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  Exhibit 4.3    
    

 
    TELEUNIVERSITY, INC.
  
    STOCKHOLDERS AGREEMENT    
    

        Stockholders Agreement ("Agreement"), dated as of this 26th day of November, 2003, among the institutional investors listed on
Schedule I hereto (the "New Investors"); the Persons whose names and addresses appear from time to time on Schedule II hereto (the "Management Investors"); the Persons whose names and
addresses appear from time to time on Schedule III hereto (the "Other Investors"); and TeleUniversity Inc., Delaware corporation (the "Company"). The New Investors, the Management
Investors and the Other Investors are hereinafter collectively referred to as the "Investors". 

 
 

  R E C I T A L S    
    

        WHEREAS, the New Investors have, pursuant to the terms of Securities Purchase Agreement, dated November 26, 2003, with the
Company (the "Purchase Agreement") agreed
to purchase shares of Series A Convertible Preferred Stock, par value $0.01 per share of the Company (the "Preferred Stock"); 

        WHEREAS,
the Management Investors and Other Investors Own, pursuant to the terms of certain agreements (collectively, the "Prior Agreements" and, together with the Purchase Agreement,
the "Subscription Agreements") or the Purchase Agreement shares of Preferred Stock and/or common stock, par value $0.0l per share, of the Company (the "Common Stock" and together with the Preferred
Stock, the "Shares") or other Equity Securities of the Company (collectively, the "Securities"); 

        WHEREAS,
it is condition to the obligations of the New Investors under the Purchase Agreement that the parties hereto enter into this Agreement in its entirety; and 

        WHEREAS,
the Investors and the Company desire to promote their mutual interests by agreeing to certain matters relating to the operations of the Company and the disposition and voting of
the Shares. 

        NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained the parties hereto hereby agree as follows: 

1.     COVENANTS OF THE PARTIES.  

        (a)    Legends.    The certificates evidencing the Securities acquired by the Investors pursuant to the Subscription
Agreements will bear the following legend reflecting the restrictions on the transfer of such securities contained in this Agreement. 

"The
securities evidenced hereby are subject to the terms of that certain Stockholders Agreement, dated as of November 26, 2003, as amended, by and among the Company and certain investors
identified therein (the "Agreement"), including certain restrictions on transfer. A copy of the Agreement has been filed with the Secretary of the Company and is available upon request." 

        As
promptly as practicable after the date hereof, the Investors shall deliver all certificates representing any Securities held beneficially and of record by such Investor to the Company
to enable the Company to place the foregoing legend on such certificates. 

        (b)    Additional Investors.    The parties hereto acknowledge that certain employees of the Company and other Persons
may become stockholders or Security holders of the Company after the date hereof, pursuant to the exercise of options or otherwise. As a condition to the issuance of shares of capital stock of the
Company or Securities to them, such Persons shall, and the shares of capital stock of the Company and Securities shall, immediately become subject to the terms and provisions of this Agreement, by
executing and delivering to the Company a joinder agreement in substantially the form 

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attached
hereto as Exhibit A (a "Joinder Agreement"), pursuant to which the such Persons will thereupon become a party to, and be bound by and
obligated to comply with the terms and provisions of this Agreement. 

        (c)    Prior Agreements.    Each of the Management Investors and the Other Investors who are parties to the Prior
Agreements set forth on Schedule IV hereto hereby acknowledges and agrees that this Agreement and the Registration Rights Agreement (as defined in the Purchase Agreement) constitute the entire
understanding of the parties hereto relating to the subject matter hereof and thereof and supersede all prior understandings relating to such subject matter, including the Prior Agreements, and that
the provisions of such Prior Agreements related to such subject matter and set forth on Schedule IV are terminated and all rights thereunder waived as of the date hereof, with no further
liabilities or obligations relating thereto on the part of any party thereto. 

        (d)    Chief Executive Officer.    Following the Initial Closing (as defined in the Purchase Agreement), in the event
the Board (as herein defined) does not approve Warburg Pincus' nominee for Chief Executive Officer of the Company, Warburg Pincus shall retain an executive search firm acceptable to Warburg Pincus in
its own discretion, at its own expense, to identify additional candidates for such position. 

2.     BOARD OF DIRECTORS.  

        (a)    Election of Directors.    

