Document:

EX-4.2

 

EXHIBIT 4.2

JOINDER AGREEMENT

US LEC OF NEW YORK INC.

Morrocroft III

6801 Morrison Boulevard

Charlotte, North Carolina 28211

October 19, 2005

U.S. Bank National Association

Attention: Corporate Trust Administration

60 Livingston Avenue

EP-MN-WS3C

St. Paul, Minnesota 55107-2292

Ladies and Gentlemen:

     Reference is made to that certain security agreement (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized
terms used but not otherwise defined herein shall have the meanings assigned to such terms in the
Security Agreement), dated as of September 30, 2004, made by US LEC CORP., a Delaware corporation
(the “Company”), the Guarantors party thereto and U.S. BANK NATIONAL ASSOCIATION, a
national banking organization, as trustee (in such capacity and together with any successors in
such capacity, the “Trustee”).

     This letter supplements the Security Agreement and is delivered by the undersigned, US LEC of
New York Inc., a North Carolina corporation (the “New Pledgor”), pursuant to Section
3.5 of the Security Agreement. The New Pledgor hereby agrees to be bound as a Guarantor and as
a Pledgor by all of the terms, covenants and conditions set forth in the Security Agreement to the
same extent that it would have been bound if it had been a signatory to the Security Agreement on
the execution date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a
party by all of the terms, covenants and conditions applicable to it set forth in the Indenture to
the same extent that it would have been bound if it had been a signatory to the Indenture on the
execution date of the Indenture. Without limiting the generality of the foregoing, the New Pledgor
hereby grants and pledges to the Trustee, as collateral security for the full, prompt and complete
payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the
Obligations, a Lien on and security interest in, all of its right, title and interest in, to and
under the Pledged Collateral and expressly assumes all obligations and liabilities of a Guarantor
and Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties
and agrees to each of the covenants applicable to the Pledgors contained in the Security Agreement
and the Indenture.

 

 

     Annexed hereto are supplements to each of the schedules to the Security Agreement and the
Indenture, as applicable, with respect to the New Pledgor. Such supplements shall be deemed to be
part of the Security Agreement or the Indenture, as applicable.

     This agreement and any amendments, waivers, consents or supplements hereto may be executed in
any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original, but all such counterparts
together shall constitute one and the same agreement.

     THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK.

 

 

     IN WITNESS WHEREOF, the New Pledgor has caused this letter agreement to be executed and
delivered by its duly authorized officer as of the date first above written.

	 	 	 	 	 	 	 
	 	 	US LEC OF NEW YORK INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ J. Lyle Patrick	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: J. Lyle Patrick	 	 
	 

	 	 	 	Title: Executive Vice President and
Chief Financial Officer	 	 

	 	 	 	 	 
	AGREED TO AND ACCEPTED:	 	 
	 
	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION,	 	 
	as Trustee
	 	 
	 
	 	 	 	 
	By:
	 	/s/ R. Prokosch	 	 
	 

	 	 

Name: Richard Prokosch
	 	 
	 

	 	Title: Vice PresidentEX-10.1 STOCK PURCHASE AGREEMENT

 

Exhibit 10.1

STOCK PURCHASE AGREEMENT

by and between

PLATINUM EQUITY, LLC

AND

CRAWFORD & COMPANY

Dated as of August 18, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE I	 	DEFINITIONS
	 	 	1	 
	 	1.1	 	 	Definitions
	 	 	1	 
	 	1.2	 	 	Interpretation
	 	 	8	 
	 	 	 	 	 	 	 	 	 
	ARTICLE II	 	PURCHASE AND SALE
	 	 	9	 
	 	2.1	 	 	Excluded Assets and Excluded Liabilities
	 	 	9	 
	 	2.2	 	 	Purchase of the Shares
	 	 	9	 
	 	2.3	 	 	Purchase Price
	 	 	9	 
	 	2.4	 	 	Purchase Price Adjustment
	 	 	9	 
	 	 	 	 	 	 	 	 	 
	ARTICLE III	 	REPRESENTATIONS AND WARRANTIES OF SELLER
	 	 	11	 
	 	3.1	 	 	Organization and Authorization of Seller
	 	 	11	 
	 	3.2	 	 	Due Execution and Delivery; Binding Obligations
	 	 	11	 
	 	3.3	 	 	Organization; Power and Authority; Good Standing
	 	 	11	 
	 	3.4	 	 	Capitalization; Title to the Shares
	 	 	11	 
	 	3.5	 	 	No Conflict or Violation
	 	 	12	 
	 	3.6	 	 	Legal Proceedings
	 	 	12	 
	 	3.7	 	 	Compliance with Law
	 	 	13	 
	 	3.8	 	 	Financial Statements
	 	 	13	 
	 	3.9	 	 	Absence of Material Undisclosed Liabilities
	 	 	13	 
	 	3.10	 	 	Absence of Changes
	 	 	14	 
	 	3.11	 	 	Material Contracts
	 	 	14	 
	 	3.12	 	 	Material Customers
	 	 	15	 
	 	3.13	 	 	Real Property
	 	 	16	 
	 	3.14	 	 	Tangible Property
	 	 	16	 
	 	3.15	 	 	Taxes
	 	 	16	 
	 	3.16	 	 	Permits
	 	 	18	 
	 	3.17	 	 	Intellectual Property
	 	 	18	 
	 	3.18	 	 	Employee Matters and Benefit Plans
	 	 	19	 
	 	3.19	 	 	Environmental Matters
	 	 	21	 
	 	3.20	 	 	Insurance
	 	 	22	 
	 	3.21	 	 	Affiliate Transactions
	 	 	22	 
	 	3.22	 	 	No Brokers or Finders
	 	 	23	 
	 	3.23	 	 	Disclaimer of Additional and Implied Warranties
	 	 	23	 
	 	 	 	 	 	 	 	 	 
	ARTICLE IV	 	REPRESENTATIONS AND WARRANTIES OF PURCHASER
	 	 	23	 
	 	4.1	 	 	Organization and Authorization of Purchaser
	 	 	23	 
	 	4.2	 	 	Due Execution and Delivery; Binding Obligations
	 	 	23	 
	 	4.3	 	 	Legal Proceedings
	 	 	23	 
	 	4.4	 	 	No Conflict or Violation
	 	 	24	 
	 	4.5	 	 	No Brokers or Finders
	 	 	24	 
	 	4.6	 	 	Funding
	 	 	24	 
	 	4.7	 	 	Investment Intent
	 	 	24	 
	 	4.8	 	 	No Other Representations or Warranties; Full Disclosure
	 	 	24	 

   i   

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE V	 	COVENANTS
	 	 	25	 
	 	5.1	 	 	Access to Information
	 	 	25	 
	 	5.2	 	 	Conduct of the Business
	 	 	25	 
	 	5.3	 	 	Regulatory and Other Authorizations; Consents; Permits
	 	 	26	 
	 	5.4	 	 	Confidentiality
	 	 	27	 
	 	5.5	 	 	Publicity
	 	 	27	 
	 	5.6	 	 	Employees and Employee Benefits
	 	 	27	 
	 	5.7	 	 	Performance of Certain Obligations After the Closing
	 	 	30	 
	 	5.8	 	 	Non-Competition; Non-Solicitation
	 	 	30	 
	 	5.9	 	 	Indemnification of Officers and Directors
	 	 	31	 
	 	5.10	 	 	Further Assurances
	 	 	31	 
	 	5.11	 	 	Bonds; Letters of Credit; Guarantee
	 	 	32	 
	 	5.12	 	 	Pre-closing Cash Distributions
	 	 	32	 
	 	5.13	 	 	No Solicitation by Seller
	 	 	32	 
	 	 	 	 	 	 	 	 	 
	ARTICLE VI	 	CONDITIONS PRECEDENT TO PURCHASER’S PERFORMANCE
	 	 	33	 
	 	6.1	 	 	Accuracy of Seller’s Representations and Warranties
	 	 	33	 
	 	6.2	 	 	Performance of Seller’s Covenants
	 	 	33	 
	 	6.3	 	 	No Governmental Order
	 	 	33	 
	 	6.4	 	 	HSR Waiting Period
	 	 	33	 
	 	6.5	 	 	Deliverables
	 	 	33	 
	 	6.6	 	 	Material Adverse Effect
	 	 	33	 
	 	 	 	 	 	 	 	 	 
	ARTICLE VII	 	CONDITIONS PRECEDENT TO SELLER’S PERFORMANCE
	 	 	33	 
	 	7.1	 	 	Accuracy of Purchaser’s Representations and Warranties
	 	 	33	 
	 	7.2	 	 	Performance of Purchaser’s Covenants
	 	 	34	 
	 	7.3	 	 	No Governmental Order
	 	 	34	 
	 	7.4	 	 	HSR Waiting Period
	 	 	34	 
	 	7.5	 	 	Deliverables
	 	 	34	 
	 	 	 	 	 	 	 	 	 
	ARTICLE VIII	 	TERMINATION PRIOR TO CLOSING
	 	 	34	 
	 	8.1	 	 	Termination
	 	 	34	 
	 	8.2	 	 	Effect on Obligations
	 	 	35	 
	 	 	 	 	 	 	 	 	 
	ARTICLE IX	 	THE CLOSING
	 	 	35	 
	 	9.1	 	 	Closing
	 	 	35	 
	 	9.2	 	 	Seller’s Obligations
	 	 	35	 
	 	9.3	 	 	Purchaser’s Obligations
	 	 	36	 
	 	 	 	 	 	 	 	 	 
	ARTICLE X	 	INDEMNIFICATION
	 	 	35	 
	 	10.1	 	 	Survival of Representations and Warranties
	 	 	35	 
	 	10.2	 	 	Indemnification Obligations
	 	 	36	 

   ii   

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	10.3	 	 	Mitigation
	 	 	38	 
	 	10.4	 	 	Exclusive Remedy
	 	 	38	 
	 	10.5	 	 	Damages
	 	 	38	 
	 	10.6	 	 	Other Limitations
	 	 	39	 
	 	10.7	 	 	Adjustments to Purchase Price
	 	 	39	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XI	 	TAX MATTERS
	 	 	39	 
	 	11.1	 	 	Responsibility for Taxes
	 	 	39	 
	 	11.2	 	 	Tax Returns and Contests
	 	 	41	 
	 	 	 	 	 	 	 	 	 
	ARTICLE XII	 	MISCELLANEOUS PROVISIONS
	 	 	42	 
	 	12.1	 	 	Entire Agreement
	 	 	42	 
	 	12.2	 	 	Governing Law
	 	 	42	 
	 	12.3	 	 	Arbitration
	 	 	42	 
	 	12.4	 	 	Schedules
	 	 	43	 
	 	12.5	 	 	Waiver and Amendment
	 	 	44	 
	 	12.6	 	 	Amendment to Schedules
	 	 	44	 
	 	12.7	 	 	Assignment
	 	 	44	 
	 	12.8	 	 	Successors and Assigns
	 	 	45	 
	 	12.9	 	 	No Third Party Beneficiaries
	 	 	45	 
	 	12.10	 	 	No Personal Liability
	 	 	45	 
	 	12.11	 	 	Notices
	 	 	45	 
	 	12.12	 	 	Severability
	 	 	46	 
	 	12.13	 	 	Counterparts
	 	 	46	 
	 	12.14	 	 	No Presumption
	 	 	46	 
	 	12.15	 	 	Facsimile Signatures
	 	 	46	 
	 	12.16	 	 	Fees and Expenses
	 	 	47	 

   iii   

 

 

STOCK PURCHASE AGREEMENT

     This STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of August
18, 2006 by and between Platinum Equity, LLC, a Delaware limited liability company
(“Seller”), and Crawford & Company, a Georgia corporation (“Purchaser”).

R E C I T A L S

     A. Seller owns all of the issued and outstanding capital stock (the “Shares”) of
Broadspire Management Services, Inc., a Delaware corporation (the “Company”).

     B. Seller desires to sell the Shares to Purchaser, and Purchaser desires to purchase the
Shares from Seller, in each case on the terms and subject to the conditions set forth in this
Agreement.

A G R E E M E N T

     NOW, THEREFORE, in consideration of the foregoing recitals and the respective covenants,
agreements, representations and warranties contained herein, the parties, intending to be legally
bound, agree as follows:

ARTICLE I

DEFINITIONS

     1.1 Definitions. The following capitalized terms used herein shall have the meanings
indicated:

          “Acceptance Notice” has the meaning given to such term in Section 2.4(a).

          “Action” means any action, claim, suit, litigation, arbitration, mediation or other
proceeding by or before any Governmental Authority.

          “Affiliate” means, with respect to any Person, any other Person that, directly or
indirectly, through one or more intermediaries, controls, or is controlled by, or is under common
control with such Person. For purposes of this definition, “control” means, with respect to any
Person, the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.

          “Agreement” has the meaning given to such term in the preamble hereto.

          “Change of Control Agreement(s)” has the meaning given to such term in Section
5.6(f).

          “Closing” has the meaning given to such term in Section 9.1.

          “Closing Date” has the meaning given to such term in Section 9.1.

 

 

          “Code” means the Internal Revenue Code of 1986, as amended, and rules and regulations
promulgated thereunder.

          “Company” has the meaning given to such term in Recital A.

          “Company Benefit Plan” means (i) any “employee welfare benefit plan,” as defined in
Section 3(l) of ERISA, (ii) any “employee pension benefit plan,” as defined in Section 3(2) of
ERISA, (iii) any “multi-employer plan,” as defined in Section 4001(a)(3) of ERISA, and (iv) any
other plan, fund, program, agreement, arrangement or scheme, including each plan, fund, program,
agreement, arrangement or scheme maintained or required to be maintained under the Laws of a
jurisdiction outside the United States of America, in each case, that is or was at any time
sponsored, administered or maintained or required to be sponsored, administered or maintained by
the Company or any Subsidiary or to which the Company or any Subsidiary makes or has made, or has
or has had an obligation to make, contributions at any time and which provides or at any time
provided benefits to current or former employees of the Company or any Subsidiary or the dependents
of any such employees; provided, however, that no such plan, fund, program, agreement, arrangement
or scheme identified as a “Seller Benefit Plan” on Section 3.18(e) of the Disclosure Schedule shall
be a “Company Benefit Plan” whether or not such plan, fund, program, agreement, arrangement or
scheme would otherwise come within the scope of this definition.

          “Contracts” means all contracts, licenses, Leases, and other agreements (written or
oral), to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary
is bound.

          “Damages” means any loss, liability, damage or reasonable expense incurred as a result
thereof, including, without limitation, reasonable attorneys’, accountants’ and experts’ fees, but
shall not include any exemplary, punitive, incidental or special damages, consequential damages
that were not reasonably foreseeable or any claim for lost profits.

          “Disability Business Sale Agreement” means that certain Asset Purchase Agreement by
and among Aetna Life Insurance Company, Seller, the Company and Broadspire Services, Inc., dated as
of February 27, 2006, as amended.

          “Disclosure Schedule” has the meaning given to such term in the preamble to
Article III.

          “Dispute Notice” has the meaning given to such term in Section 2.4(a).

          “Employee” means any person employed by the Company or any Subsidiary immediately
prior to the Closing.

          “Encumbrance” means any mortgage, lien, pledge, charge, security interest,
encumbrance, or restriction.

          “Environmental Laws” shall mean all federal, state, local and foreign statutes,
regulations, ordinances and similar provisions having the force or effect of law, all judicial and
administrative orders and determinations, all contractual obligations and all common law

2

 

concerning public health and safety, worker health and safety, and pollution or protection of
the environment, including without limitation all those relating to the presence, use, production,
generation, handling, transportation, treatment, storage, disposal, distribution, labeling,
testing, processing, discharge, release, threatened release, control, or cleanup of any hazardous
materials, substances or wastes, chemical substances or mixtures, pesticides, pollutants,
contaminants, toxic chemicals, petroleum products or byproducts, asbestos, polychlorinated
biphenyls or radiation, as such of the foregoing are enacted or in effect, prior to the Closing
Date.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

          “ERISA Affiliate” means any Person (whether incorporated or unincorporated) that
together with the Company or a Subsidiary would be deemed a “single employer” within the meaning of
Section 414 of the Code.

          “ERISA Affiliate Plan” means (i) any “group health plan,” as defined in Section
5000(b)(1) of the Code, (ii) any “employee pension benefit plan,” as defined in Section 3(2) of
ERISA that is subject to Title IV of ERISA, and (iii) any “multi-employer plan,” as defined in
Section 4001(a)(3) of ERISA, sponsored, administered or maintained or required to be sponsored,
administered or maintained at any time by any ERISA Affiliate, or to which such ERISA Affiliate
makes or has made, or has or has had an obligation to make, contributions at any time.

          “Excluded Assets” has the meaning given to such term in Section 2.1.

          “Excluded Liabilities” has the meaning given to such term in Section 2.1.

          “Final Net Working Capital as of the Closing Date” means the Net Working Capital as of
the Closing Date as finally determined pursuant to clause (a) or clause (b) of Section 2.4.

