Document:

exv10w15

 

Exhibit 10.15

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the “Agreement”), is entered into as of the 28th
day of September, 2006, by and among Across America Real Estate Corp., a Colorado corporation (the
“Company”) and BOCO Investments, LLC, a Colorado limited liability company and GDBA
Investments, LLLP, a Colorado limited liability limited partnership and Joseph C. Zimlich (each, a
“Series A Holder” and, together, the “Series A Holders”).

Recitals

     WHEREAS, the Company the Series A Holders are parties to that certain Securities Purchase
Agreement dated September 28, 2006 (the “Purchase Agreement”); and

     WHEREAS, as a condition of closing the transactions contemplated by the Purchase Agreement,
the Company has agreed to provide the Series A Holders with registration rights as set forth below.

     NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for
other valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby
agree with each other as follows:

1. Certain Definitions.

     As used in this Agreement, the following terms shall have the following respective meanings:

     (a) “Business Day” means any day other than a Saturday, Sunday or a day on which
banking institutions are closed in the State of Colorado.

     (b) “Commission” means the Securities and Exchange Commission, or any other federal
agency at the time administering the Securities Act.

     (c) “Common Stock” means the common stock, $0.001 par value per share, of the Company.

     (d) “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor federal statute, and the rules and regulations of the Commission issued under such Act,
as they each may, from time to time, be in effect.

     (e) “Initiating Holders” means the Shareholders initiating a request for registration
pursuant to Section 2.1(a), 2.1(b) or 2.1(c), as the case may be.

     (g) “Other Holders” shall mean holders of securities of the Company (other than the
Shareholders) who are entitled, by contract with the Company, to have securities included in a
Registration Statement.

 

 

     (h) “Prospectus” means the prospectus included in any Registration Statement, as
amended or supplemented by an amendment or prospectus supplement, including post-effective
amendments, and all material incorporated by reference or deemed to be incorporated by reference in
such Prospectus.

     (i) “Registration Expenses” means the expenses described in Section 2.4.

     (j) “Registrable Shares” means the shares of Common Stock issued or issuable upon
conversion of the Shares and any other shares of Common Stock issued in respect of such shares
because of stock splits, stock dividends, reclassifications, recapitalizations, or similar events;
provided, however, that shares of Common Stock which are Registrable Shares shall
cease to be Registrable Shares upon any sale pursuant to a Registration Statement or Rule 144 under
the Securities Act. Wherever reference is made in this Agreement to a request or consent of
holders of a certain percentage of Registrable Shares, the determination of such percentage shall
include shares of Common Stock issuable upon conversion of the Shares even if such conversion has
not been effected.

     (k) “Registration Statement” means a registration statement filed under the Securities
Act, other than a registration statement on Form S-8 or Form S-4 (or any successor form).

     (l) “Securities Act” means the Securities Act of 1933, as amended, or any successor
federal statute, and the rules and regulations of the Commission issued under such Act, as they
each may, from time to time, be in effect.

     (m) “Selling Shareholder” means any Shareholder owning Registrable Shares included in
a Registration Statement.

     (n) “Shares” means all shares of Series A Preferred Stock.

     (o) “Shareholders” means the Series A Holders, any Other Holders and any persons or
entities to whom the rights granted under this Agreement are transferred or acquired by any Series
A Holders or Other Holders, their successors or assigns pursuant to Section 3 hereof.

     (p) “‘33 Act Offering” means an underwritten public offering of shares of Common Stock
pursuant to an effective Registration Statement.

-2-

 

2. Registration Rights.

     2.1 Demand Registrations.

     (a) At any time beginning six months after the closing of a ‘33 Act Offering, the Series A
Holders holding in the aggregate at least fifty percent (50%) of the Registrable Shares may
request, in writing, that the Company effect the registration on Form S-1 (or any successor form),
under the Securities Act of the Registrable Shares owned by such Series A Holder.

     (b) At any time upon receipt of a Mandatory Conversion Notice for the Shares (as defined in
the Company’s Articles of Incorporation, as amended), the Series A Holder receiving such notice may
request, in writing, that the Company effect the registration on Form S-1 (or any successor form),
under the Securities Act of the Registrable Shares owned by such Series A Holder.

     (c) At any time after the Company becomes eligible to file a Registration Statement on Form
S-3 (or any successor form relating to secondary offerings), the Series A Holders holding in the
aggregate at least fifty percent (50%) of the Registrable Shares may request, in writing, that the
Company effect the registration on Form S-3 (or such successor form), of such Series A Holder’s
Registrable Shares.

     (d) Upon receipt of any request for registration under the Securities Act pursuant to this
Section 2, the Company shall promptly give written notice of such proposed registration to all
other Shareholders. Such Shareholders shall have the right, by giving written notice to the
Company within thirty (30) days after the Company provides its notice, to elect to have included in
such registration such of their Registrable Shares as such Shareholders may request in such notice
of election, subject in the case of an underwritten offering to the approval of the managing
underwriter as provided in Section 2.1(e) below. Thereupon, the Company shall, as expeditiously as
possible, use its best efforts to effect the registration on an appropriate registration form of
all Registrable Shares which the Company has been requested to so register, provided,
however, that in the case of a registration requested under Section 2.1(c), the Company
will only be obligated to effect such registration on Form S-3 (or any successor form).

