Document:

Exhibit
10.4

 

EXECUTION
COPY

 

NON-ESCROWED
SHARES REGISTRATION RIGHTS AGREEMENT

 

This NON-ESCROWED SHARES
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into
December 10, 2003 (the “Effective Date”)  by
and between QUIXOTE CORPORATION, a Delaware corporation (“Quixote”), and
PEEK  CORPORATION, a Delaware
corporation (the “Stockholder”).

 

R
E C I T A L S

 

A.            Vision Acquisition
Corporation, a Delaware corporation, is an indirect subsidiary of Quixote and
Peek Traffic Inc., a Delaware corporation, and Peek Traffic System, Inc., a
Florida corporation, are direct subsidiaries of Stockholder;

 

B.            Vision Acquisition
Corporation, Peek Traffic, Inc. and Peek Traffic Systems, Inc. have entered
into an Asset Purchase Agreement dated as of the date hereof (the “Asset Purchase Agreement”).

 

C.            As a condition
precedent to the consummation of the transactions contemplated by the Asset
Purchase Agreement, Quixote has agreed to grant the Stockholder certain Form
S-3 registration rights with respect to the 30,120 shares of Quixote Common
Stock that are issued to it in accordance with the Asset Purchase Agreement,
and which are not subject to the Escrow Agreement dated December 10, 2003
(the “Escrow Agreement”)
by and among Vision Acquisition Corporation, Peek Traffic Systems, Inc., Peek
Traffic, Inc. and the named Escrow Agent, subject to the terms and conditions
of this Agreement.

 

NOW, THEREFORE, in
consideration of the facts stated in the foregoing recitals and the mutual
promises hereinafter set forth, the parties hereto agree as follows:

 

1.             REGISTRATION
RIGHTS

 

1.1           Certain
Definitions.  For purposes of this
Agreement:

 

(a)           1933 Act.  The term “1933 Act” means the U.S. Securities Act
of 1933, as amended, or any successor law.

 

(b)           1934 Act.  The term “1934 Act”  means the U.S. Securities Exchange Act of 1934, as amended,
or any successor law.

 

(c)           Business Day.  The term “Business
Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions in the City of Chicago,
Illinois are authorized or obligated by law or executive order to close.

 

(d)           Form S-3.  The term “Form S-3”  means a registration statement filed under Form S-3 under
the 1933 Act, as such is in effect on the 

 

 

Effective Date, or
any successor form of registration statement under the 1933 Act subsequently
adopted by the SEC which permits inclusion or incorporation of a substantial
amount of information by reference to other documents filed by Quixote with the
SEC.

 

(e)           Holder.  The term “Holder” means the Stockholder or any
transferee of record of any Registrable Securities to whom rights under this
Agreement have been duly transferred in accordance with the provisions of this
Agreement.

 

(f)            Notice of Sale.  The term “Notice of Sale”  means a written notice
specifying the intended manner of sale of Registrable Securities and the
identity of the person or entity for whose account the Registrable Securities
will be sold.

 

(g)           Prospectus.  The term “Prospectus”  means any prospectus
contained in a registration statement covering the sale of any Registrable
Securities.

 

(h)           Quixote Common
Stock.  The term “Quixote Common Stock”
means the common stock of Quixote Corporation, par value $0.01 – 2/3 per share.

 

(i)            Registrable
Securities.  The term “Registrable Securities”  means: 
(A) the 30,120 shares of Quixote Common Stock that are delivered as
Consideration Shares at the Closing pursuant to Section 2.6(b) of the
Asset Purchase Agreement, and are not subject to the Escrow Agreement; and (B)
any Quixote securities (and shares of Quixote Common Stock issued on conversion
of such securities, if applicable) that may be issued as a dividend or other
distribution, recapitalization or reclassification (including without
limitation shares of Quixote Common Stock issued in a subdivision and split of
Quixote’s outstanding Common Stock) with respect to, or in exchange for, or in
replacement of, shares of Quixote Common Stock described in clause (A) of this
Section 1.1(i) or in this clause (B); excluding
in all cases, however, from the definition of “Registrable Securities” any such shares
that:  (1) are effectively registered
under the 1933 Act other  than pursuant to a registration
statement filed pursuant to this Agreement and disposed of in accordance with
that Registration Statement; (2) sold pursuant to a registration statement
filed pursuant to this Agreement; or (3) sold pursuant to Rule 144 promulgated
under the 1933 Act or otherwise sold to the public.  Only shares of Quixote Common Stock shall be Registrable
Securities.  Except as provided in
clause (B) of the first sentence of this Section 1.1(i), without
limitation, the term “Registrable
Securities”  does  not  include any shares of
Quixote Common Stock that were not issued to the Stockholder in accordance with
the Asset Purchase Agreement.

 

(j)            Registration.  The terms “register,” “registered,” and  “registration”
refer to a registration effected by preparing and filing a
registration

 

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statement in compliance
with the 1933 Act, and the declaration or ordering of effectiveness of such
registration statement.

 

(k)           Rule 415.  The term “Rule 415”  means Rule 415 promulgated under the 1933 Act, as such Rule
may be amended from time to time, or any similar or successor rule or
regulation hereafter adopted by the SEC.

 

(l)            SEC.  The term “SEC” or the term “Commission”  means the U.S. Securities and Exchange
Commission.

 

(m)          Shelf Registration. The term “Shelf Registration” shall mean a
registration effected pursuant to Section 1.2 hereof.

 

(n)           Shelf Registration Statement. 
The term “Shelf
Registration Statement” shall mean a “shelf” registration
statement of Quixote pursuant to the provisions of Section 1.2 of this
Agreement providing for the registration of, and the sale on a continuous or
delayed basis by the holders of, all of the Registrable Securities pursuant to
Rule 415 under the 1933 Act, or any similar rule that may be adopted by the
SEC, and all amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference
therein.  As the context may require,
“Shelf Registration Statement” shall include any Subsequent Shelf Registration
Statement.

 

Capitalized terms used in
this Agreement but not defined in this Section 1 or elsewhere in this
Agreement shall have the same meanings given to such terms in the Asset
Purchase Agreement.

 

1.2           Shelf Registration.

 

(a)           Filing and
Registration Period.  Subject
to the terms and conditions of this Agreement, on or before the tenth (10th)
Business Day following the Closing, Quixote shall prepare and file with the SEC
a Shelf Registration Statement on Form S-3 (or, if Quixote fails to qualify for
a Form S-3, such other form as it would then qualify for) providing for the
registration of, and the sale on a continuous or delayed basis by the holders
of, all of the then outstanding Registrable Securities pursuant to Rule 415.  Quixote shall use its reasonable good faith
efforts to have such Shelf Registration Statement declared effective as soon as
practicable after its filing and to keep the Shelf Registration Statement
continuously effective during the period of time commencing on the date the
Shelf Registration Statement is declared effective under the 1933 Act by the
SEC (the “Effectiveness
Date”)  and ending
on the date that is three years  after the Effectiveness Date or such
earlier date when there are no more Registrable Securities (such period of time
being hereinafter called the “Registration Period”). 
Quixote shall have no duty or obligation to keep the Shelf Registration
Statement (or any Subsequent Registration Statement, as defined below)
effective after the expiration of the Registration Period. At the time the
Shelf Registration Statement 

 

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is initially declared
effective, each Holder that was a holder as of ten (10) Business Days prior to
the Effectiveness Date shall be named as a selling securityholder in the Shelf
Registration Statement and the related Prospectus in such a manner as to comply
with Item 507 of Regulation S-K and any other disclosure laws or regulations
applicable to selling securityholders under the Securities Act.

