Document:

Exhibit
10.1

UNIT
PURCHASE AGREEMENT

THIS UNIT PURCHASE
AGREEMENT (this “Agreement”) is dated as of October 20, 2006, between
Meadow Valley Corporation, a Nevada corporation (the “Company”), on the one
hand, and the Purchaser(s) listed on Schedule 1.1 attached hereto (the “Purchaser”),
on the other hand.  The Company and the
Purchaser may hereinafter be referred to collectively as the “Parties” or
individually as a “Party.”  Except as
otherwise indicated herein, capitalized terms used herein shall have the
meaning as defined in Exhibit A attached hereto.

PRELIMINARY
STATEMENTS

A.            The Company wishes the Purchaser to
make an equity investment in the Company.

B.            The Company and the Purchaser desire
to enter into an agreement pursuant to which the Purchaser will purchase from
the Company, and the Company will sell to the Purchaser, the restricted common
stock and the warrants described herein.

NOW, THEREFORE, in
consideration of the mutual promises and covenants hereof, and for other good,
valuable and binding consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties, intending to be legally bound, hereby agree
as follows:

STATEMENT OF
AGREEMENT

ARTICLE I

ISSUANCE
AND PURCHASE OF UNITS

1.1           Issuance and Purchase of Units.  Subject to the terms and conditions of this
Agreement, the Company shall sell to the Purchaser, and the Purchaser shall
purchase from the Company, the number of units (the “Units”)
of the Company’s securities set forth on Schedule 1.1 to this Agreement
at a price per Unit of $9.00  (the “Purchase Price”).  Each Unit shall consist of one share of
Common Stock, par value $.001 per share, and one tenth of a Warrant to purchase
one share of Common Stock.  A copy of the
form of Warrant is annexed as Exhibit B. The Company shall issue no more
than 830,000 Units pursuant to this Agreement and similar Agreements with other
purchasers under a Confidential Term Sheet (the “Term Sheet”) dated October 12,
2006, as Supplemented.

1.2           Settlement.  (a) Provided that the gross proceeds received
by the Escrow Agent, as defined in the Term Sheet, from the Purchaser and other
purchasers who enter into similar agreements with the Company pursuant to the
Term Sheet (the “Other Purchasers”) are at least 555,500 Units, the settlement
of the transactions contemplated herein (the “Settlement”)
shall take place at the offices of Wunderlich Securities, Inc., 6000 Poplar
Avenue, Suite 150, Memphis, Tennessee 
38119 at 11:00 a.m. central time on 
such date as the Parties may mutually 

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agree, but in no event
later than November 20, 2006 (the “Settlement Date”).  If as of the Termination Date, as defined by
the Term Sheet, the aggregate gross proceeds received by the Escrow Agent from
the Purchaser and Other Purchasers is less than the lesser of (i) $4,999,500 or
(ii) the gross proceeds from the sale of 555,500 Units, then this Agreement
shall terminate, no Settlement shall take place and all funds shall be returned
by the Escrow Agent; (b) at the settlement, the Company shall issue to Purchaser
the Units  and deliver to Purchaser
certificates for the shares of Common Stock and Warrants duly registered in the
name of Purchaser and the Company shall deliver 
a legal opinion from the Company’s counsel, Brownstein Hyatt &
Farber, P.C., in form and substance satisfactory to Wunderlich Securities,
Inc., and expressing the opinions identified on Schedule 1.2(c) hereto;
(c) if the Settlement has occurred and all of the Units have not been sold and
paid for, the proceeds of the Purchaser’s subscription shall be held in escrow
by the Escrow Agent until a second Settlement has occurred at which time the
offering under the Term Sheet will terminate; and (d) if the Purchaser has
funds in its account with Wunderlich Securities, Inc., it authorizes such firm
to deliver the Purchase Price to the Escrow Agent.

ARTICLE
II

RESTRICTIONS
ON TRANSFERABILITY

The Units shall
not be transferred before satisfaction of the conditions specified in this
Article II, which conditions are intended to ensure compliance with the
provisions of the Securities Act and applicable state securities laws with
respect to the transfer of any Units. 
Purchaser, by entering into this Agreement and accepting the Units,
agree to be bound by the provisions of this Article II.

2.1           Restrictive Legend.  Except as otherwise provided in this Article
II, each certificate representing shares of Common Stock (the “Common Stock”) and Warrants 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 “SECURITIES
ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED, UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT
IS IN EFFECT AT THE TIME OF SALE OR THE HOLDER SUBMITS AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS, OR ANY RULE OR
REGULATION PROMULGATED THEREUNDER, IS AVAILABLE.  SUCH SECURITIES ARE SUBJECT TO THE
RESTRICTIONS AND PRIVILEGES SPECIFIED IN THE UNIT  PURCHASE AGREEMENT, DATED AS OF OCTOBER 20,
2006, BETWEEN MEADOW VALLEY CORPORATION AND THE PURCHASER, A COPY OF WHICH IS
ON FILE WITH THE SECRETARY OF MEADOW VALLEY CORPORATION AND WILL BE FURNISHED 

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WITHOUT CHARGE TO THE HOLDER HEREOF UPON WRITTEN
REQUEST.  THE HOLDER OF THIS CERTIFICATE
AGREES TO BE BOUND BY THE TERMS AND CONDITIONS OF SUCH UNIT  PURCHASE AGREEMENT.”

2.2           Transfers. The Purchaser
agrees that it will not sell, transfer or otherwise dispose of any shares of
restricted Common Stock or Warrants, in whole or in part, except pursuant to an
effective registration statement under the Securities Act or the Purchaser submits
an opinion of counsel reasonably satisfactory to the Company that an exemption
from registration exists thereunder. 
Each certificate, if any, evidencing such shares of restricted Common
Stock and Warrants issued upon such transfer shall bear the restrictive legend
set forth in Section 2.1, unless in the written opinion of the transferee’s or
Purchaser’s counsel delivered to the Company in connection with such transfer
(which opinion shall be reasonably satisfactory to the Company) such legend is
not required in order to ensure compliance with the Securities Act.

2.3           Termination of Restrictions.  The restrictions imposed by this Article II
upon the transferability of the restricted Common Stock and Warrants and the
legend requirement of Section 2.1 shall terminate as to any particular share or
Warrant (i) when and so long as such security shall have been registered under
the Securities Act and disposed of pursuant thereto, or (ii) when the Purchaser
thereof shall have delivered to the Company the written opinion of counsel to
such Purchaser, which opinion shall be reasonably satisfactory to the Company,
stating that such legend is not required in order to ensure compliance with the
Securities Act.  Whenever the restrictions
imposed by this Article II shall terminate as to any restricted Common Stock or
Warrants, as herein above provided, the Purchaser thereof shall be entitled to
receive from the Company, at the expense of the Company, a new certificate
representing such Common Stock or Warrants, not bearing the restrictive legend
set forth in Section 2.1.

ARTICLE
III

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

As a material
inducement to the Purchaser entering into this Agreement and purchasing the
Units, the Company represents and warrants to the Purchaser, which
representation and warranty shall be true and correct as of the date signed by
the Purchaser and as of the date of the 
Settlement, as follows:

3.1           Corporate Status.  The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Nevada.  The Company has all requisite
corporate power and authority to own or lease, as the case may be, its
properties and to carry on its business as now conducted.  The Company and its Subsidiaries are qualified
or licensed to conduct business in all jurisdictions where its or their
ownership or lease of property and the conduct of its or their business
requires such qualification or licensing, except to the extent that failure to
so qualify or be licensed would not have a Material Adverse Effect on the
Company.  There is no pending, or to the
knowledge of the Company threatened, proceeding for 

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the dissolution or
liquidation or involving the insolvency of the Company or any of its
Subsidiaries.

3.2           Corporate Power and Authority.  The Company has the corporate power and
authority to execute and deliver this Agreement and the Units, to perform its
obligations hereunder and thereunder and consummate the transactions
contemplated hereby and thereby.  The
Company has taken all necessary corporate action to authorize the execution,
delivery and performance of this Agreement, the Registration Rights Agreement,
the Units and the transactions contemplated hereby and thereby. The Company has
reserved with its stock transfer agent the shares of Common Stock issuable upon
exercise of the Warrants.

3.3           Enforceability.  This Agreement has been duly executed and
delivered by the Company and constitutes a legal, valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms,
except as the same may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and general equitable principles regardless of
whether such enforceability is considered in a proceeding at law or in equity.

