Document:

Registration Rights Agreement dated June 11, 2004

 Execution Copy 
  
 Exhibit 10.3 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of June 11, 2004, by and among Language Line Holdings, LLC, a Delaware
limited liability company (the “Company”), and the members of the Company signatory hereto or signatory to a joinder in the form attached hereto as Exhibit A (collectively, the “Investors”). Capitalized terms
used herein but not otherwise defined in this Agreement are defined in Section 9. 
  
 The parties hereto agree as follows: 
  
 1. Demand Registrations. 
  
 (a) Requests for
Registration. Subject to Sections 1(b) through (g), (i) at any time and from time to time, the holders of a majority of the Investor Registrable Securities may request registration, whether underwritten or not, under the Securities
Act of all or any portion of their respective Investor Registrable Securities (A) on Form S-1 or any similar long-form registration statement, (B) on Form S-2 or S-3 or any similar short-form registration statement, if available, or (C) on any
applicable “short form” pursuant to Rule 415 under the Securities Act, if available, and (ii) at any time and from time to time following the Initial Public Offering, (A) the holders of a majority of the Outside Preferred Investor
Registrable Securities may request registration, whether underwritten or not, under the Securities Act of all or any portion of their respective Outside Preferred Investor Registrable Securities on Form S-1 or any similar long-form registration
statement (together with the long-form registrations contemplated by clause (i)(A) above, the “Long-Form Registrations”) and (B) any holder of Preferred Investor Registrable Securities may request registration, whether underwritten
or not, under the Securities Act of all or any portion of such holder’s Preferred Investor Registrable Securities (1) on Form S-2 or S-3 or any similar short-form registration statement (together with the short-form registrations contemplated
by clause (i)(B) above, the “Short-Form Registrations”), if available, or (2) on any applicable “short form” pursuant to Rule 415 under the Securities Act (together with any shelf registration contemplated by clause (i)(C)
above, “415 Registrations”), if available. All registrations requested as described in this Section 1 are referred to herein as “Demand Registrations.” Each such request for a Demand Registration (a
“Demand Notice”) will specify the approximate number of Registrable Securities requested to be registered, the anticipated per share price range for such offering (which range may be revised from time to time by the Persons
initiating such Demand Registration by written notice to the Company to that effect), and whether the Demand Registration will be underwritten. Each request for a Demand Registration and, subject to the provisions of Section 7, each request
for inclusion in such Demand Registration also will specify the manner and disposition of the shares of Registrable Securities to be included therein. Within 10 days after receipt of any such Demand Notice, the Company will give written notice of
such request for registration to all other holders of Registrable Securities and, subject to Section 1(e), will include in such registration all Registrable Securities with respect to which the Company has received written requests for
inclusion therein within 15 days after the receipt of the Company’s notice. 
  
 (b) Long-Form Registrations. (i) The holders of a majority of the Investor Registrable Securities and (ii) the holders of a majority of the Outside Preferred Investor 

  

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Registrable Securities will each be entitled to request two Long-Form Registrations in which the Company will pay all Registration Expenses; provided
that the Company will have no obligation to grant any request for a Long-Form Registration unless the aggregate value of the Registrable Securities to be sold through such registration equals at least $3.0 million. The Company will pay all
Registration Expenses in connection with any Demand Registration initiated as a Long-Form Registration whether or not it has become effective. The Company will use commercially reasonable efforts to cause any Long-Form Registration to be declared
effective under the Securities Act as soon as practicable after filing such Long-Form Registration. A registration will not count as a permitted Long-Form Registration until it has become effective. A registration will not count as a Long-Form
Registration unless the holders that delivered the related Demand Notice are able to register and sell at least 90% of the Registrable Securities that such holders have requested to be included in such registration. 
  
 (c) Short-Form Registrations. (i) The holders of a majority of the
Investor Registrable Securities and (ii) the holders of Preferred Investor Registrable Securities will each be entitled to request an unlimited number of Short-Form Registrations in which the Company will pay all Registration Expenses;
provided that the Company will have no obligation to grant any request for a Short-Form Registration unless the aggregate value of the Registrable Securities to be sold through such registration equals at least $1.0 million. Demand
Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form. After the Company has become subject to the reporting requirements of the Securities Exchange Act, the Company will use commercially
reasonable efforts to make Short-Form Registrations on Form S-3 or any other short form available for the sale of Registrable Securities. The Company will use its commercially reasonable efforts to cause any Short-Form Registration to be declared
effective under the Securities Act as soon as practicable after filing of such Short-Form Registration. A registration will not count as a permitted Short-Form Registration until it has become effective. 
  
 (d) 415 Registrations. 
  
 (i) (A) The holders of a majority of the Investor
Registrable Securities will be entitled to request two, and (B) the holders of Preferred Investor Registrable Securities will be entitled to request three, 415 Registrations in which the Company will pay all Registration Expenses; provided
that the Company will have no obligation to grant any request for a 415 Registration unless such registration is on Form S-2 or S-3 or any similar short-form; and provided, further, that the Company will have no obligation to grant any
request for a 415 Registration unless the aggregate value of the Registrable Securities to be sold through such registration equals at least $1.0 million; and provided, further, that the holders of Outside Preferred Registrable
Securities (in the aggregate) will not be entitled to request more than two such 415 Registrations. Subject to the availability of required financial information, within 45 days after the Company receives written notice of a request for a 415
Registration, the Company will file with the Securities and Exchange Commission a registration statement under the Securities Act for the 415 Registration. The Company will use its commercially reasonable efforts to cause the 415 Registration to be
declared effective under the Securities Act as soon as practicable after filing and, once effective, the Company will (subject to the provisions of Section 1(d)(ii)) cause such 415 Registration to remain effective for such time period as is
specified in such request, but for no time period longer than the period ending on the earlier of 

  

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(A) the second anniversary of the date of filing of the 415 Registration, (B) the date on which all Registrable Securities covered by such 415 Registration
have been sold pursuant to the 415 Registration and (C) the date as of which there are no shares covered by such 415 Registration that are Registrable Securities. 
  
 (ii) If the holders of a majority of the Investor Registrable Securities notify the Company in writing that
they intend to effect the sale of all or substantially all of the Investor Registrable Securities held by such holders pursuant to a single integrated offering pursuant to a then effective registration statement for a 415 Registration (a
“Takedown”), then so long as the aggregate value of the Investor Registrable Securities to be sold through such Takedown equals at least $1.0 million, the Company and each holder of Registrable Securities will not effect any public
sale or distribution of its Equity Securities during the 90-day period beginning on the date such notice of a Takedown is received, except pursuant to such Takedown. Notwithstanding anything contained herein to the contrary, all holders of
Registrable Securities and holders of other Common Stock who have a contractual right to participate in such Takedown may participate in such Takedown, pro rata based on the number of Registrable Securities and shares of such other Common
Stock requested by such holders to be included in such Takedown. 
  
 (e) Priority on Demand Registrations. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and other shares of
Common Stock requested to be included in such offering pursuant to contractual registration rights exceeds the number of Registrable Securities and shares of such other Common Stock, if any, which can be sold in such offering without adversely
affecting the Company or the marketability of the offering, the Company will include in such registration (i) first, the number of Company Registrable Securities (if any) that holders of a majority of the Investor Registrable Securities held
by the Person(s) that delivered the related Demand Notice have requested to be included in such offering pursuant to Section 4(c), and (ii) second, the number of Registrable Securities or shares of such other Common Stock requested to
be included in such registration by the holders of such Registrable Securities or shares of such other Common Stock under this Agreement or pursuant to any other agreement with the Company, pro rata among the respective holders thereof on the
basis of the number of Registrable Securities or shares of such other Common Stock owned by each such holder, in each case, up to the aggregate number of shares of Common Stock which in the opinion of such managing underwriters can be sold without
adversely affecting the Company or the marketability of such offering. 
  
 (f) Restrictions on Demand Registrations. 
  
 (i) Notwithstanding any other provision of this Agreement, the Company will not be obligated to effect any Demand Registration within 180 days after the effective date of a previous Demand Registration or a previous
registration in which the holders of Registrable Securities were given piggyback rights to have such holder’s Registrable Securities included pursuant to Section 2, whether or not Section 1(e), Section 2(c) or Section
2(d) applied to such offering. 
  

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 (ii) If the Company’s board of directors in good faith determines that the filing or
effectiveness of a registration statement in connection with any requested Demand Registration would be reasonably likely to materially and adversely affect any material contemplated acquisition, divestiture, registered primary offering or other
action as to which the Company or any of its Subsidiaries has then taken substantial steps, or would require disclosure of facts or circumstances which disclosure would be reasonably likely to materially and adversely affect any material
contemplated acquisition, divestiture, registered primary offering or other action as to which the Company or any of its Subsidiaries has then taken substantial steps, then the Company may delay such registration for a period of up to 120 days so
long as the Company is still pursuing the action that allowed such delay (it being agreed that the Company may not delay requested registrations pursuant to this Section 1(f)(ii) more than once during any period of 360 consecutive days). If
the Company postpones the filing or effectiveness of a registration statement pursuant to this Section 1(f)(ii), it will promptly notify in writing the holders of Registrable Securities requesting such registration when the events or
circumstances permitting such postponement have ended. 
  
 (g)
Selection of Underwriters. (i) In the case of a Demand Notice delivered by the holders of a majority of the Investor Registrable Securities, the holders of a majority of the Investor Registrable Securities held by the holders that delivered
such Demand Notice shall, (ii) in the case of a Demand Notice delivered by the holders of a majority of the Outside Preferred Investor Registrable Securities pursuant to Section 1(a)(ii)(A), the holders of a majority of the Outside Preferred
Investor Registrable Securities held by the holders that delivered such Demand Notice shall, and (iii) in the case of a Demand Registration delivered by any holder of Preferred Investor Registrable Securities pursuant to Section 1(a)(ii)(B),
such holder, shall have the right to select the investment banker(s) and manager(s) to administer the offering in the related Demand Registration, in each case, subject to the Company’s approval which will not be unreasonably withheld or
delayed. 
  
