Document:

EX-10.9

 

Exhibit 10.9

SECOND

AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

AMONG

NEW HORIZONS WORLDWIDE, INC.

AND

THE PARTIES LISTED ON EXHIBITS HERETO

DATED JULY 3, 2007

 

 

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

          This SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is entered
into as of July 3, 2007 by and among New Horizons Worldwide, Inc., a Delaware corporation
(the “Company”), Camden Partners Strategic Fund III, L.P., a Delaware limited partnership, Camden
Partners Strategic Fund III-A, L.P., a Delaware limited partnership (collectively, “Camden”), the
other parties identified as Series B Preferred Stockholders on Exhibit A hereto, as may be
amended from time to time (collectively with Camden, the “Series B Preferred Stockholders”), ATMF
New Horizons, LLC, NH Investment LLC, Alkhaleej Training and Education Corp., Utopia Growth Fund,
Utopia Core Fund, Utopia Core Conservative Fund, Utopia Yield Income Fund (collectively, the
“Series C Investor”), the other parties identified as Series C Preferred Stockholders on
Exhibit A hereto, as may be amended from time to time (collectively with the Series C
Investor, the “Series C Preferred Stockholders”), Alkhaleej Training and Education Corporation, a
company formed under the laws of the Kingdom of Saudi Arabia (“Alkhaleej”) and other holders of
certain warrants issued by the Company as of the date hereof (the “Warrants”) and as identified on
Exhibit B hereto, as may be amended from time to time (collectively, including any
permitted subsequent holders hereafter, the “Warrant Holders,” and together with the Series B
Preferred Stockholders and the Series C Preferred Stockholders, the “Holders”).

RECITALS

          WHEREAS, the Company and Camden entered into that certain Registration Rights Agreement dated
as of February 7, 2005 (the “Registration Agreement”);

          WHEREAS, in connection with the extension of credit to the Company pursuant to the Credit
Agreement dated as of July 19, 2006 by and between the Company, certain Warrant Holders (the
“Original Warrant Holders”) and Camden Partners Strategic III, LLC, as Administrative Agent, (i)
the Company issued to each Original Warrant Holder Series A Warrants and Series B Warrants
(collectively, the “Original Warrants”) to purchase common stock of the Company, (ii) the Company
and Camden exchanged all issued and outstanding Series A Preferred Stock held by Camden for shares
of Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) pursuant to
that certain Preferred Stock Exchange Agreement dated July 19, 2006 and (iii) the parties thereto
amended and restated the Registration Agreement (the “Amended and Restated Registration
Agreement”);

          WHEREAS, in connection with the purchase by the Series C Investor of 172,043 shares of the
Company’s Series C Convertible Preferred Stock (the “Series C Convertible Preferred Stock”) which
are convertible into 5,333,333 shares of the Company’s common stock (i) the Company shall issue to
the Series C Investor Series C Warrants to purchase 1,066,667 shares of common stock of the Company
(collectively, the “Series C Warrants”), (ii) the Company shall exchange the Original Warrants for
Amended and Restated Series A-1 Warrants and Amended and Restated Series B-1 Warrants to purchase
common stock of the Company (collectively, the “Amended and Restated Original Warrants”), and (iii)
the Company shall issue to the Original Warrant Holders (a) Series A-2 Warrants to purchase 984,335
shares of the

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common stock of the Company and (b) Series B-2 Warrants to purchase 150,818 shares of the
common stock of the Company (collectively, the “Pro Rata Warrants,” and together with the Series C
Warrants and the Amended and Restated Original Warrants, the “Warrants”);

          WHEREAS, it is a condition precedent to the purchase by the Series C Investor of the Series C
Stock that the parties hereto amend and restate the Amended and Restated Registration Agreement in
order to provide certain registration rights under the Securities Act of 1933, as amended, and the
rules and regulations thereunder, or any similar successor statue (collectively, the “Securities
Act”) and applicable state securities laws.

          NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

          1. Definitions. As used in this Agreement and except as otherwise defined herein, the
following defined terms shall have the following meanings:

               “Affiliate” of any specified Person means any other Person which, directly or indirectly, is
in control of, is controlled by, or is under common control with such specified Person. For
purposes of this definition, control of a Person means the power, direct or indirect, to direct or
cause the direction of the management and policies of such Person whether by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

               “Amended and Restated Registration Agreement” has the meaning set forth in the recitals.

               “Amended and Restated Original Warrants” has the meaning set forth in the recitals.

               “Applicable Securities” means in relation to a Registration pursuant to Section 2 or Section
3, the Registrable Securities of the Covered Holder or Warrant Holder, as applicable, to be
included in such Registration Statement.

               “Commission” means the United States Securities and Exchange Commission.

               “Common Stock” means the Company’s common stock, $.01 par value.

               “Covered Holder” means a Series B Preferred Stockholder, a Series C Preferred Stockholder, any
transferee or assignee of any of the foregoing to whom a Series B Preferred Stockholder or Series C
Preferred Stockholder assigns its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 8 and any transferee or assignee thereof to
whom a transferee or assignee assigns its rights under this Agreement and who agrees to become
bound by the provisions of this Agreement in accordance with Section 8.

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               “Demand Notice” means a notice given by Covered Holders pursuant to Section 2(a).

               “Effective Time” means the date on which the Commission declares a Registration Statement
effective or on which a Registration Statement otherwise becomes effective.

               “Effectiveness Period” means as to a Registration Statement the period during which such
Registration Statement is effective.

               “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder, or any similar successor statue.

               “Indemnified Person” has the meaning set forth in Section 6(a).

               “Indemnitee” has the meaning set forth in Section 6(c).

               “Indemnitor” has the meaning set forth in Section 6(c).

               “Initiating Holders” has the meaning set forth in Section 2(e).

               “Intended Offering Notice” has the meaning set forth in Section 3(a).

               “Original Warrant Holders” has the meaning set forth in the recitals.

               “Original Warrants” has the meaning set forth in the recitals.

               “Person” means an individual, partnership, corporation, trust, limited liability company or
unincorporated organization, or other entity or organization, including a government or agency or
political subdivision thereof.

               “Piggy-Back Notice” means a notice given by a Covered Holder pursuant to Section 3(a) hereof.

               “Pro Rata Warrants” has the meaning set forth in the recitals.

               “Prospectus” means the prospectus (including, without limitation, any preliminary prospectus,
any final prospectus and any prospectus that discloses information previously omitted from a
prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A under
the Securities Act) included in a Registration Statement, as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion of the Applicable
Securities covered by a Registration Statement and by all other amendments and supplements to such
prospectus, including all material incorporated by reference in such prospectus and all documents
filed after the date of such prospectus by the Company under the Exchange Act and incorporated by
reference therein.

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               “Registrable Securities” means (i) the Common Stock issued or issuable pursuant to the
conversion of the Series B Convertible Preferred Stock or the Series C Convertible Preferred Stock,
(ii) any Common Stock issued or issuable upon conversion of any capital stock of the Company
acquired by the Covered Holder after the date hereof pursuant to the Stockholders’ Agreement, (iii)
any Common Stock issued upon exercise of any Warrants after the date hereof; and (iv) any Common
Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right
or other security which is issued as) a dividend or other distribution with respect to, or in
exchange for or in replacement of the shares referenced in clause (i) through (iii); provided
however, that Registrable Securities shall not include any shares of Common Stock that have been
sold to the public either pursuant to a registration statement or an exemption from registration
under the Securities Act (including Rule 144), that have been sold in a private transaction in
which the transferor’s rights under this Agreement are not assigned or that may then be sold by a
Covered Holder in a single transaction pursuant to Rule 144(k).

               “Registration” means a registration under the Securities Act effected pursuant to Section 2 or
Section 3 hereof.

               “Registration Expenses” means all expenses incident to the Company’s performance of or
compliance with any Registration of Registrable Securities pursuant to this Agreement, including,
without limitation, (a) all registration, listing, qualification, filing and National Association
of Securities Dealers, Inc. fees, (b) all fees and expenses of complying with securities or blue
sky laws, (c) all word processing, duplicating and printing expenses, messenger and delivery
expenses, (d) the fees and disbursements of counsel for the Company and of its independent public
accountants, including the expenses of any special audits or “comfort” letters required by or
incident to such performance and compliance, (e) premiums and other costs of policies of insurance
obtained by the Company against liabilities arising out of the public offering of Registrable
Securities being registered, (f) any fees and disbursements of underwriters customarily paid by
issuers, but excluding the Covered Holders’ pro rata portion of any underwriting discounts and
commissions and transfer taxes, if any, relating to Registrable Securities, and (g) the fees and
disbursements of one counsel designated by the Covered Holders holding a majority of the
Registrable Securities.

               “Registration Statement” means a registration statement filed under the Securities Act by the
Company pursuant to the provisions of Section 2 or Section 3 hereof, including the Prospectus
contained therein, any amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such
registration statement.

               “Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission that may at any time permit the Covered Holders or Warrant Holders to sell securities of
the Company to the public without registration.

               “Securities Act” shall have the meaning set forth in the recitals.

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               “Series B Convertible Preferred Stock” has the meaning set forth in the recitals.

               “Series C Investor” has the meaning set forth in the recitals.

               “Series C Convertible Preferred Stock” has the meaning set forth in the recitals.

               “Series C Warrants” has the meaning set forth in the recitals.

               “Stockholders’ Agreement” means the Second Amended and Restated Stockholders’ Agreement dated
the date hereof by and between the parties thereto.

               “Underwriter” or “Underwriters” means any underwriter or underwriters that will administer the
Underwritten offering of Applicable Securities.

               “Underwritten offering” means a registration or offering in which securities are sold to an
Underwriter for reoffering to the public.

               “Warrants” has the meaning set forth in the recitals.

               “Warrant Holders” means holders of Warrants at any time.

               The words “include,” “includes” and “including,” when used in this Agreement, shall be deemed
to be followed by the words “without limitation.”