3.4           Non-Contravention and No Violation.  The Company is not in violation of or default
under, nor will the execution and delivery by the Company of  this Agreement, the consummation of the
transactions contemplated hereby and thereby, and the compliance by the Company
with the terms and provisions hereof and thereof,  (a) result in a violation or breach of, or
constitute, with the giving of notice or lapse of time, or both, a material
default (or give rise to any right of termination, cancellation or
acceleration) under, any of the terms, conditions or provisions of any Contract
to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries or any material portion of the Company’s or
its Subsidiaries’ properties or assets may be bound, (b) violate any
Requirement of Law applicable to the Company or any of its Subsidiaries or any
material portion of the Company’s properties or assets  (c) result in the imposition of any Lien upon
any of the properties or assets of the Company or any of its Subsidiaries, or
conflict with the Company’s Articles of Incorporation or
Bylaws or under any indenture, mortgage Contract or instrument to which the
Company is a party, except where any of the foregoing would not have a Material
Adverse Effect on the Company.

3.5           Consents/Approvals.  No consent, approval, waiver or other action
by any Person under any Contract to which either the Company or any of its
Subsidiaries is a party, or by which any of their respective properties or
assets are bound, is required or necessary for the execution, delivery or
performance by the Company of this Agreement 
and the consummation of the transactions contemplated hereby, except
where the failure to obtain such consents, filings, authorizations, approvals
or waivers or make such filings would not have a Material Adverse Effect on the
Company.

3.6           Capitalization.  The authorized capital stock of the Company
consists of 15,000,000 shares of Common Stock and 1,000,000 shares of Preferred
Stock.  As of October 12, 2006, the
Company had outstanding 4,165,963 shares of Common Stock, all of which were
duly 

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authorized, validly
issued, fully paid and non-assessable and had no outstanding shares of
Preferred Stock.  Except (a) as
contemplated by this Agreement and 
(b)  options to acquire 465,138 (not including 80,000 options
authorized by the Board of Directors but not yet granted) shares of Common
Stock under the Company’s option plans and equity incentive plans,  there are (x) no rights, options, warrants,
convertible securities, subscription rights or other agreements, calls, plans,
contracts or commitments of any kind relating to the issued and unissued
capital stock of, or other equity interest in, the Company outstanding or
authorized, (y) the consummation of the transactions consummated by this
Agreement will not cause any anti-dilution adjustments to be made to any of the
Company’s outstanding securities and (z) no contractual obligations of the
Company to repurchase, redeem or otherwise acquire any shares of the Company
Common Stock.  Upon delivery to the
Purchaser of the certificates representing the shares of Common Stock and Warrants
and payment of the Purchase Price, the Purchaser will acquire good, valid and
marketable title, subject to the limitations on marketability contained in this
Agreement or imposed pursuant to the Securities Act, to and beneficial and
record ownership of the Units, and the shares of Common Stock and Warrants
contained in the Units will be validly issued, fully paid and
non-assessable.   Within the last three
years, all prior sales of securities of the Company were either registered
under the Securities Act and applicable state law or were exempt from
registration.

3.7           SEC Reports and Nasdaq Eligibility.  Since September 30, 2005, the Company has
made all filings (the “SEC Reports”)
required to be made by it under the Securities Act  and the Securities Exchange Act of 1934, (the
“Exchange Act”).  The SEC Reports, when filed, complied in all
material respects with all applicable requirements of the Securities Act and
the Exchange Act and the securities laws, rules and regulations of any state
and pursuant to any Requirements of Law. 
The SEC Reports, when filed, did not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading.  The Company has delivered or made accessible
to Purchaser true, accurate and complete copies of the SEC Reports which were
filed with the SEC since September 30, 2005. 
The Company’s Common Stock is currently eligible for trading on the
Nasdaq SmallCap  Market.

3.8           Financial Statements.  Each of the balance sheets included in the
SEC Reports (including any related notes and schedules) fairly presents in all
material respects the consolidated financial position of the Company and its
Subsidiaries as of its date, and each of the other financial statements
included in the SEC Reports (including any related notes and schedules) fairly
presents in all material respects the consolidated results of operations or
other information therein of the Company and its Subsidiaries for the periods
or as of the dates therein set forth in accordance with GAAP consistently
applied  and, where applicable, the rules
of the SEC and the Public Company Accounting Oversight Board, during the
periods involved (except that the interim reports are subject to normal
recording adjustments which might be required as a result of year-end audit and
except as otherwise stated therein).

3.9           Sarbanes-Oxley;
Internal Accounting Controls.  The
Company is in material compliance with all provisions of the Sarbanes-Oxley Act
of 2002 which are applicable to it as of 

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the date of
this Agreement.  The Company and the Subsidiaries taken as a whole maintain a system of
internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with GAAP and to maintain
asset accountability, (iii) access to assets is permitted only in accordance
with management’s general or specific authorization, and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The
Company has established disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and designed such
disclosure controls and procedures to ensure that information required to be disclosed
by the Company in the reports it files or submits under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified
in the Commission’s rules and forms.  The
Company’s certifying officers have evaluated the effectiveness of the Company’s
disclosure controls and procedures as of the end of the period covered by the
Company’s most recently filed periodic report under the Exchange Act (such
date, the “Evaluation Date”).  The
Company presented in its most recently filed periodic report under the Exchange
Act the conclusions of the certifying officers about the effectiveness of the
disclosure controls and procedures based on their evaluations as of the
Evaluation Date.  Since the Evaluation
Date, there have been no changes in the Company’s internal control over
financial reporting (as such term is defined in the Exchange Act) that has
materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

3.10         Undisclosed Liabilities. As of
June 30, 2006, except for liabilities and losses incurred in the ordinary
course of business since that date , the Company and its Subsidiaries did  not have any material direct or indirect
indebtedness, liability, claim, loss, damage, deficiency, obligation or
responsibility, fixed or unfixed, choate or inchoate, liquidated or
unliquidated, secured or unsecured, subordinated or unsubordinated, matured or
unmatured, accrued, absolute, contingent, regulatory or administrative charges
or lawsuits brought, whether or not of a kind required by GAAP to be set forth
on a financial statement, that were not fully and adequately reflected or
reserved for in the financial statements contained in the Company’s Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2006, or otherwise
disclosed in the SEC Reports. The Company is not the subject of any inquiry,
investigation or similar matter being conducted by the SEC, any state
securities regulator, the Nasdaq Stock Market, or other government body.

3.11         Material Changes.  Except as set forth in the SEC Reports, since
June 30, 2006,  there has been no
Material Adverse Change in or which may be reasonably expected to affect the
Company.  In addition, the description of
the Company’s business contained in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2005 is not materially inconsistent with
its current operations.  Except as set
forth in the SEC Reports, since June  30,
2006, there has not been (i) any direct or indirect redemption, purchase
or other acquisition by the Company of any shares of the Common Stock or
(ii) declaration, setting aside or payment of any dividend or other
distribution by the Company with respect of the Common Stock.

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3.12         Litigation.  Except as set forth in the SEC Reports,
neither the Company nor any of its Subsidiaries has received any notice of any
outstanding judgments, rulings, orders, writs, injunctions, awards or decrees
of any court, government or other authority against the Company or its
Subsidiaries which could have, or is a 
party to any litigation or similar proceeding including an arbitration
proceeding which could have, if decided adversely to their interests, a
Material Adverse Effect on the Company. The Company has not received notice of
(i) any customer or other complaint threatening any litigation or other such
proceeding or (ii) any investigation, inquiry or similar proceeding from any
governmental authority or agency.

3.13         Investment Company.  The Company is not and after giving effect to
the sale of the Units will not be an “investment company” or an entity “controlled”
by an “investment company” as such terms are defined in the Investment Company
Act of 1940, as amended.

3.14         No Commissions.  Except for fees payable to Wunderlich
Securities, Inc., the Company has not incurred any obligation for any finder’s
or broker’s or agent’s fees or commissions in connection with the purchase of
the Units.

3.15      Title.   Except as set forth on Schedule 3.15
hereto, the Company has good and marketable title to all properties and assets,
owned by it, free and clear of all Liens, charges, encumbrances or
restrictions, except such as are not materially significant or important in
relation to the Company’s business; all of the material leases and subleases
under which the Company is the lessor or sublessor of properties or assets or
under which the Company hold properties or assets as lessee or sublessee are in
full force and effect, and the Company is not in default in any material
respect with respect to any of the terms or provisions of any of such leases or
subleases, and no material claim has been asserted by anyone adverse to rights
of the Company as lessor, sublessor, lessee or sublessee under any of the
leases or subleases mentioned above, or affecting or questioning the right of
the Company to continued possession of the leased or subleased premises or
assets under any such lease or sublease. 
The Company owns or leases all such properties as are necessary to its
operations as now conducted and to be conducted, as presently planned.

3.16         Compliance With
Laws, Licenses, Etc.  The Company has
not received notice of any violation of or noncompliance with any federal,
state, local or foreign, laws, ordinances, regulations and orders applicable to
its business which has not been cured, the violation of, or noncompliance with
which, would have a Material Adverse Effect on the business or operations of
the Company.  The Company has all licenses
and permits and other governmental certificates, authorizations and permits and
approvals (collectively “Licenses”) required by every federal, state and local
government or regulatory body for the operation of its business as currently
conducted and the use of its properties, except where the failure to be
licensed would not have a Material Adverse Effect on the business of the
Company.  The Licenses are in full force
and effect and no violations are or have been recorded in respect of any
License and no proceeding is pending or threatened to revoke or limit any
thereof.