 2. Piggyback Registrations. 
  
 (a) Right to Piggyback. Whenever the Company proposes to register any
of its Common Stock under the Securities Act (other than pursuant to a Demand Registration) and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback Registration”), the Company
will give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and will include in such registration all Registrable Securities with respect to which the Company has received written requests
for inclusion in such registration within 20 days after the receipt of the Company’s notice. 
  
 (b) Piggyback Expenses. The Registration Expenses of the Company and of the holders of Registrable Securities will be paid by the Company in all
Piggyback Registrations. 
  
 (c) Priority on Primary
Registrations. If a Piggyback Registration is in part an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of shares of Common Stock requested
to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering, the Company will include 

  

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in such registration (i) first, the number of shares of Common Stock the Company proposes to sell in such registration; and (ii) second, the
number of Registrable Securities and other shares of Common Stock requested to be included in such registration pursuant to contractual obligations of the Company, pro rata among the respective holders of such Registrable Securities or such
other Common Stock on the basis of the number of Registrable Securities or shares of such other Common Stock owned by each such holder, in each case, up to the aggregate number of shares of Common Stock which in the opinion of such managing
underwriters can be sold without adversely affecting the Company or the marketability of such offering. 
  
 (d) Priority on Secondary Registrations. If a Piggyback Registration is solely an underwritten secondary registration on behalf of holders of
Common Stock (other than Registrable Securities) who have the contractual right to initiate such a registration, and the managing underwriters advise the Company in writing that in their opinion the number of shares of Common Stock requested to be
included in such registration exceeds the number which can be sold in such offering without adversely affecting the Company or the marketability of the offering, the Company will include in such registration (i) first, the number of shares of
Common Stock (other than Registrable Securities) requested to be included in such offering by the holders initially requesting such registration pursuant to such contractual rights; (ii) second, the number of shares of Common Stock the
Company proposes to sell in such registration; and (iii) third, the number of Registrable Securities requested to be included in such registration, pro rata among the respective holders thereof on the basis of the number of Registrable
Securities requested by them to be included in such registration, in each case, up to the aggregate number of shares of Common Stock which in the opinion of such managing underwriters can be sold without adversely affecting the Company or the
marketability of such offering. 
  
 (e) Selection of
Underwriters. If any Piggyback Registration is an underwritten offering, the Company’s selection of investment banker(s) and manager(s) for the offering must be approved by the holders of a majority of the Registrable Securities requested
to be included in such offering. Such approval will not be unreasonably withheld or delayed. 
  
 (f) Other Registrations. If the Company has previously filed a registration statement with respect to Registrable Securities pursuant to Section 1 or pursuant to this Section 2, and if such
previous registration has not been withdrawn or abandoned, the Company will not file or cause to be effected any other registration of any of its Equity Securities or securities convertible or exchangeable into or exercisable for its Equity
Securities under the Securities Act (except on Form S-4 or Form S-8 or any successor forms), whether on its own behalf or at the request of any holder or holders of such securities, until a period of at least 180 days has elapsed from the date such
previous registration became effective. 
  
 3. Holdback
Agreements. Notwithstanding anything to the contrary contained in this Agreement, neither the Company nor any holder of Registrable Securities will effect any public sale or distribution of the Company’s Equity Securities during the seven
days prior to or during the 180-day period beginning on the effective date of the Initial Public Offering, any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration or pursuant
to registrations on Form S-8 or any successor form), unless the underwriter(s) managing such underwritten registration otherwise agree. Notwithstanding anything in this Section 3 to the contrary, no holder of Registrable 

  

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Securities shall be released by from the restrictions on public sale and distributions contained in this Section 3 unless all holders of Registrable
Securities are so released.  
  
 4. Registration
Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will, subject to the provisions of Section 7, use its commercially reasonable
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible: 
  
 (a) prepare and file with the Securities and Exchange Commission a
registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective; 
  
 (b) notify each holder of Registrable Securities included in such registration of the effectiveness of such registration
statement and prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement
effective for the earlier of (i) a period of not less than two years and (ii) the date as of which there are no longer any shares covered by such registration statements that are Registrable Securities, in each case in order to comply with the
provisions of the Securities Act with respect to the disposition of all shares of Common Stock covered by such registration statement; 
  
 (c) in the case of a Demand Registration that is the Initial Public Offering only, if requested by the holders of a majority of the Registrable Securities
held by the Person(s) that delivered the related Demand Notice, use its commercially reasonable efforts to cause to be included in such registration Equity Securities (“Company Registrable Securities”) to be offered in a primary
offering of Common Stock contemporaneously with or as part of such offering; 
  
 (d) furnish to each seller of Registrable Securities such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each
preliminary prospectus), exhibits, and such other documents as such seller and underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller in accordance with the procedures
described therein; 
  
 (e) use its best efforts to register or
qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller and underwriter reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to
enable such seller and underwriter to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (i) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this Section 4(e), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 
  
 (f) notify each seller of such Registrable Securities, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, of the happening 

  

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of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact
necessary to make the statements in such prospectus not misleading and, at the request of any such seller, promptly prepare and file a supplement or amendment to such prospectus and/or registration statement so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements in such prospectus not misleading; 
  
 (g) cause all such Registrable Securities to be listed on each securities
exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on the National Association of Securities Dealers (“NASD”) automated quotation system or any other securities exchange on
which any Common Stock is listed; 
  
 (h) provide a transfer agent
and registrar for all such Registrable Securities not later than the effective date of the first registration statement relating to Registrable Securities; 
  
 (i) enter into such customary agreements (including underwriting agreements in customary form) and take all such other actions as the holders of a
majority of the Registrable Securities requested to be included in such offering or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of the Registrable Securities requested to be included in such
offering (including effecting a stock split or a combination of shares); 
  
 (j) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained
by any such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information
reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement; 
  
 (k) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months beginning with the first day of the Company’s first full calendar quarter after the effective date of the
applicable registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
  
 (l) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the
use of any related prospectus or suspending the qualification of any securities included in such registration statement for sale in any jurisdiction, use its commercially reasonable efforts to obtain promptly the withdrawal of such order;

  
 (m) use its commercially reasonable efforts to cause its
management to participate fully in the sale process relating to such offering, including the preparation of the 

  

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applicable registration statement and the preparation and presentation of any “road shows,” whether domestic or international; 
  
 (n) use its commercially reasonable efforts to cause all Registrable
Securities covered by the applicable registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers of such Registrable Securities to consummate the
disposition of such Registrable Securities in accordance with the procedures set forth in such registration statement; 
  
 (o) furnish to each seller of Registrable Securities a signed counterpart addressed to such seller and the underwriters, if any, of: 
  
 (i) an opinion of counsel for the Company (in customary
form), dated the effective date of such registration statement (and, if such registration relates to an underwritten public offering, an opinion dated the date of the closing under the underwriting agreement), reasonably satisfactory in form and
substance to such seller, and 
  
 (ii) a
“comfort” letter, dated the effective date of such registration statement (and, if such registration relates to an underwritten public offering, a letter dated the date of the closing under the underwriting agreement), signed by the
independent public accountants who have certified the Company’s financial statements included in such registration statement, covering substantially the same matters with respect to such registration statement (and the prospectus included in
such registration statement) and, in the case of the accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’
letters delivered to the underwriters in underwritten public offerings of securities; 
  
 (p) notify the holders of Registrable Securities and the managing underwriter or underwriters, if any, promptly and confirm such advice in writing promptly thereafter: 
  
 (i) when the registration statement, the prospectus or any
prospectus supplement related to such registration statement or any post-effective amendment to such registration statement has been filed, and, with respect to such registration statement or any post-effective amendment to such registration
statement, when the same has become effective; 
  
 (ii) of any request by the Securities and Exchange Commission for amendments or supplements to the registration statement or the prospectus or for additional information; 
  
 (iii) of the issuance by the Securities and Exchange Commission of any stop order suspending the
effectiveness of the registration or the initiation of any proceedings by any Person for that purpose; and 
  
 (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities
for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 
  

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 (q) at least five days before filing a registration statement or prospectus and as promptly as
practicable prior to filing any amendments or supplements thereto, furnish to legal counsel representing the holders of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed; 

 
 (r) use commercially reasonable efforts to obtain the withdrawal of any
order suspending the effectiveness of a registration statement filed in connection herewith, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction,
at the earliest possible moment; 
  
 (s) cooperate with each
holder of Registrable Securities covered by the applicable registration statement and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which
certificates will not bear any restrictive legends and will be in a form eligible for deposit with the transfer agent for the Common Stock, and enable such Registrable Securities to be in such denominations and registered in such names as the
managing underwriters, if any, or holders may request at least two business days prior to any sale of Registrable Securities; 
  
 (t) make available for inspection by a representative selected by the holders of a majority of the Registrable Securities to be included in such offering,
any underwriter participating in any disposition pursuant to such registration and any attorney or accountant retained by such selling holder or underwriter (each, an “Inspector”), all financial and other records, pertinent
corporate documents and properties of the Company (the “Records”), and cause the Company’s officers, directors and employees to supply, all information reasonably requested by any such Inspector in connection with such
registration; provided that the Company will not be required to comply with this Section 4(t) if there is a reasonable likelihood, in the judgment of the Company exercised in good faith, that such delivery could result in the loss of
any evidentiary privilege related thereto; and provided further that Records which the Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential will not be disclosed by the Inspectors
(other than to any holder of Registrable Securities participating in such offering) unless (x) such Records have become generally available to the public or (y) the disclosure of such Records is necessary or appropriate (A) to comply with any law,
rule, regulation or order applicable to any such Inspector or holder of Registrable Securities, (B) in response to any subpoena or other legal process or (C) in connection with any litigation to which such Inspector or any holder of Registrable
Securities is a party (provided that Company is provided with reasonable notice of such proposed disclosure and a reasonable opportunity to seek a protective order or other appropriate remedy with respect to such Records); and 
  
 (u) use its commercially reasonable efforts to provide a CUSIP number for the
Registrable Securities, not later than the effective date of such registration. 
  
