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  EXHIBIT 4.15    
    

[FORM
OF FLOATING RATE GLOBAL MEDIUM-TERM NOTE] 

        [The
following legend is for inclusion only in Book-Entry Securities for which The Depository Trust Company serves as Depositary—Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Company or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized representative of DTC, any transfer, pledge or other use hereof for value or otherwise by or
to any Person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

        [The
following legend is for inclusion only in Book-Entry Securities—UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY
THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 

					
	REGISTERED No. FLR           	 	CUSIP No.           	 	PRINCIPAL AMOUNT $          

HEALTH
CARE PROPERTY INVESTORS, INC.

MEDIUM-TERM NOTE, SERIES E

(Floating Rate) 

					
	INTEREST RATE BASIS:	 	ORIGINAL ISSUE DATE:	 	STATED MATURITY DATE:
	    	 	 	 	 
	
 If LIBOR (check one)

        LIBOR Reuters [      ]

        LIBOR Telerate [      ]	
 	

 	
 	

 
	    	 	 	 	 
	
 INDEX MATURITY:	
 	
INITIAL INTEREST RATE:	
 	
INTEREST PAYMENT PERIOD:
	    	 	 	 	 
	
 REGULAR RECORD DATES:	
 	
 	
 	
 
	    	 	 	 	 
	
 SPREAD:	
 	
INITIAL INTEREST RESET DATE:	
 	
INTEREST PAYMENT DATES:
	    	 	 	 	 
	
 SPREAD MULTIPLIER:	
 	
INTEREST RATE RESET PERIOD:	
 	
INTEREST RESET DATES:
	    	 	 	 	 
	
 MAXIMUM INTEREST RATE:	
 	
MINIMUM INTEREST RATE:	
 	
INITIAL REDEMPTION DATE:
	    	 	 	 	 
	
 INITIAL REDEMPTION PERCENTAGE:	
 	
ANNUAL REDEMPTION PERCENTAGE REDUCTION:	
 	
OPTIONAL REPAYMENT DATE(S):

 

			
	CALCULATION AGENT:	 	 
	    	 	 
	INTEREST CALCULATION

[      ] Regular Floating Rate Note

[      ] Floating Rate/Fixed Rate

          Fixed Rate Commencement Date:

          Fixed Interest Rate:

[      ] Inverse Floating Rate Note

          Fixed Interest Rate:	 	DAY COUNT CONVENTION

[      ] Actual/360 for the period

          from            to

[      ] Actual/Actual to the period

          from            to
	    	 	 
	
 ADDENDUM ATTACHED:

[      ] Yes

[      ] No	
 	
ORIGINAL ISSUE DISCOUNT:

[      ] Yes

[      ] No

Total Amount of OID:

Yield to Maturity:

Initial Accrual Period:
	    	 	 
	
 OTHER PROVISIONS:	
 	

 

        HEALTH
CARE PROPERTY INVESTORS, INC., a Maryland corporation ("Issuer" or the "Company," which terms include any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay
to                                    , or registered assigns, the
Principal Amount specified above on the Stated Maturity Date specified above (except to the extent
redeemed or repaid prior to the Stated Maturity Date), and to pay interest thereon, at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date
specified above and thereafter at a rate per annum determined in accordance with the provisions hereof and any Addendum relating hereto, depending upon the Interest Rate Basis or Bases, if any, and
such other terms specified above, until such Principal Amount is paid or duly made available for payment. Reference herein to "this Note," "hereof," "herein" and comparable terms shall include an
Addendum hereto if an Addendum is specified above. 

        The
Company will pay interest monthly, quarterly, semiannually, annually or such other period as specified above under "Interest Payment Period," on each Interest Payment Date specified
above, commencing on the first Interest Payment Date specified above next succeeding the Original Issue Date specified above, and on the Stated Maturity Date or any Redemption Date or Optional
Repayment Date (the date of each such Stated Maturity Date, Redemption Date and Optional Repayment Date and the date on which principal or an installment of principal is due and payable by declaration
of acceleration pursuant to the Indenture being referred to hereinafter as a "Maturity" with respect to principal payable on such date); provided,  however,
that if the Original Issue Date is between a record date (as defined below) and the next succeeding Interest Payment Date, interest payments
will commence on the Interest Payment Date immediately following the next succeeding record date; and provided,  further, that if an Interest Payment Date
(other than an Interest Payment Date at Maturity) would fall on a day that is not a Business Day (as defined
below), such Interest Payment Date shall be the following day that is a Business Day, except that in the case the Interest Rate Basis is LIBOR, as indicated above, if such next Business Day falls in
the next calendar month, such Interest Payment Date shall be the next preceding day that is a Business Day. 

        Except
as provided above, interest payments will be made on the Interest Payment Dates shown above. Unless otherwise specified above, the "record date" shall be the date 15 calendar days
(whether or not a Business Day) prior to the applicable Interest Payment Date. Interest on this Note will accrue from and including the Original Issue Date specified above, at the rates determined
from time to time as specified herein, until the principal hereof has been paid or made available for payment. If the Maturity falls on a day which is not a Business Day as defined below, the payment
due on such Maturity will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity and no interest shall accrue with respect to such payment for the
period from and 

after
such Maturity. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name this Note is
registered at the close of business on the record date for such Interest Payment Date. Any such interest which is payable, but not punctually paid or duly provided for on any Interest Payment Date
(herein called "Defaulted Interest"), shall forthwith cease to be payable to the registered Holder on such record date, and may be paid to the Person in whose name this Note is registered at the close
of business on a Special Record Date (which shall be not more than 15 nor less than ten days prior to the date of payment of such Defaulted Interest) established by notice given by mail by or on
behalf of the Company to the Holder of this Note not less than ten days preceding such Special Record Date, all as more fully provided in the Indenture. 

        Payment
of interest on this Note will be made at the office or agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,  however, that
at the option of the Company, payment of interest due other than at Maturity may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the registry books of the Company; and provided,  further, that the payment of the principal of and
interest on this Note on any Optional Repayment Date(s), if any, indicated above shall be made upon
satisfaction of the provisions herein; and provided, further, that AT THE OPTION OF THE COMPANY, the
Holder of Notes with an aggregate principal amount of $10,000,000 or more will be entitled to receive payments of interest on this Note (other than at Maturity) by wire transfer of immediately
available funds if appropriate wire transfer instructions have been received in writing by the Trustee (as defined below) not less than 15 days prior to the applicable Interest Payment Date.
Such wire instructions, upon receipt by the Trustee, shall remain in effect until revoked by such Holder. 

        Payment
of principal or premium, if any, at the Maturity of this Note will be made in immediately available funds upon presentation of this Note at the office or agency of the Company
maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, or at such other place as the Company may designate. Payment of interest due at Maturity will be made to
the person to whom payment of the principal of this Note shall be made. 

        Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture, by the manual signature of one of its authorized signatories, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. This Note is one
of a duly authorized series of Securities (hereinafter called the "Securities") of the Company designated as its Medium-Term Notes, Series E (the "Notes"). The Notes are issued and
to be issued under an Indenture dated as of September 1, 1993 (herein called the "Indenture") between the Company and The Bank of New York, a corporation incorporated under the laws of the
State of New York, as trustee (the "Trustee," which term includes any successor trustee with respect to the Notes under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, duties and obligations thereunder of the Company, the Trustee and the Holders of the Notes and the terms upon which the Notes are to
be authenticated and delivered. The terms of individual Notes may vary with respect to interest rates or interest rate formulas, issue dates, maturity, redemption, repayment and otherwise. The Notes
may be issued from time to time in an aggregate initial offering price up to $100,000,000, which amount may be increased if duly authorized by the Company. 

        Except
as otherwise provided in the Indenture, this Note will be issued in global form only registered in the name of the Depositary or its nominee. This Note will not be issued in
definitive form, except as otherwise provided in the Indenture, and ownership of this Note shall be maintained in book-entry form by the Depositary for the accounts of participating
organizations of the Depositary. 

        Unless
otherwise provided above and in accordance with the provisions herein, this Note is not subject to any sinking fund and is not redeemable or repayable prior to the Stated Maturity
Date. 

        If
so provided above, this Note may be redeemed by the Company on any date on and after the Initial Redemption Date, if any, specified above. If no Initial Redemption Date is set forth
above, this Note may not be redeemed prior to the Stated Maturity Date. On and after the Initial Redemption Date, if any, this Note may be redeemed at any time in whole or from time to time in part in
increments of $1,000 (provided that any remaining principal hereof shall be at least $1,000) at the option of the Company at the applicable Redemption Price (as defined below), together with accrued
interest hereon at the applicable rate payable to the date of redemption (each such date, a "Redemption Date"), on written notice to the Holder hereof given not more than 60 nor less than
30 days prior to the Redemption Date and in accordance with the provisions of the Indenture. In the event of redemption of this Note in part only, a new Note for the unredeemed portion hereof
shall be issued in the name of the Holder hereof upon the surrender hereof. 

        Unless
otherwise specified above, the "Redemption Price" shall initially be the Initial Redemption Percentage, specified above, of the principal amount of this Note to be redeemed and
shall decline at each anniversary of the Initial Redemption Date, shown above, by the Annual Redemption Percentage Reduction, if any, specified above, of the principal amount to be redeemed until the
Redemption Price is 100% of such principal amount. 

