-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HOwSE7RfTZH7TktnsivgePIFj82rqOepHgTKq5cKBgEv4U+TvBnsRpBxtyq7vcq/ pFz3SZaG5esUI/Jw+kEf/g== 0000950123-07-010480.txt : 20070730 0000950123-07-010480.hdr.sgml : 20070730 20070730171809 ACCESSION NUMBER: 0000950123-07-010480 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20070730 DATE AS OF CHANGE: 20070730 GROUP MEMBERS: MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CUMULUS MEDIA INC CENTRAL INDEX KEY: 0001058623 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 364159663 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-54277 FILM NUMBER: 071010338 BUSINESS ADDRESS: STREET 1: 3535 PIEDMONT ROAD STREET 2: BUILDING 14, FOURTEENTH FLOOR CITY: ATLANTA STATE: GA ZIP: 30305 BUSINESS PHONE: 4049490700 MAIL ADDRESS: STREET 1: 3535 PIEDMONT ROAD STREET 2: BUILDING 14, FOURTEENTH FLOOR CITY: ATLANTA STATE: GA ZIP: 30305 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: MERRILL LYNCH & CO INC CENTRAL INDEX KEY: 0000065100 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 132740599 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 4 WORLD FINANCIAL CTR CITY: NEW YORK STATE: NY ZIP: 10080 BUSINESS PHONE: 2124491000 MAIL ADDRESS: STREET 1: 4 WORLD FINANCIAL CTR CITY: NEW YORK STATE: NY ZIP: 10080 SC 13D 1 y37673sc13d.htm SCHEDULE 13-D sc13d
Table of Contents

     
 
OMB APPROVAL
  
 
OMB Number: 3235-0145
  
 
Expires: February 28, 2009
  
 
Estimated average burden hours per response...14.5
  
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Cumulus Media Inc.
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
(Title of Class of Securities)
231082108
(CUSIP Number)
Frank J. Marinaro, Esq.
Merrill Lynch & Co., Inc.
4 World Financial Center
250 Vesey Street
New York, New York 10080
Telephone: (212) 449-1000

Merrill Lynch, Pierce, Fenner& Smith Incorporated
4 World Financial Center
250 Vesey Street
New York, New York 10080
Telephone: (212) 449-1000

with a copy to:
Stephen R. Hertz, Esq.
Debevoise& Plimpton LLP
919 Third Ave
New York, NY 10022
Telephone: (212) 909-6453
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 20, 2007
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 

Table of Contents

                     
CUSIP No.
  
231082108 
                

 

           
1   NAMES OF REPORTING PERSONS:

Merrill Lynch, Pierce, Fenner k Smith Incorporated
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
 
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS):
   
  OO
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e):
   
  þ
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0 shares
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   123,400 shares
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0 shares
       
WITH 10   SHARED DISPOSITIVE POWER:
     
    123,400 shares
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  123,400 shares
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  Less than 1%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  BD, IA, CO

2

Table of Contents

                     
CUSIP No.
  
231082108 
                

 

           
1   NAMES OF REPORTING PERSONS:

Merrill Lynch k Co., Inc.
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
 
 
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY:
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS):
   
  OO
     
5   CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e):
   
  þ
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  7   SOLE VOTING POWER:
     
NUMBER OF   0 shares
       
SHARES 8   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   123,400 shares
       
EACH 9   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   0 shares
       
WITH 10   SHARED DISPOSITIVE POWER:
     
    123,400 shares
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  123,400 shares
     
12   CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
   
  Less than 1%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  HC, CO

3

TABLE OF CONTENTS

Item 1. Security and Issuer
Item 2. Identity and Background
Item 3. Source and Amount of Funds or Other Consideration
Item 4. Purpose of Transaction
Item 5. Interest in Securities of the Issuer
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 7. Material to be Filed as Exhibits
SIGNATURES
EXHIBIT INDEX
EX-99.1: JOINT FILING AGREEMENT
EX-99.15: LIMITED GUARANTEE
EX-99.16: INTERIM INVESTORS AGREEMENT

Table of Contents

Item 1. Security and Issuer
          This statement on Schedule 13D (this “Statement”) relates to the Class A common stock, par value $0.01 per share (the “Common Stock”), of Cumulus Media Inc., a corporation incorporated under the laws of the State of Delaware (the “Company”). The address of the principal executive offices of the Company is 14 Piedmont Center, Suite 1400, Atlanta, Georgia 30305.
Item 2. Identity and Background
          This Statement is being filed jointly by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and Merrill Lynch & Co., Inc. (“ML&Co”) (MLPF&S and ML&Co, each a “Reporting Person,” and collectively, the “Reporting Persons”) with respect to the Common Stock. MLPF&S is a direct wholly owned subsidiary of ML&Co. MLGPE Fund US Alternative, L.P. (“MLGPE Fund”) and ML IBK Positions, Inc. (“ML IBK”) are affiliates of the Reporting Persons and in the case of MLGPE Fund, signatory to the Interim Investors Agreement and the Equity Commitment Letter (as each is defined below) and in the case of ML IBK, signatory to the Limited Guarantee (as defined below). MLGPE Fund and ML IBK do not beneficially own any Common Stock and are not Reporting Persons. Neither the present filing nor anything contained herein shall be construed as an admission that (a) any Reporting Person constitutes a “person” for any purpose other than Section 13(d) of the Securities Exchange Act of 1934, as amended, or (b) any combination of the Reporting Persons constitutes a “group” for any purpose.
          Attached hereto as Schedule I is a list of each of the Reporting Persons setting forth the following information with respect to each such person:
(a) name;

(b) principal business;

(c) state of organization (if the Reporting Person is an entity) or citizenship (if the Reporting Person is a natural person); and

(d) address of principal business and office.
          Attached hereto as Schedule II is a list of the executive officers and directors of each Reporting Person that is an entity setting forth the following information with respect to each such person:
(a) name;

(b) business address (or residence where indicated);

(c) present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; and

(d) citizenship.
          Other than as set forth on Schedule III, during the last five years, no person listed on Schedule I and, to the knowledge of the Reporting Persons, no person listed on Schedule II, has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of

4

Table of Contents

competent jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
          This Item 2 is qualified in its entirety by reference to Schedule I, Schedule II and Schedule III, which are attached hereto and incorporated into this Item by reference.
          The Reporting Persons have entered into a Joint Filing Agreement dated as of July 30, 2007, a copy of which is attached as Exhibit 99.1 to this Statement.
Item 3. Source and Amount of Funds or Other Consideration
          The aggregate transaction value for the transactions contemplated by the Merger Agreement (as defined below) is approximately $1.3 billion. It is anticipated that the funding for the Merger (as defined below) will be in the form $286.0 million in cash contributed to Cloud Acquisition Corporation, a Delaware corporation (“Parent”), by MLGPE Fund, pursuant to the Equity Commitment Letter and $920.0 million in debt financing to be arranged by MLPF&S (and for which Merrill Lynch Capital Corporation will act as the agent) pursuant to the Debt Commitment Letter (as defined below), as described in further detail in Item 4 below. In addition, it is anticipated that approximately 5.1 million shares of Common Stock (or securities convertible into shares of Common Stock) will, pursuant to the Equity Rollover Letters (as defined below), be contributed to Parent, as described in further detail in Item 4 below.
Item 4. Purpose of Transaction
          On July 20, 2007, Lewis W. Dickey, Jr. and Merrill Lynch Global Private Equity (the “Sponsor”), on behalf of an investor group that also includes members of Mr. Dickey’s family (such family members together with Lewis W. Dickey, Jr., the “Rollover Investors”), submitted a written offer (the “Offer Letter”) to the Company’s board of directors to acquire all of the outstanding shares of the Company’s capital stock at a cash purchase price of $10.65 per share. In connection with the resulting negotiations with the board of directors, Lewis W. Dickey, Jr. and the Sponsor submitted an additional offer letter, dated July 22, 2007 (the “Revised Offer Letter”). Copies of the Offer Letter and the Revised Offer Letter are attached as Exhibits 99.2 and 99.3 to this Statement and are incorporated by reference herein.
          On July 23, 2007, a special committee of independent directors, which was formed to, among other things, consider the terms and conditions set forth in the Offer Letter, unanimously recommended that the Company’s full board of directors approve the Agreement and Plan of Merger (the “Merger Agreement”), among Parent, Cloud Merger Corporation, a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”), and the Company. Upon receipt of the recommendation of the special committee, the Company’s board of directors approved the Merger Agreement on July 23, 2007.
          Under the terms of the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent (the “Merger”). At the effective time of the Merger, each outstanding share

5

Table of Contents

of the Company’s common stock, other than (a) the Rollover Shares (as defined below), (b) shares owned by the Company, Parent or any wholly owned subsidiaries of the Company or Parent, or (c) shares owned by any stockholders who are entitled to and who have properly exercised appraisal rights under Delaware law, will be cancelled and converted into the right to receive $11.75 per share in cash.
          Consummation of the Merger is subject to various conditions, including approval of the Merger by the stockholders of the Company, FCC approval, and other customary closing conditions.
          It is contemplated that, upon the consummation of the Merger, the certificate of incorporation and the bylaws of the Company will be amended in their entirety to be substantially identical to the certificate of incorporation and the bylaws, respectively, of Merger Sub. Further, it is anticipated that, upon the consummation of the Merger, the directors of Merger Sub will be the directors of the Company. Upon the consummation of the Merger, it is contemplated that the Common Stock will be delisted from the NASDAQ Global Select Market and will become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act.
          A copy of the Merger Agreement is attached as Exhibit 99.4 to this Statement and is incorporated by reference herein.
          Concurrently with the execution of the Merger Agreement, each of the Rollover Investors delivered to Parent an equity rollover letter (collectively, the “Equity Rollover Letters”) pursuant to which they agreed to contribute an aggregate of 5,106,383 shares of Common Stock (the “Rollover Shares”) to Parent in exchange for equity securities of Cloud Holding Company, LLC, a Delaware limited liability company and the holder of all of the membership interests in Parent (“HoldCo”). Copies of the Equity Rollover Letters are attached as Exhibits 99.5-99.9 to this Statement and are incorporated by reference herein.
          On July 23, 2007, Parent obtained an equity commitment letter pursuant to which MLGPE Fund will contribute $286.0 million in cash in exchange for membership interests in HoldCo (the “Equity Commitment Letter”) and Merger Sub obtained a debt financing commitment for $1.02 billion in debt financing from Merrill Lynch Capital Corporation, as agent and MLPF&S, as arranger (the “Debt Commitment Letter”) for the transactions contemplated by the Merger Agreement. Copies of each are attached as Exhibits 99.10 and 99.11, respectively, to this Statement and are incorporated by reference herein.
          Additionally, concurrently with the execution of the Merger Agreement, the Rollover Investors entered into a voting agreement with Parent and the Company (the “Voting Agreement”), pursuant to which the Rollover Investors agreed, among other things, to vote (subject to certain conditions) all of the Common Stock beneficially owned by them in favor of the Merger Agreement, the Merger and all other transactions contemplated by the Merger Agreement, or in favor of any “Superior Proposals” (as defined in the Merger Agreement). A copy of the Voting Agreement is attached as Exhibit 99.12 to this Statement and is incorporated by reference herein.

6

Table of Contents

          Simultaneously with the execution of the Merger Agreement, Lewis W. Dickey, Jr. entered into a Cooperation Agreement with the Company (the “Cooperation Agreement”). Pursuant to the Cooperation Agreement, during the period prior to consummation of the Merger, Lewis W. Dickey, Jr., solely in his capacity as Chief Executive Officer, agreed to cooperate with the special committee to solicit and respond to “Company Acquisition Proposals” (as defined in the Merger Agreement) to the extent permitted by the Merger Agreement. A copy of the Cooperation Agreement is attached as Exhibit 99.13 to this Statement and is incorporated by reference herein.
          On July 23, 2007, the Company issued a press release describing the Merger (the “Press Release”). A copy of the Press Release is attached as Exhibit 99.14 to this Statement and is incorporated by reference herein.
          Also, concurrently with the execution of the Merger Agreement, ML IBK delivered a limited guarantee (the “Limited Guarantee”) to the Company in respect of certain obligations of Parent and Merger Sub under the Merger Agreement. A copy of the Limited Guarantee is attached as Exhibit 99.15 to this Statement and is incorporated by reference herein.
          In connection with the transactions contemplated by the Merger Agreement, MLGPE Fund and the Rollover Investors entered into an Interim Investors Agreement with HoldCo and Parent (the “Interim Investors Agreement”), pursuant to which the parties agreed, among other things, to cause Parent to (1) satisfy its closing conditions under the Merger Agreement (subject to certain conditions), (2) obtain debt financing, (3) negotiate definitive arrangements with certain members of the Company’s current management, and (4) negotiate a limited liability company agreement for HoldCo. A copy of the Interim Investors Agreement is attached as Exhibit 99.16 to this Statement and is incorporated by reference herein.
          The information set forth in response to this Item 4 is qualified in its entirety by reference to the Offer Letter, the Revised Offer Letter, the Merger Agreement, the Equity Rollover Letters, the Voting Agreement, the Cooperation Agreement, the Equity Commitment Letter, the Debt Commitment Letter, the Press Release, the Limited Guarantee and the Interim Investors Agreement, each of which is filed as an exhibit hereto and is incorporated herein by reference.
          Other than as described above, the Reporting Persons do not have any current plans or proposals that relate to or would result in any of the actions set forth in items (a) through (j) of Item 4 of the instructions to Schedule 13D, although the Reporting Persons reserve the right to develop such plans or proposals.
Item 5. Interest in Securities of the Issuer
          MLPF&S is the beneficial owner of approximately 123,400 shares of Common Stock, with respect to which it has shared voting and investment power, and which represent less than 1% of all shares of Common Stock outstanding (based on the number of 36,726,247 shares of Common Stock and 644,871 shares of the Company’s Class C common stock, par value $.01 per share (the “Class C Common Stock”) outstanding as of June 30, 2007 as represented by the Company in the Merger Agreement).

7

Table of Contents

          ML&Co is the beneficial owner of approximately 123,400 shares of Common Stock, with respect to which it has shared voting and investment power, and which represent less than 1% of all shares of Common Stock outstanding (based on the number of 36,726,247 shares of Common Stock and 644,871 shares of Class C Common Stock outstanding as of June 30, 2007 as represented by the Company in the Merger Agreement).
               As a result of the arrangements described above and set forth in the Interim Investors Agreement and various matters described in Item 4 above, the Reporting Persons and the Rollover Investors may collectively be deemed to constitute a “group,” within the meaning of Section 13(d)(3) of the Act. As a consequence, each Reporting Person and the Rollover Investors may be deemed to beneficially own all shares of Common Stock beneficially owned by each other Reporting Person and the Rollover Investors. To the knowledge of the Reporting Persons, on July 23, 2007, the Rollover Investors beneficially owned the following number of Common Stock:
Lewis W. Dickey, Jr.
          Lewis W. Dickey, Jr. is deemed to beneficially own 5,138,010 shares of Common Stock as follows:
  •   1,602,449 shares of Common Stock directly owned;
 
  •   options to purchase 1,380,000 shares of Common Stock, which are exercisable within 60 days;
 
  •   644,871 shares of Class C Common Stock, which are convertible into shares of Common Stock on a one-for-one basis, directly owned;
 
  •   options to purchase 1,500,690 shares of Class C Common Stock, which are exercisable within 60 days; and
 
  •   10,000 shares of Common Stock owned by DBBC, L.L.C. (“DBBC”) and deemed to be beneficially owned by Lewis W. Dickey, Jr. in his capacity as manager of DBBC.
          Assuming exercise of all of the foregoing options and the conversion of all of the shares of Class C Common Stock (including those shares of Class C Common Stock issuable upon exercise of options) into Common Stock, Lewis W. Dickey, Jr. would be deemed to beneficially own 5,138,010 shares, or 12.8% of the outstanding shares of Common Stock (based on the number of 36,726,247 shares of Common Stock and 644,871 shares of Class C Common Stock outstanding as of June 30, 2007 as represented by the Company in the Merger Agreement) .
John W. Dickey
          John Dickey is deemed to beneficially own 3,146,308 shares of Common Stock as follows:
  •   1,767,246 shares of Common Stock directly owned; and

8

Table of Contents

  •   options to purchase 1,379,062 shares of Common Stock, which are exercisable within 60 days.
          Assuming exercise of all of the foregoing options, John W. Dickey would be deemed to beneficially own 3,146,308 shares, or 8.3% of the outstanding shares of Common Stock (based on the number of 36,726,247 shares of Common Stock and 644,871 shares of Class C Common Stock outstanding as of June 30, 2007 as represented by the Company in the Merger Agreement).
Michael W. Dickey, David W. Dickey and Lewis W. Dickey, Sr.
          Michael W. Dickey, David W. Dickey and Lewis W. Dickey Sr. are deemed to beneficially own 1,347,683 shares, or 3.7%, 1,254,352 shares, or 3.4%, and 884,000 shares, or 2.4%, of the outstanding shares of Common Stock, respectively (based on the number of 36,726,247 shares of Common Stock and 644,871 shares of Class C Common Stock outstanding as of June 30, 2007 as represented by the Company in the Merger Agreement).
          Assuming exercise of all of the above-described options and the conversion of all of the shares of Class C Common Stock (including those shares of Class C Common Stock issuable upon exercise of options) into Common Stock, the Reporting Persons and the Rollover Investors would collectively beneficially own, in the aggregate, 28.3% of the issued and outstanding Common Stock (based on the number of 36,726,247 shares of Common Stock and 644,871 shares of Class C Common Stock outstanding as of June 30, 2007 as represented by the Company in the Merger Agreement). Other than as set forth in this Item 5, each Reporting Person hereby disclaims beneficial ownership of Common Stock owned by any other Reporting Person or the Rollover Investors.
          Other than as set forth above with respect to the Rollover Investors, none of the Common Stock reported in this Item are shares as to which any Reporting Person has a right to acquire that is exercisable within 60 days. None of the Reporting Persons or, to the knowledge of the Reporting Persons, any of the persons listed on Schedule I or Schedule II hereto, beneficially owns any Common Stock other than as set forth herein. Except as set forth herein, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the shares of the Common Stock that are the subject of this Statement.
          Schedule III sets forth the transactions in the Common Stock which, to the knowledge of the applicable Reporting Person, have been effected during the preceding 60 days. All of the transactions set forth on Schedule III were effected in the ordinary course of business of the Reporting Persons and may reflect transactions in customer accounts over which the applicable Reporting Person has discretionary authority. The transactions in the shares of Common Stock described on Schedule III were effected on the NASDAQ Global Select Market. Except as described above, no transactions in the Common Stock were effected by the Reporting Persons, or, to their knowledge, any of the persons listed on Schedule I or Schedule II hereto during the preceding 60 days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

9

Table of Contents

          Each of the Offer Letter, the Revised Offer Letter, the Merger Agreement, the Equity Rollover Letters, the Voting Agreement, the Cooperation Agreement, the Equity Commitment Letter, the Debt Commitment Letter, the Limited Guarantee and the Interim Investors Agreement (each of which is defined and described in Item 4, which definitions and descriptions are incorporated herein by reference) are filed as exhibits hereto and are incorporated by reference in their entirety into this Item 6.
          In connection with the consummation of the Merger, MLGPE Fund and the Rollover Investors intend to enter into one or more equity holders’ agreements, which are expected to contain provisions regarding management compensation, corporate governance, board seat allocation, limitations on transfers and other customary provisions found in such agreements.
          Except as described in this Item 6, none of the Reporting Persons or, to the knowledge of each of the Reporting Persons, any of the persons listed on Schedule II, is a party to any contract, arrangement, understanding or relationship with respect to any securities of the Company, including but not limited to transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies or a pledge or contingency the occurrence of which would give another person voting power over the securities of the Company.
Item 7. Material to be Filed as Exhibits
     
Exhibit   Description
 
99.1
  Joint Filing Agreement, dated July 30, 2007, among Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch & Co., Inc.
 
