Document:

Shareholder Agreement, dated as of September 1, 2005

 EXHIBIT 10.20 
  
 Execution Version 
  
 SHAREHOLDER AGREEMENT 
  
 dated as of 
  
 September 1, 2005 
  
 between 
  
 BOWNE & CO., INC. 
  
 and 
  
 LIONBRIDGE TECHNOLOGIES, INC. 

							
	 ARTICLE 1         Definitions

				
	 	  	  SECTION 1.01.	 	DEFINITIONS	  	1
		
	 ARTICLE 2         Board of Directors
	  	 
				
	 	  	  SECTION 2.01.	 	COMPOSITION OF THE BOARD	  	3
				
	 	  	  SECTION 2.02.	 	REPLACEMENT OF THE BUYER DESIGNEE	  	3
		
	 ARTICLE 3         Registration Rights
	  	 
				
	 	  	  SECTION 3.01.	 	DEMAND REGISTRATION	  	4
				
	 	  	  SECTION 3.02.	 	PIGGYBACK REGISTRATION	  	5
				
	 	  	  SECTION 3.03.	 	REDUCTION OF OFFERING	  	5
				
	 	  	  SECTION 3.04.	 	FILINGS; INFORMATION	  	5
				
	 	  	  SECTION 3.05.	 	REGISTRATION EXPENSES	  	8
				
	 	  	  SECTION 3.06.	 	INDEMNIFICATION BY THE BUYER	  	8
				
	 	  	  SECTION 3.07.	 	INDEMNIFICATION BY THE PARENT	  	9
				
	 	  	  SECTION 3.08.	 	CONDUCT OF INDEMNIFICATION PROCEEDINGS	  	9
				
	 	  	  SECTION 3.09.	 	CONTRIBUTION	  	10
				
	 	  	  SECTION 3.10.	 	TERMINATION	  	11
		
	 ARTICLE 4         Certain Covenants And Agreements
	  	 
				
	 	  	  SECTION 4.01.	 	RULE 144	  	11
		
	 ARTICLE 5         Right Of First Offer
	  	 
				
	 	  	  SECTION 5.01.	 	RESTRICTIONS ON TRANSFER	  	11
				
	 	  	  SECTION 5.02.	 	OFFER OF SALE; NOTICE OF PROPOSED SALE	  	12
				
	 	  	  SECTION 5.03.	 	BUYER’S OPTION TO PURCHASE	  	12
				
	 	  	  SECTION 5.04.	 	RESTRICTION ON TRANSFER TO COMPETITORS OF THE BUYER	  	12
		
	 ARTICLE 6         Standstill
	  	 
				
	 	  	  SECTION 6.01.	 	PURCHASES OF SHARES OF BUYER COMMON STOCK	  	13
		
	 ARTICLE 7         Miscellaneous
	  	 
				
	 	  	  SECTION 7.01.	 	BINDING EFFECT; ASSIGNABILITY; BENEFIT	  	13
				
	 	  	  SECTION 7.02.	 	NOTICES	  	14
				
	 	  	  SECTION 7.03.	 	WAIVER; AMENDMENT	  	14

  

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	     SECTION 7.04.
	 	FEES AND EXPENSES	  	14
			
	     SECTION 7.05.
	 	GOVERNING LAW	  	14
			
	     SECTION 7.06.
	 	WAIVER OF JURY TRIAL	  	15
			
	     SECTION 7.07.
	 	SPECIFIC ENFORCEMENT	  	15
			
	     SECTION 7.08.
	 	COUNTERPARTS; EFFECTIVENESS	  	15
			
	     SECTION 7.09.
	 	ENTIRE AGREEMENT	  	15
			
	     SECTION 7.10.
	 	CAPTIONS	  	15
			
	     SECTION 7.11.
	 	SEVERABILITY	  	15
			
	     SECTION 7.12.
	 	JURISDICTION; AGENTS FOR SERVICE OF PROCESS	  	15
			
	     SECTION 7.13.
	 	CONSTRUCTION	  	16

  

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 SHAREHOLDER AGREEMENT 
  
 AGREEMENT dated as of September 1, 2005 by and between Bowne & Co., Inc., a Delaware corporation (the
“Parent”) and Lionbridge Technologies, Inc., a Delaware corporation (the “Buyer”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Parent and the Buyer have entered into an Agreement and Plan of Merger (the “Purchase Agreement”) dated as of June 27, 2005, pursuant to which, among other things, the Buyer shall
purchase the Stock. 
  
 WHEREAS, effective from the Closing Date,
the Parent’s initial designee, Philip E. Kucera, has been appointed to serve as Director on the Board of the Buyer; and 
  
 WHEREAS, pursuant to provisions of the Purchase Agreement, the Buyer and the Parent have agreed to execute and deliver this Agreement on the Closing Date;

  
 NOW, THEREFORE, in consideration of the covenants and
agreements contained herein and in the Purchase Agreement, the parties hereto agree as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 SECTION 1.01.
Definitions. (a) The following terms, as used herein, have the following meanings: 
  
 “Adjustment Event” means any stock dividend, stock split, reverse split, recapitalization, reclassification or other like change with respect to the Buyer Common Stock. 
  
 “Affiliate” means any affiliate, as defined in Rule 12b-2
under the Exchange Act. 
  
 “Average Closing
Price” shall have the meaning set forth in the Purchase Agreement. 
  
 “Board” means the board of directors of the Buyer. 
  
 “Business Day” means any day other than (a) a Saturday, Sunday or (b) a day on which banking institutions in Boston, Massachusetts or New
York, New York are permitted or required by law, executive order or governmental decree to remain closed. 
  
 “Buyer Common Stock” means the shares of common stock, $0.01 par value per share, of the Buyer. 
  
 “Closing Date” shall have the meaning set forth in the
Purchase Agreement. 
  
 “Director” means a
director of the Buyer. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “NASD” means the National Association of Securities Dealers,
Inc. 
  
 “NASDAQ” means the National Association
of Securities Dealers Automated Quotation System. 
  
 “Person” means an individual, corporation, limited liability company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

  
 “Public Offering” means an underwritten
public offering of Buyer Common Stock pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form. 
  
 “Reasonable Best Efforts” means best efforts, to the extent
commercially reasonable. 
  
 “Registrable
Securities” means, at any time, the Shares held by the Parent, including any Shares of Buyer Common Stock and any securities of the Buyer issued or issuable in respect of such Shares as the result of an Adjustment Event. 
  
 “SEC” means the Securities and Exchange Commission.

  
 “Securities Act” means the Securities Act of
1933, as amended. 
  
 “Shares” means shares of
Buyer Common Stock received by the Parent as Stock Consideration. 
  
 “Shelf Registration” means a Demand Registration for an offering to be made on a continuous basis pursuant to Rule 415 of the Securities Act registering the resale of Registrable Securities held by the Parent. 

 
 “Stock” means the shares of common stock, $.01 par value
per share, of BGS Companies Inc., a Delaware corporation. 
  
 “Stock Consideration” shall have the meaning set forth in the Purchase Agreement. 
  
