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Exhibit 4.14  

THIS
AMENDED AND RESTATED SECURED CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND MAY NOT
BE TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE SECURITIES HAVE BEEN REGISTERED UNDER SUCH ACT AND ALL SUCH OTHER APPLICABLE LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. 

 
 

SECURED CONVERTIBLE PROMISSORY NOTE    
    

	 	 	$

        FOR
VALUE RECEIVED, INFORMATION SERVICES EXTENDED, INC., a Delaware corporation (the "Maker"), hereby promises to pay to the order
of Search Mezzanine Investors LLC, a New York limited liability company ("Holder"), the principal amount
of                        
($                        ), together
with all other amounts due and owing hereunder and to pay interest on the unpaid principal balance hereof outstanding from time to time, from and including the date hereof until and including the date
the principal amount hereof is paid in full, at the rate and at the times set forth in Section 2.
On                        , Maker issued an Amended and
Restated Secured Convertible Promissory Note (the "Kimberlin Note") to Kevin Kimberlin Partners, L.P., a Delaware limited partnership ("Kimberlin"). The
Kimberlin Note amends, restates and replaces that certain promissory note (the "Old Note"), made by Maker payable to the order of Wachovia Bank,
N.A. dated June 7, 2002, in the aggregate principal amount of $12,080,000 (and subsequently assigned to Kimberlin). Pursuant to the Assignment Agreement (as defined below), Kimberlin assigned a
portion of the Kimberlin Note to Holder, at which time the Kimberlin Note was cancelled and replaced with a new note (the "Replacement Kimberlin Note")
and this note (the "Note") (this Note and the Replacement Kimberlin Note are hereinafter collectively referred to as the
"Notes"). 

        1.    Definitions.    For purposes of this Note, the following capitalized terms have the following meanings: 

        "Affiliate" means with respect to any Person, any other Person (i) which directly or indirectly through one or more intermediaries
controls, or is controls by, or is under common control with, such first Person, (ii) which beneficially owns or holds ten percent (10%) or more of any class of the voting stock of such first
Person, or (iii) whereby ten percent (10%) or more of the voting stock (or in the case of a Person which is not a corporation, ten percent (10%) or more of the equity interest) of such other
Person is beneficially owned or held by such first Person or by a Subsidiary of such first Person. 

        "Local Matters Assignment and Assumption Agreement" shall mean that certain Assignment and Assumption Agreement dated as of the date
hereof between Maker, as assignor, and Local Matters, Inc. (formerly known as Aptas, Inc.), a Delaware corporation ("Local Matters"), as
assignee, pursuant to which Local Matters agrees to assume all of the Obligations of the Maker under the Notes, effective as of the earlier to occur of (a) the closing of an IPO, and
(b) immediately prior to the occurrence of a Change of Control of Local Matters, provided that the transaction contemplated by the Stock Purchase Agreement between Local Matters, Maker and the
shareholders of Maker has not been rescinded prior to such date. 

        "Assignment Agreement" shall mean that certain Assignment Agreement dated as of the date hereof between Holder and Kimberlin, pursuant to
which Kimberlin assigned and transferred to Holder a pro rata share of the Kimberlin Note as set forth in the Assignment Agreement. 

        "Business Day" means any day other than (a) Saturday or Sunday or (b) any other day on which banks in the State of New York
and the State of Florida are permitted or required to be closed. 

        "Change of Control" with respect to an entity shall mean: (i)(A) any consolidation or merger of such entity with or into any other
corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the stockholders 

 

of
such entity immediately prior to such consolidation, merger or reorganization, continue to hold at least a majority of the voting power of the surviving entity in substantially the same proportions
(or, if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger or reorganization; or (B) any transaction or series of related transactions
to which such entity is a party in which in excess of fifty percent (50%) of such entity's voting power is transferred; provided that a Change of Control shall not include any transaction or series of
transactions principally for bona fide equity financing purposes in which cash is received by such entity or any successor or indebtedness of such entity is cancelled or converted or a combination
thereof; and (ii) a sale, lease, exclusive license or other disposition of all or substantially all of the assets of such entity. 

        "Collateral" shall have the meaning provided therefor in the Security Agreement. 

        "Common Shares" shall mean the shares of common stock, $0.001 par value per share, of Local Matters. 

        "Default Rate" shall mean eight percent (8%) per annum. 

        "Event of Default" shall have the meaning given to it in Section 6(a). 

        "GAAP" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by
a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

        "Governmental Authority" shall mean any nation or government, any state or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government. 

