Document:

exv10w9

 

EXHIBIT 10.9

SERVICES AGREEMENT

     This Services Agreement (this “Agreement”), dated as of January 9, 2007 (the
“Effective Date”), is by and between American Processing Company, LLC, a Michigan limited
liability company (the “Default Specialist”), Feiwell & Hannoy Professional Corporation, an
Indiana professional corporation (the “Firm”), and, solely for purposes of making the
commitments set forth in Article VIII (Restrictive Covenants), Douglas Hannoy, Michael J. Feiwell,
and Murray J. Feiwell (each a “Restricted Party,” and collectively, the “Restricted
Parties”). The Firm and the Default Specialist are hereinafter collectively referred to as the
“Parties”. Unless otherwise indicated, capitalized terms used but not otherwise defined
herein have the meanings set forth in Section 1.1 below.

RECITALS

     A. The Firm is engaged in the Practice of Law with its principal office in Indianapolis,
Indiana. Prior to the date hereof, in addition to the Practice of Law, the Firm provided certain
non-legal services to Clients, including the Mortgage Default Services.

     B. Immediately prior to, and in connection with the transactions contemplated by this
Agreement, the Firm has sold to the Default Specialist substantially all of the assets (the
“Purchased Assets”) used by the Firm in the business of providing Mortgage Default Services
to the Firm’s Clients and the Default Specialist has assumed certain liabilities of the Firm
associated therewith (the “Assumed Liabilities”) pursuant to that certain Asset Purchase
Agreement, executed prior to this Agreement on the date hereof (the “Purchase Agreement”),
by and among the Firm, the Default Specialist and the Restricted Parties.

     C. The Firm now desires, subject to the terms and conditions described herein, to engage the
Default Specialist to provide Mortgage Default Services to the Firm for the benefit of its Clients;
provided, however, that the performance of any Legal Services in connection with
the business of the Firm shall continue to be performed by the Firm.

     D. Each Restricted Party has agreed to become a party to this Agreement solely for the limited
purpose of agreeing to certain covenants applicable to him as set forth in Article VIII
(Restrictive Covenants).

AGREEMENTS

     In consideration of the foregoing, and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

ARTICLE I

DEFINITIONS

     1.1 Definition of Certain Terms. The terms defined in this Section 1.1, whenever used
in this Agreement (including in the schedules and exhibits), shall have the respective meanings
indicated below for all purposes of this Agreement:

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

 

 

     “Adjusted EBITDA” means the sum, without duplication, of net income of Default
Specialist for a specified period, as:

          (a) reduced by the amount of any (i) gains derived from any unusual and infrequent,
nonrecurring event that would be characterized as “extraordinary” under GAAP, (ii) gains resulting
from the sale or other disposition of assets not in the ordinary course of business, and (iii)
gains attributable to adjustments relating to prior periods; all to the extent the foregoing items
are included in the determination of such net income; and

          (b) increased by the amount of any (i) interest expense, (ii) income or gross receipts taxes,
(iii) depreciation and amortization, (iv) losses derived from any unusual and infrequent,
nonrecurring event that would be characterized as “extraordinary” under GAAP, (v) net losses
resulting from the sale or other disposition of assets not in the ordinary course of business, and
(vi) deductions or losses attributable to adjustments relating to prior periods; all to the extent
the foregoing items are deducted in the determination of such net income.

     “Affiliate” as applied to any Person, means any other Person, directly or indirectly,
controlling, controlled by, or under common control with, that Person. The term “control”
(including, with correlative meanings, the terms “controlling, “controlled by” and” under common
control with”), as applied to any Persons, includes the possession, directly or indirectly, of ten
percent (10%) or more of the voting power (or in the case of a Person which is not a corporation,
ten percent (10%) or more of the ownership interest, beneficial or otherwise) of such Person or the
power otherwise to direct or cause the direction of the management and policies of that Person,
whether through voting, by contract or otherwise. Notwithstanding anything to the contrary herein,
for purposes of this Agreement, each Restricted Party shall be considered an “Affiliate” of the
Default Specialist.

     “Agencies” shall mean, individually or collectively, Fannie Mae, Freddie Mac, FHA, VA
and GNMA and any other governmental agencies or quasi-governmental agencies who are residential
mortgage lenders or residential mortgage loan servicing companies that are or become Clients of the
Firm.

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

     “Amended Fee Schedule Date” means January 1, 2008 and each anniversary thereof.

     “Amended Fee Schedule” has the meaning set forth in Section 3.1(b) of this
Agreement.

     “Applicable Law(s)” means any statute, law, ordinance, regulation, requirement, order
or rule of any federal, state, local government or other governmental agency or body or of any
other type of regulatory body, or any governmental or administrative interpretation of any thereof,
including, but not limited to, any and all federal, state and local laws governing the legal
profession generally, including, but not limited to, the State of Indiana’s Rules of Professional
Conduct, the Fair Debt Collection Practices Act and the Graham-Leach-Bliley Act.

     “Assumed Liabilities” has the meaning set forth in the Recitals of this Agreement.

     “Breaching Party” has the meaning set forth in Section 9.3 of this Agreement.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     “Business” means the business of providing Mortgage Default Services.

     “Business Day” means a day of the year on which banks are not required or authorized
by law to close in Detroit, Michigan or Indianapolis, Indiana.

     “Call Closing Date” has the meaning set forth in Section 13.2 of this
Agreement

     “Call Delivery Date” has the meaning set forth in Section 13.1 of this
Agreement

     “Call Notice” has the meaning set forth in Section 13.1 of this Agreement

     “Change” and “Changes” have the meaning set forth in Article X of this
Agreement.

     “Claim” has the meaning set forth in Section 12.6 of this Agreement.

     “Clients” shall mean residential mortgage lenders or residential mortgage loan
servicing companies that have engaged the Firm, or may engage the Firm in the future, as well as
any other Person who receives Legal Services from the Firm.

     “Default Specialist Confidential Information” has the meaning set forth in Section
7.1(a) of this Agreement.

     “Default Specialist Intellectual Property” has the meaning set forth in Section
7.6 of this Agreement.

     “Default Specialist Workforce” has the meaning set forth in Section 5.1 of
this Agreement.

     “Default Specialist” has the meaning set forth in the Preamble of this Agreement.

     “Effective Date” has the meaning set forth in the Preamble to this Agreement.

     “Employee Expenses” means any and all employee costs of the Default Specialist
Workforce, including, but not limited to, personnel salaries, overtime, bonuses, commissions,
fringe benefits, accrued vacations, sick leave time, profit sharing, pension, and any insurance
benefits.

     “Encumbrances” means any liens, hypothecations, mortgages, charges, security
interests, pledges and other encumbrances and claims of any nature.

     “Engagement Letter” means any engagement letter, contract, agreement or other
arrangement between the Firm and a Client.

     “Extended Term” has the meaning set forth in Section 9.2 of this Agreement.

     “Fannie Mae” shall mean the Federal National Mortgage Association.

     “Fee Schedule” has the meaning set forth in Section 3.1(a) of this Agreement.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     “Firm Confidential Information” has the meaning set forth in Section 7.2(a) of
this Agreement.

     “Firm Damages” has the meaning set forth in Section 12.4 of this Agreement.

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

     “First Invoice” has the meaning set forth in Section 3.2(a) of this Agreement.

     “FHA” shall mean the Federal Housing Administration.

     “Force Majeure Condition” shall mean any condition or event beyond the control of the
Party affected thereby, including, but not limited to, fire, explosion, or other casualty, act of
God, war or civil disturbance, acts of public enemies, embargo, the performance or non-performance
of third parties, acts of city, state, local or federal governments in their sovereign, regulatory,
or contractual capacity, labor difficulties and strikes.

     “Freddie Mac” shall mean the Federal Home Loan Mortgage Corporation.

     “GAAP” means United States generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or any successor authority) that are applicable as the date of determination,
consistently applied in accordance with past practices.

     “GNMA” shall mean the Government National Mortgage Association.

     “Indemnified Party” has the meaning set forth in Section 12.6 of this
Agreement.

     “Indemnifying Party” has the meaning set forth in Section 12.6 of this
Agreement.

     “Initial Term” has the meaning set forth in Section 9.1 of this Agreement.

     “Initial Year” has the meaning set forth in Section 3.1(b) of this Agreement.

     “Insolvent” means a party who: (a) fails to pay its debts in the ordinary course of
business as they come due; (b) makes an assignment for the benefit of its creditors, or voluntarily
commences proceedings in bankruptcy, reorganization or liquidation under the United States
Bankruptcy Code, 11 U.S.C. §§ 101, et seq., as amended, or under any other state,
federal or Applicable Law for the relief of debtors (or an action under any such laws is commenced
against such party and is not discharged within 60 days); or (c) has a receiver, trustee or
custodian appointed to operate its business who is not discharged within 60 days of his, her or its
appointment.

     “Investors” shall mean Fannie Mae, Freddie Mac and the Private Investors,
collectively.

     “Invoice” means any Monthly Invoice or the First Invoice.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     “Legal
Services” means counseling or assisting others in matters that require
the use of legal discretion and profound legal knowledge, the giving of advice or the
rendering of any service requiring the use of legal skill or knowledge.

     “License” has the meaning set forth in Section 9.7(a) of this Agreement.

     “License Period” has the meaning set forth in Section 9.7(a) of this
Agreement.

     “Malpractice Insurance Policies” has the meaning set forth in Section 4.6 of
this Agreement.

     “Material Breach” means any breach of this Agreement by one Party that:

     (a) significantly deprives the Non-breaching Party of the benefits afforded to it
under this Agreement;

     (b) causes the Non-breaching Party to suffer losses or damages that cannot be properly
redressed by the payment of money; or

     (c) constitutes gross negligence or willful misconduct on the part of the Breaching
Party.

     “Monthly Invoice” has the meaning set forth in Section 3.2(a) of this
Agreement.

     “Mortgage Default Services” means services undertaken in connection with residential
mortgage defaults including, but not limited to, the processing of foreclosure sales, evictions and
bankruptcy filings, but excluding in each instance any Legal Services; provided, however, Mortgage
Default Services shall not include any service of process, auction services, title services, and
posting and newspaper publication services.

     “Non-breaching Party” has the meaning set forth in Section 9.3 of this
Agreement.

     “Objection Notice” has the meaning set forth in Section 3.1(b) of this
Agreement.

     “Office Products” has the meaning set forth in Section 4.4 of this Agreement.

     “Office Sharing and Sharing Agreement” means that certain Office Sharing Agreement,
dated as of the date hereof, by and between the Firm and the Default Specialist.

     “Operating Agreement” means Amended that certain Amended and Restated Operating
Agreement of the Default Specialist, dated as of March 14, 2006, as amended, restated, supplemented
or otherwise modified from time to time.

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

     “Person” means an individual, partnership, corporation (including a business trust),
joint stock company, trust, unincorporated association, joint venture, limited liability company or
other entity, or a government or any political subdivision or agency thereof.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     “Practice of Law” means any activities that constitute providing Legal Services.

     “Prevailing Party” has the meaning set forth in Section 12.2 of this
Agreement.

     “Private Investors” shall mean individual private investors who make or invest in
residential mortgage loans.

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

     “Purchased Assets” has the meaning set forth in the Recitals of this Agreement.

     “Reasonable Attorneys’ Fees” shall mean those attorney’s fees actually incurred in
obtaining a judgment in favor of the Prevailing Party.

     “Repurchase Price” shall mean the product of (x) the Firm’s Participating Percentage
(as defined in the Operating Agreement) as of the applicable date and (y) (i) Adjusted EBITDA for
the most recently completed twelve (12) calendar months prior to such date, multiplied by (ii)
6.25.

     “Restricted Period” has the meaning set forth in Section 8.1(a) of this
Agreement.

     “Restrictive Covenants” has the meaning set forth in Section 8.1 of this
Agreement.

     “Standard Operating Procedures” means the operating procedures agreed to by the
Parties regarding the integration of Mortgage Default Services provided by the Default Specialist
and Legal Services provided by the Firm.

     “Termination Date Anniversary” has the meaning set forth in Section 9.7(b) of
this Agreement.

     “Termination Date” means the effective date of the termination of this Agreement in
accordance with Sections 9.3, 9.4 or 9.5.

     “Termination Fee” means a per file fee equal to (i) $[***] for any termination date
that is effective prior to December 31, 2007 and (ii) for any date thereafter, the product of (x)
[***] and (y) the foreclosure per file fee in effect as of the applicable date; provided,
however, with respect to the Termination Fee described in clause (ii), in no event shall
the per file Termination Fee for any non-foreclosure file exceed the product of [***] multiplied
by the applicable per file fee in effect as of the applicable date

     “Termination Period” has the meaning set forth in Section 9.10(a) of this
Agreement.

     “Territory” has the meaning set forth in Section 8.1(a) of this Agreement.

     “Veritas Software” means that certain case management software program owned by the
Default Specialist and used in the provision of Mortgage Default Services whether or not such
program is referred to by the name “Veritas”.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     “Work Product” shall mean all work product developed by the Firm, or any of its
employees or approved subcontractors (tangible, recorded or otherwise, and without regard to the
form of recordation or state of completion) in the performance of Legal Services for Clients,
whether or not the services being performed are complete.

     “Work-in-Process” shall mean at any time shall mean all Work Product in the hands of
the Firm including, but not limited to, mortgage loan files, bankruptcy, foreclosure or litigation
files relating to any Client mortgage loan, working papers, narrative descriptions, reports, data,
tapes, diskettes, software (if originally provided by a Client), and all material of similar
character.

     “VA” shall mean the Department of Veterans Affairs.

     1.2 Additional Terms. The terms “hereof,” “herein” and “hereunder” and terms of similar import
are references to this Agreement as a whole and not to any particular provision of this Agreement.
The term “including” as used in this Agreement is used to list items by way of example and shall
not be deemed to constitute a limitation of any term or provision contained herein. As used in
this Agreement, the singular or plural number shall be deemed to include the other whenever the
context so requires. Section, paragraph, clause, Exhibit and Schedule references contained in this
Agreement are references to sections, clauses and schedules in or to this Agreement, unless
otherwise specified.

ARTICLE II
SERVICES TO BE PROVIDED BY THE DEFAULT SPECIALIST

     2.1 Mortgage Default Services. The Firm hereby engages the Default Specialist, and the Default
Specialist hereby agrees to perform the Mortgage Default Services that the Firm has determined or
established as necessary and essential for the benefit of, and on behalf of, its Clients. In
connection with the engagement of the Mortgage Default Specialist by the Firm pursuant to this
Agreement, the Parties shall mutually agree upon Statements of Work outlining the Mortgage Default
Services to be provided by the Mortgage Default Specialist hereunder and the obligations of the
Firm with respect thereto, and such Statements of Work shall be amended from time to time by the
Parties acting reasonably and in good faith, and shall serve as a guideline to the Parties with
respect to the Mortgage Default Services to be provided by the Mortgage Default Specialist
hereunder and the obligations of the Firm with respect thereto.

     2.2 Supervision of Default Specialist Personnel. The Parties intend that all employees of the
Default Specialist who are providing Mortgage Default Services pursuant to this Agreement, shall,
to the extent required by Applicable Law, work under the direct or indirect supervision of an
attorney employed by the Firm in a manner consistent with the historical practices of the Firm.
Such supervising attorney shall have the ultimate authority as to all legal decisions regarding
each file, matter, or case for which the Default Specialist is performing Mortgage Default
Services. Notwithstanding the foregoing, and in any event, the Firm agrees to cause its attorneys
to provide supervision of the employees of the Default Specialist that are providing Mortgage
Default Services in compliance with Applicable Law.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     2.3 Standard Operating Procedures. The Standard Operating Procedures shall be formulated in
compliance with all Applicable Laws. The Standard Operating Procedures shall be amended from time
to time by the Firm and the Default Specialist, in accordance with changes in Applicable Law, or
for the reasonable accommodation of reasonable requests of Clients, Investors or Agencies, so long
as any such amendments shall not materially increase the duties or responsibilities of the Default
Specialist or the Firm hereunder.

     2.4 Exclusivity. During the term of this Agreement (including any extensions or renewals
thereof) and thereafter to the extent provided in Article IX of this Agreement, none of the
Default Specialist or any of its Affiliates shall directly or indirectly provide Mortgage Default
Services to any other Person with respect to Legal Services related to real estate
located in the State of Indiana. The foregoing shall apply to all Persons performing Legal
Services related to real estate located in Indiana whether or not such Person is actually located
in the State of Indiana or simply providing Legal Services in Indiana. For clarity, during the
term of this Agreement (and thereafter to the extent provided in Article IX of this
Agreement), the foregoing shall prohibit the Default Specialist and its Affiliates from directly or
indirectly licensing the Veritas Software to any other Person with respect to Legal Services
related to real estate located in the State of Indiana. Notwithstanding the foregoing, Default
Specialist shall, with the prior written consent of the Firm (which consent will not be
unreasonably withheld), be entitled to provide Mortgage Default Services to any Person who has sold
to the Default Specialist substantially all of the assets used by such Person in the business of
providing Mortgage Default Services. The parties acknowledge that it would be reasonable for the
Firm to withhold its consent if the provision of Mortgage Default Services by the Default
Specialist could reasonably be expected to lead to the material erosion of the Firm’s market share
or reduce or eliminate a material competitive advantage of the Firm.

ARTICLE III

COMPENSATION AND REIMBURSEMENT

     3.1 Fees and Reimbursement.

     (a) Initial Fee Schedule. Subject to the terms and conditions of this Section 3.1, in
consideration for the performance of the Mortgage Default Services hereunder, the Default
Specialist will be compensated on a per file fee basis for files referred by the Firm to the
Default Specialist for processing in accordance with the following fee schedule (the “Fee
Schedule”):

	 	 	 
	Type of File	 	Per File Fee
	Foreclosure

	 	$[***]
	Bankruptcy
	 	$[***]
	Eviction
	 	$[***]
	Other
	 	$[***]

The Fee Schedule set forth above shall be in effect for a period starting on the Effective Date and
ending on December 31, 2007. If at any time prior to the conclusion of a file, such file is
converted from one file type to another (e.g., from a foreclosure file to a bankruptcy
file), then a new file will be deemed to have been created on the date of such conversion and to
have been referred by the Firm to the Default Specialist for processing and the Default Specialist
will be

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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entitled to a new file fee in accordance with the Fee Schedule. Notwithstanding the
foregoing, consistent with the Firm’s past practice, Default Specialist shall only be entitled to
one (1) foreclosure fee on a file. For example, if a file is initially referred by the Firm as a
foreclosure file, is subsequently converted to a bankruptcy file and is then converted back to a
foreclosure file, Default Specialist shall not be entitled to a second (2nd) foreclosure fee. In
addition, consistent with the Firm’s past practice, once the Firm has been invoiced with respect to
a bankruptcy file, no further fee shall be due to Default Specialist hereunder with respect to
actions under such bankruptcy court case number.

     (b) Amended Fee Schedule.

          (i) The parties acknowledge and agree that, for each of 2008, 2009, 2010, 2011 and 2012 (each
an “Initial Year”), on January 1st of each Initial Year, each per file fee set
forth on the Fee Schedule shall be increased to equal that amount (the “Fee Increase
Amount”) equal to the product of (x) the per file fee in effect during the immediately
preceding Initial Year and (y) the CPI Percentage. In no event shall the Fee Increase Amount for
any per file fee be less than the per file fee for the immediately preceding year. For each
Initial Year, the Fee Increase Amount for each fee per file shall be submitted to the Firm in
writing by Default Specialist on a date that is no later than thirty (30) days after the
publication of the Consumer Price Index — All Urban Consumers, U.S. City Average by the BLS (as
defined below) for the applicable Measuring Month (as defined below). The Firm acknowledges that it
shall have no right to contest the Fee Increase Amounts for any Initial Year. For purposes of this
Agreement, for any Initial Year, the “CPI Percentage” shall equal the product of (x) 100%
and (y) a fraction, the numerator of which is the Consumer Price Index — All Urban Consumers, U.S.
City Average (the “CPI”) compiled and published by the Bureau of Labor Statistics and the
Department of Labor (the “BLS”) for the United States of America for the month of November
of the fiscal year immediately preceding such Initial Year (the “Measuring Month”) and the
denominator of which is the CPI for the month twelve (12) months prior to such Measuring Month. In
the event that the CPI Percentage is less than 100% for any Initial Year, the Parties agree that
there shall be no increase to the Fee Increase Amount for such Initial Year; provided,
however, there in no event shall be any decrease to the Fee Increase Amount;
provided, further, if, for a given Initial Year, the CPI percentage is calculated
to be less than 100%, the CPI Percentage for the next Initial Year shall be computed using the
Measuring Month twenty-four (24) months prior to such Measuring Month as the denominator. For
purposes of example only, to determine the CPI Percentage for 2008, the CPI Percentage would equal
the product of (x) 100% and (y) a fraction, the denominator of which would equal the Consumer Price
Index — All Urban Consumers, U.S. City Average published by the BLS for the month of November 2007
and the denominator of which would be the Consumer Price Index — All Urban Consumers, U.S. City
Average published by the BLS for the month of November 2006.

