Document:

Exhibit
4.4

STOCKHOLDERS
AGREEMENT

 

THIS STOCKHOLDERS AGREEMENT
(this “Agreement”) is made as of September 30, 2004, by and among (i) ACA
Capital Holdings, Inc., a Delaware corporation (the “Company”), (ii) BSMB/ACA
LLC, a Delaware limited liability company (together with its successors and
assigns, “BSMB”), and (iii) the other persons from time to time
signatories hereto (the “Other Holders”). BSMB and the Other Holders are
collectively referred to as the “Stockholders” and individually as a “Stockholder.”
Unless otherwise specified herein, all of the capitalized terms used herein are
defined in Section 10 hereof.

 

WHEREAS, BSMB has acquired
the number of shares. of the Company’s Series B Senior Convertible Preferred
Stock, par value $0.10 (the “Series B Preferred
Stock”), set forth opposite its name on the Schedule of Stockholders,
pursuant to that certain Stock Purchase Agreement, dated as of July 22, 2004,
by and between BSMB and the Company (as amended, the “Purchase Agreement”);

 

WHEREAS, the Other Holders
own the type and number of shares of Series B Preferred Stock and shares of the
Company’s Senior Convertible Preferred Stock,
Convertible Preference Stock and Common Stock, as applicable, as set forth
opposite their names on the Schedule of Stockholders; and

 

WHEREAS, the Company and the
Stockholders desire to enter into this Agreement for the purposes, among
others, of (i) establishing the composition of the
Company’s board of directors (the “Board”) and (ii) limiting the manner
and terms by which the Stockholder Shares may be Transferred. The execution and
delivery of this Agreement is a condition to BSMB’s purchase of shares of
Series B Preferred Stock pursuant to the Purchase Agreement.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

1.     Board of Directors.

 

(a)           From and after the Closing (as defined in the Purchase Agreement)
and until the provisions of this Section 1 cease to be effective at
any meeting of stockholders of the Company and any adjournment or postponement
thereof, however called, and in any action by written consent, each Stockholder
shall vote or cause to be voted all of its Stockholder Shares which are
entitled to vote and shall take all other necessary or desirable actions within
its control in its capacity as a stockholder (including, without limitation,
attendance at meetings in person or by proxy for purposes of obtaining a quorum
and execution of written consents in lieu of meetings), and the Company shall
take all necessary or desirable actions within its control (including, without
limitation, calling special board and stockholder meetings), so that:

 

(i)            the following individuals shall be elected to the Board:

 

(A)          two members of the Company’s senior
management (the “Executive Directors”); one Executive Director shall be
the Company’s Chief

 

 

 

Executive Officer (the “CEO”)
and the other Executive Director shall be a member of the Company’s executive
management team who shall be nominated by the CEO. The Executive Directors
shall initially be Alan S. Roseman and Edward U. Gilpin;

 

(B)           so long as BSMB and its Affiliates
hold 10 percent or more of the Series B Preferred Stock that BSMB acquired on
the date hereof pursuant to the provisions of the Purchase Agreement and/or any
shares of Common Stock issued upon conversion of such Series B Preferred Stock
(collectively, the “Original Shares”), one representative nominated by
BSMB (each director designated by BSMB pursuant to this clause (B) and clauses
(C) and (D) below, a “BSMB Director”);

 

(C)           so long as BSMB and its Affiliates
hold 25 percent or more of the Original Shares, a second BSMB Director nominated
by BSMB;

 

(D)          so long as BSMB and its Affiliates
hold 50 percent or more of the Original Shares, a third BSMB Director nominated
by BSMB. Two of the three BSMB Directors shall initially be David E. King and
Robert Juneja;

 

(E)           two representatives nominated by BSMB
and approved by a majority of the Board (the “Independent Directors”); provided
that such representatives shall not be (i) members of the Company’s management,
(ii) employees or officers of the Company or any of its Subsidiaries, (iii) employees
or officers of any Stockholder or any Affiliate of any Stockholder, or (iv)
employees or officers of The Bear Stearns Companies Inc. or any of its
Subsidiaries, except, in the case of clauses (iii) and (iv) above, with the
consent of a majority of the directors of the Board (other than the BSMB
Directors);

 

(F)           so long as Stephens Group, Inc. holds
10 percent or more of the Common Stock Outstanding, one representative
nominated by Stephens Group, Inc., who initially shall be Warren Stephens;

 

(G)           so long as Chestnut Hill ACA, LLC (“Chestnut”)
holds 10 percent or more of the Common Stock Outstanding, one representative
nominated by Chestnut, who initially shall be John Berylson; and

 

(H)          so long as Third Avenue Trust holds 10
percent or more of the Common Stock Outstanding, one representative nominated
by Third Avenue Trust, who initially shall be David Barse;

 

(ii)           the chairman of the Board shall be an
individual nominated by BSMB;

 

(iii)          the composition of the board of
directors (and the number of votes to which each director is entitled) of ACA
Financial Guaranty Corporation, a Maryland corporation, and any other
Subsidiary of the Company that BSMB may hereafter

 

 

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reasonably designate by
written notice to the Stockholders and the Board (each, a “Sub Board”),
shall be the same as that of the Board unless prohibited by applicable law or
regulation, in which case the composition of such Sub Board (and the number of
votes to which each director is entitled) shall be as otherwise selected by
vote of the Board or as otherwise required by applicable law or regulation, but
shall include at least one BSMB Director unless BSMB otherwise consents;

 

(iv)          the composition of any committee of
the Board or any Sub Board shall not exceed three members and shall include at
least one BSMB Director;

 

(v)           the Company shall have an audit
committee and a compensation committee, each consisting of three members, one
of whom shall be a BSMB Director;

 

(vi)          a representative to the Board or a Sub
Board nominated by a Stockholder (or Stockholders) pursuant to the terms of
this Section 1(a) may be removed from the Board or such Sub Board (with
or without cause) only in accordance with the Company’s or such Subsidiary’s
bylaws and only upon such Stockholder’s (or such Stockholders’) written
request; provided that nothing in this Agreement shall be construed to
impair any rights that the Stockholder (or Stockholders) may have to remove any
director for cause; provided, further, that (1) notwithstanding
the foregoing, if the holders of a majority in voting power of the Series B
Preferred Stock then outstanding approve a Sale of the Company and deliver
written notice to the holders of Stockholders Shares invoking the provisions of
Section 5, then the holders of a majority in voting power of the Series
B Preferred Stock may elect to have removed from the Board (with or without
cause) any director, and may then nominate a replacement for such removed
director, and each Stockholder shall vote or cause to be voted all of its
Stockholder Shares which are entitled to vote and shall take all other
necessary or desirable actions, within its control in its capacity as a
stockholder (including, without limitation, attendance at meetings in person or
by proxy for purposes of obtaining a quorum and execution of written consents
in lieu of meetings), and the Company shall take all necessary or desirable
actions within its control (including, without limitation, calling special
board and stockholder meetings), so that any such director is removed and the
nominated replacement is elected to replace such removed director; (2) each
such removed director shall have the same observer rights as set forth in Section
1(c) until the consummation of such Sale of the Company; and (3) in the
event a Sale of the Company is not consummated, each removed director shall be
reinstated and the replacement directors shall be removed from the Board;

 

(vii)         in the event that any representative
nominated (or subject to approval) hereunder by any Stockholder (or
Stockholders) ceases to serve as a member of the Board, a Sub Board or a
committee during such representative’s term of office (whether due to
resignation, removal or otherwise), the resulting vacancy on the Board or the
Sub Board shall be filled by a representative nominated (and approved) by the
Stockholder(s) originally entitled to nominate (or approve) such director
pursuant to Section 1(a)(i), subject to the last proviso in (vi) above;

 

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(viii)        if any party fails to nominate a
representative to fill a directorship pursuant to the terms of this Section
1, neither the Board nor the Stockholders may elect, and the Stockholders
shall not vote to elect, any person to fill such vacant directorship without
the prior written consent of the Stockholder(s) originally entitled to nominate
(or approve) such director pursuant to Section 1, subject to the last
proviso in (vi) above; and

 

(ix)           the bylaws of the Company and of each
Subsidiary of the Company that BSMB may reasonably designate shall provide
that, except as otherwise provided by law, no quorum shall exist at any meeting
of the Board or any Sub Board unless a majority of the directors of such board
of directors is present at such meeting.

 

(b)           The Company shall pay the reasonable out-of-pocket
expenses incurred by each director in connection with attending the meetings of
the Board, any Sub Board and any committee thereof. In addition, the Company
may pay any Independent Director an annual fee and a fee for each meeting of
the Board, any Sub Board or any committee thereof attended by such director.

 

(c)           So long as each of (i) BSMB and its Affiliates hold 10
percent or more of the Common Stock Outstanding and (ii) AEGON, N.V. and its
Affiliates (including, without limitation, Life Investors Insurance Company of
America and Transamerica Life Insurance Company) hold five percent or more of
the Common Stock Outstanding, such Stockholder shall have the right to
designate one natural Person (each, a “Board Observer”) to attend (in
person or telephonically, at such Person’s option) each meeting of the Board
and any committee of the Board; provided that such Stockholder will
notify the Company from time to time of the identity of its Board Observer and
such Board Observer’s address (including facsimile number and email address) for
notice and other communications; provided, further, that such
Board Observer may be excluded from any such meeting to the extent that the
Board determines in good faith that such exclusion is required to preserve any
evidentiary privilege or any portion of any such meeting during which the
respective interests of the Company and its Subsidiaries and those of such
Stockholder in question, as to the matter(s) to be discussed or actions to be
taken during such portion of such meeting, conflict (in the good faith judgment
of the Board). The Company will send, or cause to be sent, to such Stockholder
the notice of the time and place of any such meeting in the same manner and at
the same time as notice is sent to the members of the Board or any committee of
the Board. The Company shall also provide, or cause to be provided, to such
Stockholder copies of all notices, reports, minutes and other documents and
materials at the same time and in the same manner as they are provided to the
members of the Board or any committee of the Board; provided that the
failure to deliver or make available one or more of the items described in this
sentence or the preceding sentence will have no impact on the validity of any
action taken by the Board or any committee of the Board. If the Company
proposes to take any action by written consent in lieu of a meeting of the
Board or any committee of the Board, the Company shall give a copy thereof to
such Stockholder within five business days following the effective date of such
consent; provided that the failure to deliver or make available one or
more of the items described in this sentence will have no impact on the
validity of any action taken by ‘ the Board or any committee of the Board.