    
99.2
  Offer Letter, dated July 20, 2007 (incorporated by reference to Exhibit 99.2 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.3
  Revised Offer Letter, dated July 22, 2007 (incorporated by reference to Exhibit 99.3 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.4
  Agreement and Plan of Merger, dated July 23, 2007, among Cloud Acquisition Corporation, Cloud Merger Corporation and the Company (incorporated by reference to Exhibit 2.1 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.5
  Equity Rollover Letter, dated July 23, 2007, from Lewis W. Dickey, Jr. (incorporated by reference to Exhibit 99.5 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).

10

Table of Contents

     
Exhibit   Description
 
99.6
  Equity Rollover Letter, dated July 23, 2007, from John W. Dickey (incorporated by reference to Exhibit 99.6 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.7
  Equity Rollover Letter, dated July 23, 2007, from Michael W. Dickey (incorporated by reference to Exhibit 99.7 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.8
  Equity Rollover Letter, dated July 23, 2007, from David W. Dickey (incorporated by reference to Exhibit 99.8 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.9
  Equity Rollover Letter, dated July 23, 2007, from Lewis W. Dickey, Sr. (incorporated by reference to Exhibit 99.9 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.10
  Equity Commitment Letter, dated July 23, 2007, from MLGPE Fund US Alternative, L.P. (incorporated by reference to Exhibit 99.12 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.11
  Debt Commitment Letter, dated July 23, 2007, from Merrill Lynch Capital Corporation and Merrill Lynch Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 99.13 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.12
  Voting Agreement, dated July 23, 2007, by and among Cloud Acquisition Corporation, the Company, Lewis W. Dickey, Jr., John W. Dickey, Michael W. Dickey, David W. Dickey, and Lewis W. Dickey, Sr. (incorporated by reference to Exhibit 2.3 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.13
  Cooperation Agreement, dated July 23, 2007, between Lewis W. Dickey, Jr. and the Company (incorporated by reference to Exhibit 2.2 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.14
  Press Release, dated July 23, 2007 (incorporated by reference to Exhibit 99.1 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.15
  Limited Guarantee, dated July 23, 2007 from ML IBK Positions, Inc.
 
    
99.16
  Interim Investors Agreement, entered into on July 27, 2007, to be effective as of July 23, 2007, by and among Cloud Holding Company, LLC, Cloud Acquisition Corporation, MLGPE Fund US Alternative, L.P. and the Rollover Investors named therein.

11

Table of Contents

SIGNATURES
          After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
             
    MERRILL LYNCH PIERCE, FENNER & SMITH INCORPORATED    
 
            
 
  By:   /s/ Jonathan S. Santelli    
 
           
    Name: Jonathan S. Santelli    
    Title: Assistant Secretary    
    Date: July 30, 2007    
 
            
    MERRILL LYNCH & CO., INC.    
 
            
 
  By:   /s/ Jonathan S. Santelli    
 
           
    Name: Jonathan S. Santelli    
    Title: Assistant Secretary    
    Date: July 30, 2007    

12

Table of Contents

EXHIBIT INDEX
     
Exhibit   Description
 
    
99.1
  Joint Filing Agreement, dated July 30, 2007, among Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch & Co., Inc.
 
    
99.2
  Offer Letter, dated July 20, 2007 (incorporated by reference to Exhibit 99.2 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.3
  Revised Offer Letter, dated July 22, 2007 (incorporated by reference to Exhibit 99.3 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.4
  Agreement and Plan of Merger, dated July 23, 2007, among Cloud Acquisition Corporation, Cloud Merger Corporation and the Company (incorporated by reference to Exhibit 2.1 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.5
  Equity Rollover Letter, dated July 23, 2007, from Lewis W. Dickey, Jr. (incorporated by reference to Exhibit 99.5 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.6
  Equity Rollover Letter, dated July 23, 2007, from John W. Dickey (incorporated by reference to Exhibit 99.6 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.7
  Equity Rollover Letter, dated July 23, 2007, from Michael W. Dickey (incorporated by reference to Exhibit 99.7 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.8
  Equity Rollover Letter, dated July 23, 2007, from David W. Dickey (incorporated by reference to Exhibit 99.8 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.9
  Equity Rollover Letter, dated July 23, 2007, from Lewis W. Dickey, Sr. (incorporated by reference to Exhibit 99.9 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
    
99.10
  Equity Commitment Letter, dated July 23, 2007, from MLGPE Fund US Alternative, L.P. (incorporated by reference to Exhibit 99.12 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).
 
99.11
  Debt Commitment Letter, dated July 23, 2007, from Merrill Lynch Capital Corporation and Merrill Lynch Pierce, Fenner & Smith Incorporated (incorporated by reference to Exhibit 99.13 of Lewis W. Dickey Jr.’s amendment to Schedule 13D filed on July 23, 2007).

13

Table of Contents

     
Exhibit   Description
 
    
99.12
  Voting Agreement, dated July 23, 2007, by and among Cloud Acquisition Corporation, the Company, Lewis W. Dickey, Jr., John W. Dickey, Michael W. Dickey, David W. Dickey, and Lewis W. Dickey, Sr. (incorporated by reference to Exhibit 2.3 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.13
  Cooperation Agreement, dated July 23, 2007, between Lewis W. Dickey, Jr. and the Company (incorporated by reference to Exhibit 2.2 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.14
  Press Release, dated July 23, 2007 (incorporated by reference to Exhibit 99.1 of the Company’s current report on Form 8-K filed on July 23, 2007).
 
    
99.15
  Limited Guarantee, dated July 23, 2007 from ML IBK Positions, Inc.
 
    
99.16
  Interim Investors Agreement, entered into on July 27, 2007, to be effective as of July 23, 2007, by and among Cloud Holding Company, LLC, Cloud Acquisition Corporation, MLGPE Fund US Alternative, L.P. and the Rollover Investors named therein.

14

Table of Contents

SCHEDULE I
REPORTING PERSONS
          The names and principal businesses of each of the Reporting Persons are set forth below. Unless otherwise noted, each of the Reporting Persons principal business and office address is 4 World Financial Center, North Tower, New York, NY 10080.
         
        STATE OF
NAME   PRINCIPAL BUSINESS   ORGANIZATION
Merrill Lynch,
Pierce, Fenner &
Smith Incorporated
  A registered broker-dealer and investment adviser that, together with its subsidiaries, provides investment, financing, and related services to individuals and institutions on a global basis.   Delaware
 
        
Merrill Lynch & Co., Inc.
  A holding company that, through its subsidiaries and affiliates, provides investment, financial, insurance and related services on a global basis.   Delaware

15

Table of Contents

SCHEDULE II
EXECUTIVE OFFICERS AND DIRECTORS
     The names and principal occupations of each of the executive officers and directors of the Reporting Persons are set forth below. Unless otherwise noted, all of these persons have as their business address 4 World Financial Center, New York, NY 10080.
         
Merrill Lynch,        
Pierce, Fenner &        
Smith Incorporated   Present Principal Occupation   Citizenship
Rosemary T. Berkery
Executive Officer
  Executive Vice President; Vice Chairman; General Counsel of Merrill Lynch & Co., Inc.   United States
 
        
Candace E. Browning
Director
  President of Merrill Lynch Global Research   United States
 
        
Ahmass L. Fakahany
Executive Officer
  Executive Vice President; Co-President; Co-Chief Operating Officer of Merrill Lynch & Co., Inc.   United States
 
        
Gregory J. Fleming
Director
  Executive Vice President; Co-President; Co-Chief Operating Officer of Merrill Lynch & Co., Inc.   United States
 
        
Robert J. McCann
Director and Executive Officer
  Chairman and Chief Executive Officer; Vice Chairman, Global Private Client   United States
 
        
Carlos M. Morales
Director
  Senior Vice President   United States
 
        
Joseph F. Regan
Executive Officer
  First Vice President, Chief Financial Officer and Controller Merrill Lynch & Co., Inc. 95 Greene Street (8th Floor) Jersey City, NJ 07032   United States
         
Merrill Lynch & Co.,        
Inc.   Present Principal Occupation   Citizenship
Rosemary T. Berkery
Executive Officer
  Executive Vice President; Vice Chairman; General Counsel   United States

16

Table of Contents

         
Merrill Lynch & Co.,        
Inc.   Present Principal Occupation   Citizenship
Carol T. Christ
Director
  President, Smith College
c/o Corporate Secretary’s Office
222 Broadway, 17th Floor New York, NY 10038 		  United States
 
        
Armando M. Codina
Director
  President and Chief Executive Officer of Flagler Development Group c/o Corporate Secretary’s Office 222 Broadway,
17th Floor New York, NY 10038 		  United States
 
        
Virgis W. Colbert
Director
  Corporate Director
c/o Corporate Secretary’s Office
222 Broadway, 17th Floor
New York, NY 10038 		  United States
 
        
Alberto Cribiore
Director
  Managing Partner, Brera Capital
Partners
c/o Corporate Secretary’s Office
222 Broadway, 17th Floor
New York, NY 10038 		  United States
 
        
Jeffrey N. Edwards
Executive Officer
  Senior Vice President, Chief
Financial Officer 		  United States
 
        
Ahmass L. Fakahany
Executive Officer
  Co-President; Co-Chief Operating Officer   United States
 
        
John D. Finnegan
Director
  Chairman of the Board, President and
Chief Executive Officer of The Chubb
Corporation
c/o Corporate Secretary’s Office
222 Broadway, 17th Floor
New York, NY 10038 		  United States
 
        
Gregory J. Fleming
Executive Officer
  Co-President; Co-Chief Operating Officer   United States
 
        
Judith Mayhew Jonas
Director
  Member of the U.K. government’s
Commission for Equality and Human Rights
c/o Corporate Secretary’s Office 222 Broadway,
17th Floor New York, NY 10038 		  United Kingdom

17

Table of Contents

         
Merrill Lynch & Co.,        
Inc.   Present Principal Occupation   Citizenship
Robert J. McCann Executive Officer
  Executive Vice President; President,
Vice Chairman, Global Private Client 		  United States
 
        
E. Stanley O’Neal
Director and Executive Officer
  Chairman of the Board and Chief
Executive Officer		    
 
        
Aulana L. Peters
Director
  Corporate Director
c/o Corporate Secretary’s Office
222 Broadway, 17th Floor
New York, NY 10038 		  United States
 
        
Joseph W. Prueher
Director
  Corporate Director, Consulting
Professor to the Stanford-Harvard
Preventive Defense Project
c/o Corporate Secretary’s Office 222 Broadway, 17th Floor
New York, NY 10038 		  United States
 
        
Ann N. Reese
Director
  Co-Founder and Co-Executive
Director of the Center for Adoption Policy
c/o Corporate Secretary’s Office
222 Broadway, 17th Floor
New York, NY 10038 		  United States
 
        
Charles O. Rossotti
Director
  Senior Advisor to The Carlyle Group
c/o Corporate Secretary’s Office 222 Broadway, 17th Fl.
New York, NY 10038 		  United States
 
        
Christopher B. Hayward
Executive Officer
  Senior Vice President,
Finance Director 		  United States

18

Table of Contents

SCHEDULE III
PURCHASE OR SALE OF COMMON STOCK
     Merrill Lynch, Pierce, Fenner & Smith Incorporated engaged in open market transactions, which are summarized below, to report (i) the type of transaction effected, (ii) the executed date of the transaction, (iii) the price per share at which the transactions were effected and (iv) the total amount of shares that were the subject of transactions effected on each day:
                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/23/2007     11.07       100  
Sell
  7/23/2007     11.10       100  
Sell
  7/23/2007     11.02       100  
Buy
  7/20/2007     8.45       100  
Sell
  7/20/2007     8.41       100  
Sell
  7/20/2007     8.54       100  
Sell
  7/20/2007     8.46       100  
Sell
  7/20/2007     8.41       100  
Sell
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.57       100  
Buy
  7/20/2007     8.55       100  
Buy
  7/20/2007     8.57       100  
Buy
  7/20/2007     8.57       66  
Buy
  7/20/2007     8.56       100  
Buy
  7/20/2007     8.57       34  
Buy
  7/20/2007     8.55       100  
Buy
  7/20/2007     8.45       100  
Buy
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.41       59  
Buy
  7/20/2007     8.41       100  
Buy
  7/20/2007     8.46       100  
Buy
  7/20/2007     8.45       82  
Buy
  7/20/2007     8.57       100  
Buy
  7/20/2007     8.45       18  
Buy
  7/20/2007     8.41       41  
Buy
  7/20/2007     8.54       5  
Buy
  7/20/2007     8.51       100  
Buy
  7/20/2007     8.43       23  
Buy
  7/20/2007     8.43       100  
Buy
  7/20/2007     8.53       100  
Buy
  7/20/2007     8.43       41  
Buy
  7/20/2007     8.51       100  
Buy
  7/20/2007     8.44       59  
Buy
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.54       100  
Buy
  7/20/2007     8.48       100  
Buy
  7/20/2007     8.45       100  
Buy
  7/20/2007     8.43       100  
Buy
  7/20/2007     8.43       36  
Buy
  7/20/2007     8.44       41  
Buy
  7/20/2007     8.54       95  
Buy
  7/20/2007     8.44       100  

19

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/20/2007     8.54       100  
Buy
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.46       100  
Buy
  7/20/2007     8.45       100  
Buy
  7/20/2007     8.46       100  
Buy
  7/20/2007     8.41       100  
Buy
  7/20/2007     8.47       5  
Buy
  7/20/2007     8.41       100  
Buy
  7/20/2007     8.42       72  
Buy
  7/20/2007     8.42       172  
Buy
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.42       100  
Buy
  7/20/2007     8.40       100  
Buy
  7/20/2007     8.47       100  
Buy
  7/20/2007     8.47       100  
Buy
  7/20/2007     8.47       100  
Buy
  7/20/2007     8.42       28  
Buy
  7/20/2007     8.45       18  
Buy
  7/20/2007     8.40       72  
Buy
  7/20/2007     8.42       100  
Buy
  7/20/2007     8.46       5  
Buy
  7/20/2007     8.41       100  
Buy
  7/20/2007     8.42       100  
Buy
  7/20/2007     8.42       172  
Buy
  7/20/2007     8.42       20  
Buy
  7/20/2007     8.47       95  
Buy
  7/20/2007     8.45       82  
Buy
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.43       100  
Buy
  7/20/2007     8.40       28  
Buy
  7/20/2007     8.39       100  
Buy
  7/20/2007     8.46       90  
Buy
  7/20/2007     8.42       100  
Buy
  7/20/2007     8.42       28  
Buy
  7/20/2007     8.42       28  
Buy
  7/20/2007     8.46       5  
Buy
  7/20/2007     8.42       41  
Buy
  7/20/2007     8.44       100  
Buy
  7/20/2007     8.43       100  
Buy
  7/20/2007     8.46       100  
Buy
  7/20/2007     8.42       39  
Buy
  7/19/2007     8.60       100  
Buy
  7/19/2007     8.62       100  
Buy
  7/19/2007     8.60       100  
Buy
  7/19/2007     8.59       200  
Buy
  7/19/2007     8.65       100  
Buy
  7/19/2007     8.60       100  
Buy
  7/19/2007     8.60       100  
Buy
  7/19/2007     8.69       100  
Buy
  7/19/2007     8.65       200  
Buy
  7/19/2007     8.65       100  
Buy
  7/19/2007     8.64       100  

