Document:

REGISTRATION RIGHTS AGREEMENT

 Exhibit 10.9 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of August 30, 2004, by and among ProsoftTraining, a
Nevada corporation (the “Company”), and the investors signatory hereto (each a “Investor” and collectively, the “Investors”). 
  
 This Agreement is made pursuant to the Purchase Agreement, dated as of August 30, 2004, among the Company and the Investors
(the “Purchase Agreement”). 
  
 The Company and
the Investors hereby agree as follows: 
  
 1. Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the respective meanings
set forth in this Section 1: 
  
 “Effective Date”
means the date that the Registration Statement filed pursuant to Section 2(a) is first declared effective by the Commission. 
  
 “Effectiveness Date” means (a) with respect to the initial Registration Statement required to be filed under Section 2(a), the earlier
of: (a)(i) the 90th day following the Closing Date; provided, that, if the Commission reviews and has written
comments to the filed Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Date under this clause (a)(i) shall be the 120th day following the Closing Date, and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that the initial
Registration Statement will not be reviewed or is no longer subject to further review and comments, and (b) with respect to any additional Registration Statements that may be required pursuant to Section 2(b), the earlier of (i) the 90th day following (x) if such Registration Statement is required because the Commission shall have notified the Company in writing
that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, the date or time on which the Commission shall indicate as being the first date or time that such Registrable Securities may then be
included in a Registration Statement, or (y) if such Registration Statement is required for a reason other than as described in (x) above, the date on which the Company first knows, or reasonably should have known, that such additional Registration
Statement(s) is required; provided, that, if the Commission reviews and has written comments to such filed Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness
Date under this clause (b)(i) shall be the 120th day following the date that the Company first knows, or reasonably
should have known, that such additional Registration Statement is required under such Section and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that such additional Registration Statement will not
be reviewed or is no longer subject to further review and comment. 
  
 “Effectiveness Period” shall have the meaning set forth in Section 2(a). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 “Filing Date” means (a) with respect to the initial Registration Statement required to
be filed under Section 2(a), the 30th day following the Closing Date, and (b) with respect to any additional
Registration Statements that may be required pursuant to Section 2(b), the 30th day following (x) if such
Registration Statement is required because the Commission shall have notified the Company in writing that certain Registrable Securities were not eligible for inclusion on a previously filed Registration Statement, the date or time on which the
Commission shall indicate as being the first date or time that such Registrable Securities may then be included in a Registration Statement, or (y) if such Registration Statement is required for a reason other than as described in (x) above, the
date on which the Company first knows, or reasonably should have known, that such additional Registration Statement(s) is required. 
  
 “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

  
 “Indemnified Party” shall have the meaning
set forth in Section 5(c). 
  
 “Indemnifying
Party” shall have the meaning set forth in Section 5(c). 
  
 “Losses” shall have the meaning set forth in Section 5(a). 
  
 “Notes” means, collectively, each of the promissory notes issued or issuable under the Purchase Agreement. 
  
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened. 
  
 “Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a
Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Registrable Securities” means the (a) Underlying Shares
issuable upon conversion of the Notes (assuming such Notes are held until the maturity date thereof and all interest is accreted to principal thereunder together with any securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event, or any conversion price adjustment with respect thereto) and (b) Warrant Shares issuable upon exercise of the Warrants. 
  
 “Registration Statement” means each of the following: (i) an initial registration statement under Section
2(a) which is required to register the resale of the Registrable Securities, (ii) each additional registration statement, if any, contemplated by Section 2(b), and including, in each case, the Prospectus, amendments and supplements to each such
registration statement or 
  

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 Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by
reference or deemed to be incorporated by reference in such registration statement. 
  
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission having substantially the same effect as such Rule. 
  
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule. 
  
 “Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as
such Rule. 
  
 “Securities Act” means the
Securities Act of 1933, as amended. 
  
 2. Registration.

  
 (a) On or prior to each Filing Date, the Company shall
prepare and file with the Commission a Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule
415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose)
and shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) a “Plan of Distribution” substantially in the form attached hereto as Annex A.
The Company shall cause each Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event, no later than its Effectiveness Date, and shall use its best efforts to keep each Registration Statement
continuously effective under the Securities Act until the second year after the date that the Registration Statement is declared effective by the Commission or such earlier date when all Registrable Securities covered by the Registration Statement
have been sold or may be sold without volume restrictions pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the
affected Holders (the “Effectiveness Period”). The initial Registration Statement shall include a number of Registrable Securities equal to the sum of (a) the number of Underlying Shares issuable upon an assumed conversion in full
of the Notes (assuming for such purpose that the Notes are held until their respective schedules Maturity Dates and all interest accretes to principal for the life thereof) and (b) the number of shares issuable upon exercise in full of the Warrants.

