Document:

Registration Rights Agreement, dated 02/26/2004

 EXHIBIT 4.15 
  
 REGISTRATION RIGHTS AGREEMENT 
  

February 26, 2004 
  
 To Each of Several Purchasers Party to the Subscription and Securities Purchase Agreement of even date herewith 
  
 Gentlemen: 
  
 This will confirm that in consideration of your agreement on the date hereof to purchase an aggregate of 39,375,641 shares of Common Stock,
$0.01 par value per share, of Axtive Corporation, a Delaware corporation (the “Company”), pursuant to the Subscription and Securities Purchase Agreement of even date herewith (the “Purchase Agreement”)
among the Company and each of you, and as an inducement to you to consummate the transactions contemplated by the Purchase Agreement, the Company covenants and agrees with you as follows: 
  
 1. Certain Definitions. Unless otherwise defined herein, each capitalized term used in this Registration Rights
Agreement (this “Agreement”) shall have the meaning given to such term in the Purchase Agreement. The following terms shall have the following respective meanings: 
  
 “Shares” shall mean the shares of
Common Stock purchased pursuant to the Purchase Agreement. 
  
 “Registration Expenses” shall mean the expenses so described in Section 5 of this Agreement. 
  
 “Restricted Stock” shall mean the Shares, excluding Shares which (a) have been registered under the Securities Act
pursuant to an effective registration statement filed thereunder and disposed of in accordance with registration statement covering them or (b) have become eligible for public re-sale pursuant to Rule 144 under the Securities Act. 
  
 “Selling Expenses” shall mean the
expenses so described in Section 5 of this Agreement. 
  
 2. Required Registration. 
  
 (a)
At the earlier of (i) any time after the first anniversary of the Initial Closing Date, or (ii) at the time at which a demand to register other restricted stock of the Company (other than employee stock options on Form S-8) is made by the holders
thereof, then one or more holders of Restricted Stock constituting at least 45% of the total shares of Restricted Stock then outstanding may request the Company to register under the Securities Act all or any portion of the shares of Restricted
Stock held by such requesting holder or holders for sale in the manner specified in such notice. Notwithstanding anything to the contrary contained in this Agreement, the Company shall not be obligated to effect, nor to take any action to effect,
any such registration requested pursuant to this Section 2 during the period starting with the date forty-five (45) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date ninety 

  

 
(90) days after the effectiveness of, any registration of the Company’s securities other than a requested registration under this Section 2
(including, without limitation, any Company-initiated registration under the Securities Act on Form S-1, S-2 or S-3, or on any other current or successor Form under the Securities Act), provided that the Company is actively employing in good
faith all reasonable efforts to cause such other (non-Section 2) registration statement to become effective. 
  
 (b) Following receipt of any notice properly given by one or more requesting holders of Restricted Stock under this Section 2, the
Company shall immediately notify all holders of Restricted Stock from whom notice has not been received and shall use commercially reasonable efforts to register under the Securities Act, for public sale in accordance with the method of disposition
specified in such notice from the requesting holder(s), the number of shares of Restricted Stock specified in such notice (and in all notices received by the Company from other holders within 30 days after the giving of such notice by the Company).
If such method of disposition shall be an underwritten public offering, the Company will designate the managing underwriter of such offering. The Company shall be obligated to register Restricted Stock pursuant to this Section 2 on one
occasion only; provided, however, that such obligation shall be deemed satisfied only when a registration statement covering all shares of Restricted Stock specified in notices received (and not subsequently rescinded) as aforesaid,
for sale in accordance with the method of disposition specified by the requesting holder(s), shall have become effective and, if such method of disposition is a firm commitment underwritten public offering, all such shares shall have been sold
pursuant thereto. 
  
 (c) The Company and any
other holders of Common Stock which the Company shall permit to participate shall be entitled to include in any registration statement referred to in this Section 2, for sale in accordance with the method of disposition specified by the
requesting holder(s), shares of Common Stock to be sold by the Company or such other holders for their own account, except as and to the extent that, in the opinion of the managing underwriter (if such method of disposition shall be an underwritten
public offering), such inclusion would adversely affect the marketing of the Restricted Stock to be sold. 
  
 3. Incidental Registration. If the Company at any time (other than pursuant to Section 2) proposes to register any of its Common Stock under
the Securities Act for sale to the public, whether for its own account or for the account of its security holders or both (except with respect to registration statements on Forms S-4, S-8 or any other Form not available for registering the
Restricted Stock for sale to the public), on each such occasion the Company will give written notice to all holders of outstanding Restricted Stock of its intention so to do. Upon the written request of any such holder, received by the Company
within 10 Business Days after the giving of any such notice by the Company, to register any of its Restricted Stock (which request shall state the intended method of disposition thereof), the Company will use its commercially reasonable efforts to
cause the Restricted Stock as to which registration shall have been so requested to be included in the securities to be covered by the registration statement proposed to be filed by the Company, all to the extent requisite to permit the lawful sale
or other disposition by the holder (in accordance with its written request) of such Restricted Stock so registered. In the event that any registration pursuant to this Section 3 shall be, in whole or in part, an underwritten public offering of
Common Stock, the number of shares of Restricted Stock to be included in such an underwriting may be reduced (pro rata among the requesting holders of Restricted Stock based upon the number of shares of Restricted Stock owned by such holders)
if and to the extent 

  

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that the managing underwriter shall be of the opinion that such inclusion would adversely affect the marketing of the securities to be sold by the Company
therein; provided, however, that such number of shares of Restricted Stock shall not be reduced if any shares are to be included in such underwriting for the account of any executive officer or director of the Company. Notwithstanding
the foregoing provisions, the Company may at any time decline to file or withdraw any registration statement referred to in this Section 3 without thereby incurring any liability to the holders of the Restricted Stock. 
  
