Document:

Exhibit 10.2  

STOCK PLEDGE AGREEMENT  

        STOCK PLEDGE AGREEMENT dated as of January 14, 2004, by and between CHARLES RIVER ASSOCIATES INCORPORATED, a Massachusetts corporation, having a place of
business at John Hancock Tower, 200 Clarendon Street, T-33, Boston, Massachusetts 02116-5092 (the "Pledgor"), and Citizens Bank
of Massachusetts, a bank, having a place of business at 28 State Street, Boston, Massachusetts 02109, (the "Pledgee"). 

        WHEREAS,
the Pledgor has entered into a certain Loan Agreement dated as of the date hereof (as the same may be amended, modified or supplemented from time to time, the
"Loan Agreement") with the Pledgee; 

        WHEREAS,
the Pledgor is the direct legal and beneficial owner of the issued and outstanding shares of Stock (as hereinafter defined) listed opposite the names of each of the entities
listed on Exhibit A (individually, a "Scheduled Subsidiary" and collectively, the
"Scheduled Subsidiaries"); 

        WHEREAS,
the Pledgee is unwilling to enter into the Loan Agreement and to make any loans thereunder unless the Pledgor shall execute and deliver this Pledge Agreement and pledge the
Pledged Stock to the Pledgee on the terms and conditions described herein in order to secure the obligations of the Pledgor pursuant to the Loan Agreement; and 

        NOW,
THEREFORE, in order to induce the Pledgee to enter into the Loan Agreement and to make or extend to the Pledgor one or more loans, advances, or other extensions of credit, and in
consideration thereof, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

        1.     Definitions. The following terms shall have the meanings set forth below. Terms not otherwise defined herein shall have
the meanings ascribed to them in the Loan Agreement or under the Uniform Commercial Code of the Commonwealth of Massachusetts, as applicable, or any other applicable jurisdiction. 

        "Agreements" means the Loan Agreement, the Note and the other Loan Documents, each as amended and in effect from time to time. 

        "Cash Collateral" shall have the meaning set forth in Section 3 hereof. 

        "Cash Collateral Account" shall have the meaning set forth in Section 3 hereof. 

        "Default" means any Event of Default (subject to all applicable notice and grace provisions contained in the Loan Agreement) as defined in
the Loan Agreement. 

        "Domestic Subsidiary" means, at any time, each of the direct and indirect Subsidiaries of the Pledgor that is incorporated or organized
under the laws of the United States of America, any state thereof or the District of Columbia, excluding NeuCo, Inc.. 

        "Foreign Subsidiary" means, at any time, each of the direct or indirect Subsidiaries of the Pledgor that is not a Domestic Subsidiary at
such time, excluding Charles River Associates de Mexico, S.A. de C.V. 

        "Obligations" shall have the meaning ascribed to such term in the Loan Agreement. 

        "Pledged Stock" means all Stock at any time pledged or required to be pledged hereunder, including, without limitation, (a) with
respect to any Domestic Subsidiary, all of the Stock of each such Domestic Subsidiary of the Pledgor at any time owned by the Pledgor, (b) with respect to any Foreign 

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Subsidiary,
Stock representing 65% (rounded down to the nearest whole number of shares) of the total combined voting power of all classes of capital stock of such Foreign Subsidiary entitled to vote. 

        "Stock" means all of the issued and outstanding shares of capital stock, together with any other investment property and additional
securities, of the Scheduled Subsidiaries of the Pledgor at any time owned by the Pledgor. 

        "Stock Collateral" means the Pledged Stock and all proceeds thereof and dividends, distributions or other income relating thereto,
including without limitation that included in Cash Collateral, and all other securities, financial assets, investment property and monies owned by the Pledgor and relating to the Pledged Stock
received and held by the Pledgee hereunder or in substitution for any of the foregoing, but excluding any dividends, distributions, income, monies, increases or proceeds received or held by the
Pledgor to the extent permitted by this Pledge Agreement. 

        "Time Deposits" shall have the meaning set forth in Section 3 hereof. 

        2.     Pledge; Delivery. 

        2.1   As
security for the prompt and unconditional payment and performance of the Obligations, the Pledgor hereby pledges and collaterally assigns to the Pledgee, and grants
the Pledgee a security interest, in the Pledged Stock owned by the Pledgor on the date hereof as described in Exhibit Aattached hereto and in the
Stock Collateral, whether now owned or hereafter acquired. In furtherance thereof, the Pledgor hereby (a) delivers to the Pledgee certificates (to the extent such shares are certificated) for
the Pledged Stock of the Domestic Subsidiary listed on Exhibit A, accompanied by undated stock powers duly executed in blank by the Pledgor,
(b) agrees to deliver to the Pledgee, within sixty (60) days of the date hereof, certificates (to the extent such shares are certificated) for the Pledged Stock of the Foreign
Subsidiaries listed on Exhibit A, which certificates shall be accompanied by undated stock powers (or their equivalent, if any, under applicable local law) duly executed in blank by the Pledgor
and (c) upon delivery of each such certificate, hereby collaterally assigns to the Pledgee all of the Pledgor's right, title and interest in and to such certificates to be held by the Pledgee
upon the terms and conditions set forth in this Pledge Agreement. In addition, the Pledgor shall, upon the request of the Pledgee, deliver to the Pledgee the stock transfer books of each Scheduled
Subsidiary to be held by the Pledgee for the duration of the pledge hereunder, provided that prior to the occurrence and continuance of a Default, the
Pledgor shall only be required to deliver copies of such stock transfer books to the Pledgee. Subject to the last sentence of this Section 2.1, if the Pledgor shall acquire by purchase, stock
dividend or otherwise any additional shares in the capital stock of a Scheduled Subsidiary or any corporation which is the successor of any Scheduled Subsidiary at any time or from time to time after
the date hereof, the Pledgor will forthwith pledge and deposit the same with the Pledgee hereunder and deliver to the Pledgee certificates therefor, accompanied by undated stock powers (or their
equivalent, if any, under applicable local law) duly executed in blank by the Pledgor. The Pledgor agrees that the Pledgee may from time to time attach as  Exhibit A hereto an updated list of the
shares of capital stock or securities (and the issuers thereof) at the time pledged with the Pledgee
hereunder. Notwithstanding any provision of this Pledge Agreement to the contrary, the Pledgor shall not be required at any time to pledge hereunder (i) any Stock which represents more than 65%
(rounded down to the nearest whole number of shares) of the total combined voting power of all classes of capital stock of any Foreign Subsidiary entitled to vote or (ii) any Stock of its
subsidiary NeuCo, Inc. or its subsidiary Charles River Associates de Mexico, S.A. de C.V. 

        2.2   The
Pledgor also hereby pledges, collaterally assigns, grants a security interest in and delivers to the Pledgee, for the ratable benefit of the Pledgee, the Cash
Collateral Account and all of the Cash Collateral as such terms are defined herein. 

