Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 VOTING
AGREEMENT 
 This Voting Agreement (this “Agreement”) dated as of November 4, 2014, is made by and between NewStar
Financial, Inc., a Delaware corporation (the “Company”), and the undersigned stockholder of the Company (the “Stockholder”). 

RECITALS 
 A. Concurrently with
the execution of this Agreement, the Company and certain investors (the “Investors”) are entering into an Investment Agreement (the “Investment Agreement”) dated as of the date hereof providing for the issuance of
(i) up to $300,000,000 aggregate principal amount of subordinated notes of the Company and (ii) two tranches of warrants, representing the right to purchase in the aggregate up to 12 million shares of the Company’s common stock,
$0.01 par value per share (the “Common Stock”) to the investors therein named. 
 B. The issuance of the second tranche of
warrants (the “Second Warrant Issuance”) and the removal of certain ownership limitations set forth therein (the “Ownership Limitations”) in connection with the exercise of the warrants in the first tranche of
warrants is subject to the approval of the holders of the Common Stock outstanding prior to the consummation of the Second Warrant Issuance under applicable Nasdaq Marketplace Rules. 

C. The Stockholder is the record holder and beneficial owner of shares of Common Stock of the Company as set forth on the signature page
hereto (the “Shares”). 
 D. In recognition of the benefits to be provided to the Company and its stockholders, including
the Stockholder, by the transactions contemplated by the Investment Agreement, and acknowledging that the willingness of the Investors to enter into the Investment Agreement is conditioned upon the Stockholder entering into this Agreement, the
Stockholder hereby agrees to enter into this Agreement to vote all of the Shares, and any other shares of Common Stock of the Company of which the Stockholder acquires beneficial ownership hereafter and prior to the termination of this Agreement as
provided for in Section 4 below (together with the Shares, the “Subject Shares”), so as to facilitate consummation of the Second Warrant Issuance and the removal of the Ownership Limitations, and further agrees that each of the
Investors shall be a third party beneficiary of, with rights to enforce, this Agreement. 
 NOW, THEREFORE, intending to be legally bound,
the parties agree as follows: 
 1. Agreement to Retain Shares. The Stockholder agrees not to transfer (except as may be specifically
required by legal requirements), sell, exchange or otherwise dispose of or encumber any of the Subject Shares (other than encumbrances incurred in the ordinary course or created from a margin lending account), or to make any offer or agreement
relating thereto, at any time before the termination of this Agreement as provided for in Section 4 below, unless the party to whom the Subject Shares are (or are to be) sold, exchanged, or otherwise disposed of or encumbered shall have
executed an acknowledgement and ratification of this Agreement in form and substance reasonably satisfactory to the Company and agreed to be bound by the terms hereof and the Company is provided with prior notice of any such transaction and a copy
of such executed acknowledgement and notification. 

 2. Agreement to Vote Subject Shares. At every meeting of the stockholders of the Company
with respect to any of the following, and at every adjournment thereof, the Stockholder shall vote the Subject Shares (i) in favor of approval of the Second Warrant Issuance and the removal of the Ownership Limitations and any matter that is
directly connected to approving the Second Warrant Issuance and the removal of the Ownership Limitations and (ii) against approval of any proposal made in opposition to the consummation of the Second Warrant Issuance or the removal of the
Ownership Limitations or which is directly connected to a proposal to prevent or materially delay the consummation of the Second Warrant Issuance or the removal of the Ownership Limitations (each of the foregoing is hereinafter referred to as an
“Opposing Proposal”). The Stockholder agrees not to take any actions contrary to the Stockholder’s obligations under this Agreement. 

3. Representations, Warranties and Covenants of the Stockholder. The Stockholder hereby represents, warrants and covenants to the
Company as follows: 
 3.1 Ownership of Shares. The Stockholder (i) is the beneficial owner of the Shares, free and clear of any
liens, claims, options, charges or other encumbrances that would impair its ability to perform its obligations under this Agreement other than any liens, claims, charges or other encumbrances arising or incurred in the ordinary course in connection
with borrowings with the Shares as collateral, and (ii) has full power and authority to make, enter into and carry out the terms of this Agreement. 

