Document:

Ex-10.1 Registration Rights Agreement

Exhibit 10.1

REGISTRATION RIGHTS AGREEMENT

     THIS AGREEMENT is made and entered into as of this 17th day of January, 2008, by and among
GOLDLEAF FINANCIAL SOLUTIONS, INC., a Tennessee corporation (“Goldleaf”), and the persons whose
names appear in the signature pages hereto under the caption “Shareholders.”

W I T N E S S E T H:

     WHEREAS, in connection with that certain Agreement and Plan of Merger, dated as of the date
hereof (the “Merger Agreement”), by and among Goldleaf; GLF Sub, Inc., a Georgia corporation and a
subsidiary of Goldleaf; and Alogent Corporation, a Georgia corporation (“Alogent”), Goldleaf has
issued 1,889,469 shares of its Common Stock to the Shareholders, and may issue up to 1,555,556
additional shares of its Common Stock to the Shareholders pursuant to the terms of convertible
promissory notes issued to the Shareholders under the Merger Agreement (all such shares issued in
connection with such merger are referred to herein as the “Shares”); and

     WHEREAS, the issuance of the Shares has not been registered under the Securities Act of 1933,
as amended (the “Securities Act”); and

     WHEREAS, the Shareholders may desire for the resale of some or all of the Shares to be
registered under the Securities Act at a future date; and

     WHEREAS, Goldleaf has previously granted “demand” and “piggyback” registration rights with
respect to certain shares of its Common Stock (the “Initial Registrable Shares”) pursuant to that
certain Amended and Restated Securityholders Agreement (the “Lightyear Agreement”) with Lightyear
PBI Holdings, LLC dated October 11, 2006 (together with any permitted assignees, the “Initial
Holder”); and

     WHEREAS, Goldleaf has previously granted only “piggyback” registration rights with respect to
certain other shares of its Common Stock (the “Captiva Registrable Shares”) pursuant to that
certain Registration Rights Agreement dated December 9, 2005 (the “Captiva Agreement”) with former
members of Captiva Solutions, LLC (together with any permitted assignees, the “Captiva Holders”);
and

     WHEREAS, the parties hereto desire to provide the Shareholders with certain registration
rights as set forth herein;

     NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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     1. Definitions. As used herein, unless the context otherwise requires, the following capitalized terms shall
have the meanings set forth below:

     “Common Stock” means the common stock, no par value, of Goldleaf and any securities issued in
respect thereof, or in substitution therefor, in connection with any stock split, dividend,
distribution or combination, or any reclassification, recapitalization, merger, consolidation,
exchange or other similar reorganization.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     “Material Event” means any event as a result of which any prospectus included in a
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, in the light of the circumstances under which they were made, not misleading.

     “Other Holders” means any Persons other than the Shareholders, including the Initial
Registered Holders, the Captiva Holders and other Persons, who, by virtue of agreements entered
into with the Company following the date of this Registration Rights Agreement (this “Agreement”)
in compliance with Section 13 below, are entitled to include their securities in certain
registrations hereunder.

     “Other Securities” means the Initial Registrable Shares and the Captiva Registrable Shares and
the securities of Other Holders which, by virtue of agreements entered into between Other Holders
and the Company following the date of this Agreement in compliance with Section 13 below, are
entitled to be included in certain registrations hereunder.

     “Person” means an individual, corporation, partnership, joint venture, limited liability
company, association, trust, unincorporated organization or other entity.

     “Registrable Securities” means (i) the Shares; and (ii) any other securities issued or
issuable in respect of or in exchange for any of the Shares by way of a stock dividend or other
distribution on the Shares, any stock split or in connection with a combination of shares,
recapitalization, reclassification, merger, consolidation, reclassification or exchange.

     “Registration Expenses” means all expenses incident to Goldleaf’s performance of or compliance
with this Agreement, including, without limitation, all SEC filing fees and National Association of
Securities Dealers, Inc. or stock exchange listing fees, all fees and expenses of complying with
state securities or blue sky laws, all printing expenses, the fees and disbursements of counsel for
Goldleaf and of its independent public accountants, including the expenses of any special audits or
“cold comfort” letters required by or incident to such performance and compliance; provided,
however, that Registration Expenses do not include (i) the fees and costs of counsel and advisors
to the selling Shareholders, (ii) underwriting discounts and commissions, and (iii) transfer taxes,
if any, relating to sale of shares by the Shareholders.

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     “SEC” means the U.S. Securities and Exchange Commission or any other successor federal agency
that has the primary responsibility for administering the Securities Act or the Exchange Act and
other federal securities laws.

     “Shareholders” means the persons whose names appear in the signature pages hereto under the
caption “Shareholders,” as well as any future holder of Registrable Securities that have not been
registered under the Securities Act.

     2. “Piggyback” Registration Under the Securities Act

          2.1 “Piggyback Rights”.

          (a) Right to Include Registrable Securities. If Goldleaf, at any time after the date
hereof while Registrable Securities are outstanding, proposes to register the sale or resale of any
shares of its Common Stock under the Securities Act (other than by a registration on Form S-4, a
registration of the issuance of stock options and the exercise thereof on Form S-8 or any such
registration on successor forms), then it shall give prior written notice of its intention to file
a registration statement with respect to such sale or resale to all holders of Registrable
Securities at the applicable address of record to each such holder, and the notice shall inform
such holders of their rights under this Section 2.1. Upon the written request of any such holder,
made within fifteen (15) days after receipt of any such notice by Goldleaf, to register the resale
of any of such holder’s Registrable Securities (which request shall specify the Registrable
Securities intended to be disposed of by such holder), Goldleaf will, subject to the limits
contained in this Agreement, cause such Registrable Securities to be included among the securities
to be covered by the registration statement proposed to be filed by Goldleaf, all to the extent
requisite to permit the sale or other disposition of such Registrable Securities by the holder.
Anything herein to the contrary notwithstanding, if at any time after giving written notice of its
intention to register the sale or resale of any securities and prior to the effective date of the
registration statement filed in connection with such registration, Goldleaf shall in good faith
determine for any reason not to proceed with the proposed registration of the sale or resale of any
of its securities or to delay in its entirety its proposed registration, then Goldleaf may, at its
election, give written notice of such determination to each holder of Registrable Securities and,
thereupon, (i) in the case of a determination to abandon the proposed registration in its entirety,
shall be relieved of its obligation under this Section 2.1 to register any Registrable Securities
in connection with such registration (but not from its obligation to pay the Registration Expenses
in connection therewith), and (ii) in the case of a determination to delay registration, shall also
be permitted to delay the registration of any Registrable Securities, for the same period as the
delay in registering such other securities. Any holder of Registrable Securities may withdraw its
request for inclusion, in whole or in part, at any time at least forty-eight (48) hours prior to
the effective time of the registration statement for such offering. Goldleaf will pay all
Registration Expenses in connection with each registration of Registrable Securities requested
pursuant to this Section 2.1; provided that such fees or expenses that are properly attributable to
the Shareholders for which Goldleaf is not be liable pursuant to this Agreement shall be borne by
all holders pro rata on the basis of the amount of securities so registered; provided, however,
that if any such cost or
expense is properly attributable solely to one selling Shareholder and does not constitute a

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normal cost or expense of such a registration, such cost or expense shall be allocated to that
selling Shareholder.

          (b) Priority in Cutback Registrations. If registration rights arise pursuant to this
Section 2.1 in connection with a firmly underwritten public offering and the managing underwriter
advises Goldleaf in writing (a copy of which Goldleaf agrees to promptly provide to the
Shareholders) that, in its opinion, the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without a reduction in the
anticipated number of, or in the selling price anticipated to be received for, the securities to be
sold in such public offering, then Goldleaf will include therein: (i) if the underwritten
registration is being initiated by the Initial Holder under the Lightyear Agreement or pursuant to
the contractual right of any Other Holder (each, “Demand Rights”) to demand registration (any such
holder being a “Demanding Holder”), (x) first, the full amount of securities of the Demanding
Holder that such Demanding Holder has demanded be registered for resale pursuant to such Demanding
Holder’s Demand Rights and, that, in the opinion of the managing underwriter, can be sold without
adversely affecting the success of the offering, and (y) second, the aggregate amount of securities
required to be included therein for the account of Goldleaf pursuant to Goldleaf’s obligations to
the Initial Holder pursuant to Section 4.2 of the Lightyear Agreement (the “Top Up Amount”), and
(z) (with the securities set forth in subsections (A), (B) and (C) immediately below being
considered together) of (A) securities to be included therein for the account of Goldleaf at the
option of Goldleaf; (B) any Other Securities that the holders thereof propose to include in such
registration; plus (C) the Registrable Securities that the holders thereof propose to include in
such registration, that, in the opinion of the managing underwriter, can be sold without adversely
affecting the offering (provided, however, that in the event there is an
underwriter cutback in the number of shares to be included in such a registration, the securities
to be included for the account of Goldleaf, pursuant to Section 2.1(i)(z)(A) above, shall first be
cutback to the amount equal to the greater of (x) the positive result, if any, of the difference
between the amount proposed to be registered in Section 2.1(i)(z)(B) minus the Top Up Amount (with
a negative result being equal to zero) or (y) the amount proposed to be registered in Section
2.1(i)(z)(C), minus the Top Up Amount (with a negative result being equal to zero) and then the
rights of the holders referenced in Sections 2.1(b)(i)(z)(A), 2.1(b)(i)(z)(B), and 2.1(b)(i)(z)(C)
shall all be pari passu with one another); and (ii) if the underwritten offering is being conducted
as a primary offering by Goldleaf of shares of Common Stock to the public for cash for its own
account, then (x) first, the full amount of Common Stock that Goldleaf proposes to sell for its own
account and that, in the opinion of the managing underwriter, can be sold without affecting the
success of the offering, and (y) second, the aggregate amount (with the securities set forth in
subsections (A) and (B) immediately below being considered together) of (A) the Other Securities
that the holders thereof propose to include in such registration, plus (B) the Registrable
Securities which the holders thereof propose to include in such registration, that, in the opinion
of the managing underwriter, can be sold without adversely affecting the offering, or (iii) if the
underwritten registration is being conducted other than pursuant to the exercise of Demand Rights
by a Demanding Holder and was not initiated by Goldleaf with the purpose of selling Common Stock

for its own account (x) the full amount of Registrable Securities and Other Securities that, in
the opinion of the managing underwriter, can be sold without affecting the
success of the offering, and (y) second, securities that were to be included in such
registration by

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the selling holder, that, in the opinion of the managing underwriter, can be sold
without adversely affecting the success of the offering. If two or more groups have registration
rights that are pari passu (it being understood and agreed that the rights of the holders
referenced in Section 2.1(b)(ii)(y)(A) and 2.1(b)(ii)(y)(B) are pari passu with one another, and
that the rights of the holders referenced in Section 2.1(b)(iii)(x) are pari passu with one
another), then to the extent that the number of securities to be included in any such firmly
underwritten public offering must, in the written opinion of the managing underwriter (delivered to
Goldleaf and the Shareholders as contemplated above) be reduced as aforesaid, the aggregate number
of shares that, in the opinion of the managing underwriter, can be sold in such offering will be
allocated pro rata between such groups in proportion to the number of securities requested to be
registered in such offering by each such group. Unless a group has agreed to a different internal
allocation method for the group, to the extent that the number of securities held by any particular
group to be included in any such offering must, in the opinion of the managing underwriter, be so
reduced, the aggregate number of shares held by such group that, in the opinion of the managing
underwriter, can be sold in such offering, will be allocated pro rata among the members of such
group in proportion to the number of securities requested to be registered in such offering by each
member of such group (or, in the case of such a group other than the Shareholders, in accordance
with the priorities then existing among Goldleaf and such holders or, if none, as Goldleaf may
otherwise determine). It is understood and agreed that no cutback shall be applicable to any
offering that is not a firmly underwritten public offering.

