Document:

Form of Common Stock Purchase Warrant

 EXHIBIT 10.99.4 
 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS. THIS
WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED EXCEPT (I) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, (II) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER SAID ACT RELATING TO THE DISPOSITION OF SECURITIES) OR (III) UPON RECEIPT BY PATH 1 NETWORK TECHNOLOGIES INC. OF AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO PATH 1 THAT SUCH REGISTRATION IS NOT REQUIRED. 
 Right to Purchase up to
             Shares of Common Stock of 
 Path 1 Network Technologies Inc.

 (subject to adjustment as provided herein) 
 COMMON STOCK PURCHASE WARRANT 
  

			
	No.            	 	Issue Date:                          ,
2006

 PATH 1 NETWORK TECHNOLOGIES INC., a corporation organized under the laws of the State of Delaware
(the “Company”), hereby certifies that, for value received,                     , or assigns (the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company (as defined herein) from and after the Issue Date of this Warrant and at any time or from time to time before 5:00 p.m., New York time, through the close of business on
December 6, 2013 (the “Expiration Date”), up to                      fully paid and nonassessable shares of Common Stock (as
hereinafter defined), $0.001 par value per share, at the applicable Exercise Price per share (as defined below). The number and character of such shares of Common Stock and the applicable Exercise Price per share are subject to adjustment as
provided herein. 
 In consideration of the premises, the agreements herein set forth and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree that this Warrant has a value of              dollars. 
 As used herein the following terms, unless the context otherwise requires, have the following respective meanings: 
 (a) The term “Company” shall include Path 1 Network Technologies Inc. and any corporation which shall succeed, or assume the
obligations of, Path 1 Network Technologies Inc. hereunder. 
 (b) The term “Common Stock” includes (i) the
Company’s Common Stock, par value $0.001 per share; and (ii) any other securities into which or for which any of the securities described in the preceding clause (i) may be converted or exchanged pursuant to a plan of
recapitalization, reorganization, merger, sale of assets or otherwise. 

 (c) The term “Other Securities” refers to any stock (other than Common Stock)
and other securities of the Company or any other person (corporate or otherwise) which the holder of the Warrant at any time shall be entitled to receive, or shall have received, on the exercise of the Warrant, in lieu of or in addition to Common
Stock, or which at any time shall be issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4 or otherwise. 
 (d) The “Exercise Price” applicable under this Warrant shall be $2.6316. 
 1. Exercise of Warrant. 
 1.1.
Number of Shares Issuable upon Exercise. From and after the date hereof through and including the Expiration Date, the Holder shall be entitled to receive, upon exercise of this Warrant in whole or in part, by delivery of an original or fax
copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise Notice”), shares of Common Stock of the Company, subject to adjustment pursuant to Section 4. 
 1.2. Fair Market Value. For purposes hereof, the “Fair Market Value” of a share of Common Stock as of a particular date (the
“Determination Date”) shall mean: 
 (a) If the Company’s Common Stock is traded on the American Stock Exchange
or another national exchange or is quoted on the National or Capital Market of The Nasdaq Stock Market, Inc. (“Nasdaq”), then the closing or last sale price, respectively, reported for the last business day immediately preceding the
Determination Date. 
 (b) If the Company’s Common Stock is not traded on the American Stock Exchange or another national
exchange or on the Nasdaq but is traded on the NASD Over the Counter Bulletin Board, then the mean of the average of the closing bid and asked prices reported for the last business day immediately preceding the Determination Date. 
 (c) Except as provided in clause (d) below, if the Company’s Common Stock is not publicly traded, then as the Holder and the
Company agree or in the absence of agreement by arbitration in accordance with the rules then in effect of the American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified by education and training to
pass on the matter to be decided. 
 (d) If the Determination Date is the date of a liquidation, dissolution or winding up, or
any event deemed to be a liquidation, dissolution or winding up pursuant to the Company’s charter, then all amounts to be payable per share to holders of the Common Stock pursuant to the charter in the event of such liquidation, dissolution or
winding up, plus all other amounts to be payable per share in respect of the Common Stock in liquidation under the charter, assuming for the purposes of this clause (d) that all of the shares of Common Stock then issuable upon exercise of the
Warrant are outstanding at the Determination Date. 
  