20

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/19/2007     8.65       100  
Buy
  7/19/2007     8.65       100  
Buy
  7/19/2007     8.62       100  
Buy
  7/19/2007     8.64       100  
Buy
  7/19/2007     8.63       100  
Buy
  7/19/2007     8.68       100  
Buy
  7/19/2007     8.63       200  
Buy
  7/19/2007     8.63       100  
Buy
  7/19/2007     8.63       100  
Buy
  7/19/2007     8.63       100  
Buy
  7/19/2007     8.60       100  
Buy
  7/19/2007     8.63       100  
Buy
  7/19/2007     8.60       200  
Buy
  7/19/2007     8.61       100  
Buy
  7/19/2007     8.71       100  
Buy
  7/19/2007     8.72       100  
Buy
  7/19/2007     8.72       100  
Buy
  7/19/2007     8.60       100  
Buy
  7/19/2007     8.73       100  
Buy
  7/19/2007     8.71       100  
Buy
  7/19/2007     8.67       100  
Buy
  7/19/2007     8.70       100  
Buy
  7/19/2007     8.71       100  
Buy
  7/19/2007     8.67       100  
Buy
  7/19/2007     8.73       100  
Buy
  7/19/2007     8.71       100  
Buy
  7/19/2007     8.77       100  
Buy
  7/19/2007     8.72       100  
Buy
  7/19/2007     8.72       100  
Buy
  7/19/2007     8.74       100  
Buy
  7/19/2007     8.73       100  
Buy
  7/19/2007     8.74       100  
Buy
  7/19/2007     8.76       100  
Buy
  7/19/2007     8.78       100  
Buy
  7/19/2007     8.77       100  
Buy
  7/19/2007     8.77       19  
Buy
  7/19/2007     8.77       81  
Buy
  7/19/2007     8.78       100  
Buy
  7/19/2007     8.77       200  
Buy
  7/19/2007     8.76       100  
Buy
  7/19/2007     8.78       100  
Buy
  7/19/2007     8.69       100  
Buy
  7/19/2007     8.69       100  
Buy
  7/19/2007     8.68       100  
Buy
  7/19/2007     8.68       100  
Buy
  7/19/2007     8.62       49  
Buy
  7/19/2007     8.62       51  
Sell
  7/19/2007     8.63       100  
Sell
  7/19/2007     8.64       100  
Buy
  7/19/2007     8.65       100  

21

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/19/2007     8.61       100  
Buy
  7/19/2007     8.62       100  
Buy
  7/19/2007     8.77       7500  
Sell
  7/19/2007     8.77       7500  
Sell
  7/19/2007     8.77       7500  
Buy
  7/18/2007     8.80       100  
Buy
  7/18/2007     8.85       100  
Buy
  7/18/2007     8.82       100  
Buy
  7/18/2007     8.87       100  
Buy
  7/18/2007     8.82       100  
Buy
  7/18/2007     8.63       100  
Buy
  7/18/2007     8.79       100  
Buy
  7/18/2007     8.78       100  
Buy
  7/18/2007     8.73       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.64       100  
Buy
  7/18/2007     8.63       100  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.57       100  
Buy
  7/18/2007     8.60       100  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.57       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.57       100  
Buy
  7/18/2007     8.58       200  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.58       41  
Buy
  7/18/2007     8.58       59  
Buy
  7/18/2007     8.85       100  
Buy
  7/18/2007     8.83       100  
Buy
  7/18/2007     8.81       100  
Buy
  7/18/2007     8.82       100  
Buy
  7/18/2007     8.81       100  
Buy
  7/18/2007     8.79       100  
Buy
  7/18/2007     8.82       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.63       100  
Buy
  7/18/2007     8.75       2  
Buy
  7/18/2007     8.79       100  
Buy
  7/18/2007     8.75       98  
Buy
  7/18/2007     8.77       100  
Buy
  7/18/2007     8.70       100  

22

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/18/2007     8.80       100  
Buy
  7/18/2007     8.78       100  
Buy
  7/18/2007     8.72       100  
Buy
  7/18/2007     8.66       100  
Buy
  7/18/2007     8.71       100  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.62       100  
Buy
  7/18/2007     8.63       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.64       100  
Buy
  7/18/2007     8.64       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.57       100  
Buy
  7/18/2007     8.60       67  
Buy
  7/18/2007     8.60       33  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.62       28  
Buy
  7/18/2007     8.63       72  
Buy
  7/18/2007     8.64       100  
Buy
  7/18/2007     8.57       59  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.57       41  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.59       100  
Buy
  7/18/2007     8.57       100  
Buy
  7/18/2007     8.61       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.60       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.55       100  
Buy
  7/18/2007     8.57       200  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.56       200  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.56       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.58       100  
Buy
  7/18/2007     8.58       100  
Sell
  7/18/2007     8.82       100  
Buy
  7/18/2007     8.81       100  
Sell
  7/18/2007     8.70       100  
Buy
  7/18/2007     8.72       100  
Buy
  7/18/2007     8.62       100  

23

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/18/2007     8.61       100  
Sell
  7/18/2007     8.65       100  
Buy
  7/18/2007     8.56       100  
Sell
  7/18/2007     8.64       996  
Sell
  7/18/2007     8.64       100  
Buy
  7/17/2007     8.94       100  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.94       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.94       111  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.95       18  
Buy
  7/17/2007     8.95       38  
Buy
  7/17/2007     8.95       41  
Buy
  7/17/2007     8.95       92  
Buy
  7/17/2007     8.95       11  
Buy
  7/17/2007     8.92       200  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.95       82  
Buy
  7/17/2007     8.95       36  
Buy
  7/17/2007     8.95       51  
Buy
  7/17/2007     8.94       100  
Buy
  7/17/2007     8.95       31  
Buy
  7/17/2007     8.95       64  
Buy
  7/17/2007     8.95       8  
Buy
  7/17/2007     8.94       200  
Buy
  7/17/2007     8.94       89  
Buy
  7/17/2007     8.95       69  
Buy
  7/17/2007     8.95       33  
Buy
  7/17/2007     8.95       18  
Buy
  7/17/2007     8.95       8  
Buy
  7/17/2007     8.96       42  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.95       100  
Buy
  7/17/2007     8.96       200  
Buy
  7/17/2007     8.96       158  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.96       200  
Buy
  7/17/2007     8.97       200  
Buy
  7/17/2007     8.94       100  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.98       100  

24

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.95       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       200  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.97       59  
Buy
  7/17/2007     8.96       41  
Buy
  7/17/2007     8.96       33  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.96       41  
Buy
  7/17/2007     8.96       100  
Buy
  7/17/2007     8.96       26  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.99       100  
Buy
  7/17/2007     9.00       100  
Buy
  7/17/2007     8.99       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       67  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       33  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.97       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.98       100  
Buy
  7/17/2007     8.96       100  
Sell
  7/17/2007     8.96       100  
Buy
  7/16/2007     8.91       100  
Buy
  7/16/2007     8.96       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       17  
Buy
  7/16/2007     8.94       36  

25

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/16/2007     8.94       49  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.93       200  
Buy
  7/16/2007     8.93       200  
Buy
  7/16/2007     8.94       17  
Buy
  7/16/2007     8.92       100  
Buy
  7/16/2007     8.94       64  
Buy
  7/16/2007     8.90       100  
Buy
  7/16/2007     8.94       83  
Buy
  7/16/2007     8.94       34  
Buy
  7/16/2007     8.92       100  
Buy
  7/16/2007     8.90       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.92       100  
Buy
  7/16/2007     8.92       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.98       100  
Buy
  7/16/2007     8.99       100  
Buy
  7/16/2007     8.98       100  
Buy
  7/16/2007     8.97       100  
Buy
  7/16/2007     8.98       100  
Buy
  7/16/2007     8.96       100  
Buy
  7/16/2007     8.96       100  
Buy
  7/16/2007     8.97       100  
Buy
  7/16/2007     8.99       100  
Buy
  7/16/2007     8.97       100  
Buy
  7/16/2007     8.97       100  
Buy
  7/16/2007     8.96       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       64  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       36  
Buy
  7/16/2007     8.93       54  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       46  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       41  

26

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.94       18  
Buy
  7/16/2007     8.91       100  
Buy
  7/16/2007     8.92       100  
Buy
  7/16/2007     8.92       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.93       41  
Buy
  7/16/2007     8.93       43  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.90       100  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.95       100  
Buy
  7/16/2007     8.93       20  
Buy
  7/16/2007     8.93       21  
Buy
  7/16/2007     8.93       39  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.97       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.93       36  
Buy
  7/16/2007     8.91       100  
Buy
  7/16/2007     8.93       100  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.94       82  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       59  
Buy
  7/16/2007     8.94       100  
Buy
  7/16/2007     8.93       4500  
Sell
  7/16/2007     8.93       4500  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.97       99  
Buy
  7/13/2007     8.98       100  
Buy
  7/13/2007     8.97       1  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.97       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     8.98       100  
Buy
  7/13/2007     9.00       100  
Buy
  7/13/2007     8.98       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     9.03       100  

27

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       262  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.05       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.04       100  
Buy
  7/13/2007     9.03       97  
Buy
  7/13/2007     9.03       38  
Buy
  7/13/2007     9.05       200  
Buy
  7/13/2007     9.03       3  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.01       74  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.04       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.02       26  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.00       100  
Buy
  7/13/2007     9.00       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.97       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.98       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     8.98       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       300  
Buy
  7/13/2007     8.97       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     8.99       100  

28

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     8.99       100  
Buy
  7/13/2007     9.00       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.04       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.01       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.02       37  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.02       63  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.04       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.02       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.03       100  
Buy
  7/13/2007     9.05       100  
Buy
  7/13/2007     9.05       100  
Sell
  7/13/2007     8.97       100  
Buy
  7/13/2007     9.00       100  
Buy
  7/13/2007     9.05       1560  
Sell
  7/13/2007     9.05       1560  
Sell
  7/13/2007     8.97       100  
Sell
  7/13/2007     8.95       190  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.88       200  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.92       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.93       200  

29

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.94       300  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.93       800  
Buy
  7/12/2007     8.94       700  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.93       200  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.93       200  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.90       300  
Buy
  7/12/2007     8.92       200  
Buy
  7/12/2007     8.88       65  
Buy
  7/12/2007     8.88       35  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.93       200  
Buy
  7/12/2007     8.94       26  
Buy
  7/12/2007     8.93       400  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.94       74  
Buy
  7/12/2007     8.94       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.89       200  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.92       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.89       200  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.92       200  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.88       19  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.88       81  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.89       100  

30

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.89       300  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.92       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.92       100  
Buy
  7/12/2007     8.93       200  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.92       200  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.89       100  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.87       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.94       200  
Buy
  7/12/2007     8.90       100  
Sell
  7/12/2007     8.89       100  
Sell
  7/12/2007     8.88       19  
Sell
  7/12/2007     8.88       300  
Sell
  7/12/2007     8.88       352  
Buy
  7/12/2007     8.88       1242  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       200  

31

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       1  
Buy
  7/12/2007     8.88       100  
Buy
  7/12/2007     8.88       500  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.90       200  
Buy
  7/12/2007     8.90       500  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.90       200  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.90       100  
Buy
  7/12/2007     8.91       1100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.91       100  
Buy
  7/12/2007     8.93       100  
Buy
  7/12/2007     8.95       100  
Buy
  7/12/2007     8.95       100  
Buy
  7/12/2007     8.95       200  
Buy
  7/12/2007     8.96       100  
Buy
  7/12/2007     8.98       234  
Buy
  7/12/2007     8.98       700  
Buy
  7/11/2007     9.08       6  
Buy
  7/11/2007     9.08       94  
Buy
  7/11/2007     9.07       100  
Buy
  7/11/2007     9.04       100  
Buy
  7/11/2007     9.03       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.00       100  
Buy
  7/11/2007     8.87       100  
Buy
  7/11/2007     9.16       40  
Buy
  7/11/2007     9.16       60  
Buy
  7/11/2007     9.12       100  
Buy
  7/11/2007     9.16       100  
Buy
  7/11/2007     9.08       94  
Buy
  7/11/2007     9.08       6  
Buy
  7/11/2007     9.08       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.95       100  
Buy
  7/11/2007     8.94       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.01       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     8.99       100  
Buy
  7/11/2007     8.98       80  
Buy
  7/11/2007     8.87       100  

32

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/11/2007     8.98       20  
Buy
  7/11/2007     8.90       100  
Buy
  7/11/2007     8.89       100  
Buy
  7/11/2007     8.91       300  
Buy
  7/11/2007     8.93       200  
Buy
  7/11/2007     8.93       900  
Buy
  7/11/2007     8.94       100  
Buy
  7/11/2007     8.93       100  
Buy
  7/11/2007     8.89       200  
Buy
  7/11/2007     8.89       100  
Buy
  7/11/2007     8.89       200  
Buy
  7/11/2007     8.87       200  
Buy
  7/11/2007     8.89       300  
Buy
  7/11/2007     8.84       100  
Buy
  7/11/2007     8.94       300  
Buy
  7/11/2007     8.90       100  
Buy
  7/11/2007     8.90       100  
Buy
  7/11/2007     8.88       100  
Buy
  7/11/2007     8.89       300  
Buy
  7/11/2007     8.88       100  
Buy
  7/11/2007     8.89       400  
Buy
  7/11/2007     8.88       100  
Buy
  7/11/2007     8.88       90  
Buy
  7/11/2007     8.87       200  
Buy
  7/11/2007     8.89       10  
Buy
  7/11/2007     8.92       900  
Buy
  7/11/2007     8.91       100  
Buy
  7/11/2007     8.89       100  
Buy
  7/11/2007     8.89       200  
Buy
  7/11/2007     8.91       200  
Buy
  7/11/2007     8.88       100  
Buy
  7/11/2007     8.85       200  
Buy
  7/11/2007     8.93       100  
Buy
  7/11/2007     9.08       94  
Buy
  7/11/2007     9.04       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.00       100  
Buy
  7/11/2007     9.00       100  
Buy
  7/11/2007     9.09       100  
Buy
  7/11/2007     9.00       100  
Buy
  7/11/2007     9.03       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.03       100  
Buy
  7/11/2007     8.93       100  
Buy
  7/11/2007     8.93       100  
Buy
  7/11/2007     9.09       100  
Buy
  7/11/2007     9.08       6  
Buy
  7/11/2007     9.09       100  
Buy
  7/11/2007     9.07       100  
Buy
  7/11/2007     9.04       100  
Buy
  7/11/2007     9.09       100  

33

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/11/2007     9.08       94  
Buy
  7/11/2007     9.08       100  
Buy
  7/11/2007     9.04       100  
Buy
  7/11/2007     9.08       6  
Buy
  7/11/2007     9.04       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       20  
Buy
  7/11/2007     8.98       80  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.94       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     8.96       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     8.94       100  
Buy
  7/11/2007     8.93       100  
Buy
  7/11/2007     8.91       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     9.01       100  
Buy
  7/11/2007     8.94       100  
Buy
  7/11/2007     8.94       100  
Buy
  7/11/2007     9.01       100  
Buy
  7/11/2007     9.01       100  
Buy
  7/11/2007     8.99       100  
Buy
  7/11/2007     9.02       100  
Buy
  7/11/2007     8.99       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       100  
Buy
  7/11/2007     8.98       20  
Buy
  7/11/2007     8.98       80  
Buy
  7/11/2007     8.86       100  
Buy
  7/11/2007     8.91       100  
Buy
  7/11/2007     8.88       200  
Buy
  7/11/2007     8.86       200  
Buy
  7/11/2007     8.89       100  
Buy
  7/11/2007     8.91       100  
Buy
  7/11/2007     8.85       100  
Buy
  7/11/2007     8.93       100  
Buy
  7/11/2007     8.87       100  
Buy
  7/11/2007     8.93       870  
Sell
  7/11/2007     8.93       870  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.27       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.27       100  
Buy
  7/10/2007     9.24       50  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.24       50  

34

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/10/2007     9.24       100  
Buy
  7/10/2007     9.15       100  
Buy
  7/10/2007     9.15       52  
Buy
  7/10/2007     9.15       100  
Buy
  7/10/2007     9.10       26  
Buy
  7/10/2007     9.10       35  
Buy
  7/10/2007     9.15       48  
Buy
  7/10/2007     9.10       300  
Buy
  7/10/2007     9.11       34  
Buy
  7/10/2007     9.10       82  
Buy
  7/10/2007     9.10       39  
Buy
  7/10/2007     9.10       35  
Buy
  7/10/2007     9.10       65  
Buy
  7/10/2007     9.11       66  
Buy
  7/10/2007     9.10       18  
Buy
  7/10/2007     9.15       100  
Buy
  7/10/2007     9.11       100  
Buy
  7/10/2007     9.12       41  
Buy
  7/10/2007     9.12       41  
Buy
  7/10/2007     9.11       100  
Buy
  7/10/2007     9.12       17  
Buy
  7/10/2007     9.10       100  
Buy
  7/10/2007     9.15       100  
Buy
  7/10/2007     9.12       59  
Buy
  7/10/2007     9.12       42  
Buy
  7/10/2007     9.11       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.27       34  
Buy
  7/10/2007     9.22       23  
Buy
  7/10/2007     9.17       41  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.30       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.20       43  
Buy
  7/10/2007     9.17       59  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.26       200  
Buy
  7/10/2007     9.22       77  
Buy
  7/10/2007     9.22       100  
Buy
  7/10/2007     9.21       100  
Buy
  7/10/2007     9.18       18  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.25       200  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.25       100  

35

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.28       66  
Buy
  7/10/2007     9.20       33  
Buy
  7/10/2007     9.27       100  
Buy
  7/10/2007     9.28       100  
Buy
  7/10/2007     9.20       24  
Buy
  7/10/2007     9.18       82  
Buy
  7/10/2007     9.24       100  
Buy
  7/10/2007     9.18       100  
Buy
  7/10/2007     9.13       100  
Buy
  7/10/2007     9.28       200  
Buy
  7/10/2007     9.28       200  
Buy
  7/10/2007     9.27       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.24       50  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.24       100  
Buy
  7/10/2007     9.24       50  
Buy
  7/10/2007     9.24       100  
Buy
  7/10/2007     9.24       100  
Buy
  7/10/2007     9.23       100  
Buy
  7/10/2007     9.25       100  
Buy
  7/10/2007     9.15       100  
Buy
  7/10/2007     9.13       100  
Buy
  7/10/2007     9.14       300  
Buy
  7/10/2007     9.14       100  
Buy
  7/10/2007     9.12       82  
Buy
  7/10/2007     9.14       200  
Buy
  7/10/2007     9.18       400  
Buy
  7/10/2007     9.17       400  
Buy
  7/10/2007     9.12       18  
Buy
  7/10/2007     9.14       300  
Buy
  7/10/2007     9.15       200  
Buy
  7/10/2007     9.16       100  
Buy
  7/10/2007     9.11       1320  
Sell
  7/10/2007     9.11       1320  
Buy
  7/9/2007     9.36       100  
Sell
  7/9/2007     9.33       100  
Buy
  7/9/2007     9.36       15000  
Sell
  7/9/2007     9.36       15000  
Buy
  7/6/2007     9.35       9000  
Sell
  7/6/2007     9.35       9000  
Buy
  7/5/2007     9.28       100  
Buy
  7/5/2007     9.28       100  
Buy
  7/5/2007     9.37       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.34       88  
Buy
  7/5/2007     9.34       12  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.34       100  