        "IPO" means an underwritten initial public offering of the Common Shares of Local Matters pursuant to an effective registration statement
under the Securities Act, as then in effect (or any comparable statement under any similar federal statute then in force or effect). 

        "Maturity Date" shall have the meaning given to it in Section 3(a). 

        "Note" as used herein, shall mean this Secured Convertible Promissory Note. 

        "Obligations" shall mean all obligations of the Maker to Holder however created, arising or evidenced, whether direct or indirect, joint
or several, absolute or contingent, or now or hereafter existing, or due or to become due, which arise out of or in connection with this Note, the Security Agreement and each other related document,
including, without limitation, all reasonable costs incurred by Holder in connection with the enforcement of this Note. 

        "Percentage Pro Rata Share" means 100%. 

        "Person" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

        "Qualified IPO" means an IPO which raises net proceeds to Local Matters of at least $35 million. 

        "Repayment Amount" shall mean, with respect to the Maker and its Subsidiaries on a consolidated basis, during the period commencing on
January 1 and ending on December 31 of each year (each, a "Measuring Period"), the amount, if any, equal to the Holder's Percentage Pro
Rata Share of an amount equal to (i) the Standalone Cash Flow (as defined herein) during such Measuring Period less (ii) the aggregate
amount of all principal and interest payments (in cash or by way of setoff), during such Measuring Period, made by Local Matters (and its Affiliates) to YP Web Partners, LLC, a limited 

2

 

liability
company organized and existing under the laws of the State of Louisiana ("YP"), pursuant to that certain promissory note dated
April 14, 2005 (the "YP Note") in the aggregate original principal amount of $10,000,000.00. 

        "Security Agreement" shall have the meaning given to it in Section 3(e). 

        "Standalone Cash Flow" shall mean, with respect to the Maker and its Subsidiaries on a consolidated basis, the amount, if any, equal to
(i) 0.20 multiplied by (ii) an amount equal to Maker's net income for the Measuring Period, determined in accordance with GAAP,  plus depreciation
and amortization expenses, and minus capitalized development expenses and hardware
costs, in each case for such Measuring Period. 

        "Subsidiary" shall mean, with respect to any Person (herein referred to as the "parent"), any corporation, partnership, association or
other business entity (i) of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than fifty percent (50%) of the ordinary voting power
or more than fifty percent (50%) of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent, or (ii) that is, at the time any
determination is made, otherwise controlled by, the parent or one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent. 

        2.    Payment of Interest.    

        (a)    Calculation.    Except as otherwise expressly provided in  Section 6(b)(i) hereof, interest shall accrue (computed on
the basis of actual days elapsed and a year of 360 days) at the rate of six
percent (6%) per annum on the unpaid principal amount of this Note outstanding from time to time. 

        (b)    Payment.    Interest on the outstanding principal amount of this Note shall be paid semi-annually
in arrears on each January 1 and July 1, commencing July 1, 2005, until this Note is repaid in full. 

        3.    Payment of Principal on Note and Security.    

        (a)    Maturity Date.    The Maker shall pay the principal amount outstanding hereunder together with accrued and
unpaid interest thereon on the earlier of (i) March 31, 2013, and (ii) acceleration of the maturity of this Note by Holder pursuant to  Section 6(b)(i) (the earlier of such dates, the
"Maturity Date"). 

        (b)    Repayment Amount.    

        (i)    Until
the Obligations have been indefeasibly paid in full or all outstanding principal plus accrued interest under this Note has been converted into Common Shares,
beginning with the calendar year ended December 31, 2006, if there is a Repayment Amount for any Measuring Period, then the Maker shall pay to Holder an amount equal to the lesser of:
(z) the Repayment Amount (which Holder shall apply to the outstanding principal and accrued interest under this Note) or (y) the outstanding principal plus accrued interest under this
Note at the time of such payment, within ninety (90) days following the end of each such Measuring Period. 