        This
Note may be subject to repayment at the option of the Holder on any Optional Repayment Date(s), if any, indicated above. If no Optional Repayment Date(s) are set forth above, this
Note may not be so repaid at the option of the Holder hereof prior to the Stated Maturity Date. On any Optional Repayment Date, this Note shall be repayable in whole or in part in increments of $1,000
(provided that any remaining principal hereof shall be at least $1,000) at the option of the Holder hereof at a repayment price, unless otherwise specified above, equal to 100% of the principal amount
to be repaid, together with interest thereon payable to the date of repayment. For this Note to be repaid in whole or in part at the option of the Holder hereof, this Note must be received, with the
form entitled "Option to Elect Repayment" below duly completed, by the Trustee at its Corporate Trust Office, or such other address of which the Company shall from time to time notify the Holders of
the Notes, not more than 60 nor less than 30 days prior to the related Optional Repayment Date. Exercise of such repayment option by the Holder hereof shall be irrevocable. With respect to
Notes represented by global securities, any option for repayment may be exercised by the Depositary, on behalf of the owners of the beneficial interest in the Notes represented by such global
securities, by delivering a written notice substantially similar to the above-referenced form, duly completed, to the Trustee at the place and within the time period described above. All such notices
shall be irrevocable. 

        The
interest rate borne by this Note shall be determined as follows: 

        1.     If
this Note is designated as a Regular Floating Rate Note above, then, except as described below, this Note shall bear interest at the rate determined by reference to
the applicable Interest Rate Basis shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied
in the manner described above. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified above;  provided,
however, that (i) the interest rate in effect for the period from the Original Issue
Date to the Initial Interest Reset Date will be the Initial Interest Rate, and (ii) unless otherwise specified above, the interest rate in effect hereon for the ten days immediately prior to
Maturity shall be that in effect on the tenth day preceding such Maturity. 

        2.     If
this Note is designated as a Floating Rate/Fixed Rate Note above, then, except as described below, this Note shall bear interest at the rate determined by reference to
the applicable Interest Rate Basis shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied
in the manner described above. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified above;  provided,
however, that (i) the interest rate in effect for the period from the Original Issue
Date to the Initial Interest Reset Date shall be the Initial Interest Rate, (ii) unless otherwise specified above, the interest rate 

in
effect hereon for the ten days immediately prior to the Fixed Rate Commencement Date shall be that in effect on the tenth day preceding the Fixed Rate Commencement Date, and (iii) the
interest rate in effect commencing on, and including, the Fixed Rate Commencement Date to Maturity shall be the Fixed Interest Rate, if such a rate is specified above, or if no such Fixed Interest
Rate is so
specified, the interest rate in effect hereon on the day immediately preceding the Fixed Rate Commencement Date. 

        3.     If
this Note is designated as an Inverse Floating Rate Note above, then, except as described below, this Note will bear interest equal to the Fixed Interest Rate
indicated above minus the rate determined by reference to the Interest Rate Basis shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable
Spread Multiplier, if any, specified and applied in the manner described above; provided, however, that
interest on an Inverse Floating Rate Note will not be less than zero. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each
Interest Reset Date specified above; provided, however, that (i) the interest rate in effect for
the period from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate, and (ii) unless otherwise specified above, the interest rate in effect hereon for
the ten days immediately prior to Maturity shall be that in effect on the tenth day preceding such Maturity. 

        4.     Notwithstanding
the foregoing, if this Note is designated above as having an Addendum attached, the Note shall bear interest in accordance with the terms described in
such Addendum. 

        Except
as provided above, the interest rate in effect on each day shall be (a) if such day is an Interest Reset Date, the interest rate determined as of the Interest Determination
Date (as defined below) immediately preceding such Interest Reset Date or (b) if such day is not an Interest Reset Date, the interest rate determined as of the Interest Determination Date
immediately preceding the next preceding Interest Reset Date. The interest rate with respect to each Interest Rate Basis shall be determined in accordance with the applicable provision below. If any
Interest Reset Date (which term includes the term Initial Interest Reset Date unless the context otherwise requires) would otherwise be a day that is not a Business Day, such Interest Reset Date shall
be postponed to the next succeeding day that is a Business Day, except that if an Interest Rate Basis specified on the face hereof is LIBOR and such next Business Day falls in the next succeeding
calendar month, such Interest Reset Date shall be the next preceding Business Day. 

        Unless
otherwise specified above, interest payable on this Note on any Interest Payment Date shall be the amount of interest accrued from and including the next preceding Interest
Payment Date in respect of which interest has been paid (or from and including the Original Issue Date specified above, if no interest has been paid), to but excluding the related Interest Payment
Date; provided, however, that if the Interest Rate Reset Period with respect to this Note is daily or
weekly, interest payable on any Interest Payment Date will include interest accrued from and including the Original Issue Date, if no interest has been paid, or from but excluding the last record date
to which interest has been paid, as the case may be, through and including the record date next preceding such Interest Payment Date; and provided, further, that the interest payments on Maturity will
include interest accrued to but excluding the date of Maturity. Unless otherwise specified above, accrued interest hereon for any period shall be the amount calculated by multiplying the face amount
hereof by an accrued interest factor for such period. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the period for which accrued interest is
being calculated. Unless otherwise specified above, the interest factor for each such day shall be computed by dividing the interest rate applicable to such day by 360 if the Interest Rate Basis
specified above is the CD Rate, the Commercial Paper Rate, the Eleventh District Cost of Funds Rate, The Federal Fund Rate, LIBOR or the Prime Rate for the period specified thereunder or by the actual
number of days in the year if the
Interest Rate Basis specified above is the Treasury Rate for the period specified thereunder. The interest factor for Notes for which the interest rate is calculated with reference to two or more
Interest Rate Bases will be calculated in each period in the same manner as if only one of the applicable Interest Rate Bases applied as specified above. 

        Unless
otherwise specified above, the "Interest Determination Date" with respect to the Federal Funds Rate and the Prime Rate will be the Business Day immediately preceding each Interest
Reset Date; the "Interest Determination Date" with respect to the CD Rate and the Commercial Paper Rate will be the second Business Day preceding each Interest Reset Date; the "Interest Determination
Date" with respect to LIBOR shall be the second London Business Day (as defined below) preceding each Interest Reset Date; the "Interest Determination Date" with respect to the Eleventh District Cost
of Funds Rate shall be the last working day of the month immediately preceding each Interest Reset Date on which the Federal Home Loan Bank of San Francisco (the "FHLB of San Francisco") publishes the
Index (as defined below); the "Interest Determination Date" with respect to the Treasury Rate will be the day in the week in which the related Interest Reset Date falls on which day Treasury Bills (as
defined below) normally would be auctioned (Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the
following Tuesday, except that such auction may be held on the preceding Friday); provided, however,
that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the related Interest Determination Date shall be such preceding Friday; and  provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset
Date shall instead be the first Business Day following such auction. If the interest rate of this Note is determined with reference to two or more Interest Rate Bases, the Interest Determination Date
pertaining to this Note will be the latest Business Day which is at least two Business Days prior to such Interest Reset Date on which each Interest Rate Basis shall be determinable. Each Interest
Rate Basis shall be determined on such date, and the applicable interest rate shall take effect on the related Interest Reset Date. 

        Unless
otherwise specified above, the "Calculation Date" pertaining to any Interest Determination Date will be the earlier of (i) the tenth calendar day after such Interest
Determination Date or; if such day is not a Business Day, the next succeeding Business Day or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity, as the case may
be. All calculations on this Note shall be made by the Calculation Agent specified above or such successor thereto as is duly appointed by the Company. 

        All
percentages resulting from any calculation on this Note will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all dollar amounts used in or
resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 

        As
used herein, "Business Day" means, unless otherwise specified above, any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law, regulation or executive order to close in The City of New York and, if the Interest Rate Basis shown above is LIBOR, is also a London Business Day. 

        As
used herein, "London Business Day" means any day on which dealings in deposits of United States dollars are transacted in the London interbank market. 

         Determination of CD Rate.    The CD Rate means, with respect to any Interest Determination Date relating to a Note for which the Base Rate
is the CD
Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the CD Rate (a "CD Rate Interest Determination Date"), the rate on such date for
negotiable United States dollar certificates of deposit having the Index Maturity specified above as published by the Board of Governors of the Federal Reserve System in "Statistical Release
H.15(519), Selected Interest Rates" or any successor publication ("H.15(519)") under the caption "CDs (secondary market)", or, if not published by 3:00 P.M., New York City time, on the related
Calculation Date, the rate on such CD Rate Interest Determination Date for negotiable United States dollar certificates of deposit of the Index Maturity specified above as published in the daily
update of H.15(519), available through the world-wide-web site of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or
any successor site or publication ("H.15 Daily Update") or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "CDs (secondary market)." If
such rate is 

not
yet published in either H.15(519) or the H.15 Daily Update by 3:00 P.M., New York City time, on the related Calculation Date, then the CD Rate on such CD Rate Interest Determination
Date will be calculated by the Calculation Agent and will be the arithmetic mean of the secondary market offered rates as of 10:00 A.M., New York City time, on such CD Rate Interest
Determination Date, of three leading non-bank dealers in negotiable United States dollar certificates of deposit in The City of New York selected by the Calculation Agent (after
consultation with the Company) for negotiable United States dollar certificates of deposit of major United States money market banks for negotiable United States certificates of deposit with a
remaining maturity closest to the Index Maturity designated above in an amount that is representative for a single transaction in that market at that time;  provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not quoting as
set forth above, the CD Rate determined as of such CD Rate Interest Determination Date shall be the CD Rate in effect on such CD Rate Interest Determination Date. 