 “Subsidiary” means with respect to any person, (a) any corporation more than 50% of whose stock of any class or classes having by the
terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is owned by such person directly or indirectly through one or more Subsidiaries of such person and (b) any partnership, association, joint venture or other entity in which such person directly or indirectly through one
or more Subsidiaries of such person has more than a 50% equity interest. 
  
 “Underwritten Registration” means a Demand Registration for an underwritten public offering of Registrable Securities. 
  

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 (b) Each of the following terms is defined in the Section set forth opposite such term: 
  

				
	 Term

	  	Section

	 
	 Buyer
	  	Preamble	 
	 Damages
	  	3.06	 
	 	  	
	

	 Demand Registration
	  	3.01	(a)
	 	  	
	

	 Indemnified Party
	  	3.08	 
	 	  	
	

	 Indemnifying Party
	  	3.08	 
	 	  	
	

	 Offered Shares
	  	5.02	 
	 	  	
	

	 Offeror
	  	5.02	 
	 	  	
	

	 Option Period
	  	5.03	 
	 	  	
	

	 Parent
	  	Preamble	 
	 Piggyback Registration
	  	3.02	 
	 	  	
	

	 Purchase Agreement
	  	Recitals	 
	 Registration Statement
	  	3.01	(a)
	 	  	
	

	 Sale Notice
	  	5.02	 
	 	  	
	

	 Transfer
	  	5.01	 
	 	  	
	

  
 ARTICLE 2 

 
 BOARD OF DIRECTORS 

 
 SECTION 2.01. Composition of the Board. (a) At all times from and
after the Closing Date, at the termination of the term of Philip E. Kucera, who was appointed as a Director effective from the Closing Date, or at the termination of the term of any subsequent designee of the Parent appointed in the manner set forth
below, or upon the death, disability, incapacity, retirement, resignation, disqualification, removal or otherwise of Philip E. Kucera or any such subsequent designee of the Parent, the Parent will have the right to designate one representative to
serve as a Director who is reasonably acceptable to the Buyer; provided the Parent will no longer have such right from and after the first time that the number of shares beneficially owned by the Parent is less than 50% of the number of
Shares constituting the Stock Consideration (as adjusted for any Adjustment Event). 
  
 (b) At such time as Parent no longer has the right to designate a Director pursuant to Section 2.01(a), the Parent shall promptly direct the Director then designated by the Parent to resign from the Board.

  
 SECTION 2.02. Replacement of the Buyer Designee. (a) If
prior to the expiration of the term of Philip E. Kucera or any subsequent designee of the Parent, Philip E. Kucera or such subsequent designee of the Parent is no longer a Director as a result of death, disability, incapacity, retirement,
resignation, disqualification, removal or otherwise, then subject to the limitations set forth in Section 2.01(a), to the extent permissible under applicable law, Buyer agrees that it shall appoint a person designated by the Parent in
accordance with Section 2.01(a) as Director in the same class of the Board as his or her predecessor (or if it is not permissible under applicable law to appoint a Director to such class, then to another class, or if more than one class is
permissible, to the class of the Board with the longest term outstanding), provided 
  

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 that if such appointment is not permissible under applicable law (i) the Board shall recommend such designee for election
to the Board and such recommendation shall be included in any proxy statement, and (ii) the Buyer shall use Reasonable Best Efforts to solicit from the stockholders of the Buyer eligible to vote for the election of Directors at the next annual
meeting of the Buyer’s stockholders proxies in favor of such designee. 
  
 (b) Upon the expiration of the term of Philip E. Kucera or any subsequent designee of the Parent (i) the Buyer shall nominate the person designated by the Parent in accordance with Section 2.01(a) for election
to the Board, (ii) the Board shall recommend such designee for election to the Board and such recommendation shall be included in any proxy statement, and (iii) the Buyer shall use Reasonable Best Efforts to solicit from the stockholders of the
Buyer eligible to vote for the election of Directors proxies in favor of the representative designated by the Parent. 
  
 ARTICLE 3 
  
 REGISTRATION RIGHTS 
  
 SECTION 3.01. Demand Registration. (a) The Buyer agrees that, upon the request of the Parent, it will file a registration statement (a
“Registration Statement”) under the Securities Act as to the number of shares of Registrable Securities specified in such request (a “Demand Registration”); provided that (i) the Company shall not be required
to file a Registration Statement prior to such time as all financial statements required under the Securities Act to be included therein are available and all required accountants’ consents have been obtained; (ii) the Company shall not be
required to file a Registration Statement with respect to more than 80% of the Shares prior to the first anniversary of the Closing Date; (iii) the Buyer shall not be required to file more than three Registration Statements; (iv) the Parent shall
not make more than one request for a Demand Registration in any twelve month period, (v) the Company shall not be required to file a Registration Statement with respect to less than the lesser of (A) 20% of the Shares and (B) Shares having a value
based on the average closing price of Buyer Common Stock for the thirty (30) day period prior to the date of such request for a Demand Registration of not less than $20,000,000, (vi) any sales of Registrable Securities, other than pursuant to an
Underwritten Registration, shall be subject to the limitation set forth in Section 4.01(b), (vii) the Buyer shall not be required to effect a Demand Registration if within 10 days after receipt of a request therefor, the Buyer provides
written notice of its bona fide intention to file within 60 days a registration statement for an underwritten public offering of securities for its own account, and (viii) the Buyer shall not be required to effect a Demand Registration during the
period from the date of filing of, and ending 90 days after the effective date of, any registration statement for an underwritten public offering of securities for the account of the Buyer. Buyer’s right to block or defer a Demand Registration
pursuant to this Article 3 may be exercised only once in any 12-month period. During any period that a Demand Registration is blocked or deferred pursuant to this Section 3.01, Buyer shall not file a Registration Statement under the
Securities Act covering the resale of securities of the Buyer for the account of any other stockholder of Buyer. 
  
 (b) In the case of an Underwritten Registration, the Parent shall select the lead underwriter, any additional underwriters, and any additional investment
bankers and managers to be used in connection with the offering, subject to the Buyer’s reasonable approval. 
  

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 (c) Without the consent of the Parent, no securities other than Registrable Securities shall be included
in a Demand Registration. 
  
 SECTION 3.02. Piggyback
Registration. If the Buyer proposes to register a Public Offering for its own account at any time, the Buyer shall each such time give notice to the Parent at least 15 Business Days prior to the anticipated filing date of the registration
statement relating to such registration, which notice shall set forth the Parent’s rights under this Section 3.02 and shall offer the Parent and its Subsidiaries the opportunity to register such number of shares of Registrable Securities
as the Parent may request on the same terms and conditions as the Buyer (a “Piggyback Registration”); provided, that the Parent shall not request the registration of a greater number of shares of Buyer Common Stock than that
for which it could then demand a registration under Section 3.01(a)(ii). No registration effected under this Section 3.02 shall relieve the Buyer of its obligations to effect a Demand Registration to the extent required by Section
3.01, provided, however, that any Shares sold pursuant to this Section 3.02 shall be applied against the limitation set forth in Section 3.01(a)(ii). Buyer may withdraw any Piggyback Registration at any time without
liability to Parent. 
  