  
 (b) If for any reason the Commission does not permit all of
the Registrable Securities to be included in the Registration Statement filed pursuant to Section 2(a) or for any other reason all Registrable Securities then outstanding are not then included in an effective Registration Statement, then the Company
shall prepare and file as soon as possible after the date 
  

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 on which the Commission shall indicate as being the first date or time that such filing may be made, but in any event by
the Filing Date therefore, an additional Registration Statement covering the resale of all Registrable Securities not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to
Rule 415, on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose). Each such Registration Statement
shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) a “Plan of Distribution” substantially in the form attached hereto as Annex A. The
Company shall cause each such Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event, no later than its Effective Date, and shall use its best efforts to keep such Registration Statement
continuously effective under the Securities Act during the entire Effectiveness Period. 
  
 (c) If: (i) a Registration Statement is not filed on or prior to its Filing Date (if the Company files a Registration Statement without affording the Holders the opportunity to review and comment on the same as
required by Section 3(a) hereof, the Company shall not be deemed to have satisfied this clause (i)), or (ii) a Registration Statement is not declared effective by the Commission on or prior to its required Effectiveness Date, or (iii) after its
Effective Date, without regard for the reason thereunder or efforts therefor, such Registration Statement ceases for any reason to be effective and available to the Holders as to all Registrable Securities to which it is required to cover at any
time prior to the expiration of its Effectiveness Period for more than an aggregate of 20 Trading Days (which need not be consecutive) (any such failure or breach being referred to as an “Event,” and for purposes of clauses (i) or
(ii) the date on which such Event occurs, or for purposes of clause (iii) the date which such 20 Trading Day period is exceeded, being referred to as “Event Date”), then in addition to any other rights the Holders may have under the
Transaction Date or under applicable law or at equity: (x) on each such Event Date the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 2.0% of the principal amount of Notes then held
by such Holder for Shares pursuant to the Purchase Agreement; and (y) on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to
each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to 2.0% of the principal amount of Notes then held by such Holder for Notes pursuant to the Purchase Agreement. If the Company fails to pay any partial
liquidated damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 10% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the
Holder, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro-rata basis for
any portion of a month prior to the cure of an Event, except in the case of the first Event Date. 
  
 (d) Each Holder agrees to furnish to the Company a completed Questionnaire in the form attached to this Agreement as Annex B (a “Selling
Holder Questionnaire”). The Company shall not be required to include the Registrable Securities of a Holder in a Registration Statement and shall not be required to pay any liquidated or other damages under Section 2(c) to any Holder who
fails to furnish to the Company a fully completed Selling Holder Questionnaire at least two Trading Days prior to the Filing Date (subject to the requirements set forth in Section 3(a)). 
  

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 3. Registration Procedures. 
  
 In connection with the Company’s registration obligations hereunder, the Company shall: 
  
 (a) Not less than four Trading Days prior to the filing of a Registration
Statement or any related Prospectus or any amendment or supplement thereto, the Company shall furnish to each Holder copies of the “Selling Stockholders” section of such document, the “Plan of Distribution” and any risk factor
contained in such document that addresses specifically this transaction or the Selling Stockholders, as proposed to be filed which documents will be subject to the review of such Holder. The Company shall not file a Registration Statement, any
Prospectus or any amendments or supplements thereto in which the “Selling Stockholder” section thereof differs from the disclosure received from a Holder in its Selling Holder Questionnaire (as amended or supplemented). 
  
 (b) (i) Prepare and file with the Commission such amendments, including
post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its
Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to each Registration
Statement or any amendment thereto and, as promptly as reasonably possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that would not result in the disclosure
to the Holders of material and non-public information concerning the Company; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of
all Registrable Securities covered by each Registration Statement. 
  
 (c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three Trading Days prior to such filing) and (if requested by any such Person) confirm such notice in writing no later than one
Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a
“review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (the Company shall provide true and complete copies of any such comments and all written responses thereto to each
Holder that pertains to such Holder as a Selling Shareholder or to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or
any post-effective amendment, when the same has become effective; (ii) of any request by the Commission or any other Federal or state governmental authority for 
  

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 amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance
by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the
occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the
case may be, it will not contain any 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, in light of the circumstances under which they were made, not
misleading. 
  
 (d) Use its reasonable best efforts to avoid the
issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction, at the earliest practicable moment. 
  