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        2.3   The
Pledgee may, in its sole discretion and at any time or times when a Default shall have occurred and be continuing, cause the Pledged Stock and any other securities
constituting Stock Collateral to be transferred into its own name or the name or names of its nominee or nominees or successor in interest on the books of the issuer of such securities, and the
Pledgor hereby constitutes and appoints the Pledgee, its employees, agents, successors and assigns to be the attorney-in-fact of the Pledgor to effect any such transfer. 

        2.4   Without
limiting the generality of Section 2.2 above, the Pledgee may, in its sole discretion and at any time or times when a Default shall have occurred and be
continuing, collect, receive and hold as Cash Collateral for the Obligations (or apply the same to any Obligation) all dividends, distributions and other income on the Pledged Stock and the other
Stock Collateral. 

        3.     Liquidation, Recapitalization, Etc.

        3.1   If
a Default shall have occurred and be continuing, any sums or other property paid or distributed upon or with respect to any of the Pledged Stock, whether by dividend
or redemption or upon the liquidation or dissolution of the issuer thereof or otherwise, shall be paid over and delivered to the Pledgee to be held by the Pledgee, for the ratable benefit of the
Pledgee, as Cash Collateral or other security for the Obligations or applied by the Pledgee to the Obligations. If a Default shall have occurred and be continuing, in case, pursuant to the
recapitalization or reclassification of the capital of the issuer thereof or pursuant to the reorganization thereof, any distribution of capital shall be made on or in respect of any of the Pledged
Stock or any property shall be distributed upon or with respect to any of the Pledged Stock, the property so distributed shall be delivered to the Pledgee for the ratable benefit of the Pledgee, as
Cash Collateral or other security for the Obligations, or applied by the Pledgee to the Obligations. If a Default shall have occurred and be continuing all sums of money and property paid or
distributed in respect of the Pledged Stock, whether as a dividend or upon such a liquidation, dissolution, recapitalization or reclassification or otherwise, that are received by the Pledgor shall,
until paid or delivered to the Pledgee, be held in trust for the Pledgee for the ratable benefit of the Pledgee, as security for the payment and performance in full of all of the Obligations. 

        3.2   Unless
otherwise applied by the Pledgor to the satisfaction of the Obligations as provided in this Pledge Agreement and the Agreements, all sums of money that are
delivered to the Pledgee pursuant to this Section 3 shall be deposited into an interest bearing account with the Pledgee (the "Cash Collateral
Account"). Some or all of the funds from time to time in the Cash Collateral Account may be invested in time deposits, including, without limitation, certificates of deposit
issued by the Pledgee (such certificates of deposit or other time deposits being hereinafter referred to, collectively, as "Time
Deposits"), that are satisfactory to the Pledgee after consultation with the Pledgor, provided, that, in each such case,
arrangements satisfactory to the Pledgee are made and are in place to perfect and to ensure the first priority of the Pledgee's security interest therein. Interest earned on the Cash Collateral
Account and on the Time Deposits, and the principal of the Time Deposits at maturity that is not invested in new Time Deposits, shall be deposited in the Cash Collateral Account. The Cash Collateral
Account, all sums from time to time standing to the credit of the Cash Collateral Account, any and all Time Deposits, any and all instruments or other writings evidencing Time Deposits and any and all
proceeds of any thereof are hereinafter referred to as the "Cash Collateral." 

        3.3   Except
as otherwise expressly provided in Section 16 hereof, the Pledgor shall have no right to withdraw sums from the Cash Collateral Account, to receive any of
the Cash Collateral or to require the Pledgee to part with the Pledgee's possession of any instruments or other writings evidencing any Time Deposits. 

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        4.     Representations and Warranties of the Pledgor. The Pledgor represents and warrants to the Pledgee as follows: 

        4.1   The
Pledgor has full power, authority and legal right to execute, deliver and perform its obligations under this Pledge Agreement and to pledge and grant a security
interest in all of the Stock Collateral pursuant to this Pledge Agreement, and the execution, delivery and performance thereof and the pledge of and granting of a security interest in the Stock
Collateral hereunder have been duly authorized by all necessary corporate or other action and do not contravene any law, rule or regulation or any provision of the Pledgor's charter documents or
by-laws or of any judgment, decree or order of any tribunal or of any agreement or instrument to which the Pledgor is a party or by which it or any of its property is bound or affected or
constitute a default thereunder; 

        4.2   The
Pledgor has good and marketable title to and is the sole legal and beneficial owner of all of the Pledged Stock; 

        4.3   Exhibit A attached hereto accurately sets forth as to each Domestic Subsidiary and each Foreign Subsidiary in
which Pledged Stock is pledged hereunder (i) the total number of shares of each class of stock of such Domestic Subsidiary or Foreign Subsidiary issued and outstanding and held by the Pledgor
and (ii) the total number of shares of each such class of stock that have been pledged hereunder. With respect to each Foreign Subsidiary whose capital stock is pledged hereunder, the Pledgor
has pledged stock representing 65% (rounded down to the nearest whole number of shares) of the total combined voting power of all classes of capital stock of such Foreign Subsidiary entitled to vote. 

        4.4   All
of the shares of the Pledged Stock have been duly and validly issued, are fully paid and nonassessable, and are owned by the Pledgor free of any pledge, mortgage,
hypothecation, lien, charge, options, restrictions, encumbrance or security interest in such shares or the proceeds thereof, except for that granted hereunder or permitted under the Loan Agreement; 

        4.5   Upon
delivery of the Pledged Stock and related certificates to the Pledgee or its agent (and the taking of any required actions under applicable local law), accompanied
by stock or transfer powers (or their equivalent, if any, under applicable local law) duly executed in blank to the Pledgee and this duly executed Pledge Agreement, this Pledge Agreement shall create
a valid first lien upon and perfected security interest in the Pledged Stock and the proceeds thereof, subject to no prior security interest, lien, charge or encumbrance, or to any agreement
purporting to grant to any third party a security interest in the property or assets of the Pledgor which would include the Pledged Stock; and 

        4.6   The
pledge effected hereby is effective to vest in the Pledgee the rights of the Pledgee in the Pledged Stock as set forth herein. 

        5.     Covenants of the Pledgor. The Pledgor covenants to the Pledgee that the Pledgor will defend the rights of the Pledgee and
the security interest of the Pledgee in the Stock set forth in Exhibit A hereto against the claims and demands of all other persons whomsoever.
The Pledgor further covenants that it will have the like title to and right to pledge and grant a security interest in the Stock Collateral hereafter pledged or in which a security interest is granted
to the Pledgee hereunder and will likewise defend the rights, pledge and security interest thereof and therein of the Pledgee. 

