Document:

Exhibit
10.44

CIVC
REGISTRATION RIGHTS AGREEMENT

THIS AGREEMENT is made as
of January 7, 2005, between NSP Holdings L.L.C., a Delaware limited liability
company (the “Company”), and NSP Holdings Capital Corp., a Delaware corporation
(together with the Company, the “Issuers”), and CIVC Partners Fund, L.P., a
Delaware limited partnership (“CIVC”).

The parties to this
Agreement are parties to a Note Purchase Agreement dated December 16, 2004 (the
“CIVC Purchase Agreement”).  In order to
induce CIVC to enter into the CIVC Purchase Agreement, the Issuers have agreed
to provide the registration rights set forth in this Agreement.  The execution and delivery of this Agreement
is a condition to the Closing under the CIVC Purchase Agreement.  Unless otherwise provided in this Agreement,
capitalized terms used herein shall have the meanings set forth in the CIVC
Purchase Agreement.

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

1.     Demand Registrations.

(a)   Registrable Notes.  For purposes of this Agreement, “Registrable
Notes” means the CIVC Notes issued pursuant to the CIVC Purchase Agreement and
any pay in kind Notes issued or issuable with respect thereto.  As to any particular Registrable Notes, such
securities shall cease to be Registrable Notes when they have been distributed
to the public pursuant to a offering registered under the Securities Act or are
eligible to be sold to the public through a broker, dealer or market maker in
compliance with Rule 144 under the Securities Act (or any similar rule then in
force).

(b)   Requests for Registration.  Subject to the terms and conditions of this
paragraph 1, at any time after the consummation of the registered exchange
offer with respect to the CSFB Notes, the holders of at least 25% of the
outstanding Registrable Notes may request registration under the Securities Act
(a “Demand Registration”) of all or any portion of the Registrable Notes on
Form S-1 or any similar long-form registration, or on Form S-2 or S-3 or
any similar short-form registration (“Short-Form Registrations”), if available.
Each request for a Demand Registration shall specify the approximate aggregate
principal amount of Registrable Notes requested to be registered, the
anticipated per Note price range for such offering and the intended method of
distribution. The holders of Registrable Notes shall be entitled to request (i)
one Demand Registration in which the Issuers shall pay all Registration
Expenses (“Issuer-paid Registration”) and (ii) one Demand Registration in which
the holders of Registrable Notes shall pay all Registration Expenses.  A registration shall not count as one of the
permitted Demand Registrations until it has become effective (unless such
Long-Form Registration has not become effective due solely to the fault of the
holders requesting such registration). 
Demand Registrations shall be Short-Form Registrations whenever the
Issuers is permitted to use any applicable short form and if the managing
underwriters (if any) agree to the use of a Short-Form Registration.

 

(c)   Priority on Demand Registrations.  The Issuers shall not include in any Demand
Registration any securities which are not Registrable Notes without the prior
written consent of the holders of at least 50% of the Registrable Notes
included in such registration.  If a
Demand Registration is an underwritten offering and the managing underwriters
advise the Issuers in writing that in their opinion the number of Registrable
Notes and, if permitted hereunder, other securities requested to be included in
such offering exceeds the number of Registrable Notes and other securities, if
any, which can be sold therein without adversely affecting the marketability of
the offering, the Issuers shall include in such registration prior to the
inclusion of any securities which are not Registrable Notes the number of
Registrable Notes requested to be included which in the opinion of such
underwriters can be sold without adversely affecting the marketability of the
offering, pro rata among the respective holders thereof on the basis of the
amount of Registrable Notes owned by each such holder.

(d)   Restrictions on Demand Registrations.  The Issuers shall not be obligated to effect
any Demand Registration within 180 days after the effective date of a previous
Demand Registration.  The Issuers may
postpone for up to 90 days the filing or the effectiveness of a registration
statement for a Demand Registration if the Company’s board of managers
determines in its reasonable good faith judgment that such Demand Registration
would reasonably be expected to have a material adverse effect on any proposal
or plan by the Company or any of its Subsidiaries to engage in any acquisition
of assets or stock (other than in the ordinary course of business) or any
merger, consolidation, tender offer, recapitalization, reorganization or
similar transaction or require the Issuers to disclose any material nonpublic
information which could reasonably be likely to be detrimental to the Company
and its Subsidiaries; provided that in such event, the holders of Registrable
Notes initially requesting such Demand Registration shall be entitled to
withdraw such request and, if such request is withdrawn, such Demand
Registration shall not count as one of the permitted Demand Registrations
hereunder and the Issuers shall pay all Registration Expenses in connection
with such registration.  The Company may
delay a Demand Registration hereunder only once in any twelve-month period.

