Document:

Incentive Units Agreement

 Exhibit 10.22 
  
  
 INCENTIVE UNIT AGREEMENT 
  
  
 This INCENTIVE
UNIT AGREEMENT (this “Agreement”) is made as of July 14, 2004 by and among Language Line Holdings, LLC, a Delaware limited liability company (the “Company”), and James Moore (the “Holder”).
Capitalized terms that are used and not defined elsewhere in this Agreement are defined in Section 10. 
  
 WHEREAS, the Company desires to issue to the Holder Seven Hundred and Eighty One Thousand, One Hundred and Forty Nine (781,149) of the Company’s
Class C Common Units in consideration of services to be rendered by the Holder to the Company or its Subsidiaries, subject to the terms and conditions set forth herein and in the Members Agreement and the LLC Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 Section 1. Issuance. Subject to the terms and conditions of this Agreement and the LLC Agreement, on the date of this Agreement, the Company will
issue to the Holder, in consideration of services to be rendered by the Holder to the Company’s Subsidiaries, (i) Two Hundred and Sixty Thousand, Three Hundred and Eighty Three (260,383) Class C-1 Common Units, (ii) Two Hundred and Sixty
Thousand, Three Hundred and Eighty Three (260,383) Class C-2 Common Units and (iii) Two Hundred and Sixty Thousand, Three Hundred and Eighty Three (260,383) Class C-3 Common Units. The Class C-1 Common Units, Class C-2 Common Units and Class
C-3 Common Units issued hereunder are collectively referred to herein as the “Holder’s Class C Units.” The Company agrees that the Holder’s agreement to perform services for the Company and its Subsidiaries in his or her
capacity as an employee constitutes sufficient consideration, in lieu of a Capital Contribution (as such term is defined in the LLC Agreement), for the Holder’s Class C Units. 
  
 Section 2. Closing Conditions. The obligation of the Company to consummate the transactions contemplated by this
Agreement and issue the Holder’s Class C Units is subject to the Holder executing and delivering to the Company: (i) the LLC Agreement; (ii) the Members Agreement; and (iii) the Registration Rights Agreement. 
  
 Section 3. Representations and Warranties of the Holder. In connection
with the issuance of the Holder’s Class C Units hereunder, the Holder represents and warrants to the Company as follows: 
  
 (a) The Holder’s Class C Units to be received by the Holder pursuant to this Agreement will be received for the Holder’s own account and not
with a view to, or intention of, distribution thereof in violation of the Securities Act, any applicable state securities laws or the terms of this Agreement, the LLC Agreement or the Members Agreement, and the Holder’s 
  

 interests in the Holder’s Class C Units will not be disposed of in contravention of any such laws or agreements.

  
 (b) The Holder has had an opportunity to ask questions and
receive answers concerning the terms and conditions of the offering of the Holder’s Class C Units and has had full access to such other information concerning the Company as the Holder has requested. The Holder has reviewed, or has had an
opportunity to review, copies of the Related Agreements. 
  
 (c)
Each of this Agreement and the Related Agreements constitute a legal, valid and binding obligations of the Holder, enforceable against the Holder in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally and limitations on the availability of equitable remedies, and the execution, delivery, and performance of this Agreement or any of the Related Agreements by the
Holder does not and will not conflict with, violate, or cause a breach of any agreement, contract, or instrument to which the Holder is a party or any judgment, order, or decree to which the Holder is subject. 
  
 (d) The Holder is an “Accredited Investor” as that term is defined
in Regulation D under the Securities Act, and the Holder considers himself or herself to be an experienced and sophisticated investor and to have such knowledge and experience in financial and business matters as are necessary to evaluate the merits
and risks of receiving the Holder’s Class C Units. The Holder acknowledges and understands that the Holder’s Class C Units involve substantial risks and the Holder is able to bear the economic risks of receiving the Holder’s Class C
Units pursuant to the terms hereof, including the Holder’s Class C Units being or becoming worthless. The Holder understands that the Holder’s Class C Units are subject to the transfer restrictions contained herein and in the LLC Agreement
and the Members Agreement and have not been registered under the Securities Act. 
  
 (e) Prior to or after the issuance of the Holder’s Class C Units pursuant to this Agreement, the Holder may execute and deliver to the Company and the Internal Revenue Service (the “IRS”) a
timely, valid election under Section 83(b) of the Code (the “83(b) Election”). The Holder understands that under Section 83(b) of the Code, regulations promulgated thereunder, and certain IRS administrative announcements, in the
absence of an effective election under Section 83(b) of the Code, the excess of the fair market value of the Holder’s Class C Units on the date on which any forfeiture restrictions applicable to such Holder’s Class C Units lapse over the
price paid for such units could be reportable as ordinary income at that time. For this purpose, the term “forfeiture restrictions” includes the restrictions on transferability and the vesting conditions imposed under Section 5 and
Section 6, respectively. The Holder understands that (i) in making the 83(b) Election, the Holder may be taxed at the time the Holder’s Class C Units are received hereunder to the extent the fair market value of the Holder’s Class C
Units exceeds the price for such units and (ii) in order to be effective, the 83(b) Election must be filed with the IRS within thirty (30) days after the date upon which the Holder’s Class C Units were issued hereunder. The Holder hereby
acknowledges that: (x) the foregoing description of the tax consequences of the 83(b) Election is not intended to be complete and, among other things, does not describe state, local or foreign income and other tax consequences; (y) none of the
Company, ABRY or any of the Company’s or ABRY’s respective affiliates, officers, employees, agents or representatives (each, a “Related Person”) has provided or is providing the Holder with tax advice regarding the 83(b)
Election or any other matter, and 
  

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 the Company and ABRY have urged the Holder to consult the Holder’s own tax advisor with respect to income taxation
consequences of receiving, holding and disposing of the Holder’s Class C Units; and (z) none of the Company, ABRY or any Related Person has advised the Holder to rely on any determination by it or its representatives as to the fair market value
specified in the 83(b) Election and will have no liability to the Holder if the actual fair market value of the Holder’s Class C Units on the date hereof exceeds the amount specified in the 83(b) Election. 
  
 (f) None of the Company, ABRY or any Related Person has made any
representation or warranty, express or implied, as to the future performance of the Company or the present or future value of the Holder’s Class C Units. The Holder further acknowledges that: (i) all forecasts, projections or illustrations of
amounts that might be realized as a result of the Holder’s receipt of the Holder’s Class C Units that the Company, ABRY or a Related Person shared with the Holder (collectively, “Illustrations”), if any, were purely
hypothetical; (ii) none of the Company, ABRY or any Related Person intended for the Holder to rely upon such Illustrations in the process of making an investment decision, and (iii) the Holder has not relied on such Illustrations in the process of
deciding to receive the Holder’s Class C Units. /s/JLM [initial]. 
  
 Section 4. Representations and Warranties of the Company. In connection with the issuance of the Holder’s Class C Units hereunder, the Company represents and warrants to the Holder as follows: 

 
 (a) Organization, Limited Liability Company Power. The Company is a
limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company possesses all requisite power and authority necessary to own and operate its properties, to carry on its businesses
as presently conducted and to carry out the transactions contemplated by this Agreement. 
  