     (c) For each year during the term of this Agreement after the Initial Years, on or before the
forty-fifth (45th) day prior to an Amended Fee Schedule Date, the Default Specialist may propose to
the Firm an amended Fee Schedule (an “Amended Fee Schedule”) that will be in effect for the
one-year period commencing with the applicable Amended Fee Schedule Date. On or before the
fifteenth (15th) day after receiving the proposed Amended Fee Schedule, the Firm may deliver to the
Default Specialist a notice of objection to the proposed Amended Fee Schedule (an “Objection
Notice”). If no such Objection Notice is timely delivered by the Firm

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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to the Default Specialist, then that Amended Fee Schedule shall be binding on the Parties for
the one-year period commencing on the applicable Amended Fee Schedule Date. If the Firm does
timely deliver to the Default Specialist an Objection Notice, the Firm and the Default Specialist
shall thereafter negotiate with each other in good faith to agree upon an Amended Fee Schedule. If
the Firm and the Default Specialist are unable to agree upon an Amended Fee Schedule within fifteen
(15) days after an Objection Notice has been given, then the existing Fee Schedule shall remain in
effect and the Default Specialist shall thereafter have the option of terminating this Agreement in
its sole discretion in accordance with Section 9.4 hereof.

     (d) Client Related Third Party Expenses. Notwithstanding anything to the contrary herein, the
Firm agrees that it will pay all Client related third party expenses incurred by the Default
Specialist in the performance of the Mortgage Default Services hereunder, including, but not
limited to, fees paid for (i) publication and posting of legal notices; (ii) title insurance; (iii)
filing of deeds and other legal documents; (iv) sheriff services; (v) packaging services; and (vi)
court costs.

     3.2 Invoice and Payments.

     (a) Invoice. Within fifteen (15) days following the end of each calendar month during the
term of this Agreement, and any extensions or renewals thereof, the Default Specialist shall submit
an invoice to the Firm (each a “Monthly Invoice”) indicating (i) the number and types of
files referred by the Firm to the Default Specialist for processing during the preceding month,
(ii) the number and type of Pre-existing Files (as defined in Section 3.2(b) below)
reflected in such Monthly Invoice and (iii) the total amount due to the Default Specialist for such
files.

          (i) With respect to any foreclosure file reflected in the Monthly Invoice, of the Per File Fee
attributable to each file referred by the Firm to the Default Specialist, fifty percent (50%) of
such Fee shall be included in the Monthly Invoice for the month in which the file was referred and
the remaining fifty percent (50%) shall be included in the Monthly Invoice for the month in which
the file was either “final billed” or closed with no final bill.

          (ii) With respect to any files other than foreclosure files reflected in the Monthly Invoice,
of the Per File Fee attributable to each file referred by the Firm to the Default Specialist, one
hundred percent (100%) of such Fee shall be included in such Monthly Invoice.

     (b) Files Opened Prior to Effective Date. The parties acknowledge that the Firm opened files
prior to the Effective Date (“Pre-existing Files”), that Default Specialist will be
providing Mortgage Default Services pursuant to this Agreement with respect to such Pre-existing
Files and that Default Specialist shall not be entitled to receive a full Per File Fee with respect
to such Pre-existing Files. The first Monthly Invoice will be delivered on or prior to January 31,
2007 (the “First Invoice”). Except as otherwise expressly provided for in this Section
3.2(b), Default Specialist shall not be entitled to any fee with respect to Mortgage Default
Services provided with respect to Pre-existing Files.

          (i) With respect to foreclosure files, the First Invoice shall include an amount equal to the
product of (A) [***] multiplied by (B) the number of Pre-existing Files opened by

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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the Firm in the [***] period prior to the Effective Date multiplied by (C) the applicable Per
File Fee for each such Pre-existing File. Additionally, the Monthly Invoice for each month in
which a Pre-existing File is either “final billed” or closed with no final bill, shall include an
amount equal to (i) [***] multiplied by (ii) the number of Pre-existing Files
“final billed” or closed with no final bill during the month multiplied by (iii)
the applicable Per File Fee.

          (ii) With respect to all other files except foreclosure files, the First Invoice shall include
an amount equal to the product of (i) [***] multiplied by (ii) the number of Pre-existing Files
that are non-foreclosure files opened by the Firm during the [***] period prior to the Effective
Date, and existing on, the Effective Date multiplied by (iii) the applicable Per File Fee for each
such Pre-existing File.

          (iii) With respect to all files which have been “final-billed” in the ordinary course of
business, consistent with past practice, on or prior to the Effective Date, no fee shall be due
Default Specialist hereunder.

     (c) Objection. The Firm shall have the right to dispute, in good faith, any Monthly Invoice,
in part or in total. The Firm will promptly notify the Default Specialist of any dispute regarding
any Monthly Invoice, and the Parties agree to use their best efforts to promptly resolve any such
dispute. If the Parties are unable to reach a resolution, then the Parties will choose a mutually
acceptable independent accounting firm to resolve such dispute. The decision of the independent
accounting firm shall be final as to all matters relating to such dispute, and the Parties shall
split all costs associated with the engagement of the independent accounting firm equally. When
attempting to resolve any such dispute, the Parties agree to allow the other Party and the
independent accounting firm access to all information relevant to such issue(s) in dispute, unless
such access would violate any other provision of this Agreement, the attorney client privilege or
any client secrets.

     (d) Payment. The Firm shall pay each Monthly Invoice on or before the 10th day of
the calendar month immediately following the calendar month during which the Monthly Invoice was
received; provided, however, that the Firm is under no obligation to make any payments for any
amounts in any Monthly Invoice that is subject to a dispute as provided in Section 3.2(c)
above, until ten (10) days after such dispute is resolved. The Parties agree that the Firm shall
be entitled to offset against the amount due under any Monthly Invoice any amounts with respect to
“no bill” files.

     3.3 Reasonable Value. The Firm and the Default Specialist acknowledge and agree that
the Fee Schedule has been, and any Amended Fee Schedule shall be, negotiated at arm’s-length and
represents the reasonable value of the Mortgage Default Services furnished by the Default
Specialist pursuant to this Agreement, considering the nature and volume of the services required.
Payment of the fees pursuant to Section 3.2 hereof is not intended to be and shall not be
interpreted or applied as permitting the Default Specialist to share in the Firm’s fees for Legal
Services performed by the Firm on behalf of its Clients.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

11

 

ARTICLE IV

AFFIRMATIVE COVENANTS OF THE FIRM

     4.1 Exclusive Use of the Default Specialist for Mortgage Default Services. During the
term of this Agreement and any extensions or renewals thereof, the Firm shall engage only the
Default Specialist to provide Mortgage Default Services on behalf of a Client, and shall not
retain, hire, employ, use or engage any other Person to provide such services.

     4.2 Notification to and Consents from Clients. In accordance with Applicable Law and
any Engagement Letter, the Firm shall notify and, where required by the terms or conditions of any
Engagement Letter, obtain the consent of its existing Clients and any new Clients of the Firm’s
intention to use the Default Specialist to provide Mortgage Default Services.

     4.3 Supervision of Default Specialist. The Firm agrees to cause its attorneys to
provide supervision of the employees of the Default Specialist that are providing Mortgage Default
Services in compliance with Applicable Law.

     4.4 Support of the Default Specialist. Pursuant to the Office Sharing Agreement, the
Firm shall permit employees of the Default Specialist to (i) utilize its office space without
charge, as the Parties shall mutually determine, and (ii) provide access to, and the authorized use
of, all software and assets owned or licensed by the Firm needed by the Default Specialist to
operate the Business and to adequately and efficiently provide the Mortgage Default Services to the
Firm and its Clients; provided, however, that all office furniture, office
equipment (including, but not limited to, telephones, computers and copiers), office supplies and
all other normal and customary office products associated with or required to perform the Mortgage
Default Services contemplated by this Agreement (collectively, the “Office Products”) shall
be the responsibility of the Default Specialist. Notwithstanding the foregoing, the Firm shall
have no responsibility for any Employee Expenses. The Firm shall provide to the Default Specialist
in a timely manner file count reports in a form consistent with, and using the same methodology as,
the file count reports generated by the Firm for its own account prior to the date of this
Agreement.

     4.5 Compliance With Law; Adherence to Professional Standards.

     (a) Professional Ethical Requirements. From and after the Effective Date, the Firm shall
fully inform the Default Specialist of all professional ethical responsibilities relating to the
Practice of Law (and any changes thereto), as the same may be applicable to any services performed
by the Default Specialist under this Agreement. The Firm will inform the Default Specialist of and
cooperate with the Default Specialist to assure that any confidences and secrets of Clients will be
protected and maintained to the full extent required by any professional ethics rules applicable to
the Practice of Law.

     (b) Compliance with Applicable Laws. The Firm shall perform Legal Services diligently,
conscientiously and in a manner consistent with professional and ethical standards and in
compliance with all Applicable Laws, including laws and professional ethical rules and requirements
applying to the legal profession, and requirements of the Agencies. It is expressly acknowledged
by the Parties that all Legal Services provided by the Firm shall be performed solely by licensed
attorneys or under the direct supervision and control of licensed attorneys. Each of the attorneys
working for the Firm shall be licensed to practice law in the State of Indiana, and any other state
or federal district in which such attorney renders Legal Services. The Firm shall require that all
attorneys who are licensed and in good standing as lawyers with

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

12

 

the applicable licensing authorities in one or more states and who perform the Practice of Law
who are employees of the Firm comply with Applicable Laws, including, but not limited to, all
applicable ethical standards and rules of professional responsibility relating to the Practice of
Law.

     4.6 Maintenance of Malpractice Insurance. During the term of this Agreement and any
extensions or renewals thereof, and except as otherwise provided herein, the Firm shall maintain
legal malpractice insurance policies (the “Malpractice Insurance Policies”) in at least the
same amount as provided for by the Firm’s current Malpractice Insurance Policies issued by an
insurance carrier with an A.M. Best rating of “A” or better. The Firm represents and warrants that
the Malpractice Insurance Policies, as described on Exhibit A hereto, are in full force and
effect and the Firm is not in default under any of them and no material claim for coverage
thereunder has been denied under any such current Malpractice Insurance Policies with respect to
any matter. At the request of the Default Specialist from time to time, the Firm shall furnish the
Default Specialist with a copy of the certificate of insurance evidencing the coverage under such
Malpractice Insurance Policies and the Firm agrees that no such Malpractice Insurance Policies may
be cancelled or the amount of coverage under such Malpractice Insurance Policies reduced without
thirty (30) days prior written notice to the Default Specialist.

ARTICLE V

AFFIRMATIVE COVENANTS OF THE DEFAULT SPECIALIST

     5.1 Hiring and Maintenance of Default Specialist Workforce; Compensation. The Default
Specialist shall employ or otherwise retain and be responsible for selecting, hiring, training and
supervising all personnel necessary or appropriate for the proper operation of the Default
Specialist and the provision of Mortgage Default Services to the Firm (the “Default Specialist
Workforce”). All employee and employment benefit matters shall be the responsibility of the
Default Specialist, including, but not limited to, the number, nature, type, quality and
compensation of the Default Specialist Work Force and all administrative or governmental filings
regarding employment. The Default Specialist shall have sole responsibility for the Employee
Expenses.

     5.2 Office Products. The Default Specialist shall provide all Office Products to its
employees in connection with its obligations under this Agreement, and shall have sole
responsibility for the maintenance and insurance of such personalty, subject to the terms of the
Office Sharing Agreement.

     5.3 Performance of Mortgage Default Services. Default Specialist shall perform the
Mortgage Default Services in a manner consistent with the historical practices of the Firm. The
Default Specialist shall use commercially reasonable efforts to maintain such level of personnel as
is necessary to perform the Mortgage Default Services in a manner consistent with the historical
practices of the Firm.

     5.4 Prohibition Against Providing Legal Services. The Parties acknowledge that the
Default Specialist is not authorized or qualified to engage in any activity which under Applicable
Laws may only be performed by licensed attorneys and that nothing herein shall be construed as
permitting or authorizing the Default Specialist to provide Legal Services to Clients.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

13

 

Notwithstanding anything to the contrary in this Agreement, to the extent any act or service
required of the Default Specialist is construed or deemed to constitute the provision of Legal
Services, the Default Specialist is released from any obligation to provide, and the Firm shall be
deemed not to have requested the Default Specialist to provide, such act or service.

     5.5 Independence of the Firm. The Firm will be the exclusive provider of Legal
Services to Clients under this Agreement and the Firm shall have complete and absolute control over
the methods by which the Practice of Law is conducted by the Firm. All matters involving the
internal management, control, or finances of the Firm shall remain the sole responsibility of the
Firm and its shareholders, and the Default Specialist shall have no authority whatsoever over the
Firm as it relates to its Practice of Law.

     5.6 Escrow Agreement. At any point during the term of this Agreement, the Firm may
require the Default Specialist to place the source code for the Veritas Software into escrow with a
mutually acceptable escrow agent pursuant to a mutually acceptable Software Escrow Agreement (the
“Software Escrow”). The Software Escrow Agreement shall provide the Firm with certain
rights to access and use the Veritas Software source code in the event Default Specialist becomes
Insolvent during the term of this Agreement and the successor owner of the Veritas Software is
unable to continue to provide Mortgage Default Services on the terms and conditions set forth
herein. The Firm shall be solely responsible for all fees and expenses in connection with the
Software Escrow and the Software Escrow Agreement, including any fees payable to the escrow agent
thereunder; provided, however, in the event additional parties are added as beneficiaries to such
Agreement or escrow relationship, such parties shall be required to split the fees equally with the
Firm.

ARTICLE VI

CERTAIN COVENANTS OF BOTH PARTIES

     6.1 No Use of Party and Client Name. Without prior written consent, the Parties agree
that they will not use, in any advertising or promotional material or media, the other Party’s name
or logo or the name and logo of any Affiliate of the other Party, or otherwise identify the other
Party or any Client.

     6.2 Records. The Parties shall maintain accurate books and records regarding the
provision of Mortgage Default Services to the Firm by the Default Specialist, in compliance with
all Applicable Laws, but in no event for less than five (5) years or for such longer period as may
be required in connection with any initial public offering of the securities of the Default
Specialist or its Affiliates.

     6.3 No Assignment Without Consent. The Parties hereby agree that neither this
Agreement, nor any duties or obligations under this Agreement, shall be assigned or transferred by
either party without the prior written consent of the other.

     6.4 Transition to Veritas. The Default Specialist shall use its commercially
reasonable efforts to adapt the Veritas Software for use by the Firm and utilize the Veritas
Software for the benefit of the Firm and its Clients. The Firm shall use its commercially
reasonable efforts to cooperate with the Default Specialist in the adaptation of the Veritas
Software for use by the

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

14

 

Firm after the Effective Date. The Parties acknowledge and agree that, based on the facts and
assumptions of the Parties on the date of this Agreement, the adaptation process is expected to be
completed approximately in the eighteen (18) month period following the Effective Date.

ARTICLE VII

CONFIDENTIALITY; INTELLECTUAL PROPERTY

     7.1 Protection of the Default Specialist’s Confidential Information.

     (a) Confidential Information. All confidential information, proprietary information and
rights, and trade secrets of the Default Specialist (the “Default Specialist Confidential
Information”), shall be safeguarded and treated as confidential by the Firm. Default
Specialist Confidential Information includes, but is not limited to, records, files, electronic
records, documents, bulletins, publications, manuals, financial data and information, marketing
plans and proposals, accounting control procedures and any information relating to and concerning
the identity of customers, prospects, suppliers, employees and manner of operations of the Default
Specialist. Default Specialist Confidential Information shall also include specifications,
software code (including, but not limited to, the Veritas Software program owned by the Default
Specialist), design, materials, documentation, flow charts, diagrams, schematics, data, databases,
and business and production methods and techniques of the Default Specialist and all other
confidential information, proprietary information and rights, and trade secrets of the Default
Specialist. Notwithstanding the foregoing, the Parties acknowledge and agree that the Default
Specialist Confidential Information shall not include any confidential information, proprietary
information and rights and trade secrets which are Excluded Assets under the Purchase Agreement.

     (b) Nondisclosure of Confidential Information. The Firm recognizes and acknowledges that the
Default Specialist Confidential Information is valuable, special and unique and that the protection
of Default Specialist Confidential Information is critical to the Default Specialist and its
ability to maintain its competitive advantage over its competitors. In furtherance of this, the
Firm shall use Default Specialist Confidential Information solely in conjunction with this
Agreement. Without the express written consent of the Default Specialist, the Firm shall not at
any time disclose Default Specialist Confidential Information to any Person except in furtherance
of this Agreement.

     (c) Disclosure under Court Order. Notwithstanding the foregoing restrictions, the Firm may
use and disclose any Default Specialist Confidential Information to the extent required by an order
of any court or other governmental authority, but only after the Default Specialist has been so
notified and has had the opportunity, if possible, to obtain reasonable protection for such
information in connection with such disclosure. The Firm shall cooperate fully with the Default
Specialist in connection with obtaining any protective order or other appropriate remedy.

     7.2 Protection of Firm Confidential Information.

     (a) Confidential Information. All confidential information, proprietary information and
rights and trade secrets of the Firm (“Firm Confidential Information”), shall be
safeguarded and treated as confidential by the Default Specialist. Firm Confidential Information
includes, but

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

15

 

is not limited to any records, files, electronic records, documents, bulletins, publications,
manuals, financial data and information, marketing plans and proposals, accounting control
procedures, any information relating to and concerning the identity of Clients, customers,
prospects, suppliers, employees and manner of operations of the Firm, and any information of or
pertaining to a Client that is confidential or privileged pursuant to any contract, statute,
regulation, rule, code or legal precedent. Firm Confidential Information shall also include
specifications, software code, design, materials, documentation, flow charts, diagrams, schematics,
data, databases and business and production methods and techniques of the Firm and all other
confidential information, proprietary information and rights and trade secrets of the Firm.
Notwithstanding the foregoing, the Parties acknowledge and agree that the Firm Confidential
Information shall not include any confidential information, proprietary information and rights and
trade secrets which were purchased or acquired by, or licensed to, the Default Specialist pursuant
to the Purchase Agreement; provided, however, the Firm may continue to use any confidential
information, proprietary information and rights and trade secrets that were licensed to the Default
Specialist under the Purchase Agreement.

     (b) Nondisclosure of Confidential Information. The Default Specialist recognizes and
acknowledges that Firm Confidential Information is valuable, special and unique and that the
protection of Firm Confidential Information is critical to the Firm. In furtherance of this, the
Default Specialist shall use Firm Confidential Information solely in conjunction with this
Agreement. Without the express written consent of the Firm, the Default Specialist shall not at
any time disclose Firm Confidential Information to any Person except in furtherance of this
Agreement.

     (c) Disclosure under Court Order. Notwithstanding the foregoing restrictions, the Default
Specialist may use and disclose any Firm Confidential Information to the extent required by an
order of any court or other governmental authority, but only after the Firm has been so notified
and has had the opportunity, if possible, to obtain reasonable protection for such information in
connection with such disclosure. The Default Specialist shall cooperate fully with the Firm in
connection with obtaining any protective order or other appropriate remedy.