 SECTION 3.03. Reduction of
Offering. Notwithstanding anything contained herein, if the managing underwriter of a Public Offering made pursuant to Section 3.02 advises the Buyer in writing that, in such underwriter’s opinion, the inclusion of Registrable
Securities would adversely affect the offering, then the amount of Registrable Securities to be offered for the account of the Parent shall be reduced to the extent necessary to reduce the total amount of securities to be included in such offering
to the amount recommended by such managing underwriter; provided that if securities are being offered for the account of Persons other than the Buyer, then the proportion by which the amount of such Registrable Securities intended to be
offered for the account of the Parent is reduced shall not exceed the proportion by which the amount of such securities intended to be offered for the account of such other Persons is reduced. 
  
 SECTION 3.04. Filings; Information. Whenever the Parent requests that
any Registrable Securities be registered pursuant to Section 3.01 hereof, the Parent shall indicate whether the request is for a Shelf Registration or an Underwritten Registration. Buyer will thereupon use Reasonable Best Efforts to effect
the requested registration of such Registrable Securities as soon as is practicable, and in connection with any such request: 
  
 (a) The Buyer will use its Reasonable Best Efforts to prepare and file with the SEC as soon as practicable a Registration Statement on any form for which
the Buyer then qualifies and which counsel for the Buyer shall deem appropriate and available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use Reasonable
Best Efforts to cause such filed Registration Statement to become and remain effective for up to 90 days in the case of an Underwritten Registration and 12 months in the case of a Shelf Registration; provided, that, at least five (5) Business
Days prior to filing any registration statement or prospectus or any amendments or supplements thereto, the Buyer will furnish to the Parent and its counsel copies of all such documents proposed to be filed and any such holder shall have the
opportunity to comment on any information pertaining to the Parent and its plan of distribution that is contained therein and the Buyer shall make the corrections reasonably requested by the Parent with respect to such information prior to filing
any such registration statement or amendment; and provided further that, the Buyer’s obligations 

  

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to use Reasonable Best Efforts to file or maintain the effectiveness of the Registration Statement shall be suspended for up to 90 days if the Buyer shall
furnish to the Parent a certificate signed by the Buyer’s Chief Executive Officer stating that in his reasonable good faith judgment the fulfillment of the foregoing obligations would (i) require the Buyer to make a disclosure that would be
detrimental to the Buyer, or (ii) occur at a time when the price or exchange ratio at which the Buyer is obligated to issue securities (other than Buyer employee or officer and director stock options or restricted stock grants) is being determined,
except that the foregoing obligations of the Buyer shall be reinstated upon the making of such disclosure by the Buyer or expiration or termination of the circumstances referred to in clause (ii) above (or, if earlier, when such disclosure would no
longer be necessary for the fulfillment of the foregoing obligations or no longer be detrimental). Notwithstanding the foregoing, Buyer may suspend a Demand Registration under this Section 3.04 for not more than a cumulative period of 105
days in any 12-month period. If, during the period a Demand Registration is permitted to be suspended under this Section 3.04(a), Buyer does not also suspend the filing or effectiveness, as applicable, of any other Registration Statement covering
the resale of securities of the Buyer for the account of any other stockholder of the Buyer, then Buyer shall not suspend the Demand Registration unless, and to the extent that, any such other Registration Statement is suspended. 
  
 (b) Notwithstanding anything to the contrary in this Agreement, at the
request of the Buyer, the Parent shall not, directly or indirectly, make sales of any Registrable Securities during the period commencing upon the filing of any Registration Statement by the Buyer to register a Public Offering for its own account
and ending 30 days following the closing of such Public Offering (such period not to exceed 150 days), provided, that the Parent is given the opportunity (whether or not accepted by the Parent) to include at least 2,500,000 Shares (as
adjusted for any Adjustment Event) in such Public Offering. 
  
 (c) The Buyer will, if requested, prior to filing such Registration Statement or any amendment or supplement thereto, furnish to the Parent and each applicable managing underwriter, if any, copies thereof, and thereafter furnish to the
Parent and each such underwriter, if any, such number of copies of such Registration Statement, amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein) and the prospectus
included in such Registration Statement (including each preliminary prospectus) as the Parent or each such underwriter may reasonably request in order to facilitate the sale of the Registrable Securities. 
  
 (d) After the filing of the Registration Statement, the Buyer will promptly
notify the Parent of any stop order issued or, to the Buyer’s knowledge, threatened to be issued by the SEC and shall use Reasonable Best Efforts to prevent the entry of such stop order or to remove it if entered. 
  
 (e) The Buyer will use Reasonable Best Efforts to qualify the Registrable
Securities for offer and sale under such other securities or blue sky laws of such jurisdiction in the United States as the Parent reasonably requests; provided that the Buyer will not be required to (i) qualify generally to do business in
any jurisdiction where it would not otherwise be required to qualify but for this Section 3.04(e), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction. 

 

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 (f) The Buyer will as promptly as is practicable notify the Parent, at any time when a prospectus
relating to the sale of the Registrable Securities is required by law to be delivered in connection with sales by an underwriter or dealer, of the occurrence of any event requiring the preparation of a supplement or amendment to such prospectus so
that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading and promptly make available to the Parent and to the underwriters any such supplement amendment. The Parent agrees that, upon receipt of any notice from
the Buyer of the occurrence of any event of the kind described in the preceding sentence, the Parent will forthwith discontinue the offer and sale of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until receipt by the Parent and the underwriters of the copies of such supplemented or amended prospectus and, if so directed by the Buyer, the Parent will deliver to the Buyer all copies, other than permanent file copies then in the Parent’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. In the event the Buyer shall give such notice, the Buyer shall extend the period during which such Registration Statement shall be
maintained effective as provided in Section 3.04(a) hereof by the number of days during the period from and including the date of the giving of such notice to the date when the Buyer shall make available to the Parent such supplemented or
amended prospectus. 
  
 (g) In the case of an Underwritten
Registration, the Buyer will enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably requested by Parent in order to expedite or facilitate the sale of such Registrable
Securities, including but not limited to attendance by the Buyer’s Chief Executive Officer and any other Buyer officers as may be reasonably requested by the Parent, at any investor presentation or any “road shows” undertaken in
connection with the marketing or selling of the Registrable Securities provided that the Buyer’s Chief Executive Officer and such Buyer officers (if any) shall not be required to participate in any such presentations or “road
show” for more than five Business Days in connection with each Underwritten Registration. 
  
 (h) In the case of an Underwritten Registration, the Buyer will use its Reasonable Best Efforts to furnish to each underwriter (i) an opinion or opinions of counsel to the Buyer and (ii) a comfort letter or comfort
letters from the Buyer’s independent public accountants, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the managing underwriter reasonably requests.

  
 (i) As a condition to Buyer’s obligation to register
Registrable Securities under this Agreement, Parent shall, promptly upon request, furnish in writing to the Buyer such information regarding the Parent, the plan of distribution of the Registrable Securities and such other information as the Buyer
may from time to time reasonably request in writing or as may be legally required in connection with such registration. In addition, the Parent shall complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents reasonably required under the terms of any underwriting arrangements and the provisions of this Agreement. 
  

