Document:

exv4w3

Exhibit 4.3

Execution Copy

SECOND AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

Dated as of February 22, 2008

by and among

RealPage, Inc. and

the Other Signatories Hereto

 

 

SECOND AMENDED AND RESTATED

REGISTRATION RIGHTS AGREEMENT

     THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of February 22, 2008
(this “Agreement”), by and among (1) RealPage, Inc., a Delaware corporation (the
“Company”), (ii) the Persons (as defined herein) listed on Schedule I annexed hereto under
the heading “Series A Shareholders,” (iii) the Persons listed on Schedule I annexed hereto
under the heading “Series A1 Shareholders,” (iv) the Persons listed on Schedule I annexed
hereto under the heading “Series B Shareholders,” (v) the Persons listed on Schedule I
annexed hereto under the heading “Series C Shareholders,” (vi) the Persons listed on
Schedule I annexed hereto under the heading “Warrantholders,” and (vii) such other Persons
who have executed or may from time to time execute a counterpart copy of this Agreement and whose
names will be added to Schedule I annexed hereto. The Persons described in (ii) through
(vii) are sometimes hereinafter referred to as the “Investors” collectively and an
“Investor” individually.

WITNESSETH:

     WHEREAS, as of December 14, 2005, the Company, the Series A Shareholders, the Series A1
Shareholders, the Series B Shareholders and the Warrantholders entered into that certain Amended
and Restated Registration Rights Agreement (the “Prior Agreement”);

     WHEREAS, the Company concurrently herewith is issuing to the Series C Shareholders an
aggregate of 3,025,000 shares of the Company’s Series C Convertible Preferred Stock, par value
$0.001 per share (the “Series C Stock”); and

     WHEREAS, the Company and the Investors desire to amend and restate the Prior Agreement as set
forth herein to provide a further inducement to the Series C Shareholders to purchase the Series C
Stock;

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and
agreements contained herein and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, intending to be legally bound, the parties hereto agree as
follows:

ARTICLE 1.

DEFINITIONS

     SECTION 1.1. Definitions. All terms shall have the meaning set forth below.

     “Commission” means the United States Securities and Exchange Commission or any other
federal agency at the time administering the Securities. Act.

     “Common Stock” means the common stock, $0.001 par value per share, of the Company.

 

 

     “Company” has the meaning set forth in the preamble of this Agreement.

     “Controlling Persons” has the meaning set forth in Section 4.1 hereof.

     “Damages” has the meaning set forth in Section 4.1 hereof.

     “Demand Registration” has the meaning set forth in Section 2.1(a)(i) hereof.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar
federal statute, and the rules and regulations of the Commission thereunder, all as the same shall
be in effect at the time.

     “Holder” means any person who now holds or shall hereafter acquire and hold
Registrable Securities.

     “Indemnified Party” has the meaning set forth in Section 4.3 hereof.

     “Indemnifying Party” has the meaning set forth in Section 4.3 hereof.

     “Investors” has the meaning set forth in the preamble of this Agreement.

     “Notices” has the meaning set forth in Section 7.6 hereof.

     “Person” means any natural person, corporation, general partnership, limited
partnership, proprietorship, other business organization, trust, union or association.

     “Piggy-Back Registration” has the meaning set forth in Section 2.2(a) hereof.

     “Preferred Stock” shall mean collectively, the Series A Stock, the Series A1 Stock,
the Series B Stock and the Series C Stock.

     “Prior Agreement” has the meaning set forth in the recitals of this Agreement.

     “Registrable Securities” means the Warrant Shares and the shares of Common Stock into
which the Preferred Stock (now owned or hereafter acquired) are converted or convertible and any
additional shares of Common Stock now owned or hereafter acquired by a Holder of Preferred Stock or
a Holder of the Warrants, whether by way of a dividend, stock split or other distribution in
respect of the Preferred Stock or otherwise. As to any particular Registrable Securities, once
issued such securities shall cease to be Registrable Securities when (i) a Registration Statement
with respect to the sale of such Warrant Shares or such shares of Common Stock has been declared
effective by the Commission and such Warrant Shares or such shares of Common Stock have been
disposed of pursuant to such effective Registration Statement, (ii) such Warrant Shares or such
shares of Common Stock shall have been sold or could be sold under circumstances in which all of
the applicable conditions of Rule 144 (or any similar provisions then in force) under the
Securities Act are met, (iii) such Warrant Shares or such shares of Common Stock have been
otherwise transferred and the Company has delivered a new certificate or other evidence of
ownership for such Warrant

 

 

Shares or such Common Stock not bearing a restrictive legend and not subject to any stop order
and such Warrant Shares or such Common Stock may be publicly resold by the person receiving such
certificate without complying with the registration requirements of the Securities Act, or (iv)
such Warrant Shares or such shares of Common Stock shall have ceased to be outstanding.

     “Registration
Expenses” has the meaning set forth in Section 3.2 hereof.

     “Registration Statement” means any registration statement of the Company which covers
any of the Registrable Securities pursuant to the provisions of this Agreement, including the
prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits and all material incorporated by reference in such registration statement.

     “Securities Act” means the Securities Act of 1933, as amended, or any similar federal
statute, and the rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.

     “Selling Holder” means an Investor who is selling Registrable Securities pursuant to a
registration statement under the Securities Act.

     “Series A Shareholders” has the meaning set forth in the preamble of this Agreement.

     “Series A Stock” means the Series A Convertible Preferred Stock, par value $0.001 per
share, of the Company.

     “Series A1 Shareholders” has the meaning set forth in the preamble of this Agreement.

     “Series A1 Stock” means the Series A1 Convertible Preferred Stock, par value $0.001
per share, of the Company.

     “Series B Shareholders” has the meaning set forth in the preamble of this Agreement.

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

     “Series C Shareholders” has the meaning set forth in the preamble of this Agreement.

     “Series C Stock” has the meaning set forth in the recitals of this Agreement.

     “Short-Form Demand Registration” has the meaning set forth in Section 2.1(a)(ii)
hereof.

     “Underwriter” means a securities dealer who purchases any Registrable Securities as
principal in an underwritten offering and not as part of such dealer’s market-making activities.

     “Warrant Shares” means the shares of Common Stock issued or issuable upon exercise of
the Warrants in accordance with the terms of the Warrants.

 

 

     “Warrantholders” has the meaning set forth in the preamble of this Agreement.

     “Warrants” means the warrants exercisable to purchase shares of Common Stock, issued
in connection with that certain Agreement and Plan of Merger and Recapitalization, by and between
the Company and RealPage, Inc., a Texas corporation.

ARTICLE 2.

REGISTRATION RIGHTS

     SECTION 2.1. Demand Registration.

          (a) Request for Registration by Holders of Registrable Securities.

               (i) At any time and from time to time (i) after the closing of an underwritten primary
public
offering of Common Stock of the Company pursuant to an effective registration statement under the
Securities Act or (ii) after December 31, 2009 the holders of a majority of the then outstanding
shares of the Series A Stock and the holders of a majority of the then outstanding shares of the
Series A1 Stock may each make written requests on the Company for the registration of the offer and
sale of all or part of the Registrable Securities under the Securities Act (a “Demand
Registration”) if the Registrable Securities to be registered have an aggregate market value
(based upon the offering price to the public) equal to at least $10,000,000. Subject to the
restrictions contained herein, the Company shall be obligated to file the number of registration
statements set forth in Section 2.1(f), which are deemed effective pursuant to Section 2.1(c)
hereof under the Securities Act with respect to a Demand Registration.

               (ii) Notwithstanding anything to the contrary contained in Section 2.1(a)(i), if the
Registrable Securities may be registered on Form S-3 (or any successor form with similar
“short-form” disclosure requirements, all of the Holders shall have unlimited rights to request
registration of their shares on Form S-3 (or any successor form with similar “short form”
disclosure requirements) (a “Short-Form Demand Registration”); provided however,
the Company shall not be required to file more than two (2) such Form S-3 (or such successor form)
registration statements in any twelve (12) month period; and, provided further, that the
Company shall have no obligation to effect any Short-Form Demand Registration unless the
Registrable Securities to be registered have an aggregate market value (based upon the offering
price to the public) equal to at least $2,500,000.

               (iii) Any registration request under this Section 2.1(a) will specify the number of shares
of
Registrable Securities proposed to be sold by each Holder, the name of each Holder and will also
specify the intended method of disposition thereof. The Company shall give written notice of such
registration request within ten (10) days after the receipt thereof to all other Holders of
Registrable Securities and shall use its best efforts to effect the registration within ninety (90)
days after the giving of such written notice. Within twenty (20) days after receipt of such notice
by any such Holder, such Holder may request in writing that Registrable Securities held,
beneficially or of record, by such Holder be included in such registration and the Company shall
include in the Registration Statement for such registration the Registrable Securities of all
Holders requested to be

 

 

so included. Each such request by such other Holders shall specify the
number of shares of Registrable Securities proposed to be sold and the intended method of disposition thereof and
shall also state the firm intent of such Holder to offer Registrable Securities for sale.

          (b) Limitations. Except as otherwise provided herein, whenever the Company shall
effect a Demand Registration or Short-Form Demand Registration pursuant to Section 2.1(a), no
securities other than the Registrable Securities requested by any Holder (including pursuant to
Section 2.2) to be included shall be included among the securities covered by such registration
unless all Holders of Registrable Securities to be covered by such registration shall have
consented in writing to the inclusion of securities to be issued by the Company or securities held
by other stockholders of the Company.

          (c) Effective Registration. A registration will not be deemed to have been effected
as a Demand Registration unless it has been declared effective by the Commission and the Company
has complied in all material respects with its obligations under this Agreement with respect
thereto; provided that if, after it has become effective, the offering of shares of Common
Stock pursuant to such registration is or becomes the subject of any stop order, injunction or
other order or requirement of the Commission or any other governmental or administrative agency, or
if any court prevents or otherwise limits the sale of the shares of Common Stock pursuant to the
registration at any time within 180 days after the effective date of the registration statement,
such registration will be deemed not to have been effected. If (i) a registration requested
pursuant to this Section 2.1 is deemed not to have been effected or (ii) the registration requested
pursuant to this Section 2.1 does not remain effective for a period of at least 120 days beyond the
effective date thereof or, with respect to an underwritten offering of Registrable Securities,
until 45 days after the commencement of the distribution by the Holders of the Registrable
Securities included in such registration statement, then the Company shall continue to be obligated
to effect such registration pursuant to this Section 2.1. Any Holder of Registrable Securities
shall be permitted to withdraw all or any part of such Holder’s Registrable Securities from a
Demand Registration or a Short-Form Demand Registration at any time prior to the effective date of
such registration, provided, that in the event of such a withdrawal, such Holder shall be
responsible for all fees and expenses (including fees and expenses of counsel) incurred by such
Holder prior to such withdrawal, and further provided, that, in the event of such a
withdrawal by the holders of a majority of the then outstanding shares of the Series A Stock or the
holders of a majority of the outstanding shares of the Series A1 Stock, as the case may be, such
withdrawal shall nonetheless count as a Demand Registration under Section 2.1(f) unless such
withdrawing Holder(s) agree(s) to be responsible for all reasonable fees and expenses (including
reasonable fees and expenses of counsel) incurred by the Company prior to such withdrawal, and
further provided, that if at the time of such withdrawal, the Selling Holders have
learned of a material adverse change in the condition, business, or prospects of the Company from
that known to the Selling Holders at the time of their request and have withdrawn the request with
reasonable promptness following disclosure of such material adverse change, then the Selling
Holders shall not be required to pay any of such expenses and such withdrawal shall not count as a
Demand Registration under Section 2.1(f).

 

 

          (d) Selection of Underwriter. If the Selling Holders so elect, the offering of such
Registrable Securities pursuant to such Demand Registration or Short-Form Demand Registration
shall be in the form of an underwritten offering. The Selling Holders owning a majority of
the Common Stock to be sold pursuant to such Demand Registration or Short-Form Demand Registration
shall select one or more nationally recognized firms of investment bankers reasonably acceptable to
the Company to act as the lead managing Underwriter or Underwriters in connection with such
offering and shall select any additional investment bankers and managers to be used in connection
with the offering.

          (e) Restrictions.

               (i) Notwithstanding anything contained herein to the contrary, in no event shall the Company
be obligated to effect any registration of any Registrable Securities (a “New
Registration”) under this Agreement if such Registrable Securities are then covered by an
effective registration statement (an “Existing Registration”) unless the Holder thereof
agrees to relinquish the Existing Registration upon the effectiveness of the New Registration.

               (ii) Notwithstanding anything contained herein to the contrary, in no event shall the Company
be obligated to effect any New Registration under this Agreement within six (6) months of the
effective date of an initial public offering of Common Stock of the Company.

               (iii) If at the time of any request for a Demand Registration or Short-Form Demand
Registration, the Company is preparing a Registration Statement for a public offering (other than a
registration covering shares of Common Stock issued pursuant to an employee benefit plan) which in
fact is filed and becomes effective within 90 days after the date the Holders made the request for
a Demand Registration or Short-Form Demand Registration, then the Company may, at its option direct
that such request for registration be delayed for a period not in excess of 120 days from the date
of such request.

               (iv) If at the time of any request for a Demand Registration or Short-Form Demand
Registration, the Company is engaged in any material acquisition or divestiture or other business
transaction with a third party which (i) would be adversely affected by such request to register
Registrable Securities to the material detriment of the Company or (ii) which Demand Registration
or Short-Form Demand Registration would require the Company to make public disclosure of previously
non-public material information, then the Company may direct that such request for registration be
delayed for a reasonable period of time (but not exceeding 90 days within any 12-month period);
provided, that such right to delay a request shall be exercised by the Company not more than once
in any 12 month period.

          (f) Number of Demand Registrations. Subject to this Section 2.1, the holders of a
majority of the outstanding shares of the Series A Stock shall be entitled to initiate two (2)
Demand Registrations (excluding Short-Form Demand Registrations) and the holders of a majority of
the outstanding shares of the Series A1 Stock shall be entitled to initiate one (1) Demand
Registration (excluding Short-Form Demand Registrations).

 

 

     SECTION 2.2. Piggy-Back Registration.