 4. Registration Procedures. If and whenever the Company is required by
the provisions of Section 2 or Section 3 to use commercially reasonable efforts to effect the registration of any shares of Restricted Stock under the Securities Act, the Company will, use commercially reasonable efforts to:

  
 (a) prepare and file with the Commission a
registration statement with respect to such securities and use commercially reasonable efforts to cause such registration statement to become and remain effective for a period of not less than ninety (90) days, or such lesser time period as is
necessary for the underwriter(s) in an underwritten offering to sell unsold allotments; 
  
 (b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement effective for the period specified in Section 4(a) above and comply with the provisions of the Securities Act with respect to the disposition of all Restricted Stock
covered by such registration statement in accordance with the sellers’ intended method of disposition set forth in such registration statement for such period; 
  
 (c) furnish to each seller of Restricted Stock and to each underwriter such number of copies of the
registration statement and the prospectus included therein (including each preliminary prospectus) as such persons reasonably may request in order to facilitate the public sale or other disposition of the Restricted Stock covered by such
registration statement; 
  
 (d) use commercially
reasonable efforts to register or qualify the Restricted Stock covered by such registration statement under the securities or “blue sky” laws of such jurisdictions as the sellers of Restricted Stock or, in the case of an underwritten
public offering, the managing underwriter reasonably shall request, provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction
where it is not so qualified or to consent to general service of process in any such jurisdiction; 
  
 (e) use commercially reasonable efforts to list the Restricted Stock covered by such registration statement with any securities exchange
on which the Common Stock of the Company is then listed; 
  
 (f) immediately notify each seller of Restricted Stock and each underwriter under such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of
the happening of any event of which the Company has knowledge as a result of which the prospectus contained in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
  

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 (g) if the offering is underwritten and at the request of any seller of Restricted Stock,
use commercially reasonable efforts to furnish on the date that Restricted Stock is delivered to the underwriters for sale pursuant to such registration: (i) an opinion dated such date of counsel representing the Company for the purposes of such
registration, addressed to the underwriters, stating that such registration statement has become effective under the Securities Act and that (A) to the knowledge of such counsel, no stop order suspending the effectiveness thereof has been issued and
no proceedings for that purpose have been instituted or are pending or contemplated under the Securities Act, (B) the registration statement, the related prospectus and each amendment or supplement thereof comply as to form in all material respects
with the requirements of the Securities Act (except that such counsel need not express any opinion as to financial statements contained therein) and (C) to such other effects as reasonably may be requested by counsel for the underwriters and (ii) a
letter dated such date from the independent public accountants retained by the Company, addressed to the underwriters, stating that they are independent public accountants within the meaning of the Securities Act and that, in the opinion of such
accountants, the financial statements of the Company included in the registration statement or the prospectus, or any amendment or supplement thereof, comply as to form in all material respects with the applicable accounting requirements of the
Securities Act, and such letter shall additionally cover such other financial matters (including information as to the period ending no more than five business days prior to the date of such letter) with respect to such registration as such
underwriters reasonably may request; and 
  
 (h)
make available for inspection by each seller of Restricted Stock, any underwriter participating in any distribution pursuant to such registration statement, and any attorney, accountant or other agent retained by such seller or underwriter, all
financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such registration statement. 
  
 In
connection with each registration hereunder, the sellers of Restricted Stock will furnish to the Company in writing such information with respect to themselves and the proposed distribution by them as reasonably shall be necessary in order to assure
compliance with federal and applicable state securities laws. 
  
 In connection
with each registration pursuant to Section 2 or Section 3 covering an underwritten public offering, the Company and each seller agree to enter into a written agreement with the managing underwriter selected in the manner herein
provided in such form and containing such provisions as are customary in the securities business for such an arrangement between such underwriter and companies of the Company’s size and investment stature. 
  
 5. Expenses. All expenses incurred by the Company in complying with
Section 2 or Section 3, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including counsel
fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the National Association of Securities Dealers, Inc., transfer taxes, fees of transfer agents and registrars, costs of insurance and reasonable
fees and disbursements of one counsel for the sellers of Restricted Stock, but excluding any Selling Expenses, are called “Registration Expenses”. All underwriting discounts and selling commissions applicable to the sale of
Restricted Stock are called 

  

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“Selling Expenses”. The Company will pay all Registration Expenses in connection with each registration statement under Section
2 or Section 3. All Selling Expenses in connection with each registration statement under Section 2 or Section 3 shall be borne by the participating sellers in proportion to the number of shares sold by each, or by such
participating sellers other than the Company (except to the extent the Company shall be a seller) as they may agree. 
  
