Document:

VANGUARD HEALTH SYSTEMS, INC.

EXHIBIT 10.2

VANGUARD HEALTH SYSTEMS, INC.

2009 LONG TERM INCENTIVE PLAN

Section 1. Purpose

            The purpose of this Long Term Incentive Plan is to create long term value for the Company by securing the continuity and retention of its Officers by enabling its Officers to earn additional cash
incentive compensation payable on a long term basis if a specified Company Performance Goal or Goals are met for a current period and the Participant remains in the employ of the Company for a specified period subsequent to the Year in which the Goal is achieved.

Section 2. Definitions

            “Account” shall have the meaning set forth in Section 5.2.

            “Board” shall mean the Board of Directors of the Company.

            “Business Unit” shall mean any existing or future facility, region, division, group, subsidiary or other unit within the Company.

            “Cause” for termination of the Participant’s employment, after any Change in Control, shall mean (i) the conviction of the Participant, by a court of competent
jurisdiction and following the exhaustion of all possible appeals, of a criminal act classified as a felony or involving moral turpitude, (ii) the willful and continued failure by the Participant to substantially perform the Participant’s duties with the
Company or its subsidiary (other than any such failure resulting from the Participant’s incapacity due to physical or mental illness or any such actual or anticipated failure after the issuance by the Participant to his or her employer of a notice of
termination of employment for Good Reason) after a written demand for substantial performance is delivered to the Participant by the Company or its subsidiary, which demand specifically identifies the manner in which the employer believes that the Participant has not
substantially performed the Participant’s duties, or (iii) the willful engaging by the Participant in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise.  For purposes of clauses (ii) and
(iii) of this definition, no act, or failure to act, on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant’s act, or
failure to act, was in the best interest of the Company or its subsidiary.

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            “Change in Control” shall mean the first to occur of the following events:

            (a) any “Person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”) as modified and used in Sections 13(d) and 14(d) of the Exchange
Act (other than (1) the Company or any of its subsidiaries, (2) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries, (3) an underwriter temporarily holding securities pursuant to an offering of
such securities, (4) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company’s common stock, (5) any Person that was a stockholder of the Company on September 23, 2004
and any affiliates of such Person, or (6) Blackstone (as defined in the Company’s 2004 Stock Incentive Plan), or any of its affiliates), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities;

            (b) during any period of not more than two consecutive years, not including any period prior to the date of this Agreement, individuals who at the beginning of such period constitute the Board, and
any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (a), (c), or (c) of this definition) whose election by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any
reason to constitute at least a majority thereof;

            (c) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than both (A) (1) a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior thereto continuing, directly or indirectly, to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity) 50% or more of the combined voting power
of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (2) a merger or consolidation in which no person acquires 50% or more of the combined voting power of the Company’s then
outstanding securities; and (B) immediately after the consummation of such merger or consolidation described in clause (A) (1) or (A) (2) above (and for at least 180 days thereafter) neither the Company’s Chief Executive Officer nor its Chief Financial Officer
change from the people occupying such positions immediately prior to such merger or consolidation except as a result of their death or Disability and neither of such officers shall have changed prior to such merger or consolidation at the direction of a Person who
has entered into an agreement with the Company the consummation of which will constitute a Change in Control of the Company; or

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            (d) the stockholders of the Company approve (A) a plan of complete liquidation of the Company or (B) an agreement for the sale or disposition by the Company of all or substantially all of the
Company’s assets (or any transaction having a similar effect);

provided, in each case, that such event constitutes a Change in Control within the meaning of Section 409A of the Code and the related Internal Revenue Service regulations and guidance promulgated thereunder.

For purposes of clauses (a), (b) and (d)(B) of this definition only, the term “Company” shall mean any of Vanguard Health Systems, Inc., Vanguard Health Holding Company 1, LLC, or Vanguard Health Holding Company II, LLC; provided that, any
reorganization involving solely the Company and its subsidiaries shall not constitute a Change in Control under this definition.

            “Code” shall mean the Internal Revenue Code of 1986, as amended, and any successor statute and the regulations promulgated thereunder, as it or they may be amended from time to
time.

            “Code Section 162(m) Award” shall mean a Retention Award intended to satisfy the requirements of Code Section 162(m) and designated as such in an Award Agreement or other
writing.

            “Committee” shall mean either (i) the Compensation Committee of the Board or (ii) prior to establishment of the Compensation Committee of the Board, the Board.

            “Company” shall mean Vanguard Health Systems, Inc., a Delaware corporation.

            “Covered Employee” shall mean a Covered Employee within the meaning of Code Section 162(m)(3) or a person designated as a Covered Employee by the Committee.

            “Exchange Act” shall have the meaning set forth in Section 4.1.

            “Good Reason” shall mean that at least one of the following shall have occurred:

                        (a)        there shall have been a material diminution in the Participant’s base

                                    compensation, except for across-the-board salary
reductions similarly

                                    affecting all senior executives of the Company  and
all senior executives

                                    of any person in control of the Company;

                        (b)        there shall have been a material diminution in the Participant’s
authority,

                                    duties or responsibilities;

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                        (c)        there shall have been a material diminution in the authority, duties or

                                    responsibilities of the supervisor to whom the
Participant is required to

                                     report, including a requirement that the
Participant’s supervisor report to a

                                     corporate officer or employee instead of reporting
directly to the Board of

                                     Directors of the Company;

                        (d)        there shall have been a material diminution in the budget over which the

                                     Participant retains authority;

                        (e)        there shall have been a material change in the geographic location at

                                    which the Participant must perform services, except for
required travel on

                                    the Company’s business to an extent
substantially consistent with his

                                    business travel obligations prior to the Change in
Control; or

                        (f)         there shall have been any other action or inaction that constitutes
a

                                    material breach by the Company of the terms of any
Employment

                                    Agreement between the Company and any Participant or any
Severance

                                    Protection Agreement between the Participant and the
Company.

            “Officer” shall mean any officer of the Company.

            “Participant” shall mean any Officer to whom a Retention Award pursuant to the Plan for any Year may be made.

            “Payment Date or Payment Dates” shall mean the date or dates on which earned Retention Awards for a Year (or other measuring period) are to be paid to Participants, in whole or
in part.

            “Performance Criterion” and “Performance Criteria” shall mean any one or more of the following performance measures, taken alone or in conjunction with each
other, each of which may be adjusted by the Committee to exclude the before-tax or after-tax effects of any significant acquisitions or dispositions not included in the calculations made in connection with setting the Performance Criterion or Performance Criteria for
the related Retention Award:

                        (1)(A) Basic or diluted earnings per share of common stock, which may be

            calculated (i) as income calculated in accordance with Section clause (D) below, divided

            by (x) the weighted average number of shares, in the case of basic earnings per share, and

            (y) the weighted average number of shares and share equivalents of common stock, in the

            case of diluted

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            earnings per share, or (ii) using such other method as may be specified by the Committee;

                        (B)       Cash flow, which may be calculated or measured in any manner specified

            by the Committee;

                        (C)       Economic value added, which is after-tax operating profit less the annual

            total cost of capital;

                        (D)       Income, which may include, without limitation, net income and operating

            income and may be calculated or measured (i) before or after income taxes, including or

            excluding interest, depreciation and amortization, non-cash stock compensation, minority

            interests, extraordinary items and other material non-recurring expenses and restructuring

            and impairment charges, discontinued operations, the cumulative effect of changes in

            accounting policies and the effects of any tax law changes; or (ii) using such other

            method as may be specified by the Committee;

                        (E) Quality of service and/or patient care which may be measured by (i) the extent

            to which the Company achieves pre-set quality objectives including, without limitation,

            patient satisfaction objectives, or (ii) such other method as may be specified by the

            Committee;

                        (F) Return measures (including, but not limited to, return on assets, capital,

            equity, or sales), which may be calculated or measured in any manner specified by the

            Committee; or

                        (G) The price of the Company’s common or preferred stock (including, but not

            limited to, growth measures and total shareholder return), which may be calculated or

            measured in any manner specified by the Committee.

                        (2) Except for Code Section 162(m) Awards, any other criteria related to

            performance, including the performance of one or more of the Business Units, individual

            performance or any other category of performance selected by the Committee.

            “Performance Goals” shall mean the performance objectives with respect to one Performance Criterion or two or more Performance Criteria established by the Committee for the
Company, a Business Unit or an individual for the purpose of determining whether, and the extent to which, payments will be made for that Year or other measurement period with respect to a Retention Award under the Plan.

            “the Plan” or “this Plan” shall mean this Vanguard Health Systems, Inc. 2009 Long Term Incentive Plan.

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            “Retention Amount” shall mean the aggregate amount, if any, credited to a Participant’s Account in respect of each Retention Award earned by a  Participant.

            “Retention Award” shall mean a contractual right, subject to the terms and conditions of the Plan, to receive a cash incentive award earned under the Plan, which award may be
based on (1) the change (measured as a percentage or an amount) in or of any one Performance Criterion or two or more Performance Criteria from one measurement period to another, (2) the difference (measured as a percentage or an amount) between (A) a specified
target or budget amount of any one Performance Criterion or two or more Performance Criteria and (B) the actual amount of that Performance Criterion or two or more Performance Criteria, during any measurement period, (3) the extent to which a specified target or
budget amount for any one Performance Criterion or two or more Performance Criteria is met or exceeded during any measurement period, or (4) any other award, including a discretionary award, that may be paid from time to time under the Plan.

            “Retention Award Schedule” shall mean the Retention Award Schedule established pursuant to Section 5.1.

            “Target Award” shall mean the amount, which may be expressed as a dollar amount or as a percentage of a Participant’s salary, payable to a Participant when actual
performance with respect to any one Performance Criterion or any two or more Performance Criteria equals the Performance Goals for that Performance Criterion or those Performance Criteria established by the Committee.

            “Year” shall mean the Company’s fiscal year.

Section 3. Eligibility and Participation

            Participants in the Plan shall be those Officers selected by the Committee to participate in the Plan. Any Officer shall be eligible to participate in the Plan. No Officer shall have a right to be
selected to participate in the Plan, or, having once been selected, to be selected again. The selection of an Officer as a Participant shall neither entitle such Officer to nor disqualify such Officer from participation in any other Company benefit or incentive plan
or award.

Section 4. Plan Administration

            4.1 Generally. The Plan shall be administered by the Committee, which will consist of two or more persons (1) who (after the Company is subject to the provisions of Section 16 of the
Securities Exchange Act of 1934 (the “Exchange Act”) ) satisfy the requirement of a “nonemployee director” for purposes of Rule 16b-3 under the Exchange Act, and (2) who (after the Company is subject to the

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deduction limit under Code Section 162(m) ) satisfy the requirements of an “outside director” for purposes of Code Section 162(m). The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons
who receive or are eligible to receive Retention Awards under the Plan, whether or not any Retention Awards are the same or such persons are similarly situated. Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to
make non-uniform and selective determinations and to establish non-uniform and selective Performance Criterion, Performance Criteria, Performance Goals, the weightings thereof, and Target Awards. Whenever the Plan refers to a determination being made by the
Committee, it shall be deemed to mean a determination by the Committee in its sole discretion. Without limiting the generality of the foregoing, the Committee may establish a Target Award for any Participant based on any one Performance Criterion or any two or more
Performance Criteria.

            4.2. Compliance with Section 162(m)(4) of the Code. It is the intent of the Company that this Plan and Code Section 162(m) Awards hereunder satisfy, and be interpreted in a manner that
satisfy, in the case of Participants who are or may be Covered Employees, the applicable requirements of Code Section 162(m), including the administration requirement of Code Section 162(m)(4)(C), so that the Company’s tax deduction for remuneration in respect
of Code Section 162(m) Awards for services performed by such Covered Employees is not disallowed in whole or in part by the operation of such Code section. If any provision of this Plan would otherwise frustrate or conflict with the intent expressed in this Section,
that provision, to the extent possible, shall be interpreted and deemed amended so as to avoid such conflict. To the extent of any remaining irreconcilable conflict with such intent, such provision shall be deemed void as applicable to Covered Employees with respect
to whom such conflict exists. Nothing herein shall be interpreted so as to preclude a Participant who is or may be a Covered Employee from receiving a Retention Award that is not a Code Section 162(m) Award.