 Each holder of Registrable Securities who is an officer or employee of the Company agrees that if and for so long as such holder serves as an officer of the Company or is employed by the Company, such holder will
participate fully in the sale process relating to such offering, including the preparation of the related registration statement and the preparation and presentation of any related road shows. Any holder of Registrable Securities requested to be
included in such offering may withdraw any or all of such Registrable Securities from such 

  

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offering by written notice to the Company to that effect (whereupon such withdrawn Registrable Securities will no longer be considered to have been requested
to be included in such offering), and no such withdrawal will adversely affect the rights of any holder of Registrable Securities requested to be included in such offering. 
  
 5. Registration Expenses. 
  
 (a) All expenses incidental to the Company’s performance of or compliance with this Agreement, including all registration and filing fees, fees and
expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company and all independent certified public
accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), will be borne by the Company, and the Company will pay its
internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for
listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or on the NASD automated quotation system. 
  
 (b) In connection with each Demand Registration and each Piggyback Registration, the Company will reimburse the holders of
Registrable Securities included in such registration for the reasonable fees and disbursements of one law firm chosen by the holders of a majority of the Registrable Securities requested to be included in such registration. 
  
 6. Indemnification. 
  
 (a) The Company agrees to indemnify, to the extent permitted by law, each
holder of Registrable Securities, such holder’s officers and directors and each Person who controls such holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses caused by any untrue or
alleged untrue statement of material fact contained in any registration statement, prospectus or preliminary prospectus or any amendment of such registration statement or supplement to such registration statement or any omission or alleged omission
of a material fact required to be stated in such registration statement or necessary to make the statements in such registration statement not misleading, except insofar as the same are caused by or contained in any information furnished in writing
to the Company by such holder expressly for use in such registration statement or by such holder’s failure to deliver to the purchaser a copy of the related registration statement or prospectus or any amendments or supplements to such
registration statement after the Company has furnished such holder with copies of the same, in each case to the extent that such document was required to be delivered and the damages, liabilities or expenses are caused by a failure to deliver such
document. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as
provided above with respect to the indemnification of the holders of Registrable Securities. 
  

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 (b) In connection with any registration in which a holder of Registrable Securities is participating,
each such holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any related registration statement or prospectus and, to the extent permitted by law, will
indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement
of material fact contained in any such registration statement, prospectus or preliminary prospectus or any amendment of such registration statement or supplement to such registration statement or any omission or alleged omission of a material fact
required to be stated in such registration statement or necessary to make the statements in such registration statement not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so
furnished in writing by such holder or on such holder’s behalf, in such holder’s capacity as a holder of Registrable Securities and not in such holder’s capacity as a director or officer of the Company, if applicable, expressly for
use therein; provided that the obligation to indemnify will be individual, not joint and several, for each holder and will be limited to the net amount of proceeds received by such holder from the sale of Registrable Securities pursuant to
the registration statement, prospectus or amendment upon which the claim for indemnification is based. 
  
 (c) Any Person entitled to indemnification under this Section 6 will (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice will not impair any Person’s right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii)
unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be
unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one law firm for all parties indemnified by such indemnifying party
with respect to such claim, unless in the reasonable judgment of any such indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 
  
 (d) The indemnification provided for under this Agreement will remain in full
force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities and the termination of this
Agreement. No indemnifying party, in the defense of any such claim or litigation, will, except with the consent of any indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term
of such settlement a requirement that the claimant or plaintiff give to such indemnified party a release from all liability in respect to such claim or litigation. 
  
 (e) 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, claims, damages or liabilities referred to in this Agreement, each indemnifying party, in lieu of 

  

 11 

 
indemnifying such indemnified party thereunder, will, to the extent permitted by applicable law, contribute to the amount paid or payable by such indemnified
party as a result of such loss, claim, damage or liability 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 omissions or
violations (or alleged omissions or violations) which resulted in such loss, claim, damage or liability. The relative fault of the indemnifying party and of the indemnified party will be determined by a court of law by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the 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 in no event will any contribution by a holder hereunder exceed the net proceeds from the offering received by
such holder less any amounts paid pursuant to Section 6(b). The Company and each holder of Registrable Securities agrees that it would not be just and equitable if contribution pursuant to this Section 6(e) were determined by any
method of allocation which does not take into account the equitable considerations referred to in this Section 6(e). No Person guilty of fraudulent misrepresentation (within the meaning of subsection 11(f) of the Securities Act) will be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
  
 7. Participation in Underwritten Registrations. No Person may participate in any registration pursuant to this Agreement which is underwritten
unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements reasonably approved by the Person or Persons entitled pursuant to this Agreement to approve such arrangements, and (b)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents that are standard and customary and are required under the terms of such underwriting arrangements. 
  
 8. Rule 144; Rule 144A. 
  
 (a) If the Company files a registration statement pursuant to Section 12 of
the Securities Exchange Act or a registration statement pursuant to the Securities Act, the Company will file the reports required to be filed by it under the Securities Act and the Securities Exchange Act with respect to Common Stock and the rules
and regulations adopted by the Securities and Exchange Commission thereunder and will use its commercially reasonable efforts to take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144 or (b) any similar rule or regulation hereafter adopted by the
Securities and Exchange Commission. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such requirements. 
  
 (b) The Company represents and warrants that the Registrable Securities are
not, and are not of the same class as any other securities, listed on a national securities exchange registered under Section 6 of the Securities Exchange Act or quoted in an automated inter-dealer quotation system. For so long as the
representations and warranties contained in the immediately preceding sentence remain accurate and any shares of Registrable Securities are restricted 

  

 12 

 
securities within the meaning of Rule 144(a)(3) under the Securities Act, the Company covenants and agrees that it will, during any period in which it is not
subject to Section 13 or 15(d) of the Securities Exchange Act, make available to any holder of Registrable Securities in connection with the sale of such holder’s Registrable Securities and any prospective purchaser of Registrable Securities
from such, in each case upon request, the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act. 
  
 9. Definitions. 
  
 “415 Registration” has the meaning set forth in Section 1(a). 
  
 “Affiliate” means, as to any Person, any other Person which directly or indirectly controls, or is under
common control with, or is controlled by, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) shall mean possession, directly or
indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 
  
 “Agreement” has the meaning set forth in the first paragraph
of this Agreement. 
  
 “AMP” means ABRY Mezzanine
Partners, L.P., a Delaware limited partnership, and its Affiliates. 
  
 “Class A Common Units,” “Class B Common Units,” “Class C Common Units” and “Class D Common Units” have the meanings set forth in the Operating Agreement, provided
that such terms shall include any Equity Securities issued or issuable with respect to any Class A Common Units, Class B Common Units, Class C Common Units and Class D Common Units by way of a distribution, unit dividend, unit split, conversion or
in connection with a combination of units, recapitalization, merger, consolidation or other reorganization. 
  
 “Common Stock” means the Common Stock of the Successor Corporation formed pursuant to Section 7 of the Members Agreement. 
  
 “Common Units” means Class A Common Units, Class B Common
Units, Class C Common Units and Class D Common Units. 
  
 “Company” has the meaning set forth in the first paragraph of this Agreement, which meaning will include any Successor Corporation. 
  
 “Company Registrable Securities” has the meaning set forth in Section 4(c). 
  
 “Continuing Holder” means (i) New York Life, at any time
when New York Life, together with its Affiliates, holds either (A) Class A Common Units that constitute a majority of the Class A Common Units, or Class D Common Units that constitute a majority of the Class D Common Units, acquired by New York Life
on the date of this Agreement, (B) Registrable Securities that constitute a majority of the Common Stock issued pursuant to Section 7 of the Members Agreement in respect of the Class A Common Units acquired by New York Life on the date of this
Agreement or (C) Registrable Securities that constitute a majority of the Common 

  

 13 

 
Stock issued pursuant to Section 7 of the Members Agreement in respect of the Class D Common Units acquired by New York Life on the date of this Agreement or
(ii) Merrill, at any time when Merrill, together with its affiliates, holds either (A) Class A Common Units that constitute a majority of the Class A Common Units, or Class D Common Units that constitute a majority of the Class D Common Units,
acquired by Merrill on the date of this Agreement, (B) Registrable Securities that constitute a majority of the Common Stock issued pursuant to Section 7 of the Members Agreement in respect of the Class A Common Units acquired by Merrill on the date
of this Agreement or (C) Registrable Securities that constitute a majority of the Common Stock issued pursuant to Section 7 of the Members Agreement in respect of the Class D Common Units acquired by Merrill on the date of this Agreement.

  
 “Demand Registrations” has the meaning set
forth in Section 1(a). 
  
 “Equity
Securities” of any Person means (i) any capital stock, partnership, membership, joint venture or other ownership or equity interest, participation or securities in or of such Person (whether voting or non-voting, whether preferred, common
or otherwise, and including any stock appreciation, contingent interest or similar right) and (ii) any option, warrant, security or other right (including debt securities) directly or indirectly convertible into or exercisable or exchangeable for,
or otherwise to acquire directly or indirectly, any stock, interest, participation or security described in clause (i) above. 
  
 “Initial Public Offering” means the sale of shares of Common Stock in an underwritten initial public offering registered under the
Securities Act (other than on Form S-8 or Form S-4 or any comparable forms) that has been filed under the Securities Act and declared effective by the Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the
Securities Act, other than a sale of Common Stock issued together with preferred stock or indebtedness of the Company or any of its Subsidiaries. 
  
