Right”).

 

(b)                                 In the event the
Drag-Along Right is exercised by a Convertible Preferred Majority Interest in
accordance with Section 4.1(a), the Management Stockholders shall only be
required to incur the same obligations as those incurred by the Convertible
Preferred Majority Interest, and the liability of each such Management
Stockholder in respect of such obligations shall be pro rata based on the
proceeds received in such Sale Event and in no event shall exceed the proceeds
received in such Sale Event by such Management Stockholder.

 

4.2.                              Procedure. Not
less than 15 days prior to the date proposed for the closing of any Sale Event,
a Convertible Preferred Majority Interest shall give notice to each of the
Management Stockholders setting forth in reasonable detail the name or names of
any Third Party Buyer, the terms and conditions of the Sale Event, including
the purchase price, and the proposed closing date.

 

SECTION V.                           RIGHTS
TO PURCHASE

 

5.1.                              Right to Participate
in Certain Sales of Additional Securities. Following the date of this
Agreement, the Company shall not sell or issue or agree to sell or issue: (a) any
shares of

 

13

 

capital stock of the Company, (b) any securities convertible into
or exercisable or exchangeable for shares of capital stock of the Company, or (c) any
options, warrants or rights carrying any rights to purchase shares of capital
stock of the Company, unless the Company first submits a written notice to each
Investor and Management Stockholder identifying the terms of the proposed sale
(including price, number or aggregate principal amount of securities and all
other material terms), and offers to each Investor and Management Stockholder
who is an “accredited investor,” as such term is defined in Rule 501 under
the Securities Act (an “Eligible Person”), the opportunity to purchase
its Pro Rata Allotment (as hereinafter defined) of the securities described in
the immediately preceding clauses (a) through (c) (subject to
increase for over-allotment if any Eligible Persons do not fully exercise their
rights under this Section 5.1) on terms and conditions, including price,
not less favorable than those on which the Company proposes to sell such
securities to a third party or parties (a “Participation Right Notice”).
The Company’s offer pursuant to this Section 5.1 shall remain open and
irrevocable for a period of 20 days following receipt by the Eligible Persons
of such Participation Right Notice.

 

5.2.                              Eligible Person
Acceptance. Each of the Eligible Persons may purchase its Pro Rata
Allotment by giving written notice of such intent to participate (the “Participation
Right Acceptance Notice”) to the Company within 20 days after receipt by
such Eligible Person of the Participation Right Notice (the “Participation
Right Acceptance Election Period”). Each Participation Right Acceptance
Notice shall indicate the maximum number of shares, securities, options,
warrants or other interests subject thereto which the Eligible Person wishes to
buy, including the number it would buy if one or more other Eligible Persons do
not elect to participate in the sale on the terms and conditions stated in the
Participation Right Notice.

 

5.3.                              Calculation of Pro
Rata Allotment. Each Eligible Person’s “Pro Rata Allotment” of such
securities shall be based on the ratio which the number of shares of Common
Stock owned (calculated in accordance with Section 1.3) by such Eligible
Person bears to all of the shares of Common Stock owned by all of the Company’s
stockholders (calculated in accordance with Section 1.3) as of the date of
such Participation Rights Notice. If one or more Eligible Persons do not elect
to purchase their respective Pro Rata Allotment, each of the electing Eligible
Persons may purchase a portion of each such non-electing Eligible Person’s Pro
Rata Allotment (taking into account the maximum amount each is wishing to
purchase) on a pro rata basis, based upon the relative holdings of shares of
Common Stock owned (calculated in accordance with Section 1.3) by each of
the electing Eligible Persons in the case of over-subscription.

 

5.4.                              Sale to Third Party.
Any shares, securities, options, warrants or other interests so offered that
are not purchased by the Eligible Persons pursuant to the offer set forth in Section 5.1
above may be sold by the Company, but only on terms and conditions not more favorable
to the purchaser than those set forth in the Participation Right Notice, at any
time after five (5) days but within 60 days following the termination of
the above-referenced 20 day period, but may not be sold to any other Person or
on terms and conditions, including price, that are more favorable to the
purchaser than those set forth in such Participation Right Notice or after such
60 day period without renewed compliance with this Section V.

 

5.5.                              Exceptions to
Participation Rights. Notwithstanding the foregoing Sections 5.1 through
5.4, the right to purchase granted under this Section V shall be
inapplicable with respect to: (i) the issuance of up to an aggregate of
3,131,127 shares of Common Stock (as appropriately

 

14

 

adjusted for any stock split, combination, reorganization,
recapitalization, reclassification, stock distribution, stock dividend or
similar event) issued or issuable in connection with, or upon the exercise of,
options or other awards granted or to be granted to employees, officers or
directors of the Company pursuant to the Company’s 2006 Stock Option and Grant
Plan, including shares of Common Stock issued in replacement of shares of such
Common Stock repurchased or issuable upon the exercise of any options to
purchase shares of such Common Stock, to the extent permitted under the Company’s
2006 Stock Option and Grant Plan; (ii) the issuance of up to an aggregate
of 1,793,105 shares of Common Stock (as appropriately adjusted for any stock
split, combination, reorganization, recapitalization, reclassification, stock
distribution, stock dividend or similar event) issued or issuable in connection
with, or upon the exercise of, options or other awards granted or to be granted
to employees, officers or directors of the Company pursuant to the Company’s
Amended and Restated 1995 Stock Option and Grant Plan, including shares of
Common Stock issued in replacement of shares of such Common Stock repurchased
or issuable upon the exercise of any options to purchase shares of such Common
Stock, to the extent permitted under the Company’s Amended and Restated 1995
Stock Option and Grant Plan; (iii) securities issued as a result of any
stock split, stock dividend, reclassification or reorganization or similar
event with respect to the Shares; (iv) shares of Common Stock issued upon
conversion of, or as a dividend on, the Convertible Preferred Stock; (v) securities
issued as consideration for the purchase of stock or assets in any acquisition
or merger that is approved by a Convertible Preferred Majority Interest; (vi) shares
of capital stock of the Company issued upon exercise of any Warrants or (vii) any
securities issued with the approval of a Convertible Preferred Majority
Interest; provided that such securities are issued to Persons who are not (A) Investors
or Affiliates thereof or (B) Persons or transactions in which any Investor
or Affiliate thereof has any direct or indirect interest, and, in each case,
are issued as part of a bona fide, arm’s length transaction.

 

5.6.                              Assignment of Rights.
Subject to Section III and Section 8.9 hereof, for the avoidance of
doubt, each Investor and Management Stockholder may assign its rights under
this Section V to any Transferee of such Person’s Shares who is an “accredited
investor” as such term is defined in Rule 501 of the Securities Act, and
may assign and transfer such Person’s right to accept any particular offer
under Section 5.1 hereof to any Person who is an “accredited investor” as
such term is defined in Rule 501 of the Securities Act, and any such
Transferee shall be deemed within the definition of an “Eligible Person” for
purposes of this Section V.

 

SECTION VI.                  ELECTION
OF DIRECTORS

 

6.1.                              Initial Board of
Directors. The initial Board of Directors shall consist of five (5) members,
of which one (1) shall be Coleman Fung, two (2) shall be
representatives of the Investors nominated by a Convertible Preferred Majority
Interest and two (2) shall be independent directors (who may not be
Affiliates of any Investor) nominated by a Convertible Preferred Majority
Interest. Each of the Stockholders agrees to vote their Shares in order to
effect such representation.

 

6.2.                              Board Representation
of Management Stockholders. For so long as Coleman Fung is an employee of
the Company, each of the Stockholders agrees to vote all of his, her or its
Shares having voting power (and any other Shares over which he, she or it
exercises voting

 

15

 

control), in connection with the election of the Board of Directors and
to take such other actions as are necessary to elect and continue in office Mr. Fung
as a Director.

 

6.3.                              Representation of the
Management Stockholder Nominee on the Compensation Committees. For so long
as Coleman Fung is a Director, each Stockholder agrees to take all such actions
under the Charter and the Company’s bylaws to provide that the Board of
Directors will ensure that Mr. Fung shall be a member of the compensation
committee of the Board of Directors.

