Document:

Ex-10.1

 

AMENDMENT #7 TO RECEIVABLES PURCHASE AGREEMENT

     THIS AMENDMENT #7 TO RECEIVABLES PURCHASE AGREEMENT, dated as of June 25, 2007 (this
“Amendment”), is by and among PFG Receivables Corporation, a Florida corporation (“Seller”),
Performance Food Group Company, a Tennessee corporation, as initial Servicer (together with Seller,
the “Seller Parties”), Falcon Asset Securitization Company LLC (assignee of Jupiter Securitization
Company LLC) (“Conduit”) and JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA (Main
Office Chicago), individually (together with Conduit, the “Purchasers”) and as agent for the
Purchasers (in such capacity, the “Agent”), and pertains to the Receivables Purchase Agreement,
dated as of July 3, 2001 (as heretofore amended, the “Existing Agreement”). Unless defined
elsewhere herein, capitalized terms used in this Amendment shall have the meanings assigned to such
terms in the Existing Agreement.

W I T N E S S E T H:

     WHEREAS, Jupiter Securitization Company LLC has assigned its rights under the
Existing Agreement to Falcon Asset Securitization Company LLC; and

     WHEREAS, the parties desire to amend the Existing Agreement as hereinafter set
forth.

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

     1. Amendments.

     (a) Each of the following definitions in the Existing Agreement is hereby amended and restated
in its entirety to read, respectively, as follows:

     “Concentration Limit” means, at any time, for any Obligor, 2.5% of the aggregate
Outstanding Balance of all Eligible Receivables, or such other amount (a “Special
Concentration Limit”) for such Obligor designated by the Agent; provided that in the case of
an Obligor and any Affiliate of such Obligor, the Concentration Limit shall be calculated as
if such Obligor and such Affiliate are one Obligor; and provided, further, that Conduit or
the Required Financial Institutions may, upon not less than three Business Days’ notice to
Seller, cancel any Special Concentration Limit. As of June 25, 2007, the Special
Concentration Limit for Outback Steakhouse and its Affiliates is cancelled.

     “Liquidity Termination Date” means June 23, 2008.

     (b) All references in the Existing Agreement to “Jupiter Securitization Company LLC” are
hereby replaced with “Falcon Asset Securitization Company LLC.”

     2. Representations and Warranties of the Seller Parties. In order to induce the Agent
and the Purchasers to enter into this Amendment, each Seller Party hereby represents

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and warrants to the Agent and the Purchasers (i) that as of the date hereof, each of such
Seller Party’s representations and warranties set forth in Section 5.1 of the Existing Agreement is
true and correct as of the date hereof, and (ii) that, as to itself, each of the following
representations and warranties is true and correct as of the date hereof:

     (a) Power and Authority; Due Authorization, Execution and Delivery.
The execution and delivery by such Seller Party of this Amendment, and the
performance of its obligations under the Existing Agreement as amended hereby, are
within its corporate powers and authority and have been duly authorized by all
necessary corporate action on its part. This Amendment has been duly executed and
delivered by such Seller Party.

     (b) No Conflict. The execution and delivery by such Seller Party of
this Amendment, and the performance of its obligations under the Existing Agreement
as amended hereby do not contravene or violate (i) its certificate or articles of
incorporation or by-laws, (ii) any law, rule or regulation applicable to it, (iii)
any restrictions under any agreement, contract or instrument to which it is a party
or by which it or any of its property is bound, or (iv) any order, writ, judgment,
award, injunction or decree binding on or affecting it or its property, and do not
result in the creation or imposition of any Adverse Claim on assets of such Seller
Party or its Subsidiaries (except as created hereunder) except, in any case, where
such contravention or violation could not reasonably be expected to have a Material
Adverse Effect; and no transaction contemplated hereby requires compliance with any
bulk sales act or similar law.

     (c) Governmental Authorization. Other than the filing of the financing
statements required hereunder, no authorization or approval or other action by, and
no notice to or filing with, any governmental authority or regulatory body is
required for the due execution and delivery by such Seller Party of this Amendment
and the performance of its obligations under the Existing Agreement as amended
hereby.

     (d) Binding Effect. This Amendment and the Existing Agreement as
amended hereby constitute the legal, valid and binding obligations of such Seller
Party enforceable against such Seller Party in accordance with their respective
terms, except as such enforcement may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws relating to or limiting creditors’
rights generally and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law).