          (a) If at any time the Company proposes to file a registration statement under the Securities
Act with respect to an offering by the Company for its own account or for the account of any of its
respective security holders (other than (i) a Registration Statement on Form S-4 or S-8 (or any
substitute form that may be adopted by the Commission) or (ii) a Demand Registration or Short-Form
Demand Registration pursuant to Section 2.1), then the Company shall give prompt written notice of
such proposed filing to the Holders of Registrable Securities as soon as practicable (but in no
event less than twenty (20) days before the anticipated filing date), and such notice shall offer
such Holders the opportunity to register such number of Registrable Securities as each such Holder
may request (which request shall specify the Registrable Securities intended to be disposed of by
such Holder and the intended method of distribution thereof) (a “Piggy-Back Registration”).
The Company shall use its best efforts to cause the managing Underwriter or Underwriters of a
proposed underwritten offering to permit the Registrable Securities requested to be included in a
Piggy-Back Registration to be included on the same terms and conditions as any similar securities
of the Company or any other security holder included therein and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method of distribution
thereof. Any Holder shall have the right to withdraw its request for inclusion of its Registrable
Securities in any Registration Statement pursuant to this Section 2.2 by giving written notice to
the Company of its request to withdraw, provided, that in the event of such withdrawal,
such Holder shall be responsible for all fees and expenses (including fees and expenses of counsel)
incurred by such Holder prior to such withdrawal, and provided further, that if at the time
of such withdrawal, such Holders have learned of a material adverse change in the condition,
business, or prospects of the Company from that known to such Holders at the time of their request
and have withdrawn the request with reasonable promptness following disclosure of such material
adverse change, then such Holders shall not be required to pay any of such expenses.

          (b) No registration effected under this Section 2.2, and no failure to effect a registration
under this Section 2.2, shall relieve the Company of its obligation to effect a registration upon
the request of Holders pursuant to Section 2.1, and no failure to effect a registration under this
Section 2.2 and to complete the sale of Registrable Securities in connection therewith (other than
a failure due to the withdrawal by Holders), shall relieve the Company of any other obligation
under this Agreement (including, without limitation, the Company’s obligations under Sections 3.2
and 4.1).

     SECTION 2.3. Reduction of Offering.

          (a) Demand Registration. The Company may include in a Demand Registration or
Short-Form Demand Registration pursuant to Section 2.1 securities of the same class as the
Registrable Securities for the account of the Company and any other Persons who hold securities of
the same class as the Registrable Securities on the same terms and conditions as the Registrable
Securities to be included therein; provided, however, that (i) if the managing
Underwriter or Underwriters of any underwritten offering described in Section 2.1 have informed the
Company in writing that it is their opinion that the total number of Registrable Securities, and
securities of the

 

 

same class as the Registrable Securities which the Holders, the Company and any other Persons
desiring to participate in such registration intend to include in such offering is such as to
materially and adversely affect the success of such offering, then the number of shares to be
offered for the account of the Company and for the account of all such other Persons (other than
the Holders of Registrable Securities) participating in such registration shall be reduced or
limited pro rata in proportion to the respective number of shares requested to be registered to the
extent necessary to reduce the total number of shares requested to be included in such offering to
the number of shares, if any, recommended by such managing Underwriter or Underwriters, (ii) if, in
the event that following a reduction or limitation pursuant to the preceding clause (i) of all the
securities which the Company and such other Persons intended to include in such offering, the
managing Underwriter or Underwriters inform the Company in writing that the total number of
Registrable Securities which the holders thereof intend to include in such offering is such as to
materially and adversely affect the success of such offering, then the number of shares to be
offered for the account of the holders of Registrable Securities participating in such offering
shall be reduced or limited pro rata in proportion to their respective total number of Registrable
Securities owned by such Holders, to the extent necessary to reduce the total number of shares
requested to be included in such offering to the number of shares, if any, recommended by such
managing Underwriter or Underwriters, (iii) if the managing Underwriter or Underwriters of any
underwritten offering described in Section 2.1 have informed the Company or Investors in writing
that it is their opinion that the inclusion of Registrable Securities owned, directly or
indirectly, by Stephen T. Winn would materially and adversely affect the success of such offering,
then the portion of such Registrable Securities deemed to have such effect shall be excluded from
such offering, and (iv) if the offering is not underwritten, no other Person, including the
Company, shall be permitted to offer securities under any such Demand Registration or Short-Form
Demand Registration unless the Holders of a majority of the Registrable Securities participating in
the offering consent to the inclusion of such shares therein.

          (b) Piggy-Back Registration. Notwithstanding anything contained herein, (i) if the
managing Underwriter or Underwriters of any underwritten offering described in Section 2.2 have
informed, in writing, the Holders requesting inclusion in such offering that it is their opinion
that the total number of shares which the Company, Holders and any other Persons holding securities
of the same class as the Registrable Securities desiring to participate in such registration intend
to include in such offering is such as to materially and adversely affect the success of such
offering, then, the number of shares to be offered shall be reduced or limited in the following
order of priority: first, the number of shares to be offered by all holders of securities of the
same class as the Registrable Securities (other than the Company and the Holders) to the extent
necessary to reduce the total number of shares as recommended by such managing Underwriter or
Underwriters; and second, if further reduction or limitation is required, the number of shares to
be offered by the Holders of Registrable Securities shall be reduced or limited on a pro rata basis
in proportion to the relative number of Registrable Securities owned by such Holders of Registrable
Securities participating in the registration and (ii) if the managing Underwriter or Underwriters
of any underwritten offering described in Section 2.2 have informed the Company or Investors in
writing that it is their opinion that the inclusion of Registrable Securities owned, directly or
indirectly, by Stephen T. Winn, would materially and adversely affect the success of such offering,
then the

 

 

portion of such Registrable Securities deemed to have such effect shall be excluded from such
offering.

ARTICLE 3.

REGISTRATION PROCEDURES

     SECTION 3.1. Filings; Information. Whenever the Company is required to effect or
cause the registration of Registrable Securities pursuant to Section 2.1, the Company will use its
best efforts to effect the registration and the sale of such Registrable Securities in accordance
with the intended method of disposition thereof as quickly as practicable, and in connection with
any such request:

          (a) The Company promptly will prepare and file with the Commission a Registration Statement
with respect to the offer and sale of such securities and use its best efforts to cause such
Registration Statement to become and remain effective until the completion of the distribution
contemplated thereby; provided, however, the Company shall not be required to keep
such Registration Statement effective for more than 120 days (or such shorter period which will
terminate when all Registrable Securities covered by such Registration Statement have been sold,
but not prior to the expiration of the applicable period referred to in Section 4(3) of the
Securities Act and Rule 174 thereunder, if applicable).

          (b) The Company will promptly prepare and file with the Commission such amendments and
post-effective amendments to the Registration Statement as may be necessary to keep such
Registration Statement effective for as long as such registration is required to remain effective
pursuant to the terms hereof; cause the prospectus to be supplemented by any required prospectus
supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and
comply with the provisions of the Securities Act applicable to it with respect to the disposition
of all Registrable Securities covered by such Registration Statement during the applicable period
in accordance with the intended methods of disposition by the Selling Holders set forth in such
Registration Statement or supplement to the prospectus.

          (c) The Company, at least ten (10) days prior to filing a Registration Statement or at least
five (5) days prior to filing a prospectus or any amendment or supplement to such Registration
Statement or prospectus, will furnish to (i) each Selling Holder, (ii) not more than one counsel
representing all Selling Holders, to be selected by a majority-in-interest of such Selling Holders,
and (iii) each Underwriter, if any, of the Registrable Securities covered by such Registration
Statement copies of such Registration Statement as proposed to be filed, together with exhibits
thereto, which documents will be subject to review and comment (and approval, in the case of the
“selling stockholder” portion thereof, which approval may not be unreasonably withheld) by each of
the foregoing within five (5) days after delivery (except that such review and approval of any
prospectus or any amendment or supplement to such Registration Statement or prospectus must be
within three (3) days after delivery), and thereafter, furnish to such Selling Holders, counsel and
Underwriters, if any, for their review and comment such number of copies of such Registration
Statement, each amendment and supplement thereto (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such Registration

 

 

Statement (including each preliminary prospectus) and such other documents or information as
such Selling Holders, counsel or Underwriters may reasonably request in order to facilitate the
disposition of the Registrable Securities; provided, however, that notwithstanding
the foregoing, if the Company intends to file any prospectus, prospectus supplement or prospectus
sticker which does not make any material changes in the documents already filed (including, without
limitation, any prospectus under Rule 430A or 424(b)), then the counsel for the Selling Holders
will be afforded such opportunity to review such documents prior to filing consistent with the time
constraints involved in filing such document, but in any event no less than one (1) day.

          (d) The Company will promptly notify each Selling Holder of (and in any event within
twenty-four (24) hours of the receipt of) any stop order issued or threatened by the Commission and
take all reasonable actions required to prevent the entry of such stop order or to remove it at the
earliest possible moment if entered.

          (e) On or prior to the date on which the Registration Statement is declared effective by the
Commission, the Company will use all reasonable efforts to (i) register or qualify the Registrable
Securities under such other securities or blue sky laws of such jurisdictions in the United States
as any Selling Holder reasonably (in light of such Selling Holder’s intended plan of distribution)
requests, and (ii) file documents required to register such Registrable Securities with or approved
by such other governmental agencies or authorities in the United States as may be necessary by
virtue of the business and operations of the Company and do any and all other acts and things that
may be reasonably necessary or advisable to enable such Selling Holder to consummate the
disposition of the Registrable Securities owned by such Selling Holder; provided that the Company
will not be required to (A) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this paragraph (e), (B) subject itself to taxation in any
such jurisdiction or (C) consent to general service of process in any such jurisdiction.

          (f) The Company will notify each Selling Holder, Selling Holders’ counsel and any Underwriter
promptly and (if requested by any such Person) confirm such notice in writing, (i) when a
prospectus or any prospectus supplement or post-effective amendment has been filed and, with
respect to a Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the Commission or any other federal or state governmental
authority for amendments or supplements to a Registration Statement or prospectus or for additional
information to be included in any Registration Statement or prospectus or otherwise, (iii) of the
issuance by the Commission of any stop order suspending the effectiveness of a Registration
Statement or the initiation or threatening of any proceedings for that purpose, (iv) of the
issuance by any state securities commission or other regulatory authority of any order suspending
the qualification or exemption from qualification of any of the Registrable Securities under state
securities or “blue sky” laws or the initiation of any proceedings for that purpose, and (v) of the
happening of any event which makes any statement made in a Registration Statement or related
prospectus or any document incorporated or deemed to be incorporated by reference therein untrue or
which requires the making of any changes in such Registration Statement, prospectus or documents so
that they will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements in the Registration

 

 

Statement and prospectus not misleading in light of the circumstances in which they were made;
and, as promptly as practicable thereafter, subject to Section 7.2 hereof, prepare and file with
the Commission and furnish a supplement or amendment to such prospectus so that, as thereafter
deliverable to the purchasers of such Registrable Securities, such prospectus will not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading. Each
Selling Holder hereby agrees to keep any disclosures under subsection (v) above confidential until
such time as a supplement or amendment is filed.

          (g) The Company will make generally available an earnings statement satisfying the provisions
of Section 11(a) of the Securities Act no later than ninety (90) days after the end of the 12-month
period beginning with the first day of the Company’s first fiscal quarter commencing after the
effective date of a Registration Statement, which earnings statement shall cover said 12-month
period, and which requirement will be deemed to be satisfied if the Company timely files complete
and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise complies
with Rule 158 under the Securities Act.

          (h) If requested by the managing Underwriter or Underwriters, Selling Holders’ counsel, or any
Selling Holder, the Company will, unless otherwise advised by counsel, promptly incorporate in a
prospectus supplement or post-effective amendment such information as the managing Underwriter or
Underwriters requests, or Selling Holders’ counsel requests, to be included therein, including,
without limitation, with respect to the Registrable Securities being sold by such Selling Holder to
such Underwriter or Underwriters, the purchase price being paid therefor by such Underwriter or
Underwriters and with respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering, and promptly make all required filings of such prospectus
supplement or post-effective amendment.

          (i) The Company will enter into customary agreements reasonably satisfactory to the Company
(including, if applicable, an underwriting agreement in customary form and which is reasonably
satisfactory to the Company) and take such other actions as are reasonably required in order to
expedite or facilitate the disposition of such Registrable Securities.

          (j) The Company, during the period when the prospectus is required to be delivered under the
Securities Act, promptly will file all documents required to be filed with the Commission pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act

          (k) The Company will use all reasonable efforts to obtain and furnish to each Selling Holder
an opinion of the Company’s counsel and a cold comfort letter from the Company’s independent public
accountants in customary forms and covering such matters of the type customarily covered by such
opinions and cold comfort letters as the Selling Holders may request.

          (l) The Company shall cause all such Registrable Securities registered pursuant hereunder to
be listed on each securities exchange on which similar securities of the same class issued by the
Company are then listed.

 

 

          (m) The Company shall provide a transfer agent and registrar for all Registrable Securities
registered pursuant to such Registration Statement and a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration.

          (n) The Company shall otherwise comply with all applicable rules and regulations of the
Commission.

          The Company may require each Selling Holder to promptly furnish in writing to the Company such
information regarding the distribution of the Registrable Securities as the Company may from time
to time reasonably request and such other information as may be legally required in connection with
such registration including, without limitation, all such information as may be requested by the
Commission or the National Association of Securities Dealers, Inc. The Company may exclude from
such Registration Statement any Holder who fails to provide such information.

          Each Selling Holder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 3.1(f) hereof, such Selling Holder will forthwith
discontinue disposition of Registrable Securities pursuant to the Registration Statement covering
such Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented
or amended prospectus contemplated by Section 3.1(f) hereof, and, if so directed by the Company,
such Selling Holder will deliver to the Company all copies, other than permanent file copies then
in such Selling Holder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice. In the event the Company shall give such notice,
the Company shall extend the period during which such Registration Statement shall be maintained
effective (including the period referred to in Section 3.1(a) hereof) by the number of days during
the period from and including the date of the giving of notice pursuant to Section 3.1(f) hereof to
the date when the Company shall make available to the Selling Holders covered by such Registration
Statement a prospectus supplemented or amended to conform with the requirements of Section 3.1(f)
hereof.

