EXHIBIT 10.14
SENIOR MANAGEMENT AGREEMENT
THIS SENIOR MANAGEMENT AGREEMENT (this "AGREEMENT") is made as of
February 14, 2002, by and among TSI Telecommunication Holdings, LLC, a Delaware
limited liability company (the "COMPANY"), TSI Merger Sub, Inc., a Delaware
corporation ("EMPLOYER"), and Xxxxxx Xxxxxx, Jr. ("EXECUTIVE").
The Company and Executive desire to enter into an agreement pursuant
to which Executive will purchase from the Company, and the Company will sell
405,405.41 of the Company's Common Units (the "COMMON UNITS"). The Common Units
acquired by Executive pursuant to SECTION 1(a) of this Agreement are referred to
herein as "CARRIED UNITS". Certain definitions are set forth in SECTION 9 of
this Agreement.
The execution and delivery of this Agreement by the Company, Employer
and Executive is a condition to the purchase of the Company's Class B Preferred
Units and Common Units by GTCR Fund VII, L.P., a Delaware limited partnership
("GTCR FUND VII"), GTCR Fund VII/A, L.P., a Delaware limited partnership ("GTCR
FUND VII/A"), GTCR Co-Invest, L.P., a Delaware limited partnership ("GTCR
CO-INVEST", together with GTCR Fund VII, GTCR Fund VII/A and any other
investment fund managed by GTCR Xxxxxx Xxxxxx, L.L.C., each an "INVESTOR" and
collectively, the "INVESTORS") pursuant to a unit purchase agreement between the
Company and the Investors dated as of the date hereof (the "PURCHASE
AGREEMENT"). Certain provisions of this Agreement are intended for the benefit
of, and will be enforceable by, the Investors.
Employer desires to employ Executive on the terms and conditions set
forth herein, and Executive is willing to accept such employment on such terms
and conditions.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Agreement hereby agree as
follows:
PROVISIONS RELATING TO CARRIED UNITS
1. PURCHASE AND SALE OF CARRIED UNITS.
(a) Upon execution of this Agreement, Executive will purchase, and
the Company will sell, 405,405.41 Common Units at a price of $0.0333 per unit.
The Company will deliver to Executive copies of the certificates representing
such Common Units, and Executive will deliver to the Company a cashier's or
certified check or wire transfer of immediately available funds in an aggregate
amount of $13,500 as payment for such Common Units.
(b) Within 30 days after the purchase of the Carried Units
hereunder, Executive will make an effective election with the Internal Revenue
Service under Section 83(b) of the Internal Revenue Code and the regulations
promulgated thereunder in the form of EXHIBIT A attached hereto.
(c) Until the occurrence of a Sale of the Company, any certificates
evidencing Carried Units shall be held by the Company for the benefit of
Executive and the other holder(s) of Carried Units. Upon the occurrence of a
Sale of the Company, the Company will return any such certificates for the
Carried Units to the record holders thereof. Upon the occurrence of a Public
Offering, the Company will return to the record holders thereof any certificates
representing Vested Units.
(d) In connection with the purchase and sale of the Carried Units,
Executive represents and warrants to the Company that:
(i) The Carried Units to be acquired by Executive pursuant to
this Agreement will be acquired for Executive's own account and not with a
view to, or intention of, distribution thereof in violation of the
Securities Act, or any applicable state securities laws, and the Carried
Units will not be disposed of in contravention of the Securities Act or any
applicable state securities laws.
(ii) Executive is an executive officer of the Employer or a
Subsidiary, is sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Carried Units.
(iii) Executive is able to bear the economic risk of his
investment in the Carried Units for an indefinite period of time because
the Carried Units have not been registered under the Securities Act and,
therefore, cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is available.
(iv) Executive has had an opportunity to ask questions and
receive answers concerning the terms and conditions of the offering of
Carried Units and has had full access to such other information concerning
the Company as he has requested.
(v) This Agreement constitutes the legal, valid and binding
obligation of Executive, enforceable in accordance with its terms, and the
execution, delivery and performance of this Agreement by Executive does not
and will not conflict with, violate or cause a breach of any agreement,
contract or instrument to which Executive is a party or any judgment, order
or decree to which Executive is subject.
(vi) Executive is a resident of the State of Florida.
(e) As an inducement to the Company to issue the Carried Units to
Executive, and as a condition thereto, Executive acknowledges and agrees that
neither the issuance of the Carried Units to Executive nor any provision
contained herein shall entitle Executive to remain in the employment of the
Company, Employer or their respective Subsidiaries or affect the right of the
Company, Employer or their respective Subsidiaries to terminate Executive's
employment at any time for any reason.
(f) Concurrently with the execution of this Agreement, Executive
shall execute in blank ten security transfer powers in the form of EXHIBIT B
attached hereto (the "SECURITY POWERS") with respect to the Carried Units and
shall deliver such Security Powers to the Company. The Security Powers shall
authorize the Company to assign, transfer and deliver
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the Carried Units to the appropriate acquiror thereof pursuant to SECTION 3
below and SECTION 6 of the Securityholders Agreement and under no other
circumstances.
(g) Executive is neither a party to, nor bound by, any other
employment agreement, consulting agreement, noncompete agreement,
nonsolicitation agreement or confidentiality agreement.
2. VESTING OF CARRIED UNITS.
(a) The Carried Units shall be subject to vesting in the manner
specified in this SECTION 2. Except as otherwise provided in SECTION 2(b) below,
5% of the Carried Units will become vested on each Quarter Date such that on
February 14, 2007 the Carried Units will be 100% vested, in each case, however,
if and only if as of each such Quarter Date Executive has been continuously
employed by the Company, Employer or any of their respective Subsidiaries from
the date of this Agreement through and including such Quarter Date.
(b) Upon the occurrence of a Sale of the Company, all Carried Units
that have not yet become vested shall become vested at the time of such event,
if as of the date of such event Executive is still employed by the Company,
Employer or any of their respective Subsidiaries. Carried Units that have become
vested are referred to herein as "VESTED UNITS." All Carried Units that have not
vested are referred to herein as "UNVESTED UNITS."