 

SECTION VII.                COVENANTS
OF THE COMPANY

 

The Company covenants and agrees that:

 

7.1.                              Financial Statements,
Reports, Etc. The Company shall furnish to each Stockholder the following
reports:

 

(a)                                  Annual Financial
Statements. Within 90 days after the end of each fiscal year of the
Company, a consolidated balance sheet of the Company and its subsidiaries, if
any, as of the end of such fiscal year and the related consolidated statements
of income, stockholders’ equity and cash flows for the fiscal year then ended,
prepared in accordance with generally accepted accounting principles, together
with an audit thereof by a firm of independent public accountants of nationally
recognized standing selected by the Board of Directors;

 

(b)                                 Quarterly Financial
Statements. Within 30 days after the end of each fiscal quarter of the
Company, a consolidated balance sheet of the Company and its subsidiaries, if
any, and the related consolidated statements of income, stockholders’ equity and
cash flows for the fiscal quarter then ended, unaudited but prepared in
accordance with generally accepted accounting principles and certified by the
chief financial officer of the Company, such consolidated balance sheet to be
as of the end of such quarter and such consolidated statements of income,
stockholders’ equity and cash flows to be for such quarter and for the period
from the beginning of the fiscal year to the end of such quarter, in each case
with comparative statements for the prior fiscal year; and

 

(c)                                  Budget. No
later than 30 days prior to the start of each fiscal year, consolidated capital
and operating expense budgets, cash flow projections and income and loss
projections for the Company and its subsidiaries, if any, in respect of such fiscal
year, all itemized in reasonable detail and prepared on a monthly basis, and,
promptly after preparation, any revisions to any of the foregoing;

 

(d)                                 Accountant’s
Letters. Promptly following receipt by the Company, each audit response
letter, accountant’s management letter and other written report submitted to
the Company by its independent public accountants in connection with an annual
or other audit of the books of the Company or any of its subsidiaries;

 

(e)                                  Notices.
Promptly after the commencement thereof, notice of all actions, suits, claims,
proceedings, investigations and inquiries that could materially and adversely
affect the Company or any of its subsidiaries, if any; and

 

16

 

(f)                                    Other
Information. Promptly, from time to time, such other information regarding
the business, prospects, financial condition, operations, property or affairs
of the Company and its subsidiaries, if any, as a Convertible Preferred
Majority Interest reasonably may request.

 

7.2.                              Inspection,
Consultation and Advice. The Company shall permit and cause each of its
subsidiaries, if any, to permit each Investor and such persons as each Investor
may designate, at such Investor’s expense, to visit and inspect any of the
properties of the Company and its subsidiaries, examine their books and take
copies and extracts therefrom, discuss the affairs, finances and accounts of
the Company and its subsidiaries with their officers, employees and public
accountants (and the Company hereby authorizes said accountants to discuss with
such Investor and such designees such affairs, finances and accounts), and
consult with and advise the management of the Company and its subsidiaries as
to their affairs, finances and accounts, all at reasonable times and upon
reasonable notice during normal business hours. The foregoing shall be in
addition to, and not in lieu of, rights under applicable law.

 

7.3.                              Key
Person Insurance. The Company shall maintain, “key person” term life insurance
policies of at least $10,000,000 on the life of Coleman Fung which shall name
the Company as beneficiary.

 

7.4.                              Directors and Officers’
Insurance; Charter and Bylaws. The Company shall maintain directors and
officers liability insurance coverage on terms satisfactory to the Board of
Directors of at least $5,000,000 per occurrence, to the fullest extent
permitted by law covering, among other things, violations of federal or state
securities laws. The Company shall use its best efforts prior to any initial
public offering of the Company’s capital stock to increase its directors and
officers liability insurance to at least $15,000,000 per occurrence, including
coverage of claims under the Securities Act and the Exchange Act. The Company
shall at all times maintain provisions in its bylaws and in its Charter
indemnifying all directors and officers against liability and absolving all
directors and officers from liability to the Company and its stockholders to
the maximum extent permitted under applicable law.

 

7.5.                              Compensation of
Directors and Investors. The Company shall pay or promptly reimburse in
full each of the Directors for all of their reasonable out-of-pocket expenses
incurred in attending each meeting of the Board of Directors or any Committee
thereof. The Company shall also pay or promptly reimburse the Investors for
reasonable costs, not to exceed $50,000 per year without the unanimous consent
of the Board of Directors, associated with any other work done on behalf of the
Company.

 

7.6.                              [Reserved]

 

7.7.                              Material Adverse
Change. The Company shall promptly advise the Stockholders of any event
which could be reasonably likely to have a Material Adverse Effect, and of each
lawsuit or Proceeding commenced or, if known by the Company, threatened against
the Company or any subsidiary which, if adversely determined, in the reasonable
judgment of the Company, is reasonably likely to have a Material Adverse
Effect. The Company will promptly advise the Stockholders of any recall of the
Company’s or its subsidiaries’ products and any

 

17

 

Proceeding commenced or, if known by the Company, threatened which is
related to the Company’s or its subsidiaries’ products and services.

 

7.8.                              Indemnification. Without
limitation of any other provision of this Agreement, the Company shall, and
shall cause its subsidiaries, successors and assigns to indemnify each
Investor, its Affiliates and direct and indirect partners (including partners
of partners and stockholders and members of partners), members, stockholders,
directors, officers, employees and agents and each Person who controls any of
them within the meaning of Section 15 of the Securities Act, or Section 20
of the Exchange Act (collectively, the “Investor Indemnified Parties”
against any and all damages, liabilities, losses, Taxes, fines, penalties,
reasonable costs and expenses (including reasonable fees of counsel) whether or
not arising out of third-party claims and including all reasonable amounts paid
in investigation, defense or settlement of the foregoing (those claims so
indemnified against, “Losses”) that may be sustained or suffered by any
such Investor Indemnified Party based upon, arising out of or by reason of any
third party or governmental claims relating in any way to such Investor
Indemnified Party’s status as a security holder, creditor, director, agent,
representative or controlling person of the Company or otherwise relating to
such Investor Indemnified Party’s involvement with the Company or its subsidiaries
(including in each case any and all Losses under the Securities Act, the
Exchange Act or other federal or state statutory law or regulation, at common
law or otherwise, which relate directly or indirectly to the registration,
purchase, sale or ownership of any securities of the Company or to any
fiduciary obligation owed with respect thereto), including, without limitation,
in connection with any third party or governmental action or claim relating to
any action taken or omitted to be taken, or alleged to have been taken or
omitted to have been taken, by any Investor Indemnified Party as security
holder, director, agent, representative or controlling person of the Company or
otherwise; provided, however, that the Company will not be liable
to any Investor Indemnified Party to the extent that any such Losses arise from
and are based on (A) an untrue statement of a material fact or omission,
to state a material fact, or alleged untrue statement of a material fact or
omission to state a material fact, in a registration statement or prospectus
which is made in reliance on and in conformity with written information
furnished to the Company by or on behalf of such Investor Indemnified Party, (B) conduct
by such Investor Indemnified Party which is found to be fraud or willful
misconduct in a non-appealable, final judgment, (C) conduct by such Investor
Indemnified Party that constitutes a material breach of any existing written
agreement between the Company and the Investors including, without limitation,
breach of Section 7.10(b) hereof or (D) conduct that ought to
have been the approved pursuant to Section 7.10.

 

(b)                                 If
the indemnification provided for in Section 7.8(a) above for any
reason is held by any competent authority to be unavailable to an Investor Indemnified
Party in respect of any Losses referred to therein, then the Company, in lieu
of indemnifying such Investor Indemnified Party thereunder, shall contribute to
the amount paid or payable by such Investor Indemnified Party as a result of
such Losses (i) in such proportion as is appropriate to reflect the
relative benefits received by the Company and the Investors, or (ii) if
the allocation provided by clause (i) above is not permitted by applicable
law in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of
the Company and the Investors in connection with the action or inaction which
resulted in such Losses, as well as any other relevant equitable
considerations. The relative fault of the Company and the Investors shall be
determined by reference to, among other things, whether the untrue or

 

18

 

alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the
Company and the Investors and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or
omission.

 

(c)                                  Each
of the Company and the Investors agrees that it would not be just or equitable
if contribution pursuant to Section 7.8(b) were determined by pro rata or per
capita allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately
preceding paragraph.

 

(d)                                 The
Company shall pay all reasonable out-of-pocket costs and expenses incurred by
the Investors in connection with their ongoing investment in the Company,
including, without limitation, the fees and disbursements of counsel and other
professionals in connection with any modification, waiver, consent or amendment
of this Agreement or any other agreement between the Company and the Investors.

 

7.9.                              Certain Notices.
The Company shall provide to the Stockholders copies of any and all notices or
other notifications required to be provided by the Company to any lenders under
the terms of any agreement related to indebtedness for borrowed money as and
when any such notices are delivered to any such lenders.

 

7.10.                        Approval by Management
Stockholder Nominee. For as long as Coleman Fung is an employee of the
Company or any subsidiary, the Company shall not (in any case, by merger,
consolidation, operation of law or otherwise), and shall not permit any
subsidiary to (in any case, by merger, consolidation, operation of law or
otherwise), without having obtained the unanimous affirmative vote or unanimous
written consent of the Board of Directors:

 

(a)                                  amend,
alter or reclassify the Convertible Preferred Stock in a manner that adversely
affects the rights of the Common Stock;

 

(b)                                 except
as contemplated by Section 7.8(d), engage in any transaction with, make
any payment to or enter into any agreement with any Investor or any Affiliate
of any Investor, or

 

(c)                                  except
as contemplated by Section 7.8(d), grant compensation to any holder of the
Company’s capital stock in exchange for any management, consulting or similar
services.