 6. Indemnification and Contribution. 
  
 (a) In the event of a registration of any of the Restricted Stock under the Securities Act pursuant to Section 2 or Section
3, the Company will indemnify and hold harmless each seller of such Restricted Stock thereunder, each underwriter of such Restricted Stock thereunder and each other person, if any, who controls any such seller or underwriter within the meaning
of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which such seller, underwriter or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement of any material fact contained in any registration statement under which such Restricted Stock was registered under the Securities Act pursuant to
Section 2 or Section 3, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and will reimburse each such seller, each such underwriter and each such controlling person for any legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or
is based upon an untrue statement or omission so made in conformity with information furnished by any seller, any underwriter or any controlling person specifically for use in such registration statement or prospectus. It is agreed that the
indemnity agreement contained in this Section 6(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not
be unreasonably withheld or delayed). 
  
 (b) In
the event of a registration of any of the Restricted Stock under the Securities Act pursuant to Section 2 or Section 3, each seller of such Restricted Stock thereunder, severally and not jointly, will indemnify and hold harmless the
Company, each person, if any, who controls the Company within the meaning of the Securities Act, each officer of the Company who signs the registration statement, each director of the Company, each underwriter and each person who controls any
underwriter within the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to which the Company or such officer, director, underwriter or controlling person may become subject under the Securities Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement of any material fact contained in the registration statement under which such Restricted Stock
was registered under the Securities Act pursuant to Section 2 or Section 3, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and each such officer, director, underwriter and controlling person for any legal or other
expenses reasonably incurred by them in connection 

  

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with investigating or defending any such loss, claim, damage, liability or action; provided, however, that such seller will be liable hereunder
in any such case if and only to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or omission made in reliance upon and in conformity with information pertaining to such seller, as such,
furnished to the Company by such seller specifically for use in such registration statement or prospectus, and provided, further, however, that the liability of each seller hereunder shall not in any event exceed the proceeds
received by such seller from the sale of Restricted Stock covered by such registration statement. It is agreed that the indemnity agreement contained in this Section 6(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of seller hereunder (which consent shall not be unreasonably withhold or delayed). 
  
 (c) Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action,
such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any
liability which it may have to such indemnified party other than under this Section 6 and shall only relieve it from any liability which it may have to such indemnified party under this Section 6 if and to the extent the indemnifying
party is prejudiced by such omission. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate in and, to
the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake
the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 6 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable
costs of investigation and of liaison with counsel so selected, provided, however, that, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably
concluded that there may be reasonable defenses available to it which are different from or additional to those available to the indemnifying party or if the interest of the indemnified party reasonably may be deemed to conflict with the interests
of the indemnifying party, the indemnified party shall have the right to select a separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and
other expenses related to such participation to be reimbursed by the indemnifying party as incurred. 
  
 (d) In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i)
any holder of Restricted Stock exercising rights under this Agreement, or any controlling person of any such holder, makes a claim for indemnification pursuant to this Section 6 but it is judicially determined (by the entry of a final judgment or
decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 6 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling holder or any such controlling person in circumstances for which indemnification is provided under this Section 6,
then, and in each such case, the Company and such holder will contribute to the 

  

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aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that such holder is
responsible for the portion represented by the percentage that the public offering price of its Restricted Stock offered by the registration statement bears to the public offering price of all securities offered by such registration statement, and
the Company is responsible for the remaining portion; provided, however, that, in any such case, (A) no such holder will be required to contribute any amount in excess of the public offering price of all such Restricted Stock offered
by it pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
  
 7. Changes in Common Stock. If, and as often as, there is any change
in the Common Stock by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions
hereof so that the rights and privileges granted hereby shall continue with respect to the Common Stock as so changed. 
  
 8. Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission which may at any time permit
the sale of the Restricted Stock to the public without registration, at all times after 90 days after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, the
Company agrees to: 
  
 (a) make and keep public
information available, as those terms are understood and defined in Rule 144 under the Securities Act; 
  
 (b) use commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act; and 
  
 (c) furnish to each holder of Restricted Stock forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of such Rule 144 and of the Securities Act and the Exchange
Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as such holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such
holder to sell any Restricted Stock without registration. 
  
 9.
Representations and Warranties of the Company. The Company represents and warrants to you as follows: 
  
 (a) The execution, delivery and performance of this Agreement by the Company have been duly authorized by all requisite corporate action
and will not violate any provision of law, any order of any court or there agency of government, the Certificate of Incorporation or By-laws of the Company or any provision of any indenture, agreement or other instrument to which it or any of its
properties or assets is bound, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other instrument or result in the creation or imposition of any lien,
charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Company. 
  

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 (b) This Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid and binding obligation of the Company, enforceable in accordance with its terms, subject to bankruptcy or insolvency laws affecting creditors’ rights generally and to general principles of equity. 
  
