Document:

Exhibit
10.1(i)

 

MASTER AMENDMENT

TO

SUBORDINATED NOTES

 

This Master Amendment to Subordinated Notes (this “Amendment”)  is entered into effective as of February 22, 2008 (the
“Effective Date”), by and among (i) Evolving Systems, Inc., a
Delaware corporation (“Maker”)  and (ii) the
holders of the Subordinated Notes identified on the signature pages hereto
(the “Junior Creditors”).

 

Recitals

 

A.                                   Maker, as
borrower, Evolving Systems Holdings, Inc., as a guarantor, and
CapitalSource Finance, LLC, as Agent and the existing Senior Lender thereunder,
are party to that certain Credit Agreement dated as of November 14, 2005
(the “Existing US Credit Agreement”),
pursuant to which, among other things, the Existing Senior Lenders thereunder
have made certain term loans and financial accommodations to Maker, as the
borrower thereunder.

 

B.                                     Evolving
Systems Limited, certain other obligors, CSE Finance Inc., as Agent, and
CapitalSource Finance, LLC, as the existing Senior Lender thereunder, have
entered into a Revolving Facility Agreement dated as of November 14, 2005
(the “Existing Revolving Loan Credit Agreement”
and together with the Existing US Credit Agreement, the “Existing
Credit Agreements”), pursuant to which, among other things, the
Existing Senior Lenders thereunder have made certain revolving loans and
financial accommodations to certain of the obligors thereunder.

 

C.                                     Maker
previously entered into certain unsecured subordinated notes each dated November 14,
2005 evidencing indebtedness in the aggregate original principal amount of
$4,869,700.47 (as the same have been and may be further amended, supplemented
or otherwise modified from time to time as permitted hereunder and under the
Subordinated Agreement referred to below, together with all notes and other
instruments issued in replacement thereof or substitution therefor, the “Subordinated Notes”). 
Defined terms used in this Amendment and not defined in this Amendment
have the respective meanings assigned to such terms in the Subordinated Notes.

 

D.                                    In connection
with and as a condition precedent to the execution of the Existing Credit
Agreements, the Existing Agent, Existing Senior Lenders, Junior Creditors,
Maker and the other US Obligors party thereto entered into that certain
Subordination Agreement dated as of November 14, 2005 (the “Existing Subordination Agreement”).

 

E.                                      Maker and
Bridge Bank, N.A. (the “Refinancing Lender”)
are entering into a Loan and Security Agreement dated the date hereof (as the
same may be amended, supplemented, replaced, substituted, refinanced or
otherwise modified from time to time, as permitted hereunder, the “US Loan Agreement”), pursuant to which, among other things,
the Refinancing Lender is agreeing, subject to the terms and conditions set
forth therein, to make certain loans and financial accommodations to Maker, as
borrower thereunder to, among other things, refinance Maker’s indebtedness
under the Existing US Credit Agreement.

 

F.                                      Evolving
Systems Limited, an indirect wholly-owned Subsidiary of Maker, and the
Refinancing Lender are entering into a Loan Agreement dated the date hereof (as
the same may be amended, supplemented, replaced, substituted, refinanced or
otherwise modified from time to time, as permitted hereunder, the “UK Loan Agreement” and together with the US Loan Agreement,
the “Credit Agreements”), pursuant to
which, among other things, the Refinancing Lender is agreeing, subject to the
terms and conditions set forth therein, to make certain revolving loans and
financial accommodations to 

 

 

Evolving Systems Limited to,
among other things refinance the indebtedness under the Existing Revolving Loan
Credit Agreement.

 

G.                                     As an
inducement to and as one of the conditions precedent to the agreement of the
Refinancing Lender under the Credit Agreements to consummate the transactions
contemplated thereby, the Refinancing Lender has required (i) the
execution and delivery of a Subordination Agreement, dated as of the date
hereof (as the same may be amended, supplemented, replaced, substituted,
refinanced or otherwise modified from time to time, as permitted hereunder, the
“Subordination Agreement”) and (ii) the
execution and delivery of this Amendment, in each case in order to replace and
supersede the Existing Subordination Agreement and to subordinate the
Subordinated Notes to the indebtedness under the Credit Agreements on
the terms and subject to the provisions of the Subordination Agreement and the
Subordinated Notes.