3. REPURCHASE OPTION.
(a) In the event Executive ceases to be employed by the Company,
Employer or their respective Subsidiaries for any reason (the "SEPARATION"), the
Carried Units (whether held by Executive or one or more of Executive's
transferees, other than the Company and the Investors) will be subject to
repurchase, in each case by the Company and the Investors pursuant to the terms
and conditions set forth in this SECTION 3 (the "REPURCHASE OPTION"). The
Company may assign its repurchase rights set forth in this SECTION 3 to any
Person; PROVIDED that the Company may not assign to any Person its right to pay
any portion of the Repurchase Price for Carried Units repurchased hereunder in
the form of Class A Preferred, as set forth in SECTION 3(e).
(b) In the event of a Separation: (i) the purchase price for each
Unvested Unit will be the lesser of (A) Executive's Original Cost for such Unit
and (B) the Fair Market Value of such Unit as of the date of Separation; and
(ii) the purchase price for each Vested Unit will be the Fair Market Value of
such unit as of the date of the Separation.
(c) The Board may elect to purchase all or any portion of the
Unvested Units or the Vested Units by delivering written notice (the "REPURCHASE
NOTICE") to the holder or holders of the Carried Units within one year after the
Separation. The Repurchase Notice will set forth the number of Unvested Units
and Vested Units to be acquired from each holder, the aggregate consideration to
be paid for such units and the time and place for the closing of the
transaction. The number of Carried Units to be repurchased by the Company shall
first be satisfied to the extent possible from the Carried Units held by
Executive at the time of delivery of the Repurchase Notice. If the number of
Carried Units then held by Executive is less than the total number of Carried
Units which the Company has elected to purchase, the Company shall
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purchase the remaining Carried Units elected to be purchased from the other
holder(s) of Carried Units under this Agreement, pro rata according to the
number of Carried Units held by such other holder(s) at the time of delivery of
such Repurchase Notice (determined as nearly as practicable to the nearest
unit). The number of Unvested Units and Vested Units to be repurchased hereunder
will be allocated among Executive and the other holders of Carried Units (if
any) pro rata according to the number of Carried Units to be purchased from such
Person.
(d) If for any reason the Company does not elect to purchase all of
the Carried Units pursuant to the Repurchase Option, the Investors shall be
entitled to exercise the Repurchase Option for all or any portion of the Carried
Units the Company has not elected to purchase (the "AVAILABLE UNITS"). As soon
as practicable after the Company has determined that there will be Available
Units, but in any event within ten months after the Separation, the Company
shall give written notice (the "OPTION NOTICE") to the Investors setting forth
the number of Available Units and the purchase price for the Available Units.
The Investors may elect to purchase any or all of the Available Units by giving
written notice to the Company within one month after the Option Notice has been
given by the Company. If the Investors elect to purchase an aggregate number
greater than the number of Available Units, the Available Units shall be
allocated among the Investors based upon the number of Common Units owned by
each Investor. As soon as practicable, and in any event within ten days after
the expiration of the one-month period set forth above, the Company shall notify
each holder of Carried Units as to the number of units being purchased from such
holder by the Investors (the "SUPPLEMENTAL REPURCHASE NOTICE"). At the time the
Company delivers the Supplemental Repurchase Notice to the holder(s) of Carried
Units, the Company shall also deliver written notice to each Investor setting
forth the number of units such Investor is entitled to purchase, the aggregate
purchase price and the time and place of the closing of the transaction. The
number of Unvested Units and Vested Units to be repurchased hereunder shall be
allocated among the Company and the Investors pro rata according to the number
of Carried Units to be purchased by each of them.
(e) The closing of the purchase of the Carried Units pursuant to the
Repurchase Option shall take place on the date designated by the Company in the
Repurchase Notice or Supplemental Repurchase Notice, which date shall not be
more than one month nor less than five days after the delivery of the later of
either such notice to be delivered. The Company will pay for the Carried Units
to be purchased by it pursuant to the Repurchase Option by first offsetting
amounts outstanding under any bona fide debts owed by Executive to the Company
and will pay the remainder of the purchase price by, at its option, (A) a check
or wire transfer of funds, (B) issuing in exchange for such securities a number
of the Company's Class A Preferred (having the rights and preferences set forth
in the LLC Agreement) equal to (x) the aggregate portion of the repurchase price
for such Carried Units to be paid by the issuance of Class A Preferred divided
by (y) 1,000, and for purposes of the LLC Agreement each such Class A Preferred
unit shall as of its issuance be deemed to have Capital Contributions (as
defined in the LLC Agreement) made with respect to such Class A Preferred unit
equal to $1,000, or (C) any combination of (A) and (B) as the Board may elect in
its discretion. Each Investor will pay for the Carried Units purchased by it by
a check or wire transfer of funds. The Company and the Investors will be
entitled to receive customary representations and warranties from the sellers
regarding such sale and to require that all sellers' signatures be guaranteed.
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By way of example only for the purpose of clarifying the mechanics of
SECTION 3(e)(B), if the Company intends to repurchase 45,045 Carried Units by
issuance of Class A Preferred and the aggregate repurchase price determined in
accordance with this SECTION 3 is $1,500, then the Company would issue to
Executive 1.5 units of Class A Preferred and for purposes of the LLC Agreement
the whole unit of Class A Preferred issued to Executive would as of its issuance
be deemed to have Capital Contributions made for such Class A Preferred of
$1,000 and the Capital Contributions made for the one-half unit of Class A
Preferred would be $500.
(f) Notwithstanding anything to the contrary contained in this
Agreement, all repurchases of Carried Units by the Company pursuant to the
Repurchase Option shall be subject to applicable restrictions contained in the
Delaware Limited Liability Company Act, the Delaware General Corporation Law or
such other governing corporate law, and in the Company's and its Subsidiaries'
debt and equity financing agreements. If any such restrictions prohibit (i) the
repurchase of Carried Units hereunder which the Company is otherwise entitled to
make or (ii) dividends or other transfers of funds from one or more Subsidiaries
to the Company to enable such repurchases, then the Company may make such
repurchases as soon as it is permitted to make repurchases or receive funds from
Subsidiaries under such restrictions.