        6.     Dividends; Voting. Unless a Default shall have occurred and be continuing, the Pledgor shall be entitled to receive all
cash dividends paid in respect of the Pledged Stock, to vote and exercise any and all other voting and consensual rights with respect to any and all shares of the Pledged Stock and to give consents,
waivers or ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which, in the
reasonable judgment of the Pledgee, would violate or be inconsistent with any of the terms of this Pledge Agreement or the other 

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Agreements
or would have the effect of impairing the first priority security interests of the Pledgee or the position or interests of the Pledgee or any of the Stock Collateral. The Pledgee shall
execute and deliver to the Pledgor all such proxies and other instruments as may be necessary to exercise such rights. Upon the occurrence and during the continuance of a Default, (i) all such
rights of the Pledgor to receive cash dividends shall cease and (ii) the Pledgee shall have the right to vote, and to give consents, waivers and ratifications with respect to, the Pledged
Stock, provided that if the Pledgee elects not to exercise such rights at any time, the Pledgor may continue to exercise such rights,  provided that the
Pledgor shall not take any vote or other action with respect to such Pledged Stock that would have an adverse effect on the first
priority security interests of the Pledgee or the interests of the Pledgee, and if so directed in writing, shall vote or take any such action as directed by the Pledgee. 

        7.     Remedies Upon Default. 

        7.1   In
case a Default shall have occurred and be continuing, the Pledgee shall be entitled to exercise all of its rights, powers and remedies (whether vested in it by this
Pledge Agreement, the other Agreements or by law) for the protection and enforcement of Pledgee's rights in respect of the Stock Collateral, and the Pledgee shall be entitled, without limitation, to
exercise the following rights and remedies (in addition to the rights and remedies of a secured party under the Uniform Commercial Code of Massachusetts or any other applicable jurisdiction), which
the Pledgor hereby agrees shall be commercially reasonable, all such rights and remedies being cumulative, not exclusive, and enforceable alternatively, successively or concurrently, at such time or
times as the Pledgee deems expedient: 

        (a)   to
vote all or any part of the Pledged Stock (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the
Stock Collateral and otherwise act with respect thereto as though it were the outright owner thereof (the Pledgor hereby irrevocably constituting and appointing the Pledgee, its employees, agents,
successors and assigns the proxy and attorney-in-fact of the Pledgor, with full power of substitution to do so); 

        (b)   to
demand, sue for, collect or make any compromise or settlement the Pledgee deems suitable in respect of any Stock Collateral; 

        (c)   at
any time or from time to time to sell, assign and deliver, or grant options to purchase or otherwise dispose of, all or any part of the Stock Collateral, or any
interest therein, at any public or private sale without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or
otherwise, all of which are hereby waived by the Pledgor, for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or
prices and on such terms as the Pledgee in its absolute discretion may determine, provided that at least fifteen (15) days' prior written notice of the time and place of any such sale shall be
given to the Pledgor (which such notice the Pledgor hereby acknowledges and agrees is commercially reasonable); 

        (d)   to
cause all or any part of the Stock held by the Pledgee to be transferred into its name or the name of its nominee or nominees; and 

        (e)   to
set off or otherwise apply or credit against the Obligations any and all sums deposited with the Pledgee or held by it, including without limitation, any sums
standing to the credit of the Cash Collateral Account and any Time Deposits issued by the Pledgee. 

        7.2   In
the event of any disposition of the Stock Collateral as provided in Section 7.1(c) and to the extent any notice thereof is required to be given by law, the
Pledgee shall give to the Pledgor at least fifteen (15) days' prior authenticated written notice of the time and place of any public sale of the Stock Collateral or of the time after which any
private sale or any other 

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intended
disposition is intended to be made. The Pledgor hereby acknowledges that fifteen (15) days' prior written notice of such sale or sales shall be reasonable notice. The Pledgee may
enforce its rights hereunder without any other notice and without compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise (all of which are hereby
expressly waived by the Pledgor, to the fullest extent permitted by law). If any of the Stock Collateral is sold by the Pledgee upon credit or for future delivery, the Pledgee shall not be liable for
the failure of the purchaser to pay for the same and in such event the Pledgee may resell such Stock Collateral. The Pledgee may buy any part or all of the Stock Collateral at any public sale and if
any part or all of the Stock Collateral is of a type customarily sold in a recognized market or is of the type which is the subject of widely-distributed standard price quotations, the Pledgee may buy
at a private sale and may make payment therefor by any means including, without limitation, cancellation of indebtedness secured thereby and payment of any surplus to the Pledgor or such other party
as may be required by the provisions of the Uniform Commercial Code of Massachusetts or any other applicable jurisdiction. The Pledgee may apply the cash proceeds actually received from any sale or
other disposition to the reasonable expenses of retaking, holding, preparing for sale, selling and the like, to reasonable attorneys' fees, travel and all other expenses which may be reasonably
incurred by the Pledgee in attempting to collect the obligations or to enforce this Pledge Agreement or in the prosecution or defense of any action or proceeding related to the subject matter of this
Pledge Agreement, and then to the Obligations pursuant to the Loan Agreement. Only after such applications, and after payment to the Pledgee of any amount required by Sections
9-608(a)(1)(C) or 9-615(a)(3) of the Uniform Commercial Code of Massachusetts need the Pledgee account to the Pledgor for any surplus. To the extent that any of the Obligations
are to be paid or performed by a person other than the Pledgor, the Pledgor, to the fullest extent permitted by law, waives and agrees not to assert any rights or privileges which it may have under
the Uniform Commercial Code of Massachusetts or of any other applicable jurisdiction. 

        7.3   If
the Pledgee shall determine to exercise its right to sell any or all of the Stock pursuant to this Section 7, and if in the opinion of counsel for the Pledgee
it is necessary, or if in the reasonable opinion of the Pledgee it is advisable, to have the Stock, or that portion thereof to be sold, registered under the provisions of the Securities Act of 1933,
as amended (the "Securities Act"), the Pledgor agrees to use its best efforts to cause the issuer or issuers of the Stock contemplated to be sold, to
execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all at the Pledgor's expense, all such instruments and documents, and to do or cause to be done all
such other acts and things as may be necessary or, in the reasonable opinion of the Pledgee, advisable to register such Stock under the provisions of the Securities Act and to cause the registration
statement relating thereto to become effective and to remain effective for a period of nine (9) months from the date such registration statement became effective, and to make all amendments
thereto or to the related prospectus or both that, in the reasonable opinion of the Pledgee, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto. The Pledgor agrees to use its best efforts to cause such issuer or issuers to comply with the provisions of the securities or
"Blue Sky" laws of any jurisdiction which the Pledgee shall designate and to cause such issuer or issuers to make available to its security holders, as soon as
practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 

