Document:

EX-10.23

EXHIBIT 10.23

REGISTRATION RIGHTS AGREEMENT

by and among

EM ACQUISITION CORPORATION,

GS CAPITAL PARTNERS V FUND, L.P.,

GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.,

GS CAPITAL PARTNERS V GmbH & Co. KG,

GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.,

PROVIDENCE EQUITY PARTNERS V L.P.,

PROVIDENCE EQUITY PARTNERS V-A L.P.,

PROVIDENCE EQUITY PARTNERS IV L.P.,

PROVIDENCE EQUITY OPERATING PARTNERS IV L.P.

and

THE OTHER SHAREHOLDERS THAT ARE SIGNATORIES HERETO

Dated as of June 1, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 1.
	 	Certain Definitions	 	 	2	 
	 
	 	 	 	 	 	 
	Section 2.
	 	Registration Rights	 	 	6	 
	 
	 	 	 	 	 	 
	2.1
	 	Demand Registrations	 	 	6	 
	 
	 	 	 	 	 	 
	2.2
	 	Piggyback Registrations	 	 	9	 
	 
	 	 	 	 	 	 
	2.3
	 	Allocation of Securities Included in Registration Statement	 	 	10	 
	 
	 	 	 	 	 	 
	2.4
	 	Registration Procedures	 	 	12	 
	 
	 	 	 	 	 	 
	2.5
	 	Registration Expenses	 	 	19	 
	 
	 	 	 	 	 	 
	2.6
	 	Certain Limitations on Registration Rights	 	 	19	 
	 
	 	 	 	 	 	 
	2.7
	 	Limitations on Sale or Distribution of Other Securities	 	 	19	 
	 
	 	 	 	 	 	 
	2.8
	 	No Required Sale	 	 	20	 
	 
	 	 	 	 	 	 
	2.9
	 	Indemnification	 	 	20	 
	 
	 	 	 	 	 	 
	Section 3.
	 	Underwritten Offerings	 	 	24	 
	 
	 	 	 	 	 	 
	3.1
	 	Requested Underwritten Offerings	 	 	24	 
	 
	 	 	 	 	 	 
	3.2
	 	Piggyback Underwritten Offerings	 	 	24	 
	 
	 	 	 	 	 	 
	Section 4.
	 	General	 	 	25	 
	 
	 	 	 	 	 	 
	4.1
	 	Adjustments Affecting Registrable Securities	 	 	25	 
	 
	 	 	 	 	 	 
	4.2
	 	Rule 144 and Rule 144A	 	 	25	 
	 
	 	 	 	 	 	 
	4.3
	 	Nominees for Beneficial Owners	 	 	26	 
	 
	 	 	 	 	 	 
	4.4
	 	Amendments and Waivers	 	 	26	 
	 
	 	 	 	 	 	 
	4.5
	 	Notices	 	 	26	 
	 
	 	 	 	 	 	 
	4.6
	 	Successors and Assigns	 	 	28	 
	 
	 	 	 	 	 	 
	4.7
	 	Entire Agreement	 	 	28	 
	 
	 	 	 	 	 	 
	4.8
	 	Governing Law; Waiver of Jury Trial	 	 	28	 

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	 	 	 	 	Page	 
	4.9
	 	Headings	 	 	28	 
	 
	 	 	 	 	 	 
	4.10
	 	Counterparts	 	 	28	 
	 
	 	 	 	 	 	 
	4.11
	 	Severability	 	 	28	 
	 
	 	 	 	 	 	 
	4.12
	 	Specific Performance	 	 	28	 
	 
	 	 	 	 	 	 
	4.13
	 	Further Assurances	 	 	28	 
	 
	 	 	 	 	 	 
	4.14
	 	No Inconsistent Agreements	 	 	29	 

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     This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of June 1, 2006, by
and among EM Acquisition Corporation, a Pennsylvania corporation (“Merger Co” and the
“Company”), GS Capital Partners V Fund, L.P., a Delaware ]united partnership
(“GSCP”), GS Capital Partners V Offshore Fund, L.P., a Cayman Islands exempted limited
partnership (“GSCP Offshore”), GS Capital Partners V GmbH & Co. KG, a limited partnership
formed under the laws of the Federal Republic of Germany (“GSCP Germany”), GS Capital
Partners V Institutional, L.P., a Delaware limited partnership (“GSCP Institutional”,
collectively with GSCP, GSCP Offshore and GSCP Germany, the “GSCP Parties”), Providence
Equity Partners V L.P., a Delaware limited partnership (“Providence”), Providence Equity
Partners V-A L.P., a Delaware limited partnership (“Providence-A”), Providence Equity
Partners IV L.P., a Delaware limited partnership (“Providence-IV”), Providence Equity
Operating Partners IV L.P., a Delaware limited partnership (“Providence Operating-IV”,
collectively with Providence, Providence-A, Providence-IV, the “Providence Parties”), and
the other Persons listed on the signature pages hereto.

W I T N E S S E T H:

     WHEREAS, Merger Co and Education Management Corporation, a Pennsylvania corporation
(“EMC”), entered into an Agreement and Plan of Merger, dated as of March 3, 2006 (as such
agreement may be amended, supplemented or otherwise modified from time to time, the “Merger
Agreement”), pursuant to which Merger Co will merge with and into EMC (the “Merger”),
with EMC continuing as the surviving corporation (in that capacity, the “Surviving
Corporation”) and succeeding to and assuming all the rights and obligations of the Company
hereunder (and, from and after the Merger, all references herein to the Company shall be deemed to
be references to EMC in its capacity as the Surviving Corporation);

     WHEREAS, simultaneously with the execution and delivery of this Agreement, Merger Co is
issuing to the GSCP Parties, the Providence Parties and other investors, and the GSCP Parties, the
Providence Parties and other investors are purchasing from the Company shares of common stock, par
value $0.01 per share of Merger Co (“Merger Co Common Stock”), pursuant to Subscription
Agreements dated as of the date of this Agreement (the “Subscription Agreements”);

     WHEREAS, pursuant to the Merger, each outstanding share of Merger Co Common Stock will be
converted into one share of Common Stock (as defined below);

     WHEREAS, Merger Co, the GSCP Parties, the Providence Parties and other investors are parties
to that certain Shareholders’ Agreement, dated as of June 1, 2006, as amended from time to time
(the “Shareholders’ Agreement”), establishing and setting forth their agreement with
respect to certain rights and obligations associated with the ownership of shares of capital stock
of the Company and certain arrangements relating to the management of the Company; and

     WHEREAS, in connection with entering into the Merger Agreement and the Shareholders’
Agreement, the Company has agreed to provide the registration rights set forth in this Agreement.

   

 

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations
hereinafter set forth, the parties hereby agree as follows:

     Section 1. Certain Definitions. As used herein, the following terms shall have the following
meanings:

     “Additional Piggyback Rights” has the meaning ascribed to such term in Section 2.2(b).

     “Affiliate” means (i) with respect to any Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such
specified Person or (ii) with respect to any individual, the spouse, parent, sibling, child,
step-child, grandchild, niece or nephew of such Person, or the spouse thereof and any trust,
limited liability company, limited partnership or private foundation for such Person or for the
benefit of any of the foregoing, provided, however, that, for purposes hereof, (a) each GSCP Party
shall be deemed to be an Affiliate of every other GSCP Party, (b) each Providence Party shall be
deemed to be an Affiliate of every other Providence Party, and (c) neither the Company nor any
Person controlled by the Company shall be deemed to be an Affiliate of any Holder.

     “Agreement” means this Registration Rights Agreement, as this agreement may be
amended, modified, supplemented or restated from time to time after the date hereof.

     “Board” means the board of directors of the Company.

     “Business Day” shall mean a day other than a Saturday, Sunday, federal or New York
State holiday or other day on which commercial banks in New York are authorized or required by law
to close.

     “Claims” has the meaning ascribed to such term in Section 2.9(a).

     “Common Stock” means the common stock, par value $0.01 per share, of the Company and
any and all securities of any kind whatsoever which may be issued after the date hereof in respect
of, or in exchange for, such shares of common stock of the Company pursuant to a merger,
consolidation, stock split, stock dividend or recapitalization of the Company or otherwise.

     “Common Stock Equivalents” means, with respect to any Person, securities convertible
into, or exchangeable or exercisable for, shares of capital stock or other equity securities of
such Person (including, without limitation, any note or debt security convertible into or
exchangeable for shares of capital stock or other equity securities of such Person).

     “Company” has the meaning ascribed to such term in the Preamble to this Agreement.

     “Demand Exercise Notice” has the meaning ascribed to such term in Section 2.1(a)(i).

     “Demand Registration” has the meaning ascribed to such term in Section 2.1(a)(i).

     “Demand Registration Request” has the meaning ascribed to such term in Section
2.1(a)(i).

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     “EMC” has the meaning ascribed to such term in the Recitals to this Agreement.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC issued under such Act, as they may from time to time be in effect.

     “Expenses” means any and all fees and expenses incident to the Company’s performance
of or compliance with Section 2, including, without limitation: (i) SEC, stock exchange or NASD
registration and filing fees and all listing fees and fees with respect to the inclusion of
securities on the New York Stock Exchange or on any other securities market on which the Common
Stock is listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky”
laws and in connection with the preparation of a “blue sky” survey, including, without limitation,
reasonable fees and expenses of outside “blue sky” counsel, (iii) printing and copying expenses,
(iv) messenger and delivery expenses, (v) expenses incurred in connection with any road show, (vi)
fees and disbursements of counsel for the Company, (vii) with respect to each registration or
underwritten offering, the fees and disbursements of counsel for the Providence Parties and counsel
for the GSCP Parties, (viii) fees and disbursements of all independent public accountants
(including the expenses of any audit and/or “cold comfort” letter and updates thereof) and fees and
expenses of other Persons, including special experts, retained by the Company, (ix) fees and
expenses payable to a Qualified Independent Underwriter, (x) any other fees and disbursements of
underwriters, if any, customarily paid by issuers or sellers of securities and (xi) expenses for
securities law liability insurance and, if any, rating agency fees.

     “GSCP” has the meaning ascribed, to such term in the Preamble to this Agreement.

     “GSCP Germany” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “GSCP Institutional” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “GSCP Offshore” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “GSCP Parties” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “Holder” or “Holders” means any Person who is a signatory to this Agreement or
any transferee of Registrable Securities to whom any Person who is a signatory to this Agreement
shall assign or transfer any rights hereunder, provided that such transferee has agreed in writing
to be bound by this Agreement in respect of such Registrable Securities.

     “Initiating Holders” has the meaning ascribed to such term in Section 2.1(a)(i).

     “IPO” means the initial bona fide underwritten public offering of Common Stock
pursuant to an effective registration statement filed under the Securities Act.

     “Litigation” means any action, proceeding or investigation in any court or before any
governmental authority.

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     “Majority Participating Holders” means Participating Holders holding more than 50% of
the Registrable Securities proposed to be included in any offering of Registrable Securities by
such Participating Holders pursuant to Section 2.1 hereto.

     “Manager” has the meaning ascribed to such term in Section 2.1(c).

     “Merger” has the meaning ascribed to such term in the Recitals to this Agreement.

     “Merger Agreement” has the meaning ascribed to such term in the Recitals to this
Agreement.

     “Merger Co” has the meaning ascribed to such term in the Preamble to this Agreement.

     “Merger Co Common Stock” has the meaning ascribed to such term in the Recitals to this
Agreement.

     “NASD” means the National Association of Securities Dealers, Inc.

     “Participating Holders” has the meaning ascribed to such term in Section 2.1(a)(ii).

     “Partner Distribution” has the meaning ascribed to such term in Section 2.1(a)(iii).

     “Person” means any individual, corporation, limited liability company, limited or
general partnership, joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivisions thereof.

     “Piggyback Shares” has the meaning ascribed to such term in Section 2.3(a)(iii).

     “Postponement Period” has the meaning ascribed to such term in Section 2.1(b).

     “Providence” has the meaning ascribed to such term in the Preamble to this Agreement.

     “Providence-A” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “Providence-IV” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “Providence Operating-IV” has the meaning ascribed to such term in the Preamble to
this Agreement.

     “Providence Parties” has the meaning ascribed to such term in the Preamble to this
Agreement.

     “Qualified Independent Underwriter” means a “qualified independent underwriter” within
the meaning of NASD Conduct Rule 2720.