(g) Notwithstanding anything to the contrary contained in this
Agreement, if the Fair Market Value of the Carried Units is finally determined
to be an amount at least 10% greater than the per unit repurchase price for such
Carried Units in the Repurchase Notice or in the Supplemental Repurchase Notice,
each of the Company and the Investors shall have the right to revoke its
exercise of the Repurchase Option for all or any portion of the Carried Units
elected to be repurchased by it by delivering notice of such revocation in
writing to the holders of Carried Units during the thirty-day period beginning
on the date that the Company and/or the Investors are given written notice that
the Fair Market Value of Carried Units was finally determined to be an amount at
least 10% greater than the per unit repurchase price for Carried Units set forth
in the Repurchase Notice or in the Supplemental Repurchase Notice.
(h) The provisions of this SECTION 3 shall terminate with respect to
Vested Units upon the first to occur of the consummation of a Public Offering
and the consummation of a Sale of the Company.
4. RESTRICTIONS ON TRANSFER OF CARRIED UNITS.
(a) TRANSFER OF CARRIED UNITS. The holders of Carried Units shall
not Transfer any interest in any Carried Units, except pursuant to (i) the
provisions of SECTION 3 hereof, (ii) the provisions of SECTION 3 of the
Securityholders Agreement (a "PARTICIPATING SALE"), (iii) an "APPROVED SALE" (as
defined in SECTION 6 of the Securityholders Agreement), or (iv) the provisions
of SECTION 4(b) below.
(b) CERTAIN PERMITTED TRANSFERS. The restrictions in this SECTION 4
will not apply with respect to any Transfer of Carried Units made (i) pursuant
to applicable laws of descent and distribution or to such Person's legal
guardian in the case of any mental incapacity or among such Person's Family
Group, or (ii) at such time as the Investors sell Common Units in a Public Sale,
but in the case of this CLAUSE (ii) only an amount of units (the "TRANSFER
AMOUNT")
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equal to the lesser of (A) the number of Vested Units owned by Executive and (B)
the number of Common Units owned by Executive multiplied by a fraction (the
"TRANSFER FRACTION"), the numerator of which is the number of Common Units sold
by the Investors in such Public Sale and the denominator of which is the total
number of Common Units held by the Investors prior to the Public Sale; PROVIDED
that, if at the time of a Public Sale of units by the Investors, Executive
chooses not to Transfer the Transfer Amount, Executive shall retain the right to
Transfer an amount of Common Units at a future date equal to the lesser of (x)
the number of Vested Units owned by Executive at such future date and (y) the
number of Common Units owned by Executive at such future date multiplied by the
Transfer Fraction; PROVIDED further that the restrictions contained in this
SECTION 4 will continue to be applicable to the Carried Units after any Transfer
of the type referred to in clause (i) above and the transferees of such Carried
Units must agree in writing to be bound by the provisions of this Agreement. Any
transferee of Carried Units pursuant to a Transfer in accordance with the
provisions of this SECTION 4(b)(i) is herein referred to as a "PERMITTED
TRANSFEREE." Upon the Transfer of Carried Units pursuant to this SECTION 4(b),
the transferring holder of Carried Units will deliver a written notice (a
"TRANSFER NOTICE") to the Company. In the case of a Transfer pursuant to clause
(i) hereof, the Transfer Notice will disclose in reasonable detail the identity
of the Permitted Transferee(s).
(c) TERMINATION OF RESTRICTIONS. The restrictions set forth in this
SECTION 4 will continue with respect to each unit of Carried Units until the
earlier of (i) the date on which such Carried Units have been transferred in a
Public Sale permitted by this SECTION 4, or (ii) the consummation of an Approved
Sale.
5. ADDITIONAL RESTRICTIONS ON TRANSFER OF CARRIED UNITS.
(a) LEGEND. The certificates representing the Carried Units will
bear a legend in substantially the following form:
"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
AS OF FEBRUARY 14, 2002, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO
ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND
CERTAIN OTHER AGREEMENTS SET FORTH IN A SENIOR MANAGEMENT AGREEMENT
BETWEEN THE COMPANY AND AN EXECUTIVE OF THE COMPANY DATED AS OF
FEBRUARY 14, 2002. A COPY OF SUCH AGREEMENT MAY BE OBTAINED BY THE
HOLDER HEREOF AT THE COMPANY'S PRINCIPAL PLACE OF BUSINESS WITHOUT
CHARGE."
(b) OPINION OF COUNSEL. No holder of Carried Units may Transfer any
Carried Units (except pursuant to an effective registration statement under the
Securities Act) without first delivering to the Company a written notice
describing in reasonable detail the proposed Transfer, together with an opinion
of counsel (reasonably acceptable in form and substance to
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the Company) that neither registration nor qualification under the Securities
Act and applicable state securities laws is required in connection with such
transfer. In addition, if the holder of the Carried Units delivers to the
Company an opinion of counsel that no subsequent Transfer of such Carried Units
shall require registration under the Securities Act, the Company shall promptly
upon such contemplated Transfer deliver new certificates for such Carried Units
which do not bear the Securities Act portion of the legend set forth in SECTION
5(a). If the Company is not required to deliver new certificates for such
Carried Units not bearing such legend, the holder thereof shall not Transfer the
same until the prospective transferee has confirmed to the Company in writing
its agreement to be bound by the conditions contained in this SECTION 5.
PROVISIONS RELATING TO EMPLOYMENT
6. EMPLOYMENT. Employer agrees to employ Executive and Executive
accepts such employment for the period beginning as of the date hereof and
ending upon his separation pursuant to SECTION 6(c) hereof (the "EMPLOYMENT
PERIOD").
(a) POSITION AND DUTIES.