 “Inspector” has the meaning set forth in Section 4(t). 
  
 “Investor Registrable Securities” means irrespective of which Person actually holds such securities, (i)
any shares of Common Stock acquired by an Investor on or after the date of this Agreement in respect of such Investor’s Class A Common Units, Class C Common Units or Class D Common Units pursuant to Section 7 of the Members Agreement, and (ii)
any shares of Common Stock issued or issuable with respect to the securities referred to in clause (i) above by way of a distribution, stock dividend, stock split, conversion or in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization; provided that no such share of Common Stock will constitute an Investor Registrable Security at any time when such share is or would be subject to repurchase by the Company at cost or the equivalent
following the cessation of employment of any individual for a reason other than cause. As to any particular Investor Registrable Securities: (x) such Investor Registrable Securities will cease to be Investor Registrable Securities for all purposes
when they have been distributed to the public pursuant to an offering registered under the Securities Act or sold to the public through a broker, dealer or market maker in compliance with Rule 144 (or any similar rule then in force) and (y) such
Investor Registrable Securities will cease to be Investor Registrable Securities for purposes of the first sentence of each of Section 1(a), Section 1(b), Section 1(c) and Section 1(d), and the holder of such Investor
Registrable Securities will have no right to demand registration of all or 

  

 14 

 
any portion of such Investor Registrable Securities pursuant to any such first sentence (A) on the date when the holder of such Investor Registrable
Securities is able to sell all such securities in any three-month period without registration pursuant to Rule 144 (or when such holder would otherwise be able to sell all such securities as of such date without registration pursuant to Rule 144 but
for such holder being or having the right to designate a director of the Company or being part of a “group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act) with a Person who is such a director or who has such a
right); provided that any security that ceases to be an Investor Registrable Security by operation of this clause (y)(A) will again be deemed to be an Investor Registrable Security if a subsequent decrease in trading volume results in the
holder thereof not being able to sell such securities during such period without registration pursuant to Rule 144, or (B) on the date when the holder of such Investor Registrable Securities is able to sell all such securities without registration
pursuant to Rule 144(k) under the Securities Act (or when such holder would otherwise be able to sell all such securities as of such date without registration pursuant to Rule 144(k) under the Securities Act but for such holder being or having the
right to designate a director of the Company or being part of a “group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act) with a Person who is such a director or who has such a right). For purposes of this
Agreement, a Person will be deemed to be a holder of Investor Registrable Securities whenever such Person has the right to acquire such Investor Registrable Securities (upon conversion or exercise or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 
  
 “Investors” has the meaning set forth in the first paragraph of this Agreement. 
  
 “Long-Form Registrations” has the meaning set forth in
Section 1(a). 
  
 “Members Agreement”
means the Members Agreement, dated as of the date of this Agreement, by and among the Company and its members, as in effect from time to time. 
  
 “Merrill” means Merrill Lynch Capital Corporation. 
  
 “NASD” has the meaning set forth in Section 4(g). 
  
 “New York Life” means New York Life Capital Partners II,
L.P. 
  
 “Operating Agreement” means the
Company’s Amended and Restated Limited Liability Company Operating Agreement, dated as of the date hereof, by and among the Company and its members, as in effect from time to time. 
  
 “Outside Preferred Investor Registrable Securities” means the Preferred Investor Registrable Securities
other than any Preferred Investor Registrable Securities owned by AMP or any of its Affiliates. 
  
 “Person” means an individual, a partnership, a joint venture, a corporation, a trust, a limited liability company, an unincorporated
organization or a government or any department or agency thereof. 
  
 “Piggyback Registration” has the meaning set forth in Section 2(a). 
  

 15 

 “Preferred Investor” means AMP, New York Life, Merrill, or any of their respective
Affiliates (other than ABRY Partners IV, L.P.). 
  
 “Preferred Investor Registrable Securities” means irrespective of which Person actually holds such securities, (i) any shares of Common Stock acquired by an Investor on or after the date of this Agreement pursuant to
Section 7 of the Members Agreement in respect of Class A Common Units or Class D Common Units issued to a Preferred Investor on the date hereof, and (ii) any shares of Common Stock issued or issuable with respect to the securities referred to in
clause (i) above by way of a distribution, stock dividend, stock split, conversion or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular Preferred Investor Registrable
Securities: (x) such Preferred Investor Registrable Securities will cease to be Preferred Investor Registrable Securities for all purposes when they have been distributed to the public pursuant to an offering registered under the Securities Act or
sold to the public through a broker, dealer or market maker in compliance with Rule 144 (or any similar rule then in force), and (y) such Preferred Investor Registrable Securities will cease to be Preferred Investor Registrable Securities for
purposes of the first sentence of each of Section 1(a), Section 1(b), Section 1(c) and Section 1(d) and the holder of such Preferred Investor Registrable Securities will have no right to demand any registration of all or
any portion of such Preferred Investor Registrable Securities pursuant to any such first sentence, (A) on the date when the holder of such Registrable Securities is able to sell all such securities in any three-month period without registration
pursuant to Rule 144 (or when such holder would otherwise be able to sell all such securities as of such date without registration pursuant to Rule 144 but for such holder being or having the right to designate a director of the Company or being
part of a “group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act) with a Person who is such a director or who has such a right); provided that any security that ceases to be a Preferred Investor Registrable
Security by operation of this clause (y)(A) will again be deemed to be a Preferred Investor Registrable Security if a subsequent decrease in trading volume results in the holder thereof not being able to sell such securities during such period
without registration pursuant to Rule 144, or (B) on the date when the holder of such Preferred Investor Registrable Securities is able to sell all such securities without registration pursuant to Rule 144(k) under the Securities Act (or when such
holder would otherwise be able to sell all such securities as of such date without registration pursuant to Rule 144(k) under the Securities Act but for such holder being or having the right to designate a director of the Company or being part of a
“group” (as such term is used in Section 13(d)(3) of the Securities Exchange Act) with a Person who is such a director or who has such a right). For purposes of this Agreement, a Person will be deemed to be a holder of Preferred Investor
Registrable Securities whenever such Person has the right to acquire such Preferred Investor Registrable Securities (upon conversion or exercise or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether
or not such acquisition has actually been effected. 
  
 “Records” has the meaning set forth in Section 4(t). 
  
 “Registrable Securities” means, collectively, the Investor Registrable Securities and the Preferred Investor Registrable Securities. 
  
 “Registration Expenses” has the meaning set forth in Section 5(a). 
  

 16 

 “Rule 144” means Rule 144 promulgated under the Securities Act, as in effect from time
to time. 
  
 “Securities Act” means the
Securities Act of 1933, as amended and in effect from time to time. 
  
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time. 
  
 “Short-Form Registrations” has the meaning set forth in Section 1(a). 
  
 “Subsidiaries” means, with respect to any Person:

  
 (a) any corporation a majority of the total voting power of
shares of stock of which is entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
of the other Subsidiaries of that Person or a combination thereof; or 
  
 (b) any partnership, limited liability company, association or other business entity a majority of the partnership or other similar ownership interest of which is at the time owned or controlled, directly or indirectly, by that Person or
one or more Subsidiaries of that Person or a combination thereof. 
  
 For purposes of this definition, a Person is deemed to have a majority ownership interest in a partnership, limited liability company, association or other business entity if such Person is allocated a majority of the gains or losses of
such partnership, limited liability company, association or other business entity or is or controls the managing director, managing member or general partner of such partnership, limited liability company, association or other business entity.

  
 “Successor Corporation” has the meaning set
forth in Section 7 of the Members Agreement. 
  
 “Takedown” has the meaning set forth in Section 1(d)(ii). 
  
 10. Miscellaneous. 
  
 (a)
No Inconsistent Agreements. The Company will not after the execution of this Agreement enter into any agreement with respect to its Equity Securities which is inconsistent with or violates the rights granted to the holders of Registrable
Securities in this Agreement. 
  
 (b) Adjustments Affecting
Registrable Securities. The Company will not take any action, or permit any change to occur, with respect to its Equity Securities which would materially and adversely affect the ability of the holders of Registrable Securities to include such
Registrable Securities in a registration undertaken pursuant to this Agreement or which would 

  

 17 

 
materially and adversely affect the marketability of such Registrable Securities in any such registration (including effecting a stock split or a combination
of shares). 
  
 (c) Remedies. Any Person having rights
under any provision of this Agreement will be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree
and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond
or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. 
  
 (d) Amendments and Waivers. Except as otherwise provided in this Agreement, the provisions of this Agreement may be amended or waived only upon the
prior written consent of the Company and holders of a majority of the Registrable Securities; provided that no such amendment or waiver will adversely affect the rights hereunder of any party hereto when compared with its effect on the other
similarly-situated parties to this Agreement without the prior written approval of a majority-in-interest of such adversely affected parties; provided, further, that no such amendment or waiver shall (i) increase the liability of the
holders of Preferred Investor Registrable Securities or Outside Preferred Investor Registrable Securities or (ii) modify (A) Section 2, Section 3, Section 4 or Section 6 hereof or (B) the terms of this Agreement with
respect to any Demand Registrations that may be initiated by the holders of Preferred Investor Registrable Securities or Outside Preferred Investor Registrable Securities (including the right to initiate any such registration), in the case of each
of clauses (ii)(A) and (ii)(B) above, in a manner adverse to such holders without the prior written consent of the holders of a majority of the Outside Preferred Investor Registrable Securities affected thereby (provided that such consenting
holders include at least one Continuing Holder, if either Merrill or New York Life is then a Continuing Holder). 
  
 (e) Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties to this Agreement will bind and
inure to the benefit of the respective successors and assigns of the parties to this Agreement whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit
of purchasers or holders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent holder of such Registrable Securities; provided that neither (a) the rights of New York Life (or any of its Affiliates), in its
capacity as a Continuing Holder, pursuant to Section 10(d) may be assigned (other than to an Affiliate of New York Life), nor (b) the rights of Merrill (or any of its Affiliates), in its capacity as a Continuing Holder, pursuant to Section 10(d) may
be assigned (other than to an Affiliate of Merrill), in each case, without both the prior written consent of the Company and the approval of the Board. 
  