36

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.37       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.35       100  
Buy
  7/5/2007     9.35       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.35       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.35       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.33       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.34       100  
Buy
  7/5/2007     9.35       100  
Buy
  7/5/2007     9.33       9000  
Sell
  7/5/2007     9.33       9000  
Buy
  7/3/2007     9.35       100  
Buy
  7/3/2007     9.39       100  
Buy
  7/3/2007     9.40       100  
Buy
  7/3/2007     9.36       100  
Buy
  7/3/2007     9.37       100  
Buy
  7/3/2007     9.36       27  
Buy
  7/3/2007     9.36       100  
Buy
  7/3/2007     9.37       100  
Buy
  7/3/2007     9.36       100  
Buy
  7/3/2007     9.42       100  
Buy
  7/3/2007     9.34       100  
Buy
  7/3/2007     9.36       73  
Buy
  7/3/2007     9.36       100  
Buy
  7/3/2007     9.28       53  
Buy
  7/3/2007     9.28       18  
Buy
  7/3/2007     9.31       82  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.27       100  
Buy
  7/3/2007     9.31       18  
Buy
  7/3/2007     9.28       47  
Buy
  7/3/2007     9.26       100  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.28       41  
Buy
  7/3/2007     9.28       82  
Buy
  7/3/2007     9.31       100  

37

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/3/2007     9.31       18  
Buy
  7/3/2007     9.31       82  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.28       18  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.29       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.25       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.28       41  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.33       100  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.34       67  
Buy
  7/3/2007     9.34       33  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.28       70  
Buy
  7/3/2007     9.28       30  
Buy
  7/3/2007     9.25       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.32       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.31       100  
Buy
  7/3/2007     9.28       100  
Buy
  7/3/2007     9.29       100  
Buy
  7/3/2007     9.29       100  
Buy
  7/3/2007     9.29       100  
Buy
  7/3/2007     9.29       100  
Buy
  7/3/2007     9.30       100  
Buy
  7/3/2007     9.27       3000  
Sell
  7/3/2007     9.27       3000  
Buy
  7/2/2007     0.00       2100  
Buy
  7/2/2007     9.39       53  
Buy
  7/2/2007     9.36       100  
Buy
  7/2/2007     9.36       47  
Buy
  7/2/2007     9.28       100  
Buy
  7/2/2007     9.32       149  
Buy
  7/2/2007     9.29       100  
Buy
  7/2/2007     9.29       100  
Buy
  7/2/2007     9.28       100  
Buy
  7/2/2007     9.29       100  
Buy
  7/2/2007     9.29       49  
Buy
  7/2/2007     9.32       151  
Buy
  7/2/2007     9.29       100  
Buy
  7/2/2007     9.29       5  

38

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  7/2/2007     9.33       200  
Buy
  7/2/2007     9.28       100  
Buy
  7/2/2007     9.32       51  
Buy
  7/2/2007     9.29       95  
Buy
  7/2/2007     9.30       51  
Buy
  7/2/2007     9.32       49  
Buy
  7/2/2007     9.29       100  
Buy
  7/2/2007     9.40       100  
Buy
  7/2/2007     9.39       100  
Buy
  7/2/2007     9.40       100  
Buy
  7/2/2007     9.38       100  
Buy
  7/2/2007     9.39       6  
Buy
  7/2/2007     9.39       94  
Buy
  7/2/2007     9.34       30  
Buy
  7/2/2007     9.31       100  
Buy
  7/2/2007     9.33       100  
Buy
  7/2/2007     9.34       70  
Sell
  7/2/2007     9.39       53  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.38       1200  
Sell
  7/2/2007     9.39       100  
Sell
  7/2/2007     9.38       200  
Sell
  7/2/2007     9.39       200  
Sell
  7/2/2007     9.38       100  
Sell
  7/2/2007     9.39       100  
Sell
  7/2/2007     9.38       200  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.39       300  
Sell
  7/2/2007     9.39       700  
Sell
  7/2/2007     9.38       100  
Sell
  7/2/2007     9.38       100  
Sell
  7/2/2007     9.38       200  
Sell
  7/2/2007     9.39       1400  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.33       200  

39

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.33       200  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.33       200  
Sell
  7/2/2007     9.31       1  
Sell
  7/2/2007     9.31       100  
Sell
  7/2/2007     9.31       200  
Sell
  7/2/2007     9.28       300  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.27       130  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.28       100  
Sell
  7/2/2007     9.27       30  
Sell
  7/2/2007     9.27       99  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.28       170  
Sell
  7/2/2007     9.27       70  
Sell
  7/2/2007     9.27       200  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.28       100  
Sell
  7/2/2007     9.27       200  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       200  

40

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       300  
Sell
  7/2/2007     9.27       700  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       600  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.25       100  

41

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.25       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       300  
Sell
  7/2/2007     9.26       100  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.26       200  
Sell
  7/2/2007     9.27       100  
Sell
  7/2/2007     9.27       300  
Sell
  7/2/2007     9.28       100  
Sell
  7/2/2007     9.28       100  
Sell
  7/2/2007     9.28       200  
Sell
  7/2/2007     9.28       200  
Sell
  7/2/2007     9.27       400  
Sell
  7/2/2007     9.40       100  

42

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.40       100  
Sell
  7/2/2007     9.40       300  
Sell
  7/2/2007     9.41       500  
Sell
  7/2/2007     9.41       200  
Sell
  7/2/2007     9.41       600  
Sell
  7/2/2007     9.41       200  
Sell
  7/2/2007     9.38       100  
Sell
  7/2/2007     9.38       100  
Sell
  7/2/2007     9.37       100  
Sell
  7/2/2007     9.38       200  
Sell
  7/2/2007     9.39       100  
Sell
  7/2/2007     9.39       200  
Sell
  7/2/2007     9.37       900  
Sell
  7/2/2007     9.38       300  
Sell
  7/2/2007     9.37       100  
Sell
  7/2/2007     9.39       300  
Sell
  7/2/2007     9.39       600  
Sell
  7/2/2007     9.39       100  
Sell
  7/2/2007     9.37       800  
Sell
  7/2/2007     9.39       200  
Sell
  7/2/2007     9.37       100  

43

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.37       100  
Sell
  7/2/2007     9.38       1300  
Sell
  7/2/2007     9.38       2600  
Sell
  7/2/2007     9.38       900  
Sell
  7/2/2007     9.38       2300  
Sell
  7/2/2007     9.38       2300  
Sell
  7/2/2007     9.36       100  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       200  
Sell
  7/2/2007     9.35       200  
Sell
  7/2/2007     9.35       200  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       400  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       700  
Sell
  7/2/2007     9.35       100  
Sell
  7/2/2007     9.35       300  
Sell
  7/2/2007     9.35       200  
Sell
  7/2/2007     9.35       400  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.32       70  
Sell
  7/2/2007     9.32       100  

44

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.30       100  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.33       1300  
Sell
  7/2/2007     9.33       115  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.32       30  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.33       485  
Sell
  7/2/2007     9.33       830  
Sell
  7/2/2007     9.32       200  
Sell
  7/2/2007     9.30       100  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.33       100  
Sell
  7/2/2007     9.30       100  
Sell
  7/2/2007     9.29       100  
Sell
  7/2/2007     9.28       200  
Sell
  7/2/2007     9.28       179  
Sell
  7/2/2007     9.28       200  

45

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  7/2/2007     9.32       70  
Sell
  7/2/2007     9.30       800  
Sell
  7/2/2007     9.28       300  
Sell
  7/2/2007     9.28       200  
Sell
  7/2/2007     9.28       21  
Sell
  7/2/2007     9.28       300  
Sell
  7/2/2007     9.30       1800  
Sell
  7/2/2007     9.28       200  
Sell
  7/2/2007     9.30       1200  
Sell
  7/2/2007     9.33       400  
Sell
  7/2/2007     9.28       200  
Sell
  7/2/2007     9.28       100  
Sell
  7/2/2007     9.30       400  
Sell
  7/2/2007     9.30       1400  
Sell
  7/2/2007     9.33       200  
Sell
  7/2/2007     9.30       300  
Buy
  7/2/2007     9.28       100  
Buy
  7/2/2007     9.28       100  
Sell
  6/29/2007     9.45       52  
Sell
  6/29/2007     9.45       1  
Buy
  6/29/2007     9.41       100  
Buy
  6/29/2007     9.35       100  
Buy
  6/29/2007     9.44       100  
Buy
  6/29/2007     9.28       59  
Buy
  6/29/2007     9.38       59  
Buy
  6/29/2007     9.38       33  
Buy
  6/29/2007     9.38       8  
Buy
  6/29/2007     9.38       200  
Buy
  6/29/2007     9.28       41  
Buy
  6/29/2007     9.38       400  
Buy
  6/29/2007     9.38       100  
Sell
  6/29/2007     9.47       100  
Buy
  6/29/2007     9.45       100  
Sell
  6/29/2007     9.44       100  

46

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/29/2007     9.47       100  
Sell
  6/29/2007     9.45       100  
Sell
  6/29/2007     9.35       100  
Buy
  6/29/2007     9.35       400  
Sell
  6/28/2007     9.33       43  
Buy
  6/28/2007     9.31       1700  
Sell
  6/28/2007     9.31       800  
Sell
  6/28/2007     9.30       100  
Sell
  6/28/2007     9.28       100  
Sell
  6/28/2007     9.43       20  
Sell
  6/28/2007     9.43       100  
Sell
  6/28/2007     9.44       100  
Sell
  6/28/2007     9.43       80  
Sell
  6/28/2007     9.30       100  
Sell
  6/28/2007     9.25       100  
Sell
  6/28/2007     9.26       1  
Sell
  6/28/2007     9.31       100  
Sell
  6/28/2007     9.26       99  
Sell
  6/28/2007     9.37       100  
Sell
  6/28/2007     9.26       100  
Sell
  6/28/2007     9.42       100  
Sell
  6/28/2007     9.27       100  
Sell
  6/28/2007     9.26       99  
Sell
  6/28/2007     9.26       1  
Sell
  6/28/2007     9.45       100  
Sell
  6/28/2007     9.48       100  
Sell
  6/28/2007     9.45       150000  
Buy
  6/28/2007     9.45       150000  
Buy
  6/27/2007     9.26       1100  
Buy
  6/27/2007     9.29       100  
Buy
  6/27/2007     9.28       1100  
Sell
  6/27/2007     9.27       38  
Buy
  6/27/2007     9.28       100  
Sell
  6/27/2007     9.29       100  
Buy
  6/27/2007     9.27       100  
Buy
  6/27/2007     9.29       5  
Buy
  6/27/2007     9.26       100  
Sell
  6/27/2007     9.29       100  
Buy
  6/27/2007     9.30       100  
Buy
  6/27/2007     9.27       100  
Buy
  6/27/2007     9.30       100  
Buy
  6/27/2007     9.26       100  
Buy
  6/27/2007     9.26       100  
Buy
  6/27/2007     9.28       47  
Buy
  6/27/2007     9.30       100  
Buy
  6/27/2007     9.30       100  
Buy
  6/27/2007     9.25       100  
Buy
  6/27/2007     9.26       100  

47

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/27/2007     9.28       53  
Buy
  6/27/2007     9.26       100  
Buy
  6/27/2007     9.32       100  
Buy
  6/27/2007     9.29       100  
Buy
  6/27/2007     9.26       200  
Buy
  6/27/2007     9.26       100  
Buy
  6/27/2007     9.29       100  
Buy
  6/27/2007     9.30       100  
Buy
  6/27/2007     9.29       95  
Buy
  6/27/2007     9.26       100  
Buy
  6/27/2007     9.25       100  
Buy
  6/27/2007     9.26       100  
Buy
  6/27/2007     9.32       100  
Buy
  6/27/2007     9.30       100  
Sell
  6/27/2007     9.30       2500  
Buy
  6/27/2007     9.30       150000  
Sell
  6/27/2007     9.30       150000  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.24       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.27       41  
Buy
  6/26/2007     9.27       59  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       59  
Buy
  6/26/2007     9.27       41  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.26       40  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.26       60  
Buy
  6/26/2007     9.27       88  
Buy
  6/26/2007     9.27       12  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.27       62  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.26       48  
Buy
  6/26/2007     9.27       12  
Buy
  6/26/2007     9.27       138  

48

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/26/2007     9.25       200  
Buy
  6/26/2007     9.27       188  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.26       52  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       200  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.28       200  
Buy
  6/26/2007     9.30       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.27       35  
Buy
  6/26/2007     9.27       65  
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.30       100  
Buy
  6/26/2007     9.30       85  
Buy
  6/26/2007     9.29       100  
Sell
  6/26/2007     9.26       1320  
Sell
  6/26/2007     9.28       14  
Buy
  6/26/2007     9.26       42  
Sell
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.25       100  
Sell
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.27       80  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       20  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.24       100  
Buy
  6/26/2007     9.25       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.26       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.26       100  
Sell
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.28       100  

49

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/26/2007     9.29       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.26       100  
Sell
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.28       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       100  
Buy
  6/26/2007     9.27       100  
Sell
  6/26/2007     9.30       2200  
Sell
  6/25/2007     9.23       2380  
Sell
  6/25/2007     9.26       34  
Buy
  6/25/2007     9.38       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.23       100  
Buy
  6/25/2007     9.25       90  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.22       100  
Buy
  6/25/2007     9.23       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.23       10  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.23       100  
Buy
  6/25/2007     9.23       100  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.39       42  
Buy
  6/25/2007     9.40       92  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.40       8  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.39       42  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.39       58  
Buy
  6/25/2007     9.40       200  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.39       58  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.37       100  

50

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/25/2007     9.38       100  
Buy
  6/25/2007     9.37       25  
Buy
  6/25/2007     9.37       75  
Buy
  6/25/2007     9.38       100  
Buy
  6/25/2007     9.38       200  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.26       100  
Buy
  6/25/2007     9.32       200  
Buy
  6/25/2007     9.38       200  
Buy
  6/25/2007     9.25       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.22       100  
Buy
  6/25/2007     9.26       100  
Buy
  6/25/2007     9.21       100  
Buy
  6/25/2007     9.34       100  
Buy
  6/25/2007     9.39       200  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.39       59  
Buy
  6/25/2007     9.39       41  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.26       100  
Buy
  6/25/2007     9.24       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.27       1200  
Buy
  6/25/2007     9.41       100  
Buy
  6/25/2007     9.39       100  
Sell
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.38       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.40       100  
Sell
  6/25/2007     9.40       100  
Sell
  6/25/2007     9.39       100  
Sell
  6/25/2007     9.39       100  
Buy
  6/25/2007     9.38       100  
Sell
  6/25/2007     9.38       100  
Sell
  6/25/2007     9.37       100  
Sell
  6/25/2007     9.38       100  
Sell
  6/25/2007     9.37       100  

51

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/25/2007     9.37       100  
Sell
  6/25/2007     9.38       100  
Sell
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.41       100  
Sell
  6/25/2007     9.40       100  
Sell
  6/25/2007     9.40       100  
Buy
  6/25/2007     9.26       500  
Sell
  6/25/2007     9.24       100  
Sell
  6/25/2007     9.24       100  
Sell
  6/25/2007     9.24       100  
Sell
  6/25/2007     9.24       100  
Sell
  6/25/2007     9.24       500  
Sell
  6/25/2007     9.23       100  
Sell
  6/25/2007     9.23       100  
Sell
  6/25/2007     9.24       200  
Sell
  6/25/2007     9.22       100  
Sell
  6/25/2007     9.22       100  
Sell
  6/25/2007     9.22       369  
Sell
  6/25/2007     9.22       400  
Sell
  6/25/2007     9.22       111  
Sell
  6/22/2007     9.42       2100  
Buy
  6/22/2007     9.54       40  
Sell
  6/22/2007     9.42       14192  
Buy
  6/22/2007     9.47       100  
Buy
  6/22/2007     9.48       100  
Buy
  6/22/2007     9.36       100  
Buy
  6/22/2007     9.42       100  
Buy
  6/22/2007     9.46       100  
Buy
  6/22/2007     9.47       43  
Buy
  6/22/2007     9.46       57  
Buy
  6/22/2007     9.47       100  
Buy
  6/22/2007     9.49       100  
Buy
  6/22/2007     9.48       100  
Buy
  6/22/2007     9.42       100  
Buy
  6/22/2007     9.40       100  
Buy
  6/22/2007     9.36       100  
Buy
  6/22/2007     9.38       100  
Buy
  6/22/2007     9.36       100  
Buy
  6/22/2007     9.51       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.47       100  
Buy
  6/22/2007     9.48       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.39       100  

52

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/22/2007     9.43       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.49       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.47       100  
Buy
  6/22/2007     9.48       100  
Sell
  6/22/2007     9.49       100  
Sell
  6/22/2007     9.48       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.46       100  
Sell
  6/22/2007     9.48       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.39       100  
Buy
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.42       100  
Sell
  6/22/2007     9.47       100  
Sell
  6/22/2007     9.37       100  
Sell
  6/22/2007     9.37       100  
Sell
  6/22/2007     9.48       100  
Buy
  6/22/2007     9.42       1900  
Buy
  6/21/2007     9.50       100  
Buy
  6/21/2007     9.48       100  
Buy
  6/21/2007     9.46       100  
Buy
  6/21/2007     9.49       100  
Buy
  6/21/2007     9.49       300  
Sell
  6/21/2007     9.46       100  
Sell
  6/21/2007     9.51       100  
Sell
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.48       100  
Sell
  6/21/2007     9.47       100  
Sell
  6/21/2007     9.46       100  
Sell
  6/21/2007     9.47       100  
Sell
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.51       92  
Sell
  6/21/2007     9.51       8  