3.17         Exemption From
Registration.  Based upon the
representations and warranties of each of the Purchaser and each other
purchaser, the sale of the Units is exempt from the registration requirements
of the Securities Act.

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3.18         Eligibility to Use
Form S-3.  The Company is eligible to
use Form S-3 and intends to use such form for the public sale by the Purchaser
of the shares of Common Stock contained in the Units and issuable upon exercise
of the Warrants under a Registration Rights Agreement of even date.

3.19         Stock Options.  With regard to the Company’s practices in
connection with the granting of stock options, it has:  (i) granted all stock options at or above the
fair market value as determined by its relevant stock option or equity
incentive plan, (ii) utilized the date of (or a date after) any applicable
meeting of its board of directors or committee of its board of directors for
the purposes of determining fair market value of stock options it has granted,
(iii) the Company has not granted any stock options to its officers and
directors at a time while the Company was in possession of any material,
non-public information, and (iv) the Company is not aware of any inquiry or
investigation which has been initiated or is being considered with respect to
its stock option practices, whether by its registered independent public
accounting firm, independent counsel or other party.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF PURCHASER

As a material
inducement to the Company entering into this Agreement and issuing and/or
selling the Units, each Purchaser represents and warrants to the Company as
follows:

4.1           Investment Intent.  The Purchaser is acquiring the Units
hereunder for the Purchaser’s own account and with no present intention of
distributing or selling the Units or any interest in the Units. The Purchaser
agrees that it will not sell or otherwise dispose of any of the Units  or any interest in the Units  unless such sale or other disposition has
been registered or qualified (as applicable) under the Securities Act and
applicable state securities laws or, in the opinion of the Purchaser’s counsel
delivered to the Company (which opinion shall be reasonably satisfactory to the
Company) such sale or other disposition is exempt from registration or
qualification under the Securities Act and applicable state securities
laws.  The Purchaser understands that the
sale of the Units acquired by the Purchaser hereunder has not been registered
under the Securities Act, but the Units are issued through transactions exempt
from the registration requirements of, among other things, Section 4(2) of the
Securities Act and Rule 506 thereunder, and that the reliance of the Company on
such exemption from registration is predicated in part on these representations
and warranties of the Purchaser.  The
Purchaser acknowledges that pursuant to Section 2.1 a restrictive legend
consistent with the foregoing has been or will be placed on the certificates
representing the shares of Common Stock and Warrants until such legend is
permitted to be removed under applicable law. The Purchaser will have no right
to require registration of the shares of Common Stock or the Warrants, and the
Company is under no obligation to cause an exemption for resale to be available
or register the shares of Common Stock or Warrants, except as provided in the
Registration Rights Agreement attached as Exhibit C hereto.

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4.2           Adequate Information.  The Company has made available and the
Purchaser has reviewed such information that the Purchaser considers necessary
or appropriate to evaluate the risks and merits of an investment in the Units
including, without limitation, the Company’s Form 10-K for the fiscal year
ended December 31, 2005, Form 10-Qs for the quarterly periods ended  March 31, 2006, and June 30, 2006, Proxy
Statement filed with the SEC on April 27, 2006 and Current Reports on Form 8-K
filed with the SEC since March 31, 2006.

4.3           Opportunity to Ask Question.  The Purchaser has had the opportunity to
question, and, to the extent deemed necessary or appropriate, has questioned
representatives of the Company so as to receive answers and verify information
obtained in the Purchaser’s examination of the Company, including the
information that the Purchaser has reviewed in relation to its investment in
the Units.

4.4           No Other Representations.  No oral or written representations have been
made to the Purchaser in connection with the Purchaser’s acquisition of the
Units which were in any way inconsistent with the information reviewed by the
Purchaser. The Purchaser acknowledges that no representations or warranties of
any type or description have been made to it by any Person with regard to the
Company, any of its Subsidiaries, any of their respective businesses, properties
or prospectus or the investment contemplated herein, other than the
representations and warranties set forth in Article III hereof.  The Purchaser has not made its decision to
acquire Units or to execute and deliver this Agreement on the basis of any
belief that any officer, director or affiliate of the Company or any current
stockholder of the Company would make an investment in the Company now or in
the future.

4.5           Knowledge and Experience.  The Purchaser is an accredited investor as
such term is defined in Rule 501 under the Securities Act.  The Purchaser has such knowledge and
experience in financial, tax and business matters, including substantial
experience in evaluating and investing in common stock and other securities
(including the Common Stock and other securities of new and speculative
companies), so as to enable the Purchaser to utilize the information made
available to the Purchaser in order to evaluate the merits and risks of an
investment in the Units and to make an informed investment decision with
respect thereto. The information submitted to the Company on the Purchaser
Suitability Questionnaire submitted with this Agreement by the Purchaser is
true and correct.

4.6           Additional Representations.              Each Purchaser will make such
additional representations and warranties and furnish such information
regarding the Purchaser’s investment experience and financial position as the
Company may reasonably require, and if there should be any material change in
the information set forth herein or in the Purchaser Suitability Questionnaire
prior to the closing of the sale of the Units, the Purchaser will immediately
furnish such revised or corrected information to the Company.

4.7           Term Sheet.  The Purchaser has received a copy of the Term
Sheet dated October 12, 2006 and any and all amendments, supplements and
Appendices thereto.  Except for the
information contained in the Term Sheet, as amended or supplemented  and except for the information that the
Purchaser or its advisors, if any, have requested and been furnished in

 

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writing, neither the
Purchaser nor its advisors has been furnished any offering material or
literature by the Company or Wunderlich Securities, Inc.

4.8           Independent Decision.  The Purchaser is not relying on the Company,
Wunderlich Securities, Inc. or on any legal or other opinion in the materials
reviewed by the Purchaser with respect to the financial or tax considerations
of the Purchaser relating to its investment in the Units.  The Purchaser has relied solely on the
representations, warranties, covenants and agreements of the Company in this
Agreement (including the Exhibits and Schedules hereto) and on its examination
and independent investigation in making its decision to acquire the Units.  The Purchaser has been afforded the
opportunity to obtain, and has been furnished, all material that it has
requested relating to the proposed operation of the Company, any other matters
relating to the business and properties of the Company and the offer and sale
of the Units.

4.9           Legal Existence and Authority.  If the Purchaser is a corporation,
partnership, limited liability company, trust or other entity, the Purchaser
has been duly formed and is validly existing and in good standing under the
laws of the jurisdiction of its formation with full power and authority to
acquire and hold the Units  and to
execute, deliver and comply with the terms of this Agreement and such other
documents required to be executed and delivered by the undersigned in
connection with this subscription.

4.10.        No Defaults or Conflicts.  The execution and delivery of this Agreement
by the Purchaser and the performance of its obligations hereunder does not
conflict with or constitute a default under any instruments governing the
Purchaser, or any law, regulation, order or agreement to which the Purchaser is
a party or to which the undersigned is bound.

4.12.        Validity; Enforceability; Binding
Effect.  This
Agreement and the Registration Rights Agreement
delivered herewith have been duly and validly authorized, executed and
delivered by the Purchaser, and the agreements herein and therein constitute
valid, binding and enforceable agreements of the Purchaser.  The Purchaser is not a partnership, common
trust fund, special trust, pension fund, retirement plan or other entity in
which the partners or participants, as the case may be, may designate the
particular investments to be made or the allocation thereof.

4.13.        Confidentiality.  Unless required by law, the Purchaser shall
not disclose, and shall maintain confidential any non-public information
related to the Company,  provided that
the undersigned may disclose such information to any of its advisors, attorneys
and accountants, if such advisor, attorney and/or accountant shall have agreed
to be bound by this provision.

4.14       Residence; No General Solicitation.    The Purchaser is a resident of the
state(s)or other jurisdiction  referred
to in the Purchaser Suitability Questionnaire.    The Purchaser has
not been present in any other state or jurisdiction and had any communications
with Wunderlich Securities, Inc. or anyone else related to its purchase of
Units. The Purchaser has not aware of any general solicitation or advertising
relating to the offer or sale of the Units.

4.15         Short
Sales; No Net Short Position.  Since
the Purchaser has learned of the offering of the Units, it has not engaged in
short sales or similar hedging transactions with 

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respect to the Company’s Common Stock and until the
Registration Statement which the Company is obligated to file covering the
Common Stock including the shares issuable upon exercise of the Warrants has
become effective, the Purchaser shall not sell short the shares of the Company’s
Common Stock. Until the Purchaser has sold all shares of the Common Stock
including the shares issuable upon exercise of the Warrants, it shall not
maintain a net short position in the Common Stock prior to the effective date
of the Registration Statement. Provided, however, if the Purchaser presently has, or hereafter
acquires, a long position in the Company’s Common Stock, the Purchaser may sell
short or otherwise engage in hedging transactions with respect to that long
position, but not against the shares of Common Stock contained in the Units.