          2. Demand Registration. (a) If the Company shall receive at any time after the
Company is eligible to file a registration statement on Form S-3 (or any replacement therefore
promulgated by the Securities and Exchange Commission), a written request from any of the Covered
Holders that the Company file a registration statement under the Securities Act covering the
registration of at least fifty percent (50%) of the Registrable Securities then outstanding (the
“Demand Notice”), then the Company shall promptly give written notice of such request to all other
Covered Holders in accordance with Section 11(b), if needed, and shall, subject to the limitations
of Section 2(b), use reasonable best efforts to effect as soon as practicable, but in no event
earlier than twenty (20) days after the mailing of any written notice required hereby, the
registration under the Securities Act of all Registrable Securities which the Covered Holders
request to be registered, unless the Company has, within the twelve (12) month period preceding the
date of such request, already effected a Registration for the Covered Holders pursuant to this
Section 2(a). A request for registration hereunder may be made for a “shelf registration” pursuant
to Rule 415 of the Securities Act. Subject to Section 2(b), the Company shall use its best efforts
to keep each Registration Statement continuously effective in order to permit the Prospectus
forming a part thereof to be usable by Covered Holders for resales of Registrable Securities for an
Effectiveness Period ending on the earlier of (i) ninety (90) days from the Effective Time of such
Registration Statement (two years in the case of a shelf registration pursuant to Rule 415 or any
successor rule thereto on Form S-3) and (ii) such time as all of such securities have been disposed
of by the Covered Holders.

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               (b) If the Company determines in good faith after considering the advice of counsel that the
use of such Registration would result in a disclosure of information that would materially and
adversely affect any proposed or pending material acquisition, merger, business combination or
other material transaction involving the Company and that such disclosure is not in the best
interests of the Company and its stockholders, the Company shall have the right (i) to postpone
(or, if necessary or advisable, withdraw) the filing, or delay the effectiveness, of a Registration
Statement, (ii) to fail to keep such Registration Statement continuously effective and (iii) not to
amend or supplement the Registration Statement or included Prospectus after the effectiveness of
the Registration Statement; provided that the actions under (i), (ii), or (iii) shall not exceed 90
days and the Company may only use one such action in any twelve (12) month period. The Company
shall advise the Covered Holders of any such determination as promptly as practicable.

               (c) The Company may include in any registration requested pursuant to Section 2(a) hereof
other securities for sale for its own account or for the account of another Person, provided that
such inclusion shall not affect the number of Applicable Securities that can be sold in the related
offering. In connection with an Underwritten offering, if the managing underwriter or underwriters
advise the Company in writing that in its or their opinion the number of Applicable Securities
requested by Covered Holders to be registered exceeds the number which can be sold in such
offering, the Company shall include in such Registration the number of Applicable Securities that,
in the opinion of such managing Underwriter or Underwriters, can be sold as follows: (i) first,
the Applicable Securities requested to be registered, pro rata among the Covered Holders that have
requested their Applicable Securities to be registered and (ii) second, any other securities
requested to be included, or included for the account of the Company, in such Registration.

               (d) The Covered Holders requesting any Registration pursuant to Section 2(a) hereof shall have
the right to withdraw such request, without such Registration being deemed to have been effected
(and, therefore, requested) for purposes of Section 2(a), (i) prior to the time the Registration
Statement in respect of such Registration has been declared effective, (ii) upon the issuance by a
governmental agency or the Commission of a stop order, injunction or other order which interferes
with such Registration, (iii) upon the Company availing itself of Section 2(b) hereof, or (iv) if
such Covered Holders are prevented pursuant to Section 2(c) hereof from selling all of the
Applicable Securities they requested to be registered. Notwithstanding the foregoing, the
Registration requested by such Covered Holders shall be deemed to have been effected (and,
therefore, requested) for purposes of Section 2(a) hereof if the Covered Holders withdraw any
Registration request pursuant to Section 2(a) hereof (i) after the Commission filing fee is paid in
full with respect to all Applicable Securities requested to be registered or (ii) as a result of
the provisions of Section 2(c) hereof in circumstances where at least seventy-five percent (75%) of
the Applicable Securities requested to be included in such Registration by the Covered Holders
demanding such Registration have been included, and in each case, (x) the Company has not availed
itself of Section 2(b) with respect to such Registration request or (y) the Company has availed
itself of Section 2(b) hereof and the withdrawal request is not made within ten (10) days after the
termination of the suspension period occasioned by the Company’s exercise of its rights under
Section 2(b) hereof. The right

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to withdraw the request contemplated by this Section 2(d) may be exercised by a majority in
interest of the Covered Holders demanding such Registration (based upon the Registrable Securities
held by such Covered Holders), and any withdrawal of the request shall be made in writing by such
Covered Holders. If the Covered Holders withdraw a request pursuant to Section 2(a) but the
Company nevertheless determines to complete, within thirty (30) days after such withdrawal, the
Registration so requested as to securities other than the Applicable Securities, such Covered
Holders shall be entitled to participate in such Registration pursuant to Section 3 hereof, but in
such case the Intended Offering Notice (as defined in Section 3) shall be required to be given to
the Covered Holders as soon as practicable after such determination and such Covered Holders shall
be required to give the Piggy-Back Notice no later than 5 business days after the Company’s
delivery of such Intended Offering Notice.

               (e) If the Covered Holders initiating the registration request hereunder (“Initiating
Holders”) intend to distribute the Registrable Securities covered by their request by means of an
Underwritten offering, they shall so advise the Company as a part of their Demand Notice and the
Company shall include such information in the written notice referred to in Section 2(a). The
Underwriter will be selected by a majority in interest of the Initiating Holders who have requested
the registration pursuant to Section 2(a) and approved by the Company, which approval shall not
unreasonably be withheld. In such event, the right of any Covered Holder to include his
Registrable Securities in such registration shall be conditioned upon such Covered Holder’s
participation in such underwriting to the extent provided herein. All Covered Holders proposing to
distribute their securities through such Underwriting offering shall (together with the Company as
provided in Section 4(m)) enter into an underwriting agreement in customary form with such
Underwriters.

               (f) The Company is obligated to effect only two (2) such registrations pursuant to this
Section 2, one of which may be a shelf registration.

          3. Piggy-Back Registration. (a) If at any time the Company intends to file on its
behalf or on behalf of any of its stockholders (other than as set forth in Section 2) a
registration statement in connection with a public offering of common stock or any securities of
the Company convertible into or exercisable for common stock on a form and in a manner that would
permit the registration for offer and sale under the Securities Act of Registrable Securities held
by a Covered Holder or Warrant Holder, other than a registration statement on Form S-8 or Form S-4
or any successor form or other forms promulgated for similar purposes, then the Company shall give
written notice (an “Intended Offering Notice”) of such intention to each Covered Holder and Warrant
Holder at least twenty (20) business days prior to the anticipated filing date of such registration
statement. Such Intended Offering Notice shall offer to include in such Registration Statement for
offer to the public such number or amount of Registrable Securities as each such Covered Holder and
Warrant Holder may request, subject to the conditions set forth herein, and shall specify, to the
extent then known, the number and class of securities proposed to be registered, the proposed date
of filing of such Registration Statement, any proposed means of distribution of such securities,
any proposed managing underwriter or underwriters of such securities and (if available or as soon
as available) a good faith estimate (which may be a range) by the Company of the proposed maximum
offering price of such

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securities, as such price is proposed to appear on the facing page of such registration statement.
Any Covered Holder or Warrant Holder desiring to have Registrable Securities included in such
Registration Statement and offered to the public shall so advise the Company in writing (the
written notice of any such Holder being a “Piggy-Back Notice”) not later than ten (10) business
days after the Company’s delivery to such Holders of the Intended Offering Notice, setting forth
the number of Registrable Securities such Holder desires to have included in the Registration
Statement and offered to the public. Upon the request of the Company, such Holders shall (i) enter
into such underwriting, custody and other agreements as shall be customary in connection with
registered secondary offerings or necessary or appropriate in connection with the offering and (ii)
complete and execute all questionnaires, powers of attorney, indemnities and other documents
reasonably required under the terms of such underwriting arrangements.

               (b) In connection with an Underwritten offering, if the managing Underwriter or Underwriters
advise the Company in writing that in its or their opinion the number of securities proposed to be
registered exceeds the number that can be sold in such offering, the Company shall include in such
Registration the number of securities that, in the opinion of such managing Underwriter or
Underwriters, can be sold as follows: (i) first, the securities that the Company proposes to sell
on its behalf (ii) second, the Applicable Securities requested to be included in such Registration,
pro rata among the Covered Holders that have submitted a Piggy-Back Notice to the Company pursuant
to Section 3(a), (iii) third, the Applicable Securities to be included in such Registration, pro
rata among the Warrant Holders that have submitted a Piggy-Back Notice to the Company pursuant to
Section 3(a) and (iv) fourth, other securities requested to be included in such Registration;
provided, however, the Covered Holders desiring to have Registrable Securities included in such an
Underwritten offering shall not be reduced to less than twenty-five percent (25%) of the aggregate
securities to be sold in such offering, unless in the opinion of such managing Underwriter or
Underwriters only the securities that the Company proposes to sell on its behalf should be included
in the Registration.

               (c) The rights of the Covered Holders pursuant to Section 2 hereof and this Section 3 are
cumulative, and the exercise of rights under one such Section shall not exclude the subsequent
exercise of rights under the other such Section. Notwithstanding anything herein to the contrary,
the Company may abandon and/or withdraw any registration (other than pursuant to Section 2 hereof)
as to which any right under this Section 3 may exist at any time and for any reason without
liability hereunder. In such event, the Company shall so notify each Holder that has delivered a
Piggy-Back Notice to participate therein.

          4. Registration Procedures. In connection with a Registration Statement, the Company
shall use its reasonable best efforts to effect such Registration to permit the sale of such
Registrable Securities in accordance with the intended method or methods of disposition thereof,
and pursuant thereto the Company shall, as expeditiously as possible:

               (a) furnish to each Covered Holder and each Warrant Holder, if applicable, prior to the
Effective Time, a copy of the Registration Statement initially filed with the Commission, and shall
furnish to such Covered Holders and each Warrant Holder, if

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applicable, copies of each amendment thereto and each amendment or supplement, if any, to the
Prospectus included therein.

               (b) use its reasonable best efforts to promptly take such action as may be reasonably
necessary in respect of a Registration Statement under Section 2 so that (i) each of the
Registration Statement and any amendment thereto and the Prospectus forming part thereof and any
amendment or supplement thereto (and each report or other document incorporated therein by
reference in each case), when it becomes effective, complies in all material respects with the
Securities Act and the Exchange Act and the respective rules and regulations thereunder, (ii) each
of the Registration Statement and any amendment thereto does not, when it becomes effective,
contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and (iii) each of the
Prospectus forming part of the Registration Statement, and any amendment or supplement to such
Prospectus, does not at any time during the period during which the Company is required to keep a
Registration Statement continuously effective under Section 2(a) include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading.