 (b) The Holder’s Class C Units Duly Issued. When issued pursuant to this Agreement, all of the Holder’s Class C Units will be duly authorized and validly issued and will have been issued by the
Company in compliance with applicable federal and state securities laws, will be free and clear of all liens, mortgages, charges, security interests, hypothecations, assignments for security and encumbrances of any other kind (other than those
arising pursuant to the LLC Agreement, the Members Agreement or the Registration Rights Agreement) and will not be subject to any preemptive rights. 
  
 (c) Authorization; No Breach; Consents. The execution, delivery and performance by the Company or its officers of this Agreement and the Related
Agreements and the offer and issuance of the Holder’s Class C Units hereunder have been duly authorized by the Company. Each of this Agreement and the Related Agreements constitutes a valid and binding obligation of the Company, enforceable in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and limitations on the availability of equitable remedies, and the
execution and delivery of this Agreement and the Related Agreements by the Company and the performance of the Company’s obligations under this Agreement and the Related Agreements did not and will not conflict with, violate, or cause a breach
of any agreement, contract, or 
  

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 instrument to which the Company is a party, or any judgment, order or decree to which the Company is a party. 

 
 Section 5. Vesting. The Holder’s Class C Units will
“vest” as provided in this Section 5. The provisions of this Section 5 will be in all respects subject to the provisions of Section 6 below. 
  
 (a) General. Subject to Sections 5(b) and 5(c) below, as of any date, the number of the Holder’s
Class C Units of each series of Class C Common Units that will be “Vested Units” will equal the total number of the Holder’s Class C Units in such series multiplied by the percentage for such date set forth on Schedule 1
attached hereto. As used in this Agreement, the term “series” refers to the Class C-1 Common Units, taken alone, the Class C-2 Common Units, taken alone, or the Class C-3 Common Units, taken alone, and the term “Unvested
Units” means the Holder’s Class C Units that are not Vested Units. Vesting of the Holder’s Class C Units will cease if the Holder ceases to be an employee of the Company or any of its Subsidiaries or the Holder’s
responsibilities as an employee of the Company or any of its Subsidiaries are materially reduced, as determined by the Board in good faith, as provided in Section 5(c). Any such cessation of employment or reduction in responsibilities is
referred to as a “Termination Event.” 
  
 (b)
Accelerated Vesting. Notwithstanding Sections 5(a) but subject to Section 5(c): (i) all of the Holder’s Class C Units will immediately vest and become Vested Units upon a Change of Control unless a Termination Event occurs
prior to that Change of Control; and (ii) if ABRY sells a portion (the “Sale Portion Units”) of its Class A Common Units (the “ABRY Units”) in a sale to which Section 5(a) of the Members Agreement applies,
and the Holder or any of his or her Permitted Transferees elects to sell Vested Units in association with that sale and in accordance with Section 5(a) of the Members Agreement, then a portion of the Holder’s Class C Units will
immediately vest and become Vested Units in the minimum amount such that the Vested Units held by the Holder and his or her Permitted Transferees as a percentage of all of the Holder’s Class C Units held by them prior to such sale will equal
the Sale Portion Units as a percentage of the total ABRY Units, provided that, the Holder must then sell such Vested Units in accordance with Section 5(a) of the Members Agreement as part of that sale. 
  
 (c) Termination of Vesting. Notwithstanding Sections 5(a) and
5(b), vesting of the Holder’s Class C Units will cease immediately upon a Termination Event, with the effect that from and after the date of such Termination Event the percentage of the Holder’s Class C Units of each series of Class C
Common Units issued to the Holder pursuant to Section 1 above that will be Vested Units will be the percentage of such units that constitute Vested Units as determined pursuant to Section 5(a) above on the date of such Termination
Event, whether or not a Change of Control or a sale of a type described in Section 5(b) occurs thereafter. 
  
 (d) Transfer. The Holder may not offer or sell or agree to offer or sell, grant any call option with respect to, pledge, hypothecate, borrow
against, grant a lien, security interest or other encumbrance in or on, dispose of or enter into any swap or derivative transaction with respect to any Vested Unit or Unvested Unit or any interest therein, unless such action is taken in accordance
with the Members Agreement or Section 6 below, or with the prior written consent of the Board. Any attempted or purported transfer, sale, grant, pledge, hypothecation or other agreement in violation of this Agreement will be void ab
initio. 
  

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 (e) Rights as a Member. The Holder will be the record owner of the Holder’s Class C Units
until or unless the Holder’s Class C Units are forfeited or repurchased pursuant to Section 6 below or transferred in accordance with the terms of the LLC Agreement and the Members Agreement, and as record owner will be entitled to all
rights granted to owners of Class C Common Units. 
  
 Section 6.
Repurchase of the Holder’s Class C Units. 
  
 (a)
Repurchase Option. If a Termination Event occurs, then the Holder’s Class C Units will be subject to repurchase by the Company (or its nominee) pursuant to the terms and conditions set forth in this Section 6. 
  
 (b) Purchase Price. The aggregate purchase price for all of the
Unvested Units will be $1.00, and the purchase price for each Vested Unit will be the Fair Market Value (as defined below) for such Unit as of the date of the Termination Event; provided, that if the Termination Event results from Cause, then
the aggregate purchase price for all of the Vested Units will be $1.00. The “Fair Market Value” of any Vested Unit on any date means the amount determined by the Board in its good faith judgment as the amount that would be received
by the holder of such Vested Unit if all of the equity securities of the Company were sold to a buyer in a single bona fide transaction on a going concern basis and the proceeds from such transaction were allocated to the holders of equity
securities of the Company as if such proceeds (less the reasonable expenses that would be incurred in such a sale, such expenses to be determined by the Board in its good faith judgment) were distributed in a liquidation of the Company pursuant to
the LLC Agreement. 
  
 (c) Company Repurchase Option. The
Company (or its nominee) may elect to purchase all or any portion of the Vested Units and/or the Unvested Units by delivering written notice (the “Repurchase Notice”) to the holder or holders of such Holder’s Class C Units
within 90 days after the date of a Termination Event (the “Repurchase Period”). The Repurchase Notice will set forth the number of Vested Units and/or Unvested Units to be acquired from each holder of the Holder’s Class C
Units, the aggregate consideration to be paid for such Vested Units and/or Unvested Units and the time and place for the closing of the transaction. At any time prior to the closing of such transaction, the Company may rescind the Repurchase Notice
for any reason (including for no reason at all) without liability to the holders of the Holder’s Class C Units. If the Holder has transferred any of the Holder’s Class C Units to a permitted transferee in accordance with Section
5(d), then the Holder’s Class C Units to be repurchased by the Company will first be satisfied to the extent possible from the Holder’s Class C Units that are held by the Holder at the time of delivery of the Repurchase Notice. If the
number of Vested Units and/or Unvested Units then held by the Holder is less than the total number of Vested Units and/or Unvested Units that the Company has elected to purchase, then the Company will purchase the remaining Holder’s Class C
Units to be purchased from such permitted transferees of the Holder’s Class C Units under this Agreement, pro rata according to the number of (i) if Vested Units are to be repurchased, the Vested Units and (ii) if Unvested Units are to
be repurchased, the Unvested Units, in either case, held by such other holder(s) at the time of delivery of such Repurchase Notice (determined as close as practicable to the nearest whole unit). 
  