     SECTION 3.2. Registration Expenses. In connection with the registrations pursuant to
Section 2.1 hereof and any Piggy-Back Registrations under Section 2.2 hereof, the Company shall pay
the following registration expenses incurred in connection with the registration thereunder (the
“Registration Expenses”): (i) all registration and filing fees, (ii) fees and expenses of
compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel
in connection with blue sky qualifications of the Registrable Securities), (iii) reasonable
processing, duplicating and printing expenses, (iv) the Company’s internal expenses (including,
without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), (v) the fees and expenses incurred in connection with the listing of the
Registrable Securities, (vi) fees and disbursements of counsel for the Company and fees and
expenses for independent certified public accountants retained by the Company (including the
expenses of any comfort letters or costs associated with the delivery by independent certified
public accountants of a comfort letter or comfort letters requested but not the cost of any audit
other than a year end audit), (vii) the fees and expenses of any special experts retained by the
Company in connection with such registration, (viii) reasonable fees and expenses of one firm of
counsel for the Holders, to be selected

 

 

by the Holders of a majority of the Registrable Securities to be included in such registration
and (ix) any fees and disbursements of underwriters customarily paid by issuers of securities in
connection with demand or piggy-back registrations. The Company shall have no obligation to pay
any other underwriting fees, discounts or commissions attributable to the sale of Registrable
Securities; such costs shall be borne by the Holder or Holders participating therein.

ARTICLE 4.

INDEMNIFICATION AND CONTRIBUTION

     SECTION 4.1. Indemnification by the Company. The Company shall, to the fullest extent
permitted by law, indemnify and hold harmless each Selling Holder, its partners, officers,
directors, employees and agents, and each Person, if any, who controls such Selling Holder within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, together with
the partners, officers, directors, employees and agents of such controlling Person (collectively,
the “Controlling Persons”), from and against any loss, claim, damage, liability, reasonable
attorneys’ fees, cost or expense and costs and expenses of investigating and defending any such
claim, joint or several, and any action in respect thereof (collectively, the “Damages”) to
which such Selling Holder, its partners, officers, directors, employees and agents, and any such
Controlling Person may become subject under the Securities Act or otherwise, insofar as such
Damages (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out
of, or are based upon, any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or prospectus relating to the Registrable Securities or any
amendment or supplement thereto, or arise out of, or are based upon, any 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 any violation by the Company of any federal or state
securities laws or any rule or regulation thereof, except insofar as the same are based upon
information furnished in writing to the Company by such Selling Holder, Controlling Person or on
such Selling Holder’s or Controlling Person’s behalf expressly for use therein, and shall reimburse
each Selling Holder, its partners, officers, directors, employees and agents, and each such
Controlling Person for any legal and other expenses reasonably incurred by that Selling Holder, its
partners, officers, directors, employees and agents, or any such Controlling Person in
investigating or defending or preparing to defend against any such Damages or proceeding;
provided, however, that the Company shall not be liable to any Selling Holder to
the extent that any such Damages (or action or proceeding in respect thereof) arise out of or are
based upon an untrue statement or omission made in any preliminary prospectus if (i) such Selling
Holder failed to send or deliver a copy of the final prospectus with or prior to the delivery of
written confirmation of the sale by such Selling Holder to the Person asserting the claim from
which such Damages arise, and (ii) the final prospectus would have corrected such untrue statement
or such omission; provided further, that the Company shall not be liable to any
Selling Holder in any such case to the extent that any such Damages arise out of or are based upon
an untrue statement or omission in any prospectus if (x) such untrue statement or omission is
corrected in an amendment or supplement to such prospectus, and (y) having previously been
furnished by or on behalf of the Company with copies of such prospectus as so amended or
supplemented, such Selling Holder thereafter fails to deliver such prospectus as so amended or
supplemented prior to or concurrently with the sale of a Registrable Security to the Person
asserting the claim from which such Damages

 

 

arise. The Company also agrees to indemnify any Underwriters of the Registrable Securities,
their officers and directors and each Person who controls such Underwriters on substantially the
same basis as that of the indemnification of the Selling Holders provided in this Section 4.1.

     SECTION 4.2. Indemnification by Selling Holders. Each Selling Holder shall, to the
full extent permitted by law, severally but not jointly, indemnify and hold harmless the Company,
its officers, directors, employees and agents and each Person, if any, who controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, together
with the partners, officers, directors, employees and agents of such controlling Person
(collectively, the “Company Controlling Persons”), from and against any Damages to which
the Company, its officers, directors, employees and agents and any such Company Controlling Persons
may become subject under the Securities Act or otherwise, insofar as such damages (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of, or are based upon,
any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement or prospectus relating to the Registrable Securities or any amendment or supplement
thereto, or arise out of, or are based upon, any 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 any violation by the Company of any federal or state securities laws or any rule or
regulation thereof (collectively, a “Selling Holder Violation”), but only to the extent
that such Selling Holder Violation occurs in reliance upon and in conformity with information
related to such Selling Holder, or its plan of distribution, furnished in writing by such Selling
Holder or on such Selling Holder’s behalf expressly for use in any Registration Statement or
prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any
preliminary prospectus and the aggregate amount which may be recovered from any Selling Holder of
Registrable Securities pursuant to the indemnification provided for in this Section 4.2 in
connection with any registration and sale of Registrable Securities shall be limited to the net
proceeds received by such Holder from the sale of such Registrable Securities. In case any action
or proceeding shall be brought against the Company or its officers, directors, employees or agents
or any such Company Controlling Person or its officers, directors, employees or agents, in respect
of which indemnity may be sought against such Selling Holder, such Selling Holder shall have the
rights and duties given to the Company, and the Company or its officers, directors, employees or
agents, or such Company Controlling Person, or its officers, directors, employees or agents, shall
have the rights and duties given to such Selling Holder, by the preceding paragraph. The Company
shall be entitled to receive indemnities from Underwriters, selling brokers, dealer managers and
similar securities industry professionals participating in the distribution, to the same extent as
provided above, with respect to information so furnished in writing by such Persons specifically
for inclusion in any prospectus or registration statement.

     SECTION 4.3. Conduct of Indemnification Proceedings. Promptly after receipt by any
person in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2 (an
“Indemnified Party”) of notice of any claim or the commencement of any action, the
Indemnified Party shall, if a claim in respect thereof is to be made against the Person against
whom such indemnity may be sought (an “Indemnifying Party”), notify the Indemnifying Party
in writing of the claim or the commencement of such action; provided that the failure to
notify the Indemnifying Party shall not relieve it from any liability which it may have to an
Indemnified Party otherwise than under

 

 

Section 4.1 or 4.2 and except to the extent of any actual prejudice resulting therefrom. If any such
claim or action shall be brought against an Indemnified Party, and it shall notify the Indemnifying
Party thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent
that it wishes, jointly with any other similarly notified Indemnifying Party, to assume the defense
thereof with counsel reasonably satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim or
action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other
expenses subsequently incurred by the Indemnified Party in connection with the defense thereof
other than reasonable costs of investigation; provided that the Indemnified Party shall
have the right to employ separate counsel to represent the Indemnified Party and its controlling
Persons who may be subject to liability arising out of any claim in respect of which indemnity may
be sought by the Indemnified Party against the Indemnifying Party, but the fees and expenses of
such counsel shall be for the account of such Indemnified Party unless (i) the Indemnifying Party
and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in
the reasonable judgment of such Indemnified Party, representation of both parties by the same
counsel would be inappropriate due to actual or potential conflicts of interest between them, it
being understood, however, that the Indemnifying Party shall not, in connection with any one such
claim or action or separate but substantially similar or related claims or actions in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for the fees
and expenses of more than one separate firm of attorneys (together with appropriate local counsel)
at any time for all Indemnified Parties, or for fees and expenses that are not reasonable. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any
settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such claim or proceeding. Whether or not the defense of
any claim or action is assumed by the Indemnifying Party, such Indemnifying Party will not be
subject to any liability for any settlement made without its consent, which consent will not be
unreasonably withheld.

     SECTION 4.4. Contribution. If the indemnification provided for in this Article 4 is
unavailable to the Indemnified Parties in respect of any Damages referred to herein, then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount
paid or payable by such Indemnified Party as a result of such Damages in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the
Indemnified Party, on the other hand, in connection with such statements or omissions, as well as
any other relevant equitable considerations. The relative fault of the Indemnifying Party and 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 or alleged omission to state a material
fact relates to information supplied by such party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission.

     The Company and the Selling Holders agree that it would not be just and equitable if
contribution pursuant to this Section 4.4 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of
allocation

 

 

which does not take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages
referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 4.4, no Selling Holder shall be required to contribute any amount in
excess of the amount by which the total price at which the Registrable Securities of such Selling
Holder were offered to the public (less underwriting discounts and commissions) exceeds the amount
of any damages which such Selling Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Selling
Holder’s obligations to contribute pursuant to this Section 4.4 is several and not joint.

ARTICLE 5.

OTHER REGISTRATION RIGHTS

     SECTION 5.1. Other Registration Rights. The Company represents and warrants to the
Holders that there is not in effect on the date hereof any agreement (other than this Agreement and
the Shareholders’ Agreement, dated as of December 1, 1998, by and among RealPage Communications,
Inc., a Texas corporation, and certain shareholders thereof, as amended) by the Company pursuant to
which any holders of securities of the Company have a right to cause the Company to register or
qualify such securities under the Securities Act or any securities or blue sky laws of any
jurisdiction.

     SECTION 5.2. Future Registration Rights. The Company shall not in the future grant to
any owner or purchaser of shares of capital stock of the Company registration rights (whether
demand or incidental) unless (a) such registration rights are made subordinate to the rights
granted hereunder so that each Holder shall have priority to participate in any piggy-back
registration with respect to such other shares of capital stock of the Company and (b) if the
offering by the Holders is underwritten, such owner or purchaser agrees not to sell any shares of
capital stock of the Company during the period commencing ten (10) days prior to any such
underwritten offering and ending one hundred and eighty (180) days following any such underwritten
offering (or for such shorter period of time as is sufficient and appropriate, in the opinion of
the managing Underwriter).

ARTICLE 6.

INFORMATION AND OTHER OBLIGATIONS OF HOLDER

     SECTION 6.1. Provision of Information. As a condition to exercising the registration
rights provided for herein, each Holder of Registrable Securities shall furnish to the Company such
information regarding such Holder and the distribution proposed by such Holder as the Company may
reasonably request in writing and as shall be reasonably required in connection with any
registration, qualification, or compliance referred to in this Agreement. The failure of any
Holder to furnish the information requested pursuant to this Section 6.1 shall not affect the
obligation of the Company under Sections 2 or 3 to the remaining Holder(s) who furnish such
information unless, in

 

 

the reasonable opinion of counsel to the Company or the underwriters, if any, such failure
impairs or may impair the legality of the Registration Statement or the underlying offering.

     SECTION 6.2. Underwriters. Each Holder, with respect to any Registrable Securities
included in any registration, shall cooperate in good faith with the Company and the underwriters,
if any, in connection with such registration.

     SECTION 6.3. Stop Orders. Each Holder, with respect to any Registrable Securities
included in any registration, shall make no further sales or other dispositions, or offers
therefor, of such shares under such Registration Statement if, during the effectiveness of such
Registration Statement, an intervening event should occur which, in the opinion of counsel to the
Company, makes the prospectus included in such Registration Statement no longer comply with the
Securities Act until such time as such Holder has received from the Company copies of a new,
amended or supplemented prospectus complying with the Securities Act.

ARTICLE 7.

MISCELLANEOUS

     SECTION 7.1. Participation in Underwritten Registrations. No Holder of Registrable
Securities shall be required to make any representations or warranties to or agreements with the
Company or the Underwriters other than representations, warranties or agreements regarding such
Holder and its ownership of the securities being registered on its behalf and such Holder’s
intended method of distribution and any other representation required by law. No Person may
participate in any underwritten registration hereunder unless such Person (a) agrees to sell such
Person’s securities on the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements, and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements and these registration rights.

     SECTION 7.2. Rule 144 and 144A. After the effectiveness of a Registration Statement
under the Securities Act, the Company covenants that it will (a) file any reports required to be
filed by it under the Securities Act and the Exchange Act, and (b) take such further action as any
Holder may reasonably request, all to the extent required from time to time to enable Holders to
sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by (x) Rule 144 or Rule 144A under the Securities Act, as such Rules may be
amended from time to time, or (y) any similar rule or regulation hereafter adopted by the
Commission. Upon the request of any Holder, the Company will deliver to such Holder a written
statement as to whether it has complied with such requirements.

     SECTION 7.3. Amendment and Modification. This Agreement may be amended, modified and
supplemented, and any of the provisions contained herein may be waived, only by a written
instrument signed by the Company, a majority of the Series A Shareholders, a majority of the Series
A1 Shareholders, a majority of the Series B Shareholders, a majority of the Series C Shareholders
and the holders of a majority of the Registrable Securities held by Advance Capital (as defined in
the Second Amended and Restated Shareholders Agreement among the Company and

 

 

certain holders of its capital stock, dated as of the date hereof). No course of dealing
between or among any Persons having any interest in this Agreement will be deemed effective to
modify, amend or discharge any part of this Agreement or any rights or obligations of any Person
under or by reason of this Agreement.

     SECTION 7.4. Binding Effect; Entire Agreement. This Agreement and all of the
provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns and executors, administrators and heirs. Whether or not any
express assignment has been made, the provisions of this Agreement that are for the benefit of
purchasers or holders of Registrable Securities are also for the benefit of, and shall be
enforceable by, any subsequent holder of Registrable Securities. This Agreement sets forth the
entire agreement and understanding between the parties as to the subject matter hereof and merges
and supersedes all prior discussions, agreements and understandings of any and every nature among
them.

     SECTION 7.5. Severability. In the event that any provision of this Agreement or the
application of any provision hereof is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, the remainder of this Agreement shall not be affected except
to the extent necessary to delete such illegal, invalid or unenforceable provision unless that
provision held invalid shall substantially impair the benefits of the remaining portions of this
Agreement.