53

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.47       100  
Sell
  6/21/2007     9.47       19  
Sell
  6/21/2007     9.47       81  
Sell
  6/21/2007     9.49       100  
Buy
  6/21/2007     9.51       15  
Sell
  6/21/2007     9.51       100  
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.51       100  
Sell
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.51       100  
Buy
  6/21/2007     9.47       100  
Buy
  6/21/2007     9.56       100  
Buy
  6/21/2007     9.46       100  
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.49       100  
Buy
  6/21/2007     9.50       100  
Sell
  6/21/2007     9.49       100  
Buy
  6/21/2007     9.49       100  
Sell
  6/21/2007     9.50       100  
Buy
  6/21/2007     9.51       1100  
Sell
  6/21/2007     9.48       300  
Sell
  6/21/2007     9.48       101  
Buy
  6/20/2007     9.46       100  
Buy
  6/20/2007     9.35       100  
Buy
  6/20/2007     9.46       100  
Buy
  6/20/2007     9.44       100  
Sell
  6/20/2007     9.44       100  
Buy
  6/20/2007     9.41       100  
Buy
  6/20/2007     9.47       100  

54

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/20/2007     9.42       100  
Buy
  6/20/2007     9.46       100  
Buy
  6/20/2007     9.47       100  
Buy
  6/20/2007     9.48       100  
Sell
  6/20/2007     9.48       100  
Buy
  6/20/2007     9.45       100  
Buy
  6/20/2007     9.36       100  
Buy
  6/20/2007     9.36       100  
Buy
  6/20/2007     9.36       100  
Sell
  6/20/2007     9.36       100  
Buy
  6/20/2007     9.36       100  
Buy
  6/20/2007     9.39       54  
Buy
  6/20/2007     9.40       100  
Buy
  6/20/2007     9.40       100  
Buy
  6/20/2007     9.41       100  
Buy
  6/20/2007     9.40       46  
Buy
  6/20/2007     9.38       100  
Buy
  6/20/2007     9.41       100  
Buy
  6/20/2007     9.40       100  
Sell
  6/20/2007     9.40       100  
Buy
  6/20/2007     9.37       100  
Buy
  6/20/2007     9.37       100  
Buy
  6/20/2007     9.38       100  
Buy
  6/20/2007     9.37       100  
Buy
  6/20/2007     9.33       100  
Sell
  6/20/2007     9.54       2100  
Buy
  6/19/2007     9.29       100  
Buy
  6/19/2007     9.28       100  
Buy
  6/19/2007     9.33       100  
Buy
  6/19/2007     9.33       100  
Buy
  6/19/2007     9.28       100  
Buy
  6/19/2007     9.31       100  
Buy
  6/19/2007     9.31       200  
Buy
  6/19/2007     9.31       29  
Buy
  6/19/2007     9.31       200  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.33       200  
Buy
  6/19/2007     9.31       71  
Buy
  6/19/2007     9.33       100  
Buy
  6/19/2007     9.33       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.33       100  
Buy
  6/19/2007     9.35       3  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.33       100  
Buy
  6/19/2007     9.35       97  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.33       100  

55

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.31       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.31       100  
Buy
  6/19/2007     9.31       100  
Buy
  6/19/2007     9.31       100  
Buy
  6/19/2007     9.36       99  
Buy
  6/19/2007     9.40       95  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.37       101  
Buy
  6/19/2007     9.37       200  
Buy
  6/19/2007     9.36       1  
Buy
  6/19/2007     9.36       1  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.40       100  
Buy
  6/19/2007     9.40       99  
Buy
  6/19/2007     9.37       99  
Buy
  6/19/2007     9.40       5  
Buy
  6/19/2007     9.37       100  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.40       100  
Buy
  6/19/2007     9.37       39  
Buy
  6/19/2007     9.40       100  
Buy
  6/19/2007     9.37       100  
Buy
  6/19/2007     9.37       61  
Buy
  6/19/2007     9.36       100  
Sell
  6/19/2007     9.34       100  
Sell
  6/19/2007     9.28       100  
Buy
  6/19/2007     9.36       100  
Sell
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.31       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.36       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.35       100  
Buy
  6/19/2007     9.32       100  
Sell
  6/19/2007     9.31       100  
Sell
  6/19/2007     9.48       400  
Buy
  6/18/2007     9.31       100  
Buy
  6/18/2007     9.31       100  
Buy
  6/18/2007     9.31       100  
Buy
  6/18/2007     9.31       100  
Buy
  6/18/2007     9.31       100  
Buy
  6/18/2007     9.31       20  
Buy
  6/18/2007     9.31       80  
Buy
  6/18/2007     9.31       100  
Buy
  6/18/2007     9.32       100  
Buy
  6/18/2007     9.28       100  

56

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/18/2007     9.27       100  
Buy
  6/18/2007     9.29       100  
Buy
  6/18/2007     9.28       100  
Buy
  6/18/2007     9.30       100  
Sell
  6/18/2007     9.27       100  
Sell
  6/18/2007     9.27       9  
Sell
  6/18/2007     9.27       100  
Sell
  6/18/2007     9.27       100  
Sell
  6/18/2007     9.27       308  
Sell
  6/18/2007     9.27       100  
Sell
  6/18/2007     9.27       91  
Buy
  6/15/2007     9.32       47503  
Sell
  6/15/2007     9.42       1460  
Sell
  6/15/2007     9.42       555  
Buy
  6/15/2007     9.35       100  
Sell
  6/15/2007     9.34       2020  
Buy
  6/15/2007     9.34       2020  
Buy
  6/15/2007     9.32       100  
Buy
  6/15/2007     9.32       100  
Buy
  6/15/2007     9.32       100  
Buy
  6/15/2007     9.32       100  
Buy
  6/15/2007     9.32       400  
Buy
  6/15/2007     9.32       100  
Buy
  6/15/2007     9.32       600  
Buy
  6/15/2007     9.33       400  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       300  
Buy
  6/15/2007     9.33       200  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       200  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       300  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       600  
Buy
  6/15/2007     9.33       400  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       600  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       600  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       100  
Buy
  6/15/2007     9.33       200  
Buy
  6/15/2007     9.34       100  
Buy
  6/15/2007     9.34       100  
Buy
  6/15/2007     9.35       131  
Buy
  6/15/2007     9.35       100  

57

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/15/2007     9.35       400  
Buy
  6/15/2007     9.34       169  
Buy
  6/15/2007     9.35       100  
Buy
  6/15/2007     9.35       100  
Buy
  6/15/2007     9.37       100  
Buy
  6/15/2007     9.38       100  
Buy
  6/15/2007     9.38       300  
Buy
  6/15/2007     9.38       100  
Buy
  6/15/2007     9.37       100  
Buy
  6/15/2007     9.38       200  
Buy
  6/15/2007     9.37       800  
Sell
  6/14/2007     9.46       100  
Sell
  6/14/2007     9.30       100  
Sell
  6/14/2007     9.29       100  
Sell
  6/14/2007     9.29       100  
Buy
  6/14/2007     9.35       100  
Buy
  6/13/2007     9.45       375  
Sell
  6/13/2007     9.45       375  
Buy
  6/13/2007     9.35       100  
Buy
  6/13/2007     9.36       100  
Buy
  6/13/2007     9.40       100  
Buy
  6/13/2007     9.48       100  
Buy
  6/13/2007     9.40       457  
Sell
  6/13/2007     9.45       46561  
Buy
  6/13/2007     9.45       46561  
Sell
  6/12/2007     9.28       67  
Sell
  6/12/2007     9.34       457  
Sell
  6/12/2007     9.28       1008  
Buy
  6/12/2007     9.28       1008  
Sell
  6/11/2007     9.48       100  
Sell
  6/11/2007     9.48       100  
Sell
  6/11/2007     9.48       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.48       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.40       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.44       100  

58

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.46       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.45       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.39       100  
Sell
  6/11/2007     9.48       2700  
Sell
  6/11/2007     9.46       3800  
Sell
  6/11/2007     9.40       83  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.37       200  
Sell
  6/11/2007     9.37       500  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.39       700  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.37       100  
Sell
  6/11/2007     9.37       1300  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.37       200  

59

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/11/2007     9.36       200  
Sell
  6/11/2007     9.38       200  
Sell
  6/11/2007     9.38       500  
Sell
  6/11/2007     9.36       100  
Sell
  6/11/2007     9.37       1200  
Sell
  6/11/2007     9.38       1100  
Sell
  6/11/2007     9.38       1000  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       200  
Sell
  6/11/2007     9.37       17  
Sell
  6/11/2007     9.38       1100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       300  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       38  
Sell
  6/11/2007     9.38       200  
Sell
  6/11/2007     9.38       262  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       200  
Sell
  6/11/2007     9.38       100  

60

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/11/2007     9.38       200  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.38       4  
Sell
  6/11/2007     9.38       400  
Sell
  6/11/2007     9.38       396  
Sell
  6/11/2007     9.39       197  
Sell
  6/11/2007     9.39       200  
Sell
  6/11/2007     9.38       300  
Sell
  6/11/2007     9.38       100  
Sell
  6/11/2007     9.39       103  
Sell
  6/11/2007     9.39       900  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.43       2100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       1485  
Sell
  6/11/2007     9.43       415  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.44       100  
Sell
  6/11/2007     9.43       2000  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       200  
Sell
  6/11/2007     9.44       400  

61

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       496  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.44       900  
Sell
  6/11/2007     9.43       3204  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       400  
Sell
  6/11/2007     9.44       200  
Sell
  6/11/2007     9.43       4500  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       1115  
Sell
  6/11/2007     9.43       1200  
Sell
  6/11/2007     9.43       1715  
Sell
  6/11/2007     9.43       385  
Sell
  6/11/2007     9.43       136  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       400  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       100  
Sell
  6/11/2007     9.43       2500  
Sell
  6/11/2007     9.42       2044  
Sell
  6/11/2007     9.42       1100  
Sell
  6/11/2007     9.42       44  

62

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.42       900  
Sell
  6/11/2007     9.42       36  
Sell
  6/11/2007     9.42       1056  
Sell
  6/11/2007     9.42       500  
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.42       72  
Sell
  6/11/2007     9.42       200  
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.42       1000  
Sell
  6/11/2007     9.42       28  
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.41       49  
Sell
  6/11/2007     9.42       100  
Sell
  6/11/2007     9.41       193  
Sell
  6/11/2007     9.41       807  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.41       17  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.41       3  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.41       100  
Sell
  6/11/2007     9.41       500  
Sell
  6/11/2007     9.41       100  
Sell
  6/8/2007     9.33       100  

63

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  6/8/2007     9.33       100  
Sell
  6/7/2007     0.00       21600  
Sell
  6/7/2007     9.36       71  
Sell
  6/7/2007     9.35       29  
Sell
  6/7/2007     9.33       100  
Sell
  6/7/2007     9.35       1000  
Buy
  6/7/2007     9.33       457  
Buy
  6/6/2007     9.35       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.31       100  
Buy
  6/5/2007     9.31       100  
Buy
  6/5/2007     9.25       200  
Buy
  6/5/2007     9.24       2  
Buy
  6/5/2007     9.24       100  
Buy
  6/5/2007     9.24       98  
Buy
  6/5/2007     9.30       100  
Buy
  6/5/2007     9.30       100  
Buy
  6/5/2007     9.31       100  
Buy
  6/5/2007     9.31       200  
Buy
  6/5/2007     9.24       100  
Buy
  6/5/2007     9.24       100  
Buy
  6/5/2007     9.31       100  
Buy
  6/5/2007     9.24       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.31       100  
Buy
  6/5/2007     9.31       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.24       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.25       100  
Buy
  6/5/2007     9.30       100  
Buy
  6/5/2007     9.30       200  
Buy
  6/5/2007     9.30       100  
Buy
  6/5/2007     9.27       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.27       100  
Buy
  6/5/2007     9.28       100  
Buy
  6/5/2007     9.27       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.32       100  
Buy
  6/5/2007     9.29       100  
Buy
  6/5/2007     9.27       100  
Buy
  6/5/2007     9.27       100  

64

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/5/2007     9.30       100  
Buy
  6/5/2007     9.25       200  
Buy
  6/5/2007     9.25       106  
Buy
  6/5/2007     9.26       94  
Buy
  6/5/2007     9.26       100  
Buy
  6/5/2007     9.27       20  
Buy
  6/5/2007     9.27       180  
Buy
  6/5/2007     9.28       100  
Buy
  6/4/2007     9.39       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.39       100  
Buy
  6/4/2007     9.39       100  
Buy
  6/4/2007     9.39       100  
Buy
  6/4/2007     9.40       100  
Buy
  6/4/2007     9.39       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.33       83  
Buy
  6/4/2007     9.33       17  
Buy
  6/4/2007     9.37       4  
Buy
  6/4/2007     9.37       96  
Buy
  6/4/2007     9.37       49  
Buy
  6/4/2007     9.37       51  
Buy
  6/4/2007     9.37       14  
Buy
  6/4/2007     9.37       86  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.35       74  
Buy
  6/4/2007     9.35       26  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.34       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Sell
  6/4/2007     9.33       100  
Sell
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.37       65  
Buy
  6/4/2007     9.37       35  
Buy
  6/4/2007     9.38       100  
Buy
  6/4/2007     9.32       100  
Buy
  6/4/2007     9.37       35  
Buy
  6/4/2007     9.37       65  
Buy
  6/4/2007     9.32       100  
Buy
  6/4/2007     9.33       83  

65

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  6/4/2007     9.33       17  
Buy
  6/4/2007     9.33       17  
Buy
  6/4/2007     9.33       83  
Buy
  6/4/2007     9.37       96  
Buy
  6/4/2007     9.37       2  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       2  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.37       96  
Buy
  6/4/2007     9.37       63  
Buy
  6/4/2007     9.37       37  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       4  
Buy
  6/4/2007     9.37       14  
Buy
  6/4/2007     9.37       86  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.35       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.36       100  
Buy
  6/4/2007     9.34       56  
Buy
  6/4/2007     9.34       44  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.37       100  
Buy
  6/4/2007     9.36       77  
Buy
  6/4/2007     9.36       23  
Sell
  6/4/2007     9.38       200  
Buy
  6/1/2007     9.33       200  
Sell
  6/1/2007     9.34       200  
Buy
  5/31/2007     9.38       100  
Buy
  5/31/2007     9.27       100  
Buy
  5/31/2007     9.26       100  
Sell
  5/31/2007     9.38       200  
Sell
  5/31/2007     9.25       100  
Buy
  5/30/2007     9.39       100  
Sell
  5/30/2007     9.34       100  
Sell
  5/30/2007     9.25       100  
Buy
  5/29/2007     9.47       67  
Buy
  5/29/2007     9.55       52  

66

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Sell
  5/29/2007     9.41       100  
Sell
  5/29/2007     9.56       11  
Sell
  5/29/2007     9.56       84  
Sell
  5/29/2007     9.56       5  
Sell
  5/29/2007     9.55       100  
Sell
  5/29/2007     9.55       35  
Sell
  5/29/2007     9.55       65  
Sell
  5/25/2007     9.39       100  
Sell
  5/25/2007     9.38       100  
Sell
  5/25/2007     9.37       100  
Sell
  5/25/2007     9.36       100  
Sell
  5/25/2007     9.37       100  
Sell
  5/25/2007     9.37       100  
Sell
  5/25/2007     9.34       48  
Sell
  5/25/2007     9.34       52  
Sell
  5/25/2007     9.36       100  
Buy
  5/24/2007     0.00       21000  
Sell
  5/24/2007     9.38       100  
Sell
  5/24/2007     9.38       57  
Sell
  5/24/2007     9.38       43  
Sell
  5/24/2007     9.33       5  
Sell
  5/24/2007     9.33       95  
Sell
  5/24/2007     9.33       100  
Sell
  5/24/2007     9.34       100  
Sell
  5/24/2007     9.37       100  
Sell
  5/24/2007     9.34       100  
Sell
  5/24/2007     9.34       80  
Sell
  5/24/2007     9.34       20  
Sell
  5/24/2007     9.36       457  

67

Table of Contents

                     
Buy/Sell   Executed Date   Price   Quantity
Buy
  5/24/2007     9.37       1  
Buy
  5/23/2007     9.51       2380  
Buy
  5/23/2007     9.48       49  
Buy
  5/23/2007     9.50       100  
Buy
  5/23/2007     9.51       100  
Sell
  5/23/2007     9.36       300  
Buy
  5/23/2007     9.51       2380  
Buy
  5/22/2007     9.45       100  
Sell
  5/22/2007     9.43       100  
Sell
  5/22/2007     9.59       10  
Buy
  5/22/2007     9.48       12120  
Sell
  5/22/2007     9.48       12120  
Sell
  5/22/2007     9.54       100  
Sell
  5/22/2007     9.54       100  
Sell
  5/22/2007     9.54       200  
Sell
  5/22/2007     9.54       35  
Sell
  5/22/2007     9.54       400  
Sell
  5/22/2007     9.56       100  
Sell
  5/22/2007     9.54       100  
Sell
  5/22/2007     9.54       100  
Sell
  5/22/2007     9.54       2  
Sell
  5/22/2007     9.54       98  
Sell
  5/22/2007     9.55       200  
Sell
  5/22/2007     9.53       100  
Sell
  5/22/2007     9.53       200  
Sell
  5/22/2007     9.53       100  
Sell
  5/22/2007     9.53       200  
Sell
  5/22/2007     9.54       200  
Sell
  5/22/2007     9.53       100  
Sell
  5/22/2007     9.53       100  
Sell
  5/22/2007     9.54       100  
Sell
  5/22/2007     9.55       100  
Sell
  5/22/2007     9.56       100  
Sell
  5/22/2007     9.56       100  
Sell
  5/22/2007     9.54       100  
Sell
  5/22/2007     9.55       100  
Sell
  5/22/2007     9.55       100  
Sell
  5/22/2007     9.56       200  
Sell
  5/22/2007     9.56       100  
Sell
  5/22/2007     9.56       100  
Sell
  5/22/2007     9.54       200  
Sell
  5/21/2007     9.61       200  
Buy
  5/21/2007     9.58       200  