 

(b)           Subsequent
Registration.  Following the initial filing
and effectiveness of the Shelf Registration Statement, if the Shelf
Registration Statement or a Subsequent Registration Statement (as defined
below) thereafter ceases to be effective for any reason at any time during the
Registration Period, then Quixote shall use its best efforts to obtain the
prompt withdrawal of any order suspending the effectiveness thereof, and in any
event shall, within thirty (30) days of such cessation of effectiveness, file
an amendment to the Shelf Registration Statement seeking to obtain the
withdrawal of the order suspending the effectiveness thereof, or file an
additional “shelf” registration statement pursuant to Rule 415 covering all of
the then outstanding Registrable Securities (a “Subsequent Registration Statement”).  If a Subsequent Registration Statement is
filed, Quixote shall use its best efforts to cause the Subsequent Registration
Statement to be declared effective as soon as practicable after such filing and
to keep such registration statement continuously effective until the end of the
Registration Period.

 

(c)           Supplements and
Amendments. Subject to Section 1.2(e), Quixote further agrees to, after the
Effectiveness Date, supplement or amend the Shelf Registration Statement if
required by the rules, regulations or instructions applicable to the
registration form used by Quixote for such Shelf Registration Statement or by
the 1933 Act or by any other rules and regulations thereunder for shelf
registration or if reasonably requested by any Holder with respect to
information relating to such Holder, including without limitation any action
necessary to identify such Holder as a selling securityholder in the Shelf
Registration Statement and/or to describe such Holder’s intended methods of
distribution of Registrable Securities, and to use its reasonable best efforts
to cause any such supplement to be filed or amendment to become effective and
such Shelf Registration Statement to become usable as soon as thereafter
practicable.  Quixote agrees to furnish
to the Holders of Registrable Securities copies of any such supplement or
amendment promptly after its being used or filed with the SEC.

 

(d)           Notice of Sale;
Timing and Manner of Sale.  Each
Holder of Registrable Securities wishing to sell Registrable Securities
pursuant to a Shelf Registration Statement and related Prospectus agrees to
deliver a completed and signed Notice of Sale to Quixote before 5:00 p.m. local
Chicago time on the second Business Day prior to any intended distribution of
Registrable Securities under the Shelf Registration Statement.  A Notice of Sale must indicate the Holder’s
intention to sell Registrable Securities pursuant to the Shelf Registration Statement
(or Subsequent Registration Statement, as applicable) and the Holder’s intended
plan of distribution of such Registrable Securities (which must conform to the
plan of distribution contained in the prospectus for the Shelf Registration 

 

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(or Subsequent
Registration, as applicable)).  A Notice
of Sale shall indicate a period of time, beginning after the second (2nd)
Business Day following the date the Notice of Sale is delivered and not to
exceed sixty (60) days, during which the Holder intends to sell Registrable
Securities (the “Designated
Sale Period”). The Holder may sell Registrable Securities during
the Designated Sale Period, unless the Holder has received a Deferral Notice
from Quixote in accordance with Section 1.2(e).  A new Notice of Sale must be delivered by Quixote by the Holder
after the Designated Sale Period expires. 
A Holder may also sell Registrable Securities in a bona fide private
offering if the selling Holder provides Quixote with a written opinion of
counsel, satisfactory to counsel to Quixote, that such offer and sale is an
exempt transaction under the 1933 Act and applicable state securities laws,
complies with all requirements for such exemption(s) and is not made with use
of the prospectus for the Shelf Registration (or Subsequent Registration, if
applicable).

 

(e)           Deferral Period. If, at the time
Quixote receives a Notice of Sale or otherwise during a Designated Sale Period,
(A) the SEC has issued a stop order suspending the effectiveness of a Shelf
Registration or has initiated proceedings with respect to a Shelf Registration
under Section 8(d) or 8(e) of the 1933 Act, (B) any event has occurred or
any fact exists  (a “Material Event”)
as a result of which any Registration Statement shall contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, or
any Prospectus shall contain any untrue statement of a material fact or omit 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, or (C) any pending corporate development has occurred or
exists, the disclosure of which would, in good faith judgment of the Board of
Directors of Quixote, be premature or otherwise inadvisable at such time or
could have a material adverse effect on Quixote or its stockholders,  Quixote
will (i) in the case of clause (B) above, subject to the second succeeding
sentence, as promptly as practicable, prepare and file, if necessary pursuant
to applicable law, a post-effective amendment to such Registration Statement or
a supplement to the related Prospectus or any document incorporated therein by
reference or file any other required document that would be incorporated by
reference into such Registration Statement and Prospectus so that such
Registration Statement does not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading, and such Prospectus does not
contain any untrue statement of a material fact or omit 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,
as thereafter delivered to the purchasers of the Registrable Securities being
sold thereunder, and, in the case of a post-effective amendment to a
Registration Statement, subject to the second succeeding sentence, use its
reasonable best efforts to cause it to be declared effective as promptly as is
practicable, and (ii) give notice to the Holders that the availability of such
Registration Statement is suspended (a “Deferral Notice”) and, upon
receipt of any Deferral Notice, each Holder agrees not to

 

5

 

sell
any Registrable Securities pursuant to such Registration Statement until such
Holder’s receipt of copies of the supplemented or amended Prospectus provided
for in clause (i) above, or until it is advised in writing by Quixote that the
Prospectus may be used, and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference
in such Prospectus.  Subject to the next
sentence, Quixote will use its reasonable best efforts to ensure that the use
of the Prospectus may be resumed (x) in the case of clause (A) above, as
promptly as is practicable, (y) in the case of clause (B) above, as soon as, in
the reasonable judgment of Quixote, public disclosure of such Material Event
would not be prejudicial to or contrary to the interests of Quixote and (z) in
the case of clause (C) above, as soon as in the reasonable discretion of Quixote,
such suspension is no longer appropriate. Quixote shall be entitled to exercise
its right under this Section 1.2(e) to suspend the availability of the
Shelf Registration Statement or any Prospectus no more than one (1) time in any
six month period, and any such period during which the availability of the
Registration Statement and any Prospectus is suspended (the “Deferral Period”)
shall not exceed 30 days. The Holders hereby agree that upon receipt of any
Deferral Notice from the Company, each Holder shall, and shall cause each of
its officers, directors, employees, affiliates, advisors, agents and
representatives to, keep confidential all nonpublic information set forth in
such notice including the existence or terms of such Deferral Notice.