(i) During the Employment Period, Executive shall serve as
the Associate General Counsel of Employer and its Subsidiaries and shall
have the normal duties, responsibilities and authority implied by such
position, subject to the power of the Chief Executive Officer and the Board
to expand or limit such duties, responsibilities and authority and to
override actions of Executive.
(ii) Executive shall report to the Chief Executive Officer
and/or the President of Employer and Executive shall devote his best
efforts and his full business time and attention to the business and
affairs of the Company, Employer and their Subsidiaries.
(b) SALARY, BONUS AND BENEFITS. During the Employment Period,
Employer will pay Executive a base salary (the "ANNUAL BASE SALARY") of $116,900
per annum, subject to any increases as determined by the Board based upon the
Company's achievements of budgetary and other objectives set by the Board. For
any fiscal year, Executive shall be eligible for an annual bonus of up to 50% of
the Executive's then applicable Annual Base Salary based upon the achievement by
the Company, Employer and their Subsidiaries of budgetary and other objectives
set by the Board; PROVIDED that with respect to the first year for which
Executive is eligible for a bonus, such bonus shall be paid on a pro rata basis
based upon that portion of the year that remained after the date of this
Agreement. In addition, during the Employment Period, Executive will be entitled
to such other benefits approved by the Board and made available to the senior
management of the Company, Employer and their Subsidiaries.
(c) SEPARATION. The Employment Period will continue until
Executive's resignation, disability (as determined by the Board in its good
faith judgment) or death or until the Employer decides to terminate Executive's
employment with or without Cause. If Executive's employment is terminated by
Employer without Cause, during the six-month period commencing on the date of
termination (the "INITIAL SEVERANCE PERIOD"), Employer shall pay to Executive
each month during the Initial Severance Period an aggregate amount equal to
1/12th of
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his Annual Base Salary in effect as of the end of the Employment Period, payable
in equal installments on the Employer's regular salary payment dates. Employer
may (in its sole discretion) elect to extend the Initial Severance Period for up
to three additional six-month periods (each an "ADDITIONAL SEVERANCE PERIOD") by
providing Executive written notice of such extension no less than 60 days prior
to the last day of the Initial Severance Period or the then effective Additional
Severance Period and paying Executive during each month of any such Additional
Severance Period an additional amount equal to 1/12th of his Annual Base Salary,
payable in equal installments on the Employer's regular salary payment dates.
(The Initial Severance Period and all applicable Additional Severance Periods
are collectively referred to herein as the "SEVERANCE PERIOD"). The amounts
payable pursuant to this SECTION 6(c) shall be reduced by the amount of any
compensation Executive earns or receives with respect to any other employment
during the period in which he is receiving severance. Upon request from time to
time, Executive shall furnish Employer with a true and complete certificate
specifying any such compensation earned or received by him while receiving any
severance payments from Employer.
7. CONFIDENTIAL INFORMATION.
(a) OBLIGATION TO MAINTAIN CONFIDENTIALITY. Executive acknowledges
that the information, observations and data obtained by him during the course of
his performance under this Agreement concerning the business and affairs of the
Company, Employer and their respective Subsidiaries and Affiliates are the
property of the Company, Employer or such Subsidiaries and Affiliates, including
information concerning acquisition opportunities in or reasonably related to the
Company's and Employer's and their respective Subsidiaries' business or industry
of which Executive becomes aware during the Employment Period. Therefore,
Executive agrees that he will not disclose to any unauthorized Person or use for
his own account any of such information, observations or data without the
Board's prior written consent, unless and to the extent that the aforementioned
matters become generally known to and available for use by the public other than
as a result of Executive's acts or omissions to act. Executive agrees to deliver
to the Company at a Separation, or at any other time the Company may request in
writing, all memoranda, notes, plans, records, reports and other documents (and
copies thereof) relating to the business of the Company, Employer and their
respective Subsidiaries and Affiliates (including, without limitation, all
acquisition prospects, lists and contact information) which he may then possess
or have under his control.
(b) OWNERSHIP OF PROPERTY. Executive acknowledges that all
inventions, innovations, improvements, developments, methods, processes,
programs, designs, analyses, drawings, reports, and all similar or related
information (whether or not patentable) that relate to the Company's, Employer's
or any of their respective Subsidiaries' or Affiliates' actual or anticipated
business, research and development, or existing or future products or services
and that are conceived, developed, contributed to, made, or reduced to practice
by Executive (either solely or jointly with others) while employed by the
Company, Employer or any of their respective Subsidiaries or Affiliates
(including any of the foregoing that constitutes any proprietary information or
records) ("WORK PRODUCT") belong to the Company, Employer or such Subsidiary or
Affiliate and Executive hereby assigns, and agrees to assign, all of the above
Work Product to the Company, Employer or to such Subsidiary or Affiliate. Any
copyrightable work prepared in whole or in part by Executive in the course of
his work for any of the foregoing
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entities shall be deemed a "work made for hire" under the copyright laws, and
the Company, Employer or such Subsidiary or Affiliate shall own all rights
therein. To the extent that any such copyrightable work is not a "work made for
hire," Executive hereby assigns and agrees to assign to the Company, Employer or
such Subsidiary or Affiliate all right, title, and interest, including without
limitation, copyright in and to such copyrightable work. Executive shall
promptly disclose such Work Product and copyrightable work to the Board and
perform all actions reasonably requested by the Board (whether during or after
the Employment Period) to establish and confirm the Company's, Employer's or
such Subsidiary's or Affiliate's ownership (including, without limitation,
assignments, consents, powers of attorney, and other instruments).
(c) THIRD PARTY INFORMATION. Executive understands that the Company,
Employer and their respective Subsidiaries and Affiliates will receive from
third parties confidential or proprietary information ("THIRD PARTY
INFORMATION") subject to a duty on the Company's, Employer's and their
respective Subsidiaries' and Affiliates' part to maintain the confidentiality of
such information and to use it only for certain limited purposes. During the
Employment Period and thereafter, and without in any way limiting the provisions
of SECTION 7(a) above, Executive will hold Third Party Information in the
strictest confidence and will not disclose to anyone (other than personnel of
the Company, Employer or their respective Subsidiaries or Affiliates who need to
know such information in connection with their work for the Company, Employer or
their respective Subsidiaries or Affiliates) or use, except in connection with
his work for the Company, Employer or their respective Subsidiaries or
Affiliates, Third Party Information unless expressly authorized by a member of
the Board in writing.