 10. Miscellaneous.  
  
 (a) All covenants and agreements contained in this Agreement
by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including without limitation transferees of any Restricted Stock), whether so expressed or not,
provided, however, that registration rights conferred herein on the holders of the Shares shall only inure to the benefit of a transferee of the Shares if (i) there is transferred to such transferee at least 100,000 shares in the
aggregate of Restricted Stock or (ii) such transferee is a partner, shareholder or affiliate of a party hereto. 
  
 (b) All notices, requests, consents and other communications hereunder shall be in writing and shall be delivered in person, mailed by
certified or registered mail, return receipt requested, or sent by telecopier or telex, addressed as follows: 
  

	 	(i)	if to the Company or any other party hereto, at the address of such party set forth in the Purchase Agreement; 

  

	 	(ii)	if to any subsequent holder of Restricted Stock, to it at such address as may have been furnished to the Company in writing by such holder; 

  
 or, in any case, at such other address or addresses as shall have been
furnished in writing to the Company (in the case of a holder of Restricted Stock) or to the holders of Restricted Stock (in the case of the Company) in accordance with the provisions of this paragraph. 
  
 (c) This Agreement shall be governed by and construed in
accordance with the laws of the State of Texas. 
  
 (d) This Agreement may not be amended or modified, and no provision hereof may be waived, without the written consent of the Company and the holders of not less than two-thirds (2/3) of the Shares. 
  
 (e) This Agreement may be executed simultaneously in two or
more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument. Facsimile transmission of any signed original document or retransmission of any signed facsimile transmission
will be deemed the same as delivery of an original. At the request of any party, the parties will confirm facsimile transmission by signing a duplicate original document. 
  
 (f) The obligations of the Company to register shares of Restricted Stock under Section 2 or
Section 3 shall terminate on the tenth anniversary hereof. 
  
 (g) If the Company grants to any third party any registration rights more favorable in any material respect than any of those contained herein, then the registration rights under this 

  

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Agreement shall automatically be amended without the requirement of further action by the Purchasers to be equivalent to such more favorable rights.

  
 (h) If any provision of this Agreement shall
be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this
Agreement, and this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 
  
 [Signature Pages Follow] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers, as of the date first above written. 
  
 AXTIVE CORPORATION

  

			
		
	 By:
	 	 /s/ GRAHAM C. BEACHUM II

	 	 	

	 Name:
	 	 Graham C. Beachum II

	 Title:
	 	 President and Chief Executive Officer

  
 Address: 
 5001 LBJ Freeway, Suite 275 
 Dallas, Texas 75244 
 Attention: Graham C. Beachum II 
 Tel.:  (972) 560-6328 
 Fax:  (972) 560-6383 
  

 Company Signature Page 

 PURCHASERS: 
  
 [Purchaser Signature Pages Follow] 
  

 Purchaser Signature Pages 

					
	B/K VENTURE CAPITAL, LLP
		
	 By:
	 	 B/K Funds GP, LLC

		
	 	 	Executed St. Thomas USVI
			
	 	 	 By:
	 	 /s/ RON BENEKE

	 	 	 	 	

	 	 	 Name:
	 	 Ron Beneke

	 	 	 Title:
	 	 CEO

  

 Purchaser Signature Pages 

							
	SANDERA PARTNERS, L.P.
		
	By:	 	 Sandera Capital Management, L.P.,
 its sole general partner

			
	 	 	By:	 	 Sandera Capital, L.L.C.,
 its sole general partner

				
	 	 	 	 	 By:
	 	 /s/ J. KEITH BENEDICT

	 	 	 	 	 	 	

	 	 	 	 	 Name:
	 	 J. Keith Benedict

	 	 	 	 	 Title:
	 	 Vice President

  

 Purchaser Signature Pages 

					
	AGINCOURT, L.P.
		
	By:	 	BENEKE COMPANIES, INC.
	
	Executed St. Thomas USVI
			
	 	 	 By:
	 	 /s/ RON BENEKE

	 	 	 	 	

	 	 	 Name:
	 	 Ron Beneke

	 	 	 Title:
	 	 CEO

  

 Purchaser Signature Pages 

	
	
	 /s/ G. C. BEACHUM III

	

	G. C. Beachum III

  

 Purchaser Signature Pages 

	
	
	 /s/ W. ROBERT DYER, JR.

