Document:

Exhibit 10.11

 

EXECUTION COPY

 

WARRANT AGREEMENT

 

This WARRANT
AGREEMENT (this “Agreement”) is made as of November 22, 2005, by and
among the Persons listed as Purchasers on the signature pages hereto (each a “Purchaser”
and collectively the “Purchasers”), and Navtech, Inc., a Delaware
corporation (the “Company”). 
Capitalized terms used herein and not otherwise defined shall have the
meanings given to such terms in Section 6 hereof.

 

WHEREAS, Navtech
Systems Support Inc., an Ontario corporation and a wholly-owned subsidiary of
the Company (“Navtech Canada”), and the Purchasers have entered into a
Note Purchase Agreement, dated the date hereof (as the same may be modified,
amended and supplemented from time to time, the “Note Purchase Agreement”);

 

WHEREAS, pursuant
to the Note Purchase Agreement, the Purchasers will purchase from Navtech
Canada on the date hereof those certain 9.0% Senior Subordinated Notes due 2011
in an aggregate principal amount of $6.0 million and those certain 12.5% Senior
Subordinated Notes due 2011 in an aggregate principal amount of $15.0 million;

 

WHEREAS, as an
inducement and partial consideration to the Purchasers to enter into the Note
Purchase Agreement and to purchase the Notes, the Company has agreed to issue
on the date hereof to the Purchasers the Warrants in consideration for the
Purchasers’ purchase of the Notes, pursuant to the terms and conditions of this
Agreement; and

 

WHEREAS, the
Company has authorized the issuance of the Warrants to the Purchasers pursuant
to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration,
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

SECTION 1.           Issuance
of Warrants; Closing.

 

1A.          Closing.  The issuance of the Warrants to the
Purchasers (the “Closing”) shall take place simultaneously with the
closing of the purchase and sale of the Notes pursuant to the Note Purchase
Agreement.  The date of the Closing is
hereinafter referred to as the “Closing Date.”

 

1B.          Issuance
of the Warrants.  At the Closing, the
Company shall issue to each Purchaser in consideration for the Purchasers’
purchase of the Notes, a Warrant initially exercisable for the number of shares
of Common Stock, par value $0.001 per share (the “Common Stock”), of the
Company set forth next to such Purchaser’s name on the Schedule of
Warrantholders attached hereto.  The
Warrants shall be substantially in the form of Exhibit A attached hereto
and shall be exercisable in accordance with the terms thereof.

 

1C.          Other
Agreements.  At the Closing, as a
condition to the issuance and delivery of the Warrants, each of the Purchasers
and the Company will enter into the Registration Rights Agreement, and each of
the Purchasers and the Company acknowledges and agrees that the Warrant Shares
will be subject to the terms thereof and entitled to the benefits thereof.

 

 

SECTION 2.           Representations
and Warranties of the Company.

 

2A.          Incorporation
of Certain Representations and Warranties. 
As of the Closing, the Company represents and warrants to each of the
Purchasers that each of the representations and warranties made by Navtech
Canada in Sections 6J and 6Y of the Note Purchase Agreement would be true and
correct as of the Closing Date, if (i) references to “the Company” or “the
Company Group” in such sections were references to the Company, and (ii)
references to “the Notes” in such sections were references to the Warrants and
Underlying Common Stock.

 

2B.          Organization
and Power.  The Company is a
corporation duly organized, validly existing and in good standing under the
Laws of the State of Delaware and is qualified to do business in every
jurisdiction in which the failure to so qualify might reasonably be expected to
have a Material Adverse Effect.  The
Company has the corporate power and authority and all material licenses,
permits and authorizations necessary to own and operate its properties, to
carry on its businesses as now conducted and presently proposed to be conducted,
except to the extent that the failure to do so could not reasonably be expected
to have a Material Adverse Effect.  The
copies of the Company’s articles of incorporation and by-laws which have been
furnished to Kirkland & Ellis LLP reflect all amendments made thereto at
any time prior to the date of this Agreement and are true, correct and
complete.  The minute books (containing
the records of meetings of the stockholders, the board of directors, and any
committees of the board of directors), the stock certificate books, and the
stock record books for each member of the Company Group are correct and
complete in all material respects.  No
member of the Company Group is in default under or in violation of any provision
of its formation documents or by-laws in any material respect.

 

2C.          Capital
Stock and Related Matters.

 

(i)            As
of the Closing and immediately thereafter, the authorized capital and
outstanding Equity Securities of the Company shall be as set forth on the “Capital
Stock Schedule”.  Except as set forth
in such Schedule, as of the Closing, the Company shall not have outstanding any
Equity Securities.  The Company is not
subject to any obligation (contingent or otherwise) to repurchase or otherwise
acquire or retire any shares of its Equity Securities except pursuant to this
Agreement and the other Transaction Agreements. 
All of the capital stock of the Company outstanding on the Closing Date
is validly issued, fully paid and nonassessable.

 

(ii)           Except
as set forth on the “Capital Stock Schedule” and except as may be
granted pursuant to this Agreement or the other Transaction Agreements, there
are no statutory or contractual stockholders preemptive rights, or rights of
refusal with respect to the sale and issuance of any Equity Securities of the Company.  The Company has not violated any applicable
United States securities Laws in connection with the offer, sale or issuance of
any of its Equity Securities or Debt Securities.  There are no agreements between any of the
Company’s stockholders with respect to the voting or transfer of the Company’s
Equity Securities or with respect to any other aspect of the Company’s affairs,
except for this Agreement and the other Transaction Agreements.

 

 

2D.          Authorization;
Non-contravention.  The execution,
delivery and performance of this Agreement and the other Transaction Agreements
to which the Company or any Subsidiary is a party and the issuance of the Notes
have been duly authorized by the applicable member of the Company Group.  This Agreement and the other Transaction
Agreements to which the Company or any Subsidiary is a party each constitutes a
valid and binding obligation of the Company and such Subsidiaries, enforceable
against the Company and such Subsidiaries in accordance with their respective
terms, except as may be limited by the equitable remedies of specific
performance, other equitable remedies or principles or Laws governing creditors’
rights generally.  Neither the execution
and the delivery of this Agreement or any other Transaction Agreement nor the
consummation of the transactions contemplated hereby or thereby (including the
issuance of the Notes), (i) violate any constitution, statute, regulation,
rule, injunction, judgment, order, decree, ruling, charge, or other restriction
of any Government Entity to which the Company or any Subsidiary is subject,
except to the extent that such violation could not reasonably be expected to
have a Material Adverse Effect, or any provision of the constitutive documents
or by-laws of the Company or any Subsidiary, or (ii) conflict with, result in a
breach of, constitute a default under, result in the acceleration of, or create
in any party the right to accelerate, terminate, or cancel, any material and
written agreement, contract, lease, license or instrument to which the Company
or any Subsidiary is a party or by which it is bound or to which any of its
assets is subject (or result in the imposition of any Lien upon any of its
assets, other than Permitted Liens).  No member
of the Company Group is required to give any notice to, make any filing with,
or obtain any authorization, consent, or approval of any Government Entity or
any other Person for it to consummate the transactions contemplated by this
Agreement or any other Transaction Agreement, except for such as have been made
or obtained and except as may be required by applicable securities Laws.