     “Registrable Securities” means (a) any shares of Common Stock held by the Holders at
any time (including those held as a result of, or issuable upon, the conversion or exercise of

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Common Stock Equivalents), (b) any shares of Common Stock issued or issuable, directly or
indirectly, in exchange for or with respect to the Common Stock referenced in clause (a) above by
way of stock dividend, stock split or combination of shares or in connection with a
reclassification, recapitalization, merger, share exchange, consolidation or other reorganization
and (c) any securities issued in replacement of or exchange for any securities described in clause
(a) or (b) above. As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities when (A) a registration statement with respect to the sale of such
securities shall have been declared effective under the Securities Act and such securities shall
have been disposed of in accordance with such registration statement, or (B) such securities shall
have been sold (other than in a privately negotiated sale) in compliance with the requirements of
Rule 144 under the Securities Act, as such Rule 144 May be amended (or any successor provision
thereto).

     “Rule 144” and “Rule 144A” have the meaning given in Section 4.2.

     “SEC” means the Securities and Exchange Commission or such other federal agency which
at such time administers the Securities Act.

     “Section 2.3(a) Sale Number” has the meaning ascribed to such term in Section 2.3(a).

     “Section 2.3(b) Sale Number” has the meaning ascribed to such term in Section 2.3(b).

     “Section 2.3(c) Sale Number” has the meaning ascribed to such term in Section 2.3(c).

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC issued under such Act, as they may from time to time be in effect.

     “Shareholders’ Agreement” has the meaning ascribed to such term in the Recitals to
this Agreement.

     “Shelf Registrable Securities” has the meaning ascribed to such term in Section
2.1(e).

     “Shelf Registration Statement” has the meaning ascribed to such term in Section
2.1(e).

     “Shelf Underwriting” has the meaning ascribed to such term in Section 2.1(e).

     “Shelf Underwriting Notice” has the meaning ascribed to such term in Section 2.1(e).

     “Shelf Underwriting Request” has the meaning ascribed to such term in Section 2.1(e).

     “Subscription Agreement” has the meaning ascribed to such term in the Recitals to this
Agreement.

     “Surviving Corporation” has the meaning ascribed to such term in the Recitals to this
Agreement.

     “Valid Business Reason” has the meaning ascribed to such term in Section 2.1(b).

     “WKSI” has the meaning ascribed to such term in Section 2.4.

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     Section 2. Registration Rights.

     2.1 Demand Registrations.

          (a) (i) Subject to Sections 2.1(b) and 2.3, at any time and from time to time after one
hundred eighty (180) days following an IPO, each of the GSCP Parties and the Providence Parties
shall have the right to require the Company to file registration statements under the Securities
Act covering all or any part of its and its Affiliates’ Registrable Securities by delivering a
written request therefor to the Company specifying the number of Registrable Securities to be
included in such registration and the intended method of distribution thereof. Any such request by
any Holder pursuant to this Section 2.1(a)(i) is referred to herein as a “Demand Registration
Request,” and the registration so requested is referred to herein as a “Demand
Registration” (with respect to any Demand Registration, the Holder(s) making such demand for
registration being referred to as the “Initiating Holders”). Any Demand Registration
Request may request that the Company register Registrable Securities on an appropriate form,
including a shelf registration statement, and, if the Company is a well-known seasoned issuer, an
automatic shelf registration statement. As promptly as practicable, but no later than five (5)
Business Days after receipt of a Demand Registration Request, the Company shall give written notice
(the “Demand Exercise Notice”) of such Demand Registration Request to all Holders of record
of Registrable Securities.

               (ii) The Company, subject to Sections 2.3 and 2.6, shall include in a Demand Registration (x)
the Registrable Securities of the Initiating Holders and (y) the Registrable Securities of any
other Holder of Registrable Securities which shall have made a written request to the Company for
inclusion in such registration (together with the Initiating Holders, the “Participating
Holders”) (which request shall specify the maximum number of Registrable Securities intended to
be disposed of by such Participating Holder) within twenty (20) days after the receipt of the
Demand Exercise Notice (or ten (10) days at the request of the Initiating Holders, the Company
states in such written notice or gives telephonic notice to all Holders, with written confirmation
to follow promptly thereafter, that such registration will be on a Form S-3 or other form that
might be available to the Company).

               (iii) The Company shall, as expeditiously as possible (and in any event within forty-five (45)
days after the receipt of a Demand Registration Request), but subject to Section 2.1(b), use its
reasonable best efforts to (x) effect such registration under the Securities Act (including,
without limitation, by means of a shelf registration pursuant to Rule 415 under the Securities Act
if so requested and if the Company is then eligible to use such a registration) of the Registrable
Securities which the Company has been so requested to register, for distribution in accordance with
such intended method of distribution, including a distribution to, and resale by, the members or
partners of a Holder (a “Partner Distribution”) and (y) if requested by the Initiating
Holders, obtain acceleration of the effective date of the registration statement relating to such
registration.

               (iv) Notwithstanding anything contained herein to the contrary, the Company shall, at the
request of any GSCP Party or Providence Party seeking to effect a Partner Distribution, file any
prospectus supplement or post-effective amendments and otherwise take any action necessary to
include therein all disclosure and language deemed necessary or

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advisable by such Holder if such disclosure or language was not included in the initial
registration statement, or revise such disclosure or language if deemed necessary or advisable by
such Holder, to effect such Partner Distribution.

          (b) Notwithstanding anything to the contrary in Section 2.1(a), the Demand Registration rights
granted in Section 2.1(a) are subject to the following limitations: (i) the Company shall not be
required to effect (x) more than three (3) Demand Registrations at the request of the GSCP Parties
nor more than one (1) Demand Registration at the request of the GSCP Parties in any twelve month
period and (y) more than three (3) Demand Registrations at the request of the Providence Parties
nor more than one (1) Demand Registration at the request of the Providence Parties in any twelve
month period; (ii) each registration in respect of a Demand Registration Request made by any Holder
must include, in the aggregate (based on the Common Stock included in such registration by all
Holders participating in such registration), shares of Common Stock having an aggregate market
value of at least $15 million; and (iii) if the Board, in its good faith judgment, determines that
any registration of Registrable Securities should not be made or continued because it would
materially interfere with any material financing, acquisition, corporate reorganization, merger,
share exchange or other transaction or event involving the Company or any of its subsidiaries (a
“Valid Business Reason”), (x) the Company may postpone filing a registration statement
relating to a Demand Registration Request until five (5) Business Days after such Valid Business
Reason no longer exists, but in no event for more than three (3) months after the date the Board
determines a Valid Business Reason exists and (y) in case a registration statement has been filed
relating to a Demand Registration Request, if the Valid Business Reason has not resulted from
actions taken by the Company, the Company may, to the extent determined in the good faith judgment
of the Board to be reasonably necessary to avoid interference with any of the transactions
described above, cause such registration statement to be withdrawn and its effectiveness terminated
or may postpone amending or supplementing such registration statement until five (5) Business Days
after such Valid Business Reason no longer exists, but in no event for more than three (3) months
after the date the Board determines a Valid Business Reason exists (such period of postponement or
withdrawal under this clause (iii), the “Postponement Period”). The Company shall give
written notice of its determination to postpone or withdraw a registration statement and of the
fact that the Valid Business Reason for such postponement or withdrawal no longer exists, in each
case, promptly after the occurrence thereof; provided, however, the Company shall not be permitted
to postpone or withdraw a registration statement after the expiration of any Postponement Period
until nine (9) months after the expiration of such Postponement Period.

          If the Company shall give any notice of postponement or withdrawal of any registration
statement pursuant to clause (iii) above, the Company shall not, during the period of postponement
or withdrawal, register any Common Stock, other than pursuant to a registration statement on Form
S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of Registrable
Securities agrees that, upon receipt of any notice from the Company that the Company has determined
to withdraw, terminate or postpone amending or supplementing any registration statement pursuant to
clause (iii) above, such Holder will discontinue its disposition of Registrable Securities pursuant
to such registration statement and, if so directed by the Company, will deliver to the Company (at
the Company’s expense) all copies, other than permanent file copies, then in such Holder’s
possession of the prospectus covering such Registrable Securities that was in effect at the time of
receipt of such notice. If the Company

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shall have withdrawn or prematurely terminated a registration statement filed under Section
2.1(a)(i) (whether pursuant to clause (iii) above or as a result of any stop order, injunction or
other order or requirement of the SEC or any other governmental agency or court), the Company shall
not be considered to have effected an effective registration for the purposes of this Agreement
until the Company shall have filed a new registration statement covering the Registrable Securities
covered by the withdrawn or terminated registration statement and such registration statement shall
have been declared effective and shall not have been withdrawn. If the Company shall give any
notice of withdrawal or postponement of a registration statement, the Company shall, not later than
five (5) Business Days after the Valid Business Reason that caused such withdrawal or postponement
no longer exists (but in no event later than three (3) months after the date of the postponement or
withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of
the Registrable Securities covered by the withdrawn or postponed registration statement in
accordance with this Section 2.1 (unless the Initiating Holders shall have withdrawn such request,
in which case the Company shall not be considered to have effected an effective registration for
the purposes of this Agreement), and such registration shall not be withdrawn or postponed pursuant
to clause (iii) of Section 2.1(b) above.

          (c) In connection with any Demand Registration, the Initiating Holders shall have the right to
designate the lead managing underwriter (any lead managing underwriter for the purposes of this
Agreement, the “Manager”) in connection with any underwritten offering pursuant to such
registration and each other managing underwriter for any such underwritten offering, provided that
in each case, each such underwriter is reasonably satisfactory to the Company.

          (d) The obligation to effect a Demand Registration as described in this Section 2.1 shall be
deemed satisfied only when a registration statement covering the applicable Registrable Securities
shall have become effective (unless, after effectiveness, the registration statement becomes
subject to any stop order, injunction or other order of the SEC or other governmental agency) and,
if the method of disposition is a firm commitment underwritten public offering, all such
Registrable Securities have been sold pursuant thereto.

          (e) In the event that the Company files a shelf registration statement under Rule 415 of the
Securities Act pursuant to a Demand Registration Request and such registration becomes effective
(such registration statement, a “Shelf Registration Statement”), the Initiating Holders
with respect to such Demand Registration Request shall have the right at any time or from time to
time to elect to sell pursuant to an underwritten offering Registrable Securities available for
sale pursuant to such registration statement (“Shelf Registrable Securities”), so long as
the Shelf Registration Statement remains in effect and only if the method of distribution set forth
in the shelf registration allows for sales pursuant to an underwritten offering. The Initiating
Holders shall make such election by delivering to the Company a written request (a “Shelf
Underwriting Request”) for such underwritten offering to the Company specifying the number of
Shelf Registrable Securities that the Initiating Holders desire to sell pursuant to such
underwritten offering (the “Shelf Underwriting”). As promptly as practicable, but no later
than five (5) Business Days after receipt of a Shelf Underwriting Request, the Company shall give
written notice (the “Shelf Underwriting Notice”) of such Shelf Underwriting Request to all
Holders of record of Shelf Registrable Securities. The Company, subject to Sections 2.3 and 2.6,
shall include in such Shelf Underwriting (x) the Registrable Securities of the Initiating Holders

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and (y) the Shelf Registrable Securities of any other Holder of Shelf Registrable Securities
which shall have made a written request to the Company for inclusion in such Shelf Underwriting
(which request shall specify the maximum number of Shelf Registrable Securities intended to be
disposed of by such Holder) within ten (10) days after the receipt of the Shelf Underwriting
Notice. The Company shall, as expeditiously as possible (and in any event within twenty (20) days
after the receipt of a Shelf Underwriting Request), but subject to Section 2.1(b), use its
reasonable best efforts to effect such Shelf Underwriting. The Company shall, at the request of
any Initiating Holder, file any prospectus supplement or, if the applicable Shelf Registration
Statement is an automatic shelf registration statement (as defined in Section 2.4), any
post-effective amendments and otherwise take any action necessary to include therein all disclosure
and language deemed necessary or advisable by the Initiating Holders to effect such Shelf
Underwriting. Notwithstanding anything to the contrary in Section 2.1(e), each Shelf Underwriting
must include, in the aggregate (based on the Common Stock included in such Shelf Underwriting by
all Holders participating in such Shelf Underwriting), shares of Common Stock having an aggregate
market value of at least $15 million.

