Document:

Exhibit 4.3

 

AMENDMENT NO. 1

 

TO THE

 

SHAREHOLDERS’ AGREEMENT

 

OF

 

TELEGLOBE INTERNATIONAL HOLDINGS LTD

 

AMENDMENT No.
1, dated as of March 26, 2004, TO THE SHAREHOLDERS’ AGREEMENT OF TELEGLOBE
INTERNATIONAL HOLDINGS LTD, a Bermuda company (the “Company”), dated as of
October 1, 2003 (the “Agreement”), by and among the Company and TLGB
Acquisition LLC, a limited liability company formed under the laws of the State
of Delaware (“TLGB”), Gemini Trust, The Willett Trust, Serge Fortin, Daniel
Bergeron, Henri Alexandre, Michel Guyot and Jean-Pierre Gratton (together with
TLGB, the “Shareholders”).

 

WHEREAS, the
Company and the Shareholders wish to amend the Agreement to the extent provided
herein in order to clarify the intent of the parties contained therein.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.             Amendment to Definition of
Initial Public Offering. The definition of “Initial Public Offering” in the
Agreement is hereby amended and restated in its entirety to read as follows:

 

“Initial
Public Offering” shall mean the first public offering of any class of
equity securities of the Company pursuant to a registration statement filed
with and declared effective by the SEC, other than a registration relating
solely to employee benefit plans on Forms F-1, S-1, F-8 or S-8 (or any similar
forms) or any successor forms which may be promulgated in the future, or a
registration relating solely to a Securities and Exchange Commission Rule 145
transaction on Forms F-4 or S-4 (or any similar forms) or any successor forms
which may be promulgated in the future.

 

2.             Amendment to Section 2.2(a)(i).
Section 2.2(a)(i) of the Agreement is hereby amended and restated in its
entirety to read as follows:

 

“Right to
Include Registrable Securities.  If
the Company at any time or from time to time after an Initial Public Offering
proposes to register any of its securities under the Securities Act (other than
in a registration on Forms F-4, S-4, F-8 or S-8 (or any similar form) or any
successor form to such forms promulgated in the future and other than pursuant
to Section 2.1 or 2.3) whether or not pursuant to registration rights granted
to other holders of its securities and whether or not for sale for its own
account, the Company shall deliver prompt written notice (which notice shall be
given at least 45 days prior to such proposed registration) to all Holders of
Registrable Securities of its intention to undertake such registration,
describing in reasonable

 

1

 

detail the proposed registration and distribution (including the
anticipated range of the proposed offering price, the class and number of
securities proposed to be registered and the distribution arrangements) and of
such Holders’ right to participate in such registration under this Section 2.2
as hereinafter provided.  Subject to the
other provisions of this Section 2.2(a) and Section 2.2(b), upon the written
request of any Holder made within 30 days after the receipt of such written
notice (which request shall specify the amount of Registrable Securities to be
registered and the intended method of disposition thereof), the Company shall
effect the registration under the Securities Act of all Registrable Securities
requested by Holders to be so registered (an “Incidental Registration”),
to the extent required to permit the disposition (in accordance with the
intended methods thereof as aforesaid) of the Registrable Securities so to be
registered, by inclusion of such Registrable Securities in the Registration
Statement which covers the securities which the Company proposes to register
and shall cause such Registration Statement to become and remain effective with
respect to such Registrable Securities in accordance with the registration
procedures set forth in Section 4.  If
an Incidental Registration involves an Underwritten Offering, immediately upon
notification to the Company from the Underwriter of the price at which such
securities are to be sold, the Company shall so advise each participating
Holder.  The Holders requesting
inclusion in an Incidental Registration may, at any time prior to the effective
date of the Incidental Registration Statement (and for any reason), revoke such
request by delivering written notice to the Company revoking such requested
inclusion.”

 

3.             Amendment to Section 3.1.
Section 3.1 of the Agreement is hereby amended and restated in its entirety to
read as follows:

 

“Restrictions
on Sale by Holders of Registrable Securities .  Each Holder of Registrable Securities
agrees, by acquisition of such Registrable Securities, if timely requested in
writing by the sole or lead managing Underwriter, not to make any short sale
of, loan, grant any option for the purchase of or effect any public sale or
distribution, of any of the Company’s equity securities (or any security
convertible into or exchangeable or exercisable for any of the Company’s equity
securities) during the time period reasonably requested by the sole or lead
managing Underwriter not to exceed 90 days or, in the case of an Initial Public
Offering, 180 days beginning on the effective date of the applicable
registration statement (except as part of such underwritten registration or
pursuant to registrations on Forms F-4, S-4, F-8 or S-8 (or any similar form)
or any successor form to such forms promulgated in the future), unless the sole
or lead managing Underwriter in such Underwritten Offering otherwise agrees; provided,
however, that to the extent the Company or the sole lead managing
Underwriter releases any other Person from the foregoing or equivalent
restrictions in whole or in part it shall, on the same day, notify the Holders
of such release and such parties shall automatically be released to the same
extent.”