     7.3 Confidentiality of Third Party Information.

     (a) Confidentiality of Third Party Confidential Information. The Parties recognize that each
Party has received and in the future may receive confidential or proprietary information of Clients
and other third parties and such information is subject to a duty on the part of the recipient to
maintain the confidentiality of such information and to use it only for certain limited purposes.
The Parties agree at all times during the term of this Agreement and thereafter, to hold in
strictest confidence, and not to use, except in connection with the Firm’s performance of Legal
Services, or the performance of Mortgage Default Services by the Default Specialist and not to
disclose to any Person, or to use it except as necessary in the Firm’s performance of Legal
Services, or the performance of Mortgage Default Services by the Default Specialist, consistent
with their respective agreements with, or obligations under Applicable Law to, such Clients or
other third parties.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

16

 

     (b) Covenant Against Disclosure. Each Party agrees to use commercially reasonable efforts to
safeguard the confidential material and to prevent the unauthorized, negligent or inadvertent use
or disclosure thereof.

     7.4 Exceptions to Definition of Confidential Information. The obligations of the
Parties to treat any information as proprietary and confidential under this Article VII
shall not apply to information which (i) is publicly available, (ii) is developed by the Default
Specialist or the Firm outside the scope of this Agreement or any agreement with a Client, or (iii)
is obtained rightfully from third parties not bound by an obligation of confidentiality.

     7.5 Remedies. The Parties acknowledge that disclosure of any confidential material
could give rise to irreparable injury to the Parties and that such injury may be inadequately
compensable in damages. Accordingly, the Firm or the Default Specialist, as applicable, may seek
injunctive relief against the breach or threatened breach of the undertakings set forth in
Sections 7.1, 7.2 and 7.3. This relief shall not be exclusive of, and
shall be in addition to, any other remedies available at law or equity.

     7.6 Ownership of Intellectual Property. The Firm acknowledges and agrees that the
Default Specialist owns the worldwide right, title, and interest in and to any and all inventions,
original works of authorship, findings, conclusions, ideas, data, databases, flowcharts, scripts,
discoveries, developments, concepts, improvements, techniques, processes and know-how, whether or
not patentable or registrable under copyright or similar laws, created or developed prior to the
date of this Agreement which relate to the provision of Mortgage Default Services including all
patent rights, copyrights, trademarks, know-how and trade secrets, or other intellectual property
rights related thereto and all modifications, improvements or changes thereto (the “Default
Specialist Intellectual Property”). Notwithstanding the foregoing, the Parties acknowledge and
agree that the Default Specialist Intellectual Property shall not include any confidential
information, proprietary information and rights and trade secrets which were Excluded Assets under
the Purchase Agreement and nothing in this Section 7.6 shall prohibit the Firm’s ability to use any
such Excluded Assets in the Practice of Law.

     7.7 License of the Default Specialist Intellectual Property. During the term of this
Agreement, the Default Specialist hereby grants the Firm a nonexclusive, worldwide, and
royalty-free license to use the Default Specialist Intellectual Property for the benefit of
Clients, subject to the following terms, conditions, and restrictions:

     (a) The license granted pursuant to this Section 7.7 authorizes only the Firm and its
authorized employees and any agents or contractors to use the Default Specialist Intellectual
Property.

     (b) No part or portion of the Default Specialist Intellectual Property may be sublicensed,
copied, reproduced or duplicated by any means, or translated into machine language by the Firm,
without the prior express written permission of the Default Specialist, except that the Firm may
make those copies of the Default Specialist Intellectual Property necessary for non-productive
back-up purposes only.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

17

 

     (c) The Firm’s right to use the Default Specialist Intellectual Property under the terms of
this Agreement shall commence on the Effective Date and shall continue until the termination of
this Agreement.

ARTICLE VIII

RESTRICTIVE COVENANTS

     8.1 Restrictive Covenants of the Firm. As additional consideration for the Default
Specialist entering into this Agreement with the Firm and as additional consideration for the
Default Specialist to purchase the Purchased Assets and to assume the Assumed Liabilities from the
Firm pursuant to the Purchase Agreement, the Firm and the Restricted Parties covenant with the
Default Specialist as follows (with such covenants being collectively referred to below as the
“Restrictive Covenants”):

     (a) Non-Compete. During the term of this Agreement (including any extensions or renewals
thereof), and for a period of three (3) years following termination of this Agreement (the
“Restricted Period”), none of the Firm, any Restricted Party or any of their respective
Affiliates shall directly or indirectly, without the prior written consent of the Default
Specialist, purchase, join, control, invest in, organize, start or form, or contract with, any
business, individual, partnership, firm, corporation or other entity that will provide Mortgage
Default Services anywhere in the States of Illinois, Indiana, Kentucky, Michigan, Ohio, and
Wisconsin (the “Territory”). In addition, during the Restricted Period, the Firm shall be
prohibited from effecting a merger or consolidation of the Firm with or into any other entity which
is effected with a principal purpose of acquiring Mortgage Default Services capabilities for the
Firm. Notwithstanding the foregoing, nothing contained in this Section 8.1(a) shall
restrict in any way, the Firm’s or any Restricted Party’s ability to provide or perform Legal
Services or Mortgage Default Services to Clients of the Firm or such Restricted Party.

     (b) Non-Solicitation. Except as provided in Article IX of this Agreement, during the term of
this Agreement (including any extensions or renewals thereof), and for a period of three (3) years
thereafter, without the prior written consent of the Default Specialist, none of the Firm, any
Restricted Party, or any of their respective Affiliates shall, direct or indirectly, whether alone
or in connection with any other Person, hire, recruit or employ, or solicit or otherwise seek to
hire, recruit, or employ, any employee or independent contractor of the Default Specialist (i) who
is then employed or engaged by the Default Specialist or (ii) who was employed or engaged by the
Default Specialist within the six (6) month period prior to such contact.

     8.2 Blue-Pencil. If any court of competent jurisdiction or any other Governmental
Body (as defined in the Purchase Agreement) shall at any time deem the term of any particular
restrictive covenant contained in Section 8.1 too lengthy or the Territory too extensive,
the other provisions of this Section 8.1 shall nevertheless stand, and the Restricted
Period and/or the Territory shall be reduced to such duration or size as such court or Governmental
Body shall determine to be permissible.

     8.3 Remedies. The Firm and the Restricted Parties acknowledge that any breach of any
of the Restrictive Covenants could give rise to irreparable injury to the Default Specialist and
that such injury may be inadequately compensable in damages. Accordingly, the Parties

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

18

 

agree that the Default Specialist may obtain injunctive relief against the breach or
threatened breach of the undertakings set forth in Section 8.1 without the posting of any
bond or other security. This relief shall not be exclusive of, and shall be in addition to, any
other remedies available at law or equity. The Parties and the Restricted Parties further agree
that, in the event that the Firm or any of the Restricted Parties (i) breaches any of the
Restrictive Covenants, (ii) challenges the enforceability of any of the Restrictive Covenants in
any Proceeding (as defined in the Purchase Agreement) (including in any submission to, or filing
with, any Governmental Body) or (iii) any Governmental Body shall at any time deem the terms or
provisions any particular Restrictive Covenants to be unenforceable in any respect (each of the
events described in clauses (i), (ii) and (iii), a “Covenant Challenge”), then the Default
Specialist shall have the right, upon delivery of written notice at any time after such event (a
“Covenant Challenge Notice”), to repurchase the Purchased Membership Interest at a purchase
price of $1.00, which such redemption shall take place no later than two (2) days after the
delivery of such notice by the Default Specialist. The Parties and the Restricted Parties agree
that the relief contemplated by such redemption shall not be exclusive of, and shall be in addition
to, any other remedies available at law or equity. The Default Specialist and the Firm each shall
execute and deliver such further instruments of conveyance and transfer and take such additional
action as the other party may at any time reasonably request to effect, consummate, confirm or
evidence the redemption of the Purchased Membership Interests contemplated by this Section
8.3. In the event that the Firm fails to deliver to the Default Specialist the certificates
representing the Purchased Membership Interests when required to do so pursuant to this Agreement,
the Default Specialist shall cause the records and books of the Default Specialist to show that
such Purchased Membership Interests are deemed canceled for failure to comply with the provisions
of this Article VIII. Upon the delivery of the Covenant Challenge Notice, any exclusivity
obligation of the Default Specialist pursuant to Section 2.4 of this Agreement shall
immediately terminate.

ARTICLE IX

TERM AND TERMINATION

     9.1 Initial Term. The initial term of this Agreement shall be for a period of fifteen
(15) years, commencing as of the date hereof and ending at midnight on the fifteenth anniversary of
the date hereof (the “Initial Term”).

     9.2 Automatic Ten Year Extensions. This Agreement shall be automatically extended for
up to two (2) separate and successive ten (10) year periods (with each such successive ten (10)
year period being referred to herein as an “Extended Term”) unless, and only if at least
twenty-four (24) months prior to the expiration of the Initial Term or, if applicable, at least
twenty-four (24) months prior to the expiration of the Extended Term then in effect, either party
shall give the other written notice of its intention not to extend the Initial Term or, if
applicable, the Extended Term then in effect.

     9.3 Termination for Breach. Upon any Party hereto (the “Non-breaching Party”)
becoming aware of a Material Breach of this Agreement by any other Party (the “Breaching
Party”), the Non-breaching Party shall provide to the Breaching Party a written notice
describing such Material Breach. Except as otherwise provided in this Section 9.3, the
Breaching Party shall have a sixty (60) day period within which to cure such breach. If the
Breaching Party has not cured such Material Breach within such period, the Non-breaching Party may
terminate this

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

19

 

Agreement in accordance with the terms and conditions set forth below. Nothing in this
Section 9.3 shall prejudice or otherwise restrict the Non-breaching Party in the exercise
of any of its other remedies under this Agreement or Applicable Law.

          (a) Termination by Firm for Uncured Material Breach by Default Specialist. If the
Firm is the Non-Breaching Party and desires to terminate this Agreement upon a Material Breach by
Default Specialist that Default Specialist has not cured within sixty (60) days of receiving notice
of such Material Breach, then the Firm may terminate this Agreement upon twenty-four (24) months
written notice to Default Specialist.

          (b) Termination By Default Specialist for Uncured Non-Monetary Material Breach. If
the Default Specialist is the Non-Breaching Party and desires to terminate this Agreement upon a
Material Breach by the Firm (other than for a Monetary Default Event), and which the Firm has not
cured within sixty (60) days of receiving notice of such Material Breach, then the Default
Specialist may terminate this Agreement upon twenty-four (24) months written notice to the Firm.

          (c) Termination By Default Specialist for Monetary Default Event. If the Default
Specialist is the Non-Breaching Party and desires to terminate this Agreement upon a Monetary
Default Event (as hereinafter defined) by the Firm, then the Default Specialist may immediately
terminate this Agreement upon written notice to the Firm. For purposes of this Agreement, a
“Monetary Default Event” shall be deemed to have occurred if, at any time during the term
of this Agreement, the Firm fails to pay any amount owed to Default Specialist pursuant to this
Agreement, that is undisputed between the parties, and is outstanding for a period in excess of
ninety (90) days.

     9.4 Termination for Failure to Agree Upon an Amended Fee Schedule. The Default
Specialist may terminate this Agreement upon twenty-four (24) months written notice to the Firm any
time after the Parties have failed to agree upon an Amended Fee Schedule.

     9.5 Termination for Insolvency. In the event a Party shall become Insolvent, the
other Party hereto may terminate this Agreement.

     9.6 Provisions Applicable Upon Any Termination of this Agreement.

     (a) Payment of Fees. Notwithstanding any contrary provision contained in this Agreement, upon
the expiration of the Initial Term or any Extended Term of this Agreement, or upon any earlier
termination of this Agreement pursuant to any of the termination provisions contained in this
Agreement, the Default Specialist shall continue to collect and receive all compensation,
reimbursement, and payment due for all Mortgage Default Services provided prior to the effective
date of the expiration or the termination of this Agreement, which shall be billed by the Default
Specialist in accordance with Article III of this Agreement.

     (b) Default Specialist Proprietary Information. Upon any termination of this Agreement, the
Firm shall immediately discontinue the use of and shall promptly return all Default Specialist
Confidential Information that has been made available to the Firm by reason

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

20

 

of participation herein and shall return all such property, together with any copies thereof
in its possession, to the Default Specialist.

     (c) Firm Proprietary Information. Upon any termination of this Agreement, the Default
Specialist shall immediately discontinue the use of and shall promptly return all Firm Confidential
Information that has been made available to the Default Specialist by reason of participation
herein and shall return all such property, together with any copies thereof in its possession, to
the Firm.

     (d) Access to Records. The Firm shall provide to the Default Specialist access, at reasonable
times and upon reasonable request, to records relating to the Legal Services provided in connection
with any Mortgage Default Services the Default Specialist performed for the Firm, for a period
ending one year after the later of (i) expiration of the applicable statute of limitations for any
claim which may be asserted against the Default Specialist arising from the activities pursuant to
this Agreement, or (ii) conclusion of all matters relating to such claim. The Default Specialist
shall provide to the Firm access, at reasonable times and upon reasonable request, to records
relating to Mortgage Default Services the Default Specialist performed for the Firm, for a period
ending one (1) year after the later of (i) expiration of the applicable statute of limitations for
any claim which may be asserted against the Firm or (ii) conclusion of all matters relating to such
claim.

     (e) Return of Work Product. Upon termination of this Agreement, or upon any Client’s earlier
request, the Firm will ensure, and the Default Specialist will cooperate fully with the Firm in
ensuring that all Work Product and Work-in-Process, or any lesser part designated by the Firm or
any Client in writing, shall be returned by the Default Specialist to the Firm or such Client at
the Default Specialist’s expense (it being understood and agreed that the Default Specialist shall
have no obligation to return any work product developed or arising out of the clerical, technical,
administrative and other non-legal services performed by it pursuant to the terms hereof).

     (f) Exclusivity and Non-Solicitation.

          (i) Expiration of Agreement. The Parties acknowledge and agree that (A) any
exclusivity obligation of the Default Specialist pursuant to Section 2.4 of this Agreement
and (B) the restrictive covenant with respect to the non-solicitation of certain employees by the
Firm described in Section 8.1(b) of this Agreement, shall immediately terminate upon the
date that is eighteen (18) months after (i) the expiration of the Initial Term, if any party
delivers the required non-renewal notice 24 month prior to such expiration or (ii) expiration of
any Extended Term, if any party delivers the required non-renewal notice 24 months prior to the
expiration of such Extended Term.

          (ii) Termination by the Firm for Uncured Material Breach. In the event the Firm
delivers a notice of termination of this Agreement pursuant to Section 9.3(a), (A) any
exclusivity obligation of the Default Specialist pursuant to Section 2.4 of this Agreement
and (B) the restrictive covenant with respect to the non-solicitation of certain employees by the
Firm pursuant to Section 8.1(b) of this Agreement, shall immediately terminate upon the
date that is

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

21

 

eighteen (18) months after the expiration of the 24 month period immediately following the
delivery of such notice by the Firm.

          (iii) Termination By Default Specialist for Uncured Material Breach. In the event the
Default Specialist delivers a notice of termination of this Agreement pursuant to Section
9.3(b), (A) any exclusivity obligation of the Default Specialist pursuant to Section
2.4 of this Agreement and (B) the restrictive covenant with respect to the non-solicitation of
certain employees by the Firm pursuant to Section 8.1(b) of this Agreement, shall
immediately terminate upon the date that is eighteen (18) months after the expiration of the 24
month period immediately following the delivery of such notice by the Default Specialist.

          (iv) Termination By Default Specialist for Monetary Default Event. In the event the
Default Specialist delivers written notice of termination of this Agreement pursuant to Section
9.3(c), any exclusivity obligation of the Default Specialist pursuant to Section 2.4 of
this Agreement shall immediately terminate upon the delivery of such notice to the Firm.

          (v) Termination for Failure to Agree Upon an Amended Fee Schedule. In the event the
Default Specialist delivers a notice of termination of this Agreement pursuant to Section
9.4, (A) any exclusivity obligation of the Default Specialist pursuant to Section 2.4
of this Agreement and (B) the restrictive covenant with respect to the non-solicitation of certain
employees by the Firm pursuant to Section 8.1(b) of this Agreement, shall immediately
terminate upon the date that is eighteen (18) months after the expiration of the 24 month period
immediately following the delivery of such notice by the Default Specialist.

          (vi) Termination for Insolvency. In the event any Party delivers written notice of
termination of this Agreement pursuant to Section 9.5:

     (A) if the Firm is the Insolvent Party, any exclusivity obligation of the
Default Specialist pursuant to Section 2.4 of this Agreement shall
immediately terminate upon the delivery of such notice of termination; or

     (B) if the Default Specialist is the Insolvent Party, any restrictive covenant
or non-solicitation provision pursuant to Section 8.1 of this Agreement
shall immediately terminate upon the delivery of such notice of termination.

     9.7 Provisions Applicable Upon Termination of this Agreement on Account of an Uncured
Material Breach by the Default Specialist.

     (a) Licensing of the Veritas Software. Upon the termination of this Agreement in accordance
with Section 9.3(a) as a result of the Default Specialist being the Breaching Party, the
Default Specialist agrees to grant to the Firm a non-exclusive license (the “License”) to
use the Veritas Software for the 36 month period immediately following the delivery of notice of
termination by the Firm (the “License Period”) in exchange for the royalty payments
described in Section 9.7(b) and upon such terms and conditions as the Parties shall
mutually agree upon at that time.

     (b) Royalty Payments for the License. For each file processed by the Firm during the License
Period, the Firm shall pay the Default Specialist as a royalty payment a per file fee equal

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

22

 

to the Termination Fee. The parties acknowledge and agree that the per file fee payable by
the Firm pursuant to this Section 9.7(b) shall be with respect to the Firm’s use of the
Veritas Software only, and any support, information technology or processing services requested by
the Firm of Default Services from and after the delivery of the notice of termination by Default
Services shall be provided by Default Specialist upon such terms and conditions as the Parties
shall mutually agree upon at that time.

     9.8 Provisions Applicable Upon Termination of this Agreement on Account of an Non-Monetary
Uncured Material Breach by the Firm.

     (a) Upon the delivery of a notice of termination by Default Specialist pursuant to Section
9.3(b) of this Agreement, Default Specialist shall continue to provide the Mortgage Default
Services to the Firm during the 24 month period immediately following the delivery of such notice,
on the same terms and conditions, including, but not limited to, the same fee per file, as in
effect immediately prior to the delivery of such notice. The Parties acknowledge and agree that,
except as set forth in Sections 9.8(b) and (c), from after the expiration of such
24 month period, the Firm shall have no further right use the Veritas software and the Default
Specialist shall have no further right or obligation to provide the Firm with any Mortgage Default
Services.

     (b) At the option of the Firm, upon the expiration of the 24 month period immediately
following the delivery by the Default Specialist of a notice to terminate pursuant to Section
9.3(b) of this Agreement, the Firm may receive a License to use the Veritas Software for the
12 month period immediately following the expiration of such 24 month period in exchange for the
royalty payments described in Section 9.8(c) and upon such terms and conditions as the
Parties shall mutually agree upon at that time.

     (c) For each file processed by the Firm during such 12 month period, the Firm shall pay the
Default Specialist as a royalty payment a per file fee equal to the Termination Fee. The parties
acknowledge and agree that the per file fee payable by the Firm pursuant to this Section
9.8(c) shall be with respect to the Firm’s use of the Veritas Software only, and any support,
information technology or processing services requested by the Firm of Default Services from and
after the delivery of the notice of termination by Default Services shall be provided by Default
Specialist upon such terms and conditions as the Parties shall mutually agree upon at that time.