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 1.3. Company Acknowledgment. The Company will, at the time of the exercise of this Warrant, upon
the request of the holder hereof acknowledge in writing its continuing obligation to afford to such holder any rights to which such holder shall continue to be entitled after such exercise in accordance with the provisions of this Warrant. If the
holder shall fail to make any such request, such failure shall not affect the continuing obligation of the Company to afford to such holder any such rights. 
 1.4. Trustee for Warrant Holders. In the event that a bank or trust company shall have been appointed as trustee for the holders of this Warrant pursuant to Subsection 3.2, such bank or trust company shall have
all the powers and duties of a warrant agent (as hereinafter described) and shall accept, in its own name for the account of the Company or such successor person as may be entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this Section 1. 
 2. Procedure for Exercise. 

2.1. Delivery of Stock Certificates, Etc., on Exercise. The Company agrees that the shares of Common Stock purchased upon exercise of this
Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business on the date on which this Warrant shall have been surrendered and payment made for such shares in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any event within seven (7) business days thereafter, the Company at its expense (including the payment by it of any applicable issue taxes) will cause to be issued in the
name of and delivered to the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct in compliance with applicable securities laws, a certificate or certificates for the number of duly and validly issued,
fully paid and nonassessable shares of Common Stock (or Other Securities) to which such Holder shall be entitled on such exercise, plus, in lieu of any fractional share to which such holder would otherwise be entitled, cash equal to such fraction
multiplied by the then Fair Market Value of one full share, together with any other stock or other securities and property (including cash, where applicable) to which such Holder is entitled upon such exercise pursuant to Section 1 or
otherwise. 
 2.2. Exercise. 
 (a) To exercise this Warrant, the Holder must deliver a duly completed Exercise Note in the form of Exhibit A hereto, and payment therefor to the Company. Promptly upon exercise of this Warrant, the Holder must
deliver the original Warrant to the Company. Payment may be made either (i) in cash or by certified or official bank check payable to the order of the Company equal to the applicable aggregate Exercise Price, (ii) by delivery of this
Warrant, or shares of Common Stock and/or Common Stock receivable upon exercise of this Warrant in accordance with the formula set forth in subsection (b) below, or (iii) by a combination of any of the foregoing methods, for the number of
Common Shares specified in such Exercise Notice (as such exercise number shall be adjusted to reflect any adjustment in the total number of shares of Common Stock issuable to the Holder per the terms of this Warrant) and the Holder shall thereupon
be entitled to receive the number of duly authorized, validly issued, fully-paid and non-assessable shares of Common Stock (or Other Securities) determined as provided herein. 
  

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 (b) Notwithstanding any provisions herein to the contrary, if the Fair Market Value of
one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value (as determined below) of this
Warrant (or the portion thereof being exercised) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Exercise Notice selecting this Section 2.2(b) method in which event the Company shall issue
to the Holder a number of shares of Common Stock computed using the following formula: 
  

			
	 X=
	  	Y(A-B)
		  	     A

  

			
	 Where X =
	 	the number of shares of Common Stock to be issued to the Holder
		
	 Y =
	 	the number of shares of Common Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion of this Warrant being exercised (at the date of such
calculation)
		
	 A =
	 	the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation)
		
	 B =
	 	the Exercise Price per share (as adjusted to the date of such calculation)

 3. Effect of Reorganization, Etc.; Adjustment of Exercise Price. 
 3.1. Reorganization, Consolidation, Merger, Etc. In case at any time or from time to time, the Company shall (a) effect a reorganization,
(b) consolidate with or merge with or into any other person, or (c) transfer all or substantially all of its properties or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each
such case, as a condition to the consummation of such a transaction, proper and adequate provision shall be made by the Company (including any required agreements from third parties; it being understood that no amending agreement from the Holder is
required) whereby the Holder, on the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation or merger or the effective date of such dissolution, as the case may be, shall receive, in
lieu of the Common Stock (or Other Securities) issuable on such exercise prior to such consummation or such effective date, the stock and other securities and property (including cash) to which such Holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as provided in Section 4. 
 3.2. Dissolution. In the event of any dissolution of the Company following the transfer of all or substantially all of its properties or assets,
the Company, concurrently with any distributions made to holders of its Common Stock, shall at its expense deliver or cause to be delivered to the Holder the stock and other securities and property (including cash, where applicable) receivable by
the Holder pursuant to Section 3.1, or, if the Holder shall so instruct the Company, to a bank or trust company specified by the Holder and having its principal office in New York, NY as trustee for the Holder (the “Trustee”).