 

1.3           Limitations.  Notwithstanding the provisions of
Section 1.2 above, Quixote shall not be obligated to effect any
registration, qualification or compliance of Registrable Securities pursuant to
Section 1.2 of this Agreement, and the Holders shall not be entitled to
sell Registrable Securities pursuant to any registration statement filed under
Section 1.2 of this Agreement, as applicable:

 

(a)           in any particular
jurisdiction in which Quixote would be required to qualify to do business or to
execute a general consent to service of process in effecting such registration,
qualification or compliance, unless Quixote is already subject to service of
process in such jurisdiction; or

 

(b)           if the SEC refuses
to declare such registration effective due to the participation of any
particular Holder in such registration (unless such Holder withdraws all such
Holder’s Registrable Securities from such registration statement).

 

1.4           Shares Otherwise
Eligible for Resale.  Notwithstanding anything herein
to the contrary, Quixote shall not be obligated to effect or continue to keep
effective any such registration, registration statement, qualification or
compliance with respect to the Registrable Securities held by any particular
Holder:

 

(a)           if Quixote or its
legal counsel shall have received a “no-action” letter or similar written
confirmation from the SEC that all the Registrable Securities then held by such
Holder may be resold by such Holder without registration under the 1933 Act
pursuant to the provisions of Rule 144 

 

6

 

promulgated under
the 1933 Act (or successor provisions), and without any volume or manner of
sale restrictions.;

 

(b)           if legal counsel
to Quixote shall deliver a written opinion to Quixote, its transfer agent and
the Holders, in form and substance reasonably acceptable to Quixote, to the
effect that all the Registrable Securities then held by such Holder may be
resold by such Holder without registration under the 1933 Act pursuant to the
provisions of Rule 144 promulgated under the 1933 Act, and without any volume
or manner of sale restrictions; or

 

(c)           after expiration
or termination of the Registration Period.

 

1.5           Eligibility for
Form S-3. Quixote represents and warrants that it is currently eligible to
register the resale of all the Registrable Securities by the Holder on a
registration statement on Form S-3 under the 1933 Act for the account of the
Holder. Quixote shall file all reports required to be filed by Quixote with the
SEC in a timely manner and take all other actions which may be required so as
to maintain such eligibility for the use of Form S-3.

 

1.6           Expenses.  Quixote shall pay all expenses incident to
Quixote’s performance of its obligations incurred in connection with any
registration effected by Quixote pursuant to this Agreement (excluding
underwriters’ and brokers’ discounts and commissions), including without
limitation all filing, registration and qualification, printers’, legal and
accounting fees, but specifically excluding any legal fees and expenses of
counsel or other advisors retained by the Holders of Registrable Securities
(except as provided in Section 1.7(n)) and any underwriting discounts,
brokerage fees and commissions incurred by Holders of Registrable Securities.

 

1.7           Obligations of
Quixote.  Subject to Sections 1.2, 1.3
and 1.4 above, when required to effect the registration of any Registrable
Securities under the terms of this Agreement, Quixote will:

 

(a)           prepare and file
with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to
become and remain effective for the period of the distribution contemplated;

 

(b)           promptly prepare
and file with the SEC such amendments and supplements to such registration
statement and Prospectus and in connection therewith as may be necessary to
comply with the provisions of the 1933 Act with respect to the distribution of
all Registrable Securities covered by such registration statement;

 

(c)           furnish to the
Holders such number of copies of the Prospectus relating to the Shelf
Registration Statement (or Subsequent

 

7

 

Registration Statement, as applicable), including a
preliminary prospectus (and amendments or supplements thereto), in conformity
with the requirements of the 1933 Act, and such other documents as they may
reasonably request in order to facilitate the disposition of the Registrable
Securities owned by them;

 

(d)           use its best
efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as
will be reasonably requested by the Holders; provided that Quixote will not be required in connection
therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such state or jurisdiction unless
Quixote is already so qualified or subject to service of process, respectively,
in such jurisdiction;

 

(e)           promptly notify
each Holder and if requested by any such Holder or counsel, confirm such advice
in writing when a Registration Statement has become effective and when any
post-effective amendment thereto has been filed and becomes effective, or of
the issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose;

 

(f)            promptly notify
each Holder of Registrable Securities covered by such Registration Statement, at
any time during a Designated Sale Period when an event described in
Section 1.2(e) has occurred, which notice may state that it constitutes a
Deferral Notice, in which event the provisions of Section 1.2(e) shall
apply;

 

(g)           Holders who hold a majority of the
Registrable Securities included in the Shelf Registration Statement (or
Subsequent Registration Statement) determine to use underwriters as part of
their plan of distribution for the Registrable Securities, enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, including, without limitation, customary representations, warranties,
covenants, indemnification and contribution obligations, and legal opinion and
accounting letter delivery requirements, with the underwriters identified by
such Holders;

 

(h)           shall notify each Holder as promptly as
practicable after becoming aware of a Material Event of the happening of such
event and subject to Section 1.2(e), use its best efforts promptly to
prepare a supplement or amendment to the registration statement to correct such
untrue statement or omission, and deliver such number of copies of such
supplement or amendment to each Holder as such Holder may reasonably request;

 

(i)            advise the
Holders, promptly after it shall receive notice or obtain knowledge thereof, of
the issuance of any stop order by the SEC suspending the effectiveness of such
registration statement under the Act or the initiation or threatening of any
proceeding for such purpose, and promptly use its

 

8

 

best efforts to prevent the issuance of any stop
order or to obtain its withdrawal if such stop order should be issued;

 

(j)            use its best
efforts to comply with all applicable laws related to such registration
statement and offering and sale of securities and all applicable rules and
regulations of governmental authorities in connection therewith (including,
without limitation, the 1933 Act and the 1934 Act and the rules and regulations
promulgated by the Commission) and make generally available to its security
holders as soon as practicable (but in any event not later than fifteen (15)
months after the effectiveness of such registration statement) an earnings
statement of Quixote and its subsidiaries complying with Section 11(a) of
the 1933 Act;

 

(k)           shall hold in confidence and not make any
disclosure of information concerning an Holder provided to Quixote unless (i)
disclosure of such information is necessary to comply with federal or state
securities laws, (ii) the disclosure of such information is necessary to avoid
or correct a misstatement or omission in any registration statement, (iii) the
release of such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this or any other agreement,
and further agrees that it shall, upon learning that disclosure of such
information concerning an Holder is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt notice to
such Holder and allow such Holder, at the Holder’s expense, to undertake
appropriate action to prevent disclosure of, or to obtain a protective order
for, such information;

 

