Document:

First Amendment to Revolving Credit and Security Agreement

 Exhibit 10.30 
 FIRST AMENDMENT TO REVOLVING CREDIT AND SECURITY 
 AGREEMENT AND RELATED DOCUMENTS 

This First Amendment to Revolving Credit and Security Agreement and Related Documents (“Agreement”) is executed by UCN, INC., a Delaware
corporation (“Borrower”) and CAPITALSOURCE FINANCE LLC, a Delaware limited liability company (“Lender”) for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, as of February 14, 2006.

 Recitals 
 A. Borrower
executed and delivered to Lender a Revolving Credit and Security Agreement and other loan documents on and after November 11, 2005. Hereinafter, the Revolving Credit and Security Agreement and any amendments, modifications, replacements or
substitutions thereto may be referred to collectively as the “Loan Agreement.” All of the capitalized phrases contained in this Agreement shall have the same meanings set forth in the Loan Agreement unless defined otherwise herein.

 B. Borrower and Lender wish to modify the Loan Documents as set forth in this Agreement. 
 Agreements 
 1. The outstanding
principal balance on Borrower’s Obligations to Lender under the Loan Documents amounted to approximately $5,096,826 as of February 10, 2006 and interest, fees, and expenses are accruing thereon as set forth in the Loan Documents.

 2. Notwithstanding anything to the contrary contained in the Loan Agreement or the other Loan Documents, the definition of Collateral in
Section 2.9 of the Loan Agreement and the other Loan Documents hereby is amended to include the deposit account and cash deposits described in Section 4.2 of the Loan Agreement (whether or not they contain or consist of cash
that was raised by Debtor from the sale of any stock or other securities or any proceeds thereof), any amendments, modifications, replacements, or substitutions thereto, and the proceeds of any of the foregoing. 
 3. Section 4.2(h) of the Loan Agreement hereby is amended to read: 
 (h) Borrower shall have at least $1,500,000 in excess Availability at all times (“Minimum Excess Availability”) until the later of :
(i) the date on which Borrower achieves a Fixed Charge Coverage Ratio (measured for each calendar month on the last day of such month) of at least 1:1 for twelve (12) consecutive months; or (ii) May 31, 2007; provided, however,
that such Minimum Excess Availability shall be reduced to at least 

 
$1,000,000 in excess Availability in the event that Borrower achieves a Fixed Charge Coverage Ratio (measured for each calendar month on the last day of such
month) of at least 1:1 for six (6) consecutive months. 
 In addition to the foregoing Minimum Excess Availability, Borrower shall
maintain at least $1,500,000 at all times in a deposit account at a financial institution acceptable to Lender in its sole discretion that is subject to a first priority security interest in favor of Lender and governed by a control agreement in
form and substance acceptable to Lender in its sole discretion (“Minimum Balance Amount”); provided, however, that: 
 (A) if the
Fixed Charge Coverage Ratio is at least .6:1 for the calendar month ending July 31, 2006 (based upon Lender’s approval of Borrower’s financial statements and compliance certificate for such calendar month) and no other Event of
Default exists on September 5, 2006, the Minimum Balance Amount shall be reduced to $1,000,000 on September 5, 2006; 
 (B) if
Borrower has satisfied the requirements set forth in the subsection (A) above and the Fixed Charge Coverage Ratio is at least 1:1 for the calendar month ending October 31, 2006 (based upon Lender’s approval of Borrower’s
financial statements and compliance certificate for such calendar month) and no other Event of Default exists on December 5, 2006, the Minimum Balance Amount shall be reduced to $500,000 on December 5, 2006; and 
 (C) if Borrower has satisfied the requirements set forth in the subsections (A) and (B) above and the Fixed Charge Coverage Ratio is at least
1:1 for the calendar month ending December 31, 2006 (based upon Lender’s approval of Borrower’s financial statements and compliance certificate for such calendar month) and no other Event of Default exists on February 5, 2007,
the Minimum Balance Amount shall be reduced to $0 and removed as a condition to subsequent advances and a financial covenant on February 5, 2007. 
 Lender shall provide Borrower with prompt written notice of its acceptance or rejection of any of the financial statements and compliance certificates described in subsections (A), (B) and (C) above.