(d) USE OF INFORMATION OF PRIOR EMPLOYERS. During the Employment
Period, Executive will not improperly use or disclose any confidential
information or trade secrets, if any, of any former employers or any other
Person to whom Executive has an obligation of confidentiality, and will not
bring onto the premises of the Company, Employer or any of their respective
Subsidiaries or Affiliates any unpublished documents or any property belonging
to any former employer or any other Person to whom Executive has an obligation
of confidentiality unless consented to in writing by the former employer or
Person. Executive will use in the performance of his duties only information
which is (i) generally known and used by Persons with training and experience
comparable to Executive's and that is (x) common knowledge in the industry or
(y) is otherwise legally in the public domain, (ii) is otherwise provided or
developed by the Company, Employer or any of their respective Subsidiaries or
Affiliates or (iii) in the case of materials, property or information belonging
to any former employer or other Person to whom Executive has an obligation of
confidentiality, approved for such use in writing by such former employer or
Person.
8. NONCOMPETITION AND NONSOLICITATION. Executive acknowledges that
in the course of his employment with Employer he will become familiar with the
Company's, Employer's and their respective Subsidiaries' trade secrets and with
other confidential information concerning the Company, Employer and such
Subsidiaries and that his services will be of special, unique and extraordinary
value to the Company and Employer and such Subsidiaries. Therefore, Executive
agrees that:
(a) NONCOMPETITION. During the Employment Period and (i) in the
event of a
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termination of Executive's employment by Employer without Cause, the
Severance Period or (ii) in the event of a termination of Executive's employment
for any other reason, for a period of two years thereafter (collectively, the
"NONCOMPETE PERIOD"), he shall not, anywhere in the world, directly or
indirectly own, manage, control, participate in, consult with, render services
for, or in any manner engage in any business relating to the provision of
interoperability solutions, clearing and settlement services, software and
network services and related services to telecommunications companies and other
third parties that compete with the businesses of the Company, Employer or their
respective Subsidiaries or any business in which the Company, Employer or any of
their respective Subsidiaries has entertained discussions or has requested and
received information relating to the acquisition of such business by the
Company, Employer or their respective Subsidiaries prior to the Separation;
PROVIDED, however, that the Executive may own up to 1% of any class of an
issuer's publicly traded securities.
(b) NONSOLICITATION. During the Noncompete Period, Executive shall
not directly or indirectly through another entity (i) induce or attempt to
induce any employee of the Company, Employer or their respective Subsidiaries to
leave the employ of the Company, Employer or such Subsidiary, or in any way
interfere with the relationship between the Company, Employer and any of their
respective Subsidiaries and any employee thereof, (ii) hire any person who was
an employee of the Company, Employer or any of their respective Subsidiaries
within one year prior to the time such employee was hired by Executive, (iii)
induce or attempt to induce any customer, supplier, licensee or other business
relation of the Company, Employer or any of their respective Subsidiaries to
cease doing business with the Company, Employer or such Subsidiary or in any way
interfere with the relationship between any such customer, supplier, licensee or
business relation and the Company and any Subsidiary or (iv) directly or
indirectly acquire or attempt to acquire an interest in any business relating to
the business of the Company, Employer or any of their respective Subsidiaries
and with which the Company, Employer and any of their respective Subsidiaries
has entertained discussions or has requested and received information relating
to the acquisition of such business by the Company, Employer or any of their
respective Subsidiaries in the two-year period immediately preceding a
Separation.
(c) ENFORCEMENT. If, at the time of enforcement of SECTION 7 or this
SECTION 8, a court holds that the restrictions stated herein are unreasonable
under circumstances then existing, the parties hereto agree that the maximum
duration, scope or geographical area reasonable under such circumstances shall
be substituted for the stated period, scope or area and that the court shall be
allowed to revise the restrictions contained herein to cover the maximum
duration, scope and area permitted by law. Because Executive's services are
unique and because Executive has access to confidential information, the parties
hereto agree that money damages would be an inadequate remedy for any breach of
this Agreement. Therefore, in the event a breach or threatened breach of this
Agreement, the Company, Employer, their respective Subsidiaries or Affiliates or
their successors or assigns may, in addition to other rights and remedies
existing in their favor, apply to any court of competent jurisdiction for
specific performance and/or injunctive or other relief in order to enforce, or
prevent any violations of, the provisions hereof (without posting a bond or
other security).
(d) ADDITIONAL ACKNOWLEDGMENTS. Executive acknowledges that the
provisions of this SECTION 8 are in consideration of: (i) employment with the
Employer, (ii) the
10
issuance of the Carried Units by the Company and (iii) additional good and
valuable consideration as set forth in this Agreement. In addition, Executive
agrees and acknowledges that the restrictions contained in SECTION 7 and this
SECTION 8 do not preclude Executive from earning a livelihood, nor do they
unreasonably impose limitations on Executive's ability to earn a living. In
addition, Executive acknowledges (i) that the business of the Company, Employer
and their respective Subsidiaries will be international in scope and without
geographical limitation, (ii) notwithstanding the state of incorporation or
principal office of the Company, Employer or any of their respective
Subsidiaries, or any of their respective executives or employees (including the
Executive), it is expected that the Company and Employer will have business
activities and have valuable business relationships within its industry
throughout the world, and (iii) as part of his responsibilities, Executive will
be traveling in furtherance of Employer's business and its relationships.
Executive agrees and acknowledges that the potential harm to the Company and
Employer and their respective Subsidiaries of the non-enforcement of SECTION 7
and this SECTION 8 outweighs any potential harm to Executive of its enforcement
by injunction or otherwise. Executive acknowledges that he has carefully read
this Agreement and has given careful consideration to the restraints imposed
upon Executive by this Agreement, and is in full accord as to their necessity
for the reasonable and proper protection of confidential and proprietary
information of the Company and Employer now existing or to be developed in the
future. Executive expressly acknowledges and agrees that each and every
restraint imposed by this Agreement is reasonable with respect to subject
matter, time period and geographical area.