         Determination of Commercial Paper Rate.    The Commercial Paper Rate means, with respect to any Interest Determination Date relating to a
Note for which
the Base Rate is the Commercial Paper Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference
to the Commercial Paper Rate (a "Commercial Paper Rate Interest Determination Date"), the Money Market Yield (as defined below) on such date of the rate for commercial paper having the Index Maturity
specified above as published in H.15(519), under the caption "Commercial Paper-Nonfinancial." In the event such rate is not published by 3:00 P.M., New York City time, on the related
Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield on such Commercial Paper Rate Interest Determination Date of the rate for commercial paper having the Index Maturity
shown above as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate under the caption "Commercial Paper-Nonfinancial" (with
an Index Maturity of one month or three months being deemed to be equivalent to an Index Maturity of 30 days or 90 days, respectively). If by 3:00 P.M., New York City time, on the
related Calculation Date such rate is not yet published in either H.15(519) or H.15 Daily Update, then the Commercial Paper Rate on such Commercial Paper Rate Interest Determination Date shall
be calculated by the Calculation Agent and shall be the Money Market Yield of the arithmetic mean of the offered rates at approximately 11:00 A.M., New York City time, on such Commercial Paper
Rate Interest Determination Date of three leading dealers of United States dollar commercial paper in The City of New York selected by the Calculation Agent (after consultation with the Company) for
commercial paper having the Index Maturity specified above placed for industrial issuers whose bond rating is "Aa," or the equivalent, from a nationally recognized statistical rating organization;  provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence, the Commercial Paper Rate determined on such Commercial Paper Rate Interest Determination Date shall be the Commercial Paper Rate in effect on such Commercial Paper Rate
Interest Determination Date. 

        "Money
Market Yield" shall be a yield (expressed as a percentage) calculated in accordance with the following formula: 

							
	Money Market

Yield	 	=	 	D × 360

  360 - (D × M)	 	× 100

where
"D" refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and "M" refers to the actual number of days in the applicable Interest
Rate Reset Period. 

         Determination of Eleventh District Cost of Funds Rate.    The Eleventh District Cost of Funds Rate means, with respect to any Interest
Determination
Date relating to a Note for which the Base Rate is the Eleventh District Cost of Funds Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to
the Eleventh District Cost of Funds Rate (an "Eleventh District Cost of Funds Rate Interest Determination Date"), the rate equal to the monthly weighted average cost of funds for the calendar month
immediately preceding such Eleventh District Cost of 

Funds
Rate Interest Determination Date as set forth under the caption "11th District" on Moneyline Telerate, or any successor service, on Page 7058 or any other page as may replace the
specified page on that service ("Moneyline Telerate Page 7058"), as of 11:00 A.M., San Francisco time, on such Eleventh District Cost of Funds Rate Interest Determination Date. If such
rate does not appear on Moneyline Telerate Page 7058 on any related Eleventh District Cost of Funds Rate Interest Determination Date, the Eleventh District Cost of Funds Rate for such Eleventh
District Cost of Funds Rate Interest Determination Date shall be the monthly weighted average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District that was most
recently announced (the "Index") by the FHLB of San Francisco as such cost of funds for the calendar month immediately preceding such Eleventh District Cost of Funds Rate Interest Determination Date.
If the FHLB of San Francisco fails to announce the Index on or prior to such Eleventh District Cost of Funds Rate Interest Determination Date for the calendar month next preceding such Eleventh
District Cost of Funds Rate Interest Determination Date, then the Eleventh District Cost of Funds Rate for such Eleventh District Cost of Funds Rate Interest Determination Date shall be the Eleventh
District Cost of Funds Rate in effect on such Eleventh District Cost of Funds Rate Interest Determination Date. 

        Determination of Federal Funds Rate.    The Federal Funds Rate means, with respect to any Interest Determination Date relating to a Note
for which the
Base Rate is the Federal Funds Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Federal Funds Rate (a "Federal Funds Rate Interest
Determination Date"), the rate on that date for United States dollar federal funds as published in H.15(519) under the caption "Federal Funds (Effective)" and displayed on Moneyline Telerate
(or any successor service) on page 120 (or any other page as may replace the specified page on that service) ("Moneyline Telerate Page 120"). In the event such rate does not appear on
Moneyline Telerate Page 120 or is not published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on such Federal Funds Rate Interest Determination Date for
United States dollar federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Federal
Funds (Effective)." If by 3:00 P.M., New York City time, on the related Calculation Date such rate is not published in H.15 Daily Update, then the Federal Funds Rate on such Federal Funds Rate
Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates for the last transaction in overnight United States dollar federal funds arranged
by three leading brokers of United States dollar federal funds transactions in The City of New York, selected by the Calculation Agent (after consultation with the Company) prior to 9:00 A.M.,
New York City time, on such Federal Funds Rate Interest Determination Date; provided, however, that if
the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence,
the Federal Funds Rate with respect to such Federal Funds Rate Interest Determination Date shall be the Federal Funds Rate in effect on such Federal Funds Rate Interest Determination Date. 

         Determination of LIBOR.    If an Interest Rate Basis for this Note is LIBOR, as indicated above, LIBOR will be determined by the
Calculation Agent on
the applicable Interest Determination Date (a "LIBOR Interest Determination Date"), as follows: 

        (a)   (i)
if "LIBOR Moneyline Telerate" is specified above or if neither "LIBOR Reuters" nor "LIBOR Moneyline Telerate" is specified above, the rate for deposits in the LIBOR
Currency (as defined below) having the Index Maturity specified above, commencing on the Interest Reset Date, that appears on the LIBOR Page as of 11:00 A.M., London time, on such LIBOR
Interest Determination Date, or (ii) if "LIBOR Reuters" is specified above, the arithmetic mean of the offered rates calculated by the Calculation Agent (unless the specified Designated LIBOR
Page (as defined below) by its terms provides only for a single rate, in which case such single rate shall be used) for deposits in the LIBOR Currency having the Index Maturity specified above,
commencing on the Interest Reset Date, that appear or appears on the LIBOR Page specified above as of 11:00 A.M., London time, on that LIBOR Interest Determination Date. If fewer than two
offered rates appear, or no rate appears, as applicable, LIBOR in respect of the related LIBOR Interest Determination Date will be determined as if the parties had specified the rate described in
paragraph (b) below. 

        (b)   With
respect to a LIBOR Interest Determination Date on which fewer than two offered rates appear, or no rate appears, as the case may be, on the LIBOR Interest
Determination Date on the LIBOR Page as specified above, the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market, as
selected by the Calculation Agent (after consultation with the Company), to provide the Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the Index
Maturity shown above, commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on such LIBOR Interest Determination Date
and in a principal amount that is representative for a single transaction in the LIBOR Currency in such market at such time. If at least two such quotations are provided, LIBOR determined on such
LIBOR Interest Determination Date shall be the arithmetic mean of such quotations as determined by the Calculation Agent. If fewer than two quotations are provided, LIBOR determined on such LIBOR
Interest Determination Date shall be calculated by the Calculation Agent as the arithmetic mean of the rates quoted at approximately 11:00 A.M. in the applicable principal financial center, on
such LIBOR Interest Determination Date by three major banks in that principal financial center selected by the Calculation Agent (after consultation with the Company) for loans in the LIBOR Currency
to leading European banks, having the Index Maturity specified above and in a principal amount that is representative for a single transaction in the LIBOR Currency in such market at such time;  provided,
 however, that if the banks selected as aforesaid by the Calculation Agent are not quoting as
mentioned in this sentence,
LIBOR determined on such LIBOR Interest Determination Date shall be LIBOR in effect on such LIBOR Interest Determination Date. 

        "LIBOR
Currency" means the currency specified above as to which LIBOR shall be calculated or, if no currency is specified above, United States dollars. 

        "LIBOR
Page" means either (a) if "LIBOR Reuters" is specified above, the display on the Reuter Monitor Money Rates Service (or any successor service) on the page specified above
(or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency or (b) if "LIBOR Moneyline Telerate"
is specified above or neither "LIBOR Reuters" nor "LIBOR Moneyline Telerate" is specified above as the method for calculating LIBOR, the display on the Moneyline Telerate (or any successor service) on
the page specified above (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency. 

