Document:

First Amendment to Second Amended and Restated Stockholders' Agreement

 EXHIBIT 4.4 
 [EXECUTION COPY] 
 NEUTRAL TANDEM,
INC. 
 FIRST AMENDMENT TO 
 SECOND AMENDED AND RESTATED STOCKHOLDERS’
AGREEMENT 
 This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT, dated as of
October 31, 2006 (the “Amendment”) is entered into by and among Neutral Tandem, Inc., a Delaware corporation (the “Company”) and the other parties signatory hereto. 
 WHEREAS, the Company, the other parties signatory hereto and certain other stockholders of the Company are parties to the Second Amended and Restated
Stockholders’ Agreement, dated as of February 2, 2006 (the “Stockholders’ Agreement”); 
 WHEREAS,
capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Stockholders’ Agreement; 
 WHEREAS, the parties hereto now desire to amend Section 4.1(a) to the Stockholders’ Agreement to set the number of directors on the Board of Directors of the Company at seven; 
 WHEREAS, Section 6.6 of the Stockholders’ Agreement provides that the Stockholders’ Agreement may be amended with the consent of
the Company and Investors holdings two-thirds of the Stock held by all Investors, and, further, that certain subsections contained in Section 4.1(a) may be amended only as provided in such Section 6.6; and 
 WHEREAS, the parties signatory hereto other than the Company constitute Investors holding two-thirds of the Stock held by all Investors, and such other
parties as are required to amend Section 4.1(a) of the Stockholders’ Agreement, as provided in Section 6.6 of the Stockholders’ Agreement. 
 NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Section 4.1(a) to the Stockholders’ Agreement is hereby amended and
replaced in its entirety with the following: 
 “(a) Each Stockholder agrees on behalf of itself and any transferee or assign to vote or
cause to be voted at a regular or special meeting of stockholders (or by written consent) all shares of Stock now or hereafter owned or controlled by such stockholder, and otherwise use its or his respective best efforts as a Stockholder of the
Company, to set the number of directors of the Company at seven and to elect as directors, on the date of this Agreement and in any subsequent election of directors of the Company the following: (i) two directors (the “Common
Directors”) designated by the holders of a majority of the Common Stock (voting together as a single class), who initially shall be James P. Hynes and Rian Wren; (ii) two directors (the “Preferred Stock Directors”),
(a) one who shall be designated by DCM III, L.P. or its affiliates (“DCM”), who initially shall be Dixon Doll, and (b) one who shall be designated by New Enterprise Associates 10, Limited Partnership or its affiliates
(“NEA”), who initially shall be Peter Barris and (iii) three independent directors designated by mutual agreement of, on the one hand, the holders of a majority of the Preferred Stock (voting together as a single class), and on
the other 

 
hand, the holders of a majority of the Common Stock (voting together as a single class), two of whom initially shall be Bob Hawk and Lawrence M.
Ingeneri.” 
 2. As expressly amended by this Amendment, the Stockholders’ Agreement shall continue in full force and effect in
accordance with its terms and is hereby confirmed and ratified in all respects. This Amendment and its terms and provisions shall be effective as of the date first above written. This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the law (other than the law governing conflict of law questions) of the State of Delaware. 
 [signature pages follow] 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date first above
written. 
  

					
		 	NEUTRAL TANDEM, INC.
			
		 	 By:
	 	 /s/ Ronald W.Gallivet

		 	 Name:
	 	Ronald W. Gallivet
		 	 Title:
	 	Executive Vice President

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

			
	INVESTORS:
	
	 DCM III, L.P.

		
	 By:
	 	DCM Investment Management III, L.L.C.
		 	Its General Partner
		
	 By:
	 	 /s/ D. R. Doll

	 Name:
	 	  

	 Title:
	 	  

	
	 DCM III-A, L.P.

		
	 By:
	 	DCM Investment Management III, L.L.C.
		 	Its General Partner
		
	 By:
	 	 /s/ D. R. Doll

	 Name:
	 	  

	 Title:
	 	  

	
	 DCM AFFILIATES FUND III, L.P.

		
	 By:
	 	DCM Investment Management III, L.L.C.
		 	Its General Partner
		
	 By:
	 	 /s/ D. R. Doll

	 Name:
	 	  

	 Title:
	 	  

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

			
	NEW ENTERPRISE ASSOCIATES 10, LIMITED
PARTNERSHIP
		
	 By:
	 	NEA Partners 10, Limited Partnership
		 	Its General Partner
		
	 By:
	 	 /s/ Peter Barris

	 Name:
	 	  

	 Title:
	 	  

	
	 NEA VENTURES 2003, LIMITED PARTNERSHIP

		
	 By:
	 	 /s/ Chris Bishop

	 Name:
	 	Chris Bishop
	 Title:
	 	Vice President

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

					
		 	MESIROW CAPITAL PARTNERS VIII, L.P.
			
		 	 By:
	 	Mesirow Financial Services, Inc.
		 		 	Its General Partner
			
		 	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

					
		 	MONTAGU NEWHALL GLOBAL PARTNERS II, L.P.
			
		 	 By:
	 	  

		 	 Name:
	 	Kevin Campbell
		 	 Title:
	 	Partner
		
		 	MONTAGU NEWHALL GLOBAL PARTNERS II-A, L.P.
			
		 	 By:
	 	  

		 	 Name:
	 	Kevin Campbell
		 	 Title:
	 	Partner
		
		 	MONTAGU NEWHALL GLOBAL PARTNERS II-B, L.P.
			