68

Table of Contents

SCHEDULE IV
PROCEEDINGS
     As part of a settlement relating to managing auctions for auction rate securities, the Securities and Exchange Commission (the “Commission”) accepted the offers of settlement of 15 broker-dealer firms, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), and issued a settlement order on May 31, 2006. The Commission found, and MLPF&S neither admitted nor denied, that respondents (including MLPF&S) violated section 17(a)(2) of the Securities Act of 1933 by managing auctions for auction rate securities in ways that were not adequately disclosed or that did not conform to disclosed procedures. MLPF&S consented to a cease and desist order, a censure, a civil money penalty, and compliance with certain undertakings.
     On March 13, 2006, MLPF&S entered into a settlement with the Commission whereby the Commission alleged, and MLPF&S neither admitted nor denied, that MLPF&S failed to furnish promptly to representatives of the Commission electronic mail communications (“e-mails”) as required under Section 17(a) of the Exchange Act and Rule 17a-4(j) thereunder. The Commission also alleged, and MLPF&S neither admitted nor denied, that Merrill Lynch failed to retain certain e-mails related to its business as such in violation of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder. Pursuant to the terms of the settlement, MLPF&S consented to a cease and desist order, a censure, a civil money penalty of $2,500,000, and compliance with certain undertakings relating to the retention of e-mails and the prompt production of e-mails to the Commission.
     In March 2005, Merrill Lynch & Co., Inc. and certain of its affiliates (Merrill Lynch & Co., Inc. and its affiliates collectively, “Merrill Lynch”) reached agreements with the State of New Jersey and the New York Stock Exchange (the “NYSE”) and reached an agreement in principle with the State of Connecticut pursuant to which Merrill Lynch, without admitting or denying the allegations, consented to a settlement that included findings that it failed to maintain certain books and records and to reasonably supervise a team of former financial analysts (“FAs”) who facilitated improper market timing by a hedge fund client. Merrill Lynch terminated the FAs in October 2003, brought the matter to the attention of regulators, and cooperated fully in the regulators’ review. The settlement will result in aggregate payments of $13.5 million.
     In March 2005, Merrill Lynch reached an agreement in principle with the NYSE pursuant to which Merrill Lynch, without admitting or denying the allegations, later consented to a settlement that included findings with regard to certain matters relating to the failure to deliver prospectuses for certain auction rate preferred shares and open-end mutual funds; the failure to deliver product descriptions with regard to certain exchange-traded funds; the failure to ensure that proper registration qualifications were obtained for certain personnel; issues with regard to the retention, retrieval and review of e-mails; isolated lapses in branch office supervision; late reporting of certain events such as customer complaints and arbitrations; the failure to report certain complaints in quarterly reports to the NYSE due to a systems error; and partial non-compliance with Continuing Education requirements. The settlement resulted in a payment of $10 million to the NYSE.

69

Table of Contents

     On November 3, 2004, a jury in Houston, Texas convicted four former Merrill Lynch employees of criminal misconduct in connection with a Nigerian barge transaction that the government alleged helped Enron inflate its 1999 earnings by $12 million. The jury also found that the transaction led to investor losses of $13.7 million. Those convictions were reversed by a federal appellate court on August 1, 2006, except for one conviction against one employee based on perjury and obstruction of justice. The government has appealed the reversals. In 2003, Merrill Lynch agreed to pay $80 million to settle Commission charges that it aided and abetted Enron’s fraud by engaging in two improper year-end transactions in 1999, including the Nigerian barge transaction. The $80 million paid in connection with the settlement with the Commission will be made available to settle investor claims. In September 2003, the United States Department of Justice agreed not to prosecute Merrill Lynch for crimes that may have been committed by its former employees related to certain transactions with Enron, subject to certain understandings, including Merrill Lynch’s continued cooperation with the Department, its acceptance of responsibility for conduct of its former employees, and its agreement to adopt and implement new policies and procedures related to the integrity of client and counter-party financial statements, complex structured finance transactions and year-end transactions.
     On or about June 27, 2003, the Attorney General for the State of West Virginia brought an action against the defendants that participated in the April 28, 2003, settlement described below. The action, filed in the West Virginia State Court, alleged that the defendants’ research practices violated the West Virginia Consumer Credit and Protection Act. On September 16, 2005, the Circuit Court of Marshall County, West Virginia, dismissed the case, following an earlier decision by the West Virginia Supreme Court holding that the West Virginia Attorney General lacked authority to bring the claims. On April 28, 2003, the Commission, NYSE, National Association of Securities Dealers, and state securities regulators announced that the settlements-in-principle that the regulators had disclosed on December 20, 2002, had been reduced to final settlements with regard to ten securities firms, including Merrill Lynch. On October 31, 2003, the United States District Court for the Southern District of New York entered final judgments in connection with the April 28, 2003 research settlements. The final settlements
pertaining to Merrill Lynch, which involved both monetary and non-monetary relief, brought to a conclusion the regulatory actions against Merrill Lynch related to its research practices. Merrill Lynch entered into these settlements without admitting or denying the allegations and findings by the regulators, and the settlements did not establish wrongdoing or liability for purposes of any other proceedings.

70

EX-99.1 2 y37673exv99w1.htm EX-99.1: JOINT FILING AGREEMENT EX-99.1
 

EXHIBIT 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of a statement on Schedule 13D (including amendments thereto) with respect to the Class A common stock, $0.01 par value per share, of Cumulus Media Inc., a corporation incorporated under the laws of the State of Delaware, and further agrees that this Joint Filing Agreement be included as an exhibit to such filings; provided, that, as contemplated by Section 13d-1(k)(1)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.
[signature pages follow]

 

 

     IN WITNESS WHEREOF, the undersigned has duly executed this Joint Filing Agreement as of this 30th day of July, 2007.
             
    MERRILL LYNCH PIERCE, FENNER & SMITH INCORPORATED

    
 
  By:   /s/ Jonathan S. Santelli    
 
           
    Name: Jonathan S. Santelli    
    Title: Assistant Secretary    
 
            
    MERRILL LYNCH & CO., INC.
    
 
            
 
  By:   /s/ Jonathan S. Santelli    
 
           
    Name: Jonathan S. Santelli    
    Title: Assistant Secretary    

2

EX-99.15 3 y37673exv99w15.htm EX-99.15: LIMITED GUARANTEE EX-99.15
 

Exhibit 99.15
LIMITED GUARANTEE
          Limited Guarantee, dated as of July 23, 2007 (this “Limited Guarantee”), by ML IBK Positions, Inc. (the “Guarantor”), in favor of Cumulus Media Inc. (“Cloud”), a Delaware corporation (the “Guaranteed Party”). Capitalized terms used herein without definition have the respective meanings ascribed to them in the Merger Agreement (as defined below).
          1. LIMITED GUARANTEE. To induce the Guaranteed Party to enter into an Agreement and Plan of Merger, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Cloud Acquisition Corporation, a Delaware corporation (“Parent”), Cloud Merger Corporation, a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and the Guaranteed Party, pursuant to which Merger Sub will merge with and into the Guaranteed Party with the Guaranteed Party to continue as the surviving corporation (the “Merger”), the Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Guaranteed Party, the due and punctual payment of 100% of any amounts payable by Parent pursuant to Section 7.02(b) of the Merger Agreement, if and when due pursuant to Section 7.02(b) (the “Obligation”); provided, however, that in no event shall Guarantor’s liability under this Limited Guarantee (exclusive of the reimbursement of costs and expenses, if applicable, pursuant to and only in accordance with Section 13 hereof (such payment, if required to be paid by Guarantor in accordance with the terms hereof, the “Prevailing Party Costs”)) exceed the amount due pursuant to Section 7.02(b) of the Merger Agreement (the “Maximum Amount”), it being understood and agreed that this Limited Guarantee may not be enforced without giving effect to the Maximum Amount. It is acknowledged and agreed that this Limited Guarantee will expire and will have no force or effect, and the Guaranteed Party will have no rights hereunder, in the event the Merger occurs. Except with respect to the Prevailing Party Costs, the Guaranteed Party hereby agrees that (i) in no event shall the Guarantor be required to pay to any Person under, in respect of, or in connection with this Limited Guarantee more than the applicable Maximum Amount and (ii) the Guarantor shall not have any obligation or liability to any Person relating to, arising out of or in connection with, this Limited Guarantee other than as expressly set forth herein.
          2. NATURE OF GUARANTEE. The Guaranteed Party shall not be obligated to file any claim relating to the Obligation in the event that Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor’s Obligation hereunder. In the event that any payment to the Guaranteed Party hereunder is rescinded or must otherwise be returned for any reason whatsoever, the Guarantor shall remain liable hereunder with respect to the Obligation or the Prevailing Party Costs as if such payment had not been made (subject to the terms hereof). This is an unconditional guarantee of payment and not of collectibility. All amounts payable by Guarantor will be paid in immediately available funds. The Guarantor reserves the right to assert defenses which Parent or Merger Sub may have to payment of the Obligation that arise under the terms of the Merger Agreement.
          3. CHANGES IN OBLIGATION, CERTAIN WAIVERS. The Guarantor agrees that the Guaranteed Party may at any time and from time to time, without notice to or further consent of the Guarantor, extend the time of payment of the Obligation, and may also

 

 

make any agreement with Parent or Merger Sub, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between the Guaranteed Party and Parent and/or Merger Sub without in any way impairing or affecting the Guarantor’s obligations under this Limited Guarantee. The Guarantor agrees that the Obligation of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by (a) the failure (or delay) of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or Merger Sub; (b) any change in the corporate existence, structure or ownership of Parent or Merger Sub; (c) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent or Merger Sub; (d) the existence of any right of set-off which the Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party, whether in connection with the Obligation or otherwise; (e) the adequacy of any other means the Guaranteed Party may have of obtaining payment of the Obligation; or (f) any change in the time, place or manner of payment of the Obligation or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement or any other agreement evidencing, securing or otherwise executed in connection with the Obligation or otherwise. To the fullest extent permitted by law, the Guarantor hereby expressly waives any and all rights or defenses arising by reason of any law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Obligation, presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of the incurrence of the Obligation and all other notices of any kind (except for notices to be provided to Parent or Merger Sub and its counsel in accordance with Section 8.07 of the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of Parent or Merger Sub, and all suretyship defenses generally (other than fraud or willful misconduct by the Guaranteed Party or any of its subsidiaries or affiliates, defenses to the payment of the Obligation that are available to Parent or Merger Sub or breach by the Guaranteed Party of this Limited Guarantee). The Guarantor acknowledges that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that the waivers set forth in this Limited Guarantee are knowingly made in contemplation of such benefits.
     The Guarantor hereby unconditionally and irrevocably covenants and agrees not to exercise any rights that it may now have or hereafter acquire against Parent or Merger Sub, in each case that arise from the existence, payment, performance, or enforcement of the Guarantor’s Obligation under or in respect of this Limited Guarantee, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent and/or Merger Sub, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from Parent and/or Merger Sub, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Obligation and if applicable, the Prevailing Party Costs shall have been paid in full in cash. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment in full in cash of the Obligation or if applicable, the Prevailing Party Costs, such amount shall be received and held in trust for the benefit of the Guaranteed Party, shall be

2

 

segregated from other property and funds of the Guarantor and shall forthwith be paid or delivered to the Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Obligation or if applicable, the Prevailing Party Costs, in accordance with the terms of the Merger Agreement, whether matured or unmatured, or to be held as collateral for the Obligation payable under this Limited Guarantee thereafter arising.
The Guaranteed Party hereby covenants and agrees that it shall not institute, and shall cause its subsidiaries and affiliates not to institute, any proceeding or bring any other claim arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby, against any Guarantor Affiliate or Parent Affiliate (as defined below), except for claims against the Guarantor under this Limited Guarantee. Notwithstanding anything to the contrary contained in this Limited Guarantee, the Guaranteed Party hereby agrees that to the extent Parent and Merger Sub are relieved of all or any portion of their Obligation, the Guarantor shall be similarly relieved of Obligation under this Limited Guarantee.
          4. NO WAIVER; CUMULATIVE RIGHTS. No amendment or waiver of any provision of this Limited Guarantee shall be valid and binding unless it is in writing and signed, in the case of an amendment, by each of the Guarantor and the Guaranteed Party, or in the case of waiver, by the party against whom the waiver is sought to be enforced. No waiver by a party of any breach or violation of, or default under, this Limited Guarantee shall be deemed to extend to any prior or subsequent breach, violation or default hereunder or to affect in any way any rights arising by virtue of any such prior or subsequent occurrence. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time.
          5. REPRESENTATIONS AND WARRANTIES. The Guarantor hereby represents and warrants that:
          (a) the execution, delivery and performance of this Limited Guarantee have been duly and validly authorized by all necessary action and do not contravene any provision of the Guarantor’s charter, partnership agreement, operating agreement or similar organizational documents or any law, regulation, rule, decree, order, judgment or contractual restriction binding on the Guarantor or its assets;
          (b) all consents, approvals, authorizations, permits of, filings with and notifications to, any governmental authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any governmental authority or regulatory body is required in connection with the execution, delivery or performance of this Limited Guarantee;

3

 

          (c) this Limited Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting creditors’ rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law); and
          (d) the Guarantor has the financial capacity to pay and perform its obligations under this Limited Guarantee, and all funds necessary for the Guarantor to fulfill its obligations under this Limited Guarantee shall be available to the Guarantor for so long as this Limited Guarantee shall remain in effect in accordance with Section 8 hereof.
          6. ASSIGNMENT. Neither this Limited Guarantee nor any rights, interests or obligations hereunder shall be assigned by either party hereto (except by operation of law) without the prior written consent of the other party hereto, which shall not be unreasonably withheld, delayed or conditioned.
          7. NOTICES. All notices, requests, demands, waivers and other communications required or permitted to be given under this Guarantee shall be in writing and shall be given by personal delivery or sending by United States Postal Service Express Mail or an overnight courier service, proof of delivery requested, or sent by telecopy, to the following addresses:
      if to the Guarantor:
ML IBK Positions, Inc.
c/o Merrill Lynch Global Private Equity
4 World Financial Center, 23rd Floor
New York, NY 10080
Phone: (212) 449-1000
Fax: (212) 449-1119
Attention: Robert F. End
      with a copy to (which shall not constitute notice):
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022
Phone: (212) 909-6667
Fax: (212) 909-6836
Attention: Franci J. Blassberg, Esq.
                         Stephen R. Hertz, Esq.
      if to the Guaranteed Party:

4

 

Cumulus Media Inc.
14 Piedmont Center
Suite 1400
Atlanta, Georgia 30305
Attention: Richard S. Denning
Facsimile No.: (404) 443-07423
      with a copy to (which shall not constitute notice):
Sutherland Asbill & Brennan LLP
1114 Avenue of the Americas
Floor 40
New York, NY 10036
Phone: (212) 389-5000
Fax: (212) 389-5099
Attention: Mark D. Kaufman, Esq.
          8. CONTINUING GUARANTEE. Subject to the last sentence of Section 3 hereof, this Limited Guarantee shall remain in full force and effect and shall be binding on the Guarantor, its successors and assigns until the indefeasible payment and satisfaction in full of the Obligation and if applicable, the Prevailing Party Costs. Notwithstanding the foregoing, this Limited Guarantee shall terminate and the Guarantor shall have no further obligation under this Limited Guarantee as of the earliest of (i) the consummation of the Merger, (ii) the termination of the Merger Agreement in accordance with its terms by mutual consent of the parties thereto or otherwise under circumstances in which Parent and Merger Sub would not be obligated to make any payments under Section 7.02(b) of the Merger Agreement and (iii) the six month anniversary of any termination of the Merger Agreement in accordance with its terms under circumstances in which Parent and Merger Sub would be obligated to make any payments under Section 7.02(b) of the Merger Agreement if the Guaranteed Party has not presented a claim for payment of the Obligation to either Parent or the Guarantor by such six month anniversary. Notwithstanding the foregoing, in the event that the Guaranteed Party or any of its subsidiaries or affiliates asserts in any litigation or other proceeding (i) relating to this Limited Guarantee or (ii) against Guarantor or any Guarantor Affiliate, that (x) the provisions of Section 1 hereof limiting Guarantor’s liability to the Maximum Amount or (y) the provisions of Section 8 hereof, are illegal, invalid or unenforceable in whole or in part, or asserting any theory of liability against the Guarantor or any of the Guarantor Affiliate or Parent Affiliate with respect to the transactions contemplated by the Merger Agreement other than liability of the Guarantor under this Limited Guarantee (as limited by the provisions of Section 1), then (I) the obligations of the Guarantor under this Limited Guarantee shall terminate ab initio and shall be null and void, (II) if the Guarantor has previously made any payments under this Limited Guarantee, it shall be entitled to recover such payments from the Guaranteed Party and (III) upon such termination, none of Guarantor or any Guarantor Affiliate shall have any liability or obligation to the Guaranteed Party or any of its affiliates in respect of this Limited Guarantee, the Merger Agreement or the transactions contemplated hereby and thereby.
          9. NO RECOURSE. The Guaranteed Party (for itself and its affiliates) acknowledges and agrees that Parent has no assets and that no funds are expected to be

5

 

contributed to Parent unless the Closing occurs. Notwithstanding anything that may be expressed or implied in this Limited Guarantee or any document or instrument delivered contemporaneously herewith, and notwithstanding the fact that the Guarantor may be a limited partnership, by its acceptance of the benefits of this Limited Guarantee, the Guaranteed Party acknowledges and agrees that no Person other than the Guarantor shall have any obligation hereunder and that in each case with respect to the Obligation of the Guarantor hereunder, it has no recourse or right of recovery against, and no personal liability shall attach to, any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder, affiliate or assignee of the undersigned or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder, affiliate or assignee of any of the foregoing (collectively, but not including Parent, each a “Guarantor Affiliate” or “Parent Affiliate”), through Parent or otherwise, whether by or through attempted piercing of the corporate (or limited liability company) veil, by or through a claim by or on behalf of Parent against any Guarantor Affiliate or Parent Affiliate (including a claim to enforce the commitment letter dated as of date hereof from the Guarantor to Parent (the “Equity Commitment Letter”)), by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute, regulation or applicable law, or otherwise, except for its rights to recover from the Guarantor (but not any Guarantor Affiliate or Parent Affiliate (including any general partner or managing member)) under and to the extent provided in this Limited Guarantee and subject to the limitations described herein. Recourse against the Guarantor under and pursuant to the terms of this Limited Guarantee (subject to the limitations described herein) shall be the sole and exclusive remedy of the Guaranteed Party and all of its affiliates against the Guarantor and any Guarantor Affiliate or Parent Affiliate in respect of any liabilities arising under, or in connection with, the Merger Agreement or the transactions contemplated thereby. Nothing set forth in this Limited Guarantee shall affect or be construed to affect any liability of Parent or Merger Sub to the Guaranteed Party or shall confer or give or shall be construed to confer or give to any Person other than the Guaranteed Party (including any Person acting in a representative capacity) any rights or remedies against any Person, including the Guarantor, except as expressly set forth herein.
          10. RELEASE. By its acceptance of this Limited Guarantee, the Guaranteed Party hereby covenants and agrees that neither the Guaranteed Party nor any of its subsidiaries or affiliates, and the Guaranteed Party agrees to the maximum extent permitted by law, none of its officers, directors, security holders or representatives has or shall have any right of recovery under or in connection with the Merger Agreement, or the transactions contemplated thereby or otherwise relating thereto, and to the extent that it has or obtains any such right it, to the maximum extent permitted by law, hereby waives (on its own behalf and on behalf of each of the aforementioned Persons) each and every such right against, and hereby releases, the Guarantor and each Guarantor Affiliate or Parent Affiliate from and with respect to any claim, known or unknown, now existing or hereafter arising, in connection with any transaction contemplated by or otherwise relating to the Merger Agreement or the transactions contemplated thereby, whether by or through attempted piercing of the corporate (or limited liability company) veil, by or through a claim by or on behalf of Parent or Merger Sub or any other Person against any Guarantor Affiliate or Parent Affiliate, or otherwise under any theory of law or equity (the “Released Claims”), other than claims against the Guarantor pursuant to this Limited Guarantee (subject to the limitations described herein).