 

SECTION VIII.               MISCELLANEOUS
PROVISIONS

 

8.1.                              Reliance. Each
covenant and agreement made by a party in this Agreement or in any certificate,
instrument or other document delivered pursuant to this Agreement is material,
shall be deemed to have been relied upon by the other parties and shall remain
operative and in full force and effect after the date hereof regardless of any
investigation. This Agreement shall not be construed so as to confer any right
or benefit upon any Person other than the parties hereto and their respective
successors and permitted assigns, except to the extent expressly contemplated
in Section 8.

 

19

 

8.2.                              Legend on Securities.
In addition to any other legend on the certificates representing Shares held by
Investors or Management Stockholders, substantially the following legend must
be typed on each certificate evidencing any of the Shares held at any time by
any of the Investors or Management Stockholders:

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
STOCKHOLDERS AGREEMENT, DATED AS OF FEBRUARY 1, 2006, AS SUCH AGREEMENT MAY BE
AMENDED, RESTATED OR MODIFIED FROM TIME TO TIME, AND MAY NOT BE
TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
EXCEPT IN ACCORDANCE WITH THE PROVISIONS THEREOF AND ANY TRANSFEREE OF THESE
SECURITIES SHALL BE SUBJECT TO THE TERMS OF SUCH AGREEMENT. COPIES OF THE
FOREGOING AGREEMENT ARE MAINTAINED WITH THE CORPORATE RECORDS OF THE ISSUER AND
ARE AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICES OF THE ISSUER.

 

THE ISSUER WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING,
OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF
AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
MAY NOT BE OFFERED, SOLD OR TRANSFERRED EXCEPT PURSUANT TO (I) AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR (II) AN
APPLICABLE EXEMPTION FROM REGISTRATION THEREUNDER OR UNDER APPLICABLE STATE
SECURITIES LAWS.

 

8.3.                              Amendment and Waiver;
Actions of the Board. Any party may waive in writing any provision hereof
intended for its benefit. No failure or delay on the part of any party in
exercising any right, power or remedy hereunder shall operate as a waiver
thereof. The remedies provided for herein are cumulative and are not exclusive
of any remedies that may be available to any party at law or in equity or
otherwise. This Agreement may not be amended without the prior written consent
of the Company, a Convertible Preferred Majority Interest and the Management
Stockholders holding at least a majority of the Common Stock held by all
Management Stockholders. Any consent given as provided in the preceding
sentence shall be binding on all parties.

 

20

 

8.4.                              Notices. All
notices, requests, demands and other communications provided for hereunder
shall be in writing and mailed (by first class registered or certified mail,
postage prepaid), telegraphed, sent by express overnight courier service or
electronic facsimile transmission (with a copy by mail), or delivered to the
applicable party at the respective address indicated below:

 

If to the Company:

 

Open Link Financial, Inc.

1502 Reckson Plaza

West Tower -15th Floor

Uniondale, NY 11556-1502 

Facsimile No.: (516) 394-1193 

Attention: Kevin Hesselbirg

 

If to the Investors:

 

TA Associates, Inc.

125 High Street

High Street Tower, Suite 2500 

Boston, MA 02110

Facsimile: (617) 574-6728 

Attention: Jonathan W. Meeks

 

If to any Management Stockholder or any
Transferee:

 

At such Person’s address for notice as set forth in the books and
records of the Company

 

or, as to each of the foregoing, at such other address as shall be
designated by a party in a written notice to other parties complying as to
delivery with the terms of this subsection (a). All such notices, requests,
demands and other communications shall, when mailed, telegraphed or sent,
respectively, be effective (i) two days after being deposited in the mails
or (ii) one day after being delivered to the telegraph company, deposited
with the express overnight courier service or sent by electronic facsimile
transmission, respectively, addressed as aforesaid.

 

8.5.                            Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
agreement.

 

8.6.                            Remedies; Severability.
It is specifically understood and agreed that any breach of the provisions of
this Agreement by any party will result in irreparable injury to the other
parties, that the remedy at law alone will be an inadequate remedy for such
breach, and that, in addition to any other legal or equitable remedies which
they may have, such other parties may enforce their respective rights by
actions for specific performance (to the extent permitted by law). If any one
or more of the provisions of this Agreement, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any
reason, the validity,

 

21

 

legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein are not to be in any
way impaired thereby, it being intended that all of the rights and privileges
of the parties be enforceable to the fullest extent permitted by law.

 

8.7.                              Entire
Agreement. This Agreement is intended by the parties as a final expression of
their agreement as to the subject matter hereof and, together with the Major
Stockholder Contribution and Exchange Agreement and the Contribution Agreement,
as applicable, the Registration Rights Agreement, the Subscription Agreement
and the Charter, intended to be complete and exclusive statement of the
agreement and understanding of the parties with respect to that subject matter.

 

8.8.                              Governing
Law. This Agreement is to be construed and enforced in accordance with the
laws of the State of Delaware.

 

8.9.                              Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties and the respective successors and permitted assigns of the
parties as contemplated herein, and any successor to the Company by way of
merger or otherwise must specifically agree to be bound by the terms hereof as
a condition of such succession. The rights of the Investors hereunder shall be
binding upon and inure to the benefit of their Transferees of their Securities.
Except as provided in Section III and Section V, no Management
Stockholder may assign this Agreement or any of the Management Stockholder’s
rights or obligations hereunder without the prior written consent of the
Company and a Convertible Preferred Majority Interest, and without such prior
written consent any attempted assignment shall be null and void.

 

8.10.                        Dispute
Resolution. All disputes, claims, or controversies arising out of or
relating to this Agreement, or any other agreement executed and delivered
pursuant to or in connection with this Agreement or the negotiation, breach,
validity, termination or performance hereof and thereof or the transactions contemplated
hereby and thereby, that are not resolved by mutual agreement shall be resolved
solely and exclusively by binding arbitration to be conducted before Judicial
Arbitration and Mediation Services, Inc. (“JAMS”) in New York, New
York before a single independent arbitrator (the “Arbitrator”). The
parties understand and agree that this arbitration shall apply equally to
claims of fraud or fraud in the inducement.

 

(b)                              The
parties covenant and agree that the arbitration shall commence within 120 days of
the date on which a written demand for arbitration is filed by any party hereto
(the “Filing Date”). In connection with the arbitration proceeding, the
Arbitrator shall have the power to order the production of documents by each
party and any third-party witnesses. In addition, each party may take up to
three depositions as of right, and the Arbitrator may in his or her discretion
allow additional depositions upon good cause shown by the moving party.
However, the Arbitrator shall not have the power to order the answering of
interrogatories or the response to requests for admission. In connection with
any arbitration, each party shall provide to the other, no later than seven
days before the date of the arbitration, the identity of all persons that may testify
at the arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party’s witnesses or experts. The
Arbitrator’s decision and award shall be made and delivered within 180 days of
the Filing Date. The Arbitrator’s decision shall set forth a reasoned basis for
any award of damages or finding of liability. The Arbitrator

 

22

 

shall not have power to award damages in excess of actual compensatory
damages and shall not multiply actual damages or award punitive damages or any
other damages that are specifically excluded under this Agreement, and each
party hereby irrevocably waives any claim to such damages.

 

(c)                                The
parties covenant and agree that they will participate in the arbitration in
good faith and that they will (i) bear their own attorneys’ fees, costs
and expenses in connection with the arbitration, and (ii) share equally in
the fees and expenses charged by the Arbitrator. Any party unsuccessfully refusing
to comply with an order of the Arbitrators shall be liable for costs and
expenses, including attorneys’ fees, incurred by the other party in enforcing
the award. This Section 8.10 applies equally to requests for temporary,
preliminary or permanent injunctive relief, except that in the case of
temporary or preliminary injunctive relief any party may proceed in court
without prior arbitration for the purpose of avoiding immediate and irreparable
harm.

 

8.11.                        Consent to Jurisdiction. Except as provided in Section 8.10(c) each
of the parties hereto irrevocably and unconditionally consents to the
jurisdiction of JAMS to resolve all disputes, claims or controversies arising
out of or relating to this Agreement or any other agreement executed and
delivered pursuant to or in connection with this Agreement or the negotiation,
breach, validity, termination or performance hereof and thereof or the
transactions contemplated hereby and thereby, and further consents to the sole
and exclusive jurisdiction of the state and federal courts located in the State
of New York and the city of New York for the purposes of enforcing the
arbitration provisions of Section 8.10 of this Agreement. Each party
further irrevocably waives any objection to proceeding before the Arbitrator
based upon lack of personal jurisdiction or to the laying of venue and further
irrevocably and unconditionally waives and agrees not to make a claim in any
court that arbitration before the Arbitrator has been brought in an
inconvenient forum. Each of the parties hereto hereby consents to service of
process by registered mail at the address to which notices are to be given as
provided in Section 8.4. Each of the parties hereto agrees that its or his
submission to jurisdiction and its or his consent to service of process by mail
is made for the express benefit of the other parties hereto.