 

H.                                    The Junior
Creditors executing and delivering this Amendment constitute all of the holders
of the Subordinated Notes.

 

NOW, THEREFORE, based upon the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Maker and each of the Junior Creditors hereby agree as follows:

 

1.                                       Amendments to Subordinated
Notes.  Effective as of the Effective
Date, each of the Subordinated Notes is hereby amended as follows:

 

(a)                                  The legend at
the top of the first page of each Subordinated Note is hereby amended and
restated in its entirety as follows:

 

“THIS INSTRUMENT AND THE
RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO
THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT (AS THE SAME
MAY BE AMENDED, SUPPLEMENTED, REPLACED, SUBSTITUTED, REFINANCED OR
OTHERWISE MODIFIED FROM TIME TO TIME, THE “SUBORDINATION AGREEMENT”), DATED AS OF FEBRUARY 22, 2008,
AMONG EVOLVING SYSTEMS, INC., A DELAWARE CORPORATION, THE OTHER OBLIGORS (AS
DEFINED THEREIN), THE JUNIOR CREDITORS (AS DEFINED THEREIN), AND THE SENIOR
CREDITOR (AS DEFINED THEREIN), ALL AS MORE PARTICULARLY DESCRIBED IN THE
SUBORDINATION AGREEMENT, AND EACH HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE
HEREOF, SHALL BE BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT.”

 

(b)                                 The definition
of “ESI Entities” is hereby amended and restated in its entirety as follows:

 

“ESI Entities” shall mean each
individually and all collectively, Maker, Evolving Systems, Ltd., Evolving
Systems Holdings, Ltd. and all guarantors of the Senior Debt (as defined in the
Subordination Agreement) or the Notes, if any.

 

2

 

(c)                                  The definition
of “Revolving Loan Availability” is hereby amended and restated in its entirety
as follows:

 

“Revolving Loan Availability” shall mean, with respect to any
Quarterly Payment Date, the lesser of (i) the average daily amount of
availability under the revolving credit facilities in the Senior Credit
Agreements for the last calendar month of the applicable fiscal quarter and (ii) $4,500,000.

 

(d)                                 The definition
of “Revolving Loan Credit Agreement” is hereby replaced in its entirety with
the following definition of “UK Loan Agreement,” and each reference in the
Subordinated Notes to “Revolving Loan Credit Agreement” shall hereafter mean
and refer to “UK Loan Agreement”:

 

“UK Loan Agreement” shall mean the
Loan Agreement, dated as of February 22, 2008, between Evolving Systems
Limited, as borrower, and Bridge Bank, N.A., as lender, as the same may be
amended, supplemented, replaced, substituted, refinanced or otherwise modified
from time to time (subject to any applicable restrictions contained in the
Subordination Agreement).

 

(e)                                  The definition
of “Senior Credit Agent” is hereby replaced in its entirety with the following
definition of “Senior Creditor,” and each reference in the Subordinated Notes
to “Senior Credit Agent” or “Senior Agent” shall hereafter mean and refer to “Senior
Creditor”:

 

“Senior Creditor” shall mean Bridge Bank, N.A., together with
its successors and permitted assigns pursuant to the terms of the Senior Credit
Agreements and the Subordination Agreement.

 

(f)                                    The definition
of “Senior Credit Agreements” is hereby amended and restated in its entirety as
follows:

 

“Senior Credit Agreements” shall mean collectively the US Loan
Agreement and the UK Loan Agreement.

 

(g)                                 The definition
of “Subordination Agreement” is hereby amended and restated in its entirety as
follows:

 

“Subordination Agreement” shall mean that certain Subordination
Agreement, dated as of February 22, 2008, among Maker, the other obligors
named therein, the Senior Creditor and the holders of the Notes party thereto,
as the same may be amended, supplemented, replaced, substituted, refinanced or
otherwise modified from time to time in accordance with its terms.

 

(h)                                 The definition
of “Term Loan Agreement” is hereby replaced in its entirety with the following
definition of “US Loan Agreement,” and each reference in the Subordinated Notes
to “Term Loan Agreement” shall hereafter mean and refer to “US Loan Agreement”:

 

“US Loan Agreement” shall mean the
Loan and Security Agreement, dated as of  February 22, 2008, between
Maker and Bridge Bank, N.A., as lender, as the same may be amended,
supplemented, replaced, substituted, refinanced or otherwise modified from time
to time (subject to any applicable restrictions contained in the Subordination
Agreement).

