Document:

Exhibit 4.3.1

AMENDMENT
NO. 1 

to

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEEMNT

 

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

WHEREAS, pursuant to Section 19(d) of the Registration
Rights Agreement, the Registration Rights Agreement may be amended if the
amendment is approved in writing by the Company and the holders of at least a majority of the
Registrable Securities; and

WHEREAS, the Company and the parties hereto wish to amend
the Registration Rights Agreement to provide that persons that acquire shares
of Series C Senior Convertible Preferred Stock after the date hereof may become
parties to the Registration Rights Agreement by executing a Joinder Agreement
in the form attached as Exhibit B hereto; and

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

 

1.             Amendment.

 

(a)           The Registration Rights Agreement is hereby
amended to add a new Section 9(m) to read as follows:

“(m)        Joinder Agreement. Any person who becomes a holder of
either Series B Senior Convertible Preferred Stock (the “Series B Preferred”)
of the Company or Series C Senior Convertible Preferred Stock of the Company
(the “Series C Preferred”) may become a party to this Agreement by executing a
Joinder Agreement in the form attached hereto as Exhibit B and
delivering such Joinder Agreement to the Company and BSMB. Upon such execution
and delivery, Schedule III of this Agreement shall be amended to include such
holder. Any holder of Series C Preferred executing and delivering a Joinder
Agreement in accordance with this provision (i) shall be deemed a holder of
Series B Registrable Securities for all purposes under this Agreement, and (ii)
following conversion of such Series C Preferred into Series B Preferred in
accordance with the terms of the Series C Preferred shall continue to be a
party hereto as a holder of Series B Preferred.”

 

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

 

 

2.             Governing Law.

 

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

 

3.             Counterparts.

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

 

 

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

 

2

 

 

 

 

 

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

 

	
  ACA CAPITAL HOLDINGS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ NORA J. DAHLMAN

  	
   

  
	
   

  	
  Name: NORA J. DAHLMAN

  	
   

  
	
   

  	
  Title: GENERAL COUNSEL
  & SECRETARY

  	
   

  
	
   

  	
   

  
	
   

  	
  Shares
  of Capital Stock

  
	
  Stockholder

  	
  of
  the Company Owned

  
	
   

  	
   

  
	
  BSMB/ACA LLC

  	
   

  
	
   

  	
  Series B Senior Convertible Preferred -
  1,685,663.8305

  
	
  By:

  	
  Bear Stearns Merchant
  Manager II, LLC,

  its Manager

  	
   

  
	
   

  	
   

  	
  By:

  	
  JDH Management, LLC,

  its Manager

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ DAVID E. KING

  	
   

  
	
   

  	
  Name: David E. King

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  DRAWBRIDGE SPECIAL

  	
   

  
	
  OPPORTUNITIES FUND LP

  	
  Series B Senior Convertible Preferred - 160,539.4124

  
	
   

  	
   

  
	
  By:

  	
  /s/ KEVIN J. TREACY

  	
   

  
	
   

  	
  Name: KEVIN J. TREACY

  	
   

  
	
   

  	
  Title: CHIEF FINANCIAL
  OFFICER

  	
   

  
	
   

  	
   

  
	
  THE STEPHENS GROUP, INC.

  	
   

  
	
   

  	
  Common - 237,623.8

  
	
   

  	
  Convertible Preference - 273.4

  
	
   

  	
  Senior Convertible Preferred - 25.8

  
	
  By:

  	
  /s/ WARREN A. STEPHENS

  	
  Series B Senior Convertible Preferred - 267,565.6819

  
	
   

  	
  Name: 

  	
   

  
	
   

  	
  Title: President

  	
   

  
	
   

  	
   

  
	
  THIRD AVENUE TRUST ON
  BEHALF OF 

  	
   

  
	
  THE THIRD AVENUE VALUE
  FUND 

  	
  Common - 118,811.9

  
	
  SERIES

  	
  Convertible Preference - 258.7

  
	
   