            4.3. Committee Discretion. The Committee shall have the discretion, subject to the limitations described herein, including in Section 6 below relating to Code 162(m) Awards, to, among other
actions, (1) determine the Plan Participants; (2) determine who will be treated as a Covered Employee and designate whether an Award will be a Code Section 162(m) Award; (3) determine the measurement period; (4) determine Performance Criterion, Performance Criteria,
Performance Goals and Target Awards for each Year or other measurement period; (5) determine how Performance Criterion or Performance Criteria will be calculated and/or adjusted; (6) establish a Retention Award Schedule; (7) establish performance thresholds for the
payment of any Retention Awards; (8) determine whether and to what extent the Performance Goals have been met or exceeded; (9) pay discretionary Retention Awards, including awards from an exceptional performance fund, as may be appropriate in order to assure the
proper motivation and retention of personnel and attainment of business goals; (10) make adjustments to Performance Goals and thresholds; (11) make adjustments to any Payment Date or Dates earlier set for any Retention Awards and (12) determine the total amount
of

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funds available for payment of Retention Awards with respect to each Year or other measurement period.

            4.4 Plan Interpretations, etc. Subject to the provisions of the Plan, the Committee shall be authorized to interpret the Plan, make, amend and rescind such rules as it deems necessary for
the proper administration of the Plan, make all other determinations necessary or advisable for the administration of the Plan and correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems
desirable to carry the Plan into effect. Any action taken or determination made by the Committee shall be conclusive and binding on all parties. In the event of any conflict between an Award Schedule and the Plan, the terms of the Plan shall govern.

            4.5 Expenses of Administration. The Company shall pay all expenses of administration of this Plan, including, but not limited to, accounting and legal fees and expenses, and any other
expenses related to the administration of this Plan.

Section 5. Retention Awards.

            5.1 Generally. The Committee may establish a Performance Criterion and/or two or more Performance Criteria and Performance Goals for each Year or other measurement period. If the Committee
establishes two or more Performance Criteria, the Committee may in its discretion determine the weight to be given to each Performance Criteria in determining Awards. The Committee shall establish a Retention Award Schedule for each Participant for each Year, which
Award Schedule shall set forth the Target Award for such Participant payable at specified levels of performance, based on the Performance Goal for each Performance Criterion and the weighting, if any, established for such criterion. The Committee may vary the
Performance Criteria, Performance Goals and weightings, if any, from Participant to Participant, Award to Award, Year to Year and measurement period to measurement period. The Committee shall also determine the  Payment Date or Dates for each Retention
Award.

            5.2 Establishment of Accounts. The Company shall establish a bookkeeping reserve account (“Account”) for each Participant granted a Retention Award under the Plan. If, at the end
of each Year, it is determined that a Participant has earned a Retention Award under this Plan, the Company will credit to such Participant’s Account the full amount of the earned Retention Award. No interest shall accrue or be payable to a Participant in
respect of his or her Account. No amount shall be credited to a Participant’s Account for any Year in which no Retention Award is earned. Participants who are in the active employ of the Company on a Payment Date will be entitled to receive a Retention Award
equal to that portion of the  Retention Account payable on the Payment Date, subject to the terms and conditions of the Plan.

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            5.3 Vesting, Payment Date or Dates and Forfeiture. A Participant shall not become vested in any Retention Award (or any portion thereof) for any Year (or other measuring period) until the
Payment Date or Dates determined by the Committee for such Retention Award (or portion thereof) shall have occurred, and then the Participant shall only be vested in the amount of the Retention Award that is payable on the Payment Date that has occurred. A
Participant whose employment with the Company and its subsidiary terminates for any reason prior to the Payment  Date or Dates for the earned Retention Awards reflected in the Participant’s Account shall forfeit all such unpaid Retention Awards and shall
not have any right to receive any payment on the Payment Date or Dates applicable to such Retention Award; provided, however, notwithstanding the foregoing, if there has been both (a) a Change in Control and (b) a termination of the
Participant’s employment by the Company without Cause or by the Participant for Good Reason subsequent to the Change in Control, in that case all unpaid Retention Awards reflected in the Participant’s Account shall be paid to the Participant within ten
(10) business days after the date of the Participant’s termination of employment in one lump sum payment, unless if at the time of the Participant’s termination of employment the Participant is a “specified employee” as defined in
Section 409A of the Code and the deferral of the payment of the Retention Awards otherwise payable pursuant to this Section 5.3 is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the payment to which
the Participant would otherwise be entitled within ten (10) business days following his or her termination of employment shall be deferred and accumulated (without any reduction in such payment ultimately paid to the Participant and without any interest accrued or
payable thereon) for a period of six months from the date of termination from employment and paid in a lump sum on the first day of the seventh month following such termination of employment. Also, notwithstanding the foregoing, despite any such forfeiture due to
termination of a Participant’s employment pursuant to the foregoing provisions of the Plan, the Committee may, in its sole discretion, pay any or all of the forfeited Retention Award or Awards reflected in the Account to the Participant.

            5.4 Payment Date or Dates for Retention Awards. Subject to the terms and conditions of the Plan, each Retention Award (or portion thereof) shall be paid in cash on the Payment Date or
Payment Dates determined by the Committee in its sole discretion for each such Retention Award. Generally, it is intent of the Plan that Retention Awards for any Year (or other measurement Period) shall not be payable in full during the 90 subsequent to the end of
the Year (or other measurement period) for which the Performance Goal is achieved, but over a longer period (in a lump sum or in installments) so that continuity and retention of the Participant in the employ of the Company or its subsidiary will be enhanced by the
Plan. A typical Retention Award under the Plan would provide Payment Dates as follows: one-third payable in cash within 90 days subsequent to each of the first, second and third anniversaries of the end of the Year (or other measurement period) for the Performance
Goal which is achieved.

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            5.5 Limitation on Payments. (a) Anything in this Plan to the contrary notwithstanding, in the event that the receipt of any payment, award, benefit or distribution (or any acceleration of
any payment, award, benefit or distribution) to be paid to or for the benefit of a Participant (whether pursuant to the terms of this Plan or otherwise) (the “Payments”) would, but for this Section 5.5, cause the Participant to incur an excise tax
(“Excise Tax”) under Section 4999 of the Code, then the Payments shall be reduced, as further described below, to the extent necessary so that no Excise Tax is imposed.

            (b) The determination of whether any Payment will cause the Participant to incur an Excise Tax, as well as any other calculations necessary to implement this Section 5.4, shall be made by the
Company’s outside auditors or by a nationally recognized accounting or benefits consulting firm appointed by the Company and shall be binding on the Participant. The auditor’s or consultant’s fee shall be paid by the Company.

Section 6. Code Section 162(m) Awards

            A Participant who is or may be a Covered Employee may receive a Code Section 162(m) Award and/or a Retention Award that is not a Code Section 162(m) Award. Notwithstanding anything elsewhere in the
Plan to the contrary, as and to the extent required by Code Section 162(m), the grant of a Code Section 162(m) Award to a Participant must state, in terms of an objective formula or standard, the method of computing the amount of compensation payable to each Covered
Employee and must preclude discretion to increase the amount of compensation payable that would otherwise be due upon attainment of such goals.  All determinations made by Committee related to a Code Section 162(m) Award will be made in a timely manner, as
required by Code Section 162(m), including, without limitation, the requirements that the Performance Goals, Performance Criteria and Retention Award Schedules be established not later than 90 days after the commencement of any fiscal year of the Company. A Retention
Award Schedule for a Covered Employee shall set forth for each Code Section 162(m) Award, the terms and conditions applicable to such Award, as determined by the Committee, not inconsistent with the terms of the Plan, and shall specify that such Award is a Code
Section 162(m) Award. Before any Code Section 162(m) Award is paid, the Committee shall certify that the Performance Goals and any other material terms of such Award have been satisfied. Notwithstanding the foregoing, the Performance Criteria with respect to Code
Section 162(m) Awards shall be limited to the Performance Criteria set forth in clause (1) of the definition of “Performance Criterion/Performance Criteria”. To the extent that the Company’s tax deduction for remuneration in respect of the payment
of a Code Section 162(m) Award to a Covered Employee would be disallowed under Code Section 162(m) by reason of the fact that such Covered Employee’s applicable employee remuneration, as defined in Code Section 162(m)(4), either exceeds or, if such Award were
paid,

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would exceed the $1,000,000 limitation in Code Section 162(m)(1), the Committee may, in its sole discretion, defer the payment of such Award; provided that the Committee may at any time accelerate the payment of previously deferred Awards. Notwithstanding anything
to the contrary set forth in the Plan, such Deferred Awards may be deemed credited with interest at a rate determined by the Committee from time to time at the discretion of the Committee.

Section 7. Amount Available for Retention Awards

            The Committee shall determine the amount available for payment of Retention Awards in any Year or any other measurement period. Notwithstanding anything else in this Plan to the contrary, the
aggregate maximum amount that may be paid to a Participant during any Year with respect to all Retention Awards under the Plan shall be $5,000,000.

Section 8. Determination of Awards

            8.1 Selection of Participants. The Committee shall select the Participants and determine which Participants, if any, are to be treated as Covered Employees and which Retention Awards, if
any, are to be Code Section 162(m) Awards. Except in the case of Code Section 162(m) Awards, the Committee shall determine the actual Retention Award to each Participant for each Year or other measurement period, taking into consideration, as it deems appropriate,
the performance of the Company and/or a Business Unit, as the case may be, for the Year or other measurement period in relation to the Performance Goals theretofore established by the Committee, and the performance of the respective Participants during the Year or
other measurement period. The fact that an Officer is selected as a Participant for any Year or other measurement period shall not mean that such Officer necessarily will receive an Award for that Year or other measurement period. Notwithstanding any other provisions
of the Plan to the contrary, the Committee may make discretionary Awards as it sees fit under the Plan, except in the case of Code Section 162(m) Awards, which may be adjusted only downward.

            8.2 Selection of Code Section 162(m) Awards. Code Section 162(m) Awards shall be determined according to a Covered Employee’s Retention Award Schedule based on the level of performance
achieved and such Covered Employee’s Target Award. All such determinations regarding the achievement of Performance Goals and the determination of actual Code Section 162(m) Awards will be made by the Committee; provided, however, that the Committee may
decrease, but not increase, the amount of the Code Section 162(m) Award that otherwise would be payable

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Section 9. Miscellaneous

            9.1 Right to Payment Unsecured. The right of a Participant to receive payments under the Plan shall be only that of an unsecured claim against the assets of the Company and distributions
under the Plan shall be made solely from the assets of the Company. Nothing herein and no action taken pursuant to the Plan shall be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and any Participant, the
Participant’s beneficiary or estate, or any other person. No Participant shall have any right to any specific assets of the Company or any of its affiliates by virtue of the Plan.

            9.2 Term and Amendment of this Plan. This Plan shall become effective on the date of adoption by the Board and shall continue in full force and effect until all Retention Awards that were
awarded under the Plan have been paid. The Committee may, at any time, amend, suspend or discontinue the Plan, in whole or in part. The Committee may at any time alter or amend any or all Retention Award Schedules under the Plan to the extent permitted by law. No
such action may be effective with respect to any Code Section 162(m) Award to any Covered Employee without approval of the Company’s shareholders if such approval is required by Code Section 162(m)(4)(C). Also, the Committee may amend the Plan or any Retention
Award granted hereunder at any time if, in the discretion of the Committee, such amendments become necessary or advisable as a result of changes in law or regulation or to avoid the imposition of a penalty tax under section 409A of the Code. Additionally, the
Committee may at any time determine to accelerate the payment of any Retention Awards provided such acceleration is permissible under, and complies with, Section 409A of the Code.