(l)            shall use its best
efforts to secure designation and quotation of all the Registrable Securities
covered by the registration statement on the Nasdaq National Market System or,
if, Quixote’s Common Stock is not so authorized for quotation on such system,
such automated quotation system or securities exchange on which Quixote Common
Stock is then quoted or listed;

 

(m)          shall cooperate with the Holders who hold
Registrable Securities being offered to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the
Registrable Securities to be offered pursuant to any registration statement and
enable such certificates to be in such denominations or amounts, as the Holders
may reasonably request and registered in such names as the Holders may request.
Not later than the date on which any registration statement registering the
resale of Registrable Securities is declared effective, Quixote shall deliver
to its transfer agent instructions, accompanied by any reasonably required
opinion of counsel, that permit sales of unlegended securities in a timely
fashion that complies with then mandated securities settlement procedures for
regular way market transactions;

 

9

 

(n)           shall permit a single
firm of counsel, designated as selling shareholders’ counsel by the Holders who
hold a majority of the Registrable Securities being sold, which shall initially
be Allen & Overy (“Designated Counsel”), to review and comment upon the
registration statement(s) and all amendments and supplements thereto a
reasonable period of time prior to their filing with the SEC, and not file any
document in a form to which such counsel reasonably objects.  Quixote shall reimburse the Holders for the
reasonable fees and disbursements of the Designated Counsel for legal services
provided Holders after the Effectiveness Date in connection with registrations
of Registrable Securities under this Agreement; and

 

(o)           shall take all
other reasonable actions necessary to expedite and facilitate disposition by
the Holders of Registrable Securities pursuant to any registration statement.

 

1.8           Furnish
Information.  It shall be a condition
precedent to the obligations of Quixote to take any action pursuant to this
Agreement that the selling Holders will furnish to Quixote such information
regarding themselves, the Registrable Securities held by them, and the intended
method of disposition and plan of distribution of such Registrable Securities
as shall be required to timely effect the registration of their Registrable
Securities.

 

1.9           Delay of
Registration.  No Holder will have any right
to obtain or seek an injunction restraining or otherwise delaying any
registration that is the subject of this Agreement as the result of any
controversy that might arise with respect to the interpretation or
implementation of this Agreement.

 

1.10         Indemnification.

 

(a)           By Quixote.  To the extent permitted by law, Quixote will
indemnify, defend and hold harmless each Holder against any losses, claims,
damages, or liabilities (joint or several) to which such Holder may become
subject, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) are caused by any of the following statements, omissions or
violations (collectively, a “Violation”):

 

(i)            any untrue
statement or alleged untrue statement of a material fact contained in a
registration statement filed by Quixote pursuant to this Agreement pursuant to
which Registrable Securities are sold, including any preliminary prospectus or
final prospectus contained therein or any amendments or supplements thereto;

 

(ii)           the omission or
alleged omission to state in such registration statement, preliminary
prospectus or final prospectus or any 

 

10

 

amendments or
supplements thereto, a material fact required to be stated therein, or
necessary to make the statements therein not misleading; or

 

(iii)          any violation or
alleged violation by Quixote of the 1933 Act, the 1934 Act, any U.S. federal or
state securities law or any rule or regulation promulgated under the 1933 Act,
the 1934 Act or any U.S. federal or state securities law in connection with the
offering of Registrable Securities covered by such registration statement;

 

provided
however, that the indemnity agreement contained in this subsection 1.9(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the written consent
of Quixote (which consent shall not be unreasonably withheld), nor shall
Quixote be liable in any such case for any such loss, claim, damage, liability
or action to the extent that it arises out of or is based upon one or more
Violations which occur in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by
such Holder, to the extent it is established that any such losses, claims,
damages or liabilities result from the fact that such Holder sold Registrable
Securities to a person to whom there was not sent or given, by or on behalf of
such Holder a copy of the Prospectus (as then amended or supplemented, if
Quixote shall have furnished any amendments or supplements thereto) at or prior
to the written confirmation of the sale of the Registrable Securities to such
person, nor if such losses, claims, damages or liabilities result from an
untrue statement or alleged untrue statement or an omission or alleged omission
contained in such preliminary Prospectus that was corrected in the Prospectus
(as so amended or supplemented), unless such failure is the result of
noncompliance by Quixote with its obligations to deliver copies of the
Prospectus to such Holder; nor shall this indemnity inure to the benefit of any
Holder, from whom the person asserting any such losses, claims, damages or
liabilities purchased the Registrable Securities concerned to the extent it is
established that, at the time of such purchase, such Holder had received
written notice from Quixote that the use of such Prospectus was suspended as
provided in this Agreement.

 

(b)           By Selling Holders.  To the extent permitted by law, each selling
Holder will indemnify and hold harmless Quixote, each of its directors, each of
its officers who have signed the registration statement, each person, if any,
who controls Quixote within the meaning of the 1933 Act, any underwriter and
any other Holder selling securities under such registration statement, against
any losses, claim, damages or liabilities (joint or several) to which Quixote
or any such director, officer, controlling person, underwriter or other such
Holder may become subject insofar as such losses, claims, damages or
liabilities (or actions in respect thereto) arise out of or are based upon any
one or more Violations, in each case to the extent (and only to the extent)
that such Violations occur in reliance upon and in conformity with written
information furnished by such Holder expressly for use in connection with such
registration; and each such 

 

11

 

Holder will
indemnify and reimburse Quixote or any such director, officer, controlling
person, underwriter or other Holder for any reasonable attorneys’ fees and
other expenses reasonably incurred by Quixote or any such director, officer,
controlling person, underwriter or other Holder in connection with
investigating or defending any such loss, claim, damage, liability or action,
as incurred; provided  however,
that the indemnity agreement contained in this subsection 1.10(b) shall
not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the
indemnifying Holder, which consent shall not be unreasonably withheld; and provided  further that the total
amounts payable in indemnity by a Holder under this subsection 1.10(b) in
respect of any Violation shall not exceed the net proceeds received by such
Holder in the registered offering out of which such Violation arises.