 (f) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this
Agreement. 
  

 18 

 (g) Counterparts. This Agreement may be executed in two or more counterparts, any one of which
need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same agreement. 
  
 (h) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement will include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs
will include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms of such agreement, document or
instrument, and if applicable, of this Agreement. The use of the words “include” or “including” in this Agreement will be by way of example rather than by limitation. The use of the words “or,” “either” or
“any” will not be exclusive. The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be
construed as if drafted jointly by the parties to this Agreement, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. The parties agree that prior
drafts of this Agreement will be deemed not to provide any evidence as to the meaning of any provision of this Agreement or the intent of the parties hereto with respect to this Agreement. 
  
 (i) GOVERNING LAW. ALL ISSUES AND QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND ANY EXHIBITS AND SCHEDULES TO THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE
OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
  
 (j) Notices. All communications or notices required or permitted by
this Agreement will be in writing and will be deemed to have been given (a) on the date of personal delivery to the recipient or an officer of the recipient, or (b) when sent by facsimile machine to the number shown below on the date of such
confirmed facsimile transmission (provided that a confirming copy is sent via overnight mail), or (c) when properly deposited for delivery by a nationally recognized commercial overnight delivery service, prepaid, or three business days after
deposit in the United States mail, certified or registered mail, postage prepaid, return receipt requested in each case, addressed as follows: 
  
 If to the Company, to: 
  
 Language Line Holdings, LLC 
 c/o ABRY
Partners, LLC 
 111 Huntington Avenue, 30th Floor 
 Boston, MA 02199 

			
	   Attention:
   Facsimile:
	  	 Peggy Koenig
 (617) 859-2959

  

 19 

 with copies (which will not constitute notice to the Company), to: 
  
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 E. 53rd Street

 New York, NY 10022 

			
	   Attention:
   Facsimile:
	  	 John Kuehn, Esq.
 (212) 446-4900

  
 if to any
Investor: 
  
 to the address specified for 
 such Investor in the books 
 and records of
the Company 
  
 or to such other address or to the attention of such other person
as the recipient party has specified by prior written notice to the sending party. 
  
 (k) Waiver of Jury Trial. Each party to this Agreement hereby waives, to the fullest extent permitted by law, any right to trial by jury of any claim, demand, action, or cause of action (i) arising under this
Agreement or (ii) in any way connected with or related or incidental to the dealings of the parties hereto in respect of this Agreement or any of the transactions related hereto, in each case whether now existing or hereafter arising, and whether in
contract, tort, equity, or otherwise. Each party to this Agreement hereby agrees and consents that any such claim, demand, action, or cause of action will be decided by court trial without a jury and that the parties to this Agreement may file an
original counterpart or a copy of this Agreement with any court as written evidence of the consent of the parties hereto to the waiver of their right to trial by jury. 
  
 (l) SUBMISSION TO JURISDICTION. ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT
SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND EACH PARTY TO THIS AGREEMENT HEREBY SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE
PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS. IN ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING, EACH PARTY TO THIS AGREEMENT WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND AGREES THAT SERVICE THEREOF MAY BE MADE BY
CERTIFIED OR REGISTERED MAIL DIRECTED TO IT AT ITS ADDRESS SET FORTH IN THE BOOKS AND RECORDS OF THE COMPANY. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OR ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUCH CUIT, LEGAL ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  

 20 

 (m) Transfer. Prior to transferring any shares of Common Stock (other than in a transfer pursuant
to which such shares of Common Stock cease to be Registrable Securities) to any Person, the Person transferring such shares will cause the prospective transferee to execute and deliver to the Company (for itself and as the agent of the other
Investors), a counterpart to this Agreement pursuant to which the prospective transferee agrees to be bound by this Agreement to the same extent as the Person transferring such shares of Common Stock with respect to the shares of Common Stock so
transferred. Any purported transfer of Registrable Securities that is not effected in accordance with the preceding sentence will be null and void and will not be binding upon the Company or any Investor or create any right in favor of the purported
transferee. 
  
 (n) Entire Agreement. Except as otherwise
expressly set forth in this Agreement, this Agreement and the other agreements referred to in this Agreement embody the complete agreement and understanding among the parties to this Agreement with respect to the subject matter of this Agreement and
supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter of this Agreement in any way. 
  

 21 

 IN WITNESS WHEREOF, the parties hereto have executed this Registration Rights Agreement as of the date
first above written. 
  

			
	 LANGUAGE LINE HOLDINGS, LLC

		
	 By:
	 	 /s/    C. J. Brucato, III

	 	 	 Name: C. J. Brucato, III

	 	 	 Title: President

	
	 INVESTORS:

	
	 ABRY PARTNERS IV, L.P.

		
	 By:
	 	 ABRY Capital Partners, L.P., its general
 partner

		
	 By:
	 	 ABRY Capital Partners, L.L.C., its general
 partner

		
	 By:
	 	 /s/    Peggy Koenig

	 	 	 Name: Peggy Koenig

	 	 	 Title:

	
	 ABRY MEZZANINE PARTNERS, L.P.

		
	 By:
	 	 ABRY MEZZANINE INVESTORS, L.P.,
 its general partner

		
	 By:
	 	 ABRY MEZZANINE HOLDINGS LLC,
 its general partner

		
	 By:
	 	 /s/    Peggy Koenig

	 	 	 Name: Peggy Koenig

	 	 	 Title:

	
	 ABRY INVESTMENT PARTNERSHIP, L.P.

		
	 By:
	 	 ABRY Investment GP, LLC

		
	 By:
	 	 /s/    Peggy Koenig

	 	 	 Name: Peggy Koenig

	 	 	 Title:

  

 1 

			
	 MERRILL LYNCH CAPITAL CORPORATION

		
	 By:
	 	 /s/    Jack Mann

	 	 	 Name: Jack Mann

	 	 	 Title: President

	
	 NEW YORK LIFE CAPITAL PARTNERS II, L.P.

		
	 By:
	 	 NYLCAP MANAGER LLC,
 its investment manager

		
	 By:
	 	 /s/    Kevin A. Smith

	 	 	 Name: Kevin A. Smith

	 	 	 Title: Vice President

  

			
	DENNIS G. DRACUP DECLARATION OF TRUST DATED 01.19.1999.
		
	 By:
	 	 /s/    Dennis G. Dracup, Trustee

	 	 	 Name: Dennis G. Dracup, Trustee

	
	CHRISTINE L. DRACUP DECLARATION OF TRUST DATED 01.19.1999.
		
	 By:
	 	 /s/    Christine L. Dracup, Trustee

	 	 	 Name: Christine L. Dracup, Trustee

		
	 	 	 /s/    Matthew Gibbs

	 	 	 MATTHEW GIBBS

		
	 	 	 /s/    James Moore

	 	 	 JAMES MOORE

		
	 	 	 /s/    Jeanne Anderson

	 	 	 JEANNE ANDERSON

		
	 	 	 /s/    Dennis Bailey

	 	 	 DENNIS BAILEY

		
	 	 	 /s/    Phil Speciale

	 	 	 PHIL SPECIALE

		
	 	 	 /s/    Yung-Chung Heh

	 	 	 YUNG-CHUNG HEH

  

 1 

 Exhibit A 
  

JOINDER TO THE 
 REGISTRATION
RIGHTS AGREEMENT 
  
 THIS JOINDER (this
“Joinder”) is made and entered into as of [                    ], by and between Language Line Holdings, LLC, a
Delaware limited liability company (the “Company”), and [                    ] (“Holder”). This
Joinder joins Holder to the Registration Rights Agreement (the “Agreement”), dated as of June [        ], 2004, by and among the Company and each of the Investors (as defined in
the Agreement). Capitalized terms used in this Joinder but not otherwise defined will have the meanings set forth in the Agreement. 
  
 WHEREAS, (i) Holder has acquired certain shares of Common Stock (or Equity Securities convertible, directly or indirectly, into shares of Common Stock),
(ii) the Company desires to grant to Holder certain registration rights in accordance with the terms of the Agreement and each of the Investors consents to the granting of such registration rights, and (iii) it is a condition to the transfer or
issuance to the Holder that Holder agrees to be bound by the terms of the Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Joinder and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Joinder
hereby agree as follows: 
  
 1. Agreement to be Bound.
Holder agrees that upon execution of this Joinder, Holder will become a party to the Agreement and will be fully bound by, and subject to all of the covenants, terms and conditions of the Agreement as though an original party to the Agreement and
the shares of Common Stock held by Holder will be deemed [Investor/Preferred Investor/Outside Preferred Investor] Registrable Securities for all purposes of the Agreement, subject to the terms and conditions contained in the Agreement. The
Company and each of the Investors agree that upon execution of this Agreement, the Common Stock held by Holder will be deemed [Investor/Preferred Investor/Outside Preferred] Registrable Securities for all purposes of the Agreement, subject to
the terms and conditions of the Agreement. 
  
 2. Successors
and Assigns. Except as otherwise provided in this Joinder, this Joinder will bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and Holder and any subsequent holders of the shares of Common Stock
initially held by Holder and the respective successors and assigns of each of them, so long as they hold such shares. 
  
 3. Counterparts. This Joinder may be executed in separate counterparts each of which will be an original and all of which taken together will
constitute one and the same agreement. 
  
 4. Governing
Law. All questions concerning the construction, validity and interpretation of this Joinder will be governed by and construed in accordance with the domestic 

  

 1 

 
laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. 
  
 5. Descriptive Headings. The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of this Joinder.

  

 IN WITNESS WHEREOF, the parties to this Joinder have executed this Joinder as of the date first above
written. 
  