     2.2 Piggyback Registrations.

          (a) If at any time the Company proposes or is required to register any of its equity
securities under the Securities Act (other than pursuant to a Demand Registration in accordance
with Section 2.1 hereof or registrations on Form S-4 or Form S-8 or any similar successor forms
thereto), the Company shall give prompt written notice at least thirty (30) days prior to the
filing of any registration statement under the Securities Act (and in any event within five (5)
Business Days after receipt of notice of any exercise of demand registration rights by any Person)
of its intention to do so to each of the Holders of record of Registrable Securities. Upon the
written request of any such Holder, made within twenty (20) days following the receipt of any such
written notice (which request shall specify the maximum number of Registrable Securities intended
to be disposed of by such Holder and the intended method of distribution thereof), the Company
shall, subject to Sections 2.2(c), 2.3 and 2.6 hereof, use its reasonable best efforts to cause all
such Registrable Securities, the Holders of which have so requested the registration thereof, to be
registered under the Securities Act with the securities which the Company at the time proposes to
register to permit the sale or other disposition by the Holders (in accordance with the intended
method of distribution thereof) of the Registrable Securities to be so registered, including, if
necessary, by filing with the SEC a post-effective amendment or a supplement to the registration
statement filed by the Company or the prospectus related thereto pursuant to a Form 8-K. There is
no limitation on the number of such piggyback registrations pursuant to the preceding sentence
which the Company is obligated to effect. No registration of Registrable Securities effected under
this Section 2.2(a) shall relieve the Company of its obligations to effect Demand Registrations
under Section 2.1 hereof

          (b) The Company, subject to Sections 2.3 and 2.6, may elect to include in any registration
statement and offering pursuant to demand registration rights by any Person (including any Demand
Registration pursuant to Section 2.1 hereof), (i) authorized but unissued shares of Common Stock or
shares of Common Stock held by the Company as treasury shares and (ii) any other shares of Common
Stock which are requested to be included in such registration pursuant to the exercise of piggyback
registration rights granted by the Company after the date hereof and which are not inconsistent
with the rights granted in, or otherwise

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conflict with the terms of, this Agreement (“Additional Piggyback Rights”); provided,
however, that, with respect to any underwritten offering, such inclusion shall be permitted only to
the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or
arrangements, if any, entered into by the Holders of a majority of the Registrable Securities in
connection with any underwritten offering being effected pursuant to such registration.

          (c) If, at any time after giving written notice of its intention to register any equity
securities and prior to the effective date of the registration statement filed in connection with
such registration, the Company shall determine for any reason not to register or to delay
registration of such equity securities, the Company may, at its election, give written notice of
such determination to all Holders of record of Registrable Securities and (i) in the case of a
determination not to register, shall be relieved of its obligation to register any Registrable
Securities in connection with such abandoned registration, without prejudice, however, to the
rights of Holders under Section 2.1, and (ii) in the ease of a determination to delay such
registration of its equity securities, shall be permitted to delay the registration of such
Registrable Securities for the same period as the delay in registering such other equity
securities.

          (d) Any Holder shall have the right to withdraw its request for inclusion of its Registrable
Securities in any registration statement pursuant to this Section 2.2 by giving written notice to
the Company of its request to withdraw; provided, however, that (i) such request must be made in
writing prior to the earlier of the execution of the underwriting agreement or the execution of the
custody agreement with respect to such registration and (ii) such withdrawal shall be irrevocable
and, after making such withdrawal, a Holder shall no longer have any right to include Registrable
Securities in the registration as to which such withdrawal was made.

          (e) Notwithstanding anything contained herein to the contrary, the Company shall, at the
request of any Holder (including to effect a Partner Distribution), file any prospectus supplement
or post-effective amendments and otherwise take any action necessary to include therein all
disclosure and language deemed necessary or advisable by such Holder if such disclosure or language
was not included in the initial registration statement, or revise such disclosure or language if
deemed necessary or advisable by such Holder (including to effect such Partner Distribution).

     2.3 Allocation of Securities Included in Registration Statement.

          (a) If any requested registration made pursuant to Section 2.1 involves an underwritten
offering and the Manager of such offering shall advise the Company that, in its view, the number of
securities requested to be included in such underwritten offering by the Holders of Registrable
Securities, the Company or any other Persons exercising Additional Piggyback Rights exceeds the
largest number (the “Section 2.3(a) Sale Number”) that can be sold in an orderly manner in
such underwritten offering within a price range acceptable to the Initiating Holders, the Company
shall include in such underwritten offering:

               (i) first, all Registrable Securities requested to be included in such underwritten offering
by the Holders thereof (including pursuant to the exercise of piggyback rights pursuant to Section
2.2); provided, however, that if the number of such Registrable Securities exceeds the Section
2.3(a) Sale Number, the number of such Registrable Securities

- 10 -

 

(not to exceed the Section 2.3(a) Sale Number) to be included in such underwritten offering
shall be allocated on a pro rata basis among all Holders requesting that Registrable Securities be
included in such underwritten offering, based on the aggregate number of Registrable Securities
then owned by each such Holder requesting inclusion in relation to the aggregate number of
Registrable Securities owned by all Holders requesting inclusion;

               (ii) second, to the extent that the number of Registrable Securities to be included pursuant
to clause (i) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, any securities
that the Company proposes to register, up to the Section 2.3(a) Sale Number; and

               (iii) third, to the extent that the number of Registrable Securities to be included pursuant
to clauses (i) and (ii) of this Section 2.3(a) is less than the Section 2.3(a) Sale Number, the
remaining securities to be included in such underwritten offering, up to the Section 2.3(a) Sale
Number, shall be allocated among all Persons requesting that securities be included in such
underwritten offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback
Shares”) in any manner agreed by such Persons.

          (b) If any registration made pursuant to Section 2.2 involves an underwritten primary offering
on behalf of the Company after the date hereof and the Manager (as selected by the Company) shall
advise the Company that, in its view, the number of securities requested to be included in such
underwritten offering by the Holders of Registrable Securities, the Company or any other Persons
exercising Additional Piggyback Rights exceeds the largest number (the “Section 2.3(b) Sale
Number”) that can be sold in an orderly manner in such underwritten offering within a price
range acceptable to the Company, the Company shall include in such underwritten offering:

               (i) first, all equity securities that the Company proposes to register for its own account;

               (ii) second, to the extent that the number of Registrable Securities to be included pursuant
to clause (i) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the remaining
Registrable Securities to be included in such underwritten offering shall be allocated on a pro
rata basis among all Holders requesting that Registrable Securities be included in such
underwritten offering pursuant to the exercise of piggyback rights pursuant to Section 2.2, based
on the aggregate number of Registrable Securities then owned by each such Holder requesting
inclusion in relation to the aggregate number of Registrable Securities owned by all Holders
requesting inclusion, up to the Section 2.3(b) Sale Number; and

               (iii) third, to the extent that the number of Registrable Securities to be included pursuant
to clauses (i) and (ii) of this Section 2.3(b) is less than the Section 2.3(b) Sale Number, the
remaining securities to be included in such underwritten offering, up to the Section 2.3(b) Sale
Number, shall be allocated among all Persons requesting that securities be included in such
underwritten offering pursuant to the exercise of Additional Piggyback Rights in any manner agreed
by such Persons.

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          (c) If any registration pursuant to Section 2.2 involves an underwritten offering that was
initially requested by any Person(s) other than a Holder to whom the Company has granted
registration rights which are not inconsistent with the rights granted in, or otherwise conflict
with the terms of, this Agreement and the Manager (as selected by the Company or such other Person)
shall advise the Company that, in its view, the number of securities requested to be included in
such underwritten offering exceeds the number (the “Section 2.3(c) Sale Number”) that can
be sold in an orderly manner in such underwritten offering within a price range acceptable to the
Company, the Company shall include in such underwritten offering:

               (i) first, the shares requested to be included in such underwritten offering shall be
allocated on a pro rata basis among such Person(s) requesting the registration and all Holders
requesting that Registrable Securities be included in such underwritten offering pursuant to the
exercise of piggyback rights pursuant to Section 2.2, based on the aggregate number of securities
or Registrable Securities, as applicable, then owned by each of the foregoing requesting inclusion
in relation to the aggregate number of securities or Registrable Securities, as applicable, owned
by all such Holders and Persons requesting inclusion, up to the Section 2.3(c) Sale Number; and

               (ii) second, to the extent that the number of Registrable Securities to be included pursuant
to clause (i) of this Section 2.3(c) is less than the Section 2.3(c) Sale Number, the remaining
shares to be included in such underwritten offering, up to the Section 2.3(c) Sale Number, shall be
allocated among the Company and all Persons requesting that securities be included in such
underwritten offering pursuant to the exercise of Additional Piggyback Rights in any manner agreed
by such Persons.

          (d) If, as a result of the proration provisions set forth in clauses (a), (b) or (c) of this
Section 2.3, any Holder shall not be entitled to include all Registrable Securities in an
underwritten offering that such Holder has requested be included, such Holder may elect to withdraw
such Holder’s request to include Registrable Securities in the registration to which such
underwritten offering relates or may reduce the number requested to be included; provided, however,
that (x) such request must be made in writing prior to the earlier of the execution of the
underwriting agreement or the execution of the custody agreement with respect to such registration
and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or
reduction, such Holder shall no longer have any right to include Registrable Securities in the
registration as to which such withdrawal or reduction was made to the extent of the Registrable
Securities so withdrawn or reduced.

     2.4 Registration Procedures. If and whenever the Company is required by the provisions of this
Agreement to effect or cause the registration of any Registrable Securities under the Securities
Act as provided in this Agreement (or use best efforts or reasonable best efforts to accomplish the
same), the Company shall, as expeditiously as possible (but, in any event, within forty-five (45)
days after the receipt of a Demand Registration Request, if applicable):

          (a) prepare and file with the SEC a registration statement on an appropriate registration form
of the SEC for the disposition of such Registrable Securities in accordance with the intended
method of disposition thereof (including, without limitation, a Partner Distribution),

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which registration form (i) shall be selected by the Company and (ii) shall, in the case of a
shelf registration, be available for the sale of the Registrable Securities by the selling Holders
thereof and such registration statement shall comply as to form in all material respects with the
requirements of the applicable registration form and include all financial statements required by
the SEC to be filed therewith, and the Company shall use its reasonable best efforts to cause such
registration statement to become effective and remain continuously effective for such period as any
seller of Registrable Securities pursuant to such registration statement shall request (provided,
however, that before filing a registration statement or prospectus or any amendments or supplements
thereto, or comparable statements under securities or state “blue sky” laws of any jurisdiction, or
any free writing prospectus related thereto, the Company will furnish to counsel for the Holders
participating in the planned offering (selected by the Majority Participating Holders) and to
counsel for the Manager, if any, copies of all such documents proposed to be filed (including all
exhibits thereto), which documents will be subject to the reasonable review and reasonable comment
of such counsel, and the Company shall not file any registration statement or amendment thereto,
any prospectus or supplement thereto or any free writing prospectus related thereto to which the
Holders of a majority of the Registrable Securities covered by such registration statement or the
underwriters, if any, shall reasonably object);

          (b) (i) prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for such period as any seller of Registrable Securities pursuant
to such registration statement shall request and to comply with the provisions of the Securities
Act with respect to the sale or other disposition of all Registrable Securities covered by such
registration statement in accordance with the intended methods of disposition by the seller or
sellers thereof set forth in such registration statement and (ii) provide notice to such sellers of
Registrable Securities and the Manager, if any, of the Company’s reasonable determination that a
post-effective amendment to a registration statement would be appropriate;

          (c) furnish, without charge, to each seller of such Registrable Securities and each
underwriter, if any, of the securities covered by such registration statement such number of copies
of such registration statement, each amendment and supplement thereto (in each case including all
exhibits), the prospectus included in such registration statement (including each preliminary
prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act, each free writing prospectus utilized in connection therewith, in each case, in
conformity with the requirements of the Securities Act, and other documents, as such seller and
underwriter may reasonably request in order to facilitate the public sale or other disposition of
the Registrable Securities owned by such seller (the Company hereby consenting to the use in
accordance with all applicable law of each such registration statement (or amendment or
post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement
thereto) or free writing prospectus by each such seller of Registrable Securities and the
underwriters, if any, in connection with the offering and sale of the Registrable Securities
covered by such registration statement or prospectus);

          (d) use its reasonable best efforts to register or qualify the Registrable Securities covered
by such registration statement under such other securities or state “blue sky” laws of such
jurisdictions as any sellers of Registrable Securities or any managing underwriter, if

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any, shall reasonably request in writing, and do any and all other acts and things which may
be reasonably necessary or advisable to enable such sellers or underwriter, if any, to consummate
the disposition of the Registrable Securities in such jurisdictions (including keeping such
registration or qualification in effect for so long as such registration statement remains in
effect), except that in no event shall the Company be required to qualify to do business as a
foreign corporation in any jurisdiction where it would not, but for the requirements of this
paragraph (d), be required to be so qualified, to subject itself to taxation in any such
jurisdiction or to consent to general service of process in any such jurisdiction;