        (ii)   At
the time of payment of the Repayment Amount, the Maker will deliver or cause to be delivered to Holder a statement (the "Repayment Amount
Statement"), setting forth in reasonable detail the method of calculating the Repayment Amount. In the event that Holder objects to the Maker's calculation of the Repayment
Amount, then, within 30 days after the delivery to Holder of the Repayment Amount Statement, Holder shall deliver to the Maker a notice describing in reasonable detail Holder's objection to the
Maker's calculation (an "Objection Notice"), accompanied by a statement setting forth the dollar amount determined by Holder to represent the Repayment
Amount or a request for additional information from the 

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Maker
that Holder may require in order to determine the Repayment Amount. If Holder does not deliver an Objection Notice to the Maker within the 30-day period referred to in the preceding
sentence, then the Maker's calculation of the Repayment Amount shall be binding and conclusive on the Maker and Holder. If Holder delivers an Objection Notice to the Maker within the
30-day period referred to in this paragraph, and if Holder and the Maker are unable to agree upon the calculation of the Repayment Amount within 60 days after an Objection Notice is
delivered to the Maker, Holder and the Maker shall select a nationally recognized accounting firm mutually acceptable to them (the "Neutral Accountant")
to resolve any remaining objections, the cost of which shall be paid by the party whose assertions regarding the amount of the Repayment Amount differ by the greater amount from the Repayment Amount
determined by the Neutral Accountant. If the Maker and Holder are unable to select the Neutral Accountant within 10 days after the commencement of such selection process, the Neutral Accountant
shall be PricewaterhouseCooper unless the Maker and Holder agree to another Neutral Accountant within 15 days of the commencement of the selection process. Holder and the Maker shall jointly
instruct the Neutral Accountant to resolve any unresolved objections within 30 days after referral of the matter to them, and the determination by the Neutral Accountant of the Repayment Amount
shall be conclusive and binding on the Maker and Holder absent fraud or manifest error. 

        (c)    Optional Principal Prepayments.    Prior to the Maturity Date, the principal balance of this Note, along with
all accrued interest, may be paid by the Maker in whole or in part upon five (5) days prior written notification to Holder without penalty. 

        (d)    Reserved.    

        (e)    Security Agreement.    The Maker's obligations hereunder shall be secured by all of the assets and other
property of Maker pursuant to that certain Security Agreement, between the Maker and Kimberlin, in its capacity as lender and as agent for the Lenders (as defined therein), dated as of the date hereof
(the "Security Agreement"). 

        (f)    Application of Payments.    All payments hereunder shall be applied first to accrued interest and then to
principal. 

        4.    Affirmative Covenants.    So long as this Note shall remain outstanding or any Obligations shall remain unpaid,
the Maker shall: 

        (a)    Compliance with Laws.    Comply in all material respects with applicable laws, rules, regulations, and orders,
such compliance to include, without limitation, paying before the same become delinquent all taxes, assessments, and governmental charges imposed upon it or upon its property except for good faith
contests for which adequate reserves are being maintained. 

        (b)    Notice of Defaults and Events of Default.    Provide to Holder, as soon as possible and in any event within
three (3) business days after the occurrence of each event which either (i) is an Event of Default, or (ii) with the giving of notice or lapse of time or both would constitute an
Event of Default, a written notice setting forth the details of such event and the action which is proposed to be taken by the Maker with respect thereto. 

        5.    Reserved.    

        6.    Events of Default.    

        (a)    Definition.    For purposes of this Note, an "Event of Default"
shall be deemed to have occurred if: 

        (i)    all
or any part of the interest on or principal of this Note is not paid when and as the same shall become due and payable, whether at maturity, by acceleration, by
notice of 

4

 

prepayment,
or otherwise, and such default remains more than thirty (30) days after Holder provides written notice to Maker of such default; 

        (ii)   a
default shall occur in the observance or performance in any of the other covenants or agreements of the Maker contained herein or in the Security Agreement and shall
continue for thirty (30) consecutive days after written notice thereof from Holder; or 

        (iii)  the
Maker makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due; or an order, judgment or
decree is entered adjudicating the Maker bankrupt or insolvent; or any order for relief with respect to the Maker is entered under the Federal Bankruptcy Code; or the Maker petitions or applies to any
tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Maker, or of any substantial part of the assets of the Maker, or commences any proceeding relating to the Maker
under any bankruptcy reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction; or any such petition or application is filed, or any such proceeding is commenced, against the Maker
and either (x) the Maker by any act indicates its approval thereof, consent thereto or acquiescence therein or (y) such petition, application or proceeding is not dismissed within sixty
(60) days. 

        (b)    Consequences of Events of Default.    

        (i)    If
an Event of Default has occurred and shall be continuing beyond any applicable cure period, then the principal of this Note and the interest accrued hereon will, upon
written notice from Holder (provided no further notice shall be required for an Event of Default under clause 6(a)(i)), forthwith become and be due and payable, if not already due and payable.
If payment of this Note is accelerated, then the outstanding principal balance thereof shall bear interest at the Default Rate from and after the date of notice by the Maker to Holder of the Event of
Default. The Maker agrees to pay to Holder all reasonable out-of-pocket costs and expenses incurred by Holder in any effort to enforce the Maker's obligations under this Note
and pay interest at the Default Rate on such costs and expenses to the extent not paid when demanded. 