        (i)    Initial Closing—As of the date hereof, the Board of Directors of the Company (the "Board") will consist of
Scott Turner, Wayne Clugston and Ryan Craig. From and until the Second Closing (as defined in the Purchase Agreement) of the first issuance of the Second Closing Shares (as defined in the Purchase
Agreement), the Investors and the Company shall take all action within their
respective power, including but not limited to, the voting of all shares of capital stock of the Company Owned by them, required to cause the Board to consist of up to three (3) members or such
other number as the Board may from time to time establish, and at all times throughout such period to include (x) one (1) representative designated by Warburg Pincus (a "Warburg Pincus
Director"), (y) Scott Turner and (z) Wayne Clugston. 

        (ii)   Second Closing—Following the Second Closing of the first issuance of the Second Closing Shares until the
Second Closing of the second issuance of the Second Closing Shares, the Investors and the Company shall take all action within their respective power, including but not limited to, the voting of all
shares of capital stock of the Company Owned by them, required to cause the Board to consist of up to four (4) members or such other number as the Board may from time to time establish, and at
all times throughout such period to include (x) two (2) Warburg Pincus Directors, (y) Scott Turner and (z) the Chief Executive Officer of the Company. Following the Second
Closing relating to the second issuance of the Second Closing Shares until the Third Closing (as defined in the Purchase Agreement), the Investors and the Company shall take all action within their
respective power, including but not limited to, the voting of all shares of capital stock of the Company Owned by them, required to cause the Board to consist of up to five (5) members or such
other number as the Board may from time to time establish, and at all times throughout such period to include (x) the individuals specified in the foregoing sentence and (y) one
(1) representative mutually designated by Warburg Pincus and the Management Investors (an "Independent Director"). 

        (iii)  Third Closing—From and after the Third Closing, the Investors and the Company shall take all action within
their respective power, including but not limited to, the voting of all shares of capital stock of the Company Owned by them, required to cause the Board to consist of up to six (6) members or
such other number as the Board may from time to time establish, and at all times throughout such period to include (i) three (3) Warburg Pincus Directors, (ii) Scott Turner, 

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(iii) the
Chief Executive Officer of the Company and (iv) one (1) Independent Director. Upon the New Investors and the Subsequent Investors (as defined in the Purchase Agreement)
purchasing 6,333,333 shares of Preferred Stock in the aggregate, Warburg Pincus shall have the right to designate a majority of the members of the Board and the Investors and the Company shall take
all action within their respective power, including but not limited to, the voting of all shares of capital stock of the Company Owned by them, required to cause the Warburg Pincus Directors to
constitute a majority of the Board, including increasing the number of members of the Board. 

        (iv)  Qualified Public Offering—From the date on which the Company completes a Qualified Public Offering for
shares of Common Stock pursuant to a registration under the Securities Act, and for as long as Warburg Pincus Owns at least twenty percent (20%) of the Common Stock, the Company will nominate and use
its best efforts to have two individuals designated by Warburg Pincus and reasonably acceptable to the Company elected to the Board. From the date on which the Company completes its Qualified Public
Offering and for as long as Warburg Pincus Owns at least ten percent (10%) of the outstanding shares of Common Stock, the Company will nominate and use its best efforts to have one individual
designated by Warburg Pincus and reasonably acceptable to the Company elected to the Board. 

        (b)    Replacement Directors.    In the event that any Warburg Pincus Director, Scott Turner, the Chief Executive
Officer of the Company or Independent Director designated in the manner set forth in Section 2(a) hereof is unable to serve, or once having commenced to serve, is removed or withdraws from the
Board (a "Withdrawing Director"), such Withdrawing Director's replacement (the "Substitute Director") will be designated by Warburg Pincus in the case of any Warburg Directors, the Management
Investors in the case of Scott Turner or the Chief Executive Officer of the Company, or mutually by Warburg Pincus and the Management Investors in the case of an Independent Director. The Investors
and the Company agree to take all action within their respective power, including but not limited to, the voting of capital stock of the Company Owned by them, (i) to cause the election of such
Substitute Director promptly following his or her nomination pursuant to this Section 2(b), (ii) upon the written request of Warburg Pincus, to remove, with or without cause, the Warburg
Pincus Director, (iii) upon the written request of the Management Investors, to remove, with or without cause, a Substitute Director designated by the Management Investors or (iv) upon
the written request of Warburg Pincus and the Management Investors, to remove, with or without cause, Scott Turner, the Chief Executive Officer of the Company or the Independent Director.
Notwithstanding the foregoing, in the event Scott Turner is no longer employed by the Company, the Investors and the Company shall take all action within their respective power, including but not
limited to, the voting of all shares of capital stock of the Company Owned by them, to remove Scott Turner from the Board and replace him pursuant to this Section 2(b). 