          (e) promptly notify each Holder selling Registrable Securities covered by such registration
statement and each managing underwriter, if any: (i) when the registration statement, any
pre-effective amendment, the prospectus or any prospectus supplement related thereto, any
post-effective amendment to the registration statement or any free writing prospectus has been
filed and, with respect to the registration statement or any post-effective amendment, when the
same has become effective; (ii) of any request by the SEC or state securities authority for
amendments or supplements to the registration statement or the prospectus related thereto or for
additional information; (iii) of the issuance by the SEC of any stop order suspending the
effectiveness of the registration statement or the initiation of any proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the securities or state “blue sky” laws
of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of
any fact of which the Company becomes aware which results in the registration statement or any
amendment thereto, the prospectus related thereto or any supplement thereto, any document
incorporated therein by reference, any free writing prospectus or the information conveyed to any
purchaser at the time of sale to such purchaser containing an untrue statement of a material fact
or omitting to state a material fact required to be stated therein or necessary to make any
statement therein not misleading, and (vi) if at any time the representations and warranties
contemplated by any underwriting agreement, securities sale agreement, or other similar agreement,
relating to the offering shall cease to be true and correct in all material respects; and, if the
notification relates to an event described in clause (v), the Company shall promptly prepare and
furnish to each such seller and each underwriter, if any, a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements
therein in the light of the circumstances under which they were made not misleading;

          (f) comply (and continue to comply) with all applicable rules and regulations of the SEC
(including, without limitation, maintaining disclosure controls and procedures (as defined in
Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rule 13a-15(f)) in accordance with the Exchange Act), and make generally available to its
security holders, as soon as reasonably practicable after the effective date of the registration
statement (and in any event within forty-five (45) days, or ninety (90) days if it is a fiscal
year, after the end of such twelve month period described hereafter), an earnings statement (which
need not be audited) covering the period of at least twelve (12) consecutive months beginning with
the first day of the Company’s first calendar quarter after the effective date of the

- 14 -

 

registration statement, which earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act and Rule 158 thereunder;

          (g) (i) (A) cause all such Registrable Securities covered by such registration statement to be
listed on the principal securities exchange on which similar securities issued by the Company are
then listed (if any), if the listing of such Registrable Securities is then permitted under the
rules of such exchange, or (B) if no similar securities are then so listed, to either cause all
such Registrable Securities to be listed on a national securities exchange or to secure designation
of all such Registrable Securities as a Nasdaq National Market “national market system security”
within the meaning of Rule 11 Aa2-1 of the Exchange Act or, failing that, secure Nasdaq National
Market authorization for such shares and, without limiting the generality of the foregoing, take
all actions that may be required by the Company as the issuer of such Registrable Securities in
order to facilitate the managing underwriter’s arranging for the registration of at least two
market makers as such with respect to such shares with the NASD, and (ii) comply (and continue to
comply) with the requirements of any self-regulatory organization applicable to the Company,
including without limitation all corporate governance requirements;

          (h) provide and cause to be maintained a transfer agent and registrar for all such Registrable
Securities covered by such registration statement not later than the effective date of such
registration statement;

          (i) enter into such customary agreements (including, if applicable, an underwriting agreement)
and take such other actions as the Holders of a majority of the Registrable Securities
participating in such offering or the underwriters shall reasonably request in order to expedite or
facilitate the disposition of such Registrable Securities (it being understood that the Holders of
the Registrable Securities which are to be distributed by any underwriters shall be parties to any
such underwriting agreement and may, at their option, require that the Company make to and for the
benefit of such Holders the representations, warranties and covenants of the Company which are
being made to and for the benefit of such underwriters);

          (j) use its reasonable best efforts (i) to obtain an opinion from the Company’s counsel and a
“cold comfort” letter and updates thereof from the Company’s independent public accountants who
have certified the Company’s financial statements included or incorporated by reference in such
registration statement, in each case, in customary form and covering such matters as are
customarily covered by such opinions and “cold comfort” letters (including, in the case of such
“cold comfort” letter, events subsequent to the date of such financial statements) delivered to
underwriters in underwritten public offerings, which opinion and letter shall be dated the dates
such opinions and “cold comfort” letters are customarily dated and otherwise reasonably
satisfactory to the underwriters, if any, and to the Holders owning a majority in interest of the
Registrable Securities being registered in such offering, and (ii) furnish to each Holder
participating in the offering and to each underwriter, if any, a copy of such opinion and letter
addressed to such Holder or underwriter;

          (k) deliver promptly to each Holder participating in the offering and each underwriter, if
any, copies of all correspondence between the SEC and the Company, its counsel

- 15 -

 

or auditors and all memoranda relating to discussions with the SEC or its staff with respect
to the registration statement, and, upon receipt of such confidentiality agreements as the Company
may reasonably request, make reasonably available for inspection by any seller of such Registrable
Securities covered by such registration statement, by any underwriter, if any, participating in any
disposition to be effected pursuant to such registration statement and by any attorney, accountant
or other agent retained by any such seller or any such underwriter, all pertinent financial and
other records, pertinent corporate documents and properties of the Company, and cause all of the
Company’s officers, directors and employees to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant or agent in connection with such registration
statement;

          (l) use its reasonable best efforts to obtain the withdrawal of any order suspending the
effectiveness of the registration statement, or the lifting of any suspension of the qualification
of any of the Registrable Securities for sale in any jurisdiction, in each case, as promptly as
possible;

          (m) provide a CUSIP number for all Registrable Securities, not later than the effective date
of the registration statement;

          (n) use its reasonable best efforts to make available its employees and personnel for
participation in “road shows” and other marketing efforts and otherwise provide reasonable
assistance to the underwriters (taking into account the needs of the Company’s businesses and the
requirements of the marketing process) in the marketing of Registrable Securities in any
underwritten offering;

          (o) promptly prior to the filing of any document which is to be incorporated by reference into
the registration statement or the prospectus (after the initial fling of such registration
statement), and prior to the filing or use of any free writing prospectus, provide copies of such
document to counsel for the selling Holders of Registrable Securities and to each managing
underwriter, if any, and make the Company’s representatives reasonably available for discussion of
such document and make such changes in such document concerning the selling Holders prior to the
filing thereof as counsel for such selling Holders or underwriters may reasonably request;

          (p) furnish to each Holder participating in the offering and the managing underwriter, without
charge, at least one signed copy of the registration statement and any post-effective amendments or
supplements thereto, including financial statements and schedules, all documents incorporated
therein by reference, the prospectus contained in such registration statement (including each
preliminary prospectus and any, summary prospectus), any other prospectus filed under Rule 424
under the Securities Act and all exhibits (including those incorporated by reference) and any free
writing prospectus utilized in connection therewith;

          (q) cooperate with the selling Holders of Registrable Securities and the managing underwriter,
if any, to facilitate the timely preparation and delivery of certificates not bearing any
restrictive legends representing the Registrable Securities to be sold, and cause such Registrable
Securities to be issued in such denominations and registered in such names in accordance with the
underwriting agreement at least two (2) Business Days prior to any sale of

- 16 -

 

Registrable Securities to the underwriters or, if not an underwritten offering, in accordance
with the instructions of the selling Holders of Registrable Securities at least two (2) Business
Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of
Registrable Securities to release any stop transfer orders in respect thereof;

          (r) take no direct or indirect action prohibited by Regulation M under the Exchange Act;
provided, however, that to the extent that any prohibition is applicable to the Company, the
Company will take such action as is necessary to make any such prohibition inapplicable;

          (s) use its reasonable best efforts to cause the Registrable Securities covered by the
applicable registration statement to be registered with or approved by such other governmental
agencies or authorities as may be necessary to enable the selling Holders or the underwriters, if
any, to consummate the disposition of such Registrable Securities;

          (t) take all such other commercially reasonable actions as are necessary or advisable in order
to expedite or facilitate the disposition of such Registrable Securities;

          (u) take all reasonable action to ensure that any free writing prospectus utilized in
connection with any registration covered by Section 2.1 or 2.2 complies in all material respects
with the Securities Act, is filed in accordance with the Securities Act to the extent required
thereby, is retained in accordance with the Securities Act to the extent required thereby and, when
taken together with the related prospectus, prospectus supplement and related documents, will not
contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading;
and

          (v) in connection with any underwritten offering, if at any time the information conveyed to a
purchaser at the time of sale includes any untrue statement of a material fact or omits to state
any material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading, promptly file with the SEC such amendments or
supplements to such information as may be necessary so that the statements as so amended or
supplemented will not, in light of the circumstances, be misleading.

          To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the
Securities Act) (a “WKSI”) at the time any Demand Registration Request is submitted to the
Company, and such Demand Registration Request requests that the Company file an automatic shelf
registration statement (as defined in Rule 405 under the Securities Act) (an “automatic shelf
registration statement”) on Form S-3, the Company shall file an automatic shelf registration
statement which covers those Registrable Securities which are requested to be registered. The
Company shall use its commercially reasonable best efforts to remain a WKSI (and not become an
ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which
such automatic shelf registration statement is required to remain effective. If the Company does
not pay the filing fee covering the Registrable Securities at the time the automatic shelf
registration statement is filed, the Company agrees to pay such fee at such time or times as the
Registrable Securities are to be sold. If the automatic shelf registration statement has been
outstanding for at least three (3) years, at the end of the third year the Company shall

- 17 -

 

refile a new automatic shelf registration statement covering the Registrable Securities. If
at any time when the Company is required to re-evaluate its WKSI status the Company determines that
it is not a WKSI, the Company shall use its commercially reasonable best efforts to refile the
shelf registration statement on Form S-3 and, if such form is not available, Form S-1 and keep such
registration statement effective during the period during which such registration statement is
required to be kept effective.

          If the Company files any shelf registration statement for the benefit of the holders of any of
its securities other than the Holders, the Company agrees that it shall include in such
registration statement such disclosures as may be required by Rule 430B under the Securities Act
(referring to the unnamed selling security holders in a generic manner by identifying the initial
offering of the securities to the Holders) in order to ensure that the Holders may be added to such
shelf registration statement at a later time through the filing of a prospectus supplement rather
than a post-effective amendment.

          The Company may require as a condition precedent to the Company’s obligations under this
Section 2.4 that each seller of Registrable Securities as to which any registration is being
effected furnish the Company such information regarding such seller and the distribution of such
securities as the Company may from time to time reasonably request provided that such information
is necessary for the Company to consummate such registration and shall be used only in connection
with such registration.

          Each Holder of Registrable Securities agrees that upon receipt of any notice from the Company
of the happening of any event of the kind described in clause (v) of paragraph (e) of this Section
2.4, such Holder will discontinue such Holder’s disposition of Registrable Securities pursuant to
the registration statement covering such Registrable Securities until such Holder’s receipt of the
copies of the supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4
and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies, then in such Holder’s possession of the prospectus
covering such Registrable Securities that was in effect at the time of receipt of such notice. In
the event the Company shall give any such notice, the applicable period mentioned in paragraph (b)
of this Section 2.4 shall be extended by the number of days during such period from and including
the date of the giving of such notice to and including the date when each seller of any Registrable
Securities covered by such registration statement shall have received the copies of the
supplemented or amended prospectus contemplated by paragraph (e) of this Section 2.4.

          If any such registration statement or comparable statement under state “blue sky” laws refers
to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder
shall have the right to require (i) the insertion therein of language, in form and substance
satisfactory to such Holder and the Company, to the effect that the holding by such Holder of such
securities is not to be construed as a recommendation by such Holder of the investment quality of
the Company’s securities covered thereby and that such holding does not imply that such Holder will
assist in meeting any future financial requirements of the Company, or (ii) in the event that such
reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by
counsel, required by the Securities Act or any similar

- 18 -

 

federal statute or any state “blue sky” or securities law then in force, the deletion of the
reference to such Holder.

          To the extent that any of the GSCP Parties is deemed to be an underwriter of Registrable
Securities pursuant to any SEC comments or policies, the Company agrees that (1) the
indemnification and contribution provisions contained in Section 2.9 shall be applicable to the
benefit of the GSCP Parties in their role as deemed underwriter in addition to their capacity as
Holder and (2) the GSCP Parties shall be entitled to conduct the due diligence which they would
normally conduct in connection with an offering of securities registered under the Securities Act,
including without limitation receipt of customary opinions and comfort letters.

     2.5 Registration Expenses.

          (a) The Company shall pay all Expenses with respect to any registration of Registrable
Securities pursuant to Section 2, whether or not a registration statement becomes effective.