 

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2.     Irrevocable Proxy. In order to secure
each Employee’s obligation to vote such Employee’s Stockholder Shares and other
voting securities of the Company in accordance with the provisions of Sections
1 and 5, each Employee hereby constitutes and appoints BSMB as such
Employee’s true and lawful proxy and attorney-in-fact, with full power of
substitution and resubstitution, to vote, or cause to be voted, all of such
Stockholder’s Stockholder Shares and other voting securities of the Company for
the election and/or removal of directors and all such other matters as
expressly provided for in Sections 1 and 5. BSMB may exercise the
irrevocable proxy granted to it hereunder at any time any Employee fails to
comply with the provisions of Section 1 or 5. Each Employee
hereby revokes all other proxies and powers of attorney with respect to such
Employee’s Stockholder Shares. The proxies and powers granted by each Employee
pursuant to this Section 2 are coupled with an interest and are given to
secure the performance of each Employee’s obligations to the other Stockholders
under this Agreement. Such proxies and powers shall be irrevocable except, only
with respect to the obligations of Section 5, such time as set forth in Section
5(g), and shall survive the death, incompetency, disability, bankruptcy of
such Employee and the subsequent holders of such Employee’s Stockholder Shares.

 

3.     Representations and Warranties. Each
Stockholder represents and warrants that (i) such Stockholder is the record
owner of the type, class or series, and number of Stockholder Shares set forth
opposite its name on the Schedule of Stockholders attached hereto, free
and clear of all liens and encumbrances, (ii) this Agreement has been duly
authorized, executed and delivered by such Stockholder and constitutes the
valid and binding obligation of such Stockholder, enforceable in accordance
with its terms, and (iii) such Stockholder has not granted and is not a party
to any proxy, voting trust or other agreement which is inconsistent with,
conflicts with or violates any provision of this Agreement. No holder of
Stockholder Shares shall grant any proxy or become a party to any voting trust
or other agreement which is inconsistent with, conflicts with or violates any
provision of this Agreement. No person executing this Agreement who is or
becomes during the term hereof a director of the Company makes any agreement or
understanding herein in his or her capacity as such director. Each Stockholder
signs solely in his or her capacity as the record and beneficial owner of such
Stockholder Shares.

 

4.     Restrictions on Transfer of Stockholder
Shares.

 

(a)           Transfer of Stockholder Shares.

 

(i)            No holder of Stockholder Shares
shall sell, transfer, assign, pledge or otherwise dispose of (whether with or
without consideration and whether voluntarily or involuntarily or by operation
of law, including by way of merger or consolidation) any interest in its
Stockholder Shares (a “Transfer”), except pursuant to the provisions of
this Section 4 or Section 5 or pursuant to a Public Offering. No
Stockholder shall consummate any Transfer (other than pursuant to a Sale of the
Company or a Public Offering) until 30 days after the later of the delivery to
the Company and the Offerees (as defined below) of such Stockholder’s Offer
Notice or Sale Notice (if any), unless the parties to the Transfer have been
finally determined pursuant to this Section 4 prior to the expiration of
such 30-day period (the “Election Period”).

 

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(ii)           Without limiting the generality of Section
4(a)(i), no Employee shall Transfer any Stockholder Shares held by such
Employee on the date hereof or hereafter acquired, except pursuant to a Sale of
the Company or a Public Offering; provided that nothing contained in
this Section 4(a)(ii) shall prohibit any Employee from transferring
Stockholder Shares as permitted by Section 4(c) or 4(d).

 

(b)           First Refusal Right. At least 30 days prior to
making any Transfer of any Stockholder Shares (other than pursuant to a Sale of
the Company or a Public Offering), the transferring Stockholder (the “Transferring
Stockholder”) shall deliver a written notice (an “Offer Notice”) to
the Company and to the holders of the Series B Preferred Stock (the “Offerees”).
The Offer Notice shall disclose in reasonable detail the proposed type, class
or series, and number of Stockholder Shares to be transferred, the proposed
terms and conditions of the Transfer and the identity, background and ownership
(if applicable) of the prospective transferee(s), and the Offer Notice shall
constitute an irrevocable binding offer to sell the Stockholder Shares to the Offerees
on such terms and conditions. Each Offeree may elect to purchase all or any
portion of the Stockholder Shares specified in the Offer Notice at the price
and on the terms specified therein by delivering written notice of such
election to the Transferring Stockholder as soon as practical, but in any event
within 20 days after delivery of the Offer Notice. If more than one Offeree has
elected to purchase the Stockholder Shares specified in the Offer Notice, the
number of Stockholder Shares subject to each such agreement shall be
proportionate to such Offerees’ relative Pro Rata Share (but in no event will
an Offeree be obligated to purchase more than the number of Stockholder Shares specified
in its election notice), or on such other basis as such Offerees shall agree.
If any one or more Offerees have elected to purchase any Stockholder Shares
specified in the Offer Notice, the sale of such Stockholder Shares shall be
consummated as soon as practical after the delivery of the election notice(s)
to the Transferring Stockholder, but in any event within 45 days after the
expiration of the Election Period, subject to any required regulatory
approvals. To the extent that the Offerees have not elected to purchase all of
the Stockholder Shares being offered, the Transferring Stockholder may, within
90 days after the expiration of the Election Period and subject to the
provisions of Section 4(c) below, transfer such Stockholder Shares to
the Person or group of Persons identified in the Offer Notice, at a price no
less than the price per share specified in the Offer Notice and on other terms
no more favorable to the transferees thereof than offered to the Offerees in
the Offer Notice. Any Stockholder Shares not transferred within such 90-day
period shall be reoffered to the Offerees under this Section 4(b) prior
to any subsequent Transfer. The purchase price specified in any Offer Notice
shall be payable solely in cash at the closing of the transaction or in
installments over time, and no Stockholder Shares may be subject to a pledge.
Each Stockholder’s “Pro Rata Share” shall be based upon such Stockholder’s
proportionate ownership of all shares of Series B Preferred Stock owned by
Stockholders other than the Transferring Stockholder.

 

(c)           Participation Rights.

 

(i)            At least 30 days prior to any
Transfer (other than pursuant to a Public Offering or a Transfer to the Offerees
pursuant to Section 4(b)) of Stockholder Shares constituting more than
50 percent of the then outstanding Common Stock Equivalents, the Stockholder or
group of Stockholders making such Transfer (the 

 

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“Section 4(c)
Transferring Stockholder”) shall deliver a written notice (the “Sale
Notice”) to the Company and the other Stockholders (the “Participating
Stockholders”), specifying in reasonable detail the identity, background
and ownership (if applicable) of the prospective transferee(s), the type, class
or series, and number of shares to be transferred and the terms and conditions
of the Transfer (which notice may be the same notice and given at the same time
as the Offer Notice under Section 4(b)).

(ii)           The Participating
Stockholders may elect to participate in the contemplated Transfer at the same
price per Common Stock Equivalent and on the same terms by delivering written
notice to the Section 4(c) Transferring Stockholder within 20 days after
delivery of the Sale Notice. If any Participating Stockholder has elected to
participate in such Transfer, each of the Section 4(c) Transferring Stockholder
and the Participating Stockholders will be entitled to include in the
contemplated Transfer, subject to Section 4(c)(iii), the number of
Common Stock Equivalents equal to the product of (i) the quotient determined by
dividing (x) the number of Common Stock Equivalents held by such Person by (y)
the aggregate number of Common Stock Equivalents held by such Section 4(c)
Transferring Stockholder and the Participating Stockholders and (ii) the
aggregate number of Common Stock Equivalents to be Transferred in the
contemplated Transfer. Any of the Participating Stockholders may elect to sell
in any Transfer contemplated under this Section 4(c) a lesser number of
Common Stock Equivalents than such Participating Stockholder is entitled to
sell hereunder, in which case the Section 4(c) Transferring Stockholder shall
have the right to sell an additional number of Common Stock Equivalents in such
Transfer equal to the number that such Participating Stockholder has elected
not to sell.

 

(iii)          If the Section 4(c) Transferring
Stockholder contemplates Transferring Stockholder Shares (other than shares of
Common Stock) for a price per share that is less than the conversion price then
in effect for such Stockholder Shares, then no Participating Stockholder shall
be entitled to include in the proposed Transfer any Stockholder Shares that are
junior in right of payment to such Stockholder Shares.

 

(iv)          Each Section 4(c) Transferring
Stockholder shall use reasonable efforts to obtain the agreement of the
prospective transferee(s) to the participation of the Participating
Stockholders in any contemplated Transfer, and no Section 4(c) Transferring
Stockholder shall transfer any of its Stockholder Shares to any prospective
transferee if such prospective transferee(s) declines to allow the participation
of the Participating Stockholders. Each Participating Stockholder shall pay its
pro rata share (based upon the consideration received upon such Transfer) of
the expenses incurred by the Stockholders in connection with such transfer and
shall be obligated to join on a pro rata basis (based upon the consideration
received upon such Transfer)

 

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in any indemnification or
other obligations that the Section 4(c) Transferring Stockholder agrees to
provide in connection with such transfer (other than any such obligations that
relate specifically to a particular Stockholder such as indemnification with
respect to representations and warranties given by a Stockholder regarding such
Stockholder’s title to and ownership of Stockholder Shares; provided
that no holder shall be obligated in connection with such Transfer to agree to
indemnify or hold harmless the transferees with respect to an amount in excess
of the net cash proceeds paid to such holder in connection with such Transfer)

(d)           Permitted Transfers. The
restrictions set forth in this Section 4 shall not apply with respect to
any Transfer of Stockholder Shares by any Stockholder (i) in the case of an
Employee or an Other Holder that is a natural person, by will or pursuant to
applicable laws of descent and distribution or among such Employee’s or Other
Holder’s, as applicable, Family Group, (ii), in the case of BSMB or an Other
Holder that is not a natural person, among its Affiliates, or (iii) in the case
of Insurance Partners, L.P., Insurance Partners Offshore (Bermuda), L.P. and IP/MCLP,
L.L.C. (each, an “IP Entity”), a Transfer of all or a portion of such IP
Entity’s Stockholder Shares (A) to any holder of an equity interest in an IP
Entity or to a liquidating trust if such Transfer is effected upon dissolution
of such IP Entity or as a distribution to such holder required by the
partnership agreement or limited liability company agreement in respect of such
IP Entity; or (B) to a limited partnership entity of which an IP Entity is the
sole general partner or to a limited liability company of which an IP Entity is
the sole managing member ((i), (ii) and (iii) above are collectively referred
to herein as “Permitted Transferees”); provided that the
restrictions contained in this Section 4 shall continue to be applicable
to the Stockholder Shares after any such Transfer and provided further that the
transferees of such Stockholder Shares shall have agreed in writing to be bound
by the provisions of this Agreement affecting the Stockholder Shares so
transferred. Notwithstanding the foregoing, no party hereto shall avoid the
provisions of this Agreement by making one or more transfers to one or more
Permitted Transferees and then disposing of all or any portion of such party’s
interest in any such Permitted Transferee.

 

(e)           This Section 4 shall terminate and cease to be
effective upon the earlier to occur of the consummation of (i) a Sale of the
Company pursuant to Section 5 or (ii) a Qualified Public Offering.