               Notwithstanding the foregoing provisions of this Section 4(b), the Company shall notify each
Covered Holder and each Warrant Holder, if applicable, at any time after effectiveness of a
Registration Statement (when a Prospectus relating thereto is required to be delivered under the
Securities Act) of the happening of any event or other circumstance as the result of which (i) the
Prospectus included in such Registration Statement, as then in effect, would include an untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then
existing, or (ii) the continued effectiveness of such Registration Statement or a subsequent
Registration Statement, and the use of such Prospectus, would otherwise have a material and adverse
effect on any proposed or pending material acquisition, merger, business combination or other
material transaction involving the Company, and, upon receipt of such notice and until the Company
makes available to each Covered Holder and each Warrant Holder, if applicable, a supplemented or
amended Prospectus, each Covered Holder and each Warrant Holder, if applicable, shall not offer or
sell any Registrable Securities pursuant to such Registration Statement and shall (at the Company’s
expense) return all copies of such Prospectus to the Company if requested to do so by it. As
promptly as practicable following any such occurrence, the Company shall prepare and furnish to
each Covered Holder and each Warrant Holder, if applicable, a reasonable number of copies of a
supplement or an amendment to such Prospectus as may be necessary so that, as thereafter delivered
to subsequent purchasers of the Registrable Securities, such Prospectus shall meet the requirements
of the Securities Act and relevant state securities laws; provided that the Company’s obligations
under and actions pursuant to this paragraph shall be subject to the provisions, including time
limits, of Section 2(b).

               (c) promptly upon learning thereof, advise each Covered Holder and each Warrant Holder, if
applicable, and confirm such advice in writing if so requested by any Covered Holder and Warrant
Holder, if applicable:

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               (i) when the Registration Statement and any amendment thereto has been filed with the
Commission and when the Registration Statement or any post-effective amendment thereto has
become effective;

               (ii) of any request by the Commission for amendments or supplements to the Registration
Statement or the Prospectus included therein or for additional information;

               (iii) of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or the initiation of any proceedings for such purpose;

               (iv) of the receipt by the Company of any notification with respect to the suspension
of the qualification of the securities included in the Registration Statement for sale in
any jurisdiction or the initiation of any proceeding for such purpose; and

               (v) of the happening of any event or the existence of any state of facts that requires
the making of any changes in the Registration Statement or the Prospectus included therein
so that, as of such date, such Registration Statement and Prospectus do not contain an
untrue statement of a material fact and do not omit to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of the Prospectus,
in light of the circumstances under which they were made) not misleading (which advice shall
be accompanied by an instruction to such Covered Holders and Warrant Holders, if applicable,
to suspend the use of the Prospectus until the requisite changes have been made).

               (d) use its reasonable best efforts to prevent the issuance, and if issued to obtain the
withdrawal, of any order suspending the effectiveness of the Registration Statement at the earliest
possible time.

               (e) furnish to each Covered Holder and each Warrant Holder, if applicable, without charge, at
least one copy of the Registration Statement and all post-effective amendments thereto, including
financial statements and schedules, and, if such holder so requests in writing, all reports, other
documents and exhibits that are filed with or incorporated by reference in the Registration
Statement.

               (f) during the period during in which the Company is required to keep a Registration Statement
continuously effective under Section 2(a) or elects to keep effective under Section 3(a), deliver
to each Covered Holder and each Warrant Holder, if applicable, without charge, as many copies of
the Prospectus (including each preliminary Prospectus) included in the Registration Statement and
any amendment or supplement thereto as such Covered Holder and such Warrant Holder, if applicable,
may reasonably request; and the Company consents (except during the continuance of any event
described in Section 2(b) or Section 4(c)(v) hereof) to the use of the Prospectus, with any
amendment or supplement thereto, by each of the Covered Holders and Warrant Holders, if applicable,
in connection with the

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offering and sale of the Applicable Securities covered by the Prospectus and any amendment or
supplement thereto during such period.

               (g) use its reasonable best efforts prior to any offering of Applicable Securities pursuant to
the Registration Statement (i) to register or qualify, if required, or cooperate with the Covered
Holders and Warrant Holders, if applicable, and their respective counsel in connection with the
registration or qualification of such Applicable Securities for offer and sale under the securities
or “blue sky” laws of such jurisdictions within the United States as any Covered Holder or any
Warrant Holder, if applicable, may reasonably request, (ii) to keep such registrations or
qualifications as may be required, if any, in effect and comply with such laws so as to permit the
continuance of offers and sales in such jurisdictions for the period during which the Company is
required to keep a Registration Statement continuously effective under Section 2(a) and (iii) to
take any and all other actions reasonably requested by an Covered Holder or a Warrant Holder, if
applicable, which are necessary or advisable to enable the disposition in such jurisdictions of
such Applicable Securities; provided, however, that in no event shall the Company be obligated (i)
to qualify as a foreign corporation or as a dealer in securities in any jurisdiction where it would
not otherwise be required to so qualify but for this Agreement or (ii) to file any general consent
to service of process or subject itself to tax in any jurisdiction where it is not so subject.

               (h) cooperate with the Covered Holders and the Warrant Holders, if applicable, to facilitate
the timely preparation and delivery of certificates representing Applicable Securities to be sold
pursuant to the Registration Statement, which certificates shall comply with the requirements of
Delaware General Corporation Law and any United States securities exchange or automated quotation
system upon which any Applicable Securities are listed or quoted (provided that nothing herein
shall require the Company to list any Registrable Securities on any securities exchange or
automated quotation system on which they are not currently listed), and which certificates shall be
free of any restrictive legends and in such permitted denominations and registered in such names as
Covered Holders and Warrant Holders, if applicable, may request in connection with the sale of
Applicable Securities pursuant to the Registration Statement.

               (i) use its reasonable best efforts either to (i) cause all the Registrable Securities covered
by a Registration Statement to be listed on each securities exchange on which securities of the
same class or series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or (ii) secure
designation and quotation of all the Registrable Securities covered by a Registration Statement on
the Nasdaq Global Market, or (iii) if, despite the Company’s reasonable best efforts to satisfy the
preceding clause (i) or (ii), the Company is unsuccessful in satisfying the preceding clause (i) or
(ii), to use its reasonable best efforts to secure the inclusion for quotation on The Nasdaq
Capital Market for such Registrable Securities and, without limiting the generality of the
foregoing, to use its reasonable best efforts to arrange for at least two market makers to register
with the National Association of Securities Dealers, Inc. (“NASD”) as such with respect to such
Registrable Securities.

-12-

 

               (j) Not later than the Effective Time of the Registration Statement, the Company shall use its
best efforts to provide any required CUSIP number for any Applicable Securities.

               (k) The Company shall make generally available to its security holders as soon as practical,
but not later than ninety (90) days after the close of the period covered thereby, an earning
statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under
the Securities Act) covering a twelve-month period beginning not later than the first day of the
Company’s fiscal quarter next following the effective date of a Registration Statement.

               (l) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the Commission in connection with any registration hereunder.

               (m) in the event of an Underwritten offering of Applicable Securities enter into and perform
its obligations under an underwriting agreement, in usual and customary form, with the managing
Underwriters of such offering, including but not limited to indemnification provisions and
procedures substantially identical to those set forth in Section 6 hereof with respect to all
parties to be indemnified pursuant to Section 6 hereof.

               (n) use its reasonable best efforts to:

               (i) cooperate with the Covered Holders and Warrant Holders, if applicable, and their
advisors in their efforts to conduct appropriate due diligence as is customary for a company
of the size and character of the Company and make such reasonable representations and
warranties in the applicable underwriting agreement to the Underwriters, in form, substance
and scope as are customarily made by the Company to Underwriters in Underwritten offerings
of equity and/or convertible securities, as applicable;

               (ii) in connection with any Underwritten offering, obtain opinions of counsel to the
Company (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the Underwriters) addressed to the Underwriters, covering such matters that
the Company customarily covers in opinions requested in secondary Underwritten offerings of
equity and/or convertible securities, as applicable, to the extent reasonably required by
the applicable underwriting agreement;

               (iii) in connection with any Underwritten offering, obtain “comfort” letters and
updates thereof from the independent public accountants of the Company (and, if necessary,
from the independent public accountants of any Subsidiary (as defined in the Purchase
Agreement) of the Company or of any business acquired by the Company for which financial
statements and financial data are, or are required to be, included in the Registration
Statement), addressed to each Covered Holder and each Warrant Holder, if applicable,
participating in such underwritten offering (if such Covered Holder has provided such
letter, representations or documentation, if any, required for such comfort letter to be so
addressed) and the Underwriters, in customary

-13-

 

form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings of Company securities; and

               (iv) in connection with any Underwritten offering, deliver such documents and
certificates as may be reasonably requested by any Covered Holders or any Warrant Holders,
if applicable, participating in such Underwritten offering and the Underwriters, if any,
including, without limitation, certificates to evidence compliance with any conditions
contained in the underwriting agreement or other agreements entered into by the Company.

               (o) use its reasonable best efforts in respect of a Registration Statement under Section 2, to
take all other steps reasonably necessary to effect the timely registration, offering and sale of
the Applicable Securities covered by the Registration Statements contemplated hereby.

               (p) In respect of a Registration Statement under Section 2 or 3, it shall be a condition
precedent to the obligations of the Company to take any action pursuant to such Sections with
respect to the Registrable Securities of any Covered Holder or any Warrant Holder, if applicable,
that such Covered Holder or Warrant Holder, if applicable, shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, the intended method of
disposition of such securities and any other information and materials and shall take all such
action as shall be reasonably requested by the Company as shall be required to effect the
registration of such Covered Holder’s or such Warrant Holder’s, if applicable, Registrable
Securities

          5. Registration Expenses. The Company shall bear the Registration Expenses in
connection with the performance of its obligations under Sections 2, 3 and 4 hereof. Each Covered
Holder and each Warrant Holder, if applicable, shall bear its pro rata portion of Underwriters’
discounts and commissions and transfer taxes, if any, relating to the Registrable Securities.