6

 

          11. GOVERNING LAW. This Limited Guarantee shall be governed by and construed in accordance with the internal laws of the State of New York (regardless of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not mandatorily applicable by statute and would require the application of the laws of another jurisdiction). In addition, each party (i) irrevocably and unconditionally consents to submit itself to the exclusive jurisdiction of the United States District Court for the Southern District of New York or any court of the State of New York located in such district for the purposes of any suit, action or other proceeding between any of the parties hereto arising out of this Limited Guarantee, (ii) agrees that it will not attempt to deny or defeat personal jurisdiction by motion or other request for leave from such court, (iii) waives any claim of improper venue or any claim that the courts of the State of New York are an inconvenient forum for any action, suit or proceeding between any of the parties hereto arising out of this Limited Guarantee or any transaction contemplated hereby, (iv) agrees that it will not bring any action relating to this Limited Guarantee in any court other than the above-named courts and (v) to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in Section 8.07 of the Merger Agreement. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.
          12. COUNTERPARTS. This Limited Guarantee may be executed and delivered (including by facsimile transmission) in two (2) or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
          13. COSTS AND EXPENSES. In any action at law or suit in equity to enforce this Limited Guarantee or the rights of any of the parties hereunder, the prevailing party in such action or suit shall be entitled to recover from the non-prevailing party its reasonable and documented attorneys’ fees and all other reasonable court costs and expenses incurred in such action or suit; provided, however, that the non-prevailing party shall not be liable for fees, costs and expenses of the prevailing party under this Section 13 if it is finally determined by a court of competent jurisdiction that no payment under this Limited Guarantee is due, and provided, further, that the obligation of the non-prevailing party under this Section 13 shall not exceed $250,000. The parties agree that the determination of who is the prevailing party and the amount of such costs shall be made by the court in any such action. Any payment by the Guarantor under this Section 13 shall not reduce, limit, or otherwise affect the other obligations of the Guarantor hereunder or be counted towards the Maximum Amount.
          14. ENTIRE AGREEMENT. This Limited Guarantee constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof and this Limited

7

 

Guarantee is not intended to and shall not confer upon any Person other than the parties hereto any rights or remedies hereunder.
          15. SEVERABILITY. If any term or other provision of this Limited Guarantee is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Limited Guarantee shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party; provided, however, that this Limited Guarantee may not be enforced without giving effect to the limitation of the amount payable hereunder to the Maximum Amount provided in Section 1 hereof and to the provisions of Section 3 hereof. No party hereto shall assert, and each party shall cause its respective affiliates not to assert, that this Limited Guarantee or any part hereof is invalid, illegal or unenforceable. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Limited Guarantee so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.
          16. HEADINGS. Headings are used for reference purposes only and do not affect the meaning or interpretation of this Limited Guarantee.
[remainder of the page intentionally left blank]

8

 

     IN WITNESS WHEREOF, the undersigned have executed and delivered this Limited Guarantee as of the date first above written.
         
  ML IBK POSITIONS, INC.
 		  
  By:   /s/ Robert F. End    
    Name:   Robert F. End   
    Title:   Authorized Signatory   
 
         
  CUMULUS MEDIA INC.
 		  
  By.   /s/ Richard S. Denning    
    Name:   Richard S. Denning   
    Title:   Vice President   
 
[Limited Guarantee Execution Page]

 

EX-99.16 4 y37673exv99w16.htm EX-99.16: INTERIM INVESTORS AGREEMENT EX-99.16
 

Exhibit 99.16
INTERIM INVESTORS AGREEMENT
     This Interim Investors Agreement (this “Agreement”) is entered into on July 27, 2007 to be effective as of July 23, 2007 by and among Cloud Holding Company, LLC, a Delaware limited liability company (“Purchaser”), Cloud Acquisition Corporation, a Delaware corporation and a direct, wholly-owned subsidiary of Purchaser (“Midco”), MLGPE Fund US Alternative, L.P., a Delaware limited partnership (the “ML Investor”), Lewis W. Dickey, Jr. (“LD”), John W. Dickey, David W. Dickey, Michael W. Dickey and Lewis W. Dickey, Sr. (collectively, the “Rollover Investors” and, together with the ML Investor, the “Investors”).
RECITALS
     A. On July 23, 2007, Midco, Cloud Merger Corporation, a Delaware corporation and a direct, wholly-owned subsidiary of Midco (“Acquisition Sub”), and Cumulus Media Inc., a Delaware corporation (the “Company”), have executed an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Acquisition Sub would merge with and into the Company, with the Company surviving such merger.
     B. Each of the Investors has, on July 23, 2007, executed a letter agreement (such letter agreement, in the case of the ML Investor, the “Equity Commitment Letter”, in the case of each Rollover Investor, a “Rollover Commitment Letter” and, such letter agreements collectively, the “Commitment Letters”) in favor of Midco in which each such Investor has agreed, subject to the terms and conditions set forth therein, to make, directly or indirectly through Purchaser and/or other entities, in the case of the ML Investor, a cash equity investment (the “ML Investor’s Commitment”), and, in the case of the Rollover Investors, a rollover equity investment (each, a “Rollover Investor’s Commitment” and, collectively, the “Rollover Investors’ Commitment”) in Midco at the Closing in the respective amounts set forth on Schedule A hereto, as such amounts may be modified pursuant to Sections 2.8, 2.9 and 2.10 hereof.
     C. ML IBK Positions, Inc. (the “Guarantor”) has, on July 23, 2007, executed a guarantee in favor of the Company in which the Guarantor has agreed, subject to the terms and conditions set forth therein, to guarantee certain obligations of Midco (the “Guarantee”).
     D. The Investors, Purchaser and Midco wish to agree to certain terms and conditions that will govern the actions of Purchaser and the relationship among the Investors with respect to the Merger Agreement, the Commitment Letters, the Guarantee and the transactions contemplated by each.

 

 

AGREEMENT
     Therefore, the parties hereto hereby agree as follows:
1. EFFECTIVENESS; DEFINITIONS.
     1.1 Effectiveness. This Agreement shall be effective as of July 23, 2007 and shall terminate (except with respect to Sections 1.1, 1.2, 2.11, 2.12, 2.14, 3 and 4) upon the earliest of (i) the closing under the Merger Agreement (the “Closing”) and (ii) the termination of the Merger Agreement; provided that any liability for failure to comply with the terms of this Agreement shall survive such termination.
     1.2 Definitions. Certain terms are used in this Agreement as specifically defined herein. Certain of those definitions are set forth in Section 3 hereof. Capitalized terms used herein but not defined shall have the respective meanings given to them in the Merger Agreement.
2. CERTAIN AGREEMENTS AMONG THE INVESTORS.
     2.1 Actions Under the Merger Agreement. The Investors, acting together, may cause Purchaser to take any action or refrain from taking any action with respect to the Merger Agreement, including, without limitation, taking any action or refraining from taking any action in order for Purchaser to comply with its obligations, satisfy its closing conditions or exercise its rights under the Merger Agreement, amend or modify the Merger Agreement, waive compliance with any agreements contained in the Merger Agreement, and cause Purchaser to determine that the conditions to closing specified in Sections 6.1 and 6.3 of the Merger Agreement (the “Closing Conditions”) have been satisfied or to waive compliance with any Closing Condition and to close the transactions contemplated by the Merger Agreement in accordance with its terms (except as so waived); provided that (i) the decision to waive the conditions to closing specified in Sections 6.03(e) and 6.03(f) of the Merger Agreement shall be made by the ML Investor in its sole and absolute discretion and (ii) no other such action shall be taken or refrained from being taken without the consent of the ML Investor and the Rollover Investors.
     2.2 Debt Financing. The Investors, acting together, shall cause Acquisition Sub (as and to the extent required by Section 5.09(b) of the Merger Agreement) to negotiate, enter into and borrow under definitive agreements relating to Debt Financing to be provided at the Closing; provided that no action pursuant to this Section 2.2 shall be taken or refrained from being taken without the consent of the ML Investor and the Rollover Investors.
     2.3 Management Arrangements. Each Investor agrees to negotiate in good faith with the other Investors and to cause Purchaser or the Company to enter into, concurrently with the Closing, definitive documentation, including with LD, reflecting the terms set forth on Schedule B hereto; provided that Purchaser or the Company shall

2

 

not enter into any such documentation without the consent of the ML Investor and the Rollover Investors.
     2.4 LLC Agreement. Each Investor agrees to negotiate in good faith with the other Investors to enter into, concurrently with the Closing, a limited liability company agreement with respect to their equity interests in Purchaser reflecting the terms set forth on Schedule C hereto; provided that no such limited liability company agreement shall be entered into without the consent of the ML Investor and the Rollover Investors.
     2.5 Other Matters. Each Investor agrees to negotiate in good faith with the other Investors to enter into definitive documentation reflecting the terms set forth on Schedule D hereto. Such documentation shall be entered into, in the case of definitive documentation with respect to the ML Investor’s investment in NP, contemporaneously with the closing of NP and, in respect of all such other definitive documentation, concurrently with the Closing. No such documentation shall be entered into without the consent of the ML Investor and the Rollover Investors.
     2.6 Commitments.
     2.6.1 Each Investor hereby affirms and agrees that it is bound by the provisions set forth in its Commitment Letter. Midco shall not attempt to enforce any Commitment Letter, unless and until the Investors, acting with consent of the ML Investor and the Rollover Investors, have determined that the Closing Conditions and the conditions to performance under such Commitment Letters have been satisfied or validly waived as permitted hereunder.
     2.6.2 The Investors shall cause Purchaser to create such classes of equity interests and to issue and sell or exchange (as the case may be) such equity interests to the Investors as contemplated by and in accordance with the Investors’ respective Commitment Letters and this Agreement; provided that each Investor shall purchase equity interests of the same class and series and at the same per-unit price.
     2.6.3 All equity interests issued by Purchaser and its subsidiaries at the Closing shall be issued to the Investors so that such equity interests are beneficially owned pro rata in accordance with each Investor’s Commitments (as the same may be adjusted pursuant to the terms hereof), other than any equity securities issued to management in transactions contemplated by Section 2.3; provided that each Investor shall purchase equity interests of the same class and series and at the same per-unit price.
     2.6.4 Prior to the Closing, no Investor shall transfer its right to acquire equity interests in Purchaser, except as otherwise provided in Sections 2.8, 2.9 or 2.10.
     2.7 Notice of Closing. Purchaser will use its reasonable best efforts to provide each Investor with at least five days’ prior notice of the Closing Date under the Merger

3

 

Agreement; provided that the failure to provide such notice will not relieve an Investor of its obligations under Section 2.6 of this Agreement. Any notices or correspondence received by Purchaser under, in connection with, or related to the Merger Agreement shall be promptly provided to each Investor at the address set forth in the Commitment Letters, or any other address designated by such Investor in writing to Purchaser.
     2.8 Additional Rollover Option.
     2.8.1 At any time prior to or at the Closing, the Rollover Investors shall have the one-time right (the “Additional Rollover Option”), exercisable by written notice to the other parties hereto (which notice shall be given at least five Business Days prior to the Closing Date) to increase the Rollover Investors’ Commitment (either by investing cash in addition to the contemplated rollover or by rolling over additional equity) by an amount not to exceed $20 million in the aggregate (the “Additional Rollover Amount”).
     2.8.2 If the Rollover Investors exercise the Additional Rollover Option, the Investors shall coordinate in good faith with each other to take such actions as they deem necessary and reasonable to effectuate the exercise of the Additional Rollover Option; provided that such actions shall include, if the Additional Rollover Option is exercised prior to the Closing, (i) the delivery by the Rollover Investors of one or more amended and restated Rollover Commitment Letters to Midco reflecting an aggregate additional rollover commitment equal to the Additional Rollover Amount, (ii) if, at the time the Additional Rollover Option is exercised, NP has not assumed a portion of the ML Investor’s Commitment in accordance with Section 2.9, the delivery by the ML Investor of an amended and restated Equity Commitment Letter to Midco pursuant to which the ML Investor’s Commitment is reduced by the Additional Rollover Amount, and (iii) if, at the time the Additional Rollover Option is exercised, NP has assumed a portion of the ML Investor’s Commitment in accordance with Section 2.9, the delivery by NP of an amended and restated equity commitment letter to Midco pursuant to which the amount committed by NP in its original equity commitment letter is reduced by the Additional Rollover Amount. Any commitment letter delivered pursuant to this Section 2.8.2. shall have substantially the same terms and conditions as the commitment letter substituted thereby, except as provided in this Section 2.8.2.
     2.9 NP Commitment; Other Matters Concerning the ML Investor’s Commitment.
     2.9.1 At any time prior to or at the Closing, LD shall have the one-time right, exercisable by written notice to the other parties hereto (which notice shall be given at least five Business Days prior to the Closing Date), to cause NP to assume a portion of the ML Investor’s Commitment that is (i) not less than the NP Minimum Amount and (ii) not in excess of the NP Target Amount (any portion so assumed by NP, the “NP Commitment”).