 

5.     Sale of the Company.

 

(a)           If the holders of a majority in voting power of the Series
B Preferred Stock then outstanding approve a Sale of the Company and deliver
written notice to the holders of Stockholders Shares invoking the provisions of
this Section 5 (any such sale, an “Approved Sale”), the holders
of Stockholders Shares shall consent to, vote in favor of and raise no
objections against the Approved Sale; provided, however, that if
the definitive sale agreement governing an Approved Sale is entered into prior
to the 18-month anniversary of the date hereof, then, unless a majority of the
Board approves such Approved Sale (prior to the removal of any director
pursuant to the second proviso of Section 1(a)(vi)) or unless Standard
& Poor’s Rating Group, a division of McGraw-Hill Companies (“S&P”),
shall have downgraded the A financial strength, corporate credit or financial
enhancement rating of ACA Financial Guaranty Corporation (or shall have ceased
rating ACA Financial Guaranty Corporation), the aggregate price per Common
Stock Equivalent received in such an Approved Sale shall be not less than the
Company’s Book Value Per Share as at the end of the most recently completed
fiscal quarter for which the Company’s financial statements have been completed
at the time such sale or similar agreement is executed.

 

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(b)           If the Approved Sale is structured as (i) a merger or
consolidation, each holder of Stockholder Shares shall vote or cause to be
voted such holder’s Stockholder Shares to approve such merger or consolidation,
whether by written consent or at a stockholders meeting (as requested by the
holders of a majority in voting power of the outstanding Series B Preferred
Stock) and waive all dissenter’s rights, appraisal rights and similar rights in
connection with such merger or consolidation, (ii) a sale of stock, then each
holder of Stockholder Shares shall agree to sell, and shall sell, all of such
holder’s Stockholder Shares and rights to acquire Stockholder Shares on the
terms and conditions so approved by the holders of a majority in voting power of
the outstanding Series B Preferred Stock or (iii) a sale of assets, each holder
of Stockholder Shares shall vote or cause to be voted its Stockholder Shares to
approve such sale and any subsequent liquidation of the Company or other
distribution of the proceeds therefrom, whether by written consent or at a
stockholders meeting (as requested by the holders of a majority in, voting
power of the outstanding Series B Preferred Stock).

 

(c)           In furtherance of the foregoing, (i) each holder of
Stockholder Shares shall take, with respect to such holder’s Stockholder
Shares, all necessary or desirable actions reasonably requested by the holders
of a majority in voting power of the outstanding Series B Preferred Stock in
connection with the consummation of the Approved Sale and (ii) each holder of
Stockholder Shares shall make the same representations, warranties, indemnities
and agreements as each other holder, including, without limitation, voting to
approve such transaction and executing the applicable purchase agreement and
related documents, except that (A) each holder of Stockholder Shares shall be
obligated only to (1) make representations and warranties with respect to such
holder’s title to and ownership of the Stockholder Shares actually Transferred
in such Approved Sale, authorization, execution and delivery of relevant
documents by such Stockholder, enforceability of relevant agreements against
such holder and other matters relating to such holder, (2) enter into covenants
in respect of a Transfer of such holder’s  Stockholder Shares in connection with such
Approved Sale and (3) enter into indemnification obligations with respect to
the foregoing, in each case, to the extent that each other holder is similarly
obligated, but no Stockholder shall be obligated to enter into indemnification
obligations with respect to any of the foregoing with respect to such other
holder or such other holder’s Stockholder Shares, and (B) in no event shall any
Stockholder be liable in respect of any indemnity obligations with respect to
such holder and the Company and its Subsidiaries in general pursuant to any
Approved Sale in an aggregate amount in excess of the total consideration
payable to such holder in such Approved Sale.

 

(d)           The obligations of the holders of Stockholder Shares with
respect to an Approved Sale are subject to the satisfaction of the following
conditions: (i) upon the consummation of the Approved Sale, each holder of
Stockholder Shares, to the extent it is receiving any consideration, will
receive the same form of consideration as each other holder of Stockholder
Shares, and the aggregate consideration will be distributed, as between the
different classes or series of Stockholder Shares, based on the rights and
preferences set forth in the Company’s Certificate of Incorporation as in
effect immediately prior to such Approved Sale, and as between holders of
Stockholder Shares of a particular class or series, ratably based on the
Stockholder Shares of such class or series actually Transferred in the Approved
Sale; (ii) if any holders of a series or class of Stockholder Shares are given
an option as to the form and amount of consideration to be received, each
holder of such series or class of Stockholder Shares will be

 

 

9

 

given the same option; and
(iii) each holder of then currently exercisable rights to acquire shares of a
class of Stockholder Shares will be given an opportunity to exercise such
rights prior to the consummation of the Approved Sale and participate in such
sale as holders of such class of Stockholder Shares. Each Stockholder
acknowledges that, depending upon the aggregate consideration to be distributed
in connection with the Approved Sale, certain classes or series of Stockholder
Shares may receive less consideration per Common Stock Equivalent than other
classes or series of Stockholder Shares, and certain classes or series may
receive no consideration in the Approved Sale.

(e)           If the Company or the holders of the
Company’s securities enter into any negotiation or transaction for which Rule
506 (or any similar rule then in effect) promulgated by the United States
Securities and Exchange Commission may be available with respect to such
negotiation or transaction (including a merger, consolidation or other
reorganization), the holders of Stockholder Shares shall, at the request of the
Company, appoint a “purchaser representative” (as such term is defined in Rule
501) reasonably acceptable to the Company. If any holder of Stockholder Shares
appoints a purchaser representative designated by the Company, the Company
shall pay the fees of such purchaser representative. However, if any holder of
Stockholder Shares declines to appoint the purchaser representative designated
by the Company, such holder shall appoint another purchaser representative (reasonably
acceptable to the Company), and such holder shall be responsible for the fees
of the purchaser representative so appointed.

 

(f)            Except as expressly set forth in Section 5(e), in
connection with an Approved Sale, the Company shall reimburse each of the
Stockholders for its reasonable out-of-pocket costs and expenses (including the
fees and expenses of one counsel selected by the holders of a majority in
voting power of the Series B Preferred Stock then outstanding) incurred in
connection with such Approved Sale, regardless of whether the transaction
intended to be an Approved Sale is consummated.

 

(g)           This Section 5 shall terminate and cease to be
effective upon the earlier to occur of the consummation of (i) a Sale of the
Company pursuant to this Section 5 or (ii) a Qualified Public Offering.

 

6.     Legend. Each certificate evidencing
Stockholder Shares and each certificate issued in exchange for or upon the
Transfer of any Stockholder Shares (if such shares remain Stockholder Shares
after such Transfer) shall be stamped or otherwise imprinted with a legend in
substantially the following form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM
REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO CERTAIN RESTRICTIONS

 

 

 

10

 

AND CONDITIONS ON TRANSFER,
AS SET FORTH IN A STOCKHOLDERS AGREEMENT, DATED AS OF SEPTEMBER 30,
2004, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF
THE COMPANY’S STOCKHOLDERS, AS MAY BE AMENDED, AND MODIFIED FROM TIME TO TIME.
A COPY OF SUCH STOCKHOLDERS AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE
COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

The Company shall imprint
such legend on certificates evidencing Stockholder Shares outstanding as of the
date hereof, and the Stockholders shall surrender their stock certificates to
the Company for such purpose. The legend set forth above shall be removed from
the certificates evidencing any shares which cease to be Stockholder Shares as
provided in the definition of such term in Section 10 hereof.

 

7.     Transfer. Prior to Transferring any
Stockholder Shares (other than pursuant to a Sale of the Company or a Public
Offering) to any Person, the transferring holder of Stockholder Shares shall
cause the prospective transferee to be bound by the terms and conditions of
this Agreement and to execute and deliver to the Company and the other holders
of Stockholder Shares a counterpart of this Agreement.

 

8.     Repurchase Upon Termination of
Employment.

 

(a)           If an Employee ceases to be employed by the Company and
its Subsidiaries (a “Termination”), the capital stock of the Company
held by such Employee or one or more of such Employee’s transferees permitted
by Section 4(d) (the “Repurchase Shares”) shall be subject to
repurchase by the Company pursuant to the terms and conditions set forth in
this Section 8 (the “Repurchase Option”).

 

(b)           The Board may elect to purchase all or any portion of the
Repurchase Shares by delivering written notice (the “Repurchase Notice”)
to the holder or holders of the Repurchase Shares within 90 days after the date
of Termination. The Repurchase Notice shall set forth the number of Repurchase
Shares to be acquired from each holder of Repurchase Shares, the aggregate
consideration to be paid for such number of Repurchase Shares and the time and
place for the closing of the transaction. The number of Repurchase Shares to be
repurchased by the Company shall first be satisfied to the extent possible from
the Repurchase Shares held by the Employee at the time of delivery of the
Repurchase Notice. If the number of Repurchase Shares then held by the Employee
is less than the total number of Repurchase Shares the Company has elected to
purchase, the Company shall purchase the remaining Repurchase Shares elected to
be purchased from the other holder(s) of Repurchase Shares, pro rata according
to the number of Repurchase Shares held by such other holder(s) at the time of
delivery of such Repurchase Notice (determined as close as practicable to the
nearest whole share).

 

(c)           Except as set forth in Section 8(e), the purchase price
for the Repurchase Shares shall be their Fair Market Value as of the end of the
fiscal quarter immediately preceding

 

 

11

 

the date of Termination. The
“Fair Market Value” of any Repurchase Share shall be equal to the amount
which the holder thereof would receive if the Company were to (i) sell for cash
all its assets at fair market value on the date of determination (as determined
by the Board in good faith), (ii) satisfy all its liabilities and (iii) then
liquidate.

(d)           The closing of the purchase of the
Repurchase Shares pursuant to the Repurchase Option shall take place on the
date designated by the Company in the Repurchase Notice, which date shall not
be more than 60 days nor less than five days after the delivery of the
Repurchase Notice. The Company shall pay for the Repurchase Shares to be
purchased pursuant to the Repurchase Option by delivery of, at the Company’s
option, (i) a check or wire transfer of funds, (ii) a subordinate note or notes
payable in up to three equal annual installments beginning on the first
anniversary of the closing of such purchase and bearing interest (payable
semi-annually) at a rate per annum equal to the prime rate announced from time
to time by the JPMorgan Chase Bank as its prime rate in effect at its principal
office in New York City or (iii) both (i) and (ii), in the aggregate amount of
the purchase price for such Repurchase Shares; provided that the Company
shall use reasonable efforts to make all such repurchases with a check or wire
transfer of funds. Any notes issued by the Company pursuant to this Section
8(d) shall be subject to any restrictive covenants to which the Company is
subject at the time of such purchase. The Company shall be entitled to receive
customary representations and warranties from the sellers regarding such sale
of Repurchase Shares (including representations and warranties regarding good
title to such Repurchase Shares, free and clear of any liens or encumbrances).