			
	LANGUAGE LINE HOLDINGS, LLC
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 Holder Signature Page: 
  

			
	 Name:

		
	 By:
	 	

	 	 	 Name:

	 	 	 Title:

			
		
	 Address:
	 	 
		
	 Facsimile:Executive Employment Agreement dated June 11, 2004...Matthew Gibbs

 Execution Copy 
  
 Exhibit 10.5 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made as of June 11, 2004 (the “Effective Date”) by and between
Language Line, Inc., a Delaware corporation (the “Company”), and Matthew Gibbs (“Executive”). 
  
 WHEREAS, the Company has offered and Executive has accepted a position of employment with the Company as the Company’s vice president and chief
financial officer. 
  
 NOW THEREFORE, in consideration of the
mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 Section 1. Employment. The Company will employ Executive, and Executive accepts employment with the Company, upon the
terms and conditions set forth in this Agreement, for the period beginning on the date of this Agreement and ending at the close of business on the Business Day prior to the fifth anniversary of the Effective Date, unless sooner terminated as
provided in Section 5 hereof or extended as provided herein (the “Employment Period”), provided that, unless it is or has been otherwise terminated in accordance with Section 5, the Employment Period will be
automatically extended for additional an one-year period commencing on such fifth anniversary and on each anniversary of the Effective Date thereafter, unless either party gives written notice at least 30 days prior to the then-scheduled expiration
date that such party is electing not to have the expiration date so extended. 
  
 Section 2. Position and Duties. During the Employment Period, Executive will serve as the vice president and chief financial officer of Holdings and each of its Subsidiaries, will have overall responsibility
for oversight of all financial accounting issues for the Company and will render such managerial, analytical, administrative, marketing, creative and other executive services to Holdings and its Subsidiaries as are from time to time necessary in
connection with the management and affairs of Holdings and its Subsidiaries, in each case subject to the authority of the Board of Managers of Holdings (the “Board”) and the president or chief executive officer of Holdings and its
Subsidiaries (the “Chief Executive Officer”). Executive will devote his best efforts and all of his business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business
and affairs of Holdings and its Subsidiaries. Anything herein to the contrary notwithstanding, nothing shall preclude Executive from (i) subject to the approval of the Board (which it will not unreasonably withhold), serving on the boards of
directors of trade associations and/or charitable organizations, (ii) engaging in charitable activities and community affairs and (iii) managing his personal investments and affairs, provided that the activities described in the preceding clauses
(i) through (iii) do not materially interfere with the performance of his duties and responsibilities hereunder. 
  

 Section 3. Salary and Benefits. 
  
 (a) Salary. During the Employment Period, the Company will pay Executive salary at a rate equal to $250,000 per
annum (as in effect from time to time, the “Salary”) as compensation for services. The Salary will be payable in regular installments in accordance with the general payroll practices of the Company and its Subsidiaries. The
Salary will increase by 5% on each anniversary of this Agreement during the Employment Period. 
  
 (b) Benefits. During the Employment Period, the Company will provide Executive with family health and dental, life, long-term Disability and directors’ and officers’ liability insurance under such
plans as the Board may establish or maintain from time to time for senior executive officers of the Company and its U.S. Subsidiaries (collectively, the “Benefits”). Executive will be entitled to 20 days of paid vacation each year.
Up to 15 days of unused vacation may be carried over to the following year (and eligible to be used in that following year only) in addition to the 20 days of paid vacation due in that year, with the 20 days allotted for such following year to be
utilized prior to the utilization of any such days that are carried over. 
  
 (c) Reimbursement of Expenses. During the Employment Period, the Company will reimburse Executive for all reasonable out-of-pocket expenses incurred by him in the course of performing his duties under this
Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of
such expenses. The Company will reimburse Executive for reasonable third party professional fees associated with the review of this Agreement and the Incentive Unit Agreement up to a total aggregate amount not to exceed $20,000. 
  
 Section 4. Bonuses. 
  
 (a) Following the end of each fiscal year during the Employment Period, in
addition to Salary, the Board will award Executive a cash bonus (the “Bonus”) of up to 50% of the amount of Salary paid during such fiscal year if the Company achieves at least 90% of the EBITDA target (the “Investment Plan
Target”) for such fiscal year as set out in Schedule 1 (the “Investment Plan”); provided however, that the Board may adjust the amount of the Investment Plan Target (subject to Executive’s approval, which will
not be unreasonably withheld) for the current or any future fiscal year if the Company or any of its Subsidiaries makes any material acquisition or disposition or other material change in the nature of scope of its business. The Bonus will be
computed in accordance with the chart set forth on Schedule 2 attached hereto. In addition, the Board, in its sole discretion, may elect to pay an extra bonus to Executive following any fiscal year to reward extraordinary performance of the
Executive and/or any other facts and circumstances that the Board, in its sole discretion, may deem relevant. Any bonus awarded under this Agreement will be payable in accordance with the general payroll practices of the Company and its U.S.
Subsidiaries, but not prior to the receipt by the Company of audited consolidated financial statements for the Company and its Subsidiaries for the applicable fiscal year. 
  
 (b) Any Bonus awarded for fiscal year 2004 will be based on the Salary received by the Executive from the date of this
Agreement to the end of the fiscal year of the 

  

 -2- 

 
Company. For fiscal year 2004 only, Executive will also receive any amount which is described as a bonus owing to the Executive and is included in the
current liabilities of Language Line Holdings, Inc. (“Holdings Inc.”) that are taken into account in computing the Closing Working Capital, as that term is defined in the Agreement and Plan of Merger Agreement dated April 14, 2004
among Holdings Inc., Language Line Acquisition Inc. and the Company. 
  
 (c) The Executive shall be eligible to participate in any incentive equity or other long term incentive programs for senior management if, and to the extent, determined by the Board or any compensation committee appointed by the Board in
its sole discretion. 
  
 Section 5. Termination.

  
 (a) The Employment Period will continue until the earlier of:
(i) the close of business on the Business Day prior to the fifth anniversary of the Effective Date, as such expiration date may be extended pursuant to Section 1; (ii) Executive’s resignation (A) for Good Reason or (B) for any other
reason or no reason (a resignation described in this clause (ii)(B) being a resignation by the Executive “Without Good Reason”), death or Disability or other incapacity (as determined by the Board in good faith); or (iii) the giving
of notice of termination by the Company or a majority of the members of the Board (A) for Cause or (B) for any other reason or for no reason (a termination described in this clause (iii)(B) being a termination by the Company “Without
Cause”). For purposes of this Agreement, “Cause” means (i) Executive’s failure (except where due to Disability, where performance of Executive’s duties is prohibited by law or would cause a violation of a code of
ethics governing professional accountants), neglect or refusal to perform his duties hereunder which failure, neglect or refusal is not corrected by Executive within 30 days following receipt by Executive of written notice from the Company of such
failure, neglect or refusal, which notice will specifically set forth the nature of said failure, neglect or refusal and the actions required to correct the same, (ii) any willful or intentional act of Executive that has the intended effect of
injuring the reputation or business of Holdings or any of its Subsidiaries or Affiliates in any material respect, (iii) any continued or repeated absence from the Company, unless such absence is (A) in compliance with Company policy or approved or
excused by the Board or (B) is the result of Executive’s permitted vacation, illness, Disability or incapacity, (iv) use of illegal drugs by Executive or repeated public drunkenness, or (v) Executive’s conviction of, or a plea of guilty or
no contest or similar plea with respect to, a felony, or an act of fraud or embezzlement. If the Company terminates Executive’s employment for Cause, the Company will give Executive written notice setting forth the nature of such Cause within
30 days after such termination. For the purposes of this Agreement, “Good Reason” means any of the following, if such event occurs without the Executive’s consent: (i) any substantial diminution in the Executive’s
authorities, duties or professional responsibilities, or assignment to Executive of any duties materially inconsistent with the Executive’s position and duties, (ii) material reduction in Salary or Bonuses or other compensation and benefits to
which Executive is entitled, (iii) a change in reporting structures so that the Executive reports to someone other than the Board, a committee of the Board or the Chief Executive Officer, (iv) at any time during the Employment Period, the removal by
the Company of the Executive as Chief Financial Officer of the Company, other than in connection with the termination of the employment of the Executive, or (v) requiring the Executive to be principally based at any office or location more than 25
miles from Monterey, California. Notice given by Executive not to extend the expiration date of the Employment Period pursuant to Section 1 shall not constitute a 

  

 -3- 

 
resignation with Good Reason or Without Good Reason, and notice given by the Company not to extend the expiration date of the Employment Period pursuant to
Section 1 shall not constitute a termination for Cause or Without Cause. 
  
 (b) In the event the Employment Period is terminated by the Company Without Cause or the Executive resigns for Good Reason, then, so long as Executive continues to comply with Sections 7 and 8 hereof,
Executive will be entitled to receive (i) severance payments in an aggregate amount equal to twelve months Salary based on the Salary in effect at the Termination Date; (ii) Benefits at the same level as they are provided from time to time to the
Company’s senior management employees, for a period equal to twelve months from the Termination Date (and, following such twelve-month period, continued medical coverage at Executive’s expense pursuant to COBRA); and (iii) all accrued and
unpaid Salary and unused vacation time through the Termination Date and all unreimbursed business expenses incurred through the Termination Date and any unpaid prior year bonuses. Any severance payments paid to Executive by the Company under clause
(a)(i) above will be paid in equal monthly installments; provided, that Executive will be required to sign a release (in substantially the form of the attached Exhibit A) of all past, present and future claims against ABRY, its
Affiliates and the Related Companies as a condition to receiving such payments and Benefits. 
  