          (c) Delay of Registration. No holder of Registrable Securities shall have any right
to take any action to restrain, enjoin or otherwise delay any registration as the result of any
controversy that might arise with respect to the interpretation or implementation of this
Agreement.

          2.2 Registration Procedures. If and whenever Goldleaf is required to use its
reasonable best efforts to effect the registration of any Registrable Securities under the
Securities Act as provided in Section 2.1, Goldleaf will promptly:

          (a) prepare and file with the SEC the appropriate registration statement to effect such
registration and use its reasonable best efforts to cause such registration statement to become and
remain effective for the period of the disposition contemplated thereby; provided, however, that
Goldleaf may discontinue any registration of its securities which are not Registrable Securities
(and, under the circumstances specified in Section 2.1(a), its securities which are Registrable
Securities) at any time prior to the effective date of the registration statement relating thereto;

          (b) prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to comply with the
provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such registration statement, including such amendments and supplements as may be
necessary to reflect the intended method of disposition;

          (c) use its reasonable best efforts to cause such registration statement to be declared
effective by the SEC under the Securities Act as soon as practicable to permit the

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disposition of
the Registrable Securities by the holders on The Nasdaq Global Market or such other exchange or
market upon which Goldleaf’s shares are traded and make any necessary filings or registrations with
the various states of the United States in order to permit the disposition of the Registrable
Securities therein;

          (d) make available for inspection by any Shareholder covered by any registration statement
filed pursuant to this Agreement all financial and other records, pertinent corporate documents and
properties of Goldleaf (collectively, the “Records”) as shall be reasonably necessary to enable
them to exercise their due diligence responsibility, and cause Goldleaf’s officers, directors and
employees to supply all information reasonably requested by any Shareholder in connection with such
registration statement. Records which Goldleaf determines in good faith to be confidential and
which it notifies the Shareholders are confidential shall not be disclosed by the Shareholders
unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or
omission in the registration statement, (ii) the release of such Records is ordered pursuant to a
subpoena or other order from a court of competent jurisdiction or (iii) the information in such
Records has been made generally available to the public. Each Shareholder agrees by acquisition of
its Registrable Securities that it will, upon learning that disclosure of such Records is sought in
a court of competent jurisdiction, give written notice to Goldleaf and allow Goldleaf, at
Goldleaf’s expense, to undertake appropriate action to prevent disclosure of the Records deemed
confidential;

          (e) provide a legal opinion of Goldleaf’s outside counsel, dated the effective date of any
registration statement filed pursuant to this Agreement (and, if such registration includes an
underwritten public offering, dated the date of the closing under the underwriting agreement), with
respect to the registration statement, each amendment and supplement thereto, the prospectus
included therein (including the preliminary prospectus) and such other documents relating thereto
in customary form and covering such matters of the type customarily covered by legal opinions of
such nature (in a form reasonably acceptable to the holders of a majority of the Registrable
Securities included in the registration);

          (f) make every reasonable effort to prevent the issuance of any stop order suspending the
effectiveness of any registration statement filed pursuant to this Agreement or of any order
preventing or suspending the use of any preliminary prospectus and, if any such order is issued, to
obtain the withdrawal of any such order at the earliest possible moment;

          (g) if requested by any holder of Registrable Securities covered by any registration statement
filed pursuant to this Agreement, promptly incorporate in a prospectus supplement or post-effective
amendment such information as such holder reasonably requests to be included therein, including,
without limitation, with respect to the number of Registrable Securities being sold by such holder,
the purchase price being paid therefor and with respect to any other terms of any underwritten
offering of the Registrable Securities to be sold in such offering; and make all required filings
of such prospectus supplement or post-effective amendment as soon as practicable after being
notified of the matters incorporated in such prospectus supplement or post-effective amendment;

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          (h) provide and cause to be maintained a transfer agent and registrar for all Registrable
Securities covered by such registration statement from and after the effective date of such
registration statement; and

          (i) if Goldleaf shall maintain the listing of any shares of Common Stock on The Nasdaq Global
Market or any other securities exchange or national market system, use its reasonable best efforts
to list all Registrable Securities covered by such registration statement on any securities
exchange or national market system on which any of the Registrable Securities are then listed.

     3. Restrictive Legend. Each certificate representing Registrable Securities issued, and,
except as otherwise provided in Section 4, each certificate issued upon exchange or transfer of any
Registrable Securities, shall be stamped or otherwise imprinted with a legend substantially in the
following form:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “FEDERAL ACT”), OR ANY STATE SECURITIES LAW,
AND HAVE BEEN ACQUIRED BY THE REGISTERED OWNER HEREOF FOR PURPOSES OF INVESTMENT AND
HAVE BEEN ISSUED OR SOLD IN RELIANCE ON STATUTORY EXEMPTIONS CONTAINED IN THE
FEDERAL ACT OR AVAILABLE UNDER APPLICABLE STATE SECURITIES LAWS. THE SHARES MAY NOT
BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED OF EXCEPT IN A TRANSACTION WHICH IS
EXEMPT UNDER THE FEDERAL ACT AND ANY OTHER APPLICABLE STATE SECURITIES LAWS OR
PURSUANT TO AN EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS; IN THE CASE OF
RELIANCE UPON AN EXEMPTION, GOLDLEAF MUST HAVE RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO IT THAT SUCH TRANSACTION IS EXEMPT AND DOES NOT REQUIRE SUCH
REGISTRATION OF THE SHARES.”

     4. Notice of Proposed Transfer

          (a) Prior to any proposed transfer or other disposition of any Registrable Security (other
than under circumstances described in Section 2), the holder thereof shall give written notice to
Goldleaf of its intention to do so. Each such notice shall describe the manner of the proposed
transfer or disposition and, if requested by Goldleaf and except as provided below, shall be
accompanied by an opinion of counsel reasonably satisfactory to Goldleaf to the effect that the
proposed transaction may be effected without registration under the Securities Act and applicable
state securities laws, whereupon the holder shall be entitled to transfer or otherwise dispose of
such Registrable Security in accordance with the terms of its notice. Each certificate for
Registrable Securities transferred as provided above shall bear the legend set forth in Section 3,
except that such certificate shall not bear such a legend (and the restrictions on transfer set
forth in this Agreement shall not apply) if (a) such transfer is in accordance with the
provisions of Rule 144 under the Securities Act (or any other rule under the Securities Act

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permitting public sale without registration thereunder) or (b) the opinion of counsel referred to
above is to the further effect that the transferee and any subsequent transferee (other than an
affiliate of Goldleaf) would be entitled to transfer such securities in a public sale without
registration under the Securities Act or any applicable state securities law. Notwithstanding
anything in this Agreement to the contrary, Goldleaf will not require opinions of counsel for
transactions made pursuant to Rule 144 unless, after consultation with the holder that intends to
engage in such transaction, Goldleaf has a reasonable basis for believing that such disposition may
not be made pursuant to Rule 144.

          (b) The foregoing restrictions on transfer and disposition of Registrable Securities shall
terminate as to any particular shares of Registrable Securities when such shares shall have been
effectively registered under the Securities Act and sold or otherwise disposed by the seller
thereof in accordance with the method of disposition set forth in the registration statement
covering such shares. Whenever a holder of Registrable Securities demonstrates to Goldleaf (and
its counsel) that the provisions of Rule 144 of the Securities Act are available to such holder
without condition (e.g., volume limitations, current public information requirements, manner of
sale restrictions and Form 144 filing obligations) with respect to some or all of its Registrable
Securities, such holder shall be entitled to receive from Goldleaf, without expense, a new
certificate representing such shares of Registrable Securities not bearing the legend set forth in
Section 3.

     5. Indemnification

          5.1 Indemnification by Goldleaf. In the event of any registration of any Registrable
Securities under the Securities Act, Goldleaf will indemnify and hold harmless each seller of
Registrable Securities covered by such registration statement, each of their respective officers,
directors and partners and each other Person, if any, who controls such seller, within the meaning
of Section 15 of the Securities Act, from and against any losses, claims, damages or liabilities,
joint or several, to which such seller, director, officer, partner or controlling person 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 any untrue statement or
alleged untrue statement of any material fact contained in any registration statement under which
such Registered Securities were registered under the Securities Act, any preliminary prospectus,
final prospectus or summary prospectus contained therein, or any amendment or supplement thereto,
or any 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 arise out of or are based upon any
violation by Goldleaf of any rule or regulation or any action or inaction required by Goldleaf in
connection with such registration. Goldleaf will reimburse each such seller, director, officer,
partner and controlling person for any legal or any other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that Goldleaf shall not be liable in any such case if and to the extent that any
such loss, claim, damage or liability (or action in respect thereof) arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission made or omitted in
such
registration statement, any such preliminary prospectus, final prospectus, summary prospectus,
amendment or supplement in reliance upon and in conformity with written information furnished to
Goldleaf by or on behalf of the

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Shareholders, specifically for use in such registration statement,
prospectus, amendment or supplement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Shareholder and shall survive the
transfer of such securities by such seller.