         Determination of Prime Rate.    The Prime Rate means, with respect to any Interest Determination Date relating to a Note for which the
Base Rate is the
Prime Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Prime Rate (a "Prime Rate Interest Determination Date"), the rate on such date
as such rate is published in H.15(519) under the caption "Bank Prime Loan." If such rate is not published prior to 3:00 P.M., New York City time, on the related Calculation Date, the
rate on the Interest Determination Date as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption "Bank
Prime Loan". If such rate is not published by 3:00 P.M., New York City time, on the related Calculation Date, then the Prime Rate shall be determined by the Calculation Agent and shall be the
arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME 1 Page (as defined below) as such bank's prime rate or base lending rate as in
effect as of 11:00 A.M., New York City time on that Prime Rate Interest Determination Date. If fewer than four such rates appear on the Reuters Screen US PRIME 1 Page for such Prime Rate
Interest Determination Date, the Prime Rate shall be determined by the Calculation Agent and shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual
number of days in the year divided by a 360-day year as of the close of business on such Prime Rate Interest Determination Date by three major banks in The City of New York selected by the
Calculation Agent (after consultation with the Company); provided, however, that if the banks selected
as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the 

Prime
Rate for such Prime Rate Interest Determination Date will be the Prime Rate in effect on such Prime Rate Interest Determination Date. 

        "Reuters
Screen US PRIME 1 Page" means the display on the Reuter Monitor Money Rates Service (or any successor service) on the "US PRIME 1" page (or such other page as may replace the US
PRIME 1 page on such service) for the purpose of displaying prime rates or base lending rates of major United States banks. 

         Determination of Treasury Rate.    The Treasury Rate means, with respect to any Interest Determination Date relating to a Note for which
the Base Rate
is the Treasury Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Treasury Rate (a "Treasury Rate Interest Determination Date"), the
rate applicable to the auction held on such Treasury Rate Interest Determination Date (the "Auction") of direct obligations of the United States ("Treasury Bills") having the Index Maturity specified
above, under the caption "INVESTMENT RATE" on the display on Moneyline Telerate (or any successor service) on page 56 (or any other page as may replace that page on that service) ("Moneyline
Telerate Page 56") or page 57 (or any other page as may replace that page on that service) ("Moneyline Telerate Page 57"), or if such rate is not published by 3:00 P.M.,
New York City time, on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, or another recognized
electronic source used for the purpose of displaying the applicable rate, under the caption "U.S., Government Securities/Treasury Bills/Auction High". In the event such rate is not published by
3:00 P.M., New York City time, on the related Calculation Date, then the Treasury Rate on such Treasury Interest Determination Date will be the Bond Equivalent Yield of the auction rate of the
applicable Treasury Bills as announced by the United States Department of the Treasury, or if such rate is not so announced by the United States Department of the Treasury, or if the Auction is not
held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption "U.S. Government
Securities/Treasury Bills/Secondary Market". In the event such rate is not published by 3:00 P.M., New York City time, then the Treasury Rate on such Treasury Interest Determination Date will
be the rate of the applicable Treasury Bills having the Index maturity specified above as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying the
applicable rate, under the caption "U.S. Government Securities/Treasury Bills/Secondary Market", or if such rate is not published by 3:00 P.M., New York City time, on the related Calculation
Date, the rate on the particular Treasury Rate Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as
of approximately 3:30 P.M., New York City time, on such Treasury Rate Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent
(after consultation with the Company), for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified above; provided, however, that if the dealers selected as
aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Treasury Rate with respect to such Treasury Rate Interest Determination Date will be the Treasury Rate in effect
on such Treasury Rate Interest Determination Date. 

        "Bond
Equivalent Yield" means a yield (expressed as a percentage) calculated in accordance with the following formula: 

							
	Bond Equivalent

Yield	 	=	 	D × N

  360 - (D × M)	 	× 100

where
"D" refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, "N" refers to 365 or 366, as the case may be, and "M" refers to the
actual number of days in the applicable interest reset period. 

        Any
provision contained herein with respect to the determination of an Interest Rate Basis, the specification of an Interest Rate Basis, calculation of the Interest Rate applicable to
this Note, its 

payment
dates or any other matter relating hereto may be modified as specified in an Addendum relating hereto if so specified above. 

        Notwithstanding
the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified above. The
Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Note will in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United States law of general application. 

        At
the request of the Holder hereof, the Calculation Agent shall provide to the Holder hereof the interest rate hereon then in effect and, if determined, the interest rate which shall
become effective as of the next Interest Reset Date. 

        The
Notes shall have the Events of Default as set forth in Section 501 of the Indenture. If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 662/3% in aggregate principal amount of
the Outstanding Securities of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

        This
Note is subject to satisfaction, discharge and defeasance as provided in Article Four of the Indenture. 

        No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of, premium, if any, and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

        The
Indenture contains provisions, which provisions apply to the Notes, for (i) the defeasance of the indebtedness evidenced by the Notes and (ii) the satisfaction and
discharge of the Indenture, in each case upon compliance with certain conditions, and subject to certain exceptions, set forth in the Indenture. 

        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry books of the Company, upon surrender of
this Note for registration of transfer at the office or agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one
or more new Notes, of authorized denominations and for the same aggregate principal amount, having the identical Original Issue Date, Stated Maturity and provisions with respect to payment of interest
and redemption or repayment prior to Stated Maturity will be issued to the designated transferee or transferees. 

        The
Notes are issuable only in registered form without coupons in denominations of $1,000 and integral multiples thereof. As provided in the Indenture and subject to certain limitations
therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 

        No
service charge shall be made by the Company or the Trustee for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith (other than exchanges pursuant to the Indenture not involving any transfer). 

        Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

        If
money for the payment of principal or interest remains unclaimed for three years, the Trustee or any paying agent will pay the money back to the Company at its request. After any such
payment, Holders entitled to the money as an unsecured creditor, must look to the Company for payment and all liability of the Trustee or such paying agent with respect to such money shall cease. 

        The
terms of this Note include those stated in the Indenture and those made part of the Indenture by the Officers' Certificate delivered pursuant thereto and the Trust Indenture Act.
This Note is subject to all such terms, and Noteholders are referred to the Indenture and said Act for a statement of them. 

        No
stockholder, director, officer, employee or incorporator as such, past, present or future, of the Company or any successor corporation shall have any liability for any obligations of
the Company under this Note or the Indenture or for any claim based on, or in respect of or by reason of, such obligations or their creation. Each holder of a Note by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 

        The
Trustee under the Indenture, in its individual or any other capacity, may deal with the Company as if it were not Trustee. 

        This
Note shall be governed by and construed in accordance with the laws of the State of California. 

        All
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile, and an imprint or facsimile of its corporate seal to be imprinted hereon. 

							
	[FACSIMILE OF SEAL]	 	HEALTH CARE PROPERTY INVESTORS, INC.
	

 	
 	
By:	
 	
 	
 	
 
	 	 	 	 	

  
	 	 	 	 	Name:	 	 
	 	 	 	 	Title:	 	 

Attest:

							
	By:	 	 	 	 	 	 
	 	 	

  	 	 
	 	 	Name:	 	 	 	 
	 	 	Title:	 	 	 	 

Dated:

CERTIFICATE
OF AUTHENTICATION

This is one of the Securities of the series

designated herein referred to in the

within-mentioned Indenture. 

THE
BANK OF NEW YORK

as Trustee 

					
	By:	 	 	 	 
	 	 	

  Authorized Signatory	 	 

OPTION
TO ELECT REPAYMENT 

        The
undersigned hereby irrevocably request(s) and instruct(s) the Company to repay this Note (or portion hereof specified below) pursuant to its terms at a price equal to the principal
amount hereof together with interest to the repayment date, to the undersigned, at 

  

  

(Please
print or typewrite name and address of the undersigned) 

        For
this Note to be repaid, the Trustee must receive at its Corporate Trust Office, or at such other place or places of which the Company shall from time to time notify the Holder of
this Note, not more than 60 nor less than 30 days prior to the Optional Repayment Date, if any, shown on the face of this Note, this Note with this "Option to Elect Repayment" form duly
completed. 

        If
less than the entire principal amount of this Note is to be repaid, specify the portion hereof (which shall be increments of $1,000) which the Holder elects to have repaid
$                         and specify the denomination or denominations (which shall be $1,000 or an integral multiple
thereof) of the Notes to be issued to the Holder for the
portion of this Note not being repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid)
$                        . 

							
	Date:	 	 	 	 	 	 
	 	 	

  	 	 	 	

  
	 	 	

  	 	 	 	

  
	 	 	 	 	 	 	

  The signature on this Option to Elect Repayment must correspond with the name as written upon the face of this Note in every particular, without alteration or enlargement or any change whatever.
	

Signature Guarantee:	
 	

 	
 	

 
	    	 	 	 	 	 	 
	

  	 	 	 	 
	

  	 	 	 	 
	

  	 	 	 	 

ASSIGNMENT/TRANSFER
FORM 

											
	        FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto (insert
	Taxpayer Identification no.)	 	 	 	 	 	 	 	 	 	 
	 	 	

  
	(Please print or typewrite name and address including postal zip code of assignee)	 	 	 	 
	 	 	 	 	 	 	 	 	

  
	    	 	 	 	 	 	 	 	 	 	 
	

  
	the within Note and all rights thereunder, hereby irrevocably constituting and appointing	 	 
	 	 	 	 	 	 	 	 	 	 	

  
	    	 	 	 	 	 	 	 	 	 	 
	

  
	attorney to transfer said Note on the books of the Company with full power of substitution in the premises.

 

 

					
	Dated:	 	 	 	 
	 	 	

  	 	

  

			
	NOTICE:	 	The signature of the registered Holder on this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change
whatsoever.

Signature
Guarantee: 

			
	 

 	 	 
	     
	 	 
	 

 	 	 

ABBREVIATIONS

        The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or
regulations. 