     9.9 Provisions Applicable Upon Termination of this Agreement on Account of a Monetary
Uncured Material Breach by the Firm. In the event of a Monetary Default Event, upon the
delivery of a notice of termination by Default Specialist pursuant to Section 9.3(c) of
this Agreement, Default Specialist have the right to immediately cease the provision of any
Mortgage Default Services under this Agreement from and after the date of delivery of such notice
of termination; provided, however, nothing in this Section 9.9 shall be
deemed to limit Default Specialist’s rights under Section 9.6(a) of this Agreement. The
Parties acknowledge and agree that, immediately upon the delivery of the notice of termination by
the Default Specialist under Section 9.3(c), the Firm shall have no further right to use
the Veritas Software and the Default Specialist shall have no further right or obligation to
provide the Firm with any Mortgage Default Services; provided, however, upon a termination of this
Agreement pursuant to Section 9.3(c) of this Agreement, the Firm shall have access to the
Veritas Software for the

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

23

 

sole purpose of transferring required client data and information to another default
processing software system and all costs and expenses arising in connection with such access and
transfer shall be borne solely by the Firm.

     9.10 Provisions Applicable Upon Termination for Failure to Agree Upon an Amended Fee
Schedule.

     (a) Service Fees. Upon the delivery of a notice of termination by Default Specialist pursuant
to Section 9.4 of this Agreement, Default Specialist shall continue to provide the Mortgage
Default Services to the Firm during the 24 month period immediately following the delivery of such
notice (the “Termination Period”), on the same terms and conditions, including, but not
limited to, the same fee per file, as in effect immediately prior to the delivery of such notice.

     (b) Use of Veritas Software. Upon the termination of this Agreement in accordance with
Section 9.4, the Parties agree that during the Termination Period, Default Specialist shall
continue to provide the Mortgage Default Services to the Firm utilizing the Veritas Software in the
same manner as in effect immediately prior to the delivery of the notice of termination by Default
Specialist.

     (c) At the option of the Firm, upon the expiration of the Termination Period, the Firm may
receive a License to use the Veritas Software for the 12 month period immediately following the
expiration of the Termination Period in exchange for the royalty payments described in Section
9.10(d) and upon such terms and conditions as the Parties shall mutually agree upon at that
time.

     (d) For each file processed by the Firm during such 12 month period, the Firm shall pay the
Default Specialist as a royalty payment a per file fee equal to the Termination Fee. The parties
acknowledge and agree that the per file fee payable by the Firm pursuant to this Section
9.10(d) shall be with respect to the Firm’s use of the Veritas Software only, and any support,
information technology or processing services requested by the Firm of Default Services from and
after the delivery of the notice of termination by Default Services shall be provided by Default
Specialist upon such terms and conditions as the Parties shall mutually agree upon at that time.

     9.11 Provisions Applicable Upon Termination of this Agreement on Account of a Notice of
Non-Renewal

     (a) Upon the delivery of a notice of non-renewal by either Party with respect to the Initial
Term or any Extended Term, as the case may be, pursuant to Section 9.2 of this Agreement,
Default Specialist shall continue to provide the Mortgage Default Services to the Firm during the
24 month period immediately following the delivery of such notice, on the same terms and
conditions, including, but not limited to, the same fee per file, as in effect immediately prior to
the delivery of such notice. The Parties acknowledge and agree that, except as set forth in
Sections 9.11(b) and (c), from after the expiration of such 24 month period, the
Firm shall have no further right use the Veritas Software and the Default Specialist shall have no
further right or obligation to provide the Firm with any Mortgage Default Services.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

24

 

     (b) At the option of the Firm, upon the expiration of the Initial Term or the Extended Term,
as the case may be, the Firm may receive a License to use the Veritas Software for the 12 month
period immediately following the Initial Term or the Extended Term, as the case may be, in exchange
for the royalty payments described in Section 9.11(c) and upon such terms and conditions as
the Parties shall mutually agree upon at that time.

     (c) For each file processed by the Firm during such 12 month period, the Firm shall pay the
Default Specialist as a royalty payment a per file fee equal to the Termination Fee. The parties
acknowledge and agree that the per file fee payable by the Firm pursuant to this Section
9.11(c) shall be with respect to the Firm’s use of the Veritas Software only, and any support,
information technology or processing services requested by the Firm of Default Services from and
after the delivery of the notice of termination by Default Services shall be provided by Default
Specialist upon such terms and conditions as the Parties shall mutually agree upon at that time.

ARTICLE X

CHANGES

     10.1 Changes. In the event (a) any Applicable Laws, rules, or regulations or any
interpretations thereof, or any requirements of Clients, Agencies or Investors at any time during
the term of this Agreement are modified, implemented, threatened to be implemented, or determined
to prohibit, restrict or in any way materially change the method of providing or paying for
Mortgage Default Services as described in or contemplated by this Agreement, or (b) the manner of
providing Mortgage Default Services, including the nature of the relationship or services involved
in foreclosures that are the subject of the Mortgage Default Services, is required to change in any
material respect to meet market demands for services of the type rendered by the Firm, which
change, in either case has or could reasonably be expected to have a material adverse effect on the
ability of either the Firm or the Default Specialist to engage in commercial activity consistent
with and in furtherance of its business plans (all of the foregoing being hereinafter collectively
referred to as “Changes,” and individually, a “Change”), then the parties to this
Agreement shall negotiate in good faith to amend this Agreement as necessary to provide for
procurement of services and payment hereunder, while at the same time preserving the economic
expectations of the Parties as set forth herein, to the greatest extent possible. To the extent
any act or service required of the Default Specialist in this Agreement should be construed or
deemed, by any Applicable Law, governmental authority, agency or court to constitute the provision
of Legal Services, the performance of said act or service by the Default Specialist shall be deemed
waived and forever unenforceable and the provisions of this Section 10.1 shall be
applicable. Neither party shall claim or assert illegality as a defense to the enforcement of this
Agreement or any provision hereof; instead, any such purported illegality shall be resolved
pursuant to the terms of this Section 10.1.

ARTICLE XI

INDEPENDENT RELATIONSHIP

     11.1 Independent Contractor Status. Each of the Parties acknowledges that each is an
independent contractor and not an agent, employee or representative of the other. This Agreement
shall not create any partnership or joint venture between the parties.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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     11.2 No Referral Arrangements. The Parties hereby acknowledge and agree that no
benefits to the Default Specialist hereunder require or are in any way contingent upon the
recommendation, referral or any other arrangement by the Default Specialist for the provision of
any Legal Services or other service offered by the Firm.

     11.3 No Restriction on the Default Specialist Expansion. The Default Specialist may
from time to time (i) be engaged by the Firm and any other Person to perform services which are not
included in or related to the Mortgage Default Services, or (ii) invest in or engage in businesses
wholly unrelated to the Mortgage Default Services; provided, however, the Default
Specialist shall not provide any Legal Services. Except for the exclusivity provisions of
Section 2.4, nothing in this Agreement shall be construed to preclude the Default
Specialist from providing services the same as or similar to those provided under this Agreement to
other customers of the Default Specialist during the term of this Agreement.

     11.4 Referrals From Others than the Firm. Subject to the restrictions of Section
2.4, the Default Specialist may from time to time (i) be engaged by other Persons to perform
Mortgage Default Services; (ii) enter into agreements similar to this Agreement with other Persons;
and (iii) enter into co-engagements with other law firms which will provide Legal Services for the
Default Specialist customers, in all cases without the necessity of obtaining approval from the
Firm.

ARTICLE XII

INDEMNIFICATION; LIMITATIONS OF LIABILITY

     12.1 No Consequential Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER
PARTY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES EVEN IF THE LIKELIHOOD OF SUCH DAMAGES IS KNOWN TO
SUCH PARTY.

     12.2 Costs of Enforcement. If either Party files suit in any court against the other
Party to enforce the terms of this Agreement against the other Party or to obtain performance by
the other Party hereunder, the Prevailing Party will be entitled to recover all reasonable costs,
including Reasonable Attorneys’ Fees, from the other Party as part of any judgment in such suit.
The term “Prevailing Party” shall mean the Party in whose favor final judgment after appeal
(if any) is rendered with respect to the claims asserted in the complaint.

     12.3 Force Majeure. No Party hereto shall be liable for delay or default in
performing hereunder (other than a delay or default in payment of any monies due to the other
Party) if such performance is delayed or prevented by a Force Majeure Condition.

     12.4 Indemnification of the Firm by the Default Specialist. The Default Specialist
shall indemnify, defend and hold harmless the Firm and its respective officers, directors,
employees, members, and shareholders from and against any claims, damages, losses, liabilities,
costs and expenses, including reasonable attorney’s fees (collectively, the “Firm Damages”)
incurred in connection with the failure of the Default Specialist to perform the Mortgage Default
Services in accordance with this Agreement through negligence of the Default Specialist,
administrative errors and omissions, or otherwise, including any Firm Damages incurred by the Firm
arising out of or in any way related to the Default Specialist’s obligations under Article
V above; provided,

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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however, that the Default Specialist will not be liable for indemnification hereunder
to the extent that the claim, damage, loss, liability, or expense results from the willful
misconduct or negligence of the Firm; and provided, further, that the maximum
obligations for Firm Damages under this Section 12.4 shall be limited to Five Hundred
Thousand Dollars ($500,000) per action or omission that gives rise to any such indemnification
claim and an aggregate cap totaling Five Million Dollars ($5,000,000) during the Initial Term and
any Extended Term. Such right of indemnification under this Section 12.4 will survive the
termination of this Agreement.

     12.5 Indemnification of the Default Specialist by the Firm. The Firm acknowledges
that the Firm is responsible for the supervision, as may be required by Applicable Law, of the
employees of the Default Specialist providing Mortgage Default Services to the Firm on behalf of
the Clients pursuant to this Agreement. The Firm shall indemnify, defend and hold the Default
Specialist and its respective officers, directors, employees, members, and partners harmless from
and against any claims, damages, losses, liabilities, costs and expenses, including reasonable
attorney’s fees which may be imposed upon, incurred by or asserted against the Default Specialist
or such other indemnified Persons in any manner relating to or arising out of (i) the provision of
Mortgage Default Services by the Default Specialist to the Firm pursuant to this Agreement in
connection with the failure of an attorney employed by the Firm to properly supervise the employees
of the Default Specialist or as a result of complying with such supervising attorney’s direction or
supervision, (ii) any breach of or default under any Engagement Letter as a result of the referral
of files by the Firm to the Default Specialist pursuant to this Agreement, (iii) any disclosure of
any information contained in any file or otherwise disclosed by the Firm or its employees or agents
in contravention or violation of any Engagement Letter, Applicable Law or other obligation to any
other Person or (iv) the access provided to, or the use of, any software and assets owned or
licensed by the Firm to the Default Specialist in contravention or violation of (A) any contract,
license, lease, agreement or other arrangement to which the Firm is a party or is subject to or (B)
Applicable Law. Such right of indemnification under this Section 12.5 will survive the
termination of this Agreement, and shall be limited to Five Hundred Thousand Dollars ($500,000) per
action or omission that gives rise to any such indemnification claim and an aggregate cap totaling
Five Million Dollars ($5,000,000) during the Initial Term and any Extended Term.

     12.6 Indemnification Procedures. Promptly, upon be coming aware of any matter which
is subject to the provisions of Sections 12.4 or 12.5 (a “Claim”), any
party seeking indemnification (an “Indemnified Party”) must give notice of the Claim to the
other Party (the “Indemnifying Party”), accompanied by a copy of any written documentation
regarding the Claim received by the Indemnified Party. The Indemnified Party shall also provide
reasonable cooperation and information to assist the Indemnifying Party in the defense or
settlement of any Claim. If the Indemnified Party fails to notify the Indemnifying Party of the
Claim promptly or to provide reasonable cooperation and information to defend or settle the Claim,
the Indemnifying Party shall not be required to indemnify the Indemnified Party to the extent that
such failure prejudices the Indemnifying Party’s ability to defend or settle the Claim. The
Indemnifying Party, at its sole option, may take whatever action it deems reasonable and
appropriate in the handling, defense, or settlement of any Claim, subject to the terms of any
applicable insurance policy; provided, however, that with respect to any Claim
asserted by a Client, the Firm shall have all contact with such Client; provided,
further, that the Default Specialist shall not have any liability for indemnification under
this Agreement to the extent that

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

27

 

the lack of any such contact with such Client adversely affects the ability of the Default
Specialist to defend any Claim asserted by such Client. The Indemnifying Party will notify the
Indemnified Party in writing of any proposed settlement of a Claim, and shall not settle any Claim
without the prior written consent of the Indemnified Party unless such settlement includes an
unconditional release of all liability of the Indemnified Party with respect thereto. The
Indemnified Party shall not settle any Claim without the prior written consent of the Indemnifying
Party. Notwithstanding the foregoing, the Firm shall have the exclusive right to settle any Client
Claim, provided (i) the amount of any such Claim is not in excess of One Hundred Thousand Dollars
($100,000), (ii) that any such settlement includes an unconditional release of the Default
Specialist and any other Indemnifying Party from all liability arising out of such Client Claim and
(iii) that any such settlement does not contain any factual or legal admission by or with respect
to the Default Specialist or any other Indemnifying Party or any adverse statement with respect to
the character, professionalism, expertise or reputation of the Default Specialist or any other
Indemnifying Party.

     12.7 Limitation on Indemnification. No claim for indemnification by an Indemnified
Party pursuant to Sections 12.4 or 12.5 shall be payable unless and until the
aggregate amount of all Damages incurred by the Indemnified Party under Sections 12.4 or
12.5 exceeds Twenty-Five Thousand Dollars ($25,000.00), after which the Indemnified Party
may seek indemnification for the full amount of such claims.

     12.8 Sole and Exclusive Remedy. Notwithstanding anything to the contrary in this
Agreement, absent fraud, the Parties agree that the indemnification set forth in this Article XII
shall be the sole and exclusive remedy for breaches of the representations, warranties, covenants
and agreements described herein.

ARTICLE XIII

REPURCHASE RIGHT

     13.1 Upon the termination of this Agreement for any reason (other than by Default Specialist
pursuant to Section 9.4), prior to the tenth (10th) anniversary of this
Agreement, for a period of sixty (60) days immediately following the date of delivery of the
notice of termination by the applicable Party, the Default Specialist will have the right, but not
the obligation, to repurchase all of the Purchased Membership Interests (as defined in the Purchase
Agreement) for a purchase price equal to the Repurchase Price by delivering written notice of the
exercise of such right to the Firm (the “Call Notice”). The date on which the Firm
receives the Call Notice hereinafter is referred to as the “Call Delivery Date”.

     13.2 If the Firm receives a Call Notice, then on the fifth (5th) day following
receipt of such Call Notice (the “Call Closing Date”) the Firm shall be obligated to sell
to Default Specialist all of the Purchased Membership Interests. On the Call Closing Date, the
Default Specialist shall deliver to the Firm the Purchased Membership Interests, against delivery
to the Firm, by Default Specialist of the Repurchase Price, to be paid by Default Specialist by
check or wire transfer of immediately available funds to an account designated by the Firm.

     13.3 The Parties acknowledge and agree that, in the event the Firm Transfers (as defined in
the Operating Agreement) the Purchased Membership Interests to a Permitted

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
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Transferee (as defined in the Operating Agreement), the provisions of this Article
XIII shall be binding on, and enforceable against, any such Permitted Transferee and such
Permitted Transferee shall receive title to such Purchased Membership Interests, or any portion
thereof, subject to the provisions of this Article XIII. Each certificate evidencing the
Purchased Membership Interests held by the Firm, or its Permitted Transferee, if applicable, shall
contain a restrictive legend substantially as follows:

“THE SECURITIES REPRESENTED BY THIS MEMBERSHIP INTEREST CERTIFICATE
ARE SUBJECT TO CERTAIN CALL RIGHTS PURSUANT TO A SERVICES AGREEMENT,
BY AND BETWEEN FEIWELL & HANNOY PROFESSIONAL CORPORATION AND
AMERICAN PROCESSING COMPANY, LLC. COPIES OF SUCH AGREEMENT MAY BE
OBTAINED UPON WRITTEN REQUEST TO THE PRESIDENT OF AMERICAN
PROCESSING COMPANY, LLC.”

     13.4 The Default Specialist and the Firm each shall execute and deliver such further
instruments of conveyance and transfer and take such additional action as the other party may at
any time reasonably request to effect, consummate, confirm or evidence the sale to the Default
Specialist of the Purchased Membership Interests. In the event that the Firm should fail to deliver
to the Default Specialist the certificates representing the Purchased Membership Interests when
required to do so pursuant to this Agreement, the Default Specialist shall cause the records and
books of the Default Specialist to show that such Purchased Membership Interests are deemed
canceled for failure to comply with the provisions of this Article XIII.

ARTICLE XIV

MISCELLANEOUS

     14.1 No Other Agreement. The terms and conditions set forth in this Agreement are
those adopted by the Parties after extensive study and discussion and supersede all other
agreements, contracts, statements, courses of conduct, and expressions of intent which may have
previously existed between the Parties. This Agreement, to include the appendices, Schedules and
Exhibits attached hereto and made a part hereof for all purposes, represent the entire agreement
between the Parties with respect to the subject matter herein.

     14.2 Notices. All notices, requests, demands, waivers and other communication
required or permitted to be given under this Agreement shall be in writing and shall be deemed to
have been duly given if (a) delivered personally; (b) sent by registered or certified mail, return
receipt requested, postage prepaid; (c) sent by next-day or overnight courier or delivery to the
applicable address set forth below; or (d) sent via facsimile or other electronic transmission
(including transmission in portable document format by electronic mail), as set forth below or, in
each case, at such other address as may be specified in writing to the other Party:

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

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	If to the Default Specialist:

	 	If to Firm:
	 
	 	 
	American Processing Company, LLC

	 	Feiwell & Hannoy Professional Corporation
	c/o Dolan Media Company

	 	Attention: Doug Hannoy and Michael
	Attn : James P. Dolan

	 	Feiwell
	1200 Baker Building

	 	251 North Illinois Street, Suite 1700
	706 Second Avenue South

	 	Indianapolis, Indiana 46204
	Minneapolis, Minnesota 55402

	 	Fax: (317) 237-2722
	Fax: (612) 317-9434

	 	Email: DHANNOY@feiwellhannoy.com
	Email: jim.dolan@dolanmedia.com

	 	           MFEIWELL@feiwellhannoy.com
	 
	 	 
	with a copy to:

	 	with a copy to:
	 
	 	 
	Katten Muchin Rosenman LLP

	 	Bingham McHale LLP
	Attn: Walter S. Weinberg

	 	Attention: David R. Prechtel
	525 West Monroe Street

	 	10 West Market Street
	Chicago, Illinois 60661-3693

	 	2700 Market Tower
	Fax: (312) 577-8771

	 	Indianapolis, Indiana 46204
	Email: walter.weinberg@kattenlaw.com

	 	Fax: (317) 236-9907
	 

	 	Email: dprechtel@binghammchale.com

     All such notices, requests, demands, waivers and other communications shall be deemed to have
been received (x) if by personal delivery, facsimile machine or other electronic transmission
(including transmission in portable document format by electronic mail), on the date after such
delivery, (y) if by certified or registered mail, on the third business day after the mailing
thereof or (z) if by next-day or overnight courier or delivery, on the date of such delivery.

     14.3 Governing Law; Agreement to Arbitrate; Waiver of Jury Trial.

     (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF
INDIANA, WITHOUT REGARD TO ITS RULES OF CONFLICTS OF LAW.

     (b) Except for claims in which injunctive relief or specific performance is sought, and except
as expressly provided elsewhere in this Agreement, any dispute, controversy or claim arising under
or relating to this Agreement or any breach or threatened breach hereof or thereof shall be
resolved as follows:

     (i) The Parties will attempt in good faith to resolve through negotiation any dispute,
claim or controversy arising out of or relating to this Agreement. Either Party may
initiate negotiations by providing written notice in letter form to the other Party, setting
forth the subject of the dispute and the relief requested. The recipient of such notice
will respond in writing within five (5) days with a statement of its position on, and
recommended solution to, the dispute. If the dispute is not resolved by this exchange of
correspondence, then representatives of each Party with full settlement authority will meet
at a mutually agreeable time and place within ten (10) days of the date of the initial
notice in order to exchange relevant information and perspectives, and to attempt to resolve
the dispute. If the dispute is not resolved by these negotiations, the matter will be

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

30

 

submitted to JAMS, or its successor, for arbitration in accordance with subsection (ii)
below.