          5.2 Indemnification by the Sellers. Each holder of Registrable Securities that are
registered by Goldleaf pursuant to Article 2 will, jointly and severally, indemnify and hold
harmless Goldleaf, each director of Goldleaf, each officer of Goldleaf and each other Person, if
any, who controls Goldleaf within the meaning of the Securities Act, from and against any losses,
claims, damages or liabilities, joint or several, to which Goldleaf, or any such director, officer
or controlling Person 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 any untrue statement or alleged untrue statement of a material fact contained in any
registration statement under which such Registered Securities were registered under the Securities
Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any
amendment or supplement thereto, or omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading, if such
statement or alleged statement or omission or alleged omission was made in reliance upon and in
conformity with information furnished in writing to Goldleaf by such seller of Registrable
Securities in connection with such registration statement, prospectus, amendment or supplement
specifically for use therein. Such indemnity shall remain in full force and effect, regardless of
any investigation made by or on behalf of Goldleaf or any such director, officer or controlling
Person and shall survive the transfer of such securities by such holder. In no event shall any
indemnity by a holder of Registrable Securities exceed the aggregate price to the public (minus
underwriter commissions and discounts) of the Registrable Securities of such holder included in
such registration.

          5.3 Notices of Claims, etc. Promptly after receipt by an indemnified party of notice
of the commencement of any action or proceeding involving a claim referred to in this Article 5,
such indemnified party will, if a claim in respect thereof is to be made against an indemnifying
party, promptly give written notice to the latter of the commencement of such action, provided that
the failure of any indemnified party to give notice as provided herein shall not relieve the
indemnifying party of its obligations under this Article 5, except and to the extent that the
indemnifying party is prejudiced by such failure to give notice. 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 to assume the
defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal
or other expenses subsequently incurred by the latter in connection with the defense thereof other
than
reasonable out-of-pocket costs of investigation and of liaison with counsel so selected,
provided, however, that, if the defendants in any such action include both the indemnified party
and the indemnifying party and the counsel for the indemnified party reasonably concludes that
there may be a conflict of interest between the indemnifying party and the indemnified party in the
conduct of the defense of such action and has advised the indemnified party in writing, that such a
conflict of interest exists, the indemnified party shall have the right to select separate

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counsel
and to assume such legal defenses and otherwise to participate in the defense of such action, with
the expenses and fees of such separate counsel and other expenses related to such participation to
be reimbursed by the indemnifying party as incurred. No indemnifying party will settle any action
or proceeding or consent to the entry of any judgment without the prior written consent of the
indemnified party. No indemnifying party shall be liable for any settlement entered into without
its prior written consent.

          5.4 Contribution. In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any holder of Registrable
Securities exercising rights under this Agreement, or any controlling person of any such holder,
makes a claim for indemnification pursuant to this Article 5 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 Article 5 provides for indemnification in
such case, or (ii) contribution under the Securities Act may be required on the part of any such
selling holder or any such controlling person in circumstances for which indemnification is
provided under this Article 5; then, and in each such case, Goldleaf and such holder will
contribute to the aggregate losses, claims, damages or liabilities to which they may be subject
(after contribution from others) (A) in such proportion so that such holder is responsible for the
portion represented by the percentage that the public offering price of its Registrable Securities
offered by the registration statement bears to the public offering price of all securities offered
by such registration statement, and Goldleaf is responsible for the remaining portion or (B) if the
allocation provided by clause (A) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative proceeds but also the relative fault of each of the
contributing parties, on the one hand, and the party receiving contribution on the other hand in
connection with statements or omissions that resulted in such losses, claims, damages, expenses or
liabilities, as well as any other relevant equitable considerations; provided, however, that, in
any such case, (X) no such holder will be required to contribute any amount in excess of the public
offering price of all such Registrable Securities offered by it pursuant to such registration
statement; and (Y) no person or entity guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity
who was not guilty of such fraudulent misrepresentation. Relative fault shall be determined by
reference to, among things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by
Goldleaf, or by the holder, and the relative intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The amount paid or payable by
an indemnified party as a result of the losses, claims, damages, expenses or liabilities (or
actions in respect thereof) referred to above in this Section 5.4 shall be deemed to include any
legal or other expenses reasonably incurred by a party entitled to contribution in connection
with investigating or defending such action or claim. Any party entitled to contribution will
promptly, after receipt of notice of commencement of any action or proceeding against such party in
respect of which a claim for contribution may be made against another party or parties under this
Section 5.4, notify such party or parties from whom contribution may be sought, but the omission so
to notify such party or parties shall not relieve the party or parties from whom contribution may
be sought from any obligation it or they may have hereunder or otherwise than

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under this
Section 5.4, to the extent that such party or parties were not adversely affected by such omission.
The contribution agreement set forth above shall be in addition to any liabilities which any party
may have at common law or otherwise. The contribution provided for in this Section 5.4 shall
survive the termination of this Agreement and shall remain in full force and effect regardless of
any investigation made by or on behalf of any indemnified party. Notwithstanding the above, prior
to the time of any final judicial determination that such indemnification may not be enforced
pursuant to the first sentence of this paragraph, Goldleaf will be required to indemnify promptly
each holder of Registrable Securities for any losses, liabilities, expenses and costs such holder
incurs in accordance with the terms of this Agreement.

     6. Holdback Agreement. Subject to Section 8 below, unless the underwriters in a given
public offering (or, in the case of a non-underwritten public offering, Goldleaf) otherwise agree,
and to the extent not inconsistent with applicable law, each Shareholder, by acquisition of its
Shares, agrees not to effect any public sale or distribution (including a sale under Rule 144 or
Regulation S (or any similar provisions then in effect)) of such securities, or any securities
convertible into or exchangeable or exercisable for such securities during the 180-day period after
the effective date of any registration statement filed following the date of this Agreement under
the Securities Act by Goldleaf in connection with a firmly underwritten public offering of
Goldleaf’s Common Stock for cash, except pursuant to such registration statement, whether or not
such holder participates in such registration; provided, however, that: (i) such restrictions shall
not apply unless all officers and directors of Goldleaf are identically contractually restricted;
and (ii) such restrictions shall not apply unless the Initial Holder and Captiva and any Other
Holder are identically contractually restricted; and (iii) the restriction shall only last for a
period, if any, that is equal to the lesser of (x) the least burdensome of the restrictive period
agreed to by any officer or director of Goldleaf or by the Initial Holder, Captiva or any Other
Holder, or (y) 180 days; it being understood and agreed that if any waiver, consent or other early
termination of such holdback period is allowed for any officer or director of Goldleaf, or for the
Initial Holder or Captiva, or for any Other Holder, then Goldleaf shall provide prompt written
notice of such fact to the Shareholders and shall cause such waiver, consent or early termination
to apply equally to the Shareholders.

     7. Cessation of Sales. Each Shareholder agrees that, upon receipt of any notice from
Goldleaf of the happening of a Material Event, such Shareholder will forthwith discontinue
disposition of Registrable Securities pursuant to the then current prospectus until (i) such
Shareholder is advised in writing by Goldleaf that a new registration statement covering the offer
of Registrable Securities has
become effective under the Securities Act, (ii) such Shareholder receives copies of any required
supplemented or amended prospectus, or (iii) such Shareholder is advised in writing by Goldleaf
that the use of the prospectus may be resumed; provided, however, that Goldleaf shall use its
reasonable best efforts to cure any such misstatement, omission or event that is applicable to the
registration statement as soon as reasonably practicable after delivery of such notice of the
happening of a Material Event. Such periods of discontinued use of the registration statement
shall not exceed 90 days in any 365-day period. If so directed by Goldleaf, on the happening of a
Material Event, each Shareholder will deliver to Goldleaf (at Goldleaf’s expense) all copies, other
than permanent file copies then in such Shareholder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice.

11

 

     8. Termination; Rule 144 Sales. This Agreement shall terminate in all respects as to a
Shareholder (except that if there has theretofore been a registration of Registrable Securities
under this Agreement, then Section 5 of this Agreement shall survive and in all cases the
provisions of Section 4 regarding the removal of the legend from the certificates representing the
Registrable Securities shall survive) and such Shareholder’s Shares shall no longer be considered
Registrable Securities hereunder on the date on which such Shareholder may (or would, upon issuance
of such Registrable Securities, be able to) resell immediately all of such Shareholder’s
Registrable Securities pursuant to Rule 144 without condition (e.g., volume limitations, current
public information requirements, manner of sale restrictions and Form 144 filing obligations).

     9. Obligations of Sellers. In connection with each registration hereunder, and as a
condition to Goldleaf’s obligations hereunder to any selling Shareholder, each seller of
Registrable Securities will furnish to Goldleaf in writing such information with respect to such
seller and its proposed disposition as shall be reasonably necessary in order to insure compliance
with the Securities Act and with all other federal and applicable state securities laws. Without
limiting the generality of the foregoing, in connection with each registration covering an
underwritten public offering, each seller of Registrable Securities agrees to enter into the
underwriting agreement between Goldleaf and such underwriters and to complete and execute all
questionnaires, powers of attorney, and other documents or instruments reasonably requested under
the terms of the underwriting agreement.

     10. Existing Registration Rights. Except for the registration rights and existing as of
the date hereof under the Captiva Agreement and the Lighyear Agreement, Goldleaf represents and
warrants that there are no outstanding registration rights with respect to its securities. True,
correct and complete copies of the Captiva Agreement and the Lightyear Agreement are filed as Annex
B to Goldleaf’s Schedule 14A filed with the SEC on November 17, 2005 and Exhibit 10.2 to Goldleaf’s
Form 8-K filed with the SEC on October 12, 2006, respectively, and neither such agreement has been
amended or modified and no term or condition set forth therein has been waived.

     11. Reports. With a view to making available to Shareholders the benefits of certain rules
and regulations of the SEC that may permit the sale of securities to the public without
registration, and certain other benefits, Goldleaf agrees that, until the sooner to occur of
(i) the first anniversary of the date hereof (unless a Shareholder is an Affiliate, in which event
the obligations to such Shareholder under this Section 11 shall continue until (x) ninety (90) days
following the date upon which such Shareholder ceased being an Affiliate or (y) such rights are
terminated under the following clause (ii)) or (ii) with respect to any Shareholder, the date that
such Shareholder no longer holds any Registrable Securities, it will:

          (a) at all times make and keep current public information available, as those terms are
understood and defined in SEC Rule 144 or any similar or analogous rule promulgated under the
Securities Act;

          (b) file with the SEC and Nasdaq, in a timely manner, all reports and other documents required
of the Parent under the Securities Act, Exchange Act and Nasdaq rules

12

 

(including all filings and
other submissions of the kind contemplated or described in clause (a) above);

          (c) promptly furnish to any Shareholder upon request a written statement by Goldleaf that it
is in compliance with the reporting requirements of Sections 11(a) and 11(b) above; and

          (d) maintain the listing of the Common Stock on one of the Nasdaq Global Market, Nasdaq
Capital Market or Nasdaq Global Select Market (or their successors).