 

2E.           Financial
Statements; Projections.

 

(a)           Attached
hereto on the “Financial Statements Schedule” are the following
financial statements:

 

(i)            the
audited consolidated balance sheets of the Company as of October 31, 2004,
October 31, 2003 and October 31, 2002 and the related statements of income,
cash flows (or the equivalent) and stockholders’ equity for the respective
twelve-month periods then ended; and

 

(ii)           the
unaudited consolidated balance sheet of the Company as of July 31, 2005 (the “Latest
Balance Sheet”) and the related statements of income and cash flows (or the
equivalent) for the nine-month period then ended.

 

Each of the foregoing
financial statements (including in all cases the notes thereto, if any) fairly
present in all material respects the consolidated financial position, results
of operations and changes in financial position of the Company Group, as of the
dates thereof and for the periods indicated therein and has been prepared in
accordance with GAAP, consistently applied, except the Latest Balance Sheet and
other interim unaudited financial statements do not contain the footnotes
required by GAAP.

 

 

(b)           Attached
hereto on the “Projections Schedule” is a true and complete copy of the
latest projections of the consolidated income and cash flows of the Company
Group and EAG for the fiscal year ending October 31, 2006.  Such projections have been prepared in good faith
and are based on underlying assumptions of the Company which provide a
reasonable basis for the projections contained therein, are in the same form as
the budget for the fiscal year ending October 31, 2005 that has been delivered
to ABRY and have been adjusted to reflect the acquisition of EAG.

 

2F.           SEC
Filings.

 

(a)           Since
November 1, 2001, the Company has made all filings with the SEC that it has
been required to make under the Securities Act and the Exchange Act (such
reports collectively, the “Public Reports”).  Each of the Public Reports as of its date
complied with the Securities Act or the Exchange Act, as applicable, and the
rules promulgated thereunder or pursuant thereto in all material respects.  None of the Public Reports, as of their
respective dates, contained any untrue statement of a material fact or omitted
to state a material fact necessary in order to make the statements made
therein, in light of the circumstances under which they were made, not
misleading, except to the extent that a Public Report listed on the “Public
Reports Schedule” was corrected by a Public Report subsequently filed with
the SEC.

 

(b)           Each
required form, report and document containing financial statements that the
Company has filed with or submitted to the SEC since July 31, 2002 was accompanied
by the certifications required to be filed or submitted by the Company’s chief
executive officer and chief financial officer pursuant to the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated under such act or the
Exchange Act (collectively, the “Sarbanes-Oxley Act”), and no such
certificate has been modified or withdrawn. 
Neither the Company, any Subsidiary of the Company nor any of its
officers has received notice from any Governmental Entity questioning or
challenging the accuracy, completeness, content, form or manner of filing or
submission of such certifications.

 

SECTION 3.           Representations
of Purchasers; Legends.

 

3A.          Representations
of Purchasers.  Each of the
Purchasers, on a several (and not a joint and several) basis, hereby represents
and warrants to the Company that each of the representations and warranties
made by a Purchaser in Section 10C (other than Section 10C(ii)) of the
Note Purchase Agreement would be true and correct as of the Closing Date with
respect to such first referenced Purchaser, if (i) references to “the Company”
or “the Company Group” in such sections were references to the Company, and
(ii) references to “the Notes” in such sections were references to the Warrants
and Underlying Common Stock.

 

3B.          Legend.  Each Purchaser hereby acknowledges that each
certificate or instrument representing Warrants and Underlying Common Stock
shall be imprinted with a legend in substantially the following form, as
applicable:

 

“THE SECURITIES
REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES

 

 

LAWS.  THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A FORM REASONABLY
ACCEPTABLE TO THE ISSUER OF SUCH SECURITIES (THE “COMPANY”), THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS
SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

 

THE TRANSFER OF
THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS SUBJECT TO THE CONDITIONS
SPECIFIED IN THE WARRANT AGREEMENT, DATED AS OF NOVEMBER 22, 2005, AMONG
THE COMPANY AND THE OTHER PARTIES REFERRED TO THEREIN, AS AMENDED AND MODIFIED
FROM TIME TO TIME, AND THE COMPANY RESERVES THE RIGHT TO REFUSE THE TRANSFER OF
SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH
TRANSFER.  A COPY OF SUCH CONDITIONS
SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON
WRITTEN REQUEST.”

 

SECTION 4.           Covenants.

 

4A.          Reservation
of Common Stock.  So long as any
Warrants are outstanding, the Company shall at all times reserve and keep
available out of its authorized but unissued Common Stock, solely for the
purpose of issuance upon the exercise of the Warrants, such number of shares of
Underlying Common Stock issuable upon the exercise of all outstanding
Warrants.  The Company shall not take any
action which would cause the number of authorized but unissued shares of
Underlying Common Stock to be less than the number of such shares required to
be reserved hereunder for issuance upon exercise of all outstanding
Warrants.  All shares of Underlying
Common Stock which are so issuable shall, when issued, be duly and validly
issued, fully paid and non-assessable. 
The Company shall take all such actions as may be necessary to assure
that all such shares of Underlying Common Stock may be so issued without
violation of any applicable Law or Legal Requirement or any requirements of any
securities exchange upon which the Underlying Common Stock may be listed.

 

4B.          Use of
Proceeds.  To the extent any proceeds
from the issuance of the Notes or Warrants are received by the Company, the
Company will use such proceeds only to consummate the acquisition of EAG and to
pay related fees and expenses incurred in connection with this Agreement, the
other Transaction Agreements, and the transactions contemplated hereby and
thereby.

 

 

4C.          Board of
Directors.

 

(a)           So long as
at least 50% of the aggregate initial principal amount of the Notes remains
outstanding, the Company shall take all necessary or desirable actions within
its control (including, without limitation, calling special Board of Directors
and stockholder meetings), so that one individual (who initially shall be John
Hunt) designated by the Majority Noteholders (the “ABRY Director”) shall
be nominated for election to the Board of Directors.

 

(b)           The
Company shall pay the reasonable out-of-pocket expenses incurred by the ABRY
Director or any Observer in connection with attending the meetings of the Board
of Directors, any Subsidiary Board of Directors and any committee of any of the
foregoing.