  	
  Senior Convertible Preferred - 103.4

  
	
   

  	
  Series B Senior Convertible Preferred - 133,782.8436

  
	
  By:

  	
  /s/ DAVID M. BARSE

  	
   

  
	
   

  	
  Name: David M. Barse

  	
   

  
	
   

  	
  Title: President

  	
   

  
					

 

3

 

	
  THIRD AVENUE TRUST ON
  BEHALF OF

  	
  Common - 118,811.9

  
	
  THE THIRD AVENUE SMALL-CAP
  

  	
  Convertible Preference - 258.7

  
	
  VALUE FUND SERIES

  	
  Senior Convertible Preferred - 103.4

  
	
   

  	
  Series B Senior Convertible Preferred -133,782.8383

  
	
   

  	
   

  
	
  By:

  	
  /s/ DAVID M. BARSE

  	
   

  
	
   

  	
  Name: David M. Barse

  	
   

  
	
   

  	
  Title: President

  	
   

  
	
   

  	
   

  
	
  CHESTNUT HILL ACA, LLC

  	
  Common - 237,623.8

  
	
   

  	
  Convertible Preference - 163.5

  
	
   

  	
  Series B Senior Convertible Preferred - 267,565.6983

  
	
   

  	
   

  
	
  By:

  	
  /s/ JOHN G. BERYLSON

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  INSURANCE PARTNERS, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  Common - 151,961.6

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  INSURANCE PARTNERS
  OFFSHORE 

  	
   

  
	
  (BERMUDA) L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  Common - 83,751.6

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  IP/MCLP, L.L.C.

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  Common - 1,910.6

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

4

 

 

	
  LIFE INVESTORS INSURANCE

  	
   

  
	
  COMPANY
  OF AMERICA

  	
   

  
	
   

  	
   

  
	
   

  	
  Common- 59,405.9

  
	
   

  	
  Convertible Preference - 43.9

  
	
  By:

  	
  /s/ JON L. SKAGGS

  	
  Series B Senior Convertible Preferred - 20,067.42655

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  TRANSAMERICA LIFE INSURANCE

  	
   

  
	
  COMPANY OF AMERICA

  	
   

  
	
   

  	
   

  
	
   

  	
  Common- 59,405.9

  
	
   

  	
  Convertible Preference - 43.9

  
	
  By:

  	
  /s/ JON L. SKAGGS

  	
  Series B Senior Convertible Preferred - 20,067.42655

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  FW ACA INVESTORS, L.P.

  	
   

  
	
   

  	
   

  
	
   

  	
  Convertible Preference - 87.9

  
	
  By:

  	
  /s/ KEVIN G. LEVY

  	
  Series B Senior Convertible Preferred - 17,659.3354

  
	
   

  	
  Name: Kevin G. Levy

  	
   

  
	
   

  	
  Title: Vice President of
  Group III 31, LLC, General Partner

  	
   

  
	
   

  	
   

  
	
  BANKAMERICA INVESTMENT

  	
   

  
	
  CORPORATION

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ GARY M. TSUYUKI

  	
  Convertible Preference - 87.9

  
	
   

  	
  Name: Gary M. Tsuyuki

  	
   

  
	
   

  	
  Title: Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

 

5

 

Exhibit
B

 

JOINDER AGREEMENT

 

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

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

WHEREAS, the Joining Party has become a holder of
Series B Senior Convertible Preferred Stock of
the Company;

 

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

 

WHEREAS, this Joinder Agreement is intended to
modify the Registration Rights Agreement and is delivered pursuant to and
conforms with the requirements of Section 9(m) of the Registration Rights
Agreement;

 

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

 

1.             Joinder.

The Joining Party hereby joins and becomes a party to, and the Company
hereby accepts the Joining Party as a party to, the Registration Rights
Agreement. The Company and the Joining Party each acknowledge and agree that the Joining Party is entitled to the
benefits, and is subject to the obligations, of a holder of Series B
Registrable Securities (as defined in the Registration Rights Agreement) under
the Registration Rights Agreement.