		 	 By:
	 	  

		 	 Name:
	 	Kevin Campbell
		 	 Title:
	 	Partner

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

					
		 	WASATCH FUNDS, INC.
		 	for Wasatch Small Cap Growth Fund
			
		 	 By:
	 	Wasatch Advisors, Inc.
		 		 	Its Investment Adviser
			
	 :
	 	 By:
	 	  

		 	 Name:
	 	Angela M. Palmer
		 	 Title:
	 	Vice President
		
		 	WASATCH FUNDS, INC.
		 	for Wasatch Ultra Growth Fund
			
		 	 By:
	 	Wasatch Advisors, Inc.
		 		 	Its Investment Adviser
			
		 	 By:
	 	  

		 	 Name:
	 	Angela M. Palmer
		 	 Title:
	 	Vice President
		
		 	WASATCH FUNDS, INC.
		 	for Wasatch Global Science & Technology Fund
			
		 	 By:
	 	Wasatch Advisors, Inc.
		 		 	Its Investment Adviser
			
		 	 By:
	 	  

		 	 Name:
	 	Angela M. Palmer
		 	 Title:
	 	Vice President

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	 /s/ James P. Hynes

	 James P. Hynes

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Bob Hawk

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Edward M. Greenberg

	
	  

	 Robert C. Atkinson

	
	  

	 David Weisman

	
	  

	 Elizabeth Ann Petty

	
	  

	 Doreen Kluber

	
	  

	 C. Ann Brown

	
	  

	 Louise D’Amato

	
	  

	 Bill Capraro

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Paul W. Chisholm

	
	  

	 Lawrence M. Ingeneri

	
	  

	 Joseph Tighe

	
	  

	 Joseph Onstott

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	 /s/ Ronald W. Gavillet

	 Ronald W. Gavillet

	
	 /s/ Robert M. Junkroski

	 Robert M. Junkroski

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Karen L. Linsley

	
	  

	 Paul Oakley

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	 /s/ John Barnicle

	 John Barnicle

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

			
	NT HOLDINGS LLC
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	COMMON HOLDERS:
	
	  

	James P. Hynes (in respect of the Common Stock owned by him only)

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	Ronald W. Gavillet (in respect of the Common Stock owned by him only)
	
	  

	 Christopher F. Swenson

	
	  

	John Barnicle (in respect of the Common Stock owned by him only)
	
	  

	Robert M. Junkroski (in respect of the Common Stock owned by him only)
	
	  

	 Jeffrey H. Hartzell

	
	  

	 Janice Hewitt

	
	  

	 David Lopez

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Jack W. Swenson

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Jeffrey C. Wells

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

					
		 	GAVILLET GRANTOR ANNUITY TRUST
			
		 	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	Trustee
		
		 	SWENSON GRANTOR ANNUITY TRUST
			
		 	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	Trustee

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

			
	IRREVOCABLE TRUST FOR ALANNA MARIE HYNES
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	Trustee
	
	IRREVOCABLE TRUST FOR KATHERINE VANCE HYNES
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	Trustee

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

			
	THE DIXON AND CAROL DOLL FAMILY TRUST
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	Trustee
	
	ALEXANDER P. & HEATHER B. DOLL FAMILY TRUST
	
	  

	 Name:
	 	
	 Title:
	 	Trustee
	
	DIXON & SARAH DOLL JR. FAMILY TRUST
	
	  

	 Name:
	 	
	 Title:
	 	Trustee
	
	  

	Andrew J. Doll

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

			
	JONATHAN B. JUNKROSKI TRUST
	
	  

	 Name:
	 	
	 Title:
	 	Trustee
	
	JULIA K. JUNKROSKI TRUST
	
	  

	 Name:
	 	
	 Title:
	 	Trustee
	
	CHARLES AND JANINE JUNKROSKI, AS JOINT TENANTS
	
	  

	 Name:
	 	Charles Junkroski
	
	  

	 Name:
	 	Janine Junkroski

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	Bob Hawk (in respect of the Common Stock owned by him only)
	
	  

	Michael E. Hawk
	
	  

	Sharon van Alstine
	
	  

	Stephanie G. Hawk
	
	  

	Christopher G. Hawk
	
	  

	R. Casey Hawk

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 David K. Tatak

	
	  

	 Ralph Valente

	
	  

	 Richard Anderson

	
	  

	 Jon Clopton

	
	  

	 Eric Carlson

	
	  

	 Dave Redmon

	
	  

	 Kathleen Starr

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 Everett Mark Virdin

	
	  

	 Jorge Pizano

	
	  

	 Thomas Carter

	
	  

	 John Leland

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement] 

	
	  

	 David Wojcik

 [Signature Page to Neutral Tandem, Inc. First Amendment to 
 Second Amended and Restated Stockholders’ Agreement]Second Amended and Amended and Restated Registration Rights Agreement

 EXHIBIT 4.5 
 NEUTRAL TANDEM, INC. 
 SECOND
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
 This SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of February 2, 2006, by and among Neutral Tandem, Inc., a Delaware corporation (the “Company”), the
individuals and entities listed on Schedule 1 hereto (the “Investors”), and the existing stockholders of the Company listed on Schedule 2 hereto (the “Common Holders”, and, collectively with the
Investors, the “Stockholders”) 
 RECITALS: 
 WHEREAS, the Company and certain of the Stockholders are parties to an Amended and Restated Registration Rights Agreement dated as of November 19,
2004 (the “First Amended and Restated Agreement”); 
 WHEREAS, the Company and certain of the Investors have entered into a
Stock Purchase Agreement, dated as of the date hereof (as the same may be amended, modified or supplemented from time to time, the “Purchase Agreement”) providing for the issuance, delivery and sale of shares of the Company’s
Series C Preferred; and 
 WHEREAS, in order to induce the Investors to purchase shares of Series C Preferred pursuant to and as provided in
the Purchase Agreement, the Company has agreed to register the shares of Common Stock issued or issuable upon conversion of the Series C Preferred upon the terms set forth herein and it is a condition to the closing of the Purchase Agreement that
this Agreement be executed and delivered by the parties hereto; 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and
conditions set forth herein, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows: 
 Section 1. Demand Registration. 
 (a) Request for Registration. At any time beginning six
(6) months following the Company’s IPO, Investors holding not less than 30% of the issued and outstanding shares of Preferred Stock may request registration under the Securities Act of all or part of their Registrable Securities
(i) on Form S 1 or any successor form (an “S-1 Registration”), so long as any such S-1 Registration is for not less than an aggregate offering price of $10,000,000, and (ii) on Form S 3 or any similar short form
registration (an “S-3 Registration” and, together with an S-1 Registration, a “Demand Registration”), if the Company is eligible to use such form, so long as any such S-3 Registration is for not less than an
aggregate price to the public of $1,000,000. A request for registration pursuant to this Section 1 shall specify the approximate number of Registrable Securities requested to be registered and the anticipated per share price range for
such offering. Within ten (10) days after receipt of any such request, the Company shall give written notice of such requested registration, and any related qualification or compliance, to all Investors and shall include in such registration
all Registrable Securities with respect to which the Company has received from the Investors written requests for inclusion therein within fifteen 