 Notwithstanding anything to the contrary contained herein, Borrower and Lender hereby acknowledge and agree that Borrower’s obligation
to maintain the foregoing Minimum Excess Availability is in addition to, and not in lieu of, Borrower’s obligation to maintain the foregoing Minimum Balance Amount in a deposit account subject to the a first priority security interest and
control agreement in favor of Lender and this subsection shall not be deemed to waive Borrower’s obligation to maintain the Fixed Charge Coverage Ratio described in Annex I attached hereto at any time 

  

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or any Event of Default arising as a result of Borrower’s failure to maintain the Fixed Charge Coverage Ratio described in Annex I at any time.

 4. Section 7.2 of the Loan Agreement hereby is amended to read: 
 7.2 Permitted Indebtedness 
 Borrower shall not create, incur, assume or suffer to exist any Indebtedness, except the following (collectively, “Permitted Indebtedness”): (i) Indebtedness under the Loan Documents, (ii) any Indebtedness set forth on
Schedule 7.2, (iii) Capitalized Lease Obligations incurred after the Closing Date and Indebtedness incurred pursuant to purchase money Liens permitted by Section 7.3(v), provided that the aggregate amount of such Capitalized
Lease Obligations and purchase money indebtedness outstanding at any time shall not exceed $800,000, (iv) Indebtedness in connection with advances made by a stockholder or other equity owner in order to cure any default of the financial
covenants set forth on Annex I; provided, however, that such Indebtedness shall be on an unsecured basis, subordinated in right of repayment and remedies to all of the Obligations and to all of Lender’s rights pursuant to a subordination
agreement in form and substance satisfactory to Lender; (v) accounts payable to trade creditors and current operating expenses (other than for borrowed money) which are not aged more than 120 calendar days from the billing date or more than 30
days from the due date, in each case incurred in the ordinary course of business and paid within such time period, unless the same are being contested in good faith and by appropriate and lawful proceedings and such reserves, if any, with respect
thereto as are required by GAAP and deemed adequate by Borrower’s independent accountants shall have been reserved; (vi) borrowings incurred in the ordinary course of business and not exceeding $20,000 individually or $100,000 in the
aggregate outstanding at any one time, provided, however, that such Indebtedness shall be on an unsecured basis, subordinated in right of repayment and remedies to all of the Obligations and to all of Lender’s rights pursuant to a subordination
agreement in form and substance satisfactory to Lender; and (vii) Permitted Subordinated Debt. Borrower shall not make prepayments on any existing or future Indebtedness to any Person other than to Lender or to the extent specifically permitted
by this Agreement or any subsequent agreement between Borrower and Lender. 
  

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 5. The Fixed Charge Coverage Ratio covenant in Annex I hereby is amended to read: 
  

	 	1)	Fixed Charge Coverage Ratio (EBITDA/Fixed Charges) 

 The
Fixed Charge Coverage Ratio shall be measured on a monthly basis for the calendar month ending June 30, 2006 and each subsequent calendar month during the Term of this Agreement upon Lender’s receipt of Borrower’s financial statements
and compliance certificate for the relevant month and shall not be less than .4:1 for the calendar month ending on June 30, 2006; .6:1 for the calendar month ending on July 31, 2006; .7:1 for the calendar months ending on August 31
and September 30, 2006, and 1:1 for the calendar month ending on October 31, 2006 and the last day of each month thereafter. 
 6.
The Minimum Excess Availability covenant in Annex I hereby is amended to read: 
  

	 	3)	Minimum Excess Availability and Minimum Balance Amount 

 Borrower shall maintain a Minimum Excess Availability (as defined in Section 4.2 of this Agreement) of at least $1,500,000 at all times until the later of : (i) the date on which Borrower achieves a Fixed Charge Coverage
Ratio (measured for each calendar month on the last day of such month) of at least 1:1 for twelve (12) consecutive months; or (ii) May 31, 2007; provided, however, that such Minimum Excess Availability shall be reduced to at least
$1,000,000 in excess Availability in the event that Borrower achieves a Fixed Charge Coverage Ratio (measured for each calendar month on the last day of such month) of at least 1:1 for six (6) consecutive months. 
 In addition to the foregoing Minimum Excess Availability, Borrower shall maintain a Minimum Balance Amount (as defined in Section 4.2 of this
Agreement) of at least $1,500,000 at all times in a deposit account at a financial institution acceptable to Lender in its sole discretion that is subject to a first priority security interest in favor of Lender and governed by a control agreement
in form and substance acceptable to Lender in its sole discretion; provided, however, that: 
 (A) if the Fixed Charge Coverage Ratio is at
least .6:1 for the calendar month ending July 31, 2006 (based upon Lender’s approval of Borrower’s financial statements and compliance certificate for such calendar month) and no other Event of Default exists on September 5,
2006, the Minimum Balance Amount shall be reduced to $1,000,000 on September 5, 2006; 
  