     SECTION 7.6. Notices. All notices, demands, requests, consents or approvals
(collectively, “Notices”) required or permitted to be given hereunder or which are given
with respect to this Agreement shall be in writing and shall be personally served or mailed,
registered or certified, return receipt requested, postage prepaid (or by a substantially similar
method), or delivered by a reputable overnight courier service with charges prepaid, or transmitted
by hand delivery, telegram, telex or facsimile, addressed as set forth below, or such other address
as such party shall have specified most recently by written notice:

(i) If to the Company:

RealPage, Inc.

4000 International Parkway

Carrollton, Texas 75007-1913

Attention: Stephen T. Winn

Facsimile: (972) 820-3913

with copies (which shall not constitute notice) to:

Baker Botts L.L.P.

2001 Ross Avenue

Dallas, Texas 75201

Attention: Don J. McDermett, Jr. 

Facsimile: (214) 661-4454

Telephone: (214) 953-6454

 

 

     If to the Holder, at the Holder’s most current address.

     Notice shall be deemed given or delivered on the date of service or transmission if personally
served or transmitted by telegram, telex or facsimile. Notice otherwise sent as provided herein
shall be deemed given or delivered on the third business day following the date mailed or on the
next business day following delivery of such notice to a reputable overnight courier service.

     SECTION 7.7. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW.

     SECTION 7.8. Headings. The headings in this Agreement are for convenience of
reference only and shall not constitute a part of this Agreement, nor shall they affect their
meaning, construction or effect.

     SECTION 7.9. Counterparts. This Agreement may be executed via facsimile and in any
number of counterparts, each of which shall be deemed to be an original instrument and all of which
together shall constitute one and the same instrument.

     SECTION 7.10. Further Assurances. Each party shall cooperate and take such action as
may be reasonably requested by another party in order to carry out the provisions and purposes of
this Agreement and the transactions contemplated hereby.

     SECTION 7.11. Remedies. In the event of a breach or a threatened breach by any party
to this Agreement of its obligations under this Agreement, any party injured or to be injured by
such breach will be entitled to specific performance of its rights under this Agreement or to
injunctive relief, in addition to being entitled to exercise all rights provided in this Agreement
and granted by law. The parties agree that the provisions of this Agreement shall be specifically
enforceable, it being agreed by the parties that the remedy at law, inducing monetary damages, for
breach of any such provision will be inadequate compensation for any loss and that any defense or
objection in any action for specific performance or injunctive relief that a remedy at law would be
adequate is waived.

     SECTION 7.12. Pronouns. Whenever the context may require, any pronouns used herein
shall be deemed also to include the corresponding neuter, masculine or feminine forms.

[Reminder of page intentionally left blank]

 

 

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

	 	 	 	 	 
	 	COMPANY:

REALPAGE, INC.

 	 
	 	By:  	/s/ Stephen T. Winn
 	 
	 	 	Name:  	Stephen T. Winn 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

 

 

	 	 	 	 	 
	 	INVESTORS. 

 	 
	 	/s/ Stephen T. Winn
 	 
	 	STEPHEN T. WINN 	 
	 	 	 
	 
	 	SEREN CAPITAL LTD.

 	 
	 	By:  	Seren Capital Management, L.L.C.,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	            /s/ Stephen T. Winn
 	 
	 	 	Name:  	Stephen T. Winn 	 
	 	 	Title:  	Sole Manager and President 	 
	 
	 	STEPHEN T. WINN 1996 FAMILY LP A

 	 
	 	By:  	/s/ Stephen T. Winn
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	APAX EXCELSIOR VI, L.P.

 	 
	 	By:  	Apax Excelsior VI Partners, L.P.,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             Apax Managers, Inc.
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             /s/ Peter Jeton
 	 
	 	 	Name:  	Peter Jeton 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	APAX EXCELSIOR VI-A C.V.

 	 
	 	By:  	Apax Excelsior VI Partners, L.P.,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             Apax Managers, Inc.
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             /s/ Peter Jeton
 	 
	 	 	Name:  	Peter Jeton 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	APAX EXCELSIOR VI-B C.V.

 	 
	 	By:  	Apax Excelsior VI Partners, L.P.,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             Apax Managers, Inc.
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             /s/ Peter Jeton
 	 
	 	 	Name:  	Peter Jeton 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	PATRICOF PRIVATE INVESTMENT CLUB III, L.P.

 	 
	 	By:  	Apax Excelsior VI Partners, L.P.,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             Apax Managers, Inc.
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	             /s/ Peter Jeton
 	 
	 	 	Name:  	Peter Jeton 	 
	 	 	Title:  	Chief Operating Officer 	 

 

 

	 	 	 	 	 
	 	ADVANCE CAPITAL-PARTNERS, L.P.

 	 
	 	By:  	Advance Capital Associates, L.P.,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	                Advance Capital Management, LLC,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	                /s/ Jeffrey T. Leeds
 	 
	 	 	Name:  	Jeffrey T. Leeds 	 
	 	 	Title:  	Principal 	 
	 
	 	ADVANCE CAPITAL OFFSHORE PARTNERS, L.P.

 	 
	 	By:  	Advance Capital Offshore Associates, LDC,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	                 Advance Capital Associates, L.P.,
 	 
	 	 	Its Member 	 
	 
	 	By:  	                 Advance Capital Management, LLC,
 	 
	 	 	Its General Partner 	 
	 
	 	By:  	                 /s/ Jeffrey T. Leeds
 	 
	 	 	Name:  	Jeffrey T. Leeds 	 
	 	 	Title:  	Principal 	 
	 
	 	                                         /s/ Jeffrey T. Leeds
 	 
	 	JEFFREY T. LEEDS 	 
	 	 	 

 

 

	 	 	 	 	 
	 	 	 
	 	/s/ Ethan A Budin
 	 
	 	ETHAN A BUDIN 	 
	 	 	 
	 
	 	 	 
	 	/s/ Mark H. Sherman
 	 
	 	MARK H. SHERMAN 	 
	 	 	 
	 
	 	 	 
	 	/s/ Donald J. Edwards
 	 
	 	DONALD J. EDWARDS 	 
	 	 	 
	 
	 	 	 
	 	/s/ Joshua A. Sorensen
 	 
	 	JOSHUA A. SORENSEN 	 
	 	 	 
	 
	 	 	 
	 	/s/ Robert T. Puopolo
 	 
	 	ROBERT T. PUOPOLO 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	MICHAEL E. MEULLER 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                                                        /s/ Robert H. Dilworth
 	 
	 	ROBERT H. DILWORTH 	 
	 	 	 
	 
	 	 	 
	 	
 	 
	 	MELVIN R. WOOLF 	 
	 	 	 
	 
	 	 	 
	 	
 	 
	 	DOUGLAS H. GROSS 	 
	 	 	 
	 
	 	 	 
	 	
 	 
	 	FABIAN R. GORDON 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CAMDEN PARTNERS STRATEGIC FUND III, L.P.

 	 
	 	By:  	Camden Partners Strategic III, LLC
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 
	 	 	 
	 	By  	Camden Partners Strategic Manager, LLC
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	              /s/ Richard M. Berkeley
 	 
	 	 	Name:  	Richard M. Berkeley 	 
	 	 	Title:  	Managing Member 	 
	 

	 	 	 	 	 
	 	CAMDEN PARTNERS STRATEGIC FUND III-A, LLC

 	 
	 	By:  	Camden Partners Strategic III, LLC
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	              Camden Partners Strategic Manager, LLC
 	 
	 	 	Its Managing Member 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	              /s/ Richard M. Berkeley
 	 
	 	 	Name:  	Richard M. Berkeley 	 
	 	 	Title:  	Managing Member 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	                                         /s/ James K. Malernee
 	 
	 	JAMES K. MALERNEE 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	                                                        /s/ Timothy J. Barker
 	 
	 	TIMOTHY J. BARKER 	 
	 	 	 

 

 

	 	 	 	 	 

Schedule I

Investors

	 	 	 
	Series A Shareholders

	 	Apax Excelsior VI, L.P,
	 

	 	Apax Excelsior VI-A C.V.
	 

	 	Apax Excelsior VI-B C.V.
	 

	 	Patricof Private Investment Club III, L.P. 

Seren Capital Ltd.
	 

	 	Advance Capital Partners, L.P.
	 

	 	Advance Capital Offshore Partners, L.P. 

Jeffrey T. Leeds
	 

	 	Ethan A Budin
	 

	 	Mark H. Sherman
	 

	 	Donald J. Edwards
	 

	 	Joshua A. Sorensen
	 

	 	Robert T. Puopolo
	 
	 	 
	Series A1 Shareholders

	 	Seren Capital Ltd.
	 

	 	Stephen T. Winn
	 

	 	Camden Partners Strategic Fund III, L.P.
	 

	 	Camden Partners Strategic Fund III-A, L.P.
	 
	 	 
	Series B Shareholders

	 	Camden Partners Strategic Fund III, L.P.
	 

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

	 	James K. Malernee
	 

	 	Timothy J. Barker
	 
	 	 
	Series C Shareholders

	 	Apax Excelsior VI, L.P.
	 

	 	Apax Excelsior VI-A C.V.
	 

	 	Apax Excelsior VI-B C.V.
	 

	 	Camden Partners Strategic Fund III, L.P.
	 

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

	 	Timothy J. Barker
	 
	 	 
	Warrantholders

	 	Stephen T. Winn
	 

	 	Michael E. Meuller
	 

	 	Robert H. Dilworth
	 

	 	Melvin R. Woolf
	 

	 	Douglas H. Gross
	 

	 	Fabian R. Gordon
	 

	 	Stephen T. Winn 1996 Family LP Aexv4w4

Exhibit 4.4

FOURTH AMENDED AND RESTATED

SHAREHOLDERS AGREEMENT

          THIS FOURTH AMENDED AND RESTATED SHAREHOLDERS AGREEMENT, dated as of March 17, 2010 (this
“Agreement”), by and among (i) RealPage, Inc., a Delaware corporation (the
“Company”), (ii) the Persons (as defined below) listed on Schedule I annexed hereto
under the heading “Series A Shareholders,” (iii) the Persons listed on Schedule I
annexed hereto under the heading “Series A1 Shareholders,” (iv) the Persons listed on
Schedule I annexed hereto under the heading “Series B Shareholders,” (v) the
Persons listed on Schedule I annexed hereto under the heading “Series C
Shareholders,” (vi) the Persons listed on Schedule I annexed hereto under the heading
“Major Shareholders and Warrantholders,” and (vii) such other Persons who have executed or
may from time to time execute a counterpart copy of this Agreement and whose names will be added to
Schedule I annexed hereto. The Persons described in (ii) through (vii) are sometimes
hereinafter referred to as the “Shareholders” collectively and a “Shareholder”
individually.

W I T N E S S E T H

          WHEREAS, as of October 28, 2009, the Company, the Series A Shareholders, the Series A1
Shareholders, the Series B Shareholders, the Series C Shareholders and the Major Shareholders and
Warrantholders entered into that certain Third Amended and Restated Shareholders Agreement pursuant
to which the parties thereto agreed upon certain matters relating to the operations of the Company
and the voting and disposition of shares of Capital Stock (as defined below) (the “Prior
Agreement”);

          WHEREAS, the Company and the Shareholders desire to amend and restate the Prior Agreement as
set forth herein;

          NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and
agreements herein contained and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, intending to be legally bound, the Shareholders and the Company
agree as follows:

     1. Definitions. As used in this Agreement, the following terms shall have the
following respective meanings:

          “Advance Capital” shall mean collectively, Advance Capital Partners, L.P., Advance
Capital Offshore Partners, L.P., Jeffrey T. Leeds, Ethan A. Budin, Mark H. Sherman, Donald J.
Edwards, Joshua A. Sorensen and Robert T. Puopolo and their respective assigns.

          “Affiliate” shall have the meaning set forth in Section 5.

          “Agreement” shall have the meaning set forth in the introductory paragraph hereto.

 

 

          “Apax” shall mean Apax Excelsior VI, L.P., Apax Excelsior VI-A C.V., Apax Excelsior
VI-B C.V., Patricof Private Investment Club III, L.P. and their respective successors and assigns.

          “Board of Directors” shall mean the Board of Directors of the Company.

          “Business Day” shall mean any day other than (i) a Saturday, (ii) a Sunday or (iii)
any other day on which banks in the City of New York are authorized or required to close.

          “Capital Stock” shall mean any and all shares of Series A Stock, Series A1 Stock,
Series B Stock, Series C Stock and Common Stock whether now outstanding or hereafter issued and any
and all shares, interests, participations, rights in or other equivalents (however designated and
whether voting or non-voting) of the Company’s capital stock or any form of membership, ownership
or participation interests, as applicable, including partnership interests, whether now
outstanding or hereafter issued, and any and all rights, warrants or options exercisable or
exchangeable for or convertible into such capital stock of the Company or its successors.

          “Camden” shall mean Camden Partners Strategic Fund III, LP and Camden Partners
Strategic Fund III-A, LP and their respective successors and assigns.

          “Certificate of Incorporation” shall mean the Amended and Restated Certificate of
Incorporation of the Company dated as of April 13, 2009, and as amended from time to time.

          “Common Stock” shall mean the common stock, $0.001 par value per share, of the
Company.

          “Company” shall have the meaning set forth in the introductory paragraph hereto.

          “Co-Sale Acceptance” shall have the meaning set forth in Section 7(c).

          “Co-Sale Securities” shall have the meaning set forth in Section 7(a).

          “Co-Sale Seller” shall have the meaning set forth in Section 7(a).

          “December 17, 1999 Agreement” shall have the meaning set forth in Section 17(a).

          “Default Directors” shall have the meaning set forth in Section 2(c).

          “Eligible Shareholder” shall have the meaning set forth in Section 8(a).

          “Event of Default” shall have the meaning set forth in the Certificate of
Incorporation.

          “Governmental Body” shall mean any government or governmental or quasi-governmental
authority including, without limitation, any federal, state, territorial, county,

2

 

municipal or other governmental or quasi-governmental agency, board, branch, bureau,
commission, court, arbitral body (public or private), department or other instrumentality or
political unit or subdivision.

          “Independent Directors” shall have the meaning set forth in Section 2(b).

          “Liquidation” shall have the meaning set forth in the Certificate of Incorporation.

          “Liquidation Preference” shall have the meaning set forth in the Certificate of
Incorporation.

          “Major Shareholders and Warrantholders” shall have the meaning set forth in the
introductory paragraph hereto.

          “Maximum Pre-emptive Number” shall have the meaning set forth in Section 8(a).