 
(15) days after the receipt of the Company’s notice. The Company shall use its commercially reasonable efforts to effect the Demand Registration under
the Securities Act as promptly as practicable of all Registrable Securities requested to be registered, subject to the limitations of Sections 1(c) and 6 hereof. 
 (b) Registration Statement Form. Demand Registrations under this Section 1 shall be on such appropriate registration form of the
Commission as shall be selected by the Investors and available under the Securities Act for the Company. The Company agrees to include in any such registration statement all information which, in the opinion of counsel to the Investors participating
in such registration (the “Participating Investors”) and counsel to the Company, is required to be included therein under the Securities Act. 
 (c) Limitations on Registration; Expenses. 
 (i) The Company shall not be required to
effect more than two S-1 Registrations. 
 (ii) The Company shall not be required to effect more than two S-3 Registrations
during any calendar year. 
 (iii) The Company shall bear the Registration Expenses with respect to each Demand Registration.
Notwithstanding the foregoing, if any request for a Demand Registration is withdrawn or terminated by the request of two-thirds of the Registrable Securities held by the Participating Investors prior to the effectiveness of such Demand Registration,
the Registration Expenses incurred in connection with such request shall be borne by the Participating Investors, pro rata based on the percentage of the aggregate number of Registrable Securities of Participating Investors registered
pursuant to such registration which are represented by the Registrable Securities of each Participating Investor included therein; provided, however, that if the Participating Investors holding two-thirds of the Registrable Securities
pursuant to the withdrawn or terminated registration so request such Registration Expenses shall be borne by the Company and such Demand Registration will reduce the number then available to the Investors and shall count as one Demand Registration;
provided, however, that if at the time of such withdrawal, the Participating Investors have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Participating Investors at
the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Participating Investors shall not be required to pay any of such expenses and shall
retain their rights pursuant to Section 1. 
 (iv) If, prior to the time of any request by Investors pursuant to
Section 1(a), the Company has publicly announced its intention to register any of its securities for a public offering under the Securities Act, no registration of Registrable Securities shall be initiated pursuant to
Section 1(a) until one hundred eighty (180) days after the effective date of a Company-initiated registration so announced unless the Company is no longer proceeding diligently to effect such registration. 
 (v) No request shall be made under Section 1(a) within one hundred eighty (180) days after the effective date of a
registration statement filed by the Company covering an underwritten public offering in which Investors shall have been entitled to participate pursuant to Section 2 hereof. 
 (d) Effective Registration Statement. Subject to the provisions of Section 1(e) below and the proviso to Section 1(c)(iii)
above, a Demand Registration shall not be deemed to have been 

  

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effected (i) unless a registration statement with respect thereto has become effective, (ii) if after it has become effective, such registration is
interfered with by any stop order, injunction or other order or requirement of the Commission or other governmental agency or court for any reason not attributable to the Participating Investors and has not thereafter become effective, or
(iii) if the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such registration are not satisfied or waived, other than by reason of a failure on the part of the Participating Investors.

 (e) Certain Other Matters. 
 (i) For purposes of clause (i) of Section 1(d) above, should a Demand Registration not become effective because of the failure of the Participating Investors to perform their obligations under this
Agreement or in the event the Participating Investors withdraw or do not pursue the request for the Demand Registration (in each of the foregoing cases, provided that at such time the Company is in compliance with its obligations under this
Agreement), then such Demand Registration shall be deemed to have been effected. 
 (ii) Under the circumstances in which a
Demand Registration otherwise would be deemed to have been effected under Section 1(d) above (including as contemplated by this Section 1(e)), if the Participating Investors pay the Registration Expenses (other than the
Registration Expenses referred to in clause (i) of the definition of Registration Expenses contained in Section 12 hereof) incurred by the Company through the date of abandonment of the registration, the Demand Registration shall
not be deemed to have been effected for purposes of Section 1(d) of this Agreement; provided, however, that if on the date of abandonment of the registration a preliminary prospectus related to the Demand Registration has
not been filed with the Commission, then (x) the Participating Investors may elect to delay payment of such Registration Expenses for six (6) months following the date of such abandonment, and (y) at any time during such six-month
period, the Participating Investors shall be entitled to reactivate the abandoned registration, in which case the reactivated registration and abandoned registration shall be deemed to be one registration, and the Participating Investors shall not
be required to pay any Registration Expenses associated therewith, except as provided in Section 1(c) above. 
 (f) Certain
Exclusions. The Company shall not include in any Demand Registration any securities of the Company not held by an Investor that has complied with the requirements of Section 1, without the prior written consent of the Participating
Investors holding at least two-thirds of the Registrable Securities requested to be included in such registration. 
 Section 2.
Company Registration. 
 (a) Inclusion in Company Registration. If (but without any obligation to do so) the Company proposes at
any time to register (including for this purpose a registration effected by the Company for stockholders other than the Investors) any of its stock or other securities under the Securities Act in connection with the public offering of such
securities solely for cash (other than a registration (i) relating solely to the sale of securities to participants in a Company stock plan, (ii) on Form S 4 (or successor form) with respect to any merger, consolidation or acquisition,
(iii) on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities, or (iv) in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities which are also being registered), then the Company shall, at such time, promptly give each Stockholder written notice of such registration. Upon the written request of each
Stockholder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 13(e), the Company shall, subject to the provisions of Section 6, use 

  