     (e) If the Initiating Holders intend to distribute the Registrable Shares covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request
made pursuant to Section 2.1(a), (b) or (c), as the case may be, and the Company shall include such
information in its written notice referred to in Section 2.1(d). The right of any other
Shareholder to include its Registrable Shares in such registration pursuant to Section 2.1(a), (b)
or (c), as the case may be, shall be conditioned upon such other Shareholder’s participation in
such underwriting on the terms set forth herein. If the managing underwriter determines that the
marketing factors require a limitation of the number of shares to be underwritten, the number of
Registrable Shares to be included in a Registration Statement filed pursuant to this Section 2.1,
shall be reduced pro rata among the requesting Shareholders based on the quotient of (1) the total
Registrable Shares to be included in the Registration Statement, divided by (2) the total number of
Registrable Shares that requested registration; provided, however, that in no event
shall the

-3-

 

Shares to be sold by the Series A Holders be reduced to below twenty-five percent (25%) of the
total amount of securities to be included in the registration.

     (f) The Initiating Holders shall have the right to select the managing underwriter(s) for any
underwritten offering requested pursuant to this Section 2.1, subject to the approval of the
Company, which approval will not be unreasonably withheld.

     (g) The Company shall not be required to effect more than two (2) registrations pursuant to
Section 2.1(a); provided, however, that the Company shall not be required to effect
the second of such two (2) registrations in the event that (i) the Company is eligible to file a
Registration Statement on Form S-3 (or any successor form), and (ii) the Shareholders have had the
opportunity to register all of their Registrable Shares under the Securities Act pursuant to
Section 2.2 hereof. In addition, the Company shall not be required to effect any registration
(other than on Form S-3 or any successor form relating to secondary offerings) (i) within ninety
(90) days after the effective date of any other Registration Statement of the Company on Form S-1
(or any successor form) or (ii) during the one hundred and eighty (180) day period commencing with
the date of the Company’s initial ‘33 Act Offering. For purposes of this Section 2.1(g), a
Registration Statement shall not be counted until such time as such Registration Statement has been
declared effective by the Commission and the related sale is consummated (in the case of an
underwritten offering). There shall be no limitations as to the number of registrations the Series
A Holders may request under Section 2.1(b) or (c).

     (h) If at the time of any request to register Registrable Shares by Initiating Holders
pursuant to this Section 2.1, the Company is engaged or has plans to engage in a registered public
offering or is engaged in any other activity which, in the good faith determination of the
Company’s Board of Directors, would be adversely affected by the requested registration, then the
Company may at its option direct that such request be delayed for a period not in excess of ninety
(90) days from the date of such request, such right to delay a request to be exercised by the
Company not more than once in any 12-month period.

     2.2 Piggyback Registration.

     (a) Whenever the Company proposes to file a Registration Statement (other than a Registration
Statement filed pursuant to Section 2.1) at any time and from time to time, it will, prior to such
filing, give written notice to all Shareholders of its intention to do so. Upon the written
request of a Shareholder or Shareholders, given within twenty (20) days after the Company provides
such notice (which request shall state the intended method of disposition of such Registrable
Shares), the Company shall use its best efforts to cause all Registrable Shares which the Company
has been requested by such Shareholder or Shareholder to register to be registered under the
Securities Act to the extent necessary to permit their sale or other disposition in accordance with
the intended methods of distribution specified in the request of such Shareholder or Shareholders;
provided, however, that the Company shall have the right to postpone or withdraw
any registration effected pursuant to this Section 2.2 without obligation to any Shareholder.

-4-

 

     (b) If the registration for which the Company gives notice pursuant to Section 2.2(a) is a
registered public offering involving an underwriting, the Company shall so advise the Shareholders
as a part of the written notice given pursuant to Section 2.2(a). In such event, the right of any
Shareholder to include its Registrable Shares in such registration pursuant to Section 2.2 shall be
conditioned upon such Shareholder’s participation in such underwriting on the terms set forth
herein. All Shareholders proposing to distribute their securities through such underwriting shall
(together with the Company, Other Holders, and any officers or directors distributing their
securities through such underwriting) enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for the underwriting by the Company; provided,
however, that such underwriting agreement shall not provide for indemnification or
contribution obligations on the part of Shareholders materially greater than the obligations of the
Shareholders pursuant to Section 2.5. Notwithstanding any other provision of this Section 2.2, if
the managing underwriter determines that the inclusion of all shares requested to be registered
would adversely affect the offering, the Company may limit the number of Registrable Shares to be
included in the registration and underwriting. The Company shall so advise all holders of
Registrable Shares requesting registration, and the number of shares that are entitled to be
included in the registration and underwriting shall be allocated in the following manner. The
securities of the Company held by the officers and directors of the Company shall be excluded from
such registration and underwriting to the extent deemed advisable by the managing underwriter and
then, and, if a further limitation on the number of shares is required, the number of shares that
may be included in such registration and underwriting shall be allocated among all Shareholders and
Other Holders requesting registration in proportion, as nearly as practicable (and subject to a
Series A Holder’s rights under Section 2.1(d)), to the respective number of shares of Common Stock
(on an as-converted basis) which they held at the time the Company gives the notice specified in
Section 2.2(a); provided, however, that the number of Registrable Shares permitted
to be included therein shall in any event be at least 50% of the securities included therein (based
on aggregate market values). If any Shareholder or Other Holder would thus be entitled to include
more securities than such holder requested to be registered, the excess shall be allocated among
other requesting Shareholders and Other Holders pro rata in the manner described in the preceding
sentence. If any holder of Registrable Shares or any Other Holder disapproves of the terms of any
such underwriting, such person may elect to withdraw therefrom by written notice to the Company,
and any Registrable Shares or other securities excluded or withdrawn from such underwriting shall
be withdrawn from such registration.