          “Financial Statements” has the meaning given to such term in Section 3.8(a).

          “Former Employee” means any person formerly employed by the Company or any Subsidiary
who, at (or immediately prior to) Closing, is no longer employed by the Company or any Subsidiary.

          “GAAP” means generally accepted accounting principles as in effect in the United
States from time to time.

          “Governmental Authority” means (i) any nation, state, county, city or other legal
jurisdiction, (ii) any federal, state, local, municipal, foreign or other government, (iii) any
governmental or quasi-governmental authority of any nature or (iv) any body exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government.

          “Hazardous Substance” shall mean any solid, liquid or gaseous substance, chemical,
compound, product, byproduct, waste, pollutant, contaminant or material, including,

3

 

without limitation, asbestos in friable form, urea formaldehyde, polychlorinated biphenyls and
petroleum and its refined products, that is subject to regulation, control or remediation by any
applicable Governmental Authority or by any Environmental Law.

          “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
and the rules and regulations promulgated thereunder.

          “Indemnified Party” means a Purchaser Indemnified Party or a Seller Indemnified Party,
as the case may be.

          “Indemnifying Party” means a party that is required to indemnify any Indemnified Party
pursuant to Article X.

          “Independent Auditor” has the meaning given to such term in Section 2.4(b).

          “Intellectual Property” means all of the following owned by or licensed to the Company
or any Subsidiary: (i) patents, patent applications, patent disclosures and inventions as well as
any reissues, continuations, continuations-in-part, divisions, revisions, extensions or
reexaminations thereof; (ii) computer software (including but not limited to source code,
executable code, data, databases and documentation); (iii) any and all trademarks, service marks,
trade names, and internet domain names and registrations and applications for registration thereof;
(iv) copyrights and copyrightable works and registrations and applications for registration
thereof; and (v) any and all trade secrets, inventions, know-how, confidential or proprietary
information and any and all other intellectual property rights.

          “Knowledge” means (i) with respect to Seller, the actual knowledge of the executive
officers of Seller or the Company after reasonable inquiry of those employees of the Company that
have primary supervisory responsibility for the matter at issue and (ii) with respect to Purchaser,
the actual knowledge of the executive officers of Purchaser after reasonable inquiry of those
employees of Purchaser that have primary supervisory responsibilities for the matter at issue.

          “Laws” means all laws of any country or any political subdivision thereof, including,
without limitation, all federal, state and local statutes, regulations, ordinances, orders or
decrees or any other laws, common law theories or reported decisions of any court thereof.

          “Leases” means all leases, subleases, licenses and other lease agreements, together
with all amendments, supplements and nondisturbance agreements pertaining thereto, under which the
Company or any Subsidiary leases, subleases, licenses or uses any real property.

          “Lindsey Morden Purchase Agreement” means that certain Asset Purchase Agreement by and
among Cunningham Lindsey U.S., Inc., Lindsey Morden Group Inc. and Broadspire Services, Inc., dated
as of March 8, 2004.

          “Lumbermens Agreement” means that certain Purchase Agreement dated as of July 14, 2003
by and between Tornado Acquisition, Inc. and Lumbermens Mutual Casualty Company, as amended.

4

 

          “Material Adverse Effect” means any material adverse effect on the operations,
financial condition, business, assets or liabilities of the Company and the Subsidiaries, taken as
a whole, other than any such effect resulting from (i) changes in the United States economy in
general that do not disproportionately impact the Company, (ii) changes in the industries in which
the Company and the Subsidiaries operate their businesses and not specifically relating to the
business of the Company and the Subsidiaries that do not disproportionately impact the Company,
(iii) financial, banking, or securities markets (including any disruption thereof and any decline
in the price of any security or any market index) that do not disproportionately impact the
Company, or (iv) the announcement of this Agreement or any transactions contemplated hereunder, the
fulfillment of the parties’ obligations hereunder or the consummation of the transactions
contemplated by this Agreement.

          “Material Contract” has the meaning given to such term in Section 3.11(a).

          “Material Customer” has the meaning given to such term in Section 3.12.

          “Net Working Capital as of the Closing Date” means the dollar amount equal to (i) the
book value of the Company and the Subsidiaries’ accounts receivable, accrued receivables, prepaid
expenses (both current and long term), cash and cash equivalents, if any, and other current assets
as of the close of business on the Closing Date minus (ii) the book value of the Company
and the Subsidiaries’ accounts payable and accrued liabilities as of the close of business on the
Closing Date, in each case determined in accordance with GAAP consistently applied, but without
giving effect to any purchase accounting or other adjustments resulting from or related to the
consummation of the transactions contemplated by this Agreement (other than the other transactions
contemplated by Section 2.1, it being understood that the Excluded Assets and the Excluded
Liabilities shall not be included as assets or liabilities of the Company or any Subsidiary in
determining the Net Working Capital as of the Closing Date).

          “Organizational Documents” means with respect to a limited liability company, the
certificate of formation and the operating agreement, as amended, and with respect to a
corporation, the certificate or articles of incorporation and the bylaws, as amended.

          “Participation Plan” has the meaning given to such term in Section 5.6(f).

          “Permits” means all franchises, permits, licenses, qualifications, municipal and other
authorizations, orders and other rights from, and filings with, any Governmental Authority.

          “Permitted Encumbrances” means (i) statutory liens for Taxes and other charges and
assessments by any Governmental Authority that are not yet due and payable or are being contested
in good faith, (ii) mechanics’, materialmen’s, and similar liens that can be satisfied by a payment
of cash to the lienholders, (iii) rights reserved to any Governmental Authority to regulate the
affected assets, including zoning laws and ordinances, (iv) as to real property interests,
including leasehold interests, any easements, rights-of-way, servitudes, permits, restrictions, and
minor imperfections or irregularities in title that do not, individually or in the aggregate,
interfere with the ability to own, use, or operate such real property, (v) purchase money liens and
liens securing rental payments under any capital lease arrangements, (vi) notice

5

 

filings with respect to equipment leases or other leases of personal property, and (vii) any
other Encumbrance that is immaterial with respect to the asset that it encumbers.

          “Person” means any individual, any entity or any unincorporated organization,
including a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, or a joint venture.

          “Prior Agreements” means, collectively, (i) the Disability Business Sale Agreement,
the Risk and Safety Business Sale Agreement, the Lumbermen’s Purchase Agreement, the WorkAbility
Business Purchase Agreement, the Lindsey Morden Purchase Agreement, and (ii) any and all transition
services agreements, license agreements, real property leases and other ancillary agreements
entered into in connection therewith to the extent that with respect to such agreements described
in this clause (ii) Seller has guaranteed the performance of any obligation or pursuant to which
Seller may become obligated to perform any obligations or indemnify any Person if such obligation
is not performed by the Company or any Subsidiary.

          “Pro Forma Financial Statements” has the meaning given to such term in Section
3.8(c).

          “Purchaser’s FSA” has the meaning given to such term in Section 5.6(c).

          “Purchase Price” has the meaning given to such term in Section 2.3.

          “Purchaser” has the meaning given to such term in the preamble hereto.

          “Purchaser Indemnified Parties” has the meaning given to such term in Section
10.2(a).

          “Purchaser Sponsored Plans” has the meaning given to such term in Section
5.6(a).

          “Purchaser’s 401(k) Plan” has the meaning given to such term in Section
5.6(b).

          “Purchaser’s Statement” has the meaning given to such term in Section 2.4(a).

          “Representative” of a party means any officer, director, employee, principal, member,
shareholder or partner of such party or any attorney, accountant or advisor to such party.

          “Review Period” has the meaning given to such term in Section 2.4(a).

          “Risk and Safety Business Sale Agreement” means that certain Asset Purchase Agreement
by and among U.S. Laboratories, Inc., Bureau Veritas S.A., Broadspire Services, Inc., and Seller
dated December 8, 2005.

          “Sale of the Disability Business” means the sale by the Company and Broadspire
Services, Inc. pursuant to the terms of the Disability Business Sale Agreement of certain assets
and liabilities relating to their business of (i) marketing, producing and administering self-

6

 

insured disability plans and disability insurance polices, (ii) marketing and providing Family
Medical Leave Act and other absence management services and (iii) other related business
activities, including related claim management and medical and care management.

          “Sale of the Risk and Safety Business” means the sale by Broadspire Services, Inc. and
Seller pursuant to the terms of the Risk and Safety Business Sale Agreement of certain assets and
liabilities relating to its business of providing loss control, laboratory testing, and risk and
safety consulting services through its consulting services group (which provided safety, ergonomics
and industrial hygiene consulting), and its industrial hygiene laboratory (which provided sample
collection, testing and analysis to monitor exposures to toxic substances), and certain related
services.

          “Seller” has the meaning given to such term in the preamble hereto.

          “Seller’s 401(k) Plan” has the meaning given to such term in Section 5.6(b).

          “Seller Benefit Plan” means (i) any “employee welfare benefit plan,” as defined in
Section 3(l) of ERISA, (ii) any “employee pension benefit plan,” as defined in Section 3(2) of
ERISA, (iii) any “multi-employer plan,” as defined in Section 4001(a)(3) of ERISA, and (iv) any
other plan, fund, program, agreement, arrangement or scheme, including each plan, fund, program,
agreement, arrangement or scheme maintained or required to be maintained under the Laws of a
jurisdiction outside the United States of America, in each case, that is or was at any time
sponsored, administered or maintained or required to be sponsored, administered or maintained by
Seller or to which Seller makes or has made, or has or has had an obligation to make, contributions
at any time and which provides or at any time provided benefits to current or former employees of
the Company or any Subsidiary or the dependents of any such employees.

          “Seller Credit Enhancement(s)” has the meaning given to such term in Section
5.11.

          “Seller Indemnified Parties” has the meaning given to such term in Section
10.2(b).

          “Shares” has the meaning given to such term in Recital A of this Agreement.

          “Specified Representations” has the meaning given to such term in Section
10.1.

          “Subsidiaries” means, collectively, Broadspire Services, Inc. and Pillar Services,
Inc., and “Subsidiary” means any of the Subsidiaries, individually.

          “Target Amount” means negative Nine Million Five Hundred Eighty-Two Thousand Dollars
(-$9,582,000).

          “Tax(es)” means all taxes, charges, fees, levies, duties, imposts or other assessments
or charges imposed by and required to be paid to any federal, state, local or foreign taxing
authority, including, without limitation, income, excise, property (whether real or tangible
personal property), sales, use, transfer, gains, ad valorem, value added, stamp,
payroll, windfall, profits, gross receipts, license, occupation, commercial activity, employment,
withholding, social

7

 

security, medicare, workers’ compensation, unemployment compensation, documentation,
registration, customs duties, tariffs, net worth, capital stock and franchise taxes, alternative or
add-on minimum (including any interest, penalties or additions attributable to or imposed on or
with respect to any such assessment) and any estimated payments or estimated taxes.

          “Tax Return” means any return, report, information return or other similar document or
statement (including any related or supporting information) filed or required to be filed with any
Governmental Authority in connection with the determination, assessment or collection of any Tax or
the administration of any Laws, regulations or administrative requirements relating to any Tax,
including, without limitation, any information return, claim for refund, amended return or
declaration of estimated Tax and all federal, state, local and foreign returns, reports and similar
statements.

          “Third Party Reimbursement” has the meaning given to such term in Section
10.3.

          “WorkAbility Business Purchase Agreement” means that certain Asset Purchase Agreement
by and among Core, Inc., the Company and Broadspire Services, Inc., dated as of April 16, 2004, as
amended.

     1.2 Interpretation. In this Agreement, unless otherwise specified or where the
context otherwise requires:

          (a) language shall be construed simply according to its fair meaning and not strictly for or
against any party;

          (b) the headings of particular provisions of this Agreement are inserted for convenience only
and will not be construed as a part of this Agreement or serve as a limitation or expansion on the
scope of any term or provision of this Agreement;

          (c) words importing any gender shall include other genders;

          (d) words importing the singular only shall include the plural and vice versa;

          (e) the words “include,” “includes” or “including” shall be deemed to be followed by the words
“without limitation;”

          (f) the words “hereby,” “hereof,” “herein” and “herewith” and words of similar import shall,
unless otherwise stated, be construed to refer to this Agreement as a whole and not to any
particular provision of this Agreement;

          (g) references to “Article,” “Section” or “Schedule” shall be to an Article, Section or
Schedule of or to this Agreement;

          (h) references to any Person include the successors and permitted assigns of such Person;

8

 

          (i) any definition of or reference to any Law, agreement, instrument or other document herein
will be construed as referring to such Law, agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified; and

          (j) any definition of or reference to any statute will be construed as referring also to any
rules and regulations promulgated thereunder.

ARTICLE II

PURCHASE AND SALE

     2.1 Excluded Assets and Excluded Liabilities. Prior to the Closing, Seller shall, and
shall cause the Company and the Subsidiaries to, take any and all action to (i) sell, assign,
distribute or otherwise transfer the assets listed on Section 2.1 of the Disclosure Schedule
under the caption “Excluded Assets” (collectively, the “Excluded Assets”) to Seller or
an Affiliate of Seller (other than the Company or a Subsidiary) on terms reasonably satisfactory to
Purchaser and (ii) assign or transfer to Seller or an Affiliate of Seller (other than the Company
or a Subsidiary), or pay, extinguish or otherwise settle the liabilities listed on Section 2.1
of the Disclosure Schedule under the caption “Excluded Liabilities” (collectively, the
“Excluded Liabilities”), in each case on terms reasonably satisfactory to Purchaser. To
the extent any Excluded Liability is assigned or transferred to Seller or an Affiliate of Seller
(other than the Company or a Subsidiary) pursuant to this Section 2.1, Seller shall, or, if
applicable, shall cause such Affiliate to, assume such Excluded Liability.

     2.2 Purchase of the Shares. On the terms and subject to the conditions of this
Agreement, at the Closing, Seller shall sell, assign and deliver the Shares to Purchaser, and
Purchaser shall purchase and acquire the Shares from Seller, free and clear of all Encumbrances,
except for restrictions on transfer under federal and state securities Laws.

     2.3 Purchase Price. The purchase price for the Shares (the “Purchase Price”)
shall be $150,000,000, subject to adjustment as provided in Section 2.4, to be paid by
Purchaser to Seller at the Closing by wire transfer of immediately available funds to such account
as Seller may designate in writing prior to the Closing.

     2.4 Purchase Price Adjustment.

          (a) Purchaser’s Statement; Seller’s Review. No later than ninety (90) days following
the Closing Date, Purchaser shall prepare and deliver to Seller a statement of the Net Working
Capital as of the Closing Date (“Purchaser’s Statement”). Seller shall have a period of
the longer of (i) sixty (60) days from the receipt of Purchaser’s Statement and (ii) one hundred
fifty (150) days after the Closing Date (the “Review Period”) to review Purchaser’s
Statement. During the Review Period, Purchaser shall make available to Seller such accounting
records of the Company and the Subsidiaries as may be relevant to Seller’s review of Purchaser’s
Statement. If as a result of such review, Seller disagrees with Purchaser’s Statement, Seller
shall deliver to Purchaser a written notice of disagreement (a “Dispute Notice”) prior to
the expiration of the Review Period, specifying in reasonable detail the nature and amount of such
disagreement and including Seller’s determination of the Net Working Capital as of the Closing
Date. If Seller agrees with Purchaser’s Statement, Seller shall deliver a written statement to

9

 

Purchaser within the Review Period accepting Purchaser’s Statement (an “Acceptance
Notice”), in which case Purchaser’s Statement shall be final and binding, effective as of the
date on which Purchaser receives the Acceptance Notice. If Seller does not deliver a Dispute
Notice or an Acceptance Notice within the Review Period, then Purchaser’s Statement shall be final
and binding, effective as of the first business day after the expiration of the Review Period.

          (b) Resolution of Disputes. If Seller delivers a Dispute Notice to Purchaser in a
timely manner, then Purchaser and Seller shall attempt in good faith to resolve such dispute within
fifteen (15) days from the date of the Dispute Notice (or such longer period as the parties may
mutually agree). If Purchaser and Seller cannot reach agreement within such fifteen (15) day
period (or such longer period as they may mutually agree), then Purchaser and Seller shall promptly
refer the specific items in dispute to PricewaterhouseCoopers LLP (the “Independent
Auditor”) for binding resolution. The Independent Auditor shall work to resolve such dispute
promptly and, to the extent practicable, within thirty (30) days from the date the dispute is
submitted to the Independent Auditor. The Independent Auditor shall act based solely on the
presentations of Purchaser and Seller and not by independent review. Any item not specifically
referred to the Independent Auditor for evaluation shall be deemed final and binding on the
parties. The Independent Auditor shall deliver to both Purchaser and Seller a written opinion
setting forth the final determination of the Net Working Capital as of the Closing Date calculated
in accordance with the provisions of this Agreement, which shall not be more than as set forth in
the Dispute Notice nor less than as set forth in Purchaser’s Statement. The determination of the
Independent Auditor shall be final and binding, effective as of the date the Independent Auditor’s
written opinion is received by Purchaser and Seller. The fees, costs and expenses of the
Independent Auditor shall be borne equally by Purchaser and Seller.