 

(c)           Notice.  Promptly after receipt by an indemnified
party under this Section 1.10 of notice of the commencement of any action
(including any governmental action) against such indemnified party, such
indemnified party will, if a claim for indemnification or contribution in
respect thereof is to be made against any indemnifying party under this
Section 1.10, deliver to the indemnifying party a written notice of the
commencement thereof and, if the indemnifying party is Quixote, Quixote shall
have the right and obligation to control the defense of such action, and if
Quixote fails to defend such action it shall indemnify and reimburse the
Selling Holders for any reasonable attorneys’ fees and other expenses
reasonably incurred by them in connection with investigating or defending such
action; provided  however,
that:  (i) Quixote shall also have the
right, at its option, to assume and control the defense of any action with
respect to which Quixote or any person entitled to be indemnified by the
Selling Holders under Section 1.10(b) is entitled to indemnification from
the Selling Holders; (ii) the indemnified party or parties shall have the right
to participate at its own expense in the defense of such action and (but only
to the extent agreed in writing with Quixote and any other indemnifying party
similarly noticed) to assume the defense thereof with counsel mutually
satisfactory to the parties; and (iii) an indemnified party shall have the
right to retain its own counsel, with the fees and expenses of such counsel to
be paid by the indemnifying party, if representation of such indemnified party
by the counsel retained by the indemnifying party would be inappropriate due to
an actual or potential conflict of interests between such indemnified party and
any other party represented by such counsel in such proceeding.  The failure of an indemnified party to
deliver written notice to the indemnifying party within a reasonable time of
the commencement of any such action, if prejudicial to the ability of the
indemnifying party to defend such action, shall relieve such indemnifying party
of any liability to the indemnified party under this Section 1.10, but the
omission so to deliver written notice to the indemnifying party will not
relieve the indemnifying party of any liability that it may have to any
indemnified party otherwise than under this Section 1.10.

 

12

 

(d)           Survival.  The obligations of Quixote and Holders under
this Section 1.9 shall survive the completion of any offering of
Registrable Securities in a registration statement pursuant to this Agreement,
and otherwise.

 

1.11         Duration and
Termination of Quixote’s Obligations. 
Quixote will have no obligations pursuant to Section 1.2 of this
Agreement with respect to any Notice of Sale or other request or requests for
registration (or inclusion in a registration) made by any Holder or to maintain
or continue to keep effective any registration or registration statement
pursuant hereto:  (a) after the
expiration or termination of the Registration Period; (b) with respect to a
particular Holder if, in the opinion of counsel to Quixote, all such Registrable
Securities proposed to be sold by such Holder may be sold without registration
under the 1933 Act pursuant to Rule 144 promulgated under the 1933 Act and
without any volume or manner of sale restrictions; or (c) if all Registrable
Securities have been registered and sold pursuant to a registration effected
pursuant to this Agreement and/or have been transferred in transactions in
which registration rights hereunder have not been assigned in accordance with
this Agreement.

 

1.12         Rule 144
Requirements.  Quixote agrees to:

 

(a)           file with the SEC
in a timely manner all reports and other documents required of it under the
Securities Act and the 1934 Act; and

 

(b)           furnish to any
Holder of Registrable Securities upon request (i) a written statement as to its
compliance with the requirements of Rule 144(c) and the reporting requirements
of the 1933 Act and the 1934 Act, (ii) a copy of its most recent annual or
quarterly report, and (iii) such other reports and documents of Quixote as such
Holder may reasonably request to avail itself of any similar rule or regulation
of the SEC allowing himself, herself or itself to sell any such securities
without registration.

 

2.             TRANSFER
OF REGISTRATION RIGHTS

 

The rights to cause Quixote to register
Registrable Securities pursuant to this Agreement may be assigned by a Holder
only in connection with the transfer of the Registrable Securities to which
such registration rights relate (A) to a Holder Affiliate without the prior
written consent of Quixote or (B) to any other person with the prior written
consent of Quixote, which may not be unreasonably withheld; provided, however, that no such transfer
shall be effective unless (i) a transferor shall, within ten (10) days after
such transfer, furnish to Quixote written notice of the name and address of
such transferee or assignee and the securities with respect to which such
registration rights are being assigned and (ii) such transferee shall agree in
writing to be subject to all restrictions and obligations set forth in this Agreement
and in the Standstill Agreement dated as of the date of this Agreement between
Quixote and the original Holder.  A
“Holder Affiliate” for purposes of this Section 2 is a transferee or
assignee of Registrable Securities that is (a) a subsidiary, parent, general
partner, limited partner, retired partner,

 

13

 

member
or retired member, or stockholder of a Holder, (b) a family member of such
Holder or trust for the benefit of such an individual, or (c) is an entity
affiliated by common control (or other related entity) with such Holder.

 

3.             GENERAL
PROVISIONS

 

3.1           Notices.  All notices, requests, payments,
instructions, or other documents to be given hereunder shall be in writing or
by written telecommunication, and shall be deemed to have been duly given if
(i) delivered personally (effective upon delivery), (ii) mailed by registered
or certified mail, return receipt requested, postage prepaid (effective five
business days after dispatch), (iii) sent by a reputable, established courier
service that guarantees next business day delivery (effective the next business
day), or (iv) sent by facsimile or electronic mail, followed within 24 hours by
confirmation by one of the foregoing methods (effective upon the first business
day after receipt of the facsimile or electronic mail in complete, readable
form).  Notices to each party shall be
addressed as set forth below (or to such other address as the recipient party
may have furnished to the sending party for the purpose pursuant to this
Paragraph 3.1).

 

If to Quixote:

 

Quixote Corporation

One East Wacker Drive

Chicago, Illinois 
60601

Facsimile No.: (312) 467-0197

Attention: 
Leslie J. Jezuit

 

With a copy to:

 

Holland & Knight LLC

131 S. Dearborn Street,
30th Floor

Chicago, Illinois 60603

Facsimile No.: (312)
578-6666

Attention: 
Anne Hamblin Schiave

 

If to Stockholder:

 

Peek Corporation

2511 Corporate Way

Palmetto, FL 
34221

Attn: Andy Roake, CEO

Facsimile: 941-365-0837

 

14

 

With a

copy

(which

shall not

constitute

notice)

to:                           Allen & Overy

1221 Avenue of the Americas

New York, NY 10020

Attn:  Hugh
McDonald

Facsimile: 
212-610-6399

 

or at such other address as
the party to be served with notice may have furnished in writing to the party
seeking or desiring to serve notice as a place for the service of notice.

 

3.2           Entire Agreement.  This Agreement constitutes and contains the
entire agreement and understanding of the parties with respect to the subject
matter hereof and supersedes any and all prior negotiations, correspondence,
agreements, understandings, duties or obligations between the parties with
respect to the subject matter hereof.

 

3.3           Amendment of
Rights.  Any provision of this
Agreement may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of Quixote and Holders who own a
majority of all the Registrable Securities then outstanding.  Any amendment or waiver effected in
accordance with this Section 3.3 shall be binding upon each Holder, each
permitted successor or assignee of each Holder and Quixote.

 

3.4           Governing Law.  This Agreement shall be governed by,
construed and enforced under the internal laws (without regard to principles of
conflicts of laws) of the State of Illinois. 
Any legal action, suit or proceeding arising out of or relating to this
Guaranty or the transactions contemplated hereby shall be instituted
exclusively in the courts of the State of Illinois, located in the City of
Chicago or, provided subject matter jurisdiction exists, in the United States
Federal Court for the Northern District of Illinois, located in Chicago,
Illinois, and each party hereto agrees not to assert as a defense in any such
action, suit or proceeding, any claim that it is not subject personally to the
jurisdiction of such courts, that its property is exempt or immune from
attachment or execution, that the action, suit or proceeding is brought in an
inconvenient forum, that the venue of the action, suit or proceeding is
improper or that this Agreement or the subject matter hereof may not be
enforced in or by such court.  Each
party further irrevocably submits to the exclusive jurisdiction of such courts
in any such action, suit or proceeding.