3.2 No Proxy Solicitations. The Stockholder will not (i) solicit proxies or become a “participant” in a
“solicitation” (as such terms are defined in Regulation 14A under the Securities Exchange Act of 1934, as amended) with respect to an Opposing Proposal, or (ii) initiate a stockholders’ vote or action by consent of stockholders
of the Company with respect to an Opposing Proposal. 
 4. Termination. This Agreement shall terminate and shall have no further force
or effect as of the earliest of (i) the consummation of the Second Warrant Issuance, (ii) the failure of the Company’s stockholders to approve the Second Warrant Issuance or the removal of the Ownership Limitations at a meeting duly
called and held to vote thereon and (iii) 180 days from the date hereof. 
 5. Miscellaneous. 

5.1 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable, then the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 

5.2 Binding Effect and Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns, but, except as otherwise specifically provided herein, neither this Agreement nor any of the rights, interests or obligations of the parties hereto may be assigned by either party
without prior written consent of the other. 

  
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 5.3 Amendments and Modification. This Agreement may not be modified, amended, altered or
supplemented except upon the execution and delivery of a written agreement executed by the parties hereto. 
 5.4 Specific Performance;
Injunctive Relief. The parties hereto acknowledge that the Company will be irreparably harmed and that there will be no adequate remedy at law for a violation of any of the covenants or agreements of the Stockholder set forth herein. Therefore,
it is agreed that, in addition to any other remedies that may be available to the Company upon any such violation, the Company shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other
means available to the Company at law or in equity, without the requirement of the posting of any bond or other security in connection therewith. 

5.5 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and sufficient if delivered
in person, by facsimile, or sent by mail (registered or certified mail, postage prepaid, return receipt requested) or overnight courier (prepaid) to the respective parties as follows: 

 

	 	(a)	If to the Company, to: 

 NewStar Financial, Inc. 

500 Boylston Street, Suite 1600 

Boston, MA 02116 

Attention: Robert K. Brown 

Facsimile: (617) 848-4300 

with a copy (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, New York 10017 

Attention: Lee Meyerson, Esq. 

Facsimile: (212) 455-2502 
  

	 	(b)	if to the Stockholder: 

 To the address for notice set forth on the 

signature page hereof; 
 or to
such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall only be effective upon receipt. 

5.6 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of
New York, without regard to any conflicts of laws and principles thereof. 

  
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 5.7 Entire Agreement. This Agreement contains the entire understanding of the parties in
respect of the subject matter hereof, and supersedes all prior negotiations and understandings between the parties with respect to such subject matter. 

5.8 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original, but all of which together
shall constitute one and the same agreement. 
 5.9 Effect of Headings. The section headings herein are for convenience only and shall
not affect the construction of interpretation of this Agreement. 
 5.10 Third Party Beneficiaries. Each of the Company and the
Stockholder agree and acknowledge that each Investor is an intended third party beneficiary and is entitled to rely on the representations, warranties, covenants and remedies set forth herein as if an original party to this Agreement. 

[Remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties have caused this Voting Agreement to be duly executed on the date
and year first above written. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	 
		 	 Name: Robert K. Brown
 Title: Managing
Director

  

			
		
	STOCKHOLDER:	 	 

  

			
		
	By:	 	 
		 	Name:

  

			
	Stockholder’s Address for Notice:
	
	 
	
	 
	
	 
		
	SHARES:	 	 

  
 [Signature Page
to Voting Agreement]Exhibit 10.1

 

BILL OF SALE, ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

TIGRENT INC.