            9.3 Tax Withholding. The Company shall have the power to withhold from any amount payable hereunder an amount sufficient to satisfy federal, state and local or non-U.S. withholding tax
requirements on any Retention Award which was awarded under this Plan.

            9.4 Requirements of Law. The award of Retention Awards shall be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national or
foreign securities exchanges as may be appropriate or required, as determined by the Committee. The Company shall use all commercially reasonable efforts to obtain any such approvals.

            9.5 Inalienability of Interests. A Participant’s interests under this Plan shall not be subject to alienation, assignment, garnishment, execution or levy of any kind, and any attempt
to cause any benefits to be so subjected shall not be null and void and not recognized by the Committee. This Plan shall be an unfunded plan and a Participant shall have only the rights of a general creditor of the Company with respect to his or her interest under
this Plan.

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            9.6 Plan Not Subject to ERISA. This Plan is not intended to be subject to the Employee Retirement Income Security Act of 1974, as amended.

            9.7 Governing Law.  The Plan, Retention Awards and Retention Award Schedules and all actions taken hereunder or thereunder shall be governed by, and construed in accordance with, the
laws of the state of Delaware without regard to the conflict of law principles thereof.

            9.8 Limits of Liability.

            (a) Any liability of the Company to any Participant with respect to a Retention Award shall be based solely upon the obligations, if any, created by the Plan and the Retention Award Schedule.

            (b) Neither the Company, nor any member of its Board or of the Committee, nor any other person participating in any determination of any question under the Plan, or in the interpretation,
administration or application of the Plan, shall have any liability to any party for any action taken or not taken in good faith under the Plan.

            9.9 Rights of Officers.

            (a) Status as an Officer eligible to receive a Retention Award under the Plan shall not be construed as a commitment that any Retention Award will be made under this Plan to such Officer.

            (b) Nothing contained in this Plan or in any Retention Award Schedule (or in any other documents related to this Plan or to any Retention Award or Retention Award Schedule) shall confer upon any
Officer or Participant any right to continue in the employ or other service of the Company or its subsidiary or constitute a contract or limit in any way the right of the Company to change such person’s compensation or other benefits or to terminate the
employment or other service of such person with or without cause.

            9.10 Section Headings. The section headings contained herein are for the purposes of convenience only, and in the event of any conflict, the text of the Plan, rather than the section
headings, will control.

            9.11 Invalidity. If any term or provision contained herein is determined to any extent to be invalid or unenforceable, such term or provision will be reformed so that it is valid, and such
invalidity or unenforceability will not affect any other provision or part hereof.

            9.12 Other Payments or Awards. Nothing contained in the Plan will be deemed in any way to limit or restrict the Company from making any award or payment to any person under any other Company
plan, arrangement or understanding, whether now existing or hereafter in effect.

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            9.13 Compliance with Section 409A of the Code. The Company intends that the Plan and each Retention Award granted hereunder shall, to the extent applicable, comply with Section 409A of
the Code and any regulations promulgated thereunder and that the Plan shall be interpreted, operated and administered accordingly. In the event any of the compensation or benefits provided to a Participant pursuant to this Plan would result in a violation of
Section 409A of the Code (including any regulations promulgated thereunder), the Company will use its reasonable efforts to amend the Plan in the least restrictive manner necessary in order, where applicable (i) to ensure that such compensation is not
considered “nonqualified deferred compensation” for purposes of Section 409A of the Code, or (ii) to comply with the provisions of Section 409A, in each case, where possible, without any diminution in the value of the compensation or
benefits to be paid or provided to the Participant pursuant to this Plan; provided, that nothing in herein shall require the Company to provide any gross-up or other tax reimbursement to the Participant in connection with any violation of Section 409A or
otherwise.

            9.14 Post-Public Shareholder Approval. In the event that (i) the Company registers a class of its common equity securities under Section 12 of the Exchange Act and (ii) the Committee issues
or wishes to issue a Code Section 162(m) Award, then the Plan (or the material terms of the Performance Criteria) shall be submitted to the Company’s shareholders for approval (A) no later than the date of the first meeting of shareholders at which directors
are to be elected that occurs either (x) after the close of the third calendar year following the calendar year in which the Company’s initial public offering occurs or (y) in case the Company becomes publicly held without an initial public offering, during the
first calendar year following the calendar year in which the Company becomes publicly held and (B) no later than the first shareholders meeting that occurs in the fifth year following the year in which the shareholders previously approved the Plan (or the material
terms of the Performance Criteria).

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  Exhibit 10.57    
    

Execution Version

 STOCK PURCHASE AGREEMENT  

 By and Among  

 LECG Corporation,  

 Great Hill Equity Partners III, LP,  

 and  

 Great Hill Investors, LLC  

 Dated as of August 17, 2009  

 

 
 

  TABLE OF CONTENTS    
    

										
	 
	 	 
	 	Page 	 
	  SECTION I—PURCHASE AND SALE OF SHARES
	 	 	1	 
	 	 	 	 1.1.
	 	 Purchase and Sale of Shares; Closing
	 	 	

1	 
	 	 	 	 1.2.
	 	 Transfer Taxes
	 	 	

1	 
	 	 	 	 1.3.
	 	 Further Assurances
	 	 	

1	 
	  SECTION II—REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	 	 	

2	 
	 	 	 	 2.1.
	 	 Authorized and Outstanding Stock
	 	 	

2	 
	 	 	 	 2.2.
	 	 Authorization
	 	 	

2	 
	  SECTION III—REPRESENTATIONS AND WARRANTIES OF THE INVESTOR
	 	 	

2	 
	 	 	 	 3.1.
	 	 Purchase Entirely for Own Account
	 	 	

2	 
	 	 	 	 3.2.
	 	 Disclosure of Information
	 	 	

3	 
	 	 	 	 3.3.
	 	 Investment Experience
	 	 	

3	 
	 	 	 	 3.4.
	 	 Accredited Investor
	 	 	

3	 
	 	 	 	 3.5.
	 	 Restricted Securities
	 	 	

3	 
	 	 	 	 3.6.
	 	 Authority and Non-Contravention
	 	 	

3	 
	 	 	 	 3.7.
	 	 Investment Banking; Brokerage Fees
	 	 	

3	 
	  SECTION IV—CERTAIN COVENANTS OF THE COMPANY
	 	 	

4	 
	 	 	 	 4.1.
	 	 Indebtedness
	 	 	

4	 
	 	 	 	 4.2.
	 	 Directors and Officers' Insurance
	 	 	

4	 
	  SECTION V—CONDITIONS TO THE INVESTOR'S OBLIGATIONS AT CLOSING
	 	 	

5	 
	 	 	 	 5.1.
	 	 Effectiveness of Preferred Stock Terms
	 	 	

5	 
	 	 	 	 5.2.
	 	 Merger Agreement
	 	 	

5	 
	 	 	 	 5.3.
	 	 Representations and Warranties
	 	 	

5	 
	 	 	 	 5.4.
	 	 Performance
	 	 	

5	 
	 	 	 	 5.5.
	 	 Delivery of Documents
	 	 	

5	 
	 	 	 	 5.6.
	 	 Legal Opinion
	 	 	

5	 
	  SECTION VI—CONDITIONS TO THE COMPANY'S OBLIGATIONS AT CLOSING
	 	 	

5	 
	 	 	 	 6.1.
	 	 Merger Agreement
	 	 	

5	 
	 	 	 	 6.2.
	 	 Representations and Warranties
	 	 	

5	 
	 	 	 	 6.3.
	 	 Performance
	 	 	

5	 
	 	 	 	 6.4.
	 	 Delivery of Documents
	 	 	

5	 
	  SECTION VII—TERMINATION
	 	 	

6	 
	 	 	 	 7.1.
	 	 Mutual Termination
	 	 	

6	 

i

 

										
	 
	 	 
	 	Page 	 
	 	 	 	 7.2.
	 	 Termination of Merger Agreement
	 	 	6	 
	 	 	 	 7.3.
	 	 Effect of Termination
	 	 	

6	 
	  SECTION VIII—MISCELLANEOUS
	 	 	

6	 
	 	 	 	 8.1.
	 	 Survival of Representations and Warranties
	 	 	

6	 
	 	 	 	 8.2.
	 	 Entire Agreement
	 	 	

6	 
	 	 	 	 8.3.
	 	 Amendments, Waivers and Consents
	 	 	

6	 
	 	 	 	 8.4.
	 	 Notices and Demands
	 	 	

7	 
	 	 	 	 8.5.
	 	 Severability
	 	 	

7	 
	 	 	 	 8.6.
	 	 Expenses
	 	 	

7	 
	 	 	 	 8.7.
	 	 Counterparts
	 	 	

8	 
	 	 	 	 8.8.
	 	 Effect of Headings; Construction
	 	 	

8	 
	 	 	 	 8.9.
	 	 Governing Law
	 	 	

8	 
	 	 	 	 8.10.
	 	 Binding Agreement; Assignment
	 	 	

8	 
	 	 	 	 8.11.
	 	 CONSENT TO JURISDICTION
	 	 	

8	 
	  SCHEDULES AND EXHIBITS
	 	 	 	 
	 Schedule A
	 	 Purchase Allocation Schedule
	 	 	 	 
	 Schedule B
	 	 Wire Transfer Instructions
	 	 	 	 
	 Exhibit A
	 	 Form of Certificate of Designations
	 	 	 	 
	 Exhibit B
	 	 Form of Legal Opinion
	 	 	 	 

ii

 

 
 

  STOCK PURCHASE AGREEMENT    
    

        THIS STOCK PURCHASE AGREEMENT is made as of August 17, 2009, by and among LECG
Corporation, a Delaware corporation (the "Company") on the one hand, and Great Hill Equity Partners III, LP, a Delaware limited partnership, and
Great Hill Investors, LLC, a Massachusetts limited liability company, on the other hand (each an "Investor" and together the
"Investors"). 

        WHEREAS, the Investors together are the majority stockholders of Smart Business Holdings, Inc., a Delaware corporation
("Smart"); 

        WHEREAS, the Company and Smart are parties to an Agreement and Plan of Merger dated of even date herewith (the
"Merger Agreement") which provides for, among other things, (i) the merger of a wholly-owned subsidiary of the Company with and into Smart, with
Smart as the surviving corporation (the "First Step Merger"), and (ii) the merger of Smart, as successor to the First Step Merger, with and into
a second wholly-owned subsidiary of the Company, with said subsidiary as the surviving entity (together with the First Step Merger, the "Merger"); 

        WHEREAS, in connection with the Merger, the Company has agreed to sell, and the Investors have agreed to purchase an aggregate of
6,313,131 shares (the "Preferred Shares") of the Company's Series A Convertible Redeemable Preferred Stock, par value $0.001 per share (the
"Preferred Stock"); and 

        WHEREAS, it is the intention of the parties that the Investors' purchase of the Preferred Shares occur immediately prior to or
simultaneously with the consummation of the Merger and the execution of certain ancillary agreements. 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows: 

 
 

SECTION I—PURCHASE AND SALE OF SHARES

        1.1.    Purchase and Sale of Shares;
Closing.    

        (a)   Subject
to the terms and conditions of this Agreement and in reliance on the representations, warranties and covenants set forth herein, the Company shall issue and sell
to the Investors, and the Investors agree to purchase from the Company, the Preferred Shares, with a purchase price of $3.96 per share, for an aggregate purchase price of $24,999,998.76 (the
"Purchase Price") as set forth on Schedule A hereto. The Preferred Stock shall have the rights,
privileges, preferences and other terms set forth in the Certificate of Designations (the "Certificate") attached as  Exhibit A hereto.