 

(e)           Notwithstanding anything to the contrary contained in this
Agreement, all repurchases of Repurchase Shares by the Company shall be subject
to applicable restrictions contained in the General Corporation Law of the
State of Delaware and in the Company’s and its Subsidiaries’ debt and equity
financing agreements. If, prior to a Public Offering, any such restrictions
prohibit the repurchase of Repurchase Shares hereunder which the Company is
otherwise entitled to make, the time periods provided in this Section 8
shall be suspended, and the Company may make such repurchases as soon as it is
permitted to do so under such restrictions; provided that in such event the
purchase price shall be the Fair Market Value for such Repurchase Shares as of
the date on which the Company may first make such repurchases.

 

9.     Consent of Spouse. If a Stockholder
who is a natural person is married on the date of this Agreement, such
Stockholder shall obtain from such Stockholder’s spouse an executed spousal
consent, evidencing the spouse’s acknowledgment of and consent to the existence
and binding effect of all restrictions contained in this Agreement in the form
of Exhibit A hereto (“Consent of Spouse”) and effective on the
date hereof. Such consent shall not be deemed to confer or convey to the spouse
any rights in the Stockholder’s securities that do not otherwise exist by
operation of law or by agreement of the parties hereto. If a Stockholder should
marry or remarry subsequent to the date of this Agreement, such Stockholder shall within 30
days thereafter obtain a Consent of Spouse from such Stockholder’s new spouse.

 

10.   Definitions.

 

“Affiliate” of any
Person is any other Person controlled by, controlling or under common control
with such Person and, in the case of any Stockholder that is a partnership or

 

 

12

 

limited liability company,
any partner or member of such Stockholder (provided that the Company shall not
be deemed to be an Affiliate of any Stockholder).

 

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

 

“Approved Sale” has
the meaning set forth in Section 5(a).

 

“Board” has the
meaning set forth in the recitals.

 

“BSMB” has the
meaning set forth in the preamble.

 

“BSMB Directors” has
the meaning set forth in Section 1(a)(i)(B).

 

“Book Value Per Share”
shall mean the book value of the Company and its consolidated Subsidiaries determined
in accordance with GAAP, less accumulated other comprehensive income
(loss) as determined in accordance with Financial Accounting Standards Board
Statement No. 115, divided by the total number of outstanding Common
Stock Equivalents.

 

“CEO” has the meaning
set forth in Section 1(a)(i)(A).

 

“Common Stock” means
the Company’s Common Stock, par value $0.10 per share.

 

“Common Stock Equivalents”
means, at any time, without duplication, the sum of (i) the aggregate number of
shares of Common Stock outstanding at such time, (ii) the aggregate number of
shares of Common Stock issuable assuming conversion at such time of the
Convertible Preference Stock, the Senior Convertible Preferred Stock, the
Series B Preferred Stock and any other capital stock of the Company, (iii) the
aggregate number of shares of Common Stock deemed to be outstanding at such
time under subparagraphs 4.7.7(b)(1) to (9), inclusive, of the Company’s
Certificate of Incorporation, and (iv) the aggregate number of shares of Common
Stock at such time issuable upon exercise of any options, warrants or rights as
determined in accordance with the treasury stock method as provided under
Financial Accounting Standards Board Statement No. 128.

 

“Common Stock Outstanding”
means, at any time, without duplication, the sum of (i) the aggregate number of
shares of Common Stock outstanding at such time and (ii) the aggregate number
of shares of Common Stock issuable assuming conversion at such time of the
Convertible Preference Stock, the Senior Convertible Preferred Stock, the
Series B Preferred Stock and any other capital stock of the Company (but not
including any shares of Common Stock issuable upon exercise of any options,
warrants or other similar rights).

 

“Company” has the
meaning set forth in the preamble.

 

“Convertible Preference
Stock” means the Company’s Convertible Preference Stock, par value $0.10
per share.

 

13

 

“Election Period” has
the meaning set forth in Section 4(a)(i).

 

“Employee” means each
current or former employee of the Company or any of its Subsidiaries who holds
Stockholder Shares and is or after the date hereof becomes a signatory hereto.

 

“Executive Directors”
has the meaning set forth in Section l(a)(i)(A).

 

“Family Group” means,
with respect to any Person, such Person’s spouse and descendants (whether
natural or adopted) and any trust solely for the benefit of such Person and/or
such Person’s spouse and/or descendants.

 

“GAAP” means United
States generally accepted accounting principles as in effect from time to time,
consistently applied.

 

“Independent Directors”
has the meaning set forth in Section 1(a)(i)(E).

 

“Independent Third Party”
means any Person who, immediately prior to the contemplated transaction, (i)
does not own in excess of five percent of the Common Stock Equivalents (a “5% Owner”), (ii) is not
controlling, controlled by or under common control with any such 5% Owner and
(iii) is not the spouse or descendent (by birth or adoption) of any such 5%
Owner or a trust for the benefit of such 5% Owner and/or such other Persons.

 

“IP Entity” has the
meaning set forth in Section 4(d).

 

“Offer Notice” has
the meaning set forth in Section 4(b).

 

“Offerees” has the
meaning set forth in Section 4(b).

 

“Participating
Stockholders” has the meaning set forth in Section 4(c).

 

“Permitted Transferees”
has the meaning set forth in Section 4(d).

 

“Person” means an
individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization and a governmental entity or any department, agency or political
subdivision thereof.

 

“Pro Rata Share” has
the meaning set forth in Section 4(b).

 

“Public Offering”
means a public offering and sale of shares of the Company’s Common Stock
pursuant to an effective registration statement (other than on Form S-4 or S-8
or their equivalent) filed under the Securities Act.

 

“Purchase Agreement”
has the meaning set forth in the preamble.

 

“Qualified Public
Offering” means an underwritten Public Offering (to be managed by an
underwriter or underwriters of recognized national standing) resulting in net

 

 

14

 

proceeds to the Company
and/or the selling Company stockholders of, at least $100 million; provided
that a Qualified Public Offering shall not include a Public Offering made in
connection with a business acquisition or combination or an employee benefit
plan.

 

“Sale of the Company”
means (i) the sale of all or substantially all of the Company’s assets
determined on a consolidated basis to an Independent Third Party or group of
Independent Third Parties, (ii) the sale of capital stock of the Company
representing at least a majority of the Common Stock Equivalents (including all
of the Stockholder Shares) to an Independent Third Party or group of
Independent Third Parties, or (iii) the merger or consolidation of the Company
with or into any entity (whether or not the Company is the surviving company in
such merger or consolidation) which results in an Independent Third Party or
group of Independent Third Parties holding capital stock of the surviving or
continuing entity possessing more than 50% of the voting power of the surviving
or continuing entity.

 

“Sale Notice” has the
meaning set forth in Section 4(c).

 

“Section 4(c)
Transferring Stockholder” has the meaning set forth in Section 4(c).

 

“Securities Act”
means the Securities Act of 1933, as amended from time to time.

 

“Senior Convertible
Preferred Stock” means the Company’s Senior Convertible Preferred Stock,
par value $0.10 per share.

 

“Series B Preferred Stock”
has the meaning set forth in the recitals.

 

“Stockholder Shares”
means (i) any capital stock of the Company purchased or otherwise acquired by
any Stockholder (including, without limitation, any Series B Preferred Stock,
Senior Convertible Preferred Stock, Convertible Preference Stock or Common
Stock), (ii) any capital stock or other equity securities of the Company issued
or issuable directly or indirectly with respect to the capital stock described
in clause (i) above by way of stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization, and (iii) any other shares of any class or series of capital
stock of the Company held by a Stockholder; provided that Stockholder
Shares shall not include options to acquire Common Stock issued pursuant to the
Amended and Restated 2004 Stock Incentive Plan of the Company, dated as of the
date hereof. As to any particular shares constituting Stockholder Shares, such
shares shall cease to be Stockholder Shares when they have been (x) effectively
registered under the Securities Act and disposed of in accordance with the
registration statement covering them or (y) sold to the public through a
broker, dealer or market maker on a securities exchange or in the
over-the-counter market pursuant to Rule 144 (or any similar provision then in
force) under the Securities Act.

 

“Stockholders” has
the meaning set forth in the preamble.

 

“Sub Board” has the
meaning set forth in Section 1(a)(iii).

 

“Subsidiary means,
with respect to any Person, any corporation, limited liability company,
partnership, association or other business entity of which (i) if a
corporation, a majority

 

15

 

of the total voting power of
shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person or a combination thereof, or (ii) if a
limited liability company, partnership, association or other business entity, a
majority of the limited liability company, partnership or other similar
ownership interest thereof is at the time owned or controlled, directly or
indirectly, by any Person or one or more Subsidiaries of that Person or a
combination thereof. For purposes hereof, a Person or Persons shall be deemed
to have a majority ownership interest in a limited liability company,
partnership, association or other business entity if such Person or Persons
shall be allocated a majority of limited liability company, partnership,
association or other business entity gains or losses or shall be or control any
managing director or general partner of such limited liability company, partnership,
association or other business entity. In no event shall the entities that are
the special purpose vehicles of the collateral debt obligations originated by
the Company and its Subsidiaries be deemed “Subsidiaries” of the Company for
the purposes of this Agreement.

 

“Transfer” has the
meaning set forth in Section
4(a)(i).

 

“Transferring Stockholder”
has the meaning set forth in Section 4(b).

 

11.   Transfers in Violation of Agreement. Any
Transferor attempted Transfer of any Stockholder Shares in violation of any
provision of this Agreement shall be void, and the Company shall not record
such Transfer on its books or treat any purported transferee of such
Stockholder Shares as the owner of such shares for any purpose.

 

12.   Amendment and Waiver. Except as
otherwise provided herein, no modification, amendment or waiver of any
provision of this Agreement shall be effective against the Company or the
holders of Stockholder Shares unless such modification, amendment or waiver is
approved in writing by the Company, the holders of at least a majority of the
Stockholder Shares (voting together as a single class, on an as-converted
basis) and the holders of a majority of the Series B Preferred Stock. The
failure of any party hereto to enforce any of the provisions of this Agreement
shall in no way be construed as a waiver of such provisions and shall not
affect the right of such party hereto thereafter to enforce each and every
provision of this Agreement in accordance with its terms.

 

13.   Severability. Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
any other provision of this Agreement in such jurisdiction or affect the
validity, legality or enforceability of any provision in any other
jurisdiction, but this Agreement shall be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein.

 

14.   Entire Agreement. Except as otherwise
expressly set forth herein, this Agreement embodies the complete agreement and
understanding among the parties hereto with respect to the

 

16

 

subject matter hereof and
supersedes and preempts any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.