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 (d) Closing of Repurchase. The closing of the purchase of the Holder’s Class C Units pursuant
to Sections 6(c) above will take place on the date designated by the Company in the Repurchase Notice but, with respect to Vested Units, such date will be no more than 90 days following the date of the Termination Event; provided that
(i) such 90-day period shall be tolled for so long as any agreement governing indebtedness and/or preferred equity of the Company and/or its Subsidiaries prohibits the Company from making purchasing such units and/or prohibits a Subsidiary of the
Company from making distributions to the Company that are sufficient to provide funds for such purchase, and (ii) if such 90-day period is so tolled, then interest will accrue at the rate of 7.5% per annum on the purchase price for the Units
to be purchased, from the 90th day following the Termination Event through the date upon which such purchase price
and accrued interest have been paid. The Company (or its nominee) will pay for the Holder’s Class C Units to be purchased by delivery of a check or wire transfer of immediately available funds. The purchasers of the Holder’s Class C Units
under this Section 6 will be entitled to receive customary representations and warranties from the sellers regarding such sale of the Holder’s Class C Units (including representations and warranties regarding good title to such units,
free and clear of any liens or encumbrances) but such representations and warranties shall not include any representations or warranties with respect to the business and operations of the Company. 
  
 (e) Termination of Repurchase Option. The right of the Company to
repurchase the Holder’s Class C Units pursuant to this Section 6 will terminate upon the occurrence of a Change of Control, unless a Termination Event occurs prior to that Change of Control. 
  
 Section 7. Confidential Information. The Holder acknowledges that the
information, observations and data that have been or may be obtained by the Holder during his or her relationship with, or through his or her involvement as a member or stockholder of, the Company or any of its Subsidiaries or any predecessor
thereof (each of the Company, any of its Subsidiaries or Affiliates and any such predecessor being a “Related Company” and, collectively, the “Related Companies”), prior to and after the date of this Agreement
concerning the business or affairs of the Related Companies (collectively, “Confidential Information”) are and will be the property of the Related Companies. Therefore, the Holder agrees that he or she will not disclose to any
unauthorized Person or use for the account of the Holder or any other Person any Confidential Information without the prior written consent of the Company (by the action of the Board), unless and to the extent that such Confidential Information has
become generally known to and available for use by the public other than as a result of the Holder’s improper acts or omissions to act, or is required to be disclosed by law. The Holder will deliver or cause to be delivered to the Company as
soon as practicable following the cessation of the Holder’s employment with the Company and its Subsidiaries, or at any other time the Company or any of its Subsidiaries may request, all memoranda, notes, plans, records, reports, computer tapes
and software and other documents and data (and copies thereof) containing or relating to Confidential Information or the business of any Related Company which the Holder may then possess or have under his or her control. 
  
 Section 8. Non-Compete, Non-Solicitation. 
  
 (a) Non-Compete. The Holder acknowledges that during the Holder’s
relationship with, or through the Holder’s involvement as a member or stockholder of, any Related Company, the Holder has and will become familiar with trade secrets and other 
  

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 Confidential Information concerning such Related Companies, and with investment opportunities relating to their
respective businesses, and that the Holder’s services have been and will be of special, unique and extraordinary value to the foregoing entities. Therefore, the Holder agrees that for the period during which the Holder is employed by the
Company or any of its Subsidiaries and for one year after the date upon which the Holder’s employment with the Company and its Subsidiaries ceases (the “Noncompete Period”), the Holder will not directly or indirectly own,
manage, control, participate in, consult with, render services for, or in any other manner engage in any business, or as an investor in or lender to any business (in each case including on the Holder’s behalf or on behalf of another Person)
which constitutes or is engaged in the business of providing over-the-phone language interpretation services to business and governmental agencies or any other business that is competitive with all or part of the business of the Related Companies
(as and where the same is conducted or proposed to be conducted by the Related Companies during the period the Holder is employed by the Company or any of its Subsidiaries). Nothing in this Section 8(a) will prohibit the Holder from being a
passive owner of less than 5% of the outstanding stock of a corporation of any class that is publicly traded, so long as the Holder has no direct or indirect participation in the business of such corporation. By initialing in the space provided
below, the Holder acknowledges that he or she has read carefully and had the opportunity to consult with legal counsel regarding the provisions of this Section 8(a). /s/ JLM [initial]. 
  
 (b) Non-Solicitation. During the Noncompete Period, the Holder will
not directly or indirectly (i) induce or attempt to induce any employee or independent contractor of any Related Company to leave the employ or contracting relationship with such entity, or in any way interfere with the relationship between any such
entity and any employee or independent contractor thereof, or (ii) induce or attempt to induce any customer, supplier or other business relation of any Related Company to cease doing business with such entity or in any way interfere with the
relationship between any such customer, supplier or other business relation and such entity. By initialing in the space provided below, the Holder acknowledges that he or she has read carefully and had the opportunity to consult with legal counsel
regarding the provisions of this Section 8(b). /s/ JLM [initial]. 
  
 Section 9. Enforcement. The Company and the Holder agree that if, at the time of enforcement of Section 7 or Section 8, a court holds that any restriction stated in such Section is unreasonable
under circumstances then existing, then the maximum period, scope or geographical area reasonable under such circumstances will be substituted for the stated period, scope or area. Because the Holder’s services are unique and because the Holder
has access to information of the type described in Sections 7 and 8, the Company and the Holder agree that money damages would be an inadequate remedy for any breach of Section 7 or Section 8. Therefore, in the event of a
breach of Section 7 or Section 8, any Related Company may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in
order to enforce, or prevent any violations of, the provisions of Section 7 or Section 8. The provisions of Sections 7, 8 and 9 are intended to be for the benefit of each Related Company and their respective
successors and assigns, each of which may enforce such provisions and each of which (other than the Company) is an express third party beneficiary of such provisions and this Agreement generally. Sections 7, 8 and 9 will survive
and continue in full force in accordance with their terms notwithstanding any cessation of the Holder’s employment with the Company and its 
  

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 Subsidiaries. By initialing in the space provided below, the Holder acknowledges that he or she has read carefully and
had the opportunity to consult with legal counsel regarding the provisions of this Section 9. /s/ JLM [initial]. 
  
 Section 10. Definitions. 
  
 “ABRY” means ABRY Partners IV, L.P., a Delaware limited liability partnership. 
  
 “Affiliate” of a Person means any other Person that,
directly or indirectly, is controlled by, controls, or is under common control with, such first Person. 
  
 “Board” means the board of managers of the Company. 
  
 “Business Day” means a day that is not a Saturday, a Sunday or a statutory or civic holiday in the State of
California. 
  
 “Cause” means (i) the
Holder’s failure (except where due to disability or where prohibited by law), neglect or refusal to perform services to the Company or any of its Subsidiaries, which failure, neglect or refusal is not corrected by the Holder within 30 days
following receipt by the Holder of written notice from the Company or any of its Subsidiaries of such failure, neglect or refusal, which notice will specifically set forth the nature of said failure, neglect or refusal and the actions required to
correct the same, (ii) any willful or intentional act of the Holder that has the intended effect of injuring the reputation or business of the Company or any of its Subsidiaries or Affiliates in any material respect, (iii) any continued or repeated
absence from performing services for the Company or any of its Subsidiaries, unless such absence is (A) in compliance with the Company’s or any of its Subsidiaries’ policy or approved or excused by the Board or (B) is the result of the
Holder’s permitted vacation, illness, disability or incapacity, (iv) use of illegal drugs by the Holder or repeated public drunkenness, or (v) the Holder’s conviction of, or a plea of guilty or no contest or similar plea with respect to, a
felony, or an act of fraud or embezzlement. 
  