          (c) Final Settlement. If the Final Net Working Capital as of the Closing Date is less
than the Target Amount (i.e., a larger negative number), then Seller shall, within five (5)
business days from the effective date of such final determination, pay to Purchaser the amount of
such difference plus an amount computed like simple interest on an annual basis at the prime
lending rate as reported in the Wall Street Journal from the Closing Date through the date of
payment, such payment to be made by wire transfer of immediately available funds to such bank
account as Purchaser may designate (or in the absence of any such designation, by corporate check
mailed to Purchaser). If the Final Net Working Capital as of the Closing Date is greater than the
Target Amount (i.e., a smaller negative number or a positive number), then Purchaser shall, within
five (5) business days from the date of such final determination, pay to Seller the amount of such
difference plus an amount computed like simple interest on an annual basis at the prime lending
rate as reported in the Wall Street Journal from the Closing Date through the date of payment, such
payment to be made by wire transfer of immediately available funds to such bank account as Seller
may designate (or in the absence of any such designation, by corporate check mailed to Seller).
Any payments made pursuant to this Section 2.3 shall be consistently treated as adjustments
to the Purchase Price.

          (d) Certain Employee Bonus Plans. If the Company would have recorded an accrual as of
the Closing Date with respect to an employee bonus plan or program (other than any Change in
Control Agreement) of the Company or any Subsidiary in the ordinary course of business, and
Purchaser causes any such plan or program to be amended after the Closing to decrease the bonuses
payable under such plan or program with respect to the portion

10

 

of the applicable bonus period ending on the Closing Date, then the accrual for such bonus
plan or program shall be reduced in determining the Final Net Working Capital as of the Closing
Date to reflect the bonus amount that would have been accrued under such amended plan or program.
In no event shall any such amendment result in any increase in the accrual for the purposes of
determining Final Net Working Capital as of the Closing Date.

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Purchaser as follows, subject to the exceptions set forth in
the disclosure schedule attached hereto (the “Disclosure Schedule”):

     3.1 Organization and Authorization of Seller. Seller is a limited liability company,
duly organized, validly existing and in good standing under the Laws of the State of Delaware.
Seller has all requisite limited liability company power and authority to own and operate its
assets and to carry on its business as presently conducted. Seller has the requisite power and
authority to enter into this Agreement, to perform its obligations hereunder, and to consummate the
transactions contemplated hereby.

     3.2 Due Execution and Delivery; Binding Obligations. The execution, delivery and
performance of this Agreement by Seller have been duly authorized by all necessary action on the
part of Seller. This Agreement has been duly executed and delivered by Seller. This Agreement
constitutes the legal, valid and binding agreement of Seller, enforceable against Seller in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, arrangement, moratorium or similar Laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability.

     3.3 Organization; Power and Authority; Good Standing.

          (a) The Company and the Subsidiaries are corporations, duly organized, validly existing and in
good standing under the Laws of their respective jurisdictions of incorporation. The Company and
the Subsidiaries have all requisite corporate power and authority to own and operate their
respective assets and to carry on their respective businesses as presently conducted.

          (b) The Company and each Subsidiary is qualified to do business in each jurisdiction in which
the conduct of its business or ownership of its properties make such qualification necessary,
except for such jurisdictions in which the failure to be so qualified would not have a Material
Adverse Effect and would not materially delay the Closing or materially and adversely affect the
ability of the parties to consummate the transactions contemplated hereby.

     3.4 Capitalization; Title to the Shares.

          (a) The authorized capital stock of the Company consists of 1,000 shares of common stock,
$0.01 par value per share, of which 100 shares are issued and outstanding and which constitute the
Shares. The Shares are owned, of record and beneficially, by Seller, and at the Closing will be
free and clear of all Encumbrances, except for restrictions on transfer under federal and state
securities Laws. The Shares are duly and validly authorized,

11

 

issued and outstanding, fully paid and non-assessable. There are no outstanding subscription,
option, warrant, call rights, preemptive rights or other agreements or commitments obligating the
Company to issue, sell, deliver or transfer (including any rights of conversion or exchange under
any outstanding security or other instrument) any economic, voting, ownership or any other type of
interest or security in the Company.

          (b) Each Subsidiary is wholly owned by the Company or another Subsidiary. All of the
outstanding shares of capital stock of each Subsidiary are validly issued, fully paid and
non-assessable. There are no outstanding subscription, option, warrant, call rights, preemptive
rights or other agreements or commitments obligating any Subsidiary to issue, sell, deliver or
transfer (including any rights of conversion or exchange under any outstanding security or other
instrument) any economic, voting, ownership or any other type of interest or security in such
Subsidiary.

          (c) Except for its direct and indirect ownership interests in the Subsidiaries, the Company
does not own, directly or indirectly, any voting securities or other equity interests in, or have
the right to control, any other Person.

     3.5 No Conflict or Violation. Neither the execution and delivery of this Agreement by
Seller nor the consummation of the transactions contemplated hereby will result in (i) a violation
of, or a conflict with, the Organizational Documents of Seller, the Company or any Subsidiary; (ii)
a material violation by Seller, the Company or any Subsidiary of any applicable Law; or (iii) a
violation by Seller, the Company or any Subsidiary of any order, judgment, writ, injunction decree
or award to which Seller, the Company or any Subsidiary is a party or by which it is bound. Except
as set forth on Section 3.5 of the Disclosure Schedule or for any required filing pursuant
to the HSR Act, no material consents, Permits, approvals or authorizations of, or declarations,
filings, applications, transfers or registrations with, any Governmental Authority or any other
Person are required to be made or obtained by either Seller, the Company or any Subsidiary by
virtue of the execution, delivery or performance of this Agreement or the consummation of the
transactions contemplated hereby.

     3.6 Legal Proceedings. Except as set forth on Section 3.6 of the Disclosure
Schedule,

          (a) There is no action, claim, lawsuit, complaint or other proceeding pending before, or to
the Knowledge of Seller threatened by, any court or other Governmental Authority (i) against,
relating to or affecting the Company or any Subsidiary, or any of their respective properties or
assets that is material to the Company, (ii) that challenges or seeks to prevent, enjoin, alter or
delay the transactions contemplated hereby or (iii) that challenges or questions the legal right of
the Company or any Subsidiary to conduct their respective operations as presently or previously
conducted; and

          (b) Neither the Company nor any Subsidiary, nor any of their respective assets or properties,
is subject to any order, judgment, injunction, writ, indictment or information, grand jury subpoena
or civil investigative demand, plea agreement, stipulation, decree or award (whether rendered by a
court, commission, arbitration tribunal, or judicial,

12

 

governmental or administrative department, body, agency, administrator or official, grand jury
or any other forum for the resolution of grievances).

     3.7 Compliance with Law. The Company and each Subsidiary operates, and since July 22,
2003 (except for any noncompliance that has been fully addressed and resolved as of the date
hereof), has operated, its business in compliance in all material respects with all applicable
Laws. Except as set forth on Section 3.7 of the Disclosure Schedule or for any matters
that have been fully addressed and resolved as of the date hereof, since July 22, 2003, none of
Seller, the Company or any Subsidiary has received any written notice from any Governmental
Authority claiming any material violation by the Company or any Subsidiary of any Law, and neither
the Company nor any Subsidiary is subject to any consent, injunction, order, judgment or decree
which resulted from a violation of applicable Laws nor has the Company or any Subsidiary received
any notice of any claimed noncompliance with any of the foregoing.

     3.8 Financial Statements.

          (a) Attached as Section 3.8(a) of the Disclosure Schedule are copies of the audited
consolidated financial statements of the Company for the fiscal years ended December 31, 2004 and
December 31, 2005 and the unaudited consolidated financial statements of the Company for the six
month period ended June 30, 2006 (collectively, the “Financial Statements”).

          (b) Except as set forth in the notes to the Financial Statements or as set forth on
Section 3.8(b) of the Disclosure Schedule, the Financial Statements (i) have been prepared
in accordance with GAAP on a consistent basis during the respective periods covered thereby, (ii)
are true and correct in all material respects and (iii) fairly present in all material respects the
financial condition of the Company as of the dates thereof and the financial operations of the
Company for the periods covered thereby.

          (c) Attached as Section 3.8(c) of the Disclosure Schedule are copies of the pro forma
consolidated financial statements of the Company for the fiscal year ended December 31, 2005 and
for the six month period ended June 30, 2006 (the “Pro Forma Financial Statements”). The
Pro Forma Financial Statements have been prepared from the Financial Statements on the basis set
forth therein and using the assumptions set forth therein to give pro forma effect to the exclusion
of the Excluded Assets and Excluded Liabilities and the Sale of the Disability Business and the
Sale of Risk and Safety Business as if such transactions had been consummated on December 31, 2004.

          (d) The books of account and other financial records of the Company and the Subsidiaries are
in all material respects complete and correct and do not contain or reflect any material
inaccuracies or discrepancies.

     3.9 Absence of Material Undisclosed Liabilities. Neither the Company nor any
Subsidiary has any material liabilities or obligations (whether absolute or contingent ) of a type
normally reflected or reserved for on a balance sheet prepared in accordance with GAAP or in the
notes thereto except for liabilities and obligations (i) reflected or reserved for on the most

13

 

recent balance sheet included in the Financial Statements or disclosed in the notes to the
Financial Statements, (ii) that have arisen since the date of such balance sheet in the ordinary
course of business consistent with past practice or (iii) liabilities, commitments or obligations
to the extent expressly disclosed in the Disclosure Schedule.

     3.10 Absence of Changes. Since January 1, 2006, no change or event has occurred that
has had or would reasonably be anticipated to have a Material Adverse Effect and, except as
expressly contemplated by this Agreement (including, without limitation, the transactions
contemplated by Section 2.1):

          (a) The Company and the Subsidiaries have operated their respective businesses in the ordinary
course, consistent with past practice;

          (b) Neither the Company nor any Subsidiary has sold, transferred, disposed of, or agreed to
sell, transfer, or dispose of, any assets other than in the ordinary course of business consistent
with past practice;

          (c) Neither the Company nor any Subsidiary has acquired any assets except in the ordinary
course of business consistent with past practice, nor acquired or merged with any other business;

          (d) Neither the Company nor any Subsidiary has made any loan, advance or capital contributions
to or investment in any Person;

          (e) Neither the Company nor any Subsidiary has incurred any indebtedness for borrowed money or
entered into any guaranty of such indebtedness, and neither the Company nor any Subsidiary has
incurred any other material liability or obligation other than in the ordinary course of business
consistent with past practice;

          (f) No material Encumbrances (except Permitted Encumbrances) of any kind have been created or
incurred on any assets or properties of the Company or any Subsidiary;

          (g) No asset or property of the Company or any Subsidiary has been destroyed, damaged or
otherwise lost (whether or not covered by insurance);

          (h) Neither the Company nor any Subsidiary has canceled or forgiven any material debts or
claims or redeemed or repaid any indebtedness for borrowed money;

          (i) Neither the Company nor any Subsidiary has made any change in any tax or accounting
practice, policy or method; and

          (j) There has been no agreement to take any action described above.

     3.11 Material Contracts.

          (a) Section 3.11 of the Disclosure Schedule lists each of the following Contracts to
which the Company or any Subsidiary is a party as of the date of this Agreement

14

 

(excluding any Contract which will not survive the Closing and excluding the Leases listed on
Section 3.13 of the Disclosure Schedule) (each such Contract, a “Material
Contract”):

               (i) each Contract involving the borrowing of money by, or any extension of credit to, the
Company or any Subsidiary (including any loan agreement, promissory note, guarantee, letter of
credit or similar Contract);

               (ii) each Contract pursuant to which the Company or any Subsidiary is committed to make
capital expenditures in excess of $1,000,000 in the fiscal year ending December 31, 2006 or any
fiscal year thereafter;

               (iii) each Contract pursuant to which the Company or any Subsidiary is committed to make
purchases of goods or services in excess of $1,000,000 in the fiscal year ending December 31, 2006
or any fiscal year thereafter;

               (iv) each Contract to sell, lease or otherwise dispose of any material assets or properties of
the Company or any Subsidiary other than in the ordinary course of business;

               (v) each Contract with a Material Customer or Material Carrier;

               (vi) each joint venture or partnership agreement; and

               (vii) any other Contract entered into other than in the ordinary course of business consistent
with past practice involving aggregate payments by or to the Company or any Subsidiary in excess of
$1,000,000 per year.

          (b) Each Material Contract is valid, binding and enforceable against the Company or a
Subsidiary, as the case may be, in accordance with its terms, except that (i) such enforcement may
be subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other
laws, now or hereafter in effect, relating to or limiting creditors’ rights generally, and (ii)
general principles of equity. Neither the Company nor any Subsidiary is in material breach of any
Material Contract, and no breach will occur as a result of the execution of this Agreement or the
consummation of the transactions contemplated hereby. To the Knowledge of Seller, none of the
other parties to any Material Contract is in material breach thereof.

     3.12 Material Customers. Section 3.12 of the Disclosure Schedule sets forth a
true and complete list of (a) the top 35 customers of the Company and the Subsidiaries, on a
consolidated basis, based on billings for the twelve-months ended June 30, 2006 (but excluding
revenue related to the businesses sold in connection with the Sale of the Risk and Safety Business
and the Sale of the Disability Business and excluding any customers who were not “active” customers
as of December 31, 2005, i.e., customers that were in run-off mode as of such date) (each, a
“Material Customer”) and (b) the top 10 insurance carriers with whom the Company and the
Subsidiaries have contracts relating to the processing of claims, based on the number of claims
processed for the twelve months ended June 30, 2006 (but excluding any such carriers who were not
“active” as of December 31, 2005, i.e., carriers that were in run-off mode

15

 

as of such date) (each, a “Material Carrier”). Since December 31, 2005 through the
date hereof, no Material Customer or Material Carrier has informed the Company or any Subsidiary in
writing that such Material Customer or Material Carrier intends to cease doing business with the
Company or any Subsidiary or to terminate or materially decrease its business with the Company or
any Subsidiary. Section 3.12 of the Disclosure Schedule sets forth a true and complete
list of each Material Carrier that has provided the Company or any Subsidiary with technical audit
scores since June 30, 2005. Complete copies of such technical audit scores have been made
available to Purchaser prior to the date hereof.

     3.13 Real Property.

          (a) Neither the Company nor any Subsidiary owns any real property. Section 3.13 of the
Disclosure Schedule sets forth a complete list of all Leases. The real property subject to the
Leases constitutes all of the real property interests which are leased, licensed, used or occupied
in whole or in part by the Company or any Subsidiary in connection with their respective
businesses.

          (b) Each Lease is valid, binding and enforceable against the Company or a Subsidiary in
accordance with its terms, except that (i) such enforcement may be subject to bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or other laws, now or hereafter in
effect, relating to or limiting creditors’ rights generally, and (ii) general principles of equity.

          (c) Neither the Company nor any Subsidiary is in material breach of any Lease, and, to the
Knowledge of Seller, none of the other parties to any Lease is in material breach thereof.

          (d) All of the buildings, structures and other improvements at the real property subject to
the Leases are adequate and suitable in all material respects for the purposes for which they are
currently being used by the Company or the Subsidiaries. Neither the Company nor any Subsidiary
has received any written notice that any improvements situated in whole or in part on the real
property subject to the Leases are not in material compliance with all applicable Laws.

          (e) There has not been any “taking” by eminent domain of, and, to the Knowledge of Seller, no
preliminary steps have been taken for any such eminent domain proceedings with respect to any of
the real property subject to the Leases.

     3.14 Tangible Property. The Company and the Subsidiaries have good and marketable
title to, or a valid leasehold interest in, all equipment, furniture and other tangible assets used
in the ordinary course of their respective business and operations, free and clear of any
Encumbrances other than Permitted Encumbrances. All of the assets, owned or leased by the Company
or any Subsidiary are in good working order, ordinary wear and tear excepted, and suitable for the
purposes for which they are being used.

     3.15 Taxes.

          Except as set forth on Section 3.15 of the Disclosure Schedule,

16

 

          (a) The Company and the Subsidiaries have (i) timely filed all Tax Returns required to be
filed by them in accordance with all applicable Laws (taking into account all valid extensions) and
(ii) paid all Taxes shown to have become due pursuant to such Tax Returns, and all such Tax Returns
were true and complete in all material respects as of the date such Tax Returns were filed or
subsequently amended. All Tax accounting periods and methods used by the Company and the
Subsidiaries are in accordance with applicable Laws.