  

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 3.3. Continuation of Terms. Upon any reorganization, consolidation, merger or transfer (and any
dissolution following any transfer) referred to in this Section 3, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the shares of stock and other securities and property receivable on the exercise
of this Warrant after the consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any such stock or other securities,
including, in the case of any such transfer, the person acquiring all or substantially all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant as provided in Section 4.
In the event this Warrant does not continue in full force and effect after the consummation of the transactions described in this Section 3, then the Company’s securities and property (including cash, where applicable) receivable by the
Holder will be delivered to the Holder or the Trustee as contemplated by Section 3.2. 
 3.4. Share Issuances. Subject to the
provisions of this Section 3.4, if the Company shall at any time prior to the exercise of this Warrant issue any shares of Common Stock or securities convertible into Common Stock to a Person other than the Holder (except (i) pursuant to
Section 4 below; (ii) pursuant to options, warrants, or other obligations to issue shares outstanding on the date hereof as disclosed to the Holder in writing; or (iii) pursuant to options that may be issued under any employee or
director stock option plan adopted by the Company) for a consideration per share (the “Offer Price”) less than the Fair Market Value at the time of such issuance, then the Exercise Price shall be immediately reset pursuant to the formula
below. For purposes hereof, the issuance of any security of the Company convertible into or exercisable or exchangeable for Common Stock shall result in an adjustment to the Exercise Price upon the issuance of such securities. If the Company issues
any additional shares of Common Stock for a consideration per share less than the then-applicable Fair Market Value pursuant to this Section 3.4 then, and thereafter successively upon each such issue, the Exercise Price shall be adjusted by
multiplying the then applicable Exercise Price by the following fraction: 
  

	
	                    A+B                  
  
	(A+B) + [((C-D) x B) / C]

  

			
	 A =
	  	All then-outstanding Common Stock of the Company (including also, as if outstanding, the total amount of shares convertible pursuant to the Laurus Note)
		
	 B =
	  	Actual shares sold in the offering
		
	 C =
	  	Exercise Price
		
	 D =
	  	Offer Price

 4. Extraordinary Events Regarding Common Stock. In the event that the Company shall
(a) issue additional shares of the Common Stock as a dividend or other distribution on outstanding Common Stock or any preferred stock issued by the Company (b) subdivide its outstanding shares of Common Stock, or (c) combine its
outstanding shares of the Common 
  

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 Stock into a smaller number of shares of the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the then Exercise Price by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such event and the denominator
of which shall be the number of shares of Common Stock outstanding immediately after such event, and the product so obtained shall thereafter be the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be readjusted in the same
manner upon the happening of any successive event or events described herein in this Section 4. The number of shares of Common Stock that the Holder shall thereafter, on the exercise hereof as provided in Section 1, be entitled to receive
shall be adjusted to a number determined by multiplying the number of shares of Common Stock that would otherwise (but for the provisions of this Section 4) be issuable on such exercise by a fraction of which (a) the numerator is the
Exercise Price that would otherwise (but for the provisions of this Section 4) be in effect, and (b) the denominator is the Exercise Price in effect on the date of such exercise (taking into account the provisions of this Section 4).