 “Change of
Control” means the consummation of any merger or consolidation of the Company with or into any other Person or any sale of all or substantially all of the ownership interests or assets of the Company and its Subsidiaries taken as a whole
(other than a transaction following which the holders of the outstanding membership interests of the Company prior to such transaction together own a majority of the outstanding ownership interests of the surviving or resulting corporation or
business entity) or a change in the composition of the Board such that, for any period of 30 consecutive days, a majority of the members of the Board are individuals who are neither (i) a member of the Board on the date of this Agreement, (ii) an
appointee of ABRY or any of its Affiliates, (iii) an employee of the Company or any of its Subsidiaries nor (iv) appointed or approved by a majority of the members of the Board of the type described in clauses (i), (ii) and (iii) above at the time
of such individual’s appointment to the Board. 
  
 “Class A Common Units,” “Class C Common Units,” “Class C-1 Common Units,” “Class C-2 Common Units” and “Class C-3 Common Units” each have the meaning set
forth in the LLC Agreement. 
  

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 “Code” means the United States Internal Revenue Code of 1986, as in effect from time to
time. 
  
 “LLC Agreement” means the
Company’s Limited Liability Company Agreement, dated as of the date hereof, as in effect from time to time. 
  
 “Members Agreement” means that certain Members Agreement, dated as of the date hereof, by and among the Company and its members, as in
effect from time to time. 
  
 “Person” means an
individual, a partnership, a corporation, a limited liability company, an association, a joint share company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision
thereof. 
  
 “Registration Rights Agreement”
means that certain Registration Rights Agreement, dated as of the date hereof, by and among the Company and certain of its members, as in effect from time to time. 
  
 “Related Agreements” means, collectively, the LLC Agreement, the Members Agreement and the Registration
Rights Agreement. 
  
 “Securities Act” means the
Securities Act of 1933, as amended from time to time. 
  
 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares
entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a
combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled,
directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership,
association or other business entity if such Person or Persons will be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control the managing director or general
partner of such limited liability company, partnership, association or other business entity. 
  
 “Termination Event” has the meaning set forth in Section 5(a). 
  
 Section 11. Miscellaneous. 
  
 (a) Notices. All notices, demands or other communications to be given or delivered by reason of the provisions of this Agreement will be in writing
and will be deemed to have been given (i) on the date of personal delivery to the recipient or an officer of the recipient, or (ii) when sent by telecopy or facsimile machine to the number shown below on the date of such confirmed facsimile or
telecopy transmission (provided that a confirming copy is sent via overnight mail), or (iii) when properly deposited for delivery by a nationally recognized 
  

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 commercial overnight delivery service, prepaid, or by deposit in the United States mail, certified or registered mail,
postage prepaid, return receipt requested. Such notices, demands and other communications will be sent to each party at the address indicated for such party below: 
  
 If to the Company: 
  
 Language Line Services 
 One Lower Ragsdale
Drive 
 Monterey, CA 93940 
 Facsimile: (831) 648-5836 
 Attention: President 
  
 with copies (which will not constitute notice to the Company) to: 
  
 ABRY Partners, LLC 
 111 Huntington Avenue 
 30th Floor 
 Boston, MA 02199 
 Facsimile: (617) 859-7205 
 Attention: Peggy Koenig 
  
 and 
  
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street 
 New York,
NY 10022 
 Facsimile: (212) 446-4900 
 Attention: John Kuehn 
                    Heidi Matterfis 
  
 If to the Holder: 
  
 James Moore 
 2714 Pradera Road 
 Carmel, CA 93923 
  
 or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 
  
 (b) Consent to Amendments. No modification, amendment or waiver of any
provision of this Agreement will be effective against any party hereto unless such modification, amendment or waiver is approved in writing by such party. No other course of dealing among the Company or any of its Subsidiaries and the Holder or any
delay in exercising any rights hereunder will operate as a waiver by any of the parties hereto of any rights hereunder. 
  
 (c) Successors and Assigns. All covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto will bind and
inure to the benefit of the 
  

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 respective successors and assigns of the parties hereto whether so expressed or not. In addition to other transfer
restrictions set forth in this Agreement, the LLC Agreement or in the Members Agreement, the Holder may not transfer any the Holder’s Class C Units until the transferee of such units has agreed in writing to be bound by the provisions of this
Agreement affecting the units so transferred. 
  
 (d)
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under
applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 
  

(e) Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of
more than one party, but all such counterparts taken together will constitute one and the same Agreement. 
  
 (f) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word “including” in this Agreement will be by way of example rather than by limitation. 
  
 (g) Governing Law. ISSUES AND QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT AND THE EXHIBITS
AND SCHEDULES HERETO WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS
AGREEMENT (AND ANY SCHEDULE HERETO), EVEN THOUGH UNDER DELAWARE’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 
  
 (h) Resolution of Disputes. Except as otherwise provided in this Agreement, any controversy, dispute or claim arising
under or relating to this Agreement, the Holder’s employment with the Company or any Affiliate or the termination thereof shall, at the election of the Holder or the Company (unless otherwise provided in an applicable plan, program or
agreement, be resolved by confidential and binding arbitration, to be held in Chicago, Illinois in accordance with the rules and procedures of the Commercial Arbitration Rules of the American Arbitration Association. Judgment upon the award rendered
by the arbitrator(s) may be entered in any court having jurisdiction thereof. Each Party shall be responsible for its own costs and expenses, including attorneys’ fees, and neither Party shall be liable for punitive or exemplary damages.

  
 (i) No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or 
  

 11 

 interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto, and no presumption
or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
  
 (j) Entire Agreement. Except as otherwise expressly set forth in this Agreement, this Agreement and the other agreements referred to in this
Agreement embody the complete agreement and understanding among the parties to this Agreement with respect to the subject matter of this Agreement, and supersede and preempt any prior understandings, agreements, or representations by or among the
parties or their predecessors, written or oral, which may have related to the subject matter of this Agreement in any way. 
  
 (k) Time is of the Essence. Time is of the essence for each and every provision of this Agreement. Whenever the last day for the exercise of any
privilege or the discharge or any duty hereunder falls upon a day that is not a Business Day, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day which is a Business Day. 

 
  
 * * * * * 
  

 12 

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

  
  

			
	 LANGUAGE LINE HOLDINGS, LLC

		
	 By:
	  	Dennis Dracup
	 	  	

	 	  	Name: Dennis Dracup
	 	  	Its: Chief Executive Officer
		
	 	  	/s/    James Moore
	 	  	

	 	  	James MooreInvestor Securities Purchase Agreement

 Exhibit 10.21 
  
 INVESTOR SECURITIES PURCHASE AGREEMENT 
  
 This INVESTOR SECURITIES PURCHASE AGREEMENT (this “Agreement”) is entered into as of June 11, 2004 by and
among Language Line Holdings, LLC, a Delaware limited liability company (the “Company”), and the Persons listed on Schedule A attached hereto (collectively, the “Investors”). Capitalized terms used and not
otherwise defined herein shall have the meanings given to those terms in Section 5 below. 
  
 Each Investor desires to purchase from the Company, and the Company desires to sell to such Investor Class A Common Units (the “Common
Units”) in the quantity and for the price set forth opposite such Investor’s name on Schedule A attached hereto, upon the terms and conditions set forth in this Agreement. 
  
 NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which the parties hereby acknowledge, the Company and the Investors hereby agree as follows: 
  
 1. Purchase and Sale of Common Units. 
  
 (a) Upon the terms and conditions set forth in this Agreement, on the date hereof, subject to and contemporaneously with the closing of the transactions
contemplated by the Preferred Securities Purchase Agreement (the “Closing”), each Investor shall purchase from the Company, and the Company shall sell to such Investor, the number of Common Units set forth opposite such
Investor’s name on Schedule A attached hereto for the aggregate consideration set forth opposite such Investor’s name on Schedule A attached hereto (the “Purchase Price”). The consideration to be paid by each
Investor will consist of cash and/or the contribution to the Company of shares of common stock of Language Line Holdings, Inc. (“OldCo Shares”), as specified for each Investor on Schedule A attached hereto. At the Closing:

  
 (i) each Investor that is paying cash as all
or part of the consideration for Common Units to be purchased by such Investor will deliver such cash consideration to the Company by a cashier’s or certified check or wire transfer of immediately available funds, or by directing that the
amount of such cash consideration be paid to the Company on such Investor’s behalf out of amounts that are otherwise payable to such Investor pursuant to the Merger Agreement, in each case in the aggregate amount of the Purchase Price payable
by such Investor in cash, 
  
 (ii) each Investor
that is contributing OldCo Shares as all or part of the consideration for Common Units to be purchased by such Investor will deliver the certificate(s) representing such OldCo Shares, duly endorsed, to the Company or will take such other actions as
the Company may request in order to effectuate such contribution, and 
  
 (iii) the Company will deliver to each Investor evidence of proper recordation in the books and records of the Company of (and, if certificated, certificates for) the Common Units to be purchased by such Investor.

  

 (b) The proceeds from the purchase and sale of Common Units pursuant to Section 1(a) above shall
be used by the Company to finance in part the transactions contemplated by the Agreement and Plan of Merger and to pay related fees and expenses. 
  
 (c) In connection with the purchase and sale of Common Units under this Agreement, each Investor, with respect to himself or itself only, represents and
warrants to the Company as of the date hereof that the following statements are true and correct: 
  
 (i) The Common Units to be acquired by such Investor pursuant to this Agreement will be acquired for such Investor’s own account and
not with a view to, or intention of, distribution thereof in violation of the Securities Act, any applicable state securities laws or the terms of the Operating Agreement or the Members Agreement, and such Common Units will not be disposed of in
contravention of any such laws or agreements. 
  
 (ii) Such Investor is able to bear the economic risk of the investment in Common Units for an indefinite period of time, and such Investor understands that Common Units are subject to the transfer restrictions contained herein and have not
been registered under the Securities Act. 
  
 (iii) Such Investor has had an opportunity to ask questions and receive answers concerning the terms and conditions of the offering of Common Units and has had full access to such other information concerning the Company as such Investor
has requested. Such Investor has reviewed, or has had an opportunity to review copies of, the Members Agreement, the Operating Agreement, the Registration Rights Agreement and the Preferred Securities Purchase Agreements that the Company is entering
into on the date of this Agreement. 
  
 (iv) Each
of this Agreement, the Operating Agreement, the Members Agreement and the Registration Rights Agreement constitutes the legal, valid and binding obligation of such Investor, enforceable against such Investor in accordance with its terms (except as
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and limitations on the availability of equitable remedies), and the execution, delivery, and performance of
each such Agreement by such Investor does not and will not conflict with, violate, or cause a breach of any agreement, contract, or instrument to which such Investor is a party or any judgment, order, or decree to which such Investor is subject.

  
 (v) Such Investor is an “Accredited
Investor” as defined in Regulation D under the Securities Act and such Investor considers himself or itself to be an experienced and sophisticated investor and to have such knowledge and experience in financial and business matters as are
necessary to evaluate the merits and risks of an investment in the Common Units. Such Investor acknowledges and understands that an investment in the Common Units involves substantial risks and such Investor is able to bear the economic risks of an
investment in the Common Units pursuant to the terms hereof, including the complete loss of such Investor’s investment in the Common Units. 
  

 2 

 (d) In connection with the purchase and sale of Common Units under this Agreement, the Company represents
and warrants to each Investor as of the date hereof that the following statements are true and correct: 
  
 (i) Organization, Corporate Power. Each of the Company and its Subsidiaries is a limited liability company or corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business and in good standing in every jurisdiction in which the failure to do so would not, or would reasonably be expected not to, have
a material adverse effect on the assets, operations, business or financial condition of the Company and its Subsidiaries taken as a whole. Each of the Company and its Subsidiaries possesses all requisite limited liability company or corporate power
and authority necessary to own and operate its properties, to carry on its businesses as presently conducted and as proposed to be conducted and, in the case of the Company, to carry out the transactions contemplated by this Agreement and the
Related Agreements. 
  
 (ii) Subsidiaries.
The legal names of each of the Subsidiaries of the Company, their respective jurisdictions of organization, the number of authorized and the number of issued and outstanding shares or units, as applicable, of each class of their Capital Stock and
the number of shares or units, as applicable, covered by all outstanding options, warrants, rights of conversion or purchase and similar rights, and their equity holders, in each case, as of the date hereof, are accurately set forth on Schedule
1 attached hereto. All Capital Stock of each Subsidiary of the Company (i) that is a corporation is duly and validly issued and is fully paid and non-assessable and (ii) that is a limited liability company is duly and validly issued without any
obligation to make additional capital contributions and in each case, is owned, of record and beneficially, by the Company, directly or indirectly. 
  
 (iii) Common Units Duly Authorized. When issued pursuant to this Agreement, all of the Common Units will be duly authorized and
validly issued and outstanding, will have been issued by the Company in compliance in all material respects with applicable federal and state securities laws, will be free and clear of all liens, mortgages, charges, security interests,
hypothecations, assignments for security and encumbrances of any kind (other than those arising pursuant to the Operating Agreement, the Members Agreement or the Registration Rights Agreement) and will not be subject to any preemptive rights.

  
 (iv) Authorization; Enforceability.
The execution, delivery and performance by the Company or its officers of the Related Agreements and all other agreements contemplated by the Related Agreements to which the Company is a party and the offer, sale and issuance of the Common Units
have been duly authorized by the Company. The Related Agreements and all such other agreements to which the Company is a party each constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and limitations on the availability of equitable remedies. 
  

 3 

 (v) Non-Contravention. The execution, delivery and performance by the Company of
this Agreement and the other Related Agreements does not (A) conflict with or result in a breach of the terms, conditions or provisions of, (B) constitute a default under, (C) result in the creation of any lien, security interest, charge or
encumbrance upon the Company’s or any of its Subsidiary’s assets pursuant to, (D) give any third party the right to modify, terminate or accelerate any obligation under, (E) result in a violation of, or (F) require any authorization,
consent, approval, exemption or other action by or notice or declaration to, or filing with, any Person (other than any governmental authorities) pursuant to, the Operating Agreement or any law, statute, rule or regulation to which the Company or
any of its Subsidiaries is subject or any agreement, instrument, order, judgment or decree to which the Company or any of its Subsidiaries is subject, except where such conflict, breach, default, creation, right, violation or requirement would not
have a material adverse effect on the Company and its Subsidiaries taken as a whole. 
  