 

8.12.                        Termination.

 

Sections III, IV, V and VI shall terminate upon an initial public
offering of the Company’s Common Stock or upon consummation of a Sale Event;
provided, that the covenants set forth in Sections 7.4, 7.5 and 7.10 hereof
shall continue for so long as any Investor holds any Shares or until the
expiration of any applicable statute of limitations, if later.

 

 

[SIGNATURE PAGE FOLLOWS]

 

23

 

IN WITNESS WHEREOF, the parties are signing this
Stockholders Agreement as of the date first set forth above.

 

	
   

  	
  OPEN LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Coleman Fung

  
	
   

  	
   

  	
  Name:

  	
  Coleman Fung

  
	
   

  	
   

  	
  Title:

  	
  Chief Executive Officer

  

 

 

[Signature Page to Stockholders Agreement]

 

 

	
   

  	
  /s/
  Coleman Fung 

  
	
   

  	
  Coleman
  Fung 

  
	
   

  	
   

  
	
   

  	
  Address
  for Notice:

  
	
   

  	
   

  
	
   

  	
  22
  Orchard Meadow Rd. 

  
	
   

  	
  East
  Williston, NY 11596

  

 

 

	
   

  	
  /s/ Kevin
  Hesselbirg 

  
	
   

  	
  Kevin
  Hesselbirg 

  
	
   

  	
   

  
	
   

  	
  Address
  for Notice:

  
	
   

  	
   

  
	
   

  	
  15
  Heather Drive

  
	
   

  	
  Kings
  Park, NY 11754

  

 

 

	
   

  	
  /s/
  Robert Kalish 

  
	
   

  	
  Robert
  Kalish 

  
	
   

  	
   

  
	
   

  	
  Address
  for Notice:

  
	
   

  	
   

  
	
   

  	
  10
  Heathcote Drive

  
	
   

  	
  Albertson,
  NY 11507

  

 

 

[Signature Page to Stockholders Agreement]

 

 

	
   

  	
  TA
  SUBORDINATED DEBT FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Principal

  

 

 

[Signature Page to Stockholders Agreement]

 

 

	
   

  	
  TA IX
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA
  Associates IX LLC, its general partner

  
	
   

  	
  By:

  	
  TA
  Associates, Inc., its manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Name: Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  

 

	
   

  	
  TA
  STRATEGIC PARTNERS FUND A L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA
  Associates SPF L.P., its general partner

  
	
   

  	
  By:

  	
  TA
  Associates, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Name: Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  

 

	
   

  	
  TA STRATEGIC
  PARTNERS FUND B L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA
  Associates SPF L.P., its general partner

  
	
   

  	
  By:

  	
  TA
  Associates, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Name: Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  

 

	
   

  	
  TA
  ATLANTIC AND PACIFIC V L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA
  Associates AP V L.P., its general partner

  
	
   

  	
  By:

  	
  TA
  Associates, Inc., its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Name: Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  

 

 

	
   

  	
  TA INVESTORS II L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA
  Associates, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Name: Jonathan Meeks

  
	
   

  	
   

  	
   

  	
  Title: Principal

  

 

 

[Signature Page to Stockholders Agreement]

 

EXHIBIT A

 

Joinder Agreement

 

The undersigned hereby agrees, effective as of the date hereof, to
become a party to the Stockholders Agreement (the “Agreement”) dated as
of February 1, 2006, by and among Open Link Financial, Inc. (the “Company”)
and the other parties thereto and for all purposes of the Agreement, the
undersigned shall be included within the term [“Management
Stockholder”/“Investor”] (as defined in the Agreement). The
undersigned further confirms that the representations and warranties contained
in Section II of the Agreement are true and correct as to the undersigned
as of the date hereof. The address and facsimile number to which notices may be
sent to the undersigned is as follows:

 

	
  Facsimile No.

  	
                                        

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [NAME OF UNDERSIGNED]

  

 

 

SCHEDULE A

 

Management Stockholders and Investors

 

	
  Management Stockholders

  	
   

  
	
   

  	
   

  
	
  Name

  	
   

  
	
   

  	
   

  
	
  Coleman Fung

  	
   

  
	
   

  	
   

  
	
  Kevin Hesselbirg

  	
   

  
	
   

  	
   

  
	
  Robert Kalish

  	
   

  
	
   

  	
   

  
	
  Investors

  	
   

  
	
   

  	
   

  
	
  Name

  	
   

  
	
   

  	
   

  
	
  TA IX L.P

  	
   

  
	
   

  	
   

  
	
  TA Atlantic and Pacific V L.P. 

  	
   

  
	
   

  	
   

  
	
  TA Strategic Partners Fund A L.P. 

  	
   

  
	
   

  	
   

  
	
  TA Strategic Partners Fund B L.P. 

  	
   

  
	
   

  	
   

  
	
  TA Investors II L.P.

  	
   

  
	
   

  	
   

  
	
  TA Subordinated Debt Fund, L.P.Exhibit 10.4

 

Execution Copy

 

 

REGISTRATION RIGHTS AGREEMENT

 

By and Among

 

OPEN LINK FINANCIAL, INC.,

 

The Investors

 

as defined herein

 

and

 

The Management Stockholders

 

as defined herein

 

Dated as of February 1, 2006

 

 

 

	
   

  	
  TABLE OF CONTENTS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Page

  
	
  1.

  	
  Certain
  Definitions

  	
  1

  
	
  2.

  	
  Demand
  Registrations

  	
  2

  
	
  3.

  	
  Form S-3

  	
  4

  
	
  4.

  	
  Piggyback
  Registration

  	
  4

  
	
  5.

  	
  Registration
  Procedures

  	
  5

  
	
  6.

  	
  Expenses

  	
  8

  
	
  7.

  	
  Indemnification

  	
  8

  
	
  8.

  	
  Compliance
  with Rule 144

  	
  11

  
	
  9.

  	
  Market
  Stand-Off

  	
  11

  
	
  10.

  	
  Amendments

  	
  12

  
	
  11.

  	
  Transferability
  of Registration Rights

  	
  12

  
	
  12.

  	
  Rights
  Granted to Subsequent Investors

  	
  12

  
	
  13.

  	
  Specific
  Performance

  	
  12

  
	
  14.

  	
  Miscellaneous

  	
  12

  
	
  15.

  	
  Dispute
  Resolution

  	
  13

  
	
  16.

  	
  Consent
  to Jurisdiction

  	
  14

  

 

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as
of February 1, 2006, by and among Open Link Financial, Inc., a
Delaware corporation (the “Company”) the persons designated as Investors
on the signature pages hereto (the “Investors”) and the persons
designated as Management Stockholders on the signature pages hereto (the “Management
Stockholders”).

 

WHEREAS, certain of the Investors are the holders of all issued and
outstanding shares of the Company’s Series A Convertible Preferred Stock,
par value $.001 per share (the “Convertible Preferred Stock”);

 

WHEREAS, certain of the Investors are holders of convertible
subordinated notes that are convertible into subordinated notes and warrants
(the “Warrants”) to acquire shares of Common Stock (as defined below in Section 1);

 

WHEREAS, the Management Stockholders are the holders of issued and
outstanding shares of Common Stock; and

 

WHEREAS, the parties hereto desire to agree upon the terms on which the
securities of the Company, now or hereafter held by them, will be registered
for sale to the public.

 

NOW, THEREFORE, the Company, the Investors and the Management
Stockholders hereby agree as follows:

 

1.                                        Certain
Definitions.  As used in
this Agreement, the following terms shall have the following respective
meanings:

 

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

 

“Commission” shall mean the United States Securities and
Exchange Commission, or any other federal agency at the time administering the
Securities Act and the Exchange Act.

 

“Common Stock” shall mean the Common Stock, par value $.001 per
share, of the Company and any other securities into which or for which any of
the securities described above may be converted or exchanged pursuant to a plan
of recapitalization, reorganization, merger, sale of assets or otherwise.

 

“Company” shall have the meaning set forth in the preamble and
shall include any successor or successors thereto.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934,
as amended, or any similar successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at
the time.

 

1

 

“Holder” shall mean (i) any Investor holding Registrable
Securities, (ii) any Management Stockholder holding Registrable Securities
and (iii) any Person holding Registrable Securities to whom the rights
under this Agreement have been transferred in accordance with Section 11
hereof.