 

4D.          Board of
Director Observation Rights.  At any
time and from time to time when the Majority Noteholders are entitled to elect
one director to the Board of Directors pursuant to Section 4C(a) but no such
director is a member of the Board of Directors, the Company shall give the
Purchasers written notice of each meeting of the Board of Directors (and any
committees thereof), at the same time and in the same manner as notice is given
to the directors of the Board of Directors, and the Company shall permit one
representative selected by the Majority Noteholders (the “Observer”) to attend,
as an observer, all such meetings.  The
Observer shall be entitled to receive all written materials and other
information (including, without limitation, copies of meeting minutes) given to
directors of the Board of Directors (and any committees thereof) in connection
with such meetings at the same time such materials and information are given to
such directors.  The Company shall provide
a copy of any proposed action by written consent in lieu of a meeting of
directors of the Company to the Observer prior to the effective date upon
delivery to the members of the Board of Directors of such consent describing in
reasonable detail the nature and substance of such action.

 

4E.           Preemptive
Rights.

 

(a)           Except for
the issuance of:

 

(i)            Common
Stock and Options to acquire Common Stock pursuant to options, incentive or
compensation plans approved by the Board of Directors of the Company to employees,
directors and independent contractors in an aggregate amount after the date
hereof that does not exceed (x) 1,050,000 shares of Common Stock, whether issued as shares of Common Stock or
as Options to acquire Common Stock, and (y) 431,000 shares of Common Stock
issuable upon exercise of Options outstanding on the Closing Date (in each
case, as adjusted to reflect any stock split, reverse stock split, stock
dividend or similar event consummated after the date hereof),

 

(ii)           Equity
Securities issued as all or a portion of the purchase consideration paid to the
sellers in the acquisition of another company or business which has been
approved by the Board of Directors of the Company

 

(iii)          Equity
Securities issued upon the exercise of any Warrant, or the exercise, conversion
or exchange of any Option or Common Stock Equivalent described in the Capital
Stock Schedule or issued in accordance with the terms of this

 

 

Agreement after the date of this Agreement, so long as
such issuance is made pursuant to the terms of such Option or Common Stock
Equivalent as in effect on the date hereof or at the time it was issued, as
applicable,

 

(iv)          Equity
Securities issued to any Purchaser pursuant to this Agreement,

 

(v)           Common
Stock in a stock dividend, stock split or similar event, or

 

(vi)          Common
Stock issued pursuant to a public offering registered under the Securities Act
of 1933, as amended,

 

so long as any
shares of Underlying Common Stock remain outstanding, if the Company at any
time after the Closing authorizes the issuance or sale of or proposes to sell,
any Equity Securities, the Company shall first offer to sell to each holder of
Underlying Common Stock a portion of such Equity Securities equal to the
quotient determined by dividing (1) the number of shares of Underlying Common
Stock (assuming all Warrants have been exercised for Underlying Common Stock)
held by such holder by (2) the total number of shares of Common Stock then
outstanding immediately prior to such issuance (assuming all Warrants have been
exercised for Underlying Common Stock and all in-the-money Options and Common
Stock Equivalents have been exercised or exchanged for or converted into Common
Stock in accordance with their terms). 
Each holder of Underlying Common Stock shall be entitled to purchase all
or any portion of such Equity Securities at the most favorable price and on the
most favorable terms as such Equity Securities are to be offered to any other
Persons.

 

(b)           To
exercise its purchase rights under this Section 4E, a holder of Underlying
Common Stock must within 15 business days after receipt of written notice from
the Company describing in reasonable detail the Equity Securities being
offered, the purchase price thereof, the payment terms and such holder’s
percentage allotment, deliver a written notice to the Company describing its
election hereunder.  If all of the Equity
Securities offered to the holders of Underlying Common Stock are not fully
subscribed by such holders, the remainder of such Equity Securities shall be
reoffered by the Company to the holders purchasing their full allotment upon
the terms set forth in this paragraph, except that such holders must exercise
their purchase rights within 5 business days after receipt of such reoffer.

 

(c)           Upon the
expiration of the offering periods described above, the Company shall be
entitled to sell such Equity Securities which the holders of Underlying Common
Stock have not elected to purchase during the 90 days following such expiration
on terms and conditions no more favorable to the purchasers thereof than those
offered to such holders.  Any Equity
Securities offered or sold by the Company after such 90-day period must be
reoffered to the holders of Underlying Common Stock pursuant to the terms of
this Section 4E.

 

(d)           Nothing contained
in this Section 4E shall be deemed to amend, modify or limit in any way
the restrictions on the issuance of Equity Securities set forth elsewhere in
this Agreement or in any other agreement to which the Company or any Subsidiary
of the Company is bound.

 

 

4F.           Issuance
of Equity Securities. So long as any shares of Underlying Common Stock
remain outstanding, in addition to any other limitation set forth in this
Agreement or any other Transaction Agreement, the Company will not without the
prior authorization and approval of the holders of a majority of the Underlying
Common Stock then outstanding, authorize, issue or enter into any agreement
providing for the issuance (contingent or otherwise) of any Equity Securities
that are not capital stock, Options or Common Stock Equivalents.

 

SECTION 5.           Nature
of Restricted Securities; Transfer of Restricted Securities; General Transfer
Procedure.

 

5A.          General
Provisions.

 

(a)           Each
Purchaser acknowledges and agrees that the Warrants it is acquiring and the Underlying
Common Stock are characterized as “restricted securities” under the federal
securities Laws inasmuch as they are being acquired from the Company in a
transaction not involving a public offering and that under such Laws such
securities may be resold without registration under the Securities Act only in
certain limited circumstances as set forth in this Section 5.  In the absence of an effective registration
statement covering such securities or an available exemption from registration
under the Securities Act, the Warrants and Underlying Common Stock must be held
indefinitely.  In this connection, such
Purchaser represents that it is familiar with Rule 144, as presently in effect,
and understands the resale limitations imposed thereby and by the Securities
Act, including the Rule 144 condition that current information about the
Company be available to the public.

 

(b)           The
Warrants and Underlying Common Stock are transferable only pursuant to (a)
public offerings registered under the Securities Act, (b) Rule 144 or Rule 144A
adopted by the SEC under the Securities Act or any similar rule or regulation
hereafter adopted by the SEC if the exemption from registration under such rule
is available and (c) any other legally available means of transfer.

 

5B.          Legend
Removal.  If the Warrants or
Underlying Common Stock become eligible for sale pursuant to Rule 144(k)
adopted by the SEC under the Securities Act (as such rule may be amended from
time to time) or any similar rule or regulation hereafter adopted by the SEC or
an effective registration statement under the Securities Act, the Company
shall, upon the request of the holder of such securities, remove the legend set
forth in Section 3 of this Agreement from the certificates for such
securities.

 

SECTION 6.           Definitions.

 

6A.          Note
Purchase Agreement Definitions. 
Capitalized terms used in this Agreement and not otherwise defined shall
have the respective meanings ascribed thereto in the Note Purchase Agreement.

 

6B.          Other
Defined Terms.  For the purposes of
this Agreement, the following terms shall have the following meanings:

 

 

“Warrant Shares”
means the shares of Common Stock issuable upon the exercise of the Warrants.

 

“Warrants”
means the stock purchase warrants issued pursuant to the terms of this Agreement,
substantially in the form attached hereto as Exhibit A.

 

SECTION 7.           Miscellaneous.