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 (B) if Borrower has satisfied the requirements set forth in the subsection (A) above and the Fixed
Charge Coverage Ratio is at least 1:1 for the calendar month ending October 31, 2006 (based upon Lender’s approval of Borrower’s financial statements and compliance certificate for such calendar month) and no other Event of Default
exists on December 5, 2006, the Minimum Balance Amount shall be reduced to $500,000 on December 5, 2006; and 
 (C) if if Borrower
has satisfied the requirements set forth in the subsections (A) and (B) above and the Fixed Charge Coverage Ratio is at least 1:1 for the calendar month ending December 31, 2006 (based upon Lender’s approval of Borrower’s
financial statements and compliance certificate for such calendar month) and no other Event of Default exists on February 5, 2007, the Minimum Balance Amount shall be reduced to $0 and removed as a condition to subsequent advances and a
financial covenant on February 5, 2007. 
 Lender shall provide Borrower with prompt written notice of its acceptance or rejection of
any of the financial statements and compliance certificates described in subsections (A), (B) and (C) above. 
 Notwithstanding
anything to the contrary contained herein, Borrower and Lender hereby acknowledge and agree that Borrower’s obligation to maintain the foregoing Minimum Excess Availability is in addition to, and not in lieu of, Borrower’s obligation to
maintain the foregoing Minimum Balance Amount in a deposit account subject to the a first priority security interest and control agreement in favor of Lender and this subsection shall not be deemed to waive Borrower’s obligation to maintain the
Fixed Charge Coverage Ratio described in this Annex I attached hereto at any time or any Event of Default arising as a result of Borrower’s failure to maintain the Fixed Charge Coverage Ratio described in this Annex I at any time.

 7. The definition of Fixed Charge Coverage Ratio in Annex I hereby is amended to read: 
 “Fixed Charge Coverage Ratio” shall mean, for Borrower collectively on a consolidated basis during the relevant period, the ratio of
(a) EBITDA less taxes paid in cash or accrued and non-financed Capital Expenditures, to (b) Fixed Charges. The Fixed Charge Coverage Ratio shall be measured 

  

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on a monthly basis for June 2006 and each subsequent month during the Term of this Agreement upon Lender’s receipt of Borrower’s financial
statements and compliance certificate for the relevant month. 
 8. Borrower hereby releases, waives and forever discharges Lender and its
shareholders, directors, officers, employees, and agents from all known and unknown, absolute and contingent, claims, defenses, setoffs, counterclaims, causes of action, actions, suits or other legal proceedings of any kind existing or accrued as of
the date of this Agreement other than those arising solely from Lender’s gross negligence or wilful misconduct. Borrower and Lender hereby acknowledge and agree that neither the Default Rate nor any Non-Compliance Fee has been applied to any of
the Obligations on or prior to the date of this Agreement. 
 9. Borrower hereby represents and warrants to and covenants with Lender that
Lender’s liens, security interests, encumbrances and claims against the collateral described in the Loan Agreement and other Loan Documents shall continue to be prior and superior to any other liens, security interests, encumbrances or claims
of any kind except for those specifically provided otherwise in the Loan Documents. Borrower represents and warrants to Lender that no Event of Default exists under the Loan Documents as of the date of this Agreement and no material adverse changes
have occurred in Borrower’s financial condition since December 31, 2005 (the date of the last financial statements provided to Lender). 
 10. The Loan Agreement and other Loan Documents shall remain in full force and effect except as amended by this Agreement and the various documents described herein. 
 11. Borrower shall pay Lender a loan modification fee of $50,000 and all of Lender’s attorneys’ fees and other expenses incurred in connection
with the negotiation, drafting, execution, filing and recording of this Agreement and the various documents described herein. The amounts described in this paragraph shall be in addition to, and not in lieu of, the interest, fees and other charges
owing under the Loan Documents. 
 12. Borrower shall take any additional actions and execute any additional documents requested by Lender to
carry out the intent and purposes of this Agreement and the various documents described herein. In addition, Lender hereby is authorized to file UCC amendments with any governmental authority to reflect the change in the Collateral that is described
in this Agreement. 
 13. This Agreement and any related documents shall inure to the benefit of and be binding upon the successors and
assigns of the parties hereto. 
 14. This Agreement shall be governed by the laws of the State of Maryland. 
 15. The parties hereto consent to the jurisdiction and venue of any court of competent jurisdiction located in the State of Maryland in the event of any
litigation pertaining to this Agreement and the various documents described herein or the enforcement of any liability, obligation, right or remedy described therein. 
  