 (e)
Furnish to each Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Person (excluding those previously furnished or incorporated by reference)
promptly after the filing of such documents with the Commission. 
  
 (f) Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request. The Company hereby
consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

  
 (g) Prior to any public offering of Registrable Securities,
use its reasonable best efforts to register or qualify or cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder shall reasonably request, to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness
Period and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company shall not be required to
qualify generally to do business in any jurisdiction where it is not then so qualified or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 
  
 (h) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant 
  

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 to the Registration Statements, which certificates shall be free, to the extent permitted by the Purchase Agreement, of
all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 
  
 (i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a
post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter
delivered, no Registration Statement nor any Prospectus will 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, in light of the circumstances
under which they were made, not misleading. 
  
 4. Registration
Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and
expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market on which
the Common Stock is then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of
printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and
disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without
limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. 
  
 5.
Indemnification. 
  
 (a) Indemnification by the
Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents, investment advisors, partners, members, shareholders and employees of each of them, each
Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as
incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be 
  

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 stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder
furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and
expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for
this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is
outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or
omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by
this Agreement. 
  
 (b) Indemnification by Holders. Each
Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) such
Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or
supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent, but only to the extent that, (1) such untrue
statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement (it being understood that the Holder has approved Annex A hereto for this
purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following
the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar
amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
  

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 (c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against
any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying
Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any
Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 
  
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have
failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party
(in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof
and such counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject matter of such Proceeding. 
  
 All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating
or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is
ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally
judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 
  
 (d) Contribution. If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or
otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any 
  

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 other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a
party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the
extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
  
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder
shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that
such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 
  
 The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the
Indemnified Parties. 
  
 6. Miscellaneous. 
  
 (a) Remedies. In the event of a breach by the Company or by a Holder,
of any of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement
and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 
  
 (b) No Piggyback on Registrations. Except as and to the extent specified in Schedule 3.1(v) to the Purchase
Agreement, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities, and the Company shall
not during the Registration Period enter into any agreement providing any such right to any of its security holders. 
  
 (c) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
  

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 (d) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities
that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such
Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and,
in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to enforce
the provisions of this paragraph. 
  
 (e) Piggy-Back
Registrations. If at any time during the Effectiveness Period there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration
statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each Holder
written notice of such determination and, if within fifteen days after receipt of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such
holder requests to be registered, subject to customary underwriter cutbacks applicable to all holders of registration rights. 
  
 (f) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders of at least 50% of the then issuable Registrable Securities (without
regard to any conversion or exercise limitations). Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly
or indirectly affect the rights of other Holders may be given by Holders of at least 50% of the issuable Registrable Securities (without regard to any conversion or exercise limitations) to which such waiver or consent relates, provided, that
the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. This Section 6(f) may not be amended without the written consent of all Holders of
Registrable Securities. 
  
 (g) Notices. Any and all
notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile telephone number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at
the facsimile telephone number specified in this Agreement later than 6:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Trading Day following the date of 
  

 11 

 mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom
such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	 If to the Company:
	 	 ProsoftTraining

	 	 	 410 N. 44th Street, Suite 600

	 	 	 Phoenix, AZ 85008

	 	 	 Facsimile No.: (602) 774-4198

	 	 	 Attn: Chief Financial Officer

		
	 With a copy to:
	 	 Hewitt & O’Neil, LLP

	 	 	 19900 MacArthur Blvd., Suite 1050

	 	 	 Irvine, CA 92612

	 	 	 Facsimile: (949) 798-0511

	 	 	 Attention: William L. Twomey, Esq.

		
	 If to a Investor:
	 	 To the address set forth under such Investor’s name on the signature pages hereto.

	
	 If to any other Person who is then the registered Holder:

		
	 	 	To the address of such Holder as it appears in the stock transfer books of the Company

  
 or such other address as may be
designated in writing hereafter, in the same manner, by such Person. 
  
 (h) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its
rights or obligations hereunder without the prior written consent of each Holder. Each Holder may assign its respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement so long as such assignment complies
with the Purchaser Agreement. 
  
 (i) Execution and
Counterparts. This Agreement may be executed in any number of 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. In the event that any
signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature
were the original thereof. 
  