 

7A.          Expenses.  The Company agrees to pay, and hold the
Purchasers harmless against any Liability for the payment of the reasonable and
documented fees and expenses incurred with respect to any restatements,
amendments or waivers (whether or not the same become effective) under or in
respect of this Agreement or any other Transaction Agreement.  The Company shall pay, and hold each Purchaser
and each holder of Warrants and Underlying Common Stock harmless against
Liability for the payment of, (1) stamp and other taxes (but excluding any
income taxes of Purchasers) which may be payable in respect of the execution
and delivery of this Agreement or the issuance, delivery or acquisition of any
Warrants or Underlying Common Stock, and (2) the fees and expenses incurred
with respect to the enforcement of the rights granted under this Agreement or
any other Transaction Agreement, and (3) the fees and expenses incurred by each
such Person in making any filing with any Governmental Entity with respect to
its investment in the Company or in any other filing with any Governmental
Entity with respect to the Company which mentions such Person.

 

7B.          Other
Miscellaneous Provisions.  Sections
10B, 10D through 10G, and 10J through 10Q of
the Note Purchase Agreement are hereby incorporated by reference herein, except
that, for purposes of such sections as so incorporated (i) references to “the
Company” or “the Company Group” in such sections shall be deemed references to
the Company under this Agreement, and (ii) references to “the Notes” in such
sections shall be deemed references to the Warrants and Underlying Common Stock
under this Agreement.

 

7C.          Notices;
Business Days.  All notices and other
communications provided for herein shall be dated and in writing and shall be
deemed to have been duly given when given in accordance with the notice
provisions of the Note Purchase Agreement, 
to the party to whom it is directed in the case of a Purchaser, to the
address set forth on the Schedule of Warrantholders, and in the case of
the Company as follows:

 

 

2340 Garden Road

Suite 207

Monterey, CA 93940

Attention:  David Strucke

Facsimile:  1-301-961-6790

 

with a copy (which shall not constitute notice to the Company) to:

 

Choate, Hall & Stewart, LLP

Two International Place

Boston, MA 02110

Attention:  Fred Callori, Esq.

Facsimile:  1-617-248-4000

 

If any time period
for giving notice or taking action expires on a day which is a Saturday, Sunday
or legal holiday in the State of New York or the Commonwealth of Massachusetts
(any other day being a “business day”), such time period shall automatically be
extended to, the next business day immediately following such Saturday, Sunday
or legal holiday.

 

7D.          Consent
to Amendments and Waivers.  Except as
otherwise provided herein, no modification, amendment or waiver of any
provision of this Agreement shall be effective against the Company or the
holders of the Warrants or Underlying Common Stock unless such modification,
amendment or waiver is approved in writing by (i) the Company and (ii) the
holders of a majority of the Underlying Common Stock.  Notwithstanding the foregoing, without the
consent of any other Person, the Company may amend this Agreement to change the
addresses for notice to any Person at such Person’s request.  No other course of dealing between the
Company and any holder of Warrants or Underlying Common Stock or any delay in
exercising any rights, power or remedy under this Agreement or any of the other
Transaction Agreements shall operate as a waiver of any rights of any such
holder.

 

7E.           Consideration
for Notes and Warrants.  The
Purchasers and the Company acknowledge and agree that the fair market value of
any Warrant issued hereunder shall be an amount equal to the product of $2.24
multiplied by the number of shares of Common Stock for which such Warrant is
initially exercisable.  The Purchasers
and the Company further acknowledge and agree that, notwithstanding that a
portion of the aggregate consideration that is payable in connection with the
transactions contemplated by the Transaction Agreements is deemed to have been
made for the acquisition of Warrants hereunder, for ease of the financing
contemplated by the Note Purchase Agreement, the aggregate consideration that
is payable in connection with the transactions contemplated by the Transaction
Agreements shall be made directly to Navtech Canada.  Each Purchaser and the Company shall file
their respective federal, state, provincial, territorial and local Tax returns
in a manner which is consistent with such valuation and allocation and shall
not take any contrary position with any Taxing authority.

 

*              *              *              *

 

 

IN WITNESS
WHEREOF, the parties hereto have caused this Warrant Agreement to be signed by
its duly authorized officers as of the date first written above.

 

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  NAVTECH, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  PURCHASERS:

  
	
   

  	
   

  	
   

  
	
   

  	
  ABRY MEZZANINE PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ABRY MEZZANINE INVESTORS, L.P.,

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ABRY MEZZANINE HOLDINGS LLC,

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ABRY
  INVESTMENT PARTNERSHIP, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ABRY
  Investment GP, LLC

  
	
   

  	
   

  	
  Its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
							

 

 

SCHEDULE OF WARRANTHOLDERS

 

	
  Warrantholder

  	
   

  	
  Warrant Shares

  
	
   

  	
   

  	
   

  
	
  ABRY Mezzanine
  Partners, L.P.

  111 Huntington
  Avenue

  30th Floor

  Boston, MA 02199

  Attention: John Hunt

  Facsimile: (617) 859-8797

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  with a copy (which
  shall not constitute notice to

  the Purchaser) to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Kirkland & Ellis
  LLP

  Citigroup Center

  153 East 53rd Street

  New York, NY 10022

  Attention: John Kuehn, Esq.

  Facsimile: (212) 446-6460

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ABRY Investment
  Partnership, L.P.

  111 Huntington Avenue

  30th Floor

  Boston, MA 02199

  Attention: John Hunt

  Facsimile: (617) 859 8797

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  with a copy (which
  shall not constitute notice to

  the Purchaser) to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Kirkland & Ellis
  LLP

  Citigroup Center

  153 East 53rd Street

  New York, NY 10022

  Attention: John Kuehn, Esq.

  Facsimile: (212) 446-6460

  	
   

  	
   

  

 

 

CAPITAL STOCK SCHEDULE

 

13

 

EXHIBIT A

 

FORM OF WARRANT

 

A-1Exhibit 10.12

 

THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A FORM REASONABLY ACCEPTABLE
TO THE ISSUER OF SUCH SECURITIES (THE “COMPANY”), THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD
PURSUANT TO RULE 144 UNDER SAID ACT.

 

THE
TRANSFER OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT IS SUBJECT TO THE
CONDITIONS SPECIFIED IN THE WARRANT AGREEMENT, DATED AS OF NOVEMBER 22,
2005, AMONG THE COMPANY AND THE OTHER PARTIES REFERRED TO THEREIN, AS AMENDED
AND MODIFIED FROM TIME TO TIME, AND THE COMPANY RESERVES THE RIGHT TO REFUSE
THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH
RESPECT TO SUCH TRANSFER.  A COPY OF SUCH
CONDITIONS SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER
HEREOF UPON WRITTEN REQUEST.

 

NAVTECH, INC.