     3. Conditions Precedent. This Amendment shall become effective as of the date first
above written upon delivery to the Agent of (a) counterparts hereof duly executed by each of the
parties hereto, and (b) counterparts of the amendment fee letter of even date herewith by and
between Seller and Conduit, duly executed by the parties thereto, and payment in immediately
available funds of the amendment fee described therein.

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     4. Governing Law. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS.

     5. CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO,
ILLINOIS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE EXISTING
AGREEMENT AS AMENDED HEREBY, AND EACH SELLER PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN
RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY
WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN
SHALL LIMIT THE RIGHT OF THE AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY
IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST THE
AGENT OR ANY PURCHASER OR ANY AFFILIATE OF THE AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR
THE EXISTING AGREEMENT AS AMENDED HEREBY SHALL BE BROUGHT ONLY IN A COURT IN CHICAGO, ILLINOIS.

     6. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR
THE EXISTING AGREEMENT AS AMENDED HEREBY OR THE RELATIONSHIPS ESTABLISHED THEREUNDER.

     7. Ratification. Except as expressly amended hereby, the Existing Agreement remains
unaltered and in full force and effect and is hereby ratified and confirmed.

     8. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same agreement.

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their duly authorized representatives as of the date hereof.

	 	 	 	 	 
	PFG RECEIVABLES CORPORATION

 	 	 
	By: /s/ Jeffery W. Fender
 	 	 
	Name:  	Jeffery W. Fender 	 	 
	Title:  	Vice President 	 	 
	 

	 	 	 	 	 
	PERFORMANCE FOOD GROUP COMPANY

 	 	 
	By: /s/ Joseph J. Traficanti
 	 	 
	Name:  	Joseph J. Traficanti 	 	 
	Title:  	VP, General Counsel 	 	 

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FALCON ASSET SECURITIZATION COMPANY LLC

By: JPMorgan Chase Bank, N.A., its attorney in fact

	 	 	 	 	 
	 	 	 
	By: /s/ David Whiting
 	 	 
	Name:  	David Whiting  	 	 
	Title:  	Vice President 	 	 
	 

JPMORGAN CHASE BANK, N.A., as a Financial Institution and as Agent

	 	 	 	 	 
	 	 	 
	By: /s/ David Whiting
 	 	 
	Name:  	David Whiting 	 	 
	Title:  	Vice President 	 	 
	 

5EX-4.9 Form of Common Stock Purchase Warrant

 

EXHIBIT 4.9

THIS SECURITY AND THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES AND OTHER JURISDICTIONS, AND IN THE
CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE
SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.

Warrant No.           

COMMON STOCK PURCHASE WARRANT

To Purchase                           Shares of Common Stock of

Equity Media Holdings Corporation

     THIS COMMON STOCK PURCHASE WARRANT CERTIFIES that, for value received,                           (the
“Holder”), is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after June 21, 2007 (the “Initial Exercise
Date”) and on or prior to the close of business on September 7, 2009 (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Equity Media Holdings
Corporation, a Delaware corporation (the “Company”), up to                           (the
“Warrant Shares”) of Common Stock, par value $.0001 per share, of the Company (the
“Common Stock”). The purchase price of one share of Common Stock (the “Exercise
Price”) under this Warrant shall be $5.00, subject to adjustment hereunder. The Exercise Price
and the number of Warrant Shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein. Capitalized terms used and not otherwise defined herein shall have
the meanings set forth in that certain Unit Purchase Agreement (the “Purchase Agreement”),
dated June 21, 2007, between the Company and the other signatories thereto.

     1. Title to Warrant. Prior to the Termination Date and subject to compliance with
applicable laws and Section 7 of this Warrant, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the Holder in person
or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form
annexed hereto properly endorsed. The transferee shall sign an investment letter in form and
substance reasonably satisfactory to the Company.

     2. Authorization of Shares. The Company covenants that all Warrant Shares which may
be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges in respect of the issue

 

 

thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

     3. Exercise of Warrant.

          (a) Exercise of the purchase rights represented by this Warrant may be made at any time or
times on or after the Initial Exercise Date and on or before the Termination Date by the surrender
of this Warrant and the Notice of Exercise Form annexed hereto duly executed, at the office of the
Company (or such other office or agency of the Company as it may designate by notice in writing to
the registered Holder at the address of such Holder appearing on the books of the Company) to the
attention of the Chief Financial Officer and upon payment of the Exercise Price of the shares
thereby purchased the Holder shall be entitled to receive a certificate for the number of Warrant
Shares so purchased. Payment of the Exercise Price may be made at the option of the Holder by wire
transfer or cashier’s check drawn on a United States bank of United States dollars. Certificates
for shares purchased hereunder shall be delivered to the Holder (at an address in the United States
specified by the Holder) within three (3) trading days after the date on which this Warrant shall
have been exercised as aforesaid. This Warrant shall be deemed to have been exercised and such
certificate or certificates shall be deemed to have been issued, and the Holder or any other person
so designated to be named therein shall be deemed to have become a holder of record of such shares
for all purposes, as of the date the Warrant has been exercised by payment to the Company of the
Exercise Price, delivery of the required documentation and all taxes required to be paid by the
Holder, if any, pursuant to Section 5 prior to the issuance of such shares, have been paid.