          (b) The Company and the Subsidiaries have withheld and paid all Taxes required to have been
withheld and paid in connection with amounts paid or owing to any employee, independent contractor,
creditor, stockholder or other third party. There are no liens for Taxes (other than Taxes not yet
due and payable) upon any of the assets of the Company or any Subsidiary. No federal, state, local
or foreign audit, examination or other administrative proceeding exists or has been initiated with
regard to Taxes or Tax Returns of or that includes the Company or any Subsidiary. There is no
material dispute or claim concerning any Tax liability of the Company or of any Subsidiary either
(1) claimed or raised by any Taxing Authority in writing or (2) as to which Seller, the Company, or
any Subsidiary has any Knowledge based upon personal contact with any agent of any Taxing
Authority.

          (c) Section 3.15(c) of the Disclosure Schedule lists all state income and franchise Tax
Returns filed with respect to the Company and any Subsidiary for taxable periods ended on or after
December 31, 2003 and indicates those state income and franchise Tax Returns that have been audited
and indicates those state income and franchise Tax Returns that are currently the subject of audit.
Seller has delivered to Purchaser correct and complete copies of all federal income Tax Returns,
examination reports, and statements of deficiencies assessed against, or agreed to by Seller,
Company, and any Subsidiary since July 23, 2003. Neither the Company nor any Subsidiary (i) has
waived any statute of limitations in respect of Taxes or agreed to any extension of time with
respect to a Tax assessment or deficiency, (ii) is a party to any tax sharing, tax indemnity or
other agreement or arrangement with any entity not included in the Company’s consolidated financial
statements most recently filed by the Company, (iii) is a party to or bound by any closing
agreement or offer in compromise with any Governmental Authority, (iv) is a party to any agreement,
contract, arrangement or plan that would, as a consequence of the consummation of the transactions
contemplated hereby, result, separately or in the aggregate, in the payment of any “excess
parachute payments” within the meaning of section 280G of the Code or any similar provision of
foreign, state or local Law.

          (d) Neither the Company nor any of its Subsidiaries will be required to include any item of
income in, or exclude any item of deduction from, taxable income for any taxable period (or portion
thereof) ending after the Closing Date as a result of any (i) change in accounting method or a
taxable period ending on or before the Closing Date, (ii) installment sale or open transaction
disposition made on or prior to the Closing Date, or (iii) prepaid account received on or prior to
the Closing Date.

          (e) None of the assets of the Company or any Subsidiary is (i) “tax exempt use property”
within the meaning of Section 168(h) of the Code or (ii) directly or indirectly secures any debt
the interest on which is tax exempt under Section 103(a) of the Code.

17

 

          (f) The Company has been an “S corporation” and each Subsidiary has been a “qualified
subchapter S subsidiary” within the meaning of Sections 1361 and 1362 of the Code since July 23,
2003 for federal and state income Tax purposes. The transactions involving the Excluded Assets and
the Excluded Liabilities will not result in the imposition of any corporate-level Taxes under
Sections 1374 or 1375 of the Code (or any corresponding or similar provisions of state or local Tax
law).

          (g) The Company and each Subsidiary have disclosed on their federal income Tax Returns or have
otherwise communicated to the IRS all positions taken therein that could give rise to a substantial
understatement of federal income Tax within the meaning of Section 6662 of the Code. Neither the
Company nor any of its Subsidiaries has participated in any “listed transaction” within the meaning
of Treasury Regulation Section 1.6011-4(b)(2).

          (h) References in this Section 3.15 to the Company and its Subsidiaries shall be deemed to
include their respective predecessors in interest.

     3.16 Permits. Section 3.16 of the Disclosure Schedule lists all material
Permits that are necessary to entitle the Company or any Subsidiary to own or lease, operate and
use its assets and to carry on and conduct its business as currently conducted. Except as set
forth on Section 3.16 of the Disclosure Schedule, (i) there are no pending or, to the
Knowledge of Seller, threatened claims or proceedings challenging the validity of or seeking to
revoke or discontinue (other than expiration according to each respective Permit’s terms), any of
the Permits, and (ii) there are no material defaults by the Company or any Subsidiary which but for
notice of lapse of time or both would constitute a default under the Permits, and each such Permit
is in full force and effect. The Company and each Subsidiary has complied with and is in
compliance with the terms and conditions of such Permit and has not received any notices that it is
in violation of any of the terms or conditions of such Permits.

     3.17 Intellectual Property.

          (a) Section 3.17(a) of the Disclosure Schedule lists all (i) patents and patent
applications owned by the Company or any Subsidiary, (ii) registered copyrights owned by the
Company or any Subsidiary, (iii) material trademarks, service marks and logos owned by the Company
or any Subsidiaries, (iv) licenses pursuant to which the Company or any Subsidiary licenses any
material Intellectual Property to or from any Person, and (v) domain names registered by or on
behalf of the Company or any Subsidiary.

          (b) Except as set forth on Section 3.17(b) of the Disclosure Schedule, the
Intellectual Property is either owned by the Company or a Subsidiary free and clear of all
Encumbrances, other than Permitted Encumbrances, or licensed by the Company or a Subsidiary from a
third party pursuant to a valid and enforceable written license.

          (c) Except as set forth on Section 3.17(c) of the Disclosure Schedule, to Seller’s
Knowledge, the use of any Intellectual Property by the Company and the Subsidiaries in the conduct
of their businesses does not violate or infringe any intellectual property rights of any Person,
and since July 22, 2003, no claims have been made in writing to Seller, the Company or any
Subsidiary by any Person that (i) the Company or any Subsidiary does not own

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or have the right to use any Intellectual Property used by it, or (ii) the Company or any
Subsidiary is violating or infringing the intellectual property rights of any other Person.

          (d) Except as set forth on Section 3.17(d) of the Disclosure Schedule, to Seller’s
Knowledge, no Intellectual Property owned by the Company or any Subsidiary is subject to any
outstanding claim, dispute, action, suit, appeal, order, proceeding (other than pending proceedings
before a Governmental Authority pertaining to applications for patent or trademark or copyright
registration) or stipulation restricting in any materially adverse manner the use thereof by the
Company or any Subsidiary.

          (e) Except as set forth on Section 3.17(e) of the Disclosure Schedule, the consummation of the
transactions provided for under this Agreement will not result in the loss or impairment of any
Intellectual Property owned by or licensed to the Company or any Subsidiary, and each item of
Intellectual Property owned or used by the Company or any Subsidiary immediately prior to the
Closing will be owned or available for use by Purchaser on identical terms and conditions
immediately subsequent to the Closing.

          (f) The Company and each of its Subsidiaries have taken commercially reasonable actions to
maintain and protect the confidentiality of the trade secrets and confidential information of the
Company and its Subsidiaries.

     3.18 Employee Matters and Benefit Plans. Except as set forth in Section 3.18(a)
of the Disclosure Schedule:

          (a) No employees of the Company or of any Subsidiary are represented by any labor organization
and neither the Company nor any Subsidiary is a party to or bound by any collective bargaining
agreement or other agreement with any labor organization. Since January 1, 2005, there have been
no representation or certification proceedings, or petitions seeking a representation proceeding,
pending or, to the Knowledge of Seller, threatened to be brought or filed with the National Labor
Relations Board or any other labor relations tribunal or Governmental Authority with respect to any
employees of the Company or of any Subsidiary.

          (b) There are no strikes, work stoppages, slowdowns, job actions, disputes, lockouts,
arbitrations, or grievances or other material labor disputes pending or, to the Knowledge of
Seller, threatened, against or involving the Company or any Subsidiary. There are no unfair labor
practice charges, grievances, or complaints pending or, to the Knowledge of Seller, threatened by
or on behalf of any employee or group of employees of the Company or of any Subsidiary.

          (c) Neither the Company nor any Subsidiary has received written notice of any complaints,
charges, or claims against the Company or any Subsidiary and, to the Knowledge of Seller, there are
no complaints, charges or claims threatened to be brought or filed with any Governmental Authority
based on, arising out of, in connection with, or otherwise relating to the employment or
termination of employment of any individual by the Company or any Subsidiary, which, individually
or in the aggregate, are likely to result in a material obligation or liability of the Company or
any Subsidiary.

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          (d) There has been no “mass layoff” or “plant closing” as defined by the federal Worker
Adjustment, Retraining and Notification Act or any similar state statute in respect of the Company
or any Subsidiary within the six months prior to the date of this Agreement.

          (e) Section 3.18(e) of the Disclosure Schedule contains a true and complete list of
each Seller Benefit Plan and each Company Benefit Plan in effect as of the date of this Agreement.
With respect to each Company Benefit Plan, Seller has heretofore delivered or made available to
Purchaser a true and complete copy of the plan documents and any amendments thereto, and any
related trust or other funding vehicle, the current plan summary or summary plan description, or,
if such plan is not subject to ERISA, a written summary of the benefits. With respect to each
Seller Benefit Plan, Seller has heretofore delivered or made available to Purchaser a true and
complete copy of the current plan summary or summary plan description, or, if such plan is not
subject to ERISA, a written summary of the benefits.

          (f) No Seller Benefit Plan will be available to the Company or any Subsidiary following the
Closing.

          (g) Each Company Benefit Plan complies, and has complied since July 22, 2003 (except for any
noncompliance that has been fully addressed and resolved as of the date hereof), in all material
respects with the provisions of and has been administered in material compliance with the
applicable provisions of the Code and ERISA and all other applicable Laws.

          (h) There is no pending or, to the Knowledge of Seller, threatened claim, legal action,
proceeding, audit or investigation against or involving any Company Benefit Plan, other than
routine claims for benefits.

          (i) No Company Benefit Plan is or was subject to Title IV of ERISA or Section 412 of the Code
or is or was a “multiemployer plan” within the meaning of Section 3(37) of ERISA. Neither the
Company nor any Subsidiary has received notice with respect to any Company Benefit Plan that is a
multiemployer plan of (i) any failure by such plan to satisfy the minimum funding requirements of
Section 412 of the Code, (ii) any application for or receipt of a waiver of such minimum funding
requirements with respect to such plan, or (iii) such plan’s insolvency, entry into reorganization
within the meaning of Section 4241 of ERISA, intention to terminate or proposed or threatened
termination. None of Seller or its Affiliates, the Company or the Subsidiaries has terminated or
withdrawn from or sought a funding waiver with respect to a Company Benefit Plan that is subject to
Title IV of ERISA.

          (j) No Company Benefit Plan provides or at any time has provided benefits to current or former
consultants, independent contractors, contingent workers or leased employees of Seller, the Company
or any Subsidiary or any members of the boards of directors (or other similar governing body) of
Seller, the Company or any Subsidiary (in their capacity as such).

          (k) Neither the Company nor any Subsidiary has any actual or potential withdrawal liability
with respect to any multiemployer plan. Neither the Company nor any Subsidiary is considered a
single employer pursuant to Section 414(b), (c), (m) or (o) of the

20

 

Code or Section 4001(b) of ERISA with any other entity, trade or business, whether or not
incorporated, other than the Company and the Subsidiaries. None of the Company or the Subsidiaries
has incurred any liability to the Company or any Subsidiary under the Code or ERISA or other
applicable law with respect to an ERISA Affiliate Plan.

          (l) Each Company Benefit Plan that meets or purports to meet the requirements of Section
401(a) of the Code is qualified in form and operation under Section 401(a) of the Code; each trust
for each such Company Benefit Plan is exempt from federal income tax under Section 501(a) of the
Code.

          (m) All contributions with respect to or on behalf of employees of the Company or any
Subsidiary to any Company Benefit Plan which is an “employee pension benefit plan” within the
meaning of Section 3(2) of ERISA which have been required in accordance with the terms of such
Company Benefit Plan have been timely made or accrued.

          (n) To the Knowledge of Seller, the records of the Company and the Subsidiaries accurately
reflect in all material respects the employment or service histories of their current or former
employees.

          (o) Except as provided in Section 5.6(f) with respect to payments to be made pursuant to the
Participation Plan and the Change of Control Agreements, the execution, delivery and performance
of, and consummation of the transactions contemplated by, this Agreement will not (1) entitle any
current or former employee (or any of their dependents, spouses or beneficiaries) to severance pay,
unemployment compensation or any other payment, or (2) accelerate the time of payment or vesting,
or increase the amount of compensation due any such individual.

          (p) The assets of the Rabbi Trust associated with the Broadspire Management Services, Inc.
Deferred Compensation Plan are at least equal in value as of the Closing Date to the value of the
liabilities under the Broadspire Management Services, Inc. Deferred Compensation Plan.

     3.19 Environmental Matters.

          (a) The Company and each Subsidiary is in compliance in all material respects with all
Environmental Laws. Without limiting the generality of the foregoing, the Company and each
Subsidiary has obtained and is in compliance, in all material respects, with all permits, licenses
and other authorizations that may be required pursuant to Environmental Laws for the occupation of
their facilities and the operation of its business as currently conducted.

          (b) Neither the Company nor any Subsidiary has received any outstanding written notice,
written report or other written information regarding any actual or alleged material violation of
Environmental Laws, or any material liabilities or potential material liabilities (whether accrued,
absolute, contingent, unliquidated or otherwise), including any investigatory, remedial or
corrective obligations, arising under Environmental Laws, with respect to its business.

21

 

          (c) Except as set forth on Section 3.19(c) of the Disclosure Schedule, to the
Knowledge of Seller, none of the following exists at any property or facility owned or operated by
the Company or any Subsidiary: (i) underground storage tanks; (ii) asbestos-containing material in
any form or condition; (iii) materials or equipment containing polychlorinated biphenyls; or (iv)
landfills, surface impoundments, or disposal areas.

          (d) Neither the Company nor any Subsidiary has treated, stored, disposed of, arranged for or
permitted the disposal of, transported, handled, or released, or exposed any person to, any
substance, including without limitation any Hazardous Substance, or owned or operated any property
or facility (and no such property or facility is contaminated by any such substance) so as to give
rise to any current or future material liabilities, including any liability for response costs,
corrective action costs, personal injury, property damage, natural resources damages or attorney
fees, or any investigative, corrective or remedial obligations, pursuant to the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, or the Solid Waste
Disposal Act, as amended, or any other Environmental Laws.

          (e) Neither the Company nor any Subsidiary has assumed, undertaken, or otherwise become
subject to any material liability, including without limitation any obligation for corrective or
remedial action, of any other person relating to Environmental Laws.

          (f) Neither the Company nor any Subsidiary has manufactured, sold, marketed, installed or
distributed products or items containing asbestos, and none of such entities has any material
liability (contingent or otherwise) with respect to the presence or alleged presence of asbestos or
asbestos-containing material in any such product or item or at or upon any property or facility.

     3.20 Insurance. Section 3.20 of the Disclosure Schedule lists all policies of
insurance with respect to the assets or business of the Company and the Subsidiaries. All such
insurance policies are in full force and effect and neither Seller, the Company nor any Subsidiary
has agreed to reduce or cancel any of such insurance policies prior to the Closing or received
notice of any actual or threatened modification or cancellation of any such policies. All such
policies are held by Seller or an Affiliate of Seller other than the Company or a Subsidiary and,
except as expressly provided in any such insurance policy with respect to (i) claims made prior to
the Closing, in the case of “claims made” policies, or (ii) occurrences prior to the Closing, in
the case of “occurrence-based” policies, will not be available to Purchaser, the Company or any
Subsidiary after the Closing, and Purchaser shall be responsible for arranging for such insurance
for the Company and the Subsidiaries after the Closing as Purchaser shall deem appropriate.

     3.21 Affiliate Transactions. Except as otherwise provided in this Agreement,
including, without limitation, Section 2.1, and except for such Contracts as will be
terminated on or prior to the Closing, none of Seller or any officer, director, employee,
stockholder, or Affiliate of Seller, the Company or any Subsidiary is a party to any Contract or
transaction with, or has any claim for indemnification under applicable Law or any agreement
against, the Company or any Subsidiary or has any interest in any property, real or personal or
mixed, tangible or intangible, of the Company or any Subsidiary.

22

 

     3.22 No Brokers or Finders. No agent, broker, finder, investment or commercial banker
or other Person, engaged by or acting on behalf of Seller or any of its Affiliates, the Company or
any Subsidiary in connection with the negotiation, execution or performance of this Agreement or
the transactions contemplated herein, is or will be entitled to any broker’s or finder’s or similar
fees or other commissions from the Company or any Subsidiary as a result of this Agreement or the
transactions contemplated herein.

     3.23 Disclaimer of Additional and Implied Warranties. Seller is making no
representations or warranties, express or implied, of any nature whatsoever except as specifically
set forth in this Article III, and no other statements, documents or communications that
may be made or provided, or may have been made or provided, including, without limitation, the
Confidential Information Memorandum prepared by StoneRidge Advisors, LLC in connection with the
proposed sale of the Company, or any other information made available to Purchaser or its
Representatives at any time in any “data room,” management presentation, break-out session or
response to any question submitted by Purchaser or its Representatives, shall be deemed to be a
representation or warranty of Seller for any purpose.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF PURCHASER

     Purchaser represents and warrants to Seller as follows:

     4.1 Organization and Authorization of Purchaser. Purchaser is a corporation duly
organized, validly existing and in good standing under the Laws of its State of incorporation.
Purchaser has the requisite corporate power and authority to enter into this Agreement, to perform
its obligations hereunder, and to consummate the transactions contemplated hereby.