     2.3 Registration Procedures.

     (a) If and whenever the Company is required by the provisions of this Agreement to use its
best efforts to effect the registration of any Registrable Shares under the Securities Act, the
Company shall:

          (i) file with the Commission a Registration Statement with respect to such Registrable Shares
and use its best efforts to cause that Registration Statement to become effective as soon as
possible;

-5-

 

          (ii) as expeditiously as possible prepare and file with the Commission any amendments and
supplements to the Registration Statement and the prospectus included in the Registration Statement
as may be necessary to comply with the provisions of the Securities Act (including the anti-fraud
provisions thereof) and to keep the Registration Statement effective for 12 months from the
effective date or such lesser period until all such Registrable Shares are sold;

          (iii) as expeditiously as possible furnish to each Selling Shareholder such reasonable numbers
of copies of the Prospectus, including any preliminary Prospectus, in conformity with the
requirements of the Securities Act, and such other documents as such Selling Shareholder may
reasonably request in order to facilitate the public sale or other disposition of the Registrable
Shares owned by such Selling Shareholder,

          (iv) as expeditiously as possible use its best efforts to register or qualify the Registrable
Shares covered by the Registration Statement under the securities or “blue sky” laws of such states
as the Selling Shareholders shall reasonably request, and do any and all other acts and things that
may be necessary or desirable to enable the Selling Shareholders to consummate the public sale or
other disposition in such states of the Registrable Shares owned by the Selling Shareholder;
provided, however, that the Company shall not be required in connection with this
paragraph (iv) to qualify as a foreign corporation or execute a general consent to service of
process in any jurisdiction;

          (v) as expeditiously as possible, cause all such Registrable Shares to be listed on each
securities exchange or automated quotation system on which similar securities issued by the Company
are then listed;

          (vi) promptly provide a transfer agent and registrar for all such Registrable Shares not later
than the effective date of such registration statement;

          (vii) promptly make available for inspection by the Selling Shareholders, any managing
underwriter participating in any disposition pursuant to such Registration Statement, and any
attorney or accountant or other agent retained by any such underwriter or selected by the Selling
Shareholders, all financial and other records, pertinent corporate documents and properties of the
Company and cause the Company’s officers, directors, employees and independent accountants to
supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with such Registration Statement;

          (viii) as expeditiously as possible, notify each Selling Shareholder, promptly after it shall
receive notice thereof, of the time when such Registration Statement has become effective or a
supplement to any Prospectus forming a part of such Registration Statement has been filed; and

          (ix) as expeditiously as possible following the effectiveness of such Registration Statement,
notify each seller of such Registrable Shares of any request by the Commission for the amending or
supplementing of such Registration Statement or Prospectus.

-6-

 

     (b) If the Company has delivered a Prospectus to the Selling Shareholders and after having
done so the Prospectus is amended to comply with the requirements of the Securities Act, the
Company shall promptly notify the Selling Shareholders and, if requested, the Selling Shareholders
shall immediately cease making offers of Registrable Shares and return all Prospectuses to the
Company. The Company shall promptly provide the Selling Shareholders with revised Prospectuses
and, following receipt of the revised Prospectuses, the Selling Shareholders shall be free to
resume making offers of the Registrable Shares.

     (c) In the event that, in the judgment of the Company, it is advisable to suspend use of a
Prospectus included in a Registration Statement due to pending material developments or other
events that have not yet been publicly disclosed and as to which the Company believes public
disclosure would be detrimental to the Company, the Company shall notify all Selling Shareholders
to such effect, and, upon receipt of such notice, each such Selling Shareholder shall immediately
discontinue any sales of Registrable Shares pursuant to such Registration Statement until such
Selling Shareholder has received copies of a supplemented or amended Prospectus or until such
Selling Shareholder is advised in writing by the Company that the then current Prospectus may be
used and has received copies of any additional or supplemental filings that are incorporated or
deemed incorporated by reference in such Prospectus. Notwithstanding anything to the contrary
herein, the Company shall not exercise its rights under this Section 2.3(c) to suspend sales of
Registrable Shares for a period in excess of ninety (90) days in any 12-month period.

     2.4 Allocation of Expenses. The Company will pay all Registration Expenses for all
registrations under this Agreement; provided, however, that if a registration under
Section 2.1 is withdrawn at the request of the Initiating Holders (other than as a result of
information concerning the business or financial condition of the Company which is made known to
the requesting Shareholders after the date on which such registration was requested) and if the
Initiating Holders elect not to have such registration counted as a registration requested under
Section 2.1, the requesting Shareholders shall pay the Registration Expenses of such registration
pro rata in accordance with the number of their Registrable Shares included in such registration.
For purposes of this Section, the term “Registration Expenses” shall mean all expenses
incurred by the Company in complying with this Agreement, including, without limitation, all
registration and filing fees, exchange listing fees, printing expenses, fees and expenses of
counsel for the Company and the fees and expenses of one counsel selected by the Selling
Shareholders to represent the Selling Shareholders, state “blue sky” fees and expenses, and the
expense of any special audits incident to or required by any such registration, but excluding
underwriting discounts, selling commissions and the fees and expenses of Selling Shareholders’ own
counsel (other than the counsel selected to represent all Selling Shareholders).