 

15

 

3.5           Severability.  If one or more provisions of this Agreement
are held to be unenforceable under applicable law, then such provision(s) will
be excluded from this Agreement and the balance of this Agreement shall be
interpreted as if such provision(s) were so excluded and will be enforceable in
accordance with its terms.

 

3.6           No Third Party
Beneficiaries.  Nothing in this Agreement,
express or implied, is intended to confer upon any person, other than the
parties hereto and their permitted successors and assigns, any rights or
remedies under or by reason of this Agreement.

 

3.7           Captions.  The headings and captions to sections of
this Agreement have been inserted for identification and reference purposes
only and will not be used to construe or interpret this Agreement.

 

3.8           Counterparts.  This Agreement may be executed in
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

 

3.9           Effectiveness of
Agreement.  Regardless of when signed,
this Agreement will not become effective or binding unless and until the
Closing as such term is defined in the Asset Purchase Agreement.

 

[Signature Page Follows]

 

16

 

[Signature Page to Non-Escrowed Shares Registration Rights
Agreement}

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement effective as of the Effective Date.

 

	
  QUIXOTE CORPORATION

  	
   

  	
  PEEK CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ LESLIE JEZUIT

  	
   

  	
  By:

  	
   /s/ ANDREW ROAKE

  
	
  Title:

  	
   President

  	
   

  	
  Its:

  	
   Director

  
						

 

17

 

Exhibit A

 

to

 

Non-Escrowed Shares Registration Rights Agreement

 

 

	
  Name and Address

  of Stockholder

  	
   

  	
  Number of Registrable Securities

  Owned By the Stockholder

  
	
   

  	
   

  	
   

  
	
  Peek Corporation

  2511 Corporate Way

  Palmetto, FL  34221

  	
   

  	
  30,120

  

 

18Exhibit 10.5

 

EXECUTION COPY

 

NON-COMPETITION AGREEMENT

 

THIS NON-COMPETITION AGREEMENT (“Agreement”) is dated
December 10, 2003 (the “Effective Date”), by and between Vision Acquisition
Corporation, a Delaware corporation (the “Company”), and Peek Holding Corporation (the
“Stockholder”),
Peek Corporation, a Delaware corporation (“Peek”), Peek Traffic, Inc., a Delaware
corporation (“PTI”),
and Peek Traffic Systems Inc., a Florida corporation (“PTSI”) (Stockholder,
Peek, PTI and PTSI, together the “Peek Parties”).

 

RECITALS

 

A.            The
Stockholder owns one hundred percent (100%) of the outstanding capital stock of
Peek; and Peek owns one hundred percent (100%) of PTI and PTSI.

 

B.            PTI
and PTSI are engaged in the manufacture and sale of traffic and
intersection controllers, signals, detectors, automatic data recorders,
tolling systems, closed loop multiple arterial traffic systems, public
transport tracking systems, video track camera systems, and red-light
enforcement systems, and related software for all such systems and products for
the transportation industry in the United States, Canada and Mexico (the “Business”).

 

C.            Pursuant
to an asset purchase agreement (the “Asset Purchase Agreement”), the Company will
acquire substantially all of the assets of PTI and PTSI that are used in the
Business, including the good will of PTI and PTSI.  Capitalized terms which are not otherwise defined herein shall
have the meanings ascribed to such terms in the Asset Purchase Agreement.  As used herein, the “Jurisdiction” means the United States,
Canada, Mexico, Cuba, U.S. protectorates and U.S. possessions.  The Peek Parties and their Affiliates are
also engaged in the business of signal maintenance for traffic signals,
equipment and lighting in the Jurisdiction (the “SMI Business”).

 

D.            The
Company’s willingness to enter into the Asset Purchase Agreement is conditioned
upon, among other things, its ability to protect the value of the goodwill of
the Business it is acquiring by virtue of the Asset Purchase Agreement.  The Company and the Peek Parties acknowledge
that (i) the Peek Parties’ entry into this Agreement is critical to the
Company’s ability to protect the value of the goodwill of the Business the
Company is acquiring in the Asset Purchase Agreement and (ii) the Peek Parties’
execution and delivery of this Agreement is a condition precedent to the
Company’s consummation of the acquisition contemplated by the Asset Purchase
Agreement.

 

E.             The
Stockholder and Peek acknowledge that as indirect and direct stockholders in
PTI and PTSI, respectively, Stockholder and Peek have had regular access to
various confidential and/or proprietary information relating to the Business.

 

F.             The
Company acknowledges that the Peek Parties or their Affiliates own or operate
other businesses that use confidential and/or proprietary information that 

 

 

may be the same as or similar to any such
information relating to the Business and that this Agreement is not intended to
affect the Peek Parties’ ability to own or operate such businesses or use such
proprietary and/or confidential information in connection therewith.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the
foregoing recitals, and the mutual agreements herein contained and other good
and valuable consideration, the receipt and sufficiency of which are hereby
mutually acknowledged, the parties hereby agree as follows:

 

1.             Non-Disclosure Covenant.

 

(a)           For a period of five years after the Effective Date,
each of the Peek Parties shall not, and shall cause its Affiliates not to
either directly or indirectly, disclose to any “unauthorized person” or use for
the benefit of the Peek Parties or any person or entity other than the Company
any knowledge or information that it acquired while it was a stockholder or
otherwise affiliated with PTI and PTSI relating to (i) the financial,
marketing, sales and business plans and affairs, financial statements,
analyses, forecasts and projections, books, accounts, records, operating costs
and expenses and other financial information of PTSI or PTI; (ii) internal
management tools and systems, costing policies and methods, pricing policies
and methods and other methods of doing business of PTSI or PTI; (iii) vendor
and supplier information, customers, sales, customer requirements and usages,
distributor lists of PTSI or PTI; (iv) agreements with customers, vendors,
independent contractors, employees and others of PTSI or PTI; (v) existing and
future products, specifications or services and product development plans,
designs, analyses and reports of PTSI or PTI; (vi) computer software and data
bases developed for PTSI or PTI, (vii) trade secrets, manufacturing techniques,
processes, research, records of research, models, designs, drawings,
photographs, technical data and reports of PTSI or PTI; and (vii) correspondence
or other private or confidential matters, information or data whether written,
oral or electronic, that are proprietary to PTSI or PTI and not generally known
to the public (individually and collectively “Confidential Information”), without the
Company’s prior written permission.