									
	 TEN COM—as tenants in common	 	 
	UNIF GIFT MIN ACT—	 	 	 	Custodian	 	 	 	 
	 	 	

  	 	 	 	

  	 	 
	 	 	(cust)	 	 	 	(Minor)	 	 
	

 	
 	
Under Uniform Gifts to Minors Act	
 	

 
	    	 	 	 	 	 	 	 	 
	 	 	

  (State)	 	 
	TEN ENT—as tenants by the entireties	 	 
	JT TEN—as joint tenants with right of survivorship and not as tenants in common

	 	 

        Additional
abbreviations may also be used though not in the above list. 

QuickLinks

EXHIBIT 4.15QuickLinks
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  Exhibit 4.4    
    

 
 

BRIDGEPOINT EDUCATION, INC.    
    

 
 

  SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT    
    

        THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "Agreement") dated
August 26, 2009, is made and entered into among Bridgepoint Education, Inc., a Delaware corporation (the "Company"), and the undersigned
security holders of the Company. 

 
 

BACKGROUND    
    

        A.    The
Company, Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership ("Warburg Pincus"), and
certain other security holders of the Company, as listed under the caption "Prior Holders" on Schedule A attached hereto (collectively, the
"Prior Holders"), entered into an Amended and Restated Registration Rights Agreement dated January 7, 2009, which was subsequently amended on
March 29, 2009, April 3, 2009 and April 9, 2009 (the agreement as amended is referred to as the "Prior Agreement"). The Prior
Agreement defined the registration rights of Warburg Pincus and the Prior Holders, and superseded all prior contractual arrangements among such parties pertaining to registration rights. 

        B.    On
August 20, 2009, pursuant to Section 2(A)(1) of the Prior Agreement, Warburg Pincus submitted a written request that the Company effect a registration
with respect to a part of its Registrable Securities (the "Secondary Public Offering"). 

        C.    The
Company, Warburg Pincus and the undersigned parties wish to amend and restate the Prior Agreement, pursuant to this Agreement, to: 

        (1)   determine
the registration rights of members of the Company Management Team with respect to the Secondary Public Offering; and 

        (3)   define
fully in this Agreement the registration rights of Warburg Pincus and the Other Holders, and supersede all prior contractual arrangements among the parties
pertaining to registration rights. 

        D.    Under
Section 4.G. of the Prior Agreement, the Company and Warburg Pincus have the power to amend and restate the Prior Agreement, as provided in this Agreement,
because the changes to the Prior Agreement do not adversely affect the "Other Holders," as defined in the Prior Agreement, in a manner different than Warburg Pincus. 

        NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the parties hereby agree as follows: 

 
 

  SECTION 1. DEFINITIONS    
    

        As used in this Agreement, the following terms have the respective meaning set forth below: 

        "Commission" shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act; 

        "Company Management Team" shall mean Andrew S. Clark, Charlene Dackerman, Daniel J. Devine, Richard K. Gessner, Todd Irwin, Steve
Isbister, Jane McAuliffe, Rodney T. Sheng, Christopher L. Spohn and Ross Woodard. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended; 

        "Holders" shall mean Warburg Pincus and the Other Holders collectively; 

        "Initial Public Offering" shall mean the initial public offering of shares of Common Stock pursuant to a registration under the Securities
Act; 

 

        "Other Holders" shall mean the parties listed on Schedule A hereto; 

        "Person" shall mean an individual, partnership, joint-stock company, corporation, trust or unincorporated organization, and a government
or agency or political subdivision thereof; 

        "Register," "registered" and
"registration" shall mean a registration effected by preparing and filing a registration statement in compliance with the Securities Act (and any
post-effective amendments filed or required to be filed) and the declaration or ordering of effectiveness of such registration statement; 

        "Registrable Securities" shall mean only (A) shares of Common Stock issued upon conversion of shares of Series A Preferred
Stock on or prior to April 20, 2009, (B) any shares of Common Stock acquired by the Holders, other than those acquired upon the exercise of employee stock options, and (C) any
capital stock of the Company issued as a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares of Series A Preferred Stock or Common Stock referred
to in clause (A) or (B) above; provided, however, that with, respect to the Initial Public
Offering and the Secondary Public Offering, the term "Registrable Securities" shall also mean any shares of Common Stock (including those acquired upon the exercise of employee stock options) that
Holders who are members of the Company Management Team may request to include in the registration pursuant to Sections 2(B)(3) or 2(A)(3) of this Agreement, as the case may be; and  provided,
further, that with, respect to the Initial Public Offering, the shares of Common Stock issued
on or before April 14, 2009 pursuant to the settlement of claims made by holders of the Company's Common Stock or warrants of the Company related primarily to the Company's financing
transactions and grant of employee stock options in 2005 and 2006, shall not be considered "Registrable Securities"; 

        "Registration Expenses" shall mean all expenses incurred by the Company in compliance with Section 2(A), (B) and
(C) hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, fees and expenses of one counsel for all the
Holders in an amount not to exceed $25,000 (except if the registration is the Initial Public Offering, in which case the Company shall pay the reasonable fees and expenses (which may exceed $25,000)
of one counsel for Warburg Pincus and one counsel for all the other Holders (to be selected by the Company in the case of the other Holders)), blue sky fees and expenses and the expense of any special
audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company, which shall be paid in any event by the Company); 

        "security" and "securities" shall have the meaning set forth in Section 2(1) of the
Securities Act; 

        "Securities Act" shall mean the Securities Act of 1933, as amended; and 

        "Selling Expenses" shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities and all
fees and expenses of counsel that are not considered "Registration Expenses." 

 
 

  SECTION 2. REGISTRATION RIGHTS    
    

        A.    Requested Registration. 

        1.    Request for Registration.    If the Company shall receive from Warburg Pincus, at any time, a written request
that the Company effect any registration with respect to all or a part of the Registrable Securities, the Company will: 

        (a)   promptly
give written notice of the proposed registration, qualification or compliance to all Other Holders; and 

        (b)   as
soon as practicable, use its diligent best efforts to effect such registration (including, without limitation, the execution of an undertaking to file
post-effective 

2

 

amendments,
appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act) as may be so
requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within 10 business days after written notice from the Company is
given under Section 2(A)(1)(a) above (or 6 business days in the case of the Secondary Public Offering); provided that the Company shall not be
obligated to effect, or take any action to effect, any such registration pursuant to this Section 2(A): 

        (i)    In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or
compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act or applicable rules or regulations thereunder; 

        (ii)   After
the Company has effected two (2) such registrations pursuant to this Section 2(A) and such registrations have been declared or ordered effective and
the sales of such Registrable Securities shall have closed; 

        (iii)  If
the Registrable Securities requested by all Holders to be registered pursuant to such request do not have an anticipated aggregate public offering price (before any
underwriting discounts and commissions) of not less than $7,500,000 (or $15,000,000 if such requested registration is the Initial Public Offering); 

        (iv)  During
the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of filing of, and ending on the date one hundred
eighty (180) days immediately following the effective date of, any registration statement filed pursuant to Section 2(B) pertaining to securities of the Company (other than a
registration of securities in a Rule 145 transaction or with respect to an employee benefit plan), provided that during the 60-day period prior to such filing the Company is
actively employing in good faith all reasonable efforts to cause such registration statement to become effective; provided,  however, that the Company may
only delay an offering pursuant to this Section 2(A)(1)(b)(iv) for a period of not more than ninety
(90) days, if a filing of any other registration statement is not made within that period and the Company may only exercise this right once in any twelve (12)-month period; or 

        (v)   If
the Company shall furnish to Warburg Pincus a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of
Directors it would be seriously detrimental to the Company or its stockholders for a registration statement to be filed in the near future, in which case the Company's obligation to use its best
efforts to comply with this Section 2 shall be deferred for a period not to exceed one hundred eighty (180) days from the date of receipt of written request from Warburg Pincus;  provided,
however, that the Company shall not exercise such right more than once in any twelve
(12)-month period. 

        The
registration statement filed pursuant to the request of Warburg Pincus may, subject to the provisions of Section 2(A)(2) below, include (i) other securities of the
Company which are held by Persons who, by virtue of agreements with the Company, are entitled to include their securities in any such registration ("Other
Stockholders") and (ii) Registrable Securities held by the Other Holders. In the event any Holder requests a registration pursuant to this Section 2(A) in
connection with a distribution of Registrable Securities to its partners, the registration shall provide for the resale by such partners, if requested by such Holder. 

3

 

        The
registration rights set forth in this Section 2 may be assigned, in whole or in part, to any transferee of Registrable Securities (who shall be bound by all obligations of
this Agreement). 

        2.     Underwriting. 

        (a)   If
Warburg Pincus intends to distribute the Registrable Securities covered by its request by means of an underwriting, it shall so advise the Company as a part of its
request made pursuant to Section 2(A). 

        (b)   If
Other Stockholders or Other Holders request inclusion of their securities in the underwriting, Warburg Pincus shall offer to include the securities of such Persons in
the underwriting and may condition such offer on their acceptance of the further applicable provisions of this Section 2. The Holders whose shares are to be included in such registration and
the Company shall (together with all Other Stockholders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the
representative of the underwriter or underwriters selected for such underwriting by Warburg Pincus and reasonably acceptable to the Company. 