 

4.             Amendment to Section 3.2.
Section 3.2 of the Agreement is hereby amended and restated in its entirety to
read as follows:

 

“Restrictions
on Sale by the Company and Others . 
The Company agrees that if timely requested in writing by the sole or
lead managing Underwriter in an Underwritten Offering of any Registrable
Securities, not to make any short sale of, loan, grant any option for the
purchase of or effect any public sale or distribution of any of the Company’s
equity securities (or any security convertible into or exchangeable or
exercisable for any of the Company’s equity securities) during the time period
reasonably requested by the sole or lead managing Underwriter

 

2

 

not to exceed 90 days or, in the case of an
Initial Public Offering, 180 days, beginning on the effective date of the
applicable registration statement (except as part of such underwritten
registration or pursuant to registrations on Forms F-4, S-4, F-8 or S-8 (or any
similar form) or any successor form to such forms promulgated in the future),
unless the sole or lead managing Underwriter in such Underwritten Offering
otherwise agrees.”

 

5.             Miscellaneous.

 

(a)           This Amendment shall
become effective when executed and delivered by the Company, TLGB and the
Majority Other Shareholders (as defined in the Agreement).

 

(b)           Except as expressly
amended hereby, the Agreement shall continue in full force and effect in
accordance with the provisions thereof on the date hereof.

 

(c)           This Amendment may
be executed in two or more counterparts, each of which shall be deemed to be an
original, but all of which together shall constitute one and the same
instrument.

 

3

 

IN WITNESS
WHEREOF, this Amendment has been duly executed and delivered as of the date
first above written.

 

	
   

  	
  THE COMPANY:

  
	
   

  	
   

  
	
   

  	
  TELEGLOBE INTERNATIONAL HOLDINGS LTD

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lenard Tessler

  	
   

  
	
   

  	
   

  	
  Name: Lenard Tessler

  	
   

  
	
   

  	
   

  	
  Title: Chairman

  	
   

  
	
   

  	
   

  
	
   

  	
  SHAREHOLDERS:

  
	
   

  	
   

  
	
   

  	
  TLGB ACQUISITION LLC

  
	
   

  	
   

  
	
   

  	
  By: TELEGLOBE HOLDINGS LLC,

  
	
   

  	
  its
  Managing Member

  
	
   

  	
   

  
	
   

  	
  By: CERBERUS PARTNERS, L.P.,

  
	
   

  	
  its Managing Member

  
	
   

  	
   

  
	
   

  	
  By: Cerberus Associates, L.L.C.,

  
	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Seth P. Plattus

  	
   

  
	
   

  	
  Name: Seth P. Plattus

  
	
   

  	
  Title: Managing Director

  
	
   

  	
   

  
	
   

  	
  GEMINI TRUST

  
	
   

  	
   

  
	
   

  	
  By: ROYAL BANK OF CANADA

  
	
   

  	
  TRUST COMPANY (BAHAMAS) LIMITED, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara Carroll

  
	
   

  	
  Name: Barbara Carroll

  
	
   

  	
  Title: Senior Trust Officer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daphne Moss

  
	
   

  	
  Name: Daphne Moss

  
	
   

  	
  Title: Senior Trust Officer

  
	
   

  	
   

  
					

 

4

 

	
   

  	
  THE WILLETT TRUST

  
	
   

  	
   

  
	
   

  	
  By: Richard David Willett, Sr., as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Richard David Willett, Sr.

  
	
   

  	
   

  	
  Richard David Willett, Sr.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Serge Fortin

  
	
   

  	
  Serge Fortin

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Daniel Bergeron

  
	
   

  	
  Daniel Bergeron

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Henri Alexandre

  
	
   

  	
  Henri Alexandre

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michel Guyot

  
	
   

  	
  Michel Guyot

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Jean-Pierre Gratton

  
	
   

  	
  Jean-Pierre Gratton

  
				

 

5Exhibit 4.4

REPURCHASE AGREEMENT

REPURCHASE AGREEMENT, dated as of March 26, 2004
(the “Agreement”), by and between Teleglobe Bermuda Holdings Ltd, a
Bermuda company (the “Company”), and the persons listed on the signature
pages hereto under the heading “Purchasers” (each such person being referred to
as a “Purchaser”, and collectively, the “Purchasers”).