ARTICLE V

COVENANTS

5.1           Filings.  Each of the Company and the Purchaser shall
make on a prompt and timely basis all governmental or regulatory notifications
and filings required to be made by it for the consummation of the transactions
contemplated hereby.

5.2           Further Assurances.  Each of the Company and the Purchaser shall
execute and deliver such additional instruments and other documents and shall
take such further actions as may be necessary or appropriate to effectuate,
carry out and comply with all of the terms of this Agreement and the
transactions contemplated hereby.

5.3           Cooperation.  Each of the Company and the Purchaser agree
to cooperate with the other in the preparation and filing of all forms,
notifications, reports and information, if any, required or reasonably deemed
advisable pursuant to any Requirement of Law in connection with the
transactions contemplated by this Agreement and to use their respective best
efforts to agree jointly on a method to overcome any objections by any
Governmental Authority to any such transactions; provided that, any reasonable,
out-of-pocket expenses incurred by the Purchaser related to any such objections
shall be reimbursed by the Company. 
Except as may be specifically required hereunder, none of the Parties or
their respective Affiliates shall be required to agree to take any action that
in the reasonable opinion of such Party would result in or produce a Material
Adverse Effect on such Party.

5.4           Notification of Certain Matters.
Each of the Company and the Purchaser shall give prompt notice to the other of
the occurrence, or non-occurrence, of any event which would be likely to cause
any representation or warranty herein to be untrue or inaccurate, or any
covenant, condition or agreement herein not to be complied with or satisfied.

5.5           Reservation of Common Stock.
The Company shall reserve the shares of Common Stock issuable upon exercise of
the Warrants with its stock transfer agent until the earlier of (i) exercise of
all Warrants or (ii) five years from the date hereof.

 11
 

 

 

ARTICLE VI

INDEMNIFICATION

6.1           Indemnification Generally.  The Company, on the one hand, and the
Purchaser, on the other hand, shall indemnify the other from and against any
and all losses, damages, liabilities, claims, charges, actions, proceedings,
demands, judgments, settlement costs and expenses of any nature whatsoever
(including, without limitation, attorneys’ fees and expenses) or deficiencies
resulting from any breach of a representation, warranty or covenant by the
Indemnifying Party (including indemnification by the Company of the Purchaser
for any failure by the Company to deliver, or for any failure by the Purchaser
to receive, stock certificates representing the Units on the Settlement Date)
and all claims, charges, actions or proceedings incident to or arising out of
the foregoing (“Losses”).  Notwithstanding the foregoing, (i) the
Indemnifying Party shall not be liable for any Losses to the extent such Losses
arise out of, result from, or are increased by, the breach of this Agreement
by, or the fraudulent acts or gross negligence of, the Indemnified Party, and (ii)
the Indemnifying Party shall not be liable to an Indemnifying Party for any
Losses in excess of the aggregate amount of the Purchase Price paid for the
Units purchased by such Indemnified Party.

6.2           Indemnification Procedures.  Each Person entitled to indemnification under
this Article VI (an “Indemnified Party”)
shall give notice as promptly as reasonably practicable to each party required
to provide indemnification under this Article VI (an “Indemnifying
Party”) of the commencement of any action, suit, proceeding or
investigation or threat thereof made in writing in respect of which indemnity
may be sought hereunder; provided, however, failure to so notify an
Indemnifying Party shall not relieve such Indemnifying Party from any liability
that it may have otherwise than on account of this indemnity agreement so long
as such failure shall not have materially prejudiced the position of the
Indemnifying Party.  Upon such
notification, the Indemnifying Party shall assume the defense of such action if
it is a claim brought by a third party, and after such assumption the
Indemnified Party shall not be entitled to reimbursement of any expenses
incurred by it in connection with such action except as described below.  In any such action, any Indemnified Party shall
have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Party unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed to the
contrary or (ii) the named parties in any such action (including any impleaded
parties) include both the Indemnifying Party and the Indemnified Party and
representation of both parties by the same counsel would be inappropriate due
to actual or potential differing or conflicting interests between them.  An Indemnifying Party who is not entitled to,
or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel in any one action  for all parties indemnified by such Indemnifying
Party with respect to such claim except for local counsel if the attorneys
selected by the Indemnified Party do not maintain an office within the
jurisdiction of the court, unless in the reasonable judgment of any Indemnified
Party a conflict of interest may exist between such Indemnified Party and any
other of such Indemnified Parties with respect to such claim, in which event
the Indemnifying Party shall be obligated to pay the fees and expenses of such
additional counsel or counsels.  The
Indemnifying Party shall not be liable for any settlement of any proceeding
effected without its written consent 

 12
 

 

 

(which shall not be
unreasonably withheld or delayed by such Indemnifying Party), but if settled
with such consent or if there be final judgment for the plaintiff, the
Indemnifying Party shall indemnify the Indemnified Party from and against any
loss, damage or liability by reason of such settlement or judgment. The
Indemnifying Party shall have no authority to settle any claim against any
Indemnified Party unless the Indemnified Party and all applicable officers,
directors and employees receive a general release or covenant not to sue with
respect to the subject matter of the claim which has been asserted.

ARTICLE VII

MISCELLANEOUS

7.1           Notices.  All notices, requests, demands, claims, and
other communications hereunder shall be in writing and shall be delivered by
certified or registered mail (first class postage pre-paid), guaranteed
overnight delivery, or facsimile transmission if such transmission is confirmed
by delivery by certified or registered mail (first class postage pre-paid) or
guaranteed overnight delivery, to the following addresses and telecopy numbers
(or to such other addresses or telecopy numbers which such Party shall
designate in writing to the other Party):

(a)           if to the Company
to:

Meadow Valley Corporation

4411 S. 40th Street, Suite D-11

Phoenix, AZ 85040

Attention: Bradley E. Larson

Telecopy:  (602) 437-1681

with a copy to:

Brownstein Hyatt & Farber, P.C.

410 Seventeenth Street, 22nd Floor

Denver, CO 80202

Attention:  Adam J. Agron, Esq.

Telecopy:  (303) 223-1111

(b)           if to a Purchaser, at its last known
address appearing on the books of the Company maintained for such purpose with
a copies to:

Harris Cramer LLP

1555 Palm Beach Lakes Boulevard

West Palm Beach, FL 33401-2327

Attention:  Michael D. Harris, Esq.

Telecopy:  (561) 659-0701

and to,

 13
 

 

 

Wunderlich Securities, Inc.

6000 Poplar Avenue, Suite 150

Memphis, TN 38119

Attention:  Caldwell D. Lowrance, Jr.,
Esq.

Telecopy:  (901) 251-1352

7.2           Loss or Mutilation.  Upon receipt by the Company from any
Purchaser of evidence reasonably satisfactory to it of the ownership of and the
loss, theft, destruction or mutilation of a certificate representing shares of
Common Stock and Warrants and indemnity reasonably satisfactory to it (it being
understood that the written agreement of the Purchaser or an Affiliate thereof
shall be sufficient indemnity) and in case of mutilation upon surrender and
cancellation hereof or thereof, the Company will execute and deliver in lieu
hereof or thereof a new stock certificate of like tenor to such Purchaser;
provided, in the case of mutilation, no indemnity shall be required if the
certificate representing shares of Common Stock and Warrants in identifiable form
is surrendered to the Company for cancellation.

7.3           Survival.  Each representation, warranty, covenant and
agreement of the parties set forth in this Agreement is independent of each
other representation, warranty, covenant and agreement.  Each representation and warranty made by any
Party in this Agreement shall survive the Settlement through the period ending
on the date three years from the respective Purchaser’s Settlement Date from
the date of this Agreement.

7.4           Remedies.

(a)           Each Party acknowledges that the
other Party would not have an adequate remedy at law for money damages in the
event that any of the covenants or agreements of such Party in this Agreement
was not performed in accordance with its terms, and it is therefore agreed that
each Party in addition to and without limiting any other remedy or right such
Party may have, shall have the right to an injunction or other equitable relief
in any court of competent jurisdiction, enjoining any such breach and enforcing
specifically the terms and provisions hereof, and each Party hereby (i) waives
any and all defenses such Party may have on the ground of lack of jurisdiction
or competence of the court to grant such an injunction or other equitable
relief and (ii) acknowledges that the Party seeking the injunction shall not
have to plead or prove irreparable harm or lack of adequate remedy at law nor
shall such Party be required to post a bond or other security in order to
obtain equitable relief.