        (c)   Notwithstanding
any other provision of this Section 2(A), if the representative advises the Holders in writing that marketing factors require a limitation on the
number of shares to be underwritten, the securities of the Company held by Other Stockholders shall be excluded from such registration to the extent so required by such limitation. If, after the
exclusion of such shares, further reductions are still required, the number of shares included in the registration by each Other Holder shall be reduced on a pro rata basis (based on the number of
Registrable Securities held by such Other Holder relative to the total number of Registrable Securities held by all Other Holders requesting inclusion of their securities in the underwriting), by such
minimum number of shares as is necessary to comply with such request. If, after the exclusion of such Other Holder shares, further reductions are still required, the number of shares included in the
registration by Warburg Pincus shall be reduced, by such minimum number of shares as is necessary to comply with such request; provided,  however, that, if
the registration is the Secondary Public Offering and the representative determines that a limitation on the number of shares to be
underwritten is required, the number of shares requested to be included in the registration and underwriting shall be reduced by such minimum number of shares as is necessary to comply with such
limitation, on a pro rata basis based on the number of Registrable Securities requested to be included by each Holder relative to the total number of Registrable Securities requested to be included by
all such Holders. 

        (d)   No
Registrable Securities or any other securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such
registration. If any Other Stockholder or Holder who has requested inclusion in such registration as provided above disapproves of the terms of the underwriting, such Person may elect to withdraw
therefrom by written notice to the Company, the underwriter and Warburg Pincus. The securities so withdrawn shall also be withdrawn from registration. If the underwriter has not limited the number of
Registrable Securities or other securities to be underwritten, the Company and officers and directors of the Company may include its or their securities for its or their own account in such
registration if the representative so agrees and if the number of Registrable Securities and other securities which would otherwise have been included in such registration and underwriting will not
thereby be limited. 

        3.     Special
Secondary Public Offering Registration Rights for Company Management Team. If the registration pursuant to this Section 2(A) is the Secondary Public
Offering, each Holder that is a member of the Company Management Team shall have the following (and only the following) registration rights: Each Holder that is a member of the Company Management Team
may request to include in the registration, as "Registrable Securities," a number of shares of Common Stock up to and 

4

 

equaling,
but not exceeding, 10% of the sum of (i) the total number of shares of Common Stock subject to employee stock options held by such member that will be vested as of August 1,
2009, plus (ii) the number of other "Registrable Securities" held by such member, if any; provided, however, that such number of shares may be increased, as agreed by the representative(s) of
the underwriters of the Secondary Public Offering, proportionately in connection with any increase in the total size of the Secondary Public Offering pursuant to Rule 462(b) under the
Securities Act; provided, further, that, for sake of clarity, (i) Steve Isbister and Todd Irwin are only deemed to be "Holders" under this Agreement with respect to the Initial Public Offering
and the Secondary Public Offering; and (ii) any Holder that is a member of the Company Management Team may request to include in such registration, subject to the limitations set forth in this
paragraph, shares of Common Stock that may be acquired upon the exercise of employee stock options. 

        4.     Special
Secondary Public Offering Registration Rights for Holders other than the Company Management Team. If the registration pursuant to this Section 2(A) is the
Secondary Public Offering, each Holder (including Warburg Pincus) that is not a member of the Company Management Team shall have the following (and only the following) registration rights: Each such
Holder may request to include in the registration and underwriting a number of Registrable Securities up to and equaling but not exceeding (except as provided below in certain circumstances if such
Holder elects to sell the "Maximum Number of Shares Available") the product, rounded down to the nearest share, of (i) the number of Registrable
Securities held by such Holder, multiplied by (ii) a fraction, the numerator of which is the total number of shares proposed to be sold in the underwriting by all Holders, less the number of
shares requested by the Company Management Team to be included in the underwriting pursuant to Section 2(A)(3) (such shares collectively, the "Management Secondary
Shares"), and the denominator of which is the total number of Registrable Securities held by all Holders other than the Company Management Team. When returning the indication
of interest to the Company specifying the number of Registrable Securities such Holder may request to include in the underwriting (if any), such Holder shall elect to request to include either
(i) a fixed number of Registrable Securities (including zero) or (ii) the "Maximum Number of Shares Available" to such Holder (which number shall equal the product of the formula in the
preceding sentence if all Holders other than the Company Management Team elect to request to include in the underwriting the maximum number of Registrable Securities available to such Holders). If one
or more Holders request not to include in the underwriting the maximum number of Registrable Securities available to such Holder(s), then any Holder electing to sell the "Maximum Number of Shares
Available" shall be deemed to have requested to include in the underwriting a number of Registrable Securities equal to, but not exceeding, the product, rounded down to the nearest share, of
(i) the number of Registrable Securities held by such Holder, multiplied by (ii) a fraction, the numerator of which is the total number of shares proposed to be sold in the underwriting
by all Holders, less the Management Secondary Shares and the total number of Registrable Securities requested to be included in the underwriting by those Holders requesting to include a fixed number
of Registrable Securities, and the denominator of which is the total number of Registrable Securities held by all Holders other than the Company Management Team and those Holders requesting to include
in the underwriting a fixed number of Registrable Securities. 

        B.    Company Registration. 

        1.     If
the Company shall determine to register any of its equity securities either for its own account or for the account of Other Stockholders, other than a registration
relating solely to employee benefit plans, or a registration relating solely to a Commission Rule 145 transaction, or a registration on any registration form which does not permit secondary
sales or does not include 

5

 

substantially
the same information as would be required to be included in a registration statement covering the sale of Registrable Securities, the Company will: 

        (a)   promptly
give to each of the Holders a written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify such
securities under the applicable blue sky or other state securities laws); and 

        (b)   include
in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable
Securities specified in a written request or requests, made by the Holders within 15 days of the written notice from the Company described in clause (a) above, except as set forth in
Section 2(B)(2) below. Such written request may specify all or a part of the Holders' Registrable Securities. For avoidance of doubt, if any Holder fails to deliver a written request to the
Company within 15 days after written notice from the Company described in clause (a) above, such Holder will forfeit any right under this Section 2(B) to include Registrable
Securities in such registration (and related qualification under blue sky laws and other compliance), and in any underwriting involved therein. In the event any Holder requests inclusion in a
registration pursuant to this Section 2(B) (except for a registration related to the Company's Initial Public Offering) in connection with a distribution of Registrable Securities to its
partners, the registration shall provide for the resale by such partners, if requested by such Holder. 

        2.    Underwriting.    If the registration of which the Company gives notice is for a registered public offering
involving an underwriting, the Company shall so advise each of the Holders as a part of the written notice given pursuant to Section 2(B)(1)(a). In such event, the right of each of the Holders
to registration pursuant to this Section 2(B) shall be conditioned upon such Holders' participation in such underwriting and the inclusion of such Holders' Registrable Securities in the
underwriting to the extent provided herein. The Holders whose shares are to be included in such registration shall (together with the Company and the Other Stockholders distributing their securities
through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for underwriting by the Company. Notwithstanding
any other provision of this Section 2(B), if the representative determines that marketing factors require a limitation on the number of shares to be underwritten, (x) if such
registration is the Initial Public Offering, the representative may (subject to the allocation priority set forth below) exclude from such registration and underwriting some or all of the Registrable
Securities which would otherwise be underwritten pursuant hereto, and (y) if such registration is other than the Initial Public Offering, the representative may (subject to the allocation
priority set forth below) limit the number of Registrable Securities to be included in the registration and underwriting to not less than twenty five percent (25%) of the shares included therein
(based on the number of shares). In such event, the Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included
in the registration and underwriting shall be allocated in the following manner: the securities of the Company held by Other Stockholders of the Company (other than Registrable Securities and other
than securities held by holders who by contractual right demanded such registration ("Demanding Holders")) shall be excluded from such registration and underwriting to the extent required by such
limitation, and, if a limitation on the number of shares is still required, the number of shares that may be included in the registration and underwriting by each of the Holders and Demanding Holders
shall be reduced on a pro rata basis (based on the number of Registrable Securities held by each Holder or Demanding Holder relative to the total number of Registrable Securities held by all Holders
and Demanding Holders requesting inclusion of their securities in the underwriting), by such minimum number of shares as is necessary to comply with such limitation; provided, however, that, if the
registration is the Initial Public Offering and the representative determines that a limitation on the number of shares to be underwritten is required, the number of shares 

6

 

requested
to be included in the registration and underwriting shall be reduced as follows (in each case by such minimum number of shares as is necessary to comply with such limitation):
(a) first, the number of shares requested to be included by Warburg Pincus shall be excluded, (b) second, the number of shares requested to be included by Holders other than Warburg
Pincus and the Company Management Team shall be excluded on a pro rata basis based on the number of Registrable Securities requested to be included by each Holder relative to the total number of
Registrable Securities requested to be included by all such Holders, and (c) third, the number of shares requested to be included by the Company Management Team shall be excluded on a pro rata
basis based on the number of Registrable Securities requested to be included by each member of the Company Management Team relative to the total number of Registrable Securities requested to be
included by all members of the Company Management Team. If any of the participating Holders disapprove of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written
notice to the Company and the underwriter; provided that such Holder has not already signed an Irrevocable Power of Attorney or similar document obligating such Holder to sell shares in the
registration and underwriting. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 

        3.    Special IPO Registration Rights for Company Management Team.    If the registration pursuant to this
Section 2(B) is the Initial Public Offering, each Holder that is a member of the Company Management Team shall have the following (and only the following) registration rights: Each Holder that
is a member of the Company Management Team may request to include in the registration, as "Registrable Securities," a number of shares of Common Stock up to and equaling, but not exceeding, 10% of the
sum of (i) the total number of shares of Common Stock subject to employee stock options held by such member that will be vested as of April 30, 2009 (assuming, for purposes of this
calculation, that any "Exit Options" held by such member shall be fully vested at such time), plus (ii) the number of other "Registrable Securities" held by such member, if any; provided,
however, that such number of shares may be increased, as agreed by the representative(s) of the underwriters of the Initial Public Offering, proportionately in connection with any increase in the
total size of the Initial Public Offering pursuant to Rule 462(b) under the Securities Act; provided, further, that, for sake of clarity, (i) Steve Isbister and Todd Irwin are only
deemed to be "Holders" under this Agreement with respect to the Initial Public Offering; and (ii) any Holder that is a member of the Company Management Team may request to include in such
registration, subject to the limitations set forth in this paragraph, shares of Common Stock that may be acquired upon the exercise of employee stock options. 