        (ii)   Holder
shall also have any other rights which Holder may have been afforded under any contract or agreement at any time and any other rights which Holder may have
pursuant to applicable law. Holder may exercise any and all of its remedies under the Security Agreement contemporaneously or separately from the exercise of any other remedies hereunder or under
applicable law. 

        (iii)  The
Maker hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that
this Note, or any payment hereunder, may be extended from time to time and that Holder may accept security for this Note or release security for this Note, all without in any way affecting the
liability of the Maker hereunder. 

        7.    Conversion.    

        (a)    Mandatory Conversion.    Effective as of the closing of the IPO, the entire outstanding principal balance of
this Note plus all accrued and unpaid interest thereon shall automatically convert into that number of Common Shares as set forth in Section 7(b). 

        (b)    Conversion Procedure and Price.    

        (i)    The
number of Common Shares issuable upon conversion shall be equal to the entire outstanding principal balance of this Note plus all accrued and unpaid interest thereon
as of the closing of the IPO divided by the price per Common Share in the IPO. 

5

 

        (ii)   Any
such conversion of this Note shall be deemed to have been effected as of the closing of the IPO. At such time as such conversion has been effected, the rights of
Holder as such holder shall cease, and Holder shall be deemed to have become the holder of record of the Common Shares represented thereby. 

        (iii)  As
soon as possible after a conversion has been effected (but in any event within five (5) business days), Local Matters shall deliver to Holder, a certificate
or certificates representing the number of Common Shares (excluding any fractional share) issuable by reason of such conversion in such name or names and such denomination or denominations as Holder
has specified to Local Matters in writing. 

        (iv)  If
any fractional Common Share would, except for the provisions hereof, be deliverable upon conversion of this Note, Local Matters, in lieu of delivering such
fractional share, shall pay Holder an amount equal to the value of such fractional share. 

        (v)   The
issuance of certificates for Common Shares upon conversion of this Note shall be made without charge to Holder for any issuance tax in respect thereof or other cost
incurred by the Maker or Local Matters, as the case may be, in connection with such conversion and the related issuance of Common Shares. Upon conversion of this Note, Local Matters shall take all
such actions as are necessary in order to ensure that the Common Shares issuable with respect to such conversion shall be validly issued, fully paid and nonassessable. 

        (vi)  Local
Matters shall not close its books against the transfer of Common Shares issued or issuable upon conversion of this Note in any manner which interferes with the
timely conversion of this Note. Holder, upon the request of Local Matters, at Local Matters' sole expense, shall assist and cooperate with Local Matters in making any required governmental filings or
in obtaining any government approval prior to or in connection with the conversion of this Note (including, without limitation, making any filings required to be made by Local Matters). 

        (vii) Local
Matters shall take all such actions as may be necessary to assure that all such Common Shares may be so issued without violation of any applicable law or
governmental regulation or any requirements of any domestic securities exchange upon which shares of Common Shares may be listed (except for official notice of issuance which shall be immediately
delivered by Local Matters upon each issuance). 

        (viii)  In
case of any recapitalization, reclassification or change of the outstanding securities of Local Matters or of any reorganization of Local Matters or any similar
corporate reorganization on or after the date hereof (a "Restructuring"), then lawful and adequate provisions shall be made so that in each such case
the Holder, upon conversion of this Note at any time after the consummation of such Restructuring, shall be entitled to receive, in lieu of the shares or other securities and property receivable upon
conversion of this Note prior to such Restructuring, the shares or other securities or property (including cash) to which the Holder would have been entitled upon such consummation if the principal
and interest due under this Note had been converted immediately prior thereto, all subject to further adjustment as provided hereunder; and in each such case, the terms of this  Section 7 shall be
applicable to the shares or other securities properly receivable upon conversion of the principal and interest due under this
Note, as applicable, after the consummation of such Restructuring. 

        8.    Lost, Stolen, Destroyed or Mutilated Notes.    In case this Note shall be mutilated, lost, stolen or destroyed,
the Maker shall issue a new Note of like date, tenor and denomination and deliver the same in exchange and substitution for and upon surrender and cancellation of such mutilated Note, or in lieu 

6

 

of
this Note being lost, stolen or destroyed, upon receipt of evidence satisfactory to the Maker, including an executed affidavit of an authorized Holder officer, of the loss, theft or destruction of
such Note. 