        (b)   Subject
to the satisfaction or waiver of the conditions set forth herein, the purchase of the Preferred Shares shall be made at a closing (the
"Closing") to be held immediately prior to or simultaneously with the closing of the Merger. At the Closing, the Company will deliver to each Investor a
certificate representing such Investor's respective portion of the Preferred Shares purchased by such Investor against payment of the purchase price relating thereto to the Company by wire transfer
payable in immediately available funds in accordance with the wire transfer instructions set forth on Schedule B hereto. 

        1.2.    Transfer Taxes.    All transfer taxes,
fees and duties under applicable law incurred in connection with the sale and transfer of the Preferred Shares under this Agreement will be borne and paid by the Company and it shall promptly
reimburse the Investors for any such tax, fee or duty which any of them is required to pay under applicable law. 

        1.3.    Further Assurances.    The Company and
the Investors from time to time after the Closing at the request of any other party hereto and without further consideration shall execute and deliver further instruments of transfer and assignment
and take such other action as a party may reasonably require to more effectively transfer and assign to, and vest in, the Investors, the Preferred Shares and all rights thereto, and to fully implement
the provisions of this Agreement. 

 
 
 

SECTION II—REPRESENTATIONS AND WARRANTIES OF THE COMPANY

        To
induce the Investors to enter into this Agreement and consummate the transactions contemplated hereby, the Company hereby makes to the Investors the
following representations and warranties: 

        2.1.    Authorized and Outstanding
Stock.    The shares of Preferred Stock to be issued pursuant to this Agreement, when issued, sold and delivered in accordance with the terms and for the
consideration set forth in this Agreement, will be duly authorized, validly issued, fully paid and non-assessable and will be free of any Encumbrances (as defined in the Merger Agreement)
(other than Encumbrances contained in the Related Agreements (as defined in the Merger Agreement), restrictions on transfer under state and/or federal securities laws and Encumbrances created by or
imposed by an Investor). At the Closing, the shares of common stock of the Company issuable pursuant to a conversion of the Preferred Stock (the "Conversion
Shares") will be duly and validly reserved for issuance and, when issued in accordance with the terms of the Preferred Stock, duly authorized, validly issued, fully paid and
non-assessable and will be free of any Encumbrances (other than rights and restrictions contained in the Related Agreements, restrictions on transfer under state and/or federal securities
laws and Encumbrances created by or imposed by an Investor). The offer, issuance, sale and delivery of the Preferred Shares and the Conversion Shares are or will be exempt from the registration
requirements of the Securities Act of 1933, as amended (the "Act"), and the qualification or registration provisions of applicable state securities laws
(subject to the accuracy of the Investors' representations in Section III hereof). Neither the Company nor its authorized agents will take any action that would cause the loss of such
exemption. At the Closing, the rights, preferences and other terms relating to the Preferred Stock will be as set forth in Exhibit A attached
hereto, and such rights and preferences are valid and enforceable under Delaware law. 

        2.2.    Authorization.    This Agreement and
all agreements, documents and instruments executed and delivered by the Company pursuant hereto are valid and binding obligations of the Company, enforceable in accordance with their respective terms.
Subject to receiving the approval of the Company's stockholders with respect to the transactions contemplated hereby and the filing of the Certificate with the Delaware Secretary of State, the
execution, delivery and performance of this Agreement and all agreements, documents and instruments executed and delivered by the Company
pursuant hereto, the issuance and delivery of the Preferred Shares, and, upon conversion of the Preferred Shares, the issuance and delivery of the Conversion Shares, have been duly authorized by all
necessary corporate or other action of the Company. 

 
 

SECTION III—REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR

        To
induce the Company to enter into this Agreement and consummate the transactions contemplated hereby, each Investor hereby makes to the Company the following
representations and warranties: 

        3.1.    Purchase Entirely for Own
Account.    This Agreement is made with such Investor in reliance upon the Investor's representation to the Company, which by such Investor's execution of this
Agreement the Investor hereby confirms, that the Preferred Shares will be acquired for investment for the Investor's own account (or the account of its affiliates), not as a nominee or agent, and not
with a view to the resale or distribution of any part thereof in violation of any applicable law, and that the Investor has no present intention of selling, granting any participation in or otherwise
distributing the same to any other person. By executing this Agreement, such Investor further represents that the Investor does not have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participation to such person or to any third person, with respect to any of the Preferred Shares. 

2

 

        3.2.    Disclosure of Information.    Such
Investor represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Preferred Shares and the business,
properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section II of this Agreement
or the right of the Investor to rely thereon. 

        3.3.    Investment Experience.    Such
Investor acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of
evaluating the merits and risks of its investment in the Preferred Shares. Such Investor also represents it has not been organized for the purpose of acquiring the Preferred Shares. 

        3.4.    Accredited Investor.    Such Investor
is an "accredited investor" within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 

        3.5.    Restricted Securities.    Such
Investor understands that the Preferred Shares it is purchasing are characterized as "restricted securities" under the federal securities laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such laws and applicable regulations such Preferred Shares may be resold without registration under the Act only in certain limited
circumstances. In the absence of any effective registration statement covering the Preferred Shares or an available exemption from registration under the Act, the Preferred Shares must be held
indefinitely. In this connection, such Investor represents that it is familiar with Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Act. 

        3.6.    Authority and
Non-Contravention.    Such Investor has all requisite power and authority to enter into this Agreement and all agreements, documents and instruments
executed and delivered by such Investor pursuant hereto (collectively, the "Transaction Documents"), to perform its obligations thereunder, and to
consummate the transactions contemplated thereunder. The execution and delivery of the Transaction Documents have been duly authorized by all necessary action on the part of the Investor. The
Transaction Documents have been or will be duly executed and delivered by such Investor and, assuming due authorization, execution and delivery by the other parties hereto, represents or will
represent the legal, valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms, subject to the effect of (1) applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws now and hereafter in effect relating to rights of creditors generally and (2) rules of law and equity governing specific performance,
injunctive relief and other equitable remedies. The execution and delivery of the Transaction Documents do not, and the consummation of the transactions contemplated thereunder and compliance with the
provisions thereof will not, conflict with, result in a breach or violation of or default (with or without notice or lapse of time or both) under, or require notice to or the consent of any person
under, any contract or law by which the Investor is bound. 

        3.7.    Investment Banking; Brokerage
Fees.    Such Investor has not incurred, nor will it incur, directly or indirectly, any liability for brokerage or finders' fees or agents' commissions or investment
bankers' fees or any similar charges (exclusive of professional fees to lawyers and accountants) in connection with this Agreement or any transaction contemplated hereby. 

3

 
 
 

SECTION IV—CERTAIN COVENANTS OF THE COMPANY

        4.1.    Indebtedness.    From and after the
date hereof until such time as neither any Investor nor any Affiliate of any Investor beneficially owns any shares of Preferred Stock, without the affirmative vote or written consent of holders of a
majority of the then outstanding shares of Preferred Stock, the Company will not Incur or permit any subsidiary to Incur, directly or indirectly, any Indebtedness that would result in the Company
having, as of immediately following the Incurrence of such Indebtedness, Indebtedness in excess of the greater of: (A) $75,000,000 or (B) the product of 2.5 multiplied by EBITDA. For
purposes of this Section IV, the following terms shall have the meanings set forth below: 

        (a)   "Affiliate," when used with reference to any Person, means another Person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control with such first Person. 

        (b)   "Incur" shall mean issue, assume, guarantee, incur or otherwise become liable for;  provided, however, that any
Indebtedness or capital stock of an entity existing at the time such entity
becomes a subsidiary of the Company (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such entity at the time it becomes a subsidiary of the Company. The
term "Incurrence" when used as a noun shall have a correlative meaning. The accretion of principal of a non-interest bearing or other discount security shall not be deemed the Incurrence
of Indebtedness. 

        (c)   "Indebtedness" shall mean (1) any liability of the Company and its subsidiaries (A) for borrowed money
(including the current portion thereof), (B) under any reimbursement obligation relating to a letter of credit, bankers' acceptance or note purchase facility, or (C) evidenced by a bond,
note, debenture or similar instrument (including a purchase money obligation), and (2) any liability of other Persons described in clause (1) that the Company or any of its subsidiaries
has guaranteed, that is recourse to the Company or any of its assets or that is otherwise the legal liability of the Company. For purposes of this Section 4.1, Indebtedness includes any and all
amounts of the nature described in clauses (1)(A), (B) or (C) owed by the Company or any of its subsidiaries to any of its affiliates including any of its stockholders. For
purposes of this Section 4.1, Indebtedness does not include any payments owed by the Company to former employees for continued compliance with provisions of their respective severance
agreements not accounted for as debt in accordance with U.S. generally accepted accounting principles. 

        (d)   "EBITDA" shall mean the Company's earnings before interest, taxes, depreciation and amortization for the most recently
completed fiscal year for which audited financial statements are available (and derived from such audited financial statements). Within ninety (90) days following the close of each
fiscal year of the Company, the Company shall deliver to the Investors a written certificate certifying to the Company's EBITDA for such fiscal year, and executed on behalf of the Company by its Chief
Financial Officer. 

        (e)   "Person" shall mean any individual, firm, corporation, partnership, company, limited liability company, division, trust,
joint venture, association, governmental authority or other entity or organization. 

        4.2.    Insurance.    For so long as any
Affiliate of any Investor is a member of the Company's Board of Directors, the Company shall maintain insurance coverage, from reputable insurers, under an errors and omissions insurance policy, a
director and officer liability insurance policy, an employment practices liability insurance policy and such other insurance coverage in such amounts as is customary for companies similarly situated
(as determined in good faith by the Company's Board of Directors), for the benefit of directors, managers and employees to the extent applicable. 

        4.3.    Waiver.    Notwithstanding anything in
this Section IV to the contrary, the holders of a majority of the then outstanding shares of Preferred Stock may, from time to time, waive the 

4

 

application
of any of the provisions of this Section IV by affirmative vote or by written notice to the Company. 

 
 

SECTION V—CONDITIONS TO THE INVESTOR'S OBLIGATIONS AT CLOSING

        The
obligations of the Investors to purchase and pay for the Preferred Shares shall be subject to the satisfaction or waiver on or before the Closing of the
following conditions: 

        5.1.    Effectiveness of Preferred Stock
Terms.    The terms of the Preferred Shares as set forth in Exhibit A hereto shall have become effective by the
filing of the Certificate with the Secretary of State of the State of Delaware and shall continue to be in full force and effect as of the Closing. 

        5.2.    Merger Agreement.    The Merger shall
have closed prior to or concurrently with the Closing. 

        5.3.    Representations and Warranties.    The
representations and warranties of the Company set forth in Section II hereof shall be true and correct as of the Closing. 

        5.4.    Performance.    The Company shall have
performed and complied in all material respects with all covenants and obligations contained in this Agreement that are required to be performed or complied with by the Company on or before the
Closing. 

        5.5.    Delivery of Documents.    The Company
shall have executed and/or delivered to the Investor (or shall have caused to be executed and delivered to the Investors by the appropriate persons) the following: 

        (a)   One
or more certificates representing the Preferred Shares being purchased by such Investor; and 

        (b)   A
certificate of the Chief Executive Officer of the Company certifying that the conditions specified in Sections 5.3 and 5.4 have been fulfilled. 

        5.6.    Legal Opinion.    The Investors shall
have received from Jones Day, counsel to the Committee of the Independent Directors of the Company, an opinion, dated as of the Closing, in substantially the form attached hereto as  Exhibit B.

 
 

SECTION VI—CONDITIONS TO THE COMPANY'S OBLIGATIONS AT CLOSING

        The
obligations of the Company to sell and issue the Preferred Shares shall be subject to the satisfaction or waiver on or before the Closing of the following
conditions: 

        6.1.    Merger Agreement.    The Merger shall
have closed prior to or concurrently with the Closing. 

        6.2.    Representations and Warranties.    The
representations and warranties of each Investor set forth in Section III shall be true and correct as of the Closing. 