 

2.             Acknowledgment. 

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

 

3.             Schedule III.

For purposes of Schedule III of the Registration Rights Agreement, the
Joining Party’s address and number of shares of Series B Senior Convertible
Preferred Stock are:

 

B-1

 

Address:               [                                    ]

Attention:             [                                    ]

[Number of shares]

 

4.             Governing Law.

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

 

5.             Counterparts.

 

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

 

 

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

 

B-2

 

 

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

 

	
   

  	
  ACA CAPITAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
  [________________________________]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  

 

 

B-3Exhibit 4.3.2

 

AMENDMENT NO. 2

TO

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

This AMENDMENT NO. 2, dated
as of June 9, 2006 (this “Amendment No. 2”), to the AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT, dated as of September 30, 2004 (the “Registration
Rights Agreement”), is among ACA Capital Holdings, Inc., a Delaware
corporation (the “Company”), and the stockholders of the Company listed
on the signature pages hereto.

WHEREAS, pursuant to Section
9(d) of the Registration Rights Agreement, the Registration Rights Agreement
may be amended if the amendment is approved in writing by the Company and the
holders of at least a majority of the Registrable Securities;

WHEREAS, the Company and the
parties hereto wish to amend the Registration Rights Agreement to, among other
things, clarify the parties to the Registration Rights Agreement and the
holders of Registrable Securities;

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

1.             Amendment.

 

(a)           Section
2(b)(i)(y) of the Registration Rights Agreement is hereby amended by deleting
such section in its entirety and replacing it with the following:

“(y) third, the number of other Registrable Securities held by each of
the persons listed on Schedule IV hereto (the “Other Registrable
Securities”) and”

(b)           Section
9(m) of the Registration Rights Agreement is hereby amended by deleting the
heading to such section and replacing it with the following:

“Joinder
Agreement; Series B Preferred and Series C Preferred.”

(c)           The
Registration Rights Agreement is hereby amended to add a new Section 9(n) to
read as follows:

“(n)         Joinder Agreement; Common Stock.  Any person who becomes a holder of common
stock of the Company may become a party to this Agreement with the consent of
the Company by executing a Joinder Agreement in the form attached hereto as Exhibit
C and delivering such Joinder Agreement to the Company.  Upon such execution and delivery by the
holder and acceptance by the Company as indicated by its countersignature on
the Joinder Agreement, Schedule IV of the Agreement shall be amended to include
such holder.”

 

 

(d)           The
Registration Rights Agreement is hereby amended to add a new Section 9(o) to
read as follows:

“(o)         Holders of Registrable
Securities.  Only those parties listed on
Schedule I, Schedule II, Schedule III and Schedule IV have rights under this
Agreement unless a person executes a joinder agreement in a form consistent
with Exhibit B to Amendment No. 1 to this Agreement or a joinder agreement in a
form consistent with Exhibit C to Amendment No. 2 to this Agreement; provided,
that the Company may grant rights to other Persons as set forth in Section 1(g)
above.”

(e)           The
Registration Rights Agreement is hereby amended to add a new Schedule IV reflecting
holders of other Registrable Securities as set forth in Section 2(b)(i)(y) in
the form attached hereto.

(f)            The
parties hereto confirm that the notice in the form attached hereto as Exhibit D regarding
the Registration Statement representing the form of Piggyback Notice pursuant
which is mailed to holders within __ days of this Amendment No. 2 is deemed to
comply with the notice requirement of Section 2(a) and such notice will be
deemed to have been delivered when given in accordance with the provisions of
Section 9(k).

2.             Governing Law.

 

This
Amendment No. 2 shall be governed in all respects by the laws of the State of
Delaware, without reference to the conflict of laws principles thereof.

3.             Counterparts.

 

This Amendment No. 2 may be
executed in any number of counterparts, and each such counterpart hereof shall
be deemed to be an original instrument, but all such counterparts together
shall constitute but one agreement.