          (b) Notwithstanding the foregoing, (x) the provisions of this Section 2.5 shall be deemed
amended to the extent necessary to cause these expense provisions to comply with state “blue sky”
laws of each state in which the offering is made and (y) in connection with any underwritten
offering hereunder, each Holder of Registrable Securities being registered shall pay all
underwriting discounts and commissions and any transfer taxes, if any, attributable to the sale of
such Registrable Securities, pro rata with respect to payments of discounts and commissions in
accordance with the number of shares sold in the offering by such Holder.

     2.6 Certain Limitations on Registration Rights. In the case of any registration under
Section 2.1 involving an underwritten offering, or, in the case of a registration under Section
2.2, if the Company has determined to enter into an underwriting agreement in connection therewith,
all securities to be included in such underwritten offering shall be subject to such underwriting
agreement and no Person may participate in such underwritten offering unless such Person (i) agrees
to sell such Person’s securities on the basis provided therein and completes and executes all
reasonable questionnaires, and other documents (including custody agreements and powers of
attorney) which must be executed in connection therewith; provided, however, that all such
documents shall be consistent with the provisions hereof and (ii) provides such other information
to the Company or the underwriter as may be necessary to register such Person’s securities.

     2.7 Limitations on Sale or Distribution of Other Securities.

          (a) Each Holder agrees, (i) to the extent requested in writing by a managing underwriter, if
any, of any underwritten public offering pursuant to a registration effected pursuant to Section
2.1, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under
the Securities Act, any Common Stock, or any other equity security of the Company or any security
convertible into or exchangeable or exercisable for any equity security of the Company (other than
as part of such underwritten public offering) during the time period reasonably requested by the
managing underwriter, not to exceed ninety (90) days or such shorter period as the Company or any
executive officer or director of the Company shall agree to (180 days in the case of the Company’s
initial public equity offering) (and the Company hereby

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also so agrees (except that the Company may effect any sale or distribution of any such
securities pursuant to a registration on Form S-4 (if reasonably acceptable to such managing
underwriter) or Form S-8, or any successor or similar form which is (x) then in effect or (y) shall
become effective upon the conversion, exchange or exercise of any then outstanding Common Stock
Equivalent), to use its reasonable best efforts to cause each holder of any equity security or any
security convertible into or exchangeable or exercisable for any equity security of the Company
purchased from the Company at any time other than in a public offering so to agree), and (ii) to
the extent requested in writing by a managing underwriter of any underwritten public offering
effected by the Company for its own account in which one or more Holders is selling Common Stock
pursuant to the exercise of piggyback rights under Section 2.2 hereof, it will not sell any Common
Stock (other than as part of such underwritten public offering) during the time period reasonably
requested by the managing underwriter, which period shall not exceed ninety (90) days or such
shorter period as the Company or any executive officer or director of the Company shall agree to
(180 days in the case of the Company’s initial public equity offering).

          (b) The Company hereby agrees that, if it shall previously have received a request for
registration pursuant to Section 2.1 or 2.2, and if such previous registration shall not have been
withdrawn or abandoned, the Company shall not sell, transfer, or otherwise dispose o any Common
Stock, or any other equity security of the Company or any security convertible into or exchangeable
or exercisable for any equity security of the Company (other than as part of such underwritten
public offering, a registration on Form S-4 or Form S-8 or any successor or similar form which is
(x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any
then outstanding Common Stock Equivalent), until a period of ninety (90) days shall have elapsed
from the effective date of such previous registration (180 days in the case of the Company’s
initial public equity offering); and the Company shall (i) so provide in any registration rights
agreements hereafter entered into with respect to any of its securities and (ii) use its reasonable
best efforts to cause each holder of any equity security or any security convertible into or
exchangeable or exercisable for any equity security of the Company purchased from the Company at
any time other than in a public offering to so agree.

     2.8 No Required Sale. Nothing in this Agreement shall be deemed to create an independent
obligation on the part of any Holder to sell any Registrable Securities pursuant to any effective
registration statement.

     2.9 Indemnification.

          (a) In the event of any registration of any securities of the Company under the Securities Act
pursuant to this Section 2, the Company will, and hereby agrees to, and hereby does, indemnify and
hold harmless, to the fullest extent permitted by law, each Holder of Registrable Securities, its
directors, officers, fiduciaries, employees, stockholders, members or general and limited partners
(and the directors, officers, fiduciaries, employees, stockholders, members or general and limited
partners thereof), each other Person who participates as a seller (and its directors; officers,
fiduciaries, employees, stockholders, members or general and limited partners), underwriter or
Qualified Independent Underwriter, if any, in the offering or sale of such securities, each
officer, director, employee, stockholder, fiduciary, managing director, agent, affiliate,
consultant, representative, successor, assign or partner of such underwriter or Qualified
Independent Underwriter, and each other Person, if any, who controls such seller or

- 20 -

 

any such underwriter or Q11alified Independent Underwriter within the meaning of the
Securities Act, from and against any and all losses, claims, damages or liabilities, joint or
several, actions or proceedings (whether commenced or threatened) and expenses (including
reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s
consent, which consent shall not be unreasonably withheld or delayed) to which each such
indemnified party may become subject under the Securities Act or otherwise in respect thereof
(collectively, “Claims”), insofar as such Claims arise out of or are based upon (i) any untrue
statement or alleged untrue statement of a material fact contained in any registration statement
under which such securities were registered under the Securities Act or the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a
material fact contained in any preliminary, final or summary prospectus or any amendment or
supplement thereto, together with the documents incorporated by reference therein, or any free
writing prospectus utilized in connection therewith, or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or (iii) any
untrue statement or alleged untrue statement of a material fact in the information conveyed to any
purchaser at the time of the sale to such purchaser, or the omission or alleged omission to state
therein a material fact required to be stated therein, or (iv) any violation by the Company of any
federal, state or common law rule or regulation applicable to the Company and relating to action
required of or inaction by the Company in connection with any such registration, and the Company
will reimburse any such indemnified party for any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such Claim as such
expenses are incurred; provided, however, that the Company shall not be liable to any such
indemnified party in any such case to the extent such Claim arises out of or is based upon any
untrue statement or alleged untrue statement of a material fact or omission or alleged omission of
a material fact made in such registration statement or amendment thereof or supplement thereto or
in any such prospectus or any preliminary, final or summary prospectus or free writing prospectus
in reliance upon and in conformity with written information furnished to the Company by or on
behalf of such indemnified party specifically for use therein. Such indemnity and reimbursement of
expenses shall remain in full force and effect regardless of any investigation made by or on behalf
of such indemnified party and shall survive the transfer of such securities by such seller.

          (b) Each Holder of Registrable Securities that are included in the securities as to which any
registration under Section 2.1 or 2.2 is being effected (and, if the Company requires as a
condition to including any Registrable Securities in any registration statement filed in accordance
with Section 2.1 or 2.2, any underwriter and Qualified Independent Underwriter, if any) shall,
severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent
as set forth in paragraph (a) of this Section 2.9) to the extent permitted by law the Company, its
officers and directors, each Person controlling the Company within the meaning of the Securities
Act and all other prospective sellers and their directors, officers, stockholders, fiduciaries,
managing directors, agents, affiliates, consultants, representatives, successors, assigns or
general and limited partners and respective controlling Persons with respect to any untrue
statement or alleged untrue statement of any material fact in, or omission or alleged omission of
any material fact from, such registration statement, any preliminary, final or summary prospectus
contained therein, or any amendment or supplement thereto, or any free

- 21 -

 

writing prospectus utilized in connection therewith, if such statement or alleged statement or
omission or alleged omission was made in reliance upon and in conformity with written information
furnished to the Company or its representatives by or on behalf of such Holder or underwriter or
Qualified Independent Underwriter, if any, specifically for use therein, and each such Holder,
underwriter or Qualified Independent Underwriter, if any, shall reimburse such indemnified party
for any legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such Claim as such expenses are incurred; provided, however, that
the aggregate amount which any such Holder shall be required to pay pursuant to this Section 2.9(b)
and Sections 2.9(c) and (e) shall in no case be greater than the amount of the net proceeds
received by such Holder upon the sale of the Registrable Securities pursuant to the registration
statement giving rise to such Claim. The Company and each Holder of Registrable Securities hereby
acknowledge and agree that, unless otherwise expressly agreed to in writing by such Holders to the
contrary, for all purposes of this Agreement, the only information furnished or to be furnished to
the Company by or on behalf of any Holder for use in any such registration statement, preliminary,
final or summary prospectus or amendment or supplement thereto, or any free writing prospectus, are
statements specifically relating to (i) the number of Registrable Securities held by such Holder
and its Affiliates and (ii) the name and address of such Holder. If any additional information
about such Holder or the plan of distribution (other than for an underwritten offering) is required
by law to be disclosed in any such document, then such Holder shall not unreasonably withhold its
agreement referred to in the immediately preceding sentence. Such indemnity and reimbursement of
expenses shall remain in full force and effect regardless of any investigation made by or on behalf
of such indemnified party and shall survive the transfer of such securities by such Holder.

          (c) Indemnification similar to that specified in the preceding paragraphs (a) and (b) of this
Section 2.9 (with appropriate modifications) shall be given by the Company and each seller of
Registrable Securities with respect to any required registration or other qualification of
securities under any applicable securities and state “blue sky” laws.

          (d) Any Person entitled to indemnification under this Agreement shall notify promptly the
indemnifying party in writing of the commencement of any action or proceeding with respect to which
a claim for indemnification may be made pursuant to this Section 2.9, but the failure of any
indemnified party to provide such notice shall not relieve the indemnifying party of its
obligations under the preceding paragraphs of this Section 2.9, except to the extent the
indemnifying party is materially and actually prejudiced thereby and shall not relieve the
indemnifying party from any liability which it may have to any indemnified party otherwise than
under this Section 2. In case any action or proceeding is brought against an indemnified party and
it shall notify the indemnifying party of the commencement thereof (as required above), the
indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion
of outside counsel to the indemnified party a conflict of interest between such indemnified and
indemnifying parties may exist in respect of such claim, to assume the defense thereof jointly with
any other indemnifying party similarly notified, to the extent that it chooses, with counsel
reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to
such indemnified party that it so chooses, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses subsequently incurred by such indemnified party
in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that (i) if the indemnifying party fails to take reasonable steps necessary to

- 22 -

 

defend diligently the action or proceeding within twenty (20) days after receiving notice from
such indemnified party that the indemnified party believes it has failed to do so; or (ii) if such
indemnified party who is a defendant in any action or proceeding which is also brought against the
indemnifying party reasonably shall have concluded that there may be one or more legal or equitable
defenses available to such indemnified party which are not available to the indemnifying party or
which may conflict with those available to another indemnified party with respect to such Claim; or
(iii) if representation of both parties by the same counsel is otherwise inappropriate under
applicable standards of professional conduct, then, in any such case, the indemnified party shall
have the right to assume or continue its own defense as set forth above (but with no more than one
firm of counsel for all indemnified parties in each jurisdiction, except to the extent any
indemnified party or parties reasonably shall have made a conclusion described in clause (ii) or
(iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying
party shall, without the written consent of the indemnified party, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any pending or threatened
action or claim in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such action or claim)
unless such settlement, compromise or judgment (A) includes an unconditional release of the
indemnified party from all liability arising out of such action or claim and (B) does not include a
statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any
indemnified party.

          (e) If for any reason the foregoing indemnity is unavailable, unenforceable or is insufficient
to hold harmless an indemnified party under Sections 2.9(a), (b) or (c), then each applicable
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of any Claim in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to
such Claim. The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the indemnifying party or the indemnified
party and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such untrue statement or omission. If, however, the allocation provided in the second
preceding sentence is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such proportion as is
appropriate to reflect not only such relative faults but also the relative benefits of the
indemnifying party and the indemnified party as well as any other relevant equitable
considerations. The parties hereto agree that it would not be just and equitable if any
contribution pursuant to this Section 2.9(e) were to be determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable considerations referred to
in the preceding sentences of this Section 2.9(e). The amount paid or payable in respect of any
Claim shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such Claim. No Person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. Notwithstanding anything in this Section 2.9(e) to the contrary, no
indemnifying party (other than the Company) shall be required pursuant to this Section 2.9(e) to
contribute any amount in excess of the net proceeds received by such indemnifying party from the
sale of Registrable Securities in the offering to which the losses, claims, damages or

- 23 -

 

liabilities of the indemnified parties relate, less the amount of any indemnification payment made
by such indemnifying party pursuant to Sections 2.9(b) and (c).

          (f) The indemnity and contribution agreements contained herein shall be in addition to any
other rights to indemnification or contribution which any indemnified party may have pursuant to
law or contract and shall remain operative and in full force and effect regardless of any
investigation made or omitted by or on behalf of any indemnified party and shall survive the
transfer of the Registrable Securities by any such party.

