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10.16 F orm: IPO Time and Responsibility Sche dule Participant s Abbreviatio n Issuer IIssuer Counsel IC Managing Underwriter(s) UW Underwriters’ Counsel UCIssuer Auditors IA Transfer Agent and Registrar TA Date Activity Participant s First Week of February Organizational meeting to review:  Timetable  Offering size  Inclusion of selling shareholders  Road show timing and plans for marketing meetings  Assignment of responsibilities for tasks  Selection of financial printer and banknote company  Selection of Transfer Agent and Registrar  Scope, character and responsibility for corporate housekeeping such as amendment to certificate of incorporation, employment contracts, option agreements, etc.  Listing on a national securities exchange or quotation on Nasdaq  Discussion of financial statements required and of any special accounting problems  Discussion of any anticipated disclosure problems  Discussion of anticipated NASD or Blue Sky problems  Arrangements with other stockholders who have registration rights  Desirability of pre-filing conferences with the SEC, Blue Sky authorities (if applicable) or the NASD  Recapitalization of the Issuer (e.g., stock split or reverse stock split) that will be required prior to offering  Discussion of any desired stockholder concessions, such as lockup agreements  Discussion of need to request confidential treatment of any exhibits I, IC, UW, UC, IA Complete working group list I, IC, UW, UC, IA, TA Commence preparation of Registration Statement I, IC, UW, UC Date Activity Participant s Review intended use of proceeds. Consider whether there are any issues under the Investment Company Act of 1940I, IC, UW, UC Commence business due diligence and legal due diligence review IC, UC, UW Draft Officers’ and Directors’ Questionnaires I, IC Commence preparation of Underwriting Agreement, Agreement Among Underwriters, Underwriters’ Questionnaire, Underwriters’ Power of Attorney and Preliminary Blue Sky Memorandum UC Commence preparation of necessary financial statements I, IA Draft powers of attorney for Registration Statement and amendments I, IC Select banknote company to print stock certificates I Select financial printer I File Form ID with the SEC to obtain EDGAR access codes for the Issuer I, IC Second Week of February Advise banknote company of schedule and arrange for printing of stock certificates I Select Transfer Agent and Registrar I, IC Select Financial Printer I, IC Send Officers’ and Directors’ and 10% Shareholders’ Questionnaires and powers of attorney, if any, to officers, directors and 10% shareholders of Issuer I Select and reserve stock exchange trading symbols (if stock is to be listed on a national securities exchange); determine availability of Nasdaq trading symbols (if stock is to be quoted on Nasdaq) I, IC Continue preparation of Registration Statement and underwriting documents I, IC, UW, UC Commence preparation of request for confidential treatment, if necessary I, IC Commence negotiations with lenders concerning necessary consents and revisions of covenants that I, IC Date Activity Participant s would restrict offering or use of proceeds thereof Third Week of February Circulate drafts of Registration Statement and Underwriting Agreement IC, UC Discuss Registration Statement and Underwriting Agreement I, IC, UW, UC, IA Revise Registration Statement and Underwriting Agreement I, IC, UW, UC Discuss comfort letter content and procedures UC, UW, IA Commence drafting required of Board resolutions I, IC Commence preparation of stock exchange or Nasdaq listing application I, IC Review and approve proofs of stock certificates I Circulate drafts of financial statements IAObtain completed questionnaires and powers of attorney, if any, from officers and directors and 10% shareholders of Issuer I Fourth Week of February Draft of Registration Statement to printer IC Meeting to discuss initial printed proof of Registration Statement and Underwriting Agreement I, IC, UW, UC, IA Begin assembling and drafting exhibits to Registration Statement I, IC Circulate revised proofs of Registration Statement and Underwriting Agreement IC, UC First Week of March Meetings to discuss revised proofs of Registration Statement I, IC, UW, UC, IA Complete all corporate housekeeping I, IC Obtain signature pages and powers of attorney for Registration Statement and amendments from directors and officers; furnish copy to Underwriters’ counsel and Issuer counsel I, IC Date Activity Participant s Second Week of