          “Notice of Intention to Sell” shall have the meaning set forth in Section 8(a).

          “Observer” shall have the meaning set forth in Section 2(f).

          “Offer Acceptance” shall have the meaning set forth in Section 6(c).

          “Offer Notice” shall have the meaning set forth in Section 6(a).

          “Offered Securities” shall have the meaning set forth in Section 6(a).

          “Other Shareholders Agreement” shall have the meaning set forth in Section 17(b).

          “Permissible Transferee” shall mean any transferee party to a Permissible Transfer.

          “Permissible Transfers” shall have the meaning set forth in Section 5.

          “Person” shall mean any individual, corporation, partnership, firm, limited liability
company, joint venture, trust, association, unincorporated organization, group, joint-stock
company, Governmental Body or other entity.

          “Pre-emptive Sale” shall have the meaning set forth in Section 8(a).

          “Pre-emptive Securities” shall have the meaning set forth in Section 8(a).

          “Preferred Shareholders” shall mean collectively, the Series A Shareholders, the
Series A1 Shareholders, the Series B Shareholders and the Series C Shareholders.

          “Preferred Stock” shall mean collectively, the Series A Stock, the Series A1 Stock,
the Series B Stock and the Series C Stock.

3

 

          “Prior Agreement” shall have the meaning set forth in the recitals hereof.

          “Pro Rata Purchaser” shall have the meaning set forth in Section 6(b).

          “Proposed Transferee” shall have the meaning set forth in Section 7(b).

          “Qualified IPO” shall mean an initial public offering of the shares of Common Stock
(i) at an offering price per share of not less than three (3) times the Series A Issue Price
(appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations,
conversion price adjustments and similar changes hereafter effected), (ii) with gross proceeds to
the Company and any selling shareholders of at least $30,000,000 (thirty million U.S. dollars),
before deducting any applicable underwriting discounts, commissions and expenses and (iii)
underwritten on a firm commitment basis by an investment banking firm of national standing approved
by the holders (acting together as a class) of a majority of the outstanding shares of the Series A
Stock.

          “Redemption Price” shall have the meaning set forth in the Certificate of
Incorporation.

          “ROFO Seller” shall have the meaning set forth in Section 6(a).

          “Sale of the Company” shall mean (i) the merger or consolidation of the Company into
or with another corporation or other similar transaction or series of related transactions in which
the Company’s stockholders of record (or their Affiliates) as constituted immediately prior to such
transaction or series of related transactions will not, immediately after such transaction or
series of related transactions, beneficially own (as determined pursuant to Rule 13d-3 of the
Securities Exchange Act of 1934) at least a majority of the voting power of the surviving or
acquiring entity, or (ii) the sale of all or substantially all the assets of the Company.

          “Securities Act” shall mean the Securities Act of 1933, as amended.

          “Series A Closing Date” shall mean December 30, 2003.

          “Series A Shareholders” shall have the meaning set forth in the introductory paragraph
hereto.

          “Series A Directors” shall have the meaning set forth in Section 2(b).

          “Series A Issue Price” shall have the meaning set forth in the Certificate of
Incorporation.

          “Series A Redemption Date” shall have the meaning set forth in Section 3(b).

          “Series A Stock” shall mean the Series A Convertible Preferred Stock, par value $0.001
per share, of the Company.

          “Series A1 Closing Date” shall mean December 30, 2003.

4

 

          “Series A1 Shareholders” shall have the meaning set forth in the introductory
paragraph hereto.

          “Series A1 Stock” shall mean the Series A1 Convertible Preferred Stock, par value
$0.001 per share, of the Company.

          “Series B Closing Date” shall mean December 14, 2005.

          “Series B Shareholders” shall have the meaning set forth in the introductory paragraph
hereto

          “Series B Stock” shall mean the Series B Convertible Preferred Stock, par value $0.001
per share, of the Company.

          “Series C Closing Date” shall mean February 22, 2008.

          “Series C Shareholders” shall have the meaning set forth in the introductory paragraph
hereto.

          “Series C Stock” shall mean the Series C Convertible Preferred Stock, par value $0.001
per share, of the Company.

          “Shareholder” shall have the meaning set forth in the introductory paragraph hereto.

          “Subsidiary” shall mean, with respect to a specified Person, any corporation of which
securities having the power to elect a majority of that corporation’s board of directors (other
than securities having that power only upon the happening of a contingency that has not occurred)
are held by such Person or one or more of its Subsidiaries.

          “Supplemental Offer Notice” shall have the meaning set forth in Section 6(b).

          “Supplemental Offer Acceptance” shall have the meaning set forth in Section 6(b).

          “Transfer” shall mean and include any direct or indirect offer for sale, sale,
assignment, transfer, pledge, encumbrance, or other disposition of, or the subjecting to a security
interest of, any Capital Stock or any disposition of any Capital Stock or of any interest therein
which would constitute a sale thereof within the meaning of the Securities Act.

          “Warrants” shall have the meaning set forth in the Certificate of Incorporation.

          “Winn” shall mean Stephen T. Winn, an individual residing at 10201 Inwood Road,
Dallas, Texas 75229, his Affiliates, including without limitation his heirs, personal
representatives, successors and permitted assigns and Seren Capital, Ltd., a Texas limited
partnership and its Affiliates.

5

 

     2. Board of Directors and Committees.

          (a) Each of the parties hereto agrees to vote all Capital Stock of the Company now owned or
hereafter acquired by such party so that the Company’s Board of Directors shall consist of no more
than nine (9) members and the number of members on the Company’s Board of Directors shall at all
times equal the number of persons which have been designated from time to time in accordance with
Section 2(b) below. If any Shareholder which has the right to designate a member of the Board of
Directors in accordance with Section 2(b) has not designated such member to the Company’s Board of
Directors, each of the parties hereto agrees that such Shareholder may designate a member of the
Board of Directors at any time, or from time to time, and the parties shall vote, to the extent
possible, all Capital Stock of the Company to elect such designee. Until such time as any
Shareholder which has the right to designate a member of the Board of Directors in accordance with
Section 2(b) has designated such member to the Company’s Board of Directors, the number of members
on the Company’s Board of Directors shall be reduced by the number of members which have not yet
been designated.

          (b) Each of the parties further covenants and agrees to vote (at a meeting or by written
consent) all Capital Stock of the Company now owned or hereafter acquired by such party (and
attend, in person or by proxy, all meetings of shareholders called for the purpose of electing
directors), and the Company agrees to take all actions (including, but not limited to the
nomination of specified persons) to cause and maintain the election to the Board of Directors of
the following:

     (i) with respect to the three (3) persons to be elected by the holders of the
Series A Stock pursuant to the Certificate of Incorporation (the “Series A
Directors”), such directors shall be designated as follows: (A) for so long as
Apax holds shares of Series A Stock in an amount equal to at least 50% of the
aggregate number of shares of Series A Stock issued to Apax on the Series A Closing
Date (subject to appropriate adjustment in the event of any stock dividend, stock
split, combination or other similar recapitalization affecting such shares), then
two (2) of the Series A Directors shall be designees of Apax, one of whom shall be
Jason Wright as of the date hereof; (B) if, and for so long as, Apax holds shares of
Series A Stock in an amount equal to less than 50% of the aggregate number of shares
of Series A Stock issued to Apax on the Series A Closing Date (subject to
appropriate adjustment in the event of any stock dividend, stock split, combination
or other similar recapitalization affecting such shares), then at least one (1) of
the Series A Directors shall be a designee of Apax; (C) for so long as Advance
Capital holds shares of Series A Stock in an amount equal to at least 50% of the
aggregate number shares of Series A Stock issued to Advance Capital on the Series A
Closing Date (subject to appropriate adjustment in the event of any stock dividend,
stock split, combination or other similar recapitalization affecting such shares),
then at least one (1) of the Series A Directors shall be a designee of Advance
Capital, who shall be Jeffrey Leeds as of the date hereof; and (D) any remaining
directors entitled to be elected by the holders of the Series A Stock shall be
designated by the holders of a majority of the Series A Stock;

6

 

     (ii) with respect to the two (2) directors to be elected by the holders of
Series A1 Preferred Stock pursuant to the Certificate of Incorporation, such
director shall be designated as follows: (A) for so long as Winn holds shares of
Series A1 Stock in an amount equal to at least 50% of the aggregate number of shares
of Series A1 Stock issued to Winn on the Series A1 Closing Date (subject to
appropriate adjustment in the event of any stock dividend, stock split, combination
or other similar recapitalization affecting such shares), then the two (2) Series A1
Directors shall be designees of Winn, one of whom shall be Winn as of the date
hereof; and (B) if, and for so long as, Winn holds shares of Series A1 Stock in an
amount equal to less than 50% of the aggregate number of shares of Series A1 Stock
issued to Winn on the Series A1 Closing Date (subject to appropriate adjustment in
the event of any stock dividend, stock split, combination or other similar
recapitalization affecting such shares), then at least one (1) of the Series A1
Directors shall be a designee of Winn;

     (iii) with respect to the one (1) director to be elected by the holders of the
Common Stock pursuant to the Certificate of Incorporation, such director shall be
designated by Winn, who shall be Richard M. Berkeley as of the date hereof; and

     (iv) with respect to the three (3) directors to be elected by the holders of
the Common Stock and the Preferred Stock, pursuant to the Certificate of
Incorporation (the “Independent Directors”), such directors shall be
designated jointly by Apax and Winn upon mutual agreement, who shall be independent
directors not affiliated with any Shareholder, and two (2) of whom shall be as of
the date hereof Alfred R. Berkeley and Max Hopper (it being understood and agreed
that the familial relationship between Alfred R. Berkeley and Richard M. Berkeley
does not constitute an affiliation for purposes of this clause (iv)).

     Subject to the fiduciary obligations of each member of the Board of Directors, and so long as
the relevant ownership levels set forth above continue to be satisfied, no party hereto shall vote
to remove any member of the Board of Directors designated and/or elected in accordance with the
aforesaid procedure unless the persons or groups so designating and/or electing such director as
specified above so vote or direct that such director shall be removed, and in such event, all
parties hereto shall vote in favor of the removal of such director.

     Any vacancy on the Board of Directors created by the resignation, removal, incapacity or death
of any person designated under this Section 2(b) shall be filled by another person designated
and/or elected in a manner so as to preserve the constituency of the Board of Directors as provided
above.

          (c) Notwithstanding the foregoing and in accordance with the Certificate of Incorporation,
upon the occurrence of an Event of Default each Shareholder agrees that it will promptly vote its
shares of Capital Stock now owned or hereafter acquired by such Shareholder as necessary to cause
(i) the removal of the three (3) Independent Directors then serving on the

7

 

Board of Directors and (ii) the prompt election to the Board of Directors of three individuals
designated by Apax (“Default Directors”) to replace the Independent Directors so removed.

          (d) Each of Apax, Advance Capital and Winn hereby agrees, that for so long as they shall have
the right to designate a member of the Board of Directors in accordance with Section 2(b) above, to
take all actions, or cause there respective designees to take all actions (including, but not
limited to the nomination of specified persons) to cause:

     (i) the Board of Directors to appoint the following individuals to the
Compensation Committee of the Board of Directors: Winn and one such Series A
Director as may be designated by Apax;

     (ii) the Board of Directors to appoint the following individuals to the Audit
Committee of the Board of Directors: Winn and one such Series A Director as may be
designated by Apax; and

     (iii) the Board of Directors to appoint, upon the formation of a special
committee of the Board of Directors, the following individuals to such special
committee: Winn and one such Series A Director as may be designated by Apax;
provided, however, that any special committee formed for the purpose of addressing
transactions or other matters involving Winn shall not include Winn or any director
designated by Winn pursuant to Section 2(b)(ii) or (2)(b)(iii) as a member and any
special committee formed for the purpose of addressing transactions or other matters
involving Apax shall not include any Series A Director designated by Apax as a
member.

          So long as Richard M. Berkeley is a member of the Board of Directors, Mr. Berkeley shall
receive notice of and may attend all meetings of the committees of the Board of Directors in a
non-voting observer capacity and shall be entitled to receive all reports, presentations and
materials as if Mr. Berkeley was a member of any such committee of the Board of Directors. The
foregoing shall not be construed to restrict Mr. Berkeley from serving in a voting capacity on any
committee of the Board of Directors to which Mr. Berkeley is appointed.

          (e) Notwithstanding anything contained herein or in the Certificate of Incorporation (except
for Section IV.7 therein) or bylaws of the Company, with respect to any matter to be voted upon by
the Board of Directors, if a majority of the Series A Directors do not vote in favor of such
matter, then in order for such matter to be approved, a majority of the members of the Board of
Directors, including at least two (2) of the Independent Directors, must vote in favor thereof.

          (f) At any time in which Richard M. Berkeley is not a member of the Board of Directors, the
holders of a majority of the Series B Stock may designate one individual (the “Observer”)
to attend meetings of the Board of Directors and of all committees of the Board of Directors in a
non-voting observer capacity. The Observer shall receive notice of all such meetings and shall be
entitled to receive all reports, presentations and materials as if the

8

 

Observer was a member of the Board of Directors and such committees of the Board of Directors;
provided that an Observer may be excluded from access to any material or meeting or portion thereof
if the Company believes that such exclusion is reasonably necessary to preserve the attorney-client
privilege, to protect highly confidential proprietary information or for other similar reasons.
The Observer shall be subject to the Company’s approval, which approval shall not be unreasonably
withheld. Camden will, and will cause the Observer to, hold in confidence and trust, and not use
or disclose (except to Camden and its financial, legal or other advisors, provided such advisors
agree to hold such confidential information in confidence), any confidential information of the
Company provided to or learned by the Observer in connection this paragraph (f).