     Goldleaf represents and warrants that it has filed all required reports under section 13 or
15(d) of the Exchange Act, as applicable, during the 12 months preceding the date of this
Agreement, other than Form 8-K reports.

     The term “Affiliate” shall have an identical definition as is applied to such term from time
to time under SEC Rule 144.

     12. Amendments and Waivers. This Agreement may be amended and Goldleaf may take any action
herein prohibited or omit to perform any act required herein to be performed by it, if Goldleaf has
obtained the written consent of the holders of greater than fifty percent (50%) of the Registrable
Securities (by number of shares) outstanding at the time. Each holder of any Registrable
Securities at the time or thereafter outstanding shall be bound by any consent authorized by this
Section 11, whether or not such Registrable Securities shall have been marked to indicate such
consent.

     13. Limitation on Future Registration Rights. From and after the date of this Agreement,
Goldleaf will not, without the prior written consent of the holders of greater than fifty percent
(50%) of the Registrable Securities (by number of
shares), enter into, amend or modify any agrement with any holder or prospective holder of
securities of Goldleaf that would: (a) prohibit or otherwise restrict or impair the rights of the
Shareholders under this Agreement or (b) allow such holder or prospective holder to include such
securities on a “demand or “piggyback” basis in any registration in preference to the Registrable
Securities, provided that such holder or prospective holder may include such securities in any such
registration only on a pro-rata basis with the Registrable Securities that are included therein
(based on the numbers of Registrable Securities and securities of other holders requested to be
included in such registration). For purposes of subclause (a) above, the granting of registration
rights to another holder(s) or prospective holder(s) of any securities of Goldleaf shall not be
deemed a restriction or impairment of the rights of the Shareholders under this Agreement, provided
that such holder(s) or prospective holder(s) “cutback” rights are on a pari passu basis with the
Shareholders.

     14. Notices. Except as otherwise provided in this Agreement, all notices and other
communications hereunder shall be in writing and delivered personally, sent by pre-paid, first
class, certified or registered mail, return receipt requested or by an express courier service to
the intended recipient thereof at its address set forth below. Any such notice shall be deemed to
have been duly given immediately upon delivery in person, or five days after mailing (or the second

13

 

day after delivery to an express courier service), and in proving the same it shall be sufficient
to show that the envelope containing the notice was duly addressed, stamped and posted or that the
envelope was delivered to an express courier service, as the case may be. The addresses of the
parties for the purposes of this Agreement are as follows:

	 	 	 
	If to Goldleaf:

	 	Goldleaf Financial Solutions, Inc.
	 

	 	9020 Overlook Boulevard
	 

	 	Brentwood, TN 37027
	 

	 	Attention: Chief Executive Officer
	 

	 	Facsimile: (615) 565-3261
	 
	 	 
	 

	 	with a copy to:
	 
	 	 
	 

	 	M. David Cox
	 

	 	Harwell Howard Hyne Gabbert & Manner, P.C.
	 

	 	315 Deaderick Street, Suite 1800
	 

	 	Nashville, TN 37238
	 

	 	Facsimile: (615) 251-1056

	 	 	 
	If to holders of the
	 	 
	Registrable Securities:

	 	At their respective addresses of 

record as maintained on the stock 

records of Goldleaf

     15. Headings. The headings of the several articles and sections of this Agreement are inserted for convenience
of reference only. They do not constitute a part of this Agreement and shall not limit or
otherwise affect the meaning or interpretation of any provision hereof.

     16. Governing Law. This Agreement has been executed and delivered in the State of Georgia
and shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of the State of Georgia.

     17. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed an original, and all such counterparts shall together constitute one and the
same instrument.

     18. Severability. Whenever possible, each provision of this Agreement shall be interpreted
in such a manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable under any applicable law or rule in any
jurisdiction, such provision will be ineffective only to the extent of such invalidity, illegality
or unenforceability in such jurisdiction, without invalidating the remainder of this Agreement in
such jurisdiction or any other provision hereof in any other jurisdiction.

     19. Entire Agreement. This Agreement supersedes all prior discussions and agreements
between the parties with respect to the subject matter hereof, and this Agreement contains the sole
and entire agreement of the parties with respect to the matters covered hereby.

14

 

This Agreement
shall not be altered or amended except by an instrument in writing signed by or on behalf of the
party entitled to the benefit of the provision against whom enforcement is sought.

     20. Waiver. Any term or condition of this Agreement may be waived at any time by the party
which is entitled to the benefit thereof, but only if such waiver is evidenced by a writing signed
by such party. No failure on the part of any party hereto to exercise, and no delay in exercising
any right, power or remedy created hereunder, shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, power or remedy by any such party preclude any other or
further exercise thereof or the exercise of any other right, power or remedy. No waiver by any
party hereto of any breach of or default in any term or condition of this Agreement shall
constitute a waiver of or assent to any succeeding breach of or default in the same or any other
term or condition hereof.

     21. Successors and Assigns. This Agreement shall be binding upon Goldleaf, the Shareholders and their respective successors
and assigns (including lenders in foreclosure). Any Shareholder may, without the consent of
Goldleaf or any other Person being required, expressly assign all or a portion of its rights
hereunder to a transferee of Registrable Securities other than a transferee in a public offering
(and such rights shall be further transferrable by such transferee); provided,
however, that as a condition to such transfer the transferee shall (i) agree in writing to
be bound by the terms and conditions of this Agreement, and (ii) provide to Goldleaf (for further
delivery to the other Shareholders that are then parties to this Agreement) complete information
for notices under this Agreement.

     22. Number and Gender. Where the context requires, the use of the singular form herein
shall include the plural, the use of the plural shall include the singular, and the use of any
gender shall include any and all genders.

[Signatures Appear on Following Page]

15

 

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

	 	 	 	 	 
	 	GOLDLEAF FINANCIAL SOLUTIONS, INC.:

 	 
	 	By:  	/s/ G. Lynn Boggs
 	 
	 	 	Name:  	G. Lynn Boggs 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	SHAREHOLDERS:

 	 
	 	/s/ Brian Geisel
 	 
	 	Brian Geisel 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Amar Verma
 	 
	 	Amar Verma 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Kavil S. Subramanian
 	 
	 	Kavil S. Subramanian 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Michael Hackney
 	 
	 	Michael Hackney 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Tom Madison
 	 
	 	Tom Madison 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Paul Citarella
 	 
	 	Paul Citarella 	 
	 	 	 
	 
	 	 	 
	 	                                              /s/ Ron Baldwin
 	 
	 	Ron Baldwin 	 
	 	 	 
	 

16

 

	 	 	 	 	 	 	 
	 	 	STF Partners II, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Southeastern Capital Company II, LLC, its	 	 
	 

	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Walter M. Dunkel	 	 
	 

	 	Name:
	 	 

Walter M. Dunkel
	 	 
	 

	 	Title:
	 	Managing Partner	 	 
	 
	 	 	 	 	 	 
	 	 	STF Partners QP II, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Southeastern Capital Company II, LLC, its	 	 
	 

	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Walter M. Dunkel	 	 
	 

	 	Name:
	 	 

Walter M. Dunkel
	 	 
	 

	 	Title:
	 	Managing Partner	 	 
	 
	 	 	 	 	 	 
	 	 	STF Institutional Partners, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Southeastern Capital Company II, LLC, its	 	 
	 

	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Walter M. Dunkel	 	 
	 

	 	Name:
	 	 

Walter M. Dunkel
	 	 
	 

	 	Title:
	 	Managing Partner	 	 

17Ex-10.2 Form of Convertible Note from the Company

Exhibit 10.2

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE PROVISIONS OF ANY APPLICABLE STATE SECURITIES
LAWS. THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

CONVERTIBLE SENIOR SUBORDINATED PROMISSORY NOTE

			
	 	 	 
	$[                    ]
	 	Promissory Note No.                     
	 
	 	January 17, 2008

     FOR VALUE RECEIVED, Goldleaf Financial Solutions, Inc., a Tennessee corporation (the
“Company”), hereby promises to pay to                                                             
(herein, together with any assignee or holder hereof,
called the “Holder”), the principal sum of                                                                                                     
DOLLARS ($[                    ]), together
with interest as provided for herein and all other amounts, fees and expenses which may accrue
under applicable law from the date hereof until the date of payment in full or conversion as
provided herein, in lawful currency of the United States of America.

     This Convertible Senior Subordinated Promissory Note (this “Note”) is one of a series
of $7,000,000 in convertible senior subordinated promissory notes (together with the Note, the
“Notes”) issued pursuant to, and is entitled to the benefits of the provisions of, that
certain Agreement and Plan of Merger, dated as of January 17, 2008 (the “Merger
Agreement”), by and among the Company, GLF Sub, Inc. and Alogent Corporation. Capitalized
terms used herein and not otherwise defined herein shall have the meaning ascribed to them in the
Merger Agreement.

SECTION 1

Terms

     Section 1.1 Interest Rate. The Company agrees that interest shall accrue on the outstanding
principal amount of this Note from the date hereof until the principal has either been converted in
accordance with the provisions hereof or paid in full, with interest accruing at a fixed simple
rate per annum equal to seven percent (7.0%). Such interest shall be computed on the basis of
actual days elapsed and a year of 365 days.