          (g) The indemnification and contribution required by this Section 2.9 shall be made -by
periodic payments of the amount thereof during the course of the investigation or defense, as and
when bills are received or expense, loss, damage or liability is incurred.

     Section 3. Underwritten Offerings.

     3.1 Requested Underwritten Offerings. If requested by the underwriters for any underwritten
offering pursuant to a registration requested under Section 2.1, the Company shall enter into a
customary underwriting agreement with the underwriters. Such underwriting agreement shall (i) be
satisfactory in form and substance to the Majority Participating Holders, (ii) contain terms not
inconsistent with the provisions of this Agreement and (iii) contain such representations and
warranties by, and such other agreements on the part of, the Company and such other terms as are
generally prevailing in agreements of that type, including, without limitation, indemnities and
contribution agreements on substantially the same terms as those contained herein. Any Holder
participating in the offering shall be a party to such underwriting agreement and may, at its
option, require that any or all of the representations and warranties by, and the other agreements
on the part of, the Company to and for the benefit of such underwriters shall also be made to and
for the benefit of such Holder and that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement be conditions precedent to the obligations
of such Holder. Each such Holder shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters other than representations, warranties or
agreements regarding such Holder, its ownership of and title to the Registrable Securities, and its
intended method of distribution; and any liability of such Holder to any underwriter or other
Person under such underwriting agreement shall be limited to liability arising from breach of its
representations and warranties and shall be limited to an amount equal to the proceeds (net of
expenses and underwriting discounts and commissions) that it derives from such registration.

     3.2 Piggyback Underwritten Offerings. In the case of a registration pursuant to Section 2.2,
if the Company shall have determined to enter into an underwriting agreement in connection
therewith, all of the Holders’ Registrable Securities to be included in such registration shall be
subject to such underwriting agreement. Any Holder participating in such registration may, at its
option, require that any or all of the representations and warranties by, and the other agreements
on the part of, the Company to and for the benefit of such underwriters shall also be made to and
for the benefit of such Holder and that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement be conditions precedent to the obligations
of such Holder. Each such Holder shall not be required to make any representations or warranties
to or agreements with the Company or the

- 24 -

 

underwriters other than representations,
warranties or agreements regarding such Holder, its ownership of and title to the Registrable
Securities, and its intended method of distribution; and any liability of such Holder to any
underwriter or other Person under such underwriting agreement shall be limited to liability arising
from breach of its representations and warranties and shall be limited to an amount equal to the
proceeds (net of expenses and underwriting discounts and commissions) that it derives from such
registration.

     Section 4. General.

     4.1 Adjustments Affecting Registrable Securities. The Company agrees that it still not effect
or permit to occur any combination or subdivision of shares of Common Stock which would adversely
affect the ability of any Holder of any Registrable Securities to include such Registrable
Securities in any registration contemplated by this Agreement or the marketability of such
Registrable Securities in any such registration. The Company agrees that it will take all
reasonable steps necessary to effect a subdivision of shares of Common Stock if in the reasonable
judgment of (a) the Majority Participating Holders or (b) the managing underwriter for the offering
in respect of such Demand Registration Request, such subdivision would enhance the marketability of
the Registrable Securities. Subject to the Shareholders’ Agreement (if in effect at the time),
each Holder agrees to vote all of its shares of capital stock in a manner, and to take all other
actions necessary, to permit the Company to carry out the intent of the preceding sentence
including, without limitation, voting in favor of an amendment to the Company’s articles of
incorporation in order to increase the number of authorized shares of capital stock of the Company.
In any event, the provisions of this Agreement shall apply, to the full extent set forth herein
with respect to the Registrable Securities, to any and all shares of capital stock of the Company,
any successor or assign of the Company (whether by merger, share exchange, consolidation, sale of
assets or otherwise) or any subsidiary of the Company which may be issued in respect of, in
exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for
any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring
after the date hereof.

     4.2 Rule 144 and Rule 144A. If the Company shall have filed a registration statement pursuant
to the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the
requirements of the Securities Act in respect of the Common Stock or Common Stock Equivalents, the
Company covenants that (i) so long as it remains subject to the reporting provisions of the
Exchange Act, it will timely file the reports required to be filed by it under the Securities Act
or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities Act, as such Rule
may be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon
the request of any Holder, make publicly available other information so long as necessary to permit
sales by such Holder under Rule 144, Rule 144A under the Securities Act, as such Rule may be
amended (“Rule 144A”), or any similar rules or regulations hereafter adopted by the SEC, and (ii)
it will take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Registrable Securities without registration under
the Securities Act within the limitation of the exemptions provided by (A) Rule 144, (B) Rule 144A
or (C) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder
of Registrable Securities, the

- 25 -

 

Company will deliver to such Holder a written statement as to whether it has complied with such
requirements.

     4.3 Nominees for Beneficial Owners. If Registrable Securities are held by a nominee for the
beneficial owner thereof, the beneficial owner thereof may, at its option, be treated as the Holder
of such Registrable Securities for purposes of any request or other action by any Holder or Holders
of Registrable Securities pursuant to this Agreement (or any determination of any number or
percentage of shares constituting Registrable Securities held by any Holder or Holders of
Registrable Securities contemplated by this Agreement), provided that the Company sha11 have
received assurances reasonably satisfactory to it of such beneficial ownership.

     4.4 Amendments and Waivers. Except as otherwise provided herein, no modification, amendment or
waiver of any provision of this Agreement shall be effective against the Company or any Holder
unless such modification, amendment or waiver is approved in writing by the Company and the Holders
holding a majority of the Registrable Securities held by all Holders; provided that the written
consent of the Company, the GSCP Parties and the Providence Parties shall be sufficient in order to
effect a modification, amendment or waiver of any provision of this Agreement which (i) affects
only the rights of the Company or the GSCP Parties and the Providence Parties or (ii) does not
adversely affect the rights of any party hereto other than the GSCP Parties or the Providence
Parties. Notwithstanding the foregoing, no modification, amendment or waiver shall be made or
granted in a manner that materially and adversely affects a Holder’s rights hereunder without the
approval of such Holder, unless such modification, amendment or waiver adversely affects all
Holders in the same manner proportionate to their respective holdings of Registrable Securities.
No waiver of any of the provisions of this Agreement shall be deemed to or shall constitute a
waiver of any other provision hereof (whether or not similar). No failure or delay on the part of
any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof
or of any other or future exercise of any such right, power or privilege.

     4.5 Notices. Except as otherwise provided in this Agreement, all notices, requests, consents
and other communications hereunder to any party shall be deemed to be sufficient if contained in a
written instrument delivered in person or by telecopy, nationally recognized overnight courier or
first class registered or certified mail, return receipt requested, postage prepaid, addressed to
such party at the address set forth below and to any other recipient at the address indicated on
Schedule 4.5 hereto or at such other address as may hereafter be designated in writing by such
party to the other parties:

(i) if to the Company, to:

Education Management Corporation

210 Sixth Avenue

Pittsburgh, Pennsylvania 15222

Telephone:   (412) 562-0900

Telecopy:     (412) 562-0598

Attention:     John R. McKernan, Jr.

with a copy to:

- 26 -

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Telephone:   (212) 455-2000

Telecopy:     (212) 455-2502

Attention:     Gary I. Horowitz, Esq.

(ii) if to the GSCP Parties, to:

Goldman Sachs Capital Partners

c/o Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

Telephone:   (212) 902-0353

Telecopy:     (212) 357-5505

Attention:     John Bowman

with a copy to:

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, New York 10004

Telephone:   (212) 859-8000

Telecopy:   (212) 859-4000

Attention:   Robert C. Schwenkel, Esq.

          Philip Richter, Esq.

(iii) if to the Providence Parties, to:

Providence Equity Partners

50 Kennedy Plaza, 18th Floor

Providence, Rhode Island 02903

Telephone:   (401) 751-1700

Telecopy:     (401) 751-1790

Attention:     Paul J. Salem

with a copy to:

Weil, Gotshal & Manges LLP

50 Kennedy Plaza

Providence, Rhode Island 02903

Telephone:   (401) 278-4700

Telecopy:     (401) 278-4701

Attention:     David K. Duffell, Esq.

     All such notices, requests, consents and other communications shall be deemed to have been
given when received.

- 27 -

 

     4.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of
and be enforceable by the parties hereto and the respective successors, personal representatives
and assigns of the parties hereto, whether so expressed or not. This Agreement may not be assigned
by the Company, without the prior written consent of the GSCP Parties and the Providence Parties.
Any Holder may, at its election, at any time or from time to time, assign its rights under this
Agreement, in whole or in part, to any person who acquires Registrable Securities held by it. If
any Holder shall acquire additional Registrable Securities, such Registrable Securities shall be
subject to all of the terms, and entitled to all the benefits, of this Agreement.

     4.7 Entire Agreement. This Agreement (with the documents referred to herein or delivered
pursuant hereto) embodies the entire agreement and understanding between the parties hereto and
supersedes all prior agreements and understandings relating to the subject matter hereof.

     4.8 Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York. Each of the parties irrevocably and
unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to
trial by jury in connection with any Litigation arising out of or relating to this Agreement or the
transactions contemplated hereby.

     4.9 Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof. All Section references are to this Agreement
unless otherwise expressly provided.

     4.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which together shall constitute one instrument.

     4.11 Severability. Any term or provision of this Agreement which is invalid or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable the remaining terms and provisions of
this Agreement or affecting the validity or enforceability of any of the terms or provisions of
this Agreement in any other jurisdiction.

     4.12 Specific Performance. The parties hereto acknowledge that there would be no adequate
remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree
that each party, in addition to any other remedy to which it may be entitled at law or in equity,
shall be entitled to injunctive relief, including specific performance, to enforce such obligations
without the posting of any bond, and, if any action should be brought in equity to enforce any of
the provisions of this Agreement, none of the parties hereto shall raise the defense that there is
an adequate remedy at law. All remedies, either under this Agreement, by law, or otherwise
afforded to any party, shall be cumulative and not alternative.

     4.13 Further Assurances. Each party hereto shall do and perform or cause to be done and
performed all such further acts and things and shall execute and deliver all such other agreements,
certificates, instruments, and documents as any other party hereto reasonably may

- 28 -

 

request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

     4.14 No Inconsistent Agreements. The rights granted to the Holders of Registrable Securities
hereunder do not in any way conflict with and are not inconsistent with any other agreements to
which the Company is a party or by which it is bound. Without the prior written consent of Holders
of a majority of the then outstanding Registrable Securities, the Company will not, on or after the
date of this Agreement, enter into any agreement with respect to its securities which is
inconsistent with the rights granted in this Agreement or otherwise conflicts with the provisions
hereof or provides terms and conditions which are more favorable to, or less restrictive on, the
other party thereto than the terms and conditions contained in this Agreement are (insofar as they
are applicable) to the Holders. The Company further agrees that if any other registration rights
agreement entered into after the date of this Agreement with respect to any of its securities
contains terms which are more favorable to, or less restrictive on, the other party thereto than
the terms and conditions contained in this Agreement are (insofar as they are applicable) to the
Holders, then the terms and conditions of this Agreement shall immediately be deemed to have been
amended without further action by the Company or any of the Holders of Registrable Securities so
that the Holders shall each be entitled to the benefit of any such more favorable or less
restrictive terms or conditions.

[Remainder of Page Intentionally Left Blank]

- 29 -

 

     IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of
the day and year first above written.

	 	 	 	 	 
	 	EM ACQUISITION CORPORATION

 	 
	 	By:  	/s/ Paul J. Salem
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 30 -

 

	 	 	 	 	 

	 	 	 	 	 
	 	GS CAPITAL PARTNERS V FUND, L.P.

 	 
	 	By:  	GSCP V Advisors, L.L.C.,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	                       /s/ Adrian Jones
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	GS CAPITAL PARTNERS V OFFSHORE FUND, L.P.

 	 
	 	By:  	GSCP V Offshore Advisors, L.L.C.,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	                   /s/ Adrian Jones
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	GS CAPITAL PARTNERS V GmbH & Co. KG
 
	 
	 	By:  	GS Advisors V, L.L.C.,
 	 
	 	 	its managing limited partner 	 

	 	 	 	 	 
	 	By:  	                     /s/ Adrian Jones
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	GS CAPITAL PARTNERS V INSTITUTIONAL, L.P.

 	 
	 	By:  	GS Advisors V, L.L.C.,
 	 
	 	 	its general partner 	 
	 	 	 	 	 
	 	By:  	/s/ Adrian Jones
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 
	 	PROVIDENCE EQUITY PARTNERS IV L.P.