 

3

 

Subordinated Notes remains in full force and effect is hereby ratified
in its entirety by the undersigned.  If
there is a conflict between the terms of this Amendment and those of any of the
Subordinated Notes, the terms of this Amendment shall

 

2.                                       Effect of
Amendments. Except as expressly amended by this Amendment,
each of the control.  All references in
any document to any one or more of the “Notes” shall mean and refer to the
applicable Notes, as amended pursuant to this Amendment.  This
Amendment shall be binding on all current and future holders of the
Subordinated Notes and their respective successors and permitted assigns,
regardless of whether any or all such parties, successors or assigns have
entered into or otherwise approved or consented to this Amendment.

 

3.                                       Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.  Signatures to this Amendment may be
transmitted via facsimile or “.pdf” file, and such signatures shall be deemed
to be originals.

 

4.                                       Governing
Law.  This
Amendment shall be governed by and construed in accordance with the laws of the
State of Delaware, without reference to conflict of laws principles.

 

[Remainder of this page intentionally
left blank.]

 

4

 

IN WITNESS WHEREOF, the parties hereto have executed, or caused their
duly authorized representatives to execute, this Master Amendment to
Subordinated Notes to be effective as of Effective Date.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EVOLVING
  SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Brian R.
  Ervine

  
	
   

  	
  Title:

  	
  Executive
  Vice President and Chief Financial

  
	
   

  	
   

  	
  and
  Administrative Officer

  

 

 

 

[Counterpart Signature Page to Master Amendment to Subordinated
Notes]

 

 

	
   

  	
  JUNIOR
  CREDITORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KAREN
  SINGER

  

 

 

 

[Counterpart Signature Page to Master Amendment to Subordinated
Notes]

 

 

	
   

  	
  JUNIOR
  CREDITORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MILFAM
  II LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

 

[Counterpart Signature Page to Master Amendment to Subordinated
Notes]Exhibit 10.2

Standstill Agreement

 

This STANDSTILL AGREEMENT, dated February 25, 2008 (the “Agreement”), is by and between Evolving Systems, Inc.,
a Delaware corporation (the “Company”), and
Karen Singer, as Trustee of the Singer Children’s Management Trust (the “Stockholder” and, together with the Stockholder’s Affiliates
(as defined below) and Associates (as defined below) from time to time, the “Singer Group”).

 

WHEREAS, the Stockholder is the beneficial owner of 2,592,528 shares of
common stock, par value $0.001 per share, of the Company (the “Common Stock”); and

 

WHEREAS, the Stockholder intends to acquire (such acquisition, the “Share Acquisition”) 500,000 shares
of common stock resulting from the conversion of Series B Redeemable
Convertible Preferred Stock of the Company owned by Apax WW Nominees Ltd a/c
AE4 (“Apax”), which acquisition is expected to
be consummated following the execution of this Agreement;  and

 

WHEREAS, the Stockholder has requested that the Company approve the
Share Acquisition and waive the applicability of Section 203 of the
Delaware General Corporation Law, as amended (“Section 203”),
and the Company wishes to grant such approval and waiver on the terms and
conditions set forth in this Agreement; and

 

WHEREAS, the Stockholder wishes, and the Company has agreed to take
such actions, to increase the number of directors constituting the board of
directors of the Company (the “Board”) by two (2) independent
directors to nine (9) directors.

 

NOW, THEREFORE, in consideration of the premises, mutual covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Stockholder, on
behalf of the Singer Group, and the Company hereby agree as follows:

 

Section 1. 
Representations.

 

(a) Binding Agreement:
Authority.   The Company hereby
represents and warrants that this Agreement has been duly authorized, executed
and delivered by the Company, and is a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms.  The Stockholder represents and warrants that
this Agreement has been duly authorized, executed and delivered by such
Stockholder, and is a valid and binding obligation of such Stockholder,
enforceable against such Stockholder in accordance with its terms.