 (j) Governing Law. All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates,
employees or agents) shall be 
  

 12 

 commenced exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan (the
“New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced in an improper
or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed by the other party for its
attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
  
 (k) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
  
 (l) Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
  
 (m) Headings. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES TO FOLLOW] 
  

 13 

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

			
	PROSOFTRAINING
		
	By:	 	 /s/ Robert G. Gwin

	Name:	 	Robert G. Gwin
	Title:	 	Chief Executive Officer

  
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK 
 SIGNATURE PAGES OF INVESTORS TO FOLLOW] 
  

 14 

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

			
	NAME OF INVESTING ENTITY
	
	 DKR SoundShore Oasis Holding Fund Ltd.

	
	AUTHORIZED SIGNATORY
		
	By:	 	 /s/ Barbara Burger

	Name:	 	Barbara Burger
	Title:	 	Alternate Director
	
	ADDRESS FOR NOTICE
	
	c/o: DKR Oasis Management Company L.P.
	
	Street: 1281 East Main Street
	
	City/State/Zip: Stamford, CT 06920
	
	Attention: Barbara Burger/Rajni Narasi
		
	Tel:	 	203-324-8400
		
	Fax:	 	203-324-8488
		
	Email:	 	Bburger@dkrcapital.com;
	 	 	Rnarasi@dkrcapital.com
	
	REGISTERED ADDRESS
	
	 29 Richmond Road

	 Pembroke HM08

	 Bermuda

	
	 With a copy to:

	
	 Bryan Cave LLP

	 1290 Avenue of the Americas

	 New York, NY 10104

	 Facsimile No.: (212) 541-4630

	 and (212) 541-1432

	 Attn: Eric L. Cohen, Esq.

  

 15 

			
	NAME OF INVESTING ENTITY
	
	 DKR SoundShore Strategic Holding Fund Ltd.

	
	AUTHORIZED SIGNATORY
		
	 By:
	 	 /s/ Barbara Burger

	 Name:
	 	Barbara Burger
	 Title:
	 	Alternate Director
	
	ADDRESS FOR NOTICE
	
	c/o: DKR Oasis Management Company L.P.
	
	Street: 1281 East Main Street
	
	City/State/Zip: Stamford, CT 06920
	
	Attention: Barbara Burger/Rajni Narasi
		
	 Tel:
	 	203-324-8400
		
	 Fax:
	 	203-324-8488
		
	 Email:
	 	Bburger@dkrcapital.com;
	 	 	Rnarasi@dkrcapital.com
	
	REGISTERED ADDRESS
	
	 29 Richmond Road

	 Pembroke HM08

	 Bermuda

	
	 With a copy to:

	
	 Bryan Cave LLP

	 1290 Avenue of the Americas

	 New York, NY 10104

	 Facsimile No.: (212) 541-4630

	 and (212) 541-1432

	 Attn: Eric L. Cohen, Esq.

  

 16AMENDED SECURITY AGREEMENT

 Exhibit 10.10 
  
 FIRST AMENDMENT TO SECURITY AGREEMENT 
  
 THIS FIRST AMENDMENT TO SECURITY AGREEMENT (the “Amendment”) is entered into as of August 30, 2004
between PROSOFTTRAINING, a Nevada corporation (“Debtor”), and HUNT CAPITAL GROWTH FUND II, L.P. (“Secured Party”). 
  
 R E C I T A L S: 
  
 WHEREAS, Debtor and Secured Party entered into that certain Security
Agreement (as amended, the “Security Agreement”) dated as of October 16, 2001 in order to secure the payment of obligations of Debtor to Secured Party under the Securities Purchase Agreement dated October 16, 2001 (as
amended, the “Securities Purchase Agreement”) between Debtor and Secured Party and under the Transaction Agreements (as defined therein); 
  
 WHEREAS, as of the date hereof, Debtor is entering into a Purchase Agreement with DKR SoundShore Oasis Holding Fund Ltd.
(“DKR Oasis”) and DKR SoundShore Strategic Holding Fund Ltd. (“DKR Strategic” and, together with DKR Oasis, the “DKR Parties”) pursuant to which Debtor will borrow $1,350,000
(the “DKR Loan”) from the DKR Parties, payment of which is secured pursuant to the provisions of the Security Agreement dated the date hereof (the “SoundShore Security Agreement”) between the DKR
Parties, DKR Oasis as Administrative Agent, and Debtor; and 
  
 WHEREAS, Debtor and Secured Party have agreed to amend the Security Agreement to, among other things, permit the security interests granted by Debtor to the DKR Parties in the SoundShore Security Agreement. 
  
 NOW, THEREFORE, in consideration of these premises and other valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree, as follows: 
  
 1. DEFINITIONS. Unless stated otherwise, (a) each term defined in the Security Agreement has the same meaning when used in this
Amendment and (b) all references to “Sections” and “Exhibits” are references to the Security Agreement’s sections and exhibits. 
  