        6.3.    Performance.    Each Investor shall
have performed and complied in all material respects with all covenants and obligations in this Agreement that are required to be performed or complied with by the Investor on or before the Closing. 

        6.4.    Delivery of Documents.    Each
Investor shall have executed and/or delivered to the Company (or shall have caused to be executed and delivered to the Company by the appropriate persons) the following: 

        (a)   Such
Investor's applicable portion of the Purchase Price; and 

        (b)   A
certificate of an authorized signatory of the Investor certifying that the conditions specified in Sections 6.2 and 6.3 have been fulfilled. 

5

 
 
 

SECTION VII—TERMINATION

        The
parties hereto may terminate this Agreement as provided below: 

        7.1.    Mutual Termination.    The Investors
and the Company may terminate this Agreement by mutual written consent at any time prior to Closing. 

        7.2.    Termination of Merger
Agreement.    This Agreement shall automatically terminate if the Merger Agreement is terminated for any reason prior to closing of the Merger. 

        7.3.    Effect of Termination.    In the event
of termination of this Agreement in accordance with Section VII, this Agreement shall forthwith become void and there shall be no liability on the part of any party to any other party or its
stockholders, members, affiliates, directors or officers under this Agreement, except for the provisions of Section 8.6 shall continue in full force and effect and except that nothing herein
shall relieve any party from liability for any knowing and intentional breach of this Agreement prior to such termination. 

 
 

SECTION VIII—MISCELLANEOUS

        8.1.    Survival of Representations, Warranties and
Covenants.    The representations, warranties and covenants made herein by the parties hereto shall survive the execution and delivery hereof and the Closing
contemplated hereby and shall bind the successors and assigns of the relevant party, whether so expressed or not, and all such covenants, agreements, representations and warranties shall inure to the
benefit of the successors and assigns of the parties hereto and to transferees of the Preferred Shares, whether so expressed or not. 

        8.2.    Entire Agreement.    This Agreement,
the Merger Agreement and the documents, instruments and other agreements specifically referred to herein or therein or delivered pursuant hereto or thereto, including all exhibits, annexes, appendices
and schedules hereto and thereto, constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior agreements, term sheets, letters of interest,
correspondence (including e-mail) and undertakings, both written and oral, between the Investors, on the one hand, and the Company, on the other hand, with respect to the subject matter
hereof 

        8.3.    Amendments, Waivers and
Consents.    For the purposes of this Agreement and all agreements, documents and instruments executed pursuant hereto, except as otherwise specifically set forth
herein or therein, no course of dealing between the Company on the one hand and any Investor on the other and no delay on the part of any party hereto in exercising any rights hereunder or thereunder
shall operate as a waiver of the rights hereof and thereof. Any term or provision hereof may be amended, terminated or waived (either generally or in a particular instance and either retroactively or
prospectively) with the written consent of the Company and the Investors. 

6

 

  
        8.4.    Notices and Demands.    All notices,
deliveries and other communications pursuant to this Agreement shall be in writing and shall be deemed given if delivered personally, telecopied, by nationally recognized express delivery service to
the parties at the addresses set forth below or to such other address as the party to whom notice is to be given may have furnished to the other parties hereto in writing in accordance herewith. Any
such notice, delivery or communication shall be deemed to have been delivered and received (a) in the case of personal delivery, on the date of such delivery, (b) in the case of
telecopy, on the day that the party giving notice receives electronic confirmation of sending from the sending telecopy machine (provided, however, that
if the telecopy is made on a day other than a Business Day (as defined in the Merger Agreement) or is made after 5:00 p.m. Eastern Time on any day, then delivery and receipt shall be deemed
instead to be on the following Business Day), and (c) in the case of a nationally recognized express delivery service, on the Business Day that delivery to the addressee is confirmed pursuant
to the service's systems: 

					
	 
	 	 
	 	 

	 To the Company:
	 	c/o LECG Corporation

2000 Powell Street, Suite 600

Emeryville, California 94608

Fax: (510) 653-9898

Attn:
	 With a copy to:
	 	  Jones Day, counsel to the Committee of

the Independent Directors of LECG Corporation

1755 Embarcadero Road

Palo Alto, CA 94303

	 
	 	Attn:	 	Robert T. Clarkson

Daniel R. Mitz
	 
	 	Fax: (650) 739-3900
	 To the Investor:
	 	  c/o Great Hill Equity Partners III, LP

1 Liberty Square

Boston, MA 02109

Fax: (617) 790-9401

Attn: Christopher S. Gaffney

	 With a copy to:
	 	  Goodwin Procter LLP

Exchange Place

Boston, MA 02109

	 
	 	Attn:	 	David F. Dietz

John T. Haggerty
	 
	 	Facsimile Number (617) 523-1231

or
to such other address or fax number of which any party may notify the other parties as provided above. Notices shall be effective as of the date of such delivery, mailing or fax. 

        8.5.    Severability.    Whenever possible, each provision of this
Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be deemed prohibited or invalid under such applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, and such prohibition or invalidity shall not invalidate the remainder of such provision or the other
provisions of this Agreement. 

        8.6.    Expenses.    The Company and the Investor each agree to pay
its own fees and expenses, including any legal, accounting, investment banking, finders and advisory fees and expenses incurred in connection with the Investor's purchase of the Preferred Shares;  provided, however, that if the Investor's purchase of the Preferred Shares is consummated, the Company
will pay all expenses of the Investor related to the Investor's purchase of the Preferred Shares. 

7

 

        8.7.    Counterparts.    This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the
same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or by electronic delivery in Adobe Portable Document Format, or a similar electronic format, shall
be effective as delivery of a manually executed counterpart of this Agreement. 

        8.8.    Effect of Headings; Construction.    The descriptive headings
in this Agreement have been inserted for convenience only and shall not be deemed to limit or otherwise affect the construction of any provision thereof or hereof. The parties have participated
jointly in the negotiation and drafting of this Agreement with counsel sophisticated in investment transactions. In the event an ambiguity or question of intent or interpretation arises, this
Agreement and the agreements, documents and instruments executed and delivered in connection herewith shall be construed as if drafted jointly by the parties and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement and the agreements, documents and instruments executed and delivered in connection
herewith. 

        8.9.    Governing Law.    This Agreement shall be deemed a contract
made under the laws of the State of Delaware and all disputes, claims or controversies arising out of this Agreement, or the negotiation, validity or performance hereof or the transactions
contemplated herein, shall be construed under and governed by the laws of such state, without giving effect to its conflicts of laws principles. 

        8.10.    Binding Agreement; Assignment.    The terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any
party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by the parties, by operation of law or otherwise, except that the Investor may assign
this Agreement to any subsidiary wholly-owned by the Investor. 

        8.11.    CONSENT TO JURISDICTION.    THE PARTIES AGREE THAT
JURISDICTION AND VENUE IN ANY ACTION BROUGHT BY ANY PARTY PURSUANT TO THIS AGREEMENT SHALL PROPERLY AND EXCLUSIVELY LIE IN ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF DELAWARE. BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY WITH RESPECT TO SUCH ACTION. THE PARTIES IRREVOCABLY
AGREE THAT VENUE WOULD BE PROPER IN SUCH COURT, AND HEREBY WAIVE ANY OBJECTION THAT SUCH COURT IS AN IMPROPER OR INCONVENIENT FORUM FOR THE RESOLUTION OF SUCH ACTION. THE PARTIES FURTHER AGREE THAT
THE MAILING BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, OF ANY PROCESS REQUIRED BY ANY SUCH COURT SHALL CONSTITUTE VALID AND LAWFUL SERVICE OF PROCESS AGAINST THEM, WITHOUT NECESSITY
FOR SERVICE BY ANY OTHER MEANS PROVIDED BY STATUTE OR RULE OF COURT. 

[SIGNATURE PAGES FOLLOW]

8

  
        IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the day and year first above written. 

					
	 	 	 COMPANY:
	

 	
 	
LECG CORPORATION
	

 	
 	
By:	
 	
 

 
	 	 	 	 	Name:
	 	 	 	 	Title:
	

 	
 	
Address:
	

 	
 	
c/o LECG Corporation

2000 Powell Street, Suite 600

Emeryville, California 94608

Fax: (510) 653-9898

Attn:

 

							
	 	 	 	 	 INVESTORS:
	

GREAT HILL EQUITY PARTNERS III, LP	
 	
GREAT HILL INVESTORS, LLC
	
 By:	
 	
Great Hill Partners GP III, LP,

its General Partner	
 	
By:	
 	
  

  Name: Christopher Gaffney

Title: A Manager
	
 By:	
 	
GHEP III, LLC, its General Partner	
 	

 	
 	

 
	
 By:	
 	
 

 	
 	

 	
 	

 
	 	 	Name: Christopher Gaffney	 	 	 	 
	 	 	Title: A Manager	 	 	 	 

			
	Address:	 	Address:
	
 c/o Great Hill Partners, L.P.	
 	
c/o Great Hill Partners, L.P.
	1 Liberty Square	 	1 Liberty Square
	Boston, MA 02109	 	Boston, MA 02109
	Fax: (617) 790-9401	 	Fax: (617) 790-9401
	Attn: Christopher S. Gaffney	 	Attn: Christopher S. Gaffney

 
 

  Schedule A    
    

 
    Purchase Allocation Schedule    
    

					
	Investor

 
	 	Number of Preferred Shares 	 

 
 

  Schedule B    
    

 
    Wire Instructions    
    

Source
bank: 

Source
bank address: 

Source
bank acct name: 

Source
bank ABA #: 

Source
bank account # 

Swift
Code: (International only) 

 

 
 

  Exhibit A    
    

 
    CERTIFICATE OF DESIGNATIONS
  OF
  SERIES A CONVERTIBLE REDEEMABLE PREFERRED STOCK
  OF
  LECG CORPORATION    
    

Pursuant
to Section 151 of the

General Corporation Law of the State of Delaware 

        LECG
Corporation (the "Corporation"), a corporation organized and existing under and by virtue of the General Corporation Law of the State
of Delaware, DOES HEREBY CERTIFY: 

        FIRST.    The Certificate of Incorporation of the Corporation, as amended, authorizes the issuance of 15,000,000 shares of preferred stock,
$0.001 par
value per share, and expressly vests in the Board of Directors of the Corporation the authority provided therein to provide for the issuance of such shares in one or more series, and by filing a
certificate pursuant to applicable law of the State of Delaware, to establish or change from time to time the number of shares of each such series, and to fix the designations, powers, including
voting powers, full or limited, or no voting powers, preferences and the
relative, participating, optional or other special rights of such shares of each series and any qualifications, limitations and restrictions thereof. 

         SECOND.    On                        , 2009, the Board of Directors of the Corporation, pursuant to the
authority expressly vested in it as aforesaid, has
adopted the following resolution creating a new series of convertible preferred stock known as "Series A Convertible Redeemable Preferred Stock": 

RESOLVED:    That pursuant to the authority vested in the Board of Directors of the Corporation in accordance with the provisions of its
Certificate of Incorporation, as amended, a series of Preferred Stock of the Corporation be, and it hereby is, created, and that the designation and amount thereof and the voting powers, preferences
and relative, participating, optional and other special rights of the shares of such series, and the qualifications, limitations or restrictions thereof, are as set forth in the Corporation's
Certificate of Incorporation, as amended, and in this Certificate of Designations as follows: 

        Section 1.    Designation and Number of Shares of Series A
Preferred Stock.    The shares of such series of Preferred Stock shall be designated as Series A Convertible Redeemable Preferred Stock, $0.001 par value per
share (the "Series A Preferred"), and the number of shares constituting such series shall be 12,000,000, which number may be increased by the
Board of Directors of the Corporation (the "Board") without a vote of stockholders to the extent necessary to have sufficient shares of Series A
Preferred to pay Cumulative Dividends, except as otherwise provided in the Corporation's Certificate of Incorporation, as amended and/or restated from time to time (the
"Certificate of Incorporation"). 

