Document:

Exhibit 10.3

 

AMENDMENT NO. 2 TO

 

STANLEY ASSOCIATES, INC.

 

STOCKHOLDERS’ AGREEMENT

 

OF AUGUST 27, 1996

 

 

THIS AMENDMENT NO.
2 STANLEY ASSOCIATES, INC. STOCKHOLDERS’ AGREEMENT OF AUGUST 27, 1996 (this “Amendment”)
is made and entered into as of the 30th day of September, 2001,
between (i) STANLEY ASSOCIATES, INC., a District of Columbia corporation (the “Corporation”),
and (ii) the undersigned Stockholder of the Corporation and (iii) the other
Stockholders of the Corporation.

WHEREAS, the
undersigned Stockholder and each other Stockholder of the Corporation (other
than employee pension benefit plans maintained by the Corporation) are parties
to the Stockholder Agreement of August 27, 1996 of the Corporation, as
previously amended (as amended, the “Stockholders’ Agreement”);

WHEREAS, the Board
of Directors of the Corporation has approved an amendment to the definition of “Fair
Market Value” in the Stockholders’ Agreement so as to conform such definition
to that used in the Corporation’s 1995 Stock Incentive Plan; and

WHEREAS, such
amendment is required to be in writing and signed by all of the parties to the
Stockholders’ Agreement,

NOW THEREFORE, in
consideration of the mutual covenants, agreements and promises hereinafter set
forth and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

a.  Definitions.  Capitalized terms used but not otherwise
defined herein shall have the meanings given such terms in the Stockholders’
Agreement.

b.         Amendment to Stockholders’ Agreement.  Section 1D of the Stockholders’ Agreement is
hereby amended so as to read in its entirety as follows:

 

 

 

                                        “Fair Market Value” shall
mean the fair market value of the shares of Stock as determined in on an annual
basis by an appraiser designated by the Corporation’s Board of Directors.  The determination of such appraiser shall be
conclusive and binding upon the Corporation and each Stockholder, and shall not
be subject to review by and arbitral, judicial or other tribunal or authority.

2.         Effect of Amendment.  Upon execution by the Stockholders, the
foregoing amendment will be effective as of September 30, 2001.  Upon effectiveness of the foregoing
amendments, each reference in the Stockholders’ Agreement to the “Agreement,”
or “hereunder” or words of like import shall mean and be a reference to the
Stockholders’ Agreement, as amended by the foregoing amendment.  Except as otherwise expressly provided
herein, all of the terms, conditions and provisions of the Stockholders’
Agreement shall remain the same.  It is
acknowledged and agreed by the Corporation and the undersigned Stockholders for
the benefit of each Stockholder that the Stockholders’ Agreement, as amended
hereby, shall continue in force and effect, and that the Stockholders’
Agreement and this document shall be read and construed as one instrument.

3.         Miscellaneous

A.    The use of
either gender herein shall be deemed to be or include the other genders and the
use of the singular herein shall be deemed to be or include the plural and vice
versa, wherever appropriate.

B.    The
Stockholders’ Agreement as amended by this Amendment, sets forth all of the
promises, agreements, conditions, understandings, covenants, warranties and
representations among the parties hereto with respect to the shares of Stock
held thereunder, and there are no promises, other than as set forth therein and
herein.  Any and all prior agreements
with respect to such shares of Stock are hereby revoked.  The Stockholders’ Agreement, as amended
hereby, is, and is intended by the parties to be, an integration of any and all
prior agreements or understandings, oral or written, with respect to such
shares of Stock.

C.    This
Amendment shall be construed and enforced in accordance with the laws of the
District of Columbia, without regard to its otherwise applicable conflict of
laws principles.

 

2

 

D.    The
headings and other captions in this Agreement are for convenience of reference
only and shall not be used in interpreting, construing or enforcing any of the
provisions of this Agreement.

E.     This
Amendment is intended to be executed in several counterparts, each of which is
deemed to be an original, and all of which, taken together, constitute one
instrument.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Amendment as of the day and year
first hereinabove written.

	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  CORPORATION:

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
  STANLEY ASSOCIATES, INC.,

  
	
   

  	
   

  	
  a District of Columbia corporation

  
	
   

  	
   

  	
   

  
	
  /s/ William E. Karlson

  	
   

  	
  By:

  	
  /s/ Philip O. Nolan

  
	
  William E. Karlson, Secretary

  	
   

  	
   

  	
  Philip O. Nolan, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
  Printed  Name:

  	
   

  
							

 

 

3Exhibit 10.4

 

AMENDMENT NO. 3 TO

 

STOCKHOLDERS’ AGREEMENT

 

OF AUGUST 27, 1996

 

 

THIS AMENDMENT NO.
3 TO STOCKHOLDERS’ AGREEMENT OF AUGUST 27, 1996 (this “Amendment No. 3”)
is made and entered into as of the 1st day of October, 2002, between
(i) STANLEY ASSOCIATES, INC., a District of Columbia corporation (“Stanley”),
(ii) STANLEY, INC., a Delaware corporation (“Holding”) and (iii) the
undersigned Stockholder of Stanley.