 5. Certificate as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock (or Other
Securities) issuable on the exercise of this Warrant, the Company at its expense will promptly cause its Chief Financial Officer or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of this Warrant
and prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of (a) the consideration received or receivable by the Company
for any additional shares of Common Stock (or Other Securities) issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock (or Other Securities) outstanding or deemed to be outstanding, and (c) the
Exercise Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or readjusted as provided in this Warrant. The Company will
forthwith mail a copy of each such certificate to the Holder and any Warrant agent of the Company (appointed pursuant to Section 10 hereof). 
 6. Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of this Warrant, shares of Common Stock (or Other Securities)
from time to time issuable on the exercise of this Warrant. 
 7. Assignment; Exchange of Warrant. Subject to compliance with
applicable securities laws, this Warrant, and the rights evidenced hereby, may be transferred by any registered holder hereof (a “Transferor”) in whole or in part. On the surrender for exchange of this Warrant, with the Transferor’s
endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement Form”) and together with evidence reasonably satisfactory to the Company demonstrating compliance with applicable securities laws, which shall include,
without limitation, if deemed necessary by the Company, receipt by the Company of a legal opinion from the Company’s counsel (at the Company’s expense) that such transfer is exempt from the registration requirements of applicable
securities laws (which opinion the Company, if it deems such opinion necessary, agrees to promptly use commercially reasonable efforts to obtain), the Company at its expense (but with payment by the Transferor of any applicable transfer taxes) will
issue and deliver to or on the order of the Transferor thereof a new Warrant of 
  

 6 

 like tenor, in the name of the Transferor and/or the transferee(s) specified in such Transferor Endorsement Form (each a
“Transferee”), calling in the aggregate on the face or faces thereof for the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor. 
 8. Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement or security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and
cancellation of this Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
 9.
Registration Rights. The Holder has been granted certain registration rights by the Company. These registration rights are set forth in the Modification of Engagement Agreement entered into by the Company and Holder dated as March 10,
2006, as the same may be amended, modified and/or supplemented from time to time. 
 10. Warrant Agent. The Company may, by written
notice to each Holder of the Warrant, appoint an agent for the purpose of issuing Common Stock (or Other Securities) on the exercise of this Warrant pursuant to Section 1, exchanging this Warrant pursuant to Section 7, and replacing this
Warrant pursuant to Section 8, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such agent. 
 11. Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
Holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 
 12. Notices, Etc. All
notices and other communications from the Company to the Holder shall be mailed by first class registered or certified mail, postage prepaid, at such address as may have been furnished to the Company in writing by such Holder or, until any such
Holder furnishes to the Company an address, then to, and at the address of, the last Holder who has so furnished an address to the Company. 
 13. Miscellaneous. This Warrant contains the entire understanding between the parties hereto with respect to the subject matter hereof and any term hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS. In the event that any provision of this Warrant is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be
deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The headings in this
Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity or unenforceability of any provision 
  

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 hereof shall in no way affect the validity or enforceability of any other provision hereof. The Company acknowledges that
legal counsel participated in the preparation of this Warrant and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation of this Warrant to favor
any party against the other party. 
 [BALANCE OF PAGE INTENTIONALLY LEFT BLANK; 
 SIGNATURE PAGE FOLLOWS] 
  

 8 

 IN WITNESS WHEREOF, the Company has executed this Warrant as of the date first written above. 

 

							
		 		 	PATH 1 NETWORK TECHNOLOGIES INC.
				
	WITNESS:	 		 		 	
		 		 	By:	 	  

		 		 	Name:	 	  

	  
	 		 	Title:	 	  

  

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 Exhibit A 
 FORM OF SUBSCRIPTION 
 (To Be Signed Only On Exercise Of Warrant) 
  

	TO:	Path 1 Network Technologies Inc. 

 Attention: Chief
Financial Officer 
 The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.            ), hereby irrevocably elects to purchase (check applicable box): 
  

			
	 _______
	    	             shares of the Common Stock covered by such Warrant; or
		
	 _______
	    	the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in Section 2.
	
	  
 The undersigned herewith makes payment of the full Exercise Price
for such shares at the price per share provided for in such Warrant, which is $            . Such payment takes the form of (check applicable box or boxes):

		
	 _______
	    	$             in lawful money of the United States; and/or
		
	 _______
	    	the cancellation of such portion of the attached Warrant as is exercisable for a total of              shares of Common Stock
(using a Fair Market Value of $             per share for purposes of this calculation); and/or
		
	 _______
	    	the cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 2.2, to exercise this Warrant with respect to the maximum
number of shares of Common Stock purchasable pursuant to the cashless exercise procedure set forth in Section 2.