     Section 1.2 Payments. Unless earlier converted in accordance with Section 1.3 hereof, subject
to the Section 4 hereof, the principal amount of this Note shall be immediately due and
payable in full on the earliest to occur of (a) the second anniversary of the date of this Note,
(b) any Event of Default (as defined in Section 2.1 below) under Section 2.1(a)-(d)

1

 

inclusive, and (c) the date of acceleration of this Note pursuant to the second sentence of
Section 2.2(a) as a result of any other Event of Default (the earliest of such dates being the
“Maturity Date”). The interest accrued on this Note from the date of this Note through the
Maturity Date shall be payable to the Holder in arrears on the Maturity Date, when all accrued and
unpaid interest, and all other outstanding amounts, fees and expenses due hereunder, shall be due
and payable. The Company may elect, however, to pay accrued and unpaid interest on this Note in
cash on the 17th day of each April, July, October and January after the date hereof. Payment of
principal on this Note shall be made by wire transfer or ACH to the Holder according to written
instructions provided by the Holder, provided that if the Holder fails to provide such instructions
at least four business days before such payment is due, then payment may be made by check delivered
to the Holder at the address of the Holder reflected on the investor agreement delivered to the
Company pursuant to the Merger Agreement, or at such other place as the Holder may designate and
notify the undersigned in writing, on or before the date due.

     Section 1.3 Conversion into Common Stock at Election of Holder. At any time and from time to
time when any principal amount of this Note remains outstanding, whether before or after the
Maturity Date, the Holder may elect to covert the entire outstanding principal amount of this Note,
or any lesser amount of this Note that is convertible into a number of Shares (as defined below)
that is divisible by one hundred (100), into that number of fully paid and nonassessable shares
(the “Shares”) of the Company’s Common Stock, no par value (the “Common Stock”), as
is obtained by dividing (A) the amount to be converted by (B) Four Dollars and Fifty Cents ($4.50)
(the “Conversion Price”). The Holder shall give five (5) days’ written notice to the
Company of such election to convert this Note, and such conversion shall be deemed to have been
made on the fifth (5th) day after such notice is delivered to the Company. On
conversion, all of the accrued but unpaid interest on the Note, together with all outstanding fees
and expenses due under this Note, shall be paid to the Holder in cash as provided in Section 1.2
above (or a pro rata amount of such interest, fees and expenses if less than all of this Note is
converted), and such interest shall not be convertible into Shares. No fractional shares or scrip
representing fractional shares shall be issued upon the conversion of this Note. In lieu of
issuing such fractional shares, the Company shall pay all of the cash value of any fractional
interest to the Holder. Notwithstanding the foregoing, the Company shall not be obligated to pay
accrued and unpaid interest on conversion as provided above if such payment would cause, or in the
Company’s reasonable judgment be likely to cause, a default under the Credit Agreement (as such
term is defined below). In such event, such accrued and unpaid interest shall be payable to the
Holder (or the Holder’s assignee) on the Maturity Date, and the Company’s failure to pay such
interest on conversion shall not be deemed to be an Event of Default as defined below.

     Section 1.4 Optional Prepayment with the Consent of the Holder. At the option of the Company
with the prior written consent of the Holder, the Company may, without premium or penalty, prepay
the unpaid principal amount of this Note, in whole or in part, together with interest accrued
thereon and all other outstanding amounts, fees and expenses to the date of prepayment. The
Company shall make the same prepayment offer to the Holders of all outstanding Notes, with such
prepayment to be pro rated among the holders of Notes in accordance with their respective portions
of the outstanding aggregate principal amount of the Notes that are then outstanding, but if the
Holder of this or any other Note grants such consent,

2

 

then the Company may prepay such Note notwithstanding the refusal of the holders of other
Notes to grant such consent. Further, the Company may, subject to the Holder’s conversion rights
under Section 1.3, prepay the Note without the consent of the Holder if the Company proposes,
during the final six months of the term of the Senior Debt (as defined below and as in effect on
the date hereof), to amend, restate, supplement, modify, refinance or replace the Senior Debt under
terms that would violate Section 1.5(a), and the Majority Holders (as defined below) decline to
consent. Any such prepayment shall be applied first to the payment of accrued interest and then to
repayment of principal.

     Section 1.5 Restrictive Covenants. From the date of this Note until all amounts outstanding
under this Note, including principal, interests, fees, expenses and other amounts, have been
indefeasibly paid in full or converted as provided herein, the Company hereby covenants and agrees
with the Holder as follows:

          (a) Senior Debt. The principal amount of the Company’s and its subsidiaries’ “Senior
Debt” (as defined in the following sentence) shall not exceed $55,000,000 as reduced by the amount
of all commitment reductions on revolving loans (the “Senior Debt Limit”) in the aggregate.
“Senior Debt” means the principal of any indebtedness now existing or hereafter incurred
under that certain Second Amended and Restated Credit Agreement dated as of November 30, 2006 among
the Company, Bank of America, N.A., Wachovia Bank, N.A., The Peoples Bank of Winder and the other
lenders from time to time party thereto, as amended and in effect as of the date hereof (the
“Credit Agreement”), including, without limitation, the loan or loans thereunder and any
debtor-in-possession financing provided by the Senior Lenders. The term Credit Agreement includes
any amendments, restatements, supplements or modifications thereto and any refinancing or
replacement thereof with a credit facility led or provided by a commercial bank; provided that the
terms of such amendment, restatement, supplement, modification, refinancing or replacement are not
prohibited or restricted pursuant to the terms of this Note. The Company shall not agree, nor
shall it permit any subsidiary to agree, to any amendment to the Credit Agreement or the agreements
and documents executed and delivered in connection therewith (the “Senior Credit
Documents”) (including, without limitation, any refinancing of the Senior Debt) which
(i) increases the principal amount of the Senior Debt above the Senior Debt Limit, (ii) increases
the interest rates payable with respect to any amount owed thereunder (other than as a result of an
event of default thereunder) by more than three hundred basis points above the interest rates set
forth in the Credit Agreement as in effect as of the date of this Note, (iii) shortens the maturity
of the Senior Debt (unless the maturity of the Note is shortened by an equal length of time), or
(iv) extends the maturity of the Senior Debt, unless, in each case, the Company obtains the prior
written consent of the Holders of Notes representing at least 66.67% of the principal amount of all
Notes then outstanding (the “Majority Holders”).

          (b) No Other Liens. Without the prior written consent of the Majority Holders, the
Company shall not, nor shall it permit any of its subsidiaries to, directly or indirectly, create,
incur, assume or suffer to exist, any “Lien” (as defined in the next sentence) upon any of its
property, assets or revenues, whether now owned or hereafter acquired, other than Liens granted
pursuant to the Credit Agreement and any other Senior Credit Document as in existence on the date
hereof, and Liens permitted without consent or waiver of any other party to

3

 

the Credit Agreement under Section 7.1 of the Credit Agreement as such Section 7.1 (including
any schedule thereto) exists on the date hereof. “Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement intended as security (and expressly excluding the
Company’s and the subsidiaries’ operating and investment bank accounts), encumbrance, lien
(statutory or otherwise), charge, or preference, priority or other security interest or
preferential arrangement of any kind or nature whatsoever (including any conditional sale or other
title retention agreement), and any capital lease having substantially the same economic effect as
any of the foregoing.

          (c) No Other Senior Indebtedness. Without the prior written consent of the Majority
Holders, the Company shall not, nor shall it permit any of its subsidiaries to, directly or
indirectly, create, incur, assume or suffer to exist, any “Indebtedness” (as defined in the next
sentence) unless such Indebtedness is either (i) expressly permitted under Section 7.3 of the
Credit Agreement (as such Section 7.3 exists as of the date hereof) or without consent or waiver of
any other party thereto, (ii) capital leases not exceeding $500,000 in aggregate amount for each
“Acquisition” (as such term is defined in the Credit Agreement) or (iii) junior and subordinate in
every material respect to the debt evidenced by this Note, including but not limited to the
following: such debt (x) has a maturity that is at least sixty (60) days beyond the Maturity Date,
(y) is unsecured; and (z) has no greater remedies, rights or priorities than the remedies, rights
and priorities granted to the Holder in this Note. “Indebtedness” means all of the
following, whether or not included as indebtedness or liabilities in accordance with GAAP: (1) all
obligations for borrowed money and all obligations evidenced by bonds, debentures, promissory
notes, loan agreements or other similar instruments; (2) all direct or contingent obligations
arising under letters of credit, bankers’ acceptances, bank guaranties, surety bonds and similar
instruments; (3) net obligations under any hedge, forward, derivative, swap or other similar
contract or transaction; (4) all obligations to pay the deferred purchase price of property or
services (other than (x) trade accounts payable in the ordinary course of business and (y) earn-out
arrangements previously entered into by the Company in connection with the acquisitions of certain
assets of Community Banking Systems, Ltd. and DataTrade L.L.C.); (5) indebtedness (excluding
prepaid interest thereon) secured by a Lien on property owned or being purchased (including
indebtedness arising under conditional sales or other title retention agreements), whether or not
such indebtedness shall have been assumed or is limited in recourse; (6) capital leases; and
(7) all guarantees or other obligations, contingent or otherwise, having the economic effect of
guaranteeing any indebtedness described above or other obligation payable or performable by another
person or entity in any manner, whether direct or indirect.

          (d) Restricted Payments. Without the prior written consent of the Majority Holders
and except as permitted below, the Company shall not, nor shall it permit any of its subsidiaries
to declare or make, directly or indirectly, (i) any dividend or other distribution (whether in
cash, securities or other property) with respect to any of its capital stock or other equity
interest, or (ii) any payment (whether in cash, securities or other property) on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any such capital
stock or other equity interest or of any option, warrant or other right to acquire any such capital
stock or other equity interest (collectively, “Restricted Payments”), or incur any
obligation (contingent or otherwise) to do so, except that: (x) each subsidiary of the Company may
make Restricted Payments to the Company and to any other subsidiary of the Company; and (y) the

4

 

Company and each of its subsidiaries may declare and make dividend payments or other
distributions payable solely on its common stock or other common equity interests (subject to the
terms of Section 1.7(c) below).

          (e) Cessation of Business. Without the prior written consent of the Majority Holders,
the Company shall not, nor shall it permit any of its material subsidiaries (for this purpose
meaning subsidiaries having more than $2,000,000 in revenues in the past 12 months) to, dissolve,
liquidate (unless the successor to the subsidiary’s assets in such dissolution or liquidation is
the Company or another subsidiary), cease to do business or suspend normal business operations,
provided that the sale or other disposition of a subsidiary in a transaction approved by the
Company’s board of directors shall not be deemed to be a cessation of doing business or a
suspension of normal business operations.

          (f) Restrictive Agreements. Without the prior written consent of the Majority
Holders, neither Company nor any of its subsidiaries will enter into or become obligated under any
agreement or contract including, without limitation, any loan agreement, promissory note (or other
evidence of indebtedness), mortgage, security agreement or lease, which by its terms prevents or
restricts Company or its subsidiaries from performing its obligations under this Note, other than
the Senior Credit Documents.