     2.5 Indemnification and Contribution.

     (a) In the event of any registration of any of the Registrable Shares under the Securities Act
pursuant to this Agreement, the Company will indemnify and hold harmless the seller of such
Registrable Shares, each underwriter of such Registrable Shares, and each other person, if any, who
controls such seller or underwriter within the meaning of the Securities Act

-7-

 

or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to
which such seller, underwriter or controlling person may become subject under the Securities Act,
the Exchange Act, state securities or “blue sky” laws or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any Registration Statement
under which such Registrable Shares were registered under the Securities Act, any preliminary
prospectus or final prospectus contained in the Registration Statement, or any amendment or
supplement to such Registration Statement, or arise out of or are based upon the omission or
alleged omission to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; and the Company will reimburse such seller, underwriter and each
such controlling person for any legal or any other expenses reasonably incurred by such seller,
underwriter or controlling person in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the Company will not be
liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon any untrue statement or omission made in such Registration Statement, preliminary
prospectus or prospectus, or any such amendment or supplement, in reliance upon and in conformity
with information furnished to the Company in writing by or on behalf of such seller, underwriter or
controlling person specifically for use in the preparation thereof.

     (b) In the event of any registration of any of the Registrable Shares under the Securities Act
pursuant to this Agreement, each seller of Registrable Shares, severally and not jointly, will
indemnify and hold harmless the Company, each of its directors and officers and each underwriter
(if any) and each person, if any, who controls the Company or any such underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or
liabilities, joint or several, to which the Company, such directors and officers, underwriter or
controlling person may become subject under the Securities Act, Exchange Act, state securities or
“blue sky” laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement under which such Registrable Shares were
registered under the Securities Act, any preliminary prospectus or final prospectus contained in
the Registration Statement, or any amendment or supplement to the Registration Statement, or arise
out of or are based upon any omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, if the statement or
omission was made in reliance upon and in conformity with information relating to such seller
furnished in writing to the Company by or on behalf of such seller specifically for use in
connection with the preparation of such Registration Statement, prospectus, amendment or
supplement; provided, however, that the obligations of a Shareholder hereunder
shall be limited to an amount equal to the net proceeds to such Shareholder of Registrable Shares
sold in connection with such registration.

     (c) Each party entitled to indemnification under this Section (the “Indemnified
Party”) shall give written notice to the party required to provide indemnification (the
“Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any
claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the

-8-

 

defense of any such claim or any litigation resulting therefrom; provided that counsel for
the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably withheld); and
provided further, that the failure of any Indemnified Party to give notice as
provided herein shall not relieve the Indemnifying Party of its obligations under this Section
except to the extent that the Indemnifying Party is adversely affected by such failure. The
Indemnified Party may participate in such defense at such party’s expense; provided,
however, that the Indemnifying Party shall pay such expense if representation of such
Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to
actual or potential differing interests between the Indemnified Party and any other party
represented by such counsel in such proceeding; provided further, that in no event
shall the Indemnifying Party be required to pay the expenses of more than one law firm per
jurisdiction as counsel for the Indemnified Party. The Indemnifying Party also shall be
responsible for the expenses of such defense if the Indemnifying Party does not elect to assume
such defense. No Indemnifying Party, in the defense of any such claim or litigation shall, except
with the consent of each Indemnified Party, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect of such claim or
litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or
litigation without the prior written consent of the Indemnifying Party, which consent shall not be
unreasonably withheld.

     (d) In order to provide for just and equitable contribution in circumstances in which the
indemnification provided for in this Section 2.5 is due in accordance with its terms but for any
reason is held to be unavailable to an Indemnified Party in respect to any losses, claims, damages
and liabilities referred to herein, then the Indemnifying Party shall, in lieu of indemnifying such
Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result
of such losses, claims, damages or liabilities to which such party may be subject in such
proportion as is appropriate to reflect the relative fault of the Company on the one hand and the
Shareholders on the other in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative fault of the Company and the Shareholders shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of material fact related to
information supplied by the Company or the Shareholders and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company and the Shareholders agree that it would not be just and equitable if contribution
pursuant to this Section 2.5 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to above.
Notwithstanding the provisions of this paragraph of Section 2.5, (a) in no case shall any one
Shareholder be liable or responsible for any amount in excess of the net proceeds received by such
Shareholder from the offering of Registrable Shares and (b) the Company shall be liable and
responsible for any amount in excess of such proceeds; provided, however, that no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of
notice of commencement of any action, suit or proceeding against such party in respect of which

-9-

 

a claim for contribution may be made against another party or parties under this Section,
notify such party or parties from whom contribution may be sought, but the omission so to notify
such party or parties from whom contribution may be sought shall not relieve such party from any
other obligation it or they may have thereunder or otherwise under this Section. No party shall be
liable for contribution with respect to any action, suit, proceeding or claim settled without its
prior written consent, which consent shall not be unreasonably withheld.

     2.6 Other Matters with Respect to Underwritten Offering. In the event that
Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering
pursuant to Section 2.1, the Company agrees to (a) enter into an underwriting agreement containing
customary representations and warranties with respect to the business and operations of the Company
and customary covenants and agreements to be performed by the Company, including, without
limitation, customary provisions with respect to indemnification by the Company of the underwriters
of such offering; (b) use its best efforts to cause its legal counsel to render customary opinions
to the underwriters and the Selling Shareholders with respect to the Registration Statement; and
(c) use its best efforts to cause its independent public accounting firm to issue customary
“comfort letters” to the underwriters and the Selling Shareholders with respect to the Registration
Statement.