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 16. This Agreement and the various documents described herein may be executed in counterparts and shall
be effective when at least one (1) counterpart has been executed by each party hereto. 
 17. The Loan Documents as amended by this
Agreement and the various documents described herein represent the complete and integrated understanding between the parties pertaining to the subject matter hereof. All prior and contemporaneous understandings and agreements, written or oral,
express or implied, shall be of no further force and effect to the extent inconsistent herewith. 
 18. EACH PARTY TO THIS AGREEMENT AND
THE VARIOUS DOCUMENTS DESCRIBED HEREIN HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION ARISING UNDER THE LOAN DOCUMENTS OR IN ANY WAY CONNECTED WITH OR INCIDENTAL TO THE DEALINGS OF THE PARTIES WITH RESPECT TO THE
LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE DECIDED BY
COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY.

  

			
	 BORROWER: UCN, INC.

		
	By:	 	 /s/ Brian Moroney

	Name:	 	 Brian Moroney

	Title:	 	 Chief Financial Officer

  

			
	 LENDER: CAPITALSOURCE FINANCE LLC

		
	By:	 	 /s/ Stephen M. Klein

	Name:	 	 Stephen M. Klein

	Title:	 	 Managing Director

  

 7Registration Rights Agreement

 Exhibit 4.1 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of March 27, 2006, is made by and among ALLOY, INC., a Delaware corporation (“Parent”), each Person listed on Schedule A (each, a “Stockholder” and
collectively, the “Stockholders”) and JOSHUA J. SCHANKER, as representative and agent of the Stockholders (the “Representative”). 
 A. Reference is made to the Agreement and Plan of Merger of even date herewith (the “Merger Agreement”) by and among Parent, Alloy Acquisition Sub, Inc., a Delaware limited liability company and a
direct wholly-owned subsidiary of Parent (the “Buyer”), Sconex, Inc., a Delaware corporation (the “Company”), the Stockholders and the Representative, providing for, among other things, the merger of the Company
with and into the Buyer. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Merger Agreement. 
 B. Pursuant to the Merger Agreement, Parent has agreed to, among other things, issue to the Stockholders shares of its Common Stock (as hereinafter defined) as part of the consideration to be paid pursuant to the Merger Agreement and to
grant certain registration rights to the Stockholders with respect thereto. 
 NOW, THEREFORE, in consideration of the promises and
agreements contained herein, the parties hereto agree as follows: 
 1. Certain Definitions. As used in this Agreement, the
following terms shall have the following meanings: 
 “Closing Shares” has the meaning set forth in the
Merger Agreement. 
 “Commission” means the Securities and Exchange Commission, or any other federal agency
at the time administering the Securities Act. 
 “Common Stock” means the Common Stock, $.01 par value per
share, of Parent, as constituted as of the date of this Agreement. 
 “Earnout Shares” has the meaning set
forth in the Merger Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Holder” means, as of any date, each Stockholder holding Registrable Securities, and each other Person to whom such Stockholder (or subsequent Holder) shall have assigned any rights hereunder in
accordance with the provisions of Section 7(d) hereof and who owns Registrable Securities as of such date. 
 “Holder Indemnitees” has the meaning set forth in Section 6 hereof. 

 “Losses” has the meaning set forth in Section 6 hereof. 