 

as the Assignor

 

and

 

LEGACY EDUCATION ALLIANCE, INC.,

 

as the Assignee

 

	 	 	 Dated:As of September 8, 2014

 

BILL OF SALE AND ASSIGNMENT:

TIGRENT INC., a
Colorado corporation (the "Assignor"), for good and valuable consideration the receipt and sufficiency of which
is hereby acknowledged, subject to the terms and provisions of this Bill of Sale, Assignment and Assumption Agreement (this “instrument”)
does hereby and with immediate effect grant, assign, sell, convey, transfer and deliver (“Transfer”), unto Legacy
Education Alliance, Inc., a Colorado corporation, and its successors and assigns (the "Assignee") all of Assignor's
right, title and interest in and to all of its assets, properties and rights of the Assignor of every type, character and description,
whether real or personal, tangible or intangible, wherever situated in which the Assignor has any right, title or interest on and
as of the date hereof, including without limitation all cash funds of the Assignor and all rights to receive cash funds after the
date hereof OTHER THAN the assets and rights that are listed on Schedule I, attached hereto (collectively, the “Excluded
Assets”);

TO HAVE AND TO
HOLD the same unto the Assignee, its successors and assigns, to and for its use forever. The assets, properties, and rights of
the Assignor being Transferred to the Assignee hereunder are hereinafter referred to as the "Transferred Assets." 

AND, for the consideration
aforesaid, the Assignor hereby constitutes and appoints the Assignee, its successors and assigns, the true and lawful attorney
or attorneys of the Assignor, with full power of substitution, in its name and stead or otherwise, to demand and receive from
time to time any and all of the Transferred Assets hereby Transferred, and to give receipts and releases for and in respect of
the same and any part thereof, and from time to time to institute and prosecute in the name of the Assignor or otherwise, but
at the expense and for the benefit of the Assignee, its successors and assigns, any and all proceedings at law, in equity or otherwise
which the Assignee, its successors and assigns, may deem proper in order to collect, assert, or enforce any claim, right or title
of any kind in and to the Transferred Assets hereby Transferred, and to defend or compromise any and all actions, suits, or proceedings
in respect of any of the Transferred Assets and to do all such acts and things in relation thereto as the Assignee, its successors
or assigns, shall deem desirable; and the Assignor hereby declares that the appointment made and the powers hereby granted are
coupled with an interest and are and shall be irrevocable by the Assignor in any manner or for any reason; 

    	 

    	 

    

 

AND, for the consideration
aforesaid, the Assignor for itself and its successors and assigns has covenanted and by this instrument does covenant with the
Assignee, its successors and assigns, that it, the Assignor, and its successors and assigns, will do, execute and deliver, or
will cause to be done, executed and delivered, all such further acts, transfers, assignments, conveyances, powers of attorney
and assurances, for the better assuring, conveying and confirming unto the Assignee, its successors, and assigns, all and singular
the entire right, title and interest in the Transferred Assets hereby Transferred as the Assignee, its successors, or assigns
or any surviving corporation in a merger in which the Assignor is a constituent corporation, shall reasonably require. Without
limiting the foregoing, the Assignor shall as promptly as possible Transfer to the Assignee all cash funds, accounts, instruments
or other assets received after the date of this instrument which relate to services rendered or the conduct of business on or
prior to the date of this Agreement or are in any way otherwise related to any of the Transferred Assets, and all cash funds shall
be transferred or paid to the account or accounts from time to time designated by the Assignee or its successor or assign.

The
Assignor agrees to execute, deliver and file such additional instruments and to take such other actions as the Assignee may reasonably
request in order to effectuate the purposes hereof.