     2.7 Information by Holder. Each holder of Registrable Shares included in any
registration shall furnish to the Company such information regarding such holder and the
distribution proposed by such holder as the Company may reasonably request in writing and as shall
be required in connection with any registration, qualification or compliance referred to in this
Agreement.

     2.8 “Stand-Off” Agreement; Confidentiality of Notices. Each Shareholder, if requested
by the Company shall not sell or otherwise transfer or dispose of any Registrable Shares or other
securities of the Company held by such Shareholder for a period of one hundred and eighty (180)
days following the effective date of a Registration Statement; provided, however,
that:

     (a) such agreement shall only apply to the initial ‘33 Act Offering; and

     (b) all shareholders of the Company then holding at least 1% of the outstanding Common Stock
(on an as-converted basis) and all employees, officers and directors of the Company enter into
similar agreements.

     The Company may impose stop-transfer instructions with respect to the Registrable Shares or
other securities subject to the foregoing restriction until the end of such one hundred and eighty
(180) day period.

     Any Shareholder receiving any written notice from the Company regarding the Company’s plans to
file a Registration Statement shall treat such notice confidentially and shall not disclose such
information to any person other than as necessary to exercise its rights under this Agreement.

-10-

 

     2.9 Limitations on Subsequent Registration Rights. The Company shall not, without the
prior written consent of Shareholders holding at least a majority of the Registrable Shares then
held by all Shareholders, enter into any agreements (other than this Agreement) with any holder or
prospective holder of any securities of the Company which grant such holder or prospective holder
rights to include securities of the Company in any Registration Statement, unless (a) such rights
to include securities in a registration initiated by the Company or by Shareholders are not more
favorable than the rights granted to Other Holders under Section 2.2 of this Agreement, and (b) no
rights are granted to initiate a registration, other than registration pursuant to a registration
statement on Form S-3 (or its successor) in which Shareholders are entitled to include Registrable
Shares on a pro rata basis with such holders based on the number of shares of Common Stock (on an
as-converted basis) owned by Shareholders and such holders.

     2.10 Rule 144 Requirements. The Company agrees to:

     (a) make and keep current public information about the Company available, as those terms are
understood and defined in Rule 144;

     (b) use its best efforts to file with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act (at any time after
it has become subject to such reporting requirements); and

     (c) furnish to any holder of Registrable Shares upon request (i) a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act
and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii)
a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports
and documents of the Company as such holder may reasonably request to avail itself of any similar
rule or regulation of the Commission allowing it to sell any such securities without registration.

     2.11 Termination. All of the Company’s obligations to register Registrable Shares
under Sections 2.1 and 2.2 of this Agreement shall terminate five (5) years after the closing of
the initial ‘33 Act Offering.

3. Transfers of Rights. The rights to cause the Company to register Registrable Securities
pursuant to this Section 2 may be assigned by a Series A Holder to a transferee or assignee of
Registrable Securities; provided, however, (a) the transferor shall, within fifteen (15) days after
such transfer, furnish to the Company written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are being assigned, and
(b) such transferee shall agree in writing to be subject to all rights and restrictions applicable
to Series A Holders set forth in this Agreement, and such transferee or assignee shall thereby
become an “Series A Holder.”

-11-

 

4. General.

     (a) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

     (b) Specific Performance. In addition to any and all other remedies that may be
available at law in the event of any breach of this Agreement, each Series A Holder shall be
entitled to specific performance of the agreements and obligations of the Company hereunder and to
such other injunctive or other equitable relief as may be granted by a court of competent
jurisdiction.

     (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of Colorado (without giving effect to the conflicts of law
provisions thereof).

     (d) Notices. All notices, reports and other communications required or permitted
hereunder shall be in writing and shall be hand delivered, sent by facsimile, or mailed, postage
prepaid, to the Company, at the address listed below, or to the Series A Holders at the following
addresses, which shall be the same addresses reflected on the records of the Company until such
time as the Company receives notice of a change:

The Company:            Across America Real Estate Corp.

1660 17th Street, Suite 450

Denver, CO 80202

Facsimile: 303-893-1005

Attention: Chief Executive Officer

with a copy to:

David Wagner & Associates, P.C.

8400 East Prentice Ave.

Penthouse Suite

Greenwood Village, Colorado 80111

Attention: David J. Wagner, Esq.

Telephone: (303) 793-0304

Facsimile: (303) 409-7650

The Series A Holders:

BOCO Investments, LLC

103 West Mountain Ave.

Fort Collins, Colorado 80524

Facsimile: (970) 482-6139

Attention: Chief Executive Officer

-12-

 

with copy to:

Davis Graham & Stubbs LLP

1550 17th Street, Suite 500

Denver, CO 80202

Facsimile: 303-892-7400

Attention: Ronald R. Levine II and Brian J. Boonstra

GDBA Investments, LLLP

1440 Blake Street, Suite 310

Denver, CO 80202

Facsimile: (720) 932-9397

Attention: Chief Executive Officer

with copy to:

Davis & Ceriani P.C.

Suite 400, Market Center

1350 Seventeenth Street

Denver, CO 80202

Facsimile: (303) 534-4618

Attention: Patrick J. Kanouff

Joseph C. Zimlich

103 West Mountain Ave.

Fort Collins, Colorado 80524

Facsimile: (970) 482-6139

     Each such notice, report or other communication shall, for all purposes hereof, be treated as
effective or having been given when delivered if delivered personally or, if sent by mail, at the
earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained
receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or, if
sent by facsimile with written confirmation, at the earlier of (i) 24 hours after confirmation of
transmission by the sending facsimile machine or (ii) delivery of written confirmation.