        (c)    Board Observers.    

        (i)    (w)
Warburg Pincus shall have the right to appoint two (2) observers (the "Warburg Pincus Observers"), (x) from the date hereof until the
30-month anniversary of such date, Scott Turner and Wayne Clugston shall have the right to appoint themselves observers (each, a "Management Observer"), (y) from the date hereof
until the New Investors and the Subsequent Investors purchase 15,333,333 shares of Preferred Stock in the aggregate, the Other Investors Owning a majority of those shares of Common Stock Owned by such
Other Investors shall have the right to appoint one (1) observer (the "Other Investor Observer") and (z) Roberts Wesleyan College shall have the right to appoint one (1) observer
subject to the terms and conditions of the Consent of Roberts Wesleyan College Including Amendment to License, dated November 12, 2003, between Roberts Wesleyan College and the Company (the
"RWC Observer" and, together with the Warburg Pincus Observers, the Management Observers and the Other Investor Observer, the "Observers"), who, subject to their entering into a confidentiality
agreement substantially similar to Section 4 hereof, may attend and participate in all meetings of the Board or the board of any 

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subsidiary
of the Company, and, in the case of the Warburg Pincus Observers, any committees thereof; provided that the aforementioned Investors will notify the Company from time to time of the
identity of their respective Observers and such Observer's address (including facsimile) for communications; and further provided that any Observer may be excluded from any such meeting (unless such
Observer is also a director serving on the board in question at such time or, in the case of a Warburg Pincus Observer, the committee in question) to the extent the board or committee in question
determines in good faith that such exclusion is required to preserve any evidentiary privilege, or any portion of any such meeting during which the respective interests of the Company or the
subsidiary in question and
those of one or more of the Investors who appointed the Observer in question conflict as to the matter(s) to be discussed or actions to be taken (in the good faith judgment of the board or committee
in question). 

        (ii)   The
Observers shall receive each of the following items at the same time and in the same manner as such items are delivered to the members of the Board and each
subsidiary board, and, in the case of the Warburg Pincus Observers, the members of the committees of such boards: 

        (A)  notice
of each meeting of the Board and each subsidiary board, and, in the case of the Warburg Pincus Observers, the committees thereof; 

        (B)  minutes
of each meeting of the Board and each subsidiary board, and, in the case of the Warburg Pincus Observers, the committees thereof; and 

        (C)  the
agenda and all other documents and materials distributed to the members of the Board and each subsidiary board, and, in the case of the Warburg Pincus Observers, the
committees thereof, in connection with any action to be taken by the Board or such subsidiary board, and, in the case of the Warburg Pincus Observers, the committees thereof, as applicable. 

        (d)    Board Committees.    

        (i)    From
the date hereof, the Board shall create and maintain a Compensation Committee and an Audit Committee of the Board. 

        (ii)   From
the date hereof, in the event the Board establishes any committee thereof, including the Compensation Committee and Audit Committee, (i) such committee
shall have at least one (1) Warburg Pincus Director as a member and (ii) following the Third Closing, a majority of the members of such committee shall be Warburg Pincus Directors. 

        (iii)  From
the date hereof, in the event the Board and its Compensation Committee establish a management equity plan under which options to purchase shares of Common Stock
shall be issued to management of the Company, such plan shall contain customary vesting and other provisions; provided however the strike price for such options shall not be less than the quotient of
$3,545,000 divided by the number of shares of issued and outstanding Common Stock immediately prior to the Initial Closing, excluding any and all issued and outstanding options and warrants. 

        (e)    Board Meetings.    From and after the date hereof, the Company shall cause the Board to hold meetings no less
frequently than once every two months; provided however, following the Third Closing and upon the majority of the Board consisting of Warburg Pincus Directors, subject to the approval of Warburg
Pincus, such meetings shall be held no less frequently than once every three months. 

        (f)    Director Compensation.    The parties hereto agree and acknowledge that no Warburg Pincus Director shall
receive any compensation or expense reimbursement, including without limitation director fees and reimbursement of out-of-pocket expenses, related to his services as a director
of the Company. 

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3.     TRANSFER OF STOCK.  