     4.2 Due Execution and Delivery; Binding Obligations. The execution, delivery and
performance by Purchaser of this Agreement have been duly authorized by all necessary action on the
part of Purchaser. This Agreement has been duly executed and delivered by Purchaser. This
Agreement constitutes the legal, valid and binding agreement of Purchaser, enforceable in
accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, arrangement, moratorium or similar Laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability.

     4.3 Legal Proceedings. There is no pending or, to the Knowledge of Purchaser,
threatened action, suit, arbitration proceeding, unfair labor practice proceeding, investigation or
inquiry before any court or governmental or administrative body or agency, or any private
arbitration tribunal, against, relating to or affecting the transactions contemplated by this
Agreement, which would have a material adverse effect on transactions contemplated hereunder.
There is not in effect any order, judgment or decree of any court or governmental or administrative
body or agency enjoining, barring, suspending, prohibiting or otherwise limiting Purchaser from
conducting or engaging in any aspect of the business of the Company or the Subsidiaries or entering
into or consummating the transactions contemplated by this Agreement, or requiring Purchaser to
take certain action with respect to any aspect of the business of the Company or the Subsidiaries.

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     4.4 No Conflict or Violation. Neither the execution and delivery of this Agreement by
Purchaser nor the consummation of the transactions contemplated hereby or thereby, will result in
(i) a violation of, or a conflict with, Purchaser’s Organizational Documents; (ii) a material
violation by Purchaser of any applicable Law; or (iii) a violation by Purchaser of any order,
judgment, writ, injunction decree or award to which is a party or by which Purchaser is affected.
Except for any required filing pursuant to the HSR Act, no consents, Permits, approvals or
authorizations of, or declarations, filings, applications, transfers or registrations with, any
Governmental Authority or any other Person are required to be made or obtained by Purchaser by
virtue of the execution, delivery or performance of this Agreement or the consummation of the
transactions contemplated hereby, except for the consent of Purchaser’s lender that will be
required in connection with the financing contemplated by Section 4.6 or where the failure to
obtain or make would not reasonably be anticipated to materially delay the Closing or materially
and adversely affect the ability of the parties to consummate the transactions contemplated hereby.

     4.5 No Brokers or Finders. No agent, broker, finder, investment or commercial banker
or other Person engaged by or acting on behalf of Purchaser or any of its Affiliates in connection
with the negotiation, execution or performance of this Agreement or the transactions contemplated
herein is or will be entitled to any broker’s or finder’s or similar fees or other commissions as a
result of this Agreement or the transactions contemplated herein except for such fees that will be
payable by Purchaser or by the Company after the Closing.

     4.6 Funding. Section 4.6 of the Disclosure Schedule contains a true, complete and
correct copy of an executed commitment letter to provide to Purchaser financing for the
transactions contemplated by this Agreement (the “Financing Documents”). The Financing
Documents are in full force and effect and have not been amended or modified. Purchaser has no
reasonable expectation as of the date of this Agreement that any of the conditions set forth in the
Financing Documents will not be satisfied. The financing contemplated by the Financing Documents
constitutes all of the financing required to be provided by Purchaser for the consummation of the
transactions contemplated by this Agreement and the payments of all fees and expenses incurred by
Purchaser in connection therewith.

     4.7 Investment Intent. Purchaser is acquiring the Shares for its own account for
investment and not with a view to, or for sale in connection with, any distribution thereof.
Purchaser has no present intention of selling, granting participation in, or otherwise distributing
the Shares. Purchaser is an “accredited investor” as defined in Rule 501(a) under the Securities
Act of 1933, as amended. Purchaser understands that the Shares have not been registered under the
Securities Act of 1933, as amended, and that the Shares may not be sold, transferred or otherwise
disposed of without registration under the Securities Act of 1933, as amended, or an exemption
therefrom. Purchaser has such knowledge and experience in financial, Tax, and business matters in
general, and investments in securities in particular, so as to enable Purchaser to evaluate the
merits and risks of an investment in the Shares and to make an informed investment decision with
respect to an investment in the Shares.

     4.8 No Other Representations or Warranties; Full Disclosure. Purchaser represents
that it is a sophisticated entity that was advised by knowledgeable counsel and, to the extent it
deemed necessary, other advisors in connection with this Agreement and has conducted

24

 

its own independent review and evaluation of the Company, the Subsidiaries and their
respective businesses. Purchaser further represents that it has received all the information it
considers necessary or appropriate for deciding whether to purchase the Shares and that it has had
an opportunity to ask questions and receive answers from Seller, the Company and the Subsidiaries
regarding the businesses of the Company and the Subsidiaries. In making its decision to purchase
the Shares, Purchaser is not relying on any document or written or oral information furnished to it
or discovered by it or its Representatives, including any financial data, other than as contained
in this Agreement, and to the fullest extent permitted by Law, Purchaser’s rights and obligations
with respect to all of the foregoing matters will be solely as set forth in this Agreement.

ARTICLE V

COVENANTS

     5.1 Access to Information. From the date hereof through the Closing Date, Seller
shall provide Purchaser with such information regarding the Company and the Subsidiaries as
Purchaser may reasonably request. Notwithstanding the foregoing, Purchaser shall not (i) contact
any employees of the Company or any Subsidiary without the prior consent of Seller, which consent
will not be unreasonably withheld or (ii) contact any lessor, customer or supplier of the Company
or any Subsidiary without the prior written consent of Seller (it being understood that such
written consent may be obtained by e-mail communications from appropriate personnel of Seller),
which consent will not be unreasonably withheld. For a period of at least seven (7) years after
the Closing Date, Purchaser shall retain all business, accounting, and operating records of the
Company and each Subsidiary (in any form or medium), including the corporate records of and with
respect to the Company and the Subsidiaries, and shall provide Seller and its Representatives and
Affiliates with reasonable access thereto on reasonable prior notice.

     5.2 Conduct of the Business. Except as specifically contemplated by this Agreement,
from the date hereof through the Closing Date, Seller shall cause the Company and each Subsidiary
to conduct its business in the ordinary course consistent with past practice. Without limiting the
generality of the foregoing, except as specifically contemplated by this Agreement, Seller shall
not, and shall cause the Company and each Subsidiary to not:

               (i) amend the Company’s or any Subsidiary’s Organizational Documents;

               (ii) authorize or issue any shares of capital stock of the Company or of any Subsidiary or any
subscription, option, warrant, call rights, preemptive rights or other agreements or commitments
obligating the Company or any Subsidiary to issue, sell, deliver or transfer (including any rights
of conversion or exchange under any outstanding security or other instrument) any economic, voting,
ownership or any other type of interest or security in the Company or such Subsidiary;

               (iii) sell, transfer, dispose of, or agree to sell, transfer, or dispose of, any assets other
than in the ordinary course of business consistent with past practice;

25

 

               (iv) acquire any assets except in the ordinary course of business consistent with past
practice or acquire, or merge with any other Person;

               (v) create or incur any material Encumbrances (except Permitted Encumbrances) of any kind on
any assets or properties of the Company or any Subsidiary;

               (vi) change any financial or Tax accounting practice, policy or method, make or revoke any
election relating to Taxes, file any amended Tax Return or claim for refund, or settle any material
claim relating to Taxes, in each case except as described on Section 5.2(vi) of the
Disclosure Schedule;

               (vii) violate or breach any Material Contract;

               (viii) make any loan, advance or capital contributions to or investment in any Person;

               (ix) incur any indebtedness for borrowed money or enter into any guarantee of such
indebtedness, or incur any other material liability or obligation other than in the ordinary course
of business consistent with past practice;

               (x) cancel or forgive any material debts or claims or redeem or repay any indebtedness for
borrowed money; or

               (xi) authorize, commit or agree to take any of the foregoing actions.

     5.3 Regulatory and Other Authorizations; Consents; Permits.

          (a) Each party hereto shall use its commercially reasonable efforts to obtain all
authorizations, consents, orders and approvals of any Governmental Authority that may be or become
necessary for its execution and delivery of, and the performance of its obligations pursuant to,
this Agreement and will cooperate fully with the other party in promptly seeking to obtain all such
authorizations, consents, orders and approvals. Purchaser shall use its commercially reasonable
efforts to obtain, and Seller shall use its commercially reasonable efforts to cooperate in
obtaining, as soon as practicable, the consent of each other Person that is required under any
Contract, Permit or otherwise as a result of the transactions contemplated by this Agreement;
provided, however, that prior to the Closing, Purchaser shall not contact such
Persons without the prior written consent of Seller. Without limiting the generality of the
foregoing, Purchaser agrees to provide such assurances as to financial capability, resources and
credit worthiness as may be reasonably requested by any Person whose consent or approval is sought
hereunder. To the extent that any Permits are required to be obtained from, or any filings are
required to be made with, or any notice is required to be given to, any Governmental Authority on
or after the Closing in connection with the transactions contemplated hereby (including, without
limitation, the reapplication of any Permits as required under applicable Law), Purchaser shall use
its commercially reasonable efforts to obtain such Permits from, make such filings with and/or
deliver such notice to such applicable Governmental Authority on the Closing Date or, if permitted,
as soon as practicable thereafter.

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          (b) In furtherance and not in limitation of Section 5.3(a), to the extent required by
the HSR Act, each of the parties hereto shall, promptly after the date hereof and in any event
within ten (10) business days after the date hereof, comply with the notification and reporting
requirements of the HSR Act and use its reasonable best efforts to obtain termination of the
waiting period under the HSR Act, including seeking early termination of the waiting period under
the HSR Act. Purchaser shall use commercially reasonable efforts to take such action as may be
required (i) by the applicable Governmental Authority in order to resolve any objections as such
Governmental Authority may have to such transactions under the HSR Act or (ii) by any domestic
court or similar tribunal, in order to avoid the entry of, or to effect the dissolution of any,
injunction, temporary restraining order or other order, writ, injunction, decree, award, judgment
or ruling entered by or with any Governmental Authority that has the effect of adversely affecting
or preventing the consummation of any of such transactions. Purchaser shall pay all fees
associated with any filing under or pursuant to the HSR Act. After the HSR Act filing has been
made, Purchaser, on the one hand, and Seller, on the other hand, shall keep the other party
informed of any material communication thereafter received by such party from, or given by such
party to, the Federal Trade Commission, the Antitrust Division of the Department of Justice or any
other Governmental Authority and of any material communication received or given in connection with
any proceeding by a private party, in each case regarding this Agreement or any of the transactions
contemplated hereby and permit the other party, through its legal advisors, to (A) consult with
each other in advance of any meeting or conference with any Governmental Authority or (B) in
connection with any proceeding by a private party, consult with each other in advance of any
meeting or conference with such private party.

     5.4 Confidentiality. The confidentiality obligations of the parties shall be governed
by that certain Confidentiality and Nondisclosure Agreement executed between Purchaser and a
Representative of Seller, dated May 17, 2006, which shall not be affected by the execution of this
Agreement.

     5.5 Publicity. Except as may be required by applicable Law or the listing
requirements of the New York Stock Exchange, no party to this Agreement shall, or shall allow any
of its Affiliates, to make any public announcements in respect of this Agreement or the
transactions contemplated hereby or otherwise communicate with any news media without prior consent
of the other party, and the parties shall cooperate as to the timing and contents of any such
announcement. Notwithstanding the foregoing, after the initial announcement of the transactions
contemplated hereby by the parties and provided that the Closing has occurred, then each party may
issue further press releases, tombstones and similar announcements without the consent of the other
party, provided that such announcements are consistent with, and not broader in scope with respect
to the information they disclose, than the announcements previously mutually agreed.

     5.6 Employees and Employee Benefits.

          (a) Purchaser understands and acknowledges that all of the health and welfare benefits
(including, but not limited to, retirement, medical, dental, life insurance and disability plans)
provided to Employees as of the date hereof are provided under any Seller Benefit Plans which will
not be available to the Company or any Subsidiary following the Closing. Effective as of the
Closing Date and subject to Section 5.6(c), Purchaser shall, or shall

27

 

cause the Company to, provide each Employee with employee benefits under one or more employee
benefit plans offered by Purchaser to similarly situated employees of Purchaser or other companies
affiliated with Purchaser (collectively, “Purchaser Sponsored Plans”) in accordance with
the terms of the Purchaser Sponsored Plans. Purchaser shall use reasonable best efforts to ensure
that all Purchaser Sponsored Plans provide that (i) any waiting periods or limitations regarding
pre-existing conditions with respect to all Employees and their beneficiaries under any Purchaser
Sponsored Plans will be waived, (ii) each Purchaser Sponsored Plan will give each such Employee
credit for such Employee’s service with the Company prior to the Closing for purposes of
eligibility to participate in Purchaser Sponsored Plans, and (iii) each Employee’s vacation and
personal time off accrued through the Closing Date shall continue to be honored after the Closing
Date. Following the Closing, (x) Seller shall be responsible for, and shall indemnify Purchaser,
the Company and the Subsidiaries from and against any and all liability with respect to any Seller
Benefit Plan, including any liability incurred by Purchaser as a result of Purchaser’s receipt of
asset rollovers from Seller’s 401(k) Plan as provided for in Section 5.6(b) (other than any
obligations to make distributions with respect to such rollovers) and any claims made or incurred
by or related to Employees or Former Employees and their dependents related to any Seller Benefit
Plan, and (y) Purchaser shall be responsible for, and shall hold harmless and indemnify Seller
from, any and all claims incurred by or related to Employees and their eligible dependents (other
than claims related to a Seller Benefit Plan) on or after the Closing Date.

          (b) Without limiting the generality of Section 5.6(a), effective as of the Closing
Date, all Employees shall cease to participate in the Platinum Equity 401(k) Plan (“Seller’s
401(k) Plan”), and Purchaser shall provide to such Employees the right to participate in a
401(k) plan offered to similarly situated employees of Purchaser or other companies affiliated with
Purchaser (any such 401(k) plan is referred to as “Purchaser’s 401(k) Plan”). Eligible
Employees shall receive credit for all service with the Company and any Subsidiary for purposes of
eligibility and vesting, but not benefit accrual, under Purchaser’s 401(k) Plan. Effective after
the Closing Date, each Employee who, as of the Closing Date, is a participant in Seller’s 401(k)
Plan shall be entitled to a distribution of his or her account balance in accordance with the terms
of Seller’s 401(k) Plan as in effect from time to time and applicable Law, and Purchaser shall take
any and all action necessary to ensure that Purchaser’s 401(k) Plan can accept asset rollovers,
including “direct rollovers” within the meaning of Section 401(a)(31) of the Code, from Seller’s
401(k) Plan subject to Purchaser’s receipt of reasonable evidence from Seller that Seller’s 401(k)
Plan is qualified under Section 401(a) of the Code as of the time of distribution.

          (c) Without limiting the generality of Section 5.6(a), Purchaser or one of its
Affiliates, shall establish a flexible spending account for medical and dependent care expenses
under a new or existing plan established or maintained under Section 129 of the Code
(“Purchaser’s FSA”), for each Employee who, on or prior to such date, is a participant in a
flexible spending account for medical or dependent care expenses under a Seller Benefit Plan
(“Seller’s FSA”). In a manner agreed by the parties and consistent with Internal Revenue
Service Ruling 2002-32, Seller’s FSA shall transfer to Purchaser’s FSA, as soon as practicable
after the Closing Date, the Employees’ account balances and liabilities under Seller’s FSA, and
Purchaser’s FSA shall accept responsibility therefore, including responsibility for reimbursement
of eligible claims incurred prior to the Closing Date.

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          (d) Without limiting the generality of Section 5.6(a), each Employee of any Company or
any Subsidiary who is on long term disability leave immediately prior to the Closing shall continue
to be covered by the long term disability plan sponsored by Seller as of the date hereof.
Purchaser shall ensure that each Company and each Subsidiary continues to provide short term
disability benefits (i.e., salary continuation) to all Employees on short-term disability as of the
Closing Date. Seller shall give all notices and take any other steps required to ensure that its
long term disability insurance plan will cover any Employees who are receiving short-term
disability benefits as of the Closing Date and become eligible for long term disability benefits
based on the disability for which they are receiving short-term disability as of the Closing Date
without returning to work after the Closing Date.

          (e) Without limiting the generality of Section 5.6(a), Seller shall provide COBRA
continuation coverage for any Person who becomes a “qualified beneficiary” (as defined in Section
4980B of the Code) with respect to “qualifying events” (as defined in Section 4980B of the Code)
that occur on or prior to the Closing. Purchaser shall provide COBRA continuation coverage for all
Employees with respect to qualifying events that occur after the Closing.