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 (j) In connection with the preparation and filing of each registration statement registering Registrable
Securities under the Securities Act, the Buyer shall give, upon reasonable notice and during normal business hours, the Parent, its underwriters, if any, and their respective counsel and accountants access to its books and records and an opportunity
to discuss the business of the Buyer with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion of Parent’s or such underwriters’ counsel to conduct a
reasonable investigation within the meaning of Section 11(b)(3) of the Securities Act. 
  
 SECTION 3.05. Registration Expenses. In connection with any Demand Registration and in connection with any Piggyback Registration, the Buyer shall pay the following expenses incurred in connection with such
registration: (i) registration and filing fees with the SEC, (ii) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the Registrable
Securities), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) fees and expenses
incurred in connection with the listing of the Registrable Securities, (v) fees and expenses of counsel and independent certified public accountants for the Buyer, (vi) the reasonable fees and expenses of any additional experts retained by the Buyer
in connection with such registration, (vii) internal expenses of the Buyer, (viii) for any Piggyback Registration, fees and expenses in connection with any review by the NASD of the underwriting arrangements or other terms of the offering, (ix)
costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of
the Registrable Securities, and (x) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, provided, however, that the Buyer shall not
be required to pay, and the Parent shall reimburse the Buyer for, any such expenses for any Demand Registration that is withdrawn at the request of the Parent unless such withdrawn Registration Statement is counted toward the maximum number of
Demand Registrations to which the Parent is entitled under Section 3.01. The Parent shall also pay (i) any underwriting fees, discounts or commissions attributable to the sale of Registrable Securities and any out-of-pocket expenses of the
Parent, and (ii) any out-of-pocket “road show” expenses incurred by Buyer in connection with any Demand Registration. 
  
 SECTION 3.06. Indemnification by the Buyer. The Buyer agrees to indemnify and hold harmless the Parent, its officers, directors, employees and
agents, and each Person, if any, who controls the Parent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages, liabilities and expenses (including reasonable
expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement or alleged untrue statement of a material fact contained in any registration statement or
prospectus relating to the Registrable Securities (as amended or supplemented if the Buyer shall have furnished any amendments or supplements thereto) or any preliminary prospectus (including documents incorporated by reference therein), or caused
by or relating to any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such Damages are caused by or related to any such untrue

  

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statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to the Buyer by the Parent or on the
Parent’s behalf expressly for use therein, provided that, with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus, or in any prospectus, as the case may be, the
indemnity agreement contained in this paragraph shall not apply to the extent that any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) was not sent or given to the
Person asserting any such Damages at or prior to the written confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that the Buyer has provided such prospectus to the Parent and it was the responsibility
of the Parent to provide such Person with a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be)
would have cured the defect giving rise to such Damages. The Buyer also agrees to indemnify any underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Parent provided in this Section 3.06. 
  
 SECTION 3.07. Indemnification by the Parent. The Parent agrees to indemnify and hold harmless the Buyer, its
officers, directors and agents and each Person, if any, who controls the Buyer within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Buyer to the
Parent, but only (i) with respect to information furnished in writing by the Parent or on the Parent’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement
thereto, or any preliminary prospectus or (ii) to the extent that any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) was not sent or given to the Person asserting
any such Damages at or prior to the written confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that it was the responsibility of the Parent to provide such Person with a current copy of the prospectus
(or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) would have cured the defect giving rise to such loss, claim, damage, liability
or expense. The Parent also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of the Securities Act
or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Buyer provided in this Section 3.07. As a condition to including Registrable Securities in any registration statement filed in accordance
with Article 3, the Buyer may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar
securities. The Parent shall not be liable under this Section 3.07 for any Damages in excess of the net proceeds realized by the Parent in the sale of Registrable Securities of the Parent to which such Damages relate. 
  
 SECTION 3.08. Conduct of Indemnification Proceedings. If any
proceeding (including any governmental investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to this Article 3, such Person (an “Indemnified Party”) shall 
  

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 promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in
writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees and expenses, provided that the failure of
any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such
proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have
mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It
is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any
local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by
the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying
Party shall indemnify and hold harmless such Indemnified Parties from and against any Damages (to the extent stated above) by reason of such settlement or judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party
shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability arising out of such proceeding. 
  
 SECTION 3.09. Contribution. If the indemnification provided for in this Article 3 is unavailable to the Indemnified Parties in respect of
any Damages, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Damages in such proportion as is appropriate to reflect the
relative fault of the Buyer, the Parent and the underwriters in connection with the statements or omissions that resulted in such Damages, as well as any other relevant equitable considerations. The relative fault of the Buyer, the Parent and the
underwriters shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  
 The Buyer and the Parent agree that it would not be just and equitable if contribution pursuant to this Section 3.09 were determined by pro rata
allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the
provisions of this Article 3, no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the securities underwritten by it and distributed to the public were offered to the public
exceeds the amount of any Damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged 
  

 10 

 untrue statement or omission or alleged omission, and the Parent shall not be required to contribute any amount in excess
of the amount by which the net proceeds of the offering (before deducting expenses) received by the Parent exceeds the amount of any Damages which the Parent has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

  
 SECTION 3.10. Termination. Parent’s rights to
require the registration of Registrable Securities under this Article 3 shall terminate upon the later of five (5) years after the Closing Date and such time as Parent holds less than ten percent (10%) of the Registrable Securities (as adjusted for
any Adjustment Event). 
  
 ARTICLE 4 
  
 CERTAIN COVENANTS AND
AGREEMENTS 
  
 SECTION 4.01. Rule 144. (a)
The Buyer covenants that it will file any reports required to be filed by it under the Securities Act and the Exchange Act and that it will take such further action as the Parent may reasonably request to the extent required from time to time to
enable the Parent or its Subsidiaries to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 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. Upon the request of the Parent, the Buyer will deliver to the Parent a written statement as to whether it has complied with such reporting requirements. 
  
 (b) Until the third anniversary of the Closing Date, any sale of Registrable
Securities by the Parent, other than pursuant to an Underwritten Registration or Piggyback Registration, shall be in compliance with the volume limitations set forth in section (e) of Rule 144 under the Securities Act, regardless of whether such
section then applies to the Parent, provided, that for purposes of Rule 144(e) “one percent” shall be deemed to be “two percent.” 
  
 ARTICLE 5 
  
 RIGHT OF FIRST OFFER 
  
 SECTION 5.01. Restrictions on Transfer. Any voluntary sale, transfer or other disposition (“Transfer”) of any of the Shares by
Parent or its Subsidiaries, other than according to the terms of this Agreement, shall be void and transfer no right, title, or interest in or to any of such Shares to the purported transferee (it being understood that a Transfer by operation of law
shall not be restricted by this Article 5). Each certificate representing the Shares acquired by the Parent at the Closing shall be stamped with the following legend in a prominent manner: 
  
 “The sale or other disposition of any of the shares represented by this
certificate is restricted by a Shareholder Agreement, dated as of September 1, 2005, as amended from time to time, among Bowne & Co., Inc. and this corporation (the “Agreement”). A copy of the Agreement is available for inspection
during normal business hours at the principal executive office of this corporation.” 
  