        4.    Special IPO Registration Rights for Holders Other than Warburg Pincus and the Company Management Team.    If the
registration pursuant to this Section 2(B) is the Initial Public Offering, each Holder that is not a member of the Company Management Team or Warburg Pincus shall have the following (and only
the following) registration rights: Each such Holder may request to include in the registration and underwriting a number of Registrable Securities up to and equaling, but not exceeding, 50% of the
total number of Registrable Securities held by such Holder, rounded up to the nearest whole share. The number of shares that may be included by any such Holder in the Initial Public Offering shall be
reduced, in the event the representative determines that a limitation on the number of shares to be underwritten is required, only if the shares requested to be included in the registration and
underwriting by Warburg Pincus have first been excluded fully. 

        C.    Form S-3. 

        Following
the Initial Public Offering, the Company shall use its best efforts to qualify for registration on Form S-3 for secondary sales. After the Company has
qualified for the use of Form S-3, Warburg Pincus shall have the right to request an unlimited number of registrations on Form S-3 (such requests shall be in
writing and shall state the number of shares of Registrable Securities to be disposed of and the intended method of disposition of shares by such holders), provided that the 

7

 

Company
shall not be obligated to effect, or take any action to effect, any such registration pursuant to this Section 2(C): 

        1.     Unless
the Holder or Holders requesting registration propose to dispose of shares of Registrable Securities having an aggregate price to the public (before deduction of
Selling Expenses) of more than $5,000,000; 

        2.     Within
180 days of the effective date of the most recent registration pursuant to this Section 2(C) in which securities held by the requesting Holder could
have been included for sale or distribution; or 

        3.     In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or
compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act or applicable rules or regulations thereunder. 

        The
Company shall give written notice to all Holders of the receipt of a request for registration pursuant to this Section 2(C) and any Holder or Holders joining in such request,
as and if specified in a written request received by the Company within 10 days after such written notice, may participate in the registration, provided that if the registration is for an
underwritten offering, the terms of Section 2(A)(2) shall apply to all participants in such offering. Subject to the foregoing, the Company will use its best efforts to effect promptly the
registration of all shares of Registrable Securities on Form S-3 to the extent requested by the Holder or Holders thereof for purposes of disposition. In the event any Holder
requests a registration pursuant to this Section 2(C) in connection with a distribution of Registrable Securities to its partners, the registration shall provide for the resale by such
partners, if requested by such Holder. 

        D.    Expenses of Registration. 

        All
Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to this Section 2 shall be borne by the Company, and all Selling
Expenses shall be borne by the Holders of the securities so registered pro rata on the basis of the number of their shares so registered. 

        E.    Registration Procedures. 

        In
the case of each registration effected by the Company pursuant to this Section 2, the Company will keep the Holders, as applicable, advised in writing as to the initiation of
each registration and as to the completion thereof. At its expense, the Company will: 

        1.     keep
such registration effective for a period of 120 days or until the Holders (or in the case of a distribution to the partners of such Holder, such partners), as
applicable, have completed the distribution described in the registration statement relating thereto, whichever first occurs; provided,  however, that
(A) such 120-day period shall be extended for a period of time equal to the period during which the Holders or
partners, as applicable, refrain from selling any securities included in such registration in accordance with provisions in Section 2(l) hereof; and (B) in the case of any registration
of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 120-day period shall be extended until all such Registrable
Securities are sold, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules
under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which (y) includes any
prospectus required by Section 10(a) of the Securities Act or (z) reflects facts or events representing a material or fundamental change in the information set forth in the registration
statement, the incorporation by reference of information 

8

 

required
to be included in (y) and (z) above to be contained in periodic reports filed pursuant to Section 12 or 15(d) of the Exchange Act in the registration statement; 

        2.     furnish
such number of prospectuses and other documents incident thereto as each of the Holders, as applicable, from time to time may reasonably request; 

        3.     notify
each Holder of Registrable Securities covered by such registration at any time when a prospectus relating thereto is required to be delivered under the Securities
Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and 

        4.     furnish,
on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters or, if such
securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (1) an opinion, dated as of such date, of the
counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to
a majority in interest of the Holders participating in such registration, addressed to the underwriters, if any, and to the Holders participating in such registration and (2) a letter, dated as
of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering and reasonably satisfactory to a majority in interest of the Holders participating in such registration, addressed to the underwriters, if any, and if permitted by
applicable accounting standards, to the Holders participating in such registration. 

        F.     Indemnification. 

        1.     The
Company will indemnify each of the Holders, as applicable, each of its officers, directors and partners, and each Person controlling each of the Holders, with respect
to each registration which has been effected pursuant to this Section 2, and each underwriter, if any, and each person who controls any underwriter, against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular or other
document (including any related registration statement, notification or the like) incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or the Exchange Act or any
rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and will
reimburse each of the Holders, each of its officers, directors and partners, and each Person controlling each of the Holders, each such underwriter and each Person who controls any such underwriter,
for any legal and any other expenses reasonably incurred in connection with investigating and defending any such claim, loss, damage, liability or action, provided that the Company will not be liable
in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission based upon written information furnished to the
Company by the Holders or underwriter and stated to be specifically for use therein. 

        2.     Each
of the Holders will, if Registrable Securities held by it are included in the securities as to which such registration, qualification or compliance is being
effected, indemnify the Company, each of its directors and officers and each underwriter, if any, of the Company's securities covered by such a registration statement, each person who controls the
Company or such 

9

 

underwriter,
each other Holder and Other Stockholder and each of their officers, directors, and partners, and each person controlling such other Holder and Other Stockholder against all claims,
losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration
statement, prospectus, offering circular or other document made by such Holder, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to
make the statements by such Holder therein not misleading, and will reimburse the Company and such other Holders and Other Stockholders, directors, officers, partners, persons, underwriters or control
persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to
the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in
reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; provided, however, that the obligations of each of the
Holders hereunder shall be limited to an amount equal to the net proceeds to such Holder of securities sold as contemplated herein. 

        3.     Each
party entitled to indemnification under this Section 2(F) (the "Indemnified Party") shall give notice to the
party required to provide indemnification (the "Indemnifying Party") promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation. resulting therefrom; provided that counsel for the Indemnifying Party, who
shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld) and the Indemnified Party
may participate in such defense at such party's expense (unless the Indemnified Party shall have reasonably concluded that there may be a conflict of interest between the Indemnifying Party and the
Indemnified Party in such action, in which case the fees and expenses of counsel shall be at the expense of the Indemnifying Party), and provided further that the failure of any Indemnified Party to
give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2(F) unless the Indemnifying Party is materially prejudiced thereby. No
Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified
Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with the
defense of such claim and litigation resulting therefrom. 

        4.     If
the indemnification provided for in this Section 2(F) is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any
loss, liability, claim, damage or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of
the Indemnified Party on the other in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue (or alleged untrue) statement of a
material fact or the omission (or alleged omission) to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. 

10

 

        5.     Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection
with any underwritten public offering contemplated by this Agreement are in conflict with the foregoing provisions, the provisions in such underwriting agreement shall be controlling. 

        6.     The
foregoing indemnity agreement of the Company and Holders is subject to the condition that, insofar as they relate to any loss, claim, liability or damage arising out
of a statement made in or
omitted from a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the Commission at the time the registration statement in question becomes effective or the
amended prospectus filed with the Commission pursuant to Commission Rule 424(b) (the "Final Prospectus"), such indemnity or contribution
agreement shall not inure to the benefit of any underwriter or Holder if a copy of the Final Prospectus was furnished to the underwriter and was not furnished to the Person asserting the loss,
liability, claim or damage at or prior to the time such action is required by the Securities Act. 

        G.    Information by the Holders. 

        1.     Each
of the Holders holding securities included in any registration shall furnish to the Company such information regarding such Holder and the distribution proposed by
such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification or compliance referred to in this Section 2. 