        Section 2.    Stated Value; Rank.    The Series A
Preferred shall rank, with respect to payment of dividends and distribution of assets upon the liquidation, winding-up or dissolution of the Corporation, senior to the Corporation's Common
Stock, $0.001 par value per share (the "Common Stock"), and to each other class or series of the Corporation's capital stock, including any series of
Preferred Stock, established hereafter by the Board, the terms of which do not expressly provide that it ranks senior to, or on a parity with, the Series A Preferred in right as to dividends
and upon liquidation, dissolution and winding-up (collectively with the Common Stock, the "Junior Stock"). 

        Section 3.    Dividends.    

        (a)   The
holders of Series A Preferred shall be entitled to receive, when, as and if declared by the Board or a duly authorized committee thereof, out of assets of the
Corporation legally available therefor, in additional authorized, duly issued, fully paid and nonassessable shares of Series A Preferred or, as set forth in  Section 3(b) hereof, cash, prior
and in preference to any declaration or payment of any dividend (payable other than in shares of Junior Stock or
other securities and rights convertible into or entitling the holder thereof to receive, directly or 

indirectly,
additional shares of Junior Stock) on the Junior Stock, cumulative dividends ("Cumulative Dividends"), which shall accrue as of the date of
issuance of such shares at the rate of seven and a half percent (7.5%) subject to adjustment pursuant to Sections 3(c),  3(e) and 8(e) (the "Dividend Rate") of the Original
Issue Price (as defined in Section 4(a)) per share per annum, based on a 360-day year of 30-day months. Accrued but
unpaid dividends shall compound quarterly at the Dividend Rate. In connection therewith, each share of Series A Preferred so issued shall be valued at the Original Issue Price. In the event of
any fractional shares, the Corporation shall pay the holder of the Cumulative Dividends cash in lieu of such fractional shares. The receipt of Series A Preferred payable as Cumulative Dividends
hereunder shall be deemed to have occurred upon the Dividend Payment Date (as defined below), and the holder entitled to receive such Cumulative Dividends shall be treated for all purposes as the
record holder of such shares of Series A Preferred as of the time such Cumulative Dividends are declared. Such Cumulative Dividends shall accrue and be payable in respect of each share of
Series A Preferred quarterly, in arrears, on the last day of March, June, September and December (each, a "Dividend Payment Date"), commencing on
the first such date to occur. The Cumulative Dividend payable on the first Dividend Payment Date shall be calculated and based on the period from the date of issuance through such Dividend Payment
Date. If the date fixed for payment on any shares of Series A Preferred of a distribution in connection with a Liquidation Event, the date on which any shares of Series A Preferred are
converted into Common Stock, or the date on which any shares of Series A Preferred are redeemed does not coincide with a Dividend Payment Date, then subject to the provisions hereof relating to
such liquidating distribution, conversion or redemption, the final dividend period applicable to such shares shall be the period from the last Dividend Payment Date prior to the date such liquidating
distribution, conversion or redemption occurs through the effective date of such liquidating distribution, conversion or redemption. Cumulative Dividends will accrue regardless of whether there are
profits, surplus or other funds of the Corporation legally available for the payment of dividends. Cumulative Dividends shall accrue pro rata for
partial-year periods. 

        (b)   Notwithstanding
the provisions of Section 3(a), on any Dividend Payment Date, the Corporation may pay in cash the
Cumulative Dividends that have accrued for such period and that are payable on such date, instead of paying for such Cumulative Dividends in additional authorized, duly issued, fully paid and
nonassessable shares of Series A Preferred so long as the Corporation has sufficient cash to make such distribution without breaching the terms of any contract for borrowed money indebtedness
and such cash is legally available therefor. 

        (c)   So
long as any share of Series A Preferred shall be outstanding, no dividend (other than a dividend payable solely in shares of Junior Stock or other securities
and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Junior Stock), whether in cash or property, shall be declared or paid, nor shall
any other distribution be made on any class or series of Junior Stock or on any class or series ranking on parity with the Series A Preferred ("Parity
Stock"), nor
shall any class or series of Junior Stock or Parity Stock be purchased, redeemed or otherwise acquired for value (or any money paid to or made available for a sinking fund for the redemption of any
Junior Stock or Parity Stock) by the Corporation; provided, however, that the foregoing shall not
prohibit the Corporation from making any purchases, redemptions or acquisitions pursuant to agreements with employees, advisors, consultants or service providers giving the Corporation the right to
repurchase shares of capital stock upon the termination of services or in the exercise of the Corporation's right of first refusal or upon the unanimous consent of the Board so long as, at the time of
such purchase, redemption or acquisition, all Cumulative Dividends accrued on the Series A Preferred have been paid or declared and set apart. Without limitation of any other provisions hereof
or any rights or remedies of the holders of the Series A Preferred Stock, the Dividend Rate set forth in Section 3(a) shall increase to
sixteen percent (16%) for all outstanding shares of Series A Preferred and any shares of Series A Preferred issued at any time after such rate increase if the Corporation at any time
breaches this Section 3(c). 

        (d)   If
full dividends have not been paid on the Series A Preferred Stock and any Parity Stock, dividends may be declared and paid on the Series A Preferred
Stock and such Parity Stock so long as the dividends are declared and paid pro rata so that the amounts of dividends declared per share on the
Series A Preferred Stock and such Parity Stock will in all cases bear to each other the same ratio that accumulated and unpaid dividends per share on the shares of Series A Preferred
Stock and such other Parity Stock bear to each other. 

        (e)   If
the Corporation Incurs or permits any subsidiary to Incur, directly or indirectly, any Indebtedness that would result in the Corporation having, as of immediately
following the Incurrence of such Indebtedness, Indebtedness in excess of the greater of: (A) $75,000,000 or (B) the product of 2.5 multiplied by EBITDA, then the Dividend Rate set forth
in Section 3(a) shall increase to sixteen percent (16%) for all outstanding shares of Series A Preferred and any shares of Series A
Preferred issued at any time after such rate increase. For purposes of this Section 3(e), the following terms shall have the meanings set forth
below: 

          (i)  "Incur" shall mean issue, assume, guarantee, incur or otherwise become liable for;  provided, however, that any
Indebtedness or capital stock of an entity existing at the time such entity
becomes a subsidiary of the Corporation (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such entity at the time it becomes a subsidiary of the
Corporation. The term "Incurrence" when used as a noun shall have a correlative meaning. The accretion of principal of a non-interest bearing or other discount security shall not be deemed
the Incurrence of Indebtedness. 

         (ii)  "Indebtedness" shall mean (1) any liability of the Corporation and its subsidiaries (A) for borrowed money
(including the current portion thereof), (B) under any reimbursement obligation relating to a
letter of credit, bankers' acceptance or note purchase facility, or (C) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation), and (2) any
liability of other Persons described in clause (1) that the Corporation or any of its subsidiaries has guaranteed, that is recourse to the Corporation or any of its assets or that is otherwise
the legal liability of the Corporation. For purposes of this Certificate of Designations, Indebtedness includes any and all amounts of the nature described in clauses (1)(A), (B) or
(C) owed by the Corporation or any of its subsidiaries to any of its affiliates including any of its stockholders. For purposes of this Certificate of Designations, Indebtedness does not
include any payments owed by the Corporation to former employees for continued compliance with provisions of their respective severance agreements not accounted for as debt in accordance with U.S.
generally accepted accounting principles. 

        (iii)  "EBITDA" shall mean the Corporation's earnings before interest, taxes, depreciation and amortization for the most
recently completed fiscal year for which audited financial statements are available (and derived from such audited financial statements). Within ninety (90) days following the close of each
fiscal year of the Corporation, the Corporation shall deliver to the holders of the Series A Preferred a written certificate certifying to the Corporation's EBITDA for such fiscal year, and
executed on behalf of the Corporation by its Chief Financial Officer. 

        (iv)  "Person" shall mean any individual, firm, corporation, partnership, company, limited liability company, division, trust,
joint venture, association, governmental authority or other entity or organization. 

        (f)    Notwithstanding
anything in this Section 3 to the contrary, the holders of a majority of the then outstanding
shares of Series A Preferred may, from time to time, waive the application of any of the provisions of this Section 3 by affirmative vote
or by written notice to the Corporation. 

        Section 4.    Liquidation
Preference.    

        (a)   Upon
the occurrence of a Liquidation Event, prior and in preference to any distribution of any of the assets or funds of the Corporation to the holders of the Junior
Stock by reason of their ownership of such stock, the holders of Series A Preferred shall be entitled to be paid out of 

the
assets of the Corporation available for distribution to its stockholders an amount per share of Series A Preferred equal to the greater of (i) the sum of (A) the Original
Issue Price for each share of Series A Preferred held by them, plus (B) all Cumulative Dividends accrued and unpaid on such shares up to the date of distribution of the assets of the
Corporation (the "Minimum Preferred Return"), and (ii) the aggregate amount payable in respect of each share of Common Stock issuable upon
conversion of such share of Series A Preferred, as if such share of Series A Preferred had been converted into Common Stock immediately prior to the occurrence of such Liquidation Event
pursuant to the provisions of Section 5(a)(i) hereof (such greater amount, the "Preferred Liquidation
Preference"). If,
upon the occurrence of a Liquidation Event, the assets and funds of the Corporation legally available for distribution to stockholders by reason of their ownership of stock of the Corporation shall be
insufficient to permit the payment to such holders of Series A Preferred of the full Preferred Liquidation Preference, then such holders of Series A Preferred shall share ratably in any
distribution in proportion to the full preferential amounts each holder would be entitled to receive under this Section 4(a), on a  pro rata basis. The
"Original Issue Price" of each share of Series A Preferred initially shall be
$3.96, and shall be subject to proportionate adjustment in the event of any stock split, stock dividend, combination, recapitalization, or other similar transaction with respect to the Series A
Preferred. 

        (b)   Upon
the occurrence of a Liquidation Event, and after payment to the holders of the Series A Preferred the amounts to which they are entitled pursuant to  Section 4(a) and after any applicable
payment to holders of any other class or series of Parity Stock, all assets and funds of the Corporation
that remain legally available for distribution to stockholders by reason of their ownership of stock of the Corporation shall be distributed in accordance with the applicable provisions of the
Corporation's Certificate of Incorporation. 

        (c)   A
"Liquidation Event" shall include: (i) any liquidation, dissolution or winding up of the Corporation;
(ii) any reorganization, consolidation or merger (collectively, a "Reorganization") of the Corporation with or into any other entity or entities
other than any Reorganization resulting in the holders of the outstanding capital stock of the Corporation entitled to vote for the election of members of the Board immediately prior to such
Reorganization holding at least a majority of the outstanding capital stock of the surviving or resulting entity entitled to vote for the election of members of the board of directors of the surviving
or resulting entity; (iii) any other transaction in which the holders of the outstanding capital stock of the Corporation entitled to vote for the election of members of the Board immediately
prior to such transaction do not hold at least a majority of the outstanding capital stock of the surviving or resulting entity entitled to vote for the election of members of the board of directors
of the surviving or resulting entity; or (iv) any sale, conveyance or transfer of all or substantially all of the assets or business of the Corporation (each of (ii) through (iv), a
"Sale Transaction"). For the avoidance of doubt, neither the issuance of any Dividend Shares, the conversion of any Series A Preferred into
Common Stock nor the redemption of any Series A Preferred shall be deemed to be a Liquidation Event and/or a Sale Transaction. 

        (d)   Whenever
the distribution provided for in this Section 4 shall be payable in property other than cash, the value
of such distribution shall be the fair market value as determined in good faith by the Board. 

        (e)   In
the event the assets of the Corporation available for distribution to holders of Series A Preferred upon any Liquidation Event shall be insufficient to pay in
full all amounts to which such holders are entitled pursuant to Section 4(a), no such distribution shall be made on account of any shares of
Parity Stock upon such Liquidation Event unless proportionate distributable amounts shall be distributed on account of the shares of Series A Preferred Stock, ratably, in proportion to the full
distributable amounts for which holders of the Series A Preferred and holders of any Parity Stock are entitled upon such Liquidation Event, with the amount allocable to each series of such
stock determined on a pro rata basis of the aggregate liquidation preference of the outstanding shares of each series and accumulated and unpaid
dividends to which each series is entitled. 