 11 

 SECTION 5.02. Offer of Sale; Notice of Proposed Sale. If the Parent desires to Transfer any of the
Shares, or any interest in such Shares, in any transaction other than a sale in a Public Offering, the Parent shall first deliver written notice of its desire to do so (a “Sale Notice”) to the Buyer, in the manner prescribed in
Section 7.02 of this Agreement. The Sale Notice must specify: (a) the name and address of the party to which the Parent proposes to sell or otherwise dispose of the Shares or an interest in the Shares, if known to the Parent (the
“Offeror”), (b) the number of Shares the Parent proposes to sell or otherwise dispose of (the “Offered Shares”), (c) the price per share at which the Parent proposes to sell the Offered Shares (the “Offered
Price”). 
  
 SECTION 5.03. Buyer’s Option to
Purchase. The Buyer shall have the option to purchase all of the Offered Shares at the Offered Price. The Buyer must exercise such option, no later than three (3) Business Days after such Sale Notice is deemed under Section 7.02 hereof to
have been delivered to it (the “Option Period”), by written notice to the Parent. In the event the Buyer duly exercises its option to purchase all of the Offered Shares, the closing of such purchase shall take place at the offices
of the Buyer on the date five (5) Business Days after the exercise of such option. If the Buyer does not exercise its option to purchase all of the Offered Shares within the Option Period, then the option of the Buyer to purchase the Offered Shares,
shall terminate and the Parent shall be permitted to sell the Offered Shares to a purchaser that is not affiliated with Parent at a price per share no lower than the Offered Price within 90 days after expiration of the Option Period. If no such sale
occurs within such 90-day period, such Offered Shares may not be Transferred by Parent without again complying with Section 5.02 and this Section 5.03. Notwithstanding the foregoing, the Buyer shall not have an option to purchase
Shares from the Parent if the number of Shares being sold does not (a) exceed 4.9% of the outstanding Buyer Common Stock at the time of the sale (determined by reference to the most recently filed report under the Securities Act containing such
information) or (b) result in the Person to whom the Shares are being Transferred acquiring more than 4.9% of the outstanding Buyer Common Stock (determined by reference to the most recently filed report under the Securities Act containing such
information); provided that (i) sales of Shares pursuant to this sentence shall be subject to the restriction on sales set forth in Section 5.04 and (ii) the Parent shall provide prompt written notice of a sale of Shares pursuant to
this sentence to the Buyer and the Parent shall use Reasonable Best Efforts to include the identity of the purchasers to the extent the Parent has knowledge of such purchasers’ identity. 
  
 SECTION 5.04. Restriction on Transfer to Competitors of the Buyer.
Notwithstanding the provisions of Sections 5.02 and 5.03, in no event shall the Parent or its Subsidiaries knowingly Transfer any of the Shares to any Person that is engaged in a business competitive with that of Buyer. 
  

 12 

 ARTICLE 6 
  
 STANDSTILL 
  
 SECTION 6.01. Purchases of Shares of Buyer Common Stock. From the Closing Date until the third anniversary thereof, Parent shall not, and shall not
permit its Subsidiaries to: 
  
 (a) directly or indirectly
acquire, announce its intention to acquire, make any proposal to acquire, agree or offer to acquire ownership of any shares of Buyer Common Stock, or any other securities convertible into, or any options, warrants or rights to acquire any shares of
Buyer Common Stock or any assets of Buyer (other than property acquired in the ordinary course of business) from the Buyer or any other Person; 
  
 (b) “solicit” or propose to “solicit” or participate in any “solicitation” of any, “proxy” (as such term is
defined in Regulation 14A under the Exchange Act) from any holder of shares of Buyer Common Stock, become a “participant” in a “solicitation” in opposition to any matter that has been recommended by a majority of the members of
the Board of Directors of Buyer, propose or otherwise solicit stockholders of Buyer for approval of any stockholder proposal or otherwise seek to influence or control the management or policies of Buyer; 
  
 (c) take any action to form, join in or in any way participate in any
partnership, limited partnership or other Group (as such term is defined under the Exchange Act) with respect to shares of Buyer Common Stock; or 
  
 (d) assist or announce its intention to assist any other person in doing any of the foregoing. 
  
 ARTICLE 7 
  
 MISCELLANEOUS 
  
 SECTION 7.01. Binding Effect; Assignability; Benefit. (a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their permitted assigns, provided that no party may (other than by operation of law and other than in the case of the Parent to an Affiliate of the Parent) assign, delegate or otherwise transfer any of its rights or obligations under this
Agreement without the prior consent of the other party hereto, provided, however, that, (i) the Parent and its Subsidiaries shall not sell or otherwise transfer any of the Shares to any Affiliate unless the transferee agrees in writing
to be bound by the provisions of this Agreement to the same extent as the Parent, and (ii) the provisions of Article 2 are not assignable under any circumstances. It is expressly understood and agreed that the transfer restrictions set forth
in this Agreement shall terminate with respect to each share of Stock Consideration after such share has been Transferred by the Parent (or an Affiliate thereof) to any Person that is not an Affiliate of the Parent in compliance with the terms of
this Agreement. 
  
 (b) Nothing in this Agreement, expressed or
implied, is intended to confer on any Person other than the parties hereto, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

  

 13 

 SECTION 7.02. Notices. All notices, requests, demands, claims, and other communications hereunder
shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly delivered four (4) Business Days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one (1)
Business Day after it is sent for next Business Day delivery via a reputable nationwide overnight courier service, in each case to the intended recipient as set forth below: 
  

			
		
	 If to the Parent:
  
 Bowne & Co., Inc.
 345 Hudson Street
 New York, New York 10014
 Attention: General Counsel
 Telecopy: (212) 931-1899
	  	 Copy (which shall not constitute notice) to:
  
 White & Case LLP
 1155 Avenue of the Americas
 New York, New York 10036
 Attention: Mark L. Mandel, Esq.
 Telecopy: (212) 354-8113

		
	 If to the Buyer:
	  	 Copy (which shall not constitute notice) to:

		
	 Lionbridge Technologies, Inc.
 1050 Winter
Street
 Suite 2300
 Waltham, MA 02451
 Attention: General Counsel
 Telecopy: (781) 434-6057
	  	 Wilmer Cutler Pickering Hale and Dorr LLP
 60 State
Street
 Boston, Massachusetts 02109
 Attention: Mark G. Borden,
Esq.
 Telecopy: (617) 526-5000

  
 Any party may give any
notice, request, demand, claim, or other communication hereunder using any other means (including personal delivery, expedited courier, messenger service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand,
claim, or other communication shall be deemed to have been duly given unless and until it actually is received by the party for whom it is intended. Any party may change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other party or parties notice in the manner herein set forth. 
  
 SECTION 7.03. Waiver; Amendment. No provision of this Agreement may be waived except by an instrument in writing executed and delivered by duly
authorized officers of the respective parties. 
  
 SECTION 7.04.
Fees and Expenses. Except as otherwise provided in the Purchase Agreement, each party shall bear its own costs and expenses incurred in connection with the preparation of this Agreement, or any amendment or waiver hereof. 
  
 SECTION 7.05. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York, without regard to the conflicts of laws rules of such state. 
  