 (c) Notwithstanding Section 5(d) below, in the event the Employment Period is terminated by the Company Without Cause in association with a Change of Control and the Executive is not offered comparable
employment with the Company, the acquiror of its principal business or an Affiliate thereof then, for so long as Executive continues to comply with Sections 7 and 8 hereof, Executive will be entitled to receive the amounts specified in
paragraphs 5(b)(i), (ii) and (iii), provided, however that the aggregate amount paid pursuant to paragraph 5(b)(i) will be reduced by the value paid in cash and/or marketable securities in respect of equity securities of
Holdings held by the Executive and/or his Permitted Transferees (as defined in the Members Agreement dated as of the date hereof by and among Holdings and its members) in connection with the Change of Control; and provided, that Executive
will be required to sign a release (in substantially the form of the attached Exhibit A) of all past, present and future claims against ABRY, its Affiliates and the Related Companies as a condition to receiving such payments and Benefits.

  
 (d) In the event the Employment Period is terminated due to
the Executive’s resignation Without Good Reason or death, Disability or other incapacity, or by the Company with Cause or in association with a Change of Control, or on the expiry of the Employment Period, then, so long as Executive continues
to comply with Sections 7 and 8 hereof, Executive (or his dependants in the case of his death) will be entitled to receive the amounts specified in Sections 5(b)(ii) and (iii) above. 
  
 (e) In the event of any termination of employment under this Agreement, the
Executive shall be under no obligation to seek other employment or to mitigate damages, and there shall be no offset against any amounts due to the Executive under this Agreement for any reason, including, without limitation, on account of any
remuneration attributable to any subsequent employment that the Executive may obtain, other than (i) in the event Executive does not comply with Section 7 or 8 or (ii) to satisfy any monetary obligation of Executive to any 

  

 -4- 

 
Related Company. Any amount due under this Agreement are in the nature of severance payments or liquidated damages, or both, and are not in the nature of a
penalty. 
  
 Section 6. Resignation as Officer or Director.
Upon the Termination Date, Executive will be deemed to have resigned from each position (if any) that he then holds as an officer or director of Holdings or any of its Subsidiaries, and Executive will take any action that Holdings or any of its
Subsidiaries may request in order to confirm or evidence such resignation. 
  
 Section 7. Confidential Information. Executive acknowledges that the information, observations and data that have been or may be obtained by Executive during his employment relationship with, or through his
involvement as a member or stockholder of, Holdings or any of its Subsidiaries or any predecessor thereof (each of Holdings, any of its Subsidiaries or Affiliates and any such predecessor being a “Related Company” and, collectively,
the “Related Companies”), prior to and after the date of this Agreement concerning the business or affairs of the Related Companies (collectively, “Confidential Information”) are and will be the property of the
Related Companies. Therefore, Executive agrees that he or she will not, other than in the course of carrying out his duties during the Employment Period, disclose to any unauthorized Person or use for the account of himself or any other Person any
Confidential Information without the prior written consent of Holdings (by the action of the Board), unless and to the extent that such Confidential Information has become generally known to and available for use by the public other than as a result
of Executive’s improper acts or omissions to act, or is required to be disclosed by law. Executive will deliver or cause to be delivered to the Company as soon as practicable following the Termination Date, or at any other time the Company or
any of its Subsidiaries may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) containing or relating to Confidential Information or the business of any Related
Company which Executive may then possess or have under his control. 
  
 Section 8. Non-Compete, Non-Solicitation. 
  
 (a)
Non-Compete. Executive acknowledges that during his employment relationship with, or through his involvement as a member or stockholder of, any Related Company, Executive has and will become familiar with trade secrets and other Confidential
Information concerning such Related Companies, and with investment opportunities relating to their respective businesses, and that Executive’s services have been and will be of special, unique and extraordinary value to the foregoing entities.
Therefore, Executive agrees that, during the Employment Period and for a period of one year thereafter (the “Noncompete Period”), he will not directly or indirectly own, manage, control, participate in, consult with, render services
for, or in any other manner engage in any business, or be an investor in or lender to any business, in each case including on his own behalf or on behalf of another Person, which constitutes or is engaged in the business of providing over-the-phone
language interpretation services to business and governmental agencies or any other business that is competitive with all or part of the business of the Related Companies (as and where the same is conducted or proposed to be conducted by the Related
Companies during the Employment Period, or as of the end of the Employment Period if the Employment Period has then ended). Nothing in this Section 8 will prohibit Executive from being a passive owner of less than 5% of the outstanding stock of a
corporation of any class which is publicly traded, so long as Executive has no direct or 

  

 -5- 

 
indirect participation in the business of such corporation. By initialing in the space provided below, Executive acknowledges that he has read carefully and
had the opportunity to consult with legal counsel regarding the provisions of this Section 8(a).              [initial]. 
  
 (b) Non-Solicitation. During the Noncompete Period, Executive will not
directly or indirectly (i) induce or attempt to induce any employee or independent contractor of any Related Company to leave the employ or contracting relationship with such entity, or in any way interfere with the relationship between any such
entity and any employee or full-time independent contractor thereof, or (ii) induce or attempt to induce any customer, supplier or other business relation of any Related Company to cease doing business with such entity or in any way interfere with
the relationship between any such customer, supplier or other business relation and such entity. By initialing in the space provided below, Executive acknowledges that he has read carefully and had the opportunity to consult with legal counsel
regarding the provisions of this Section 8(b).              [initial]. 
  
 Section 9. Enforcement. The Company and Executive agree that if, at the time of enforcement of Section 7 or 8 hereof, a court holds
that any restriction stated in any such Section is unreasonable under circumstances then existing, then the maximum period, scope or geographical area reasonable under such circumstances will be substituted for the stated period, scope or area.
Because Executive’s services are unique and because Executive has access to information of the type described in Sections 7 and 8 hereof, the Company and Executive agree that money damages would be an inadequate remedy for any
breach of Section 7 or 8 hereof. Therefore, in the event of a breach of Section 7 or 8 hereof, any Related Company may, in addition to other rights and remedies existing in their favor, apply to any court of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions of Section 7 or 8 hereof. The provisions of Sections 7, 8 and 9 hereof are
intended to be for the benefit of each Related Company and their respective successors and assigns, each of which may enforce such provisions and each of which (other than the Company) is an express third-party beneficiary of such provisions and
this Agreement generally. Sections 7, 8 and 9 hereof will survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment Period. By initialing in the space provided below,
Executive acknowledges that he has read carefully and had the opportunity to consult with legal counsel regarding the provisions of this Section 9.             
[initial]. 
  
 Section 10. Representations and
Warranties of Executive. Executive represents and warrants to Holdings and its Subsidiaries as follows: 
  
 (a) Other Agreements. Executive is not a party to or bound by any employment, noncompete, nonsolicitation, nondisclosure, confidentiality or
similar agreement with any other Person which would materially affect his performance under this Agreement. 
  
 (b) Authorization. This Agreement when executed and delivered will constitute a valid and legally binding obligation of Executive, enforceable
against Executive in accordance with its terms. 
  

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 Section 11. Representations and Warranties of Company. The Company represents and warrants that
(i) the execution of this Agreement and the granting of the benefits and awards hereunder have been authorized by the Company, including, where necessary, by the Board, (ii) the execution, delivery and performance of this Agreement does not violate
any law, regulation, order, decree, agreement, plan or corporate governance document of the Company and (iii) upon the execution and delivery of this Agreement by the Parties, it shall be the valid and legally binding obligation of the Company
enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 
  
 Section 12. Survival of Representations and Warranties. All
representations and warranties contained herein will survive the execution and delivery of this Agreement. 
  
 Section 13. Certain Definitions. When used herein, the following terms will have the following meanings: 
  
 “ABRY” means, collectively, ABRY Partners IV, L.P. and each
of its Affiliates. 
  
 “Affiliate” means, with
respect to any Person, any other Person that, directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with such Person. 
  
 “Business Day” means a day that is not a Saturday, a Sunday or a statutory or civic holiday in the State of
California. 
  
 “Cause” has the meaning given in
Section 5(a). 
  
 “Change of Control” means the
consummation of any merger or consolidation of Holdings with or into any other Person or any sale of all or substantially all of the ownership interests or assets of Holdings and its Subsidiaries, taken as a whole (other than a transaction following
which the holders of the outstanding membership interests of Holdings prior to such transaction together own a majority of the outstanding ownership interests of the surviving or resulting corporation or business entity) or a change in the
composition of the Board such that, for any period of 30 consecutive days, a majority of the members of the Board are individuals who are neither (i) a member of the Board on the date of this Agreement, (ii) an appointee of ABRY or any of its
Affiliates, (iii) an employee of Holdings or any of its Subsidiaries nor (iv) appointed or approved by a majority of the members of the Board of the type described in clauses (i), (ii) and (iii) above at the time of such individual’s
appointment to the Board. 
  
 “Chief Executive
Officer” has the meaning given in Section 2. 
  
 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985 as amended from time to time. 
  
 “Disability” is as defined under Company’s long term disability insurance plan. 
  
 “EBITDA” means for any period, all as determined in
accordance with GAAP, the consolidated net income of the Holdings and its Subsidiaries, for such period plus, to the 

  

 -7- 

 
extent taken into account in consolidated net income and without duplication, (a) the sum of (i) depreciation expense, (ii) amortization expense, (iii)
consolidated federal, state and local income tax expense, and (iv) gross interest expense for such period less gross interest income for such period. 
  
 “GAAP” means generally accepted accounting principles as in effect in the United States on the date of this Agreement, applied on a
consistent basis. 
  
 “Good Reason” has the
meaning given in Section 5(a). 
  
 “Holdings”
means Language Line Holdings, LLC, a Delaware limited liability company. 
  
 “Incentive Unit Agreement” means that certain Incentive Unit Agreement dated as of the date hereof among Holdings and Executive. 
  
 “Person” means an individual, a partnership, a corporation, an association, a limited liability company, a
joint stock company, a trust, a joint venture, an unincorporated organization or any other entity (including any governmental entity or any department, agency or political subdivision thereof). 
  