     (e) Complete Agreement. This Agreement constitutes the entire agreement and
understanding of the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings relating to such subject matter, whether oral or written.

     (f) Modification or Amendment. Neither this Agreement nor any provision hereof can be
modified or changed, except by an instrument in writing, signed by the Company and the Series A
Holders holding in the aggregate at least fifty percent (50%) of the Registrable Shares.

-13-

 

     (g) Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns
and pronouns shall include the plural, and vice versa.

     (h) Counterparts; Facsimile Signatures. This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original, and all of which together shall
constitute one and the same document. This Agreement may be executed by facsimile signatures.

     (i) Section Headings. The section headings are for the convenience of the parties and
in no way alter, modify, amend, limit or restrict the contractual obligations of the parties.

[Signature page follows]

-14-

 

     IN WITNESS WHEREOF, this Registration Rights Agreement has been executed by the parties hereto
as of the date first above written.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	Across America Real Estate Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ann L. Schmitt	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Ann L. Schmitt	 	 
	 

	 	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	SERIES A HOLDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	BOCO Investments, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Joseph C. Zimlich	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Joseph C. Zimlich	 	 
	 

	 	 	 	Title: CEO	 	 
	 
	 	 	 	 	 	 
	 	 	GDBA Investments, LLLP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ G. Brent Backman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: G. Brent Backman	 	 
	 

	 	 	 	Title: Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Joseph C. Zimlich	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Joseph C. Zimlichexv10w16

 

Exhibit 10.16

REVOLVING NOTE

			
	Denver, Colorado	 	 
	September 28, 2006
	 	$3,500,000

     This Revolving Note is executed and delivered under and pursuant to the terms of that certain
Securities Purchase Agreement dated as of September 28, 2006 (the “Purchase Agreement”) by
and among ACROSS AMERICA REAL ESTATE CORP., a Colorado corporation (the “Company”), BOCO
INVESTMENTS, LLC, a Colorado limited liability company, GDBA INVESTMENTS LLLP, a Colorado limited
liability limited partnership, and JOSEPH C. ZIMLICH. Each capitalized term used herein, and not
otherwise defined, shall have the meaning ascribed thereto in the Purchase Agreement. This
Revolving Note (the “Note”) is the Revolving Note referred to in the Purchase Agreement and
is subject to all the agreements, terms and conditions therein contained.

     FOR VALUE RECEIVED, the Company hereby promises to pay to the order of GDBA INVESTMENTS,
LLLP, a Colorado limited liability limited partnership or registered assigns (the
“Holder”) on or before September 28, 2009 (the “Maturity Date”) the principal sum
of Three Million Five Hundred Thousand Dollars ($3,500,000), or, if different, from such amount the
unpaid principal balance of the Revolving Loans pursuant to the Purchase Agreement (the
“Principal”).

     All payments due under this Note shall be made in lawful money of the United States of
America. At the time of the initial disbursement of a Revolving Loan and at each time any
additional Revolving Loan shall be requested hereunder or repayment made in whole or in part
thereon, a notation thereof shall be made on the books and records of the Company. The failure to
record any such amounts or any error in recording such amounts shall not, however, limit or
otherwise affect the obligations of the Company under this Note to repay the principal amount of
the Revolving Loans, together with all interest accruing thereon.

     1. Interest; Payments

          (a) Interest Rate. Subject to Section 1(b) and 1(c), this Note shall bear interest on
the unpaid Principal balance hereof at the rate (the “Interest Rate”) per annum equal to
the greatest of:

          (i) the ninety day average for U.S. Treasury Notes with a 10-year maturity as
determined on the last Business Day of each calendar quarter, using the constant maturity
calculation, plus 650 basis points;

          (ii) eleven percent (11%); or

 

 

          (iii) the highest effective interest rate accruing on any outstanding Indebtedness for
Borrowed Money of the Company at any time during the applicable calendar quarter.

          (b) Default Interest. If an Event of Default has occurred and is continuing, interest
shall accrue on the unpaid Principal balance of this Note at a rate (the “Default Interest
Rate”) equal to the higher of (i) the Interest Rate plus 800 basis points, or (ii) twenty-four
percent (24%) per annum.

          (c) Applicable Law. Notwithstanding any provision of this Note, the Purchase
Agreement or any other agreement to the contrary, the Company shall not be required to pay, and the
Holder shall not be permitted to receive, any compensation that constitutes interest under
Applicable Law in excess of the maximum amount of interest permitted by Applicable Law.

          (d) Interest. Accrued and unpaid interest on the unpaid Principal balance of all
Revolving Loans outstanding from time to time shall be computed on the basis of a 365-day year and
the actual number of days elapsed and shall be payable quarterly on the last Business Day of each
calendar quarter, beginning December 29, 2006. The applicable Interest Rate for each calendar
quarter shall be determined as provided in Section 1(a) on the last Business Day of each calendar
quarter.

          (e) Payments. All payments shall be made at such address as the Holder shall
hereafter give to the Company by written notice made in accordance with the provisions of this
Note. Whenever any amount expressed to be due by the terms of this Note is due on any day which is
not a Business Day, the same shall instead be due on the next succeeding day which is a Business
Day and, in the case of any interest payment date which is not the date on which this Note is paid
in full, the extension of the due date thereof shall not be taken into account for purposes of
determining the amount of interest due on such date. In the event the aggregate outstanding
principal balance of all Revolving Loans by the Holder hereunder exceeds such Holder’s Revolving
Loan Commitment, the Company shall, without notice or demand of any kind, immediately make such
repayments of the Revolving Loans or take such other actions as are satisfactory to the Holder as
shall be necessary to eliminate such excess. The entire unpaid Principal amount of this Note,
together with any unpaid interest thereon, shall be due and payable on the Maturity Date, unless
payable sooner in accordance with the provisions of this Note or the Purchase Agreement.