          (f) All obligations and liabilities of the Company and the Subsidiaries under the Broadspire
Management Services, Inc. 2003 Participation Plan (the “Participation Plan”) and all
obligations and liabilities of the Company and the Subsidiaries under those certain letter
agreements between Broadspire Management Services, Inc. and certain Employees dated as of June 29,
2006 (each, a “Change of Control Agreement” and, collectively, the “Change of Control
Agreements”), will be Excluded Liabilities and will be assigned to and assumed by Seller or an
Affiliate of Seller (other than the Company or a Subsidiary) prior to the Closing. No later than
ten (10) business days prior to the date on which Seller is required to make any payment under the
Participation Plan or under any Change of Control Agreement, Seller shall provide written notice to
Purchaser identifying (i) the persons to whom such payments are to be made, (ii) the anticipated
payment date and (iii) whether such payment is being made pursuant to the Participation Plan or a
Change of Control Agreement. If any such payment is being made pursuant to a Change of Control
Agreement and the person to whom such payment is to be made is no longer employed by the Company or
a Subsidiary (or an Affiliate) at the time Purchaser receives the notice of the proposed payment,
Purchaser shall inform Seller that such person is no longer so employed and shall provide Seller
with such additional information as Seller may reasonably request, to enable Seller to determine
whether or not such payment is required to be made under the applicable Change of Control
Agreement. No later than two business days prior to the proposed payment date, Seller shall
transmit to Purchaser (or to the Company or a Subsidiary, as Purchaser may request) the aggregate
amount of the payments to be paid, together with a final list of the persons to whom such payments
are to be made and the amounts of each such payment, and Purchaser shall pay, or shall cause the
Company or a Subsidiary to pay each such payment on the designated payment date. To the extent
permitted by applicable Tax Laws, Seller and Purchaser shall treat all payments contemplated by
this Section 5.6(f) as compensation paid by Seller for all Tax purposes, and Purchaser (or
the Company or any Subsidiary making such payments) shall be treated as a paying agent for Seller.
Seller shall be responsible for, and shall hold harmless and indemnify Purchaser, the Company or
any Subsidiary from any Damages incurred by Purchaser arising out of or related to the Change of
Control Agreements, including any net Tax liability incurred by Purchaser, the Company or any
Subsidiary as a result of the

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payment of amounts due under the Change of Control Agreements in accordance with this Section
5.6(f) or any claim by an Employee against Purchaser, the Company or any Subsidiary arising out of
or related to a Change of Control Agreement.

          (g) From the date hereof through the Closing Date, to the extent permitted by applicable Laws,
Seller shall provide to Purchaser at its request any information, data or records of the Company
and the Subsidiaries that Purchaser reasonably requires to facilitate Purchaser’s ability to
provide benefits to Employees under the Purchaser Sponsored Plans in accordance with this Section
5.6, and Seller shall use commercially reasonable efforts to provide such information, data or
records in the format requested by Purchaser.

     5.7 Performance of Certain Obligations After the Closing.

          (a) Except for the obligations included in the definition of Excluded Liabilities, Purchaser
shall cause the Company and the Subsidiaries to perform any and all of their respective obligations
under the Prior Agreements to the extent such obligations are required to be performed after the
Closing.

          (b) Purchaser shall, and shall cause the Company and the Subsidiaries to cooperate and assist
Seller, at Seller’s expense, in pursuing any rights under any of the Prior Agreements that
constitute Excluded Assets or in limiting any liabilities or obligations under the Prior Agreements
that constitute Excluded Liabilities.

          (c) Purchaser shall cause the Company or a Subsidiary to continue to perform all of Seller’s
obligations under that certain Sublease Agreement by and between E*Trade Group, Inc. and Seller
effective March 5, 2001 pursuant to which the facility used and occupied by the Company at 100
Windward Plaza, Suite 105, Alpharetta, Georgia is leased and shall indemnify and hold Seller
harmless from any failure to perform any such obligations.

     5.8 Non-Competition; Non-Solicitation.

          (a) For a period of 3 years following the Closing, Seller and its Affiliates shall not,
directly or indirectly, operate, engage in, manage, own any equity interest in or be associated
with any Person that competes with the business conducted by the Company and the Subsidiaries
immediately prior to the Closing in the United States; provided, however, that this
Section 5.8(a) shall not limit (i) Seller or any Affiliate of Seller from owning a passive
ownership interest of less than 5% of the outstanding equity securities in any public traded
company or any publicly traded debt securities in any company, or (ii) Seller or any Affiliate of
Seller from ownership control of any corporation or enterprise (or interest therein) which derives
less than 10% of its total revenues from a business that competes with the business conducted by
the Company and the Subsidiaries.

          (b) For period of one year following the Closing, Seller shall not, directly or indirectly,
solicit (other than solicitations published in a journal or newspaper or other publication or
general circulation) for employment any person who was an Employee as of the Closing Date except
(i) with the prior consent of Purchaser or (ii) if such Person has not been employed by the Company
or a Subsidiary for a period of at least three months prior to such solicitation.

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          (c) Seller acknowledges and agrees that compliance with the covenants contained in this
Section 5.8 is necessary to protect the value of the goodwill being acquired by Purchaser
and that these covenants are reasonable for such purposes. If any provision contained in this
Section 5.8 shall for any reason be held invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this
Section 5.8, but this Section 5.8 shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein. It is the intention of the parties that
if any of the restrictions or covenants contained in this Section 5.8 is held to cover a
geographic area or to be for a length of time which is not permitted by applicable Law, or in any
way construed to be too broad or to any extant invalid, such provision shall be construed to be
null, void and of no effect, but to the extent such provision would be valid or enforceable under
applicable Law, a court of competent jurisdiction shall construe and interpret or reform this
Section 5.8 to provide for a covenant having the maximum enforceable geographic area, time
period and other provisions (not greater than those contained herein) as shall be valid and
enforceable under such applicable Law.

          (d) Notwithstanding anything in this Agreement to the contrary, Seller agrees that Purchaser
shall be entitled to (i) seek injunctive relief requiring specific performance by Seller of this
Section 5.8 without the necessity of proving actual damages or the posting of a bond and
(ii) seek from time to time any other remedies available under applicable Law against Seller if
Seller is directly or indirectly in breach of or has breached this Section 5.8.

     5.9 Indemnification of Officers and Directors. For a period of not less than six
years after the Closing, Purchaser shall, and shall cause the Company and the Subsidiaries to, (i)
indemnify, defend and hold harmless the officers, directors, employees and agents of the Company
and the Subsidiaries to the fullest extent permitted under applicable Law against Damages arising
out of claims brought or made by third parties based on the actions of such persons in their
capacities as officers, directors, employees or agents of the Company or any Subsidiary prior to
the Closing, and (ii) maintain in full force and effect and honor, all obligations to indemnify the
officers, directors, employees and agents of the Company and the Subsidiaries and to advance
expenses existing in favor of such persons in effect as of the Closing Date under Delaware Law or
as provided in the Organizational Documents of the Company or any Subsidiary or in any written
agreement set forth in Section 5.9 of the Disclosure Schedules.

     5.10 Further Assurances. Each party will execute, acknowledge and deliver such
documents and instruments reasonably requested by the other party, and will take any other action
consistent with the terms of this Agreement that may reasonably be requested by the other party,
for the purpose of giving effect to the transactions contemplated by this Agreement. Without
limiting the generality of the foregoing, if, at any time, Purchaser or any of its Affiliates,
including the Company or any Subsidiary, acquires any asset that constitutes an Excluded Asset (for
example, any funds released from the escrow established under the Disability Business Sale
Agreement), then Purchaser shall, or shall cause such Affiliate to, immediately pay over or deliver
such asset to Seller. Seller shall use, and Seller shall cause the management of Seller and the
Company to use, commercially reasonable efforts to cooperate in all reasonable and customary
respects with Purchaser and Purchaser’s agents to facilitate the consummation of the financing
contemplated by the Financing Documents (the expense of such cooperation to be borne by Purchaser
including without limitation, the preparation of any customary offering

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memorandum, making available any audited or unaudited financial statements as would
customarily be provided in connection with similar financings, and any customary marketing efforts
necessary in connection with the financing).

     5.11 Bonds; Letters of Credit; Guarantee. Purchaser shall use commercially reasonable
efforts to terminate, or obtain a release of Seller (or any Affiliate of Seller) from, each of the
bonds, letters of credit and guarantees listed in Section 5.11 of the Disclosure Schedule
(each, a “Seller Credit Enhancement”) prior to the Closing. To the extent that any Seller
Credit Enhancement has not been terminated or released as of the Closing, (i) such Seller Credit
Enhancement shall remain in place following the Closing until terminated or released, (ii)
Purchaser shall continue to use commercially reasonable efforts to terminate or obtain a release of
such Seller Credit Enhancement as soon as practicable after the Closing, (iii) Purchaser shall
indemnify and hold Seller (and its Affiliates) harmless from and against any losses or liabilities
incurred under any such Seller Credit Enhancement, provided that this will in no way limit the
rights of Purchaser to indemnification pursuant to Article X, and (iv) Purchaser shall not, and
shall not permit the Company or any Subsidiary, to increase in amount or extend in duration any
obligation secured or supported by such Seller Credit Enhancement unless and until such Seller
Credit Enhancement is terminated or released. Upon the termination or release of any Seller Credit
Enhancement at any time, any cash or other collateral related to such Seller Credit Enhancement
shall be paid over to Seller.

     5.12 Pre-Closing Cash Distributions. Notwithstanding any other provision of this
Agreement, Seller may cause the Company or any Subsidiary to distribute, pay or otherwise transfer
any cash or cash equivalents to Seller or to any Affiliate of Seller (other than the Company or a
Subsidiary) at any time prior to the Closing.

     5.13 No Solicitation by Seller. Seller shall not, nor shall it permit the Company or
any Subsidiary to, nor shall it authorize or permit any of its or the Company’s and Subsidiary’s
directors, officers or employees or any investment banker, financial advisor, attorney, accountant
or other representative retained by Seller, the Company or any Subsidiary to, directly or
indirectly through another Person, (i) solicit, initiate or knowingly encourage (including by way
of furnishing information) the making of any proposal or offer (A) relating to any acquisition or
purchase of all or any portion of the capital stock of the Company or its assets (other than assets
to be sold in the ordinary course of business consistent with past practice), (B) to enter into any
merger, consolidation or other business combination with the Company or (C) to enter into a
recapitalization, reorganization or any other extraordinary business transaction involving or
otherwise relating to the Company or (ii) participate in any discussions, conversations,
negotiations and other communications regarding, or furnish to any other Person any information
with respect to, or otherwise facilitate or encourage any effort or attempt by any other Person to
seek to do any of the foregoing. Seller immediately shall cease and cause to be terminated all
existing discussions, conversations, negotiations and other communications with any Persons
conducted heretofore with respect to any of the foregoing. Seller shall notify Purchaser promptly
if any such proposal or offer, or any inquiry or other contact with any Person with respect
thereto, is made and shall, in any such notice to Purchaser, indicate in reasonable detail the
identity of the Person making such proposal, offer, inquiry or contact and the terms and conditions
of such proposal, offer, inquiry or other contact.

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ARTICLE VI

CONDITIONS PRECEDENT TO PURCHASER’S PERFORMANCE

     The obligation of Purchaser to consummate the transactions contemplated by this Agreement is
subject to the satisfaction, at or before the Closing Date, of each of the following conditions,
unless waived in writing by Purchaser:

     6.1 Accuracy of Seller’s Representations and Warranties. The representations and
warranties of Seller contained in this Agreement shall be true and correct as of the Closing Date
as though made at that time (without regard to any “material,” “materiality” or “Material Adverse
Effect” qualifications included therein (other than defined terms such as “Material Customers” and
“Material Contracts”) and except that those representations and warranties that speak as to a
stated date, in which case such representation shall be true and correct as of such date), except
to the extent that the failure of the representations and warranties, taken as a whole, to be true
and correct would not reasonably be expected to have a Material Adverse Effect, to materially delay
the Closing or to materially and adversely affect the ability of Seller to consummate the
transactions contemplated by this Agreement.

     6.2 Performance of Seller’s Covenants. All covenants, agreements and obligations
required by the terms of this Agreement to be performed, satisfied or complied with by Seller at or
before the Closing Date shall have been duly and properly performed and complied with in all
material respects by Seller at or before the Closing Date.

     6.3 No Governmental Order. There shall be no order, writ, judgment, injunction,
decree, stipulation, determination or award entered by or with any Governmental Authority that
prohibits the transactions contemplated by this Agreement or renders it unlawful to consummate such
transactions.

     6.4 HSR Waiting Period. The applicable waiting period, including any extension
thereof, under the HSR Act shall have expired or been terminated.

     6.5 Deliverables. Purchaser shall have received from Seller each of the deliverables
described in Section 9.2 hereof.

     6.6 Material Adverse Effect. There shall not have occurred since January 1, 2006 any
event, circumstance or condition that has had, or could reasonably be expected to have, a Material
Adverse Effect.

ARTICLE VII

CONDITIONS PRECEDENT TO SELLER’S PERFORMANCE

     The obligation of Seller to consummate the transactions contemplated by this Agreement is
subject to the satisfaction, at or before the Closing Date, of each of the following conditions,
unless waived in writing by Seller:

     7.1 Accuracy of Purchaser’s Representations and Warranties. The representations and
warranties of Purchaser contained in this Agreement shall be true and correct when made and on and
as of the Closing Date as though made at that time (unless a

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representation and warranty speaks as to a stated date, in which case such representation
shall be true as of such date), except in each case, to the extent that the failure of any
representation or warranty to be true and correct would not reasonably be expected to materially
delay the Closing or to materially and adversely affect the ability of Purchaser to consummate the
transactions contemplated hereby.

     7.2 Performance of Purchaser’s Covenants. All covenants, agreements and obligations
required by the terms of this Agreement to be performed, satisfied or complied with by Purchaser at
or before the Closing Date shall have been duly and properly performed and complied with by
Purchaser at or before the Closing Date.

     7.3 No Governmental Order. There shall be no order, writ, judgment, injunction,
decree, stipulation, determination or award entered by or with any Governmental Authority that
prohibits the transactions contemplated by this Agreement or renders it unlawful to consummate such
transactions.

     7.4 HSR Waiting Period. The applicable waiting period, including any extension
thereof, under the HSR Act shall have expired or been terminated.

     7.5 Deliverables. Seller shall have received from Purchaser each of the deliverables
described in Section 9.3 hereof.

ARTICLE VIII

TERMINATION PRIOR TO CLOSING

     8.1 Termination. This Agreement and the transactions contemplated hereby may be
terminated at any time prior to Closing:

          (a) By the mutual written consent of Purchaser and Seller;

          (b) By either Purchaser or Seller, by written notice to the other party if the Closing shall
not have occurred on or before December 31, 2006; provided, however, that neither party may
terminate this Agreement pursuant to this Section 8.1(b) if the failure to consummate the
transactions contemplated hereby prior to such date is the direct or indirect result of any breach
of any covenant, representation or warranty of such party or because any of the conditions
precedent to the obligations of the other party have not been satisfied due to any action or
failure to act by such party;

          (c) By Purchaser, by prior written notice to Seller, if Seller shall fail to perform in any
material respect any material obligation of Seller herein required to be performed prior to the
Closing Date and such failure: (i) deprives Purchaser of a substantial part of its benefit under
this Agreement; and (ii) is not cured within twenty (20) days after Purchaser has notified Seller
of its intent to terminate pursuant to this Section 8.1(c); or

          (d) By Seller, by prior written notice to Purchaser, if Purchaser shall fail to perform in any
material respect any material obligation of Purchaser herein required to be performed prior to the
Closing Date and such failure: (i) deprives Seller of substantial part of its

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benefit under this Agreement; and (ii) is not cured within twenty (20) days after Seller has
notified Purchaser of its intent to terminate pursuant to this Section 8.1(d).

     8.2 Effect on Obligations. Termination of this Agreement pursuant to Section
8.1, above, shall terminate all obligations of the parties hereunder and this Agreement shall
become void and have no effect without any liability on the part of any party, except for the
obligations under Sections 5.4 (Confidentiality), 5.5 (Publicity),
and 10.2 (Indemnification Obligations), and Article XII (Miscellaneous
Provisions); provided, however, that termination shall not relieve any party
defaulting or breaching this Agreement prior to such termination from any liability for such
default or breach.

ARTICLE IX

THE CLOSING

     9.1 Closing. Subject to the satisfaction and/or waiver of the conditions set forth
herein, the consummation of the sale and purchase of the Shares (the “Closing”) shall occur
at 10:00 a.m. at the offices of King & Spalding, LLP, 1180 Peachtree Street, N.E., Atlanta, Georgia
30309-3521 on the second business day following satisfaction and/or waiver of the final condition
to the Closing or on such other date and such other place as may be mutually agreed to by the
parties (the “Closing Date”), provided that, unless otherwise mutually agreed by the
parties, the Closing Date shall occur no earlier than October 31, 2006.

     9.2 Seller’s Obligations. At the Closing, Seller shall deliver to Purchaser:

          (a) The certificate(s) representing the Shares, accompanied by stock transfer power(s), duly
executed on behalf of Seller, and otherwise in a form acceptable for transfer on the books of the
Company;

          (b) A certificate, dated the Closing Date, from Seller and signed by an authorized officer,
certifying that the conditions specified in Section 6.1 and Section 6.2 above have
been fulfilled; and

          (c) Letters of resignation from the director(s) of the Company.