GENERAL PROVISIONS
9. DEFINITIONS.
"ACQUISITION AGREEMENT" means that certain Amended and Restated
Agreement of Merger dated as of January 14, 2002 and effective as of December 7,
2001, as amended, among TSI Telecommunication Holdings, Inc., TSI Merger Sub,
Inc., TSI Telecommunication Services Inc. and Verizon Information Services, Inc.
"AFFILIATE" means, (i) with respect to any Person, any Person that
controls, is controlled by or is under common control with such Person or an
Affiliate of such Person, and (ii) with respect to any Investor, any general or
limited partner of such Investor, any employee or owner of any such partner, or
any other Person controlling, controlled by or under common control with such
Investor.
"BOARD" means the Board of Managers of the Company.
"CLASS A PREFERRED" means the Class A Preferred Units as defined in
the LLC Agreement.
"CARRIED UNITS" will continue to be Carried Units in the hands of any
holder other than Executive (except for the Company and the Investors and except
for transferees in a Public Sale), and except as otherwise provided herein, each
such other holder of Carried Units will succeed to all rights and obligations
attributable to Executive as a holder of Carried Units hereunder. Carried Units
will also include equity of the Company (or a corporate successor to the
Company) issued with respect to Carried Units (i) by way of a unit split, unit
dividend,
11
conversion, or other recapitalization (excluding any Class A Preferred issued
herein) or (ii) by way of reorganization or recapitalization of the Company in
connection with the incorporation of a corporate successor prior to a Public
Offering. Notwithstanding the foregoing, all Unvested Units shall remain
Unvested Units after any Transfer thereof.
"CAUSE" means (i) the commission of a felony or a crime involving
moral turpitude or the commission of any other act or omission involving
dishonesty or fraud with respect to the Company, Employer or any of their
respective Subsidiaries or any of their customers or suppliers, (ii) conduct
tending to bring the Company, Employer or any of their respective Subsidiaries
into substantial public disgrace or disrepute, (iii) substantial and repeated
failure to perform duties of the office held by Executive as reasonably directed
by the Board, (iv) gross negligence or willful misconduct with respect to the
Company, Employer or any of their respective Subsidiaries or (v) any breach of
SECTIONS 6(a)(ii), 7 or 8 of this Agreement.
"FAIR MARKET VALUE" of Carried Units means the average of the closing
prices of the sales of such Carried Units on all securities exchanges on which
such Carried Units may at the time be listed, or, if there have been no sales on
any such exchange on any day, the average of the highest bid and lowest asked
prices on all such exchanges at the end of such day, or, if on any day such
Carried Units is not so listed, the average of the representative bid and asked
prices quoted in the NASDAQ System as of 4:00 P.M., New York time, or, if on any
day such Carried Units are not quoted in the NASDAQ System, the average of the
highest bid and lowest asked prices on such day in the domestic over-the-counter
market as reported by the National Quotation Bureau Incorporated, or any similar
successor organization, in each such case averaged over a period of 21 days
consisting of the day as of which the Fair Market Value is being determined and
the 20 consecutive business days prior to such day. If at any time such Carried
Units are not listed on any securities exchange or quoted in the NASDAQ System
or the over-the-counter market, the Fair Market Value will be the fair value of
such Carried Units as determined in good faith by the Board. If Executive
reasonably disagrees with such determination, Executive shall deliver to the
Board a written notice of objection within ten days after delivery of the
Repurchase Notice (or if no Repurchase Notice is delivered, then within ten days
after delivery of the Supplemental Repurchase Notice). Upon receipt of
Executive's written notice of objection, the Board and Executive will negotiate
in good faith to agree on such Fair Market Value. If such agreement is not
reached within 30 days after the delivery of the Repurchase Notice (or if no
Repurchase Notice is delivered, then within 30 days after the delivery of the
Supplemental Repurchase Notice), Fair Market Value shall be determined by an
appraiser jointly selected by the Board and Executive, which appraiser shall
submit to the Board and Executive a report within 30 days of its engagement
setting forth such determination. If the parties are unable to agree on an
appraiser within 45 days after delivery of the Repurchase Notice or the
Supplemental Repurchase Notice, within seven days, each party shall submit the
names of four nationally recognized firms that are engaged in the business of
valuing non-public securities, and each party shall be entitled to strike two
names from the other party's list of firms, and the appraiser shall be selected
by lot from the remaining four firms. The expenses of such appraiser shall be
borne by Executive unless the appraiser's valuation is more than 10% greater
than the amount determined by the Board, in which case, the expenses of the
appraiser shall be borne by the Company. The determination of such appraiser as
to Fair Market Value shall be final and binding upon all parties.
12
"FAMILY GROUP" means, with respect to a Person who is an individual,
such Person's spouse and descendants (whether natural or adopted), and any
trust, family limited partnership, limited liability company or other entity
wholly owned, directly or indirectly, by such Person or such Person's spouse
and/or descendants that is and remains solely for the benefit of such Person
and/or such Person's spouse and/or descendants and any retirement plan for such
Person.
"GAAP" means United States generally accepted accounting principles as
in effect from time to time.
"LLC AGREEMENT" means the Limited Liability Company Agreement of the
Company, as amended from time to time pursuant to its terms.
"ORIGINAL COST" means, with respect to each Common Unit purchased
hereunder, $0.0333 (as proportionately adjusted for all subsequent unit splits,
unit dividends and other recapitalizations).
"PERSON" means an individual, a partnership, a limited liability
company, a corporation, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, investment fund, any other business
entity and a governmental entity or any department, agency or political
subdivision thereof.
"PUBLIC OFFERING" means the sale in an underwritten public offering
registered under the Securities Act of equity securities of the Company or a
corporate successor to the Company.