ASSUMPTION OF LIABILITIES:

The Assignee, for
good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, subject to the terms and provisions
of this instrument does hereby and with immediate effect assume and agree to perform and discharge fully and timely, and to pay
fully and timely, in each case, subject to all defenses (in law and in equity), right to set off, credits and other discounts of
the Assignor on the date of this instrument, the following: any and all obligations, debts, and liabilities of any kind of the
Assignor, known or unknown, contingent or otherwise, accrued, accruing or becoming due prior to the date hereof. The obligations,
debts, and liabilities being assumed by the Assignee include, without limitation, obligations, debts, and liabilities owed by the
Assignor on account of, or pursuant to: promissory notes, settlement agreements, leases, joint venture agreements, customer contracts,
supply contracts, trade debt and other payables, insurance policies, permits and licenses of any kind, commitments, arrangements,
and contracts of any kind.

OTHER PROVISIONS:

This instrument
and the covenants and agreements herein contained shall inure to the benefit of the Assignee, its successors and assigns, and any
surviving corporation or other entity in a merger in which the Assignee is a constituent corporation, and shall be binding upon
the Assignor, its successors and assigns and any surviving corporation or other entity in a merger in which the Assignor is a constituent
corporation. All transfers and assumptions herein shall be deemed with effect on the date first written above.

  

This instrument
and any and all related instruments of transfer or assignment delivered hereunder, if any, shall be governed by and interpreted
in accordance with the laws of the State of New York applicable to contracts executed and wholly performed within such State.

This instrument
may be executed in any number of counterparts, each of which shall be an original, and all of which shall together constitute
one instrument.

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                                                                                                                                                                                                 -

    	 

    

IN WITNESS WHEREOF,
each of the parties to this instrument has caused this instrument to be duly executed on its behalf by its duly authorized officer
as of the date first written above.

	 	THE ASSIGNOR:
	 	 	 
	 	 TIGRENT INC.
	 	 	 
	 	By: 	/s/ Charles F. Kuehne
	 	 	Name: Charles F. Kuehne
	 	 	Title:Executive Vice President and
	 	 	Chief Financial Officer
	 	 	 
	 	THE ASSIGNEE:
	 	 	 
	 	LEGACY EDUCATION ALLIANCE, INC.
	 	 	 
	 	By:	/s/ James E. May
	 	 	Name: James E. May
	 	 	Title:Chief Financial Officer General Counsel

 

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                                                                                                                                                                                                 -

    	 

    

	ACKNOWLEDGMENT
	
         

        STATE OF FLORIDA

         

        COUNTY OF: LEE
	
         

         

        ss.:
	 	 

  

On 9/10/2014,
before me personally came CHARLES F. KUEHNE, to me known, and known to me to be the individual who executed the foregoing instrument.

	 	CONSTANCE M. SCHWARBERG

                                                                     NOTARY PUBLIC

                                                                     STATE OF FLORIDA

                                                                     COmm# EE 190175

                                                                     Expires 4/28/2016
	/s/ Constance M. Schwarberg
	 	 	Notary Public

 

[Seal]

 

	ACKNOWLEDGMENT
	
         

        STATE OF FLORIDA

         

        COUNTY OF: LEE
	
         

         

        ss.:
	 	 

 

On 9/10/2014,
before me personally came JAMES E, MAY, to me known, and known to me to be the individual who executed the foregoing
instrument. 

 

	 	CONSTANCE M. SCHWARBERG

                                                                     NOTARY PUBLIC

                                                                     STATE OF FLORIDA

                                                                     COmm# EE 190175

                                                                     Expires 4/28/2016
	/s/ Constance M. Schwarberg
	 	 	Notary Public

  

[Seal]

 

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                                                                                                                                                                                                 -

    	 

    

 

Schedule I

Excluded Assets

 

		1.	All shares of Assignee owned by Assignor.

		2.	All cash of Assignor.

		3.	All assets or rights whereby the transfer and assignment of such asset or right requires the consent,
approval or authorization of a third party, until such date that such consent, approval or authorization is obtained; provided,
that until such consent, approval or authorization is obtained, the Assignor shall license or otherwise arrange for all rights
and benefits of Assignor to such Excluded Asset to be provided to the Assignee and such license or rights in any such other arrangement
shall be a Transferred Asset under this instrument.

 

 

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