     (ii) Any dispute, claim or controversy arising out of or relating to this Agreement or
the breach, termination, enforcement, interpretation or validity hereof or thereof,
including the determination of the scope or applicability of this agreement to arbitrate,
shall be determined by arbitration in Indianapolis, Indiana, before a sole arbitrator, in
accordance with the laws of the State of Indiana for agreements made in and to be performed
in the State of Indiana. The arbitration shall be administered by JAMS or its successor.
Judgment on the award may be entered in any court having jurisdiction. The arbitrator
shall, in the award, allocate all of the costs of the arbitration, including the fees of the
arbitrator and the reasonable attorneys’ fees of the prevailing party, against the party who
did not prevail.

     (iii) BY ENTERING INTO THIS AGREEMENT, EACH PARTY HERETO HEREBY AGREES THAT ALL
DISPUTES, CLAIMS OR CONTROVERSIES ARISING OUT OF OR RELATED TO THIS AGREEMENT IS TO BE
DECIDED BY NEUTRAL BINDING ARBITRATION, AND EACH PARTY IS GIVING UP ANY RIGHTS IT MIGHT
POSSESS TO HAVE THOSE MATTERS LITIGATED IN A COURT OR JURY TRIAL. IF EITHER PARTY REFUSES
TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, SUCH REFUSING PARTY MAY BE
COMPELLED TO ARBITRATE UNDER FEDERAL OR STATE LAW. EACH PARTY HEREBY ACKNOWLEDGES AND
AGREES THAT THEIR RESPECTIVE AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY.

     14.4 Captions. The captions used in this Agreement are for convenience of reference
only and do not constitute a part of this Agreement and will not be deemed to limit, characterize
or in any way affect the meaning or interpretation of any provision of this Agreement, and all
provisions of this Agreement will be enforced and construed as if no caption had been used in this
Agreement.

     14.5 Severability. If any covenant, agreement, provision or term of this Agreement is
held to be invalid for any reason whatsoever, then such covenant, agreement, provision or term will
be deemed severable from the remaining covenants, agreements, provisions and terms of this
Agreement and will in no way affect the validity or enforceability of any other provision of this
Agreement.

     14.6 Due Authorization. Each Party warrants that the terms of this Agreement and its
execution, delivery and performance have been duly authorized and approved by all necessary action
of each Party.

     14.7 Counterparts. The Parties may execute this Agreement in separate counterparts,
each of which shall be deemed an original and all of which together will constitute one and the
same instrument. To the extent signed and delivered by means of a facsimile machine or other
electronic transmission (including transmission in portable document format by electronic mail),
this Agreement shall be treated in all manners and respects and for all purposes as an original

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

31

 

and shall have the same binding legal effect as if it were the original signed version thereof
delivered in person. None of the undersigned shall raise the use of a facsimile machine or other
electronic transmission to deliver a signature or the fact that such signature was transmitted or
communicated through the use of a facsimile machine or other electronic transmission as a defense
to the enforceability of this Agreement and each of the undersigned forever waives any such
defense.

     14.8 Amendments; Waivers. No amendment, modification or discharge of this Agreement,
and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by
the Party against whom enforcement of the amendment, modification, discharge or waiver is sought.
Any such waiver shall constitute a waiver only with respect to the specific matter described in
such writing and shall in no way impair the rights of the Party granting such waiver in any other
respect or at any other time. Neither the waiver by either of the Parties of a breach of or a
default under any of the provisions of this Agreement, nor the failure by either of the Parties, on
one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right
or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar
nature, or as a waiver of any of such provisions, rights or privileges hereunder.

     14.9 No Third Party Beneficiaries. Nothing in this Agreement shall confer any rights
upon any Person (except for Persons entitled to indemnification hereunder) other than the Parties
and their respective successors and permitted assigns.

     14.10 No Strict Construction; Interpretation. The language used in this Agreement
will be deemed to be the language chosen by the Parties to express their mutual intent and no rule
of strict construction will be applied against any Person.

     14.11 Binding Effect. This Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns.

The remainder of this page is intentionally left blank.

Signature page follows this page

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

32

 

     IN WITNESS WHEREOF, the undersigned hereby execute this Services Agreement as of the date
first above written.

	 	 	 	 	 
	 	 	AMERICAN PROCESSING COMPANY, LLC
	 
	 	 	 	 
	 

	 	By:

Its:
	 	DOLAN APC LLC

Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Scott J. Pollei
	 

	 	 	 	 
	 

	 	Name:
	 	Scott J. Pollei
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	FEIWELL & HANNOY PROFESSIONAL
CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Douglas J. Hannoy
	 

	 	 	 	 
	 

	 	Name:
	 	Douglas J. Hannoy
	 

	 	Its:
	 	President
	 
	 	 	 	 
	 	 	The undersigned hereby execute this Services Agreement solely for purposes of
making the commitments set forth in Article VIII (Restrictive Covenants).
	 
	 	 	 	 
	 	 	/s/ Douglas J. Hannoy
	 	 	 
	 	 	DOUGLAS J. HANNOY
	 
	 	 	 	 
	 	 	/s/ Michael J. Feiwell
	 	 	 
	 	 	MICHAEL J. FEIWELL
	 
	 	 	 	 
	 	 	/s/ Murray J. Feiwell
	 	 	 
	 	 	MURRAY J. FEIWELL

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

33

 

EXHIBIT “A”

Description of Malpractice Insurance Policies

	-	 	CNA lawyers professional liability policy:

		 	o     Limits of liability: Each claim is limited to $2,000,000 with an
aggregate limit of $4,000,000.

PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE
SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT
UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.

34exv10w10

 

EXHIBIT 10.10

Execution Copy

AMENDED AND RESTATED OPERATING AGREEMENT

OF

DETROIT LEGAL NEWS PUBLISHING, LLC

A Michigan Limited Liability Company

     THIS AMENDED AND RESTATED OPERATING AGREEMENT (this “Operating Agreement”) is made and entered
into as of November 30, 2005, by and among DETROIT LEGAL NEWS PUBLISHING, LLC, a Michigan limited
liability company (the “Company”), DOLAN DLN LLC, a Delaware limited liability company (“Dolan”),
THE DETROIT LEGAL NEWS COMPANY, a Michigan corporation (“Detroit Legal News”), LEGAL PRESS, LLC, a
Michigan limited liability company (“Legal Press”) (each, a “Member” and collectively, the
“Members”), whose addresses are set forth in Schedule 3.1 hereto.

RECITALS:

     WHEREAS, Detroit Legal News is in the business of publishing legal newspapers in Wayne County
and/or Oakland County, Michigan; and

     WHEREAS, Detroit Legal News, Legal Press and Parks Group, Inc. (formerly known as Legal
Advertiser, Inc.), a Michigan corporation (“Parks Group,” and together with Detroit Legal News and
Legal Press, the “Original Members”), caused a limited liability company known as Detroit Legal
News Publishing, LLC to be formed in accordance with the Michigan Limited Liability Company Act,
being Act No. 23, Public Acts of 1993, as amended (the “Act”), by filing of Articles of
Organization (“Articles”) with the Department of Consumer and Industry Services of the State of
Michigan as required by the Act on October 27, 1998.

     WHEREAS, on October 27, 1998, the Original Members entered into an operating agreement which
governed the constitution and operation of the Company (the “Original Operating Agreement”).

     WHEREAS, as of the date hereof, Dolan purchased (i) a twenty-five percent (25%) membership
interest of the Company from Parks Group and (ii) a ten percent (10%) membership interest of the
Company from Legal Press pursuant to the terms of that certain Membership Interests Purchase
Agreement, dated as of the date hereof, by and among Dolan, Parks Group, Legal Press, Dolan Media
Company, the Company and certain other parties (the “Membership Interests Purchase Agreement”); and

     WHEREAS, the parties now desire to supersede the Original Operating Agreement and set forth in
this Amended and Restated Operating Agreement their agreement and understanding with respect to the
constitution and continued operation of the Company.

     NOW, THEREFORE, the Company, Detroit Legal News, Dolan, and Legal Press agree as follows:

 

 

ARTICLE I

ORGANIZATION

     1.1 Name. Except as otherwise provided herein, the name of the Company shall be
DETROIT LEGAL NEWS PUBLISHING, LLC. The Company may also conduct its business under one or more
assumed names as authorized by the Board (as defined below), including, but not limited to, the
assumed names set forth in Schedule 1.1 hereto. Notwithstanding anything to the contrary contained
herein, the parties hereto acknowledge and agree that Detroit Legal News may continue to use its
corporate name of “The Detroit Legal News Company.”

     1.2 Purposes. The purposes of the Company are to engage in any activity for which
limited liability companies may be formed under the Act; provided, however, the
Company’s primary activities will be the publication of legal information and public notices, the
publication of legal newspapers and activities incidental or related thereto (the “Business”).
The Company shall have all the powers necessary or convenient to effect any purpose for which it is
formed, including all powers granted by the Act.

     1.3 Duration. The Company shall continue in existence for the period fixed in the
Articles, subject to earlier dissolution in accordance with the Act or this Operating Agreement.

     1.4 Registered Office and Resident Agent. The Registered Office and Resident Agent of
the Company shall be as designated in the Articles or any amendment thereof. The Registered Office
and/or Resident Agent may be changed from time to time by the Board. If the Resident Agent
resigns, the Company shall promptly appoint a successor.

     1.5 Principal Places of Business. The Company’s principal place of business shall be
located at 2001 West Lafayette, Detroit, Michigan. The Company may establish additional places of
business, and may change the location of its principal places of business or any additional place
of business, if so authorized by the Board.

ARTICLE II

BOOKS, RECORDS AND ACCOUNTING

     2.1 Books and Records. The Company shall maintain complete and accurate books and
records of the Company’s business and affairs as required by the Act and such books and records
shall be kept at such place within the continental United States as the Board shall determine and
notify each Member. Each Member shall have access during business hours to audit, inspect, examine
and take extracts from or make copies of such books and records.

     2.2 Fiscal Year; Accounting. The Company’s fiscal year shall be the calendar year.
Subject to the terms of this Operating Agreement, the particular accounting methods and principles
to be followed by the Company shall be selected by the Board from time to time.

     2.3 Reports. Reports for the Members concerning the operations of the Company shall
be prepared and distributed to the Members and shall contain such information as has

2

 

customarily been provided to the Members prior to the effective date of this Operating
Agreement, as may be modified from time to time by the Board. The Chief Financial Officer (as
defined below) shall prepare and distribute to the Members, as promptly as practicable after the
end of each applicable period, monthly, quarterly and year-end reports concerning the financial
condition of the Company, which shall include information regarding sales, profits and losses, cash
flow, revenue and expenses, a balance sheet, and such other information as any Member may from time
to time request. Other reports reflecting the status of the capital accounts of the Members shall
be prepared by the Chief Financial Officer at such times and in such manner and form as has
customarily been provided to the Members prior to the effective date of this Operating Agreement,
as may be modified from time to time by the Board, but no less frequently than annually as soon as
practicable after the end of each calendar year. Such reports shall include a statement of each
Member’s share of profits and other items of income, gain, loss, deduction and credit. The
Company’s financial statements shall be prepared in accordance with United States generally
accepted accounting principles and audited annually by the auditing firm that services Detroit
Legal News, which shall be a nationally or regionally recognized independent public accounting firm
which is registered with the Public Company Accounting Oversight Board (the “Company’s Auditor”),
and such financial statements and the report of the Company’s Auditor thereon shall be delivered to
each of the Members no later than March 1st of each year. Notwithstanding anything to the contrary
herein, without charge by the Company to Dolan, the Company shall provide access to the books and
records of the Company (including, but not limited to, copies of the work papers, schedules and
other documents used or prepared by the Company’s Auditor in connection with auditing the Company’s
year-end financial statements and preparing its tax returns) and to the Company’s Auditor as Dolan
and its independent auditors and representatives shall reasonably request during normal business
hours. The Company shall prepare a budget (the “Budget”) for each upcoming fiscal year no later
than December 15 of the year immediately prior to such upcoming fiscal year. If the Board is
unable to agree on the Budget prior to the commencement of the fiscal year for which such Budget
applies, then the Company shall operate in a manner consistent with the actual operations of the
Company for the fiscal year just ended.

     2.4 Member’s Accounts. Separate capital accounts for each Member shall be maintained
by the Company in accordance with the capital accounting rules of Section 1.704-2(b)(2)(iv) of the
Regulations (as defined below). Except as otherwise provided for herein, each Member’s capital
account shall reflect the Member’s capital contributions and increases for the Member’s share of
any net Profits (as defined below), income or gain of the Company. Each Member’s capital account
shall also reflect decreases for distributions made to the Member and the Member’s share of any
Losses (as defined below) and deductions of the Company. The capital account of each Member as of
December 31, 2004 is set forth on Schedule 2.4 attached hereto.

ARTICLE III

CAPITAL CONTRIBUTIONS

     3.1 Sharing Ratios. The interests of the respective Members in the total capital of
the Company and their share of profits, losses and distributions (their respective “Sharing
Ratios,” as

3

 

the same may be adjusted from time to time as provided in this Operating Agreement) are set
forth in the attached Schedule 3.1. No interest shall accrue on any capital contribution and no
Member shall have any right to withdraw or to be repaid any capital contribution except as provided
in this Operating Agreement. All future capital contributions shall be made in cash unless
otherwise unanimously agreed by the Members.

     3.2 Financing. If the Board determines that funds available from the Company’s
operations or from borrowings from non-affiliated entities are insufficient for the operation or
growth of the Company, the Members shall unanimously determine (a) whether additional funds shall
be made available to the Company by the Members, and (b) if the Members unanimously determine that
such additional funds shall be made available to the Company, whether the source of such additional
funds shall be by way of borrowings from the Members as Member loans or additional capital
contributions by the Members.

     3.3 Additional Contributions. In accordance with Section 3.2, the Members may
determine from time to time that additional capital contributions (each an “Additional Capital
Contribution”) are needed to enable the Company to conduct its business and affairs. Upon making
such a determination, the Board shall send a notice to the Members (the “Call Notice”) that sets
forth (i) the anticipated uses for such Additional Capital Contribution; (ii) the aggregate amount
of such Additional Capital Contribution; (iii) the amount of each Member’s share of such Additional
Capital Contribution in accordance with each Member’s then current Sharing Ratio; and (iv) the date
by which such Additional Capital Contribution must be paid to the Company, which date shall be not
less than 15 days following the date of delivery of the Call Notice.

     3.4 Procedures and Penalties for Failure to Make Additional Capital Contributions.

          (a) Any Member that fails to fully contribute its share of an Additional Capital Contribution
set forth in a Call Notice prior to the expiration of the period specified in the Call Notice is
referred to herein as a “Defaulting Member” and any Member that funded its required contribution (a
“Funded Contribution”) is referred to herein as a “Contributing Member”. The Board shall give
prompt notice to the Contributing Members of any such Defaulting Member’s failure to fund its
required percentage of an Additional Capital Contribution set forth in the Call Notice and the
amount of the contribution not funded by such Defaulting Member (such amount is hereinafter
referred to as the “Failed Contribution”) and within 10 business days after the date of such
notice, the Contributing Members shall notify the Board of their willingness to make an advance to
fund all or a portion of the Failed Contribution (a “Make-Up Advance”). The Contributing Member(s)
that elect to fund a Make-Up Advance on behalf of a Defaulting Member are referred to as “Make-Up
Members”. The Make-Up Member(s) shall each be entitled to fund that portion of the Failed
Contribution based on the ratio that each Make-Up Member’s Sharing Ratio bears to the sum of all of
the Make-Up Members’ Sharing Ratios, unless otherwise agreed to by the Make-Up Members. The Board
shall send a notice to each Member immediately following the expiration of such ten-day period
setting forth the Funded Contributions and the related Contributing Members and the Make-Up
Advance(s) and the related Make-Up Member(s).

4

 

          (b) Notwithstanding any Make-Up Advance(s) made by any Make-Up Member(s) on behalf of any
Defaulting Member,

               (i) the Sharing Ratios of the Members shall remain unchanged;

               (ii) a Defaulting Member will remain liable to the Company for the full amount of such
Defaulting Member’s Failed Contribution and the Company shall have all rights to pursue any and all
legal action against the Defaulting Member to collect the Failed Contribution, including any and
all fees and expenses incurred by the Company in bringing any such action against the Defaulting
Member;

               (iii) the Make-Up Member(s) shall be entitled to treat the Make-Up Advance(s) made on behalf
of a Defaulting Member as an extension of credit to such Defaulting Member and the Defaulting
Member acknowledges that (A) it will be obligated pursuant to the terms hereof for any Make-Up
Advance(s) made by the Make-Up Member(s) to the Company on behalf of the Defaulting Member
hereunder and (B) such Make-Up Advance(s) shall be a recourse obligation of the Defaulting Member
secured by such Defaulting Member’s right to receive distributions in accordance with Section 4.3
herein;

               (iv) all distributions that would otherwise have been paid by the Company in accordance with
Section 4.3 herein to a Defaulting Member shall instead be paid by the Company to the Make-Up
Member(s) that made Make-Up Advance(s) on behalf of such Defaulting Member based on the ratio that
each Make-Up Member’s Make-Up Advance bears to the sum of all of the Make-Up Advances until such
time as the Make-Up Member(s) have received an amount equal to the Make-Up Advance(s) plus an
amount that would provide a return equal to the lesser of (i) 25% per annum or (ii) the highest
rate of interest permitted under applicable law on such Make-Up Advance(s) (the “Default Interest”)
from the date such Make-Up Advances were made by the Make-Up Member(s) to the Company on behalf of
the Defaulting Member until the date on which such Make-Up Advance(s) are repaid;

               (v) until such time as the Make-Up Advance(s) plus Default Interest have been paid to the
Make-Up Member(s), the Defaulting Member shall be deemed to have appointed the Make-Up Member(s) as
such Defaulting Member’s power of attorney with respect to any vote of the Members that may be
taken with respect to any matter in Sections 4.3 herein.

     3.5 No Third Party Beneficiaries. The obligations undertaken by the Members in this
Operating Agreement, including their obligations, if any, to make capital contributions, loans and
reimbursements are for the benefit of the Company and the Members only, and no creditor of the
Company or other party (other than a successor in interest to the Company or the Members) shall
have the right to rely on or enforce the provisions of this Operating Agreement as a third-party
beneficiary or otherwise. Without limiting the generality of the foregoing, the Members shall have
the sole discretion whether to require additional capital contributions, and no other party or
creditor of the Company may compel additional capital contributions, regardless of whether the
Company’s assets are sufficient to provide for its liabilities.

5

 

     3.6. Sharing Ratios Shall Be Securities. The Sharing Ratios shall be deemed to be
“securities” within the meaning of Section 8-102(a)(15) of the Uniform Commercial Code as in effect
from time to time in the State of Michigan (“UCC”), including for purposes of the grant, pledge,
attachment or perfection of a security interest in the Sharing Ratios. The law of the State of
Michigan is hereby designated as the issuer’s jurisdiction within the meaning of Section 8-110(d)
of the UCC for purposes of the matters specified therein.

     3.7 Issuance of Certificates. Upon request of a Member, the Sharing Ratio of such
Member in the Company shall be evidenced by a certificate (a “Certificate”), in customary form,
issued to such Member. Each Certificate shall be executed by any two (2) Officers (as defined
below) of the Company. Evidence of the issuance of each Certificate shall be recorded in the books
of the Company as set forth in Section 2.1.