          (f) Prepayment. The unpaid Principal balance of this Note, together with all accrued
and unpaid interest, may at the Company’s option be prepaid in whole or in part, at any time or
from time to time upon ten (10) days’ prior written notice to the Holder stating the Principal
amount to be prepaid and the date on which such prepayment shall be made. Any prepayments
hereunder shall be applied first, to all interest accrued but unpaid at such prepayment date and
second, to outstanding Principal amounts.

     2. Subordination. The payment of principal and interest on this Note is hereby subordinated
to the Senior Debt and Holder will not ask, demand, sue for, take or receive from the Company, by
setoff or in any other manner, the whole or any part any amount payable with respect

-2-

 

to this Note (whether such amounts represent principal or interest, or obligations which are due or
not due, direct or indirect, absolute or contingent), including, without limitation, the taking of
any negotiable instruments evidencing such debt, nor any security for any of the Note, unless and
until all Senior Debt, whether now existing or hereafter arising, shall have been fully and
indefeasibly paid in full in cash and satisfied and all financing arrangements between the Company
and all holders of the Senior Debt have been terminated; provided, however, that
Holder may receive from the Company scheduled payments of principal and interest with respect to
this Note on an unaccelerated basis (including early prepayments pursuant to Section 1(f)) so long
as no Senior Default has occurred and is continuing or would result therefrom. If a Senior Default
has occurred and is continuing or would result from any scheduled payment of principal or interest
by the Company with respect to this Note, then, until the Senior Default which has occurred or
which would result from such payment has been cured, no payment of principal or interest shall be
deemed due or otherwise payable under this Note.

     3. Events of Default. Each of the following events shall be deemed an “Event of
Default”:

          (a) The Company fails to pay the Principal hereof or interest thereon when due on this Note,
whether at maturity, upon acceleration or otherwise;

          (b) Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings
for relief under any bankruptcy law or any law or the relief of debtors shall be instituted by or
against the Company or any subsidiary of the Company, unless such proceeding shall be stayed within
thirty (30) days;

          (c) The Company or any subsidiary of the Company shall make an assignment for the benefit of
creditors, or apply for or consent to the appointment of a receiver or trustee for it or for a
substantial part of its property or business, or such a receiver or trustee shall otherwise be
appointed;

          (d) Any representation or warranty of the Company made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without
limitation, the Purchase Agreement or the Registration Rights Agreement), shall be false or
misleading in any material respect when made and the breach of which has (or with the passage of
time will have) a material adverse effect on the rights of the Holder with respect to this Note, or
the Purchase Agreement;

          (e) Any representation or warranty of the Company made in any Request for Advance shall be
false or misleading in any material respect;

          (f) Any material failure by the Company to perform or observe any of its covenants contained
in the Purchase Agreement where such failure continues for a period in excess of five (5) days
after written notice from the Holder or actual knowledge of the Company of such failure;

-3-

 

          (g) If a final judgment, writ or similar process is entered or filed against the Company or
any subsidiary of the Company or any of its property or other assets in an amount in excess of
$50,000, which is not, within twenty (20) days after the entry thereof, discharged or the execution
thereof stayed pending appeal, or within twenty (20) days after the expiration of such stay, such
judgment is not discharged;

          (h) Any default with respect to any other Indebtedness for Borrowed Money or liabilities of
the Company or any of its subsidiaries in any amount in excess of (i) $50,000 individually or in
the aggregate with respect to Indebtedness for Borrowed Money, (ii) $50,000 individually with
respect to liabilities and (iii) $100,000 in the aggregate with respect to liabilities and
Indebtedness for Borrowed Money, provided, that such event shall only constitute an “Event
of Default” where the effect of such default is to permit the holder thereof to accelerate the
maturity of such Indebtedness for Borrowed Money or liabilities, as the case may be, but only if
(x) the holder elects to exercise such a right to accelerate the maturity of such Indebtedness for
Borrowed Money or liabilities, as the case may be, and (y) where such default continues for a
period of fifteen (15) days after written notice from the Holder or actual knowledge of the Company
of such a default, and provided, further, that a default with respect to
liabilities shall not constitute an “Event of Default” where the Company in good faith objects to
the amount or obligation to pay the applicable liability and makes appropriate reserves for such
liability, if necessary, in accordance with GAAP.

          (i) Any liquidation, dissolution or winding up of the Company and its subsidiaries or its
business;

          (j) If the Company reports a net loss, as determined in accordance with U.S. generally
accepted accounting principles, in excess of (i) $1,000,000 for any calendar quarter after the date
hereof, or (ii) $2,500,000 for any three consecutive calendar quarters after the date hereof;

          (k) Any event, circumstance or conditions exists which could reasonably be expected to result
in a Material Adverse Effect on the Company and its Subsidiaries, provided that the
Holder shall provide thirty (30) days written notice to the Company if it intends to declare an
Event of Default under this paragraph 3(k) and provide the Company with an opportunity to present
evidence satisfactory to the Holder in its sole discretion that such event, circumstance or
condition has been remedied; or

          (l) The Company shall fail to maintain the listing of the Common Stock on at least one
of the OTCBB or any equivalent replacement exchange, the Nasdaq Global Select Market, the Nasdaq
Global Market, the Nasdaq Capital Market, the New York Stock Exchange or the American Stock
Exchange

     4. Consequences of Event of Default

          (a) If there shall occur, after the fulfillment of any applicable notice and cure provisions
(if any), any Event of Default specified in sections (a), (b) or (c) of Section 3 hereof, the
unpaid Principal balance of this Note and all accrued interest thereon shall be immediately due and
payable, without presentment, demand, protest or notice of any kind, all of which are expressly
waived.