 (vi) Brokerage. There are no claims for brokerage commissions, finders’ fees or similar compensation in connection with the
transactions contemplated by this Agreement and the other Related Agreements based on any arrangement or agreement binding upon the Company or any of its Subsidiaries. The Company will pay, and hold each Investor harmless against, any liability,
loss or expense (including reasonable attorneys’ fees and out-of-pocket expenses) arising in connection with any such claim. 
  
 (vii) Capitalization. 
  
 (A) An accurate organizational chart, showing the ownership structure of the Company and its Subsidiaries on the date hereof, and after
giving effect to the transactions contemplated hereby and by the other Related Agreements and the Agreement and Plan of Merger, is set forth on Schedule B attached hereto. 
  
 (B) Immediately following the Closing, (x) the authorized and issued Capital Stock of the Company will
consist of (I) an unlimited number of authorized Common Units (as defined in the LLC Agreement), 120,000,000 of
which will be issued and outstanding, and (II) an unlimited number of authorized Preferred Units, 82,000,000 of which will be issued and outstanding, (y) except as described in reasonable detail in Schedule C attached hereto or clause (x)(II)
above, there are no options for, rights to acquire, agreements to issue, or securities exercisable for or convertible into Capital Stock of the Company. Schedule C attached hereto sets forth, as of the date hereof after giving effect to the
transactions contemplated by the Related Agreements, a true and complete list of all members of the Company and its Subsidiaries and the number and class of Capital Stock held by each as well as the capital account interests of each member and each
member’s percent of total voting interests. The Common Units to be issued hereunder have been duly authorized and issued and are free of any preemptive or similar rights of members. The offer and sale of all of the securities listed on Schedule C attached hereto issued on or prior to the date hereof complied with or were exempt from all
applicable federal and state 

  

 4 

 
securities laws and there are no rights of rescission or damages with respect thereto. Except as described in reasonable detail in Schedule C attached
hereto and except as contemplated by the Related Agreements, (1) the Company is not subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any Capital Stock or any convertible securities, rights, options or
warrants, (2) the Company is not a party to any agreement granting registration rights to any person with respect to any of its equity or debt securities, and (3) the Company is not a party to, and it has no knowledge of, any agreement restricting
the voting or transfer of any Capital Stock of the Company. 
  
 (viii) Other Representations and Warranties. The representations and warranties made by the Company (or its Subsidiaries, if applicable) in the Preferred Securities Purchase Agreement, the Senior Credit
Agreement, the underlying placement agreement or similar agreement relating to the Subordinated Note Indentures and the Agreement and Plan of Merger, were true and correct in all material respects when made and shall be true and correct in all
material respects at and as of the time of the Closing, both before and immediately after giving effect to the transactions contemplated hereby and thereby. 
  
 (ix) Effectiveness of Other Agreements. Each of the Agreement and Plan of Merger, the Senior Credit Agreement, the Subordinated
Note Indentures and the Related Agreements, (other than the Incentive Unit Agreements) are in full force and effect. 
  
 (x) Conduct of Business; Liabilities. Prior to the Closing, neither the Company nor any of its Subsidiaries has or will have
conducted any business, or incurred any material expenses, obligations or liabilities, other than in connection with the negotiation of the Agreement and Plan of Merger, the preparation to consummate the transactions contemplated by the Agreement
and Plan of Merger and to operate the businesses to be acquired pursuant thereto, the financing of such transactions and related expenses, and matters incidental thereto. 
  
 2. Conditions to Closing. Each Investor’s obligation to purchase and pay for the Common Units to be purchased by
such Investor hereunder is subject to the satisfaction or waiver by such Investor, at or before Closing, of the following conditions: 
  
 (a) The representations and warranties made by the Company in this Agreement shall be true and correct when made and at and as of the time of the Closing,
both before and immediately after giving effect to the transactions contemplated hereby. 
  
 (b) All conditions precedent to the closing and consummation of the transactions contemplated by the Preferred Securities Purchase Agreement, the Agreement and Plan of Merger, the Senior Credit Agreement and the
underlying placement or similar agreement relating to the Subordinated Note Indentures, in each case, as set forth therein, shall have been satisfied or waived (provided that any waiver of a condition shall have been disclosed to each
Investor and consented to by each Investor), and each such agreement shall be in full force and effect. 
  

 5 

 (c) The Company shall have delivered to such Investor a certificate of the chief executive officer or the
chief financial officer or a vice president of the Company, dated the date of the Closing, to the effect set forth in clauses (a) and (b) above. 
  
 (d) The purchase of and payment for the Common Units to be purchased by such Investor on the date of the Closing on the terms and conditions herein
provided (including the use of the proceeds from the sale of such Common Units by the Company) shall not violate any applicable law or governmental regulation and shall not subject such Investor to any tax, penalty, liability or other onerous
condition under or pursuant to any applicable law or governmental regulation, and such Investor shall have received such certificates or other evidence as it may request to establish compliance with this condition. All necessary authorizations,
consents, approvals, exceptions or other actions by or notices to or filings with any court or administrative or governmental body or other Person required in connection with the execution, delivery and performance of the Related Agreements (other
than the Incentive Unit Agreements) or the consummation of the transactions contemplated hereby or thereby shall have been issued or made, shall be final and in full force and effect and shall be in form and substance reasonably satisfactory to such
Investor. 
  
 (e) All proceedings taken or to be taken in
connection with the transactions contemplated hereby and all documents incident hereto shall be reasonably satisfactory in substance and form to such Investor, and such Investor shall have received all such counterpart originals or certified or
other copies of the Operating Agreement, the Members Agreement, the Registration Rights Agreement and such other documents as it may request. 
  
 (f) The Company shall have sold, or contemporaneously with such sale to such Investor will sell, to the other Investors the Common Units to be purchased
by them at the Closing and shall have received payment in full therefor. 
  
 (g) Such Investor shall have received from Kirkland & Ellis LLP, who is acting as special corporate counsel for the Company, a favorable opinion reasonably satisfactory to such Investor. The Company, by its
execution hereof, hereby requests and authorizes such special counsel to render such opinion. 
  
 (h) Each of the Operating Agreement, the Members Agreement and the Registration Rights Agreement shall have been executed and delivered by each party thereto other than such Purchaser. 
  
 3. Other Agreements. 
  
 (a) Any certificates representing the Common Units will bear the legend set
forth in Section 11.4 of the Operating Agreement. 
  
 (b) Each
Investor acknowledges that the transfer of Common Units is subject to the provisions of the Securities Act, applicable state securities laws, the Operating Agreement and the Members Agreement. 
  

 6 

 4. Definitions. 
  

“ABRY” means ABRY Partners IV, L.P., a Delaware limited partnership. 
  
 “Capital Stock” in any Person shall mean any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) corporate stock or other equity participations, including partnership interests, whether general or limited, and membership interests in such Person, including any
right or interest which is classified as equity in accordance with GAAP. 
  
 “Common Units” means the Company’s Class A Common Units as defined and having the rights and obligations specified in the Operating Agreement. 
  
 “GAAP” means, at any date of determination, generally
accepted accounting principles in effect in the United States at such time and which are consistently applied. 
  
 “Incentive Unit Agreements” mean the Incentive Unit Agreements, dated as of the date hereof, by and between the Company and certain
members of management of the Company, as in effect from time to time. 
  
 “Members Agreement” means the Members Agreement, dated as of the date hereof, by and among the Company and the members of the Company as in effect from time to time. 
  