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its commercially reasonable efforts to cause to be registered under the Securities Act all of the Registrable Securities that each such Stockholder has
requested to be registered. 
 (b) Registration Expenses in Company Registration. The Company shall pay the Registration Expenses in
connection with any Company registration pursuant to Section 2(a) above. 
 (c) Company’s Right to Withdraw
Registration. Notwithstanding the foregoing provisions, the Company may withdraw any registration statement referred to in this Section 2 without thereby incurring any liability to the Stockholders. 
 Section 3. Company’s Right to Postpone or Delay Registration. For a period not to exceed an aggregate of one hundred twenty
(120) days within any one-year period, the Company shall not be obligated to prepare and file, or be prevented from delaying, a registration statement pursuant to this Agreement at any time when the Company, in its good faith judgment with
advice of counsel and after notifying all Stockholders requesting participation in such registration, reasonably believes: 
 (a) that the
filing thereof at the time requested, or the offering of Registrable Securities pursuant thereto, would materially and adversely affect (i) a pending or scheduled public offering of the Company’s securities, (ii) an acquisition,
merger, recapitalization, consolidation, reorganization or similar transaction by or of the Company, (iii) pre-existing negotiations, discussions or pending proposals with respect to any of the foregoing transactions, or (iv) the financial
condition of the Company in view of the disclosures of any pending or threatened litigation, claim, assessment or governmental investigation which may be required thereby; and 
 (b) that the failure to disclose any material information with respect to the foregoing would in the Company’s good faith judgment be reasonably
likely to cause a violation of the Securities Act. 
 Notwithstanding anything to the contrary contained in this Section 3, in
connection with a delay or postponement as contemplated by this Section 3, (i) the Company shall furnish to all Stockholders requesting participation in such registration with a certificate signed by the Company’s Chief
Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such
time, and (ii) the Company shall not be entitled to delay or postpone registration pursuant to Section 3 unless during such period of delay or postponement all executive officers and directors of the Company are also prohibited from
selling securities of the Company (or any security of any of the Company’s subsidiaries or affiliates). 
 Section 4.
Obligations of the Company. Whenever required under this Agreement to effect the registration of any Registrable Securities under this Agreement, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the Commission a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts
to cause such registration statement to become effective, and keep such registration statement effective for up to nine (9) months in the case of an S-1 Registration, or twelve (12) months in the case of an S-3 Registration (or one hundred
twenty (120) days in the case of any registration statement pursuant to which shares of Common Stock are being offered for the account of the Company), or, if occurring sooner, until the date on which the distribution of the Registrable
Securities shall be completed. 
  

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 (b) Prepare and file with the Commission such amendments and supplements to such registration statement
and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement, provided
that such period need not extend beyond one year after the effective date of the registration statement. 
 (c) Furnish to the Stockholders
participating in such registration such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate
the disposition of Registrable Securities owned by them. 
 (d) Use its commercially reasonable efforts to register and qualify the
securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Stockholders participating in such registration, provided that the Company shall not
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing underwriter of such offering. 
 (f) Notify each Stockholder of Registrable Securities covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event that results in such prospectus including an untrue statement of a material fact or omits to state a material
fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 
 (g) Use its commercially reasonable efforts to furnish, at the request of any Stockholder participating in such registration, on the date that such Stockholder’s Registrable Securities covered by such registration are delivered to the
underwriters for sale in connection with a registration pursuant hereto, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect
to such securities becomes effective, (i) an opinion, dated such date, of counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering,
addressed to the underwriters, if any, and to such Stockholder, and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to such Stockholder. 
 (h) Cause
all such Registrable Securities registered to be listed on each securities exchange on which similar securities issued by the Company are then listed. 
 (i) Provide a transfer agent and registrar for all Registrable Securities registered and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.

 Section 5. Certain Obligations of Stockholders. 
 (a) It shall be a condition precedent to the obligations of the Company to take any action under this Agreement with respect to the Registrable Securities
of any Stockholder participating in any registration that such Stockholder (i) furnish to the Company such information regarding itself, the 

  

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Registrable Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such
Stockholder’s Registrable Securities, and (ii) in the event of an underwritten offering, enter into and perform its obligations under the underwriting agreement associated therewith. 
 (b) Each Stockholder of Registrable Securities covered by a registration statement agrees that, upon receipt of any notice from the Company under
Section 4(f) hereof, such Stockholder will forthwith discontinue disposition of Registrable Securities pursuant to such registration statement until such Stockholder’s receipt of copies of a supplemented or amended prospectus
covering such Registrable Securities, and, if so directed by the Company, such Stockholder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Stockholder’s possession, of the
prospectus covering such Registrable Securities current at the time of its receipt of such notice. 
 (c) The Company shall have no
obligation with respect to any registration requested pursuant to Section 1 or Section 2 if, due to the operation of Section 5(a), the number of shares or the anticipated aggregate offering price of the
Registrable Securities to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as
specified in Section 1 or Section 2, whichever is applicable. 
 Section 6. Underwriting Requirements.

 (a) If the Investors initiating a registration request pursuant to Section 1 (the “Initiating Investors”)
intend to distribute the Registrable Securities covered by their request by means of an underwriting, (i) the Initiating Investors shall so advise the Company as part of their request made pursuant to Section 1(a), and the Company
shall include such information in its written notice to Investors referred to in Section 1(a), and (ii) the underwriter shall be reasonably acceptable to the Participating Investors holding at least two-thirds of the Registrable
Securities requested to be included in such registration. 
 (b) In connection with any offering involving an underwriting of shares of the
Company’s capital stock, the Company shall not be required under Section 2 to include any Stockholder’s securities in such underwriting unless such Stockholder accepts the terms of the underwriting as agreed upon between the
Company and the underwriters selected by it (or by other persons entitled to select the underwriters). 
 (c) In connection with an
underwritten Demand Registration, if the managing underwriter of such underwriting shall have informed the Company (which shall distribute such notice to the Participating Investors and any other participating stockholders) by letter of its belief
that the inclusion in such underwritten distribution of all or a specified number of such Registrable Securities or of other securities so requested to be included would interfere with the successful marketing of the securities by the underwriters
(such writing to state the basis of such belief and the approximate number of Registrable Securities and other securities so requested to be included which may be included in such underwritten offering without such effect, if any), then the Company
may (i) first exclude from such registration all securities sought to be included therein by holders of the Company’s securities other than the Participating Investors, and then, (ii) upon written notice to all Participating
Investors, exclude from such underwritten offering (if and to the extent stated by such managing underwriter to be necessary) the number of Registrable Securities requested to be included by each Participating Investor so that the resultant
aggregate amount of securities so included in such offering shall be equal to the amount stated in such managing underwriter’s letter, pro rata based on the percentage of the aggregate number of Registrable Securities of Participating
Investors requested to be registered which are represented by the 

  