          6. Indemnification and Contribution. (a) Upon the Registration of Applicable
Securities pursuant to Section 2 or 3 hereof, the Company shall indemnify and hold harmless each
Covered Holder, each Warrant Holder, if applicable, and each Underwriter, selling agent or other
securities professional, if any, which facilitates the disposition of Applicable Securities, and
each of their respective officers, directors, employees and agents and each person who controls
such Covered Holder, such Warrant Holder, if applicable, Underwriter, selling agent or other
securities professional within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (each such person being sometimes referred to as an “Indemnified Person”) against any
losses, claims, damages or liabilities, joint or several, to which such Indemnified Person may
become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement under which
such Applicable Securities are to be registered under the Securities Act, or any Prospectus
contained therein or furnished by the Company to any Indemnified Person, or any amendment or
supplement thereto, or arise out of or are based upon

-14-

 

the omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and the Company hereby agrees to reimburse
such Indemnified Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such action or claim as such expenses are incurred; provided,
however, that the Company shall not be liable to any such Indemnified Person in any such case to
the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in such Registration
Statement or Prospectus, or amendment or supplement, in reliance upon and in conformity with
written information furnished to the Company by such Indemnified Person expressly for use therein.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on
behalf of the Company or any of the prospective sellers or Underwriters, or any of their respective
Affiliates, directors, officers, employees, agents or controlling Persons and shall survive the
transfer of securities by any Covered Holder or by any Warrant Holder, if applicable.

               (b) Each Covered Holder and each Warrant Holder agrees, as a consequence of the inclusion of
any of such Holder’s Applicable Securities in such Registration Statement, severally and not
jointly, to indemnify and hold harmless the Company, its directors and officers and each person, if
any, who controls the Company within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, against any losses, claims, damages or liabilities to which the
Company or such other persons may become subject, under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon an untrue statement or alleged untrue statement of a material fact contained in such
Registration Statement or Prospectus, or any amendment or supplement, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, in each case to the extent, but
only to the extent, that such untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with written information furnished to the
Company by such Holder expressly for use therein. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Company, the Underwriters or any
of the prospective sellers, or any of their respective Affiliates, directors, officers or
controlling Persons and shall survive the transfer of securities by any Covered Holder or by any
Warrant Holder. In no event shall the liability of any Covered Holder or any Warrant Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by that Covered
Holder or that Warrant Holder upon the sale of the Registrable Securities giving rise to the
indemnification obligation.

               (c) Promptly after receipt by any Person entitled to indemnity (an “Indemnitee”) under Section
6(a) or (b) hereof of notice of the commencement of any action or claim, such Indemnitee shall, if
a claim in respect thereof is to be made against an indemnifying party under this Section 6 (an
“Indemnitor”), promptly notify such Indemnitor in writing of the commencement thereof, but the
omission so to notify the Indemnitor shall not relieve it from any liability which it may have to
any Indemnitee except to the extent of any actual prejudice. In case any such action shall be
brought against any Indemnitee and the Indemnitee shall notify an Indemnitor of the commencement
thereof, such Indemnitor shall be entitled to participate therein

-15-

 

and, jointly with any other Indemnitor similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such Indemnitee, and, after notice from the Indemnitor to such
Indemnitee of its election so to assume the defense thereof, such Indemnitor shall not be liable to
such Indemnitee under this Section 6 for any legal expenses of other counsel or any other expenses,
in each case subsequently incurred by such Indemnitee, in connection with the defense thereof. No
Indemnitor shall, without the prior written consent of the Indemnitee, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any pending or threatened
action or claim in respect of which indemnification or contribution may be sought hereunder
(whether or not the Indemnitee is an actual or potential party to such action or claim) unless such
settlement, compromise or judgment (i) includes an unconditional release of the Indemnitee from all
liability arising out of such action or claim and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act, by or on behalf of any Indemnitee.

               (d) If the indemnification provided for in this Section 6 is unavailable to or insufficient to
hold harmless an Indemnitee under Section 6(a) or (b) hereof in respect of any losses, claims,
damages or liabilities (or actions in respect thereof) referred to therein, then each Indemnitor,
in lieu of indemnifying the Indemnitee, shall contribute to the amount paid or payable by such
Indemnitee as a result of such losses, claims, damages or liabilities (or actions in respect
thereof) in such proportion as is appropriate to reflect the relative fault of the Indemnitor and
the Indemnitee in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such Indemnitor and Indemnitee shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to information supplied by
such Indemnitor or by such Indemnitee, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were
determined solely by pro rata allocation (even if the Covered Holders and/or Warrant Holders were
treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in this Section 6(d). The amount paid or
payable by an Indemnitee as a result of the losses, claims, damages or liabilities (or actions in
respect thereof) referred to above shall be deemed to include any legal or other fees or expenses
reasonably incurred by such Indemnitee in connection with investigating or defending any such
action or claim. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The obligations of the Covered Holders and Warrant Holders
in this Section 6(d) to contribute shall be several in proportion to the percentage of Applicable
Securities registered or sold, as the case may be, by them and not jointly and shall be subject to
the limitations set forth in the last sentence of Section 6(b).

               (e) The obligations of the Company under this Section 6 shall be in addition to any liability
which the Company may otherwise have to any Indemnitee and the obligations of any Indemnified
Person under this Section 6 shall be in addition to any liability

-16-

 

which such Indemnified Person may otherwise have to the Company. The remedies provided in this Section 6 are not exclusive and shall not limit any rights or remedies that may otherwise
be available to an Indemnitee at law or in equity.

          7. Reports Under The Exchange Act.

               With a view to making available to the Covered Holders and Warrant Holders the benefits of
Rule 144 , the Company agrees, after is shall have first become current in the filing of its
periodic reports with the Commission (it being acknowledged by all parties hereto that the Company
is delinquent in the filing of periodic reports with the Commission as of the date hereof) to:

               (a) use its reasonable best efforts to make and keep public information available, as those
terms are understood and defined in Rule 144;

               (b) use its reasonable best efforts to file with the Commission in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act so long
as the Company remains subject to such requirements and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and

               (c) furnish to each Covered Holder and Warrant Holder so long as such Holder owns Registrable
Securities, promptly upon request, (i) a written statement by the Company, if true, that it has
complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii)
a copy of the most recent annual or quarterly report of the Company and such other reports and
documents so filed by the Company, and (iii) such other information as may be reasonably requested
to permit such Holders to sell such securities pursuant to Rule 144 without registration.

          8. Assignment of Registration Rights.

               The rights under this Agreement shall be automatically assignable by the Covered Holders and
Warrant Holders to any transferee of all or any portion of such Holder’s Registrable Securities if:
(i) the Holder agrees in writing with the transferee or assignee to assign such rights, and a copy
of such agreement is furnished to the Company within a reasonable time after such assignment; (ii)
the Company is, within a reasonable time after such transfer or assignment, furnished with written
notice of (a) the name and address of such transferee or assignee, and (b) the securities with
respect to which such registration rights are being transferred or assigned; (iii) immediately
following such transfer or assignment the further disposition of such securities by the transferee
or assignee is restricted under the Securities Act and applicable state securities laws; and (iv)
at or before the time the Company receives the written notice contemplated by clause (ii) of this
sentence the transferee or assignee agrees in writing with the Company to be bound by all of the
provisions contained herein.

-17-

 

          9. Other Registration Rights; Inconsistent Agreements

               Except for registration rights granted by the Company after the date hereof which are
subordinate to the registration rights of the Covered Holders and Warrant Holders granted pursuant
to this Agreement, the Company shall not grant any registration rights with respect to Common Stock
or any securities of the Company convertible into or exercisable for Common Stock to any other
Person. The Company has not and will not enter into any agreement with respect to its securities
that is inconsistent with the rights granted to the Covered Holders and Warrant Holders in this
Agreement or otherwise conflict with the provision hereof. The Company has not previously entered
into any agreement granting any registration rights with respect to any of its securities to any
Person other than the Registration Agreement.

          10. Termination of Registration Rights

               The registration rights granted pursuant to this Agreement shall terminate upon the date upon
which there ceases to be any Registrable Securities outstanding.

          11. Miscellaneous. (a) This Agreement, including this Section 11(a), may be amended,
and waivers or consents to departures from the provisions hereof may be given, only by a written
instrument duly executed, (x) in the case of an amendment, by the Company and (i) the Covered
Holders and Warrant Holders (with respect to the Warrants Holders, only as to the provisions
affecting the Warrant Holders contained herein) representing a majority of Registrable Securities
at the time outstanding (who shall be deemed to be acting for themselves and as agents for each
Covered Holder and Warrant Holder, as applicable), (ii) any Covered Holder on whom such amendment
would have an adverse effect materially disproportionate to the Covered Holders in general, and
(iii) any Warrant Holder on whom such amendment would have an adverse effect materially
disproportionate to the Warrant Holders in general or (y) in the case of a waiver or consent, by
the party against whom the waiver or consent, as the case may be, is to be effective. Each holder
of Registrable Securities outstanding at the time of any such amendment, waiver or consent or
thereafter shall be bound by any amendment, waiver or consent effected pursuant to this Section
11(a), whether or not any notice, writing or marking indicating such amendment, waiver or consent
appears on the Registrable Securities or is delivered to such holder. Further if at any time a
Covered Holder or a Warrant Holder no longer holds Registrable Securities, the consent of such
Covered Holder or Warrant Holder shall no longer be required to amend this Agreement or to waive or
consent to departures from the provisions hereof.

               (b) All notices, demands, requests, or other communications which may be or are required to be
given, served, or sent by any party to any other party pursuant to this Agreement shall be in
writing and shall be hand delivered, sent by overnight courier or mailed by first-class, registered
or certified mail, return receipt requested, postage prepaid, addressed as follows:

-18-

 

	 	(i)	 	If to the Company:

New Horizons Worldwide, Inc.

1900 S. State College Blvd., Suite 650

Anaheim, California 92806

Attention: President and Chief Executive Officer

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

Calfee, Halter, & Griswold, LLP

1400 KeyBank Center

800 Superior Avenue E.

Cleveland, Ohio 44114-2688

Attention: Scott R. Wilson

	 	(ii)	 	If to Camden:

Camden Partners Holdings, LLC

500 East Pratt Street

Suite 1200

Baltimore, MD 21202

Attention: David L. Warnock

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

Hogan & Hartson L.L.P.

111 South Calvert Street. Suite 1600

Baltimore, Maryland 21202

Attention: Thene M. Martin

	 
	 	(iii)	 	If to the Series C Investor:

               To such Series C Investor’s address shown on Exhibit A hereto.

	 	(iv)	 	If to any other Covered Holder :

               To such Covered Holder’s address shown on Exhibit A hereto.

	 	(v)	 	If to any Warrant Holder:

               To such Warrant Holder’s address shown on Exhibit B hereto.