 

(b)           For purposes of this
paragraph 1, the term “unauthorized
person”  shall mean any Person who is not (i) an officer or
director of the Company or an employee of the Company for whom the disclosure
of the knowledge or information referred to herein is necessary for its
performance of its assigned duties; (ii) an employee, officer or director of an
Affiliate of the Company for whom the disclosure of the knowledge or
information referred to herein is necessary for its performance of its assigned
duties; (iii) a person expressly authorized by the Company to receive
disclosure of such knowledge or information; or (iv) any officer, director,
employee or representative of the Peek Parties or their Affiliates who needs to
have access to such information in order

 

2

 

to facilitate compliance with
this Agreement and prosecutions, defense, or resolution of any dispute arising
hereunder.

 

(c)           The Company
expressly acknowledges and agrees that the term “Confidential Information” excludes
information which is (A) in the public domain or otherwise generally known to
the trade; (B) disclosed to third parties other than by reason of any of the
Peek Parties’ breach of its confidentiality obligation hereunder; (C) learned
of by the Peek Parties subsequent to the Closing Date from any other party not
known by the Peek Parties to be then under an obligation of confidentiality to
the Company or its Affiliates; or (D) solely related to any portion of the
Excluded Business or any other business other than the Business in the
Jurisdiction.

 

(d)           If any of the Peek
Parties, or any of its representatives, or any authorized person to whom any of
the Peek Parties supplies Confidential Information, receives a request to
disclose all or any part of the Confidential Information under the terms of a
subpoena or order issued by a court or by a governmental body, the Peek Parties
agrees:

 

(i)             to notify the Company immediately of the
existence, terms and circumstances surrounding each request;

 

(ii)          to consult with the Company on the
advisability of taking legally available steps to resist or narrow such
request; and

 

(iii)       if in the opinion of counsel acceptable to
the Peek Parties disclosure of such Confidential Information is required to
prevent the Peek Parties from being held in contempt, or subject to other
penalty, to furnish only such portion of the Confidential Information as, in
the written opinion of counsel, it is legally compelled to disclose and to exercise
its best efforts to obtain an order or other reliable assurance that
confidential treatment will be accorded to the disclosed Confidential
Information.

 

(e)           Notwithstanding any
other provision of this Agreement, any Party to this Agreement (and any employee,
representative, or other agent of any party to this Agreement) may disclose to
any and all Persons, without limitation of any kind, the Tax treatment and Tax
structure of the transactions contemplated by the Asset Purchase Agreement (the
“Transactions”) and
all materials of any kind (including opinions or other tax analyses) that are
provided to it relating to such Tax treatment and Tax structure.  However, such disclosure may not be made to
the extent that the disclosure is restricted to comply with any securities
laws.  Moreover, such disclosure may not
be made until the earlier of (i) the date of the public announcement of
discussions relating to the Transactions, (ii) the date of the public
announcement of the Transactions or (iii) the date of execution of an agreement
to enter into the Transactions.  In
connection with the foregoing, any party to this Agreement shall be free to
consult any Tax advisor regarding 

 

3

 

the Tax treatment or Tax structure
of the Transactions.  For purposes of
this paragraph, the Tax treatment of the Transactions is the purported or
claimed U.S. federal income Tax treatment of the Transaction, and the Tax
structure of the Transaction is any fact that may be relevant to understanding
the purported or claimed U.S. federal income Tax treatment of the Transactions.

 

2.             Restrictive Covenants. 
Each of the Peek Parties agrees that it will not, and it shall cause its
Affiliates not to, either alone or in conjunction with any other Person,
directly or indirectly:

 

(a)           for a period of five
years after the Effective Date, own, manage, operate, provide financing to, or
join, control or participate in the ownership, management, operation or control
of, or provision of financing to, any business wherever located (whether in
corporate, proprietorship or partnership form or otherwise), if such business
competes with the Business in the Jurisdiction as the Business is currently
conducted or as it has been conducted during the twelve (12) month period prior
to the Effective Date;

 

(b)           for a period of five
years after the Effective Date, for the direct or indirect benefit of any
Person engaged in the business of manufacturing or selling products that are
competitive with the products manufactured or distributed on the date hereof by
the Business in the Jurisdiction (a “Competitor”), seek to procure orders from,
or do business with, or procure directly or indirectly with any other Person,
or procure orders from or do business with, in any case, in the Jurisdiction,
any Person who or which has been a customer of the Business at any time during
the period of twelve (12) months prior to the Effective Date;

 

(c)           for a period of five
years after the Effective Date, for the direct or indirect benefit of any
Competitor, solicit or contact with a view to the engagement or employment by
any Person, any Person who has been an employee, officer or manager of Seller
in the twelve (12) months prior to the Effective Date, in any case if the
employee, officer or manager either was, as a part of his or her duties, privy
to Confidential Information or know-how; provided however, that, without
limitation, the foregoing shall not apply to generalized solicitations for
employees by use of advertisements in the media that are not specifically
targeted at employees of the Seller or would be in a position to exploit the
trade connections of the Business; or

 

(d)           for a period of five
years after the Effective Date, seek to contract or interfere with or otherwise
engage in such a way as to adversely affect the Business in the Jurisdiction as
operated on the date of this Agreement any Person who or which is a party to a
Contractual Obligation with the Business, or has otherwise been engaged to
manufacture, assemble, supply or deliver products, goods, materials or services
to the Business, at any time during the period of twelve (12) months prior to
the Effective Date;

 

4

 

provided,
however, that (i) this Section 2 shall not be applicable if Stockholder is
acquired, or enters into a business combination transaction with, another
Person that engages in any of the activities in the Jurisdiction that would
otherwise be prohibited by this Section 2 so long as the primary purpose
of such transaction is not to evade the provisions of this Section 2, (ii)
ownership or acquisition by the Peek Parties, and their Affiliates, of an
aggregate of less than five percent (5%) of the outstanding stock of any
publicly traded company which competes with the Business shall not constitute a
violation of this Section 2, (iii) nothing in this Section 2 shall be
construed to restrict the ability of the employees of the Peek Parties to gain
employment in the relevant industry with entities other than the Peek Parties
and their Affiliates, and (iv) notwithstanding the above and for avoidance of
doubt, nothing in this Section 2 shall prevent the Peek Parties or their
Affiliates from continuing to conduct the SMI Business as it is currently
conducted in the Jurisdiction.

 

3.             Remedies. 
The Peek Parties and the Company acknowledge and agree that, (i) they
regard the restrictions contained in Section 1 and Section 2 as
reasonable and designed to provide the Company with limited, legitimate and
reasonable protection against subsequent diminution of the value of the
Business attributable to any actions of the Peek Parties or any of its
Affiliates contrary to such covenants, and (ii) because the legal remedies of
the Company may be inadequate in the event of a breach of, or other failure to
perform, any of the covenants and obligations set forth in Sections 1 and 2,
the Company may, in addition to obtaining any other remedy or relief available
to it (including, without limitation, consequential and other damages at law),
obtain specific enforcement of Section 1 and 2 and other equitable
remedies.