        (a)    Resale of Securities.    No Investor shall Transfer any Securities, including any rights thereunder, other than
in accordance with the provisions of this Section 3. Any Transfer or purported Transfer made in violation of this Section 3 shall be null and void and of no effect. 

        (b)    Restrictions on Transfer.    

        (i)    Unless
approved by the Board, no Management Investor or Other Investor shall be permitted to Transfer, directly or indirectly, any Securities Owned by him or it except
to a Permitted Transferee, provided that in each instance such Permitted Transferee agrees in writing to be bound by the provisions of this Agreement as if such Permitted Transferee were an original
signatory hereto. 

        (ii)   Notwithstanding
the foregoing subsection (i), (x) Louis Falcigno shall have the right to Transfer up to 200,000 shares of Common Stock Owned by him in the
aggregate to Vecki Merila, provided that in such instance Ms. Merila agrees in writing to be bound by the provisions of this Agreement as if she were an original signatory hereto,
(y) Michael Clifford shall have the right to Transfer up to 600,000 shares of Common Stock Owned by him in the aggregate to Mr. Falcigno pursuant to the terms of a Pledge Agreement,
dated November 1, 2003, by and among such persons and (z) William C. Turner, Trustee of the Turner Trust, dated January 7, 1982, as amended, shall have the right-to
transfer any and all shares of Common Stock Owned by such trust in his capacity as Trustee of said trust to Scott C. Turner. 

        (c)    Tag-Along Rights.    

        (i)    Following
the Third Closing, so long as Warburg Pincus Owns at least 50% of the outstanding Common Stock, in the event Warburg Pincus intends to Transfer more than 25%
of any of its Shares (other then Transfers to any Permitted Transferee or to the Company), Warburg Pincus shall notify the other Investors (the "Tag-Along Investors"), in writing, of such
proposed Transfer and its terms and conditions. Within ten (10) business days of the date of such notice, each other Tag-Along Investor shall notify Warburg Pincus if it elects to
participate in such Transfer. Any Tag-Along Investor that fails to notify Warburg Pincus within such ten (10) business day period shall be deemed to have waived its rights
hereunder. 

        (ii)   Each
Tag-Along Investor that so notifies Warburg Pincus shall have the right to sell, (x) in the case of a proposed sale of Common Stock, at the same
price per share and on the same terms and conditions as Warburg Pincus, a number of shares of Common Stock equal to the number of shares of Common Stock the third party actually proposes to purchase
multiplied by a fraction, the numerator of which shall be the number of Shares Owned by such Tag-Along Investor and the denominator of which shall be the aggregate number of Shares Owned
by Warburg Pincus and each Tag-Along Investor exercising its rights under this Section 3(c) (assuming full conversion of all shares of Preferred Stock held by Warburg Pincus and
each Tag-Along Investor exercising its rights under this Section 3(c)) and (y) in the case of a proposed sale of Preferred Stock, (1) Tag-Along Investors
holding shares of Preferred Stock shall have the right to sell such stock at the same price per share and on the same terms and conditions as Warburg Pincus, a number of shares of Preferred Stock
which convert into the number of shares of Common Stock equal to the number of shares of Preferred Stock the third party actually proposes to purchase multiplied by a fraction, the numerator of which
shall be the number of Shares Owned by such Tag-Along Investor and the denominator of which shall be the aggregate number of Shares Owned by Warburg Pincus and each Tag-Along
Investor exercising its rights under this Section 3(c) (assuming full conversion of all shares of Preferred Stock proposed to be sold and all shares of Preferred Stock held by Warburg Pincus
and each Tag-Along Investor exercising its rights under this Section 3(c)) and (2) Tag-Along Investors holding shares of Common Stock, shall have the right to
sell such stock at a price per share equal to the proposed price per share of Preferred Stock multiplied by a fraction, the 