 

        (f)    The
Corporation shall give each holder of record of Series A Preferred written notice of such Liquidation Event not later than fifteen (15) days prior to
the stockholders' meeting called to approve such transaction, or fifteen (15) days prior to the closing of such transaction, whichever is earlier. Such notice shall describe the material terms
and conditions of the impending transaction and the application to such transaction of the provisions of this Section 4, and the Corporation
shall thereafter give such holders prompt notice of any material changes. Such transaction shall in no event take place sooner than fifteen (15) days after the Corporation has given the first
notice provided under this Section 4(f) or sooner than ten (10) days after the Corporation has given notice of any material changes to
such transaction as provided under this Section 4(f); provided,  however, that such periods may be
shortened upon the affirmative vote or written consent of the holders of a majority of the then outstanding shares of
Series A Preferred. 

        Section 5.    Conversion.    

        The
holders of shares of Series A Preferred shall have conversion rights as follows: 

        (a)    Optional Conversion.    

        Each
share of Series A Preferred shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation
or any transfer agent for the Series A Preferred, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing the Original Issue Price for
each share plus any accrued or declared but unpaid Cumulative Dividends on each such share (such amount, the "Aggregate Amount"), by the conversion
price at the time in effect for a share of Series A Preferred (the "Conversion Price"). The Conversion Price for the shares of Series A
Preferred initially shall be $3.96, subject to adjustment from time to time as provided below. The outstanding shares of Series A Preferred may be converted voluntarily pursuant to the
foregoing calculation in whole or in part. 

        (b)    Forced Conversion.    

          (i)  On
or after the two-year anniversary of the Original Issue Date, the Corporation shall have the right, at its option, subject to a sufficient number of
shares of Common Stock being available for issuance upon conversion, to cause the Series A Preferred in whole, but not in part, to be automatically converted into a number of whole shares of
Common Stock using the formula set forth in Section 5(a) (a "Forced Conversion"). The Corporation
may exercise its right to cause a Forced Conversion on a Forced Conversion Date (as defined in Section 5(g)) pursuant to this  Section 5(b) only
if: 

        (A)  the
trading volume of the Common Stock averages at least 100,000 shares per Trading Day over the immediately preceding 30 Trading Day period (as adjusted for stock
dividends, combination or splits with respect to the Common Stock); and 

        (B)  the
daily Volume-Weighted Average Price of the Common Stock exceeds 200% of the then-prevailing Conversion Price for at least 20 Trading Days of the
immediately preceding 30 Trading Day period ending on the Trading Day prior to the Corporation's delivery of written notice, as described in  Section 5(b)(ii) hereof, notifying the holders of the
Series A Preferred of the Corporation's exercise of its right to cause a Forced
Conversion. 

         (ii)  To
exercise its right to cause a Forced Conversion described in Section 5(b)(i) hereof, the Corporation must
deliver written notice to the holders of the Series A Preferred, notifying such holders of such a Forced Conversion; provided that the
Corporation delivers such written notice within five (5) days of any date on which the conditions described in Section 5(a) hereof are
met. The conversion date will be a date selected by the Corporation (the "Forced Conversion Date") and will be no more than thirty (30) days
after the date on which the Corporation delivers the written notice described in this Section 5(b)(ii). 

        (iii)  In
addition to any information required by applicable law or regulation, the notice of a Forced Conversion described in  Section 5(b)(ii) shall state, as appropriate: (A) the Forced Conversion
Date; (B) the number of shares of Common Stock to be issued
upon conversion of each share of Series A Preferred; (C) the number of shares of Series A Preferred to be converted; (D) that dividends on the Series A Preferred to
be converted will cease to accumulate on the Forced Conversion Date and (E) the amount of any payment for accumulated and unpaid dividends. 

        (iv)  On
and after the Forced Conversion Date, Cumulative Dividends will cease to accumulate on the Series A Preferred called for a Forced Conversion and all rights of
holders of Series A Preferred will terminate except for the right to receive the whole shares of Common Stock issuable upon conversion thereof pursuant to the formula set forth in  Section 5(a)
and cash in lieu of any fractional shares of
Common Stock, and with no right to any interim dividends declared on the Common Stock. Notwithstanding the foregoing, the Corporation shall pay to each holder of Series A Preferred a payment
equal to the aggregate amount of any accumulated and unpaid Cumulative Dividends on the Series A Preferred held by such holder accruing through the Forced Conversion Date. Such payment
described in the preceding sentence shall be paid by the Corporation, at its sole option, in the form of (x) cash, (y) shares of Common Stock, or (z) a combination of cash and
shares of Common Stock distributed among the holders of Series A Preferred on a pro rata basis;  provided, however, that shares of Common Stock issued in payment or partial payment of such payments
shall be valued for such purpose at the Conversion Price. 

        (c)    Mechanics of Conversion.    No fractional shares of Common Stock shall be issued upon conversion of shares of
Series A Preferred. In lieu of any fractional shares to which the holder would otherwise be entitled, the Corporation shall pay cash equal to such fraction multiplied by the then effective
Conversion Price. Before any holder of Series A Preferred shall be entitled to convert the same into shares of Common Stock pursuant to  Section 5(a), such holder shall surrender the
certificate or certificates therefor, duly endorsed, at the office of the Corporation or of any
transfer agent for shares of Series A Preferred, as the case may be (or affidavits stating that such certificates have been lost, stolen or destroyed), and shall give written notice by mail,
postage prepaid, to the Corporation at its principal corporate office, of the election to convert the same stating therein the number of shares of Series A Preferred being converted, and such
conversion shall be deemed to have been made immediately prior to the close of business on the date of receipt by the Corporation or its transfer agent of the stock certificates for the
Series A Preferred to be converted or an affidavit stating that such certificates have been lost, stolen or destroyed. In the event of a Forced Conversion pursuant to  Section 5(b), the
outstanding shares of Series A Preferred shall be converted automatically into shares of Common Stock without any
further action by the holder of such shares and whether or not the certificates representing such shares are surrendered to the Corporation or the transfer agent for the Series A Preferred;  provided that the Corporation shall not be obligated to issue certificates evidencing the shares of Common Stock issuable upon such Forced Conversion or
the payment set forth in Section 5(b)(iv) until the certificates evidencing such shares of Series A Preferred are either delivered to the
Corporation or the transfer agent for the Series A Preferred as provided above, or the holder delivers to the Corporation or the transfer agent an affidavit that such certificates have been
lost, stolen or destroyed. The Corporation shall, as soon as practicable thereafter, issue and deliver to such address as the holder may direct, a certificate or certificates for the number of shares
of Common Stock to which such holder shall be entitled and the applicable payment set forth in Section 5(b)(iv). 

        (d)    Adjustment of Conversion Price of Series A Preferred.    The Conversion Price shall be subject to
adjustment from time to time as follows: 

          (i)  Adjustments for Subdivisions or Combinations of Common Stock.    In the event that at any time after the
Original Issue Date the outstanding shares of Common Stock shall be subdivided by stock split, stock dividend or otherwise, into a greater number of shares of 

Common
Stock, the Conversion Price then in effect shall, concurrently with the effectiveness of such subdivision, be proportionately decreased. In the event that at any time after the Original Issue
Date
the outstanding shares of Common Stock shall be combined or consolidated into a lesser number of shares of Common Stock, the Conversion Price then in effect shall, concurrently with the effectiveness
of such combination or consolidation, be proportionately increased. Any adjustment under this Section 5(d) shall be effective at the close of
business on the date that the subdivision or combination becomes effective. 

         (ii)  Adjustments for Reorganizations, Reclassifications or Similar Events.    If at any time after the Original
Issue Date the Common Stock shall be changed into the same or a different number of shares of any other class or classes of stock or other securities or property, whether by Reorganization,
reclassification or otherwise (other than a Sale Transaction as defined in Section 4 or a subdivision or combination of shares provided for
elsewhere in Section 5), then each share of Series A Preferred shall thereafter be convertible into the number of shares of stock or other
securities or property to which a holder of the number of shares of Common Stock deliverable upon conversion of such shares of Series A Preferred shall have been entitled upon such
Reorganization, reclassification or other event and, in such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions in this  Section 5 set forth with respect to the rights and interests thereafter of the holders of Series A Preferred, to the end that the
provisions set forth in this Section 5 (including provisions with respect to changes in and other adjustments of the Conversion Price) shall
thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other property thereafter deliverable upon the conversion of Series A Preferred. 

        (e)    Certificate as to Adjustments.    Upon the occurrence of each adjustment or readjustment of the Conversion
Price pursuant to this Section 5, the Corporation at its expense shall, upon request, promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to each holder of shares of Series A Preferred to which such adjustment pertains a certificate setting forth such adjustment or readjustment and
showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, upon the written request at any time of any holder of shares of Series A Preferred,
furnish or cause to be furnished to such holder a like certificate setting forth (i) such adjustments and readjustments, (ii) the Conversion Price at the time in effect, and
(iii) the number of shares of Common Stock and the amount, if any, of other property which at the time would be received upon the conversion of such holder's shares of Series A
Preferred. 

        (f)    No Impairment.    The Corporation shall not amend the Certificate of Incorporation or any Certificate of
Designation thereto, or participate in any Reorganization, recapitalization, Sale Transaction, issue or sale of securities or any other voluntary action, for the purpose of avoiding or seeking to
avoid the observance or performance of any of the terms to be observed or performed under this Section 5. 

        (g)    De Minimus Adjustments.    No adjustment to the Conversion Price shall be made if such adjustment would result
in a change in the Conversion Price of less than $0.01. Any adjustment of less than $0.01 that is not made shall be carried forward and shall be made at the time of and together with any subsequent
adjustment that, on a cumulative basis, amounts to an adjustment of $0.01 or more in the Conversion Price. 

        (h)    Certain Definitions.    For purposes of this Section 5,
the following terms shall have the meanings set forth below: 

          (i)  "Original Issue Date" shall the first date on which any shares of Series A Preferred Stock are issued by the
Corporation. 

         (ii)  "Trading Day" shall mean a day during which trading in securities generally occurs on The Nasdaq Global Select Market
or, if the Common Stock is not listed on The Nasdaq 

Global
Select Market, on the principal other national securities exchange on which the Common Stock is then listed or traded. 

        (iii)  "Volume-Weighted Average Price" shall mean the volume-weighted average price per share of Common Stock on The Nasdaq
Global Select Market (or such other national securities exchange or automated quotation system on which the Common Stock is then listed or authorized for quotation or, if not so listed or authorized
for quotation, an amount determined using a volume-weighted average method by a nationally recognized investment banking firm (unaffiliated with the Corporation) retained for this purpose) from
9:30 a.m. to 4:30 p.m., New York City time, on that Trading Day, as displayed by Bloomberg Business News or such other comparable service determined in good faith by the Corporation that
has replaced Bloomberg Business News. 

        (i)    Waiver.    Notwithstanding anything in this Section 5 to
the contrary, the holders of a majority of the then outstanding shares of Series A Preferred may, from time to time, waive the application of any of the provisions of this  Section 5 by
affirmative vote or by written notice to the Corporation. 

        Section 6.    Voting.    