2.     Registration Procedures.  Whenever the holders of Registrable Notes
have requested that any Registrable Notes be registered pursuant to this
Agreement, the Issuers shall use their reasonable best efforts to effect the
registration and the sale of such Registrable Notes in accordance with the
intended method of disposition thereof and pursuant thereto the Issuers shall
as expeditiously as possible:

(a)   prepare and file with the Securities and
Exchange Commission a registration statement, and all amendments and
supplements thereto and related prospectuses as may be necessary to comply with
applicable securities laws, with respect to such Registrable Notes and use its
best efforts to cause such registration statement to become effective (provided
that before filing a registration statement or prospectus or any amendments or
supplements thereto, the Issuers shall furnish to the counsel selected by the
holders of a majority of the Registrable Notes covered by such registration
statement copies of all such documents proposed to be filed, which documents
shall be subject to the review and comment of such counsel);

(b)   notify each holder of Registrable Notes of
the effectiveness of each registration statement filed hereunder and prepare
and file with the Securities and Exchange 

 

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Commission such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may necessary to keep such registration
statement effective for a period of not less than 180 days and comply with the
provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement;

(c)   furnish to each seller of Registrable Notes
such number of copies of such registration statement, each amendment and
supplement thereto, the prospectus included in such registration statement
(including each preliminary prospectus) and such other documents as such seller
may reasonably request in order to facilitate the disposition of the
Registrable Notes owned by such seller;

(d)   use its best efforts to register or qualify
such Registrable Notes under such other securities or blue sky laws of such
jurisdictions as any seller reasonably requests and do any and all other acts
and things which may be reasonably necessary or advisable to enable such seller
to consummate the disposition in such jurisdictions of the Registrable Notes
owned by such seller (provided that the Issuers shall not be required to (i)
qualify generally to do business in any jurisdiction where they would not
otherwise be required to qualify but for this subparagraph, (ii) subject
themselves to taxation in any such jurisdiction or (iii) consent to general
service of process in any such jurisdiction);

(e)   notify each seller of such Registrable Notes,
at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which
the prospectus included in such registration statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements
therein not misleading, and, at the request of any such seller, the Issuers
shall prepare a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Notes, such
prospectus shall not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements therein not misleading;

(f)    enter into such customary agreements and
take all such other actions as the holders of a majority of the Registrable
Notes being sold or the underwriters, if any, reasonably request in order to
expedite or facilitate the disposition of such Registrable Notes;

(g)   make available for inspection by any seller
of Registrable Notes, any underwriter participating in any disposition pursuant
to such registration statement and any attorney, accountant or other agent
retained by any such seller or underwriter, all financial and other records,
pertinent corporate documents and properties of the Issuers, and cause the
Issuers’ officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement (subject in each
case to such person entering into reasonable confidentiality agreements);

(h)   otherwise use its reasonable best efforts to comply
with all applicable rules and regulations of the Securities and Exchange
Commission, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least 

 

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twelve months beginning
with the first day of the Issuers’ first full calendar quarter after the
effective date of the registration statement, which earnings statement shall
satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder; and

3.     Registration Expenses.

(a)   All expenses incident to the Issuers’
performance of or compliance with this Agreement, including without limitation
all registration, qualification and filing fees, fees and expenses of
compliance with securities or blue sky laws, printing expenses, messenger and
delivery expenses, fees and disbursements of custodians, and fees and
disbursements of counsel for the Issuers and all independent certified public
accountants, underwriters (excluding discounts and commissions) and other
Persons retained by the Issuers and reasonable out-of-pocket costs incurred by
the holders of Registrable Securities (excluding discounts and commissions),
which out-of-pocket costs shall include reasonable fees and disbursements of no
more than one counsel for the holders of Registrable Securities  (all such expenses being herein called “Registration
Expenses”), shall be borne as provided in this Agreement, except that the
Issuers shall, in any event, pay its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit or quarterly
review, the expense of any liability insurance and the expenses and fees for
listing the securities to be registered on each securities exchange on which
similar securities issued by the Issuers are then listed or on the NASD
automated quotation system.