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numerator
of which shall be one and the denominator of which shall be the number of shares of Common Stock into which each share of Preferred Stock converts, and on the same terms and conditions as
Warburg Pincus, a number of shares of Common Stock equal to the number of shares of Preferred Stock the third party actually proposes to purchase multiplied by a fraction, the numerator of which shall
be the number of Shares Owned by such Tag-Along Investor and the denominator of which shall be the aggregate number of Shares Owned by Warburg Pincus and each Tag-Along
Investor exercising its rights under this Section 3(c) (assuming full conversion of all shares of Preferred Stock proposed to be sold and all shares of Preferred Stock held by Warburg
Pincus and each Tag-Along Investor exercising its rights under this Section 3(c)). Tag-Along Investors holding both Preferred and Common Stock who elect to participate
in a sale of Preferred Stock shall be able to include such number of Shares (assuming full conversion of all shares of Preferred Stock being included in such sales by the Tag-Along
Investor) as calculated pursuant to (2) above with the Preferred Stock being included having the same price per share of Preferred Stock as Warburg Pincus, provided however, that such
Tag-Along Investors shall only transfer shares of Common Stock to the extent the number of Shares allowed to be included in such Preferred Stock sale by such an Investor exceeds the number
of shares of Common Stock into which such Investor's Preferred Stock converts at such price per share calculated pursuant to (2) above. 

        (iii)  Notwithstanding
anything contained in this Section 3(c), in the event that all or a portion of the purchase price consists of securities and the sale of such
securities to the Tag-Along Investors would require either a registration under the Securities Act or the preparation of a disclosure document pursuant to Regulation D under the
Securities Act (or any successor regulation) or a similar provision of any state securities law, then, at the option of Warburg Pincus, any one or more of the Tag-Along Investors may
receive, in lieu of such securities, the fair market value of such securities, as determined in good faith by the Board, in cash from Warburg Pincus or the respective transferee. 

        (d)    Drag Along Right.    

        (i)    Following
the Third Closing, so long as Warburg Pincus Owns at least 50% of the outstanding Common Stock, if at any time and from time to time after the date of this
Agreement, Warburg Pincus wishes to (x) Transfer in a bona fide arms' length sale all of its Shares to any Person or Persons who are non-Affiliates of the Company or Warburg Pincus,
(y) approve any merger of the Company with or into any other Person who is a non-Affiliate of the Company or Warburg Pincus, or (z) approve any sale of all or substantially
all of the Company's assets to any Person or Persons who are non-Affiliates of the Company or Warburg Pincus (for purposes of this Section 3(d), such Person or Persons are referred
to as the "Proposed Transferee"), Warburg Pincus shall have the right (for purposes of this Section 3(d), the "Drag-Along Right") to (A) in the case of a Transfer of the type
referred to in clause (x), require each other Investor to sell to the Proposed Transferee all of his or its Shares (including any warrants or options to acquire Shares) for the same per share
consideration as proposed to be received by Warburg Pincus (less, in the case of options or warrants, the exercise price for such options or warrants) then Owned by such Investor or (B) in the
case of a merger or sale of assets referred to in clauses (y) or (z), require each other Investor to vote all Shares then Owned by such other Investor in favor of such transaction and to waive
any appraisal or similar rights. Each Investor agrees to take all steps necessary to enable him or it to comply with the provisions of this Section 3(d) to facilitate the Warburg Pincus'
exercise of a Drag-Along Right. 

        (ii)   To
exercise a Drag-Along Right, Warburg Pincus shall give each other Investor a written notice (for purposes of this Section 3(d), a
"Drag-Along Notice") containing (x) the name and address of the Proposed Transferee and (y) the proposed purchase price, terms of payment and other material terms and
conditions of the Proposed Transferee's offer. Each other Investor shall 

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thereafter
be obligated to sell or vote its Shares (including any warrants or options Owned by such Investor), provided that the sale to the Proposed
Transferee is consummated within ninety (90) days of delivery of the Drag-Along Notice. If the sale or merger is not consummated within such 90-day period, then each
other Investor shall no longer be obligated to sell such Investor's Shares pursuant to that specific Drag-Along Right but shall remain subject to the provisions of this
Section 3(d). 

        (iii)  Notwithstanding
anything contained in this Section 3(d), in the event that all or a portion of the purchase price consists of securities and the sale of such
securities to the Investors would require either a registration under the Securities Act or the preparation of a disclosure document pursuant to Regulation D under the Securities Act (or any
successor regulation) or a similar provision of any state securities law, then, at the option of Warburg Pincus, the Investors may receive, in lieu of such securities, the fair market value of such
securities, as determined in good faith by the Board, in cash from Warburg Pincus or the respective transferee, surviving Person or purchaser, as the case may be. 

        (e)    Subscription Right.    