 “Subsidiaries” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, or (ii) if a limited liability company, partnership,
association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of such Person or entity or a
combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a
majority of limited liability company, partnership, association or other business entity gains or losses or will be or control any managing director, managing member, or general partner of such limited liability company, partnership, association or
other business entity. Unless stated to the contrary, as used in this Agreement the term Subsidiary means a Subsidiary of Holdings. 
  
 “Termination Date” means the date on which the Employment Period ends as determined by Section 5(a). 
  
 “Without Cause” has the meaning given in Section 5(a).

  
 “Without Good Reason” has the meaning given
in Section 5(a). 
  
 Section 14. Key-Man Life Insurance.
Executive agrees to submit to any requested physical examination in connection with Holdings’ or any Subsidiary’s purchase of a “key-man” insurance policy. The results of any such physical examination will be kept confidential by
the Company and will only be disclosed to the extent required to obtain such 

  

 -8- 

 
“key-man” insurance policy. Executive agrees to cooperate fully in connection with the underwriting, purchase and/or retention of a key-man life
insurance policy by Holdings or any of its Subsidiaries. 
  
 Section 15. Termination of Prior Agreements. The following agreements are hereby terminated and are of no force and effect (i) the Employment Agreement (the “Prior Employment Agreement”) dated September 21, 1999
between the Executive and Language Line Holdings, Inc., a predecessor of the Company (“Language Line”); (ii) the Letter Agreement dated October 19, 2000 between the Executive and Language Line which amended the Prior Employment
Agreement and (iii) the Noncompetition, Nondisclosure and Developments Agreement dated June 29, 2000 between the Executive and Language Line LLC, a subsidiary of Language Line. The agreements referred to in this Section 15 will be referred to herein
as the “Prior Agreements”). The parties agree that this Agreement constitutes full and final performance of any and all obligations owed under the Prior Agreements, and each party releases and absolutely discharges the other from
any and all claim and causes of action of every kind and nature, known or unknown, matured or unmatured, absolute or contingent (the “Claims”), which any party, now has, has had at any time in the past, or may hereafter have or
acquire against the other for any reason or event occurring before or at the time of the execution of this Agreement (other than in connection with the enforcement of the terms of this release), solely relating to the Prior Agreements.

  
 Section 16. Miscellaneous. 
  
 (a) Notices. All notices, demands or other communications to be given
or delivered by reason of the provisions of this Agreement will be in writing and will be deemed to have been given (i) on the date of personal delivery to the recipient or an officer of the recipient, or (ii) when sent by telecopy or facsimile
machine to the number shown below on the date of such confirmed facsimile or telecopy transmission (provided that a confirming copy is sent via overnight mail), or (iii) when properly deposited for delivery by a nationally recognized commercial
overnight delivery service, prepaid, or by deposit in the United States mail, certified or registered mail, postage prepaid, return receipt requested. Such notices, demands and other communications will be sent to each party at the address indicated
for such party below: 
  
 Notices to Executive, to:

  
 Matthew Gibbs 
 391 Dry Creek Road 
 Monterey, CA 93940

  
 with a copy (which will not constitute notice to Executive)
to: 
  
 Morgan, Lewis & Bockius, LLP 
 1701 Market Street 
 Philadelphia, PA 19103

			
	 Facsimile:
	  	(415) 963-5001
	 Attention:
	  	Joseph E. Ronan, Jr.

  

 -9- 

 Notices to the Company, to: 
  
 c/o ABRY Partners, LLC 
 111 Huntington Avenue, 30th Floor 
 Boston, Massachusetts 02199 

			
	 Facsimile:
	  	(617) 859-7205
	 Attention:
	  	Peggy Koenig

  
 with a copy (which
will not constitute notice to the Company), to: 
  
 Kirkland
& Ellis LLP 
 Citigroup Center 
 153 East 53rd Street 
 New York, NY 10022 

			
	 Facsimile:
	  	212-446-4900
	 Attention:
	  	 John Kuehn
 Heidi Matterfis

  
 or to such other address or to the
attention of such other person as the recipient party has specified by prior written notice to the sending party. 
  
 (b) Consent to Amendments. No modification, amendment or waiver of any provision of this Agreement will be effective against any party hereto
unless such modification, amendment or waiver is approved in writing by such party. No other course of dealing among Holdings, the Company, ABRY and Executive or any delay in exercising any rights hereunder will operate as a waiver by any of the
parties hereto of any rights hereunder. 
  
 (c) Assignment;
Successors and Assigns. The Executive may not make any assignment of this Agreement or any interest herein, by operation of law or otherwise (other than to the Executive’s estate or personal representative), without the prior written
consent of the Company, and without such consent any attempted transfer or assignment of such type shall be null and of no effect. Neither the Company nor any other Related Company may make any assignment of this Agreement or any interest herein, by
operation of law or otherwise, without the prior written consent of Executive, and without such consent any attempted transfer or assignment of such type shall be null and of no effect; provided that, without such consent, the Company or any other
Related Company may assign any or all of this rights under this Agreement to any Person who acquires or succeeds to all or any portion of the business of the assigning Person, or to any Person for collateral purposes. Any assignment of this
Agreement by a Person shall not release such Person of its obligations under this Agreement. All covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not. 
  
 (d) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be
prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
  

 -10- 

 (e) Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any
one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. 
  

(f) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word “including” in this Agreement will be by way of example rather than by limitation. 
  
 (g) Indemnification and Liability Insurance. The Company hereby agrees that during and after termination of his employment to indemnify the
Executive and hold him harmless, in a manner no less favorable to the Executive than Section 3.5 of the Company’s Amended and Restated Limited Liabilty Company Agreement as in effect on the date of this Agreement. 
  
 (h) Governing Law. ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION,
VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT AND THE EXHIBITS AND SCHEDULES HERETO WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW
RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF
DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT (AND ANY SCHEDULE HERETO), EVEN THOUGH UNDER DELAWARE’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY
APPLY. 
  
 (i) Resolution of Disputes. Except as otherwise
provided in this Agreement, any controversy, dispute or claim arising under or relating to this Agreement, the Executive’s employment with the Company or any Affiliate or the termination thereof shall, at the election of the Executive or the
Company (unless otherwise provided in an applicable plan, program or agreement, be resolved by confidential and binding arbitration, to be held in Chicago, Illinois in accordance with the rules and procedures of the Commercial Arbitration Rules of
the American Arbitration Association. Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each Party shall be responsible for its own costs and expenses, including attorneys’ fees, and
neither Party shall be liable for punitive or exemplary damages. 
  
 (j) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as
if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
  

 -11- 

 (k) Entire Agreement. Except as otherwise expressly set forth in this Agreement, this Agreement
and the other agreements referred to in this Agreement embody the complete agreement and understanding among the parties to this Agreement with respect to the subject matter of this Agreement, and supersede and preempt any prior understandings,
agreements, or representations by or among the parties or their predecessors, written or oral, which may have related to the subject matter of this Agreement in any way. 
  
 (l) Time is of the Essence. Time is of the essence for each and every provision of this Agreement. Whenever the last
day for the exercise of any privilege or the discharge or any duty hereunder falls upon a day that is not a Business Day, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day which is
a Business Day. 
  
 (m) Actions by the Company. Any
action, election or determination by the Board or any committee thereof pursuant to or relating to this Agreement will be effective if, and only if, it is taken or made by (or with the prior approval of) a majority of the members of the Board who
are not at the time employees of the Company or any of its Subsidiaries. 
  
 *    *    *    *    *     
  

 -12- 

 IN WITNESS WHEREOF, the parties hereto have executed this Executive Employment Agreement as of the date
first written above. 
  

			
	 LANGUAGE LINE, INC.

		
	 By:
	 	 /s/    C.J. BRUCATO III

	 	 	 Name: C.J. Brucato III

	 	 	 Title:   Vice President

	
	 /s/    MATTHEW
GIBBS

	 Matthew Gibbs

  

 Schedule 1 
  
 Investment Plan Targets 
  

				
	 Target for fiscal year:

	  	 
	             2004
	  	$	76,818,000
		
	             2005
	  	$	82,570,000
		
	             2006
	  	$	90,835,000
		
	             2007
	  	$	98,999,000
		
	             2008
	  	$	108,366,000
		
	             2009
	  	$	118,877,000

  

 Schedule 2 
  
 Bonus Payments 
  

			
	Percentage of Investment Plan Target Actually Achieved	 	Amount of Bonus (as a percentage of Salary paid during such fiscal year)
		
	Less than 90%	 	0%
		
	At least 90% but no more than 100%	 	(% of Investment Plan Target Actually Achieved - 90%) x 5
		
	100% or more	 	50%

  
 See
example of bonus calculation provided. 
  

 Example Bonus Payment 
  

										
	     2004
 EBITDA*

	  	 % of
 Target

	 	 	 Bonus
 %

	 	 	 Bonus
 (in 000s)

	 $69,136,200
	  	90	%	 	0.0	%	 	$	0.00
	 $69,904,380
	  	91	%	 	5.0	%	 	$	12.50
	 $70,672,560
	  	92	%	 	10.0	%	 	$	25.00
	 $71,440,740
	  	93	%	 	15.0	%	 	$	37.50
	 $72,208,920
	  	94	%	 	20.0	%	 	$	50.00
	 $72,977,100
	  	95	%	 	25.0	%	 	$	62.50
	 $73,745,280
	  	96	%	 	30.0	%	 	$	75.00
	 $74,513,460
	  	97	%	 	35.0	%	 	$	87.50
	 $75,281,640
	  	98	%	 	40.0	%	 	$	100.00
	 $76,049,820
	  	99	%	 	45.0	%	 	$	112.50
	 $76,818,000
	  	100	%	 	50.0	%	 	$	125.00

  

	*	Note that these examples do not take into account pro rata adjustments required for Year 2004 pursuant to Section 4(b). 

  

 EXHIBIT A 
  
 Form of Release

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