(b)   To the extent Registration Expenses are not
required to be paid by the Issuers, each holder of securities included in any
registration hereunder shall pay those Registration Expenses allocable to the
registration of such holder’s securities so included, and any Registration
Expenses not so allocable shall be borne by all sellers of securities included
in such registration in proportion to the aggregate selling price of the
securities to be so registered.

4.     Indemnification.

(a)   The Issuers agree to indemnify, to the extent
permitted by law, each holder of Registrable Notes, its officers and directors
and each Person who controls such holder (within the meaning of the Securities
Act) against all losses, claims, actions, damages, liabilities and expenses
caused by (i) any untrue or alleged untrue statement of material fact
contained in any registration statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto or any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or (ii) any violation or alleged
violation by the Issuers of the Securities Act or any other similar federal or
state securities laws or any rule or regulation promulgated thereunder
applicable to the Issuers and relating to action or inaction required of the
Issuers in connection with any such registration, qualification or compliance,
and to pay to each holder of Registrable Notes, its officers and directors and
each Person who controls such holder (within the meaning of the Securities
Act), as incurred, any legal and any other expenses reasonably incurred in
connection with investigating, preparing or defending any such claim, loss,
damage, liability or action, except insofar as the same are caused by or
contained in any information furnished in writing to the Issuers by such holder
expressly for use therein or by such holder’s failure to deliver a copy of the
registration statement or prospectus or any amendments or supplements thereto
after the Issuers have 

 

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furnished such holder
with a sufficient number of copies of the same. 
In connection with an underwritten offering, the Issuers shall indemnify
such underwriters, their officers and directors and each Person who controls
such underwriters (within the meaning of the Securities Act) to the same extent
as provided above with respect to the indemnification of the holders of Registrable
Notes.

(b)   In connection with any registration statement
in which a holder of Registrable Notes is participating, each such holder shall
furnish to the Issuers in writing such information and affidavits as the
Issuers reasonably requests for use in connection with any such registration
statement or prospectus and, to the extent permitted by law, shall indemnify
the Issuers, its directors and officers and each Person who controls the
Issuers (within the meaning of the Securities Act) against any losses, claims,
damages, liabilities and expenses resulting from any untrue or alleged untrue
statement of material fact contained in the registration statement, prospectus
or preliminary prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is contained in any information
or affidavit so furnished in writing by such holder; provided that the
obligation to indemnify shall be individual, not joint and several, for each
holder and shall be limited to the net amount of proceeds received by such
holder from the sale of Registrable Notes pursuant to such registration
statement.

(c)   Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying party of any
claim with respect to which it seeks indemnification (provided that the failure
to give prompt notice shall not impair any Person’s right to indemnification
hereunder to the extent such failure has not prejudiced the indemnifying party)
and (ii) unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist with
respect to such claim, permit such indemnifying party to assume the defense of
such claim with counsel reasonably satisfactory to the indemnified party.  If such defense is assumed, the indemnifying
party shall not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent shall not be
unreasonably withheld).  An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such
claim, unless in the reasonable judgment of any indemnified party a conflict of
interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim. In such instance, the
conflicting indemnified parties shall have a right to retain one separate
counsel, chosen by the holders of a majority of the Registrable Notes included
in the registration, at the expense of the indemnifying party.  No indemnifying party, in the defense of such
claim or litigation, shall, except with the consent of each indemnified party,
consent to the entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party of a release from all liability in respect
to such claim or litigation.

The indemnification and
contribution provided for under this Agreement shall remain in full force and
effect regardless of any investigation made by or on behalf of the indemnified
party or any officer, director or controlling Person of such indemnified party
and shall survive the transfer of securities. The Issuers also agree to make
such provisions, as are 

 

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reasonably
requested by any indemnified party, for contribution to such party in the event
the Issuers’ indemnification is unavailable for any reason.

