Document:

Employment agreement for Stedman Stevens

 EXHIBIT 10 (kkkk) 
  
 EMPLOYMENT AGREEMENT 
  

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made the 10th day of September, 2004, by and between Access Worldwide Communications Inc., a
Delaware corporation (the “Company”), and Stedman Stevens (the “Employee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company wishes to assure itself of the services of the Employee, and the Employee wishes to serve in the employ of the Company, upon the
terms and conditions hereinafter set forth. 
  
 NOW, THEREFORE, in
consideration of the premises and the mutual agreements hereinafter set forth, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 1. Employment, Term. The Company hereby employs the Employee on the terms hereinafter set forth for a period commencing on September 10, 2004, and
ending three (3) years thereafter (the “Term”), unless sooner terminated in accordance with the terms of this Agreement. Notwithstanding the foregoing, if not sooner terminated in accordance with the terms of this Agreement, then on the
third anniversary of the date hereof and on each anniversary of the date hereof thereafter, the Term shall be automatically extended for an additional twelve (12) months unless either party, no later than thirty (30) days prior to the applicable
anniversary date, advises the other in writing of a desire not to extend. 
  
 2. Position, Duties. The Employee shall serve as President and CEO of the Company’s AM Medica Communications Group division (which division currently operates out of offices in New York, New York), or in
such other capacity having substantially the same duties and authority as may be assigned by the Chief Executive Officer (“CEO”) of the Company or the CEO’s designee or successor. Unless instructed otherwise by the CEO or the
CEO’s designee or successor, the Employee shall report to, and shall have such duties, objectives and responsibilities consistent with the Employee’s position as shall be assigned to the Employee by, the CEO, or the CEO’s designee or
successor. The Employee shall perform the Employee’s duties and responsibilities hereunder faithfully and diligently, and shall devote the Employee’s full business time and attention to the performance of the Employee’s duties and
responsibilities hereunder. The employee shall not be required to work out of the company’s office. 
  
 3. Compensation. 
  
 3.1 Base Salary. During the Term of this Agreement, in consideration of the performance by the Employee of the services set forth in Section 2 and
the Employee’s observance of the other covenants set forth herein, the Company shall pay the Employee, and the Employee shall accept, a base salary at the rate of $250,000.00 per annum, payable in accordance with the standard payroll practices
of the Company. The Employee may be entitled to receive merit increases in base salary during the Term hereof in such amount and at such times as shall be determined by the CEO, in the CEO’s sole discretion, subject to approval of the Board of
Directors of the Company. In no event shall the failure to grant any such increase (or the amount of any such increase) give rise to a claim by the Employee under this Agreement. 
  

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 3.2 Bonus. The Employee may be eligible to receive an annual discretionary bonus of up to, but no
more than, 40% of the Employee’s then-base salary, in such actual amount and based on such criteria as may be established by the CEO in the CEO’s sole and absolute discretion, subject to approval of the Board of Directors of the Company in
its discretion. Any bonus awarded hereunder shall be paid contemporaneously with other discretionary bonuses paid to similarly situated employees of the Company, unless otherwise directed by the CEO. 
  
 3.3 Stock Options. On commencement of employment hereunder, the
Employee shall receive 20,000 stock options under and pursuant to the Company’s 1997 Stock Option Plan, as amended from time to time, on such terms and at such pricing as determined by the Company. Additionally, the Employee may, in the
discretion of the Company, be eligible to receive additional stock options annually on such terms and at such pricing as determined by the Company. 
  
 4. Expense Reimbursement. 
  
 4.1 Ordinary Business Expenses. During the Term of the Employee’s employment by the Company pursuant to this Agreement, consistent with the
Company’s policies and procedures as may be in effect from time to time, the Company shall reimburse the Employee for all reasonable and necessary out-of-pocket ordinary business expenses incurred by the Employee in connection with the
performance of the Employee’s duties hereunder, upon the presentation of proper accounts therefore in accordance with the Company’s policies. 
  
 4.2 Commuting Expenses. During the Term of the Employee’s employment by the Company pursuant to this Agreement, for each full calendar month
in which the Employee maintains no residence within the New York City metropolitan area the Company shall pay to the Employee, in lieu of any other payment or reimbursement for commuting expenses, the sum of Two Thousand Dollars ($2000.00).

  
 5. Other Benefits. During the Term of the
Employee’s employment by the Company pursuant to this Agreement, the Employee shall be entitled to receive three (3) weeks paid vacation time per annum (which shall not carry forward year-to-year and are not otherwise compensable), and shall be
entitled to such other benefits (including, without limitation, customary medical, dental, vision, and other insurance) as are from time to time made available to other similarly situated employees of the Company, on the same terms as are available
to such similarly situated employees, it being understood that the Employee shall be required to make the same contributions and payments in order to receive any of such benefits as may be required of such similarly situated employees. 