 

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

 

2

 

	
   

  	
  ACA CAPITAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Nora J. Dahlman

  
	
   

  	
   

  	
  Title: General Counsel
  & Secretary

  
	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Shares
  of Capital Stock

  
	
  Stockholder

  	
   

  	
  of
  the Company Owned

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BSMB/ACA LLC

  	
   

  	
   

  
	
   

  	
   

  	
  Series B Senior Convertible Preferred—1,685,663.8305

  
	
  By:

  	
  Bear Stearns Merchant Manager II, LLC,

  	
   

  	
   

  
	
   

  	
  its Manager

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  JDH Management, LLC, its Manager

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE STEPHENS GROUP, INC.

  	
   

  	
   

  
	
   

  	
   

  	
  Common—237,623.8

  
	
   

  	
   

  	
  Convertible
  Preference—273.4

  
	
  By:

  	
   

  	
   

  	
  Senior Convertible
  Preferred—25.8

  
	
  Name:

  	
   

  	
  Series B Senior
  Convertible Preferred—267,565.6819

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THIRD AVENUE TRUST ON
  BEHALF OF THE 

  	
   

  	
   

  
	
  THIRD AVENUE VALUE FUND
  SERIES

  	
   

  	
  Common—118,811.9

  
	
   

  	
   

  	
  Convertible
  Preference—258.7

  
	
   

  	
   

  	
  Senior Convertible
  Preferred—103.4

  
	
  By:

  	
   

  	
   

  	
  Series B Senior
  Convertible Preferred—133,782.8436

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THIRD AVENUE TRUST ON
  BEHALF OF THE 

  	
   

  	
  Common—118,811.9

  
	
  THIRD AVENUE VALUE FUND
  SERIES

  	
   

  	
  Convertible
  Preference—258.7

  
	
   

  	
   

  	
  Senior Convertible
  Preferred—103.4

  
	
  By:

  	
   

  	
   

  	
  Series B Senior
  Convertible Preferred—133,782.8436

  
	
  Name:
  David M. Barse

  	
   

  	
   

  
	
  Title:
  President

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CHESTNUT HILL ACA, LLC

  	
   

  	
   

  
	
   

  	
   

  	
  Common—237,623.8

  
	
   

  	
   

  	
  Convertible
  Preference—163.5

  
	
  By:

  	
   

  	
   

  	
  Senior Convertible
  Preferred—103.4

  
	
  Name:

  	
   

  	
  Series B Senior
  Convertible Preferred—267,565.6983

  
	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

 

3

 

SCHEDULE IV

 

	
  Name

  	
   

  	
  Number of Shares of Common Stock

  	
   

  	
  Number of Shares of

  Convertible Preference Stock

  	
   

  	
  Number of Shares of Senior Convertible Preferred Stock

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Chestnut
  Hill ACA, LLC

  GCC Investments, Inc.

  	
   

  	
  237,623.8

  	
   

  	
  163.45234901

  	
   

  	
   

  	
   

  
	
  60 William Street

  Suite 230

  Wellesley, MA 02481

  Attention: Demos Kouvaris/John G. Berylson

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Stephens
  Group, Inc.

  The Stephens Group, Inc.

  	
   

  	
  237,623.8

  	
   

  	
  273.39936313

  	
   

  	
  25.84523836

  	
   

  
	
  111 Center Street

  Little Rock, AR 72201

  Attention: Douglas Martin

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Insurance
  Partners, L.P.

  Capital Z Partners, Ltd.

  	
   

  	
  151,961.6

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  54 Thompson Street.

  New York, NY 10012

  Attention: Brad Cooper

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Insurance Partners Offshore
  (Bermuda) L.P.

  Capital Z Partners, Ltd.

  	
   

  	
  83,751.6

  

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  54 Thompson Street

  New York, NY 10012

  Attention: Brad Cooper

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IP/MCLP,
  L.L.C.

  Capital Z Partners, Ltd.