     3. Advance Capital Redemption.

          (a) The Company agrees that if as of December 31, 2011, (i) the Company has not completed a
Liquidation or a Qualified IPO and (ii) the holders of a majority of the shares of the Series A
Stock have not given the Company notice to redeem all of the outstanding Series A Stock, in
accordance with the Certificate of Incorporation, Advance Capital may prior to January 30, 2011
require the Company to redeem all or any portion of its Series A Stock, in accordance with the
procedures set forth herein, so long as, as of the date of each redemption payment, the Company has
cash in excess of the amounts of cash projected to be required pursuant to the budget as approved
in accordance with Section 11(b) for the three-month period following such payment; provided that
if the Company does not make a redemption payment when due, it shall make such payment as soon as
the foregoing condition is satisfied; provided further, however, that, notwithstanding the
foregoing and Section 7 of the Certificate of Incorporation, the parties agree to vote all Capital
Stock of the Company now owned or hereafter acquired by such party, and the Company agrees to use
reasonable efforts (1) to authorize and issue Capital Stock of the Company which shall be junior
and subordinate to the Series A Stock, the Series A1 Stock, the Series B Stock and the Series C
Stock and (2) to sell such Capital Stock in order to raise funds necessary to redeem the Series A
Stock of Advance Capital if the Company cannot pay the Redemption Price because of any failure of
the Company to satisfy a condition set forth in this Section 3(a). The Company’s inability to pay
the Redemption Price to Advance Capital shall not be deemed an Event of Default by the Company.

          (b) If Advance Capital wishes to elect the Company to redeem all or any portion of its Series
A Stock pursuant to this Section 3, Advance Capital shall send written notice to the Company, at
least one hundred and eighty (180) days prior to the intended date of redemption of such Series A
Stock (the “Series A Redemption Date”), setting forth the number of shares to be redeemed;
provided, however, that if during such one hundred and eighty (180) day period, the holders of a
majority of the shares of the Series A Stock require the Company to redeem all or any portion of
the outstanding Series A Stock by giving appropriate notice, then the shares of Series A Stock of
Advance Capital shall be redeemed with the shares of Series A Stock of the remaining holders and
the Series A Redemption Date shall be delayed to coincide with the redemption date of the other
Series A Shareholders, in accordance with the Certificate of Incorporation.

9

 

          (c) The Company shall redeem the Series A Stock which Advance Capital has elected to have
redeemed at the Redemption Price and in accordance with the procedures provided for in the
Certificate of Incorporation without giving effect to any amendments thereto after the date hereof
(unless the Company shall have obtained written consent of the holders of a majority of the Capital
Stock held by Advance Capital); provided that if Advance Capital does not agree with the
determination of Fair Market Value (as defined in the Certificate of Incorporation) of the Series A
Stock, the Fair Market Value shall be based upon a valuation of an independent third party duly
qualified to perform such valuations, chosen by mutual agreement between the Company and Advance
Capital.

          (d) Nothing in this Section 3 shall limit any of Advance Capital’s rights under the
Certificate of Incorporation.

     3A. Apax Voting Provision. Apax shall not vote in favor of or grant its consent to any
action contemplated by Section IV.7A of the Company’s Certificate of Incorporation that requires
either the consent of holders of 90% of the Series A Stock or the approval of all of the directors
elected by the holders of the Series A Stock (the “Specified Actions”) without obtaining
the written consent of Advance Capital Management LLC (or any Affiliate thereof designated by
Advance Capital Management LLC in connection with Advance Capital Management LLC’s dissolution) to
vote in favor of or to grant consent to such action; provided that Apax shall not be so restricted
in voting or granting its consent if Apax’s voting in favor of or granting of consent to a
Specified Action would result in the holders of 90% of the then outstanding Series A Stock voting
in favor of or consenting to such Specified Action.

     4. Sale of the Company.

          (a) If, at any time, after December 31, 2011 the Series A Directors designated by Apax and all
of the Independent Directors determine it is appropriate to conduct a Sale of the Company, then the
Company shall undertake reasonable steps to solicit offers for a Sale of the Company, including
retaining an investment banker.

          (b) If the conditions set forth in Section 4(a) have been satisfied and the Company receives a
bona fide offer to purchase either all of its Capital Stock or all or substantially all of its
assets (including by means of a merger or consolidation) at a price which results in (i) the Series
A Shareholders receiving at least 3.5 times the Series A Issue Price per share of Series A Stock
and (ii) the remaining shareholders receiving the amount they would have received upon a
Liquidation of the Company in accordance with the Certificate of Incorporation, which resulted in
the Series A Shareholders receiving such amount, then Winn shall vote all of his shares of Series
A1 Stock and Common Stock for approval of such Sale of the Company and shall agree to sell such
Capital Stock if the transaction is in the form of a sale of stock; provided, however, that Winn
shall not be obligated by this Section 4(b) if either (A) the offer or transaction referenced in
this Section 4(b) is revised, or circumstances under which the transaction would be consummated
change, such that such transaction, if consummated, would fail to satisfy the requirements of this
Section 4(b), or (B) for any reason the Warrants would not vest and become exercisable in their
entirety prior to or in connection with such transaction, so long as the Warrants shall not have
expired in accordance with their terms.

10

 

     5. Restrictions on Transfer. No Shareholder shall Transfer any Capital Stock of the
Company or any interest therein to any Person except (a) subject to Section 15(a), pursuant to a
Permissible Transfer (as defined below) or (b) if the Transfer complies with Section 6 and, if
applicable, Section 7 hereof, and, unless in each case, the Transfer complies with applicable
federal and state securities laws. The following Transfers shall be considered “Permissible
Transfers”:

          (a) each Shareholder that is an individual may Transfer its Capital Stock of the Company to:

     (i) the spouse, children, siblings and any lineal ancestor of the immediate
family of such Shareholder, and children and spouses of the foregoing;

     (ii) any Person receiving such Capital Stock of the Company from such
Shareholder at such Shareholder’s death pursuant to a will or the laws of intestate
succession, provided that under the terms of such will or under the applicable laws
of intestate succession, such Capital Stock of the Company is Transferred solely to
one or more Persons otherwise referenced in this Section 5(a);

     (iii) any trust or limited partnership established for the benefit of any of
the foregoing; or

     (iv) another Person that such transferring Shareholder or previous Permissible
Transferee of such Shareholder set forth in (i) through (iii) of this subparagraph
(a) controls or manages, is controlled or managed by or is under common management
or control with, whether through ownership of equity interests, by contract or
otherwise;

          (b) each Shareholder which is not an individual may Transfer its Capital Stock of the Company
(i) to another Person that such transferring Shareholder controls or manages, is controlled or
managed by or is under common management or control with, whether through ownership of equity
interests, by contract or otherwise or (ii) to such Shareholder’s members or partners, in a
transaction in which all of such Shareholder’s Capital Stock of the Company is so Transferred;

     For purposes hereof, the Persons described in paragraphs (a) and (b)(i) above with regard to a
Shareholder shall be deemed “Affiliates” of such Shareholder.

          (c) each Shareholder may Transfer its shares of Capital Stock to the Company; and

          (d) in addition to the foregoing, Winn may Transfer up to 5% of his or their shares of Capital
Stock of the Company (calculated in the aggregate, on an as converted, fully diluted basis as of
the Series A Closing Date) to any Person from time to time in one or more transactions.

11

 

     6. Right of First Offer.

          (a) Except for a Permissible Transfer, if, at any time after the date hereof, a Shareholder
(the “ROFO Seller”) desires to Transfer any or all of its shares of Capital Stock of the
Company (the “Offered Securities”) other than pursuant to Section 4 or a Sale of the
Company approved by the requisite vote of the members on the Company’s Board of Directors and the
Shareholders, then such ROFO Seller shall deliver a written notice to the other Preferred
Shareholders (the “Offer Notice”) of the ROFO Seller’s desire to Transfer such Offered
Securities. The Offer Notice shall disclose (i) the identity of the Proposed Transferee, if any,
(ii) the number of Offered Securities proposed to be Transferred, (iii) the terms and conditions of
the proposed Transfer of the Offered Securities, including the price per share to be paid, and (iv)
any other material facts relating to the proposed Transfer.

          (b) Upon receipt of the Offer Notice, each Preferred Shareholder shall have the right and
option to elect to purchase, at the price and on the terms stated in the Offer Notice, such
Preferred Shareholders’ pro rata portion of the total number of Offered Securities equal to the
product obtained by multiplying (i) the Offered Securities, by (ii) a fraction, the numerator of
which is the number of shares held by such Preferred Shareholder (calculated on an as converted
basis) and the denominator of which is the sum of the total number of shares of Capital Stock of
the Company at that time owned by such Preferred Shareholder and all other Preferred Shareholders
electing to purchase Offered Securities (calculated on an as converted basis) in accordance with
Section 6(c). If (x) any Preferred Shareholder has delivered an Offer Acceptance (as defined
below) providing for such Preferred Shareholder to purchase its full pro rata portion of the
Offered Securities (each such Preferred Shareholder, a “Pro Rata Purchaser”) and (y) not
all of the Offered Securities have been proposed to be purchased pursuant to all Offer Acceptances,
then the Company shall deliver a written notice (the “Supplemental Offer Notice”) to the
Pro Rata Purchasers within five (5) days after the expiration of the ten (10) Business Day period
described in clause (c) below, and all Pro Rata Purchasers shall have the right to purchase any
remaining Offered Securities, which shall, if necessary, be allocated pro rata among the Pro Rata
Purchasers according to their holdings of the Company’s shares of Capital Stock (determined on an
as converted basis), which right to purchase shall be exercised by a Pro Rata Purchaser delivering
a supplemental written notice (a “Supplemental Offer Acceptance”) to the Company within
five (5) days after delivery of the Supplemental Offer Notice setting forth the greatest number of
remaining Offered Securities such Pro Rata Purchaser desires to purchase. Notwithstanding any
provision of this Section 6 to the contrary, if the Preferred Shareholders collectively fail to
elect to purchase all of the Offered Securities, then no Preferred Shareholder shall have the right
to purchase any Offered Securities.

          (c) Any election to purchase Offered Securities shall be made by written notice (an “Offer
Acceptance”) to the ROFO Seller and the Company within ten (10) Business Days following
delivery of the Offer Notice stating the greatest number of Offered Securities such Preferred
Shareholder is willing to purchase. Thereupon, or, if applicable, the day after the expiration of
the five (5) day period for delivery of the Supplemental Offer Acceptance, the ROFO Seller shall
sell the Offered Securities to any Preferred Shareholder which has timely delivered an Offer
Acceptance, at the price and on the terms stated in the Offer Notice.

12

 

          (d) If the Preferred Shareholders fail to purchase in the aggregate all of the Offered
Securities, the ROFO Seller may proceed with a sale of the Offered Securities within ninety (90)
Business Days after the Offer Notice, subject to full compliance with Section 7 hereof, to any
Person reasonably acceptable to the Company for the price and on the terms specified in the Offer
Notice. If the Offered Securities are not sold pursuant to the provisions of this Section 6 such
Capital Stock shall again be subject to the restrictions contained in this Agreement and shall not
be Transferred, except in compliance with the applicable provisions of this Agreement.

     7. Co-Sale Rights.

          (a) The Series A Shareholders, the Series B Shareholders and the Series C Shareholders may
elect to participate in the transaction contemplated by Section 6(d) with respect to a Transfer of
any Offered Securities owned by any holder of Series A1 Preferred Stock or any shares of Capital
Stock owned, directly or indirectly, by Winn (the “Co-Sale Securities”), except for a
Permissible Transfer. For purposes of this Section 7, Winn and any holder of Series A1 Stock who
has delivered an Offer Notice shall be referred to as the “Co-Sale Seller.”

          (b) Upon receipt of the Offer Notice described in Section 6 above with respect to an offer to
sell Co-Sale Securities, each Series A Shareholder, each Series B Shareholder and each Series C
Shareholder shall have the right and option during the twenty (20) Business Day period following
receipt of the Offer Notice to elect to sell, at the price and on the same terms and conditions
stated in the Offer Notice, a number of shares of Series A Stock, Series B Stock or Series C Stock,
as applicable, equal to the product obtained by multiplying (i) the Co-Sale Securities subject to
the Offer Notice (calculated on an as converted basis), by (ii) a fraction, the numerator of which
is the number of shares of Series A Stock held by such Series A Shareholder (calculated on an as
converted basis), the number of shares of Series B Stock held by such Series B Shareholder
(calculated on an as converted basis), or the number of shares of Series C Stock held by such
Series C Shareholder (calculated on an as converted basis), as applicable, and the denominator of
which is the sum of the total number of shares of Capital Stock of the Company at that time owned
by such Series A Shareholder, Series B Shareholder or Series C Shareholder, as applicable, and all
other holders of Preferred Stock (including the Co-Sale Seller and calculated on an as converted
basis) electing to sell.

          (c) Any such election shall be made by written notice (a “Co-Sale Acceptance”) to the
Co-Sale Seller within twenty (20) Business Days following delivery of the Offer Notice. Thereupon,
the Co-Sale Seller shall not sell any of the subject Co-Sale Securities until each Series A
Shareholder, Series B Shareholder and Series C Shareholder who has timely delivered a Co-Sale
Acceptance shall have been afforded the opportunity to sell its pro rata share (calculated pursuant
to paragraph (b) above) of its shares of Series A Stock, Series B Stock or Series C Stock, as
applicable, in respect of which such Co-Sale Acceptance shall have been delivered, at the price and
on the same terms and conditions as set forth in the Offer Notice to the same purchaser as
identified by the Co-Sale Seller. To the extent one or more holders of Series A Stock, Series B
Stock or Series C Stock exercise their right of participation in accordance with the terms and
conditions set forth in this Section 7, the number of Co-Sale Securities that the Co-Sale Seller
may sell hereby shall be correspondingly reduced. If any of the holders of Series A

13

 

Stock, Series B Stock or Series C Stock do not provide a Co-Sale Acceptance pursuant to this
Section 7(c) in respect of their pro rata share of the Co-Sale Securities, the Co-Sale Seller may
proceed with a sale of the Co-Sale Securities within ninety (90) Business Days of the Offer Notice,
pursuant to Section 6(d). Any Series A Stock, Series B Stock or Series C Stock not sold pursuant
to the provisions of this Section 7 shall again be subject to the restrictions contained in this
Agreement and shall not thereafter be Transferred, except in compliance with the applicable
provisions of this Agreement.

          (d) All fees, costs and expenses incurred in connection with a Transfer under this Section 7
in which a Series A Shareholder, Series B Shareholder or Series C Shareholder participates shall be
borne ratably by those sellers participating in such sale, provided that each seller shall be
responsible for the fees and disbursements of its own legal counsel in connection with such sale.