	

	W. Robert Dyer, Jr.

  

 Purchaser Signature Pages 

	
	
	 /s/ JACK E. BROWN

	

	Jack E. Brown

  
 OR

  

					
			
	  	 	 	 	  
	
	 	 	 	

	Paul L. Morris	 	and	 	Gary D. Douglas

  
 as agents and attorney in fact for
Jack E. Brown 
  

 Purchaser Signature Pages 

			
	GCA STRATEGIC INVESTMENT FUND LIMITED
		
	 By:
	 	 /s/ Lewis Lester

	 	 	

	 Name:
	 	 Lewis Lester

	 Title:
	 	 Director

  

 Purchaser Signature Pages 

	
	
	 /s/ PAUL L. MORRIS

	

	Paul Morris

  

 Purchaser Signature Pages 

			
	U.S. TECHNOLOGY INVESTORS, LLC
		
	By:	 	 /s/ REX W. CANON

	 	 	

	 	 	 Rex Canon
 its Authorized Representative

  

 Additional Purchaser Signature PageEmployment letter, dated 05/09/2003 - Stanley D. Strifler

 EXHIBIT 10.6 
  
 AXTIVE ACQUISITION CORPORATION 
 1445 Ross Avenue, Suite 4500 
 Dallas, Texas 75202 
  
 May 9, 2003 
  
 Mr. Stanley D. Strifler 
  
 Re: Offer of Employment 
  
 Dear: Stan 
  
 We are pleased to
offer you the position of President of Axtive Acquisition Corp., or successor thereto (the “Company”), a newly formed wholly owned subsidiary of Axtive Corporation formed for the purpose of effecting a merger with ThinkSpark, Inc. as
contemplated in the Agreement and Plan of Merger by and among Axtive Corporation, Axtive Acquisition Corp., ThinkSpark Corporation and Kerry Osborne (“Merger Agreement”). This offer is dependant upon and effective concurrent with the
merger. 
  
 As President, you will receive a base salary beginning
May 1, 2003 (the “Effective Time”), in the amount of $20,833.33 per month, payable in accordance with the Company’s regular payroll practices. Your base salary compensation will be subject to statutory deductions and withholding. You
will also be eligible for standard Company benefits and three weeks paid time off each year in accordance with the Company’s current policy. 
  
 In addition to your base salary, your compensation will include: 
  

	 	1)	the amount of $100,000 representing compensation for past services (“Past Services”) and paid in five equal monthly installments beginning May 31, 2003 and continuing on
the last day of each month thereafter until paid in full. Such obligation is absolute and not contingent based upon your continued employment, and shall be subject to the same corporate guaranty issued by Axtive Corporation that relates to the
Company’s separate $135,000 obligation to you. 

  

	 	2)	a performance bonus in the amount of $100,000 for 2003, but pro-rated as to whole months from the Effective Time through the end of the calendar year. The terms and conditions and
performance measurements will be negotiated separately within 45 days of the Effective Time. 

  

	 	3)	A grant of options under our 2002 Stock Incentive Plan, the number and terms of which shall be determined by the Board of Directors in connection with an employment agreement.

  
 Amounts due for Past Services shall be subject
to acceleration in your discretion in the event, i) your employment is terminated without “Cause,” (hereinafter defined), ii) you terminate your employment for “Good Reason,” (hereinafter defined), or iii) the Company fails to
tender an employment agreement the Company is prepared to sign containing terms consistent with this Offer of Employment and reasonably acceptable to you within 45 days of the Effective Time. Despite the contemplation of an employment agreement to
be executed subsequent hereto, the Company’s obligation to pay the Past Services amount is absolute and creates a legally binding agreement between the parties hereto. 
  

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 The Company shall have “Cause” to terminate your employment if (i) you commit a dishonest or
fraudulent act in connection with your employment, or you misappropriate Company property; (ii) you die or are unable for any reason (with, in the case of disability, reasonable accommodation) to perform your duties for a continuous period of 90
days (120 days in the case of disability) for reasons other than actions by the Company; (iii) your willful failure to obey a lawful directive of the Board (whether by commission or omission) that is within your ability to control; (iv) your
conviction of, or plea of nolo contendere to, a felony; (v) your insobriety during working hours; (vi) your use of illegal drugs; (vii) gross negligence or willful misconduct in the performance of your duties or responsibilities under this
Agreement; or (viii) your breach of any of the terms of this Agreement; provided, however, that the events described in clauses (vii) and (viii) above shall not constitute Cause unless the Company gives you written notice of
such event, and you thereafter fail to cure such event within 90 days after receipt of such notice. 
  
 “Good Reason” shall exist if one of the following events has occurred, and, if such event is capable of cure, you have given the Company written
notice of such event and the Company has failed to cure or eliminate the problem to your reasonable satisfaction within 30 days after the Company’s receipt of such notice: (i) the Company has removed you from the office of President of the
Company; (ii) the Company has materially reduced your authority or responsibility or compensation; (iii) the Company has materially breached its obligations or covenants under your employment agreement; or (iv) the Company has made unreasonable
changes in your duties, responsibilities and/or work requirements. 
  
 This offer of employment supercedes, in its entirety that certain Employment Agreement between ThinkSpark, LP and you entered into the 10th day of October, 2002. Within 45 days following the Effective Time, you and Axtive Acquisition Corp.,
or it successor, shall enter into a new mutually agreeable employment agreement. 
  