 
 6. Termination of Employment. 
  
 6.1 Death. In the event of the death of the Employee during the Term
of this Agreement, the Company shall pay to the estate or other legal representative of the Employee the 
  

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 salary provided for in Section 3.1 (at the annual rate then in effect) accrued to the Employee’s date of death and
not theretofore paid, and the estate or other legal representative of the Employee shall have no further rights under this Agreement. 
  
 6.2 Disability. If the Employee shall become incapacitated by reason of sickness, accident or other physical or mental disability and shall for a
period of sixty (60) consecutive days be unable to perform the Employee’s normal duties hereunder with reasonable accommodation, the employment of the Employee hereunder may be terminated by the Company upon ten (10) days’ prior written
notice to the Employee. Promptly after such termination, the Company shall pay to the Employee the salary provided for in Section 3.1 (at the annual rate then in effect) accrued to the date of such termination and not theretofore paid. Neither the
Employee nor the Company shall have any further rights or obligations under this Agreement, except as provided in Sections 7, 8, 9 and 10. 
  
 6.3 Due Cause. The employment of the Employee hereunder may be terminated by the Company at any time during the Term of this Agreement for Due
Cause (as hereinafter defined). In the event of such termination, the Company shall pay to the Employee the salary provided for in Section 3.1 (at the annual rate then in effect) accrued to the date of such termination and not theretofore paid the
Employee, and, after the satisfaction of any claim of the Company against the Employee arising as a direct and proximate result of such Due Cause, neither the Employee nor the Company shall have any further rights or obligations under this
Agreement, except as provided in Sections 7, 8, 9 and 10. For purposes of this Agreement, the term “Due Cause” shall be defined as (i) the inability of the Employee, for any reason other than authorized vacation or disability, to perform
the Employee’s duties under this Agreement for a period of twenty (20) consecutive business days; (ii) dishonesty toward the Company; (iii) theft; (iv) conviction of a felony; (v) any breach of, or failure to perform under or in accordance
with, this Agreement; (vi) the willful failure of the Employee, for any reason, within five (5) calendar days after receipt by the Employee of a written notice from the Company, to correct, cease, or otherwise alter any conduct or failure to act by
the Employee which the Company, in its reasonable discretion, considers insubordination or which the Company considers material to its operation; and (vii) any other act, omission, or series or combination of same, which the law recognizes as
constituting “cause” for termination of employment. 
  
 6.4 Other Termination by the Company. The Company may terminate the Employee’s employment prior to the expiration of the Term of this Agreement for whatever reason it deems appropriate; provided, however, that in the event that
such termination is not pursuant to Sections 6.1, 6.2, or 6.3, the Company shall continue to pay to the Employee (or the Employee’s estate or other legal representative in the case of the death of the Employee subsequent to such termination),
in the same periodic installments as the Employee’s annual salary was paid, the salary provided for in Section 3.1 (at the annual rate then in effect) until the earlier of (a) the then scheduled expiration of the Term hereof, (b) nine (9)
months following the date of termination. Neither the Employee nor the Company shall have any further rights or obligations under this Agreement, except as provided in Sections 7, 8, 9 and 10. 
  
 6.5 Termination by the Employee. This Agreement may be terminated by
the Employee, at any time. In the event such termination is for Good Reason within thirty (30) days 
  

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 of a Change of Control (as such terms are hereinafter defined), then the Company shall continue to pay to the Employee
(or his estate or other legal representative in the case of the death of the Employee subsequent to such termination), in the same periodic installments as his annual salary was paid, the salary provided for in Section 3.1 (at the annual rate then
in effect) until the earlier of the then scheduled expiration of the term hereof or twelve (12) months following the date of such termination. In the event the Employee’s employment hereunder is terminated by the Employee for any reason other
than Good Reason, the Company shall pay to the Employee the salary provided for in Section 3.1 (at the annual rate then in effect) accrued to the date of such termination and not theretofore paid the Employee. In either case, after the satisfaction
of any claim the Company may have against the Employee arising during Employee’s employment with the Company, neither the Employee nor the Company shall have any further rights or obligations under this Agreement, except as provided in Sections
7, 8, 9 and 10. As used herein, the term “Good Reason” shall mean (i) a reduction in the Employee’s annual base salary; or (ii) a change in the Employee’s duties and responsibilities which represents a substantial reduction of
the duties and responsibilities which existed immediately prior thereto or the assignment to the Employee of any substantial new duties or responsibilities inconsistent with those which existed immediately prior thereto; or (iii) the requirement by
the Company that the Employee (without the consent of the Employee) work out of a location more than fifty (50) miles away from the Employee’s then-current work location, except for reasonably required travel on the Company’s business. For
purposes of this Agreement, a “Change in Control” shall be deemed to occur (1) on the effective date of any merger, consolidation, or reorganization which results in the holders of the outstanding voting securities of the Company
(determined immediately prior to such merger or consolidation) owning less than an majority of the outstanding voting securities of the surviving corporation (determined immediately following such merger or consolidation), or any sale or transfer by
the Company of all or substantially all of its assets; or (2) on the date of closing of any tender offer or exchange offer for, or the acquisition, directly or indirectly, by any person or group of, all or a majority of the then outstanding voting
securities of the Company. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur if the Company either merges or consolidates with or into another company or sells or disposes of all or substantially all of its assets to
another company, if such merger, consolidation, sale or disposition is in connection with a corporate restructuring wherein the stockholders of the Company immediately before such merger, consolidation, sale, or disposition own, directly or
indirectly, immediately following such merger, consolidation, sale, or disposition at least a majority of the combined voting power of all outstanding classes of securities of the Company resulting from such merger or consolidation, or to which the
Company sells or disposes of its assets, in substantially the same proportion as their ownership in the Company immediately before such merger, consolidation, sale, or disposition. 
  