WHEREAS, TLGB Acquisition LLC, a Delaware limited
liability company (“TLGB”) and each Purchaser are parties to certain
Share Purchase Agreements, dated as of October 1, 2003 (the “Share Purchase
Agreements”), whereby the Purchasers acquired the number of common shares,
par value $0.01 per share of Teleglobe International Holdings Ltd, a Bermuda
company (“TIHL”) (or any shares into which such common shares may be converted
or exchanged whether by merger or otherwise, the “Shares”) as is set
forth opposite each Purchaser’s name on Schedule A attached hereto (as
adjusted for the bonus issuance of shares that occurred on January 26, 2004);
and

WHEREAS, TLGB, the Company and the Purchasers have
agreed to eliminate transfer restrictions in the Share Purchase Agreements in
the event of the termination of employment of a Purchaser or Richard Willett
with the Company or any of its affiliates for (a) disability, (b) resignation
with Good Reason and (c) termination without Cause; and

WHEREAS, the Company and the Purchasers wish to set
forth their understanding with respect to certain of the rights of the Company
to repurchase the Shares acquired by the Purchasers pursuant to the Share
Purchase Agreements.

NOW, THEREFORE, the parties hereto agree as follows:

1.             Repurchase by the Company.  At
any time within six (6) months after (i) termination of the employment of a Purchaser or Mr. Willett by the
Company or any of its affiliates for Cause (as defined herein below); (ii)
termination of the employment of a Purchaser or Mr. Willett with the Company or
any of its affiliates by resignation without Good Reason (as defined herein
below), the Company shall have the right, but not the obligation, to purchase
from such Purchaser or The Willett Trust in the case of the termination or
resignation of Richard Willett and such Purchaser or The Willett Trust (as the
case may be) shall sell to the Company, any or all of the Shares that such
person owns for an amount per share equal to the purchase price per share (as
adjusted for stock splits, stock dividends, combination or reclassification of
shares or other similar events) paid by the Purchaser pursuant to the Share
Purchase Agreements.

 

For purposes of this Agreement “Cause” means
as to a Purchaser or Mr. Willett: (i) the commission of a felony by such
person, (ii) acts of dishonesty by such
person, resulting or intending to
result in personal gain or enrichment at the expense of the Company or any of
its affiliates, (iii) the material breach of any employment
agreement(s)

 

 

with the Company or any of its affiliates, if any, by such person, (iv)
the contravention by such person of specific written lawful directions from the
Board of Directors of the Company or any of its affiliates, (v) conduct by such
person in connection with his duties under his employment agreement(s), if any,
with the Company or any of its affiliates, that is fraudulent, unlawful, or
negligent, or (vi) misconduct by such person which seriously discredits or
damages the Company or any of its affiliates.

 

“Good Reason” means with respect to a
Purchaser or Mr. Willett, the occurrence of any of the following without such
person’s written consent:  (i) action by
the Company or any of its affiliates that results in a material diminution in
such person’s position, authority, duties or responsibilities; (ii) the failure
by the Company or any of its affiliates to make any payment or provide any
award or benefit to such person under any employment agreement(s) pursuant to
the terms thereof; or (iii) the breach by the Company or any of its affiliates
of any material term of any employment agreement(s) with such person, provided
that the Company or any of its affiliates shall have failed to cure the
deficiency that results in “Good Reason” within fifteen (15) business days
after receipt of written notice from such person specifying the nature of the
deficiency in reasonable detail.

 

Notwithstanding the foregoing, in the event a Purchaser
or Mr. Willett is subject to an employment agreement or other agreement with
the Company or any of its affiliates that contains a definition of Cause and/or
Good Reason, the terms “Cause” and “Good Reason” as used in this Agreement
shall have the same meaning as ascribed to such term in such employment
agreement.

 

                2.             Termination of Repurchase Rights.  The Company’s right to repurchase under
Section 1 above shall terminate as to each Purchaser or The Willett Trust, at
the earliest of (i) December 31, 2007, (ii) the date upon which Cerberus
Capital Management, L.P. (“Cerberus”) or its affiliated companies no
longer holds more than 50% of the voting power of the Company or (iii) the
termination of the employment of such person with the Company or any of its
affiliates by reason of (x) disability, (y) resignation with Good Reason or (z)
termination without Cause (the “Termination Date”), provided, however,
that any right to repurchase arising prior to the Termination Date shall
survive the Termination Date until the expiration of the six-month period set
forth in Section 1 above or the 90-day extended period set forth in Section 3
below.