     9.3 Purchaser’s Obligations. At the Closing, Purchaser shall deliver to Seller:

          (a) The Purchase Price in accordance with Section 2.2; and

          (b) A certificate, dated the Closing Date, from Purchaser and signed by an authorized officer,
certifying that the conditions specified in Section 7.1 and Section 7.2 above have
been fulfilled.

ARTICLE X

INDEMNIFICATION

     10.1 Survival of Representations and Warranties. All representations and warranties
under this Agreement shall survive the Closing through the date that is one (1) year after the
Closing Date, at which date such representations and warranties shall terminate;

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provided, however, that the representations and warranties set forth in
Sections 3.1, 3.2, 3.3(a), 3.4, 3.15, 3.21 and
3.22 (collectively, the “Specified Representations”) shall survive until the
expiration of all applicable statutes of limitations. All covenants of Purchaser or Seller that
are required by their terms to be performed prior to the Closing shall terminate as of the Closing.

     10.2 Indemnification Obligations.

          (a) Indemnification by Seller. From and after the Closing, Seller shall indemnify and
hold harmless Purchaser, the Company and their respective officers, directors, members and
employees (collectively, the “Purchaser Indemnified Parties”), and shall reimburse the
Purchaser Indemnified Parties for any Damages resulting from (i) any breach of representation or
warranty made by Seller in Article III, (ii) any breach or default in the performance by
Seller of any covenant or agreement contained herein, and (iii) the Excluded Liabilities.

          (b) Indemnification by Purchaser. Purchaser shall indemnify and hold harmless Seller,
its Affiliates and any of their respective officers, directors and employees (collectively, the
“Seller Indemnified Parties”), and shall reimburse the Seller Indemnified Parties for any
Damages resulting from (i) any breach of representation or warranty made by Purchaser in
Article IV, (ii) any breach or default in the performance by Purchaser of any covenant or
agreement of Purchaser contained herein, and (iii) any liability arising from or relating to the
conduct of the business of the Company and the Subsidiaries from and after the Closing Date (except
to the extent that such Damages result from any breach of a representation or warranty made by
Seller in Article III).

          (c) Limitations on Liability. Notwithstanding anything in this Agreement to the
contrary, including the rights of the Purchaser Indemnified Parties to indemnification under this
Article X, Seller’s indemnification obligations to the Purchaser Indemnified Parties shall
be limited as follows:

               (i) The aggregate amount of Seller’s liability for breach of the representations and
warranties in Article III other than breaches of the Specified Representations shall not
exceed ten percent (10%) of the Purchase Price;

               (ii) Seller shall only be liable for Damages for breach of the representations and warranties
in Article III other than breaches of the Specified Representations if and to the extent
such Damages exceed one percent (1%) of the Purchase Price in the aggregate,

               (iii) Seller shall not be liable for any individual claim for indemnification hereunder based
on a breach of any representation or warranty in Article III other than breaches of the
Specified Representations unless such Damages exceed Twenty Five Thousand Dollars ($25,000);

          (d) Claims for Indemnity. Whenever a claim for Damages shall arise for which an
Indemnified Party shall be entitled to indemnification hereunder, such Indemnified Party shall
notify the Indemnifying Party in writing within fifteen (15) days of the first receipt of notice of
such claim, and in any event within such shorter period as may be necessary for the

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Indemnifying Party to take appropriate action to resist such claim. Such notice shall specify
in reasonable detail all facts and circumstances known to the Indemnified Party regarding the claim
and shall explain in reasonable detail the basis on which the Indemnified Party claims a right to
indemnity, including citation to relevant sections of this Agreement, and, if estimable, shall
estimate the amount of the liability arising therefrom. The failure to provide such notice shall
not result in a waiver of any right to indemnification hereunder except to the extent the
Indemnifying Party is prejudiced by such failure. If the Indemnifying Party shall be duly notified
of such indemnity claim, the parties shall attempt to settle and compromise the same, or if unable
to do so within sixty (60) days of the Indemnified Party’s delivery of notice of indemnity claim,
the parties may seek arbitration in accordance with Section 12.3. Any rights of indemnification
established by reason of such settlement or arbitration proceeding shall thereafter be paid and
satisfied by the Indemnifying Party promptly after such date that the indemnified amount is finally
determined.

          (e) Defense of Third Party Claims. Upon receipt by the Indemnifying Party of a notice
from the Indemnified Party with respect to any claim of a third party against the Indemnified
Party, for which the Indemnified Party seeks indemnification hereunder, the Indemnifying Party
shall have the right to assume the defense of such claim, and the Indemnified Party shall cooperate
to the extent reasonably requested by the Indemnifying Party in defense or prosecution thereof and
shall furnish such records, information and testimony and attend all such conferences, discovery
proceedings, hearings, trials and appeals as may be reasonably requested by the Indemnifying Party
in connection therewith. If the Indemnifying Party shall elect to assume the defense of such
claim, the Indemnified Party shall have the right to employ its own counsel in any such case, but
the fees and expenses of such counsel shall be at the expense of the Indemnified Party. If the
Indemnifying Party has assumed the defense of any claim against the Indemnified Party, the
Indemnifying Party shall have the right to settle any claim for which indemnification has been
sought and is available hereunder; provided that, to the extent that such settlement requires the
Indemnified Party to take, or prohibits the Indemnified Party from taking, any action or purports
to obligate the Indemnified Party, then the Indemnifying Party shall not settle such claim without
the prior written consent of the Indemnified Party, such consent not to be unreasonably withheld,
conditioned or delayed. If the Indemnifying Party does not assume the defense of a third party
claim and disputes the Indemnified Party’s right to indemnification, the Indemnified Party shall
have the right to assume control of the defense of such claim through counsel of its choice, the
reasonable costs of which shall be at the Indemnifying Party’s expense in the event that the
Indemnified Party’s right of indemnification is ultimately established through settlement,
compromise or other legal proceeding. In no circumstance may the Indemnified Party compromise or
settle a claim with a third party for which it seeks indemnification from the Indemnifying Party
without first obtaining the prior written consent of the Indemnifying Party, such consent not to be
unreasonably withheld, conditioned or delayed.

          (f) Control of Certain Proceedings. The foregoing notwithstanding, the parties
acknowledge and agree that (i) Seller shall be responsible for the handling of all matters related
to the Excluded Liabilities and the Excluded Assets (including, without limitation, the prosecution
and defense of any proceedings related thereto, if applicable) without any requirement that
Purchaser or the Company give any further notice thereof, (ii) the Purchaser Indemnified Parties
shall not have the right to retain separate counsel at Seller’s expense in connection with any such
matter (it being agreed that Seller shall bear the fees and expenses of

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the counsel presently engaged in each such matter), and (iii) Seller shall have the exclusive
right to control the payment, settlement, negotiation and other treatment of all such matters;
provided, however, that, to the extent that any such settlement includes any agreement by
Purchaser, the Company or any Subsidiary to take, or prohibits Purchaser, the Company or any
Subsidiary from taking, any action that will not be fully performed by Seller or imposes any
post-settlement obligation on Purchaser, the Company or any Subsidiary that will not be fully
satisfied by Seller, then Seller may not enter into such settlement without the prior written
consent of Purchaser, such consent not to be unreasonably withheld, conditioned or delayed. In
connection with any such matter, the Purchaser Indemnified Parties shall provide all reasonable
support and assistance to Seller, its Affiliates and Representatives, as they may reasonably
request (including, without limitation, access to personnel and information); provided,
however, that, (i) Seller shall reimburse any out-of-pocket expenses (but no internal
charges for Purchaser or Company personnel providing such assistance) incurred in providing such
support and assistance and (ii) such requests for assistance shall not unreasonably interfere with
or disrupt the operation of Purchaser’s or the Company’s business.

     10.3 Mitigation. An Indemnified Party shall use commercially reasonable efforts to
obtain recovery from third parties other than the Indemnifying Party hereunder (including, without
limitation, any insurance company or other insurance provider) who may be legally responsible to
reimburse such Indemnified Party for any Damages. Notwithstanding anything in this Agreement to
the contrary, the amount of any Damages of any Person under this Article X shall be net of
(a) the amount, if any, received by the Indemnified Party from any third party (including, without
limitation, any insurance company or other insurance provider), which third party recoveries the
Indemnified Party shall use its commercially reasonable best efforts to obtain, and (b) the amount,
if any, equal to the Tax benefit (such amounts being collectively referred to herein as a
“Third Party Reimbursement”), in respect of or attributable to the Damages suffered
thereby. If, after receipt by the Indemnified Party of any indemnification payment hereunder, such
Indemnified Party receives a Third Party Reimbursement in respect of the same Damages for which
indemnification was made and such Third Party Reimbursement was not taken into account in assessing
the amount of indemnification, then the Indemnified Party shall turn over all of such Third Party
Reimbursement to the Indemnifying Party up to the amount of the indemnification paid pursuant
hereto.

     10.4 Exclusive Remedy. Except for claims for fraud or intentional misrepresentation
under applicable law and for the provisions of Section 8.2 and Article XI, the indemnification
provided in this Article X will constitute the exclusive remedy of the Purchaser
Indemnified Parties or Seller Indemnified Parties, as the case may be, and their respective assigns
from and against any and all Damages asserted against, resulting to, imposed upon or incurred or
suffered by, any of them, directly or indirectly, as a result of, or based upon or arising from the
breach of any representation or warranty or the non-fulfillment of any agreement or covenant in or
pursuant to this Agreement or any other agreement, document, or instrument required hereunder.
Purchaser and Seller each hereby waive, to the fullest extent permitted under applicable Law, any
and all rights, claims, and causes of action it may have against any other party, or any of such
other party’s Affiliates, to the contrary.

     10.5 Damages. Each party agrees that it is not entitled to recover and hereby waives
any claim with respect to, and will not seek, lost profit, exemplary, incidental, punitive or

38

 

any other special Damages or consequential Damages that were not reasonably foreseeable as to
any matter under, relating to or arising out of the transactions contemplated by this Agreement.

     10.6 Other Limitations. Notwithstanding any other provision of contained in this
Agreement to the contrary, (i) no Indemnifying Party shall be obligated to provide indemnification
to any Indemnified Party with respect to any Damages suffered by such Indemnified Party if such
Damages have already been paid by an insurance company or another third party or if another
Indemnified Party has already been paid with respect to such Damages hereunder, (ii) if a matter
for which a Purchaser Indemnified Party would otherwise be entitled to indemnification under this
Agreement is reserved for or accrued in connection with the determination of the Final Net Working
Capital, then no Purchaser Indemnified Party shall be able to recover for such matter to the extent
it was so reserved for or accrued, and (iii) no Seller Indemnified Party shall be liable for any
Damages to the extent that such Damages arose from actions taken by or omitted to be taken by
Purchaser or, after the Closing Date, by the Company or any Subsidiary (except to the extent that
(i) such Damages arise from the continuation of actions taken by or omitted to be taken by Seller,
the Company or any Subsidiary that constituted a breach of a representation or warranty made by
Seller in Article III as of the Closing Date and (ii) none of Purchaser, the Company or
any Subsidiary had Knowledge of such breach at the time that such actions continued to be taken or
omitted to be taken following the Closing Date).

     10.7 Adjustments to Purchase Price. Any payments made pursuant to this Article
X shall be consistently treated as adjustments to the Purchase Price for all purposes by Seller
and Purchaser.

ARTICLE XI

TAX MATTERS

     11.1 Responsibility for Taxes.

          (a) Seller shall be responsible for: (i) all Taxes imposed on the Company or any Subsidiary,
or for which the Company or any Subsidiary may otherwise be liable as a transferee or Successor, by
contract or under Treas. Reg. §1.502-6 (or any similar or corresponding provision of state, local
or foreign Law), for any taxable year or period that ends on or before the Closing Date; (ii) the
portion of all Taxes imposed on the Company or any Subsidiary, or for which the Company or any
Subsidiary may otherwise be liable, for any taxable year or period that begins before and ends
after the Closing Date, to the extent that such Taxes are attributable to the operations of the
Company and the Subsidiaries for the year or period ending on the Closing Date as provided in
Section 11.1(c); and (iii) notwithstanding anything to the contrary in Section
11.1(b), any Taxes resulting from the transactions involving the Excluded Assets and the
Excluded Liabilities. Seller shall be entitled to any refund of Taxes received for any period (or
partial period) ending prior to or on the Closing Date. Notwithstanding anything to the contrary
in this Agreement, Seller shall not be responsible or liable for any Taxes which have been accrued
as a liability, and shall not receive any refund which has been included as an asset, in the Final
Net Working Capital as of the Closing Date.

          (b) Purchaser shall be responsible for (without any right to be reimbursed by Seller): (i)
all Taxes imposed on Purchaser, the Company or any Subsidiary, or

39

 

for which Purchaser, the Company or any Subsidiary may otherwise be liable, for any taxable
year or period that begins after the Closing Date; (ii) the portion of all Taxes imposed on
Purchaser, the Company or any Subsidiary, or for which Purchaser, the Company or any Subsidiary may
otherwise be liable, for any taxable year or period that begins before and ends after the Closing
Date, to the extent that such Taxes are attributable to the year or period beginning after the
Closing Date as provided in Section 11.1(c); (iii) any additional Taxes imposed on Seller
or the Company resulting from any transaction engaged in by the Company or any Subsidiary occurring
after the Closing (including any deemed sale of assets); and (iv) any and all transfer, stamp, real
property transfer, document, bulk sale or similar Taxes payable in connection with the consummation
of the transactions contemplated herein. Purchaser shall be entitled to any refund of Taxes of the
Company received for any periods (or partial periods) beginning after the Closing Date.

          (c) For purposes of Section 11.1(a) and Section 11.1(b), whenever it is
necessary to determine the responsibility for Taxes of the Company or any Subsidiary in respect of
a portion of a taxable year or period that begins before and ends after the Closing Date, the
determination of the Taxes for the portion of the taxable year or period ending on, and the portion
of the taxable year or period beginning after, the Closing Date shall be determined: (i) in the
case of Taxes that are either (x) based upon or related to income or receipts, or (y) imposed in
connection with any sale or other transfer or assignment of property, by assuming that the Company
and the Subsidiaries had a taxable year or period that ended at the close of the Closing Date and
closing the books of the Company and the Subsidiaries as of such date, except that exemptions,
allowances or deductions that are calculated on an annual basis, such as the deduction for
depreciation, shall be apportioned on a time basis; and, (ii) in the case of Taxes not described in
subparagraph (i) that are imposed on a periodic basis and measured by the level of any item, by
taking the amount of such Taxes (including any minimum) for the entire period (or, in the case of
such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding
period) multiplied by a fraction the numerator of which is the number of calendar days in the
period ending on the Closing Date or the number of calendar days in the period beginning after the
Closing Date, as applicable, and the denominator of which is the number of calendar days in the
entire period.

          (d) Purchaser and Seller shall cooperate, and Purchaser shall cause the Company and the
Subsidiaries to cooperate, as and to the extent reasonably requested by another party, in
connection with the preparation and filing of any Tax Returns. Such cooperation shall include the
retention and provision of records and information that are reasonably relevant to any such Tax
Returns.

          (e) If Seller is liable pursuant to this Section 11.1 for any Taxes due and to be paid
by Purchaser, Seller shall pay to Purchaser, or if Purchaser is liable pursuant to this Section
11.1 for any Taxes due and to be paid by Seller or any of its Affiliates, Purchaser shall pay
to Seller at least five (5) business days before the date on which such Taxes are due and payable
an amount equal to the Taxes for which Seller is liable, or the Taxes for which Purchaser is
liable, as applicable. If Seller or any of its Affiliates receive any refund of Taxes to which
Purchaser is entitled pursuant to this Section 11.1, Seller shall pay to Purchaser an
amount equal to such refund within fifteen (15) days after receipt of such refund by Seller or any
of its Affiliates. If Purchaser receives any refund of Taxes to which Seller is entitled pursuant
to this

40

 

Section 11.1, Purchaser shall pay to Seller an amount equal to such refund within
fifteen (15) days after receipt of such refund by Purchaser.

     11.2 Tax Returns and Contests.

          (a) The Tax Returns of the Company and the Subsidiaries required to be filed for all periods
ending on or before the Closing Date (including any Tax Return for the short period ending on the
Closing Date), that are required to be filed after the Closing Date shall be prepared and filed by
Seller or its Affiliates at the expense of Seller. Such Tax Returns shall be prepared in a manner
consistent with the Tax Returns of the Company and the Subsidiaries filed before the Closing Date
for prior fiscal periods unless otherwise required by applicable Law. Without limiting the
foregoing, in preparing such Tax Returns, Seller shall be required to consult in good faith with
Purchaser regarding any change in any Tax accounting practice, policy or method and the making or
revocation of any election relating to Taxes, except for any actions described on Schedule 5.2(vi)
of the Disclosure Schedule. To the extent that the operations of the Company reflected on such Tax
Returns are required to be included in the Tax Return of Seller and its Affiliates, Seller or such
Affiliates, as the case may be, shall cause the operations of the Company to be so included. Any
officer of the Company or any Subsidiary as of the day immediately preceding the Closing Date shall
have the authority, and by execution of this Agreement Purchaser hereby grants any such officer the
authority, to sign any of such Tax Returns.