WHEREAS, the
undersigned Stockholder and each other Stockholder of Stanley (other than employee
pension benefit plans maintained by the Stanley) are parties to the Stockholders’
Agreement of August 27, 1996 of Stanley, as amended by Amendment No.1 to
Stanley Associates, Inc. Stockholders’ Agreement, dated August 31, 2000, as
further amended by Amendment No.2 to Stanley Associates, Inc. Stockholders’
Agreement, dated September 30, 2001 (the “Stockholders’ Agreement”);

WHEREAS, Stantran,
Inc., a District of Columbia corporation and a wholly-owned subsidiary of
Holdings (“Stantran”), Stanley and Holding have entered into that
certain Agreement and Plan of Merger, dated August 7, 2002, pursuant to which
Stantran is to be merged with and into Stanley (the “Merger”);

WHEREAS, at the
effective time of the Merger (the “Effective Time”), each share of outstanding
common stock of Stanley will be converted into the right to receive a share of
Holding common stock and the holders of common stock of Stanley will
automatically become holders of Holding common stock;

WHEREAS, Stanley
and the undersigned Stockholder desire to amend the Stockholders’ Agreement,
effective as of the Effective Time, to reflect the conversion of shares of
common stock of Stanley into shares of Holding common stock;

 

 

 

WHEREAS, the Board
of Directors of Stanley has approved certain amendments to the Stockholders’
Agreement necessary to reflect such conversion of shares issued pursuant to the
Stockholders’ Agreement; and

WHEREAS, such
amendments are required to be in writing and signed by all of the parties to
the Stockholders’ Agreement.

NOW THEREFORE, in
consideration of the mutual covenants, agreements and promises hereinafter set
forth and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

(i)        Definitions.  Capitalized terms used but not otherwise
defined herein shall have the meanings given such terms in the Stockholders’
Agreement.

2.         Amendments to Stockholders’
Agreement.  Effective at the
Effective Time, the Stockholders’ Agreement is hereby amended as follows:

a.         Any and all references in the
Stockholders’ Agreement to “Stanley Associates, Inc.” and the “Corporation”
shall be deemed to be references to “Stanley, Inc.”

b.         The first recital of the Stockholders’
Agreement is amended so as to read in its entirety as follows:

WHEREAS, the Corporation
has authorized capital stock consisting of one million (1,000,000) shares of
common stock, with a par value of one cent ($0.01) per share (the “Stock”) and
500,000 shares of preferred stock with a par value of one cent ($0.01) per
share.

c.         Section 1.A of the Stockholders’
Agreement is amended so as to read in its entirety as follows:

A.                “Certificate of Incorporation” shall mean the
Certificate of Incorporation of the Corporation dated July 31, 2002, and any
amendments or restatements thereof.

d.         Section 21.E of the Stockholders’
Agreement is amended so as to read in its entirety as follows:

 

 

2

 

E. This Agreement shall be construed and enforced in accordance with
the laws of the State of Delaware, without regard to its otherwise applicable
conflict of laws principles.

e.         Any and all references in the
Stockholders’ Agreement to “Stanley Associates, Inc.” shall be deemed to be
references to “Stanley, Inc.”

3.         Effect of Amendment No.3.  Upon execution by the undersigned Stockholder,
the foregoing amendments will be effective as of the Effective Time.  Upon effectiveness of the foregoing
amendments, each reference in the Stockholders’ Agreement to the “Agreement,”
or “hereunder” or words of like import shall mean and be a reference to the
Stockholders’ Agreement, as amended by the foregoing amendments.  Except as otherwise expressly provided
herein, all of the terms, conditions and provisions of the Stockholders’
Agreement shall remain the same.  It is
acknowledged and agreed by the Stanley, Holding and the undersigned Stockholder
that on and after the Effective Time the Stockholders’ Agreement, as amended
hereby, shall continue in force and effect, and that the Stockholders’
Agreement and this document shall be read and construed as one instrument.

4.         Miscellaneous

A.    The use of
either gender herein shall be deemed to be or include the other genders and the
use of the singular herein shall be deemed to be or include the plural and vice
versa, wherever appropriate.

B.    The
Stockholders’ Agreement as amended by this Amendment No.3, sets forth all of
the promises, agreements, conditions, understandings, covenants, warranties and
representations among the parties hereto with respect to the shares of Stock
held thereunder, and there are no promises, other than as set forth therein and
herein.  Any and all prior agreements
with respect to such shares of Stock are hereby revoked.  The Stockholders’ Agreement, as amended
hereby, is, and is intended by the parties to be, an integration of any and all
prior agreements or understandings, oral or written, with respect to such
shares of Stock.

C.    This
Amendment No.3 shall be construed and enforced in accordance with the laws of
the State of Delaware, without regard to its otherwise applicable conflict of
laws principles.

 

 

3

 

D.    The
headings and other captions in this Amendment No.3 are for convenience of
reference only and shall not be used in interpreting, construing or enforcing
any of the provisions of this Amendment No.3.

E.     This
Amendment No.3 is intended to be executed in counterparts, each of which is
deemed to be an original, and all of which, taken together, constitute one
instrument.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Amendment No.3 as of the day and
year first hereinabove written.

 

	
  WITNESS:

  	
   

  	
  CORPORATION:

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
  STANLEY ASSOCIATES, INC.,

  
	
   

  	
   

  	
  a District of Columbia corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William E. Karlson

  	
   

  	
  By:

  	
  /s/ Philip O. Nolan

  
	
  Secretary

  	
   

  	
   

  	
  Name: Philip O. Nolan

  
	
   

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  CORPORATION:

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
  STANLEY, INC.,

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
  /s/ William E. Karlson

  	
   

  	
  By:

  	
  /s/ Philip O. Nolan

  
	
  William E. Karlson, Secretary

  	
   

  	
   

  	
  Name: Philip O. Nolan

  
	
   

  	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  	
   

  
	
  WITNESS:

  	
   

  	
  STOCKHOLDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
  Printed Name:

  	
   

  
							

 

4

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