        7.4   The
Pledgor recognizes that the Pledgee may be unable to effect a public sale of the Stock by reason of certain prohibitions contained in the Securities Act, federal
banking laws or other applicable laws, regulations, or agreements to which such Stock may be subject, but may be compelled to resort to one or more private sales thereof to a restricted group of
purchasers. The Pledgor agrees that any such private sales may be at prices and other terms less favorable to the 

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seller
than if sold at public sales and that such private sales shall be deemed to have been made in a "commercially reasonable" manner within the meaning of the Uniform Commercial Code of the
Commonwealth of Massachusetts, provided that the notice specified in Section 7.1 shall have been given to the Pledgor. The Pledgee shall be under
no obligation to delay a sale of any of the Stock for the period of time necessary to permit the issuer of such securities to register such securities for public sale under the Securities Act, or such
other federal banking or applicable laws, even if the issuer would agree to do so. Subject to the foregoing, the Pledgee agrees that any sale of the Stock shall be made in a commercially reasonable
manner, and the Pledgor agrees to use its best efforts to cause the issuer or issuers of the Stock contemplated to be sold, to execute and deliver, and cause the directors and officers of such issuer
to execute and deliver, all at the Pledgor's expense, all such instruments and documents, and to do or cause to be done all such other acts and things as may be necessary or, in the reasonable opinion
of the Pledgee, advisable to exempt such Stock from registration under the provisions of the Securities Act, and to make all amendments to such instruments and documents which, in the opinion of the
Pledgee, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto. The
Pledgor further agrees to use its best efforts to cause such issuer or issuers to comply with the provisions of the securities or "Blue Sky" laws of any jurisdiction which the Pledgee shall designate
and, if required, to cause such issuer or issuers to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions
of Section 11(a) of the Securities Act. 

        7.5   The
Pledgor further agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make any sales of any portion or all of the Stock
pursuant to this Section 7 valid and binding and in compliance with any and all applicable laws (including, without limitation, the Securities Act, the Securities Exchange Act of 1934, as
amended, the rules and regulations of the Securities and Exchange Commission applicable thereto and all applicable state securities or "Blue Sky" laws), regulations, orders, writs, injunctions,
decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at the Pledgor's expense. The Pledgor
further agrees that a breach of any of the covenants contained in this Section 7 will cause irreparable injury to the Pledgee, that the Pledgee has no adequate remedy at law in respect of such
breach and, as a consequence, agrees that each and every covenant contained in this Section 7 shall be specifically enforceable against the Pledgor by the Pledgee and the Pledgor hereby waives
and agrees not to assert any defenses against an action for specific performance of such covenants. 

        7.6   At
any sale of Stock Collateral, unless prohibited by applicable law, the Pledgee or any holder of the Obligations may bid for and purchase all or any part of the Stock
Collateral so sold free from any such right or equity of redemption. 

        8.     Remedies Cumulative. Each right, power and remedy of the Pledgee or any holder of the Obligations provided for in this
Pledge Agreement, the other Agreements or in any of the other documents, instruments or agreements securing the Obligations or now or hereafter existing at law or in equity or by statute shall be
cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee or any holder of the Obligations of any one or
more of the rights, powers or remedies provided for in this Pledge Agreement, the other Agreements or in any such other document, instrument or agreement now or hereafter existing at law or in equity
or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any holder of the Obligations of all such other rights, powers or remedies, and no failure or delay
on the part of the Pledgee or any holder of the Obligations to exercise any such right, power or remedy shall operate as a waiver thereof. 

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        9.     Marshalling. The Pledgee shall not be required to marshal any present or future collateral security for (including but not
limited to this Pledge Agreement and the Stock Collateral), or other assurances of payment of, the Obligations or any of them, or to resort to such collateral security or other assurances of payment
in any particular order. All of the Pledgee's rights hereunder in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights, however
existing or arising. To the extent that it lawfully may, the Pledgor hereby agrees that it will not invoke any law relating to the marshalling of collateral that might cause delay in or impede the
enforcement of the Pledgee's rights under this Pledge Agreement or under any other instrument evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of
the Obligations is secured or payment thereof is otherwise assured, and to the extent that it lawfully may the Pledgor hereby irrevocably waives the benefits of all such laws. 

        10.   Application of Moneys by the Pledgee. All moneys collected upon any sale of the Stock Collateral hereunder, together with
all other moneys received by the Pledgee hereunder, shall be applied as set forth in the Loan Agreement. 

        11.   Transfer by the Pledgor. Except as is not prohibited by the Loan Agreement, the Pledgor will not sell or otherwise
dispose of, grant any option with respect to, or mortgage, pledge (except pursuant to this Pledge Agreement) or otherwise encumber or restrict any of the Stock Collateral, any shares in the capital
stock of any Subsidiary, or any interest therein. Except as is not prohibited by the Loan Agreement, the Pledgor will not consent to or approve the issuance of (i) any additional shares of any
class of capital stock of any Subsidiary; (ii) any securities convertible voluntarily by the holder thereof or automatically upon the occurrence or nonoccurrence of any event or condition into,
or exchangeable for, any such shares; or (iii) any warrants, options, rights, or other commitments entitling any person to purchase or otherwise acquire any such shares. 

        12.   The Pledgor's Obligations Absolute. The Obligations of the Pledgor under this Pledge Agreement shall be absolute and
unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by any circumstance or occurrence
whatsoever, including, without limitation: (a) any renewal, extension, amendment or modification of or addition or supplement to or deletion from the other Agreements, or any assignment or
transfer of the other Agreements; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of the Agreements; (c) any furnishing of any additional
security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee; (d) any limitation on any party's liability or obligations under
the Agreements or any invalidity or unenforceablity, in whole or in part, of the same; or (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or
other like proceeding relating to the Pledgor or any Subsidiary or any action taken with respect to this Pledge Agreement by any trustee or receiver or by any court, in any such proceeding; whether or
not the Pledgor shall have notice or knowledge of any of the foregoing. 

        13.   Further Assurances; Authority to File Financing Statements. The Pledgor at its expense will execute, acknowledge and
deliver all such instruments and take all such action as the Pledgee from time to time may reasonably request in order to further effectuate the purposes of this Pledge Agreement and to carry out the
terms hereof. The Pledgor hereby irrevocably authorizes the Pledgee at any time and from time to time to file in any filing office in any Uniform Commercial Code jurisdiction any initial financing
statement and amendments thereto that (a) indicate the collateral as the Stock Collateral or words of similar effect or as being of equal or lesser scope or in greater detail, and
(b) contain any other information required by part 5 of Article 9 of the Uniform Commercial Code of the jurisdiction of the filing office for the sufficiency or filing office
acceptance of any financing statement or amendment. 