 2. AMENDMENTS. Effective as of the date of this Amendment: 
  
 (A) The following definitions are alphabetically inserted (as appropriate)
into Section 1.01 of the Security Agreement: 
  
 “Convertible Note” means the Subordinated Secured Convertible Note dated October 16, 2001 in the stated principal amount of $2,500,000 payable by Debtor to the order of Secured Party, as amended by the
Amendment to Securities Purchase Agreement dated December 28, 2001, the Exchange Agreement dated June 4, 2004, the Amendment to Securities Purchase Agreement and Convertible Note dated as of August 30, 2004 and as the same may from time to time be
amended hereafter. 
  
 “Debtor” means
PROSOFTTRAINING, a Nevada corporation. 
  
 “DKR Parties” means DKR SoundShore Oasis Holding Fund Ltd. and DKR SoundShore Strategic Holding Fund Ltd. 

 “Event of Default” has the meaning set forth in the Convertible Note, as the
same may be amended, extended or modified from time to time. 
  
 “Intercreditor Agreement” means the Intercreditor Agreement, dated August 30, 2004, among Secured Party and the DKR Parties. 
  
 “SoundShore Lien” means the security interest in the Debtor’s property held by the DKR
Parties pursuant to the SoundShore Security Agreement. 
  
 “SoundShore Security Agreement” means the Security Agreement, dated as of August 30, 2004, by and among the Debtor, each of the DKR Parties and DKR SoundShore Holding Fund, Ltd, as Administrative Agent. 
  
 (B) Sections or subsections 2.01(l), 2.03, 3.03, 3.06, 4.01, 4.04, 4.09,
4.14, 4.15(b), 4.16(a)(i), 4.16(b)(i), (ii) and (iv), 4.17(a), 4.19, 5.06 and 7.03 of the Security Agreement are amended to read in their entirety as set forth on Attachment A hereto. 
  
 (C) A new Section 7.13 is added to the Security Agreement to read as follows:

  
 “7.13. SoundShore Transactions.
Notwithstanding any other provision of this Agreement, Secured Party agrees as follows: (a) Debtor may enter into the SoundShore Security Agreement and grant the security interests provided for therein, (b) the DKR Parties may perfect such security
interests and (c) to the extent set forth in the Intercreditor Agreement, the Proceeds of Collateral shall be applied as set forth therein.” 
  
 (D) Schedules 1-4 to the Security Agreement are amended to read in their entirety in the form of Attachment B hereto. 
  
 3. REPRESENTATIONS AND WARRANTIES, AGREEMENTS REGARDING
SUBSIDIARIES. In connection with the agreements set forth in this Amendment, Debtor represents and warrants to Secured Party that none of its subsidiaries (other than ProsoftTraining Europe Ltd. (“Prosoft Europe”))
owns any material assets or engages in any material activity. Debtor agrees to (a) within thirty (30) days after the date of this Amendment, deliver to Secured Party (or to the Collateral Agent under the Intercreditor Agreement dated the date hereof
(the “Intercreditor Agreement”) among Secured Party and the DKR Parties) all certificates evidencing its ownership of Prosoft Europe, together with stock power(s) executed in blank and (b) give prompt written notice to
Secured Party of any event or occurrence that results in the foregoing representation and warranty being false, incorrect or misleading. 
  
 4. RATIFICATIONS; AGREEMENTS. As a material inducement to Secured Party to execute and deliver this Amendment, Debtor hereby (A)
ratifies and confirms all provisions of the Security Agreement, as amended by this Amendment, (B) ratifies and confirms that all guaranties, assurances, and security interests granted, conveyed, or assigned to Secured Party under the Security
Agreement or the other Transaction Agreements, as they may have been renewed, extended, and amended, continue to guarantee, assure, and secure full payment and performance of the present and future Obligations, and (C) agrees to perform such acts
and duly authorize, execute, acknowledge, deliver, file, and record such additional documents, and certificates as Secured Party may reasonably request in order to create, perfect, preserve, and protect those guaranties, assurances, and Security
Interests. Debtor agrees to immediately notify Secured Party in writing in the event that, after the date of this Amendment, it grants any lien or security interest in any of its assets to or for the benefit of any of the 
  

 2 

 DKR Parties (whether under the SoundShore Security Agreement or otherwise) or takes or permits any action to perfect any
security interest granted to any of the DKR Parties as of the date hereof or any subsequent date and, at the request of Secured Party, will promptly take all actions reasonably requested by Secured Party (after giving effect to the Intercreditor
Agreement) to grant and perfect, in favor of Secured Party, liens and security interests in any of such assets. 
  