     3.8 Legend Required on Certificates. Each Certificate shall, upon initial issuance
hereof, bear the following legend:

THIS CERTIFICATE EVIDENCES THE SHARING RATIO IN DETROIT LEGAL NEWS
PUBLISHING, LLC (THE “ISSUER”) HELD BY THE OWNER OF THIS CERTIFICATE
AS SET FORTH IN THIS CERTIFICATE AND SHALL BE A SECURITY FOR
PURPOSES OF ARTICLE 8 OF THE UNIFORM COMMERCIAL CODE. THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR REGISTERED OR QUALIFIED UNDER THE APPLICABLE STATE SECURITIES
LAWS, IN RELIANCE UPON THE EXEMPTIONS FROM REGISTRATION AND
QUALIFICATION PROVIDED IN THE SECURITIES ACT AND THE APPLICABLE
STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND QUALIFICATION OR REGISTRATION UNDER THE APPLICABLE STATE
SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER
THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED.
FURTHERMORE, THE SECURITIES REPRESENTED HEREBY MAY ONLY BE
TRANSFERRED IN COMPLIANCE WITH THE TERMS OF THE OPERATING AGREEMENT
WITH RESPECT TO THE ISSUER, A COPY OF WHICH AGREEMENT MAY BE
OBTAINED FROM THE ISSUER.

     3.9 Registered Owner. The Company shall be entitled to treat the registered owner of
a Certificate as the owner of the corresponding Sharing Ratio in the Company for all purposes

6

 

and, accordingly, shall not be bound to recognize any equitable or other claim to or interest
in such Sharing Ratio, regardless of whether it shall have actual or other notice thereof, by a
person other than the registered owner of such Certificate.

ARTICLE IV

ALLOCATIONS AND DISTRIBUTIONS

     4.1 Allocations of Profits and Losses.

          (a) In General. Subject to Sections 4.1(b) and (c) below, Profits and Losses of the
Company shall be allocated to the Members in proportion to their respective Sharing Ratios. For
purposes hereof, “Profits” and “Losses”, respectively, means the income or losses of the Company as
determined in accordance with the method of accounting followed by the Company for federal income
tax purposes, including, for all purposes, any income exempt from tax and any expenditures of the
Company which are described in section 705(a)(2)(B) of the Internal Revenue Code of 1986, as
amended (the “Code”); provided, however, that if any property is carried on the
books of the Company at a value that differs from that property’s adjusted basis for tax purposes,
gain, loss, depreciation and amortization with respect to such property shall be computed with
reference to the book basis of such property, consistently with the requirement of Treas. Reg.
§1.704-1(b)(2)(iv)(g); and provided, further, that any item allocated under Section 4.1(b) or
Section 4.1(c) shall be excluded from the computation of Profits and Losses.

          (b) Loss Limitation. Losses allocated to any Member pursuant to Section 4.1(a) herein
shall not exceed the maximum Losses that can be so allocated without causing such Member to have a
deficit balance in its Capital Account at the end of any allocation period. If some, but not all,
of the Members would have such deficit as a consequence of allocation of Losses pursuant to this
Section 4.1(b), the limitations set forth in this Section 4.1(b) shall be applied on a
Member-by-Member basis so as to allocate to each Member the maximum Losses permissible under
Section 1.704-l(b)(2)(ii)(d) of the regulations issued under the Code (the “Regulations”).

          (c) Regulatory Allocations. Section 704 of the Code and the Regulations issued
thereunder, including but not limited to the provisions of such Regulations addressing qualified
income offset provisions, minimum gain charge back requirements and allocations of deductions
attributable to non-recourse debt and member non-recourse debt, are hereby incorporated by
reference. Nonrecourse deductions (as defined in Regulations Section 1.704-2(b)(1)) for any taxable
year or other period shall be allocated to the Members in proportion to their Sharing Ratios. The
amount of nonrecourse deductions and excess nonrecourse liabilities shall be determined in
accordance with Regulations Section 1.704-2(c). The allocations described in Section 4.1(b) and
this Section 4.1(c) (the “Regulatory Allocations”) are intended to comply with certain requirements
of Sections 1.704-1(b) and 1.704-2 of the Regulations and as much may not be consistent with the
manner in which the Members intend to allocate items of income, gain, loss, deduction and expense
or make distributions. Accordingly, notwithstanding other provisions of this Section 4.1(c), but
subject to the requirements of the Regulations, items of income, gain, loss, deduction and expense
in subsequent taxable years shall be allocated among the Members in such a way as to reverse as
quickly as possible the effect of the Regulatory Allocations and thereby cause

7

 

the respective capital accounts of the Members to be in the amounts they would have been if
Profits and Losses (and such other items of income, gain, deduction and loss) had been allocated
without reference to the Regulatory Allocations.

     4.2. Allocation for Income Tax Purposes.

          (a) Allocation in General. Except as otherwise provided in Section 4.2(b), for each
fiscal year, items of Company income, gain, loss, deduction and expense, shall be allocated, for
federal, state and local income tax purposes, among the Members in the same manner as the Profits
(and the items thereof) or Losses (and the items thereof) of which such items are components were
allocated pursuant to Section 4.1 herein.

          (b) Section 704(c) Items. In accordance with Code Section 704(c) and the Regulations
thereunder, income, gain, loss and deduction with respect to contributed assets shall be, solely
for tax purposes, allocated among the Members so as to take account of any variation between the
adjusted basis of such asset to the Company for federal income tax purposes and its initial book
value. In the event that the book value of any Company asset is adjusted pursuant to Regulation
Section 1.704-1(b)(2)(iv)(f), subsequent allocations of income, gain, loss, and deduction with
respect to such asset shall be made among the Members in a manner that takes account of any
variation between the adjusted tax basis of such asset and its book value in the same manner as
required under Code Section 704(c) and the Regulations thereunder. Any elections or other decisions
relating to such allocations shall be made by the Members holding a Super-Majority of the Sharing
Ratios in any manner that reasonably reflects the purpose and intention of this Agreement.

          (c) Allocations pursuant to this Section 4.2 are solely for purposes of federal, state and
local taxes and shall not affect, or in any way be taken into account in computing, any Member’s
capital account or share of Profits and Losses or other items or distributions pursuant to any
provision of this Agreement.

     4.3 Distributions.

          (a) Quarterly Distributions. Except as otherwise provided herein or except as the
Members otherwise unanimously decide, on the thirtieth (30th) day after the conclusion of each
calendar quarter, or, if such thirtieth (30th) day is not a business day, on the first business day
following such thirtieth (30th) day (each a “Quarterly Distribution Date”), commencing on January
30, 2006 (the “First Quarterly Distribution Date”), the Company shall distribute all of its cash to
the Members in accordance with their respective Sharing Ratios; provided, however, that the Board
may decide to set aside or allocate to reserves (the “Reserves”) an aggregate amount equal to
$500,000, at any one time (taking into account the Reserves being set aside from the then current
distributions and all prior distributions), to cover reasonably anticipated contingencies incident
to the conduct of the Business, which amount may be decreased or increased upon the unanimous
consent of the Members; provided, however, with respect to the First Quarterly Distribution Date
only, if the Company has not completed its acquisition of the entities, or their respective assets,
that own and operate the Grand Rapids Legal News and the

8

 

Norton Lakeshore Examiner on terms and conditions acceptable to the Board prior to January 30,
2006, then the Reserves shall be an aggregate amount equal to $3,500,000.

          (b) Additional Distributions. The Company may make additional distributions to the
Members from time to time after the Board determines that the Company has sufficient cash on hand
which exceeds the current and the anticipated needs of the Company to fulfill its business purposes
(including needs for operating expenses, debt service, acquisitions, reserves and mandatory
distributions, if any). All such additional distributions shall be made to the Members in
accordance with their Sharing Ratios.

          (c) Distributions to Pay Tax Liabilities. Notwithstanding anything to the contrary
contained herein, on or prior to March 31st of each year, the Company will distribute to each of
the Members, in an amount equal to (i) the Company’s taxable income for the most recently completed
fiscal year (determined without regard to any amortization deductions for any assets which are
amortizable by the Company or any Member under Sections 743 and 754 of the Code as a result of the
Membership Interests Purchase Agreement), multiplied by (ii) each Member’s Sharing Ratio, and
multiplied by (iii) the Assumed Tax Rate, provided that such distribution does not violate the Act
and provided that, and only to the extent that, distributions made pursuant to Sections 4.3(a) and
(b) herein with respect to such fiscal year are insufficient to allow the Members to pay their tax
liability resulting from their ownership of membership interests in the Company with respect to
such fiscal year. For purposes hereof, the “Assumed Tax Rate” means the highest combined federal,
state and local income tax rate imposed on any Member (or its individual owners).

          (d) Restrictions on Distributions. No distribution shall be declared or made if,
after giving it effect, the Company would not be able to pay its debts as they become due in the
usual course of business or the Company’s total assets would be less than the sum of its total
liabilities.

ARTICLE V

BOARD OF MANAGERS; OFFICERS

     5.1 Management by the Board of Managers.

          (a) Limitation on Management by the Members. Except for situations in which the
approval of the Members is required by this Agreement or by non-waivable provisions of the Act or
other applicable law, the Members shall not manage and control the business and affairs of the
Company.

          (b) Authority of Board of Managers.

               (i) Subject to the provisions of Sections 5.1(a) and 5.1(b)(ii), the powers of the Company
shall be exercised by or under the authority of, and the business and affairs of the Company shall
be managed under the direction of, the Board of Managers (the

9

 

“Board”) and the Board shall make all decisions and take all actions for the Company not
otherwise provided for in this Agreement.

               (ii) The Board may act (A) by resolutions adopted at a meeting and by written consents
pursuant to Section 5.3, and (B) by delegating power and authority to any Officer (as defined
below) pursuant to Section 5.5(a).

               (iii) Each Member acknowledges and agrees that no member of the Board (each a
“Manager”)
shall, as a result of being a Manager, be bound to devote all of his business time to the affairs
of the Company, and that he and his Affiliates (as defined below) do and will continue to engage in
other business ventures.

          (c) Officers. The management of the business and affairs of the Company by the
Officers and the exercising of their powers shall be conducted under the supervision of and subject
to the approval of the Board.

     5.2 Composition and Election of the Board of Managers.

          (a) Number. There shall be four (4) Managers on the Board.

          (b) Composition.

               (i) The following individuals shall be appointed to the Board: (A) two (2) Managers
designated
by Detroit Legal News, who initially shall be Bradley L. Thompson, II and Stephen Fowler; (B) one
(1) Manager designated by Dolan, who initially shall be Mark Stodder (the “Dolan Manager”); and (C)
one (1) Manager designated by Legal Press, who initially shall be David A. Trott (the “Legal Press
Manager”).

               (ii) The number of seats on the Board may not be increased or decreased without the prior
unanimous written consent of the Members.

          (c) Term. Managers on the Board shall serve until their resignation, death or removal
or the election of their successors in accordance with the terms hereof. Managers on the Board
need not be Members and need not be residents of the State of Michigan. A Manager on the Board may
resign as such by delivering his written resignation to the Company at the Company’s principal
office addressed to the Board. Such resignation shall be effective upon receipt unless it is
specified to be effective at some other time or upon the happening of some other event. A Manager
may be removed from the Board (with or without cause) only by the Member entitled to designate such
Manager pursuant to Section 5.2(b)(i) above.

          (d) Vacancies. In the event that any representative designated hereunder for any
reason ceases to serve as a member of the Board during his term of office, the resulting vacancy on
the Board shall be filled by a representative designated by the Member originally entitled to
designate such Manager pursuant to Section 5.2(b)(i) above. If any Member fails to designate a
representative to fill a managership pursuant to the terms of this Section 5.2(d), the

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other Members shall elect a person to such managership. Each Manager so chosen shall hold
office until a successor is duly elected and qualified or until his earlier death, resignation or
removal as herein provided.

          (e) Reimbursement. The Company shall pay all reasonable reimbursable out-of-pocket
costs and expenses incurred by each Manager on the Board incurred in the course of their service
hereunder, including in connection with attending regular and special meetings of the Board,
subject to the provision by each Manager of documentation satisfactory to the Company.

          (f) Compensation of Managers. Managers shall receive no compensation for serving in
such capacity; provided, however, the Company shall pay (i) an annual fee of $45,000 to Dolan in
exchange for the services provided to the Company by the Dolan Manager; and (ii) an annual fee of
$20,000 to David A. Trott in exchange for the services provided to the Company by the Legal Press
Manager, with such annual Manager fees payable quarterly in advance on the first business day of
each calendar quarter.

          (g) Reliance by Third Parties. Any person dealing with the Company, other than a
Member, may rely on the authority of the Board (or any Officer authorized by the Board) in taking
any action in the name of the Company without inquiry into the provisions of this Agreement or
compliance herewith, regardless of whether that action actually is taken in accordance with the
provisions of this Agreement. Every agreement, instrument or document executed by the Board (or
any Officer authorized by the Board) in the name of the Company with respect to any business or
property of the Company shall be conclusive evidence in favor of any person relying thereon or
claiming thereunder that (i) at the time of the execution or delivery thereof, this Agreement was
in full force and effect, (ii) such agreement, instrument or document was duly executed according
to this Agreement and is binding upon the Company and (iii) the Board or such Officer was duly
authorized and empowered to execute and deliver such agreement, instrument or document for and on
behalf of the Company.

     5.3 Board Meetings and Actions by Written Consent.

          (a) Quorum; Voting. A majority of the total number of Managers fixed by this
Agreement must be present in order to constitute a quorum for the transaction of business of the
Board and the act of a majority of the Managers present at a meeting of the Board at which a quorum
is present shall be the act of the Board. A Manager who is present at a meeting of the Board at
which action on any matter is taken shall be presumed to have assented to the action unless his
dissent shall be entered in the minutes of the meeting or unless he shall have filed his written
dissent to such action with the person acting as secretary of the meeting before the adjournment
thereof or shall deliver such dissent to the Company immediately after the adjournment of the
meeting. Such right to dissent shall not apply to a Manager who voted in favor of such action.

          (b) Place; Attendance. Meetings of the Board may be held at such place or places as
shall be determined from time to time by resolution of the Board. At all meetings of

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the Board, business shall be transacted in such order as shall from time to time be determined
by resolution of the Board. Attendance of a Manager at a meeting shall constitute a waiver of
notice of such meeting, except where a Manager attends a meeting for the express purpose of
objecting to the transaction of any business on the ground that the meeting is not validly called
or convened.

          (c) Time, Place and Notice. Regular meetings of the Board shall be held at such times
and places as shall be designated from time to time by resolution of the Board. Notice of such
meetings shall be provided to all Managers at least 48 hours in advance of such meetings.

          (e) Special Meetings. Special meetings of the Board may be called by any Manager on
at least 48 hours’ notice to each other Manager. Such notice need not state the purpose or
purposes of, nor the business to be transacted at, such meeting, except as may otherwise be
required by law or provided for in this Agreement.

          (f) Action by Written Consent or Telephone Conference. Any action permitted or
required by the Act or this Agreement to be taken by the Board may be taken without a meeting of
the Board if a consent in writing, setting forth the action to be taken, is signed by all the
Managers then in office. Such consent shall have the same force and effect as a unanimous vote at
a meeting and may be stated as such in any document or instrument filed with the Secretary of State
of Michigan, and the execution of such consent shall constitute attendance or presence in person at
a meeting of the Board. Subject to the requirements of the Act or this Agreement for notice of
meetings, the Managers may participate in and hold a meeting of the Board by means of a conference
telephone or similar communications equipment by means of which all persons participating in the
meeting can hear each other, and participation in such meeting shall constitute attendance and
presence in person at such meeting, except where a person participates in the meeting for the
express purpose of objecting to the transaction of any business on the ground that the meeting is
not validly called or convened.

     5.4 Officers.

          (a) Designation and Appointment. Except as otherwise provided herein, the Board may
(but need not), from time to time, designate and appoint one or more persons as an officer of the
Company (each an “Officer” and collectively the “Officers”). No Officer need be a resident of the
State of Michigan, a Member or a Manager. Any Officers so designated shall have such authority and
perform such duties as the Board may, from time to time, delegate to them. The Board may assign
titles to particular Officers. Unless the Board otherwise decides, if the title is one commonly
used for officers of a business corporation formed, the assignment of such title shall constitute
the delegation to such Officer of the authority and duties that are normally associated with that
office, subject to (i) any specific delegation of authority and duties made to such Officer by the
Board pursuant to the third sentence of this Section 5.4(a) or (ii) any delegation of authority and
duties made to one or more Officers pursuant to the terms of Section 5.4(c). Each Officer shall
hold office until such Officer’s successor shall be duly designated and shall qualify or until such
Officer’s death or until such Officer shall resign or shall have been

12

 

removed in the manner hereinafter provided. Any number of offices may be held by the same
individual. The salaries or other compensation, if any, of the Officers and agents of the Company
shall be fixed from time to time by the Board.

          (b) Resignation; Removal; Vacancy. Any Officer (subject to any contract rights
available to the Company, if applicable) may resign as such at any time. Such resignation shall be
made in writing and shall take effect at the time specified therein, or if no time be specified, at
the time of its receipt by the Board. The acceptance of a resignation shall not be necessary to
make it effective, unless expressly so provided in the resignation. The removal of any Officer,
either with or without cause, shall only be by the Board except as otherwise provided herein;
provided, however, that such removal shall be without prejudice to the contract rights, if any, of
the individual so removed. Designation of an Officer shall not of itself create contract rights
except as otherwise provided herein. Any vacancy occurring in any office of the Company shall be
filled by the Board.

          (c) Duties of Officers; Generally. The Officers, in the performance of their duties
as such, shall owe to the Members duties of loyalty and due care of the type and to the extent owed
by the officers of a corporation to such corporation and its stockholders under the laws of the
State of Michigan (including the BCA). The following Officers, to the extent such Officers have
been appointed by the Board, shall have the following duties:

               (i) President. The president of the Company shall be the president of Detroit Legal
News (the “President”). The President shall be the chief executive of the Company, and shall
exercise such duties of supervision and control of the Company as are not delegated by the Board to
the Chief Operating Officer (as defined below), which are specified on Schedule 5.4(c)(i) hereto.

               (ii) Chief Operating Officer. Subject to the restrictions set forth in Section 5.1
and Article VI, the day-to-day operations of the Company will be managed by Suzanne Favale as the
chief operating officer of the Company (the “Chief Operating Officer”), whose specific duties and
compensation are described in that certain Employment Agreement, dated as of the date hereof,
between the Company and Ms. Favale.

               (iii) Chief Financial Officer. The chief financial officer of the Company shall be
the chief financial officer of Detroit Legal News (the “Chief Financial Officer”). The Chief
Financial Officer shall keep and maintain, or cause to be kept and maintained, adequate and correct
books and records of accounts of the properties and business transactions of the Company, including
accounts of its assets, liabilities, receipts, disbursements, gains, losses, capital and Sharing
Ratios. The Chief Financial Officer shall have the custody of the funds and securities of the
Company, and shall keep full and accurate accounts of receipts and disbursements in books belonging
to the Company, and shall deposit all moneys and other valuable effects in the name and to the
credit of the Company in such depositories as may be designated by the Board. The Chief Financial
Officer shall have such other powers and perform such other duties as may be prescribed by the
Chief Operating Officer or the Board.

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          (d) Compensation of Officers. The compensation of the Officers of the Company shall
be as set forth on Schedule 6(d) hereto. The compensation of the President and the Chief Financial
Officer shall be paid to Detroit Legal News as a management fee.

ARTICLE VI

MEETINGS OF MEMBERS

     6.1 Meetings.

          (a) Annual and Special Meetings. The Company shall hold an Annual Meeting of the
Members on the first Tuesday in March of each calendar year to conduct such business and address
such matters as the Members may raise at such meeting. If the Annual Meeting is not held on the
day designated in this Section, the Members holding a Super-Majority of the Sharing Ratios shall
cause the meeting to be held as soon thereafter as convenient. In addition to the Annual Meeting
of Members, any Member may call a special meeting for any purpose or purposes and at any time.

          (b) Notice of Meetings. Notice of every meeting of the Members shall be given by
letter, telephone or facsimile and shall be sent not less than 48 hours nor more than 30 days
before the date of such meeting to each Member in accordance with the notice provisions in Section
12.9. Notice of every meeting of the Members shall state the place, day and hour of the meeting
and, in case of a special meeting, the purpose or purposes for which the meeting is called. Such
further notice shall be given as may be required by law, but meetings may be held without notice if
all the Members are present in person or by proxy or if notice is waived in writing by those not
present, either before or after the meeting.