“Parent Registration Statement” has the meaning set forth in Section 2 hereof. 
 “Person” means an individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated
organization, or a government or any agency or political subdivision thereof. 
 “Proceeding” means an
action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means any prospectus included in a Registration Statement (including, without limitation, a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by any Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated
by reference in such Prospectus. 
 “Register,” “Registered” and
“Registration,” whether or not capitalized, mean and refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of
such Registration Statement. 
 “Registration Expenses” has the meaning set forth in Section 5 hereof.

 “Registrable Securities” means the Closing Shares and an aggregate of 685,000 shares of Common Stock that
may be issued as Earnout Shares pursuant to the terms of the Merger Agreement; provided, however, that such shares shall cease to be Registrable Securities (x) upon the consummation of any sale of such shares pursuant to
(i) an effective Registration Statement under the Securities Act or (ii) Rule 144, (y) at such time, if any, as such shares become eligible for sale under Rule 144(k) under the Securities Act or (z) with respect to any Holder, on
the first date when all of the Registrable Securities then held by such Holder are eligible for sale during any subsequent three-month period under Rule 144. 
 “Registration Statement” means any registration statement on Form S-3 (or another applicable form of registration
statement if Form S-3 is unavailable to Parent including, without limitation, Form S-1) of Parent filed with the Commission pursuant to the Securities Act and any additional registration statement, including (in each case) the Prospectus, amendments
and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference in such registration statement to be filed pursuant to the terms of this
Agreement. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such
rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 
  

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 “Securities Act” means the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Selling Expenses” has the meaning set forth in Section 5 hereof. 
 “Standstill
Notice” has the meaning set forth in Section 3 hereof. 
 “Underwritten Registration” or
“Underwritten Offering” means a registration in connection with which securities of Parent are sold to an underwriter for reoffering to the public pursuant to an effective Registration Statement, excluding any registration statement
relating to any equity compensation plan, or with respect to any corporate merger or other transaction under Rule 145 of the Securities Act. 
 2. Registration of Registrable Securities. 
 (a) Parent shall use commercially reasonable efforts to file within
sixty (60) days after the date hereof a Registration Statement for a public offering of all of the Registrable Securities (the “Parent Registration Statement”), and shall use commercially reasonable efforts to cause the same to
be declared effective by the Commission as promptly as practicable after such filing, and to keep the Parent Registration Statement effective until the earlier of (i) forty-two (42) months after its effective date or (ii) the date on
which all of the Registrable Securities so registered have been sold pursuant to the Parent Registration Statement or have ceased to be Registrable Securities. Parent shall be entitled to include in the Parent Registration Statement shares of Common
Stock to be sold by Parent or by other holders of Common Stock for its or their own account, except as and to the extent that such method of disposition is an Underwritten Offering and in the opinion of the managing underwriter such inclusion would
adversely affect the marketing of the Registrable Securities to be sold. 
 (b) Parent may defer the filing of the Parent Registration
Statement if (i) there is material non-public information regarding Parent that the Board of Directors of Parent reasonably determines not to be in Parent’s interest to disclose and which Parent is not otherwise required to disclose or
(ii) Parent is then pursuing a significant business transaction (including, but not limited to, the acquisition or disposition of assets or any merger, consolidation, tender offer or other similar transaction) which would require disclosure in
a Registration Statement or other filing with the Commission, but that the Board of Directors of Parent reasonably determines not to be in Parent’s interest to disclose and which Parent is not otherwise required to disclose, provided that,
Parent shall, upon determining to seek such deferral, promptly deliver to the Representative a certificate signed by an executive officer of Parent stating that such condition exists and that Parent is deferring such filing and containing an
approximation of the length of the anticipated delay. Notwithstanding the foregoing, Parent shall endeavor to file the Parent Registration Statement no later than 120 days following the date hereof. 
  