 The undersigned requests that the certificates for such shares be issued in the name of, and
delivered to
                                        
                                 whose address is
                                        
                                        
                                        .

 The undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the
within Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”) or pursuant to an exemption from registration under the Securities Act. 
  

							
	Dated:                     	 		 	  

		 		 	(Signature must conform to name of holder as specified on the face of the Warrant)
				
		 		 	Address:	 	  

				
		 		 		 	  

  

 A-1 

 Exhibit B 
 FORM OF TRANSFEROR ENDORSEMENT 
 (To Be Signed Only On Transfer Of Warrant) 
 For value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the
right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of Path 1 Network Technologies Inc. into which the within Warrant relates specified under the headings “Percentage Transferred” and
“Number Transferred,” respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on the books of Path 1 Network Technologies Inc. with full power of substitution in the
premises. 
  

							
	 Transferees
	  	 Address
	  	Percentage
        Transferred        	  	Number
        Transferred        
				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

  

							
			
	Dated:                     	 		 	  

		 		 	(Signature must conform to name of holder as specified on the face of the Warrant)
				
		 		 	Address:	 	  

				
		 		 		 	  

				
		 		 		 	SIGNED IN THE PRESENCE OF:
				
		 		 		 	  

		 		 		 	(Name)
	ACCEPTED AND AGREED:	 		 		 	
	[TRANSFEREE]	 		 		 	
				
	  
	 		 		 	
	(Name)	 		 		 	

  

 B-1Amendment No. 1 dated April 26, 2006, to the Rights Agreement

 Exhibit 4.1 
 AMENDMENT NO. 1 TO THE RIGHTS AGREEMENT 
 This Amendment No. 1 to the Rights Agreement (this
“Amendment”), is made and entered into as of the 26th day of April, 2006, between Navigant International, Inc. (the “Company”) and American Stock Transfer & Trust Company, as rights agent (the
“Rights Agent”). Capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Rights Agreement (as defined below). 
 WHEREAS, the Company and the Rights Agent entered into the Rights Agreement, dated as of July 18, 2005 (the “Rights Agreement”),
setting forth the terms of the Rights (as defined therein); 
 WHEREAS, the Company and the Rights Agent may, from time to time, supplement
or amend the Rights Agreement pursuant to the provisions of Section 26 of the Rights Agreement; 
 WHEREAS, the Board of Directors of
the Company (the “Board of Directors”), on April 26, 2006, resolved that the Agreement and Plan of Merger, dated as of April 26, 2006, among Carlson Wagonlit B.V., Horizon Merger Corp. and the Company (the “Merger
Agreement”), and the Merger (as defined in the Merger Agreement), are fair to and in the best interests of the Company and its stockholders; and 
 WHEREAS, the Company desires to amend the Rights Agreement in connection with the execution and delivery of the Merger Agreement. 
 NOW THEREFORE, in consideration of the premises and mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the
Rights Agent hereby agree as follows: 
 SECTION 1. Amendment to Rights Agreement. The Rights Agreement is hereby amended as follows:

 (a) The definition of “Acquiring Person” in Section 1(a) of the Rights Agreement is amended by inserting the following as a
new paragraph at the end of such definition: 
 “Notwithstanding anything in this Section 1(a) to the contrary, none of Carlson
Wagonlit B.V., a Dutch B.V. (“Merger Co”), Horizon Merger Corp., a Delaware Corporation (“Merger Sub”) or any of their Affiliates, Associates or stockholders, or the general partners, limited partners or members of
such stockholders (the “Exempted Persons”), either individually, collectively or in any combination, shall be or be deemed to be an “Acquiring Person” solely by virtue of or as a result of (i) any agreements,
arrangements or understandings among all or any of the Exempted Persons in connection with the Merger Agreement or the Merger, (ii) the execution and delivery of the Merger Agreement or (iii) the conversion of Company Common Stock into the
right to receive the Merger Consideration 

 
pursuant to the Merger Agreement or the consummation of the Merger (the transactions described in clauses (i), (ii) and (iii), the “Exempted
Transactions”). 
 (b) Section 1 of the Rights Agreement is amended by inserting the following subsections at the end of such
Section 1: 
 “(t) “Merger” shall have the meaning set forth in the Merger Agreement.” 
 “(u) “Merger Agreement” shall mean the Agreement and Plan of Merger, dated as of April 26, 2006 by and among Merger Co, Merger Sub
and the Company.” 
 “(v) “Merger Consideration” shall have the meaning set forth in the Merger Agreement.”