          (c) Places of Meetings. All meetings of the Members shall be held at such place and
as such time as from time to time may be fixed by the Members holding a Super-Majority of the
Sharing Ratios. Meetings of the Members may be held telephonically or by video conference provided
that all of the Members participating in such meeting can hear and, in the case of video
conference, see each other at the same time.

          (d) Quorum. Members holding a Super-Majority of the Sharing Ratios, who shall be
present in person or represented by proxy at a meeting duly called, shall constitute a quorum for
the transaction of business. If less than a quorum shall be in attendance at the time for which a
meeting shall have been called, the meeting may be adjourned from time to time by Members holding a
Super-Majority of Sharing Ratios present or represented by proxy without notice other than by
announcement at the meeting.

     6.2 Voting. Each Member shall be entitled to vote on any matter submitted to a vote
of the Members as provided in this Operating Agreement or the Act.

     6.3 Required Vote. Unless a greater vote is specifically required by the Act, the
affirmative vote or consent of sixty-five percent (65%) of the Sharing Ratios held by all of the
Members (the “Super-Majority”) shall be required and shall be sufficient to take any action or

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approve any matter desired or required to be taken. For the avoidance of doubt, the voting
provisions specified in Section 502(1)(b) of the Act shall be superseded by the voting provisions
set forth in this Operating Agreement.

     6.4 Unanimous Consent Requirement. Each decision enumerated in this Section 6.4 shall
require the unanimous consent of the Members:

          (a) (i) Making any material investment in another entity (other than routine cash management
investments in money market or similar accounts), (ii) entering any line of business other than
those businesses in which the Company is engaged in as of the date hereof, (iii) exiting any line
of business in which the Company is engaged in as of the date hereof, or (iv) acquiring or
disposing of any assets other than in the ordinary course of the Company’s business;

          (b) Entering into, altering or modifying any transaction, agreement, arrangement or
understanding with, or paying any fees or other amounts to, the Members or their Affiliates, except
as otherwise expressly provided in this Operating Agreement; provided, however,
this shall not apply to the reimbursement to Members for costs which they incur on behalf of the
Company in the ordinary course of the Business. “Affiliate” means with respect to a Member, a
person with more than a five percent (5%) ownership interest in such Member, any person or entity
who controls such Member, is controlled by such Member or is under common control with such Member,
and the officers, directors, employees, shareholders, members, partners, and spouses and children
of such Member or any of the foregoing parties;

          (c) Purchasing or otherwise acquiring any real property or entering into contracts for the
foregoing purpose where such transaction would not be within the purposes of or in furtherance of
the Business;

          (d) Requiring additional capital contributions from the Members, including the form of such
capital;

          (e) Selling, assigning, leasing, exchanging or otherwise disposing of any real or personal
property of the Company, or entering into a contract for any of the foregoing purposes, where such
transaction would not be within the purposes of or in furtherance of the Business;

          (f) Reorganizing or recapitalizing the Company, merging or consolidating the Company with or
into any other entity, or abandoning any such proposed merger or consolidation;

          (g) Engaging in any activity inconsistent with this Operating Agreement;

          (h) Admitting any person or other entity as an additional Member of the Company. If
additional Member(s) are added to the Company, the Sharing Ratios of the Members shall be adjusted
to reflect the capital contribution(s) made to the Company by the additional Member(s) as
unanimously agreed by the Members and the additional Member(s);

15

 

provided, however, that calculation of the amount of such adjustment shall take into account
the amount of such capital contribution(s) in relation to the fair market value of the Company’s
assets net of all liabilities, as calculated by the Company and certified in writing by the Chief
Financial Officer of the Company, a copy of which shall be delivered to the Members and the
additional Member(s), along with a copy of the calculations contained therein;

          (i) Directly or indirectly redeeming, purchasing or otherwise acquiring all or any part of the
membership interest in the Company owned by any Member, except as permitted in this Operating
Agreement;

          (j) Borrowing money, securing indebtedness by mortgage, pledge, or other lien on any Company
property or modifying the terms of any indebtedness, or making any loan, guaranty or extension or
pledge of credit to any person or third party, except the extension of credit in the ordinary
course of business to third party customers of the Company in connection with their purchase of the
Company’s products or services;

          (k) Compromising a Member’s obligation to make a contribution or to return money or other
property paid or distributed in violation of the Act;

          (l) Commencing or settling any litigation, arbitration or similar proceeding or confessing any
judgment against the Company in connection with any threatened or pending action, or executing and
delivering any assignment for the benefit of the Company’s creditors;

          (m) Liquidating the Company;

          (n) Amending or restating the Articles; or

          (o) Amending or restating this Operating Agreement.

     6.5 Consent. Any action required or permitted to be taken at a meeting of the Members
may be taken without a meeting, without prior notice, and without a vote, if consents in writing,
setting forth the action so taken, are signed by the Members having not less than the requisite
number of votes necessary under this Operating Agreement or the Act to authorize or take such
action at a meeting at which all membership interests entitled to vote on the action were present
and voted. Every written consent shall bear the date and signature of each Member who signs the
consent.

ARTICLE VII

COVENANTS

     7.1 Noncompetition. For so long as a Member is a member of the Company, and for one
(1) year thereafter, each Member on behalf of itself and its Affiliates hereby covenants and agrees
that it will not, directly or indirectly, engage in direct competition with the Company in the
Company’s “court and commercial newspaper” business (as that term is commonly understood in the
industry) within the State of Michigan (the “Territory”); provided, however,

16

 

that the foregoing restrictions shall not prohibit a Member or any of its Affiliates from
owning less than five percent (5%) of any class of equity security in a publicly held company.
Notwithstanding the foregoing, (a) the Members acknowledge that (i) American Servicing Corporation,
a Michigan corporation, (ii) ATI Holdings, Inc. (f/k/a Attorneys Title, Inc.), a Michigan
corporation, (iii) Network Title Solutions, LLC, a Michigan limited liability company, (iv)
Warranty Title Agency, LLC, a Michigan limited liability company, and (v) Attorneys Title Agency,
LLC, a Michigan limited liability company, are Affiliates of Legal Press and agree that the
ownership and operation of those companies by an Affiliate of Legal Press shall not be a violation
by Legal Press of this Section 7.1; (b) the Members acknowledge that Michigan Lawyers Weekly, Inc.,
a Delaware corporation (“MLW”), is an Affiliate of Dolan and that American Processing Company, LLC,
a Michigan limited liability company (“APC”), may become an Affiliate of Dolan and agree that the
ownership and operation of those companies by an Affiliate of Dolan shall not be a violation by
Dolan of this Section 7.1, except that Dolan agrees that MLW and APC will not publish foreclosure
or public notices in the Territory; (c) the provisions of this Section 7.1 shall not be binding on
Legal Press or its Affiliates after December 31, 2015 if Legal Press has ceased to be a Member
before that date; and (d) nothing in this Operating Agreement (or otherwise) will prohibit or
affect the other business operations of the Members or their respective Affiliates.

     7.2 Corporate Opportunity. Each Member hereby covenants and agrees that it will not,
while it is a Member, take any action which might divert from the Company any opportunity within
the Territory which would be within the scope of the Business or any future businesses of the
Company within the Territory (which future businesses shall be limited to the “court and commercial
newspaper” and “community newspaper” businesses, as those terms are commonly understood in the
industry), the loss of which would have, in the reasonable judgment of the Board, an adverse effect
upon the Company, unless the Board has given its prior written approval. Specifically, Dolan
agrees not to acquire any company or its assets in the “court and commercial newspaper” and
“community newspaper” businesses located and operating solely within the Territory without first
allowing the Company the opportunity to participate in such acquisition; provided,
however, that if the Company (independent of the Dolan Manager) determines not to, or
ceases to take active and diligent actions to, pursue any such acquisition, then Dolan may acquire
such company or its assets and the ownership and operation of such company or its assets shall not
be a violation by Dolan of Section 7.1 hereof. Notwithstanding the foregoing, the Members
acknowledge and agree that (i) MLW is an affiliate of Dolan and that its ownership and operation by
an Affiliate of Dolan shall not be a violation by Dolan of this Section 7.2; (ii) the acquisition
and subsequent operation of APC by an Affiliate of Dolan shall not be violation by Dolan of this
Section 7.2; and (iii) if Legal Press or any of its Affiliates begin conducting the private
equivalent of sheriff sales of foreclosure properties within the Territory, such business shall not
be a violation by Legal Press of this Section 7.2.

     7.3 Non Solicitation. For so long as a Member is a member of the Company, and for one
(1) year thereafter, each Member on behalf of itself and its Affiliates hereby covenants and agrees
that it will not, directly or indirectly, employ any current or former employee of any Member or
the Company for a period of six (6) months after termination of any such employee’s employment with
a Member or the Company; provided, however, that the provisions of this

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Section 7.3 shall not be binding on Legal Press or its Affiliates after December 31, 2015 if
Legal Press has ceased to be a Member before that date.

     7.4 Confidentiality. Each Member acknowledges that the Members may have exchanged
information which is proprietary to each such disclosing Member. The Members further acknowledge
that each Member may continue to disclose such proprietary information and that the Company will
possess and will develop business information which will be owned by or may be valuable to the
Company. Each Member on behalf of itself and its Affiliates hereby covenants and agrees that it
will not use, exploit, reveal, divulge or make known to any person, firm, or other business entity,
any proprietary information supplied by any Member to another Member or to the Company, or by the
Company to any Member, whether prior to or after the formation of the Company. Such proprietary
information shall include, but is not limited to, accounting and financial information including
the Members’ and the Company’s revenues, profits and losses, trade secrets, forms, customer lists,
pricing, operating records, marketing strategies, processes, plans, business practices and
strategies, sales information and commercial and other information or data, whether communicated in
writing, orally or by observation or other sensory detection (collectively the “Proprietary
Information”). The Proprietary Information of each of the Members and the Company shall also
include all letters, memoranda, notes, reports and other documents containing or referencing the
Proprietary Information, and all copies, reproductions and extracts thereof, prepared by the
Members, the Company, and the Company’s employees or agents. A Member, however, shall have the
right to communicate the Proprietary Information as is necessary to enable the Company to engage in
the Business. Further, the obligation with regard to confidentiality and non-use contained in this
Section shall not extend to any Proprietary Information that:

          (a) At the time of disclosure is, through no fault of the receiving Member or its Affiliates,
in the public domain or thereafter becomes part of the public domain by publication or otherwise
through no fault of the receiving Member or its Affiliates in violation of this Operating
Agreement;

          (b) The receiving Member or its Affiliates can establish was in its or its Affiliate’s
possession prior to the time of the disclosure to the receiving Member or its Affiliates or is
independently acquired or developed by the receiving Member or its Affiliates without violating any
obligations under this Operating Agreement;

          (c) Is independently made available to the receiving Member or its Affiliates by a third party
who has not violated a confidential relationship with the disclosing Member, its Affiliates or the
Company; or

          (d) Is required to be disclosed by law; provided that the receiving Member uses its
commercially reasonable efforts to timely inform the disclosing Member or the Company, as the case
may be, and permit the disclosing Member or the Company to attempt by appropriate legal means to
limit such disclosure.

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     7.5 Exclusivity Requirement. Each of the Members agrees on its own behalf and on
behalf of its Affiliates to publish all legal notices required to be published in the Territory in
the Company’s legal newspapers and Internet web sites and to utilize the Company exclusively for
all services currently offered by the Company required to be performed in the Territory while a
Member of the Company; provided, however, (i) in the case of Legal Press and its
Affiliates (including, without limitation, Trott & Trott, P.C., a Michigan professional corporation
(“Trott & Trott”) or any successor entity), if Legal Press ceases to be a Member prior to December
31, 2015, the provisions of this paragraph shall apply through such date, and (ii) to the extent
that this Section 7.5 is in conflict with any provision of that certain Agreement, dated as of the
date hereof (the “Exclusivity Agreement”), by and between the Company and Trott & Trott, the terms
and conditions of the Exclusivity Agreement shall govern and control.

     7.6 Maintenance of Errors and Omission Insurance. At all times, the Company covenants
and agrees to maintain errors and omission insurance in such amounts and on such terms as
customarily maintained by similar companies that are prudently operated.

     7.7 Injunctive Relief. Each of the Members agrees that the remedy of monetary damages
to the Company or another Member for any breach or threatened breach of the covenants contained in
this Article VII will be inadequate to remedy fully the breach because any breach or attempted
breach by a Member would cause immediate, substantial and irreparable loss of business and profits
to the Company or the Members in an amount which would be impossible to ascertain. Accordingly, in
the event of any breach or threatened breach of any of said covenants by a Member, in addition to
any and all other legal and equitable remedies which may be available, including suit for recovery
of actual damages, the Company, or any successor of the Company, or the other Members, shall be
entitled to preliminary and permanent injunctive relief, without the necessity of proving actual
loss of business by reason of such breach and, to the extent permissible under applicable law, a
temporary restraining order shall be granted immediately on commencement of any such suit by the
Company or the Members. Each Member hereby waives any right to notice of any application by the
Company or the other Members for such an order.

ARTICLE VIII

EXCULPATION OF LIABILITY

     8.1 Exculpation of Liability. No Member or Manager shall have any liability to the
Company or any other Member for breach of any duty established under the Act, except as expressly
provided under any non-waivable or non-alterable provisions of the Act or in this Operating
Agreement.

     8.2 Limitations on Liability. Each Member shall look solely to the Company’s property
for the return of its capital contributions and, if the Company’s property remaining after payment
or discharge of the Company’s debts, liabilities and obligations is insufficient to return such
capital contributions, no Member shall have recourse against any other Member.

19

 

     8.3 Indemnification by the Company. The Company shall indemnify, defend and hold
harmless each Member, Manager and, if applicable, the officers, directors, shareholders, general or
limited partners, members, managers, employees, agents, successors and assigns of any such Member
(collectively, the “Member Affiliates”) from and against any and all losses, damages, liabilities,
claims, demands, obligations, fines, penalties, expenses (including reasonable fees and expenses of
attorneys engaged by a Member, Manager or a Member Affiliate in defense of any act or omission),
judgments or amounts paid in settlement by such Member, Manager or Member Affiliate by reason of
any act performed, or omitted to be performed, by it in connection with the Business or in
furtherance of the Company’s interests, or in connection with any proceeding to which the Member,
Manager or Member Affiliate is a party or is threatened to be made a party because it is or was a
Member, Manager or Member Affiliate. The provisions of this Section 8.3, however, shall not
relieve a Member, Manager or Member Affiliate of any liability which it may have (a) in connection
with the receipt of a financial benefit to which the Member, Manager or Member Affiliate is not
entitled; (b) pursuant to Section 308 of the Act; or (c) in connection with a knowing violation of
law, and no Member, Manager or Member Affiliate shall be entitled to indemnification with respect
to any such matters. The indemnification afforded pursuant to this Section 8.3 shall be limited to
the Company’s assets, and no Member, Manager or Member Affiliate shall have a claim against any
other Member by virtue of this Section 8.3, nor shall this Section 8.3 be construed so as to impose
any obligation on any Member to make an additional capital contribution.

ARTICLE IX

DISPOSITION OF MEMBERSHIP INTERESTS

     9.1 General.

          (a) Prohibition on Disposition of a Membership Interest. Except as provided herein,
no Member shall sell, assign, transfer, exchange, or otherwise dispose of its membership interest,
or any portion thereof, or withdraw from the Company. Any attempted disposition of a membership
interest in violation of this Article IX is null and void ab initio and the assignee or transferee
shall have no right to participate in the management of the business and affairs of the Company or
to become a Member.

          (b) Substitute Member. No assignee or transferee shall automatically become a
substitute Member or have any of the rights of the assignor Member, except that an assignee or a
transferee shall be entitled to share in such profits and losses, to receive such distributions and
to receive such allocation of income, gain, loss, deduction, or credit or similar item to which the
assignor was entitled, to the extent assigned. The assignee or transferee of the assignor Member’s
membership interest in the Company, or any portion thereof, may be admitted to the Company as a
Member in the place and stead of, or together with, as the case may be, the Member who has assigned
or transferred all or part of his, her or its membership interest in the Company upon satisfaction
of all of the following conditions:

20

 

               (i) A duly executed and acknowledged written instrument of assignment must be filed with the
Company setting forth the intention of the assignor that the assignee become a Member;

               (ii) The assignor and the assignee must execute and deliver such other instruments as the
Board may deem necessary or desirable to effect such admission, including the written acceptance
and adoption by the assignee of the provisions of this Agreement; and

               (iii) The unanimous written consent of the Members to such substitution shall be obtained, the
granting or denial of which shall be within the sole discretion of such Members.

     If all of the foregoing conditions have been fulfilled and the assignee has been admitted to
the Company as a Member, this Agreement and any Schedules hereto shall be amended to reflect the
assignee’s admission to the Company as a Member.

          (c) Mortgage, Pledge or Hypothecation of Membership Interest. Notwithstanding any
provision to the contrary contained in this Operating Agreement, a Member shall be permitted to
mortgage, pledge or hypothecate its membership interest in the Company directly or indirectly as
collateral for a loan or other indebtedness from an unaffiliated lender or creditor. Any such
unaffiliated lender or creditor to whom such membership interest has been mortgaged, pledged or
hypothecated shall be permitted to dispose of such encumbered membership interest in the Company by
means of a foreclosure sale conducted in a commercially reasonable manner in accordance with the
applicable state law version of the Uniform Commercial Code and any purchaser of such encumbered
membership interest shall be admitted as a substitute Member in the Company. Upon such Member’s
request, the Chief Financial Officer of the Company shall prepare, execute and deliver any written
instrument of assignment or transfer as may be reasonably requested or desired by the unaffiliated
lender or creditor of such Member to perfect its security interest in such Member’s membership
interest in the Company.

     9.2 Disposition of Membership Interests. Notwithstanding any provision to the
contrary contained in this Operating Agreement, a Member shall be permitted to sell its membership
interest in accordance with the provisions of this Section 9.2:

          (a) Bankruptcy of a Member. A Member (the “Insolvent Member”) shall be deemed to have
offered to the other Members and the Company its membership interest in the Company if (i) the
membership interest of such Member is taken in execution or by other process of law; (ii) such
Member is adjudicated insolvent or bankrupt pursuant to any provisions of any state or federal
statute; (iii) a receiver or trustee of such Member’s property is appointed by reason of such
Member’s insolvency or inability to pay its debts; or (iv) any assignment is made of such Member’s
property for the benefit of creditors. Upon the occurrence of any of the foregoing events (each an
“Insolvency Event”), which has not been dismissed or otherwise set aside within twenty (20) days,
the Insolvent Member shall be deemed to have given notice

21

 

thereof to the Company and the other Members as of the date when the Members and the Company
first learn of such occurrence.

          (b) Purchaser(s) of Membership Interest. Upon learning of the occurrence of an
Insolvency Event, the other Members shall meet to determine whether the Company or the other
Members will purchase the membership interest of the Insolvent Member, and, if the membership
interest will be purchased by the other Members, to determine how the other Members will divide the
membership interest. If the other Members desire to purchase the membership interest of the
Insolvent Member but are unable to agree on how the membership interest shall be acquired by them,
the Company shall be obligated to purchase the membership interest. The other Members or the
Company shall notify the Insolvent Member in writing within thirty (30) days after learning of the
Insolvent Event (the “Insolvency Election Notice”) of their intent to purchase the membership
interest.

          (c) Reduction of Trott & Trott’s Business. If the average monthly number of
foreclosure notices published by the Company by or through Trott & Trott, or any successor entity,
during any calendar year (the “Deficiency Period”) is below 1,000, then the Members (other than
Legal Press), and/or the Company, as the Members (other than Legal Press) may determine, shall be
entitled to purchase all but not less than all of the membership interest of Legal Press by giving
notice thereof to Legal Press (the “Cessation Notice”), within sixty (60) days following the end of
any such Deficiency Period, setting forth the identity of the purchaser or purchasers and the
portion of Legal Press’s membership interest to be purchased by each.