 “Merger Agreement” shall mean that certain Agreement and
Plan of Merger made and entered into as of April 14, 2004, among Language Line Holdings, Inc., Language Line Acquisition, Inc., and Language Line, Inc. 
  
 “Operating Agreement” means the Company’s Amended and Restated Limited Liability Company Agreement, dated as of the date hereof, by
and among the Company and the members of the Company as in effect from time to time. 
  
 “Person” means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint venture, an unincorporated organization or any other
entity (including any governmental entity or any department, agency or political subdivision thereof). 
  
 “Preferred Securities Purchase Agreement” means the Preferred Securities Purchase Agreement, dated as of the date hereof, by and among
the Company, New York Life Capital Partners II, L.P. (“New York Life”), ABRY Mezzanine Partners, L.P. and Merrill Lynch Capital Corporation (“Merrill”), as in effect from time to time. 
  
 “Registration Rights Agreement” means the Registration
Rights Agreement, dated as of the date hereof, by and among the Company and the members of the Company as in effect from time to time. 
  

 7 

 “Related Agreements” means, collectively, (i) this Agreement, (ii) the Operating
Agreement, (iii) the Members Agreement, (iv) the Registration Rights Agreement, (v) the Preferred Securities Purchase Agreements, and (vi) the Incentive Unit Agreements. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Senior Credit Agreement” shall mean the Credit Agreement
dated as of the date hereof, by and among Language Line, Inc., (a Delaware corporation) as borrower, the Subsidiary Guarantors party thereto, the lenders party thereto from time to time, and Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner and
Smith Incorporated and Banc of America Securities LLC as Joint Lead Arrangers and Book Runners and Banc of America Securities LLC as Syndication Agent and Merrill as Administrative Agent, including any deferrals, renewals, extensions, replacements,
refinancings or refundings thereof, or amendments, modifications or supplements thereto and any agreement providing thereof (including any restatements thereof and any increases in the amount of commitments thereunder), whether in one or more
separate agreements and whether by or with the same or any other lender, creditor, or any one or more groups of lenders or group of creditors (whether or not including any or all of the financial institutions party to the aforementioned credit
agreements), and including related notes, guarantee and note agreements and other instruments and agreements executed in connection therewith. 
  
 “Subordinated Note Indentures” shall mean the Indenture dated as of June 11, 2004, by and among Language Line, Inc., as
Issuer, the Guarantors named therein and Bank of New York, as Trustee, relating to the 111/8% Senior Subordinated Notes due 2012 of Language Line, Inc., and the Indenture dated as of June 11, 2004, by and among Language
Line Acquisition, Inc., as Issuer, and Bank of New York, as Trustee, relating to the 141/8% Senior Discount Notes due 2014 of Language Line Acquisition, Inc., each as in effect from time to time. 
  
 “Subsidiaries” means, with respect to any Person, any
corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof, or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of such
Person or entity or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will
be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control any managing director, managing member, or general partner of such limited liability company, partnership,
association or other business entity. 
  
 5. Notices. All
notices, demands or other communications to be given or delivered by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given (a) on the date of personal delivery to the recipient or an officer of the

  

 8 

 
recipient, or (b) when sent by telecopy or facsimile machine to the number shown below on the date of such confirmed facsimile or telecopy transmission
(provided that a confirming copy is sent via overnight mail), or (c) when properly deposited for delivery by a nationally recognized commercial overnight delivery service, prepaid, or three business days after deposit in the United States mail,
certified or registered mail, postage prepaid, return receipt requested. Such notices, demands and other communications shall be sent to each Investor at the address set forth for such Investor in the Members Agreement (including any joinder
thereto) as then in effect and to the Company at the address set forth below: 
  
 Language Line Holdings, LLC 
 c/o ABRY Partners IV, L.P. 
 111 Huntington Avenue 
 30th Floor 

Boston, MA 02199 
 Facsimile: 617-859-2959

 Attention: Peggy Koenig 
  
 with a copy (which will not constitute notice to the Company), to: 
  
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street 
 New York, NY 10022 
 Facsimile: 212-446-4900

 Attention: John L. Kuehn, Esq. 
  
 or to such other address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. 
  
 6. General Provisions. 
  
 (a) Amendment and Waiver. No modification, amendment or waiver of any
provision of this Agreement shall be effective against the Company or any Investor unless such modification, amendment or waiver is approved in writing by the Company or such Investor (as the case may be). The failure of any party to enforce any of
the provisions of this Agreement shall in no way be construed as a wavier of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  
 (b) Expenses. Whether or not the transactions contemplated hereby
shall be consummated, the Company shall pay, and save ABRY, New York Life, and Merrill harmless against liability for the payment of, all out-of-pocket expenses arising in connection with such transactions, including, without limitation, the
following: 
  
 (i) (A) all stamp and documentary
taxes and similar charges, if any, and (B) fees and expenses of brokers, agents, dealers, investment banks or other 

  

 9 

 
intermediaries or placement agents, in each case as a result of the execution and delivery of this Agreement or the Related Agreements or the issuance of the
Common Units; and 
  
 (ii) document production
and duplication charges and the fees and expenses of any special counsel engaged by such Investor in connection with this Agreement, any of the other Related Agreements and the transactions contemplated hereby or thereby. 
  
 The obligations of the Company to reimburse New York Life and Merrill under Section
6(b)(ii) as to any period on or before the date of the Closing shall be limited to the fees and expenses of Cahill Gordon & Reindel LLP and Schiff Hardin LLP. 
  
 (c) Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original
and all of which taken together constitute one and the same agreement. 
  
 (d) Successors and Assigns. Except as otherwise provided herein, this Agreement will bind and inure to the benefit of and be enforceable by each of the Investors, the Company and their respective successors and assigns (including
subsequent holders of the Common Units purchased hereunder); provided that the rights and obligations of each of the Investors under this Agreement will not be assignable except in connection with a transfer of Common Units permitted under
the Operating Agreement and the Members Agreement. 
  
 (e)
Choice of Law. All issues and questions concerning the application, construction, validity, interpretation and enforcement of this Agreement and any exhibits and schedules to this Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of New York. 
  
 (f) Time
is of the Essence. The parties to this Agreement hereby expressly acknowledge and agree that time is of the essence for each and every provision of this Agreement. 
  
 (g) Specific Performance. Each of the parties to this Agreement shall be entitled to enforce its rights under this
Agreement specifically, to recover damages and costs (including reasonable attorney’s fees) caused by any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The Company and the Investors agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or
deposit) for specific performance and/or other injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
  
 (h) Survival; Entire Agreement. All representations and warranties contained herein or made in writing by or on behalf of the Company in connection
herewith shall survive the execution and delivery of this Agreement and the other Related Agreements and the transfer 

  

 10 

 
by any Investor of any Common Units, and may be relied upon by each Investor and any of its successors and assigns, regardless of any investigation made at
any time by or on behalf of any Investor or any of its successors and assigns. This Agreement and the agreements and documents referred to herein contain the complete agreement among the parties hereto and supersede any prior understandings,
agreements or representations by or among the parties hereto, written or oral, that may have related to the subject matter hereof in any way. 
  
 (i) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this
Agreement. 
  
 (j) No Strict Construction. The parties to
this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties to this
Agreement, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 
  
 (k) Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE
TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. EACH PARTY TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION
SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT
TO TRIAL BY JURY. 
  