 

(b) Share Ownership.   The Stockholder represents and warrants
that, as of the date hereof, it and its Affiliates and Associates are the “beneficial owners” (as defined below) of
the class and series of shares of capital stock of the Company in the amounts
set forth above and that, after giving effect to the occurrence of the Share
Acquisition it and its affiliates (as defined in Section 203) and
associates (as defined in Section 203) and having been informed by the
Company that there are 19,310,944 shares of Common Stock outstanding on the
date hereof and based solely on such information, will be the “owners” (as defined in Section 203)
of fifteen percent (15%) or more of the then outstanding shares of Common Stock
but, also based on the aforesaid information from the Company, it and its
Affiliates and Associates will beneficially own less than twenty percent (20%)
the then outstanding shares of Common Stock. 
None of the Singer Group nor any of their respective Affiliates and
Associates beneficially own, or 

 

1

 

have any rights, options or agreements to acquire or vote,
any other shares of capital stock of the Company.

 

(c) Waiver of Section 203.  The Company represents and warrants that the
Board adopted, on February 25, 2008, resolutions approving the Share
Acquisition and waiving the applicability of Section 203, which approval
and waiver shall no longer be effective following the consummation of the Share
Acquisition upon (i) any failure of the Singer Group to be in compliance
in all respects with the applicable material provisions of this Agreement and (ii) subsequent
to becoming an “interested stockholder”
(as defined in Section 203), solely as a result of any sale or disposition
of any capital stock of the Company by any of the Singer Group, any failure of
the Stockholder, and its affiliates (as defined in Section 203) and
associates (as defined in Section 203), to be the owners (as defined in Section 203)
of fifteen percent (15%) or more of the voting capital stock of the Company, or
to be an “interested stockholder”
(as defined in Section 203),

 

(d) Certain Defined Terms.  For purposes of this Agreement, the term “Affiliate” and “Associate” shall have the respective meanings set forth in Rule 12b-2
promulgated by the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of
1934, as amended (the “Exchange Act”).  For purposes of this Agreement, the terms “beneficial owner” and “beneficially own” shall have the same
meanings as set forth in Rule 13d-3 promulgated by the SEC under the
Exchange Act, except that a person shall also be deemed to be the beneficial
owner of all shares of Common Stock that such person has the right to acquire
pursuant to the exercise of any rights in connection with any securities or any
agreement, regardless of when such rights may be exercised and whether they are
conditional.

 

Section 2. 
Stockholder Director Nominations.   As soon as
practicable after the date hereof, the Board will (a) increase the size of
the Board from seven (7) members to nine (9) members and (b) appoint  two individuals proposed by the Stockholder
(each a “Singer Nominee”),  designating
one of the newly created directorships for the class of directors to be elected
at the 2008 Annual Meeting of the Stockholders of the Company (such class of
directors, the “2008 Class”) and the other newly
created directorship to be elected at the 2010 Annual Meeting of Stockholders
(such class of directors, the 2010 Class”).     Each such Singer Nominee shall,
immediately upon his or her appointment to the Board as aforesaid, in all
respects be, and be deemed to be, a full member of the Board having all voting
and other rights appurtenant to such membership under the Company’s Certificate
of Incorporation, By-laws and otherwise. 
Upon his or her appointment as aforesaid, the Singer Nominee in the 2008
Class shall serve on the Board until the 2008 Annual Meeting of
Stockholders, and at such 2008 Annual Meeting of Stockholders, such Singer
Nominee shall be nominated by the Company as provided in the next sentence of
this Section 2.  The Company further
agrees to nominate the Singer Nominee in the 2008 Class for election as a
director of the Company at its 2008 Annual Meeting of Stockholders and use its
reasonable best efforts to cause the election of the 2008 Singer Nominee to the
Board of the Company for a three year term ending in 2011 and until his or her
successor is duly elected and qualified. 
Upon his or her appointment as aforesaid, the Singer Nominee in the 2010
Class shall serve until the later of the date on which the Standstill
Period expires or the date of the 2010 Annual Meeting of Stockholders.  Notwithstanding the foregoing, the Board shall
have no obligation to appoint such individuals to the Board if the Board
determines in its reasonable discretion that either or both of such proposed
Singer Nominees does not meet the requirements of an independent director under
the then applicable NASDAQ listing standards or is otherwise determines in the
exercise of such reasonable discretion that either or both of such proposed
Singer Nominee are not qualified or acceptable to serve as a director of the
Company.  As a condition to the
nomination to the Board of each of the Singer Nominees, each Singer Nominee
shall execute and deliver a customary confidentiality agreement of the Company
for such purposes and shall agree in writing to be bound by the terms and
conditions of the Company’s policies applicable to all directors, including,
without limitation, the Company’s Code of Business Conduct and insider trading
policies as amended and in effect from time to time.  Notwithstanding the foregoing, at and after
such time after the date of this Agreement that the Stockholder beneficially
owns ten percent

 

2

 

(10%)
or less of the outstanding shares of Common Stock, the obligations of the
Company under this Section 2 shall terminate and be of no further force or
effect.