 

STOCK PURCHASE WARRANT

 

	
  Date of
  Issuance: November 22, 2005

  	
   

  	
  Certificate No. W-3

  

 

FOR VALUE RECEIVED, Navtech, Inc., a Delaware
corporation (the “Company”), hereby grants to ABRY MEZZANINE PARTNERS,
L.P. or its registered assigns (the “Registered Holder”) the right to
purchase from the Company 310,791 shares of Warrant Stock (as defined herein)
at a price per share of $0.01 (as adjusted from time to time hereunder, the “Exercise
Price”).  This Warrant is one of
several warrants (collectively, and including any warrant issued pursuant to
the terms hereof or of any other warrant, and all warrants that may be issued,
directly or indirectly, as a replacement for any such warrant, in whole or in
part, the “Warrants”) issued pursuant to the terms of the Warrant
Agreement, dated as of November 22, 2005 (as in effect from time to time,
the “Purchase Agreement”), by and among the Company and the
Purchasers.  Certain capitalized terms
used herein are defined in Section 4.  The amount and

 

 

kind of securities obtainable pursuant to the rights granted hereunder
and the purchase price for such securities are subject to adjustment pursuant
to the provisions contained in this Warrant.

 

This Warrant is subject to the following provisions:

 

Section 1.                                            Exercise
of Warrant.

 

1A.                             Exercise
Period.

 

The Registered Holder may
exercise, in whole or in part (but not as to a fractional share of Warrant
Stock, unless such exercise is in full), the purchase rights represented by
this Warrant at any time and from time to time after the Date of Issuance to
and including the tenth anniversary of the Date of Issuance (the “Exercise
Period”).  The Company shall give the
Registered Holder written notice of the expiration of the Exercise Period at
least 10 days but not more than 60 days prior to the end of the Exercise
Period.

 

1B.                               Exercise
Procedure.  

 

(i)                                     This
Warrant shall be deemed to have been exercised when the Company has received
all of the following items (the “Exercise Time”):

 

(a)                                  a
completed Exercise Agreement, as described in Section 1C below,
executed by the Person exercising all or part of the purchase rights
represented by this Warrant (the “Purchaser”);

 

(b)                                 this
Warrant;

 

(c)                                  if
this Warrant is not registered in the name of the Purchaser, an Assignment or
Assignments in the form set forth in Exhibit II hereto evidencing
the assignment of this Warrant to the Purchaser, in which case the Registered
Holder shall have complied with the provisions set forth in Section 6
hereof; and

 

(d)                                 either
(1) a check payable to the Company in an amount equal to the product of
the Exercise Price multiplied by the number of shares of Warrant Stock being
purchased upon such exercise (the “Aggregate Exercise Price”), or (2) a
written notice to the Company that the Purchaser is exercising the Warrant (or
a portion thereof) by authorizing the Company to withhold from issuance a
number of shares of Warrant Stock issuable upon such exercise of the Warrant
which, when multiplied by the Market Price of the Warrant Stock, is equal to
the Aggregate Exercise Price (and such withheld shares shall no longer be
issuable under this Warrant).

 

(ii)                                  Certificates
for shares of Warrant Stock purchased upon exercise of this Warrant shall be
delivered by the Company to the Purchaser within five Business Days after the
date of the Exercise Time.  Unless this
Warrant has expired or all of the purchase rights represented hereby have been
exercised, the Company shall prepare a new Warrant, substantially identical
hereto, representing the rights formerly represented by this Warrant which have
not

 

2

 

expired or been exercised and shall, within such five-day period,
deliver such new Warrant to the Person designated for delivery in the Exercise
Agreement.

 

(iii)                               The
Warrant Stock issuable upon the exercise of this Warrant shall be deemed to
have been issued to the Purchaser at the Exercise Time, and the Purchaser shall
be deemed for all purposes to have become the record holder of such Warrant
Stock at the Exercise Time.

 

(iv)                              The
issuance of certificates for shares of Warrant Stock upon exercise of this
Warrant shall be made without charge to the Registered Holder or the Purchaser
for any issuance tax in respect thereof or other cost incurred by the Company
in connection with such exercise and the related issuance of shares of Warrant
Stock.  Each share of Warrant Stock
issuable upon exercise of this Warrant shall, upon payment of the Exercise
Price therefor, be fully paid and nonassessable and free from all liens, taxes
and charges with respect to the issuance thereof.

 

(v)                                 The
Company shall not close its books against the transfer of this Warrant or of
any share of Warrant Stock issued or issuable upon the exercise of this Warrant
in any manner which interferes with the timely exercise of this Warrant.  The Company shall from time to time take all
such action as may be necessary to assure that the par value per share of the
unissued Warrant Stock acquirable upon exercise of this Warrant is at all times
equal to or less than the Exercise Price then in effect.

 

(vi)                              The
Company shall assist and cooperate with any Registered Holder or Purchaser
required to make any governmental filings or obtain any governmental approvals
prior to or in connection with any exercise of this Warrant (including making
any filings required to be made by the Company).

 

(vii)                           Notwithstanding
any other provision hereof, if an exercise of this Warrant is to be made in
connection with a registered public offering, the sale of the Company or any
other transaction, such exercise may, at the election of the holder hereof, be
conditioned upon the consummation of the public offering, the sale of the
Company or other transaction, in which case such exercise shall not be deemed
to be effective until the consummation of such transaction.

 

(viii)                        The
Company shall at all times reserve and keep available out of its authorized but
unissued shares of Warrant Stock solely for the purpose of issuance upon the
exercise of the Warrants, such number of shares of Warrant Stock issuable upon
the exercise of all outstanding Warrants. 
The Company shall take all such actions as may be necessary to assure
that all such shares of Warrant Stock may be so issued without violation of any
applicable law or governmental regulation or any requirements of any domestic
securities exchange upon which shares of Warrant Stock may be listed (except
for official notice of issuance which shall be immediately delivered by the
Company upon each such issuance).  The
Company shall not take any action which would cause the number of authorized
but unissued shares of Warrant Stock to be less than the number of such shares
required to be reserved hereunder for issuance upon exercise of the Warrants.

 

3

 

1C.                               Exercise
Agreement.  Upon any exercise of this
Warrant, the Exercise Agreement shall be substantially in the form set forth in
Exhibit I hereto, except that if the shares of Warrant Stock are not to be
issued in the name of the Person in whose name this Warrant is registered, the
Exercise Agreement shall also state the name of the Person to whom the
certificates for the shares of Warrant Stock are to be issued, and if the
number of shares of Warrant Stock to be issued does not include all the shares
of Warrant Stock purchasable hereunder, it shall also state the name of the
Person to whom a new Warrant for the unexercised portion of the rights
hereunder is to be delivered.  Such
Exercise Agreement shall be dated the actual date of execution thereof.

 

1D.                              Fractional
Shares.  If a fractional share of Warrant
Stock would, but for the provisions of Section 1A, be issuable upon
exercise of the rights represented by this Warrant, the Company shall, within
five Business Days after the date of the Exercise Time, deliver to the
Purchaser a check payable to the Purchaser (or, at the Purchaser’s option,
cash, by wire transfer of immediately available funds to the account specified
by the Purchaser) in lieu of such fractional share in an amount equal to the
difference between the Market Price of such fractional share as of the date of
the Exercise Time and the Exercise Price of such fractional share.