 The Company is an at-will employer, which means that your employment with the Company under this offer of employment is for no specific period of time and may be terminated by the Company or you at any time with or
without Cause. In any event, your formal employment agreement will provide that should your employment with the Company be terminated (i) by the Company at any time without Cause, or (ii) by you for Good Reason before the first anniversary of the
Effective Time, you will be entitled to your continued base salary for a period of twelve (12) months. During such period you will be prohibited from competing against the Company in accordance with non-competition provisions reasonably acceptable
to you that will be contained in your employment agreement. Should you terminate your employment for any reason after the first anniversary of the Effective Time, you will be entitled to your continued base salary for a mutually agreeable period
during which the Company prohibits you from competing against the Company. In any of the foregoing scenarios, if the Company fails to make timely payment of your base salary, your non-competition obligation will immediately and automatically
terminate. If you terminate your employment without Good Reason before the first anniversary of the Effective Time, you will be subject to the non-compete provision for a period of six (6) months and will not be entitled to any continuing
compensation. If your employment is terminated by the Company at any time for Cause, there will be no continuation of salary and the non-compete provision is extended to two (2) years from the date of termination. 
  
 This offer of employment is the full and complete agreement between you and
the Company with respect to this term of employment, and it supersedes any prior representations or agreement, whether written or oral, concerning your term of employment with the Company. The at-will nature of your employment may only be altered by
written agreement signed by the Company’s Chief Executive Officer. 
  
 Your employment pursuant to this offer is contingent on your execution of the attached Confidentiality, Proprietary Information and Inventions Agreement. You will also be required to provide the Company with legally acceptable proof of your
identity and authorization to work in the United States within three (3) days of your start date, and your failure to do so will render this offer of employment void and unenforceable. 
  

 2 

 This letter sets forth the entire agreement between you and the Company regarding the terms of your
employment with the Company and supersedes any prior representations, agreements, and understandings between you and any employee or representative of the Company whether written or oral. This agreement shall be construed and interpreted in
accordance with the laws of the state of Texas. 
  
 If this offer
is acceptable to you, please sign one of the originals of this letter and the Confidentiality, Proprietary Information and Inventions Agreement and return them to the Company. The second original is for your files. 
  
 If you have any questions regarding this offer letter, please call Graham C.
Beachum II at 214.397.0200. We look forward to having you join us at Axtive Corporation. 
  
 (Signatures follow) 
  

 3 

					
	 Sincerely,
  
 Axtive Acquisition Corp.

			
	 	 	 By:
	 	 /s/ Graham C. Beachum II

	 	 	 	 	

	 	 	 	 	 Graham C. Beachum II
 President

  
 I have read and accept this
employment offer. 
  

	
	
	 /s/ Stanley D. Strifler

	

	    Stanley D. Strifler
	
	 
	

	 Date

  
 Guaranty 
  
 Axtive Corporation, acting as the sole stockholder of the Company, for good and valuable
consideration the sufficiency of which is hereby acknowledged, guarantees the payment of all amounts due for Past Services 
  

	
	
	 /s/ David N. Pilotte

	

	 David N. Pilotte
 Executive Vice President and Chief Financial Officer
 Axtive Corporation

  

 4 

 Confidentiality, Proprietary Information and Inventions Agreement 
  
 In consideration of my employment by Axtive Corporation, Inc. (the
“Company”), the Company’s promise to disclose to me its confidential and proprietary information (as defined below), the compensation now and hereafter paid to me, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the undersigned hereby agrees with the Company as follows: 
  

	1.	Recognition of Company’s Rights; Nondisclosure. 

  
 At all times during the term of my employment and thereafter, I will hold in strictest confidence and will not disclose, discuss, transmit, use, lecture
upon, or publish any of the Company’s Proprietary Information (defined below), except as such disclosure, discussion, transmission, use, or publication may be required in connection with my work for the Company, or unless the President or the
Board of Directors of the Company expressly authorizes such in writing. I hereby assign to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property of the
Company and its assigns and that the Company and its assigns shall be the sole owner of all patent rights, copyrights, trade secret rights, and all other rights throughout the world (collectively, “Proprietary Rights”) in connection
therewith. 
  
 The term “Proprietary Information” shall
mean trade secrets, confidential knowledge, data, or any other proprietary information of the Company and each of its subsidiaries or affiliated companies. By way of illustration but not limitation, “Proprietary Information” includes (a)
inventions, trade secrets, ideas, processes, formulas, data, lists, programs, other works of authorship, know-how, improvements, discoveries, developments, designs, and techniques relating to the business or proposed business of the Company and that
were learned or discovered by me during the term of my employment with the Company, (hereinafter, included Proprietary Information is collectively referred to as “Inventions”); (b) information regarding plans for research, development, new
products and services, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers, customer lists and customers that were learned or discovered by me during the term of my employment
with the Company; and (c) information regarding the skills and compensation of other employees of the Company. 
  

	2.	Third Party Information. 

  
 I understand, in addition, that the Company may from time to time receive from third parties confidential or proprietary information (“Third Party
Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. At all times during the term of my employment and thereafter, I will hold Third
Party Information in the strictest confidence and will not disclose, discuss, transmit, use, lecture upon, or publish any Third Party Information, except as such disclosure, discussion, transmission, use, or publication may be required in connection
with my work for the Company, or unless the President or the Board of Directors of the Company expressly authorizes such in writing.  
  