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 3. Obligations of Parent. Parent covenants that it shall: 
 (a) subject to the provisions of Section 2, prepare and file with the Commission the Parent Registration Statement and use commercially reasonable
efforts to cause the Parent Registration Statement to become effective; 
 (b) prepare and file with the Commission such amendments and
supplements to the Parent Registration Statement and the Prospectus included therein as may be necessary or required to keep the Parent Registration Statement effective for the period required hereby and comply with all applicable provisions of the
Securities Act; 
 (c) use commercially reasonable efforts to prevent the issuance of any stop order or other order suspending the
effectiveness of the Parent Registration Statement and, if such an order is issued, to obtain the withdrawal thereof at the earliest possible time and to promptly notify each Holder of Registrable Securities included in the Parent Registration
Statement of such order; 
 (d) furnish to each Holder of Registrable Securities included in the Parent Registration Statement such number of
copies of the Prospectus included in the Parent Registration Statement (including each preliminary Prospectus) as such Persons reasonably may request in order to comply with the requirements of the Securities Act; 
 (e) notify the Holders of Registrable Securities included in the Parent Registration Statement upon the occurrence of any event as a result of which the
Prospectus included in the Parent Registration Statement, as then in effect, contains an untrue statement of material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
light of the circumstances then existing, and as promptly as practicable, prepare, file and furnish to such Holders a reasonable number of copies of a supplement or an amendment to such Prospectus as may be necessary so that such Prospectus does not
contain an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; provided, however, that
Parent may delay preparing, filing and distributing any such supplement or amendment if Parent determines in good faith that such supplement or amendment might, in the reasonable judgment of Parent, (i) interfere with or affect the negotiation
or completion of a transaction that is being contemplated by Parent (whether or not a final decision has been made to undertake such transaction) or (ii) involve initial or continuing disclosure obligations that are not in the best interests of
Parent’s stockholders at such time; and provided, further, that (x) Parent shall give notice (a “Standstill Notice”) of any such delay to each such Holder, (y) such delay shall not extend, with respect
to the registration effected pursuant to the provisions of Section 2, for a period of more than sixty (60) days without the written consent of the Representative and (z) Parent shall not exercise such right more than twice during any
twelve-month period; 
 (f) if required, use commercially reasonable efforts to register or qualify the Registrable Securities covered by the
Parent Registration Statement under the securities or “blue sky” laws of such United States jurisdictions as the sellers of Registrable Securities or, in the case of an Underwritten Offering, the managing underwriter or underwriters
reasonably shall request; provided, however, that Parent shall not for any such purpose be required to qualify 

  

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generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of process in any
such jurisdiction; 
 (g) use commercially reasonable efforts to include the Registrable Securities covered by the Parent Registration
Statement on the NASDAQ National Market System or any other securities exchange on which the Common Stock of Parent is then listed; and 
 (h) in the event of an Underwritten Offering of the Registrable Securities, enter into and perform its obligations under an underwriting agreement, in usual and customary form reasonably acceptable to Parent, with the managing underwriter
of such offering. 
 4. Obligations of Holders. Each Holder covenants that it shall: 
 (a) furnish to Parent such information regarding itself and the intended method of disposition of Registrable Securities as necessary to assure
compliance with applicable federal and state securities laws or as Parent shall reasonably request; 
 (b) upon receipt of any notice from
Parent of the happening of any event of the kind described in Section 3(c), immediately discontinue disposition of Registrable Securities pursuant to the Parent Registration Statement until withdrawal of the stop order referred to in
Section 3(c); 
 (c) discontinue disposition of Registrable Securities pursuant to the Parent Registration Statement during the period
from the date specified in the Standstill Notice given by Parent pursuant to Section 3(e) above that Parent has determined in accordance with Section 3(e) that it will delay the preparation and filing of an amendment or supplement to the
Prospectus included in the Parent Registration Statement until the expiration date specified in such notice; and 
 (d) sell, transfer or
otherwise dispose of shares of Registrable Securities, and any other shares of Common Stock acquired by such Holder pursuant to the terms of the Merger Agreement (or any securities issued in respect thereof), only through Merrill Lynch, Charles
Schwab or such other broker selected by such Holder and approved by Parent. 
 5. Expenses. All expenses incurred by Parent in
complying with Section 2, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for Parent, fees and expenses incurred in connection with
complying with state securities or “blue sky” laws, fees payable to the National Association of Securities Dealers, Inc., fees payable to any securities exchange or over-the-counter market quotation system (i.e., NASDAQ National
Market System), and fees of transfer agents and registrars, but excluding any Selling Expenses, are called “Registration Expenses.” All underwriting discounts and selling commissions, fees of advisors to Holders of Registrable
Securities and transfer and similar taxes are called “Selling Expenses.” All Registration Expenses shall be borne by Parent and all Selling Expenses shall be borne by the participating Holders pro rata on the basis of the number of
shares so registered. 
  