        9.    Amendment and Waiver.    Except as otherwise expressly provided herein, the provisions of this Note may be
amended and the Maker may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Maker has obtained the prior written consent of Holder. 

        10.    Cancellation.    After all principal and accrued interest, and any other Obligations, at any time owed with
respect to this Note have been paid in full or this Note has been converted in its entirety in accordance with its terms, this Note shall immediately be surrendered to the Maker for cancellation and
shall not be reissued. 

        11.    Interpretation.    For the purposes of this Note, all dollar amounts and references to "$" or "Dollar" shall be
deemed to refer to United States of America dollars. 

        12.    Place of Payment.    Payments of principal and interest are to be paid to Holder by wire transfer in accordance
with the following instructions: 

Search
Mezzanine Investors, LLC

ABA #

Account #

RE: ISX Loan Payment 

or
to such other address or to the attention of such other person as specified by prior written notice to the Maker. 

        13.    Governing Law.    This Note shall be governed by and construed in accordance with, the laws of the State of New
York. 

        14.    Notices.    All notices and other communications provided for under this Note shall be in writing (including by
facsimile) and addressed, delivered or transmitted in accordance with the Local Matters Assignment and Assumption Agreement. 

        15.    Transfer.    Upon the acquisition of Maker or Local Matters (or any of their Affiliates) by a third party,
Maker may assign this Note, the Replacement Kimberlin Note, and the Security Agreement and all of its rights and obligations hereunder and thereunder to such third party upon written notice to Holder
and Kimberlin. In addition, Maker may assign this Note, the Replacement Kimberlin Note, and the Security Agreement and all of its rights and obligations hereunder and thereunder to Local Matters at
any time upon written notice to Holder and Kimberlin, subject to Local Matters' obligations thereunder as set forth in the Local Matters Assignment and Assumption Agreement. This Note may not be
assigned by the Holder without the prior written consent of Maker. 

[Remainder
of Page Intentionally Left Blank] 

7

 

        IN
WITNESS WHEREOF, the Maker has executed and delivered this Note as of the date first set forth above. 

	 	 	INFORMATION SERVICES EXTENDED, INC.
	

 	
 	

By:	

/s/  EDGAR DOWNS      
 Name: Edgar Downs

Title: President and Chief Executive Officer

8

 
Schedule to Form of Secured Convertible Promissory Note Payable to Search Mezzanine Investors LLC

	Name
 
	 	Note Amount
	 	Date

	Search Mezzanine Investors LLC	 	$	4,058,252.00	 	May 19, 2005
	Search Mezzanine Investors LLC	 	$	1,349,514.56	 	June 30, 2005
	Search Mezzanine Investors LLC	 	$	281,553.43	 	August 2, 2005

9

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Exhibit 4.15  

THIS SECURED PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH
RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE PAYEE SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION.

 
 

SECURED PROMISSORY NOTE    
    

	$3,154,622.11	 	July 2, 2007

Denver, Colorado

        FOR VALUE RECEIVED, LOCAL MATTERS, INC., a Delaware corporation formerly known as  APTAS, INC. ("Company"), hereby promises to pay to YP WEB PARTNERS,
LLC, a Louisiana limited liability company ("Payee"), in lawful money of the United States of America and in immediately
available funds, the principal sum of Three Million One Hundred Fifty-Four Thousand Six Hundred Twenty-Two Dollars and Eleven Cents ($3,154,622.11) together with accrued and unpaid interest thereon,
each due and payable on the dates, in the manner, and subject to the terms and conditions set forth below. 

        This
Promissory Note (the "Note") amends and restates the promissory note dated April 14, 2005 by Company to Payee in the original
principal amount of $10,000,000.00, as amended by the Allonge to Promissory Note dated May 1, 2006 between Company and Payee (the "Original
Note") that was referred to in and was executed and delivered in connection with that certain Asset Purchase Agreement dated as of April 14, 2005 executed by Company,
the Payee and the Members (as defined therein) (as the same may from time to time be amended, modified or supplemented or restated, the "Purchase
Agreement"). The Payee acknowledges that the "Original Face Amount" of the Original Note was reduced to approximately $6,145,000 in accordance with the terms of the Original
Note, and that payments made by the Company have reduced the principal amount and accrued and unpaid interest to the face amount hereof. Additional rights and obligations of Payee are set forth in the
Purchase Agreement. All capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Purchase Agreement. Upon the execution and delivery
hereof, the Original Note shall be void and of no further force or effect. 