Each party may designate by notice in accordance with this Section 11(b) a new address to which any
notice, demand, request or communication may thereafter be so given, served or sent. Each notice,
demand, request, or communication which shall be hand delivered, sent, mailed, in the manner
described above, shall be deemed sufficiently given, served, sent, received or delivered for all
purposes at such time as it is delivered to the addressee (with the return receipt or the delivery
receipt being deemed conclusive, but not exclusive, evidence of such delivery) or at such time as
delivery is refused by the addressee upon presentation.

-19-

 

               (c) The parties to this Agreement intend that all Holders of Registrable Securities shall be
entitled to receive the benefits of and shall be bound by the terms and provisions of this
Agreement by reason of electing to have Applicable Securities included in a Registration Statement.
Except as set forth in Section 8, the terms and provisions of this Agreement shall not be
assignable or transferable and there shall be no third-party beneficiaries hereto. All the terms
and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be
enforceable by the respective legal successors and permitted assigns of the parties hereto and any
Holder.

               (d) This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

               (e) The headings in this Agreement are for convenience of reference only and shall not limit
or otherwise affect the meaning hereof.

               (f) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF DELAWARE, WITHOUT GIVING EFFECT TO ANY PROVISIONS RELATING TO CONFLICTS OF LAWS.

               (g) The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof. If any provision of this Agreement, or the application thereof to any Person or
entity or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision
shall be substituted therefor in order to carry out, so far as may be valid and enforceable, such
provision and (ii) the remainder of this Agreement and the application of such provision to other
Persons, entities or circumstances shall not be affected by such invalidity or unenforceability,
nor shall such invalidity or unenforceability affect the validity or enforceability of such
provision, or the application thereof, in any other jurisdiction.

               (h) The respective indemnities, agreements, representations, warranties and other provisions
set forth in this Agreement or made pursuant hereto shall remain in full force and effect,
regardless of any investigation (or any statement as to the results thereof) made by or on behalf
of any Holder, any director, officer or partner of such Holder, any agent or Underwriter, any
director, officer or partner of such agent or Underwriter, or any controlling person of any of the
foregoing, and shall survive the transfer and Registration of the Applicable Securities of such
Holder.

[Signature Appears on the Following Page]

-20-

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	NEW HORIZONS WORLDWIDE, INC.

 	 
	 	By:  	/s/ Mark A. Miller	 
	 	 	Name:  	Mark A. Miller 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	CAMDEN PARTNERS STRATEGIC FUND III, L.P., as Series B
Convertible Preferred Stockholder and Warrant Holder
 	 
	 	By:  	CAMDEN PARTNERS STRATEGIC III, LLC, its General Partner
 	 
	 
	 	By:  	/s/
David L. Warnock	 
	 	 	David L. Warnock, Managing Member 	 
	 
	 	CAMDEN PARTNERS STRATEGIC FUND III-A, L.P. , as Series B
Convertible Preferred Stockholder and Warrant Holder
 	 
	 	By:  	CAMDEN PARTNERS STRATEGIC III, LLC, its General Partner
 	 
	 
	 	By:  	/s/ David L. Warnock	 
	 	 	David L. Warnock, Managing Member 	 
	 
	 	ATMF NEW HORIZONS, LLC , as Series C Convertible Preferred
Stockholder and Warrant Holder
 	 
	 
	 	By:  	/s/
Arnold Lee Jacob	 
	 	 	Name:  	Arnold Lee Jacob	 
	 	 	Title:  	Member	 

SIGNATURE
PAGE TO SECOND A&R REGISTRATION RIGHTS AGREEMENT 

 

	 	 	 	 	 
	 	NH INVESTMENT LLC , as
Series C Convertible Preferred
Stockholder and Warrant Holder
 	 
	 
	 	By:  	/s/
Robert H. Orley	 
	 	 	Name:  	Robert H. Orley	 
	 	 	Title:  	President	 
	 
	 	ALKHALEEJ TRAINING AND EDUCATION
CORPORATION, as Series C
Convertible Preferred Stockholder and Warrant Holder
 	 
	 
	 	By:  	/s/
Awaleed Aldryaan	 
	 	 	Name:  	Awaleed Aldryaan	 
	 	 	Title:  	President	 
	 
	 	UTOPIA GROWTH FUND, as
Series C Convertible Preferred
Stockholder and Warrant Holder
 	 
	 
	 	By:  	/s/ Robert H. Sutherland	 
	 	 	Name:  	Robert H. Sutherland	 
	 	 	Title:  	President	 
	 
	 	UTOPIA CORE FUND, as
Series C Convertible Preferred
Stockholder and Warrant Holder
 	 
	 
	 	By:  	/s/ Robert H. Sutherland	 
	 	 	Name:  	Robert H. Sutherland	 
	 	 	Title:  	President	 
	 
	 	UTOPIA CORE CONSERVATIVE FUND, as Series C Convertible Preferred Stockholder and Warrant Holder	 
	 
	 	By:  	/s/ Robert H. Sutherland	 
	 	 	Name:  	Robert H. Sutherland	 
	 	 	Title:  	President	 

SIGNATURE
PAGE TO A&R REGISTRATION RIGHTS AGREEMENT 

 

	 	 	 	 	 
	 	UTOPIA YIELD INCOME FUND, as Series C Convertible Preferred Stockholder and Warrant Holder  	 
	 
	 	By:  	/s/ Paul
H. Sutherland	 
	 	 	Name:  	Paul
H. Sutherland 	 
	 	 	Title:  	President 	 
	 
	 	GEORGE S. RICH, as Warrant Holder

 	 
	 	
/s/ George S. Rich	 
	 	George S. Rich      	 
	 	 	 

SIGNATURE
PAGE TO A&R REGISTRATION RIGHTS AGREEMENT 

 

	 	 	 	 	 

EXHIBIT A

Series B Preferred Stockholders

Camden Partners Strategic Fund III, L.P.

500 East Pratt Street

Suite 1200

Baltimore, MD 21202

Attn: David L. Warnock

Phone: (410) 878-6810

Fax: (410) 878-6850

Camden Partners Strategic Fund III-A, L.P.

500 East Pratt Street

Suite 1200

Baltimore, MD 21202

Attn: David L. Warnock

Phone: (410) 878-6810

Fax: (410) 878-6850

Series C Preferred Stockholders

ATMF New Horizons, LLC

6735 Telegraph Road, Suite 110

Bloomfield Hills, MI 48301

Attention: Arnold M. Jacob

Phone: 248-594-0040

Fax: 248-594-1010

NH Investment LLC

40900 Woodward Avenue, Suite 130

Bloomfield Hills, MI 48304

Attention: Robert H. Orley

Phone: 248-554-4220

Fax: 248-540-7280

Alkhaleej Training and Education Corp.

P. O. Box 295300, Riyadh 11351

Kingdom of Saudi Arabia

Attention: Alwaleed Aldryann

Fax: 9661-4656030

 

 

Utopia Growth Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

Utopia Core Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

Utopia Core Conservative Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

Utopia Yield Income Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

 

 

EXHIBIT B

Warrant Holders

Camden Partners Strategic Fund III, L.P.

500 East Pratt Street

Suite 1200

Baltimore, MD 21202

Attn: David L. Warnock

Phone: (410) 878-6810

Fax: (410) 878-6850

Camden Partners Strategic Fund III-A, L.P.

500 East Pratt Street

Suite 1200

Baltimore, MD 21202

Attn: David L. Warnock

Phone: (410) 878-6810

Fax: (410) 878-6850

Alkhaleej Training and Education Corporation

P.O. Box 295300

Riyadh 11351

Kingdom of Saudi Arabia

Attn: Alwaleed Aldryann

Fax: 9661-4656030

George S. Rich

904 S Broadway

Baltimore, Maryland 21231

Attn: George S. Rich

Phone: (410) 804 5574

Fax: (410) 534 8044

ATMF New Horizons, LLC

6735 Telegraph Road, Suite 110

Bloomfield Hills, MI 48301

Attention: Arnold M. Jacob

Phone: 248-594-0040

Fax: 248-594-1010

 

 

NH Investment LLC

40900 Woodward Avenue, Suite 130

Bloomfield Hills, MI 48304

Attention: Robert H. Orley

Phone: 248-554-4220

Fax: 248-540-7280

Utopia Growth Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

Utopia Core Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

Utopia Core Conservative Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999

Utopia Yield Income Fund

111 Cass Street

Traverse City, MI 49684

Attention: Jon Mohrhardt

Phone: 231.929.4500

Fax: 231.995.7999EX-10.10

 

Exhibit 10.10

Voting Agreement and Irrevocable Limited Proxy

     This
Voting Agreement and Irrevocable Limited Proxy
(“Agreement”), dated July 3, 2007, is
made among New Horizons Worldwide, Inc., a Delaware corporation (the “Company”), the persons listed
on the signature pages hereof as the “Investors” and each of the other undersigned holders of
shares of capital stock of the Company listed on the signature pages hereof as the “Stockholders.”

Recitals

     A. Each of the Investors and Stockholders is the record or beneficial owner of the number of
Voting Shares set forth in Schedule A to this Agreement.

     B. The Investors have negotiated with the Company the Purchase Agreement and related
agreements pursuant to which, subject to the terms and conditions thereof, the Company has agreed
to sell and the Investors have agreed to purchase the Series C Shares. The Company will create the
Series C Shares from its authorized shares of preferred stock by adopting and filing a Certificate
of Designations describing the rights and preferences of the Series C Shares.

     C. The Company presently has an insufficient number of authorized shares of its common stock
to accommodate the conversion rights contemplated for the Series C Shares under the Purchase
Agreement. Pursuant to the Agreement, the Company has agreed to submit to its stockholders the
Amendment.

     D. To induce the Investors to consummate the transactions contemplated by the Purchase
Agreement, the Investors and Stockholders are prepared to enter into a voting agreement and to
grant the limited proxies herein provided, for the purpose of voting in favor of the Amendment.

     THEREFORE, in consideration of the foregoing, the parties agree as follows:

     1. Definitions. Capitalized terms used in this Agreement shall have the following meanings:

     (a) “Agreement” means this Voting Agreement and Irrevocable Limited Proxy.

     (b) “Amendment” means the proposed amendment of the Company’s Certificate of Incorporation
to increase the number of authorized shares of the Company’s common stock to 30,000,000.

     (c) “Beneficial Owner” or any reference to securities beneficially owned means beneficial
ownership as defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as
amended.