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 6. Indemnification and Contribution. If any Registrable Securities are included in a
Registration Statement under this Agreement: 
 (a) To the extent permitted by law, Parent shall indemnify and hold harmless each selling
Holder, the Holder’s direct and indirect subsidiaries and affiliates, and each of their partners, directors, officers, employees, stockholders, agents and representatives (all referred to as “Holder Indemnitees”) against any
losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs or reasonable out-of-pocket expenses (whether joint or several) (collectively, including reasonable legal fees or other expenses reasonably incurred in connection with
investigating or defending same, “Losses”), insofar as any such Losses arise out of or are based upon (i) any untrue statement of a material fact or alleged untrue statement of a material fact contained in such Registration
Statement, or (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. Parent
will reimburse such selling Holders for any reasonable legal fees or other expenses as reasonably incurred by any such Holder Indemnitee in connection with investigating or defending any Loss; provided, however, that the foregoing
indemnity shall not apply to amounts paid in settlement of any Loss if such settlement is effected without the consent of Parent, nor shall Parent be obligated to indemnify any Holder Indemnitee for any Losses to the extent that such Losses arise
out of or are based upon and in conformity with information furnished by such Holder Indemnitee for use in such Registration Statement; and provided, further, that Parent shall not be required to indemnify any Holder Indemnitee to the
extent that any Loss results from such Person selling Common Stock (i) to a Person to whom there was not sent or given, at or prior to the written confirmation of the sale of such shares, a copy of the Prospectus, as most recently amended or
supplemented, if Parent has previously furnished or made available copies thereof or (ii) following written notice of the occurrence of an event described in Section 3(c) or 3(e) hereof. 
 (b) To the extent permitted by law, each selling Holder agrees to indemnify and hold harmless Parent, the officers, directors, employees, agents and
representatives of Parent, and each Person, if any, who controls Parent within the meaning of the Securities Act or the Exchange Act, against all Losses to the extent that any such Losses arise out of or are based upon and in conformity with
information furnished by such Holder for use in such Registration Statement or a breach by such selling Holder or any of its obligations hereunder; and each selling Holder agrees to reimburse all legal fees or other expenses as reasonably incurred
by Parent and any such officer, director, employee, agent, representative, or controlling Person, in connection with investigating or defending any such Loss; provided, however, that the foregoing indemnity shall not apply to amounts
paid in settlement of any such Loss if such settlement is effected without the consent of such Holder, which consent shall not be unreasonably withheld. 
 (c) Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any Proceeding (including by reason of any governmental action), such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and to assume
the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the reasonably incurred fees and expenses of one such counsel to
be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate under applicable standards of professional conduct due to actual or potential conflicting
interests between such indemnified party and any other party represented by such counsel in such 

  

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proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such Proceeding, to the
extent prejudicial to its ability to defend such Proceeding, shall relieve such indemnifying party of any liability to the indemnified party under this Section 6 with respect to such Proceeding, but the omission so to deliver written notice to
the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 6 of with respect to any other Proceeding. 
 (d) If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any Losses, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount of such Losses 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 actions or omissions which resulted in such Losses, as well as any other equitable considerations, it being understood that 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; provided, however, that, no person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 7. Miscellaneous. 
 (a) All
notices or other communications which are required or permitted hereunder shall be in writing and sufficient if delivered personally or sent by nationally-recognized overnight courier or by facsimile, with confirmation as provided above addressed as
follows: 
  

	 	(i)	if to Parent, to: 

 Alloy, Inc. 
 151 West 26th Street,
11th Floor 
 New York, NY 10001 
 Attention: Chief Executive Officer 
 Facsimile: (212) 244-4311 
 with a copy
to (which shall not constitute notice): 
 Alloy, Inc. 
 151 West 26th Street, 11th Floor 
 New York, NY 10001 
 Attention: General Counsel 
 Facsimile:
(212) 244-4311 
 and 
 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 
  

 7 

 One Financial Center 
 Boston, MA 02111 
 Attention: Dean G. Zioze, Esq. 
 Facsimile: (617) 542-2241 
  