MarchFinalize financial statements I, IA Finalize Underwriting Agreement I, IC, UW, UC Send drafts of Registration Statements to stock exchange on which the Issuer wishes to list stock for confidential review of eligibility (required by the New York Stock Exchange if listing intention language is to be included in the preliminary prospectus) IC Third Week of March Meeting of Board of Directors of Issuer to approve all required actions, including adoption of resolutions relating to:  Authorization of issue, sale and delivery of stock  Approving form of Underwriting Agreement and authorizing execution and delivery thereof  Approving Registration Statement and Prospectus and authorizing execution and filing of Registration Statement and all amendments thereto  Authorizing listing of stock on Nasdaq or a stock exchange  Authorizing “Blue Sky” filings  Appointing Transfer Agent and Registrar  Approving all necessary corporate housekeeping  Approving form of stock certificates I, CC Meeting (or written consent in lieu of meeting) of shareholders of the Issuer, at which resolutions approving reincorporation and/or recapitalization and all “corporate cleanup” matters that require shareholder approval are adopted I, IC File charter amendments necessary to effectuate reincorporation and/or recapitalization I, IC Circulate draft of comfort letter IA Prepare Form 8-A for Exchange Act registration if applicable I, IC Fourth Week of March Meeting to finalize Registration Statement I, IC, UW, UC, IA Complete assembly and preparation of exhibits to Registration Statement I, IC Date Activity Participant s Prepare application for CUSIP number I, ICPrepare transmittal letter to SEC ICComplete application for Nasdaq or stock exchange listing I, IC Prepare transmittal letter to NASD UC Obtain check for NASD filing fee and arrange for wire transfer payment of SEC registration fee I Send final changes in Registration Statement to printer; prepare filings for SEC, NASD I, IC, UC, IA Complete Preliminary Blue Sky Survey, if applicable UC Execute Registration Statement, Auditor’s Report and Auditor’s Consent I, IA File Registration Statement with SEC electronically via EDGAR IC File Form 8-A with SEC electronically via EDGAR and with stock exchange on which listing is sought, if applicable IC File Registration Statement and related materials with NASD UC File request for confidential treatment with the SEC, if applicable IC Issue press release regarding filing of Registration Statement I, UW Proceed with Blue Sky qualifications, if applicable, as designated by Managing Underwriter I, UC Apply for CUSIP number I, IC First and Second Weeks of April Apply for listing on Nasdaq or stock exchange; send copies of Registration Statement to Nasdaq or exchange I, IC Request estimated SEC comment date IC Begin preparation of Road Show materials UW, I Date Activity Participant s Third and Fourth Weeks of AprilFinalize engagement arrangements with Transfer Agent and Registrar necessary for its initial appointment I, IC Obtain CUSIP number for stock I, IC Approve final proof of stock certificates IComplete Road Show materials and rehearse I, UW Resolve outstanding issues with NASD and Blue Sky administrators UC Resolve issues with Nasdaq or stock exchange on which stock will be listed I, IC First Week of May Receive stock exchange or Nasdaq approval for listing or quotation of stock IC Receive initial comments from SEC IC Review SEC comments and prepare amendment to Registration Statement in response thereto I, IC, UW, UC, IA File amendment to the Registration Statement with the SEC electronically via EDGAR IC File amendment to the Registration Statement with the NASD UC File amendment to the Registration Statement with Nasdaq or stock exchange, as applicable IC Print and distribute preliminary prospectus IC, UC Second Week of May Commence “Road Show” marketing efforts I, UW Third and Fourth Weeks of May Receive additional comments from the SEC and file amendments to the Registration Statement until all open comments resolved I, IC, UW, UC Date Activity Participant s Obtain NASD clearance of underwriting arrangements UW, UCPrepare requests for acceleration of effective date of Registration Statement (Form 8-A will be declared effective automatically upon the later of (i) filing, (ii) receipt of certification from the applicable national securities exchange, and (iii) the effectiveness of the Registration Statement) I, IC, UW, UC Arrange for certification to be provided to SEC by exchange on which stock will be listed as a