     (d) “Company” has the meaning set forth in the first paragraph of this Agreement.

     (e) “Investors” means the persons executing this Agreement as Investors, as indicated on
the signature page hereof.

     (f) “Meeting” is defined in Section 2.

     (g) “Proxy” has the meaning set forth in Section 4.

     (h) “Purchase Agreement” means the Series C Stock and Warrant Purchase Agreement among the
Investors and the Company pursuant to which, subject to the terms and

 

 

conditions thereof, the Company has agreed to sell and the Investors have agreed to purchase the Series C Shares.

     (i) “Series C Shares” means the shares of Series C Convertible Preferred Stock of the
Company that the Investors have agreed to purchase under the Purchase Agreement.

     (j) “Stockholders” means the persons executing this Agreement as Stockholders, as indicated
on the signature page hereof.

     (k) “Voting Shares” means the number of shares of the voting common stock owned of record
or beneficially by the Investors and the Stockholders, and includes, without limitation, all shares of the Corporation’s common stock which an Investor or a Stockholder is entitled to vote,
all shares of the Corporation’s Series B Convertible Preferred Stock which a Stockholder is
entitled to vote on an as-converted basis, and all of the Series C Shares which an Investor is
entitled to vote on an as-converted basis.

     2. Purchase Agreement. Simultaneously with executing this Agreement, the Company and the
Investors have executed the Purchase Agreement. Pursuant to the Purchase Agreement, the Company
has undertaken, subject to the conditions set forth therein, to submit the Amendment for approval
by its stockholders at a special meeting to be convened as described in the Purchase Agreement (the
“Meeting”).

     3. Voting Agreement. Pursuant to Section 218 of the Delaware General Corporation Law, each
Investor and each Stockholder severally agrees to vote or direct to be voted all Voting Shares
which the Investor or Stockholder is entitled to vote or direct to be voted at any meeting of the
Company’s stockholders held before the Purchase Agreement is terminated, and at any adjournment
thereof, for the specific and only purpose of voting in favor of approving the Amendment.

     4. Limited Irrevocable Proxy. Each Investor and each Stockholder appoints Arnold M. Jacob and
Robert H. Orley, and each of them (collectively, the “Proxy”), as the Investor’s or Stockholder’s
lawful proxy and attorney-in-fact, with full power of substitution, to represent and vote the
Voting Shares which the Investor or Stockholder is entitled to vote, and the Proxy agrees to vote
such Voting Shares, for and in the name, place, and stead of the Investor or Stockholder, at any
meeting of the stockholders of the Company described in Section 3, at any adjournment thereof, for
the specific and only purpose of voting in favor of the approval of the Amendment. The foregoing
limited proxy is coupled with an interest and is irrevocable unless the consent of all the
Investors is first obtained, and will remain in effect during the term of this Agreement. If an
Investor or Stockholder transfers any of its Voting Shares, whether voluntarily or involuntarily,
this proxy will continue to apply to those Voting Shares after the transfer.

     5. Representations of the Stockholders. Each of the Stockholders severally represents and
warrants to each of the Investors and the other Stockholders as follows:

     (a) On the date of this Agreement, the Voting Shares listed on Schedule A represent
all of the Voting Shares currently owned of record or beneficially by the Stockholder, directly
or indirectly. The Stockholder currently has, and at the time of the Meeting will have record
or beneficial ownership of such Voting Shares, free and clear of claims, liens, charges,
encumbrances, and security interests (other than the encumbrances created by this Agreement and
other than restrictions on transfer imposed by the Securities Act of 1933, as

2

 

amended, and applicable state securities laws) and free of other restrictions, options, rights to purchase or
other claims that would adversely affect the ability of the Stockholder to perform the
Stockholder’s obligations under this Agreement.

     (b) The Stockholder has the full legal power and authority or capacity to execute and
deliver this Agreement and to perform its obligations hereunder

     (c) The execution and delivery by the Stockholder and the performance of its obligations
hereunder are not in violation of any other agreement to which the Stockholder is a party,
including without limitation any voting agreement, stockholders’ agreement, or voting trust, nor
is the same in conflict with or rendered ineffective by any previously outstanding proxy which
the Stockholder may have granted.

     (d) This Agreement constitutes the legal, valid, and binding agreement of the Stockholder,
enforceable against it in accordance with its terms.

     6. Representations of the Investors. Each of the Investors severally represents and warrants
to each of the Stockholders and the other Investors as follows:

     (a) On the date of this Agreement, the Voting Shares listed on Schedule A represent
all of the Voting Shares currently beneficially owned or controlled by the Investor, directly or
indirectly, alone or together with any other person. The Investor currently has, and (subject
to Section 7) at the time of the Meeting will have record or beneficial ownership of such Voting
Shares, free and clear of claims, liens, charges, encumbrances, and security interests (other
than the encumbrances created by this Agreement and other than restrictions on transfer imposed
by the Securities Act of 1933, as amended, and applicable state securities laws) and free of
other restrictions, options, rights to purchase or other claims that would adversely affect the
ability of the Investor to perform the Investor’s obligations under this Agreement.

     (b) The Investor has full legal power and authority or capacity to execute and deliver this
Agreement and to perform its obligations hereunder.

     (c) The execution and delivery of this Agreement by the Investor and the performance by it
of its obligations hereunder do not violate the terms of any outstanding agreements to which the
Investor is a party.

     (d) This Agreement constitutes the legal, valid, and binding agreement of the Investor,
enforceable against it in accordance with its terms.

     7. Inconsistent Actions. During the term of this Agreement, no Investor or Stockholder will
take any action in respect of the Voting Shares owned of record or beneficially by the Investor or
Stockholder that is inconsistent with the purpose of this Agreement (subject to
the proviso of the following sentence). Without limiting the generality of the foregoing,
during the term of this Agreement, no Investor or Stockholder shall transfer, by sale, gift, or
otherwise, encumber in any manner, or otherwise dispose of any of the Voting Shares owned of record
or beneficially by such Investor or Stockholder or seek to do any of the same without the
Investors’ prior consent, except to a transferee that has agreed in writing to be bound by the
terms of this Agreement to the same extent as the transferor; provided, however, that if, following
the first anniversary of this Agreement, the holders of a majority of the Series C Shares then
outstanding so indicate in writing, no Investor will be bound by the restrictions on transfer or
disposition contained in this sentence. The parties

3

 

expressly acknowledge that nothing in this Section 7 shall be deemed to permit or authorize a transfer of Voting Shares that would violate (a)
applicable law or (b) the terms of any other agreement to which such person may be party or by
which the Voting Shares may be bound.

     8. Specific Performance. The parties acknowledge and agree that, in any action for the actual
or anticipated breach of this Agreement, the legal remedy for damages will be inadequate and
specific performance, reformation, injunction or other equitable relief will be appropriate and may
be granted (without the posting of any bond) to prevent or remedy any actual or anticipated breach.

     9. Term. This Agreement shall commence on the date hereof and will terminate on the earlier
of (a) the day following the date on which the Meeting is convened (provided, that if the Meeting
is adjourned this Agreement shall continue until the day following the last date to which the
Meeting is adjourned); (b) the date on which holders of a majority of the Series C Shares issued
under the Purchase Agreement have elected to have their Series C Shares redeemed pursuant to the
provisions of Article 10 of the Certificate of Designations describing the rights and preferences
of the Series C Shares; or (c) the second anniversary of this Agreement.

     10. Action in Stockholder’s Capacity Only. No individual Investor or Stockholder makes any
agreement or understanding in this Agreement in his or her capacity as a director or officer of the
Company. Each Investor or Stockholder is entering into this Agreement solely in his, her or its
capacity as the record holder or beneficial owner of the Voting Shares and nothing in this
Agreement limits or affects any actions taken by an Investor or Stockholder in his or her capacity
as a director or officer of the Company.

     11. Inducement. Each Investor and Stockholder acknowledges that the execution, delivery and
performance by him, her or it of this Agreement is a material inducement to the Investors to enter
into and perform their obligations under the Purchase Agreement, and that the Investors have relied
on the representations, warranties, agreements and covenants of the Investor and Stockholder
hereunder in entering into the Purchase Agreement.

     12. Binding Agreement. All authority herein conferred or agreed to be conferred by each
Investor or Stockholder shall survive the dissolution, death or incapacity of such Investor or
Stockholder. This Agreement shall inure to the benefit of and be binding upon the parties hereto
(severally and not jointly in the case of the Investors and Stockholders) and their respective
heirs, personal representatives, successors, and assigns. Any person executing this Agreement
solely in a fiduciary capacity shall be bound hereby only in such capacity and not individually.
Each Investor may, without the consent of the other Investors or the Stockholders, assign its
rights hereunder to any affiliate, provided that any such assignment shall not affect the Investor’s
obligations hereunder. Each person who executes and delivers this Agreement agrees and
acknowledges that he, she or it will be bound by this Agreement in accordance with its terms
notwithstanding the fact that certain other persons listed on the signature pages hereto may not
have executed this Agreement.

     13. Entire Agreement. This Agreement, together with the Purchase Agreement, contains the
entire understanding of the parties with respect to the transactions contemplated in this Agreement
and supersedes all prior or contemporaneous agreement, understandings or arrangements regarding the
subject matter of this Agreement.

     14. Notice. All notices, requests, consents, and other communications hereunder shall be in
writing and shall be mailed first class, registered with postage prepaid, if to the Company, to its

4

 

principal executive offices, and if to an Investor or Stockholder, to the address indicated on
Schedule A.

     15. Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of Delaware without giving effect to choice of laws principles that would require
the application of the laws of any other jurisdiction.

     16. No Third Party Beneficiaries. Nothing contained in this Agreement is intended to confer
upon any person or entity, other than the parties and their respective successors and permitted
assigns, any benefit, right or remedies under or by reason of this Agreement, as third party
beneficiaries or otherwise.

     17. Counterparts. This Agreement may be executed in counterparts, each of which will be
deemed an original and all of which, taken together, will constitute one instrument. A party’s
facsimile signature on this Agreement will have the same effect as an original signature for all
purposes.

5

 

     In Witness Whereof, the Company, the Investors and the Stockholders have caused this
Voting Agreement and Irrevocable Proxy to be executed as of the day and the year first written
above.