"PUBLIC SALE" means (i) any sale pursuant to a registered public
offering under the Securities Act or (ii) any sale to the public pursuant to
Rule 144 promulgated under the Securities Act effected through a broker, dealer
or market maker (other than pursuant to Rule 144(k) prior to a Public Offering).
"QUARTER DATE" means February, May, August and November of each year
beginning on May 14, 2002 and ending on February 14, 2007.
"SALE OF THE COMPANY" means any transaction or series of transactions
pursuant to which any Person or group of related Persons other than the
Investors or their Affiliates in the aggregate acquire(s) (i) equity securities
of the Company possessing the voting power (other than voting rights accruing
only in the event of a default, breach or event of noncompliance) to elect a
majority of the Company's board of managers (whether by merger, consolidation,
reorganization, combination, sale or transfer of the Company's equity,
securityholder or voting agreement, proxy, power of attorney or otherwise) or
(ii) all or substantially all of the Company's assets determined on a
consolidated basis; PROVIDED that a Public Offering shall not constitute a Sale
of the Company.
"SECURITIES ACT" means the Securities Act of 1933, as amended from
time to time.
13
"SECURITYHOLDERS AGREEMENT" means the Securityholders Agreement of
even date herewith among the Company and certain of its securityholders, as
amended from time to time pursuant to its terms.
"SUBSIDIARY" means, with respect to any Person, any corporation,
limited liability company, partnership, association, or business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock
entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers, or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association, or other business entity (other
than a corporation), a majority of partnership or other similar ownership
interest thereof is at the time owned or controlled, directly or indirectly, by
that Person or one or more Subsidiaries of that Person or a combination thereof.
For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association, or
other business entity (other than a corporation) if such Person or Persons shall
be allocated a majority of limited liability company, partnership, association,
or other business entity gains or losses or shall be or control any managing
director or general partner of such limited liability company, partnership,
association, or other business entity. For purposes hereof, references to a
"SUBSIDIARY" of any Person shall be given effect only at such times that such
Person has one or more Subsidiaries, and, unless otherwise indicated, the term
"SUBSIDIARY" refers to a Subsidiary of the Company.
"TRANSFER" means to sell, transfer, assign, pledge or otherwise
dispose of (whether with or without consideration and whether voluntarily or
involuntarily or by operation of law).
10. NOTICES. Any notice provided for in this Agreement must be in
writing and must be either personally delivered, mailed by first class mail
(postage prepaid and return receipt requested) or sent by reputable overnight
courier service (charges prepaid) to the recipient at the address below
indicated:
IF TO EMPLOYER:
TSI Merger Sub, Inc.
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxx, Xxxxxxx 00000
Attention: General Counsel
WITH COPIES TO:
GTCR Fund VII, L.P.
GTCR Fund VII/A, L.P.
GTCR Co-Invest, L.P.
c/o GTCR Xxxxxx Xxxxxx, L.L.C.
0000 Xxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxx X. Xxxxxxx
14
Xxxxxx X. Xxxxx
AND
Xxxxxxxx & Xxxxx
000 Xxxx Xxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxxxx
IF TO THE COMPANY:
TSI Telecommunication
Holdings, LLC
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxx, Xxxxxxx 00000
Attention: General Counsel
WITH COPIES TO:
GTCR Fund VII, L.P.
GTCR Fund VII/A, L.P.
GTCR Co-Invest, L.P.
c/o GTCR Xxxxxx Xxxxxx, L.L.C.
0000 Xxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxx X. Xxxxxxx
Xxxxxx X. Xxxxx
AND
Xxxxxxxx & Xxxxx
000 Xxxx Xxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxxxx
IF TO EXECUTIVE:
Xxxxxx Xxxxxx, Jr.
00000 Xxxxxxxx Xxxxx
Xxxxx, Xxxxxxx 00000
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
WITH A COPY TO:
Xxxxx & Xxxxxxx LLP
00
Xxxxxxxx Xxxxxx
000 Xxxxxxxxxxx Xxxxxx, XX
Xxxxxxxxxx, XX 00000
Attention: Xxxxxxxxxxx X. Xxxxx
Telephone: (000) 000-0000
Facsimile (000) 000-0000
IF TO THE INVESTORS:
GTCR Fund VII, L.P.
GTCR Fund VII/A, L.P.
GTCR Co-Invest, L.P.
c/o GTCR Xxxxxx Xxxxxx, L.L.C.
0000 Xxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000-0000
Attention: Xxxxx X. Xxxxxxx
Xxxxxx X. Xxxxx
WITH A COPY TO:
Xxxxxxxx & Xxxxx
000 Xxxx Xxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxxxx
or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. Any
notice under this Agreement will be deemed to have been given when so delivered
or sent or, if mailed, five days after deposit in the U.S. mail.
11. GENERAL PROVISIONS.
(a) TRANSFERS IN VIOLATION OF AGREEMENT. Any Transfer or attempted
Transfer of any Carried Units in violation of any provision of this Agreement
shall be void, and the Company shall not record such Transfer on its books or
treat any purported transferee of such Carried Units as the owner of such equity
for any purpose.
(b) SEVERABILITY. Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.
(c) COMPLETE AGREEMENT. This Agreement, those documents expressly
referred to herein and other documents of even date herewith embody the complete
agreement
16
and understanding among the parties and supersede and preempt any prior
understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.
(d) COUNTERPARTS. This Agreement may be executed in separate
counterparts (including by means of facsimile), each of which is deemed to be an
original and all of which taken together constitute one and the same agreement.
(e) SUCCESSORS AND ASSIGNS. Except as otherwise provided herein,
this Agreement shall bind and inure to the benefit of and be enforceable by
Executive, the Company, the Employer, the Investors and their respective
successors and assigns (including subsequent holders of Carried Units); provided
that the rights and obligations of Executive under this Agreement shall not be
assignable except in connection with a permitted transfer of Carried Units
hereunder. By virtue of the Merger (as defined in the Acquisition Agreement) TSI
Telecommunication Services Inc. ("TSI") will become the successor to all of the
rights, interests, duties and obligations of TSI Merger Sub, Inc., including,
without limitation, those arising under this Agreement, and after the Merger,
TSI shall be deemed to be a party to this Agreement and all references in this
Agreement to "Employer" shall be deemed to be references to TSI.