 

“Majority Interest” means the Investors holding not less than a
majority in interest of the outstanding Registrable Securities held by all
Investors.

 

“Person” shall mean an individual, a corporation, a partnership,
a joint venture, a trust, an unincorporated organization, a limited liability
company or partnership, a government and any agency or political subdivision
thereof.

 

“Registrable Securities” shall mean (i) any shares of
Common Stock held by the Investors or by Management Stockholders, or subject to
acquisition by any Investor upon conversion of the Convertible Preferred Stock
or exercise of the Warrants (it being understood that for purposes of this
Agreement, an Investor will be deemed to be a holder of Registrable Securities
whenever such Investor has the right to then acquire or obtain from the Company
any Registrable Securities, whether or not such acquisition has actually been
effected) and (ii) any other securities issued and issuable with respect
to any such shares described in clause (i) above by way of a stock
dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization; provided,
however, that if an Investor owns Convertible Preferred Stock, the
Investor may exercise its registration rights hereunder by converting the
shares to be sold under the relevant registration statement into Common Stock
as of the closing of the relevant offering and shall not be required to cause
such Convertible Preferred Stock to be converted to Common Stock until and
unless such closing occurs, it being understood that the Company shall at the
request of the relevant Investor effect the reconversion of Common Stock into
Convertible Preferred Stock if, notwithstanding the foregoing, such a
conversion occurs and the relevant offering does not close; and provided,
further, that any Common Stock that is sold in a registered sale
pursuant to an effective registration statement under the Securities Act or
pursuant to Rule 144 thereunder or that may be sold without restriction as
to volume or otherwise pursuant to Rule 144(k) under the Securities
Act shall not be deemed Registrable Securities.

 

“Registration Expenses” shall mean the expenses so described in Section 6
hereof.

 

“Securities Act” shall mean the Securities Act of 1933, as
amended from time to time, or any similar successor federal statute, and the rules and
regulations of the Commission thereunder.

 

2.                                       Demand Registrations.

 

(a)                                  At any time after the
initial public offering of the Company’s Common Stock pursuant to an effective
registration under the Securities Act (the “IPO”), a Majority Interest may
request that the Company register under the Securities Act all or any portion
of the Registrable Securities held by such Majority Interest; provided that
such registration shall not

 

2

 

become effective prior to the six month anniversary of the
effectiveness of the Company’s IPO. Upon receipt of such request, the Company
shall promptly deliver notice of such request to all Holders, who shall then
have thirty (30) days to notify the Company in writing of their desire to be
included in such registration. If the request for registration contemplates an
underwritten public offering, the Company shall state such in the written
notice and in such event the right of any Holder to participate in such
registration shall be conditioned upon their participation in such underwritten
public offering and the inclusion of their Registrable Securities in the
underwritten public offering to the extent provided herein. The Company will
use its best efforts to effect expeditiously the registration of all
Registrable Securities whose holders request, pursuant to this Section 2,
participation in such registration under the Securities Act and to qualify such
Registrable Securities for sale under any state blue sky law; provided, however,
that the Company shall not be required to effect registration pursuant to a
request under this Section 2 more than two (2) times for the holders
of the Registrable Securities as a group. Notwithstanding anything to the
contrary contained herein, no request may be made under this Section 2
within ninety (90) days after the effective date of a registration statement
filed by the Company covering a firm commitment underwritten public offering.
The Company may postpone the filing or the effectiveness of any registration
statement pursuant to this Section 2 for a reasonable time period, provided
that such postponements shall not exceed ninety (90) days in the aggregate
during any twelve (12) month period, if (i) the Company has been advised
by legal counsel that such filing or effectiveness would require disclosure of
a material financing, acquisition or other corporate transaction, and the Board
of Directors determines in good faith that such disclosure is not in the best interests
of the Company and its stockholders or (ii) the Board of Directors
determines in good faith that there is a valid business purpose or reason for
delaying filing or effectiveness. A registration will not count as a requested
registration under this Section 2(a) until the registration statement relating
to such registration has been declared effective by the Commission at the
request of the initiating Investors; provided, however, that if
the Investors holding not less than a majority of the participating Registrable
Securities owned by all Investors shall request, in writing, that the Company
withdraw a registration statement that has been filed under this Section 2(a) but
has not yet been declared effective, a majority in interest of such Investors may
thereafter request the Company to reinstate such registration statement, if
permitted under the Securities Act, or to file another registration statement,
in accordance with the procedures set forth herein. In addition, a registration
will not count as a requested registration under this Section 2(a) in
the event that any Registrable Securities sought to be included by the
Investors in such registration are excluded from such registration in
accordance with Section 2(b) or Section 4.

 

(b)                                 If a requested registration
involves an underwritten public offering and the managing underwriter of such
offering determines in good faith that the number of securities sought to be
offered should be limited due to market conditions, then the number of
securities to be included in such underwritten public offering shall be reduced
to a number deemed satisfactory by such managing underwriter; provided, however,
that the shares to be excluded shall be determined in the following sequence: (i) first,
securities held by any Persons not having contractual, incidental registration
rights, (ii) second, shares sought to be registered by the Company, (iii) third,
securities held by any Person having contractual, incidental registration
rights pursuant to an agreement other than this Agreement and (iv) fourth,
the Registrable Securities sought to be included by the Management Stockholders
and the Registrable Securities

 

3

 

sought to be included by the Investors. If there is a reduction of the
number of Registrable Securities registered pursuant to clauses (i), (iii) or
(iv) such reduction shall be made on a pro rata basis (based upon the
aggregate number of shares of Common Stock or Registrable Securities held by
the holders in each tranche and subject to the priorities set forth in the
preceding sentence). To facilitate the allocation of shares in accordance with
the above provisions, the Company or the managing underwriter may round the
shares allocated to any Holder to the nearest one hundred (100) shares.

 

(c)                                  With
respect to a request for registration pursuant to Section 2(a) that
is for an underwritten public offering, the managing underwriter shall be
chosen by the Investors holding not less than a majority of the Registrable
Securities to be sold by all Investors in such offering, subject to the Company’s
consent, which consent shall not be unreasonably withheld. The Company may not
cause any other registration of securities for sale for its own account (other
than a registration effected solely to implement an employee benefit plan or a
transaction to which Rule 145 of the Securities Act is applicable) to
become effective within one hundred eighty (180), days following the effective
date of any registration required pursuant to this Section 2 or such
lesser period as may be consented to by the managing underwriter.

 

3.                                       Form S-3. If the Company
becomes eligible to use Form S-3 (or any comparable successor form) under
the Securities Act, the Company shall use its best efforts to qualify and
remain qualified to register securities on Form S-3 (or any comparable
successor form) under the Securities Act. For so long as the Company is
qualified to register securities on Form S-3 (or any comparable successor
form), an Investor or Investors holding Registrable Securities anticipated to
have an aggregate sale price (net of underwriting discounts and commissions, if
any) in excess of $1,000,000 shall have the right, on one or more occasions, to
request registration on Form S-3 (or any comparable successor form) for
the Registrable Securities held by such requesting Investor or Investors. Such
requests shall be in writing and shall state the number of shares of
Registrable Securities to be disposed of and the intended method of disposition
of such shares by such Investor or Investors. The Company shall give notice to
all other Holders of the receipt of a request for registration pursuant to this
Section 3 and such Holders shall then have thirty (30) days to notify the
Company in writing of their desire to participate in the registration. The
Company shall use its best efforts to effect promptly the registration of all
shares on Form S-3 (or any comparable successor form) to the extent
requested by such Holders; provided, 
however, the Company may postpone the filing or the effectiveness
of any registration statement pursuant to this Section 3 for a reasonable
period of time, provided that such postponements shall not exceed ninety
(90) days in the aggregate during any twelve (12) month period, if (i) the
Company has been advised by legal counsel that such filing or effectiveness
would require disclosure of a material financing, acquisition or other
corporate transaction, and the Board of Directors of the Company determines in
good faith that such disclosure is not in the best interests of the Company and
its stockholders or (ii) the Board of Directors determines in good faith
that there is a valid business purpose or reason for delaying filing or
effectiveness.