 6.6 Rights to Benefits. Upon termination of employment under any provision contained in this Section 6, rights and
benefits of the Employee, the Employee’s estate or other legal representative under the employee benefit plans and programs of the Company, if any, will be determined in accordance with the terms and provisions of such plans and programs.
Neither the Employee nor the Company shall have any further rights or obligations under this Agreement, except as provided in Sections 7, 8, 9 and 10. 
  

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 7. Confidential Information. 
  
 7.1 (a) The Employee shall, during the Employee’s employment with the Company and at all times thereafter, treat all
confidential material (as hereinafter defined) of the Company or any of the Company’s subsidiaries, affiliates or parent entities (the Company and the Company’s subsidiaries, affiliates and parent entities being hereinafter collectively
referred to as the “Company Group”) confidentially. The Employee shall not, without the prior written consent of the CEO, disclose such confidential material, directly or indirectly, to any party, who at the time of such disclosure is not
an employee or agent of any member of the Company Group, or remove from the Company’s premises any notes or records relating thereto, copies or facsimiles thereof (whether made by electronic, electrical, magnetic, optical, laser, acoustic or
other means), or any other property of any member of the Company Group. The Employee agrees that all confidential material, together with all notes and records of the Employee relating thereto, and all copies or facsimiles thereof in possession of
the Employee (whether made by the foregoing or other means) are the exclusive property of the Company. 
  
 (b) For the purposes hereof, the term “confidential material” shall mean all information in any way concerning the activities, business or
affairs of any member of the Company Group or any of the customers of any member of the Company Group, including, without limitation, information concerning trade secrets, together with all sales and financial information concerning any member of
the Company Group and any and all information concerning projects in research and development or marketing plans for any products or projects of the Company Group, and all information concerning the practices and customers of any member of the
Company Group; provided however, that the term “confidential material” shall not include information which becomes generally available to the public other than as a result of a wrongful disclosure by the Employee. 
  
 7.2 Promptly upon the request of the Company, the Employee shall deliver to
the Company all confidential material relating to any member of the Company Group in the possession of the Employee without retaining a copy thereof (provided, however, that the Employee shall be entitled to retain a list of such confidential
material so long as the form of such list is reasonably acceptable to the Company), unless, in the written opinion of counsel for the Company delivered to the Employee, either returning such confidential material or failing to retain a copy thereof
would violate any applicable Federal, state, local or foreign law, in which event such confidential material shall be returned without retaining any copies thereof as soon as practicable after such counsel advises in writing to the Employee that the
same may be lawfully done. It is expressly understood that the Employee shall have the right to rely upon such counsel’s opinion. 
  
 7.3 In the event that the Employee is required, by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative
demand or similar process, to disclose any confidential material relating to any member of the Company Group, the Employee shall provide the Company with prompt notice thereof so that the Company may seek an appropriate protective order and/or waive
compliance by the Employee with the provisions hereof. 
  

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 8. Non-Competition. 
  