	 	 	 	 	 
	 	New Horizons Worldwide, Inc.,

a Delaware corporation

 	 
	 	By:  	/s/ Mark
A. Miller	 
	 	 	Title: 	President
and Chief Executive Officer 
	 	 	 	 

6

 

	 	 	 	 	 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and Stockholders have caused this Voting Agreement and Irrevocable Proxy to be executed as of the day and the year first written above

Investor:

	 	 	 	 	 
	 	ATMF New Horizons, LLC

 	 
	 	By:  	/s/ Arnold M. Jacob	 
	 	 	Arnold M. Jacob, Member 	 
	 	 	 	 

	 	 	 	 	 
	 	Stockholder:

 	 
	 	/s/ Arnold M. Jacob 	 
	 	Arnold M. Jacob 	 
	 	 	 

7

 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

	 	 	 	 	 
	 	Investor:	 
	 	  	
 	 
	 	NH Investment LLC

	 	 	 
	 	By:  	NH Manager, Inc., Manager
 	 
	 	 	 	 
	 	 	 	 
	 	By: 	 /s/ Robert H. Orley
 	 
	 	 	Robert H. Orley, President 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	Stockholders:

 	 
	 	 /s/ Robert H. Orley 	 
	 	Robert H. Orley 	 
	 	 	 
	 	 	 
	 	 /s/
Joseph H. Orley	 
	 	Joseph H. Orley 	 
	 	 	 

	 	 	 	 	 
	 	/s/
Lawrence Lax 
 	 
	 	Lawrence Lax 	 

8

 

	 	 	 	 	 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

	 	 	 	 	 
	 	Stockholder:

 	 
	 	/s/
Kenneth Hantman  	 
	 	Kenneth Hantman 	 
	 	 	 

9

 

	 	 	 	 	 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and Stockholders have caused this Voting Agreement and Irrevocable
Proxy to be executed as of the day and the year first written above

	 	 	 	 	 
	 	Investor:
 	 
	 
	 	Alkhaleej Training and Education Corp.

 	 
	 	By:  	/s/ Awaleed
Aldryaan	 
	 	 	Name:  	Awaleed
Aldryaan 	 
	 	 	Title:  	President 	 

10

 

	 	 	 	 	 

[This page intentionally left blank]

11

 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

	 	 	 	 	 
	 	Stockholder:

 	 
	 	/s/
Mark A. Miller  	 
	 	Mark A. Miller 	 
	 	 	 
	 

12

 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

Stockholders:

	 	 	 
	/s/ Curtis Lee Smith 	 	/s/ William H. Heller 
	 

	 	 
	Curtis Lee Smith, Jr., Trustee

 Curtis Lee Smith, Jr. Declaration of Trust dated

 September 22, 1989, as modified.

	 	William H. Heller, Trustee

 Curtis Lee Smith, Jr. Irrevocable Trust

 f/b/o Arthur B. Johnson dated 12/13/91
	 
	 	 
	/s/ William H. Heller 	 	/s/ William H. Heller 
	 

	 	 
	William H. Heller, Trustee

 Curtis Lee Smith, Jr. Irrevocable Trust

 f/b/o Curtis Lee Smith III dated 12/13/91

	 	William H. Heller, Trustee

 Curtis Lee Smith, Jr. Irrevocable Trust

 f/b/o Gay L. Smith dated 12/13/91
	 
	 	 
	/s/ William H. Heller 	 	/s/ William H. Heller 
	 

	 	 
	William H. Heller, Trustee

 Curtis Lee Smith, Jr. Irrevocable Trust

 f/b/o Lyman T. Smith dated 12/13/91

	 	William H. Heller, Trustee

 Curtis Lee Smith, Jr. Irrevocable Trust

 f/b/o Matthew S. Smith dated 12/13/91
	 
	 	 
	/s/ Lauren Stringer	 	/s/ Matthew S. Smith
	 

	 	 
	Lauren Stringer

	 	Matthew S. Smith, Trustee

 UAW Curtis Lee Smith, Jr.

 f/b/o Ruby J. Smith dated 5/11/92
	 
	 	 
	/s/ Matthew S. Smith	 	/s/ Gay L. Smith
	 

	 	 
	Matthew S. Smith, Trustee

 UAW Curtis Lee Smith, Jr.

 f/b/o Cooper L. Smith dated 12/28/95

	 	Gay L. Smith, Trustee

 UAW Curtis Lee Smith, Jr.

 f/b/o Lillian T. Asaph dated 6/21/91
	 
	 	 
	/s/ Kaye Denny	 	/s/ Curtis Lee Smith III
	 

	 	 
	Kaye Denny

	 	Curtis Lee Smith III, Trustee

 UAW Curtis Lee Smith, Jr.

 f/b/o Tucker H. Smith
	 
	 	 
	/s/ Lyman Smith, Jr.	 	/s/ Lyman T. Smith
	 

	 	 
	Lyman Smith, Jr.

	 	Lyman T. Smith, Trustee

 UAW Curtis Lee Smith, Jr.

 f/b/o Katherine S. Smith dated 10/17/89
	 
	 	 
	/s/ William H. Heller	 	 
	 
	 	 
	William H. Heller
	 	 

13

 

Investor and Stockholder Signature Page to Voting Agreement and

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

Stockholders:

	 	 	 
	 
	/s/
Stuart O. Smith
	 	/s/ Stuart O. Smith
	 

	 	 
	Stuart O. Smith, Trustee, Stuart O. Smith Declaration

 of Trust dated November 18, 1981, as modified

	 	Stuart O. Smith, Jr.
	 
	 	 
	 
	/s/
Eva Julie Smith

	 	/s/ Stuart O. Smith
	 

	 	 
	Eva Julie Smith

	 	Stuart O. Smith, Jr. and Eva Julie Smith, JT
	 
	 	 
	 
	/s/
Stuart O. Smith

	 	/s/ Stuart O. Smith
	 

	 	 
	Stuart O. Smith, Jr. Trustee

 Stuart O. Smith Trust

 f/b/o Kevin F. Smith dated 10/17/89

	 	Stuart O. Smith, Jr. Trustee

 Stuart O. Smith Trust

 f/b/o Michael N. Smith dated 12/13/91
	 
	 	 
	 
	/s/
Julie Smith Bonebrake

	 	/s/ Geoffrey D. Bonebrake
	 

	 	 
	Julie Smith Bonebrake

	 	Geoffrey D. Bonebrake
	 
	 	 
	 
	/s/
Julie Smith Bonebrake

	 	/s/ Julie Smith Bonebrake
	 

	 	 
	Julie Smith Bonebrake, Trustee

 Stuart O. Smith Trust

 f/b/o Geoffrey D. Bonebrake, Jr. dated 4/24/92

	 	Julie Smith Bonebrake, Trustee

 Stuart O. Smith Trust

 f/b/o Anna C. Bonebrake dated 11/16/95
	 
	 	 
	 
	/s/
Julie Smith Bonebrake

	 	/s/ Stuart O. Smith / Julie Smith Bonebrake
	 

	 	 
	Julie Smith Bonebrake, Trustee

 Stuart O. Smith Trust

 f/b/o Curtis S. Bonebrake dated 7/28/98

	 	Stuart O. Smith, Jr. and Julie Smith Bonebrake,
Co-Trustees

 Stuart O. Smith Grandchildren’s Trust

14

 

Investor and Stockholder Signature Page to Voting Agreement
and
Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

Stockholders:

	 	 	 
	 
	/s/
David A. Goldfinger

	 	/s/ David A Goldfinger
	 

	 	 
	David A. Goldfinger Trustee

 David A. Goldfinger Trust dated May 6, 1981, as modified

	 	David A Goldfinger
	 
	 	 
	 
	/s/ Ruth G. Marks
	 	/s/ Ruth Marks
	 

	 	 
	 

Ruth G. Marks

	 	Ruth Marks, Trustee, U/A dated July 2, 1998

 David A. Goldfinger Trust

 f/b/o Elizabeth Grace Marks
	 
	 	 
	 
	/s/
Ruth Marks

	 	/s/ Ruth Marks
	 

	 	 
	Ruth Marks, Trustee, U/A dated October 8, 1992

 David A. Goldfinger Trust

 f/b/o Matthew Aaron Marks

	 	Ruth Marks, Trustee, U/A dated March 15, 1995

 David A. Goldfinger Trust

 f/b/o Joseph Daniel Marks
	 
	 	 
	 
	/s/
Ronald E. Goldfinger

	 	/s/ Ronald E. Goldfinger
	 

	 	 
	 

Ronald E. Goldfinger

	 	Ronald E. Goldfinger, Trustee

 U/A dated December 24, 1991

 by David A. Goldfinger

 f/b/o Jacob S. Goldfinger
	 
	 	 
	 
	/s/Ronald E Goldfinger
	 	/s/ Karen G Baker
	 

	 	 
	Ronald E Goldfinger, Trustee

 U/A dated May 30, 1996

 by David A. Goldfinger

 f/b/o Rachel Elise Goldfinger

	 	Karen G Baker
	 
	 	 
	 
	/s/
Karen G. Baker

	 	/s/ Karen G Baker
	 

	 	 
	Karen G. Baker, Trustee

 U/A dated April 28, 1993

 by David A. Goldfinger

 f/b/o Samuel Ezra Baker

	 	Karen G Baker, Trustee

 U/A dated November 8, 1995

 by David A. Goldfinger

 f/b/o Gabriel Morris Baker

15

 

Investor and Stockholder Signature Page to Voting Agreement and 

Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and/or Stockholders have caused this Voting Agreement and
Irrevocable Proxy to be executed as of the day and the year first written above

Stockholders:

	 	 	 	 	 
	 	/s/ James G. Kennedy
		 	 

James G. Kennedy for
	 	 
	 
	 	James G. Kennedy Contributory IRA	 	 
	 	 	 	 	 
	 	/s/ Nancy H. Kennedy
	 
	 	 	 	 
	 
	 	Nancy H. Kennedy for	 	 
	 
	 	Nancy H. Kennedy Contributory IRA	 	 

16

 

Investor and Stockholder Signature Page to Voting Agreement and 

 Irrevocable Proxy for New Horizons Worldwide, Inc.

     The undersigned Investors and Stockholders have caused this Voting Agreement and Irrevocable
Proxy to be executed as of the day and the year first written above

	 	 	 	 	 
	 	Stockholders:

 	 
	 	Camden Partners Strategic Fund III, L.P.

 	 
	 	By:  	/s/
David L. Warnock	 
	 	 	Name:  	David L. Warnock	 
	 	 	Title:  	Managing Member	 
	 
	 	Camden Partners Strategic Fund III-A, L.P.