 (l) Submission to Jurisdiction. ANY
AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND EACH PARTY TO THIS AGREEMENT HEREBY
SUBMITS TO AND ACCEPTS THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF SUCH SUITS, LEGAL ACTIONS OR PROCEEDINGS. IN ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING, EACH PARTY TO THIS AGREEMENT WAIVES PERSONAL SERVICE OF ANY SUMMONS,
COMPLAINT OR OTHER PROCESS AND AGREES THAT SERVICE THEREOF MAY BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED TO IT AT ITS ADDRESS SET FORTH IN THE BOOKS AND RECORDS OF THE COMPANY. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE 

  

 11 

 
LAYING OF VENUE OR ANY SUCH SUIT, LEGAL ACTION OR PROCEEDING IN ANY SUCH COURT AND HEREBY FURTHER WAIVES ANY CLAIM THAT ANY SUIT, LEGAL ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
  
 *    *    *    *    * 
  

 12 

			
	LANGUAGE LINE HOLDINGS, LLC
		
	By:	 	 /s/    C.J. Brucato, III

	 	 	 Name: C.J. Brucato, III

	 	 	 Title:  Vice President

	
	ABRY PARTNERS IV, L.P.
		
	By:	 	 ABRY Capital Partners, L.P.,

	 	 	 Its General Partner

		
	By:	 	 ABRY Capital Partners, LLC,

	 	 	 Its General Partner

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	ABRY MEZZANINE PARTNERS, L.P.
		
	By:	 	 ABRY MEZZANINE INVESTORS, L.P.,

	 	 	 its general partner

		
	By:	 	 ABRY MEZZANINE HOLDINGS LLC

	 	 	 its general partner

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 ABRY INVESTMENT PARTNERSHIP, L.P.

		
	By:	 	 ABRY Investment GP, LLC

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	 MERRILL LYNCH CAPITAL CORPORATION

		
	By:	 	 /s/    Jack Mann

	 	 	 Name: Jack Mann

	 	 	 Title:   President

  

			
	
	 NEW YORK LIFE CAPITAL PARTNERS II, L.P.

		
	By:	 	 NYLCAP Manager LLC,

	 	 	 its Investment Manager

		
	By:	 	 /s/    Kevin A. Smith

	 	 	 Name: Kevin A. Smith

	 	 	 Title:   Vice President

  

			
	 DENNIS G. DRACUP DECLARATION OF
 TRUST DATED 01.19.1999

		
	By:	 	 /s/    Dennis G. Dracup

	 	 	 Name: Dennis G. Dracup, Trustee

	
	 CHRISTINE L. DRACUP DECLARATION OF
 TRUST DATED 01.19.1999

		
	By:	 	 /s/    Christine L. Dracup

	 	 	 Name: Christine L. Dracup, Trustee

		
	 	 	 /s/    Matthew Gibbs

	 	 	 MATTHEW GIBBS

		
	 	 	 /s/    James Moore

	 	 	 JAMES MOORE

		
	 	 	 /s/    Jeanne Anderson

	 	 	 JEANNE ANDERSON

		
	 	 	 /s/    Dennis Bailey

	 	 	 DENNIS BAILEY

		
	 	 	 /s/    Phil Speciale

	 	 	 PHIL SPECIALE

		
	 	 	 /s/    Yung-Chung Heh

	 	 	 YUNG-CHUNG HEH

  

 SCHEDULE A 
  
 INVESTORS 
  

								
	 Investor

	  	 Class A Common
Units to be
Purchased

	  	Purchase Price
to be paid in
Cash

	  	 OldCo Shares to be
 Contributed

	ABRY Partners IV, LP	  	99,596,745	  	$	99,596,745	  	 
	ABRY Investment Partnership, L.P.	  	52,000	  	$	52,000	  	 
	ABRY Mezzanine Partners, L.P.	  	4,872,085	  	$	4,872,085	  	 
	New York Life Capital Partners II, L.P.	  	4,872,085	  	$	4,872,085	  	 
	Merrill Lynch Capital Corporation	  	4,872,085	  	$	4,872,085	  	 
	Dennis Dracup	  	2,000,000	  	$	2,000,000	  	 
	Matthew Gibbs	  	1,500,000	  	 	 	  	OldCo Shares for which the aggregate Merger Consideration (as that term is defined in the Merger Agreement) is $1,500,000
	James Moore	  	650,000	  	 	 	  	OldCo Shares for which the aggregate Merger Consideration (as that term is defined in the Merger Agreement) is $650,000
	Jeanna Anderson	  	650,000	  	 	 	  	OldCo Shares for which the aggregate Merger Consideration (as that term is defined in the Merger Agreement) is $650,000
	Dennis Bailey	  	135,000	  	$	135,000	  	 
	Phil Speciale	  	700,000	  	$	115,198.75	  	OldCo Shares for which the aggregate Merger Consideration (as that term is defined in the Merger Agreement) is $584,801.25
	Yung-Chung Heh	  	100,000	  	 	 	  	OldCo Shares for which the aggregate Merger Consideration (as that term is defined in the Merger Agreement) is $100,000
	Total	  	120,000,000	  	 	 	  	 

  

 SCHEDULE B 
  

Organizational Chart 
  
 See attached. 
  

 SCHEDULE C 
  

Capitalization of the Company 
  

																
	 	  	Units

	 	  	 	  	 	  	Class C

	 	 	 
	 Name

	  	Preferred A

	  	Class A

	  	Class C-1

	 	 	Class C-2

	 	 	Class C-3

	 	 	Class D

	 ABRY Partners IV, L.P.
	  	 	  	99,596,745	  	 	 	 	 	 	 	 	 	 	 
	 ABRY Mezzanine Partners, L.P.
	  	47,000,000	  	4,872,085	  	 	 	 	 	 	 	 	 	 	2,917,960
	 ABRY Investment Partnership, L.P.
	  	 	  	52,000	  	 	 	 	 	 	 	 	 	 	 
	 New York Life Capital Partners II, L.P.
	  	20,000,000	  	4,872,085	  	 	 	 	 	 	 	 	 	 	1,241,685
	 Merrill Lynch Capital Corporation
	  	15,000,000	  	4,872,085	  	 	 	 	 	 	 	 	 	 	931,264
	 Dennis Dracup
	  	 	  	2,000,000	  	3,878,788	 	 	3,878,788	 	 	3,878,788	 	 	 
	 Mathew Gibbs
	  	 	  	1,500,000	  	1,333,333	 	 	1,333,334	 	 	1,333,333	 	 	 
	 James Moore
	  	 	  	650,000	  	260,383	*	 	260,383	*	 	260,383	*	 	 
	 Jeanne Anderson
	  	 	  	650,000	  	260,383	*	 	260,383	*	 	260,383	*	 	 
	 Dennis Bailey
	  	 	  	135,000	  	260,383	*	 	260,383	*	 	260,383	*	 	 
	 Phil Speciale
	  	 	  	700,000	  	260,383	*	 	260,383	*	 	260,383	*	 	 
	 Yung-Chung Heh
	  	 	  	100,000	  	 	 	 	 	 	 	 	 	 	 
	 	  	
	  	
	  	
	
	 	
	
	 	
	
	 	

	 Total
	  	82,000,000	  	120,000,000	  	6,253,653	**	 	6,253,654	**	 	6,253,653	**	 	5,090,909
	 	  	
	  	
	  	
	
	 	
	
	 	
	
	 	

  

	*	To be issued after Closing 

  

	**	Note, includes units to be issued after Closing.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]