     Section 1.6 Rights Upon Certain Transactions. In the event the Company proposes to engage in
any reclassification of the Common Stock (other than a change in par value, or as a result of a
subdivision or combination), or in any consolidation or merger of the Company with or into another
corporation (other than a consolidation or merger with another corporation in which the Company is
a continuing corporation and in which the Company’s shareholders immediately preceding such
consolidation or merger own at least 50% of the voting securities of the Company following such
consolidation or merger and that does not result in any reclassification of the Shares issuable
upon conversion of this Note), or in any sale of all or substantially all of the assets of the
Company, or in any “Rule 13e-3 transaction” as defined in SEC Rule 13e-3 (the foregoing
transactions and events being referred to collectively as a “Major Event”), then the Holder
of this Note shall have the option to elect, contingent upon the closing of such Major Event,
either (a) to convert this Note as provided in Section 1.3 above, contingent upon the effectiveness
of the Major Event, and to receive the consideration payable to the holders of Common Stock as a
result of such Major Event; (b) to have the entire outstanding balance hereunder accelerated and to
be paid in full in cash all amounts owed hereunder on or before the closing of such Major Event; or
(c) if and only if the Company so consents, to receive a “New Note” (the Company may grant or
withhold such consent in its sole discretion). “New Note” means a new Note, providing that
the Holder shall have the right to convert such new Note, and procure upon such conversion, in lieu
of the Shares theretofore issuable upon conversion of this Note, the kind and amount of shares of
stock, other securities, money and property receivable upon such Major Event by a holder of an
equivalent number of shares of Common Stock. Such New Note shall provide for adjustments that
shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 1.7.
The Holder shall be entitled to receive the same prior notice of any shareholders’ meeting as
provided to the holders of Common Stock in accordance with the Bylaws of the Company with respect
to any Major Event and, in any event, shall receive at least ten (10) days advance written notice
of any Major

5

 

Event, together with such information about the Major Event and the other parties thereto as
is available to the Company and as may be reasonably requested by the Holder to enable the Holder
to evaluate which option above the Holder wants to select.

     Section 1.7 Adjustment.

     The number of Shares into which this Note is convertible and the Conversion Price are subject
to adjustment from time to time upon the occurrence of certain events, as follows:

          (a) If the Company at any time while any amounts remain outstanding under this Note shall
subdivide or combine the Common Stock, the Conversion Price shall be proportionately decreased in
the case of a subdivision or increased in the case of a combination.

          (b) If the Company at any time while any amounts remain outstanding under this Note shall pay
a dividend with respect to the shares of Common Stock payable in, or make any other distribution
with respect to, the Common Stock (except any distribution specifically provided for in the
foregoing Section 1.7(a)), then the Conversion Price shall be adjusted, from and after the date of
determination of shareholders entitled to receive such dividend or distribution, to that price
determined by multiplying the Conversion Price in effect immediately prior to such date of
determination by a fraction (1) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately prior to such dividend or distribution, and (2) the
denominator of which shall be the total number of shares of Common Stock outstanding immediately
after such dividend or distribution.

          (c) Notwithstanding anything to the contrary in this Note, under no circumstances shall the
Company be required to make any adjustment to the Conversion Price or the number of equity
securities issuable upon conversion of this Note that would duplicate an adjustment that is
afforded to the Common Stock generally pursuant to the Company’s articles of incorporation.

SECTION 2

Events of Default

     Section 2.1 Events of Default. The outstanding balance of this Note, including principal,
interest and all other amounts, fees and expenses, shall automatically be and become immediately
due and payable without any action on the part of the Holder upon the happening of any of the
following events (each, an “Event of Default”):

          (a) The Company or any of its subsidiaries institutes or consents to the institution of any
proceeding under any federal bankruptcy law, or any other applicable federal or state bankruptcy,
insolvency, liquidation, creditors’ rights or other similar law, as now or hereafter constituted
(“Bankruptcy Law”); or makes an assignment for the benefit of creditors; or applies for or
consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is

6

 

appointed and the appointment continues undischarged or unstayed for ninety (90) calendar
days; or any proceeding under any Bankruptcy Law relating to the Company or any of its subsidiaries
or to all or any material part of its or their property is instituted by any person or entity and
continues undismissed or unstayed for ninety (90) calendar days; or an order for relief is entered
in any such proceeding; the Company or any of its subsidiaries becomes unable or admits in writing
its inability or fails generally to pay its debts as they become due, or any writ or warrant of
attachment or execution or similar process is issued or levied against all or any material part of
the property of the Company or any of its subsidiaries and is not released, vacated or fully bonded
within thirty (30) days after its issue or levy; or the Company takes any corporate action in
furtherance of any of the foregoing;

          (b) the Company shall fail to pay any amount of principal or interest due under this Note on
the due date;

          (c) the Company (i) fails to perform or observe any term, covenant or agreement contained in
Section 1.5(a), (c), or (d) of this Note; (ii) ceases to be a reporting company under the Exchange
Act; or (iii) the Company’s common stock ceases to be listed for trading on one of the Nasdaq
Global Market, Nasdaq Capital Market, Nasdaq Global Select Market or the American Stock Exchange
(or their successors), other than, with respect to clauses (ii) and (iii), in connection with a
Major Event where the provisions of Section 1.6 above have been satisfied;

          (d) the Company shall default in the due performance or observance of any other covenant,
agreement or provision of this Note (other than as provided in Sections 2.1(b) and (c) above), and
such default shall have continued uncured for a period of thirty (30) days after written notice
thereof to the Company from the Holder (or if such default relates to the outstanding Notes
generally, from a holder of any Note);

          (e) A default or event of default that remains uncured following any applicable cure period
shall have occurred with respect to any Indebtedness of the Company in the amount of $1,000,000 or
more and such Indebtedness shall have been accelerated by its holder;

          (f) There is entered against the Company or any of its subsidiaries (i) a final judgment or
order for the payment of money in an aggregate amount exceeding $1,000,000 (to the extent not
covered by (x) independent third party insurance as to which the insurer does not dispute coverage
or (y) a performance bond), or (ii) any one or more non-monetary final judgments that have, or
could reasonably be expected to have or cause, individually or in the aggregate, a material adverse
effect upon the legality, validity, binding effect or enforceability of this Note, or a material
impairment of the Company’s ability to perform its obligations under this Note, and, in either
case, enforcement proceedings are commenced by any creditor upon such judgment or order;

          (g) This Note, for any reason other than as expressly permitted hereunder or satisfaction in
full of all obligations under this Note, ceases to be in full force and effect; or the

7

 

Company denies that it has any or further liability or obligation under this Note, or purports
to revoke, terminate or rescind this Note, in whole or in part; or

          (h) Any Major Event occurs, unless (i) the provisions of Section 1.6 have been satisfied and,
on or before the date of such Major Event, all payments, New Notes (subject to Company consent) and
other amounts (as applicable) that such Holder elected to receive pursuant to Section 1.6 under
this Note are paid and delivered to the Holder in full, in which event no consent shall be required
under Section 1.4; or (ii) the Company obtains the prior written consent of the Majority
Noteholders.

     Section 2.2 Remedies. In addition to any other remedies available to the Holder:

          (a) Upon the occurrence and during the continuance of an Event of Default referred to in
Section 2.1(a) and Section 2.1(b), the principal amount then outstanding under this Note, and the
accrued interest thereon, shall become immediately due and payable without presentment, demand,
notice of any kind, protest or other formalities of any kind, all of which are hereby expressly
waived by the Company. Upon the occurrence of an Event of Default other than ones referred to in
Section 2.1(a) and Section 2.1(b), the Holder may, upon written notice to the Company (but without
any other notice of any kind), declare the principal amount then outstanding of, and the accrued
interest thereon, this Note to be due and payable immediately, and upon such declaration the same
shall become due and payable immediately, without presentation, demand, protest, notice (other than
as expressly provided above) or other formalities of any kind, all of which are expressly waived by
the Company. If the Maturity Date is accelerated as provided in this Section 2.2(a), this Note
shall bear interest at the simple interest rate of twelve (12%) per annum, commencing on the date
of such acceleration without further notice and continuing as long as an Event of Default
continues.

          (b) Upon the occurrence and during the continuance of an Event of Default, the Holder may
institute such actions or proceedings in law or equity as it shall deem expedient for the
protection of its rights and may prosecute and enforce its claims against all assets of the
Company, and in connection with any such action or proceeding shall be entitled to receive from the
Company payment of the principal amount of this Note plus accrued interest to the date of payment
plus reasonable expenses of collection, including, without limitation, reasonable attorneys’ fees
and expenses actually incurred (rather than calculated in accordance with Georgia Code
Section 13-1-11), whether or not suit is instituted.

          (c) In addition to the remedies provided above, if (i) the principal amount then outstanding
of this Note, and the accrued interest thereon, shall become immediately due and payable as
provided in Section 2.2(a) and (ii) all amounts owing under this Note are not paid in full within
thirty (30) days thereafter, then the Company shall take the following actions:

          (x) Subject to Section 4 hereof, the Company shall pay a monitoring fee of $300,000 per
month to the holders of the Notes (pro rated among the holders of Notes in accordance with
their respective portions of the outstanding aggregate principal amount of the Notes that
are then outstanding, and with such monitoring fee to be reduced proportionately if and to
the extent that the total principal amount of the Notes

8

 

then outstanding is then less than $8,000,000), beginning with the first payment of
$300,000 on the date that is thirty (30) days after the acceleration of this Note pursuant
to Section 2.2(a). The Company shall pay another such monitoring fee on the date that is
thirty (30) days thereafter and again on the date that is sixty (60) days thereafter,
provided that if the Company pays all amounts owing under this Note during such sixty (60)
day period, the Company shall be required to pay only a proportionate amount of such
monitoring fee(s) based on the number of days elapsed in such period before the payment. In
no event shall the Company be obligated to pay more than $900,000 in monitoring fees.

          (y) The Company shall immediately seek approval from the holders of the Senior Debt (or
the required percentage thereof) to grant a security interest in the Company’s assets to
secure the indebtedness owed by the Notes. The Company shall, if such approval is granted,
promptly enter into a security agreement and related documents with a representative of the
holders of Notes designated by the Majority Noteholders as agent for the holders of Notes,
in customary form to grant such a security interest.