 

Section 3. 
Voting.

 

(a) Meetings of Stockholders/
Standstill Provisions.  For the
period (the “Standstill Period”) beginning from and after the date (the “Singer
Nominee Board Appointment Date”) on which both of the Singer Nominees are
appointed to the Board of the Company as provided in Section 2 of this
Agreement and expiring on the eighteen (18) month anniversary of the Singer
Nominee Appointment Date,  and so long as
there is no failure of the Company to be in compliance in all respects with the
applicable material provisions of this Agreement, the Singer Group will not
submit any stockholder proposal (pursuant to Rule 14a-8, promulgated under
the Exchange Act, or otherwise), or any notice of nomination or other business
under the bylaws of the Company, as amended and in effect, and will not
nominate (except to the extent provided in Section 2 above) or oppose
directors for election at any Annual Meeting of Stockholders of the
Company.   During the Standstill Period
and so long as there is no failure of the Company to be in compliance in all
respects with the applicable material provisions of this Agreement, the Singer
Group shall cause (i) for any meeting of stockholders of the Company, all
shares of voting capital stock of the Company owned by any of them
(collectively, the “Shares”) as of the record date, to be present for quorum
purposes and (ii) for any meeting of stockholders of the Company at which
directors are to be elected, all Shares as of the record date, to be voted in
favor of the Company’s nominees for directors at such meeting or any
adjournments or postponements thereof.

 

(b) Other Meetings.  During the Standstill Period and so long as
there is no failure of the Company to be in compliance in all respects with the
applicable material provisions of this Agreement, the Singer Group shall cause
all Shares as of the record date for any other meetings of stockholders of the
Company, to be present for quorum purposes and to be voted, at such meeting or
any adjournments or postponements thereof, in favor of any matter brought
before such meeting upon the recommendation of the Board by a two-third (2/3rd)
vote of those members voting; provided,
however, that this provision will not restrict the Singer Group from
voting as they deem appropriate in the exercise of their fiduciary duty with
respect to a merger, tender offer, reorganization, recapitalization, sale of
assets or other similar transaction that is submitted for stockholder approval
at such meeting, it being understood that to the extent any such proposal
includes the proposed election of an alternate slate of directors in lieu of
directors nominated by the Company, the Singer Group will in all events be
required to vote in favor of the Company’s nominees.

 

(c) Further Assurances.  The Singer Group shall take all actions
necessary to carry out the intention of this Section 3, including, without
limitation, delivering to the Company upon its written request executed proxies
naming the proxies appointed by the Company for all Shares as of the record
dates for the aforementioned meetings of stockholders.

 

Section 4. 
Additional Standstill Arrangements.  During the
Standstill Period and so long as there is no failure of the Company to be in
compliance in all respects with the applicable material provisions of this
Agreement, none of the Singer Group will, without the written consent of the
Company, directly or indirectly, solicit, request, advise, assist or encourage
others (other than exercising their rights to vote their respective Shares at
an annual or special meeting of the stockholders of the Company, in each
instance in compliance with the terms of this Agreement), to (a) effect,
seek or offer or propose (whether publicly or otherwise) to effect, or cause or
participate in or in any way solicit or assist any other person to effect or
seek, offer or propose (whether publicly or otherwise) to effect or participate
in, (i) any acquisition of any assets of the Company or any of its
subsidiaries; (ii) any tender or exchange offer, merger or other business
combination involving the Company or any of its subsidiaries; (iii) any
recapitalization, restructuring, liquidation, dissolution or other
extraordinary transaction with respect to the Company or any of its
subsidiaries; or (iv) any “solicitation”
of “proxies” (as such terms are used in the
proxy rules promulgated by the SEC) or consent to vote any voting
securities of the Company; 

 

3

 