(f) CHOICE OF LAW. The limited liability company law of the State of
Delaware will govern all questions concerning the relative rights of the Company
and its securityholders. All other questions concerning the construction,
validity and interpretation of this Agreement and the exhibits hereto will be
governed by and construed in accordance with the internal laws of the State of
Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the
State of Delaware.
(g) REMEDIES. Each of the parties to this Agreement (including the
Investors as third-party beneficiaries) will be entitled to enforce its rights
under this Agreement specifically, to recover damages and costs (including
attorney's fees) caused by any breach of any provision of this Agreement and to
exercise all other rights existing in its favor. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting
any bond or deposit) for specific performance and/or other injunctive relief in
order to enforce or prevent any violations of the provisions of this Agreement.
(h) AMENDMENT AND WAIVER. The provisions of this Agreement may be
amended and waived only with the prior written consent of the Company, Employer,
Executive and the Majority Holders (as defined in the Purchase Agreement).
(i) INSURANCE. The Company or Employer, at its discretion, may apply
for and procure in its own name and for its own benefit life and/or disability
insurance on Executive in any amount or amounts considered available. Executive
agrees to cooperate in any medical or other examination, supply any information,
and to execute and deliver any applications or other instruments in writing as
may be reasonably necessary to obtain and constitute such insurance. Executive
hereby represents that he has no reason to believe that his life is not
insurable at rates
17
now prevailing for healthy men of his age.
(j) BUSINESS DAYS. If any time period for giving notice or taking
action hereunder expires on a day which is a Saturday, Sunday or holiday in the
state in which the Company's chief executive office is located, the time period
shall be automatically extended to the business day immediately following such
Saturday, Sunday or holiday.
(k) INDEMNIFICATION AND REIMBURSEMENT OF PAYMENTS ON BEHALF OF
EXECUTIVE. The Company, Employer and their respective Subsidiaries shall be
entitled to deduct or withhold from any amounts owing from the Company or any of
its Subsidiaries to Executive any federal, state, local or foreign withholding
taxes, excise taxes, or employment taxes ("TAXES") imposed with respect to
Executive's compensation or other payments from the Company or any of its
Subsidiaries or Executive's ownership interest in the Company, including,
without limitation, wages, bonuses, dividends, the receipt or exercise of equity
options and/or the receipt or vesting of restricted equity. In the event the
Company or its Subsidiaries does not make such deductions or withholdings,
Executive shall indemnify the Company and its Subsidiaries for any amounts paid
with respect to any such Taxes, together with any interest, penalties and
related expenses thereto.
(l) REASONABLE EXPENSES. The Company agrees to pay the reasonable
fees and expenses of Executive's counsel arising in connection with the
negotiation and execution of this Agreement and the consummation of the
transactions contemplated by this Agreement.
(m) TERMINATION. This Agreement (except for the provisions of
SECTIONS 6(a) and (b)) shall survive a Separation and shall remain in full force
and effect after such Separation.
(n) ADJUSTMENTS OF NUMBERS. All numbers set forth herein that refer
to unit prices or amounts will be appropriately adjusted to reflect unit splits,
unit dividends, combinations of units and other recapitalizations affecting the
subject class of equity.
(o) DEEMED TRANSFER OF CARRIED UNITS. If the Company (and/or the
Investors and/or any other Person acquiring securities) shall make available, at
the time and place and in the amount and form provided in this Agreement, the
consideration for the Carried Units to be repurchased in accordance with the
provisions of this Agreement, then from and after such time, the Person from
whom such units are to be repurchased shall no longer have any rights as a
holder of such units (other than the right to receive payment of such
consideration in accordance with this Agreement), and such units shall be deemed
purchased in accordance with the applicable provisions hereof and the Company
(and/or the Investors and/or any other Person acquiring securities) shall be
deemed the owner and holder of such units, whether or not the certificates
therefor have been delivered as required by this Agreement.
(p) NO PLEDGE OR SECURITY INTEREST. The purpose of the Company's
retention of Executive's certificates and executed security powers is solely to
facilitate the repurchase provisions set forth in SECTION 3 herein and SECTION 6
of the Securityholders Agreement and does not constitute a pledge by Executive
of, or the granting of a security interest in, the underlying equity.
(q) RIGHTS GRANTED TO GTCR FUND VII AND ITS AFFILIATES. Any rights
granted
18
to GTCR Fund VII, GTCR Fund VII/A, GTCR Co-Invest and their Affiliates
hereunder may also be exercised (in whole or in part) by their respective
designees (which designees may be Affiliates of GTCR Fund VII, GTCR Fund VII/A
and/or GTCR Co-Invest).
* * * * *
19
IN WITNESS WHEREOF, the parties hereto have executed this Senior
Management Agreement on the date first written above.
TSI TELECOMMUNICATION HOLDINGS, LLC
By: /s/ G. Xxxxxx Xxxxx
Its: Chief Executive Officer
TSI MERGER SUB, INC.
By: /s/ G. Xxxxxx Xxxxx
Its: Chief Executive Officer
/s/ Xxxxxx Xxxxxx, Jr.
Xxxxxx Xxxxxx, Jr.
20
Agreed and Accepted:
GTCR FUND VII, L.P.
By: GTCR Partners VII, L.P.
Its: General Partner
By: GTCR Xxxxxx Xxxxxx, L.L.C.
Its: General Partner
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Its: Principal
GTCR FUND VII/A, L.P.
By: GTCR Partners VII, L.P.
Its: General Partner
By: GTCR Xxxxxx Xxxxxx, L.L.C.
Its: General Partner
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Its: Principal
GTCR CO-INVEST, L.P.
By: GTCR Xxxxxx Xxxxxx, L.L.C.
Its: General Partner
By: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxxxxx
Its: Principal
21