          (d) No delay or omission on the part of the Holder in exercising any right hereunder shall
operate as a waiver of such right or any other right of the Holder, nor shall any delay, omission
or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any
future occasion.

SECTION 3

Miscellaneous

     Section 3.1 Lost, Stolen or Mutilated Notes. Upon receipt of evidence satisfactory to the
Company of the loss, theft, destruction or mutilation of this Note, and in case of any such loss,
theft or destruction, upon delivery of any customary indemnity agreement reasonably satisfactory to
the Company, or in any case of any such mutilation, upon surrender and cancellation of this Note,
the Company at its expense will issue and deliver a new Note of like tenor in an amount equal to
the amount of such lost, stolen or mutilated Note and any such lost, stolen or destroyed Note shall
thereupon become void.

     Section 3.2 Benefit of Note. This Note shall be binding upon, and shall inure to the benefit
of and be enforceable by, the Holder and the Holder’s successors and assigns. All of the covenants
and the agreements contained in this Note by or on behalf of the Company are binding on the
Company’s successors and assigns, whether by consolidation, merger, transfer or license of all or
substantially all of the assets of the Company.

     Section 3.3 Certain Waivers. The Company hereby waives presentment for payment, notice of
dishonor, protest, notice of protest, diligence, demand, and notice of any kind (except for notice
provisions expressly specified in this Note) and assents to the extension of the time of payment,
release, surrender or substitution of security, or forbearance or other indulgence, without notice.
Except as provided in the following sentence, the Company agrees to pay all amounts of principal,
interest and fees under this Note without offset, deduction, claim, counterclaim, defense or
recoupment, all of which, except offsets, recoupments or counterclaims

9

 

which could not, by reason of any applicable federal or state procedural laws, be interposed,
pleaded or alleged in any other action, are hereby waived by the Company. The Company may,
however, cancel Notes in the aggregate face amount of up to $2,800,000 and receive interest thereon
in settlement of indemnification claims under the Merger Agreement as provided in (and up to the
amount of “Escrow Funds” as defined in) that certain Escrow Agreement dated January 17, 2008 by and
among the Company, the Shareholder Representative (as such term is defined in the Merger
Agreement), and Suntrust Bank, a Georgia banking corporation, as escrow agent.

     Section 3.4 Notices. All notices required under this Note shall be deemed to have been given
or made for all purposes (i) upon personal delivery, (ii) upon confirmation receipt that the
communication was successfully sent to the applicable number if sent by facsimile; (iii) one day
after being sent, when sent by professional overnight courier service, or (iv) five days after
posting when sent by registered or certified mail. Notices to the Company shall be sent to the
principal office of the Company (or at such other place as the Company shall notify the Holder
hereof in writing). Notices to the Holder shall be sent to the address of the Holder reflected on
the investor agreement delivered to the Company pursuant to the Merger Agreement, or at such other
place as the Holder shall notify the Company in writing.

     Section 3.5 Amendment; Waiver. Subject to Section 4.2(c) hereof, any term of this Note may be
amended, changed or modified, and the observance of any term of this Note may be waived (either
generally or in a particular instance and either retroactively or prospectively), with the written
consent of the Company and the Majority Noteholders; provided, however, that no amendment, change,
modification or waiver respecting this Note may be made by the Majority Noteholders without the
consent of the Holder unless a comparable amendment, change, modification or waiver is made
respecting all of the Notes issued pursuant to the Merger Agreement; and, provided further, that no
amendment, change, modification or waiver respecting this Note may be made by the Majority
Noteholders without the consent of the Holder if the effect of such amendment, change, modification
or waiver is to discharge this Note in whole or in part, decrease the principal amount or rate of
interest set forth herein, or to create, cause or increase any liability or obligation of the
Holder. Subject to the foregoing, any amendment, change, modification or waiver to this Note shall
apply equally and be binding upon all of the Notes issued pursuant to the Merger Agreement. Except
as otherwise provided in this Note, this Note may not be discharged, nor shall the principal amount
or interest be amended, changed or modified, without the written consent of the Company and the
Holder of this Note. This Section 3.5 may not be amended, changed or modified, except by a writing
signed by the Company and all of the holders of Notes.

     Section 3.6 Payment of Interest. In no event whatsoever shall the amount paid or agreed to be
paid to the Holder for the use of the money advanced or to be advanced hereunder exceed the maximum
rate permitted by law (the “Maximum Rate”). If, for any circumstances whatsoever, the
fulfillment of any provision of this Note or any other agreement or instrument now or hereafter
evidencing, securing or in any way relating to the debt evidenced hereby shall involve the payment
of interest in excess of the Maximum Rate, then, ipso facto, the obligation to pay interest
hereunder shall be reduced to the Maximum Rate; and if for any circumstance whatsoever, the Holder
shall ever receive interest, the amount of which would exceed the amount collectible at the Maximum
Rate, such amount as would be excessive interest shall be applied to

10

 

the reduction of the principal balance remaining unpaid hereunder and not to the payment of
interest. This provision shall control every other provision in any and all other agreements and
instruments existing or hereafter arising between the undersigned and the Holder with respect to
the debt evidenced by this Note. It is the express intent hereof that the Company not pay and the
Holder not receive, directly or indirectly in any manner whatsoever, interest in excess of that
which may legally be paid by the Company under applicable laws.

     Section 3.7 Transfer of Note and Shares.

          (a) Neither this Note nor the Shares have been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or any state securities laws (“Blue Sky Laws”).
This Note has been acquired for investment purposes and not with a view to distribution or resale
and may not be sold or otherwise transferred without (i) an effective registration statement for
such Note under the Securities Act and such applicable Blue Sky Laws, or (ii) an opinion of counsel
reasonably satisfactory to the Company and its counsel, that registration is not required under the
Securities Act or under any applicable Blue Sky Laws. Notwithstanding anything herein to the
contrary, the Company will not require opinions of counsel for transactions made pursuant to Rule
144 unless, after consultation with the Holder, the Company has a reasonable basis for believing
that such disposition may not be made pursuant to Rule 144. Transfer of the Shares shall be
restricted in the same manner as set forth in this Section 3.7(a), and the certificates
representing such Shares shall bear substantially the following legend:

THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY APPLICABLE STATE SECURITIES LAW AND MAY NOT BE
TRANSFERRED UNTIL (I) A REGISTRATION STATEMENT UNDER THE ACT AND
SUCH APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE
WITH REGARD THERETO, OR (II) IN THE OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY, REGISTRATION UNDER THE ACT AND SUCH
APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED IN CONNECTION WITH
SUCH PROPOSED TRANSFER.

     The Holder hereof and the Company agree to execute such other documents and instruments as
counsel for the Company reasonably deems necessary to effect the compliance of the issuance of this
Note and any shares of Common Stock issued upon conversion hereof with applicable federal and state
securities laws.

          (b) The Company covenants and agrees that all Shares that may be issued upon conversion of
this Note will, upon issuance and payment therefor, be legally and validly issued and outstanding,
fully paid and nonassessable, free from all taxes, Liens, charges and preemptive rights, if any,
with respect thereto or to the issuance thereof. The Company shall at all times reserve and keep
available for issuance out of its authorized but unissued shares of

11

 

Common Stock upon the conversion of this Note such number of authorized but unissued shares of
Common Stock as will be sufficient to permit the conversion in full of this Note and if at any time
the number of authorized but unissued shares of Common Stock shall be insufficient to effect the
conversion of all then outstanding Notes, the Company shall take such corporate action as may, in
the opinion of its counsel be necessary to increase its authorized but unissued shares of Common
Stock to such number of shares as shall be sufficient for such purpose.

          (c) Subject to the foregoing provisions of this Section 3.7, this Note may be transferred, in
whole or in part, (i) to any Affiliate (as defined in Section 3.7(e) below) of the Holder; or
(ii) to any “Person” (meaning an individual, partnership, corporation, joint venture, joint
stock company, land trust, business trust, limited liability company, limited liability partnership
or unincorporated organization), provided, however, that in connection with any transfer under this
clause (ii), (x) the transferee is not a “competitor” of the Company as listed on Schedule A hereto
or an Affiliate of such competitor and (y) the transfer is made only after compliance with the
“first right of refusal” provisions set forth in Section 3.7(f) below. This Note may not be
transferred other than as permitted by this paragraph. This paragraph will apply to any transferee
to the same extent it applies to the original Holder unless such transfer was made in compliance
with Rule 144 or other exemption from registration under the Securities Act and the transferee is
not an Affiliate of the Company.

          (d) Such transfer may be made in any case permitted by this Section 3.7 by presentation of the
Note to the Company with written instructions for such transfer. Upon such presentation for
transfer, the Company shall promptly execute and deliver a new Note or Notes in the form hereof in
the name of the assignee or assignees and in the denominations specified in such instructions. The
Company shall pay all expenses incurred by it in connection with the preparation, issuance and
delivery of Notes under this Section 3.7.

          (e) The term “Affiliate” means a Person which directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control with, the applicable
Person; for purposes hereof, “control” means the possession, directly or indirectly, the
power to direct or cause the direction of the management and policies of a Person, whether through
the ownership of voting securities, by contract or otherwise.

          (f) If the Holder intends to transfer all or any portion of this Note other than as permitted
under clause (i) of Section 3.7(c) and Section 3.7(g), the Holder shall give ten (10) days’ written
notice to the Company of such intention. The notice, in addition to stating the Holder’s intention
to transfer all or any portion of this Note, shall state: (i) the portion of this Note to be
transferred if less than all of this Note is to be transferred, (ii) the name and address of the
proposed transferee, (iii) the amount of the consideration for the transfer, and (iv) the terms of
the transfer. On the date of the delivery of such notice to the Company, the Company shall become
entitled to acquire this Note or the portion hereof to be transferred, as applicable, for the
consideration and on the other terms described in the notice, and the Company may exercise this
first right of refusal by notifying the Holder in writing of its intention and paying the purchase
price to the Holder within ten (10) days thereafter, upon which payment this Note or the applicable
portion thereof shall be transferred to the Company. If the Company does not exercise the right of
first refusal within the 10-day period, the Holder may, within 90 days

12

 

thereafter, complete the transfer described in the notice. A transfer by (A) a partnership to
its partners or former partners in accordance with partnership interests, (B) a corporation to its
stockholders in accordance with their interest in the corporation, (C) a limited liability company
to its members or former members in accordance with their interest in the limited liability
company, or (D) to an individual Holder’s family member, trust, family limited partnership or other
entity for the benefit of an individual Holder or such Holder’s family member, shall in any such
event not be subject to the right of first refusal in this Section 3.7(f); provided that in each
case, such disposition complies with the other terms of this Note, including the other provisions
of this Section 3.7, and the transferee will be subject to the terms of this Note to the same
extent as if he were an original Holder hereunder.