 

Section 2.                                            Adjustment
of Exercise Price and Number of Shares. 
In order to prevent dilution of the rights granted under this Warrant,
the Exercise Price and the number of shares of Warrant Stock obtainable upon
exercise of this Warrant shall be subject to adjustment from time to time as
provided in this Section 2.

 

2A.                             Adjustment
of Exercise Price and Number of Shares upon Issuance of Common Stock.

 

(i)                                     Except
for (a) any shares of Common Stock issued as a dividend or distribution on
the Common Stock to which Section 2C applies, (b) any
securities issued by the Company upon the exercise, conversion or exchange in
accordance with their respective terms of Options or Common Stock Equivalents
outstanding on the date hereof, including, without limitation, the Cambridge
Information Group Preferred Stock (as defined in the Purchase Agreement) issued
on or before the Closing Date or (c) Common Stock and Options to acquire
Common Stock pursuant to options, incentive or compensation plans approved by
the Board of Directors of the Company to employees, directors and independent
contractors in an aggregate amount after the date hereof that does not exceed (i) 1,050,000
shares of Common Stock, whether issued as shares of Common Stock or as Options
to acquire Common Stock, and (ii) 431,000 shares of Common Stock issuable
upon exercise of Options outstanding on the Closing Date (in each case, as
adjusted to reflect any stock split, reverse stock split, stock dividend or
similar event consummated after the date hereof), if and whenever after the
date of the Purchase Agreement the Company issues or sells, or in accordance
with Section 2B is deemed to have issued or sold, any shares of its
Common Stock for a consideration per share less than the Market Price of the Common
Stock determined as of the date of such issue or sale, then immediately upon
such issue or sale the Exercise Price shall be reduced to the Exercise Price
determined by multiplying the Exercise Price in effect immediately prior to
such issue or sale by a fraction, the numerator of which shall be the sum of (1) the
number of shares of Common Stock Deemed Outstanding immediately prior to such
issue or sale multiplied by the Market Price of the

 

4

 

Common Stock determined as of the date of such issuance or sale, plus (2) the
consideration, if any, received by the Company upon such issue or sale, and the
denominator of which shall be the product derived by multiplying such Market
Price of the Common Stock by the
number of shares of Common Stock Deemed Outstanding immediately after such
issue or sale.

 

(ii)                                  Upon
each such adjustment of the Exercise Price hereunder, the number of shares of
Warrant Stock acquirable upon exercise of this Warrant shall be adjusted to the
number of shares determined by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of shares of Warrant Stock
acquirable upon exercise of this Warrant immediately prior to such adjustment
and dividing the product thereof by the Exercise Price resulting from such
adjustment.

 

2B.                               Effect
on Exercise Price of Certain Events. 
For purposes of determining the adjusted Exercise Price under Section 2A,
the following shall be applicable:

 

(i)                                     Issuance
of Rights or Options.  If the Company
in any manner grants or sells any Options and the price per share for which
Common Stock is issuable upon the exercise of such Options, or upon conversion
or exchange of any Common Stock Equivalents issuable upon exercise of such
Options, is less than the Market Price of the Common Stock determined as of
such time, then the total maximum number of shares of Common Stock issuable
upon the exercise of such Options or upon conversion or exchange of the total
maximum amount of such Common Stock Equivalents issuable upon the exercise of
such Options shall be deemed to be outstanding and to have been issued and sold
by the Company at the time of the granting or sale of such Options for such
price per share.  For purposes of this
paragraph, the “price per share for which Common Stock is issuable” shall be
determined by dividing (A) the total amount, if any, received or
receivable by the Company as consideration for the granting or sale of such
Options, plus the minimum aggregate amount of additional consideration payable
to the Company upon exercise of all such Options, plus in the case of such
Options which relate to Common Stock Equivalents, the minimum aggregate amount
of additional consideration, if any, payable to the Company upon the issuance
or sale of such Common Stock Equivalents and the conversion or exchange
thereof, by (B) the total maximum number of shares of Common Stock
issuable upon the exercise of such Options or upon the conversion or exchange
of all such Common Stock Equivalents issuable upon the exercise of such
Options.  No further adjustment of the
Exercise Price shall be made when Common Stock Equivalents are actually issued
upon the exercise of such Options or when shares of Common Stock are actually
issued upon the exercise of such Options or the conversion or exchange of such
Common Stock Equivalents.

 

(ii)                                  Issuance
of Common Stock Equivalents.  If the
Company in any manner issues or sells any Common Stock Equivalents and the
price per share for which Common Stock is issuable upon conversion or exchange
thereof is less than the Market Price of the Common Stock determined as of such
time, then the maximum number of shares of Common Stock issuable upon
conversion or exchange of such Common Stock Equivalents shall be deemed to be
outstanding and to have been issued and sold by the Company at the time of the
issuance or sale of such Common Stock Equivalents for such price per share.  For the purposes of this paragraph, the “price
per share for which Common Stock is issuable” shall be determined by dividing (A) the
total amount received or receivable by the Company as consideration for the
issue or sale of

 

5

 

such Common Stock Equivalents, plus the minimum aggregate amount of
additional consideration, if any, payable to the Company upon the conversion or
exchange thereof, by (B) the total maximum number of shares of Common
Stock as applicable, issuable upon the conversion or exchange of all such
Common Stock Equivalents.  No further
adjustment of the Exercise Price shall be made when shares of Common Stock are
actually issued upon the conversion or exchange of such Common Stock
Equivalents, and if any such issue or sale of such Common Stock Equivalents is
made upon exercise of any Options for which adjustments of the Exercise Price
had been or are to be made pursuant to other provisions of this Section 2B,
no further adjustment of the Exercise Price shall be made by reason of such
issue or sale.

 

(iii)                               Change
in Option Price or Conversion Rate. 
If the purchase price provided for in any Options, the additional
consideration, if any, payable upon the conversion or exchange of any Common
Stock Equivalents or the rate at which any Common Stock Equivalents are
convertible into or exchangeable for Common
Stock changes at any time (in each case, other than as a result of
antidilution provisions applicable to such Options or such Common Stock
Equivalents), the applicable Exercise Price in effect at the time of such
change shall be immediately adjusted to such Exercise Price which would have
been in effect at such time had such Options or Common Stock Equivalents still
outstanding provided for such changed purchase price, additional consideration
or conversion rate, as the case may be, at the time initially granted, issued
or sold and the number of shares of Warrant Stock shall be correspondingly
adjusted.  For purposes of this Section 2B,
if the terms of any Option or Convertible Security which was outstanding as of
the Date of Issuance of this Warrant are changed in the manner described in the
immediately preceding sentence, then such Option or Convertible Security and
the Common Stock deemed issuable upon exercise, conversion or exchange thereof
shall be deemed to have been issued as of the date of such change.