          (b) If this Warrant shall have been exercised in part, the Company shall, at the time of
delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new
Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

          (c) The Holder understands that, until such time as a registration statement under the
Securities Act with respect to the Warrant Shares has been declared effective or the Warrant Shares
may be sold pursuant to Rule 144 under the Securities Act without any restriction as to the number
of securities as of a particular date that can then be immediately sold, the certificates
representing any Warrants Shares issued upon exercise of this Warrant will bear a restrictive
legend in substantially the following form:

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES AND OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM
REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT
THAT SUCH TRANSACTION DOES NOT REQUIRE

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REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.”

     4. No Fractional Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share
which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a
cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

     5. Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be
made without charge to the Holder for any issue or transfer tax or other incidental expense in
respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the
Company, and such certificates shall be issued in the name of the Holder or in such name or names
(provided the Holder has complied with the restrictions on transfer set forth herein) as may be
directed by the Holder; provided, however, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed
by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient
to reimburse it for any transfer tax incidental thereto.

     6. Closing of Books. The Company will not close its stockholder books or records in
any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

     7. Transfer, Division and Combination.

          (a) Subject to compliance with any applicable securities laws and the conditions set forth in
Sections 1 and 7(e) hereof, this Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company, together with a
written assignment of this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the
making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

          (b) This Warrant may be divided or combined with other Warrants upon presentation hereof at
the aforesaid office of the Company, together with a written notice specifying the names and
denominations in which new Warrants are to be issued, signed by the Holder or its agent or
attorney. Subject to compliance with Section 7(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.

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          (c) The Company shall prepare, issue and deliver at its own expense (other than transfer
taxes) the new Warrant or Warrants under this Section 7.

          (d) The Company agrees to maintain, at its aforesaid office, books for the registration and
the registration of transfer of the Warrants.

          (e) Prior to, and as a condition of, any transfer of this Warrant, the Holder or transferee of
this Warrant, as the case may be must (i) furnish to the Company a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in
comparable transactions) to the effect that such transfer may be made without registration under
the Securities Act and under applicable state securities or blue sky laws, (ii) execute and deliver
to the Company an investment letter in form and substance acceptable to the Company and (iii)
qualify as an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act.

     8. Redemption. This Warrant may be redeemed, at the option of the Company, at any
time prior to the Termination Date, at the price of $.01 (“Redemption Price”), provided
that the last sales price of the Common Stock has been at least $8.50 per share, on each of twenty
(20) trading days within any thirty (30) trading day period ending on the third business day prior
to the date on which notice of redemption is given. Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for
redemption to the registered holder of this Warrant at his, her or its last address as it shall
appear on the books of the Company. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the registered holder received such
notice.

     9. No Rights as Shareholder until Exercise. This Warrant does not entitle the Holder
to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof.
Upon the surrender of this Warrant and the payment of the aggregate Exercise Price, the Warrant
Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such
shares as of the close of business on the later of the date of such surrender or payment.

     10. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that
upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft,
destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it
(which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender
and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate.

     11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or
a legal holiday, then such action may be taken or such right may be exercised on the next
succeeding day not a Saturday, Sunday or legal holiday.

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     12. Adjustments of Exercise Price and Number of Warrant Shares. The number and kind
of securities purchasable upon the exercise of this Warrant and the Exercise Price shall be subject
to adjustment from time to time upon the happening of any of the following. In case the Company
shall (i) pay a dividend in shares of Common Stock or make a distribution in shares of Common Stock
to holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock
into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares of Common Stock, or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise
of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to
receive the kind and number of Warrant Shares or other securities of the Company which it would
have owned or have been entitled to receive had such Warrant been exercised in advance thereof.
Upon each such adjustment of the kind and number of Warrant Shares or other securities of the
Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the
number of Warrant Shares or other securities resulting from such adjustment at an Exercise Price
per Warrant Share or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable pursuant hereto
immediately prior to such adjustment and dividing by the number of Warrant Shares or other
securities of the Company resulting from such adjustment. An adjustment made pursuant to this
paragraph shall become effective immediately after the effective date of such event retroactive to
the record date, if any, for such event.