        1.    Principal and Interest Repayment.    

        1.1   Subject to Sections 1.2 and 1.3 below, the principal amount hereof and interest hereon shall be due and payable on the
dates and in the amounts set forth below. The payments set forth 

 

below
shall be applied first to accrued interest, and thereafter to the outstanding principal balance hereof. 

	Interest Rate 8%
	 	Cash

Payment
	 	Principle
	 	Interest
	 	Balance

	7/1/07	 	 	 	 	 	 	 	3,154,622.11
	7/31/07	 	100,000.00	 	78,565.86	 	21,434.14	 	3,076,056.25
	8/31/07	 	100,000.00	 	79,099.67	 	20,900.33	 	2,996,956.58
	9/30/07	 	100,000.00	 	80,293.98	 	19,706.02	 	2,916,662.60
	10/31/07	 	100,000.00	 	80,182.68	 	19,817.32	 	2,836,479.92
	11/30/07	 	—	 	—	 	18,650.83	 	2,855,130.75
	12/31/07	 	—	 	—	 	19,399.24	 	2,874,529.99
	1/31/08	 	219,531.05	 	200,000.00	 	19,531.05	 	2,674,529.99
	2/29/08	 	216,999.75	 	200,000.00	 	16,999.75	 	2,474,529.99
	3/31/08	 	216,813.24	 	200,000.00	 	16,813.24	 	2,274,529.99
	4/30/08	 	214,955.81	 	200,000.00	 	14,955.81	 	2,074,529.99
	5/31/08	 	214,095.44	 	200,000.00	 	14,095.44	 	1,874,529.99
	6/30/08	 	212,325.68	 	200,000.00	 	12,325.68	 	1,674,529.99
	7/31/08	 	211,377.63	 	200,000.00	 	11,377.63	 	1,474,529.99
	8/31/08	 	210,018.72	 	200,000.00	 	10,018.72	 	1,274,529.99
	9/30/08	 	208,380.47	 	200,000.00	 	8,380.47	 	1,074,529.99
	10/31/08	 	207,300.92	 	200,000.00	 	7,300.92	 	874,529.99
	11/30/08	 	205,750.33	 	200,000.00	 	5,750.33	 	674,529.99
	12/31/08	 	679,113.10	 	674,529.99	 	4,583.11	 	0.00

On
December 31, 2008 the entire remaining principal amount and all accrued and unpaid interest shall be due and payable in full. 

        1.2   In the event that the Company effects a public offering of any nature, including, without limitation, an offering on the
Alternative Investment Market in London, England or the Toronto Stock Exchange (a "Public Offering"), the Company shall consult with the underwriters or
nominated advisor, as applicable, regarding the use of a portion of the net proceeds from such Public Offering to pay all or a portion of the principal and accrued and unpaid interest on this Note. If
the underwriters or nominated advisor with respect to the Public Offering determine that marketing factors permit such payment to be made, then the Company shall apply to the payment of this an amount
reasonably acceptable to such underwriters or nominated advisor, as applicable. All such payments shall occur on the date of closing of the Company's sale of its securities pursuant to such Public
Offering. In the event such a payment is made, all payments will be applied to this Note, the Secured Promissory Notes dated January 19, 2007, as amended by Allonge to Secured Promissory Note
dated July 2, 2007 (the "Secured Promissory Notes"), and the promissory notes issued by the Company on or about October 19, 2006 in the
aggregate face amount of approximately $6,000,000 (the "Interim Financing Notes") in an amount not less than the pro
rata amount payable to the holders of this Note, the Secured Promissory Notes and the Interim Financing Notes upon such public offering. 

        1.3   In the event that the Board of Directors of the Company elects not to undertake a Public Offering, the Company will be
required to make additional payments on the Note in amount equal to one-half of the difference between $1,000,000 and the amounts actually expended in connection with such Public Offering
(the "Additional Payment"). Notwithstanding the foregoing, if, as of December 31, 2007 the
Company has not effected a Public Offering, the Company shall be deemed to have elected not to undertake a Public Offering, and the payments called for by the immediately preceding sentence shall be
due and payable beginning on January 31, 2008. The earlier of the date on which the Board of Directors of the Company elects not to undertake a 

2

 