 	 
	 	By:  	/s/
David L. Warnock	 
	 	 	Name:  	David L. Warnock	 
	 	 	Title:  	Managing Member	 
	 

17

 

Schedule A to Voting Agreement and Irrevocable Proxy 

for New Horizons Worldwide, Inc.

List of Investors and Stockholders and Voting Shares

Investors

	 	 	 	 	 
	Name And Address of Investor	 	Number of Shares
	ATMF New Horizons, LLC

	 	 	1,999,996	 
	6735 Telegraph Road, Suite 110

Bloomfield Hills, MI 48301

	 	 	 	 
	NH Investment LLC

	 	 	1,999,996	 
	40900 Woodward Ave., Suite 130,

Bloomfield Hills, MI 48304

	 	 	 	 
	Alkhaleej Training and Education Corp.

	 	 	444,447	 
	P. O. Box 295300, Riyadh 11351

Kingdom of Saudi Arabia

	 	 	 	 

Stockholders

	 	 	 	 	 
	Name And Address of Stockholder 	 	Number of Shares
	Arnold M. Jacob

6735 Telegraph Road, Suite 110

Bloomfield Hills, MI 48301

	 	 	690,000	 
	Robert H. Orley

40900 Woodward Ave., Suite 130,

Bloomfield Hills, MI 48304

	 	 	100,000	 
	Joseph H. Orley

201 W Big Beaver Suite 720

Troy, MI 48084

	 	 	45,500	 
	Lawrence Lax

40900 Woodward Ave., Suite 130,

Bloomfield Hills, MI 48304

	 	 	17,000	 
	Kenneth Hantman

Renaissance Corporate Park

3604 Horizon Drive

King of Prussia 19406

	 	 	10,400	 
	Mark A. Miller

1900 S. State College Blvd., Suite 650

Anaheim, California 92806-6135

	 	 	468,695	 

 

 

	 	 	 	 	 
	Name And Address of Stockholder 	 	Number of Shares
	Curtis Lee Smith, Jr., Trustee

Curtis Lee Smith, Jr. Declaration of Trust dated

September 22, 1989, as modified

7429 Sanderling Road

Sarasota, FL 34242

	 	 	922,797	 
	William H. Heller, Trustee

Curtis Lee Smith, Jr. Irrevocable Trust f/b/o

Arthur B. Johnson dated 12/13/91

23611 Chagrin Blvd., Suite 200

Beachwood, OH 44122

	 	 	63,158	 
	William H. Heller, Trustee

Curtis Lee Smith, Jr. Irrevocable Trust f/b/o

Curtis Lee Smith III dated 12/13/91

23611 Chagrin Blvd., Suite 200

Beachwood, OH 44122

	 	 	68,083	 
	William H. Heller, Trustee

Curtis Lee Smith, Jr. Irrevocable Trust f/b/o

Gay L. Smith dated 12/13/91

23611 Chagrin Blvd., Suite 200

Beachwood, OH 44122

	 	 	46,821	 
	William H. Heller, Trustee

Curtis Lee Smith, Jr. Irrevocable Trust f/b/o

Lyman T. Smith dated 12/13/91

23611 Chagrin Blvd., Suite 200

Beachwood, OH 44122

	 	 	68,083	 
	William H. Heller, Trustee

Curtis Lee Smith, Jr. Irrevocable Trust f/b/o

Matthew S. Smith dated 12/13/91

23611 Chagrin Blvd., Suite 200

Beachwood, OH 44122

	 	 	68,083	 
	Lauren Stringer

432 Newton Avenue South

Minneapolis, MN 55405

	 	 	15,325	 
	Matthew S. Smith, Trustee

UAW Curtis Lee Smith, Jr.

f/b/o Ruby J. Smith dated 5/11/92

432 Newton Avenue South

Minneapolis, MN 55405

	 	 	28,625	 
	Matthew S. Smith, Trustee

UAW Curtis Lee Smith, Jr.

f/b/o Cooper L. Smith dated 12/28/95

432 Newton Avenue South

Minneapolis, MN 55405

	 	 	27,075	 

 

 

	 	 	 	 	 
	Name And Address of Stockholder 	 	Number of Shares
	Gay L. Smith, Trustee

UAW Curtis Lee Smith, Jr.

f/b/o Lillian T. Asaph dated 6/21/91

49 Summit Street

Newton, MA 02458

	 	 	36,619	 
	Kaye Denny

19 West Street

Belmont, MA 02478

	 	 	12,800	 
	Curtis Lee Smith III, Trustee

UAW Curtis Lee Smith, Jr.

f/b/o Tucker H. Smith

19 West Street

Belmont, MA 02478

	 	 	30,825	 
	Lyman Smith, Jr.

3050 Umatilla Street

Denver, CO 80211

	 	 	63,880	 
	Lyman T. Smith, Trustee

UAW Curtis Lee Smith, Jr.

f/b/o Katherine S. Smith dated 10/17/89

805 Park Avenue

Mahtomidi, MN 55115

	 	 	58,580	 
	William H. Heller

23611 Chagrin Blvd., Suite 200

Beachwood, OH 44122

	 	 	7,500	 
	Stuart O. Smith, Trustee, Stuart O. Smith

Declaration of Trust dated November 18, 1981,
as modified

68 Long Point Drive

Amelia Island, FL 32034

	 	 	1,102,438	 
	Stuart O. Smith, Jr.

3802 Merrymound Road

Cleveland, OH 44121

	 	 	25,225	 
	Eva Julie Smith

3802 Merrymound Road

Cleveland, OH 44121

	 	 	25,225	 
	Stuart O. Smith, Jr. and Eva Julie Smith, JT

3802 Merrymound Road

Cleveland, OH 44121

	 	 	169,391	 
	Stuart O. Smith, Jr. Trustee

Stuart O. Smith Trust

f/b/o Kevin F. Smith dated 10/17/89

3802 Merrymound Road

Cleveland, OH 44121

	 	 	13,152	 

 

 

	 	 	 	 	 
	Name And Address of Stockholder 	 	Number of Shares
	Stuart O. Smith, Jr. Trustee

Stuart O. Smith Trust

f/b/o Michael N. Smith dated 12/13/91

3802 Merrymound Road

Cleveland, OH 44121

	 	 	6,512	 
	Julie Smith Bonebrake

2872 Chatham Road

Pepper Pike, OH 44124

	 	 	61,079	 
	Geoffrey D. Bonebrake

2872 Chatham Road

Pepper Pike, OH 44124

	 	 	105,825	 
	Julie Smith Bonebrake, Trustee

Stuart O. Smith Trust

f/b/o Geoffrey D. Bonebrake, Jr. dated 4/24/92

2872 Chatham Road

Pepper Pike, OH 44124

	 	 	75,366	 
	Julie Smith Bonebrake, Trustee

Stuart O. Smith Trust

f/b/o Anna C. Bonebrake dated 11/16/95

2872 Chatham Road

Pepper Pike, OH 44124

	 	 	72,421	 
	Julie Smith Bonebrake, Trustee

Stuart O. Smith Trust

f/b/o Curtis S. Bonebrake dated 7/28/98

2872 Chatham Road

Pepper Pike, OH 44124

	 	 	71,118	 
	Stuart O. Smith, Jr. and Julie Smith Bonebrake,
Co-Trustees

Stuart O. Smith Grandchildren’s Trust
dated 1/30/01

3802 Merrymound Road

Cleveland OH 44121 and

2872 Chatham Road

Pepper Pike, OH 44124

	 	 	292,583	 
	David A. Goldfinger Trustee

David A. Goldfinger Trust dated May 6, 1981, as
modified

156 Key Heights Drive

Tavernier, FL 33070

	 	 	3,000	 
	David A Goldfinger

156 Key Heights Drive

Tavernier, FL 33070

	 	 	22,000	 

 

 

	 	 	 	 	 
	Name And Address of Stockholder 	 	Number of Shares
	Ruth G. Marks

450 Shannon Road

Deerfield, IL 60015

	 	 	12,800	 
	Ruth Marks, Trustee

U/A dated July 2, 1998

David A. Goldfinger Trust

f/b/o Elizabeth Grace Marks

450 Shannon Road

Deerfield, IL 60015

	 	 	1,681	 
	Ruth Marks, Trustee

U/A dated October 8, 1992

David A. Goldfinger Trust

f/b/o Matthew Aaron Marks

450 Shannon Road

Deerfield, IL 60015

	 	 	3,125	 
	Ruth Marks, Trustee

U/A dated March 15, 1995

David A. Goldfinger Trust

f/b/o Joseph Daniel Marks

450 Shannon Road

Deerfield, IL 60015

	 	 	3,750	 
	Ronald E. Goldfinger

999 Bluff Road

Glencoe, IL 60022-1140

	 	 	10,225	 
	Ronald E. Goldfinger, Trustee

U/A dated December 24, 1991

by David A. Goldfinger

f/b/o Jacob S. Goldfinger

999 Bluff Road

Glencoe, IL 60022-1140

	 	 	2,100	 
	Ronald E Goldfinger, Trustee

U/A dated May 30, 1996

by David A. Goldfinger

f/b/o Rachel Elise Goldfinger

999 Bluff Road

Glencoe, IL 60022-1140

	 	 	3,090	 
	Karen G Baker

30961 Fox Hollow Drive

Pepper Pike, OH 44124

	 	 	11,100	 

 

 

	 	 	 	 	 
	Name And Address of Stockholder 	 	Number of Shares
	Karen G. Baker, Trustee

U/A dated April 28, 1993

by David A. Goldfinger

f/b/o Samuel Ezra Baker

30961 Fox Hollow Drive

Pepper Pike, OH 44124

	 	 	3,125	 
	Karen G Baker, Trustee

U/A dated November 8, 1995

by David A. Goldfinger

f/b/o Gabriel Morris Baker

30961 Fox Hollow Drive

Pepper Pike, OH 44124

	 	 	4,375	 
	James G. Kennedy Contributory IRA

c/o 11 Sparks Farm Road

Sparks, Maryland 21152

	 	 	150,000	 
	Nancy H. Kennedy Contributory IRA

c/o 11 Sparks Farm Road

Sparks, Maryland 21152

	 	 	100,000	 
	Camden Partners Strategic Fund III, L.P.

500 East Pratt Street, Suite 1200

Baltimore, MD 21202

	 	 	4,084,155	 
	Camden Partners Strategic Fund III-A, L.P.

500 East Pratt Street, Suite 1200

Baltimore, MD 21202

	 	 	169,724

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]