 

(iv)                              Calculation
of Consideration Received.  If any Common Stock, Option or Convertible
Security is issued or sold or deemed to have been issued or sold for cash, the
consideration received therefor shall be deemed to be the amount received by
the Company therefor.  If any Common Stock, Option or Convertible
Security is issued or sold for a consideration other than cash, the amount of
the consideration other than cash received by the Company shall be the fair
value of such consideration, except where such consideration consists of
securities, in which case the amount of consideration received by the Company
shall be the Market Price thereof as of the date of receipt.  If any Common Stock, Option or Convertible Security is issued to the
owners of the non-surviving entity in connection with any merger in which the
Company is the surviving corporation, the amount of consideration therefor
shall be deemed to be the fair value of the portion of the net assets of the
non-surviving entity that is attributable to such Common Stock, Option or Convertible Security, as the case may
be.  The fair value of any consideration
or net assets other than cash and securities (and, if applicable, the portions
thereof attributable to any such stock or securities) shall be determined
jointly by the Company and the Majority Holders.  If such parties are unable to reach agreement
within a reasonable period of time, the fair value of such consideration shall
be determined by an independent appraiser experienced in valuing such type of
consideration jointly selected by the Company and the Majority Holders.  The determination of such appraiser shall be
final and binding upon the parties, and the fees and expenses of such appraiser
shall be borne by the Company.  If any
Option is issued in connection with the issue or sale of other securities of
the

 

6

 

Company, together comprising one integrated transaction, the Option
shall be deemed to have been issued for no consideration, unless otherwise
specified in the documentation for such transaction.

 

(v)                                 Treasury
Shares.  The number of shares of Common Stock outstanding at any given
time shall not include shares owned or held by or for the account of the
Company or any Subsidiary, and the disposition of any shares or other Equity
Security of the Company so owned or held shall be considered an issue or sale
of such shares or Equity Security.

 

(vi)                              Record
Date.  If the Company takes a record
of the holders of Common Stock
for the purpose of entitling them (a) to receive a dividend or other
distribution payable in Common Stock,
Options or in Common Stock Equivalents or (b) to subscribe for or purchase
Common Stock, Options or Common
Stock Equivalents, then such record date shall be deemed to be the date of the
issue or sale of the shares of Common
Stock deemed to have been issued or sold upon the declaration of such
dividend or upon the making of such other distribution or the date of the
granting of such right of subscription or purchase, as the case may be.  If after taking such record the Company shall
have legally abandoned its plan to make or do any of the foregoing (without
having made such issuance), then any adjustment made to any Exercise Price
hereunder as a result of securities having been deemed issued on the date of
such record, shall be recomputed as if such record had not been taken.

 

2C.                               Subdivision
or Combination of Capital Stock.  If
the Company, at any time subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of
shares, the applicable Exercise Price in effect immediately prior to such
subdivision shall be proportionately reduced (and any other appropriate actions
shall be taken by the Company) and the number of shares of Warrant Stock
obtainable upon exercise of this Warrant shall be proportionately increased.(1)  If the Company at any time combines (by
reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of
shares, the applicable Exercise Price in effect immediately prior to such
combination shall be proportionately increased (and any other appropriate actions
shall be taken by the Company) and the number of shares of Warrant Stock
obtainable upon exercise of this Warrant shall be proportionately decreased.

 

2D.                              Reorganization,
Reclassification, Consolidation, Merger or Sale.  Any recapitalization, reorganization,
reclassification, consolidation, merger, sale of all or substantially all of
the Company’s assets or other transaction, in each case which is effected in
such a manner that the holders of Warrant Stock are entitled to receive (either
directly or upon subsequent liquidation) stock, securities or assets with
respect to or in exchange for Warrant Stock is referred to herein as an “Organic
Change”.  Prior to the consummation of
any Organic Change, the Company shall make appropriate provision (in form and substance
reasonably acceptable to the

 

(1)                                  For
the avoidance of doubt, if the Company engages in a 2-for-1 stock split, the
Exercise Price for the Warrant Stock will be reduced to one-half of the
Exercise Price in effect immediately prior to such stock split, and the
aggregate number of shares of Warrant Stock issuable upon exercise of this
Warrant will be increased to two times the number of shares of Warrant Stock
issuable upon exercise of this Warrant immediately prior to such stock split.

 

7

 

Majority Holders) to insure that each of the Registered Holders of
Warrants shall thereafter have the right to acquire and receive, in lieu of or
in addition to (as the case may be) the shares of Warrant Stock immediately
theretofore acquirable and receivable upon the exercise of such holder’s
Warrant, such shares of stock, securities or assets as such holder would have
been issued or payable in such Organic Change (if such holder had exercised its
Warrant immediately prior to such Organic Change) with respect to or in
exchange for the number of shares of Warrant Stock immediately theretofore
acquirable and receivable upon exercise of such holder’s Warrant had such
Organic Change not taken place.  In each
such case, the Company shall also make appropriate provisions (in form and
substance reasonably acceptable to the Majority Holders) to insure that the
provisions of this Section 2 and Section 3 hereof shall
thereafter be applicable to the Warrants. 
The Company shall not effect any such consolidation, merger or sale,
unless prior to the consummation thereof, the successor entity (if other than
the Company) resulting from consolidation or merger or the entity purchasing
such assets assumes by written instrument (in form and substance reasonably
acceptable to the Majority Holders) the obligation to deliver to each such
holder such shares of stock, securities or assets as, in accordance with the
foregoing provisions, such holder may be entitled to acquire. 

 

2E.                                Notices.

 

(i)                                     Immediately
upon any adjustment of the Exercise Price, the Company shall give written
notice thereof to all Registered Holders of Warrants, setting forth in
reasonable detail and certifying the calculation of such adjustment.

 

(ii)                                  The
Company shall also give written notice to all Registered Holders of Warrants at
least twenty (20) days prior to the date on which any Organic Change or Change
of Control shall take place.

 

Section 3.                                            Dividends.  If the Company declares or pays a dividend or
other distribution upon any share of Common Stock, except for a stock dividend
payable in shares of Common Stock (a “Dividend”), then the amount of
such dividend or distribution for such share of Common Stock that would have
been payable on each Warrant Share issuable upon exercise of this Warrant had
such Warrant Share been outstanding at such time shall instead accrue (without
interest) and shall be paid by the Company to the Registered Holder only upon
exercise of this Warrant for such share of Common Stock.

 

Section 4.                                            Definitions.  The following terms have meanings set forth
below:

 

“Business Day”
means any day other than a Saturday, Sunday, or any day on which banks in State
of New York, the State of California or the Commonwealth of Massachusetts are
authorized or obligated by applicable law to close.

 

“Closing” has the
meaning set forth in the Purchase Agreement.

 

“Common Stock Deemed
Outstanding” means, at any given time, the number of shares of Common Stock
actually outstanding at such time, plus the number of shares of Common Stock
issuable upon the exercise, conversion or exchange of Options or Common

 

8

 

Stock Equivalents (excluding Options or Common Stock Equivalents that
are not then at or in the money).