 [The remainder of this page intentionally left blank; Signature Page follows.] 
  

 3 

 EXECUTED as of the date first stated above. 
  

					
	HUNT CAPITAL GROWTH FUND II, L.P.
		
	By:	 	 HUNT CAPITAL GROWTH, L.P.,
 its general
partner

		
	By:	 	HUNT CAPITAL GROUP, L.L.C.,
	 	 	its general partner
			
	 	 	By:	 	 /s/ J.R. Holland, Jr.

	 	 	 	 	J.R. Holland, Jr.
	 	 	 	 	President
	
	PROSOFTRAINING
		
	By:	 	 /s/ Robert G. Gwin

	 	 	Robert G. Gwin
	 	 	Chief Executive Officer

  
 Signature Page
to 
 First Amendment to Security Agreement 

 ATTACHMENT A 
  
 1. Section 2.01(l) 
  
 (l) all shares of stock of the Subsidiaries of the Debtor from time to time owned or acquired by the Debtor in any manner, and the certificates and all
dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed or distributable in respect of or in exchange for any or all of such shares; 
  
 2. Section 2.03 
  
 Section 2.03 Delivery of Collateral. All certificates or instruments representing or evidencing the Pledged Shares, any
Instruments or Chattel Paper or any other Collateral including, without limitation, any Investment Property, promptly upon the Debtor gaining any rights therein, shall, after request therefor by Secured Party, be delivered to and held by Secured
Party pursuant hereto in suitable form for transfer by delivery, or accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Secured Party. After the occurrence and during
the continuation of an Event of Default, Secured Party shall have the right at any time to exchange certificates or instruments representing or evidencing any Pledged Collateral in its possession for certificates or instruments of smaller or larger
denominations. 
  
 3. Section 3.03 
  
 Section 3.03. Financing Statements. No financing statement, security
agreement or other Lien instrument covering all or any part of the Collateral is on file in any public office, except as may have been filed in connection with Permitted Liens, this Agreement or the SoundShore Security Agreement. Except as set forth
in Schedule 4 hereto, the Debtor does not do business, and has not done business within the past five (5) years, under a trade name or any name other than its legal name set forth at the beginning of this Agreement. 
  
 4. Section 3.06 
  
 Section 3.06. Perfection. Upon (i) the filing of Uniform Commercial Code financing statements in the jurisdictions listed on
Schedule 2 attached hereto, (ii) the Secured Party obtaining (a) possession of the Pledged Shares and all other Instruments, Chattel Paper and Security Certificates of the Debtor and (b) “control” over all Deposit Accounts, and (iii) with
respect to Intellectual Property, appropriate filings being made in the United States Patent and Trademark Office and the United States Copyright Office, the security interest in favor of the Secured Party created herein will constitute a valid and
perfected Lien upon and security interest in the Collateral, subject to no equal or prior Liens, except for the SoundShore Lien and purchase money liens existing on the date hereof. 
  
 5. Section 4.01 
  
 Section 4.01. Encumbrances. The Debtor shall not create, permit or suffer to exist, and shall defend the Collateral against, any Lien or other encumbrance
on the Collateral except for Liens permitted under the Purchase Agreement, and shall defend the Debtor’s rights in the Collateral and the interest of the Secured Party in the Collateral against the claims and demands of all Persons other than
the DKR Parties’ claims and demands to the extent arising under the SoundShore Security Agreement. The Debtor shall do nothing to impair the rights of the Secured Party in the Collateral. 
  