 (c) The definition of “Beneficial Owner” in Section 1(f) of the Rights Agreement is amended by inserting the following
sentence at the end of such definition: 
 “Notwithstanding anything in this Section 1(f) to the contrary, none of the Exempted
Persons, either individually, collectively or in any combination, shall be deemed to be a “Beneficial Owner”, to “beneficially own” or to have “Beneficial Ownership” of any securities beneficially owned, directly or
indirectly, by any other Exempted Person solely by virtue of or as a result of any Exempted Transaction.” 
 (d) The definition of
“Stock Acquisition Date” in Section 1(oo) of the Rights Agreement is amended by inserting the following sentence at the end of such definition: 
 (a) “Notwithstanding anything in this Section 1(oo) to the contrary, a “Stock Acquisition Date” shall not be deemed to
have occurred solely by virtue of or as a result of the public announcement of any Exempted Transaction.” 
 (e) Section 3(a) of
the Rights Agreement is amended by inserting the following sentence at the end of such Section 3(a): 
 “Notwithstanding anything in
this Agreement to the contrary, a “Distribution Date” shall not be deemed to have occurred solely by virtue of or as a result of any Exempted Transaction.” 
 (f) Section 7(a) of the Rights Agreement is hereby amended to read in its entirety as follows: 
 “(a) Prior to the earlier of (i) the Close of Business on December 31, 2006 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 and
(iii) immediately prior to the Effective Time (as defined in the Merger Agreement), but only if the Effective Time shall occur (the earlier of (i), (ii) and (iii) being the “Expiration Date”), the registered holder of any
Rights Certificate may, subject to the provisions of Section 7(e) and 9(c), 

 
exercise the Rights evidenced thereby in whole or in part at any time after the Distribution Date upon surrender of the Rights Certificate, with the form of
election to purchase and the certificate on the reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price (as hereinafter defined) for
the number of Units of Preferred Stock (or, following a Triggering Event, other securities, cash or other assets, as the case may be) for which such surrendered Rights are then exercisable.” 
 (g) Section 24(a) of the Rights Agreement is amended by inserting the following sentence at the end of such Section 24(a): 
 “Notwithstanding anything in this Agreement to the contrary, the Company shall not be required to give any such notice in connection with any
Exempted Transactions.” 
 (h) Section 23 of the Rights Agreement is amended by adding the following at the end of such
Section 23: 
 “(c) Immediately prior to the Effective Time, but only if the Effective Time shall occur, (i) this Agreement
shall be terminated and be without any further force or effect, (ii) none of the parties to this Agreement will have any rights, obligations or liabilities hereunder and (iii) the holders of the Rights shall not be entitled to any
benefits, rights or other interests under this Agreement, including, without limitation, the right to purchase or otherwise acquire Preferred Stock or any other securities of the Company or of any other Person. Notwithstanding the foregoing,
Section 18 hereof shall survive the termination of this Agreement.” 
 SECTION 2. Full Force and Effect. As herein modified,
the Rights Agreement shall remain in full force and effect and is hereby ratified and confirmed. In executing and delivering this Amendment, the Rights Agent shall be entitled to all of the privileges and immunities afforded to the Rights Agent
under the terms and conditions of the Rights Agreement. 
 SECTION 3. Counterparts. This Amendment may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be as effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 4. Governing
Law. This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and to be
performed entirely within such State. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to the Rights Agreement to
be duly executed as of the date first written above. 
  

			
	 NAVIGANT INTERNATIONAL, INC.

		
	 By
	 	 /s/ Edward S. Adams

	 Name:
	 	 Edward S. Adams

	 Title:
	 	 President and Chief Executive Officer

  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY
		
	 By
	 	 /s/ Herbert J. Lemmer

	 Name:
	 	 Herbert J. Lemmer

	 Title:
	 	 Vice President

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