Public
offering or, if the Company has not effected and is Not Actively Pursuing a Public Offering, December 31, 2007 shall be the "Election
Date." For purposes of this Note, "Not Actively Pursuing a Public Offering" shall mean that the Company has failed to retain, or to continue to retain, lawyers, accountants and
underwriters to effect a Public Offering or alternatively, if the Company has retained lawyers, accountants and underwriters to effect a Public Offering, such lawyers, accountants and underwriters are
not actively, continuously and in good faith taking all action necessary to effect a Public Offering. Within 15 days following the Election Date, the Company will provide to the Payee a
detailed schedule of the total expenses associated with the Public Offering (the "Offering Expenses"). In the event that the Payee objects to the
Company's calculation of the Offering Expenses, the Payee shall deliver to the Company a notice describing in reasonable detail the Payee's objection to the Company's calculation (an
"Objection Notice"), accompanied by a statement setting forth the dollar amount determined by the Payee to represent the Offering Expenses. If the Payee
does not deliver an Objection Notice to the Company within the 30-day period referred to in the immediately preceding sentence, then the Company's calculation of the Offering Expenses
shall be binding and conclusive on the Company and the Payee. If the Payee delivers an Objection Notice to the Company within 30-day period referred to in this paragraph, and if the Payee
and the Company are unable to agree upon the calculation of the Offering Expenses within 60 days after an Objection Notice is delivered to the Company, the Payee and the Company shall select a
nationally recognized accounting firm mutually acceptable to them (the "Neutral Accountant") to resolve any remaining objections, the cost of which
shall be paid by the party whose assertion regarding the amount of the Offering Expenses differs by the greater amount from the Offering Expenses determined by the Neutral Accountant. If the Company
and the Payee are unable to select a Neutral Accountant within 10 days after the commencement of such selection process, the Neutral Accountant shall be KPMG (or its successor) unless the
Company and the Payee agree to another Neutral Accountant within 15 days of the commencement of the selection process. The Payee and the Company shall jointly instruct the Neutral Accountant to
resolve any unresolved objections within 30 days after referral of the matter to it and the determination by the Neutral Accountant of the Offering Expenses shall be conclusive and binding on
the Company and the Payee absent fraud or manifest error. The Additional Payment shall be paid in four equal installments. The first installment shall be paid on the first day of the month immediately
following the calculation of the Additional Payment, and the remaining three installments shall be paid on the first day of each of the next three following months. The Additional Payment shall be in
addition to the payment of the amounts set forth in Section 1.1 above. 

        2.    Interest Rate.    Company further promises to pay interest on
the outstanding principal amount hereof from the date hereof until payment in full, which interest shall be payable at the rate of eight percent
(8%) per annum. Interest payments hereunder shall be due and payable in accordance with the schedule of payments set forth in Section 1 hereof, which amounts have been calculated to reflect an
annual interest rate of eight percent (8%). Interest shall be calculated on the basis of a 365-day year for the actual number of days elapsed. Upon the occurrence and during the
continuance of an Event of Default, Payee shall have the right by written notice to Company to prospectively increase the interest rate under this Note to be equal to fourteen (14%) percent per annum
until such Event of Default is cured, but in no event to exceed the maximum rate allowed by law on commercial loans. 

        3.    Place of Payment.    All amounts payable hereunder shall be
payable at 306 Arlington Drive, Metairie, LA, 70001, unless another place of payment shall be specified in writing by Payee. 

        4.    Secured Note.    The full amount of this Note is secured by the
collateral (the "Collateral") identified and described as security therefor in (i) the Security Agreement dated April 14, 2005 (the
"2005 Security Agreement") executed by and delivered by Company to Payee and (ii) the Security Agreement dated as of September 25, 2007
(the "2007 Security Agreement," and together with the 2005 

3

 

Security
Agreement, the "Security Agreements") executed by and delivered by Company to Payee. Company specifically reaffirms, confirms and acknowledges
the 2005 Security Agreement and the Liens (as defined thereunder) on all of the Collateral thereunder as security for Company's payment and performance of the Secured Obligations (as defined
thereunder), whether now existing or hereafter arising, which Secured Obligations include without limitation the indebtedness, liabilities and obligations of Company to Payee under this Note. Company
shall not, directly or indirectly, create, permit or suffer to exist, and shall defend the Collateral against and take such other action as is necessary to remove, any Lien (as defined in each
Security Agreement) on or in the Collateral, or in any portion thereof, except as permitted pursuant to each Security Agreement. Payee shall release its lien on the Collateral upon (i) delivery
by Company to a restricted account acceptable to Payee, in its reasonable discretion and over which Payee has control and a first lien and security interest, of cash collateral in an amount equal to
the then Outstanding Principal Amount and all accrued but unpaid interest on this Note and (ii) execution and delivery to Payee of a control agreement in form and substance satisfactory to
Payee. 