 A-1 

 6. Section 4.04 
  

Section 4.04. Further Assurances. At any time and from time to time, upon the request of the Secured Party, and at the sole expense of the Debtor, the
Debtor shall promptly execute and deliver all such further agreements, documents and instruments and take such further action as the Secured Party may reasonably deem necessary or appropriate to preserve and perfect its security interest in and
pledge and collateral assignment of the Collateral and carry out the provisions and purposes of this Agreement or to enable the Secured Party to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral, and, to
the extent any of the Collateral is at any time in the custody of a Clearing Corporation or of a “custodian bank” or a nominee of either, as defined in the UCC, or any other Securities Intermediary, then the Debtor shall cause the Secured
Party to obtain “control,” as defined in Article or Chapter 8 of the UCC, of such Collateral in one of the manners prescribed in Article or Chapter 8.106 of the UCC. Except as otherwise expressly permitted by the terms of the Purchase
Agreement relating to disposition of assets and except for Permitted Liens, the Debtor agrees to defend the title to the Collateral and the Lien thereon of the Secured Party against the claim of any other Person (other than the DKR Parties to the
extent their claims arise under the SoundShore Security Agreement) and to maintain and preserve such Lien. Without limiting the generality of the foregoing, the Debtor shall (a) execute and deliver to the Secured Party such financing statements as
the Secured Party may from time to time require; (b) deliver and pledge to the Secured Party all Documents (including, without limitation, documents of title) evidencing Inventory or Equipment and cause the Secured Party to be named as lienholder on
all Documents of title; (c) deliver and pledge to Secured Party all Instruments and Chattel Paper of the Debtor with any necessary endorsements; and (d) execute and deliver to the Secured Party such other agreements, documents and instruments as the
Secured Party may require to perfect and maintain the validity, effectiveness and priority of the Liens intended to be created by the Transaction Agreements. The Debtor authorizes the Secured Party to file one or more financing or continuation
statements, and amendments thereto, relating to all or any part of the Collateral without the signature of the Debtor where permitted by law. A carbon, photographic or other reproduction of this Agreement or of any financing statement covering the
Collateral or any part thereof shall be sufficient as a financing statement and may be filed as a financing statement. 
  
 7. Section 4.09 
  
 Section 4.09. Legal Changes. The Debtor shall not change its name, identity or legal structure in any manner that might make any financing statement filed
in connection with this Agreement seriously misleading unless the Debtor shall have given the Secured Party thirty (30) days prior written notice thereof and shall have taken all action deemed necessary or desirable by the Secured Party to protect
its Liens and the perfection and priority thereof. The Debtor shall not change its principal place of business, chief executive office, jurisdiction of formation, or the place where it keeps its books and records unless it shall have given the
Secured Party thirty (30) days prior written notice thereof and shall have taken all action deemed necessary or desirable by the Secured Party to cause its security interest in the Collateral to be perfected with the priority required by this
Agreement. 
  
 8. Section 4.14 
  
 Section 4.14. Collection of Accounts. So long as no Event of Default has
occurred and is continuing and except as otherwise provided in this Section 4.14 and in Section 5.01, the Debtor shall have the right to collect and receive payments on the Accounts. In connection with such collections, the Debtor may take (and, at
the Secured Party’s direction, shall take) such actions as the Debtor or the Secured Party may deem necessary or advisable to enforce collection of the Accounts. Upon the request of the Secured Party, the Debtor shall cause all account debtors
and other Persons obligated in respect of the Accounts to make all payments on the Accounts directly to any collection or collateral account 
  

 A-2 

 established by the Secured Party and the Debtor shall cause all other Proceeds of Collateral to be deposited directly to
such account. Until such Proceeds are delivered to such account, such Proceeds shall be held in trust by the Debtor for the benefit of the Secured Party and shall not be commingled with any other funds or property of the Debtor. All Proceeds of
Collateral received by the Secured Party pursuant to this Section 4.14 will be applied by the Secured Party to the Obligations at such time and in such order as the Secured Party shall determine from time to time in its sole judgment, subject to the
Intercreditor Agreement to the extent such agreement is then effective. 
  
 9.
Section 4.15(b) 
  
 (b) The Debtor shall make federal
applications on all of its unpatented but patentable inventions and all of its registrable but unregistered copyrights and trademarks. 
  
 10. Section 4.16(a)(i) 
  
 (i) The Debtor shall be entitled to exercise any and all voting and other consensual rights (including, without limitation, the right to
give consents, waivers and notifications in respect of any of the Pledged Collateral) pertaining to any of the Pledged Collateral or any part thereof; provided; however, that without the prior written consent of the Secured Party, no vote shall be
cast or consent, waiver or ratification given or action taken which would (x) be inconsistent with or violate any provision of this Agreement or any other Transaction Agreement or (y) amend, modify or waive any term, provision or condition of the
certificate of incorporation, by-laws, certificate of formation or other charter document or other agreement relating to, evidencing, providing for the issuance of or securing any Collateral; and provided further that the Debtor shall give the
Secured Party at least five (5) Business Days’ prior written notice in the form of an officer’s certificate of the manner in which it intends to exercise, or the reasons for refraining from exercising, any voting or other consensual rights
pertaining to the Collateral or any part thereof which might have a material adverse effect on the value of the Collateral or any part thereof; and 
  