 

4.                                       Piggyback Registration. If at any time
or times, the Company shall propose to register any of its Common Stock or
securities convertible into or exchangeable or exercisable

 

4

 

for any of its Common Stock under the Securities Act for sale to the
public (whether in connection with a public offering of securities by the
Company (a “primary offering”), a public offering of securities by
stockholders (a “secondary offering”), or both, including pursuant to a
demand under Section 2 hereof, as provided therein, and except (i) with
respect to registration statements on Forms S-4, S-8 or another form not
available for registering the Registrable Securities for sale to the public,
and (ii) in connection with a registration effected solely to implement an
employee benefit plan or a transaction to which Rule 145 or any other
similar rule of the Commission under the Securities Act is applicable),
the Company shall promptly give written notice at the applicable address of
record to each Holder of its intention to do so. Upon the written request of
any of such Holder, given within thirty (30) days after receipt by such Holders
of such notice, the Company shall, subject to the limits contained in this Section 4,
use its best efforts to cause all such Registrable Securities of said
requesting Holders to be registered under the Securities Act and qualified for
sale under any state blue sky law, all to the extent required to permit such
sale or other disposition of said Registrable Securities; provided, however,
that if the Company is advised in writing in good faith by any managing
underwriter of the Company’s securities being offered in a public offering
pursuant to such registration statement that the amount to be sold by Persons
other than the Company (collectively, “Selling Stockholders”) is greater
than the amount that can be offered without adversely affecting the offering,
the Company may reduce the amount offered for the accounts of Selling
Stockholders (including such Investors and/or Management Stockholders holding
shares of Registrable Securities) to a number deemed satisfactory by such
managing underwriter; and provided  further, that the shares to be
excluded shall be determined in the following sequence: (A) first,
securities held by any Persons not having any contractual, incidental
registration rights, (B) second,
securities held by any Persons having contractual, incidental registration
rights pursuant to an agreement other than this Agreement, (C) third, the
Registrable Securities sought to be included by the Management Stockholders and
the Registrable Securities sought to be included by the Investors. If there is
a reduction in the number of Registrable Securities registered pursuant to
clauses (A), (B) or (C), such reduction shall be made on a pro rata basis
(based upon the aggregate number of shares of Common Stock or Registrable
Securities held by the holders in each tranche and subject to the priorities
set forth in the preceding sentence). To facilitate the allocation of shares in
accordance with the above provisions, the Company or the managing underwriter
may round the shares allocated to any Holder to the nearest one hundred (100)
shares.

 

5.                                       Registration Procedures. If and
whenever the Company is required by the provisions of this Agreement to use its
best efforts to effect the registration of any of its securities under the
Securities Act, the Company will, as expeditiously as possible:

 

(a)                                  prepare and file with
the Commission a registration statement on the appropriate form under the
Securities Act with respect to such securities, which form shall comply as to
form in all respects with the requirements of the applicable form and include
all financial statements required by the Commission to be filed therewith, and
use its best efforts to cause such registration statement to become and remain
effective until completion of the proposed offering;

 

5

 

(b)                                 prepare and file with
the Commission such amendments, post-effective amendments, and supplements to
such registration statement and the prospectus used in connection therewith as
may be necessary to keep such registration statement effective as contemplated
herein and to comply with the provisions of the Securities Act with respect to
the sale or other disposition of all securities covered by such registration
statement whenever the seller or sellers of such securities shall desire to
sell or otherwise dispose of the same, but only to the extent provided in this
Agreement;

 

(c)                                  furnish to each
selling Holder and the underwriters, if any, such number of copies of such
registration statement, any amendments thereto, any documents incorporated by
reference therein, the prospectus, including a preliminary prospectus, in
conformity with the requirements of the Securities Act, and such other
documents as such selling Holder may reasonably request in order to facilitate
the public sale or other disposition of the securities owned by such selling
Holder;

 

(d)                                 register or qualify
the securities covered by such registration statement under the securities or
state “blue sky” laws of such jurisdictions as each selling Holder may request,
and do any and all other acts and things that may be necessary under such state
securities or “blue sky” laws to enable such selling Holder to consummate the
public sale or other disposition in such jurisdictions of the securities owned
by such selling Holder; provided that the Company shall not be required
to register or qualify the securities in any jurisdictions which require it to
qualify to do business or subject itself to general service of process therein;

 

(e)                                  within a reasonable
time before each filing of the registration statement or prospectus or
amendments or supplements thereto with the Commission, furnish to (i) counsel
selected by the Investors holding not less than a majority of the participating
Registrable Securities owned by all Investors and (ii) each of the
Management Stockholders, copies of such documents proposed to be filed, which
documents shall be subject to the approval of such counsel;

 

(f)                                    immediately notify
each selling Holder of Registrable Securities, such selling Holders’ counsel
and any underwriter and (if requested by any such Person) confirm such notice
in writing, of the happening of any event which makes any statement made in the
registration statement or related prospectus untrue, or which requires the
making of any changes in such registration statement or prospectus so that they
will not contain any 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 not misleading; and thereafter, prepare and file with the Commission
and furnish a supplement or amendment to such prospectus so that, as thereafter
deliverable to the purchasers of such Registrable Securities, such prospectus
will not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein not misleading;

 

(g)                                 use its best efforts
to prevent the issuance of any order suspending the effectiveness of a
registration statement, and if one is issued immediately notify each selling
Holder of the receipt of such notice and use its reasonable best efforts to
obtain the withdrawal of

 

6

 

any order suspending the effectiveness of a registration statement at
the earliest possible moment;

 

(h)                                 if requested by the
managing underwriter or underwriters (if any), any selling Holder, or such
selling Holder’s counsel, promptly incorporate in a prospectus supplement or
post-effective amendment such information as such Person requests to be
included therein with respect to the selling Holder or the securities being
sold, including, without limitation, with respect to the securities being sold
by such selling Holder to such underwriter or underwriters, the purchase price
being paid therefor by such underwriter or underwriters and with respect to any
other terms of an underwritten offering of the securities to be sold in such offering,
and promptly make all required filings of such prospectus supplement or
post-effective amendment;

 

(i)                                     make available to
each selling Holder, any underwriter participating in any disposition pursuant
to a registration statement, and any attorney, accountant or other agent or
representative retained by any such selling Holder or underwriter
(collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”),
as shall be reasonably necessary to enable them to exercise their due diligence
responsibility, and cause the Company’s officers, directors and employees to
supply all information requested by any such Inspector in connection with such
registration statement subject, in each case, to such confidentiality
agreements as the Company shall reasonably request;

 

(j)                                     enter into any
reasonable underwriting agreement required by the proposed managing underwriter
or underwriter(s) for the selling Holders, if any, and use its best
efforts to facilitate the public offering of the securities; provided, however,
that no Holder shall be required to make any representations or warranties
other than with respect to its title to the Registrable Securities and any
written information provided by it to the Company specifically for use in the
registration statement, and if the proposed managing underwriter or underwriter(s) require
that representations or warranties be made and that indemnification be
provided, the Company shall make all such representations and warranties and
provide all such indemnities, including, without limitation, in respect of the
Company’s business, operations and financial information and the disclosures
relating thereto in the prospectus;

 

(k)                                  request that each
prospective selling Holder be furnished a signed counterpart, addressed to the
prospective selling Holder, of (i) an opinion of counsel for the Company,
dated the effective date of the registration statement, and (ii) if and to
the extent permitted by applicable professional standards, a “comfort” letter
signed by the independent public accountants who have certified the Company’s
financial statements included in the registration statement, covering
substantially the same matters with respect to the registration statement (and
the prospectus included therein) and (in the case of the accountants’ letter)
with respect to events subsequent to the date of the financial statements, as
are customarily covered (at the time of such registration) in opinions of the
Company’s counsel and in accountants’ letters delivered to the underwriters in
underwritten public offerings of securities;

 

7

 

(1)                                  cause the securities
covered by such registration statement to be listed on the securities exchange
or quoted on the quotation system on which the similar securities issued by the
Company are then listed or quoted (or, if the Common Stock is not yet listed or
quoted, then on such exchange or quotation system as the Investors selling
Registrable Securities and the Company shall determine);

 

(m)                               otherwise use its best
efforts to comply with all applicable rules and regulations of the
Commission and make generally available to its stockholders, in each case as
soon as practicable, but not later than 30 days after the close of the period
covered thereby, an earnings statement of the Company that will satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158
thereunder (or any comparable successor provisions);

 

(n)                                 otherwise cooperate
with the underwriter(s), the Commission and other regulatory agencies and take
all reasonable actions and execute and deliver or cause to be executed and
delivered all documents reasonably necessary to effect the registration of any
securities under this Agreement;

 

(o)                                 during the period when
the prospectus is required to be delivered under the Securities Act, promptly
file all documents required to be filed with the Commission pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act;

 

(p)                                 appoint a transfer
agent and registrar for all Registrable Securities covered by a registration
statement not later than the effective date of such registration statement; and

 

(q)                                 in connection with an
underwritten offering, to the extent reasonably requested by the managing
underwriter for the offering or the selling Investors, participate in and
support customary efforts to sell the securities in the offering, including,
without limitation, participating in “road shows”.

 

6.                                       Expenses. All expenses
incurred by the Company and the Holders in effecting the registrations provided
for in Sections 2, 3 and 4, including, without limitation, all registration and
filing fees, printing expenses, reasonable fees and disbursements of counsel
for the Company and one counsel for the Holders participating in such
registration as a group (selected by a majority in interest of the Holders who
participate in the registration), underwriting expenses (other than commissions
or discounts), expenses of any audits incident to or required by any such
registration and expenses of complying with the securities or blue sky laws of
any jurisdictions (all of such expenses referred to as “Registration
Expenses”), shall be paid by the Company.