 8.1 The Employee acknowledges that the services to be rendered by the Employee to the Company are of a special and unique
character. The Employee agrees that, in consideration of the Employee’s employment hereunder, the Employee will not, directly or indirectly, (a) so long as the Employee is employed pursuant to this Agreement and for nine months thereafter, (i)
engage, whether as principal, agent, investor, distributor, representative, stockholder, employee, consultant, volunteer or otherwise, with or without pay, in any activity or business venture, which is competitive with the business of the Company or
any other members of the Company Group engaged in the business of medical and/or pharmaceutical education (but the Employee may own not more than five percent (5%) of the issued and outstanding voting stock of a company the shares of which are
regularly traded on a national securities exchange or on the over-the-counter markets), (ii) solicit or entice or endeavor to solicit or entice away any of the clients or customers of any member of the Company Group, either on the Employee’s
own account or for any other person firm, corporation or organization, (iii) solicit or entice or endeavor to solicit or entice away from any member of the Company Group any person who was or is at the time of solicitation, a director, officer,
employee, agent or consultant of such member of the Company Group, on the Employee’s own account or for any person, firm, corporation or other organization, whether or not such person would commit any breach of such person’s contract of
employment by reason of leaving the service of such member of the Company Group, or (iv) employ any person who was or is at the time of the solicitation, a director, officer or employee of any member of the Company Group or any person who is or may
be likely to be in possession of any confidential information or trade secrets relating to the business of any member of the Company Group; or (b) at any time make any statement, or engage in any act or omission, which might reasonably be expected
to disparage or impair the business and/or reputation of any member of the Company Group. The Company and /or Company Group shall not at any time make any statement, or engage in any act or omission, which might reasonably be expected to disparage
or impair the business and /or reputation of the Employee. The provisions of this paragraph 8.1 shall be inapplicable in the event this agreement is not renewed by either party. 
  
 8.2 The Employee and the Company agree that if, in any proceeding, the court or authority shall refuse to enforce the
covenants herein set forth because such covenants cover too extensive a geographic area or too long a period of time, any such covenant shall be deemed appropriately amended and modified in keeping with the intention of the parties to the maximum
extent permitted by law. 
  
 8.3 The Employee expressly
acknowledges and agrees that the covenants and agreements set forth in this Section 8 are reasonable in all respects, and necessary in order to protect, maintain and preserve the value and goodwill of the Company Group, as well as the proprietary
and other legitimate business interests of the members of the Company Group. The Employee acknowledges and agrees that the covenants and agreements of the Employee set forth in this Section 8 constitute a significant part of the consideration given
by the Employee to the Company in exchange for the salary and benefits provided for in this Agreement, and are a material reason for such payment. 
  

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 9. Intellectual Property. 
  
 9.1 Any and all intellectual property, inventions or software made, developed or created by the Employee during the Term of
this Agreement which reasonably relate to services rendered by the Employee to the Company during the Term of the Employee’s employment by the Company (each, an “Invention”) , whether at the request or suggestion of the Company or
otherwise, whether alone or in conjunction with others, and whether during regular working hours or otherwise, shall be promptly and fully disclosed by the Employee to the CEO and/or the Board of Directors of the Company and shall be the
Company’s exclusive property as against the Employee, and the Employee shall promptly deliver to the CEO and/or the Board of Directors all papers, drawings, models, data and other material relating to any Invention made, developed or created by
the Employee as aforesaid. 
  
 9.2 The Employee hereby expressly
acknowledges and agrees that any Invention developed or created by the Employee during the Term of this Agreement which reasonably relates to services rendered by the Employee to the Company during the Employee’s employment by the Company shall
be considered “works made for hire” within the meaning of the Copyright Act of 1976, as amended (17 U.S.C. § 101). Each such Invention as well as all copies of such Invention in whatever medium fixed or embodied, shall be owned
exclusively by the Company as of the date of creation. 
  
 9.3 The
Employee shall, upon the Company’s request and without any payment therefore, execute any documents necessary or advisable in the opinion of the Company’s counsel to direct issuance of patents or copyrights of the Company with respect to
such Invention as are to be in the Company’s exclusive property as against the Employee under this Section 9 or to vest in the Company title to such inventions as against the Employee, the expense of securing any such patent or copyright, to be
borne by the Company. In addition, the Employee agrees not to file any patent, copyright or trademark applications related to such Invention. The Company shall reimburse the Employee for any reasonable out-of-pocket expenses he incurs in satisfying
his obligations pursuant to this paragraph 9.3. 
  
 10.
Equitable Relief. In the event of a breach or threatened breach by the Employee of any of the provisions of Sections 7, 8, or 9 of this Agreement, the Employee hereby consents and agrees that the Company shall be entitled to pre-judgment
injunctive relief or similar equitable relief restraining the Employee from committing or continuing any such breach or threatened breach or granting specific performance of any act required to be performed by the Employee under any of such
provisions, without the necessity of showing any actual damage or that money damages would not afford an adequate remedy and without the necessity of posting a bond or other security. In the event of a breach or threatened breach by the Company or
Company Group of any of the provisions of section 8.1 of this agreement, the Company and Company Group hereby consent and agree that the Employee shall be entitled to prejudgment injunctive relief or similar equitable relief restraining the Company
and Company Group from committing or continuing any such breach or threatened breach or granting specific performance of any act required to be performed by the Company and Company Group, without the necessity of showing any actual damage or that
money damages would not afford and adequate remedy and without the necessity of posting a bond or other security. The parties hereto hereby consent 
  

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 to the jurisdiction of the federal courts located in the Southern District of Florida and the state courts located in
such District for any proceedings under this Section 10. Nothing herein shall be constructed as prohibiting the Parties from pursuing any other remedies at law or in equity which it may have. 
  