  	
   

  	
  1,910.6

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  54 Thompson Street

  New York, NY 10012

  Attention: Brad Cooper

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Third
  Avenue Trust

  Third Avenue Value Fund

  	
   

  	
  118,811.9

  	
   

  	
  258.66749877

  	
   

  	
  103.38095339

  	
   

  
	
  767 Third Avenue

  New York, NY 10017

  Attention: David Barse

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

 

	
  Life
  Investors Insurance Company

  of America

  Aegon

  	
   

  	
  59,405.9

  

  	
   

  	
  43.94368178

  

  	
   

  	
   

  	
   

  
	
  400 West Market Street

  Louisville, KY 40202

  Attention: John Skaggs

  With copies to: 

  Aegon 

  400 W. Market Street, 10th Floor

  Louisville, KY 40202

  Attention: Kirk Buese

  and copies to: 

  Aegon

  400 W. Market Street, 4th Floor

  Louisville, KY 40202

  Attention: Paul Houk

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Transamerica Life Insurance

  Company

  Aegon

  	
   

  	
  59,405.9

  

  	
   

  	
  43.94368178

  

  	
   

  	
   

  	
   

  
	
  400 West Market Street

  Louisville, KY 40202

  Attention: John Skaggs

  With copies to: 

  Aegon

  400 W. Market Street,

  10th Floor

  Louisville, KY 40202

  Attention: Kirk Buese

  and copies to: 

  Aegon

  400 W. Market Street, 4th Floor

  Louisville, KY 40202

  Attention: Paul Houk

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Madelyn Amundsen

  	
   

  	
  79.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  444 East 81st Street, #25

  New York, NY 10028

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

 

	
  Diane
  Aurelio

  	
   

  	
  396.0

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  374 South End Avenue,

  #30K

  New York, NY 10280

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maryann
  Aurelio

  	
   

  	
  396.0

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  345 South End Avenue,
  #5K

  New York, NY 10280

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maureen
  Brown

  	
   

  	
  79.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  195 West 2nd Street
  North

  Cowley, WY 82420-0216

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Eugenia
  Burzynski

  	
   

  	
  1,980.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2709 Partridge Court

  Cape Girardeau, MO 63701

  With copies to:

  Eugenia Burzynski

  c/o Edward and Frances

  Burzynski

  4101 Nowak Road

  Gaylord, MI 49735

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debra
  Clawar

  	
   

  	
  396.0

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Two Columbus Avenue #2B

  New York, NY 10023

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Stanley
  Clawar

  	
   

  	
  1,188.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2204 N. Stone Ridge
  Lane

  Lane Villanova, PA 19085

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fred
  Croft

  	
   

  	
  792.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  101 Washington Street

  Suite 166

  Grand Haven, MI 49417

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kathleen
  Cully

  	
   

  	
  514.9

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  220 Madison Avenue,
  Apt. 14B

  New York, NY 10016-3415

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Richard
  Dent

  	
   

  	
  158.4

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5204 Springlake Way

  Baltimore, MD 21212

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Keith
  Foley 

  	
   

  	
  990.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  345 South End Avenue
  #5K 

  New York, NY 10280

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

 

 

	
  Chris
  Fraser 

  	
   

  	
  237.6

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  813 Tealwood Circle

  Flower Mound, TX 75028

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mark
  Golombeck 

  	
   

  	
  435.6

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  408 South Parkway

  Clifton, NJ 07014-1241

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kenneth
  Hall 

  	
   

  	
  2,376.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  599 Branchville Road

  PO Box 699

  Ridgefield, CT 06877

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Elizabeth
  Hill 

  	
   

  	
  396.0

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  27 Old Pine Drive

  Manhasset, NY 11030

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tom
  Hoens 

  	
   

  	
  1,1881

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  434 Tremont Avenue

  Westfield, NJ 07090-2174

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bill
  Hogan 

  	
   

  	
  277.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  37 Franklin Street

  Cedar Grove, NJ 07009

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arthur
  Isack

  	
   