        5.    Setoff.    All payments to be made under this Note shall be
subject to setoff under the terms and conditions set forth in Section 5 of the Purchase Agreement. Any such setoffs shall be applied first to accrued interest and thereafter to installments of
unpaid principal in the order of their maturity commencing with the earliest such installment. 

        6.    Default.    Each of the following events shall be an
"Event of Default" hereunder: 

        6.1   Company fails to pay timely any of the principal due under this Note within five (5) days of the date the same
becomes due and payable or any accrued interest or other amounts due under this Note within five (5) days of the date the same becomes due and payable; 

        6.2   Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any
other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the
foregoing; 

        6.3   An involuntary petition is filed against Company (unless such petition is dismissed or discharged within sixty
(60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors or other similar official is appointed to take
possession, custody or control of any property of Company; 

        6.4   Company breaches any material representation, warranty or covenant in, or fails to perform any material obligations
under, this Note or the Security Agreement, and such breach or failure is not cured within thirty (30) days following written notice of such breach or failure delivered by Payee to Company; 

        6.5   Company defaults in the payment of any amounts or in the performance of any obligations contained in any credit
agreement, promissory note, lease or other agreement relating to any indebtedness of Company to any person (other than under this Note) in excess of $250,000, and any grace period applicable to such
default has elapsed; 

        6.6   Judgment for the payment of money in excess of $250,000 (which is not covered by insurance) is rendered by any court or
other governmental body against Company, and Company does not discharge the same or procure a stay of execution thereof within thirty (30) days from the date of entry thereof, and within such
30-day period (or such longer period during which execution of such judgment shall have been stayed) Company does not appeal therefrom and cause the execution thereof to be stayed during
such appeal while providing such reserve therefor as may be required under generally accepted accounting principles; or 

4

 

        6.7   Company breaches any material representation, warranty or covenant in, or fails to perform any material obligation under,
the Purchase Agreement, and such breach or failure is not cured within thirty (30) days following written notice of such breach or failure delivered by Payee to Company, and
such uncured breach or failure has, or will have, a material adverse effect on the Company and its subsidiaries taken as a whole. 

        Upon
the occurrence of an Event of Default hereunder, all unpaid principal, accrued interest and other amounts owing hereunder shall, at the option of Payee, and, in the case of an Event
of Default pursuant to 6.2 or 6.3 above, automatically, be immediately due, payable and collectible by Payee pursuant to applicable law. 

        7.    Waiver.    Company waives presentment and demand for payment,
notice of dishonor, protest and notice of protest of this Note, and shall pay all costs of collection when incurred, including, without limitation, reasonable attorneys' fees, costs and other
expenses. 

        The
right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law. 

        Any
term, covenant, agreement or condition of this Note may, only with the written consent of the Company and Payee, be amended or compliance therewith may be waived (either generally or
in a particular instance and either retroactively or prospectively), altered, modified or amended. 

        8.    Governing Law.    This Note shall be governed by, and construed
and enforced in accordance with, the laws of the State of Colorado, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

        9.    Successors and Assigns.    Payee may not assign or otherwise
transfer this Note without the prior written consent of Company, which shall not be unreasonably withheld or delayed, provided, however, that the Payee of this Note may assign or otherwise transfer
this Note without the consent of Company to the Members in accordance with their respective membership interests in the Payee. Subject to the foregoing, the provisions of this Note shall inure to the
benefit of and be binding on any successor to Company and shall extend to any holder hereof. 

        10.    No Novation.    This Note is an amendment and restatement of
the Original Note. This Note is not a novation of the Original Note, nor is the indebtedness represented by this Note a novation of the indebtedness represented by the Original Note. 

	 	 	COMPANY:
	

 	
 	

 	

 
	 	 	LOCAL MATTERS, INC. (FORMERLY KNOWN AS APTAS, INC.)
	

 	
 	
By:	

/s/  PERRY EVANS      

	 	 	 	Printed Name: Perry Evans
	 	 	 	Title: CEO and President

ACCEPTED AND AGREED AS OF THE DATE

FIRST ABOVE WRITTEN:

5

 

YP WEB PARTNERS, LLC

	

By:	

/s/  DONALD F. JONES      
	
 	

 

	

Printed Name:	

Donald F. Jones
	
 	

 

	

Title:	

President
	
 	

 

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SECURED PROMISSORY NOTE

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