 

7.                                       Indemnification.

 

(a)                                  Incident to any
registration statement referred to in this Agreement, and subject to applicable
law, the Company shall indemnify and hold harmless each underwriter and each
Holder (including its partners (including partners of partners and stockholders
of any such partners)), and directors, officers, employees and agents of any of
them, and each person who

 

8

 

controls any of them within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act (a “Controlling Person”)
(each an “Indemnified Party” and collectively, the “Indemnified
Parties”) who offers or sells any such Registrable Securities in connection
with such registration statement, from and against any and all losses, claims,
expenses, damages or liabilities, joint or several (including any
investigation, legal and other expenses incurred in connection with, and any
amount paid in settlement of, any action, suit or proceeding or any claim
asserted), as the same are incurred to which they, or any of them, may become
subject under the Securities. Act, the Exchange Act, other federal or state
statutory law or regulation, at common law, or otherwise, insofar as such
losses, claims, expenses, damages or liabilities (or action in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained, on the effective date thereof, in any
registration statement under which such securities were registered under the
Securities Act (including any preliminary prospectus or final prospectus
contained therein, or any amendment or supplement thereto), (ii) 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, or (iii) any
violation by the Company of the Securities Act, any state securities or “blue
sky” laws or any rule or regulation thereunder in connection with such
registration, and except as otherwise provided in Section 7(d), the
Company shall reimburse each such Indemnified Party in connection with
investigating or defending any such liability as expenses in connection with
the same are incurred; provided, however, that the Company shall
not be liable to any Indemnified Party in any such case to the extent that any
such liability arises out of or is based upon any untrue statement or alleged
untrue statement or omission or alleged omission made in such registration
statement, preliminary or final prospectus, or amendment or supplement thereto
in reliance upon and in conformity with information furnished in writing to the
Company by such Indemnified Party specifically for use therein; and provided
further, that the Company shall not be required to indemnify any
Indemnified Party against any liability arising from any untrue or misleading
statement or omission contained in any preliminary prospectus if such
deficiency is corrected in the final prospectus or for any liability that
arises out of the failure of any Indemnified Party to deliver a prospectus as
required by the Securities Act.

 

(b)                                 Each Holder, if any,
selling Registrable Securities included in such registration being effected
shall indemnify and hold harmless each underwriter, the Company (including its
directors, officers, employees and agents), and each other selling Holder
(including its partners (including partners of partners and stockholders of
such partners) and directors, officers, employees and agents of any of them),
and each person who controls any of them within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, from and against
any and all losses, claims, damages, expenses and liabilities, joint or
several, to which they, or any of them, may become subject under the Securities
Act, the Exchange Act or other federal or state statutory law or regulation, at
common law, or otherwise to the same extent provided in Section 7(a) above,
insofar as such liability (or actions in respect thereof) arises out of or is
based upon (i) any untrue statement or alleged untrue statement of any
material fact contained, on the effective date thereof, in any registration
statement under which securities were registered under the Securities Act, any
preliminary prospectus or final prospectus contained therein, or any amendment
or supplement thereto, or (ii) any omission or alleged omission by such
selling Holder to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, in the case of (i) and
(ii) to the extent, but only to the

 

9

 

extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in such registration statement,
preliminary or final prospectus, amendment or supplement thereto in reliance
upon and in conformity with information furnished in writing to the Company by
such selling Holder specifically for use therein. In no event, however, shall
the liability of any selling Holder for indemnification under this Section 7
in its capacity as a seller of Registrable Securities exceed the lesser of (i) that
proportion of the total of such losses, claims, damages, expenses or
liabilities indemnified against equal to the proportion of the total securities
sold under such registration statement which is being sold by such selling
Holder, or (ii) the amount equal to the proceeds to such selling Holder of
the securities sold in any such registration; and provided  further, that no selling Holder shall be required to indemnify
any Person against any liability arising from any untrue or misleading
statement or omission contained in any preliminary prospectus if such
deficiency is corrected in the final prospectus or for any liability which
arises out of the failure of any Person to deliver a prospectus as required by
the Securities Act.

 

(c)                                  If the
indemnification provided for in this Section 7 for any reason is held by a
court of competent jurisdiction to be unavailable to an Indemnified Party in
respect of any losses, claims, damages, expenses or liabilities referred to
therein, then each indemnifying party under this Section 7, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages, expenses or liabilities (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company, the selling Holders
and the underwriters from the offering of the Registrable Securities or (ii) if
the allocation provided by clause (i) above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of
the Company, the other selling Holders and the underwriters in connection with
the statements or omissions which resulted in such losses, claims, damages,
expenses or liabilities, as well as any other relevant equitable
considerations. The relative benefits received by the Company, the selling
Holders and the underwriters shall be deemed to be in the same respective
proportions that the net proceeds from the offering (before deducting expenses)
received by the Company, and the selling Holders and the underwriting discount
received by the underwriters, in each case as set forth in the table on the
cover page of the applicable prospectus, bear to the aggregate public
offering price of the Registrable Securities. The relative fault of the
Company, the selling Holders and the underwriters shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company, the selling
Holders or the underwriters and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or
omission.

 

The Company and the Investors and the Management Stockholders agree
that it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata or per capita allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to in the immediately preceding paragraph. In no event, however, shall a
selling Holder be required to contribute any amount under this Section 7(c) in
excess of the lesser of (i) that proportion of the total of such losses,
claims, damages, expenses or liabilities indemnified against equal to the
proportion of the total Registrable Securities sold

 

10

 

under such registration statement that are
being sold by such selling Holder or (ii) the proceeds received by such
selling Holder from its sale of Registrable Securities under such registration
statement. No Person found 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 found guilty of such fraudulent
misrepresentation.

 

(d)           The amount paid by an indemnifying party or payable
to an indemnified party as a result of
the losses, claims, damages, expenses and liabilities referred to in this Section 7 shall be deemed to include,
subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim, payable as the same are incurred. The
indemnification and contribution provided for in this Section 7 will
remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified parties or any officer, director, employee, agent or
controlling person of the indemnified parties.

 

8.               Compliance
with Rule 144. In the event that the
Company (i) registers a class of securities under Section 12 of the
Exchange Act or (ii) shall commence to file reports under Section 13
or 15(d) of the Exchange Act, the Company will use its best efforts
thereafter to file with the Commission such information as is required under
the Exchange Act for so long as there are Holders; and in such event, the
Company shall use its best efforts to take all action as may be required as a
condition to the availability of Rule 144 or Rule 144A under the
Securities Act (or any comparable successor rules). The Company shall furnish
to any Holder upon request a written statement executed by the Company as to
the steps it has taken to comply with the current public information
requirement of Rule 144 or Rule 144A (or such comparable successor rules).
After the occurrence of the first underwritten public offering of Common Stock
pursuant to an offering registered under the Securities Act on Form S-1 or
Form SB-1 (or any comparable successor forms), subject to the limitations
on transfers imposed by this Agreement, the Company shall use its best efforts
to facilitate and expedite transfers of Registrable Securities pursuant to Rule 144
or Rule 144A under the Securities Act, which efforts shall include timely
notice to its transfer agent to expedite such transfers of Registrable
Securities.

 

9.               Market
Stand-Off. Each Holder agrees, if
requested by the Company and the managing underwriter of Registrable Securities
in connection with any underwritten public offering of the Company and if the
Company’s executive officers and directors so agree, not to directly or indirectly
offer, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant for
the sale of or otherwise dispose of or transfer any equity securities of the
Company (or any other security the value of which is derived by reference to
the equity securities of the Company) held by it for (a) one hundred
eighty (180) days following the effective date of the relevant registration
statement filed under the Securities Act in connection with the Company’s
initial public offering of Registrable Securities, or (b) ninety (90) days
following the effective date of the relevant registration statement in
connection with any other public offering of Registrable Securities, as such
underwriter shall specify reasonably and in good faith. Notwithstanding the
foregoing, if: (x) during the last 17 days of the foregoing 180-day period
or 90-day period, as applicable, the Company issues an earnings release or
material news or a material event relating to the Company occurs; or (y) prior
to the expiration of the 180-day period or 90-day period, as applicable, the

 

11

 

Company announces that it will release
earnings results during the 16-day period beginning on the last day of the
period, then the restrictions described above shall continue to apply until the
expiration of an 18-day period beginning on the issuance of the earnings
release or the occurrence of the material news or material event. Each Holder
agrees, if requested by the Company and the managing underwriter, to execute a
separate letter reflecting the agreement set forth in this Section 9.