(b)           All rights, powers and remedies under
this Agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise or beginning of the
exercise of any thereof by any Party shall not preclude the simultaneous or
later exercise of any other such right, power or remedy by such Party.

7.5           Entire Agreement.  This Agreement (including the exhibits,
appendices and schedules attached hereto), the Confidentiality and Embargo
Agreement and the other documents delivered at the Settlement pursuant hereto,
contain the entire understanding of the Parties in 

 14
 

 

 

respect of the subject
matter hereof and supersede all prior agreements and understandings between or
among the Parties with respect to such subject matter.  The exhibits and schedules hereto constitute
a part hereof as though set forth in full above.

7.6           Expenses; Taxes.  Except as otherwise provided in this
Agreement, the Parties shall pay their own fees and expenses, including their
own counsel fees, incurred in connection with this Agreement or any transaction
contemplated hereby.  Further, except as
otherwise provided in this Agreement, any sales tax, stamp duty, deed transfer
or other tax (except taxes based on the income of the Purchaser) arising out of
the sale of the Units by the Company to the Purchaser and consummation of the
transactions contemplated by this Agreement shall be paid by the Company.

7.7           Amendment.  This Agreement may be modified or amended or
the provisions hereof waived with the written consent of the Company and the
Purchaser.

7.8           Waiver.  No failure to exercise, and no delay in
exercising, any right, power or privilege under this Agreement shall operate as
a waiver, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude the exercise of any other right, power or
privilege.  No waiver of any breach of
any provision shall be deemed to be a waiver of any preceding or succeeding
breach of the same or any other provision, nor shall any waiver be implied from
any course of dealing between the Parties. 
No extension of time for performance of any obligations or other acts
hereunder or under any other agreement shall be deemed to be an extension of
the time for performance of any other obligations or any other acts.  The rights and remedies of the Parties under
this Agreement are in addition to all other rights and remedies, at law or
equity that they may have against each other.

7.9           Binding Effect; Assignment.  The rights and obligations of this Agreement
shall bind and inure to the benefit of the Parties and their respective
successors and legal assigns.  The
provisions of this Agreement are intended to be for the benefit of all
Purchasers from time to time of the Units and shall be enforceable by any such
Purchaser.

7.10         Counterparts.  This Agreement may be executed in any number
of counterparts (whether by original signature or a facsimile thereof), each of
which shall be an original but all of which together shall constitute one and
the same instrument.

7.11         Headings.  The headings contained in this Agreement are
for convenience of reference only and are not to be given any legal effect and
shall not affect the meaning or interpretation of this Agreement.

7.12         GOVERNING LAW; INTERPRETATION.  THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED FOR ALL PURPOSES BY THE LAWS OF THE STATE OF
NEVADA WITHOUT REGARD TO THE CONFLICTS OF
LAWS RULES OF ANY OTHER JURSIDICTION.

 15
 

 

 

7.13         Severability.  The parties stipulate that the terms and
provisions of this Agreement are fair and reasonable as of the date of this
Agreement.  However, if any provision of
this Agreement shall be determined by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.  If, moreover, any of those provisions shall
for any reason be determined by a court of competent jurisdiction to be
unenforceable because excessively broad or vague as to duration, geographical
scope, activity or subject, it shall be construed by limiting, reducing or
defining it, so as to be enforceable.

7.14         State Blue Sky Rescission Rights.

FLORIDA LAW PROVIDES THAT WHEN SALES ARE MADE TO FIVE OR
MORE PERSONS IN FLORIDA, ANY SALE MADE IN FLORIDA IS VOIDABLE BY THE PURCHASER
WITHIN THREE DAYS AFTER THE FIRST TENDER OF CONSIDERATION IS MADE BY SUCH
PURCHASER TO THE COMPANY, AN AGENT OF THE COMPANY OR AN ESCROW AGENT OR WITHIN
THREE DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO SUCH
PURCHASER, WHICHEVER OCCURS LATER. 
PAYMENTS FOR TERMINATED SUBSCRIPTIONS VOIDED BY PURCHASERS AS PROVIDED
FOR IN THIS PARAGRAPH WILL BE PROMPTLY REFUNDED WITHOUT INTEREST.  NOTICE SHOULD BE GIVEN TO THE COMPANY TO THE
ATTENTION OF CALDWELL D. LOWRANCE, JR. AT THE ADDRESS SET FORTH ON THE COVER
PAGE OF THE TERM SHEET.

[Signature Page Follows.]

 16
 

 

 

IN WITNESS
WHEREOF, the Parties have caused this Agreement to be duly executed and
delivered as of the date first above written.

	
  

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  MEADOW VALLEY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley E. Larson

  
	
   

  	
  Name:

  	
  Bradley E. Larson

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  	
   

  
	
   

  	
  See attached Counterpart Signature Page(s).

  

 

 17

 

 

EXHIBIT A

DEFINITIONS

1.             Defined Terms. 
As used herein the following terms shall have the following meanings:

“Agreement” means this Stock Purchase
Agreement.

“Business Day” means any day that is
not a Saturday or Sunday or a day on which banks are required or permitted to
be closed in the State of Nevada.

“Common Stock” means the common
stock, $.001 par value per share, of the Company, as constituted on the date
hereof, and any capital stock into which such Common Stock may thereafter be
changed, and shall also include (i) capital stock of the Company of any
other class (regardless of how denominated) issued to the holders of shares of
Common Stock upon any reclassification thereof which is also not preferred as
to dividends or assets over any other class of stock of the Company and which
is not subject to redemption and (ii) shares of common stock of any
successor or acquiring corporation received by or distributed to the holders of
Common Stock of the Company.

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

“Contract” means any agreement,
indenture, lease, sublease, license, sublicense, promissory note, evidence of
indebtedness, insurance policy, annuity, mortgage, restriction, commitment,
obligation or other contract, agreement or instrument (whether written or
oral).

“Convertible Securities” means
evidences of indebtedness, shares of stock or other securities which are
convertible into or exchangeable, with or without payment of additional
consideration in cash or property, for additional shares of Common Stock,
either immediately or upon the occurrence of a specified date or a specified
event.

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor federal statute, and the
rules and regulations promulgated thereunder, all as the same shall be in
effect from time to time.

“GAAP” means generally accepted
accounting principles in effect in the United States of America from time to
time.

“Governmental Authority” means any
nation or government, any state or other political subdivision thereof, and any
entity or official exercising executive, legislative, judicial, regulatory or
administrative functions of, or pertaining to, government.

“Indemnified Party” has the meaning
set forth in Section 6.2 of this Agreement.

“Indemnifying Party” has the meaning
set forth in Section 6.2 of this Agreement.

 1
 

 

 

“Licenses” has the meaning set forth in
Section 3.16 of this Agreement.

“Lien” means any mortgage, pledge,
security interest, assessment, encumbrance, lien, lease, sublease, adverse
claim, levy, or charge of any kind, or any conditional Contract, title
retention Contract or other contract to give or refrain from giving any of the
foregoing.

“Losses” has the meaning set forth in
Section 6.1 of this Agreement.

“Material Adverse Change” or “Material Adverse Effect” means, with
respect to any Person, any change or effect that is or is reasonably likely to
be materially adverse to the business, financial condition, results of
operations, prospects (solely to the extent they have been publicly disclosed
and subject to any qualifications and assumptions applicable to such
disclosure, including any forward-looking statement disclaimer) or, where
applicable, the management of such Person.

 “Person(s)”
means any individual, sole proprietorship, partnership, joint venture, trust,
limited liability company, incorporated organization, association, corporation,
institution, public benefit corporation, entity or government (whether federal,
state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof).

“Purchase Price” has the meaning set
forth in Section 1.1 of this agreement.

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

“Requirement of Law” means as to any
Person, the articles of incorporation, bylaws or other organizational or
governing documents of such Person, and any domestic or foreign and federal,
state or local law, rule, regulation, statute or ordinance or determination of
any arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its properties or to which
such Person or any of its property is subject.

“SEC” means the Securities and
Exchange Commission.

“SEC Reports” has the meaning set
forth in Section 3.7 of this Agreement.

“Securities Act” means the Securities
Act of 1933, as amended, or any successor federal statute, and the rules and
regulations promulgated thereunder, all as the same shall be in effect at the
applicable time.

“Settlement” has the meaning set
forth in Section 1.2 of this Agreement.

“Settlement Date” has the meaning set
forth in Section 1.2 of this Agreement.

 2
 

 

 

 “Subsidiary”
means each of those Persons of which another Person, directly or indirectly
owns beneficially securities having more than 50% of the voting power in the
election of directors (or persons fulfilling similar functions or duties) of
the owned Person (without giving effect to any contingent voting rights).

“Units “ has the meaning set forth in
Section 1.1 of this Agreement.

“Warrants” mean the right to purchase
shares of Common Stock for a period of five years following the Settlement Date
(except as limited by law)  at a price
equal to 140% of the per Unit Purchase Price.