 14 

 SECTION 7.06. Waiver of Jury Trial. Each of the Buyer and the Parent hereby waive, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation as between the parties directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated
hereby or disputes relating hereto. Each of the Buyer and the Parent (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise that such other party would not, in the event of litigation, seek
to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 7.06. 
  
 SECTION 7.07. Specific Enforcement. Each party hereto acknowledges
that the remedies at law of the other party for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that
may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 
  
 SECTION 7.08. Counterparts; Effectiveness. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall
have received counterparts hereof signed by the other party hereto. 
  
 SECTION 7.09. Entire Agreement. This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto and supersede all prior and contemporaneous agreements and understandings, both oral and written,
among the parties hereto with respect to the subject matter hereof and thereof. 
  
 SECTION 7.10. Captions. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. 
  
 SECTION 7.11. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the
fullest extent possible. 
  
 SECTION 7.12. Jurisdiction; Agents
for Service of Process. Any judicial proceeding brought against any of the parties to this Agreement on any dispute arising out of this Agreement or any matter related hereto may be brought exclusively in the courts of the State of New York
located in New York City or in the United States District Court for the Southern District of New York, and, by execution and delivery of this Agreement, each of the parties to this Agreement accepts the exclusive jurisdiction of such courts, and
irrevocably agrees to be bound by any 
  

 15 

 judgment rendered thereby in connection with this Agreement. The foregoing consent to jurisdiction shall not constitute
general consent to service of process in the State of New York for any purpose except as provided above and shall not be deemed to confer rights on any Person other than the respective parties to this Agreement. The Parent and the Buyer agree that
service of any process, summons, notice or document by United States registered mail to such party’s address set forth above shall be effective service of process for any action, suit or proceeding in New York with respect to any matters for
which it has submitted to jurisdiction pursuant to this Section 7.12. 
  
 SECTION 7.13. Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied
against any party. 
  
 IN WITNESS WHEREOF, the parties hereto have
caused this Shareholder Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	BOWNE & CO., INC.
		
	 By:
	 	 /s/ C. Cody Colquitt

	 Name:
	 	C. Cody Colquitt
	 Title:
	 	SVP and CFO
	
	LIONBRIDGE TECHNOLOGIES, INC.
		
	 By:
	 	 /s/ Rory J. Cowan

	 Name:
	 	Rory J. Cowan
	 Title:
	 	CEO

  

 16Form of Warrant to Purchase Shares of Common Stock Issued to MLF Investors, LLC

 Exhibit 4.1 
  
 THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES OR “BLUE-SKY” LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.

  

			
	 No.                  
	  	 For the Purchase
 of                        shares
 of Common Stock

  
  
 WARRANT TO PURCHASE COMMON STOCK 
  
 OF 
  
 dELiA*s, INC.

  
 (A DELAWARE CORPORATION) 
  
  
 dELiA*s, INC., a Delaware corporation (the “Company”), for value received, hereby certifies that MLF Investments LLC, a Delaware limited liability company (the “Holder”), is entitled, subject to the
terms set forth below, to purchase from the Company, at any time or from time to time on or before the first to occur of 5:00 p.m. Eastern Standard Time on
                        , 2015 and the termination of this Warrant as provided in Section 7 hereof, up to an aggregate of
                     (            ) shares of Common Stock, par value $0.001 per share,
of the Company (the “Common Stock”), at a purchase price equal to $                     per share, as may be adjusted upon the
occurrence of certain events as set forth in Section 3 of this Warrant. The shares of stock issuable upon exercise of this Warrant, and the purchase price per share, are hereinafter referred to as the “Warrant Stock” and the
“Purchase Price,” respectively. 
  
 1.
Exercise. 
  
 1.1 Manner of
Exercise; Method of Payment. This Warrant may be exercised by the Holder, in whole or in part (so long as any exercise in part hereof would not involve the issuance of fractional shares of Warrant Stock), by surrendering this Warrant, with
the purchase form appended hereto as Exhibit A duly executed by the Holder, at the principal office of the Company, or at such other place as the Company may designate, accompanied by payment in full of the aggregate Purchase Price
payable in respect of the number of shares of Warrant Stock purchased upon such exercise. Payment of the Purchase Price may be made by either (i) cash, (ii) a certified or cashier’s check payable to the order of the Company,
(iii) exercise of the net issuance option pursuant to Section 1.4 of this Warrant, or (iv) any combination of the foregoing methods. 

 1.2 Effectiveness. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1.1 above. At such time, the person or persons in whose name or names any certificates
for Warrant Stock shall be issuable upon such exercise as provided in Section 1.3 below shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificates. 
  
 1.3 Delivery of Certificates. As soon as
practicable after the exercise of this Warrant in whole or in part, and in any event within twenty (20) days thereafter, the Company at its sole expense will cause to be issued in the name of, and delivered to, the Holder, or, subject to the
terms and conditions hereof, as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 
  
 (a) a certificate or certificates for the number of full shares of Warrant Stock to which such Holder shall be entitled upon such exercise
plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash in an amount determined pursuant to Section 2 hereof, and 
  
 (b) if such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the
face or faces thereof for the number of shares of Warrant Stock (without giving effect to any adjustment therein) equal to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Holder upon
such exercise as provided in Section 1.1 above. 
  
 1.4 Net Issuance Option; Market Value. Notwithstanding any provisions herein to the contrary, the Holder may elect to receive, without the payment by the Holder of any additional consideration, shares of Common Stock equal to
the value (as determined below) of this Warrant (or the portion thereof being exercised) by surrender of this Warrant at the principal office of the Company together with the properly endorsed and completed notice of exercise in the form of Exhibit
A hereto, in which event the Company shall issue to the Holder a number of shares of Common Stock computed using the following formula: 
  

							
	 X
	 	=	 	Y (A-B)	 	 
	 	 	 	 	A	 	 

  

					
	 Where X
	 	=	 	the number of shares of Common Stock to be issued to the Holder pursuant to this Section 1.4
			
	 Y
	 	=	 	the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such
calculation) pursuant to this Section 1.4
			
	 A
	 	=	 	the Market Value of one share of the Company’s Common Stock (at the date of such calculation)

  

 2 

					
	 B
	 	=	 	the Purchase Price (as adjusted to the date of such calculation) in effect under this Warrant at the time the net issue election is made pursuant to this Section 1.4

  
 Upon any such exercise, the number of
shares of Warrant Stock purchasable upon exercise of this Warrant shall be reduced by such designated number of shares of Warrant Stock and, if a balance of purchasable shares of Warrant Stock remains after such exercise, the Company shall execute
and deliver to the Holder a new Warrant for such balance of shares of Warrant Stock. Such exchange shall be effective upon the date of receipt by the Company of the original Warrant surrendered for cancellation and a written request from the Holder
that the exchange pursuant to this Section 1.4 be made, or at such later date as may be specified in such request. For purposes of this Warrant, “Market Value” of the Company’s Common Stock shall mean, as of any date of
determination, the closing sale price of the Company’s Common Stock on the NASDAQ National Market (or other exchange on which the Common Stock is traded at the time of such determination) or if the Company’s Common Stock is not traded on
an exchange, the fair market value of such share as determined in good faith by the Board of Directors in its reasonable business judgment upon review of all relevant factors. 
  