 11. Successors and Assigns. 
  
 11.1 Assignment by the Company. The Company may assign this Agreement
to any member of the Company Group or successor to the Company, and the Employee hereby consents to such assignment. 
  
 11.2 Assignment by the Employee. The Employee may not assign this Agreement or any part hereof. 
  
 12. Governing Law. This Agreement shall be deemed a contract made
under, and for all purposes shall be construed in accordance with, the laws of the State of Florida applicable to contracts to be performed entirely within such State. 
  
 13. Entire Agreement. This Agreement contains all the understandings and representations between the parties hereto
pertaining to the subject matter hereof and supersedes, in their entirety, all undertakings and agreements, whether oral or in writing, if there be any, previously entered into by them with respect to employment, severance, and any and all other
matters set forth or reasonably contemplated herein. 
  
 14.
Modification and Amendment; Waiver. The provisions of the Agreement may be modified, amended or waived, but only upon the written consent of the party against whom enforcement of such modification, amendment or waiver shall be effective only
to the extent set forth in such writing. No delay or failure on the part of any party hereto in exercising any right, power or remedy hereunder shall effect or operate as a waiver thereof, nor shall any single or partial exercise thereof or any
abandonment or discontinuance of steps to enforce such right, power, or remedy preclude any further exercise thereof or of any other right, power or remedy. 
  
 15. Notices. Any notices, demands or other communication given in connection herewith shall be in writing and be deemed given (i) when personally
delivered, (ii) sent by facsimile transmission to a number provided in writing by the addressee and a confirmation of the transmission is received by the sender or (iii) three (3) days after being deposited for delivery with a recognized overnight
courier, such as FedEx, with directions to deliver within three (3) days, and addressed or sent, as the case may be, to the address or facsimile number set forth below or to such other address or facsimile number as such party may designate in
accordance herewith: 
  
 When the Company is the intended
recipient: 
  
 Access Worldwide Communications, Inc. 

Attention: President and Chief Executive Officer 
  

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 4950 Communications Avenue 
 Suite 300 
 Boca Raton, Florida 33431

 Facsimile No.: 1-800-464-8599 
  
 When the Employee is the intended recipient: 
  
 16. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, such
holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification to become a part hereof and treated as though originally set forth in this
Agreement. The parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision this Agreement in its entirety, whether by rewriting the
offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to
the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be
construed as if such invalid, illegal or unenforceable provisions had never been set forth herein. 
  
 17. Survivorship. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent
necessary to the intended preservation of such rights and obligations. 
  
 EXECUTED AS OF THE DATE FIRST ABOVE WRITTEN: 
  

							
	For the Company	 	For the Employee
				
	By:	 	 /s/ Shawkat Raslan

	 	By:	 	 /s/ Stedman Stevens

	Title:	 	 CEO
	 	 	 	Stedman Stevens

  

 9Third Amendment to Revolving Credit, Term Loan and Security Agreement

 EXHIBIT 10 (pppp) 
  
 THIRD AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY AGREEMENT 
  
 THIS THIRD AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND SECURITY
AGREEMENT, dated as of November 12, 2004 (this “Amendment”), is entered into by and between ACCESS WORLDWIDE COMMUNICATIONS, INC., a Delaware corporation, ASH CREEK, INC., a Delaware corporation, AWWC NEW JERSEY
HOLDINGS, INC., a Delaware corporation, TELEMANAGEMENT SERVICES, INC., a Delaware corporation, TLM HOLDINGS CORP., a Delaware corporation, (individually and collectively, the “Borrower”), and CAPITALSOURCE
FINANCE, LLC, a Delaware limited liability company (the “Lender”). Capitalized terms used and not otherwise defined herein are used as defined in the Agreement (as defined below). 
  
 WHEREAS, the parties hereto entered into that certain Revolving Credit, Term
Loan and Security Agreement dated as of June 10, 2003, as amended by that certain First Amendment to Revolving Credit, Term Loan and Security Agreement dated as of August 11, 2003, and that Second Amendment to Revolving Credit, Term Loan and
Security Agreement dated November 13, 2003 (as so amended and as amended, supplemented, or otherwise modified from time to time, the “Agreement”); and 
  

WHEREAS, Borrower has requested Lender to revise certain financial covenant set forth in the Agreement and Lender has agreed to do so in accordance
with the terms and conditions contained herein; 
  
 NOW,
THEREFORE, in consideration of the premises and the other mutual covenants contained herein, the receipt and sufficiency are hereby, acknowledged, the parties hereto agree as follows: 
  
 SECTION 1. Amendments. 
  