2.             Other Definitional Provisions.

(a)           All references to “dollars” or “$”
refer to currency of the United States of America.

(b)           Terms defined in the singular shall
have a comparable meaning when used in the plural, and vice versa.

(c)           All matters of an accounting nature
in connection with this Agreement and the transactions contemplated hereby
shall be determined in accordance with GAAP.

(d)           As used herein, the neuter gender
shall also denote the masculine and feminine, and the masculine gender shall
also denote the neuter and feminine, where the context so permits.

(e)           The words “hereof,” “herein” and “hereunder,”
and words of similar import, when used in this Agreement shall refer to this
Agreement as a whole (including any exhibits or schedules hereto) and not to
any particular provision of this Agreement.

 3

 

 

Schedule
1.1

Purchaser

 

	
  Name and Address

  	
   

  	
  Purchase Price

  	
   

  	
  Number of Shares

  of Common Stock

  	
   

  	
  Number of

  Warrants

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (to be completed following execution by the Company)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

Schedule
1.2(d)

FORM OF
LEGAL OPINION FOR COMPANY’S COUNSEL

Counsel for the Company
shall opine to the following:

1.             The Company is a corporation validly existing and in
good standing under the laws of the State of Nevada.  The Company has the corporate power and
authority to own its properties and conduct its business.

2.             The Company has the corporate power and authority to
execute and deliver the Purchase Agreement and Warrants, to perform its
obligations thereunder and to consummate the transactions contemplated thereby.

3.             Each of the Purchase Agreement and Warrants has been
duly authorized, executed and delivered by the Company.  The Company has taken all necessary  action to reserve the shares of Common Stock
issuable upon exercise of the Warrants.

4.             Based upon our review of the Company’s Certificate of
Incorporation and ledger, the Company has an authorized capitalization as set
forth in the Purchase Agreement, and the Units have been duly and validly
authorized and, when paid for in accordance with the terms of the Purchase
Agreement, will be validly issued, fully paid and non-assessable.  The Warrant Shares have been duly and validly
authorized and, upon exercise of the Warrants pursuant to the terms thereof,
will be validly issued, fully paid and non-assessable.

5.             Except for filings pursuant to Regulation D of the
Securities Act and applicable state securities laws, which have been made or
will be made in a timely manner, no consent, approval, authorization, order,
registration or qualification of or with any court or governmental agency or
governmental body is required for the issue and sale of the Units or the
consummation by the Company of the transactions contemplated by the Purchase
Agreement and Warrants.

6.             To the undersigned’s knowledge, except as disclosed in
the SEC Reports, there are no material legal or governmental proceedings
pending to which the Company or any of its Subsidiaries is a party or of which
any property of the Company or any of its Subsidiaries is the subject; and to
the undersigned’s knowledge, no such proceedings are threatened by governmental
authorities or by others.

7.             The issue and sale of the Units and
the compliance by the Company with all of the provisions of the Purchase
Agreement and Warrants do not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under any
indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument filed by the Company with the Commission or otherwise known to the
undersigned to which the Company is a party or by which the Company is bound or
to which any of the property or assets of the Company is subject, except to the
extent that such conflict, breach, violation or default would not have a
Material Adverse Effect on the Company, nor will such action result in any
violation of the 

 

 

provisions of the
Certificate of Incorporation or By-laws of the Company or any statute or any
order, rule or regulation known to the undersigned of any court or governmental
agency or governmental body having jurisdiction over the Company or any of its
properties except to the extent that such violation would not have a Material
Adverse Effect on the Company.

8.                                       Assuming
the accuracy of the representations and warranties of the Purchaser are
correct, the sale of the Units is exempt from registration under the Securities
Act.

We have participated in
conferences with officers and other representatives of the Company  and representatives of the Placement Agent and
their counsel at which the contents of the Private Placement Memorandum were
discussed and, although we  are  not passing upon and do not assume
responsibility for the accuracy, completeness or fairness of the statements
contained in the Private Placement Memorandum, nothing has come to our
attention  that causes us to believe that
the Private Placement Memorandum contained an untrue statement of a material
fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, or that the Private
Placement Memorandum at the date of such Private Placement Memorandum,
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading (it
being understood that we express no opinion with respect to the financial
statements and schedules, other financial and accounting data, or statistical
data derived therefrom, included in the documents contained in the SEC
Reports).

 

 

[Exhibit B]

[Form of
Warrant]

See Term
Sheet - Exhibit C

 

 

[Exhibit
C]

[Form of
Registration Rights Agreement]

See Term
Sheet - Exhibit BExhibit 10.2

REGISTRATION RIGHTS AGREEMENT 

THIS
REGISTRATION RIGHTS AGREEMENT (“Agreement”) is entered into as of the 20th day
of October, 2006 by and among Meadow Valley Corporation, a Nevada corporation
(the “Company”), and                         
(the “Investor”).

WHEREAS,
the Company issued shares of its common stock to the Investor in connection
with a Unit Purchase Agreement of even date (the “Purchase Agreement”); and

WHEREAS,
the Company has agreed to provide certain registration rights to the Investor.

Now,
therefore, in consideration of the mutual promises and the covenants as set
forth herein, the parties hereto hereby agree as follows:

1.             Definitions.  Unless the context otherwise requires, the
terms defined in this Section 1 shall have the meanings herein specified for
all purposes of this Agreement, applicable to both the singular and plural
forms of any of the terms herein defined.

“Agreement”
means this Registration Rights Agreement, as the same may be amended, modified
or supplemented in accordance with the terms hereof.

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

“Common Stock”
means the Company’s authorized common stock, as constituted on the date of this
Agreement, any stock into which such Common Stock may thereafter be changed and
any stock of the Company of any other class, which is not preferred as to
dividends or assets over any other class of stock of the Company and which is
not subject to redemption, issued to the holders of shares of such Common Stock
upon any re-classification thereof.

“Commission”
means the Securities and Exchange Commission or any other governmental body at
the time administering the Securities Act.

“Company”
has the meaning assigned to it in the introductory paragraph of this Agreement.

“Company
Securities” has the meaning any securities proposed to be sold by the
Company for its own account in a registered public offering.

“Exchange
Act” means the Securities Exchange Act of 1934 (or successor statute).

“Excluded
Forms” means registration statements under the Securities Act, on Forms S-4
and S-8, or any successors thereto and any form used in connection with an
initial public offering of securities.

 1
 

 

 

“Investor”
has the meaning assigned to it in the introductory paragraph of this Agreement.

“Person”
includes any natural person, corporation, trust, association, company,
partnership, joint venture, limited liability company and other entity and any
government, governmental agency, instrumentality or political subdivision.

The
terms “register” “registered” and “registration” refer to
a registration effected by preparing and filing a registration statement on
other than any of the Excluded Forms in compliance with the Securities Act, and
the declaration or ordering of the effectiveness of such registration
statement.

“Registrable
Securities” means the Common Stock received by the Investor and the Common
Stock issuable upon exercise of the warrants received by the Investor in the
offering under the Term Sheet and any securities of the Company issued with
respect to such Common Stock by way of a stock dividend or stock split or in
connection with a combination, recapitalization, share exchange, consolidation
or other reorganization of the Company.

“Registration
Statement” means a registration statement on other than any of the Excluded
Forms.

“Selling
Expenses” means all selling commissions, finder’s fees and stock transfer
taxes applicable to the Registrable Securities registered by the Investor and
the reasonable fees and disbursements of one counsel for all Investors that
purchased Units pursuant to the Purchase Agreement.

“Securities
Act” means the Securities Act of 1933 (or successor statute).

“Term
Sheet” means the Confidential Term Sheet dated October 12, 2006 for an
offering of units consisting of the Company’s Common Stock and warrants to
purchase  Common Stock.

“Units”
refers to one share of Common Stock and one-tenth of a warrant to purchase
Common Stock offered by the Term Sheet.

2.             Registration.

(a)           Required Registration. Subject
to exceptions and limitations described herein, the Company shall within 30
days of the final closing of the offering under the Term Sheet cause a
Registration Statement to be filed with the Commission on Form S-3, if
available, or, if Form S-3 is not available for the registration of the
Registrable Securities, on such form as may be prescribed by the Commission,
providing for the resale of the Registrable Securities. Within 60 days after
the final closing of the offering under the Term Sheet, the Company shall cause
the Registration Statement to be declared effective by the Commission.  Such Registration Statement shall contain all
appropriate undertakings necessary to comply with Rule 415 under the Securities
Act pertaining to “shelf registration” or delayed offerings of securities.  The Company shall use its best efforts to
cause the Commission to declare such Registration 

 2
 

 

 

Statement
effective and to maintain the effectiveness of such Registration Statement
pursuant to Section 4 below.

(b)           Liquidated Damages.