 

10.             Amendments. The provisions of this Agreement may be amended
only with the written consent of the Company and a Majority Interest; provided,
however, that any amendment that adversely affects the rights of the
Management Stockholders shall require the prior written consent of a majority
in interest of the outstanding Registrable Securities held by Management
Stockholders.

 

11.             Transferability
of Registration Rights. The
registration rights set forth in this Agreement are transferable to each
transferee of Registrable Securities. Any transferee of Registrable Securities
held by an Investor shall be deemed within the definition of an “Investor” and
any transferee of Registrable Securities held by a Management Stockholder shall
be deemed within the definition of “Management Stockholder”. Each subsequent
holder of Registrable Securities must consent in writing to be bound by the
terms and conditions of this Agreement in order to acquire the rights granted
pursuant to this Agreement.

 

12.             Rights
Granted to Subsequent Investors.
Other than permitted transferees of Registrable Securities under Section 11
hereof, the Company shall not, without the prior written consent of a Majority
Interest, (a) allow purchasers of the Company’s securities to become a
party to this Agreement or (b) grant any other registration rights to any
third parties other than subordinate piggyback registration rights.

 

13.             Specific
Performance. The Company recognizes
and agrees that each Holder will not have an adequate remedy if the Company
fails to comply with the terms and provisions of this Agreement and that
damages will not be readily ascertainable, and the Company expressly agrees
that, in the event of such failure, it shall not oppose an application by any
Holder or any other Person entitled to the benefits of this Agreement requiring
specific performance of any and all provisions hereof or enjoining the Company
from continuing to commit any such breach of this Agreement.

 

14.                                 Miscellaneous.

 

(a)           All notices, requests, demands and other
communications provided for hereunder
shall be in writing and mailed (by first class registered or certified mail,
postage prepaid), telegraphed, sent by express overnight courier service or electronic
facsimile transmission (with a copy by mail), or delivered to the applicable
party at the addresses indicated below:

 

12

 

If to the Company:

 

Open Link Financial, Inc.

1502 Reckson Plaza

West Tower - 15th Floor

Uniondale, NY 11556-1502

Telecopy No.: (516) 394-1193

 

If to the Investors:

 

TA Associates, Inc.

125 High Street

Suite 2500

Boston, MA 02110

Attention: Jonathan W. Meeks

Telecopy No.: (617) 574-6728

 

If to any other Holder:

 

At such Person’s address for notice as set
forth in the books and records of the Company:

 

or, as to each of the foregoing, at such
other address as shall be designated by such Person in a written notice to
other parties complying as to delivery with the terms of this subsection (a).
All such notices, requests, demands and other communications shall, when
mailed, telegraphed or sent, respectively, be effective (i) two days after
being deposited in the mails or (ii) one day after being delivered to the
telegraph company, deposited with the express overnight courier service or sent
by electronic facsimile transmission, respectively, addressed as aforesaid.

 

(b)             This Agreement shall be governed by and construed
in accordance with the laws of the State of New York, without giving effect to
conflict of laws principles thereof.

 

(c)             This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

(d)             If any provision of this Agreement shall be held to
be illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall attach only to such provision and shall not in any
manner affect or render illegal, invalid or unenforceable any other provision
of this Agreement, and this Agreement shall be carried out as if any such
illegal, invalid or unenforceable provision were not contained herein.

 

15.                                 Dispute
Resolution All disputes, claims, or
controversies arising out of or relating to this Agreement, or any other agreement executed and delivered pursuant
to or in connection with this Agreement or the negotiation, breach, validity,
termination or performance hereof and thereof or the transactions contemplated
hereby and thereby, that are not resolved by mutual agreement shall be resolved
solely and exclusively by binding arbitration to be conducted before

 

13

 

Judicial Arbitration and Mediation Services, Inc.
(“JAMS”) in New York, New York before a single independent arbitrator
(the “Arbitrator”). The parties understand and agree that this
arbitration shall apply equally to claims of fraud or fraud in the inducement.

 

(b)              The parties covenant and agree that the arbitration
shall commence within 120 days of the date on which a written demand for
arbitration is filed by any party hereto (the “Filing Date”). In
connection with the arbitration proceeding, the Arbitrator shall have the power
to order the production of documents by each party and any third-party
witnesses. In addition, each party may take up to three depositions as of
right, and the Arbitrator may in his or her discretion allow additional
depositions upon good cause shown by the moving party. However, the Arbitrator
shall not have the power to order the answering of interrogatories or the
response to requests for admission. In connection with any arbitration, each
party shall provide to the other, no later than seven days before the date of
the arbitration, the identity of all persons that may testify at the
arbitration and a copy of all documents that may be introduced at the
arbitration or considered or used by a party’s witnesses or experts. The
Arbitrator’s decision and award shall be made and delivered within 180 days of
the Filing Date. The Arbitrator’s decision shall set forth a reasoned basis for
any award of damages or finding of liability. The Arbitrator shall not have
power to award damages in excess of actual compensatory damages and shall not
multiply actual damages or award punitive damages or any other damages that are
specifically excluded under this Agreement, and each party hereby irrevocably
waives any claim to such damages.

 

(c)               The parties covenant and agree that they will
participate in the arbitration in good faith and that they will (i) bear
their own attorneys’ fees, costs and expenses in connection with the
arbitration, and (ii) share equally in the fees and expenses charged by
the Arbitrator. Any party unsuccessfully refusing to comply with an order of
the Arbitrators shall be liable for costs and expenses, including attorneys’
fees, incurred by the other party in enforcing the award. This Section 15
applies equally to requests for temporary, preliminary or permanent injunctive
relief, except that in the case of temporary or preliminary injunctive relief
any party may proceed in court without prior arbitration for the purpose of
avoiding immediate and irreparable harm.

 

16.                                 Consent
to Jurisdiction. Except as provided
in Section 15(c) each of the parties hereto irrevocably and unconditionally consents to the jurisdiction of
JAMS to resolve all disputes, claims or controversies arising out of or
relating to this Agreement or any other agreement executed and delivered
pursuant to or in connection with this Agreement or the negotiation, breach,
validity, termination or performance hereof and thereof or the transactions
contemplated hereby and thereby, and further consents to the sole and exclusive
jurisdiction of the state and federal courts located in the State of New York
and the city of New York for the purposes of enforcing the arbitration
provisions of Section 15 of this Agreement. Each party further irrevocably
waives any objection to proceeding before the Arbitrator based upon lack of
personal jurisdiction or to the laying of venue and further irrevocably and
unconditionally waives and agrees not to make a claim in any court that
arbitration before the Arbitrator has been brought in an inconvenient forum.
Each of the parties hereto hereby consents to service of process by registered
mail at the address to which notices are to be given as provided in Section 14. Each of the parties hereto agrees
that its or his submission to jurisdiction and its or

 

14

 

his consent to service of
process by mail is made for the express benefit of the other parties hereto.

 

[Remainder of page intentionally left blank.]

 

15

 

IN WITNESS WHEREOF, the parties hereto have
caused this Registration Rights Agreement to be duly executed as of the date
first set forth above.

 

	
   

  	
  THE
  COMPANY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPEN
  LINK FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Coleman
  Fung

  
	
   

  	
  Name:
  Coleman Fung

  
	
   

  	
  Title:
  Chief Executive Officer

  

 

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
  MANAGEMENT STOCKHOLDERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Coleman
  Fung

  
	
   

  	
  Coleman
  Fung

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Kevin Hesselbirg

  
	
   

  	
  Kevin
  Hesselbirg

  

 

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
  TA IX
  L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA Associates IX LLC, its general partner

  
	
   

  	
  By:

  	
  TA Associates, Inc., its manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
  Title:
  Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TA
  STRATEGIC PARTNERS FUND A L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA Associates SPF L.P., its general partner

  
	
   

  	
  By:

  	
  TA Associates, Inc., its general
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
  Title:
  Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TA
  STRATEGIC PARTNERS FUND B L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA Associates SPF L.P., its general partner

  
	
   

  	
  By:

  	
  TA Associates, Inc., its general
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
  Title:
  Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TA
  ATLANTIC AND PACIFIC V L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA Associates AP V L.P., its general
  partner

  
	
   

  	
  By:

  	
  TA Associates, Inc., its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan Meeks

  
	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
  Title:
  Principal

  

 

 

[Signature Page to Registration Rights Agreement]

 

 

	
   

  	
  TA
  INVESTORS II L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA Associates, Inc., its general
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
  Title:
  Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TA
  SUBORDINATED DEBT FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  TA Associates SDF LLC, its General Partner

  
	
   

  	
  By:

  	
  TA Associates, Inc., its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jonathan
  Meeks

  
	
   

  	
   

  	
  Name:
  Jonathan Meeks

  
	
   

  	
   

  	
  Title:
  Principal

  

 

 

[Signature Page to Registration Rights Agreement]

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