 2. Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant,
but rather the number of shares of Common Stock issued upon exercise of this Warrant shall be rounded down to the nearest whole number, and in lieu of any fractional share to which any holder would otherwise be entitled upon such exercise, the
Company shall pay cash equal to such fraction multiplied by the Market Value of the Company’s Common Stock on the trading day immediately preceding the date the Warrant is exercised. 
  
 3. Certain Adjustments. 
  
 3.1 Changes in Common Stock. If the Company
shall (i) combine the outstanding shares of Common Stock into a lesser number of shares, (ii) subdivide the outstanding shares of Common Stock into a greater number of shares or (iii) issue additional shares of Common Stock as a
dividend or other distribution with respect to the Common Stock, the number of shares of Warrant Stock shall be equal to the number of shares which the Holder would have been entitled to receive after the happening of any of the events described
above if such shares had been issued immediately prior to the happening of such event, such adjustment to become effective concurrently with the effectiveness of such event. Whenever the number of shares of Warrant Stock purchasable upon exercise of
this Warrant is adjusted as provided in this Section 3.1, the Purchase Price payable upon the exercise of this Warrant shall be adjusted to that price determined by multiplying the Purchase Price in effect immediately prior to such adjustment
by a fraction (i) the numerator of which shall be the number of shares of Warrant Stock purchasable upon exercise of this Warrant immediately prior to such adjustment, and (ii) the denominator of which shall be the number of shares of
Warrant Stock purchasable upon exercise of this Warrant immediately thereafter. The number of shares of Common Stock outstanding at any given time for purposes of the adjustments set forth in this Section 3 shall exclude any shares then
directly or indirectly held in the treasury of the Company. 
  

 3 

 3.2 Reorganizations and Reclassifications. If there shall occur any capital
reorganization or reclassification of the Common Stock (other than a change in par value or a subdivision or combination as provided for in Section 3.1), then, as part of any such reorganization or reclassification, lawful provision shall be
made so that the Holder shall have the right thereafter to receive upon the exercise hereof the kind and amount of shares of stock or other securities or property which such Holder would have been entitled to receive if, immediately prior to any
such reorganization or reclassification, such Holder had held the number of shares of Common Stock which were then purchasable upon the exercise of this Warrant. In any such case, appropriate adjustment (as reasonably determined by the Board of
Directors of the Company) shall be made in the application of the provisions set forth herein with respect to the rights and interests thereafter of the Holder such that the provisions set forth in this Section 3 (including provisions with
respect to adjustment of the Purchase Price) shall thereafter be applicable, as nearly as is reasonably practicable, in relation to any shares of stock or other securities or property thereafter deliverable upon the exercise of this Warrant.

  
 3.3 Merger, Consolidation or Sale of
Assets. Subject to the provisions of Section 7, if there shall be a merger or consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of
the Company or the acquisition by the Company of other businesses where the Company survives as a going concern), or the sale of all or substantially all of the Company’s capital stock or assets to any other person, then as a part of such
transaction, provision shall be made so that the Holder shall thereafter be entitled to receive the number of shares of stock or other securities or property of the Company, or of the successor corporation resulting from the merger, consolidation or
sale, to which the Holder would have been entitled if the Holder had exercised its rights pursuant to the Warrant immediately prior thereto. In any such case, appropriate adjustment shall be made in the application of the provisions of this
Section 3 to the end that the provisions of this Section 3 shall be applicable after that event in as nearly equivalent a manner as may be practicable. 
  
 3.4 Dividends; Distribution of Assets. If the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of stock or other securities, property or options by way of a
dividend, spin off, reclassification, corporate rearrangement or other similar transaction, but not including any distribution of cash) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case:

  
 (a) the Purchase Price in effect immediately
prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by
multiplying such Purchase Price by a fraction of which (A) the numerator shall be the Market Value of the Common Stock on the trading day immediately preceding such record date minus the value of the Distribution (as determined in good faith by
the Company’s Board of Directors) applicable to one share of Common Stock, and (B) the denominator shall be the 

  

 4 

 
Weighted Average Price of the Common Stock on the trading day immediately preceding such record date; and 
  
 (b) either (i) the number of shares of Warrant Stock
issuable upon exercise of this Warrant shall be increased to a number of shares equal to the number of shares of Common Stock issuable immediately prior to the close of business on the record date fixed for the determination of holders of Common
Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (a), or (ii) in the event that the Distribution is of common stock of a company whose common stock is traded
on a national securities exchange or a national automated quotation system, then the holder of this Warrant shall receive an additional warrant to purchase Common Stock, the terms of which shall be identical to those of this Warrant, except that
such warrant shall be exercisable into the amount of the assets that would have been payable to the holder of this Warrant pursuant to the Distribution had the holder exercised this Warrant immediately prior to such record date and with an exercise
price equal to the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the immediately preceding clause (a). 
  
 For purposes of this Section 3.4, “Weighted Average Price” means the dollar volume-weighted average
price for the Common Stock on the NASDAQ National Market (or other exchange on which the Common Stock is traded at the time of such determination) as reported by Bloomberg through its “Volume at Price” function. If the Weighted Average
Price cannot be calculated for such security on such date on the foregoing basis, the Weighted Average Price of such Common Stock on such date shall be the fair market value as determined in good faith by the Board of Directors of the Company.

  
 3.5 Certificate of Adjustment.
When any adjustment is required to be made in the Purchase Price, the Company shall mail to the Holder a certificate setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.
Delivery of such certificate shall be deemed to be a final and binding determination with respect to such adjustment unless challenged by the Holder within twenty (20) days of receipt thereof. Such certificate shall also set forth the kind and
amount of stock or other securities or property into which this Warrant shall be exercisable following the occurrence of any of the events specified in this Section 3. 
  
 4. Compliance with Securities Act. 
  
 4.1 Unregistered Securities. The Holder acknowledges that this Warrant and the Warrant Stock
have not been registered under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any successor legislation (the “Securities Act”), and agrees not to sell, pledge, distribute, offer for sale,
transfer or otherwise dispose of this Warrant or any Warrant Stock except in accordance with the provisions of the Securities Act or pursuant to an exemption therefrom. 
  
 4.2 Investment Letter. Without limiting the generality of Section 4.1, unless the offer
and sale of any shares of Warrant Stock shall have been effectively registered 

  

 5 

 
under the Securities Act, the Company shall be under no obligation to issue the Warrant Stock unless and until the Holder shall have executed an investment
letter in form and substance reasonably satisfactory to the Company, including a warranty at the time of such exercise that the Holder is acquiring such shares for its own account, for investment and not with a view to, or for sale in connection
with, the distribution of any such shares. 
  
 4.3 Legend. Certificates delivered to the Holder pursuant to Section 1.3 shall bear the following legend or a legend in substantially similar form: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES OR “BLUE-SKY” LAWS. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION THEREFROM. 
  
 5. Reservation of Stock.
The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time shall be issuable upon the
exercise of this Warrant. The Company covenants that all shares of Warrant Stock so issuable will, when issued, be duly and validly issued and fully paid and nonassessable, and the Company shall pay all taxes in respect of the issuance thereof,
other than any income tax or property tax imposed on the holder thereof or any tax imposed in connection with any transfer included in the issuance of a certificate for shares of Warrant Stock or any other securities in any name other than that of
the holder hereof. 
  