     13. Reorganization, Reclassification, Merger, Consolidation or Disposition of Assets.
In case of any capital reorganization or reclassification, or any consolidation or merger to which
the Company is a party other than a merger or consolidation in which the Company is the continuing
corporation, or in case of any sale or conveyance to another entity of the property of the Company
as an entirety or substantially as an entirety (each, a “Fundamental Transaction”), the
Holder of this Warrant shall have the right thereafter to receive on the exercise of this Warrant
the kind and amount of securities, cash or other property which the Holder would have owned or have
been entitled to receive immediately after such Fundamental Transaction had this Warrant been
exercised immediately prior to the effective date of such Fundamental Transaction and in any such
case, if necessary, appropriate adjustment shall be made in the application of the provisions set
forth in Section 12 with respect to the rights and interests thereafter of the Holder of this
Warrant to the end that the provisions set forth in Section 12 shall thereafter correspondingly be
made applicable, as nearly as may reasonably be, in relation to any shares of stock or other
securities or property thereafter deliverable on the exercise of this Warrant. The above provisions
of this Section 13 shall similarly apply to successive Fundamental Transactions. Notice of any
such Fundamental Transaction and of said provisions so proposed to be made, shall be mailed to the
Holder of this Warrant not less than thirty (30) days prior to such event. A sale of all or
substantially all of the assets of the Company for a consideration consisting primarily of
securities shall be deemed a consolidation or merger for the foregoing purposes.

     14. Notice of Adjustment. Whenever the number of Warrant Shares or number or kind of
securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is
adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice
shall state the number of Warrant Shares (and other securities or property) purchasable upon the
exercise of this Warrant and the Exercise Price of such Warrant Shares (and other

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securities or property) after such adjustment, setting forth a brief statement of the facts
requiring such adjustment and setting forth the computation by which such adjustment was made.
Notwithstanding anything to the contrary in this Warrant, the failure to deliver any notice under
this Section 14 or any defect therein shall not affect the validity of the corporate action
required to be described in such notice.

     15. Notice of Distribution. If the Board of Directors of the Company shall declare any
dividend or other distribution with respect to its Common Stock other than a cash distribution out
of earned surplus, the Company shall mail notice thereof to the Holder of this Warrants not less
than ten (10) days prior to the record date fixed for determining stockholders entitled to
participate in such dividend or other distribution. Each such written notice shall be sufficiently
given if addressed to Holder at the last address of Holder appearing on the books of the Company
and delivered in accordance with Section 17(d). Notwithstanding anything to the contrary in this
Warrant, the failure to deliver any notice under this Section 15 or any defect therein shall not
affect the validity of the corporate action required to be described in such notice.

     16. Authorized Shares. The Company covenants that during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the Principal
Market upon which the Common Stock may be listed.

     17. Miscellaneous.

          (a) Governing Law and Jurisdiction. This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of the State of
Florida, without regard to principles of conflict of laws. Any judicial proceeding brought against
the Company with respect to this Warrant may be brought in any court of competent jurisdiction in
the State of Florida or of the United States of America for the Southern District of Florida and,
by the Company’s execution and delivery and Holder’s acceptance of this Warrant, each of the
Company and Holder (a) accepts, generally and unconditionally, the nonexclusive jurisdiction of
such courts and any related appellate court, and irrevocably agrees to be bound by any judgment
rendered thereby in connection with this Warrant, subject to any rights of appeal, and (b)
irrevocably waives any objection the Company or Holder may now or hereafter have as to the venue of
any such suit, action or proceeding brought in such a court or that such court is an inconvenient
forum. Each of the Company and Holder hereby waives personal service of process and consents, that
service of process upon it may be made by certified or registered mail, return receipt requested,
at its address specified or determined in accordance with the provisions of Section 17(d), and
service so made shall be deemed completed on the first business day after such service is deposited
with a reputable overnight courier or, if earlier, when delivered. Nothing herein shall affect the
right to serve process in any other manner permitted by law. Each party hereby waives trial by
jury in any judicial proceeding

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involving directly, or indirectly, any matter (whether sounding in tort, contract or
otherwise) in any way arising out of, related to, or connected with this Warrant or the
relationship established hereunder.

          (b) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the
exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state
and federal securities laws.

          (c) Nonwaiver. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice
Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on the
Termination Date.