 

4.             Enforceability.  If
the final judgment of a court of competent jurisdiction declares that any term
or provision of Section 2 is invalid or unenforceable, the parties agree
that the court making the determination of invalidity or unenforceability shall
have the power to reduce the scope, duration, or area of the term or provision,
to delete specific words or phrases, or to replace any invalid or unenforceable
term or provision with a term or provision that is valid and enforceable and
that comes closest to expressing the intention of the invalid or unenforceable
term or provision, and this Agreement shall be enforceable as so modified after
the expiration of the time within which the judgment may be appealed.

 

5.             Governing Law. This Agreement (and any claims or disputes
arising out of or relating hereto or to the transactions contemplated hereby or
to the inducement or any Party to enter into herein, whether for breach of contract,
tortious conduct or otherwise and whether predicted on common law, statute or
otherwise) shall be subject to and governed by and construed in accordance with
the laws of the State of Illinois without reference to any choice of law or
conflicts of law rules or provisions (whether of the State of Illinois or any
other jurisdiction), irrespective of the fact that the Peek Parties may become
a resident of a different state.

 

6.             Binding Effect. The Agreement shall be binding upon and
inure to the benefit of the Company, its successors and assigns, and each of
the Peek Parties and its successors and assigns.

 

5

 

7.             Complete Understanding. 
Except as set forth in the Asset Purchase Agreement, this Agreement constitutes
the complete understanding among the parties hereto with regard to the subject
matter hereof, and supersedes any and all prior agreements and understandings
relating to the subject matter hereof.

 

8.             Amendments. No change, modification or amendment of any
provision of this Agreement shall be valid unless made in writing and signed by
all of the parties hereto.

 

9.             Waiver. The waiver by the Company of a breach of
any provision of this Agreement by the Peek Parties shall not operate or be
construed as a waiver of any subsequent breach by the Peek Parties.

 

10.          Venue, Jurisdiction, Etc. The Peek Parties hereby agrees that any
suit, action or proceeding relating in any way to this Agreement may be brought
and enforced in the Circuit Court of Cook County, Illinois or in the District
Court of the United States of America for the Northern District of Illinois,
Eastern Division, and in either case the Peek Parties hereby submits to the
jurisdiction of each such court. The Peek Parties hereby waives and agrees not
to assert, by way of motion or otherwise, in any such suit, action or
proceeding, any claim that the Peek Parties is not personally subject to the
jurisdiction of the above-named courts, that the suit, action or proceeding is
brought in an inconvenient forum or that the venue of the suit, action or
proceeding is improper. The Peek Parties consents and agrees to service of
process or other legal summons for purpose of any such suit, action or
proceeding by registered mail addressed to the Peek Parties at its address
listed in Section 11.  Nothing
contained herein shall affect the rights of the Company to bring suit, action
or proceeding in any other appropriate jurisdiction. The Peek Parties and the
Company do each hereby waive any right to trial by jury, he or it may have
concerning any matter relating to this Agreement.

 

11.          Notice.  All
notices, requests demands, claims, and other communications hereunder will be
in writing.  Any notice, request,
demand, claim, or other communication hereunder shall be deemed duly given if
sent by facsimile (with written confirmation of receipt) (and a copy is mailed,
by registered or certified mail, return receipt requested, postage prepaid), or
if sent by a nationally recognized overnight delivery service (with written
confirmation of receipt in each case) addressed to the intended recipient, as
set forth below:

 

	
  If to Peek
  Parties:

  	
   

  	
  Peek
  Corporation

  
	
   

  	
   

  	
  2511
  Corporate Way

  
	
   

  	
   

  	
  Palmetto,
  FL  34221

  
	
   

  	
   

  	
  Attn: Andy
  Roake

  
	
   

  	
   

  	
  Facsimile:
  (941) 365-0837

  

 

6

 

	
  Copy to:

  	
   

  	
  Allen &
  Overy

  
	
   

  	
   

  	
  1221 Avenue
  of the Americas

  
	
   

  	
   

  	
  New York,
  NY  10020

  
	
   

  	
   

  	
  Attn: Hugh
  McDonald

  
	
   

  	
   

  	
  Facsimile:
  (212) 610-6399

  
	
   

  	
   

  	
   

  
	
  If to
  Company:

  	
   

  	
  Vision
  Acquisition Corporation

  
	
   

  	
   

  	
  One East
  Wacker Drive

  
	
   

  	
   

  	
  Chicago,
  Illinois  60601

  
	
   

  	
   

  	
  Attention:  Leslie J. Jezuit

  
	
   

  	
   

  	
  Facsimile:  (312) 467-0197

  
	
   

  	
   

  	
   

  
	
  Copy to:

  	
   

  	
  Holland
  & Knight LLC

  
	
   

  	
   

  	
  30th Floor

  
	
   

  	
   

  	
  131 S.
  Dearborn Street

  
	
   

  	
   

  	
  Chicago,
  IL  60603

  
	
   

  	
   

  	
  Attention:  Anne Hamblin Schiave

  
	
   

  	
   

  	
  Facsimile:  (312) 578-6666

  

 

Any Party may send any notice, request,
demand, claim, or other communication hereunder to the intended recipient at
the address set forth above using any other means (including personal delivery,
expedited courier, messenger service, facsimile, ordinary mail, or electronic mail),
but no such notice, request, demand, claim, or other communication shall be
deemed to have been duly given unless and until it actually is received by the
intended recipient.  Any Party may
change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other Parties notice
in the manner herein set forth.

 

12.          Severability. If any portion of this Agreement shall be
for any reason, invalid or unenforceable, the remaining portion or portions
shall nevertheless be valid, enforceable and carried into effect.

 

13.          Headings. The headings of this Agreement are inserted
for convenience only and are not to be considered in the construction of the
provisions hereof.

 

14.          Counterparts. This Agreement may be executed in one or
more counterparts, all of which, taken together, shall constitute one and the
same agreement.

 

[signature page
follows]

 

7

 

IN WITNESS
WHEREOF, the
Company has caused this Non-Competition Agreement to be signed by its duly
authorized officers and its corporate seal to be hereunto affixed, and each of
the Peek Parties has caused this Agreement to be signed by its duly authorized
officers and its corporate seal to be hereunto affixed on the day and year
first above written.

 

 

	
  VISION ACQUISITION CORPORATION

  	
   

  	
  PEEK HOLDING
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ LESLIE JEZUIT

  	
   

  	
  By:

  	
   /s/ ANDREW ROAKE

  
	
  Its:

  	
   President

  	
   

  	
  Its:

  	
   Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  PEEK TRAFFIC SYSTEMS, INC.

  	
   

  	
  PEEK
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ ANDREW ROAKE

  	
   

  	
  By:

  	
   /s/ ANDREW ROAKE

  
	
  Its:

  	
   Director

  	
   

  	
  Its:

  	
   Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PEEK TRAFFIC, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   /s/ ANDREW ROAKE

  
	
   

  	
   

  	
   

  	
  Its:

  	
   Director

  
						

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]