 11. Section 4.16(b)(i), (ii) and (iv) 
  
 (i) The Secured Party may, without notice to the Debtor, transfer or register, or cause to be transferred or registered, in the name of
Secured Party or any of its nominees any or all of the Collateral described in Section 2.01(i) through (m) of this Agreement, the proceeds thereof (in cash or otherwise) and all liens, security, rights, remedies and claims of the Debtor with respect
thereto (collectively, the “Pledged Collateral”) held by the Secured Party hereunder, and such Secured Party or its nominee may thereafter, after delivery of notice to the Debtor, exercise all voting and corporate rights at any meeting of
any corporation, partnership or other business entity issuing any of the Pledged Collateral and any and all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any of the Pledged Collateral as if it
were the absolute owner thereof, including, without limitation, the right to exchange at its discretion any and all of the Pledged Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of any corporation,
partnership or other business entity issuing any of such Pledged Collateral or upon the exercise by any such issuer or the Secured Party of any right, privilege or option pertaining to any of the Pledged Collateral, and in connection therewith, to
deposit and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine, all without liability except to account for property
actually received by it but the Secured Party shall have no duty to exercise any of the aforesaid rights, privileges or options, and the Secured Party shall not be responsible for any failure to do so or delay in so doing. 
  

 A-3 

 (ii) All rights of the Debtor to exercise the voting and other consensual rights which it
would otherwise be entitled to exercise pursuant to Subsection 4.16(a)(i) and to receive the dividends, interest and other distributions which it would otherwise be authorized to receive and retain pursuant to Subsection 4.16(a)(ii) shall be
suspended until such Event of Default shall no longer exist, and all such rights shall, until such Event of Default shall no longer exist, thereupon become vested in the Secured Party which shall thereupon have the right to exercise such voting and
other consensual rights and to receive and hold as Pledged Collateral such dividends, interest and other distributions. 
  
 * * * 
  
 (iv) The Debtor shall execute and deliver (or cause to be executed and delivered) to Secured Party all such proxies and other instruments
as the Secured Party may reasonably request for the purpose of enabling the Secured Party to exercise the voting and other rights which it is entitled to exercise pursuant to this Subsection 4.16(b) and to receive the dividends, interest and other
distributions which it is entitled to receive and retain pursuant to this Subsection 4.16(b). The foregoing shall not in any way limit the Secured Party’s power and authority granted pursuant to Section 5.01. 
  
 12. Section 4.17(a) 
  
 (a) Except as may be expressly permitted by the terms of the Purchase
Agreement, the Debtor shall not grant any option with respect to, exchange, sell or otherwise dispose of any of the Collateral, except for the sales of inventory in the ordinary course of its business, or create or permit to exist any Lien upon or
with respect to any of the Collateral except for Liens permitted under the Purchase Agreement and the Liens created hereby. 
  
 13. Section 4.19 
  
 Section 4.19. Acknowledgment of Pledge. The Debtor shall deliver to Secured Party promptly after request thereof by Secured Party, one or more agreements
providing the Secured Party with control (within the meaning of Section 9-207(c) of the UCC) over all Deposit Accounts, Commodities Accounts and Securities Accounts, such agreements to be in form and substance satisfactory to Secured Party.

  
 14. Section 5.06 
  
 Section 5.06. Change of Depository. In the event of the termination by any
financial institution in which any Deposit Account is maintained of any agreement with or for the benefit of the Secured Party, or if any such financial institution shall fail to comply with any provisions of any such agreement or any instructions
of the Secured Party in accordance with any such agreement or this Agreement, or if the Secured Party determines in its sole discretion that the financial condition of any such financial institution has materially deteriorated, the Debtor agrees to
transfer the affected Deposit Account(s) to another financial institution acceptable to the Secured Party and cause such substitute financial institution to execute such agreements as the Secured Party may require, in form and substance reasonably
acceptable to the Secured Party, to ensure that the Secured Party has a perfected, first priority security interest, subject only to the SoundShore Lien, in the Deposit Account(s) held with such substitute financial institution. If any affected
Deposit Account is a lockbox account, the Debtor agrees to notify its account debtors promptly to remit all payments which were being sent to the terminated Deposit Account directly to the substitute Deposit Account. 
  

 A-4 

 15. Section 7.03 
  

Section 7.03. Amendment; Entire Agreement. This Agreement embodies the final, entire agreement among the parties hereto and supersedes any and all
prior commitments, agreements, representations and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or
discussions of the parties hereto. There are no unwritten oral agreements among the parties hereto. The provisions of this Agreement may be amended or waived only by an instrument in writing signed by the parties hereto. 
  

 A-5

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