 

15.   Successors and Assigns; No Third Party
Beneficiaries. Except as otherwise provided herein, this Agreement shall
bind and inure to the benefit of and be enforceable by the Company and its
successors and assigns and the Stockholders and any subsequent holders of
Stockholder Shares and the respective successors and assigns of each of them,
so long as they hold Stockholder Shares. This Agreement is not intended to confer
upon any other Person any rights or remedies hereunder.

 

16.   Counterparts. This Agreement may be
executed in multiple counterparts, each of which shall be an original and all
of which taken together shall constitute one and the same agreement.

 

17.
Remedies. The Company, BSMB and the Other Holders shall be entitled to
enforce their rights under this Agreement specifically, to recover damages by
reason of any breach of any provision of this Agreement and to exercise all
other rights existing in their favor. The parties hereto agree and acknowledge
that a breach of this Agreement would cause irreparable harm and money damages
would not be an adequate remedy for any such breach and that, in addition to
other rights and remedies hereunder, the Company, BSMB or any Other Holder
shall be entitled to specific performance and/or injunctive or other equitable
relief (without posting a bond or other security) from any court of law or
equity of competent jurisdiction in order to enforce or prevent any violation
of the provisions of this Agreement.

 

18.
Notices. Any notice provided for in this Agreement shall be in writing
and shall be either personally delivered, or sent via facsimile or mailed first
class mail (postage prepaid) or sent by reputable overnight courier service
(charges prepaid) to the Company at the address set forth below and to any
other recipient at the address indicated on the schedules hereto and to any
subsequent holder of Stockholder Shares subject to this Agreement at such
address as indicated by the Company’s records, or at such address or to the
attention of such other person as the recipient party has specified by prior
written notice to the sending party. Notices shall be deemed to have been given
hereunder when delivered personally, when sent via facsimile (as evidenced by a
printed confirmation) if sent prior to 5:00 p.m. (local time of recipient) on a
Business Day or, if not, the next succeeding Business Day), three Business Days
after deposit in the U.S. mail and one Business Day after deposit with a
reputable overnight courier service. The Company’s address is:

 

ACA Capital Holdings, Inc.

140 Broadway 

New York, New York 10004

Attention: General Counsel

Tel.:        212-375-2048

Fax:         212-375-2302

 

with copies, which shall not
constitute notice, to:

 

17

 

Bear
Stearns. Merchant Banking 

c/o Bear Stearns Merchant Manager II, LLC

c/o Bear, Stearns & Co. Inc.

383 Madison Avenue, 40th Floor

New York, New York 10179

Attention:   David E. King

Tel.:      212-272-2000

Fax:      212-272-7425

 

and

 

Kirkland
& Ellis LLP

Citigroup Center

153 East 53rd Street

New York, New York 10022

Attention:   Frederick Tanne and Michael A. Brosse

Tel.:      212-446-4800

Fax:      212-446-6460

 

19.   Governing Law; Jurisdiction. The law of the State of Delaware shall
govern this Agreement, without giving effect to any choice of
law or conflict of law rules. The parties hereto hereby irrevocably and
unconditionally submit to the nonexclusive jurisdiction of any State or Federal
court sitting in Delaware over any suit, action or proceeding arising out of or
relating to this Agreement. The parties hereby agree that service of any
process, summons, notice or document by United States registered mail addressed
to any such party at the address set forth in, or in accordance with, Section
18 hereof, shall be effective service of process for any action, suit or
proceeding brought against a party in any such court. The parties hereto hereby
irrevocably and unconditionally waive any objection to the laying of venue of
any such suit, action or proceeding brought in any such court and any claim
that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum. The parties hereto agree that a final
judgment in any such suit, action or proceeding brought in any such court shall
be conclusive and binding upon any party and may be enforced in any other
courts to whose jurisdiction any party is or may be subject, by suit upon such
judgment.

 

20.
Business Days. If any time period for giving notice or taking action
hereunder expires on a day which is a Saturday, Sunday or legal holiday in the
state in which the Company’s chief executive office is located, the time period
shall automatically be extended to the business day immediately following such
Saturday, Sunday or legal holiday.

 

21.
Descriptive Headings. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

 

22.
No Strict Construction. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction shall be applied against any party.

 

18

 

23.   Mutual Waiver of Jury Trial. AS A SPECIFICALLY BARGAINED INDUCEMENT
FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (WITH EACH PARTY HAVING
HAD OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY HERETO EXPRESSLY AND
IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR LEGAL
PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREIN, AND ANY LAWSUIT OR LEGAL
PROCEEDING RELATING TO OR ARISING IN ANY WAY TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREIN SHALL BE TRIED IN A COURT OF COMPETENT
JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

*              *              *              *              *

 

19

 

SIGNATURE PAGES TO STOCKHOLDERS
AGREEMENT

 

                IN
WITNESS WHEREOF, the. parties hereto have executed this Agreement on the day
and year first above written.

 

	
   

  	
  ACA CAPITAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan S. Roseman

  
	
   

  	
  Name:

  	
  Alan S. Roseman

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  BSMB/ACA LLC 

  
	
   

  	
   

  
	
   

  	
  By: Bear Stearns Merchant Manager II, LLC, 

  its Manager 

  
	
   

  	
   

  
	
   

  	
  By: JDH Management LLC, its Manager 

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  STEPHENS GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas H. Martin

  
	
   

  	
  Name:

  	
  Douglas H. Martin

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  THIRD AVENUE TRUST 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

 

SIGNATURE PAGES TO STOCKHOLDERS
AGREEMENT

 

                IN
WITNESS WHEREOF, the. parties hereto have executed this Agreement on the day
and year first above written.

 

	
   

  	
  ACA CAPITAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BSMB/ACA LLC 

  
	
   

  	
   

  
	
   

  	
  By: Bear Stearns Merchant Manager II, LLC, 

  its Manager 

  
	
   

  	
   

  
	
   

  	
  By: JDH Management LLC, its Manager 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David E. King

  
	
   

  	
  Name:

  	
  David E. King

  
	
   

  	
  Title:

  	
  Senior Managing Director

  
	
   

  	
   

  
	
   

  	
  STEPHENS GROUP, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THIRD AVENUE TRUST 

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

 

	
   

  	
  CHESTNUT HILL ACA, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Demos Kouvaris

  
	
   

  	
  Name:

  	
  Demos Kouvaris

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  INSURANCE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  INSURANCE PARTNERS OFFSHORE

  (BERMUDA) L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  IP/MCLP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LIFE INVESTORS INSURANCE

  COMPANY OF AMERICA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  CHESTNUT HILL ACA, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  INSURANCE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley E. Cooper

  
	
   

  	
  Name:

  	
  Bradley E. Cooper

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  INSURANCE PARTNERS OFFSHORE

  (BERMUDA) L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley E. Cooper

  
	
   

  	
  Name:

  	
  Bradley E. Cooper

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  IP/MCLP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley E. Cooper

  
	
   

  	
  Name:

  	
  Bradley E. Cooper

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LIFE INVESTORS INSURANCE

  COMPANY OF AMERICA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
   

  	
  CHESTNUT HILL ACA, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  INSURANCE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  INSURANCE PARTNERS OFFSHORE

  (BERMUDA) L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  IP/MCLP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LIFE INVESTORS INSURANCE

  COMPANY OF AMERICA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon L. Skaggs

  
	
   

  	
  Name:

  	
  Jon L. Skaggs

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  TRANSAMERICA LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jon L. Skaggs

  
	
   

  	
  Name:

  	
  Jon L. Skaggs

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  BANKAMERICA INVESTMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  FW ACA INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADELYN AMUNDSEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIANE AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARYANN AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAUREEN BROWN

  

 

 

	
   

  	
  TRANSAMERICA LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BANKAMERICA INVESTMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GARY M. TSUYUKI

  
	
   

  	
  Name:

  	
  GARY M. TSUYUKI

  
	
   

  	
  Title:

  	
  MANAGING DIRECTOR

  
	
   

  	
   

  
	
   

  	
  FW ACA INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADELYN AMUNDSEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIANE AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARYANN AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAUREEN BROWN

  

 

 

	
   

  	
  TRANSAMERICA LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BANKAMERICA INVESTMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  FW ACA INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin G. Levy

  
	
   

  	
  Name:

  	
  Kevin G. Levy

  
	
   

  	
  Title:

  	
  Vice President of Group III 31, LLC,

  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADELYN AMUNDSEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIANE AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARYANN AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAUREEN BROWN

  

 

 

	
   

  	
  THIRD AVENUE TRUST, on behalf of The

  Third Avenue Value Fund Series

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Barse

  
	
   

  	
  Name:

  	
  David Barse

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  THIRD AVENUE TRUST, on behalf of The

  Third Avenue Small-Cap Value Fund Series

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Barse

  
	
   

  	
  Name:

  	
  David Barse

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  

 

 

	
   

  	
  DRAWBRIDGE SPECIAL

  OPPORTUNITIES FUND LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc K. Furstein

  
	
   

  	
  Name:

  	
  Marc K. Furstein

  
	
   

  	
  Title:

  	
  Chief Operating Officer

  
	
   

  	
   

  

 

 

	
   

  	
  TRANSAMERICA LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BANKAMERICA INVESTMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  FW ACA INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Madelyn Amundsen

  
	
   

  	
  MADELYN AMUNDSEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIANE AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARYANN AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAUREEN BROWN

  

 

 

	
   

  	
  TRANSAMERICA LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BANKAMERICA INVESTMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  FW ACA INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  

  MADELYN AMUNDSEN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIANE AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Maryann Aurelio

  
	
   

  	
  MARYANN AURELIO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MAUREEN BROWN

  

 

 

	
   

  	
  TRANSAMERICA LIFE INSURANCE

  COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  BANKAMERICA INVESTMENT

  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  FW ACA INVESTORS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MADELYN AMUNDSEN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIANE AURELIO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARYANN AURELIO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Maureen Brown

  
	
   

  	
  MAUREEN BROWN

  

 

 

	
   

  	
   

  
	
   

  	
  EUGENIA BURZYNSKI

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEBRA CLAWAR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STANLEY CLAWAR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FRED CROFT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KATHLEEN CULLY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RICHARD DENT

  
	
   

  	
   

  
	
   

  	
  /s/ Keith Foley

  
	
   

  	
  KEITH FOLEY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHRIS FRASER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EDWARD GILPIN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARK GOLOMBECK

  

 

 

	
   

  	
   

  
	
   

  	
  EUGENIA BURZYNSKI

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEBRA CLAWAR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STANLEY CLAWAR

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FRED CROFT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KATHLEEN CULLY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RICHARD DENT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KEITH FOLEY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CHRIS FRASER

  
	
   

  	
   

  
	
   

  	
  /s/ Edward Gilpin

  
	
   

  	
  EDWARD GILPIN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARK GOLOMBECK

  

 

 

	
   

  	
  /s/ Kenneth Hall

  
	
   