          (b) Purchaser shall prepare or cause to be prepared and file or cause to be filed at its
expense any Tax Returns of Purchaser, the Company or any Subsidiary required to be filed separately
or as part of a consolidated Tax Return for all periods that end after the Closing Date (including
periods that begin before the Closing Date and end after the Closing Date), which are filed after
the Closing Date. Such Tax Returns shall be prepared in a manner consistent with the Tax Returns
of the Company and the Subsidiaries filed before the Closing Date for prior fiscal periods unless
Purchaser reasonably determines that there is a material risk of penalties. Such Tax Returns that
include any period or portion of a period including the Closing Date as are required to be filed
separately or as a part of a consolidated, unitary or combined Tax Return of Purchaser and its
Affiliates (but not any consolidated Tax Return) shall be submitted to Seller at least fifteen (15)
days before the first date on which such Tax Returns are legally required to be filed, including
extensions, to enable Seller to review, comment on and approve such Tax Returns (such approval not
to be unreasonably withheld, conditioned or delayed). Purchaser shall cooperate with Seller in
connection with Seller’s review of such Tax Returns and provide to Seller such additional
information related to the operations of the Company and the Subsidiaries as Seller shall
reasonably request in connection with such review. Purchaser and Seller shall consult with each
other in good faith to resolve any issues arising as a result of such review and approval.

          (c) Purchaser shall promptly notify Seller in writing upon receipt by Purchaser, any of its
Affiliates or the Company of notice of any pending or threatened federal, state, local or foreign
income or franchise Tax audits or assessments that may affect the Tax liabilities of Seller or Tax
liability for which Seller may be required to indemnify Purchaser pursuant to this Agreement.

41

 

          (d) Seller shall have the sole and exclusive right, power and authority, at its expense, to
negotiate, resolve, settle, or contest any notice of audit or assessment referred to in Section
11.2(c) and to represent and act for and on behalf of Seller, Purchaser, the Company and the
Subsidiaries in connection with any such audit or assessment, including refund claims of any Tax
liability for any period ending on or before the Closing Date. Seller shall keep Purchaser
reasonably informed of the progress thereof. Notwithstanding the foregoing, Seller shall not
resolve, settle, compromise, or abandon any issue or claim without the prior written consent of
Purchaser if such action would materially and adversely affect the Tax liabilities of Purchaser,
the Company or any Subsidiary in any period after the Closing Date (including the imposition of any
income Tax deficiencies, the reduction of asset basis on cost adjustments, the lengthening of any
amortization or depreciation periods, the denial of amortization or depreciation deductions or the
reduction of loss or credit carryforwards). Such consent shall not be unreasonably withheld,
conditioned or delayed and shall not be necessary if Seller has fully indemnified Purchaser against
the effects of any such action.

ARTICLE XII

MISCELLANEOUS PROVISIONS

     12.1 Entire Agreement. This Agreement, together with the Schedules hereto, and the
Confidentiality and Nondisclosure Agreement referred to in Section 5.4 above, sets forth
the entire agreement between the parties with regard to the subject matter hereof, and supersedes
all other prior agreements and understandings, written or oral, between the parties or any of their
respective Affiliates with respect to such subject matter.

     12.2 Governing Law. The validity, construction and performance of this Agreement, and
any action arising out of or relating to this Agreement shall be governed by the Laws of the State
of New York, without regard to the Laws of such State as to choice or conflict of Laws.

     12.3 Arbitration.

          (a) Any controversy, claim, or question of interpretation in dispute between Seller, on one
hand, and Purchaser, on the other hand (Seller, on the one hand, and Purchaser, on the other hand,
each being referred to as a “party”) arising out of or relating to this Agreement or the breach
thereof (except such as may arise under or with respect to Section 2.4(b), which shall be finally
determined by the Independent Auditor) shall be finally settled by arbitration in New York, New
York, under the then-effective International Institute for Conflict Prevention and Resolution Rules
for Non-Administered Arbitration as modified by this Agreement, and judgment on the award rendered
by the arbitrators may be entered in any federal or state court in the State of New York having
jurisdiction. The award rendered by the arbitrators shall be final and binding on the parties and
not subject to further appeal. Such arbitration can be initiated by written notice by either party
(the “Claimant”) to the other party, which notice shall identify the Claimant’s selected
arbitrator. The party receiving such notice (the “Respondent”) shall identify its
arbitrator within ten (10) business days following its receipt of such notice. The arbitrator
selected by the Claimant and the arbitrator selected by the Respondent shall, within fifteen (15)
business days of their appointment, select a third neutral arbitrator. In the event that they are
unable to do so, either party may request the International

42

 

Institute for Conflict Prevention and Resolution to appoint the third neutral arbitrator. All
three arbitrators selected pursuant to this Section 12.3 shall be persons listed on the CPR Panels
of Distinguished Neutrals. The arbitrators shall have the authority to award any remedy or relief
that a court in New York could order or grant, including, without limitation, specific performance
of any obligation created under this Agreement, the issuance of injunctive or other provisional
relief, or the imposition of sanctions for abuse or frustration of the arbitration process. The
arbitration award will be in writing and specify the factual and legal basis for the award.

          (b) It is the intent of the parties that any arbitration shall be concluded as quickly as
reasonably practicable. Unless the parties otherwise agree, once commenced, the hearing on the
disputed matters shall be held four days a week until concluded, with each hearing date to begin at
9:00 a.m. and to conclude at 5:00 p.m. The arbitrators shall use all reasonable efforts to issue
the final award or awards within a period of five business days after closure of the proceedings.
Failure of the arbitrators to meet the time limits of this Section 12.3(b) shall not be a basis for
challenging the award.

          (c) The arbitrators shall instruct the non-prevailing party to pay all costs of the
proceedings, including the fees and expenses of the arbitrators and the reasonable attorneys’ fees
and expenses of the prevailing party. If the arbitrators determine that there is not a prevailing
party, each party shall be instructed to bear its own costs and to pay one-half of the fees and
expenses of the arbitrators.

          (d) Each party hereto hereby agrees that any legal proceeding instituted to enforce an
arbitration award hereunder will be brought in the U.S. federal or state courts situated in New
York, and hereby submits to personal jurisdiction therein and irrevocably waives any objection as
to venue therein, and further agrees not to plead or claim in any such court that any such
proceeding has been brought in an inconvenient forum. Each party hereby (x) consents to service of
process in any such action in any manner permitted by New York Law; (y) agrees that service of
process made in accordance with clause (x) or made by registered or certified mail, return receipt
requested, at its address specified pursuant to Section 12.11 will constitute good and
valid service of process in any such action; and (z) waives and agrees not to assert (by way of
motion, as a defense, or otherwise) in any such action any claim that service of process made in
accordance with clause (x) or (y) does not constitute good and valid service of process.

     12.4 Schedules. The inclusion of any information in any Schedule attached hereto will
not be deemed an admission or acknowledgment, in and of itself and solely by virtue of the
inclusion of such information in such Schedule, that such information is required to be listed in
such Schedule. The headings, if any, of the individual sections of the Schedules are inserted for
convenience only and will not be deemed to constitute a part thereof or a part of this Agreement.
The Schedules are arranged in sections corresponding to the sections of this Agreement merely for
convenience, and the disclosure of an item in one Schedule as an exception to a particular
covenant, representation or warranty will be deemed adequately disclosed as an exception with
respect to all other covenants, representations or warranties to the extent that the relevance of
such item to such other covenants, representations or warranties is reasonably apparent on the face
of such item, notwithstanding the presence or absence of an

43

 

appropriate Schedule with respect to such other covenants, representations or warranties or an
appropriate cross-reference thereto.

     12.5 Waiver and Amendment. This Agreement may be amended, supplemented, modified
and/or rescinded only through an express written instrument signed by all parties or their
respective successors and permitted assigns. Any party may specifically and expressly waive in
writing any portion of this Agreement or any breach hereof, but only to the extent such provision
is for the benefit of the waiving party, and no such waiver shall constitute a further or
continuing waiver of any preceding or succeeding breach of the same or any other provision. The
consent by one party to any act for which such consent was required shall not be deemed to imply
consent or waiver of the necessity of obtaining such consent for the same or similar acts in the
future, and no forbearance by a party to seek a remedy for noncompliance or breach by another party
shall be construed as a waiver of any right or remedy with respect to such noncompliance or breach.

     12.6 Amendment to Schedules. Seller may, from time to time prior to the Closing, by
notice in accordance with this Agreement, propose to supplement or amend any Schedule to this
Agreement (the “Disclosure Supplement”) (i) with respect to any fact, change, condition or
circumstance that occurs after the date of this Agreement which, if existing or occurring before or
at the date of this Agreement, would have been required to be set forth or described in the
Schedules or (ii) with respect to any fact that existed as of the date of this Agreement, to
correct any disclosures that were inaccurately made or to add any disclosures that were
inaccurately omitted. With respect to any fact, change, condition or circumstance described in
clause (i) above, (x) if the fact, change, condition or circumstance contained in the Disclosure
Supplement would cause the condition contained in Section 6.1 not to be met, then Purchaser
must either terminate this Agreement or accept such Disclosure Supplement as an amendment to the
Disclosure Schedule and (y) if the fact, change, condition or circumstance contained in the
Disclosure Supplement would not cause the condition contained in Section 6.1 not to be met,
then Purchaser may seek any indemnification available to Purchaser under this Agreement following
the Closing with respect to such fact, change, condition or circumstance; provided, however, that,
Purchaser shall not be entitled to seek indemnification with respect to any such fact, change,
condition or circumstance under this Agreement that occurs in the ordinary course of the Company’s
business and was not the result of actions taken in violation of Section 5.2 (it being
understood and agreed that the threat or the commencement of litigation in the ordinary course
will, among other matters, be exempted from any indemnification obligation pursuant to clause (y)).
With respect to any items of the type described in clause (ii) above, if the fact, change,
condition or circumstance contained on the Disclosure Supplement would not prevent the fulfillment
of the condition contained in Section 6.1, or if such fact, change, condition or
circumstance would prevent the fulfillment of the condition contained in Section 6.1 but
the parties still allow the Closing to occur, Purchaser may seek any indemnification available to
Purchaser under this Agreement following Closing with respect to such fact, change, condition or
circumstance.

     12.7 Assignment. Except as specifically provided otherwise in this Agreement, neither
this Agreement nor any interest herein shall be assignable (voluntarily, involuntarily, by judicial
process, operation of Law or otherwise), in whole or in part, by any party without the prior
written consent of the other party, and any such attempted assignment shall be null and

44

 

void. Notwithstanding the foregoing, nothing in this Section 12.7 shall prevent Purchaser,
without the consent of any other party, from assigning all or part of its rights or obligations
hereunder by way of collateral assignment to any lender(s) providing financing for the transactions
contemplated hereby or to any of its Affiliates, but no such assignment shall relieve Purchaser of
its obligations under this Agreement.

     12.8 Successors and Assigns. Each of the terms, provisions and obligations of this
Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the
parties and their respective legal representatives, successors and permitted assigns.

     12.9 No Third Party Beneficiaries. Except as otherwise specifically set forth herein,
nothing in this Agreement will be construed as giving any Person, other than the parties to this
Agreement and their successors and permitted assigns, any right, remedy or claim under, or in
respect of, this Agreement or any provision hereof.

     12.10 No Personal Liability. This Agreement shall not create or be deemed to create
or permit any personal liability or obligation on the part of (i) any direct or indirect
stockholder, member or partner of Seller or Purchaser or (ii) any officer, director, employee,
agent or representative of Seller, Purchaser, the Company or any Subsidiary.

     12.11 Notices. All notices, requests, demands and other communications made under
this Agreement shall be in writing, correctly addressed to the recipient as follows:

	 	 	 
	If to Purchaser (or the
	 	 
	Company after the Closing):
	 	 
	 

	 	5620 Glenridge Drive NE
	 

	 	Atlanta, GA 30342
	 

	 	Attn: General Counsel
	 

	 	Facsimile No.: (404) 847-4066
	 
	 	 
	with a copy to:

	 	King & Spalding LLP
	 

	 	1180 Peachtree Street, N.E.
	 

	 	Atlanta, Georgia 30309
	 

	 	Attn: John J. Kelley, III
	 

	 	Facsimile No.: (404) 572-5133
	 
	 	 
	If to Seller (or the
	 	 
	Company prior to the Closing):
	 	 
	 

	 	Platinum Equity, LLC
	 

	 	360 North Crescent Drive
	 

	 	South Building
	 

	 	Beverly Hills, California 90210
	 

	 	Attn: Eva M. Kalawski, Esq.
	 

	 	Facsimile No.: (310) 712-1863

45

 

	 	 	 
	with a copy to:

	 	Bingham McCutchen LLP
	 

	 	600 Anton Boulevard, Suite 1800
	 

	 	Costa Mesa, California 92626
	 

	 	Attn: James W. Loss, Esq.
	 

	 	Facsimile No.: (714) 830-0726

Notices, requests, demands and other communications made under this Agreement shall be deemed to
have been duly given (i) upon delivery, if served personally on the party to whom notice is to be
given, (ii) on the date of receipt, refusal or non-delivery indicated on the receipt if mailed to
the party to whom notice is to be given by registered or certified, postage prepaid or by air
courier or (iii) upon confirmation of transmission, if sent by facsimile. Any party may give
written notice of a change of address in accordance with the provisions of this Section
12.13 and after such notice of change has been received, any subsequent notice shall be given
to such party in the manner described at such new address.

     12.12 Severability. It is the desire and intent of the parties that the provisions of
this Agreement be enforced to the fullest extent permissible under the Law and public policies
applied in each jurisdiction in which enforcement is sought. Accordingly, if any term or provision
of this Agreement, or the application thereof to any person or circumstance, is adjudicated by a
court of competent jurisdiction to be invalid, prohibited or unenforceable in any jurisdiction: (a)
a substitute and equitable provision shall be substituted therefor in order to carry out, so far as
may be valid and enforceable in such jurisdiction, the intent and purpose of the invalid,
prohibited or unenforceable provision; and (b) the remainder of this Agreement and the application
of such provision to other persons or circumstances shall not be affected by such invalidity,
prohibition or unenforceability, nor shall such invalidity, prohibition or unenforceability of such
provision affect the validity or enforceability of such provision, or the application thereof, in
any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly
drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to
such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this
Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

     12.13 Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute a single
agreement.

     12.14 No Presumption. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting or causing
any instrument to be drafted.

     12.15 Facsimile Signatures. This Agreement and any other document or agreement
executed in connection herewith (other than any document for which an originally executed signature
page is required by Law) may be executed by delivery of a facsimile copy of an executed signature
page with the same force and effect as the delivery of an originally executed signature page. In
the event any party delivers a facsimile copy of a signature page to this Agreement or any other
document or agreement executed in connection herewith, such party shall deliver an originally
executed signature page within three business days of delivering such

46

 

facsimile signature page or at any time thereafter upon request; provided,
however, that the failure to deliver any such originally executed signature page shall not
affect the validity of the signature page delivered by facsimile, which has and shall continue to
have the same force and effect as the originally executed signature page.

     12.16 Fees and Expenses. Except as otherwise provided for in this Agreement, Seller
(and not the Company) shall pay all costs and expenses incurred on behalf of Seller or the Company
in connection with the negotiation, preparation and execution of this Agreement and the
consummation of the transactions contemplated hereby, including, without limitation, the fees and
expenses of attorneys and accountants; provided, however, that the Company may pay
such costs, fees and expenses to the extent such costs, fees and expenses are paid prior to the
Closing or are included as a liability of the Company or any Subsidiary in determining Net Working
Capital as of the Closing Date. Purchaser shall pay all costs and expenses incurred on its behalf
in connection with the negotiation, preparation and execution of this Agreement and the
consummation of the transactions contemplated hereby, including, without limitation, the fees and
expenses of attorneys and accountants.

[The remainder of this page has been intentionally left blank. Signature page follows.]

47

 

[Signature page to Stock Purchase Agreement]

     IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date first set
forth above.

	 	 	 
	“PURCHASER”

	 	“SELLER”
	 
	 	 
	CRAWFORD & COMPANY

	 	PLATINUM EQUITY, LLC
	 
	 	 
	By: /s/ Thomas W. Crawford

	 	By: /s/ Eva M. Kalawski
	 

	 	 
	Name: Thomas W. Crawford

	 	Name: Eva M. Kalawski
	Title: President and Chief Executive Officer

	 	Title: Executive Vice President, General Counsel and Secretary

48

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