(b) form,
join, encourage, influence, advise or in any way participate in a “group” (as defined under the Exchange Act); (c) except
as otherwise expressly provided herein, otherwise act, alone or in concert with
others, to seek to control or influence the management, the Board or policies
of the Company; (d) except as described in Section 2, nominate any
person as a director of the Company or propose any matter to be voted on by
stockholders of the Company; or (e) take any action which would reasonably
be expected to force the Company to make a public announcement regarding any
types of matters set forth in (a) above; or (f) enter into any
discussions or arrangements with any third party with respect to any of the
foregoing.  The Stockholder also agrees
that during the Standstill Period not to request the Company (or its directors,
officers, employees or agents), directly or indirectly, to amend or waive any
provision of this paragraph (including this sentence).   Notwithstanding the foregoing provisions of
this Section 4 or any other provision of this Agreement, if at any time or
from time to time any third party or third parties (collectively, a “Third
Party”)  other than as a result of the
direct or indirect solicitation, request, advice, assistance or encouragement
of any member of the Singer Group, effects, seeks or offers or proposes to
effect seek or offers or participates in, or in any way assists any other
person, to effect, seek, offer, propose or participate in, any of the acts or
activities (the “Activities”)  referred
to in items (i), (ii) (iii) and/or (iv) of clause (a) of
the first sentence of this Section 4, then, so long as any one or more
members of the Singer Group shall have given not less than 15 calendar days’
advance notice to the Chief Executive Officer of the Company of such member or
members intention to communicate with the Third Party or the Board of the
Company, such member or members of the Singer Group shall be free to
communicate directly with the Board of the Company and/or such Third Party on a
confidential, non-public basis in all respects about the Activities, including,
without limitation, either in support of or in opposition to the
Activities.  Any one or more members of
the Singer Group who wish to communicate with a Third Party and who will
receive material non-public information about the Company in connection with
such communication shall, before receiving such information, enter into a
written non-disclosure agreement with the Company and such Third Party in form
and substance mutually acceptable to the parties thereto.

 

Section 5. 
Press Releases and Other Public Statements. 
During the Standstill Period the Company and the Stockholder agree as
follows:

 

(a) The Company agrees to provide
the Stockholder with an opportunity to review and comment on any press release,
public filing, or letter to the Company’s stockholders containing statements
about the Stockholder prior to its public release; provided, however,
that nothing in this Section 5(a) shall impede or delay the ability
of the Company act in compliance with the requirements of all applicable
federal securities laws and other applicable laws.

 

(b) The Stockholder agrees to
provide the Company with an opportunity to review and comment on any press
release, public filing, or letter to the Company’s stockholders containing statements
about the Company, prior to its public release; provided, however,
that nothing in this Section 5(b) shall impede or delay the ability
of the Stockholder to act in compliance with the requirements of all applicable
federal securities laws and other applicable laws.

 

(c) Neither the Company nor any of
the Singer Group shall, directly or indirectly, make or issue or cause to be
made or issued any disclosure, announcement or statement (including without
limitation the filing of any document or report with the SEC or any other
government agency or any disclosure to any journalist, member of the media or
securities analyst) concerning the other party or any of its respective past,
present or future general partners, directors, officers or employees, which
disparages any of such other party’s respective past, present or future general
partners, directors, officer or employees as individuals (recognizing that the
parties shall be free to comment in good faith regarding the business of the
Company, provided any such
comment shall not otherwise violate the terms of this Agreement).

 

Section 6. 
Remedies.  Each party hereto hereby acknowledges and
agrees that irreparable harm would occur in the event any of the provisions of
this Agreement were not performed in accordance with 

 

4

 

their
specific terms or were otherwise breached. 
It is accordingly agreed that the parties shall be entitled to specific
relief hereunder, including, without limitation, an injunction or injunctions
to prevent and enjoin breaches of the provisions of this Agreement and to
enforce specifically the terms and provisions hereof in any state or federal
court in the State of Delaware or in any state or federal court in the State of
Colorado, in addition to any other remedy to which they may be entitled at law
or in equity.  Any requirements for the
securing or posting of any bond with such remedy are hereby waived.

 

Section 7. 
Amendment; Waiver.  Any provision of this
Agreement may be amended or waived, if, and only if, such amendment or waiver
is in writing and signed, in the case of an amendment by all parties hereto, or
in the case of a waiver, by the party hereto against whom the waiver is to be
effective.  No failure or delay by any
party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege.