	 	(ii)	if to a Stockholder, to the addresses set forth on Schedule A, and 

  

	 	(iii)	if to the Representative, to: 

 Joshua J. Schanker

 6 Frost Street 
 Apt. 1

 Cambridge, MA 02140 
 with a
copy to (which shall not constitute notice): 
 Peter Katz, Esq. 
 Day, Berry & Howard LLP 
 One International Place 
 Boston, MA 02110 
 Facsimile:
(617) 345-4745 
 or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance
herewith. All such notices or communications shall be deemed to be received (a) in the case of personal delivery, on the date of such delivery, (b) in the case of nationally-recognized overnight courier, on the next business day after the
date when sent and (c) in the case of facsimile transmission, upon confirmed receipt. 
 (b) This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without reference to its conflicts of laws provisions. The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the state and federal courts sitting in New
York City and Boston, Massachusetts over any suit, action or proceeding arising out of or relating to this Agreement or any Related Agreement. The parties irrevocably and unconditionally waive any objection to the laying of venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. The parties agree that a final judgment in any such suit, action or proceeding
brought in such court shall be conclusive and binding upon the parties and may be enforced in any other courts to whose jurisdiction other parties are or may be subject, by suit upon such judgment. 
 (c) This Agreement shall not be altered or otherwise amended except pursuant to an instrument in writing signed by Parent and the Representative. Any
party to this Agreement may waive in writing any obligation owed to it by any other party under this Agreement. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any
subsequent breach. 
  

 8 

 (d) The rights and obligations hereunder of the Holder may be assigned to a transferee of the Registrable
Securities as long as: (i) Parent is, within ten (10) days following such transfer, furnished with written notice of the name and address of such transferee, (ii) the transferee agrees in writing with Parent to be bound by all of the
provisions hereof and (iii) such transfer is made in accordance with the applicable requirements of the Merger Agreement and any other applicable agreement. No rights under this Agreement shall be assigned to any Person to whom less than a
majority of the number of shares of Registrable Securities held by the transferor is transferred; provided, however, that a Holder may assign its rights under this Agreement if the assignment is made in connection with a distribution
without consideration, such as by a gift or creation and funding of a trust. 
 (e) In the event that any court of competent jurisdiction
shall determine that any provision, or any portion thereof, contained in this Agreement shall be unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it enforceable, and as so limited shall
remain in full force and effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect. 
 (f) This Agreement may be executed in any number of counterparts by original or facsimile signature, each such counterpart shall be an original
instrument, and all such counterparts together shall constitute one and the same agreement. 
 (g) This Agreement, together with the Merger
Agreement and the agreements delivered in connection therewith, contain the entire agreement among the parties hereto with respect to the transactions contemplated hereby and supersede all prior agreements or understandings, written or oral, among
the parties with respect thereto. 
 [Remainder of Page Intentionally Left Blank] 
  

 9 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Registration Rights Agreement to be
executed on its behalf as of the day and year first above written. 
  

			
	PARENT:
	
	ALLOY, INC.
		
	By:	 	/s/ Matthew C. Diamond
	Name:	 	Matthew C. Diamond
	Title:	 	Chief Executive Officer

  

	
	THE STOCKHOLDERS:
	
	/s/ Joshua J. Schanker
	Joshua J. Schanker
	
	/s/ Jawad Laraqui
	Jawad Laraqui
	
	/s/ Jason Gracilieri
	Jason Gracilieri
	
	/s/ Joe Presbrey
	Joe Presbrey
	
	/s/ Joshua J. Forman
	Joshua J. Forman
	
	/s/ Jason Pavel
	Jason Pavel
	
	/s/ Anthony Fuger
	Anthony Fuger

  

 10 

	
	
	/s/ Paul Berman
	Paul Berman
	
	/s/ Elizabeth Fincannon
	Elizabeth Fincannon
	
	/s/ Stefan Hayden
	Stefan Hayden
	
	/s/ Dev Purkayastha
	Dev Purkayastha
	
	/s/ Tim Sogard
	Tim Sogard
	
	THE REPRESENTATIVE:
	
	/s/ Joshua J. Schanker
	Joshua J. Schanker

  

 11

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