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        14.   The Pledgee's Exoneration. Under no circumstances shall the Pledgee be deemed to assume any responsibility for or
obligation or duty with respect to any part or all of the Stock Collateral of any nature or kind, or any matter or proceedings arising out of or relating thereto, other than (i) to exercise
reasonable care in the safe custody of the Stock Collateral and (ii) after a Default shall have occurred and be continuing, to act in a commercially reasonable manner. The Pledgee shall not be
required to take any action of any kind to collect, preserve or protect its or the Pledgor's rights in the Stock Collateral or against other parties thereto. The Pledgee's prior recourse to any part
or all of the Stock Collateral shall not constitute a condition of any demand, suit or proceeding for payment or collection of the Obligations. 

        15.   No Waiver, Etc. The Pledgee may exercise its rights with respect to the Stock Collateral without resorting or regard to
other collateral or sources of reimbursement. The Pledgee shall not be deemed to have waived any of its rights upon or under the Obligations or the Stock Collateral unless such waiver be in writing
and signed by the Pledgee. No act, delay or omission on the part of the Pledgee in exercising any right under this Pledge Agreement shall operate as a waiver of such right or any other right. A waiver
on any one occasion shall not be construed as a bar to or waiver of any right on any future occasion. All rights and remedies of the Pledgee on the Obligations or the Stock Collateral, whether
evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised separately or concurrently. The Pledgor hereby waives presentment, notice of dishonor and protest of all
instruments, included in or evidencing any of the Obligations or the Stock Collateral, and any an all other notices and demands whatsoever (except as expressly provided herein or in the Loan
Agreement). 

        16.   Termination. When all Obligations (other than any continuing indemnity or similar obligations that survive the
termination of the Loan Agreement) have been paid, performed and indefeasibly discharged in full and the Loan Agreement is terminated, this Pledge Agreement shall terminate and the Pledgee shall, upon
request and at the Pledgor's expense, execute all such documentation necessary to release its security interest hereunder. Without limiting the foregoing, promptly upon such termination, the Pledgee,
at the expense of the Pledgor, will duly assign, transfer and deliver to the Pledgor, or its successors or assigns, as the case may be, such of the Stock Collateral (including stock powers and stock
certificates) in the possession or control of the Pledgee as has not theretofore been sold or otherwise applied or released pursuant to this Pledge Agreement, together with any moneys and other
property at the time held by the Pledgee hereunder. 

        17.   Overdue Amounts. Until paid, all amounts due and payable by the Pledgor hereunder shall be a debt secured by the Stock
Collateral and shall bear, whether before or after judgment, interest at the rate of interest for overdue principal set forth in the Loan Agreement. 

        18.   Miscellaneous. 

        18.1 Successors and Assigns. This Pledge Agreement shall inure to the benefit of and shall be binding upon the parties hereto
and their respective successors and assigns whether or not an express assignment of rights hereunder is made, provided that the Pledgor may not assign this Pledge Agreement without the consent of the
Pledgee. No other person shall acquire or have any right under or by virtue of this Pledge Agreement. 

        18.2 Provisions to Survive. All representations, warranties, covenants and agreements contained in this Pledge Agreement
shall survive the execution and delivery of the Agreements and shall continue until the termination of this Pledge Agreement as provided in Section 16 hereof. 

        18.3 Severability. If any provision of this Pledge Agreement shall be held invalid or unenforceable by any court of competent
jurisdiction, that holding shall not invalidate or render unenforceable any other provision hereof. 

9

 

        18.4 Amendments. This Pledge Agreement may be amended, modified and supplemented only by written agreement of the parties
hereto. No course of dealing or delay or omission on the part of the Pledgee in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. 

        18.5 Execution and Counterparts. This Pledge Agreement may be executed in several counterparts, each of which shall be an
original and all of which shall constitute one and the same instrument. 

        18.6 Captions. Captions and headings in this Pledge Agreement are for convenience only and in no way define, limit or
describe the scope or intent of the provisions hereof. 

        18.7 Notices. All notices, certificates or other communications hereunder shall be in writing and shall be sufficiently given
and shall be deemed given when given in the manner prescribed in the Loan Agreement and delivered to a party at its address set forth at the beginning of this Pledge Agreement or to such other address
as a party shall furnish by notice to the other parties. 

        18.8 Governing Law; Consent to Jurisdiction, Etc. THIS PLEDGE AGREEMENT AND ALL RIGHTS AND OBLIGATIONS HEREUNDER, INCLUDING
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS). The Pledgor agrees that any suit for the enforcement of this Pledge Agreement may be brought in any court of competent jurisdiction in the Commonwealth of Massachusetts, United States of
America and consents to the non-exclusive jurisdiction of such court and to service of process in any such suit made upon the Pledgor by mail at the address specified in the preamble of
this Pledge Agreement. The Pledgor hereby irrevocably waives any objection that it may now or hereafter have to the venue of any such suit or any such court or that such suit is brought in an
inconvenient court. 

        18.9 Waiver of Jury Trial. THE PLEDGOR AND THE PLEDGEE MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE
RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS PLEDGE AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION
HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR THE PLEDGEE TO ENTER INTO THIS PLEDGE AGREEMENT AND MAKE LOANS AND EXTEND CREDIT TO THE PLEDGOR. Except as prohibited by law,
the Pledgor waives any right which it may have to claim or recover in any litigation referred to in the first sentence of this Section 18.9 any special, exemplary, punitive or consequential
damages or any damages other than, or in addition to, actual damages. The Pledgor (i) certifies that neither the Pledgee, nor any representative, agent or attorney of the Pledgee has
represented, expressly or otherwise, that the Pledgee would not, in the event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges that, in entering into the Loan
Agreement and the other Loan Documents to which the Pledgee is a party, the Pledgee is relying upon, among other things, the waivers and certifications contained in this Section 18.9. 

(Signatures
on next page) 

10

 

        IN
WITNESS WHEREOF, the parties have caused this Pledge Agreement to be duly executed by their duly authorized officers or representatives, all as of the date first above written. 