	3.	Assignment of Inventions. 

  
 3.1 I hereby assign to the Company all my right, title, and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto),
whether or not patentable or registrable under copyright or similar statutes, that were made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the period of my employment with the Company.

  
 3.2 I acknowledge that all original works of authorship that
are made by me (solely or jointly with others) during the term of my employment with the Company and that are within the scope of my employment and protectable by copyright are “works made for hire,” as that term is defined in the United
States Copyright Act (17 U.S.C. ‘ 101 (1994)). Inventions assigned to the Company by this Section 3 are hereinafter referred to as “Company Inventions.” 
  

 5 

	4.	Enforcement of Proprietary Rights. 

  
 I will assist the Company in every proper way to obtain and from time to time enforce United States and foreign Proprietary Rights relating to Company
Inventions in any and all countries. To that end I will execute, verify, and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining,
perfecting, evidencing, sustaining, and enforcing such Proprietary Rights and the assignment thereof. In addition, I will execute, verify, and deliver assignments of such Proprietary Rights to the Company or its designee. My obligation to assist the
Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of my employment, but the Company shall compensate me at a reasonable rate after my termination for the
time actually spent by me at the Company’s request on such assistance. 
  
 In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in the preceding paragraph, I hereby irrevocably
designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf to execute, verify, and file any such documents and to do all other lawfully permitted acts to further the
purposes of the preceding paragraph thereon with the same legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever, that I now or may hereafter have for infringement of any
Proprietary Rights assigned hereunder to the Company. 
  

	5.	Obligation to Keep Company Informed. 

  
 During the period of my employment, I will promptly disclose to the Company fully and in writing and will hold in trust for the sole right and benefit of
the Company any and all Inventions. In addition, during the first three (3) years after termination of my employment with the Company, I will provide the Company with a complete copy of each patent application filed by me or that names me as an
inventor or co-inventor.  
  

	6.	Prior Inventions. 

  
 Inventions, if any, patented or unpatented, that I made prior to the commencement of my employment with the Company are excluded from the scope of this
Agreement. To preclude any possible uncertainty, I have set forth on Exhibit A attached hereto a complete list of all Inventions that I have, alone or jointly with others, conceived, developed, or reduced to practice or caused to be conceived,
developed, or reduced to practice prior to commencement of my employment with the Company, that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement. If disclosure of any
such Invention on Exhibit A would cause me to violate any prior confidentiality agreement, I understand that I am not to list such Inventions in Exhibit A but am to inform the Company that all Inventions have not been listed for that
reason. 
  

	7.	[INTENTIONALLY OMITTED] 

  

	8.	No Improper Use of Materials. 

  
 I understand that I shall not use the proprietary or confidential information or trade secrets of any former employer or any other person or entity in
connection with my employment with the Company. During my employment by the Company, I will not improperly use or disclose any proprietary or confidential information or trade secrets, if any, of any former employer or any other person or entity to
whom I have an obligation of confidentiality, and I will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or any other person or entity to whom I have an obligation of
confidentiality unless consented to in writing by that former employer, person, or entity. 
  

 6 

	9.	No Conflicting Obligation. 

  
 I represent that my performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement between me
and any other employer, person or entity. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith. 
  

	10.	Return of Company Documents. 

  
 When I leave the employ of the Company, I will deliver to the Company all drawings, notes, memoranda, specifications, devices, formulas, and documents,
together with all copies thereof, and any other material containing or disclosing any Company Inventions, Third Party Information, or Proprietary Information of the Company. I further agree that any property situated on the Company’s premises
and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. 
  

	11.	Legal and Equitable Remedies. 

  
 Because my services are personal and unique and because I may have access to and become acquainted with the Proprietary Information of the Company, the
Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance, or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a
breach of this Agreement. 
  

	12.	Authorization to Notify New Employer. 

  
 I hereby authorize the Company to notify my new employer about my rights and obligations under this Agreement following the termination of my employment
with the Company. 
  

	13.	Notices. 

  
 Any notices required or permitted hereunder shall be given to the appropriate party at the party’s last known address. Such notice shall be deemed
given upon personal delivery to the last known address or if sent by certified or registered mail, three days after the date of mailing. 
  

	14.	General Provisions. 

  
 14.1 Governing Law. This Agreement will be governed by and construed according to the laws of the State of Texas without regard to conflicts of law
principles. 
  
 14.2 Exclusive Forum. I hereby irrevocably
agree that the exclusive forum for any suit, action, or other proceeding arising out of or in any way related to this Agreement shall be in the state or federal courts in Texas, and I agree to the exclusive personal jurisdiction and venue of any
court in Dallas County, Texas. 
  
 14.3 Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the Company and myself relating to the subject matter hereof and supercedes and merges all prior discussions between us. No modification of or amendment to this Agreement, nor
any waiver of any rights under this Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, salary, or compensation will not affect the validity or scope of this Agreement. As
used in this Agreement, the period of my employment includes any time during which I may be retained by the Company as a consultant. 
  
 14.4 Severability. 
  
 (a) I acknowledge and agree that each agreement and covenant set forth herein constitutes a separate agreement independently supported by good and
adequate consideration and that each such agreement shall be severable from the other provisions of this Agreement and shall survive this Agreement. 
  