        (i)    If
at any time after the date hereof, the Company proposes to issue equity securities of any kind (the term "equity securities" shall include for these purposes any
warrants, options or other rights to acquire equity securities and debt securities convertible into equity securities) of the Company (other than the issuance of securities (v) pursuant to
options and warrants outstanding as of the date of this Agreement, (w) pursuant to a stock-for-stock acquisition of another Person that has been approved by the Board,
(x) upon conversion of the Preferred Stock pursuant to the Company's Amended and Restated Certificate of Incorporation (the "Restated Certificate"), (y) pursuant to an employee stock
option plan, stock bonus plan, stock purchase plan or other management equity program approved by the Board, or (z) pursuant to the terms of the Purchase Agreement), then, as to each Investor
who then Owns Preferred Stock, the Company shall: 

        (A)  give
written notice setting forth in reasonable detail (1) the designation and all of the terms and provisions of the securities proposed to be issued (the
"Proposed Securities"), including, where applicable, the voting powers, preferences and relative participating, optional or other special rights, and the qualification, limitations or restrictions
thereof and interest rate and maturity; (2) the price and other terms of the proposed sale of such securities; (3) the amount of such securities proposed to be issued; and
(4) such other information as such Investors may reasonably request in order to evaluate the proposed issuance; and 

        (B)  offer
to issue to each such Investor a portion of the Proposed Securities equal to a percentage determined by dividing (x) the number of shares of Common Stock
Owned by such Investor, by (y) the total number of shares of Common Stock then outstanding, including for purposes of this calculation all shares of Common Stock outstanding on a fully diluted,
as converted basis. 

        (ii)   Each
such Investor must exercise its purchase rights hereunder within ten (10) days after receipt of such notice from the Company. If all of the Proposed
Securities offered to such Investors are not fully subscribed by such Investors, the remaining Proposed Securities will be reoffered to the Investors purchasing their full allotment upon the terms set
forth in this Section 3(e), until all such Proposed Securities are fully subscribed for or until all such Investors have subscribed for all such Proposed Securities which they desire to
purchase, except that such Investors must exercise their purchase rights within five (5) days after receipt of all such reoffers. To the extent that the Company offers two or more securities in
units, such Investors must purchase such units as a whole and will not be given the opportunity to purchase only one of the securities making up such unit. 

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        (iii)  Upon
the expiration of the offering periods described above, the Company will be free to sell such Proposed Securities that such Investors have not elected to purchase
during the ninety (90) days following such expiration on terms and conditions no more favorable to the purchasers thereof than those offered to such holders. Any Proposed Securities offered or
sold by the Company after such 90-clay period must be reoffered to such Investors pursuant to this Section 3(e). 

        (iv)  The
election by such an Investor not to exercise its subscription rights under this Section 3(e) in any one instance shall not affect its right (other than in
respect of a reduction in its percentage holdings) as to any subsequent proposed issuance. Any sale of such securities by the Company without first giving such investors the rights described in this
Section 3(e) shall be void and of no force and effect. 

4.     CONFIDENTIALITY.  

        As to so much of the information and other material furnished under or in connection with this Agreement and the Subscription Agreements (whether furnished
before, on or after the date hereof, including without limitation information furnished pursuant to Sections 8.1 and 8.2 of the Purchase Agreement) as constitutes or contains confidential
business, financial or other information of the Company or any subsidiary, each of the Investors covenants for itself and its directors, officers and partners that it will avoid (and, in the case of
an Investor who is not an individual, will use due care to prevent its officers, directors, partners, employees, counsel, accountants and other representatives) from
disclosing such information to Persons other than their respective authorized employees, counsel, accountants, shareholders, partners, limited partners and other authorized representatives and from
using such information for any purpose other than to monitor its investment in the Company; provided,  however, that each Investor may disclose or deliver
any information or other material disclosed to or received by it should such Investor be advised by
its counsel that such disclosure or delivery is required by law, regulation or judicial or administrative order. In the event of any termination of any Subscription Agreement, each Investor who is a
party to such agreement shall return to the Company all confidential material previously furnished to such Investor or its officers, directors, partners, employees, counsel, accountants and other
representatives in connection with this transaction. For purposes of this Section 4, "due care" means at least the same level of care that such Investor would use to protect the confidentiality
of its own sensitive or proprietary information, and this obligation shall survive termination of this Agreement. 

5.     TERMINATION.  

        (a)   Sections 2(a)(i),
(ii) and (iii), 2(b), 2(c), 2(d), 3 and 7(a) of this Agreement shall terminate upon the closing of a Qualified Public Offering. 