 (a) Section 2.1(a) of the Agreement is hereby amended by deleting it in its entirety and replacing it with the
following Section 2.1(a): 
  
 Subject to the provisions
of this Agreement, Lender shall make Advances to Borrower under the Revolving Facility from time to time during the Term, provided that notwithstanding any other provision of this Agreement, the aggregate amount of al Advances at any one time
outstanding under the Revolving Facility shall not exceed either of (a) the Facility Cap (less the outstanding balance of the Term Loan), and (b) the Availability. The Revolving Facility is a revolving credit facility, which may be drawn, repaid and
redrawn, from time to time as permitted under this Agreement. Any determination as to whether there is availability within the Borrowing Base for Advances shall be made by Lender in its Permitted Discretion and is final and binding upon Borrower.
Unless otherwise permitted by Lender, each Advance shall be in an amount of at least $1,000. Subject to the provisions of this Agreement, Borrower may request Advances under the Revolving Facility up to and including the value, in U.S. Dollars, of
the sum of (a) eighty-five percent (85%) of the Borrowing Base of Eligible Billed Receivables and Eligible Unbilled Receivables, plus 

 
(b) twenty-five percent (25%) of the Borrowing Base of Eligible Pre-Billed Receivables, minus, if applicable, amounts reserved pursuant to this Agreement
(such calculated amount being referred to herein as the “Availability”); provided that the advance rate for Eligible Unbilled Receivable shall be reduced to 50% if Borrower has not consummated a Subordinate Debt Financing in the
aggregate principal amount of $1,000,000 by December 31, 2004. Advances under the Revolving Facility automatically shall be made for the payment of interest on the Revolving Note and other Obligations on the date when due to the extent available and
as provided for herein. 
  
 (b) Section VIII(i) of the
Agreement is hereby amended by deleting it in its entirety and replacing it with the following Section VIII(i): 
  
 (i) (i) any Change of Control occurs or any agreement or commitment to cause or that may result in any such Change of Control is entered into, or (ii)
any Borrower or Guarantor ceases any portion of its business operations as currently conducted (excluding any changes in location or premises of leased facilities); 
  
 (c) Annex I of the Agreement is hereby amended by deleting it in its entirety and replacing it with Annex I attached
hereto. 
  
 (d) Appendix A is hereby amended by adding the
following definition in alphabetical order: 
  
 “Subordinated Debt Financing” shall mean, individually and collectively, any and all subordinated debt financings offered by Access and permitted by Lender which shall be described on Schedule 7.2 (as updated by
Borrower from time to time) and which are subordinated to the Obligations in accordance with a Subordination Agreement satisfactory to Lender. 
  
 (e) Appendix A is hereby amended by deleting the definitions of “Eligible Unbilled Receivables,” Minimum Termination Fee” and
“Term” in their entirety and replacing them with the following definitions, respectively: 
  
 “Eligible Unbilled Receivables” shall mean each Account (other than Eligible Billed Accounts and Eligible Pre-Billed
Accounts) arising in the ordinary course of Borrower’s business from the rendering of services by the Borrower’s AM Medica division that relate to amounts earned by the Borrower for organizing strategic medical educational meetings and
which relate to meetings that have occurred which Lender, in its sole discretion, deems an Eligible Unbilled Receivable and that otherwise would satisfy the criteria for Eligible Billed Receivables but for the fact that an invoice has not
been rendered to the Account Debtor; provided that no Eligible Unbilled Receivable may remain unpaid or unbilled longer than 60 (as in original agreement) calendar days after the applicable services were rendered. 
  
 “Minimum Termination Fee” shall mean the amount equal to 5%
of the facility Cap if the date of notice of such termination is on or prior to June 10, 2009. 
  
 “Term” shall mean the period commencing on the date set forth on the first page hereof and ending on June 10, 2009. 
  

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 SECTION 2. Conditions to Effectiveness. This Amendment shall be effective on the date upon
which the following conditions precedent are satisfied: 
  
 (a)
Borrower shall have delivered to Lender an executed original copy of this Amendment, and each other agreement, document or instrument reasonably requested by the Lender in connection with this Amendment, each in form and substance reasonably
satisfactory to Lender. 
  
 (b) Lender shall have received the
executed Amended and Restated Guaranty, dated as of the date hereof, made by Shawkat Raslan in favor of Lender. 
  
 ( c) Lender shall have received all fees, charges and expenses payable to Lender as required by this Amendment and in connection with this Amendment and
the documentation related hereto, including, but not limited to, (i) a fee in the amount of $15.000 in consideration of this Amendment, (ii) a fee in the amount of $10,000 in consideration of the amendment to Section VIII(i) of the Agreement (the
“MAC Waiver Fee”‘), and (iii) legal fees and out-of-pocket costs (including in-house counsel fees and expenses); provided that Lender agrees to refund the MAC Waiver Fee to Borrower if Borrower’s accountants do not
reclassify the Obligations as long term obligations from short term obligations upon execution of this Amendment; provided further that Borrower and Lender agree that if Lender refunds the MAC Waiver Fee in accordance herewith, then Section
VIII(i) be amended again to reverse back to the language contained in that Section immediately prior to this Amendment. 
  