	 	 	CHARLES RIVER ASSOCIATES INCORPORATED, a Massachusetts corporation
	

 	
 	

By:	

/s/ J. Phillip Cooper

	 	 	Name:	J. Phillip Cooper

	 	 	Title:	EVP, CFO

	

 	
 	

CITIZENS BANK OF MASSACHUSETTS
	

 	
 	

By:	

/s/ Michael G. McAuliffe

	 	 	Name:	Michael G. McAuliffe

	 	 	Title:	Senior Vice President

Attachments:

Exhibit A
(Stock Information) 

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Exhibit 10.16  

 
 

INTRADO INC.
  REGISTRATION RIGHTS AGREEMENT    
    

February 20, 2004  

  

 
 

TABLE OF CONTENTS    
    

	 
	 	Page

	REGISTRATION RIGHTS AGREEMENT	 	1
	

Recitals	
 	

1
	

1. Certain Definitions.	
 	

1
	

2. Registration Rights.	
 	

2
	 	2.1 Incidental Registration.	 	2
	 	2.2 Registration Procedures.	 	3
	 	2.3 Allocation of Expenses	 	4
	 	2.4 Indemnification and Contribution.	 	5
	 	2.5 Information by Holder	 	5
	 	2.6 Termination	 	7
	

3. General.	
 	

7
	 	3.1 Severability	 	7
	 	3.2 Specific Performance	 	7
	 	3.3 Governing Law	 	7
	 	3.4 Notices	 	8
	 	3.5 Complete Agreement	 	8
	 	3.6 Amendments and Waivers	 	8
	 	3.7 Pronouns	 	8
	 	3.8 Counterparts; Facsimile Signatures	 	8
	 	3.9 Section Headings and References	 	8
	

Exhibit A	
 	

 
	

List of Shareholders	
 	

 

i

REGISTRATION RIGHTS AGREEMENT  

        This Agreement dated as of February 20, 2004 is entered into by and among Intrado Inc., a Delaware corporation (the "Company"), and the individuals
and entities listed on Exhibit A attached hereto. 

Recitals  

        WHEREAS, the Company and the Shareholders have entered into a Share Purchase Agreement of even date herewith (the "Purchase Agreement"); and 

        WHEREAS,
the Company and the Shareholders desire to provide for certain arrangements with respect to the registration of shares of capital stock of the Company under the Securities Act
(as defined below); 

        NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, the parties hereto agree as follows: 

        1.     Certain Definitions. As used in this Agreement, the following terms shall have the following respective meanings: 

        "Code" means the Internal Revenue Code of 1986, as amended. 

        "Commission" means the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act. 

        "Common Stock" means the common stock, $0.001 par value per share, of the Company. 

        "Company" has the meaning ascribed to it in the introductory paragraph hereto. 

        "Confidential Information" means any information that is labeled as confidential, proprietary or secret which a Shareholder obtains from
the Company pursuant to financial statements, reports and other materials provided by the Company to such Shareholder pursuant to this Agreement or pursuant to visitation or inspection rights granted
hereunder. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of
the Commission issued under such Act, as they each may, from time to time, be in effect. 

        "Indemnified Party" means a party entitled to indemnification pursuant to Section 2.4. 

        "Indemnifying Party" means a party obligated to provide indemnification pursuant to Section 2.4. 

        "Other Holders" means holders of securities of the Company (other than Shareholders) who are entitled, by contract with the Company, to
have securities included in a Registration Statement. 

        "Prospectus" means the prospectus included in any Registration Statement, as amended or supplemented by an amendment or prospectus
supplement, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

        "Purchase Agreement" has the meaning ascribed to it in the recitals hereto. 

        "Registrable Shares" means (a) the shares of Common Stock issued pursuant to the Purchase Agreement (b) any other shares of
Common Stock issued in respect of such shares (because of stock splits, stock dividends, reclassifications, recapitalizations or similar events); provided, however, that shares of Common Stock which
are Registrable Shares shall cease to be Registrable Shares (i) upon any sale pursuant to a Registration Statement or Rule 144 under the Securities Act or (ii) at such time as
they become eligible for sale pursuant to Rule 144(k) under the Securities Act. 

        "Registration Expenses" means all expenses incurred by the Company in complying with the provisions of Section 2, including,
without limitation, all registration and filing fees, exchange listing fees, printing expenses, fees and expenses of counsel for the Company and the fees and expenses of one counsel selected by the
Selling Stockholders to represent the Selling Stockholders, state Blue Sky 

 

fees
and expenses, and the expense of any special audits incident to or required by any such registration, but excluding underwriting discounts, selling commissions and the fees and expenses of
Selling Stockholders' own counsel (other than the counsel selected to represent all Selling Stockholders). 

        "Registration Statement" means a registration statement filed by the Company with the Commission for a public offering and sale of
securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other form for a similar limited purpose, or
any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation). 

        "Securities Act" means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the
Commission issued under such Act, as they each may, from time to time, be in effect. 

        "Selling Stockholder" means any Shareholder owning Registrable Shares included in a Registration Statement. 

        "Shareholder" shall mean (a) the individuals listed on Exhibit A attached hereto and (b) any party who shall
hereafter acquire Registrable Shares from such individuals and to whom such individuals shall have assigned their respective rights under this Agreement;  provided, however, that, any purchaser of shares of Common Stock pursuant to a Registration Statement
filed pursuant to this Agreement or Rule 144 shall not be a Shareholder. 

        2.     Registration Rights. 

        2.1   Mandatory Registration. 

        (a)   On
or before the ninetieth (90th) day following the Closing Date under the Purchase Agreement (the "Registration Deadline"), the Company shall prepare and
file with the Commission a Registration Statement on Form S-3, if available, for a shelf offering of all of the outstanding Registrable Shares (the "Shelf Registration Statement"). 

        (b)   The
Company shall use its best efforts to cause such Registration Statement to become effective as soon as practicable following the filing thereof. The Company shall
respond as promptly as reasonably practicable to any and all comments made by the staff of the Commission on the Registration Statement, and shall promptly submit to the Commission, after the Company
learns that no review of the Registration Statement will be made by the staff of the Commission or that the staff of the Commission has no further comments on the Registration Statement, as the case
may be, a request for acceleration of the effectiveness of the Registration Statement. The Company shall maintain the effectiveness of the Registration Statement until the earlier to occur of
(i) the date on which all of the Registrable Share have been sold pursuant to the Registration Statement and (ii) the date on which all of the remaining Registrable Securities may be
immediately sold to the public without registration and without regard to the amount of Registrable Securities which may be sold by a Shareholder at a given time. 

        (c)   Notwithstanding
the foregoing, the Company shall have the right to delay the filing of the mandatory Registration Statement, its response to the staff comments or its
request for acceleration of effectiveness of such Registration Statement for a reasonable period of time (not to exceed 180 days from the Registration Deadline) if the Company is engaged or has
plans to engage in any activity or transaction or preparations or negotiations for any activity or negotiation that the Company desires to keep confidential for business reasons. The Company shall
give written notice to the Shareholders of any such delay or withdraw of a Registration Statement. 

2

 

        2.2   Incidental Registration. 

        (a)   Whenever
the Company proposes or is required to file a Registration Statement (other than the Shelf Registration Statement) covering shares of Common Stock, at
any time and from time to time, whether or not for its own account or the account of Other Holders, and the Shelf Registration Statement shall either not have been filed when required pursuant to
Section 2.1 or shall not have become effective within 90 days after such filing, it will, prior to such filing, give written notice to all Shareholders of its intention to do so. Upon
the written request of a Shareholder or Shareholders given within 20 days after the Company provides such notice (which request shall state the intended method of disposition of such
Registrable Shares), the Company shall use its best efforts to cause all Registrable Shares which the Company has been requested by such Shareholder or Shareholders to register to be registered under
the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in the request of such Shareholder or
Shareholders; provided that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 2.2 without obligation to any Shareholder. 