          (d) No Distributions. After the occurrence of an Insolvency Event or Cessation
Notice, the Insolvent Member or Legal Press, as the case may be, shall be entitled to no further
distributions of any kind, except distributions made pursuant to Section 4.3(c) herein, which shall
be attributed to the membership interest of such Member through the date of Closing (as hereinafter
defined).

          (e) Notice of Desired Change in Ownership.

               (i) First Change Notice. Commencing with the sixth
(6th) anniversary of
the date hereof (the “Trigger Date”), a Member (the “Initiating Member”) may deliver to the other
Members a written notice (the “First Change Notice”) declaring a value for 100% of the membership
interests in the Company (the “First Declared Value”). Such First Change Notice must be delivered
within sixty (60) days prior to (i) the Trigger Date or (ii) any subsequent anniversary of the
Trigger Date. Each Member (a “Non-Initiating Member”) receiving a First Change Notice shall have
sixty (60) days from the date of receipt of such First Change Notice to elect whether, based upon
the First Declared Value, it is a buyer of the membership interest in the Company held by the
Initiating Member (pro-rata to the extent of the Sharing Ratios of all Non-Initiating Members) or a
seller of its own membership interest in the Company at the First Declared Value multiplied by that
Member’s Sharing Ratio. The Initiating Member shall be required to buy or sell membership
interests in the Company, as independently determined by the other Members. Each Non-Initiating
Member shall have sole and complete discretion regarding its decision under this Section 9.2(e)(i),
and such determination is not a vote of the Company

22

 

governed by Articles V or VI of this Operating Agreement. If two Members wish to buy the
membership interest in the Company held by the Initiating Member, such membership interest shall be
divided in proportion to their respective Sharing Ratios, or in such other proportion as the
Non-Initiating Members shall mutually agree upon.

               (ii) Subsequent Change Notices. If after the completion of the transfer of the
membership interests in the Company pursuant to the First Change Notice in Section 9.2(e)(i) above
there are still two Members holding membership interests in the Company, then either of the two
remaining Members of the Company may, at any time after the completion of the transfer of the
membership interests in the Company pursuant to the First Change Notice, deliver to the other
remaining Member a written notice (a “Subsequent Change Notice,” and together with the First Change
Notice, each a “Change Notice”) declaring a value for 100% of the membership interests in the
Company (the “Second Declared Value”). The Non-Initiating Member receiving a Subsequent Change
Notice shall have sixty (60) days from the date of receipt of the Subsequent Change Notice to elect
whether, based upon the Second Declared Value, it is a buyer of the membership interest in the
Company held by the Initiating Member at the Second Declared Value multiplied by the Initiating
Member’s then current Sharing Ratio or a seller of its own membership interest in the Company at
the Second Declared Value multiplied by its then current Sharing Ratio. The Initiating Member
shall be required to buy or sell membership interests in the Company as independently determined by
the Non-Initiating Member. The Non-Initiating Member shall have sole and complete discretion
regarding its decision under this Section 9.2(e)(ii), and such determination is not a vote of the
Company governed by Articles V or VI of this Operating Agreement.

     9.3 Closing.

          (a) The parties shall mutually agree on a date for the transfer of the membership interest(s)
pursuant to Section 9.2(a), 9.2(c), or 9.2(e) herein (the “Closing”), which date shall be (i) no
earlier than thirty (30) days and no later than 120 days after the receipt of an Insolvency
Election Notice, or Cessation Notice or (ii) no earlier than seventy-five (75) days and no later
than 120 days after the receipt of any Change Notice.

          (b) At the Closing, the Member(s) selling their membership interest(s) (the “Selling
Member(s)”) shall deliver such documents reasonably requested by the purchaser(s) of the membership
interest(s) (the “Purchaser(s)”) to effectuate the transfer of the Selling Member’s membership
interest, which documents shall include, among other things, a membership interest purchase
agreement containing representations and warranties and other terms and conditions customary for a
transaction of this kind and shall provide that the transfer of the Selling Member’s membership
interest shall be free of any and all liens, claims and encumbrances.

          (c) At the Closing, the Purchaser(s) shall deliver payment for the Selling Member’s membership
interest as follows:

               (i) in cash or via electronic funds transfer; or

23

 

               (ii) for a sale pursuant to Section 9.2(e) herein, a Purchaser may elect to deliver a cash
down payment of fifty percent (50%) of its total payment, with the balance paid in equal quarterly
installments which amortizes such balance over five (5) years. Interest shall accrue on such
balance at the prime rate as reported in The Wall Street Journal, adjusted annually from the date
of Closing, and shall be paid in arrears with the quarterly payment of the balance provided herein.

     9.4 Determination of Fair Market Value for Payment for Membership Interest
Subsequent to an Insolvency Election Notice or Cessation Notice. The purchase price for a
Member’s membership interest (“Purchase Price”) pursuant to Section 9.2(a) and 9.2(c) herein shall
equal the product of the Member’s Sharing Ratio multiplied by the Company Fair Market Value (as
defined below) as of the end of the calendar month immediately prior to the date of the Insolvency
Election Notice or Cessation Notice, without any minority, lack of marketability or other
discounts. If only a percentage of the Member’s membership interest is to be purchased, then only
the fair market value of such membership interest to be sold shall be valued using the same
methodology. The fair market value of the Company as a whole (the “Company Fair Market Value”)
shall be as mutually agreed by the Selling Member(s) and the Purchaser(s) (collectively, the
“Parties”). If the Parties are unable to agree upon the Company Fair Market Value within thirty
(30) days after receipt of an Insolvency Election Notice or Cessation Notice (an “Event”), the
Parties shall promptly appoint a mutually acceptable independent appraiser experienced in valuing
businesses similar to the Company (an “Appraiser”) to determine the Company Fair Market Value. If
the Parties are unable to agree upon an Appraiser within thirty (30) days after the occurrence of
an Event, the parties shall request JAMS to select the Appraiser, and the Company Fair Market Value
shall be determined as follows: the Appraiser appointed pursuant to the foregoing procedure shall
be instructed to determine the Company Fair Market Value and shall be required to deliver such
determination within thirty (30) days after appointment, and such determination shall be final and
binding upon the Parties. Company Fair Market Value shall not include the value of any funds
retained by the Company representing distributions withheld from the selling Member pursuant to
Section 9.2(d) herein if the remaining Members received such distributions, and the amount of the
retained distributions shall be added to the Purchase Price for purposes of this Section 9.4. Each
Party shall bear its respective fees and expenses with respect to any appraisal procedures
(including the selection of the Appraiser) and one-half of the fees and expenses of the Appraiser
participating in the appraisal process. Upon receipt of the appraised Company Fair Market Value,
the Purchase Price of the membership interest to be sold shall be computed as provided for herein,
the Parties shall be advised of such determination and the transaction shall be consummated within
ten (10) days thereafter. If the Closing does not occur within ninety (90) days after the Event,
interest shall begin to accrue thereafter on the Purchase Price at the prime rate quoted in The
Wall Street Journal on the business day prior to such 90th day until the Closing.

24

 

ARTICLE X

DISSOLUTION AND WINDING UP

     10.1 Dissolution. The Company shall dissolve and its affairs shall be wound up on the
first to occur of the following events: (a) at any time specified in the Articles or this
Operating Agreement; (b) upon the happening of any event specified in the Articles or this
Operating Agreement; or (c) upon the affirmative vote of all of the Members.

     10.2 Winding Up of the Affairs of the Company. Upon dissolution of the Company, the
Company shall cease carrying on its business and affairs and shall commence the winding up of the
Company’s business and affairs and complete the winding up as soon as practicable. Upon the
dissolution and the winding up of the business and affairs of the Company, the Members holding a
Super-Majority of the Sharing Ratios will use commercially reasonable efforts to sell the Company
as a going concern. If the Members are unable to sell the Company as a going concern, the property
and assets of the Company shall be sold or otherwise disposed of at their fair market value or
otherwise as the Members holding a Super-Majority of the Sharing Ratios may agree, and the terms
and conditions of this Operating Agreement and the rights and obligations of the Members shall
continue in force during such period of liquidation. All rights, property and assets of the
Company shall be liquidated as promptly as is consistent with obtaining the fair market value, to
the extent practicable, of such rights, property and assets. Such liquidations shall be conducted
in compliance with applicable law and sound business practice. Upon the winding up of the business
and the disposition of the assets of the Company, no Member shall have any further rights or
obligations hereunder.

     10.3 Proceeds of Liquidation. The proceeds from liquidation of the rights, property
and assets of the Company shall be applied in the following order of priority and, upon the
completion of the distribution of such proceeds, the Company shall be deemed to have been entirely
terminated:

          (a) the satisfaction of any outstanding obligations and liabilities to creditors of the
Company;

          (b) establishment of any reserves which such persons as are supervising and controlling the
liquidation of the Company may deem advisable with respect to any contingent or unforeseen
liabilities or obligations of the Company, such reserves to be maintained in a regular trust
account and at the expiration of such reasonable period of time as such persons shall deem
advisable the remaining balance in the trust fund shall be distributed to the Members in accordance
with the priorities herein provided for;

          (c) payment to the Members of any accrued but unpaid interest on and repayment, if any, of the
outstanding principal of any advances made to the Company by the Members or any other debts of the
Company to the Members;

          (d) distribution to the Members in accordance with their respective Sharing Ratios.

25

 

     10.4 Reimbursement of Expenses. The Members shall be entitled to reimbursement for
out-of-pocket expenses incurred in connection with the winding up and liquidation of the Company.
Such reimbursement shall be paid as an expense of the Company after all liabilities to creditors of
the Company (other than any of the Members) have been repaid but prior to any repayments of or
distributions to any of the Members.

ARTICLE XI

REPRESENTATIONS, WARRANTIES AND INDEMNIFICATION

     11.1 Representations and Warranties. Each Member hereby represents and warrants as
follows:

          (a) Corporate Existence. Each Member is an entity that is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its formation.

          (b) Authorization. The execution, delivery and performance of this Operating
Agreement and any other agreements described herein to which it is a party are within its power,
have been duly authorized and are not in contravention of law or the terms of its formation and
governing documents.

          (c) Binding Effect. This Operating Agreement constitutes the legal, valid and binding
obligations of such party, enforceable in accordance with the terms hereof.

          (d) No Proceedings. No litigation or governmental proceeding is pending or, to the
knowledge of the officers of such party, threatened against such party which is reasonably expected
to have a material adverse effect on its ability to carry out the transactions described herein.

ARTICLE XII

MISCELLANEOUS PROVISIONS

     12.1 Assignment. Except as otherwise provided in Article IX, neither this Operating
Agreement nor any rights or obligations of the Members hereunder shall be assignable.

     12.2 Terms. Nouns and pronouns will be deemed to refer to the masculine, feminine,
neuter, singular and plural, as the identity of the person or persons, firm or corporation may in
the context require.

     12.3 Headings. The headings contained in this Operating Agreement have been inserted
only as a matter of convenience and for reference, and in no way shall be construed to define,
limit or describe the scope or intent of any provision of this Operating Agreement.

     12.4 Counterparts. This Operating Agreement may be executed in several counterparts,
each of which will be deemed an original but all of which will constitute one and

26

 

the same. This Operating Agreement and each other agreement or instrument entered into in
connection herewith or contemplated hereby, and any amendments hereto or thereto, to the extent
signed and delivered by means of a facsimile machine or other electronic transmission (including
transmission in portable document format by electronic mail), shall be treated in all manner and
respects and for all purposes as an original agreement or instrument and shall be considered to
have the same binding legal effect as if it were the original signed version thereof delivered in
person. At the request of any party hereto or to any such other agreement or instrument, each
other party hereto or thereto shall re-execute original forms thereof and deliver them to all other
parties, except that the failure of any party to comply with such a request shall not render this
Operating Agreement or any such other agreement or instrument invalid or unenforceable. No party
hereto or to any such other agreement or instrument shall raise the use of a facsimile machine or
other electronic transmission to deliver a signature, or the fact that any signature was
transmitted or communicated through the use of a facsimile machine or other electronic
transmission, as a defense to the formation or enforceability of a contract and each such party
forever waives any such defense.

     12.5 Entire Agreement. This Operating Agreement and the Schedules attached hereto
constitutes the entire agreement among the parties hereto and contain all of the agreements among
the parties with respect to the subject matter hereof; provided, however, that the
terms of this Operating Agreement shall control over any provision of the Schedules attached hereto
which is inconsistent with this Operating Agreement. Except for the Membership Interests Purchase
Agreement, this Operating Agreement and the Schedules attached hereto supersede any and all other
agreements, either oral or written, between the parties with respect to the subject matter hereof.

     12.6 Severability. The invalidity or unenforceability of any particular provision of
this Operating Agreement shall not affect the other provisions hereof, and this Operating Agreement
shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

     12.7 Amendment. This Operating Agreement may be amended or revoked at any time by a
written agreement approved by each of the Members.

     12.8 Waiver. The failure of any Member to enforce, or the delay by any Member in
enforcing, any of its rights under this Operating Agreement will not be deemed to constitute a
waiver or a modification of any rights thereunder, and each Member may, within the time provided by
applicable law, commence appropriate proceedings to enforce any or all of its rights.

     12.9 Notices. Any notice required or permitted to be given under this Operating
Agreement must be in writing and is effective as of the business day after it is sent if sent by a
recognized “overnight” delivery service. Any communication given in any other manner shall be
effective only if and when received by the party to be notified. For the purposes of this Section
12.9, the addresses of the parties shall be as set forth on Schedule 3.1 to this Operating
Agreement. Any party may change the address to which such communications are to be sent by notice
to the other party as provided herein.

27

 

     12.10 Binding Effect. Subject to the provisions of this Operating Agreement relating
to transferability, this Operating Agreement will be binding upon and shall inure to the benefit of
the parties, and their respective distributees, successors and assigns.

     12.11 Tax Matters Member.

          (a) The Members holding a Super-Majority of the Sharing Ratios shall designate one of the
Members to be the “tax matters partner” of the Company pursuant to Code Section 6231 (a)(7). The
Member who is designated as the tax matters partner is referred to herein as the “Tax Matters
Member.” The Tax Matters Member shall take such action as may be necessary to cause to the extent
possible each other Member to become a “notice partner” within the meaning of Code Section 6223.
The Tax Matters Member shall inform each other Member of all significant matters that may come to
its attention in its capacity as Tax Matters Member by giving notice thereof on or before the fifth
(5th) business day after becoming aware thereof and, within that time, shall forward to each other
Member copies of all significant written communications it may receive in that capacity.

          (b) The Tax Matters Member shall take no action without the authorization of the Members
holding a Super-Majority of the Sharing Ratios, other than such action as may be required by law.
Any cost or expense incurred by the Tax Matters member in connection with its duties, including but
not limited to the preparation for or pursuance of administrative or judicial proceedings, shall be
paid by the Company.

          (c) The Tax Matters Member shall not enter into any extension of the period of limitations for
making assessments on behalf of the Members without first obtaining the written consent of the
Members holding a Super-Majority of the Sharing Ratios. The Tax Matters Member shall not bind any
Member to a settlement agreement without obtaining the written concurrence of such Member. Any
Member who enters into a settlement agreement with respect to any Company item (within the meaning
of Code Section 6231 (a)(3)) shall notify the other Members of such settlement agreement and its
terms within ninety (90) calendar days from the date of the settlement.

          (d) No Member shall file a request pursuant to Code Section 6227 for an administrative
adjustment of the Company items for any taxable year without first notifying the other members. If
the Members holding a Super-Majority of the Sharing Ratios consent to the requested adjustment, the
Tax Matters Member shall file the request for the administrative adjustment on behalf of the
Members. If the consent is not obtained within thirty (30) days from such notice, or within the
period required to timely file the request for administrative adjustment, if shorter, any Member,
including the Tax Matters Member, may file a request for administrative adjustment on its own
behalf. Any Member intending to file a petition under Code Sections 6226, 6228, or other Code
Section with respect to any item involving the Company shall notify the other Members of such
intention and the nature of the contemplated proceeding. In the case where the Tax Matters Member
is the Member intending to file such petition on behalf of the Company, such notice shall be given
within a reasonable period of time to allow the other Members to participate in the choosing of the
forum in which such petition will be filed.

28

 

          (e) If any Member intends to file a notice of inconsistent treatment under Code Section
6222(b), such Member shall give reasonable notice under the circumstances to the other Members of
such intent and the manner in which the Member’s intended treatment of an item is (or may be)
inconsistent with the treatment of that item by the other Members.

     12.12 Conflict. To the extent that any provision in this Operating Agreement alters,
modifies or replaces the corresponding default provision provided for in the Act, such provision in
this Operating Agreement shall govern and control.

     12.13 Governing Law. This Operating Agreement is being executed and delivered in the
State of Michigan and the rights and obligations of the parties shall be governed by and construed
in accordance with the domestic laws of the State of Michigan for any action of proceeding arising
out of or relating to this Operating Agreement. All actions concerning any dispute arising
hereunder or relating hereto or to the transactions contemplated herein shall be filed and
maintained only in a state or federal court sitting in the State of Michigan.

{Remainder of page intentionally left blank. Signature page follows.}

29

 

     IN WITNESS WHEREOF, the parties hereto make and execute this Amended and Restated
Operating Agreement on the dates set below their names, to be effective on the date first above
written.

	 	 	 	 	 	 	 
	 	 	DETROIT LEGAL NEWS PUBLISHING, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Bradley L. Thompson, II
 

	 	 
	 	 	Name: Bradley L. Thompson, II	 	 
	 	 	Its: President	 	 
	 
	 	 	 	 	 	 
	 	 	THE DETROIT LEGAL NEWS COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Bradley L. Thompson, II
 

	 	 
	 	 	Name: Bradley L. Thompson, II	 	 
	 	 	Its: Chairman and CEO	 	 
	 
	 	 	 	 	 	 
	 	 	LEGAL PRESS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David A. Trott
 

	 	 
	 	 	Name: David A. Trott	 	 
	 	 	Its: Manager	 	 
	 
	 	 	 	 	 	 
	 	 	DOLAN DLN LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James P. Dolan
 

	 	 
	 	 	Name: James P. Dolan	 	 
	 	 	Its: President	 	 

30

 

SCHEDULE 3.1

Members and Sharing Ratios

	 	 	 	 	 
	Member	 	Sharing Ratio	 
	The Detroit Legal News Company
	 	 	55	%
	2001 W. Lafayette
	 	 	 	 
	Detroit, Michigan 48216
	 	 	 	 
	Phone: (313) 961-3949
	 	 	 	 
	Fax: (313) 961-3082
	 	 	 	 
	Attn: Bradley L. Thompson II
	 	 	 	 
	 
	 	 	 	 
	with a copy to:
	 	 	 	 
	Clark Hill P.L.C.
	 	 	 	 
	500 Woodward Ave., Suite 3500
	 	 	 	 
	Detroit, Michigan 48226
	 	 	 	 
	Phone: (313) 965-8320
	 	 	 	 
	Fax: (313) 965-8252
	 	 	 	 
	Attn: John J. Hern, Jr.
	 	 	 	 
	 
	 	 	 	 
	Dolan DLN LLC
	 	 	35	%
	c/o Dolan Media Company
	 	 	 	 
	1200 Baker Building
	 	 	 	 
	706 Second Avenue South
	 	 	 	 
	Minneapolis, Minnesota 55402
	 	 	 	 
	Phone: (612) 317-9425
	 	 	 	 
	Fax: (612) 317-9434
	 	 	 	 
	Attention: James P. Dolan
	 	 	 	 
	 
	 	 	 	 
	with a copy to:
	 	 	 	 
	Katten Muchin Rosenman LLP
	 	 	 	 
	525 West Monroe Street
	 	 	 	 
	Chicago, Illinois 60661-3693
	 	 	 	 
	Phone: (312) 902-5405
	 	 	 	 
	Fax: (312) 577-8771
	 	 	 	 
	Attention: Walter S. Weinberg
	 	 	 	 
	 
	 	 	 	 
	Legal Press, LLC
	 	 	10	%
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