 - 6 - 

 
number of Registrable Securities requested by such Participating Investor to be included therein (or in such other proportions as shall mutually be agreed to
by the Participating Investors). 
 (d) In connection with an underwritten registration pursuant to Section 2 hereof, if the
managing underwriter of such underwriting shall have informed the Company (which shall distribute such notice to the Stockholders participating Investors and any other participating stockholders) by letter of its belief that the inclusion in such
underwritten distribution of all or a specified number of such Registrable Securities or of other securities so requested to be included would interfere with the successful marketing of the securities by the underwriters (such writing to state the
basis of such belief and the approximate number of Registrable Securities and other securities so requested to be included which may be included in such underwritten offering without such effect, if any), then the Company may (i) first exclude
from such registration all securities sought to be included therein by holders of the Company’s securities other than the Stockholders, and then, (ii) upon written notice to all Stockholders, exclude from such underwritten offering (if and
to the extent stated by such managing underwriter to be necessary) the number of Registrable Securities requested to be included by each Stockholder so that the resultant aggregate amount of such securities so included in such offering shall be
equal to the amount stated in such managing underwriter’s letter, pro rata based on the percentage of the aggregate number of Registrable Securities of participating Stockholders requested to be registered which are represented by the number of
Registrable Securities requested by such Stockholder to be included therein (or in such other proportions as shall mutually be agreed to by such participating Stockholders); provided, however, that without the prior written consent of
the Investors holding at least two-thirds of the Registrable Securities requested by Investors to be included in such registration, in no event shall the number of Registrable Securities requested to be included by Investors in such offering be
reduced below 30% of the total number of Registered Securities requested to be included by Investors, unless such offering is the Company’s IPO, in which event no such limitation shall apply and the Company may exclude all of the securities any
Stockholder requests to be included in such registration. 
 Section 7. Indemnification. In the event any Registrable Securities
are included in a registration statement under this Agreement: 
 (a) To the extent permitted by law, the Company will indemnify and hold
harmless each Stockholder, its officers, directors, stockholders and partners, any underwriter (as defined in the Securities Act), legal counsel and accountants for such Stockholder and each person, if any, who controls such Stockholder or
underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act or the Exchange Act or other federal or state
law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (any of the following a “Violation”): (i) any
untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) 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, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any
state securities law or any rule or regulation promulgated under the Securities Act, or the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will pay to each such
Stockholder, officer, director, stockholder, partner, underwriter, legal counsel, accountant or controlling person any legal or other expenses as reasonably incurred by them in connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the Company shall not be liable (x) in any such case for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which
occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Stockholder, underwriter or controlling 

  

 - 7 - 

 
person, or (y) in the case of a sale directly by such Stockholder (including a sale of such Registrable Securities through any underwriter retained by
such Stockholder to engage in a distribution solely on behalf of such Stockholder), such Violation was contained in a preliminary prospectus and corrected in a final or amended prospectus, and such Stockholder failed to deliver a copy of the final
or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to the person asserting any such loss, claim, damage, liability or action in any case where such delivery is required by the Securities Act or any state
securities laws. 
 (b) To the extent permitted by law, each Stockholder participating in such registration will indemnify and hold harmless
the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Stockholder selling securities in
such registration statement and any controlling person of any such underwriter or other Stockholder, and legal counsel and accountants for the Company and each such other person against any losses, claims, damages, or liabilities (joint or several)
to which any of the foregoing persons may become subject, under the Securities Act, or the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Stockholder expressly for use in connection with such registration; and
each such Stockholder will pay any legal or other expenses as reasonably incurred by any person intended to be indemnified pursuant to this Section 7(b), in connection with investigating or defending any such loss, claim, damage,
liability, or action; provided, however, that the indemnity contained in this Section 7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected
without the consent of such Stockholder, which consent shall not be unreasonably withheld or delayed; provided further, that, in no event shall any indemnity under this Section 7(b) exceed the net proceeds from the offering
actually received by such Stockholder. 
 (c) Promptly after receipt by an indemnified party under this Section 7 of notice of
the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 7, deliver to the indemnifying party a written
notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one
separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if
prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 7, but the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this Section 7. 
 (d) If the
indemnification provided for in this Section 7 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the
indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense 

  

 - 8 - 

 
as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party, and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (i) no Stockholder will be required to contribute any amount in excess
of the net proceeds from the offering received by such Stockholder; and (ii) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation. 
 (e) Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall
control. 
 (f) The obligations of the Company and Stockholders under this Section 7 shall survive the completion of any offering
of Registrable Securities pursuant to a registration statement under this Agreement, and otherwise. 
 Section 8. Reports Under
Exchange Act. With a view to making available to the Stockholders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the Commission that may at any time permit a Stockholder to sell securities of
the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 
 (a) make and keep public
information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration statement filed by the Company for the offering of its securities to the general
public; 
 (b) 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; and 
 (c) furnish to any Stockholder, so long as such Stockholder owns any Registrable Securities, forthwith upon
request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (at any time following the 90th day after the effective date of the first registration statement filed by
the Company), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that the Company qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it
so qualifies), (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 in availing any
Stockholder of any rule or regulation of the Commission which permits the selling of any such securities without registration or pursuant to such form. 
 Section 9. Transfer of Registration Rights. The registration rights of any Stockholder under this Agreement may be transferred; provided, however, that the Company is given written notice
from such Stockholder at the time of such transfer stating the name and address of the transferee and identifying the securities with respect to which the rights hereunder are being transferred. As a condition to the effectiveness of any such
transfer, (i) the transferee shall agree in writing, upon request of the Company, to be bound by the provisions of this Agreement and (ii) the Company shall be given written notice at the time of or within a reasonable time after said
transfer, stating the name and address of said transferee or assignee and identifying the securities with respect to which such registration rights are 

  