 SECTION 3. Miscellaneous. 
  
 (a) Borrower represents and warrants that after giving effect to this Amendment and the transactions contemplated hereby, all of the representations and
warranties set forth in Article V of the Agreement are true and correct in all material respects and no Default or Event of Default has occurred and is continuing as of the date hereof. 
  
 (b) Except as expressly provided herein, the Agreement shall continue in full force and effect, and the unamended terms and
conditions of the Agreement are expressly incorporated herein and ratified and confirmed in all respects. This Amendment is not intended to be or to create, nor shall it be construed as a novation or an accord and satisfaction. From and after the
date hereof, references to the Amendment shall be references to the Agreement as amended hereby. This Amendment shall be deemed a Loan Document as such term is defined and used in the Agreement. 
  
 (c) This Amendment constitutes the entire agreement between the parties
hereto with respect to the subject matter hereof. Neither this Amendment nor any provision hereof may be changed, waived, discharged, modified or terminated orally but only by an instrument in writing signed by the parties required to be a party
thereto pursuant to the Agreement. 
  
 (d) This Amendment may be
executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an original instrument but all of which together shall constitute one and
the same agreement. 
  

 3 

 THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE AGREEMENT . 
  
 [SIGNATURES APPEAR ON FOLLOWING PAGE] 
  

 4 

 IN WITNESS WHEREOF, the parties have caused this Third Amendment to Revolving Credit, Term Loan and
Security Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. 
  

					
	BORROWER:	 	ACCESS WORLDWIDE COMMUNICATIONS, INC.
			
	 	 	By:	 	  

	 	 	 	 	Georges André, Senior Vice President
		
	 	 	ASH CREEK, INC.
			
	 	 	By:	 	  

	 	 	 	 	Georges André, Vice President
		
	 	 	AWWC NEW JERSEY HOLDINGS, INC.
			
	 	 	By:	 	  

	 	 	 	 	Georges André, Senior Vice President
		
	 	 	TELEMANAGEMENT SERVICES, INC.
			
	 	 	By:	 	  

	 	 	 	 	Georges André, Senior Vice President
		
	 	 	TLM HOLDINGS, INC.
			
	 	 	By:	 	  

	 	 	 	 	Georges André, Senior Vice President

  

 5 

 ANNEX I 
  
 FINANCIAL COVENANTS 
  
 1) Minimum EBITDA 
  
 Borrower shall not permit its EBITDA for the Test Period to be less than the following amounts for the months indicated: 
  

					
	 September 2004
	  	$	(210,000	)
	 October 2004
	  	$	(333,000	)
	 November 2004
	  	$	(391,000	)
	 December 2004
	  	$	(112,000	)
	 January 2005
	  	$	(1,000	)
	 February 2005
	  	$	121,000	 
	 March 2005
	  	$	156,000	 
	 April 2005
	  	$	308,000	 
	 May 2005
	  	$	386,000	 
	 June 2005
	  	$	633,000	 
	 July 2005
	  	$	602,000	 
	 August 2005
	  	$	542,000	 
	 September 2005
	  	$	410,000	 
	 October 2005
	  	$	455,000	 
	 November 2005
	  	$	628,000	 
	 December 2005
	  	$	702,000	 
	 January 2006
	  	$	908,000	 
	 February 2006
	  	$	994,000	 
	 March 2006
	  	$	1,050,000	 
	 April 2006
	  	$	1,050,000	 
	 May 2006
	  	$	1,050,000	 
	 June 2006 and thereafter:
	  	$	1,050,000	 

  
 2) Fixed Coverage
Ratio (EBITDA/Fixed Charges) 
  

			
	 September 2004 through March 31, 2005:

	  	Waived

	 April 2005**
	  	1.0
	 May 2005 and thereafter:
	  	1.0

	**	The Test Period for this calculation shall commence on March 1, 2005 and end on April 30, 2005. 

  

 6 

 3) Cash Velocity 
  
 Waived. 
  
 4) Minimum Liquidity and Working Capital 
  
 At all times until Borrower has consummated a Subordinated Debt Financing in the aggregate principal amount of $1,000,000, Borrower shall have such an
amount of Available Cash on hand which is greater than or equal to the then outstanding principal balance of the Overadvance Loan as of any date of determination, which lender shall create a reserve for under the Borrowing Base. As a point of
reference, the principal amount of the Overadvance Loan as of November 12, 2004 is $400.000. 
  