 6. Replacement of Warrants.
Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required
and the holder hereof is other than the original holder) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of
like tenor. 
  
 7. Termination Upon Certain Events.
If there shall be a merger or consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the corporation form of or state of incorporation of the Company or the acquisition by the
Company of other businesses where the Company survives as a going concern), or the sale of all or substantially all of the Company’s capital stock or assets to any other person, or the liquidation or dissolution of the Company, then as a part
of such transaction, at the Company’s option, either: 
  
 (a) provision shall be made so that the Holder shall thereafter be entitled to receive the number of shares of stock or other securities or property of the Company, or of the successor corporation resulting from the
merger, consolidation or sale, to which the Holder would have been entitled if the Holder had exercised its rights pursuant to the Warrant immediately prior thereto (and, in such case, appropriate adjustment shall be made in the application of the
provisions of this Section 7(a) to the end that the provisions of 

  

 6 

 
Section 3 hereof shall be applicable after that event in as nearly equivalent a manner as may be practicable); or 
  
 (b) this Warrant shall terminate on the effective date of
such merger, consolidation or sale (the “Termination Date”) and become null and void, provided that if this Warrant shall not have otherwise terminated or expired, (1) the Company shall provide the Holder written notice
of such Termination Date at least twenty (20) days prior to the occurrence thereof and (2) this Warrant shall then become immediately exercisable by the Holder with respect to all of the shares of Common Stock for which this Warrant is
then exercisable, and the Holder shall have the right until 5:00 p.m., Eastern Standard Time, on the day immediately prior to the Termination Date to exercise its rights hereunder to the extent not previously exercised. 
  
 8. Transferability. Without the prior written consent of the
Company, whose consent shall not be unreasonably be withheld, this Warrant shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar process;
provided that, this Warrant may be transferred by the Holder as a dividend or distribution to the members, partners or stockholders of the Holder at anytime or bona fide gift without consideration or in connection with a transfer not
involving a change in beneficial ownership; provided, further that any such permitted transfer with respect to less than all of the Warrant may only be effected if the portion so transferred is exercisable with respect to no less than 50,000 shares
of the Company’s Common Stock. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Warrant or of any rights granted hereunder contrary to the provisions of this Section 8, or the levy of any attachment or
similar process upon the Warrant or such rights, shall be null and void. 
  
 9. No Rights as Stockholder. Until the exercise of this Warrant, the Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Company. 
  
 10. Notices. All notices, requests and other communications
hereunder shall be in writing, shall be either (i) delivered by hand, (ii) made by facsimile transmission, (iii) sent by overnight courier, or (iv) sent by registered mail, postage prepaid, return receipt requested. In the case
of notices from the Company to the Holder, they shall be sent to the address furnished to the Company in writing by the last Holder who shall have furnished an address to the Company in writing. All notices from the Holder to the Company shall be
delivered to the Company at its offices at 435 Hudson Street, New York, New York 10014, Attn: Chief Executive Officer or such other address as the Company shall so notify the Holder. All notices, requests and other communications hereunder shall be
deemed to have been given (i) by hand, at the time of the delivery thereof to the receiving party at the address of such party described above, (ii) if made by facsimile transmission, at the time that receipt thereof has been acknowledged
by electronic confirmation or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by registered mail, on the fifth business day
following the day such mailing is made. 
  
 11. Waivers and
Modifications. Any term or provision of this Warrant may be waived only by written document executed by the party entitled to the benefits of such terms or provisions. 
  

 7 

 The terms and provisions of this Warrant may be modified or amended only by written agreement executed by the parties
hereto. 
  
 12. Headings. The headings in this
Warrant are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions of this Warrant. 
  
 13. Governing Law. This Warrant will be governed by and construed in accordance with and governed by the laws
of New York, without giving effect to the conflict of law principles thereof. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 8 

 IN WITNESS WHEREOF, this Warrant has be executed by the undersigned as of the
             day of
                                , 2005. 
  

			
	 dELiA*s, INC.

		
	 By:
	 	

	 Name:
	 	

	 Title:
	 	

  
  
  
 [SIGNATURE PAGE TO
WARRANT] 
  

 9 

 EXHIBIT A 
  
 PURCHASE FORM 
  

	To:	dELiA*s, INC. 

  
 The undersigned, pursuant to the provisions set forth in the attached Warrant (No.         ), hereby irrevocably
elects to purchase                          shares of the Common Stock, par value $0.001 per share (the “Common
Stock”) of dELiA*s, INC., covered by such Warrant and herewith tenders payment representing the full purchase price for such shares at the price per share provided for in such Warrant by: 
  
 (i) enclosing cash and/or a certified or cashier’s check payable to the
order of the Company in the aggregate amount of $                        ; and/or 
  
 (ii) hereby authorizing the cancellation of
                         shares of Common Stock for which the Warrant may be exercised (the “Warrant Stock”).

  
 [Include if shares are not registered at time of exercise]
The undersigned is aware that the Warrant Stock has not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws. The undersigned understands that reliance
by the Company on exemptions under the Securities Act is predicated in part upon the truth and accuracy of the statements of the undersigned in this Purchase Form. 
  
 The undersigned represents and warrants that (1) it has been furnished with all information which it deems necessary to
evaluate the merits and risks of the purchase of the Warrant Stock, (2) it has had the opportunity to ask questions concerning the Warrant Stock and the Company and all questions posed have been answered to its satisfaction, (3) it has
been given the opportunity to obtain any additional information it deems necessary to verify the accuracy of any information obtained concerning the Warrant Stock and the Company and (4) it has such knowledge and experience in financial and
business matters that it is able to evaluate the merits and risks of purchasing the Warrant Stock and to make an informed investment decision relating thereto. 
  

The undersigned hereby represents and warrant that it is purchasing the Warrant Stock for its own account for investment and not with a view to the
sale or distribution of all or any part of the Warrant Stock. 
  
 [Include if shares are not registered at time of exercise] The undersigned understands that because the Warrant Stock has not been registered under the Securities Act, it must continue to bear the economic risk of the investment for
an indefinite period of time and the Warrant Stock cannot be sold unless it is subsequently registered under applicable federal and state securities laws or an exemption from such registration is available. 
  
 The undersigned agrees that it will in no event sell or distribute or
otherwise dispose of all or any part of the Warrant Stock unless (1) there is an effective registration statement under 

 
the Securities Act and applicable state securities laws covering any such transaction involving the Warrant Stock, or (2) the Company receives an
opinion satisfactory to the Company of the undersigned’s legal counsel stating that such transaction is exempt from registration. 
  
 [Include if shares are not registered at time of exercise] The undersigned consents to the placing of a legend on its certificate for the Warrant
Stock stating that the Warrant Stock has not been registered and setting forth the restriction on transfer contemplated hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the Warrant
Stock until the Warrant Stock may be legally resold or distributed without restriction. 
  
 The undersigned has considered the federal and state income tax implications of the exercise of the Warrant and the purchase and subsequent sale of the Warrant Stock. 
  

			
	

		
	 Dated:
	 	

  

 2

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