        (b)   This
Agreement shall terminate on the date on which (i) each New investor and (ii) the Other Investors and Management Investors Owning a majority of those
shares of Common Stock (excluding for this purpose then-outstanding options and warrants) Owned by such Other Investors and Management Investors shall have agreed in writing to terminate
this Agreement. Notwithstanding the foregoing, Section 4 of this Agreement shall survive the termination of this Agreement. 

6.     INTERPRETATION OF THIS AGREEMENT.  

        (a)    Terms Defined.    As used in this Agreement, the following terms have the respective meaning set forth below: 

        Affiliate: shall mean any Person or entity, directly or indirectly controlling, controlled by or under common control with such Person or
entity. 

        Exchange Act: shall mean the Securities Exchange Act of 1934, as amended. 

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        Equity Securities: shall have the meaning set forth in Section 3(a)(1) of the Exchange Act. 

        Owns, Own, Owning or Owned: shall mean beneficial ownership, assuming the conversion of all outstanding securities convertible into Common
Stock and the exercise of all outstanding options and warrants to acquire Common Stock. 

        Permitted Transferee: shall mean, in the case of any Investor (i) a spouse, ancestor or descendant (including adoptive children)
(an "Immediate Family Member") of such Investor, (ii) an Affiliate of such Investor, or such Investor's Immediate Family Members, or (iii) a family trust for the benefit of such
Investor's Immediate Family Members, or (iv) an entity the majority of whose interests are owned at all times by such Investor or such Investor's Immediate Family Members. 

        Person: shall mean an individual, partnership, joint-stock company, corporation, limited liability company, trust or unincorporated
organization, and a government or agency or political subdivision thereof. 

        Qualified Public Offering: shall have the meaning set forth in the Restated Certificate. 

        Securities Act: shall mean the Securities Act of 1933, as amended. 

        Transfer: shall mean any sale, assignment, pledge, hypothecation, or other disposition or encumbrance. 

        Warburg Pincus: shall mean Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership, and its successors and assigns 

        (b)    Accounting Principles.    Where the character or amount of any asset or liability or item of income or expense
is required to be determined or any consolidation or other accounting computation is required
to be made for the purposes of this Agreement, this shall be done in accordance with U.S. generally accepted accounting principles at the time in effect, to the extent applicable, except where such
principles are inconsistent with the requirements of this Agreement. 

        (c)    Share Splits.    Any Share number in this Agreement shall be appropriately adjusted to reflect any stock split,
stock dividend, recapitalization or similar event occurring after the date hereof. 

        (d)    Directly or Indirectly.    Where any provision in this Agreement refers to action to be taken by any Person, or
which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

        (e)    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed entirely within such State. 

        (f)    Section Headings.    The headings of the sections and subsections of this Agreement are inserted for
convenience only and shall not be deemed to constitute a part thereof. 

7.     MISCELLANEOUS.  

        (a)    Injunctive Relief.    The Company and the Investors hereby declare that it is impossible to measure in money
the damages which will accrue to the parties hereto by reason of the failure of any Investor to perform any of its obligations set forth in Sections 2 and 3. Therefore, the Company and the
Investors shall have the right to specific performance of such obligations, and if any party hereto shall institute any action or proceeding to enforce the provisions hereof, each of the Company and
the Investors hereby waives the claim or defense that the party instituting such action or proceeding has an adequate remedy at law. 

9

 

        (b)    Notices.    

        (i)    All
communications under this Agreement shall be in writing and shall be delivered by hand or facsimile or mailed by overnight courier or by registered or certified
mail, postage prepaid: 

        (A)  if
to any of the Investors, at the address or facsimile number of such Investor shown on Schedule 1, Schedule II or Schedule III hereto, as the case
may be, or at such other address as the Investor may have furnished the Company and the other Investors in writing; and 

        (B)  if
to the Company, at 4350 E. Camelback Road, B-240, Phoenix, AZ 85018 (facsimile: (602) 553-2728), Attention: Chief Executive Officer, or
at such other address or facsimile number as it may have furnished the Investors in writing. 

        (ii)   Any
notice so addressed shall be deemed to be given: if delivered by hand or facsimile, on the date of such delivery; if mailed by overnight courier, on the first
business day following the date of such mailing; and if mailed by registered or certified mail, on the third business day after the date of such mailing. 