 7 

 (b) I understand and agree that Section 7 of this Agreement is to be enforced to the fullest extent
permitted by law. Accordingly, if a court of competent jurisdiction determines that the scope and/or operation of Section 7 is too broad to be enforced as written, the Company and I intend that the court should reform such provision to such narrower
scope and/or operation as it determines to be enforceable, provided, however, that such reformation applies only with respect to the operation of such provision in the particular jurisdiction with respect to which such determination was made. If,
however, Section 7 is held to be illegal, invalid, or unenforceable under present or future law, and not subject to reformation, then (i) such provision shall be fully severable, (ii) this Agreement shall be construed and enforced as if such
provision was never a part of this Agreement, and (iii) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance. 

 
 14.5 Successors and Assigns. This Agreement will be binding upon my
heirs, executors, administrators, and other legal representatives and will be for the benefit of the Company, its successors and assigns. 
  
 14.6 Survival. The provisions of this Agreement shall survive the termination of my employment for any reason and the assignment of this Agreement
by the Company to any successor in interest or other assignee. 
  
 14.7 Employment. I agree and understand that my employment with the Company is at will, which means that either I or the Company may terminate the employment relationship at any time, with or without prior notice and with or without
cause. I further agree and understand that nothing in this Agreement shall confer any right with respect to continuation of employment by the Company, nor shall it interfere in any way with my right or the Company’s right to terminate my
employment at any time, with or without cause. 
  
 14.8
Waiver. No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right. The
Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement. 
  
 14.9 Recovery of Attorney’s Fees. In the event of any litigation arising from or relating to this Agreement, the prevailing
party in such litigation proceedings shall be entitled to recover, from the non-prevailing party, the prevailing party’s costs and reasonable attorney’s fees, in addition to all other legal or equitable remedies to which it may otherwise
be entitled. 
  
 14.10 Headings. The headings to each
section or paragraph of this Agreement are provided for convenience of reference only and shall have no legal effect in the interpretation of the terms hereof. 
  

[SIGNATURE PAGE FOLLOWS] 
  

 8 

 I HAVE READ THIS CONFIDENTIALITY, PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT CAREFULLY AND
UNDERSTAND ITS TERMS. I HAVE COMPLETELY FILLED OUT EXHIBIT A TO THIS AGREEMENT. 
  
 This Agreement shall be effective as of the first day of my employment with the Company, namely:
                                        
    ,             . 
  
 I UNDERSTAND THAT THIS AGREEMENT AFFECTS MY RIGHTS TO INVENTIONS I MAKE DURING MY EMPLOYMENT, RESTRICTS MY RIGHT TO DISCLOSE OR USE THE COMPANY’S
CONFIDENTIAL AND PROPRIETARY INFORMATION DURING OR SUBSEQUENT TO MY EMPLOYMENT, AND PROHIBITS ME FROM COMPETING WITH THE COMPANY AND/OR FROM SOLICITING EMPLOYEES AND CUSTOMERS OF THE COMPANY FOR ONE (1) YEAR AFTER MY EMPLOYMENT WITH THE COMPANY IS
TERMINATED FOR ANY REASON. 
  

					
			
	Dated:                     ,
            .	 	 	 	 /s/ Stanley D. Strifler

	 	 	 	 	

	 	 	 	 	 Stanley D. Strifler
 5609 Preakness Lane
 Plano, Texas 75093
 Address

  

			
	 ACCEPTED AND AGREED TO:
  
 AXTIVE CORPORATION

		
	 By:
	 	 /s/ Graham C. Beachum II 

	 	 	

	 Name:
	 	 Graham C. Beachum II

	 Title:
	 	 President

  

 1 

 EXHIBIT A 
  
 Ladies and/or Gentlemen: 
  
 The following is a complete list of all inventions or improvements relevant to the subject matter of my employment by Axtive Corporation, Inc. (the
“Company”) that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my employment by the Company that I desire to remove from the operation of the Company’s Confidentiality, Proprietary
Information and Inventions Agreement. 
  

	 ̈	I have no inventions or improvements to disclose. 

  

	 ̈	I have inventions or improvements which I have disclosed on the attached Invention 

 Disclosure form(s). 
  
 Due to
certain confidentiality obligations, I cannot disclose certain inventions that 

	 ̈	otherwise would be listed. 

  

			
		
	 Signature:
	 	     /s/ Stanley D. Strifler

	 	 	

	 Date:
	 	 
	 	 	

  

 2 

 INVENTION DISCLOSURE 
  
 Invention Disclosure
#                     
  
 Inventors:          1.
                     
  
  2.                     

  
  3.
                     
  
 Title of Invention:
                                        
                                        
                                        
                                 
  
 Problem solved by invention:
                                        
                                        
                                        
             
  
 Invention Description:
                                        
                                        
                                        
                         
  
 Add additional signed, dated sheets and drawings if necessary. 
  
 Has this invention been disclosed outside of the Company? Yes              No
             
  
 Inventor Signature:                      Date:
                     
  

 1

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