-4-

 

          (b) If there shall occur, after the fulfillment of any applicable notice and cure provisions
(if any), any Event of Default other than those listed in Section 4(a) above, the Holder may, at
its option, by written notice to the Company, declare the entire Principal balance of his Note and
all accrued interest thereon due and payable, and the same shall thereupon become immediately due
and payable without presentment, demand, protest or (except as required hereby) notice of any kind,
all of which are expressly waived.

          (c) If an Event of Default shall occur, the Company shall pay the Holder hereof all costs of
collection, including reasonable attorneys’ fees.

     5. Definitions

          “Applicable Law” means that law in effect from time to time and applicable to this
Note which lawfully permits the contracting, charging, taking, reserving and/or collection of the
highest permissible lawful, non-usurious rate of interest or amount of interest on or in connection
with this Note.

          “Business Day” means any day other than a Saturday, Sunday or a day on which
commercial banks in the city of Denver, Colorado are authorized or required by law or executive
order to remain closed.

          “Senior Debt” means all indebtedness, obligations and other liabilities of the Company
to Vectra Bank Colorado, national association, pursuant to that certain First Amendment to Credit
Agreement dated August 3, 2006, as amended.

          “Senior Default” means any “Default,” “Event of Default” or any condition or event
that (with or without notice, lapse of time, or both) would permit Holders of Senior Debt to
accelerate the maturity of such Senior Debt if that condition or event were not cured or removed
within any applicable grace or cure period set forth therein.

     6. Miscellaneous

          (a) No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercise thereof or of
any other right, power or privileges. All rights and remedies existing hereunder are cumulative to,
and not exclusive of, any rights or remedies otherwise available.

          (b) Any notice herein required or permitted to be given shall be in writing and may be
personally served or delivered by courier or sent by United States mail and shall be deemed
to have been given upon receipt if personally served (which shall include telephone line
facsimile transmission) or sent by courier or three (3) days after being deposited in the United

-5-

 

States mail, certified, with postage pre-paid and properly addressed, if sent by mail. For the
purposes hereof, the addresses of the parties for receipt of notice hereunder are:

          If to the Company:

Across America Real Estate Corp.

1660 Seventeenth Street, Suite 450

Denver, Colorado 80202

Attention: Chief Executive Officer

Telephone: (303) 893-1003

Facsimile: (303) 893-1005

With a copy to:

David Wagner & Associates, P.C.

8400 East Prentice Ave.

Penthouse Suite

Greenwood Village, Colorado 80111

Attention: David J. Wagner, Esq.

Telephone: (303) 793-0304

Facsimile: (303) 409-7650

          If to the Holder:

GDBA Investments, LLLP

1440 Blake Street, Suite 310

Denver, CO 80202

Facsimile: (720) 932-9397

Attention: Chief Executive Officer

With a copy to

Davis & Ceriani P.C.

Suite 400, Market Center

1350 Seventeenth Street

Denver, CO 80202

Facsimile: (303) 534-4618

Attention: Patrick J. Kanouff

          (c) This Note and any provision hereof may only be amended by an instrument in writing signed
by the Company and the Holder. The term “Note” and all reference thereto, as used throughout this
instrument, shall mean this instrument as originally executed, or if later amended or supplemented,
then as so amended or supplemented.

-6-

 

          (d) This Note shall be binding upon the Company and its successors and assigns, and shall
inure to be the benefit of the Holder and its successors and assigns. Notwithstanding anything in
this Note to the contrary, this Note may be pledged as collateral in connection with a bona fide
margin account or other lending arrangement.

          (e) Wherever possible, each provision of the Purchase Agreement and this Note shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of the Purchase Agreement or this Note shall be prohibited by or be invalid under such law, such
provision shall be severable, and be ineffective to the extent of such prohibition or invalidity,
without invalidating the remaining provisions of the Purchase Agreement or this Note.

          (f) This Note shall be enforced, governed by and construed in accordance with the laws of the
State of Colorado applicable to agreements made and to be performed entirely within such state,
without regard to the principles of conflict of laws. The parties hereto hereby submit to the
exclusive jurisdiction of federal or state courts located in Denver, Colorado with respect to any
dispute arising under this Note. Both parties irrevocably waive the defense of an inconvenient
forum to the maintenance of such suit or proceeding. Both parties further agree that service of
process upon a party mailed to the notice address set forth in this Note by registered first class
mail shall be deemed in every respect effective service of process upon the party in any such suit
or proceeding. Nothing herein shall affect either party’s right to serve process in any other
manner permitted by law. Both parties agree that a final non-appealable judgment in any such suit
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such
judgment or in any other lawful manner.

-7-

 

     IN WITNESS WHEREOF, Company has caused this Note to be signed in its name by its duly
authorized officer this 28th day of September, 2006.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	ACROSS AMERICA REAL ESTATE CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ann L. Schmitt	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Ann L. Schmitt	 	 
	 

	 	 	 	Title: Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]