        (a)    General.    Except as otherwise required by law or as expressly provided below in this  Section 6(a), each holder of
Series A Preferred shall be entitled to the number of votes equal to the number of shares of Common Stock
into which the shares of Series A Preferred so held could be converted at the record date for determination of the stockholders entitled to vote, or, if no such record date is established, at
the date such vote is taken. Except as required by law or as otherwise set forth herein, all shares of Series A Preferred and all shares of Common Stock shall vote together as a single class on
all matters. Fractional votes by the holders of shares of Series A Preferred shall not, however, be permitted, and any fractional voting rights shall (after aggregating all shares of
Series A Preferred held by each holder that could be converted) be rounded down to the nearest whole number. There shall be no cumulative voting with respect to the Series A Preferred
unless and to the extent that cumulative voting is permitted with respect to the Common Stock. In the event that any holder of Series A Preferred is
issued additional shares of Series A Preferred in satisfaction of the Corporation's obligation to pay Cumulative Dividends under Section 3 hereof ("Dividend
Shares") and as a result of such issuance, such holder's Ownership Percentage exceeds the Percentage Threshold, then such holder shall not be entitled to vote the Excess Shares
so long as its Ownership Percentage exceeds the Percentage Threshold. For the purposes hereof, the "Ownership Percentage" with respect to any holder of
shares of Series A Preferred shall mean, as of any particular time, the percentage of the aggregate voting power of the Common Stock and all other classes or series of the Corporation's capital
stock that vote with the Common Stock as a single class (including the Series A Preferred) (calculated on an as-converted basis) represented by the shares of the Corporation's
capital stock then beneficially owned (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) by such holder and/or its affiliates in the aggregate;
the "Percentage Threshold" shall initially mean 48% of the aggregate voting power of the Common Stock and all other classes or series of the
Corporation's capital stock that vote with the Common Stock as a single class (including the Series A Preferred) (calculated on an as-converted basis); and
"Excess Shares" shall mean (a) Dividend Shares issued to a holder at a time when such holder's Ownership Percentage exceeds the Percentage
Threshold and (b) Dividend Shares issued to a holder to the extent such shares would cause such holder to have an Ownership Percentage in excess of the Percentage Threshold (e.g., if 75
shares would cause a holder's Ownership Percentage to reach the Percentage Threshold and 100 Dividend Shares are issued, then 25 shares will be Excess Shares);  provided, however, that Excess Shares shall cease to be Excess Shares to the extent that the holder's
Ownership Percentage would be below the Percentage Threshold (but only to such extent). 

        (b)    Approval by Series A Preferred.    For so long as any shares of Series A Preferred remain
outstanding, the Corporation shall not, whether by merger, consolidation or otherwise, without first 

obtaining
the affirmative vote or written consent of the holders of at least a majority of the then outstanding shares of Series A Preferred: 

          (i)  alter,
amend or repeal any provisions of, or add any provision to this Certificate of Designations, the Certificate of Incorporation or the Corporation's
By-laws if such action would adversely alter, change or repeal the designations, preferences, rights, privileges or powers of, or the restrictions provided for the benefit of, the
Series A Preferred; 

         (ii)  authorize
or designate any class or series of Parity Stock or any class or series of capital stock having rights on liquidation or as to distributions (including
dividends) senior to the Series A Preferred; or authorize or issue any other equity security convertible into or exercisable for any equity security, having preference equal to or over, as to
distributions or liquidation preference, the Series A Preferred; or 

        (iii)  increase
or decrease the total number of authorized or issued shares of Series A Preferred, other than with respect to an increase in authorized shares of
Series A Preferred for the purpose of paying Cumulative Dividends on the outstanding shares of Series A Preferred. 

        Section 7.    Reacquired Shares.    

        Any
shares of Series A Preferred purchased, converted, redeemed or otherwise acquired by the Corporation in any manner whatsoever (including with respect to  Sections 5 and 8 of this Certificate of Designations) shall (upon compliance with any applicable
provisions of the laws of the State of Delaware) be retired and shall have the status of authorized but unissued shares of Preferred Stock undesignated as to series. Such shares of Preferred Stock may
only be reissued in accordance with the terms of the Certificate of Incorporation. 

        Section 8.    Redemption.    

        (a)    Redemption Date.    At any time after the seventh anniversary of the Original Issue Date, each holder of the
Series A Preferred shall have the right to compel the Corporation to redeem all or any portion of the outstanding shares of Series A Preferred held by such holder by delivering written
notice to the Corporation (the "Redemption Notice"). The Corporation shall redeem the shares of Series A Preferred subject to a Redemption Notice
(a "Redemption") within ninety (90) days of receipt of a Redemption Notice (or if such date is not a business day, then on the following business
day thereafter) (a "Redemption Date"). 

        (b)    Redemption Price and Payment.    The shares of Series A Preferred to be redeemed on a Redemption Date
shall be redeemed by paying for each share in cash an amount equal to the Minimum Preferred Return on such Redemption Date, such amount being referred to herein as the
"Preferred Redemption Price." Such payment shall be made by the Corporation in full, from funds legally available therefor, on such Redemption Date to
the holder entitled thereto. 

        (c)    Partial Deferral of Redemption.    Notwithstanding anything to the contrary in  Section 8(a) or Section 8(b) herein, upon receipt of a Redemption Notice, the Corporation
shall have the right, at its discretion, to defer for one year from the date of such Redemption Notice the redemption of 50% of the shares of Series A Preferred subject to such Redemption
Notice (rounded down to the nearest whole share). To exercise this deferral right, the Corporation must, within twenty (20) days following its receipt of such Redemption Notice, provide written
notice of its election to exercise this deferral right to the holder or holders of Series A Preferred that delivered such Redemption Notice. For the avoidance of doubt, if the Corporation
exercises this deferral right, the Corporation shall (i) on the Redemption Date corresponding to such Redemption Notice, pay the Preferred Redemption Price to the redeeming holder(s) of
Series A Preferred with respect to 50% of the shares of Series A Preferred indicated in such Redemption Notice (rounded down to the nearest whole share) and (ii) no later than the
one-year anniversary of the Redemption Date corresponding to such Redemption Notice, pay the Preferred Redemption Price to the redeeming 

holder(s)
of Series A Preferred with respect to the remaining unredeemed shares of Series A Preferred indicated in such Redemption Notice. 

        (d)    Redemption Mechanics.    Within thirty (30) days following its receipt of a Redemption Notice, the
Corporation shall provide written notice to the holder that submitted the Redemption Notice notifying such holder of the Redemption Date and specifying the Preferred Redemption Price and the place
where said Preferred Redemption Price shall be payable. The notice shall be addressed to such holder at its address as shown by the records of the Corporation. Upon receipt of the such notice, the
holder of shares of Series A Preferred shall surrender the certificate or certificates representing the shares to be redeemed to the Corporation, duly assigned or endorsed for transfer (or
accompanied by duly executed stock powers relating thereto), or shall deliver an affidavit of loss with respect to such certificates at the principal executive office of the Corporation or such other
place as the Corporation may from time to time designate by notice to such holder, and on the Redemption Date corresponding to such Redemption Notice each surrendered certificate shall be canceled and
retired and the Corporation shall thereafter make payment of the Preferred Redemption Price; provided,  however, that if the Corporation has insufficient
funds legally available to redeem all shares required to be redeemed, such holder shall, in addition
to receiving the payment of the portion of the aggregate Preferred Redemption Price that the Corporation is not legally prohibited from paying to such holder, receive a new stock certificate for those
shares of Series A Preferred subject to such Redemption Notice but not so redeemed. From and after the close of business on the Redemption Date corresponding to such Redemption Notice, unless
there shall have been a default in the payment of the Preferred Redemption Price, all rights of such holders of shares of Series A Preferred (except the right to receive the Preferred
Redemption Price) shall cease with respect to the shares actually redeemed on such Redemption Date, and such shares shall not thereafter be transferred on the books of the Corporation or be deemed to
be outstanding for any purpose whatsoever. If the funds of the Corporation legally available for redemption of shares of Series A Preferred on such Redemption Date are insufficient to redeem
the total number of shares of Series A Preferred subject to such Redemption Notice, the holders of such shares shall share ratably in any funds legally available for redemption according to the
respective amounts which would be payable to them if the full number of shares to be redeemed on such Redemption Date were actually redeemed. The shares of Series A Preferred required to be
redeemed but not so redeemed shall remain outstanding and the holder thereof shall be entitled to all rights and preferences provided herein. At any time thereafter when additional funds of the
Corporation are legally available for the redemption of such shares of Series A Preferred, such funds will be used to redeem the balance of such shares, or such portion thereof for which funds
are then legally available,
on the basis set forth above. For purposes of this Section 8(d), all references to any Redemption Date shall be deemed to include both
transactions on a Redemption Date and, in the case where the Corporation exercises its deferral right pursuant to Section 8(c), the date of the
redemption of the remaining unredeemed shares noticed for redemption. 

        (e)    Penalty.    In the event that, for any reason, the Corporation does not make full payment on the Redemption
Date (or, in the case where the Corporation exercises its deferral right pursuant to Section 8(a)(iii), on the dates set forth in  Section 8(a)(iii)) for the shares of Series A Preferred noticed for redemption in accordance with the provisions of this  Section 8 then the Dividend Rate set forth in Section 3(a) shall increase to sixteen
percent (16%) for all outstanding shares of Series A Preferred and any shares of Series A Preferred issued at any time after such failure to make such payment by the Corporation. 

        (f)    Waiver.    Notwithstanding anything in this Section 8 to
the contrary, the holders of a majority of the then outstanding shares of Series A Preferred may, from time to time, waive the application of any of the provisions of this  Section 8 by
affirmative vote or by written notice to the Corporation. 

        Section 9.    Miscellaneous.    

        (a)    Notice.    All notices, requests, payments, instructions or other documents to be given hereunder will be in
writing or by written telecommunication, and will be deemed to have been duly given if (i) delivered personally (effective upon delivery), (ii) sent by a reputable, established courier
service that guarantees overnight delivery (effective the next business day), (iii) dispatched by telecopier (if the telecopy is in complete, readable form, effective upon dispatch),
(iv) by first class mail (effective on the second business day following delivery) or (v) by electronic mail if the receipt of such electronic mail is confirmed, in each case to the
address, telecopier number or e-mail address, as the case may be, as set forth in the records of the Corporation for the applicable stockholder. 

        (b)    Waiver of Notice.    The holder or holders of a majority of the then outstanding shares of Series A
Preferred may, at any time upon written notice to the Corporation, waive any notice or certificate delivery provisions specified herein for the benefit of such holders, and any such waiver shall be
binding upon all holders of such securities. 

        (c)    Exclusion of Other Rights.    Except as may otherwise be required by law, the shares of Series A
Preferred shall not have any voting powers, preferences or relative, participating, optional or other
special rights, other than those specifically set forth herein (as this resolution may be amended from time to time) and in the Certificate of Incorporation. 

        [Signature Follows]

  
        IN WITNESS WHEREOF, the Corporation has caused this Certificate to be signed in its name and on its behalf on this    rd
of                        2009 by a duly
authorized officer of the Corporation. 

					
	 
	 	LECG CORPORATION
	 
	 	 By:
	 	  

 
	 
	 	 	 	Name:
	 
	 	 	 	Title:

 
 

  Exhibit B    
    

 
    Form of Legal Opinion    
    

QuickLinks

Exhibit 10.57

TABLE OF CONTENTS

STOCK PURCHASE AGREEMENT

SECTION I—PURCHASE AND SALE OF SHARES

SECTION II—REPRESENTATIONS AND WARRANTIES OF THE COMPANY

SECTION III—REPRESENTATIONS AND WARRANTIES OF EACH INVESTOR

SECTION IV—CERTAIN COVENANTS OF THE COMPANY

SECTION V—CONDITIONS TO THE INVESTOR'S OBLIGATIONS AT CLOSING

SECTION VI—CONDITIONS TO THE COMPANY'S OBLIGATIONS AT CLOSING

SECTION VII—TERMINATION

SECTION VIII—MISCELLANEOUS

Schedule A

Purchase Allocation Schedule

Schedule B

Wire Instructions

Exhibit A

CERTIFICATE OF DESIGNATIONS OF SERIES A CONVERTIBLE REDEEMABLE PREFERRED STOCK OF LECG CORPORATION

Exhibit B

Form of Legal Opinion

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