4

 

     2.9.2 If LD exercises such right, the Investors shall coordinate in good faith with each other to take such actions as they deem necessary and reasonable to effectuate the assumption by NP of a portion of the ML Investor’s Commitment equal to the NP Commitment; provided that such actions shall include, if such right is exercised prior to the Closing, (i) an agreement by NP to be bound by this Agreement as though it were a party hereto but without any voting, approval or consent right hereunder, (ii) the delivery by NP of an equity commitment letter to Midco in an amount equal to the NP Commitment, (iii) the delivery by the ML Investor of an amended and restated Equity Commitment Letter to Midco pursuant to which the ML Investor’s commitment is reduced by the NP Commitment, and (iv) the delivery by NP of a backstop guarantee for the benefit of the ML Investor assuming liability for a such portion of the Guarantee executed by the ML Investor as is equal to the amount obtained by multiplying the Maximum Amount (as defined in the ML Investor’s Guarantee) by a fraction, the numerator of which is the NP Commitment and the denominator of which is the amount of the ML Investor’s Commitment (prior to the reduction of such commitment by the NP Commitment). Any commitment letter delivered pursuant to this Section 2.9.2. shall have substantially the same terms and conditions as the commitment letter substituted thereby, except as provided in this Section 2.9.2.
     2.9.3 In consideration of the ML Investor providing the Interim Financing, NP shall pay, concurrently with the Closing, to the ML Investor an interim financing fee equal to 1.75% of the amount obtained by subtracting $25 million from the NP Target Amount (the “Interim Financing Fee”); provided that (i) if the Closing does not occur, the Interim Financing Fee shall be deemed forgiven and (ii) to the extent the Interim Financing Fee is not paid when due, any portion of any fee otherwise payable to the Rollover Investors or NP in accordance with the terms of Schedule C will instead be paid to the ML Investor and applied against the Interim Financing Fee. If the Interim Financing is funded at Closing, the definitive documentation pursuant to Section 2.4 will include such other fee arrangements in respect of the Interim Financing as are set forth on Schedule C.
     2.9.4 In the event that the conditions set forth in Section 6.03(e) and 6.03(f) of the Merger Agreement have not been satisfied or waived by the date on which the Company becomes entitled to expense reimbursement pursuant to Section 6.04(b) of the Merger Agreement (the “Expense Trigger Date”), then, from and after the 30th day following the Expense Trigger Date, the Rollover Investors shall have the right, exercisable by written notice to the other parties hereto (which notice shall be given at least five Business Days prior to the Closing Date) to require the ML Investor to assign all of the ML Investor’s Commitment to a third party designated by the Rollover Investors. If the Rollover Investors exercise such right, the Investors shall coordinate in good faith with each other to take such actions as they deem necessary and reasonable to effectuate the assignment by the ML Investor of all of the ML Investor’s Commitment; provided that such actions shall include (i) an agreement by such third party to be bound

5

 

by this Agreement as though it were the ML Investor, (ii) the delivery by such third party of an equity commitment letter to Midco in an amount equal to the ML Investor’s Commitment, (iii) the delivery by such third party of a backstop guarantee for the benefit of the Guarantor assuming liability for the Maximum Amount (as defined in the Guarantee) and (iv) the delivery by Midco and the Rollover Investors of a release of the ML Investor from all obligations under the Equity Commitment Letter and this Agreement.
     2.10 ML Investor Commitment.
     2.10.1 At any time prior to or at the Closing, the ML Investor shall have the one-time right, exercisable by written notice to the other parties hereto (which notice shall be given at least five Business Days prior to the Closing Date), to transfer all or any portion of the ML Investor’s Commitment to one or more Affiliates (including, for the avoidance of doubt, one or more affiliated funds) of the ML Investor (the “Additional Investors”).
     2.10.2 If the ML Investor exercises such right, the Investors shall coordinate in good faith with each other to take such actions as they deem necessary and reasonable to effectuate the transfer of such portion of the ML Investor’s Commitment; provided that any such actions shall include, if such right is exercised prior to the Closing, (i) an agreement by the Additional Investors to be bound by this Agreement as though they were a party hereto, but without any voting, approval or consent rights hereunder, (ii) the delivery by the Additional Investors of one or more equity commitment letters to Midco in respect of the relevant portion of the ML Investor’s Commitment assumed by the Additional Investors, and (iii) the delivery by the ML Investor of an amended and restated Equity Commitment Letter to Midco pursuant to which the ML Investor’s commitment is reduced by such portion.
     2.10.3 Notwithstanding anything to the contrary in this Agreement, including Sections 2.8 and 2.9 hereof, except as contemplated by Section 2.9.4 hereof, the ML Investor’s Commitment, taken together with commitments under equity commitment letters delivered pursuant to Section 2.10.2 shall at all times be for an amount of at least $125 million.
     2.11 Contribution With Respect to Guarantee. The Investors shall cooperate in defending any claim that the Guarantor is liable to make payments under the Guarantee. If one or more of the Rollover Investors are the only Defaulting Investors, then the Rollover Investors shall (i) promptly pay to the Company all amounts payable by Midco to the Company under the Merger Agreement that are guaranteed by the Guarantor and take such other reasonable actions as are necessary to prevent enforcement of the Guarantee against the Guarantor and (ii) indemnify, jointly and severally, Midco and the Guarantor for any obligations to the Company in respect of any amounts so payable. If one or more Rollover Investors and the ML Investor are Defaulting Investors, then (x) the Rollover Investors (collectively), on the one hand, and the ML Investor, on the other

6

 

hand, shall each promptly pay to the Company 50% of the amounts payable by Midco to the Company under the Merger Agreement that are guaranteed by the Guarantor and the Rollover Investors shall take such other reasonable actions as are necessary to prevent enforcement of the Guarantee against the Guarantor with respect to more than 50% of such amounts payable by Midco and (y) the Rollover Investors, jointly and severally, shall indemnify Midco and the Guarantor for 50% of any obligations to the Company in respect of any amounts so payable. Notwithstanding anything to the contrary herein, the total amount payable by the Defaulting Investor(s) under this Section 2.11 or otherwise shall in no event exceed the Maximum Amount (as defined in the Guarantee (as in effect on July 23, 2007)).
     2.12 Expense and Fee Sharing.
     (a) In the event the Merger is consummated, Purchaser will bear (or cause the Company to bear) all out-of-pocket expenses of the Investors incurred in connection with (i) their due diligence review of the Company, (ii) the negotiation, delivery and execution of this Agreement and the Merger Agreement and the other agreements and documents contemplated hereby or thereby, (iii) any actions taken in accordance with the terms of the Merger Agreement, including regulatory filings made or to be made pursuant to the Merger Agreement, including, without limitation, the reasonable fees, expenses and disbursements of lawyers, accountants, consultants and other advisors retained by the Investors incurred in connection with the foregoing (collectively, the “Investor Expenses”).
     (b) In the event the Merger Agreement is terminated in a manner that results in a Termination Fee or expense reimbursement becoming payable to Purchaser or Midco, Purchaser or Midco, as the case may be, shall, first, pay all Investor Expenses from the proceeds of the Termination Fee or such expense reimbursement and, second, distribute any remainder of the Termination Fee to the ML Investor.
     (c) In the event that (i) the Merger Agreement is terminated in a manner that does not result in a Termination Fee or expense reimbursement becoming payable to Purchaser (or Midco) or (ii) any such Termination Fee or expense reimbursement is insufficient to cover all of the Investor Expenses, then (A) in the event there are any Defaulting Investor(s), such Defaulting Investors shall be responsible for all Investor Expenses and (B) in the event there are no Defaulting Investors, the ML Investor, on the one hand, and the Rollover Investors, on the other hand, shall each bear 50% of the Investor Expenses (or, in the case of clause (ii), 50% of such other Investor Expenses not covered by such Termination Fee or such expense reimbursement); provided that, in each such case, the ML Investor shall bear the fees and expenses of Debevoise & Plimpton LLP and the Rollover Investors, collectively, shall bear the fees and expenses of Jones Day (with the ML Investor being entitled to receive any portions of any the Termination Fee or such expense reimbursement, if any, that may remain after application of this proviso).

7

 

     2.13 Purchaser Consents. Each Investor agrees not to knowingly, and shall not knowingly permit any of its respective affiliates to, take any action that would reasonably be expected to prevent, materially delay or materially impair receipt of any approval, consent, notice or filing with a Governmental Entity required in connection with transactions contemplated by the Merger Agreement (“Purchaser Approvals”); provided that this Section 2.13 (i) shall not prohibit an Investor from voting equity securities in Purchaser in a manner it deems appropriate and (ii) shall not be deemed to prohibit any Affiliate of the ML Investor from engaging in trading, asset management or other applicable financial services activities in the ordinary course of its business.
     2.14 Other Arrangements. Each Investor hereby represents and warrants, and agrees with the other Investors that (i) it has not entered into, and (ii) in the case of termination of this Agreement prior to Closing, it will not enter into, within the first ninety days following the termination of this Agreement, any agreement, arrangement or understanding with any potential investor or group of investors or the Company with respect to any Company Acquisition Proposal, other than the agreements expressly contemplated by this Agreement or the Merger Agreement; provided that (x) any trading, asset management or other applicable financial services activities that any Affiliate of the ML Investor may have engaged in or in which it may be engaging in the ordinary course of its business shall not be deemed a breach of this representation and (y) the ML Investor, on the one hand, and the Rollover Investors, on the other hand, shall not be bound by the restrictions set forth in clause (ii) above if the basis for termination of this Agreement was either (A) a breach of the Merger Agreement caused by the respective other party or (B) a regulatory problem solely attributable to the other party.
     2.15 Officers and Directors During Interim Period. Prior to the Closing, unless the ML Investor and LD otherwise agree, each of Purchaser, Midco and Acquisition Sub shall have two directors and two officers, who shall be Robert F. End (or another person selected by the ML Investor in its sole discretion) and LD (or another person selected by LD in his sole discretion). No such individual, in his or her capacity as a director and officer, shall take any action inconsistent with the terms of this Agreement, unless consented to in writing by the ML Investor and the Rollover Investors.
     2.16 FCC Applications. The initial FCC applications to be filed pursuant to the Merger Agreement will be long form applications requesting FCC consent to transfer control of the Company to Purchaser with ML Investors having the right to appoint three designees to the Board of Purchaser and LD having the right to appoint two designees to the Board of Purchaser. It is contemplated that, upon assumption by NP of a portion of the ML Investor’s Commitment that is equal to the NP Target Amount or upon NP funding the NP Target Amount, the initial FCC applications will be amended or that short form FCC applications will be filed to seek FCC approval for a Board of Purchaser with ML Investor and NP each having the right to appoint two designees to the Board.

8

 

     2.17 280G Matters. The Investors will cooperate with one another to ensure that all payments or benefits provided to any Investor under any of the Company Benefit Plans (as defined in the Merger Agreement) are fully deductible under Section 280G of the Code (as defined in the Merger Agreement), including, without limitation, by using their reasonable best efforts to cause the Closing to occur at a time where any such payments will be fully deductible or changing the timing of payments so that such payments will be fully deductible; provided that any such change shall not adversely impact any Investor, except as otherwise agreed by such Investor.
3.   DEFINITIONS. For purposes of this Agreement, the following terms shall have the following meanings:
     “Commitment” shall mean, with respect to each Investor, the amount specified opposite such Investor’s name on Schedule A hereto.
     “Defaulting Investor” shall mean any Investor who either (a) fails to consent to the Debt Financing (or if alternative debt financing is being used, the alternative debt financing) being drawn, in accordance with Section 2.2, under definitive agreements relating to the Debt Financing or (b) defaults in its obligation to fund or consummate its commitment under its Commitment Letter.
     “Interim Financing” shall mean the portion of the ML Investor’s Commitment that is equal to the NP Target Amount.
     “NP” shall mean an investment fund controlled by LD and affiliated with Navy Partners LLC, a Georgia limited liability company.
     “NP Minimum Amount” shall mean $20 million.
     “NP Target Amount” shall mean $149 million; provided that if the Additional Rollover Option is exercised, the NP Target Amount shall be reduced by the Additional Rollover Amount (but not below zero) except for purposes of Section 2.9.3 to which this proviso shall not apply.
4. MISCELLANEOUS.
     4.1 Rollover Investors’ Representative. Each of the Rollover Investors hereby irrevocably appoints LD as such Rollover Investor’s proxy and attorney-in-fact with full power of substitution (the “Representative”), to act on behalf of each Rollover Investor with respect to any matter arising under this Agreement. Purchaser and the ML Investor shall be entitled to deal exclusively with the Representative with respect to any matters arising under this Agreement and shall be entitled to rely, without independent investigation whatsoever, on (i) the power and authority of the Representative to act on behalf of, and to bind, all Rollover Investors, and (ii) any document executed or

9

 

purported to be executed on behalf of the Rollover Investors by the Representative and any other action taken or purported to be taken on behalf of the Rollover Investors by the Representative, in each case as fully binding upon the Rollover Investors. Purchaser and the ML Investor shall have no liability to any Rollover Investor for any acts or omissions of the Representative, or any acts or omissions taken or not taken by any Persons at the direction of the Representative. The Representative shall not be entitled to a fee for its services as Representative hereunder.
     4.2 Certain Representations and Warranties. Each of the Investors represents and warrants to the other Investors that either (i) during the three year period immediately preceding the date of this Agreement, such Investor has not taken any action to cause him or it to be an “interested stockholder” (within the meaning of Section 203 of the DGCL) of the Company or (ii) the restrictions of Section 203 of the DGCL on business combinations are inapplicable as to such Investor because the transactions pursuant to which such Investor became an “interested stockholder” were approved by the board of directors of the Company.
     4.3 Structure. In the event that one or more Persons are created to own Purchaser (which shall only be done only with the consent of the ML Investor and the Rollover Investors), the rights set forth herein with respect to Purchaser shall instead apply to the ultimate parent entity of Purchaser. In the event the ML Investor and the Rollover Investors so agree, the Investors will either (i) cause Purchaser to make an election to become taxable as a corporation or (ii) convert Purchaser into a corporation; provided that, in the case of this clause (ii), the provisions herein and on Schedule C pertaining to the negotiation and terms of a limited liability company agreement for Purchaser shall instead be deemed to apply to the negotiation and terms of a shareholders’ agreement for Purchaser.
     4.4 NP. In the event that LD does not form NP but instead either (i) forms another investment entity over which LD has voting control (or management control as a general partner) and that is capable of funding an amount equal to at least the NP Minimum Amount (provided that the total amount of foreign ownership attributable to such entity, when taken together with the total amount of foreign ownership attributable to the other Investors, shall not exceed the FCC’s foreign ownership limits and such entity is fully qualified to hold its interests under all FCC Rules and Regulations and the provisions of the Communications Act, including restrictions on multiple and cross-ownership) (a “Qualifying Entity”) or (ii) obtains commitments from the Rollover Investors sufficient to fund an amount equal to at least the NP Minimum Amount, then, upon LD’s request, the parties hereto will negotiate such adjustments to the terms of this Agreement and the Schedules hereto as are necessary to reflect the substitution of NP by such Qualifying Entity or by such Rollover Investors, including, without limitation, adjustments to avail such Qualifying Entity or such Rollover Investors of the same rights (but, for the avoidance of doubt, no additional rights) as NP would have pursuant to the

10

 

terms hereof had NP been formed. For the avoidance of doubt, in such case, the provisions set forth on Schedule D as to the formation of, and the provision of commitments by the ML Investor to, NP will not apply.
     4.5 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.
     4.6 No Third Party Beneficiaries. This Agreement shall be binding on each Investor solely for the benefit of each other Investor and Purchaser, and nothing set forth in this Agreement, express or implied, shall be construed to confer, directly or indirectly, upon or give to any person other than the Investors and Purchaser any benefits, rights or remedies under or by reason of, or any rights to enforce or cause such addressees to enforce, any provisions of this Agreement. Notwithstanding any provision hereof to the contrary, the Purchaser may not enforce this Agreement against any Investor without the written consent of the ML Investor and the Rollover Investors.
     4.7 Remedies. The parties hereto agree that, except as provided herein, this Agreement will be enforceable by all available remedies at law or in equity (including, without limitation, specific performance); provided that Purchaser may only enforce this Agreement against any Investor with the written consent of the ML Investor and the Rollover Investors.
     4.8 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement or any Agreement or any document or instrument delivered contemporaneously herewith or prior hereto, and notwithstanding the fact that an Investor may be a partnership or limited liability company, Purchaser and each Investor, by their acceptance of the benefits of this Agreement, covenant, agree and acknowledge that no person other than the Investors shall have any obligation hereunder and no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any former, current or future officer, agent, affiliate or employee of the Investor, against any former, current or future general or limited partner, stockholder or member of the Investor or any affiliate thereof or against any former, current or future director, officer, employee, affiliate, general or limited partner, stockholder, manager or member of any of the foregoing (each, other than the Investor, a “Related Party”), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law or otherwise. Purchaser and each Investor further agree that neither they nor any of their Related Parties shall have any right of recovery in connection with the transactions

11

 

contemplated hereby against any Related Party of any Investor, whether by piercing of the corporate veil or by a claim against any such Related Party or otherwise.
     4.9 Press Release; Communications. Any general notices, releases, statements or communications to the general public or the press relating to this Agreement or the transactions contemplated hereby and the Merger Agreement shall be made only at such times and in such manner as may be mutually agreed upon by the ML Investor and the Rollover Investors, except with respect to any such notices, releases, statements or communications required by applicable law (as to which the parties shall reasonably consult).
     4.10 Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York (regardless of the laws that might otherwise govern under applicable principles or rules of conflicts of law to the extent such principles or rules are not mandatorily applicable by statute and would require the application of the laws of another jurisdiction). In addition, each party (i) irrevocably and unconditionally consents to submit itself to the exclusive jurisdiction of the United States District Court for the Southern District of New York or any court of the State of New York located in such district for the purposes of any suit, action or other proceeding between any of the parties hereto arising out of this Agreement, (ii) agrees that it will not attempt to deny or defeat personal jurisdiction by motion or other request for leave from such court, (iii) waives any claim of improper venue or any claim that the courts of the State of New York are an inconvenient forum for any action, suit or proceeding between any of the parties hereto arising out of this Agreement or any transaction contemplated hereby, (iv) agrees that it will not bring any action relating to this Agreement in any court other than the above-named courts and (v) to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in Section 8.07 of the Merger Agreement.
     4.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY.
     4.12 Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach occurring before or after

12

 

that waiver. Each Rollover Investor hereby irrevocably waives any and all recourse and remedies it may have against the ML Investor as a result of the ML Investor electing, in its sole discretion, to waive or not waive the conditions to Closing specified in Sections 6.03(e) and 6.03(f) of the Merger Agreement.
     4.13 Other Agreements. This Agreement, together with the agreements referenced herein, constitutes the entire agreement, and supersedes all prior agreements, understandings, negotiations and statements, both written and oral, among the parties or any of their affiliates with respect to the subject matter contained herein except for such other agreements as are referenced herein which shall continue in full force and effect in accordance with their terms.
     4.14 Assignment. Other than as provided in Sections 2.8, 2.9 and 2.10, this Agreement, or rights hereunder, shall not be assigned by any party without the prior written consent of the other parties.
     4.15 Amendment. Any amendments to this agreement (including, without limitation, to admit any new Investor or any other party) shall be in writing and shall require the consent of the ML Investor and the Rollover Investors.
[Signature pages follow]

13

 

     IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) as of the date first above written.
         
  CLOUD HOLDING COMPANY, LLC
 		  
  By:   /s/ Lewis W. Dickey, Jr.    
    Name:   Lewis W. Dickey   
    Title:   Chairman, President and CEO   
         
  CLOUD ACQUISITION CORPORATION
 		  
  By:   /s/ Lewis W. Dickey, Jr.    
    Name:   Lewis W. Dickey   
    Title:   Chairman, President and CEO   
         
  MLGPE FUND US ALTERNATIVE, L.P.

By: MLGPE Delaware LLC, its General Partner
 		  
  By:   /s/ Robert F. End    
    Name:   Robert F. End   
    Title:   Managing Member   
         
  /s/ Lewis W. Dickey, Jr.    
  Lewis W. Dickey, Jr.   
         
  /s/ John W. Dickey    
  John W. Dickey   
         
  /s/ David W.Dickey    
  David W. Dickey   
         
  /s/ Michael W. Dickey_    
  Michael W. Dickey   
         
  /s/ Lewis W. Dickey, Sr.    
  Lewis W. Dickey, Sr.   

-----END PRIVACY-ENHANCED MESSAGE-----