                3.             Mechanics. 
Upon the occurrence of an event that entitles the Company to repurchase
any of the Shares from a Purchaser or The Willett Trust pursuant to Section 1
above, the Company shall, by written notice to such person within the
applicable six-month period after such event, notify such person of such number
of Shares, if any, to be purchased by the Company (the “Purchase Notice”).  The Company and such person shall consummate
such purchase on a date to be agreed upon (not later than 10 calendar days
after the delivery of the Purchase Notice) by delivery by such person of
certificate(s) representing the Shares to be repurchased and by delivery of the
purchase price therefor by the Company by check or wire transfer.

 

-2-

 

                                If
such purchase of Shares by the Company is prohibited pursuant to the terms of
any agreement to which the Company is a party, the period during which the
Company may make such purchase shall be extended for a period of 90 days from
the expiration of the six-month period set forth in Section 1 above.  If the Company does not exercise its right
to repurchase all Shares eligible to be repurchased pursuant to Section 1
within the applicable six-month or 90-day extended period, the Company’s right
to repurchase such Shares pursuant to Section 1 above shall completely lapse.

                4.             Transfer Restrictions.  Prior to the Termination Date, no Purchaser may sell, dispose of or otherwise transfer any
Shares owned by it without the consent of the Company except to the Company in
accordance with this Agreement and, provided that the consent of the Company
has been obtained, upon compliance in any other sale upon consent of the
Company upon compliance with Sections 7.1, 7.2 and 7.6 of the Shareholders’
Agreement dated October 1, 2003 by and among the Company and the persons listed
on the signature pages thereto and as amended by Amendment No. 1 thereto dated
as of the same date hereof.

5.             Further Action.  Each party hereto agrees to execute and
deliver any instrument and take any action that may reasonably be requested by
any other party for the purpose of effectuating the provisions of this
Agreement.

6.             General Provisions.

6.1           Effectiveness. 
This Agreement shall be effective upon the Effective Time (as defined in
the Agreement and Plan of Merger, dated November 4, 2003 by and among TIHL, VEX
Merger Subsidiary Corp. and ITXC Corp. (the “Merger Agreement” of the
Merger (as defined in the Merger Agreement). 
In the event that the Merger Agreement is terminated prior to the
Effective Time, this Agreement shall be null and void and of no further force
and effect.

6.2           Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of New York applicable to agreements made and to be performed
entirely within such State.

6.3           Binding. 
This Agreement shall inure to the benefit of and be binding upon the
Company and the Purchasers, their respective successors, administrators,
representatives, heirs and assigns.

6.4           Counterparts. 
This Agreement may be executed simultaneously in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

-3-

 

6.5           Entire Agreement. 
This Agreement embodies the entire agreement and understanding of the
Company and the Purchasers hereto in respect of the subject matter contained
herein.  There are no restrictions,
promises, warranties, covenants, or understandings, other than those expressly
set forth or referred to herein.  This
Agreement supersedes all prior agreements and understandings between the
Company and the Purchasers with respect to such subject matter.  No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by the Company and
the Purchasers.

 

-4-

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first set forth above.

 

	
   

  	
   

  	
  THE COMPANY:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TELEGLOBE BERMUDA

  
	
   

  	
   

  	
  HOLDINGS LTD

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Lenard Tessler

  
	
   

  	
   

  	
   

  	
  Name: Lenard Tessler

  
	
   

  	
   

  	
   

  	
  Title:  Chairman

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PURCHASERS:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE WILLETT TRUST

  
	
   

  	
   

  	
   

  	
  By: Richard David Willett, Sr., as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Richard David Willett, Sr.

  
	
   

  	
   

  	
   

  	
  Richard David Willett, Sr.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Serge Fortin

  
	
   

  	
   

  	
   

  	
  Serge
  Fortin

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Daniel Bergeron

  
	
   

  	
   

  	
   

  	
  Daniel
  Bergeron

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Henri Alexandre

  
	
   

  	
   

  	
   

  	
  Henri
  Alexandre

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Michel Guyot

  
	
   

  	
   

  	
   

  	
  Michel
  Guyot

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/
  Jean-Pierre Gratton

  
	
   

  	
   

  	
   

  	
  Jean-Pierre
  Gratton

  
					

 

-5-

 

SCHEDULE A

(reflects
post-bonus share issuance)

 

	
  Purchaser

  	
   

  	
  Number of
  Shares

  	
   

  
	
  The Willett Trust

  	
   

  	
  674,562.168

  	
   

  
	
  Serge Fortin

  	
   

  	
  210,800.6775

  	
   

  
	
  Daniel Bergeron

  	
   

  	
  168,640.5420

  	
   

  
	
  Henri Alexandre

  	
   

  	
  70,266.8925

  	
   

  
	
  Michel Guyot

  	
   

  	
  70,266.8925

  	
   

  
	
  J.P. Gratton

  	
   

  	
  70,266.8925

  	
   

  

 

-6-

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