        (b)   If
the registration for which the Company gives notice pursuant to Section 2.2(a) is a registered public offering involving an underwriting, the Company shall so
advise the Shareholders as a part of the written notice given pursuant to Section 2.2(a). In such event, (i) the right of any Shareholder to
include its Registrable Shares in such registration pursuant to this Section 2.2 shall be conditioned upon such Shareholder's participation in such underwriting on the terms set forth herein
and (ii) all Shareholders including Registrable Shares in such registration shall enter into an underwriting agreement upon customary terms with the underwriter or underwriters selected for the
underwriting by the Company. If any Shareholder who has requested inclusion of its Registrable Shares in such registration as provided above disapproves of the terms of the underwriting, such person
may elect, by written notice to the Company, to withdraw its shares from such Registration Statement and underwriting. If the managing underwriter advises the Company in writing that marketing factors
require a limitation on the number of shares to be underwritten, the shares held by holders other than Shareholders and Other Holders shall be excluded from such Registration Statement and
underwriting to the extent deemed advisable by the managing underwriter, and, if a further reduction of the number of shares is required, the number of shares that may be included in such Registration
Statement and underwriting shall be allocated among all Shareholders and Other Holders requesting registration in proportion, as nearly as practicable, to the respective number of shares of Common
Stock held by them on the date the Company gives the notice specified in Section 2.1(a). If any Shareholder or Other Holder would thus be entitled to include more shares than such holder
requested to be registered, the excess shall be allocated among other requesting Shareholders and Other Holders pro rata in the manner described in the preceding sentence. 

        (c)   Notwithstanding
the foregoing, the Company shall not be required, pursuant to this Section 2.2, to include any Registrable Shares in a Registration Statement if
such Registrable Shares can then be sold pursuant to Rule 144(k) under the Securities Act. 

3

 

        2.3   Registration Procedures. 

        (a)   If
and whenever the Company is required by the provisions of this Agreement to use its best efforts to effect the registration of any Registrable Shares under the
Securities Act, the Company shall: 

        (i)    file
with the Commission a Registration Statement with respect to such Registrable Shares and use its best efforts to cause that Registration Statement to become
effective as soon as possible; 

        (ii)   as
expeditiously as possible prepare and file with the Commission any amendments and supplements to the Registration Statement and the prospectus included in the
Registration Statement as may be necessary to comply with the provisions of the Securities Act (including the anti-fraud provisions thereof) and to keep the Registration Statement
effective for 12 months from the effective date or such lesser period until all such Registrable Shares are sold; 

        (iii)  as
expeditiously as possible furnish to each Selling Stockholder such reasonable numbers of copies of the Prospectus, including any preliminary Prospectus, in
conformity with the requirements of the Securities Act, and such other documents as such Selling Stockholder may reasonably request in order to facilitate the public sale or other disposition of the
Registrable Shares owned by such Selling Stockholder; 

        (iv)  as
expeditiously as possible use its best efforts to register or qualify the Registrable Shares covered by the Registration Statement under the securities or Blue Sky
laws of such states as the Selling Stockholders shall reasonably request, and do any and all other acts and things that may be necessary or desirable to enable the Selling Stockholders to consummate
the public sale or other disposition in such states of the Registrable Shares owned by the Selling Stockholders; provided, however, that the Company shall not be required in connection with this
paragraph (iv) to qualify as a foreign corporation or execute a general consent to service of process in any jurisdiction; 

        (v)   as
expeditiously as possible, cause all such Registrable Shares to be listed on each securities exchange or automated quotation system on which similar securities issued
by the Company are then listed; 

        (vi)  promptly
provide a transfer agent and registrar for all such Registrable Shares not later than the effective date of such registration statement; 

        (vii) promptly
make available for inspection by the Selling Stockholders, any managing underwriter participating in any disposition pursuant to such Registration Statement,
and any attorney or accountant or other agent retained by any such underwriter or selected by the Selling Stockholders, all financial and other records, pertinent corporate documents and properties of
the Company and cause the Company's officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or
agent in connection with such Registration Statement; 

        (viii)   as
expeditiously as possible, notify each Selling Stockholder, promptly after it shall receive notice thereof, of the time when such Registration
Statement has become effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; and 

        (ix)  as
expeditiously as possible following the effectiveness of such Registration Statement, notify each seller of such Registrable Shares of any request by the Commission
for the amending or supplementing of such Registration Statement or Prospectus. 

4

 

        (b)   If
the Company has delivered a Prospectus to the Selling Stockholders and after having done so the Prospectus is amended to comply with the requirements of the
Securities Act, the Company shall promptly notify the Selling Stockholders and, if requested, the Selling Stockholders shall immediately cease making offers of Registrable Shares and return all
Prospectuses to the Company. The Company shall promptly provide the Selling Stockholders with revised Prospectuses and, following receipt of the revised Prospectuses, the Selling Stockholders shall be
free to resume making offers of the Registrable Shares. 

        (c)   In
the event that, in the judgment of the Company, it is advisable to suspend use of a Prospectus included in a Registration Statement due to pending material
developments or other events that have not yet been publicly disclosed and as to which the Company believes public disclosure would be detrimental to the Company, the Company shall notify all Selling
Stockholders to such effect, and, upon receipt of such notice, each such Selling Stockholder shall immediately discontinue any sales of Registrable Shares pursuant to such Registration Statement until
such Selling Stockholder has received copies of a supplemented or amended Prospectus or until such Selling Stockholder is advised in writing by the Company that the then current Prospectus may be used
and has received copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. 

        2.4   Allocation of Expenses. The Company will pay all Registration Expenses for all registrations under this Agreement; 

        2.5   Indemnification and Contribution. 

        (a)   In
the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless each
Selling Stockholder, each underwriter of such Registrable Shares, and each other person, if any, who controls such Selling Stockholder or underwriter within the meaning of the Securities Act or the
Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such Selling Stockholder, underwriter or controlling person may become subject under the Securities Act, the
Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any
untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary
prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, (ii) the omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange
Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the Registration Statement or the offering
contemplated thereby; and the Company will reimburse such Selling Stockholder, underwriter and each such controlling person for any legal or any other expenses reasonably incurred by such Selling
Stockholder, underwriter or controlling person 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 to the extent that any such
loss, claim, damage or liability arises out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus or prospectus, or any such amendment or
supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such Selling Stockholder, underwriter or controlling person specifically for
use in the preparation thereof. 