prerequisite for effectiveness of Form 8-A I, IC Notify Nasdaq of expected effective date of Registration Statement no less than 72 hours prior to anticipated effectiveness I, IC Finalize comfort letter UW, IA, UC Distribute initial draft of closing memorandum UC Commence preparation of legal opinions, certificates and other closing documents and order good standing certificates UC, IC, TA First Week of June Send acceleration request of the Issuer to SEC together with letter of Managing Underwriter(s) joining in such request and providing information concerning distribution of preliminary prospectuses IC Directors and officers of the Issuer file Form 3 with the SEC, if Form 8-A will be declared effective IC Deadline for receiving completed Underwriters’ Questionnaire and Underwriters’ Powers of Attorney from syndicate members UW Registration Statement declared effective by SEC Form 8-A becomes effective Managing Underwriter notified of effectiveness of Registration Statement and Form 8-A, if applicable I Nasdaq or stock exchange notified of effectiveness of Registration Statement and Form 8-A, if applicable I Finalize Final Blue Sky Survey UC Date Activity Participant s Complete Blue Sky registrations UCPreliminary Agreement reached between Issuer and Managing Underwriter(s) as to final terms of the offering I, UW Meeting of Issuer’s Board of Directors (or special committee of the Board of Directors) to establish the price of stock to Underwriters and the initial public offering price thereof and to approve final form of Underwriting Agreement I, IC Sign Agreement Among Underwriters UW Sign Underwriting Agreement I, UWDeliver comfort letter IA Prepare tombstone ad UW, UCFinalize and print final Prospectus I, IC, UC, IA Commence public sales of stock UWIssue press release announcement offering I, UW Release tombstone ad UWBegin market-making activities UW Sign Selected Dealers’ Agreements, if applicable UWDistribute revised draft of closing memorandum UC Contact banknote company to arrange for printing of quantity of stock certificates I Pricing + 1 Business Day (Second Week of June) Tombstone appears in designated publications UW Notify syndicate of closing date and give instructions re payment UW File final Prospectus with SEC electronically via EDGAR, pursuant to Rule 424(b) under the Securities Act IC Deliver copy of final Prospectus to NASD UC Date Activity Participant s Deliver copy of final Prospectus to Nasdaq or stock exchangeIC Furnish Issuer, Transfer Agent and Registrar with names and denominations in which stock certificates are to be registered UW Issuer Counsel opinion and instructions for certificates to Transfer Agent and Registrar I, IC Pricing + 2 Business Days Preliminary closing (2:00 p.m., Eastern time, on the business day preceding the closing) I, IC, UC Pricing + 3 Business Days Closing (10:00 a.m., Eastern time) I, IC, UW, UC, TA Day after effective date of Registration Statement File Form S-8 to register stock issuable pursuant to employee benefit plans I, IC Within 45 days after the end of the first fiscal quarter ending after effective date of Registration Statement (unless such first fiscal quarter is the last fiscal quarter of the current fiscal year) File report on Form 10-Q with SEC I, IC, IA Date Activity Participant s Within 90 days after the end of the fiscal year ending after the effective date of the Registration StatementFile report on Form 10-K I, IC, IA As soon as practicable after the end of 12 months beginning after the effective date of the Registration Statement Make earnings statements meeting the requirements of Section 11(a) of the Securities Act generally available to stockholders 120 days from the end of the fiscal year in which Registration Statement becomes effective Last date on which to file registration statement with respect to common stock under the Exchange Act on Form 8-A, if stock not voluntarily registered previously under the Exchange Act I, IC Effective date of common stock registration statement under Exchange Act Due date of initial reports of beneficial ownership of equity securities under Section 16(a) of the Exchange Act on Form 3 by officers, directors and 10% shareholders of the Issuer; proxy solicitation rules now applicable with respect to common stock of the Issuer I, IC Date Activity Participant s Various dates subsequent to effective date of Registration StatementMailings to stockholders as represented in Prospectus I, IC Provide Underwriters with copies of filings as agreed upon in Underwriting Agreement I, CC