(i)            If the Registration Statement is not
filed with the Commission within 30 days of the final closing of the offering
under the Term Sheet, then the Company shall, as additional consideration and
not as a penalty, deliver to the Investor on such 30th day,
and every 30 days thereafter until it is filed, 
an amount of cash equal to 1% of the purchase price of the number of
Units purchased by such investor.

(ii)           If the Registration Statement has not
been declared effective by the Commission within 60 days of the final closing
of the offering under the Term Sheet (or 90 days if the Commission’s Staff
reviews the Registration Statement), then the Company shall, as additional
consideration, deliver to the Investor on such 60th or
90th day, as applicable, and on each successive 30th day thereafter under which the Registration
Statement has not been declared effective, an amount of cash equal to 1% of the
purchase price of the Units purchased by the Investor.

(iii)          Whenever the Company fails to respond
to Commission comments within five days, the Company shall deliver to the
Investor on such 5th
day and on
each successive 30th day thereafter until an amendment to the
Registration Statement has been filed, an amount of cash equal to 1% of the
purchase price of the  Units purchased by
the investor.

(iv)          Notwithstanding anything to the
contrary contained in this Section 2, the Company shall not be required to pay
the Investor liquidated damages under this Section 2 to the extent that such
Registrable Securities held by the Investor may be sold by the Investor after
one year pursuant to Rule 144 (as defined in Section 8 below).

3.             Obligations
of the Company. If and whenever the Company is required by the
provisions hereof to effect or cause the registration of any Registrable
Securities under the Securities Act as provided herein, the Company shall:

(a)           use
its best efforts to prepare and file with the Commission a Registration
Statement with respect to such Registrable Securities and use  its best 
reasonable efforts to cause such Registration Statement to become and
remain effective;

(b)           use its best efforts to prepare and
file with the Commission such amendments to such Registration Statement
(including post-effective amendments) and supplements to the prospectus included
therein as may be necessary to keep such Registration Statement effective,
subject to the qualifications in Section 4(a), and to comply with the
provisions of the Securities Act with respect to the sale or other disposition
of all Registrable Securities covered by such Registration Statement during
such period in accordance with the intended methods of disposition by the
Investor  set forth in such Registration
Statement;

 3
 

 

 

(c)           furnish
to the Investor such number of copies of such Registration Statement and of
each such amendment and supplement thereto (in each case including all
exhibits), such number of copies of the prospectus included in such
registration statement (including each preliminary prospectus), in conformity
with the requirements of the Securities Act, and such other documents, as the
Investor may reasonably request, in order to facilitate the public sale or
other disposition of the Registrable Securities owned by the Investor;

(d)           use
its best efforts to register and/or qualify the securities covered by the
Registration Statement under such other securities or Blue Sky laws of such
jurisdictions as shall be reasonably requested by the Holders participating in
the Registration and as may be reasonably appropriate for the distribution of
such Registrable Securities, provided, however, that
notwithstanding anything in this Agreement to the contrary, in the event any
jurisdiction in which the securities shall be qualified imposes a non-waivable
requirement that expenses incurred in connection with the qualification of the
Registrable Securities be borne by selling shareholders, the Holders shall pay
their pro rata share of such expenses;

(e)           notify
the Investor at any time when a prospectus relating to his  Registrable Securities is required to be
delivered under the Securities Act, of the Company’s becoming aware that the
prospectus included in the related Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances then existing, and promptly
prepare and furnish to the Investor a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances then existing;

(f)            otherwise
use its best efforts to comply with all applicable rules and regulations of the
Commission;

(g)           cause
all such Registrable Securities on such Registration Statement to be listed on
each securities exchange or automated quotation service (including the National
Market of The Nasdaq Stock Market) on which similar securities issued by the
Company are then listed; and

(h)           notify
the Investor of any stop order threatened or issued by the Commission and take
all actions reasonably necessary to prevent the entry of such stop order or to
remove it if entered.

4.             Other Procedures.

(a)            Subject to the
Company’s general obligation to use its best efforts under Section 3, the
Company shall be required to maintain the effectiveness of a Registration
Statement (under Form S-3) until the earlier of (i) the date of sale of all
Registrable Securities or (ii) 24 months from the effective date of the
Registration Statement.

 4
 

 

 

(b)           In consideration of the Company’s
obligations under this Agreement, the Investor agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in
Section 3(e) herein, the Investor shall forthwith discontinue his sale of
Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities until the Investor’s receipt of the copies of the
supplemented or amended prospectus contemplated by said Section 3(e) and, if so directed by the Company, shall deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies, then
in the Investor’s possession of the prospectus covering such Registrable
Securities current at the time of receipt of such notice.

(c)            The Company’s obligation to file any
Registration Statement or amendment including a post-effective amendment, shall
be subject to each Investor, as applicable, furnishing to the Company in
writing such information and documents regarding such Investor and the
distribution of such Investor’s Registrable Securities as may reasonably be
required to be disclosed in the Registration Statement in question by the rules
and regulations under the Securities Act or under any other applicable
securities or blue sky laws of the jurisdiction referred to in Section 3(d)
herein.  The Company’s obligations are
also subject to each Investor promptly executing any representation letter
concerning compliance with Regulation M under the Exchange Act (or any
successor rule or regulation).

(d)           If any such registration or
comparable statement refers to the Investor by name or otherwise as a
stockholder of the Company, but such reference to the Investor by name or
otherwise is not required by the Securities Act or the rules thereunder, then
each Investor shall have the right to require the deletion of the reference to
the Investor, as may be applicable.

(e)           In connection with the sale of
Registrable Securities, the Investor shall deliver to each purchaser a copy of
the necessary prospectus and, if applicable, prospectus supplement, within the
time required by Section 5(b) of the Securities Act.

5.             Registration Expenses. 
In connection with any registration of Registrable Securities pursuant
to Section 2(a), the Company shall, whether or not any such registration shall become
effective, from time to time, pay all expenses (other than Selling Expenses)
incident to its performance of or compliance, including, without limitation,
all registration, and filing fees, fees and expenses of compliance with
securities or blue sky laws, word processing, printing and copying expenses,
messenger and delivery expenses, fees and disbursements of counsel for the
Company and all independent public accountants and other Persons retained by
the Company.

6.             Indemnification.

(a)           In the event of any registration of
any shares of Common Stock under the Securities Act pursuant to this Agreement,
the Company shall indemnify and hold harmless each Investor, from and against
any losses, claims, damages or liabilities, joint or several, to which each
Investor may become subject under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement under which such
Registrable  Securities were registered
under the Securities Act, any preliminary prospectus or final prospectus
contained therein, or any amendment or supplement 

 5
 

 

 

thereto, or any
document incident to registration or qualification of any  Registrable Securities pursuant to Section
3(d) herein, or arise out of or are based upon the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading or, with respect to any prospectus,
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, or any violation by the Company of the
Securities Act, the Exchange Act, or state securities or blue sky laws
applicable to the Company and relating to action or inaction required of the
Company in connection with such registration or qualification under the
Securities Act or such state securities or blue sky laws.  If the Company fails to defend the Investor
as required by Section 6(c) herein, it shall reimburse (after receipt of
appropriate documentation) each Investor for any legal or any other
out-of-pocket expenses reasonably incurred by any of them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the Company shall not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged
omission made in said Registration Statement, said preliminary prospectus, said
prospectus, or said amendment or supplement or any document incident to
registration or qualification of any 
Registrable Securities pursuant to Section 3(d) hereof in reliance upon
and in conformity with written information furnished to the Company by such
Investor specifically for use in the preparation thereof or information omitted
to be furnished by such Investor.

(b)           In the event of any registration of
any Registrable Securities under the Securities Act pursuant to this Agreement,
each Investor shall indemnify and hold harmless (in the same manner and to the
same extent as set forth in Section 6(a)) the Company, each director of the
Company, each officer of the Company who signs such Registration Statement, the
Company’s attorneys and auditors and any Person who controls the Company within
the meaning of the Securities Act, with respect to any untrue statement or
omission from such Registration Statement, any preliminary prospectus or final
prospectus contained therein, or any amendment or supplement thereto, if such
untrue statement or omission was made in reliance upon and in conformity with
written information furnished to the Company 
by such Investor specifically for use in the preparation of such
Registration Statement, preliminary prospectus, final prospectus or amendment
or supplement or from any other act or failure to act of the Investor.