 	 
	 	By:  	Povidence Equity GP IV LP,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	Providence Equity Partners IV L.L.C.,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	                 /s/ Paul J. Salem
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 	 	 
	 	PROVIDENCE EQUITY PARTNERS V-A L.P.

 	 
	 	By:  	Providence Equity GP V L.P.,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	Providence Equity Partners V LLC,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	/s/ Paul J. Salem
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 
	 	PROVIDENCE EQUITY PARTNERS IV L.P.

 	 
	 	By:  	Providence Equity GP IV LP,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	                 Providence Equity Partners IV L.L.C., 

its general partner
 	 

	 	 	 	 	 
	 	By:  	                 /s/ Paul J. Salem
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 
	 	PROVIDENCE EQUITY OPERATING 

PARTNERS IV L.P.

 	 
	 	By:  	Providence Equity GP IV LP,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	Providence Equity Partners IV L.L.C.,
 	 
	 	 	its general partner 	 

	 	 	 	 	 
	 	By:  	                 /s/ Paul J. Salem
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 
	 	GS PRIVATE EQUITY PARTNERS 2000, L.P.

 	 
	 	By:  	GS PEP 2000 Advisors, L.L.C.,
 	 
	 	 	its general partner 	 
	 	 	 
	 	By:  	                     GSAM Gen-Par, L.L.C.,
 	 
	 	 	its Managing Member 	 
	 	 	 
	 	By:  	                     /s/ [Illegible]
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GS PRIVATE EQUITY PARTNERS 2000 OFFSHORE HOLDINGS, L.P.

 	 
	 	By:  	
GS PEP 2000 Offshore Holdings Advisors,
 	 
	 	 	Inc., its general partner 	 
	 	 	 
	 	By:  	                /s/ [Illegible]
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GS PRIVATE EQUITY PARTNERS 2000 — DIRECT INVESTMENT FUND, L.P.

 	 
	 	By:  	
GS PEP 2000 Direct Investment Advisors, L.L.C., its general partner
 	 
	 	 	 
	 	By:  	                GSAM Gen-Par, L.L.C. its Managing Member
 	 
	 	 	 
	 	By:  	                /s/ [Illegible]
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	GS PRIVATE EQUITY PARTNERS 2002, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GS PEP 2002 Advisors, L.L.C.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GSAM Gen-Par, L.L.C.,	 	 
	 

	 	 	 	its Managing Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	GS PRIVATE EQUITY PARTNERS 2002	 	 
	 	 	OFFSHORE HOLDINGS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GS PEP 2002 Offshore Holdings Advisors,	 	 
	 

	 	 	 	Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GS PEP Gen-Par, L.L.C.,	 	 
	 

	 	 	 	its director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	GS PRIVATE EQUITY PARTNERS 2002 –	 	 
	 	 	DIRECT INVESTMENT FUND, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GS PEP 2002 Direct Investment Advisors,	 	 
	 

	 	 	 	L.L.C., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GSAM Gen-Par, L.L.C.	 	 
	 

	 	 	 	its Managing Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	GS PRIVATE EQUITY PARTNERS 2002	 	 
	 	 	EMPLOYEE FUND, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GS PEP 2002 Employee Funds GP, L.L.C.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDMAN SACHS PRIVATE EQUITY	 	 
	 	 	PARTNERS 2004, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Goldman Sachs PEP 2004 Advisors, L.L.C.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GSAM Gen-Par, L.L.C.,	 	 
	 

	 	 	 	its Managing Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDMAN SACHS PRIVATE EQUITY	 	 
	 	 	PARTNERS 2004 OFFSHORE HOLDINGS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Goldman Sachs PEP 2004 Offshore 	 	 
	 

	 	 	 	Holdings Advisors, Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	GOLDMAN SACHS PRIVATE EQUITY	 	 
	 	 	PARTNERS 2004 – DIRECT INVESTMENT	 	 
	 	 	FUND, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Goldman Sachs PEP 2004 Direct Investment	 	 
	 

	 	 	 	Advisors, L.L.C., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GSAM Gen-Par, L.L.C.,	 	 
	 

	 	 	 	its Managing Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDMAN SACHS PRIVATE EQUITY	 	 
	 	 	PARTNERS 2004 EMPLOYEE FUND, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Goldman Sachs PEP 2004 Employee Funds	 	 
	 

	 	 	 	GP, L.L.C., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	MULTI-STRATEGY HOLDINGS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Multi-Strategy Holdings Offshore Advisors,	 	 
	 

	 	 	 	Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	GOLDMAN SACHS EDMC INVESTORS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GS EDMC Advisors, L.L.C.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Illegible]
 

Name:
	 	 
	 

	 	 	 	Title:	 	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	FISHER LYNCH CO-INVESTMENT	 	 
	 	 	PARTNERSHIP, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Fisher Lynch GP, L.P.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	FLC G.P., Inc.,	 	 
	 

	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Leon Kuan
 

Name: Leon Kuan
	 	 
	 

	 	 	 	Title: Authorized Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ONTARIO TEACHERS’ PENSION PLAN BOARD	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michele Buchignani
 

Name: Michele Buchignani
	 	 
	 

	 	 	 	Title: Portfolio Manager	 	 
	 
	 	 	 	 	 	 
	 	 	GENERAL ELECTRIC PENSION TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	GE Asset Management Incorporated,	 	 
	 

	 	 	 	its Investment Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andreas T. Hildebrand
 

Name: Andreas T. Hildebrand
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	CGI PRIVATE EQUITY LP, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Todd E. Benson
 

Name: Todd E. Benson
	 	 
	 

	 	 	 	Title: Attorney-In-Fact	 	 

[Signature Page to Registration Rights Agreement]

 

 

	 	 	 	 	 	 	 
	 	 	CREDIT SUISSE/CFIG EMDC SPV, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	DLJ MB Advisors, Inc.,	 	 
	 

	 	 	 	its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Larissa Herczeg
 

Name: Larissa Herczeg
	 	 
	 

	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	ALPINVEST PARTNERS CS INVESTMENTS	 	 
	 	 	2006, represented by ALPINVEST PARTNERS	 	 
	 	 	2006 B.V., its general partner, represented by its	 	 
	 	 	managing director ALPINVEST PARTNERS N.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patrick de van der Schueren
 

Name: Patrick de van der Schueren
	 	 
	 

	 	 	 	Title: Head of Legal Affairs	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J.P. de Klerk
 

	 	 
	 

	 	 	 	Name: J.P. de Klerk	 	 
	 

	 	 	 	Title: Managing Partner, CFOO	 	 
	 
	 	 	 	 	 	 
	 	 	ALPINVEST PARTNERS LATER STAGE CO-	 	 
	 	 	INVESTMENTS CUSTODIAN IIA B.V., (as	 	 
	 	 	custodian for ALPINVEST PARTNERS LATER	 	 
	 	 	STAGE CO-INVESTMENTS IIA C.V.),	 	 
	 	 	represented by its managing director ALPINVEST	 	 
	 	 	PARTNERS N.V.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Patrick de van der Schueren
 

	 	 
	 

	 	 	 	Name: Patrick de van der Schueren	 	 
	 

	 	 	 	Title: Head of Legal Affairs	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J.P. de Klerk
 

	 	 
	 

	 	 	 	Name: J.P. de Klerk	 	 
	 

	 	 	 	Title: Managing Partner, CFOO	 	 

[Signature Page to Registration Rights Agreement]

 

 

Schedule 4.5

Notices

Name and Address for Notices

	 	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2000, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	(212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2000 Offshore Holdings, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2000 — Direct Investment Fund, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2002, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 

	 	 	 	 	 
	 	 	 	 	 	 
	GS Private Equity Partners 2002 Offshore Holdings, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President

Schedule 4.5 - 1

 

Name and Address for Notices

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2002 — Direct Investment Fund, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2002 Employee Fund, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2004, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2004 Offshore Holdings, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2004 — Direct Investment Fund, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 

Schedule 4.5 - 2

 

Name and Address for Notices

	 	 	 	 	 	 	 	 	 	 	 	 	 
	GS Private Equity Partners 2004 Employee Fund, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Multi-Strategy Holdings, L.P.	 	with a copy to:
	 	 	Goldman, Sachs & Co.	 	 	 	Goldman, Sachs & Co.
	 	 	One New York Plaza, 37th Floor	 	 	 	32 Old Slip, 9th Floor
	 	 	New York, New York 10004	 	 	 	New York, New York 10005
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	Telephone:
	 	(212) 902-9839
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	Telecopy:
	 	(212) 493-0187
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	Attention:
	 	Jennifer Barbetta
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	Vice President
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Goldman Sachs EDMC Investors, L.P.	 	 	 	 	 	 
	 	 	Goldman, Sachs & Co.	 	 	 	 	 	 
	 	 	One New York Plaza, 37th Floor	 	 	 	 	 	 
	 	 	New York, New York 10004	 	 	 	 	 	 
	 

	 	Telephone:
	 	 	 (212) 357-3448	 	 	 	 	 	 	 
	 

	 	Telecopy:
	 	 	 (212) 428-4677	 	 	 	 	 	 	 
	 

	 	Attention:
	 	 	 Brandon T. Press
	 	 	 	 	 	 
	 

	 	 	 	 	 Vice President & Assistant General
	 	 	 	 	 	 
	 

	 	 	 	 	 Counsel
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Fisher Lynch Co-Investment Partnership, L.P.	 	with a copy to:
	 	 	Fisher Lynch Capital	 	 	 	Proskauer Rose LLP
	 	 	2929 Campus Drive, Suite 410	 	 	 	One International Place
	 	 	San Mateo, California 94403	 	 	 	Boston, Massachusetts 02110-2600
	 

	 	Telephone:
	 	 	 (650) 233-8016	 	 	 	 	Telephone:
	 	 (617) 526-9754
	 

	 	Telecopy:
	 	 	 (650) 240-0277	 	 	 	 	Telecopy:
	 	 (617) 526-9899
	 

	 	Attention:
	 	 	 Leon Kuan
	 	 	 	Attention:
	 	 Howard J. Beber, Esq.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Ontario Teachers’ Pension Plan Board	 	with a copy to:
	 	 	5650 Yonge Street	 	 	 	Goodwin Procter LLP
	 	 	Toronto, Ontario	 	 	 	53 State Street
	 	 	Canada M2M 4H5	 	 	 	Boston, Massachusetts 02109
	 

	 	Telephone:
	 	 	 (416) 730-5321	 	 	 	 	Telephone:
	 	 (617) 570-1304
	 

	 	Telecopy:
	 	 	 (416) 730-3771	 	 	 	 	Telecopy:
	 	 (617) 523-1231
	 

	 	Attention:
	 	 	 Michael Padfield, Senior Legal
	 	 	 	Attention:
	 	 Kathy A. Fields, Esq.
	 