 For purposes of the covenants set forth in this Annex I, the terms listed below shall have the following meanings: 
  
 “Available Cash” shall mean, for and on any date, the sum without duplication of the following for Borrower: (a) unrestricted cash on
hand on such date, (b) Cash Equivalents held on such date, and (c) the unborrowed Availability on and as of such date. 
  
 “Cash Equivalents” shall mean ( a) securities issued, or directly and fully guaranteed or insured, by the United States or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than six months from the date of acquisition, (b) U.S. dollar denominated time deposits, certificates
of deposit and bankers’ acceptances of (i) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000, or (ii) any bank (or the parent company of such bank) whose short-term commercial paper rating
from Standard & Poor’s Ratings Services (“S&P”) is at least A-2 or the equivalent thereof or from Moody’s Investors Service. Inc. (“Moody’s”) is at least P-2 or the equivalent thereof in each
case with maturities of not more than six months from the date of acquisition (any bank meeting the qualifications specified in c1auses (b)(i) or (ii), an “Approved Bank”), (c) repurchase obligations with a term of not more than
seven days for underlying securities of the types described in c1ause (a) above, entered into with any Approved Bank, (d) commercial paper issued by any Approved Bank or by the parent company of any Approved Bank and commercial paper issued by, or
guaranteed by, any industrial or financial company with a short-term commercial paper rating of at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, or guaranteed by any industrial company with
a long tem unsecured debt rating of at least A or A2, or the equivalent of each thereof, from S&P or Moody’s, as the case may be, and in each case maturing within six months after the date of acquisition and (e) investments in money market
funds substantially an of whose assets are comprised of securities of the type described in clauses (a) through (d) above. 
  
 “EBITDA” shall mean, for any Test Period, the sum, without duplication, of the fol1owing for Borrower, on a consolidated basis: Net Income
determined in accordance with GAAP, plus (a) Interest Expense, (b) taxes on income, whether paid, payable or accrued. (c) depreciation expense, (d) amortization expense, (e) all other non-cash, non-recurring charges and expenses, excluding accruals
for cash expenses made in the ordinary course of business, and (f) loss from any sale of assets, 

  

 7 

 
other than sales in the ordinary course of business, all of the foregoing determined in accordance with GAAP, minus (a) gains from any sale of assets, other
than sales in the ordinary course of business and (b) other extraordinary or non-recurring gains. 
  
 “Fixed Charge Ratio” shall mean, for Borrower collectively on a consolidated basis, the ratio of (a) EBITDA for the Test Period, to (b ) Fixed
Charges for the Test period. 
  
 “Fixed Charges”
shall mean, the sum of the following: (a) Total Debt Service, excluding $150,000 attributable to payment of the Additional Participation Fee pursuant to Section 3.8 hereof. (b) Capital Expenditures, (c) income taxes paid in cash or accrued,
and (d) dividends paid or accrued or declared. 
  
 “Interest Expense” shall mean, for any Test Period, total interest expense (including attributable to Capital Leases in accordance with GAAP) fees with respect to all outstanding indebtedness including capitalized interest
but excluding commissions, discounts and other fees owed with respect to letters of credit and bankers’ acceptance financing and net costs under Interest Rate Agreements. 
  
 “Interest Rate Agreement” shall mean any interest rate swap, cap or collar agreement or other similar
agreement or arrangement designed to hedge the position with respect to interest rates. 
  
 “Net Income” shall mean, the net income (or loss) determined in conformity with GAAP, provided that there shall be excluded (i) the income (or loss) of any Person in which any other Person (other than
any Borrower) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to a Borrower by such Person, (ii) the income (or loss) of any Person accrued prior to the date it becomes a Borrower or is
merged into or consolidated with a Borrower or that Person’s assets are acquired by a Borrower. (iii) the income of any Subsidiary of Borrower to the extent that the declaration or payment of dividends or similar distributions of that income by
that Subsidiary is not at the time permitted by operation of the terms of the charter or any agreement, instrument, judgment. decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (iv) compensation expense resulting
from the issuance of capital stock, stock options or stock appreciation rights issued to former or current employees, including officers, of a Borrower, or the exercise of such options or rights, in each case to the extent the obligation (if any)
associated therewith is not expected to be settled by the payment of cash by a Borrower of any affiliate thereof, and (v) compensation expense resulting from the repurchase of capital stock, options and rights described in clause (iv) of this
definition of Net income. 
  
 “Test Period” shall
mean the three most recent calendar months then ended (taken as one accounting period), or such other period as specified in the Agreement or any Annex thereto. 
  

“Total Debt” shall mean, at any date of determination, for Borrower individually and collectively on a consolidated and consolidating
basis, the total Indebtedness on such date less cash and Cash Equivalents held on such date. 
  
 “Tota1 Debt Service” shall mean the Sum of (i) scheduled or other required payments of principal on Indebtedness, and (ii) Interest Expense, in each case for such period. 
  

 8

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