        2.     In
the event that, either immediately prior to or subsequent to the effectiveness of any registration statement, any Holder shall distribute Registrable Securities to its
partners, such Holder shall so advise the Company and provide such information as shall be necessary to permit an amendment to such registration statement to provide information with respect to such
partners, as selling security holders. Promptly following receipt of such information, the Company shall file an appropriate amendment to such registration statement reflecting the information so
provided. Any incremental expense to the Company resulting from such amendment shall be borne by such Holder. 

        H.    Rule 144 Reporting. 

        With
a view to making available the benefits of certain rules and regulations of the Commission which may permit the sale of restricted securities to the public without registration, the
Company agrees to: 

        1.     make
and keep public information available as those terms are understood and defined in Rule 144 under the Securities Act
("Rule 144"), at all times from and after 90 days following the effective date of the first registration under the Securities Act filed by
the Company for an offering of its securities to the general public; 

        2.     use
its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
at any time after it has become subject to such reporting requirements; and 

        3.     so
long as the Holder owns any Registrable Securities, furnish to the Holder upon request, a written statement by the Company as to its compliance with the reporting
requirements of Rule 144 (at any time from and after 90 days following the effective date of the first registration statement filed by the Company for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents so filed as the Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing the Holder to sell any such
securities without registration. 

11

 

        I.     "Market Stand-off" Agreement. 

        Each
of the Holders agrees, if requested by the Company and an underwriter of equity securities of the Company, not to sell or otherwise transfer or dispose of any Registrable Securities
held by such Holder during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act (as such period may be extended by the
underwriter for a customary period of time related to the Company's release (or announcement of release) of earnings results or other material news or events near the end of such 180-day
period), provided that: 

        1.     such
agreement only applies to the Initial Public Offering; and 

        2.     all
executive officers and directors of the Company enter into similar agreements. 

        If
requested by the underwriters, the Holders shall execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to
the shares (or securities) subject to the foregoing restriction until the end of said 180-day period. The provisions of this Section 2(I) shall be binding upon any transferee who
acquires Registrable Securities. 

        J.     Termination. 

        The
registration rights set forth in this Section 2 shall not be available to any Holder with respect to any registration after the Company's Initial Public Offering if,
(i) in the opinion of counsel to the Company,
all of the Registrable Securities then owned by such Holder could be sold in any 90-day period pursuant to Rule 144 or (ii) all of the Registrable Securities held by such
Holder have been sold in a registration pursuant to the Securities Act or pursuant to Rule 144. 

12

 

 

 
 

  SECTION 3. COVENANTS OF THE PARTIES    
    

        Each of the Holders hereby acknowledges and agrees that this Agreement constitutes the entire understanding of the parties hereto
relating to the subject matter hereof and supersedes all prior understandings relating to such subject matter, including the Prior Agreement, and that the provisions of the Prior Agreement related to
such subject matter are terminated and all rights thereunder are waived as of the date hereof, with no further liabilities or obligations relating thereto on the part of any party thereto. 

 
 

  SECTION 4. MISCELLANEOUS    
    

        A.    Directly or Indirectly. 

        Where
any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person. 

        B.    Governing Law; Consultation with Counsel. 

        This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. Each
party to this Agreement acknowledges and agrees that such party has been advised to, and has had the opportunity to, consult with such party's own counsel regarding this Agreement, and such party has
either consulted with such counsel or expressly waived the right to do so. 

        C.    Section Headings. 

        The
headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof. 

        D.    Notices. 

        1.     All
communications under this Agreement shall be in writing and shall be delivered by hand or facsimile or mailed by overnight courier or by registered or certified mail,
postage prepaid: 

        (a)   if
to Warburg Pincus, at 450 Lexington Avenue, New York, NY 10017 (facsimile: (212) 716-5142), Attention: General Counsel, or at such other address or
facsimile number as Warburg Pincus may have furnished the Company in writing, with a copy to Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, NY 10019-6099
(facsimile: (212) 728-8111), Attention: Steven J. Gartner, Esq.; 

        (b)   if
to the Other Holders, at the address or facsimile number listed on Schedule A, or at such other address or
facsimile number as may have been furnished to the Company and Warburg Pincus in writing; and 

        (c)   if
to the Company, at 13500 Evening Creek Drive North, Suite 600, San Diego, CA 92128 (facsimile: (858) 408-2903), Attention: Chief Executive
Officer, or at such other address or facsimile number as it may have furnished the Holders in writing, with a copy to Wilson Sonsini Goodrich & Rosati, P.C.,12235 El Camino Real,
Suite 200, San Diego, California 92130-3002, Fax -- 858-350-2399, Attention: Martin Waters, Esq. 

        2.     Any
notice so addressed shall be deemed to be given: if delivered by hand or facsimile, on the date of such delivery; if mailed by overnight courier, on the first
business day following the date of such mailing; and if mailed by registered or certified mail, on the third business day after the date of such mailing. 

13

 

        E.    Reproduction of Documents. 

        This
Agreement and all documents relating thereto, including, without limitation, any consents, waivers and modifications which may hereafter be executed may be reproduced by the Holders
by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and the Holders may destroy any original document so reproduced. The parties hereto agree and
stipulate that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by the Holders in the regular course of business) and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 

        F.     Successors and Assigns. 

        This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties; provided, however, that a transferee or assignee of Warburg Pincus may
only be entitled to the benefits of this Agreement (i) in the event such transferee or assignee receives not less than 100,000 shares of Registrable Securities (as presently constituted and
subject to subsequent adjustments, for stock splits, stock dividends, reverse stock splits, recapitalization or similar events) and (ii) such transferee or assignee assumes in writing the
obligations of Warburg Pincus under this Agreement in respect of such shares transferred or assigned. The Company shall be given written notice at the time of or within a reasonable time after such
transfer or assignment, such notice shall state the name and address of the transferee or assignee and identify the Registrable Securities with respect to which such registration rights are being
transferred or assigned. 

        G.    Entire Agreement; Amendment and Waiver. 

        This
Agreement constitutes the entire understanding of the parties hereto relating to the subject matter hereof and supersedes all prior understanding among such parties. The provisions
of the Prior Agreements relating to such subject matter and set forth on Schedule II hereto are hereby terminated and shall have no further force or effect and all rights thereunder are hereby
waived in their entirety. This Agreement may be amended, and the observance of any term of this Agreement may be waived, with (and only with) the written consent of the Company and Warburg Pincus and,
in the case of any amendment or waiver that would adversely affect the Other Holders in a manner different than Warburg Pincus, with the consent of the Other Holders holding a majority of the then
outstanding Registrable Securities. 

        H.    Severability. 

        In
the event that any part or parts of this Agreement shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not
affect the remaining provisions of this Agreement which shall remain in full force and effect. 

        I.     Counterparts. 

        This
Agreement may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one and the
same agreement. 

[Remainder
of Page Intentionally Left Blank] 

14

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

				
	 	 BRIDGEPOINT EDUCATION, INC.
	
 	
 By:	
 	
/s/ DANIEL J. DEVINE

  Name: Daniel J. Devine

Title: Chief Financial Officer

15

 

HOLDER:

   

WARBURG PINCUS PRIVATE EQUITY VIII, L.P.

					
	
 By:	
 	
WARBURG PINCUS & CO.,

General Partner	
 	

 
	
 By:	
 	
/s/ BARRY TAYLOR

  Name: Barry Taylor

	
 	

 

OTHER HOLDERS

"Prior Holders"

					
	 /s/ DANIEL J. DEVINE

  Daniel J. Devine

	 	 

16

 
 
 

Schedule A    
    

 
 

Other Holders    
    

Name  

Prior Holders

Andrew
S. Clark 

Linda
M. Clugston 

R.
Wayne Clugston 

Vicki
Falcigno 

Leonard
Katz 

Alfred
Rattenni 

Erich
Tengelsen 

Jonathon
Turkel 

Jill
Falcigno Guzzanti Trust U/W/O Louis Falcigno dated 12/31/03 

Sheilagh
Falcigno Trust U/W/O Louis Falcigno dated 12/31/03 

The
Cooper Keith Guthrie Exempt Irrevocable Trust 

The
Tyler Christian Guthrie Exempt Irrevocable Trust 

Turner
Trust, dated 1/7/82, as amended 

Roberts
Wesleyan College 

Ryan
Craig 

Martin
A. Bell 

NCCF
Support, Inc. 

Douglas
G. Turner 

Roberta
Turner 

17

 

Name

Venturetek L.P. 

Comerica
Bank 

Christopher
L. Spohn 

Richard
K. Gessner 

Daniel
J. Devine 

Rodney
T. Sheng 

Ross
Woodard 

Jane
McAuliffe 

Charlene
Dackerman 

Elizabeth
Tice 

Ruby
Corp. 

Scott
Turner 

David
Vande Pol 

Lisa
Vande Pol 

Steve
Isbister* 

Todd
Irwin* 

*
With respect to the Initial Public Offering and the Secondary Public Offering only. 

18

QuickLinks

Exhibit 4.4

BRIDGEPOINT EDUCATION, INC.

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

BACKGROUND

SECTION 1. DEFINITIONS

SECTION 2. REGISTRATION RIGHTS

SECTION 3. COVENANTS OF THE PARTIES

SECTION 4. MISCELLANEOUS

Schedule A

Other Holders

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00162-of-00352.parquet"}]]