 - 9 - 

 
being transferred or assigned, and (iii) the transferee acquires at least 20% of the Registrable Securities held by the transferor; provided,
however, that such minimum shall not apply to Affiliates, as defined in the Purchase Agreement. 
 Section 10. Lock-Up
Agreement. 
 (a) Each Stockholder hereby agrees that, during a period (not to exceed one hundred eighty (180) days) specified by the
Company and an underwriter of Common Stock or other securities of the Company, following the effective date of a registration statement filed by the Company under the Securities Act, it shall not, to the extent requested by the Company and such
underwriter, directly or indirectly sell, offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any
securities of the Company held by it at any time during such period except Common Stock included in such registration; provided, however, that all officers and directors of the Company and all other persons with registration rights
(whether or not pursuant to this Agreement) enter into similar agreements; and provided, further, that such lock-up agreement made by the Investors shall apply only to the Company’s IPO and shall not apply to any Common Stock (or other
securities) of the Company acquired by the Investors in connection with or following the Company’s IPO (the forgoing proviso may not be amended as to any Investor without the written consent of such Investor). 
 (b) In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each
Stockholder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 Section 11. Termination of Registration Rights. The obligations of the Company hereunder shall terminate with respect to each Stockholder on, and no Stockholder shall be entitled to exercise any right provided hereunder after,
the first to occur of (i) the date that is the 5th anniversary of the consummation of the Company’s IPO, or (ii) the date on which such Stockholder may sell, transfer or dispose of the Registrable Securities held by it or him without
regard to provisions of Rule 144 under the Securities Act concerning volume limitations, notice and manner of sale and public availability of information. 
 Section 12. Definitions. 
 (a) Capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Purchase Agreement. 
 (b) For the purposes of this Agreement: 
 “Commission” means the Securities and Exchange Commission or any other governmental authority from time to time
administering the Securities Act. 
 “Common Stock” means the shares of Common Stock, par value $0.001 per
share, of the Company. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“IPO” means the initial underwritten public offering of shares of Common Stock pursuant to an effective registration
statement. 
  

 - 10 - 

 “Preferred Stock” means the Company’s shares of Series A Preferred,
Series B-1 Preferred, Series B-2 Preferred and Series C Preferred. 
 “Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document. 
 “Registrable Securities” means (i) the
Common Stock issuable or issued upon conversion of any of the Company’s shares of Preferred Stock, (ii) any securities of the Company issued as (or issuable upon the conversion or exercise of any warrant, rights or other security which is
issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the securities referred to in clause (i), (iii) the Common Stock held by the Stockholders. As to any particular Registrable Securities, such
securities shall cease to be Registrable Securities when (a) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been transferred in accordance
with such registration statement, (b) they shall have been sold as permitted by Rule 144 (or any successor provision) under the Securities Act, or (c) they shall have ceased to be outstanding. 
 “Registration Expenses” means all expenses incident to the Company’s performance of or compliance with Sections
1 or 2, including, without limitation, (i) any allocation of salaries and expenses of Company personnel or other general overhead expenses of the Company, or other expenses for the preparation of historical and pro forma
financial statements or other data normally prepared by the Company in the ordinary course of business; (ii) all registration, application, filing, listing, transfer and registrar fees; (iii) all NASD fees and fees and expenses of
registration or qualification of Registrable Securities under state securities or Blue Sky laws; (iv) all word processing, duplicating and printing expenses, messenger and delivery expenses; (v) the fees and disbursements of counsel for
the Company and of its independent public accountants, including the expenses of customary “cold comfort” letters required by or incident to such performance and compliance; (vi) any fees and disbursements of underwriters and
broker-dealers customarily paid by issuers or sellers of securities; and (vii) reasonable fees and expenses of one counsel to the Stockholders participating in such registration; provided, however, that in all cases in which the
Company is required to pay Registration Expenses hereunder, Registration Expenses shall exclude, and the sellers of the Registrable Securities being registered shall pay, the fees and disbursements of more than one counsel to such sellers,
underwriting discounts and commissions and transfer taxes in respect of the Registrable Securities being registered, and expenses of registering or qualifying Registrable Securities under state securities or Blue Sky laws, to the extent such laws
prohibit the Company from paying such expenses on behalf of such sellers. 
 “Securities Act” means the
Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the Commission promulgated thereunder, all as the same shall be in effect from time to time. 
 “Series A Preferred” means the Series A Convertible Preferred Stock, par value $0.001 per share, of the Company.

 “Series B-1 Preferred” means the Series B-1 Convertible Preferred Stock, par value $0.001 per share, of
the Company. 
 “Series B-2 Preferred” means the Series B-2 Convertible Preferred Stock, par value $0.001 per
share, of the Company. 
  

 - 11 - 

 “Series C Preferred” means the Series C Convertible Preferred Stock, par
value $0.001 per share, of the Company that may be issued after the date hereof. 
 Section 13. Miscellaneous. 
 (a) No Inconsistent Agreements. The Company will not without the consent of Investors holding at least two-thirds of the outstanding shares of
Preferred Stock (or Common Stock issued upon conversion of the Preferred Stock) hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the Stockholders in this Agreement or
which grants to any other person or entity rights as to registration which are superior to or more beneficial than the rights granted hereunder. 
 (b) Adjustments Affecting Registrable Securities. The Company will not take any action, or permit any change to occur, with respect to its securities that would adversely affect the ability of the Stockholders to include their
Registrable Securities in a registration undertaken pursuant to this Agreement or which would adversely affect the marketability of such Registrable Securities in any such registration. 
 (c) Specific Performance; Other Rights. The parties recognize that various of the rights of the Stockholders under this Agreement are unique and,
accordingly, the Stockholders shall, in addition to such other remedies as may be available to any of them at law or in equity, have the right to enforce their rights hereunder by actions for injunctive relief and specific performance to the extent
permitted by law. The Company hereby waives any requirement for security or the posting of any bond in connection with any temporary or permanent award of injunctive, mandatory or other equitable relief. 
 (d) Successors and Assigns. Except as otherwise set forth herein, all covenants, agreements and representations made herein shall bind and inure
to the benefit of each party hereto, and their respective successors and assigns. 
 (e) Notices and Communications. Any and all
notices, consents, approvals, offers, elections and other communications required or permitted under this Agreement shall be deemed adequately given only if in writing and the same shall be delivered either by hand, by facsimile or by expedited
commercial carrier, addressed to the recipient of the notice, charges prepaid. All communications to be sent hereunder shall be deemed to have been given for all purposes of this Agreement upon the date of receipt or refusal. All such notices shall
be addressed as follows: 
  

					
	If to the Company:	 	Neutral Tandem, Inc.
		 	1 South Wacker Drive
		 	Suite 200
		 	Chicago, IL 60606
		 	Attention: James P. Hynes
		 	Telephone:	 	(312) 384-8000
		 	Facsimile:	 	(312) 346-3276
		