     8. Pre-emptive Rights.

          (a) If at any time after the date hereof, the Company wishes to issue any shares, interests,
participations, rights in or other equivalents (however designated and whether voting or
non-voting) of the Company’s capital stock or any rights, warrants or options exercisable or
exchangeable for or convertible into such capital stock (the “Pre-emptive Securities”) to
any Person, the Company shall promptly deliver a notice of its intention to effect such issuance
(the “Notice of Intention to Sell”) to the holders of Series A Stock, so long as at least
7,903,125 shares of Series A Stock are outstanding (as adjusted for any combinations, divisions or
similar recapitalizations affecting such shares), to the holders of Series B Stock, so long as at
least 812,500 shares of Series B Stock are outstanding (as adjusted for any combinations, divisions
or similar recapitalizations affecting such shares), to the holders of Series C Stock, so long as
at least 750,000 shares of Series C Stock are outstanding (as adjusted for any combinations,
divisions or similar recapitalizations affecting such shares), and to the holders of Series A1
Stock, so long as at least 5,050,000 shares of the Series A1 Stock are outstanding (as adjusted for
any combinations, divisions or similar recapitalizations affecting such shares) (collectively, each
are referred to herein as an “Eligible Shareholder”), setting forth a description of the
Capital Stock to be issued, the proposed purchase price thereof and terms of the sale (a
“Pre-emptive Sale”). Upon receipt of the Notice of Intention to Sell, each Eligible
Shareholder shall have the right to elect to purchase, at the price and on the terms stated in the
Notice of Intention to Sell, the number of the shares of Capital Stock equal to the product of (i)
a fraction, the numerator of which is such Eligible Shareholder’s aggregate ownership of shares of
Common Stock (assuming conversion of all shares of Preferred Stock) and the denominator of which is
the number of shares held by all holders of Capital Stock of the Company (calculated on a
fully-diluted basis but only including options or warrants which are then currently exercisable),
multiplied by (ii) the number of shares of Pre-emptive Securities to be issued (calculated on an as
converted basis). Such election is to be made by the Eligible Shareholders by written notice to
the Company within thirty (30) Business Days after receipt by the Eligible Shareholders of the
Notice of Intention to Sell. Each Eligible Shareholder shall also have the option, exercisable by
so specifying in such written notice, to purchase on a pro rata basis similar to that described
above, any remaining number of shares of Capital Stock of the Company subject to purchase by
Eligible Shareholders under this Section 8(a) (the “Maximum Pre-emptive Number”) not

14

 

purchased by other Eligible Shareholders, in which case the Eligible Shareholders exercising
such further option shall be deemed to have elected to purchase such remaining portion of the
Maximum Pre-emptive Number of shares of Capital Stock of the Company on such pro rata basis, up to
the Maximum Pre-emptive Number of shares of Capital Stock of the Company which such Eligible
Shareholder shall have specified until either (A) no Eligible Shareholder shall have elected to
purchase any further amount of the shares of Capital Stock of the Company which are the subject of
the Notice of Intention to Sell or (B) the Maximum Pre-emptive Number of shares of Capital Stock of
the Company shall have been subscribed for by the Eligible Shareholder(s). The Company shall
promptly notify each electing Eligible Shareholder in writing of each notice of election received
from other Eligible Shareholders pursuant to this Section 8(a).

          (b) If an Eligible Shareholder gives the Company notice, pursuant to the provisions of this
Section 8, that such Eligible Shareholder desires to purchase any of the shares of Capital Stock of
the Company, payment therefor shall be by check or wire transfer, against delivery of the
securities at the executive offices of the Company not later than the closing date for the
Pre-emptive Sale. The Company shall give each Eligible Shareholder not less than five (5) Business
Days prior written notice of the closing date for the Pre-emptive Sale, together with appropriate
payment instructions.

          (c) The pre-emptive rights contained in this Section 8 shall not apply to (i) Pre-emptive
Securities that are not ultimately sold by the Company and (ii) Capital Stock of the Company issued
in any of the following circumstances: (A) shares of Common Stock issued upon the conversion of the
Preferred Stock, (B) shares of Common Stock issued in connection with any stock split or stock
dividend, (C) shares of Common Stock issued or issuable upon exercise (in accordance with the terms
thereof) of the Warrants, (D) shares of Common Stock issuable upon the exercise of stock options or
other awards made or denominated in shares of Common Stock under any of the Company’s stock plans
for employees, consultants or directors including any stock option, stock purchase, restricted
stock or similar plan hereafter adopted by the Board of Directors and, if required by applicable
law, approved by the stockholders of the Company, (E) shares of Common Stock issuable upon the
exercise of warrants for the purchase of up to an aggregate of 600,000 shares of Common Stock
issued from time to time to significant customers of the Company, (F) 5% of the outstanding Common
Stock or other equivalents of the Common Stock (on a fully diluted basis) issued pursuant to a
strategic partnership, joint venture, and similar arrangements, the acquisition of a business
(including, without limitation, by way of an acquisition of capital stock) or the assets of a
business (which assets do not consist primarily of cash or cash equivalents), research and
development agreement, product development or marketing agreement or similar arrangement, in any
case as approved by the Board of Directors and (G) pursuant to a Qualified IPO.

          (d) If the Company, having complied with the provisions of this Section 8, fails to consummate
the sale or issuance of Capital Stock within ninety (90) days following the expiration of the time
provided above for exercise of the preemptive rights set forth in this Section 8, such Capital
Stock of the Company, as the case may be, shall again be subject to all of the restrictions of this
Agreement.

15

 

          (e) Any Shareholder’s rights under Section 8 may be exercised by any Affiliate which agrees to
become a party to the Agreement upon its acquisition of the Company’s Capital Stock.

     9. Public Offering. The parties hereto agree that, in connection with an underwritten
public offering by the Company of any its Capital Stock, if agreed to by a majority of the holders
of each class or series of Capital Stock of the Company, they shall not sell any shares of Capital
Stock of the Company during the period commencing ten (10) days prior to any such underwritten
offering and ending one hundred and eighty (180) days following any such underwritten offering (or
for such shorter period of time as is sufficient and appropriate, in the opinion of the managing
underwriter) and if so requested by the managing underwriter they shall execute an agreement with
respect to the foregoing.

     10. Restrictive Legends on Capital Stock.

          (a) Each certificate evidencing shares of Capital Stock (including each certificate evidencing
shares of Preferred Stock held by subsequent transferees of any such certificate), shall be stamped
or otherwise imprinted with a legend in substantially the following form:

THE OFFER AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAW. NEITHER THE SECURITIES NOR ANY PORTION THEREOF OR INTEREST THEREIN,
MAY BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE SAME IS REGISTERED AND
QUALIFIED IN ACCORDANCE WITH SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR,
IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, SUCH REGISTRATION
AND QUALIFICATION ARE NOT REQUIRED.

          (b) Each certificate evidencing shares of Capital Stock (including each certificate evidencing
shares of Preferred Stock held by subsequent transferees of any such certificate), shall also be
stamped or otherwise imprinted with a legend (for so long a such legend may be applicable) in
substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A SHAREHOLDERS
AGREEMENT AMONG THE COMPANY AND CERTAIN OF ITS SHAREHOLDERS, AS AMENDED AND MODIFIED
FROM TIME TO TIME. A COPY OF SUCH SHAREHOLDERS AGREEMENT SHALL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.

          (c) Each certificate evidencing shares of Preferred Stock issued upon any Transfer (and each
certificate evidencing any untransferred balance of such securities) shall bear the legends set
forth above unless, with regard to the legend described in Section 10(b) above,

16

 

such securities are no longer subject to this Agreement and, with regard to the legend
described in Section 10(a) above, (i) in the opinion of counsel (which opinion is reasonably
acceptable to the Company) addressed to the Company the registration of future Transfers is not
required by the applicable provisions of the Securities Act or applicable state securities laws;
(ii) the Company shall have waived the requirement of such legend; or (iii) in the reasonable
opinion of counsel to the Company, such Transfer shall have been made in connection with an
effective registration statement filed pursuant to the Securities Act or an exemption therefrom.

     11. Information Rights. In addition to any rights under applicable law, the Company
shall provide Apax, Advance Capital, Camden and Winn with:

          (a) Financial Statements. (i) a true and complete copy of monthly financial statements
comparing actual performance to comparable financial statements of the prior year and the budget
for such period, within thirty (30) Business Days after the end of each month; (ii) quarterly
financial summary, in a form provided by Apax, signed by the Company’s chief executive officer or
chief financial officer, within forty-five (45) Business Days after the end of each quarter; and
(iii) annual financial statements, audited by an accounting firm of national standing, within one
hundred (120) Business Days after the end of each year; and

          (b) Budget. its annual budget and strategic plan at the first scheduled meeting of the
Board of Directors for each year, but in no event later than March 15th of each year,
approved by the Board of Directors; provided, however, that until such time as two (2) Independent
Directors have been elected to the Board of Directors such budget must be approved by the Series A
Directors designated by Apax.

     Apax, Advance Capital, Camden and Winn will, and will instruct each of their respective
Affiliates and advisors to, hold in confidence all such information, will use such information only
in connection with governing the affairs of the Company and, if this Agreement is terminated in
accordance with its terms, will deliver promptly to the Company all copies of such information (and
any copies, compilations or extracts thereof or based thereon) then in their possession or under
their control.

     12. Termination. Upon the consummation of a Qualified IPO, distribution of all assets
of the Company pursuant to a Liquidation, a redemption of all of the outstanding Series A Stock,
Series B Stock and Series C Stock or a conversion of all of the outstanding Series A Stock, Series
A1 Stock, Series B Stock and Series C Stock, this Agreement shall terminate.

     13. Aggregation of Stock. With respect to any Shareholder, all shares of Series A
Stock, Series A1 Stock, Series B Stock, Series C Stock and Common Stock held or acquired by any
Affiliate of such Shareholder shall be aggregated together with any shares held by such Shareholder
for the purpose of determining the availability of any rights under this Agreement.

     14. Remedies. The rights, powers and remedies of the parties under this Agreement are
cumulative and not exclusive of any other right, power or remedy which such parties may have under
any other agreement or law. No single or partial assertion or exercise of any right, power or
remedy of a party hereunder shall preclude any other or further assertion or exercise

17

 

thereof. Any purported Transfer in violation of the provisions of this Agreement shall be
void. Each Shareholder, in addition to being entitled to exercise all rights provided herein, in
the Company’s Certificate of Incorporation or granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Agreement. The Company and the other
parties hereto agree that monetary damages may not be adequate compensation for any loss incurred
by reason of a breach of any of the provisions of this Agreement and hereby agree to waive the
defense in any action for specific performance that a remedy at law would be adequate.

     15. Successors and Assigns: Agreement to be Bound.

          (a) Except as otherwise expressly provided herein, this Agreement shall bind and inure to the
benefit of the Company, each of the Shareholders and the respective successors or heirs and
personal representatives and permitted assigns of the Company and each of the Shareholders;
provided, that the Company shall have no right to assign its rights, or to delegate its
obligations hereunder, without the prior written consent of the Shareholders. It is understood and
agreed among the parties hereto that this Agreement and the covenants made herein are made
expressly and solely for the benefit of the other party or parties hereto (or their respective
successors or permitted assigns), and that no other Person shall be entitled or be deemed to be a
third-party beneficiary of any party’s rights under this Agreement.

          (b) Each Shareholder agrees further that it shall not Transfer any Capital Stock of the
Company to any Person not a party to this Agreement unless such Person contemporaneously with such
Transfer executes and delivers to the Company an agreement to be bound by the Shareholder’s
obligations hereunder, whereupon the parties hereto agree that such Person shall have the same
rights and obligations under this Agreement as the Shareholder effecting such Transfer of Capital
Stock of the Company.

          (c) The Company further agrees that it shall be a condition precedent to any future issuance
of Capital Stock that the Person to whom such Capital Stock of the Company is to be issued becomes
subject to the terms and conditions of this Agreement as a Shareholder and agrees in writing to be
bound hereby, except with respect to any Capital Stock of the Company issued upon the exercise of
stock options or other awards made under any of the Company’s stock plans and any Capital Stock of
the Company issued pursuant to a strategic partnership, joint venture, and similar arrangements,
the acquisition of a business (including, without limitation, by way of an acquisition of capital
stock) or the assets of a business (which assets do not consist primarily of cash or cash
equivalents), research and development agreement, product development or marketing agreement or
similar arrangement, in any case as approved by the Board of Directors pursuant to Section
8(c)(ii)(F) above.

     16. Entire Agreement. This Agreement, together with the exhibits and schedules hereto,
is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein or therein. This Agreement,
together with the exhibits and schedules hereto, supersede all prior agreements and

18

 

understandings between any of the Shareholders and the Company or any predecessor to the
Company, including, without limitation, the Prior Agreement, that certain term sheet, dated August
9, 2003, among the Company and Apax Partners, Inc. and any term sheet among the Company and Camden
and/or any of its Affiliates.

     17. Waiver and Termination of Agreements.

          (a) Notwithstanding anything hereunder to the contrary, the parties agree and acknowledge
that, pursuant to the Prior Agreement (i) that certain Stockholders Agreement, dated December 17,
1999 (the “December 17, 1999 Agreement”), and/or that certain Series A/B Convertible Participating
Preferred Stock Purchase Agreement, dated as of December 17, 1999 were each terminated as of the
Series A Closing Date, (ii) such parties waived any and all of their respective rights which they
may have had with respect to such agreements, including any and all of such respective rights
relating to the Contemplated Transactions (as defined in that certain Securities Purchase
Agreement, dated as of December 30, 2003, by and among the Company and the Investors named therein
and (iii) notwithstanding the foregoing clause (ii), the Shareholders who were parties to the
December 17, 1999 Agreement did not waive any claims they may have had against each other but only
any claims each may have directly or indirectly against the Company or any of its officers or
directors in their capacities as such (including claims for indemnity). Each of the Shareholders
represents to each other Shareholder that it is not now aware of any claims such Shareholder may
have against any other Shareholder.