  	
  KENNETH HALL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ELIZABETH HILL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TOM HOENS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BILL HOGAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARTHUR ISACK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BYRON KLAPPER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL MADISON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KATHLEEN MALONEY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WAYNE MARSDEN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROSE ANN MONTEMURRO

  

 

 

	
   

  	
   

  
	
   

  	
  KENNETH HALL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ELIZABETH HILL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TOM HOENS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BILL HOGAN

  
	
   

  	
   

  
	
   

  	
  /s/ Arthur Isack

  
	
   

  	
  ARTHUR ISACK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BYRON KLAPPER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL MADISON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KATHLEEN MALONEY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WAYNE MARSDEN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROSE ANN MONTEMURRO

  

 

 

	
   

  	
   

  
	
   

  	
  KENNETH HALL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ELIZABETH HILL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TOM HOENS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BILL HOGAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARTHUR ISACK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BYRON KLAPPER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL MADISON

  
	
   

  	
   

  
	
   

  	
  /s/ Kathleen Maloney

  
	
   

  	
  KATHLEEN MALONEY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WAYNE MARSDEN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROSE ANN MONTEMURRO

  

 

 

	
   

  	
   

  
	
   

  	
  MARYAM MUESSEL

  
	
   

  	
   

  
	
   

  	
  /s/ Tyler Nelson

  
	
   

  	
  TYLER NELSON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALAN ROSEMAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THOMAS SACKETT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL SATZ

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STEVE SCHRAGER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROBERT SMITH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILLIAM TOMLJANOVIC

  
	
   

  	
   

  
	
   

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  MARYAM MUESSEL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TYLER NELSON

  
	
   

  	
   

  
	
   

  	
  /s/ Alan Roseman

  
	
   

  	
  ALAN ROSEMAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THOMAS SACKETT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL SATZ

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STEVE SCHRAGER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROBERT SMITH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILLIAM TOMLJANOVIC

  
	
   

  	
   

  
	
   

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  MARYAM MUESSEL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TYLER NELSON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALAN ROSEMAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THOMAS SACKETT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL SATZ

  
	
   

  	
   

  
	
   

  	
  /s/ Steve Schrager

  
	
   

  	
  STEVE SCHRAGER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROBERT SMITH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILLIAM TOMLJANOVIC

  
	
   

  	
   

  
	
   

  	
   

  

 

 

 

	
   

  	
   

  
	
   

  	
  MARYAM MUESSEL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TYLER NELSON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALAN ROSEMAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THOMAS SACKETT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL SATZ

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STEVE SCHRAGER

  
	
   

  	
   

  
	
   

  	
  /s/ Robert Smith

  
	
   

  	
  ROBERT SMITH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILLIAM TOMLJANOVIC

  
	
   

  	
   

  
	
   

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  MARYAM MUESSEL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TYLER NELSON

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ALAN ROSEMAN

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THOMAS SACKETT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MICHAEL SATZ

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STEVE SCHRAGER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ROBERT SMITH

  
	
   

  	
   

  
	
   

  	
  /s/ William Tomljanovic

  
	
   

  	
  WILLIAM TOMLJANOVIC

  
	
   

  	
   

  
	
   

  	
   

  

 

SCHEDULE
OF STOCKHOLDERS

 

	
  Stockholder Name and Address

  	
   

  	
  Common

  	
   

  	
  Convertible

  Preference

  	
   

  	
  Senior

  Convertible

  Preferred

  	
   

  	
  Series B
  Senior

  Convertible Preferred

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BSMB/ACA LLC

  c/o Bear Stearns Merchant Manager II, LLC

  c/o Bear, Stearns & Co. Inc.

  383 Madison Avenue, 40th Floor

  New York, NY 10179

  Attention: David B. King

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  1,685,663.8305

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Drawbridge Special
  Opportunities Fund LP

  c/o Fortress Investment Group LLC

  1251 Avenue of the Americas

  16th Floor

  New York, NY 10020

  Attention: David Scheible

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  160,539.4124

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Stephens Group, Inc.

  The Stephens Group, Inc.

  111 Center St.

  Little Rock, AR 72201

  Attention: Douglas Martin

  	
   

  	
  237,623.8

  	
   

  	
  273.39936313

  	
   

  	
  25.84523836

  	
   

  	
  267,565.6819

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Third Avenue Trust,

  on behalf of The Third Avenue Value Fund Series

  767 Third Avenue

  New York, NY 10017

  Attention: David Barse

  	
   

  	
  118,811.9

  	
   

  	
  258.66749877

  	
   

  	
  103.38095339

  	
   

  	
  133,782.8436

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Third Avenue Trust,

  on behalf of The Third Avenue Small-Cap Value Fund Series

  767 Third Avenue

  New York, NY 10017

  Attention: David Barse

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  133,782.8383

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chestnut Hill ACA, LLC

  GCC Investments, Inc.

  60 William Street

  Suite 230

  Wellesley, MA 02481

  Attention: Demos Kouvaris / John G. Berylson

  	
   

  	
  237,623.8

  	
   

  	
  163.45234901

  	
   

  	
  —

  	
   

  	
  267,565.6983

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Insurance Partners, L.P.

  Capital Z Partners, Ltd.

  54 Thompson Street

  New York, NY 10012

  Attention: Brad Cooper

  	
   

  	
  151,961.6

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Insurance Partners Offshore
  (Bermuda) L.P.

  Capital Z Partners, Ltd.

  54 Thompson Street

  New York, NY 10012

  	
   

  	
  83,751.6

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

 

 

 

	
  Stockholder Name and Address

  	
   

  	
  Common

  	
   

  	
  Convertible

  Preference

  	
   

  	
  Senior

  Convertible

  Preferred

  	
   

  	
  Series B
  Senior

  Convertible Preferred

  	
   

  
	
  Attention: Brad Cooper

  IP/MCLP, L.L.C.

  Capital Z Partners, Ltd.

  54 Thompson Street

  New York, NY 10012

  Attention: Brad Cooper

  	
   

  	
  1,910.6

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Life Investors Insurance
  Company of America

  Aegon

  400 West Market St.

  Louisville, KY 40202

  Attention: John Skaggs

  with copies to:

  Aegon

  400 W. Market Street, 10th Floor

  Louisville, KY 40202

  Attention: Kirk Buese

  and

  Aegon

  400 W. Market Street, 4th Floor

  Louisville, KY 40202

  Attention: Paul Houk

  	
   

  	
  59,405.9

  	
   

  	
  43.94368178

  	
   

  	
  —

  	
   

  	
  20,067.42655

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Transamerica Life Insurance
  Company

  Aegon

  400 West Market St.

  Louisville, KY 40202

  Attention: John Skaggs

  with copies to:

  Aegon

  400 W. Market Street, 10th Floor

  Louisville, KY 40202

  Attention: Kirk Buese

  and

  Aegon

  400 W. Market Street, 4th Floor

  Louisville, KY 40202

  Attention: Paul Houk

  	
   

  	
  59,405.9

  	
   

  	
  43.94368178

  	
   

  	
  —

  	
   

  	
  20,067.42655

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FW ACA Investors, L.P.

  Att: Kevin G. Levy

  201 Main Street, Suite 3100

  Forth Worth, TX 76102

  	
   

  	
  —

  	
   

  	
  87.88736355

  	
   

  	
  —

  	
   

  	
  17,659.3354

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BankAmerica Investment
  Corporation

  600 Montgomery Street

  CA5-801-12-02

  San Francisco, CA 94111

  Attention: Gary M. Tsuyuki

  	
   

  	
  —

  	
   

  	
  87.88736355

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

 

 

	
  Stockholder Name and Address

  	
   

  	
  Common

  	
   

  	
  Convertible

  Preference

  	
   

  	
  Senior

  Convertible

  Preferred

  	
   

  	
  Series B
  Senior

  Convertible Preferred

  	
   

  
	
  Madelyn Amundsen

  	
   

  	
  79.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  444 East 81st Street, #25

  New York, NY 10028

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Diane Aurelio

  374 South End Ave., #30K

  New York, NY 10280

  	
   

  	
  396.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maryann Aurelio

  345 South End Ave., #5K

  New York, NY 10280

  	
   

  	
  396.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maureen Brown

  195 West 2nd St. North

  Cowley, WY 82420—0216

  	
   

  	
  79.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Eugenia Burzynski

  2709 Partridge Court

  Cape Girardeau, MO 63701

  with a copy to:

  	
   

  	
  1,980.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Eugenia Burzynski

  c/o Edward and Frances Burzynski

  4101 Nowak Road

  Gaylord, MI 49735

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debra Clawar

  Two Columbus Avenue #2B

  New York, NY 10023

  	
   

  	
  396.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Stanley Clawar

  2204 N. Stone Ridge Lane

  Villanova, PA 19085

  	
   

  	
  1,188.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fred Croft

  101 Washington St.

  Suite 166

  Grand Haven, MI 49417

  	
   

  	
  792.1

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kathleen Cully

  220 Madison Ave., Apt. 14B

  New York, NY 10016-3415

  	
   

  	
  514.9

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Richard Dent

  5204 Springlake Way

  Baltimore, MD 21212

  	
   

  	
  158.4

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Keith Foley

  345 South End Ave. #5K

  New York, NY 10280

  	
   

  	
  990.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chris, Fraser

  813 Tealwood Circle

  Flower Mound, TX 75028

  	
   

  	
  237.6

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Edward Gilpin

  17 Forest Lane

  Scarsdale, NY 10583

  	
   

  	
  8,788.8

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

 

 

 

 

	
  Stockholder Name and Address

  	
   

  	
  Common

  	
   

  	
  Convertible

  Preference

  	
   

  	
  Senior

  Convertible

  Preferred

  	
   

  	
  Series B
  Senior

  Convertible Preferred

  	
   

  
	
  Mark Golombeck

  408 South Parkway

  Clifton, NJ 07014-1241

  	
   

  	
  435.6

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kenneth Hall

  599 Branchville Road

  PO Box 699

  Ridgefeld, CT 06877

  	
   

  	
  2,376.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Elizabeth Hill

  27 Old Pine Drive

  Manhasset, NY 11030

  	
   

  	
  396.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tom Hoens

  434 Tremont Ave

  Westfield, NJ 07090-2174

  	
   

  	
  1,188.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bill Hogan

  37 Franklin St.

  Cedar Grove, NJ 07009

  	
   

  	
  277.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arthur Isack

  4738 Massachusetts Ave, NW

  Washington, DC 20016

  	
   

  	
  792.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Byron Klapper

  37 Tara Lane

  Montville, NJ 07045

  	
   

  	
  792.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael Madison

  81 Charter Circle

  Apt. #2P

  Ossining, NY 10562

  	
   

  	
  396.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kathleen Maloney

  569 Shore Acres Drive

  Mamaroneck, NY 10543

  	
   

  	
  1,188.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wayne Marsden

  9220 Fall River Lane

  Potomac, MD 20854

  	
   