	With a copy to:	 	Sullivan & Worcester LLP
		 	One Post Office Square
		 	Boston, MA 02109
		 	Attention: Karen L. Linsley, Esq.
		 	Telephone:	 	(617) 338-2871
		 	Facsimile:	 	(617) 338-2880

  

 - 12 - 

 If to a Stockholder: to such Stockholder’s address as set forth on Schedule 1 or 2 hereto

 or at such other address or addresses as may have been furnished in writing by any party to the others. 
 Notices and other communications provided in accordance herewith shall be deemed delivered on (i) the date on which personally delivered, with
receipt acknowledged, (ii) the date on which sent by facsimile with confirmation, (iii) the next business day if delivered by domestic overnight or express mail, courier or delivery service, or (iv) the third business day after the
same shall have been sent by international overnight or express mail, courier or delivery service, as the case may be. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration or other communication to the
persons designated above to receive copies shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication. 
 (f) Amendments and Waivers. This Agreement may only be amended with the consent of the Company and Investors holding at least a two-thirds of the
Registrable Securities held by all Investors. Except as otherwise expressly set forth in this Agreement, the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Company and Investors holding at least two-thirds of the Registrable Securities held by all Investors. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one
or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. Notwithstanding the foregoing, any amendment or waiver that (i) treats any Investor in a materially adverse
manner that is different from any other Investor, (ii) treats any Common Holder in a materially adverse manner that is different from any other Common Holder, or (iii) that eliminates or materially adversely modifies any rights of any
Common Holder, will require the separate approval of such Investor or Common Holder. Any amendment or waiver in accordance herewith shall be binding upon each party hereto. 
 (g) Headings; Counterparts. Headings in this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 
 (h) Number; Gender. Whenever used herein the singular number shall include the plural, the plural shall include the singular, and the use of any gender shall include all genders. 
 (i) Further Assurances. Each of the parties hereto agrees to execute and deliver those writings and documents reasonably required to more fully
carry out the purposes of this Agreement and the transactions contemplated hereby. 
 (j) Governing Law. This Agreement shall be
construed in accordance with and governed by the law (other than the law governing conflict of law questions) of the State of Delaware. 
 (k) Severability. If any provision of this Agreement shall be held or deemed to be, or shall in fact be, invalid, inoperative or unenforceable as applied to any particular case in any jurisdiction or jurisdictions, or in all
jurisdictions or in all cases, because of the conflicting of any provision with any constitution or statute or rule of public policy or for any other reason, such circumstance shall not have the effect of rendering the provision or provisions in
question, invalid, inoperative or unenforceable in any other jurisdiction or in any other case or circumstance or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to the extent that such other
provisions are not themselves actually in conflict with such constitution, statute or rule of public policy, but this 

  

 - 13 - 

 
Agreement shall be reformed and construed in any such jurisdiction or case as if such invalid, inoperative or unenforceable provision had never been
contained herein and such provision reformed so that it would be valid, operative and enforceable to the maximum extent permitted in such jurisdiction or in such case. 
 (l) Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

 (m) Entire Agreement. The parties hereto agree that this Agreement constitutes the entire agreement among the parties with respect
to the subject matter hereof and supersedes all prior agreements and understandings between them as to such subject matter including the First Amended and Restated Agreement, which is superseded by this Agreement and is of no further force and
effect; and there are no restrictions, agreements, arrangements, oral or written, between any or all of the parties relating to the subject matter hereof which are not fully expressed or referred to herein. 
 (n) New Stockholders. Except as specifically provided herein, any individual or Entity that, after the date hereof, acquires shares of Stock must
as a condition to the effectiveness of such acquisition become a party to this Agreement, unless such requirement is waived by the action of a majority of the Board of Directors (including the approval of at least one of the Preferred Stock
Directors as defined in the Stockholders’ Agreement). Each such individual or Entity shall become a party to this Agreement, without the need for the consent, approval or signature of any other Stockholder, by executing a joinder or other
instrument acceptable to and executed by the Company; thereafter, such individual or Entity shall become a “Stockholder” hereunder (and a “Investor” with respect to individuals and Entities acquiring shares of
Preferred Stock). 
 (o) Arbitration. Except as otherwise specifically provided herein, all disputes, controversies, claims or
differences that may arise among the parties hereto out of or in relation to this Agreement (including questions as to whether a matter is governed by this arbitration provision) shall be settled solely and exclusively by arbitration (if good faith
negotiations among the parties do not resolve such dispute, controversy, claim or difference within sixty (60) days after notice of such dispute is received) conducted in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. All hearings and proceedings regarding arbitration shall take place in Santa Clara County, Chicago, before a single arbitrator acceptable to both parties. The arbitrator shall be chosen from a panel of approved arbitrators
of the American Arbitration Association. Reasonable discovery shall be allowed. The arbitrator shall abide by the clear and unambiguous terms of this Agreement in making a determination. The costs and fees of the arbitration, including reasonable
attorneys’ fees of the parties, shall be allocated by the arbitrator taking into account the parties’ intent and agreement that the prevailing party in such dispute shall be entitled to an award of costs and expenses. The award rendered by
the arbitrator shall be final and binding upon the parties. Judgment on the award may be entered in accordance with applicable law in any court having jurisdiction thereof. Nothing herein shall bar any party from obtaining injunctive relief as
provided for in this Agreement or against other threatened conduct under rules of equity. 
 (p) Expenses. If any action at law or in
equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be
entitled. 
 [remainder of page intentionally left blank] 
  

 - 14 - 

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

			
	NEUTRAL TANDEM, INC.
		
	By:	 	 /s/ James P. Hynes

	Name:	 	James P. Hynes
	Title:	 	President
	
	INVESTORS:
	
	DCM III, L.P.
		
	By:	 	DCM Investment Management III, L.L.C.
		 	Its General Partner
		
	By:	 	 /s/ Dixon R. Doll

	Name:	 	Dixon R. Doll
	Title:	 	  

	
	DCM III-A, L.P.
		
	By:	 	 DCM Investment Management III, L.L.C.
 Its General
Partner

		
	By:	 	 /s/ Dixon R. Doll

	Name:	 	Dixon R. Doll
	Title:	 	Managing Member
	
	DCM AFFILIATES FUND III, L.P.
		