          (b) Notwithstanding anything hereunder to the contrary, the parties agree and acknowledge
that, pursuant to the Prior Agreement, (i) such parties waived any and all of their respective
rights which they may have had with respect to that certain Shareholders’ Agreement, dated as of
December 1, 1998, by and among RealPage Communications, Inc., a Texas corporation, and the
Shareholders (as defined therein), as amended (the “Other Shareholders Agreement”),
including any and all of such respective rights relating to the Contemplated Transactions (as
defined above) and (ii) Winn agreed that he would remain responsible for any and all obligations
with respect to the Other Shareholders Agreement to the extent that any parties thereto are not
parties to the Prior Agreement and agreed to indemnify and hold harmless the parties to the Prior
Agreement in the even the rights of any parties to the Other Shareholders Agreement conflict with
or otherwise impair the rights and benefits of the parties to the Prior Agreement.

     18. Notice and Addresses. Any notice, demand, request, waiver, or other communication
under this Agreement shall be in writing and shall be deemed to have been duly given on the date of
service, if personally served or sent by facsimile; on the Business Day after notice is delivered
to a courier or mailed by express mail, if sent by courier delivery service or express mail for
next day delivery; and on the third day after mailing, if mailed to the party to whom notice is to
be given, by first class mail, registered, return receipt requested, postage prepaid and addressed
as follows:

19

 

if to the Company:

RealPage, Inc.

4000 International Parkway

Carrollton, Texas 75007-1913

Attention: Stephen T. Winn

Facsimile: 972.820.3913

if to any Shareholder, to the address set forth on Schedule II,

or to such other address, with respect to any party, as such party shall give notice of in
accordance with this Section 18.

     19. Amendment and Waiver.

          (a) No failure or delay on the part of any of the parties hereto in exercising any right,
power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further exercise thereof or the
exercise of any other right, power or remedy.

          (b) Any amendment, supplement or modification of or to any provision of this Agreement shall
be effective only if it is made or given in writing and signed by the Company and the holders of
90% of each class or series of Capital Stock (even if a Shareholder is not directly affected by
such amendment, supplement or modification).

          (c) The observance of any term of this Agreement may be waived (either generally or in a
particular instance and either retroactively or prospectively) by the party entitled to enforce
such term, but such waiver shall be effective only if it is in a writing signed by the party
entitled to enforce such term and against which such waiver is to be asserted.

     20. Signatures; Counterparts. Facsimile transmissions of any executed original
document and/or retransmission of any executed facsimile transmission shall be deemed to be the
same as the delivery of an executed original. At the request of any party hereto, the other
parties hereto shall confirm facsimile transmissions by executing duplicate original documents and
delivering the same to the requesting party or parties. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement.

     21. Captions. The captions in this Agreement are for convenience of reference only
and shall not be given any effect in the interpretation of this Agreement.

     22. Severability. If any one or more of the provisions contained in this Agreement,
or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any

20

 

respect for any reason, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions hereof shall not be in any way impaired, unless
the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of
the remaining provisions of this Agreement. The parties hereto further agree to replace such
invalid, illegal or unenforceable provision of this Agreement with a valid, legal and enforceable
provision that will achieve, to the extent possible, the economic, business and other purposes of
such invalid, illegal or unenforceable provision.

     23. No Strict Construction. The parties hereto have been represented by counsel in
connection with this Agreement. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation
arises under any provision of this Agreement, this Agreement shall be construed as if drafted
jointly by the parties thereto, 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.

     24. Governing Law. This Agreement and (unless otherwise provided) all amendments
hereof and waivers and consents hereunder shall be governed by the internal laws of the State of
New York, without regard to the conflicts of law principles thereof which would specify the
application of the law of another jurisdiction.

     25. Jurisdiction. Each of the Shareholders and the Company (a) hereby irrevocably and
unconditionally submits to the exclusive jurisdiction of any court of the State of New York or any
federal court sitting in the State of New York for purposes of any suit, action or other proceeding
arising out of this Agreement or the subject matter hereof brought by the Company, or any
Shareholder and (b) hereby waives and agrees not to assert, by way of motion, as a defense, or
otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to
the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper or that this Agreement or the subject matter
hereof may not be enforced in or by such court.

     26. Stock Splits, Stock Dividends, etc. In the event of any stock split, stock
dividend, recapitalization, reorganization or combination, any securities issued to the parties
shall be subject to this Agreement.

     27. Winn Warrant. With respect to the Warrants issued by the Company on December 30,
2003 to Winn and certain other individuals, and amended on February 22, 2008, Apax and Camden each
agrees that if such Warrants vest in accordance with their terms and the Company does not have
sufficient authorized common stock to allow exercise thereof, Apax and Camden shall each vote its
shares of Company stock for an increase in such authorized common stock to allow exercise thereof.

[Remainder of page intentionally left blank]

21

 

     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the
date first above written.

	 	 	 	 	 
	 	COMPANY:

REALPAGE, INC

 	 
	 	By:  	/s/ Stephen T. Winn
 	 
	 	 	Name:  	Stephen T. Winn 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	SHAREHOLDERS:

 	 
	 	/s/ Stephen T. Winn
 	 
	 	STEPHEN T. WINN 	 
	 	 	 
	 
	 	STEPHEN T. WINN 1996 FAMILY LP A

 	 
	 	By:  	/s/ Stephen T. Winn
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SEREN CAPITAL LTD.

By: Seren Capital Management, L.L.C.,

        Its General Partner

 	 
	 	By:  	/s/ Stephen T. Winn
 	 
	 	 	Name:  	Stephen T. Winn 	 
	 	 	Title:  	Sole Manager and President 	 
	 
	 	SEREN CATALYST LP

By: Seren Capital Management, L.L.C.,

        Its General Partner

 	 
	 	By:  	/s/ Stephen T. Winn
 	 
	 	 	Name:  	Stephen T. Winn 	 
	 	 	Title:  	Sole Manager and President 	 
	 

Signature Page to Fourth Amended and Restated Shareholders Agreement

 

 

	 	 	 	 	 
	 	APAX EXCELSIOR VI, L.P.

By: Apax Excelsior VI Partners, L.P.,

        Its General Partner

By: Apax Managers, Inc.

        Its General Partner

 	 
	 	By:  	/s/ Robert Marsden
 	 
	 	 	Name:  	Robert Marsden 	 
	 	 	Title:  	CFO 	 
	 
	 	APAX EXCELSIOR VI-A C.V.

By: Apax Excelsior VI Partners, L.P.,

        Its General Partner

By: Apax Managers, Inc.

        Its General Partner

 	 
	 	By:  	/s/ Robert Marsden
 	 
	 	 	Name:  	Robert Marsden 	 
	 	 	Title:  	CFO 	 
	 
	 	APAX EXCELSIOR VI-B C.V.

By: Apax Excelsior VI Partners, L.P.,

        Its General Partner

By: Apax Managers, Inc.

        Its General Partner

 	 
	 	By:  	/s/ Robert Marsden
 	 
	 	 	Name:  	Robert Marsden 	 
	 	 	Title:  	CFO 	 
	 
	 	PATRICOF PRIVATE INVESTMENT CLUB III, L.P.

By: Apax Excelsior VI Partners, L.P.,

        Its General Partner

By: Apax Managers, Inc.

        Its General Partner

 	 
	 	By:  	/s/ Robert Marsden
 	 
	 	 	Name:  	Robert Marsden 	 
	 	 	Title:  	CFO 	 
	 

Signature Page to Fourth Amended and Restated Shareholders Agreement

 

 

	 	 	 	 	 
	 	ADVANCE CAPITAL PARTNERS, L.P.

By: Advance Capital Associates, L.P.,

        Its General Partner

By: Advance Capital Management, LLC,

        Its General Partner

 	 
	 	By:  	/s/ Jeffrey T. Leeds
 	 
	 	 	Name:  	Jeffrey T. Leeds 	 
	 	 	Title:  	Principal 	 
	 
	 	ADVANCE CAPITAL OFFSHORE PARTNERS, L.P.

By: Advance Capital Offshore Associates, LDC,

        Its General Partner

By: Advance Capital Associates, L.P.,

        Its Member

By: Advance Capital Management, LLC,

        Its General Partner

 	 
	 	By:  	/s/ Jeffrey T. Leeds
 	 
	 	 	Name:  	Jeffrey T. Leeds 	 
	 	 	Title:  	Principal 	 
	 
	 	 	 
	 	                                          /s/ Jeffrey T. Leeds
 	 
	 	JEFFREY T. LEEDS 	 
	 	 	 
	 

Signature Page to Fourth Amended and Restated Shareholders Agreement

 

 

	 	 	 	 	 
	 	CAMDEN PARTNERS STRATEGIC FUND III, L.P.

By: Camden Partners Strategic III, LLC

Its: General Partner

By: Camden Partners Strategic Manager, LLC

Its: Managing Member

 	 
	 	By:  	/s/ Richard M. Berkeley
 	 
	 	 	Richard M. Berkeley 	 
	 	 	Managing Member 	 
	 
	 	CAMDEN PARTNERS STRATEGIC FUND III-A, L.P.

By: Camden Partners Strategic III, LLC

Its: General Partner

By: Camden Partners Strategic Manager, LLC

Its: Managing Member

 	 
	 	By:  	/s/ Richard M. Berkeley
 	 
	 	 	Richard M. Berkeley 	 
	 	 	Managing Member 	 
	 

Signature Page to Fourth Amended and Restated Shareholders Agreement

 

 

Schedule I

To

Fourth Amended and Restated Shareholders Agreement

	 	 	 

	 
	Series A Shareholders

	 	Apax Excelsior VI, L.P.
	 

	 	Apax Excelsior VI-A C.V.
	 

	 	Apax Excelsior VI-B C.V.
	 

	 	Patricof Private Investment Club III, L.P.
	 

	 	Seren Capital Ltd.
	 

	 	Advance Capital Partners, L.P.
	 

	 	Advance Capital Offshore Partners, L.P.
	 

	 	Jeffrey T. Leeds
	 

	 	Ethan A Budin
	 

	 	Mark H. Sherman
	 

	 	Donald J. Edwards
	 

	 	Joshua A. Sorensen
	 

	 	Robert T. Puopolo
	 
	Series A1 Shareholders

	 	Seren Capital Ltd.
	 

	 	Stephen T. Winn
	 

	 	Camden Partners Strategic Fund III, L.P.
	 

	 	Camden Partners Strategic Fund III-A, L.P
	 
	Series B Shareholders

	 	Camden Partners Strategic Fund III, L.P.
	 

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

	 	James K. Malernee
	 

	 	Timothy J. Barker
	 
	Series C Shareholders

	 	Apax Excelsior VI, L.P.
	 

	 	Apax Excelsior VI-A C.V.
	 

	 	Apax Excelsior VI-B C.V.
	 

	 	Patricof Private Investment Club III, L.P.
	 

	 	Camden Partners Strategic Fund III, L.P.
	 

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

	 	Timothy J. Barker
	 
	Major Shareholders and

	 	Stephen T. Winn
	Warrantholders

	 	Stephen T. Winn 1996 Family LPA
	 

	 	Seren Capital Ltd.
	 

	 	Seren Catalyst LP
	 

	 	Stephen T. Winn, separate property
	 

	 	Michael E. Mueller
	 

	 	Robert H. Dilworth
	 

	 	Melvin R. Woolf
	 

	 	Fabian R. Gordon
	 

	 	Bryan Vincent
	 

	 	Michael Polly
	 

 

 

Schedule I (Continued)

Fourth Amended and Restated Shareholders Agreement

	 	 	 

	 
	 

	 	Jason Russell
	 

	 	Camden Technology, Inc.
	 

	 	RE3, Inc.
	 

	 	United Dominion Realty Trust
	 

	 	Jeffrey Roper
	 

	 	Patricia Roper
	 

	 	Comerica Ventures Incorporated
	 

 

 

Schedule I (Continued)

Fourth Amended and Restated Shareholders Agreement

Apax Excelsior VI, L.P.

Apax Excelsior VI-A C.V.

Apax Excelsior VI-B C.V.

Patricof Private Investment Club III, L.P.

[***]

Seren Capital Ltd.

Seren Catalyst LP

Stephen T. Winn

Stephen T. Winn, separate property

Stephen T. Winn 1996 Family LP A

[***]

Advance Capital Partners, L.P.

Advance Capital Offshore Partners, L.P.

Jeffrey T. Leeds

c/o Jeffrey T. Leeds

Leeds Equity Partners, LLC

350 Park Avenue, 23rd Floor

New York, New York 10022

Ethan A. Budin

FlexPoint Partners

676 N. Michigan, Suite 3300

Chicago, Illinois 60611

Mark H. Sherman

     [***]

 

 

Schedule I (Continued)

Fourth Amended and Restated Shareholders Agreement

Donald J. Edwards

c/o FlexPoint Partners

676 N. Michigan, Suite 330

Chicago, Illinois 60611

Joshua A. Sorensen

c/o Leeds Equity Partners, LLC

350 Park Avenue, 23rd Floor

New York, New York 10022

Robert T. Puopolo

Epic Partners

116 W. 23rd St. 5th

New York, NY 10011

Camden Partners Strategic Fund III, L.P.

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

500 E. Pratt Street, Suite 1200

Baltimore, Maryland 21202

Attention: Richard M. Berkeley

Facsimile: (410) 878-6850

James K. Malernee

c/o Cornerstone Research

599 Lexington Avenue

43rd Floor

New York, NY 10022

Timothy J. Barker

[***]

Michael E. Meuller

     [***]

 

 

Schedule I (Continued)

Fourth Amended and Restated Shareholders Agreement

Robert H. Dilworth

[***]

Melvin R. Woolf

[***]

Fabian R. Gordon

[***]

Michael Polly

[***]

Jason Russell

[***]

Bryan Vincent

[***]

RE3, Inc.

Attn: Bill Licko

1745 Shea Center Drive

Suite 200

Highlands Ranch, CO 80129

Camden Technology, Inc.

Attn: Alex Jessett

3 Greenway Plaza

Houston, Texas 77046

 

 

Schedule I (Continued)

Fourth Amended and Restated Shareholders Agreement

United Dominion Realty Trust

Attn: David Messenger

1745 Shea Center Drive, Suite 200

Highlands Ranch, CO 80129

Jeffrey Roper

Patricia Roper

[***]

Comerica Ventures Incorporated

Attn: Joe Fisher

1717 Main Street

MC 6406, 5th Floor

Dallas, TX 75201

Sukhi Singh

[***]

Rajiv Naidu

[***]

Kevin Braun

[***]

Mike Lin

[***]

Ken Murai

[***]

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