     Section 3.8 Covenant Regarding Public Information. With a view to making available to the
Holder the benefits of certain rules and regulations of the SEC that may permit the sale of
securities to the public without registration, and certain other benefits, the Company agrees that
it will, until the sooner to occur of (i) the first anniversary of the date hereof (unless the
Holder is an Affiliate, in which event the obligations to the Holder under this Section 3.8 shall
continue until (x) ninety (90) days following the date on which the Holder is no longer an
Affiliate or (y) they are terminated under the following clause (ii)) or (ii) the date that the
Holder no longer holds this Note or any Shares:

          (a) at all times make and keep public information available, as those terms are understood and
defined in SEC Rule 144 or any similar or analogous rule promulgated under the Securities Act;

          (b) file with the SEC and Nasdaq, in a timely manner, all reports and other documents required
of the Parent under the Securities Act, Exchange Act and Nasdaq rules (including all filings and
other submissions of the kind contemplated or described in Section 3.8(a) above);

          (c) promptly furnish to the Holder upon request a written statement by the Company that it is
in compliance with the reporting requirements of Sections 3.8(a) and (b) above and of the Exchange
Act; and

          (d) maintain the listing of the Common Stock on one of the Nasdaq Global Market, Nasdaq
Capital Market or Nasdaq Global Select Market (or their successors).

     The Company represents and warrants that it has filed all required reports under section 13 or
15(d) of the Exchange Act, as applicable, during the 12 months preceding the date of this Note,
other than Form 8-K reports.

     Section 3.9 Time; Costs, Fees and Expenses. Time is of the essence with respect to this Note
and the obligations hereunder. The Company shall reimburse and pay the Holder, upon demand, for
any stamp or documentary taxes, transfer taxes or other taxes, assessments or fees made or charged
against the Holder by any governmental agency or authority in connection with this Note (other than
income taxes).

13

 

     Section 3.10 Governing Law and Construction. This Note shall be construed in accordance with
and governed by the laws of the State of Georgia, without regard to the principles of conflicts of
law. This Note shall take effect as an instrument under seal in the State of Georgia. Whenever
possible, each provision of this Note and any other statement, instrument or transaction
contemplated hereby shall be valid under such applicable law, but, if any provision of this Note or
any other statement, instrument or transaction contemplated hereby or relating hereto shall be held
to be prohibited or invalid under such applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Note or any other statement, instrument or transaction
contemplated hereby or relating hereto. In the event of any conflict with, between or among the
provisions of this Note and the Merger Agreement, the Merger Agreement shall govern.

SECTION 4

Subordination

     Section 4.1 Subordination. Subject to the provisions of this Section 4 below, the Holder
agrees by accepting this Note that the payment of all principal, interest and other sums
(including, without limitation, the payments under Section 3.2(c) hereof) at any time now or
hereafter owing from the Company to the Holder under or in connection with this Note (the
“Subordinated Debt”), shall be junior and subordinate to the extent and manner set forth
herein to the prior indefeasible payment in full of all Senior Debt.

     Section 4.2 Default under Senior Debt.

          (a) As long as any amount is outstanding on this Note, and subject to Section 4.5 below,
following the occurrence and during the continuance of a Default (as defined under the Credit
Agreement) on the Senior Debt of which the Holder has received written notice from the lenders
under the Senior Debt, the Holder by accepting this Note agrees that it will not (y) take any
action or initiate any proceedings, judicial or otherwise, to enforce the Holder’s rights or
remedies with respect to this Note, or under any portion of this Note, including, without
limitation, any action to obtain any judgment or prejudgment remedy against the Company or to
otherwise collect any amounts due hereunder or to realize upon any lien, security interest, charge,
claim, right or other arrangement now or in the future existing, including any repossession,
foreclosure, public sale, private sale, collection, obtaining of a receiver or retention of all or
any part of amounts paid pursuant to this Note, or (z) receive any payment of principal, interest
or other sums payable on this Note. The foregoing provisions shall not be deemed to restrict or
prohibit the Holder from accelerating this Note upon any Event of Default under this Note, nor
shall it restrict the Holder, in the event of any proceeding described in Section 2.1(a) of this
Note, from (1) filing a proof of claim, voting and otherwise acting with respect to this Note
(including by exercising the right to vote to accept or reject any plan of partial or complete
liquidation, reorganization, arrangement, composition, or extension), (2) serving on a creditors’
committee or (3) filing any motions or pleadings or taking such other actions as may be necessary
or desirable with respect to any claim in a proceeding, provided that the Holder shall not vote
with respect to any such plan or take any other action in any way so as to contest (A) the validity
of any Senior Debt or any collateral therefor or guaranties thereof, (B) the enforceability

14

 

of the rights and duties of any holders of any Senior Debt established in any instruments or
agreements creating or evidencing any of the Senior Debt with respect to any of such collateral or
guaranties or (C) the priority of the liens, security interests and rights of the holders of the
Senior Debt pursuant to this Note.

          (b) In addition, notwithstanding anything to the contrary contained in this Section 4 or
elsewhere in this Note, the Holder shall be entitled to receive and retain (x) securities of the
Company as reorganized or readjusted, or securities of the Company or any other entity provided for
by a plan of reorganization or readjustment, the payment of which is subordinated, at least to the
extent provided in this Note, to the payment of the Senior Debt, and (y) any payment or
distribution authorized by an order or decree giving effect, and stating in such order or decree
that effect is given, to the subordination of this Note to the Senior Debt, and made by a court of
competent jurisdiction in a reorganization proceeding under any applicable bankruptcy law.

          (c) Notwithstanding anything herein to the contrary, and in addition to the foregoing
limitations, in no event prior to the payment in full of all Senior Debt (and termination of all
commitments to lend additional Senior Debt) shall the Holder amend the provisions hereof to
increase the interest payable hereunder, increase the principal amount hereof, provide for an
amortization or other payments other than those set forth herein on the date hereof, or change the
Maturity Date, in each case, without the express written consent of the “Majority Lenders” as
defined in the Credit Agreement. Any payment received by Holder in violation of the terms hereof
shall be paid over by Holder to the lenders under the Senior Debt for application to the Senior
Debt, but such application shall not entitle Holder to any rights of subrogation until all of the
Senior Debt has been paid in full and all obligations of lenders under the Credit Agreement to make
loans or other extensions of credit have terminated.

     Section 4.3 Dissolution, Liquidation or Reorganization of the Company. In the event of any
insolvency, bankruptcy or receivership case or proceeding, or any dissolution, winding up,
liquidation, reorganization or other similar proceeding, relative to the Company, its property or
its operations (whether voluntary or involuntary and whether in bankruptcy, insolvency or
receivership proceedings or otherwise) or upon an assignment for the benefit of creditors, or any
other marshalling of the assets of the Company, then all Senior Debt shall first be paid in full in
cash or cash equivalents, before the Holder shall be entitled to receive or retain any payment or
distribution of assets with respect to this Note.

     Section 4.4 Deferral of Payments. If the payment of any amount otherwise required pursuant to
this Note prior to the stated maturity of the Note would result in the Company being in default
under any Senior Debt, the Company shall defer payment of the amounts which would have such result.
Amounts, the payment of which are so deferred, together with interest thereon from the date
payment would have been due but for the operation of this Section until paid, will be due and
payable immediately when such amounts may be paid by the Company without causing such result or at
the stated maturity of this Note, whichever occurs first.

     Section 4.5 Holder Rights. Notwithstanding the foregoing provisions of this Section 4, so
long as (a) (i) (A) a default is continuing with respect to the covenants set forth in
Sections 1.5(a), 1.5(c) and 1.5(d) or (B) any Event of Default specified in Sections  2.1(c) or

15

 

2.1(h) is continuing, and (ii) the Senior Lenders have either (A) consented to the action
giving rise to such default or Event of Default or (B) waived any similar or corresponding default
under the Credit Agreement, then the Holder shall be entitled to receive payments and take actions
to collect on this Note, or (b) (i) an Event of Default specified in Section 2.1(b) is continuing
and (ii) no notice of default under the Senior Debt has been received by the Holder pursuant to
Section 4.2 above prior to such Event of Default, then the Holder shall be entitled to receive
payments and take actions to collect on this Note.

     Section 4.6 Third Party Beneficiaries. By issuing this Note, the Company acknowledges and
agrees, and by accepting this Note, Holder acknowledges and agrees that the holders of the Senior
Debt are intended to be third party beneficiaries of the provisions of this Section 4 and are
entitled to rely on these provisions and to enforce these provisions as if they were a direct party
to this Note. In addition, and in furtherance of the foregoing, the Holder, by acceptance of this
Note, agrees that the provisions of this Section 4 may not be amended or modified without the
written consent of the Majority Lenders (as defined in the Credit Agreement).

     Section 4.7 Other Rights. The provisions of this Section 4 are solely for the purpose of
defining the relative rights of the holders of Senior Debt, on the one hand, and the Holder on the
other, against the Company and its assets, and nothing herein is intended to or shall impair, as
between the Company and the Holder, the obligations of the Company, which are absolute and
unconditional, to pay to the Holder the principal and interest on this Note as and when they become
due and payable in accordance with their terms, or is intended to or will affect the relative
rights of the Holder and creditors of the Company other than the holders of Senior Debt, nor will
anything herein or therein prevent the Holder from exercising all remedies otherwise permitted by
applicable law upon default under this Note, subject to the rights, if any, of the holders of
Senior Debt under this Section 4.

[Signature page follows.]

16

 

     IN WITNESS WHEREOF, the Company has executed this Note as of the date first above written.

	 	 	 	 	 	 	 
	 	 	Goldleaf Financial Solutions, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Its:
	 	 

	 	 
	 

	 	 	 	 

	 	 

17

 

SCHEDULE A

Company Competitors

Fiserv, FIS, Metavante, Jack Henry, Harland Financial Solutions, Open Solutions, CSI, Wausau, RDM,
NetDeposit, ACI Worldwide, Troy, Moneygram International, Intuit, Bankserv, BottomLine
Technologies, NCR, ORCC, First Data, SONE, and Unisys

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]