5.     Miscellaneous.

(a)   No Inconsistent Agreements.  The Issuers shall not hereafter enter into
any agreement with respect to its securities which is inconsistent with or
violates the rights granted to the holders of Registrable Notes in this
Agreement.

(b)   Amendments and Waivers.  Except as otherwise provided herein, the
provisions of this Agreement may be amended or waived only upon the prior
written consent of the Issuers and holders of at least 50% of the outstanding
Registrable Notes.  The failure of any
party to enforce any of the provisions of this Agreement shall in no way be
construed as a waiver of such provisions and shall not affect the right of such
party thereafter to enforce each and every provision of this Agreement in
accordance with its terms.

(c)   Successors and Assigns.  All covenants and agreements in this
Agreement by or on behalf of any of the parties hereto shall bind and inure to
the benefit of the respective successors and assigns of the parties hereto
whether so expressed or not.  In
addition, whether or not any express assignment has been made, the provisions
of this Agreement which are for the benefit of purchasers or holders of
Registrable Notes are also for the benefit of, and enforceable by, any
subsequent holder of Registrable Notes.

(d)   Incorporation of CIVC Purchase Agreement
Provisions.  The paragraphs entitled “Severability,”
“Counterparts,” “Descriptive Headings; Interpretation; No Strict  Construction,” “Notices,” “Delivery by
Facsimile and Other Electronic Means,” “Governing Law” and “Joint Representation;
Conflict Waiver” of the CIVC Purchase Agreement are hereby incorporated in this
Agreement by reference and made a part hereof, except that the provisions of
such paragraphs shall refer to this Agreement rather than the CIVC Purchase
Agreement and shall continue to apply hereto regardless of whether the CIVC
Purchase Agreement is no longer in effect.

 

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

 

	
  NSP
  Holdings L.L.C.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ David F.
  Myers, Jr.

  	
   

  
	
  Its:

  	
  Executive Vice President, Secretary and

  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NSP
  Holdings Capital Corp.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ David F.
  Myers, Jr.

  	
   

  
	
  Its:

  	
  Executive Vice President, Secretary and

  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CIVC
  Partners Fund, L.P.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Illegible

  	
   

  
	
  Its:EXHIBIT
10.23

 

Compensatory
Arrangements with Executive Officers

 

Base Salary

 

                The current annual base salaries
of each of the executive officers of PLC Systems Inc. (the “Company”) are as
follows:

 

	
  Mark R.
  Tauscher, President, Chief Executive Officer and Director

  	
   

  	
  $

  	
  278,486

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  James G.
  Thomasch, Senior Vice President of Finance and Administration, 

  Chief Financial
  Officer and Treasurer

  	
   

  	
  $

  	
  174,836

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dr. Robert I.
  Rudko, Chief Scientist

  	
   

  	
  $

  	
  192,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael F.
  Adams, Vice President of New Ventures

  	
   

  	
  $

  	
  164,800

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kenneth J.
  Luppi, Vice President of Operations

  	
   

  	
  $

  	
  143,284

  	
   

  

 

Cash Bonus Compensation

 

                Messrs. Tauscher, Thomasch, Adams and Luppi and Dr.
Rudko will receive a bonus based one-third on the profitability of the
Company's TMR business and two-thirds on the attainment of defined program
milestones during the fiscal year ending December 31, 2005.  The target bonus payment for Mr. Tauscher is
50% of his base salary, for Mr. Thomasch is 40% of his base salary, and for
Messrs. Adams and Luppi and Dr. Rudko is 30% of each of their respective base
salaries.  The target bonus payments may
be adjusted downwards if the profitability of the Company's TMR business does
not meet the targets or the Company does not attain the defined program milestones.

 

Other Compensation

 

                Mr. Tauscher and Mr. Thomasch
each currently receive an annual car allowance of $12,000.  Mr. Adams, Mr. Luppi and Dr. Rudko each
currently receive an annual car allowance of $6,000.

 

                The Company’s Compensation
Committee may also, from time to time, award each of the executive officers
compensation in the form of stock options granted under one of the Company’s
stock incentive plans.

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