	By:	 	 DCM Investment Management III, L.L.C.
 Its General
Partner

		
	By:	 	 /s/ Dixon R. Doll

	Name:	 	Dixon R. Doll
	Title:	 	Managing Member

 [Signature Page to Neutral Tandem, Inc. Second Amended and 
 Restated Registration Rights Agreement] 

			
	 NEW ENTERPRISE ASSOCIATES 10, LIMITED
 PARTNERSHIP

		
	By:	 	 NEA Partners 10, Limited Partnership
 Its General
Partner

		
	By:	 	 /s/ Peter J. Barris

	Name:	 	Peter J. Barris
	Title:	 	General Partner
	
	NEA VENTURES 2003, LIMITED PARTNERSHIP
		
	By:	 	 /s/ Pamela J. Clark

	Name:	 	Pamela J. Clark
	Title:	 	General Partner

 [Signature Page to Neutral Tandem, Inc. Second Amended and 
 Restated Registration Rights Agreement] 

			
	MESIROW CAPITAL PARTNERS VIII, L.P.
		
	By:	 	 Mesirow Financial Services, Inc.
 Its General
Partner

		
	By:	 	 /s/ Thomas E. Gallahan

	Name:	 	Thomas E. Gallahan
	Title:	 	Sr. Managing Director

 [Signature Page to Neutral Tandem, Inc. Second Amended and 
 Restated Registration Rights Agreement] 

			
	MONTAGU NEWHALL GLOBAL PARTNERS II, L.P.
		
	By:	 	 /s/ Kevin Campbell

	Name:	 	Kevin Campbell
	Title:	 	Partner
	
	MONTAGU NEWHALL GLOBAL PARTNERS II-A, L.P.
		
	By:	 	 /s/ Kevin Campbell

	Name:	 	Kevin Campbell
	Title:	 	Partner
	
	MONTAGU NEWHALL GLOBAL PARTNERS II-B, L.P.
		
	By:	 	 /s/ Kevin Campbell

	Name:	 	Kevin Campbell
	Title:	 	Partner

 [Signature Page to Neutral Tandem, Inc. Second Amended and 
 Restated Registration Rights Agreement] 

			
	WASATCH FUNDS, INC.
	for Wasatch Small Cap Growth Fund
		
	By:	 	Wasatch Advisors, Inc.
		 	Its Investment Adviser
		
	By:	 	 /s/ Angela M. Palmer

	Name:	 	Angela M. Palmer
	Title:	 	Vice President
	
	WASATCH FUNDS, INC.
	for Wasatch Ultra Growth Fund
		
	By:	 	Wasatch Advisors, Inc.
		 	Its Investment Adviser
		
	By:	 	 /s/ Angela M. Palmer

	Name:	 	Angela M. Palmer
	Title:	 	Vice President
	
	 WASATCH FUNDS, INC.
 for Wasatch Global Science & Technology Fund

		
	By:	 	Wasatch Advisors, Inc.
		 	Its Investment Adviser
		
	By:	 	 Angela M. Palmer

	Name:	 	Angela M. Palmer
	Title:	 	Vice President

	
	 /s/ James P. Hynes

	James P. Hynes

	
	 /s/ Robert Hawk

	 Bob Hawk

	
	 /s/ Edward M. Greenberg

	 Edward M. Greenberg

	
	 /s/ Paul W. Chisholm

	 Paul W. Chisholm

  

	
	 /s/ Lawrence M. Ingeneri

	 Lawrence M. Ingeneri

  

	
	 /s/ Joseph Tighe

	 Joseph Tighe

	
	 /s/ Ronald W. Gavillet

	 Ronald W. Gavillet

  

	
	 /s/ Robert M. Junkroski

	 Robert M. Junkroski

	
	 /s/ Karen L. Linsley

	 Karen L. Linsley

  

	
	 /s/ Paul Oakley

	 Paul Oakley

	
	 /s/ John Barnicle

	 John Barnicle

	
	COMMON HOLDERS:
	
	 /s/ James P. Hynes

	 James P. Hynes (in respect of the Common Stock owned by him only)

	
	 /s/ Ronald W. Gavillet

	 Ronald W. Gavillet

  

	
	 /s/ Christopher F. Swenson

	 Christopher F. Swenson

  

	
	 /s/ John Barnicle

	 John Barnicle

  

	
	 /s/ Robert M. Junkroski

	 Robert M. Junkroski

  

	
	 /s/ Jeffrey C. Wells

	 Jeffrey C. Wells

  

	
	 /s/ Jeffrey H. Hartzell

	 Jeffrey H. Hartzell

  

	
	  

	 Janice Hewitt

  

	
	 /s/ David Lopez

	 David Lopez

	
	  

	 Jack W. Swenson

			
	IRREVOCABLE TRUST FOR ALANNA MARIE HYNES
		
	By:	 	  

	Name:	 	  

	Title:	 	Trustee
	
	IRREVOCABLE TRUST FOR KATHERINE VANCE HYNES
		
	By:	 	  

	Name:	 	  

	Title:	 	Trustee

			
	THE DIXON AND CAROL DOLL FAMILY TRUST
		
	By:	 	 /s/ Dixon R. Doll

	Name:	 	Dixon R. Doll
	Title:	 	Trustee
	
	ALEXANDER P. & HEATHER B. DOLL FAMILY TRUST
		
		 	 /s/ Alexander P. Doll

	Name:	 	Alexander P. Doll
	Title:	 	Trustee
	
	DIXON & SARAH DOLL JR. FAMILY TRUST
		
		 	 /s/ Dixon Doll Jr.

	Name:	 	Dixon Doll Jr.
	Title:	 	Trustee
		
		 	 /s/ Andrew J. Doll

		 	Andrew J. Doll

			
	JONATHAN B. JUNKROSKI TRUST
	
	  

	Name:	 	
	Title:	 	Trustee
	
	JULIA K. JUNKROSKI TRUST
	
	  

	Name:	 	
	Title:	 	Trustee

	
	 /s/ Robert Hawk

	 Bob Hawk (in respect of the Common Stock owned by him only)

	
	 /s/ David K. Tatak

	 David K. Tatak

	
	

	 Ralph Valente

	
	

	 Richard Anderson

	
	 /s/ Jon Clopton

	 Jon Clopton

	
	 /s/ Eric Carlson

	 Eric Carlson

	
	

	 Dave Redmon

	
	 /s/ Kathleen Starr

	 Kathleen Starr

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]