(c)           Promptly after receipt by an
indemnified party of notice of the commencement of any action involving a claim
referred to in Section 6(a) or (b), such indemnified party shall, if a claim in
respect thereof is made against an indemnifying party, give written notice to
the Indemnifying Party of the commencement of such action.  The indemnifying party shall be relieved of
its obligations under this Section 6(c) to the extent that the indemnified
party delays in giving notice and the indemnifying party is damaged or
prejudiced by the delay.  In case any
such action is brought against an indemnified party, the indemnifying party
shall be entitled to participate in and to assume the defense thereof, jointly
with any other indemnifying party similarly notified to the extent that it may
wish, with counsel reasonably satisfactory to such indemnified party, and,
after notice from the indemnifying party to such indemnified party of its
election so as to assume the defense thereof, the indemnifying party shall be
responsible for any legal or other expenses subsequently incurred by the 

 6
 

 

 

indemnifying party
in connection with the defense thereof, provided,
however, that, if counsel for an indemnified party shall have reasonably
concluded that there is an actual or potential conflict of interest between the
indemnified and the indemnifying party the indemnifying party shall not have
the right to assume the defense of such action on behalf of such indemnified
party, and such indemnifying party shall reimburse such indemnified party and
any Person controlling such indemnified party for the fees and expenses of
counsel retained by the indemnified party which are reasonably related to the
matters covered by the indemnity agreement provided in this Section 6; provided, however, that in no event shall any
indemnification by an Investor under this Section 6 exceed the net proceeds
from the  sale of Registered Securities
received by the Investor.   No
indemnified party shall make any settlement of any claims indemnified against
hereunder without the written consent of the indemnifying party, which consent
shall not be unreasonably withheld.  In
the event that any indemnifying party enters into any settlement without the
written consent of the indemnified party the indemnifying party shall not,
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or
plaintiff of a release of such indemnified party from all liability in respect
to such claim or litigation.

(d)           In order to provide for just and
equitable contribution to joint liability under the Securities Act in any case
in which under any indemnified party makes a claim for indemnification pursuant
to this Section 6, but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to
appeal or the denial of the last right of appeal) that such indemnification may
not be enforced in such case notwithstanding the fact that this Section 6
provides for indemnification in such case, or (ii) contribution under the
Securities Act may be required in circumstances for which indemnification is
provided under this Section 6; then, in each such case, the Company and such
Investor shall contribute to the aggregate losses, claims, damages or
liabilities to which they may be subject as is appropriate to reflect the
relative fault of the Company and such Investor in connection with the
statements or omissions which resulted in such losses, claims, damages or
liabilities, it being understood that the parties acknowledge that the
overriding equitable consideration to be given effect in connection with this
provision is the ability of one party or the other to correct the statement or
omission (or avoid the conduct or take an act) which resulted in such losses,
claims, damages or liabilities, and that it would not be just and equitable if
contribution pursuant hereto were to be determined by pro-rata allocation or by
any other method of allocation which does not take into consideration the
foregoing equitable considerations. 
Notwithstanding the foregoing, (i) no such Investor shall be required to
contribute any amount in excess of the net proceeds to him of all Registrable
Securities sold by him pursuant to such Registration Statement, and (ii) no
Person who is guilty of fraudulent misrepresentation within the meaning of
Section 11(f) of the Securities Act shall be entitled to contribution from any
Person who is not guilty of such fraudulent misrepresentation.

(e)           Notwithstanding any of the foregoing,
if, in connection with an underwritten public offering of the Registrable
Securities, the Company, any of the Investor and the underwriters enter into an
underwriting agreement relating to such offering which contains provisions covering
indemnification among the parties, then the indemnification provision of this
Section 6 shall be deemed inoperative for purposes of such offering.

 7
 

 

 

7.             Market
Stand-off.  In
consideration of the granting to the Investor of the registration rights pursuant
to this Agreement, each of them agrees that, for so long as such Investor holds
Common Stock, except as permitted by Section 2(a) above, such Investor will not
sell, transfer or otherwise dispose of, including, without limitation, through
the use of any put or call option, short sale or other derivative arrangement,
shares of Common Stock in the 10 days prior to the effectiveness of any
Registration Statement (other than a registration statement on Form S-8 or Form
S-4, or any successor form) with respect to shares of Common Stock pursuant to
which such Common Stock will be offered for sale to the public (except pursuant
to the Registration Statement described in Section 2(a)), and for up to 180
days following the effectiveness of such Registration Statement, provided that
the underwriters of any such offering shall reasonably request that the
Stockholders be bound by such restrictions.

8.             Rule 144.  The Company covenants that it will file the
reports required to be filed under the Securities Act and the Exchange Act and
the rules and regulations adopted by the Commission thereunder (or, in the
event that the Company is not required to file such reports, it will make
publicly available information as set forth in Rule 144(c)(2) promulgated under
the Securities Act), and it will take such further action as the Investor may
reasonably request, or to the extent required from time to time to enable the
Investor to sell their Registrable Securities without registration under the
Securities Act within the limitation of the exemption provided by (a) Rule 144
under the Securities Act, as such Rule may be amended from time to time, or (b)
any similar rule or regulation hereafter adopted by the Commission
(collectively, “Rule 144”).  Upon request
of any Investor, the Company will deliver to the Investor a written statement
as to whether it has complied with such requirements.

9.             Severability.  In the event any parts of this Agreement are
found to be void, the remaining provisions of this Agreement shall nevertheless
be binding with the same effect as though the void parts were deleted.

10.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.  The execution of this Agreement may be by
actual or facsimile signature.

11.           Benefit.  This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their legal representatives,
successors and assigns.

12.           Notices
and Addresses.  All
notices, offers, acceptance and any other acts under this Agreement (except
payment) shall be in writing, and shall be sufficiently given if delivered to
the addressees in person, by Federal Express or similar overnight next business
day delivery, or by facsimile delivery followed by overnight next business day
delivery, as follows:

	
  To the Company:

  	
  Meadow Valley Corporation

  	
   

  
	
   

  	
  4411 S. 40th Street, Suite D-11

  	
   

  
	
   

  	
  Phoenix, AZ 85040

  	
   

  
	
   

  	
  Attention: Bradley E. Larson, President

  	
   

  
	
   

  	
  Facsimile: (602)
  437-1681

  	
   

  

 

 8
 

 

 

	
  With a Copy to:

  	
   

  	
   

  
	
   

  	
  Brownstein Hyatt
  & Farber, P.C.

  	
   

  
	
   

  	
  410 Seventeenth
  Street, 22nd Floor

  	
   

  
	
   

  	
  Denver, CO 80202

  	
   

  
	
   

  	
  Attention: Adam
  J. Agron, Esq.

  	
   

  
	
   

  	
  Facsimile: (303) 223-1111

  	
   

  
	
   

  	
   

  	
   

  
	
  With a Copy to:

  	
  Wunderlich Securities, Inc.

  	
   

  
	
   

  	
  6000 Poplar
  Avenue, Suite 150

  	
   

  
	
   

  	
  Memphis, TN
  38119

  	
   

  
	
   

  	
  Facsimile: (901)
  251-1352

  	
   

  
	
   

  	
  Attention:
  Caldwell D. Lowrance, Jr.

  	
   

  
	
   

  	
   

  	
   

  
	
  To the Investor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

or to such other address as any of them, by notice to the other may
designate from time to time.  The
transmission confirmation receipt from the sender’s facsimile machine shall be
evidence of successful facsimile delivery. 
Time shall be counted from the date of transmission.

13.           Attorneys’
Fees.  In the event
that there is any controversy or claim arising out of or relating to this
Agreement, or to the interpretation, breach or enforcement thereof, and any
action or proceeding relating to this Agreement is filed, the prevailing party
shall be entitled to an award by the court of reasonable attorneys’ fees, costs
and expenses.

14.           Oral
Evidence.  This Agreement
constitutes the entire Agreement between the parties and supersedes all prior
oral and written agreements between the parties hereto with respect to the subject
matter hereof.  Neither this Agreement
nor any provision hereof may be changed, waived, discharged or terminated
orally, except by a statement in writing signed by the party or parties against
which enforcement or the change, waiver discharge or termination is sought.

15.           Additional
Documents.  The parties
hereto shall execute such additional instruments as may be reasonably required
by their counsel in order to carry out the purpose and intent of this Agreement
and to fulfill the obligations of the parties hereunder.

16.           Governing
Law.  This Agreement and
any dispute, disagreement, or issue of construction or interpretation arising
hereunder whether relating to its execution, its validity, the obligations
provided herein or performance shall be governed or interpreted according to
the internal laws of the State of Nevada without regard to choice of law
considerations.

17.           Section
or Paragraph Headings. 
Section headings herein have been inserted for reference only and shall
not be deemed to limit or otherwise affect, in any matter, or be deemed to
interpret in whole or in part any of the terms or provisions of this Agreement.

 9
 

 

 

IN WITNESS WHEREOF, each
of the parties hereto has caused this Agreement to be executed personally or by
a duly authorized representative thereof as of the day and year first above
written.

	
  

  	
  THE
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  MEADOW
  VALLEY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley E.
  Larson

  
	
   

  	
   

  	
  Bradley E.
  Larson

  
	
   

  	
   

  	
  President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  INVESTOR:

  
	
   

  	
   

  	
   

  
	
   

  	
  See attached
  Counterpart Signature Page(s).

  

 

 10

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