  	
  1,584.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Rose Ann Montemurro

  1832 West 9th St.

  Brooklyn, NY 11223

  	
   

  	
  118.8

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maryam Muessel

  115 East 86th St. #101

  New York, NY 10028

  	
   

  	
  17,577.5

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tyler Nelson

  c/o First National Bank

  245 East First Street (POB 907)

  Powell, WY 82435

  	
   

  	
  2,376.2

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Alan Roseman

  110 Riverside Drive

  	
   

  	
  44,695.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

 

 

 

 

	
  Stockholder Name and Address

  	
   

  	
  Common

  	
   

  	
  Convertible

  Preference

  	
   

  	
  Senior

  Convertible

  Preferred

  	
   

  	
  Series B
  Senior

  Convertible Preferred

  	
   

  
	
  Apt. 11E

  New York, NY 10024

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Thomas Sackett

  328 Summit Ave.

  Hartford, WI 53027-1746

  	
   

  	
  396.0

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael Satz

  47 East 88th St., Apt.. 14B

  New York, NY 10128

  	
   

  	
  9,608.7

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Steve Schrager

  15 Crosswicks Road

  Freehold, NJ 07728

  	
   

  	
  792.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robert Smith

  2281 Apache Pass Road

  Somerset, CA 95684

  	
   

  	
  792.1

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  William Tomljanovic

  6 Little Falls Way

  Scotch Plains, NJ 07076

  	
   

  	
  8,788.8

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  

 

 

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Stein Amundsen, spouse of
Madelyn Amundsen, acknowledge that I have read the Stockholders Agreement,
dated as of September 28, 2004, to which this Consent is attached as
Exhibit A (the “Agreement”) and that I know the contents of the
Agreement. I am aware
its provisions provide that certain rights are granted to certain other holders of
capital stock of the Company upon the sale or other disposition of shares of
Common Stock of the Company (or any other capital stock of the Company) which
my spouse owns, including any interest I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property interest I may
have in the Common Stock (or any other capital stock of the Company) shall be
similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I am
free to seek independent professional guidance or counsel with respect to this Consent.
I have either sought such guidance or counsel or determined after reviewing the
Agreement carefully that I will waive such right. 

 

Dated as of the 28 day of
September, 2004.

 

 

	
  /s/ STEIN AMUNDSEN

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Stein Amundsen

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Keith Foley, spouse of Maryann
Aurelio, acknowledge that I have read the Stockholders Agreement, dated as
of September 28, 2004, to which this Consent is attached as Exhibit A (the
“Agreement”) and that I know the contents of the Agreement. I am aware its provisions provide that certain
rights are granted to certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the
Company (or any other capital stock of the Company) which my spouse owns,
including any interest I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the Company)
subject to the Agreement shall be irrevocably bound by the Agreement and
further understand and agree that any community property interest I may have in
the Common Stock (or any other capital stock of the Company) shall be
similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated as of the 28 day of
September, 2004.

 

 

	
  /s/ KEITH FOLEY

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Keith Foley

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Gene E. Brown, spouse of
Maureen Brown, acknowledge that I have read the Stockholders Agreement, dated
as of September 30, 2004, to which this Consent is attached as Exhibit A
(the “Agreement”) and that I know the contents of the Agreement. I am aware its provisions provide that certain
rights are granted to certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the
Company (or any other capital stock of the Company) which my spouse owns, including
any interest I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other
capital stock of the Company) subject to the Agreement shall be irrevocably
bound by the Agreement and further understand and agree that any community
property interest I may have in the Common Stock (or any other capital stock of
the Company) shall be similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated as of the 26 day of
September, 2004.

 

 

	
  /s/ GENE E. BROWN

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Gene E. Brown

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Maryann Aurelio, spouse
of Keith Foley, acknowledge that I have read the Stockholders Agreement, dated
as of September 22, 2004, to which this Consent is attached as Exhibit A
(the “Agreement”) and that I know the contents of the Agreement. I am aware its provisions provide that certain rights are granted to
certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the
Company (or any other capital stock of the Company) which my spouse owns,
including any interest I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the Company)
subject to the Agreement shall be irrevocably bound by the Agreement and
further understand and agree that any community property interest I may have in
the Common Stock (or any other capital stock of the Company) shall be similarly
bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to this
Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated as of the 28 day of
September, 2004.

 

 

	
  /s/ MARYANN AURELIO

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Maryann Aurelio

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Agnes Hall, spouse of
Kenneth Hall, acknowledge that I have read the Stockholders Agreement, dated as
of September 30, 2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents
of the Agreement. I am aware its provisions provide that certain rights are
granted to certain other holders of capital stock of the Company upon
the sale or other disposition of shares of Common Stock of the Company (or any
other capital stock of the Company) which my spouse owns, including any interest I
might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property interest I may
have in the Common Stock (or any other capital stock of the Company) shall be
similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect
to this Consent. I have either sought such guidance or counsel or determined
after reviewing the Agreement carefully that I will waive such right.

 

Dated as of the 24 day of
September, 2004.

 

 

	
  /s/ AGNES HALL

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Agnes Hall

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Harriet Isack, spouse of
Arthur Isack, acknowledge that I have read the Stockholders Agreement, dated as
of                        ,
2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its provisions provide that certain
rights are granted to certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the Company (or any
other capital stock of the Company) which my spouse owns, including any interest
I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property interest I may
have in the Common Stock (or any other capital stock of the Company) shall be
similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated as of the ____ day of
_______________.

 

 

	
  /s/ HARRIET R. ISACK

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Harriet R. Isack

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Kenneth W. Rodgers, Jr.,
spouse of Kathleen Maloney, acknowledge that I have read the Stockholders
Agreement, dated as of September 30, 2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its provisions provide that certain
rights are granted to certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the Company (or any
other capital stock of the Company) which my spouse owns, including any interest
I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property
interest I may have in the Common Stock (or any other capital stock of the
Company) shall be similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated as of the 27 day of
September, 2004.

 

 

	
  /s/ KENNETH W. RODGERS,
  JR.

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Kenneth W. Rodgers, Jr.

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Frances Bermingham,
spouse of Alan Roseman, acknowledge that I have read the Stockholders
Agreement, dated as of                          ,
2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its provisions provide that certain
rights are granted to certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the
Company (or any other capital stock of the Company) which my spouse owns,
including any interest I might have therein.

 

I hereby agree that my
interest, if any, in the common Stock (or any other capital stock of the Company)
subject to the Agreement shall be irrevocably bound by the Agreement and further
understand and agree that any community property interest I may have in the
Common Stock (or any other capital stock of the Company) shall be similarly
bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement
carefully that I
will waive such right.

 

Dated as of the 27 day of
September, 2004.

 

 

	
  /s/ FRANCES BERMINGHAM

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Frances Bermingham

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Patti Schrager, spouse of
Steve Schrager, acknowledge that I have read the Stockholders Agreement, dated
as of September 22, 2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its
provisions provide that certain rights are granted to
certain other holders of capital stock of the
Company upon the sale or other disposition of shares of Common Stock of the
Company (or any other capital stock of the Company) which my spouse owns,
including any interest I might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the Company)
subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property
interest I may have in the Common Stock (or any other capital stock of the
Company) shall be similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex
and that I am free to seek independent professional guidance or counsel with
respect to this Consent. I have either sought such guidance or counsel or
determined after reviewing the Agreement carefully that I will waive such right.

 

Dated as of the 22 day of
September, 2004.

 

 

	
  /s/ PATTI SCHRAGER

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Patti Schrager

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Pamela L. Smith, spouse
of Robert M. Smith, acknowledge that I have read the Stockholders Agreement,
dated as of September 27, 2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its provisions provide that certain rights are
granted to certain other holders of capital stock of the Company upon
the sale or other disposition of shares of Common Stock of the Company (or any
other capital stock of the Company) which my spouse owns, including any interest I
might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property interest I may
have in the Common Stock (or any other capital stock of the Company) shall be
similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement
carefully that I will waive such right.

 

Dated as of the 27 day of
September, 2004.

 

 

	
  /s/ PAMELA L. SMITH

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Pamela L. Smith

  	
   

  
	
  (Print Name)

  	
   

  

 

 

EXHIBIT
A

CONSENT OF SPOUSE

 

I, Susan Tomljanovic, spouse
of William Tomljanovic, acknowledge that I have read the Stockholders
Agreement, dated as of                              ,
2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its provisions provide that certain rights are
granted to certain other holders of capital stock of the Company upon
the sale or other disposition of shares of Common Stock of the Company (or any
other capital stock of the Company) which my spouse owns, including any interest I
might have therein.

 

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property
interest I may have in the Common Stock (or any other capital stock of
the Company) shall be similarly bound by the Agreement.

 

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to this
Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

 

Dated as of the _____ day of
_________________.

 

 

	
  /s/ SUSAN TOMLJANOVIC

  	
   

  
	
  (Signature)

  	
   

  
	
   

  	
   

  
	
  Susan Tomljanovic

  	
   

  
	
  (Print Name)Exhibit
4.4.1

 

AMENDMENT
NO. 1

TO

STOCKHOLDERS AGREEMENT

 

This AMENDMENT NO. 1, dated
as of November 23, 2004 (this “Amendment No. 1”), to the
STOCKHOLDERS AGREEMENT, dated as of September 30, 2004 (the “Stockholders
Agreement”), is among ACA Capital Holdings, Inc., a Delaware corporation
(the “Company”), and the stockholders of the Company listed on the
signature pages hereto.

WHEREAS, pursuant to Section
12 of the Stockholders Agreement, the Stockholders Agreement may be amended if
the amendment is approved in writing by the Company, the holders of at least a
majority of the Stockholder Shares (voting together as a single class, on an
as-converted basis) and the holders of a majority of the Series B Preferred
Stock;

WHEREAS, the Company and the
parties hereto wish to amend the Stockholders Agreement to provide that other
stockholders of the Company may become parties to the Stockholders Agreement by
executing a Joinder Agreement in the form attached as Exhibit B hereto;

NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

1.              Amendment.

(a)            The Stockholders Agreement is hereby amended to add a new
Section 24 to read as follows:

“Section 24. Joinder
Agreements. Any holder of capital stock of the Company may become a party
to this Agreement by executing a Joinder Agreement in the form attached hereto
as Exhibit B and delivering such Joinder Agreement to the Company,
and by executing a Consent of Spouse, if applicable, in the form attached to
this Agreement as Exhibit A and delivering such Consent of Spouse
to the Company. Upon such execution and delivery such holder shall be considered
a Stockholder for all purposes of this Agreement and, upon such execution and
delivery, the Company shall amend the Schedule of Stockholders to reflect such
holder becoming a party to this Agreement and distribute a copy of such amended
Schedule to all other parties for this Agreement.”