 

“Common Stock Equivalents” means any stock or
securities (directly or indirectly) convertible into or exchangeable for Common Stock.

 

“Majority Holders” means holders of Warrants
representing a majority of the Warrant Stock purchasable upon exercise of all
Warrants then outstanding.

 

“Market Price” means as to any security the
average of the closing prices of such security’s sales on all securities
exchanges on which such security may at the time be listed, or, if there have
been no sales on any such exchange on any day, the average of the highest bid
and lowest asked prices on all such exchanges at the end of such day, or, if on
any day such security is not so listed, the average of the representative bid
and asked prices quoted in the NASDAQ System as of 4:00 P.M., New York
time, on such day, or, if on any day such security is not quoted in the NASDAQ
System, the average of the highest bid and lowest asked prices on such day in
the domestic over-the-counter market as reported by the National Quotation
Bureau, Incorporated, or any similar successor organization, in each such case (i) averaged
over a period of 20 days consisting of the day as of which “Market Price” is
being determined and the 19 consecutive Business Days prior to such day, and (ii) averaged
on a volume-weighted basis based on the trading volume for each such Business
Day.  If at any time such security is not
listed on any securities exchange or quoted in the NASDAQ System or the
over-the-counter market, the “Market Price” shall be the fair value thereof
determined in good faith by the Board of Directors.

 

“Options” means any rights or options to
subscribe for or purchase Common Stock
or Common Stock Equivalents.

 

“Warrant Stock” means Common Stock; provided that if there is a change such that the securities
issuable upon exercise of the Warrants are issued by an entity other than the
Company or there is a change in the type or class of securities so issuable,
then the term “Warrant Stock” shall mean one share of the security issuable
upon exercise of the Warrants if such security is issuable in shares, or shall
mean the smallest unit in which such security is issuable if such security is
not issuable in shares.

 

Other capitalized terms used in this Warrant but not
defined herein shall have the meanings set forth in the Purchase Agreement.

 

Section 5.                                            No
Voting Rights; Limitations of Liability. 
This Warrant shall not entitle the holder hereof to any voting rights or
other rights as a stockholder of the Company. 
No provision hereof, in the absence of affirmative action by the
Registered Holder to purchase Warrant Stock, and no enumeration herein of the
rights or privileges of the Registered Holder shall give rise to any liability
of such holder for the Exercise Price of Warrant Stock acquirable by exercise
hereof or as a stockholder of the Company.

 

Section 6.                                            Warrant
Transferable.  Subject to the
transfer conditions referred to in the legend endorsed hereon, this Warrant and
all rights hereunder are transferable, in whole or

 

9

 

in part, without charge to the Registered Holder, upon surrender of
this Warrant with a properly executed Assignment (in the form of Exhibit II
hereto) at the principal office of the Company.

 

Section 7.                                            Warrant
Exchangeable for Different Denominations. 
This Warrant is exchangeable, upon the surrender hereof by the
Registered Holder at the principal office of the Company, for new Warrants of
like tenor representing in the aggregate the purchase rights hereunder, and
each of such new Warrants shall represent such portion of such rights as is
designated by the Registered Holder at the time of such surrender.  The date the Company initially issues this
Warrant shall be deemed to be the “Date of Issuance” hereof regardless of the
number of times new certificates representing the unexpired and unexercised
rights formerly represented by this Warrant shall be issued.  All Warrants representing portions of the
rights hereunder are referred to herein as the “Warrants.”

 

Section 8.                                            Replacement.
 Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation
of any certificate evidencing this Warrant, and in the case of any such loss,
theft or destruction, upon receipt of indemnity reasonably satisfactory to the
Company (which shall be unsecured for the Registered Holder and its Affiliates
and all institutional Purchasers), or, in the case of any such mutilation upon
surrender of such certificate, the Company shall (at its expense) execute and
deliver in lieu of such certificate a new certificate of like kind representing
the same rights represented by such lost, stolen, destroyed or mutilated
certificate and dated the date of such lost, stolen, destroyed or mutilated
certificate.

 

Section 9.                                            Notices.  Except as otherwise expressly provided
herein, all notices referred to in this Warrant shall be in writing and shall
be delivered personally, sent by reputable overnight courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and shall be deemed to have been given when so delivered, sent
or deposited in the United States Mail (i) to the Company, at its
principal executive offices and (ii) to the Registered Holder of this
Warrant, at the following address:

 

c/o ABRY Partners, LLC

111 Huntington Avenue

30th Floor

Boston, MA 02199

Telecopy No.: (617) 859-8797

Attention:  John
Hunt

 

with a copy of any
such notice to (which shall not constitute notice to the Registered Holder):

 

10

 

Kirkland & Ellis LLP

Citigroup Center

153 East 53rd Street

New York, NY 10022-4675

Telecopy No.: (212) 446-6460

Attention:        John
L. Kuehn, Esq.

 

or at such other
address as such Registered Holder has specified by prior written notice to the
Company.  A copy of all notices hereunder
are to be delivered as provided in Section 10H of the Purchase Agreement.

 

Section 10.                                      Amendment
and Waiver.  Except as otherwise
provided herein, the provisions of the Warrants may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if the Company has obtained the written
consent of the Majority Holders.

 

Section 11.                                      Descriptive
Headings; Governing Law.  The
descriptive headings of the several Sections and paragraphs of this Warrant are
inserted for convenience only and do not constitute a part of this
Warrant.  The corporation laws of the
State of Delaware shall govern all issues concerning the relative rights of the
Company and its stockholders.  All other
questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by the internal law of the Commonwealth of
Massachusetts, without giving effect to any choice of law or conflict of law
provision or rule (whether of the Commonwealth of Massachusetts or any
other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the Commonwealth of Massachusetts.

 

*    *    *    *

 

11

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be signed and attested by its duly authorized officers under its
corporate seal and to be dated the Date of Issuance hereof.

 

	
   

  	
  NAVTECH,
  INC.

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Its

  	
   

  	
   

  
					

 

 

EXHIBIT I

 

EXERCISE
AGREEMENT

 

	
  To:

  	
   

  	
  Dated:

  

 

The undersigned, pursuant to the provisions set forth
in the attached Warrant (Certificate No. W-        ),
hereby agrees to subscribe for the purchase of             
shares of the Warrant Stock covered by such Warrant and makes payment herewith
in full therefor at the price per share provided by such Warrant.

 

	
   

  	
  Signature 

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address 

  	
   

  	
   

  

 

 

EXHIBIT II

 

ASSIGNMENT

 

FOR VALUE RECEIVED,                                                                   
hereby sells, assigns and transfers all of the rights of the undersigned under
the attached Warrant (Certificate No. W-          )
with respect to the number of shares of the Warrant Stock covered thereby set
forth below, unto:

 

	
  Names of Assignee

  	
   

  	
  Address

  	
   

  	
  No. of Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  Dated:

  	
  Signature

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Witness

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