 

Section 8. 
No Assignment or Benefit to Third Parties.  The
Stockholder may not assign, or cause to be assigned, any of its rights under
this Agreement or delegate, or cause to be delegated, any of the obligations
relating to the Singer Group under this Agreement by operation of law or
otherwise, without the prior written consent of the Company.  Nothing in this Agreement, express or
implied, is intended to confer upon any person, other than the Stockholder and
the Company and their respective permitted successors and permitted assigns,
any right or remedy under or by reason of this Agreement.

 

Section 9. 
Entire Agreement.  This Agreement, together with
the schedule hereto, contain the entire understanding of the parties with
respect to the subject matter hereof and may be amended only by an agreement in
writing executed by the parties hereto.

 

Section 10. 
Notices.  All notices, consents, requests,
instructions, approvals and other communications provided for herein and all
legal process in regard hereto shall be validly given, made or served, if in
writing and sent by U.S.  registered
mail, return receipt requested, by facsimile, with written confirmation of
receipt, or by electronic mail in portable document format, with written confirmation
of receipt:

 

if to the Company:                                            Evolving Systems, Inc.

9777 Pyramid Court

Suite 100

Englewood, Colorado 80112

Facsimile:  (303) 802-1138

Email:  Anita.Moseley@evolving.com

Attention: General Counsel

 

with a copy to:                                                                 Holme Roberts & Owen LLP

1700 Lincoln Street, Suite 4100

Denver, Colorado 80203

Facsimile:  (303) 866-0200

Email:  charles.maguire@hro.com

Attention: Charles D. Maguire, Jr.

 

5

 

if to the Stockholder:                                Karen Singer

c/o Romulus Holdings

2200 Fletcher Avenue, Fifth Floor

Fort Lee, NJ 07024

 

with copies to:                                                                  Andrews Kurth LLP

450 Lexington Avenue

New York, NY 10017

Attention: Charles Uniman, Esq.

Fax No: 212-850-2929

 

Section 11. 
Governing Law
..  This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of
Delaware, without regard to any conflict of laws provisions thereof.  Each party hereto, on behalf of itself and
its Affiliates and Associates, hereby irrevocably and unconditionally consent
to the exclusive jurisdiction of the courts in the State of Delaware and/or the
courts of the United States of America located in the State of Delaware, for
any action, suit or proceeding arising out of or relating to this Agreement or
the transactions contemplated hereby, and agree not to commence any action,
suit or proceeding related thereto except in such courts.  Each party hereto, on behalf of itself and
its Affiliates and Associates, hereby irrevocably and unconditionally waive any
objection to the laying of venue of any action, suit or proceeding arising out
of this Agreement or the transactions contemplated hereby, in the courts in the
State of Delaware and/or the courts of the United States of America located in
the State of Delaware, and hereby further irrevocably and unconditionally waive
and agree not to plead or claim in any such court that any such action, suit or
proceeding in any such court has been brought in any inconvenient forum.

 

Section 12. 
Counterparts.  This Agreement may be executed and delivered
(including without limitation by facsimile or PDF signature) 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.

 

Section 13. 
No Presumption Against Draftsman.  Each party
hereto hereby acknowledges that the parties hereto fully negotiated the terms
of this Agreement, that each such party had an equal opportunity to influence
the drafting of the language contained in this Agreement and that there shall
be no presumption against any such party on the ground that such party was
responsible for preparing this Agreement or any part hereof.

 

Section 14. 
Enforceability.  If any term, provision,
covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.  It is hereby stipulated and declared to be
the intention of the parties hereto that the parties hereto would have executed
the remaining terms, provisions, covenants and restrictions without including
any of such which may be hereafter declared invalid, void or
unenforceable.  In addition, the parties
hereto shall use best efforts to agree upon and substitute a valid and
enforceable term, provision, covenant or restriction for any such that is held
invalid, void or unenforceable by a court of competent jurisdiction.

 

[SIGNATURES FOLLOW]

 

6

 

IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement, or caused the same to be executed by its duly authorized
representative as of the date first above written.

 

	
   

  	
  COMPANY

  
	
   

  	
   

  
	
   

  	
  EVOLVING SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Thaddeus Dupper

  
	
   

  	
  Title:

  	
  President &
  CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  STOCKHOLDER

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Karen Singer, Trustee
  for Singer Children’s Management Trust

  
	
   

  	
   

  

 

7

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