(b)            The Stockholders Agreement is hereby amended to add a new
Exhibit B in the form attached hereto.

 

(c)            Section 1(a)(iv) of the Stockholders Agreement is
hereby amended and restated in its entirety to read as follows:

“(iv) the composition of any
committee of the Board or any Sub Board shall not exceed five members and shall
include at least one BSMB Director;”

(d)            The last sentence of Section 8(c) of the Stockholders
Agreement is hereby amended and restated in its entirety to read as follows:

“The Fair Market Value”
of any Repurchase Share shall be equal to the amount which the holder thereof
would receive if the Company were to (i) sell for cash all of its assets at
fair market value on the date of determination (as determined by the Board in
good faith; provided, however, that if the Repurchase Shares are shares of
Series C Senior Convertible Preferred Stock, or shares of Series B Senior
Convertible Preferred Stock or Common Stock into which such Series C Senior Convertible
Preferred Stock have been converted (“Series C Related Repurchase Shares”),
then any Employee, or group of Employees together, holding a minimum of
$100,000 of such shares (calculated attributing a value of $62.29 per share)
shall have the right to request that a valuation of the Company’s assets by an
independent appraiser approved by the Board be conducted in which case the fair
market value of the assets shall be the higher of the value determined by the
Board and the value established therefore by the independent appraiser;
provided, further, however, that (x) the Company shall not be required to
obtain an independent appraisal more than once in any 12 month period, and (y)
any Employees holding Series C Related Repurchase Shares within the 12 month
period following an independent valuation shall be entitled to rely on such
valuation, provided that such valuation shall be subject to good faith
adjustments to the fair market value of the assets based on changes in
circumstances of the Company subsequent to the date of such valuation), (ii)
satisfy all of its liabilities and (iii) liquidate.”

2.              Governing Law.

This Amendment No. 1 shall be
governed in all respects by the laws of the State of Delaware, without
reference to the conflict of laws principles thereof.

3.              Counterparts.

This Amendment No. 1 may be
executed in any number of counterparts, and each such counterpart hereof shall
be deemed to be an original instrument, but all such counterparts together
shall constitute but one agreement.

 

2

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment
No. 1 as of the date first above written.

 

	
  ACA CAPITAL HOLDINGS, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ NORA J. DAHLMAN

  	
   

  	
   

  
	
   

  	
  Name: Nora J. Dahlman

  	
   

  	
   

  
	
   

  	
  Title: General Counsel & Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Shares of Capital Stock

  
	
   

  	
  Stockholder

  	
   

  	
  of the Company Owned

  
	
   

  	
   

  	
   

  	
   

  
	
  BSMB/ACA LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Series B Senior Convertible Preferred-1,685,663.8305

  
	
  By:

  	
  Bear Stearns Merchant Manager II, LLC,

  	
   

  	
   

  
	
   

  	
  its Manager

  	
   

  	
   

  
	
   

  	
         By:  JDH Management, LLC,

  	
   

  	
   

  
	
   

  	
                its
  Manager

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ DAVID E. KING

  	
   

  	
   

  
	
   

  	
  Name: David E. King

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  DRAWBRIDGE SPECIAL

  	
   

  	
   

  
	
  OPPORTUNITIES FUND LP

  	
   

  	
  Series B Senior Convertible Preferred-160,539.4124

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ KEVIN J. TREACY

  	
   

  	
   

  
	
   

  	
  Name: Kevin J. Treacy

  	
   

  	
   

  
	
   

  	
  Title: Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  THE STEPHENS GROUP, INC.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Common-237,623.8

  
	
  By:

  	
  /s/ WARREN A. STEPHENS

  	
   

  	
  Convertible
  Preference-273.4

  
	
   

  	
  Name:

  	
   

  	
  Senior
  Convertible Preferred-25.8

  
	
   

  	
  Title: President

  	
   

  	
  Series B Senior Convertible
  Preferred-267,565.6819

  
	
   

  	
   

  	
   

  	
   

  
	
  THIRD AVENUE TRUST ON BEHALF OF 

  	
   

  	
   

  
	
  THE THIRD AVENUE VALUE FUND 

  	
   

  	
  Common-118,811.9

  
	
  SERIES

  	
   

  	
  Convertible
  Preference-258.7

  
	
   

  	
   

  	
   

  	
  Senior Convertible Preferred-103.4

  
	
  By:

  	
  /s/ DAVID M. BARSE

  	
   

  	
  Series B Senior Convertible Preferred-133,782.8436

  
	
   

  	
  Name: David M. Barse

  	
   

  	
   

  
	
   

  	
  Title: President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

3

 

	
  THIRD AVENUE TRUST ON BEHALF OF

  	
   

  	
  Common-118,811.9

  
	
  THE THIRD AVENUE SMALL-CAP

  	
   

  	
  Convertible
  Preference-258.7

  
	
  VALUE FUND SERIES

  	
   

  	
  Senior
  Convertible Preferred-103.4

  
	
   

  	
   

  	
  Series B Senior
  Convertible Preferred-133,782.8383

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ DAVID M. BARSE

  	
   

  	
   

  
	
   

  	
  Name: David M. Barse

  	
   

  	
   

  
	
   

  	
  Title: President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CHESTNUT HILL ACA, LLC

  	
   

  	
  Common-237,623.8

  
	
   

  	
   

  	
   

  	
  Convertible
  Preference-163.5

  
	
  By:

  	
  /s/ JOHN G. BERYLSON

  	
   

  	
  Series B Senior
  Convertible Preferred - 267,565.6983

  
	
   

  	
  Name: 

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  INSURANCE PARTNERS, L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Common-151,961.6

  
	
   

  	
  Name: 

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  INSURANCE PARTNERS OFFSHORE 

  	
   

  	
   

  
	
     (BERMUDA) L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Common - 83,751.6

  
	
   

  	
  Name: 

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  

 

4

 

	
  IP/MCLP, L.L.C.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  Common-1,910.6

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  LIFE INVESTORS INSURANCE

  	
   

  	
   

  
	
      COMPANY OF AMERICA

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Common-59,405.9

  
	
  By:

  	
  /s/ JON L. SKAGGS

  	
   

  	
  Convertible Preference-43.9

  
	
   

  	
  Name: 

  	
   

  	
  Series B Senior Convertible Preferred - 20,067.42655

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TRANSAMERICA
  LIFE INSURANCE

  	
   

  	
   

  
	
      COMPANY OF AMERICA

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Common-59,405.9

  
	
  By:

  	
  /s/ JON L. SKAGGS

  	
   

  	
  Convertible Preference-43.9

  
	
   

  	
  Name: 

  	
   

  	
  Series B Senior Convertible Preferred-20,067.42655

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  FW ACA INVESTORS, L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Convertible Preference-87.9

  
	
  By:

  	
  /s/ KEVIN G. LEVY

  	
   

  	
  Series B Senior Convertible Preferred-17,659.3354

  
	
   

  	
  Name: Kevin G. Levy

  	
   

  	
   

  
	
   

  	
  Title: Vice President of Group III 31, LLC,

  	
   

  	
   

  
	
   

  	
           General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BANKAMERICA
  INVESTMENT 

  	
   

  	
   

  
	
     CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Convertible Preference-87.9

  
	
  By:

  	
  /s/ GARY M. TSUYUKI

  	
   

  	
   

  
	
   

  	
  Name: Gary M. Tsuyuki

  	
   

  	
   

  
	
   

  	
  Title: Managing Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

5

EXHIBIT
A

CONSENT OF SPOUSE

I,                                             
, spouse of                                                 ,
acknowledge that I have read the Stockholders Agreement, dated as of                           
, 2004, to which this Consent is attached as Exhibit A (the “Agreement”)
and that I know the contents of the Agreement. I am aware its provisions
provide that certain rights are granted to certain other holders of capital
stock of the Company upon the sale or other disposition of shares of Common
Stock of the Company (or any other capital stock of the Company) which my
spouse owns, including any interest I might have therein.

I hereby agree that my
interest, if any, in the Common Stock (or any other capital stock of the
Company) subject to the Agreement shall be irrevocably bound by the Agreement
and further understand and agree that any community property interest I may
have in the Common Stock (or any other capital stock of the Company) shall be
similarly bound by the Agreement.

I am aware that the legal,
financial and related matters contained in the Agreement are complex and that I
am free to seek independent professional guidance or counsel with respect to
this Consent. I have either sought such guidance or counsel or determined after
reviewing the Agreement carefully that I will waive such right.

Dated
as of the _____ day of _______________, ______.

	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (Print Name)

  	
   

  	
   

  

 

 

Exhibit B 

JOINDER AGREEMENT

 

This JOINDER AGREEMENT,
dated as of ____________, 200_ (this “Joinder Agreement”) between ACA
Capital Holdings, Inc., a Delaware corporation (the “Company”), and ______________
(the “Joining Party”).

WHEREAS, the Company,
BSMB/ACA LLC, a Delaware limited liability company, and other stockholders of the
Company are parties to the Stockholders Agreement, dated as of September 30,
2004, as amended from time to time in accordance with its terms (the “Stockholders
Agreement”);

WHEREAS, the Joining Party
has become a stockholder of the Company;

WHEREAS, the Joining Party
wishes to join and become a party to the Stockholders Agreement, and the
Company wishes to accept the Joining Party as a party thereto, all on the terms
of this Joinder Agreement; and

WHEREAS, this Joinder
Agreement is intended to modify the Stockholders Agreement and as such is delivered pursuant to and
conforms with the requirements of Section 24 of the
Stockholders Agreement;

NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

1.              Joinder.

The Joining Party hereby
joins and becomes a party to, and the Company hereby accepts the Joining Party
as a party to, the Stockholders Agreement. The Company and the Joining Party
each acknowledge and agree that the Joining Party is entitled to the benefits,
and is subject to the obligations, of a Stockholder (as defined in the
Stockholders Agreement) under the Stockholders Agreement.

2.              Acknowledgment.

The Joining Party
acknowledges that it has received a copy of the Stockholders Agreement.

3.              Notice.

For purposes of Section 18
of the Stockholders Agreement, the Joining Party’s address and facsimile number
are:

 

	
   

  	
  Address:

  	
   

  	
  [_________________________]

  
	
   

  	
  Attention:

  	
   

  	
  [_________________]

  
	
   

  	
  Facsimile:

  	
   

  	
  [_________________]

  

 

B-1

 

4.              Governing Law.

This Joinder Agreement shall be
governed in all respects by the laws of the State of Delaware, without
reference to the conflict of laws principles thereof.

5.              Counterparts.

This Joinder Agreement may
be executed in any number of counterparts, and each such counterpart hereof
shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one agreement.

[The remainder of this page intentionally has been left blank.]

 

B-2

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Joinder
Agreement as of the date first above written.

	
   

  	
  ACA CAPITAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  	
   

  
	
   

  	
  [_______________________________]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

B-3

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