5

 

        (b)   In
the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, each Selling Stockholder, severally and not
jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls the Company or any such underwriter within
the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or
controlling person may become subject under the Securities Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable
Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement,
or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if and to the extent (and only to the
extent) that the statement or omission was made in reliance upon and in conformity with information relating to such Selling Stockholder furnished in writing to the Company by such Selling Stockholder
specifically for use in connection with the preparation of such Registration Statement, prospectus, amendment or supplement; provided,  however, that the
obligations of a Selling Stockholder hereunder shall be limited to an amount equal to the net proceeds to such Selling Stockholder of
Registrable Shares sold in connection with such registration. 

        (c)   Each
Indemnified Party shall give notice to the Indemnifying Party promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that counsel
for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld, conditioned or
delayed); and, provided, further, that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under this Section 2.4 except to the extent that the Indemnifying Party is adversely affected by such failure. The Indemnified
Party may participate in such defense at such party's expense; provided, however, that the Indemnifying
Party shall pay such expense if the Indemnified Party reasonably concludes that representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to
actual or potential differing interests between the Indemnified Party and any other party represented by such counsel in such proceeding; provided
further that in no event shall the Indemnifying Party be required to pay the expenses of more than one law firm per jurisdiction as counsel for the Indemnified Party. The
Indemnifying Party also shall be responsible for the expenses of such defense if the Indemnifying Party does not elect to assume such defense. No Indemnifying Party, in the defense of any such claim
or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle
such claim or litigation without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld, conditioned or delayed. 

        (d)   In
order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 2.4 is due in accordance with
its terms but for any reason is held to be unavailable to an Indemnified Party in respect to any losses, claims, damages and liabilities referred to herein, then the Indemnifying Party shall, in lieu
of indemnifying such Indemnified Party, contribute to the amount paid or payable by such 

6

 

Indemnified
Party as a result of such losses, claims, damages or liabilities to which such party may be subject in such proportion as is appropriate to reflect the relative fault of the Company on the
one hand and the Selling Stockholders on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Selling Stockholders shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material fact
related to information supplied by the Company or the Selling Stockholders and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The Company and the Selling Stockholders agree that it would not be just and equitable if contribution pursuant to this Section 2.4(d) were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this Section 2.4(d), (i) in no case
shall any one Selling Stockholder be liable or responsible for any amount in excess of the net proceeds received by such Selling Stockholder from the offering of Registrable Shares and (ii) the
Company shall be liable and responsible for any amount in excess of such proceeds; provided, however,
that 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. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a
claim for contribution may be made against another party or parties under this Section 2.4(d), notify such party or parties from whom contribution may be sought, but the omission so to notify
such party or parties from whom contribution may be sought shall not relieve such party from any other obligation it or they may have thereunder or otherwise under this Section 2.4(d). No party
shall be liable for contribution with respect to any action, suit, proceeding or claim settled without its prior written consent, which consent shall not be unreasonably withheld, conditioned or
delayed. 

        (e)   The
rights and obligations of the Company and the Selling Stockholders under this Section 2.4 shall survive the termination of this Agreement. 

        2.6   Information by Holder. Each holder of Registrable Shares included in any registration shall furnish to the Company such
information regarding such holder and the distribution proposed by such holder as the Company may reasonably request in writing and as shall be required in connection with any registration,
qualification or compliance referred to in this Agreement. 

        2.7   Termination. All of the Company's obligations to register Registrable Shares shall terminate upon the date on which no
Shareholder holds any Registrable Shares (e.g., (a) upon any sale pursuant to a Registration Statement or Rule 144 under the Securities Act or (b) at such time as such shares
become eligible for sale pursuant to Rule 144(k) under the Securities Act). 

        3.     General. 

        3.1   Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. 

        3.2   Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach
of this Agreement, each Shareholder shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such other injunctive or other equitable relief as may
be granted by a court of competent jurisdiction. 

        3.3   Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of
Delaware (without reference to the conflicts of law provisions thereof). 

7

 

        3.4   Notices. All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be
deemed delivered (i) three business days after being sent by registered or certified mail, return receipt requested, postage prepaid or (ii) one business day after being sent via
a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below: 

        If
to the Company, at 1601 Dry Creek Drive, Longmont CO 80503, Attention: Chief Financial Officer and General Counsel, or at such other address as may have been furnished in writing by
the Company to the other, parties hereto, with a copy to Hale and Dorr LLP, 60 State Street, Boston, MA 02190, Attention: Mark L. Johnson, Esq.; or 

        If
to a Shareholder, at its address set forth on Exhibit A, or at such other address as may have been furnished in writing by such
Shareholder to the other parties hereto, with a copy to Wuersch & Gering LLP, 11 Hanover Square, 19th Floor, New York, NY 10005, Attention: Daniel A. Wuersch, Esq. 

        Any
party may give any notice, request, consent or other communication under this Agreement using any other means (including, without limitation, personal delivery, messenger service,
telecopy, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by the
party for whom it is intended.
Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this
Section 3.4. 

        3.5   Complete Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. 

        3.6   Amendments and Waivers. This Agreement may be amended or terminated and the observance of any term of this Agreement may
be waived with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and
Shareholders holding Registrable Shares representing at least 50% of the voting power of all Registrable Shares then held by all Shareholders. Notwithstanding the foregoing, this Agreement may not be
amended or terminated and the observance of any term hereunder may not be waived with respect to any Shareholder without the written consent of such Shareholder unless such amendment, termination or
waiver applies to all Shareholders in the same fashion. The Company shall give prompt written notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent
in writing to such amendment, termination or waiver. Any amendment, termination or waiver effected in accordance with this Section 3.6 shall be binding on all parties hereto, even if they do
not execute such consent. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or
continuing waiver of any such term, condition or provision. 

        3.7   Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

        3.8   Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, and all of which together shall constitute one and the same document. This Agreement may be executed by facsimile signatures. 

        3.9   Successors and Assigns. The Shareholders shall be entitled to assign their rights hereunder to any acquirer of
Registrable Shares. All terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. 

        3.10 Section Headings and References. The section headings are for the convenience of the parties and in no way
alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this agreement to a particular section or subsection shall refer to a
section or subsection of this Agreement, unless specified otherwise. 

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        Executed as of the date first written above. 

	

 	
 	
COMPANY:
	

 	
 	

Intrado Inc.
	

 	
 	

By:	
 	

	

 	
 	

Name:	
 	

Michael D. Dingman, Jr.

	

 	
 	

Title:	
 	

Chief Financial Officer

	

Zurich, February 20, 2004
 Place/Date	
 	

 Brian Rüeger
	

 	
 	

 Marc Woog
	

 	
 	

 Christopher Tiensch
	

 	
 	

 Christopher Tiensch for and on behalf of Sellers 4-12 (as defined in the Share Purchase Agreement)

A-1

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INTRADO INC. REGISTRATION RIGHTS AGREEMENT

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