Exhibit 10.3

 

AMENDMENT NO. 1 TO STOCKHOLDERS AGREEMENT

 

THIS AMENDMENT NO. 1 (“Amendment”) to the Stockholders Agreement dated June 27,
2003 (the “Stockholders Agreement”) is made and entered into as April 30, 2004,
by and among Voxware, Inc., a Delaware corporation (“the Company”), and the
purchasers set forth on the signature pages hereto (the “Purchasers”), which
Purchasers are (i) the holders of at least a majority in interest of the Common
Stock of the Company issued or issuable to the Investors under the Stockholders
Agreement and (ii) the holders of at least a majority of the Common Stock
subject to the Stockholders Agreement.

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Company, the Purchasers and certain other holders of the Company’s
Series D Convertible Preferred Stock, par value $0.001 per share (“Series D
Preferred Stock”), entered into the Stockholders Agreement on June 27, 2003,
which Stockholders Agreement remains in effect;

 

WHEREAS, pursuant to a Series D Convertible Preferred Stock Purchase Agreement
dated the date hereof (the “Purchase Agreement”), the Company is issuing and
selling to the Purchasers on the date hereof 136,730,000 shares (the “Shares”)
of Series D Preferred Stock; and

 

WHEREAS, the parties wish to modify the Stockholders Agreement pursuant to
Section 14 thereof as set forth in this Amendment.

 

NOW, THEREFORE, effective as of the date hereof, the parties hereto, intending
to be legally bound, hereby agree to amend and modify the Stockholders Agreement
as follows:

 

1. The capitalized terms used and not otherwise defined herein shall have the
meanings attributed thereto in the Stockholders Agreement.

 

2. The parties agree that the Shares and the shares of Common Stock, $0.001 par
value (“Common Stock”), issuable upon the conversion of the Series D Preferred
Stock issued and sold by the Company pursuant to the Purchase Agreement shall be
deemed to be, for all purposes of the Stockholders Agreement, Subject Shares.

 

3. The parties agree that the Purchasers shall be deemed to be, for all purposes
of the Stockholders Agreement, Investors under the Stockholders Agreement, and
shall be entitled to all of the rights and benefits of the Stockholders
Agreement as an Investor. The parties agree that, upon the execution of this
Amendment, the Purchasers shall become parties to the Stockholders Agreement as
Investors thereunder.

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4. Each party represents and warrants that (i) the execution and delivery of
this Amendment has been duly and validly authorized and approved by its Boards
of Directors or other governing body, (ii) no other proceedings (corporate or
otherwise) on its part are necessary to authorize this Amendment, and (iii) this
Amendment has been duly and validly executed and delivered by it and constitutes
its valid and binding agreement, enforceable against it in accordance with its
terms.

 

5. Any reference to the Stockholders Agreement in any of the documents delivered
by the Company and the Purchasers at the closing of the sale of the Shares on
the date hereof shall be deemed to refer to the Stockholders Agreement as
amended by this Amendment.

 

6. Upon execution hereof, each reference in the Stockholders Agreement to “this
Agreement,” “hereby,” “hereunder,” “herein,” “hereof” or words of like import
referring to the Stockholders Agreement shall mean and refer to the Stockholders
Agreement, as amended by this Amendment. Any reference in the Stockholders
Agreement to the Investor Rights Agreement will be deemed to refer to the
Investor Rights Agreement, as amended.

 

7. Except as expressly amended herein, the Stockholders Agreement remains in
full force and effect. The Stockholders Agreement, as amended by this Amendment,
constitutes the entire understanding of the parties regarding the subject matter
hereof and cannot be modified except by written agreement of the parties.

 

8. If any provision of this Amendment shall be held to be illegal, invalid or
unenforceable, such illegality, invalidity or unenforceability shall attach only
to such provision and shall not in any manner affect or render illegal, invalid
or unenforceable any other provision of this Amendment, and this Amendment shall
be carried out as if any such illegal, invalid or unenforceable provision were
not contained herein.

 

9. This Amendment shall be governed by and construed in accordance with the
General Corporation Law of the State of Delaware as to matters within the scope
thereof, and as to all other matters shall be governed by and construed in
accordance with the internal laws of the State of New Jersey, without regard to
its principles of conflicts of laws.

 

10. This Amendment may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as an instrument under seal as of the date first above written.

 

THE COMPANY:

 

VOXWARE, INC.

     

PURCHASER:

 

EDISON VENTURE FUND V, L.P.

By:  

/s/    Allen M. Adler

     

By:

 

 

EDISON PARTNERS V, L.P.,

    its General Partner

   

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Name: Allen M. Adler

Title: Interim CFO

     

 

By:

 

 

/s/    Joseph A. Allegra

               

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Name: Joseph A. Allegra

Title: General Partner

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PURCHASER:

 

CROSS ATLANTIC TECHNOLOGY FUND II, L.P.

     

PURCHASER:

 

By:   

 

CROSS ATLANTIC CAPITAL PARTNERS, INC.,

    its General Partner

     

/s/    H.B.E. Van Cutsem

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Hugh Bernard Edward Van Cutsem

By:   

 

/s/    Glenn T. Rieger

             

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Name: Glenn T. Rieger

Title: President

             

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PURCHASER:

 

PRODUCTIVE NOMINEES LIMITED

             

PURCHASER:

 

PICTET PRIVATE EQUITY INVESTORS S.A.

By:  

/s/    Authorised Signature

              By:   /s/    Jurg Egli  

/s/    Elaine Brookes

   

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Name: Authorised Signature

Title:

                 

Name: Jürg Egli

Title: Director

 

Elaine Brookes

Director

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PURCHASER:

 

SCORPION NOMINEES (BVI) LIMITED

             

PURCHASER:

 

UBS FINANCIAL SERVICES INC. NOT IN ITS CORPORATE CAPACITY BUT SOLELY AS
CUSTODIAN OF THE INDIVIDUAL RETIREMENT

By:  

/s/    William Spencer

              ACCOUNT OF JONATHAN M. N. BINDER    

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Name: William Spencer

Title: Scorpion Nominees (BVI) Limited Director

                       

Address:

             

By:

 

/s/    Anthony Conti

   

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Address:

                 

Name: Anthony Conti

Title: Operations Manager

   

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PURCHASER:

         

PURCHASER:

 

JOSHUA M. RAFNER & ANGELA D. RAFNER 2000 TRUST

/s/    Emilie Van Cutsem

               

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            Emily Elise Christine Van Cutsem                

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PURCHASER:

             

PURCHASER:

 

WILLBRO NOMINEES LIMITED

/s/    Duncan John Lloyd Fitzwilliams

         

By:

 

/s/    

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Duncan John Lloyd Fitzwilliams              

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PURCHASER:

     

PURCHASER:

 

INTERCONTINENTAL SERVICES LTD

/s/    David B. Levi

         

By:

 

/s/    Colin Vibert

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David B. Levi              

Name: Colin Vibert

Title: Director

                   

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