  	
  792.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4738 Massachusetts
  Avenue, NW

  Washington, DC 20016

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Byron
  Klapper 

  	
   

  	
  792.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  37 Tara Lane

  Montville, NJ 07045

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael Madison 

  	
   

  	
  396.0

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  81 Charter Circle, Apt.
  #2P

  Ossining, NY 10562

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kathleen Maloney 

  	
   

  	
  1,188.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  569 Shore Acres Drive

  Mamaroneck, NY 10543

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wayne
  Marsden 

  	
   

  	
  1,584.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9220 Fall River Lane

  Potomac, MD 20854

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Rose
  Ann Montemurro

  	
   

  	
  118.8

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1832 West 9th Street

  Brooklyn, NY 11223

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

 

	
  Tyler
  Nelson

  	
   

  	
  2,376.2

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  c/o First National Bank

  245 East First Street (POB 907)

  Powell, WY 82435

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Thomas
  Sackett 

  	
   

  	
  396.0

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  328 Summit Avenue

  Hartford, WI 53027-1746

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Steve
  Schrager

  	
   

  	
  792.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  15 Crosswicks Road

  Freehold, NJ 07728

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Robert
  Smith 

  	
   

  	
  792.1

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2281 Apache Pass Road

  Somerset, CA 95684

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BankAmerica
  Investment

  Corporation

  	
   

  	
   

  	
   

  	
  87.88736355

  	
   

  	
  -

  	
   

  
	
  600 Montgomery Street

  CA5-801-12-02

  San Francisco, CA 94111

  Attention: G M. Tsuyuki

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FW ACA
  Investors, L.P.

  	
   

  	
   

  	
   

  	
  87.88736355

  	
   

  	
  -

  	
   

  
	
  Attn: Kevin G. Levy

  201 Main Street, Suite 3100

  Forth Worth, TX 76102

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Edward
  Gilpin 

  	
   

  	
  8,788.8

  	
   

  	
  -

  	
   

  	
   

  	
   

  
	
  17 Forest Lane

  Scarsdale, NY 10583

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Maryam
  Muessel 

  	
   

  	
  54,447.5*

  	
   

  	
  -

  	
   

  	
   

  	
   

  
	
  351 Kent Hollow Road

  Kent, Connecticut 06757

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael
  Satz 

  	
   

  	
  9,608.7

  	
   

  	
  -

  	
   

  	
   

  	
   

  
	
  47 East 88th Street,
  Apt. 14B

  New York, NY 10128

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  William
  Tomljanovic 

  	
   

  	
  8,788.8

  	
   

  	
  -

  	
   

  	
   

  	
   

  
	
  6 Little Falls Way

  Scotch Plains, NJ 07076

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

*36,870 of which obtained upon June 2006 exercise of options.

 

 

 

Exhibit
C

 

JOINDER
AGREEMENT

 

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

 

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

 

                WHEREAS,
the Joining Party has become a holder of Common Stock of the Company;

 

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

 

                WHEREAS,
this Joinder Agreement is intended to modify the Registration Rights Agreement
and is delivered pursuant to and conforms with the requirements of Section 9(n)
of the Registration Rights Agreement;

 

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

 

                1.             Joinder.

 

                The
Joining Party hereby joins and becomes a party to, and the Company hereby
accepts the Joining Party as a party to, the Registration Rights Agreement.  The Company and the Joining Party each
acknowledge and agree that the Joining Party is entitled to the benefits, and
is subject to the obligations, of a holder of Other Registrable Securities
listed on Schedule IV of the Registration Rights Agreement.