	 	 	 	 	 Counsel — Investments
	 	 	 	 	 	 
	 

	 	 	 	 	 Lee Sienna, Vice President — Private
	 	 	 	 	 	 
	 

	 	 	 	 	 Capital
	 	 	 	 	 	 
	 

	 	 	 	 	 
	 	 	 	 	 	 
	General Electric Pension Trust	 	with a copy to:
	 	 	c/o GE Asset Management Incorporated	 	 	 	Dewey Ballantine LLP
	 	 	3001 Summer Street, P.O. Box 7900	 	 	 	1301 Avenue of the Americas
	 	 	Stamford, Connecticut 06904-7900	 	 	 	New York, New York 10019-6092
	 

	 	Telephone:
	 	 	 (203) 326-2306	 	 	 	 	Telephone:
	 	 (212) 259-6570

Schedule 4.5 - 3

 

Name and Address for Notices

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Telecopy:
	 	 	 (203) 326-4073	 	 	 	 	Telecopy:
	 	 (212) 259-6333
	 

	 	Attention:
	 	 	 Daniel L. Furman
	 	 	 	Attention:
	 	 Linda E. Ransom
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CGI Private Equity LP, LLC	 	with a copy to:
	 	 	c/o Citigroup Private Equity	 	 	 	Citigroup Private Equity
	 	 	388 Greenwich Street, 32nd Floor	 	 	 	731 Lexington Avenue, 23rd Floor
	 	 	New York, New York 10013	 	 	 	New York, New York 10022
	 

	 	Telephone:
	 	 	 (212) 816-2151	 	 	 	 	Telephone:
	 	 (212) 559-7885
	 

	 	Telecopy:
	 	 	 (212) 816-0221	 	 	 	 	Telecopy:
	 	 (646) 291-3063
	 

	 	Attention:
	 	 	 Todd Benson
	 	 	 	Attention:
	 	 Ranesh Ramanathan, Esq.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Credit Suisse/CFIG EMDC SPV, LLC	 	 	 	 	 	 
	 

	 	Credit Suisse	 	 	 	 	 	 	 	 
	 	 	11 Madison Avenue, 16th Floor	 	 	 	 	 	 
	 

	 	New York, New York 10010
	 	 	 	 	 	 
	 

	 	Telephone:
	 	 	 (212) 538-3423	 	 	 	 	 	 	 
	 

	 	Telecopy:
	 	 	 (212) 538-0424	 	 	 	 	 	 	 
	 

	 	Attention:
	 	 	 Nadim Barakat
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	AlpInvest Partners CS Investments 2006 C.V.	 	with a copy to:
	 	 	c/o AlpInvest Partners N.V.	 	 	 	AlpInvest Partners Inc.
	 	 	Jachthavenweg 118	 	 	 	630 Fifth Avenue, 28th Floor
	 	 	1081 KJ Amsterdam	 	 	 	New York, New York 10011
	 	 	The Netherlands	 	 	 	Telephone:  (212) 332-6240
	 

	 	Telephone:
	 	 	 +31 20 540 7575	 	 	 	 	Telecopy:
	 	 (212) 332-6241
	 

	 	Telecopy:
	 	 	 +31 20 540 7500	 	 	 	 	Attention:
	 	 Iain Leigh
	 

	 	Attention:
	 	 	 Patrick de van der Schueren
	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

	 

	 	 	 	 	 	 	 	 	 	Ropes & Gray LLP

	 

	 	 	 	 	 	 	 	 	 	45 Rockefeller Plaza

	 

	 	 	 	 	 	 	 	 	 	New York, New York 10111
	 

	 	 	 	 	 	 	 	 	 	Telephone:
	 	 (212) 841-0600
	 

	 	 	 	 	 	 	 	 	 	Telecopy:
	 	 (212) 841-5725
	 

	 	 	 	 	 	 	 	 	 	Attention:
	 	 Daniel C. Kolb, Esq.
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	AlpInvest Partners Later Stage Co-Investments	 	with a copy to:
	 	 	Custodian IIA B.V. (as custodian for AlpInvest	 	 	 	AlpInvest Partners Inc.
	 	 	Partners Later Stage Co-Investments IIA C.V.)	 	 	 	630 Fifth Avenue, 28th Floor
	 	 	c/o AlpInvest Partners N.V.	 	 	 	New York, New York 10011
	 	 	Jachthavenweg 118	 	 	 	Telephone:	 	 (212) 332-6240
	 	 	1081 KJ Amsterdam	 	 	 	Telecopy:	 	 (212) 332-6241
	 

	 	The Netherlands
	 	 	 	 	 	Attention:
	 	 Iain Leigh
	 

	 	Telephone:
	 	 	 +31 20 540 7575	 	 	 	 	 	 	 
	 

	 	Telecopy:
	 	 	 +31 20 540 7500	 	 	 	 	 	 	 
	 

	 	Attention:
	 	 	 Patrick de van der Schueren	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	Ropes & Gray LLP
	 	 	 	 	 	 	 	 	 	 	45 Rockefeller Plaza
	 	 	 	 	 	 	 	 	 	 	New York, New York 10111
	 

	 	 	 	 	 	 	 	 	 	Telephone:
	 	 (212) 841-0600
	 

	 	 	 	 	 	 	 	 	 	Telecopy:
	 	 (212) 841-5725
	 

	 	 	 	 	 	 	 	 	 	Attention:
	 	 Daniel C. Kolb, Esq.

Schedule 4.5 - 4EX-10.1

EXHIBIT 10.1

LIMITED WAIVER

     LIMITED WAIVER, dated as of March 31, 2009 (the “Waiver”), to the Amended and Restated
Credit Agreement, dated as of April 10, 2007 (as amended, supplemented or otherwise modified, the
“Credit Agreement”), among Visteon Corporation (the “Borrower”), the several banks
and other financial institutions or entities from time to time parties to the Credit Agreement (the
“Lenders”), Credit Suisse Securities (USA) LLC and Sumitomo Mitsui Banking Corporation, as
co-documentation agents, Citicorp USA, Inc., as syndication agent, JPMorgan Chase Bank, N.A., as
administrative agent (in such capacity, the “Administrative Agent”), and J.P. Morgan
Securities Inc. and Citigroup Global Markets Inc. as joint lead arrangers and joint bookrunners.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have
the meanings given to them in the Credit Agreement.

     Pursuant to Section 5.1(a) of the Credit Agreement, within 90 days after the end of each
fiscal year, the Borrower shall furnish to the Administrative Agent its audited consolidated
balance sheet as of the end of such year, and its audited consolidated statements of income and
cash flows for such year, which shall be reported on without a “going concern” or like
qualification or exception, or a qualification arising out of the scope of the audit, by
PricewaterhouseCoopers LLP or other independent certified public accountants of nationally
recognized standing (an “Unqualified Opinion”);

     The Borrower has notified the Lenders and the Administrative Agent that the report of its
independent registered public accounting firm on the Borrower’s financial statements for the fiscal
year ended December 31, 2008 may contain a going concern exception, thus failing to be an
Unqualified Opinion and resulting in a Default under Section 7(d) of the Credit Agreement.
Accordingly, the Borrower has requested that the Lenders waive any Default or Event of Default
arising from such failure to deliver an Unqualified Opinion for the fiscal year ended December 31,
2008 (the “Specified Default”);

     Subject to the terms and conditions herein, the Required Lenders have agreed to provide a
limited waiver as to the Specified Default as described herein.

SECTION 1. Limited Waiver.

     The undersigned Required Lenders hereby waive solely during the Waiver Period (as defined
below) the Specified Default (which shall be deemed not to be continuing for all purposes of the
Credit Agreement during the Waiver Period). The Waiver Period shall extend from the date hereof
until May 30, 2009, unless terminated earlier as a result of the Borrower’s failure to comply with
its agreements herein or referred to herein, or extended at the sole option of the Required Lenders
(the “Waiver Period”). Upon the termination or expiration of the Waiver Period, an
immediate Default or Event of Default shall exist under the Credit Agreement, unless cured or
waived by the Required Lenders. This waiver shall not extend beyond the terms expressly set forth
herein, nor impair any right or power accruing to any Lender or the Administrative Agent with
respect to any other Default or Event of Default. Nothing contained herein shall be deemed to
imply any willingness of the Lenders or the Administrative Agent to agree to any similar or other
waiver that may be requested by the Borrowers, or except to the

 

 

extent expressly set forth herein,
otherwise prejudice, impair or affect any rights or remedies of the Administrative Agent or Lenders
with respect to the Credit Agreement or other Loan Documents.

SECTION 2. Mortgages.

     Each of the Mortgages executed on or prior to the date hereof is hereby amended to delete
clause (iii) from the definition of “Secured Parties”, to re-number clause (iv) thereof as clause
(iii) and to re-number clause (v) thereof as clause (iv).

SECTION 3. Conditions Precedent. This Waiver shall become effective on the date (the
“Waiver Effective Date”) on which:

          (a) each of the Borrower and the Required Lenders shall have duly executed and delivered a
counterpart hereof to the Administrative Agent;

          (b) each of the Borrower and the members of the ad hoc steering committee of Lenders (the
“Committee”) shall have executed and delivered a letter agreement relating to certain
information, access and communications with the Lenders and their advisors during the Waiver Period
(the “Letter Agreement”);

          (c) the Administrative Agent and the Committee shall have received evidence reasonably
satisfactory to them of waivers granted by the lenders under the ABL Financing and European
Financing with respect to Unqualified Opinion covenants;

          (d) the Administrative Agent shall have received by wire transfer of immediately available
funds, for the account of the applicable Lenders, a fee equal to 50 basis points on the outstanding
principal amount of the Term Loan of each Lender executing this Waiver by 5:00 p.m. New York time
on March 30, 2009;

          (e) the Borrower shall have paid all invoiced and unpaid fees and expenses of Bingham
McCutchen LLP, as counsel to certain Lenders, and Simpson Thacher & Bartlett LLP, as counsel to the
Administrative Agent; and

          (f) the Borrower shall have delivered each item referenced in Schedule 1 as a
condition to effectiveness (it being understood that with respect to the items identified on
Schedule 1 to be delivered within 30 days following effectiveness, such delivery shall be deemed a
condition subsequent to the continued effectiveness of this Waiver).

SECTION 4. Representations and Warranties.

          (a) Representations and Warranties. After giving effect to the waiver contained
herein, on the Waiver Effective Date, the Borrower hereby confirms that the representations and the
warranties set forth in the Credit Agreement are true and correct in all material respects on and
as of the Waiver Effective Date (provided, however, the Borrower makes no representation and
warranty as to Section 3.2 of the Credit Agreement), except to the extent such representations and
warranties expressly relate to an earlier date (in which case such representations and warranties
were true and correct in all material respects as of such earlier date).

2

 

          (b) No Default. No Default or Event of Default (provided, for purposes of this
Section 3(b), the Borrower makes no representations and warranties with respect to Section 3.2 of
the Credit Agreement) shall have occurred and be continuing on the Waiver Effective Date or
immediately after giving effect to the waiver contained herein.

          (c) Unqualified Opinion. As of the Waiver Effective Date, the Borrower and its
Subsidiaries are not in breach of any covenants requiring similar Unqualified Opinions under the
ABL Financing or the European Financing which Unqualified Opinion covenants have not been waived by
the lenders thereunder.

SECTION 5. Continuing Effect, No Other Waivers or Amendments. This Waiver shall not
constitute an amendment or waiver of or consent to any provision of the Credit Agreement and the
other Loan Documents except as expressly stated herein and shall not be construed as an amendment,
waiver or consent to any action on the part of the Borrower that would require an amendment, waiver
or consent of the Administrative Agent and/or the Lenders except as expressly stated herein.
Except as expressly waived hereby, the provisions of the Credit Agreement and the other Loan
Documents are and shall remain in full force and effect in accordance with their terms.

SECTION 6. Release. In order to induce the Administrative Agent and the Lenders to enter
into this Waiver, the Borrower (on its own behalf and on behalf of each Loan Party) acknowledges
and agrees that: (a) each Loan Party waives to the fullest extent permitted by applicable law any
claim or cause of action against the Administrative Agent or any Lender (or any of its respective
directors, officers, employees or agents) and (b) each Loan Party waives to the fullest extent
permitted by applicable law any offset right, counterclaim or defense of any kind against any of
its respective obligations, indebtedness or liabilities to the Administrative Agent or any Lender.
Each Loan Party wishes to eliminate any possibility that any past conditions, acts, omissions,
events, circumstances or matters would impair or otherwise adversely affect the Administrative
Agent’s or any Lender’s rights, interests, contracts, collateral security or remedies. Therefore,
each Loan Party unconditionally releases, waives and forever discharges any and all claims,
offsets, causes of action, suits or defenses of any kind whatsoever (if any), whether arising at
law or in equity, whether known or unknown, which each Loan Party might otherwise have against the
Administrative Agent or any Lender (or any of its respective directors, officers, employees or
agents), on account of any past or presently existing condition, act, omission, event, contract,
liability, obligation, indebtedness, claim, cause of action, defense, circumstance or matter of any
kind.

SECTION 7. Ratification of Existing Agreements. The Borrower agrees that the Obligations
are, except as otherwise expressly modified in this Waiver upon the terms set forth herein,
ratified and confirmed in all respects.

SECTION 8. Notice. The Borrower hereby acknowledges and agrees that this Waiver shall be
effective as the notice referred to in Section 7(d) of the Credit Agreement.

3

 

SECTION 9. Counterparts. This Waiver may be executed by the parties hereto on any number of
separate counterparts (including by facsimile or PDF delivered by electronic mail), and all of said
counterparts taken together shall be deemed to constitute one and the same instrument.

SECTION 10. Severability. Any provision of this Waiver which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

SECTION 11. Governing Law. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

[THE REMAINDER OF THIS PAGE IS INTENIONALLY LEFT BLANK]

4

 

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

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,
as 

Administrative Agent

 	 
	 	By:  	       /s/ Richard W Ducker
 	 
	 	 	Name:  	Richard W. Ducker 	 
	 	 	Title:  	Managing Director 	 
	 
	 	VISTEON CORPORATION, on its own behalf 

and on behalf of the Loan Parties

 	 
	 	By:  	      /s/ Michael P. Lewis
 	 
	 	 	Name:  	Michael P. Lewis 	 
	 	 	Title:  	Assistant Treasurer 	 
	 

5

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