          (d) Notices. Any notice, request or other document required or permitted to be given
or delivered to the Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement; provided, that upon any permitted assignment of this
Warrant, the assignee shall promptly provide the Company with its contact information.

          (e) Remedies. Holder, in addition to being entitled to exercise all rights granted by
law, including recovery of damages, will be entitled to specific performance of its rights under
this Warrant. The Company agrees that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to
waive the defense in any action for specific performance that a remedy at law would be adequate.

          (f) Successors and Assigns. Subject to applicable securities laws, this Warrant and
the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the
successors of the Company and the successors and permitted assigns of Holder. The provisions of
this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant Shares.

          (g) Amendment. This Warrant may be modified or amended or the provisions hereof waived
only with the written consent of the Company and the Holder.

          (h) Severability. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions or the remaining provisions of this Warrant.

          (i) Headings. The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant.

[Signature page follows]

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     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized.

Dated: June 21, 2007

	 	 	 	 	 
	 	EQUITY MEDIA HOLDINGS CORPORATION

 	 
	 	By:  	/s/ James Hearnsberger
 	 
	 	 	Name:  	James Hearnsberger 	 
	 	 	Title:  	Vice President 	 

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SCHEDULE OF BUYERS

	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Address and	 	 	Aggregate	 
	 	Buyer	 	 	Facsimile Number	 	 	Number of Warrants	 
	 	W. Thorpe McKenzie

	 	 	Mr. W. Thorpe McKenzie

735 Broad Street, Suite 1108

Chattanooga, TN 37402
	 	 	 	1,560,000	 	 
	 	Robert Disbrow

	 	 	Robert Disbrow

2000-400 Burrard St.

Vancouver BC V6C 3A6

Canada
	 	 	 	314,000	 	 
	 	Banque Privee Edmond de 

Rothschild, A/C 

Chrometech

	 	 	Banque Privee Edmond de

Rothschild, A/C Chrometech

2000-400 Burrard St.

Vancouver BC V6C 3A6

Canada
	 	 	 	234,000	 	 
	 	Marna Disbrow

	 	 	Marna Disbrow

2000-400 Burrard St.

Vancouver BC V6C 3A6

Canada
	 	 	 	124,000	 	 
	 	Fei-Brent Investments Ltd

	 	 	Fei-Brent Investments Ltd

2000-400 Burrard St.

Vancouver BC V6C 3A6

Canada
	 	 	 	78,000	 	 
	 	Alison Lam

	 	 	Alison Lam

2000-400 Burrard St.

Vancouver BC V6C 3A6

Canada
	 	 	 	30,000	 	 
	 	Henry G. Luken

	 	 	Covista Communications

4803 Highway 58

Chattanooga, TN 37416
	 	 	 	472,500	 	 
	 	TOTAL:

	 	 	 	 	 	 	2,812,500	 	 
	 

9

 

NOTICE OF EXERCISE

			
	To:	 	Equity Media Holdings Corporation

One Shackleford Drive, Suite 400

Little Rock, Arkansas 72211

Attention: Chief Financial Officer

Re: Warrant No. 1

     1. The undersigned hereby elects to purchase                      Warrant Shares of Equity Media Holdings
Corporation pursuant to the terms of the attached Warrant, and tenders herewith payment of the
exercise price for such Warrant Shares in full, together with all applicable transfer taxes, if
any. Payment shall take the form of lawful money of the United States.

     2. Please issue a certificate or certificates representing said Warrant Shares in the name of
the undersigned or in such other name as is specified below:

 

The Warrant Shares shall be delivered to the following:

 

 

 

 

 

     3. Accredited Investor. The undersigned is an “accredited investor” as defined in
Regulation D promulgated under the Securities Act of 1933, as amended.

	 	 	 	 	 
	 	 	 
	 	                                             
 	 
	 	 	 
	 	 	 
	 
	 	 	 
	 	By:  	                                            
 	 
	 	 	 	 
	 	 	 	 
	 
	 	 	 
	 	                                            Dated:  
 	 
	 	 	 
	 	 	 
	 

10

 

ASSIGNMENT FORM

(To assign the foregoing Warrant, execute

this form and supply required information.

Do not use this form to exercise the Warrant.)

     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned
to                  
                       
whose address is       
                
                  .

Dated:                     , 200      

			
	Holder’s Signature:	 	
 

			
	Holder’s Address:	 	
 

			
	Signature Guaranteed:	 	
 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face
of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed
by a bank or trust company. Officers of corporations and those acting in a fiduciary or other
representative capacity should file proper evidence of authority to assign the foregoing Warrant.

11

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