 

                2.             Acknowledgement.

 

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

 

                3.             Schedule IV.

 

                For
purposes of Schedule IV of the Registration Rights Agreement, the Joining Party’s
address and number of shares of Common Stock are:

 

	
   

  	
   

  	
  Address:

  	
  [_______________________]

  

 

 

 

	
   

  	
   

  	
  Attention:

  	
  [_______________]

  
	
   

  	
   

  	
  [Number of shares]

  

 

                4.             Governing Law.

 

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

 

5.                                       Counterparts.

 

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

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

 

 

 

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

 

	
   

  	
  ACA CAPITAL HOLDINGS, INC.:

  
	
   

  	
   

  
	
   

  	
  By:____________________________

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  JOINING PARTY:

  
	
   

  	
   

  
	
   

  	
  [______________________________]

  
	
   

  	
   

  
	
   

  	
  By:____________________________

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

 

 

Exhibit D

 

ACA CAPITAL HOLDINGS, INC.

140
Broadway

New
York, New York 10005

 

 

Via Registered
Mail

 

[DATE]

 

 

To                                     
:

 

Reference is hereby made
to the Registration Rights Agreement, dated as of September 23, 1997, the
Registration Rights Agreement, dated as of February 28, 2001, and the Amended
and Restated Registration Rights Agreement, dated as of September 30, 2004, and
Amendment No. 1 to the Registration Rights Agreement, dated as of November 2,
2004 (collectively, the “Agreement”), by and among ACA Capital Holdings, Inc.
(the “Company”) and certain of its stockholders that are parties thereto.  All capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Agreement.

Pursuant to Section 2(a)
of the Agreement, we hereby notify you that the Company is proposing the registration
of shares of its Common Stock under the Securities Act (the “Registration”) for
sale to the public in an underwritten offering and has filed a preliminary
registration statement on Form S-1 with the Commission on May 10, 2006.

If you would like to
include some or all of your Registrable Securities in the Registration, you are
required under Section 2(a) of the Agreement to deliver a request for inclusion
to the Company within 20 days of the receipt of this letter as determined in
accordance with the Agreement.

We would like to remind
you that, under Section 7(a) of the Agreement, your right to be included in the
Registration is conditioned upon your agreement to sell your securities on the
basis provided in any underwriting arrangements approved by the parties
entitled to approve such arrangements. 
In addition, if you elect to participate in the Registration, you will
be required to complete and execute all questionnaires, powers of attorney,
indemnities, escrow arrangements and underwriting agreements and deliver
opinions required under the terms of such underwriting arrangements.  Notwithstanding the foregoing, if the
managing underwriters advise the Company in writing that in their opinion the
number of securities requested to be included in such registration exceeds the
number which can be sold in an orderly manner in such offering within a price
range acceptable to the Company, the Company shall include in such offering (w)
first, the number of securities which the Company proposes to sell, (x) second,
the number of securities held by holders of Series B Senior Convertible
Preferred Stock proposed to be sold, (y) third, the number of shares of
registrable securities held by persons party to the Agreement described above
and (z) fourth, the number of securities held by other persons with
registration

 

 

rights, in each
case as requested to be included which in the opinion of such underwriters can
be sold in an orderly manner within the price range acceptable to the Company,
pro rata among the specific persons in the relevant class, on the basis of the
number of securities owned by each such holder.

We also remind you that
the Company has the right to terminate or withdraw the Registration prior to
the effectiveness of the Registration, whether or not any Holder has elected to
include securities in the Registration.

As you should be aware,
pursuant to Section 3(a) of the Agreement, you have agreed that no holder of
Registrable Securities shall effect the sale, distribution or transfer of the
Company’s securities during the seven days prior to and 180-day period
beginning on the effective date of the initial public offering.  In addition as a condition to the
underwriting by the underwriters and in accordance with Section 3(a), the
Company’s stockholders who are party to the Agreement will be required to
execute, prior to the initial marketing of the offering, a lock-up agreement
with the underwriters relating to transfers, sales or distributions of the
Company’s securities following the effective date of the Company’s registration
statement.

Please feel free
to contact Nora J. Dahlman at (212) 375-2494 with any questions regarding these
matters.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  ACA
  CAPITAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  Alan S. Roseman

  
	
   

  	
  President and Chief
  Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]