        (c)    Reproduction of Documents.    This Agreement and all documents relating thereto, including, without limitation,
(i) consents, waivers and modifications which may hereafter be executed, (ii) documents received by each Investor pursuant hereto and (iii) financial statements, certificates and
other information previously or hereafter furnished to each Investor, may be reproduced by each Investor by a photographic, photostatic, microfilm, microcard, miniature photographic or other similar
process and each Investor may destroy any original document so reproduced. All parties hereto agree and stipulate that any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by each Investor in the regular course of business) and that any
enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 

        (d)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties. 

        (e)    Entire Agreement Amendment and Waiver.    This Agreement, the Purchase Agreement and the Registration Rights
Agreement constitute the entire understanding of the parties hereto relating to the subject matter hereof and thereof and supersede all prior understandings among such parties. The provisions of the
Prior Agreements relating to such subject matter and set forth on Schedule IV hereto are hereby terminated and shall have no further force or effect and all rights thereunder are hereby waived
in their entirety. This Agreement may be amended, and the observance of any term of this Agreement may be waived, with (and only with) the written consent of the Company and Warburg Pincus and, in the
case of any amendment or waiver that would adversely affect the other Investors in a manner different than the New Investors, with the consent of the other Investors holding a majority of the shares
of Common Stock Owned by such other Investors on an as converted basis. 

        (f)    Severability.    In the event that any part or parts of this Agreement shall be held illegal or unenforceable
by any court or administrative body of competent jurisdiction, such determination shall not affect the remaining provisions of this Agreement which shall remain in full force and effect. 

        (g)    Counterparts.    This Agreement may be executed in two or more counterparts (including by facsimile), each of
which shall be deemed an original and all of which together shall be considered one and the same agreement. 

[Remainder
of Page Intentionally Left Blank] 

10

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

					
	 
	 	 
	 	 

	 	 	TELEUNIVERSITY, INC.
	

 	
 	
By:	
 	
/s/ SCOTT TURNER

 
	 	 	Name: Scott Turner
	 	 	Title: Chief Executive Officer
	

 	
 	
WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	

 	
 	
By:	
 	
Warburg Pincus & Co.,

General Partner
	

 	
 	
By:	
 	
/s/ MIMI H. STROUSE

 
	 	 	Name: Mimi Strouse
	 	 	Title: Managing Director
	

 	
 	
By:	
 	
/s/ ANDREW CLARK

 
	 	 	Name: Andrew Clark

 

 
 

  AMENDMENT NO. 1 TO
  STOCKHOLDERS AGREEMENT    
    

        THIS AMENDMENT NO. 1 (this "Amendment"), dated as of January 20, 2006 is
made to that certain STOCKHOLDERS AGREEMENT (the "Agreement"), dated as of November 26, 2003, among Bridgepoint Education, Inc. (f/k/a
TeleUniversity, Inc.) (the "Company") and the Investors (as defined therein). Capitalized terms used herein and not otherwise defined have the
meaning ascribed thereto in the Agreement. 

 
 

  W I T N E S S E T H:    
    

        WHEREAS, the Company desires to amend certain employment agreements with certain Management Investors and Other Investors, with respect
to the number of options to be issued to such persons under such agreements and the terms thereof as set forth in the several First Amendment to Employment Agreement, as applicable, dated the date
hereof (the "Employment Amendments"); and 

        WHEREAS,
in connection with the Employment Amendments, the parties hereto desire to amend the Agreement as set forth herein, in accordance with Section 7(e) of the Agreement with
the written consent of the Company and Warburg Pincus. 

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

        SECTION 1.    Management Equity Plan.    Section 2(d)(iii) of the Agreement is hereby amended by
deleting its entirety and inserting the following in lieu thereof: 

        "(iii)
Intentionally Omitted." 

        SECTION 2.    Management Investors.    Schedule II of the Agreement is hereby amended by deleting its
entirety and inserting, in lieu thereof Exhibit A attached hereto. 

        SECTION 3.    Other Investors.    Schedule III of the Agreement is hereby amended by deleting its
entirety and inserting, in lieu thereof, Exhibit B attached hereto. 

        SECTION 4.    Miscellaneous.    

        4.1.    Successors and Assigns    

        This
Amendment shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. 

        4.2.    Entire Agreement; Amendment and Waiver    

        This
Amendment constitutes the entire understandings of the parties hereto and supersedes all prior agreements or understandings with respect to the subject matter hereof among such
parties. This Amendment may be amended, and the observance of any term of this Amendment may be waived, with (and only with) the written consent of the Company and Warburg Pincus and, in the case of
any amendment or waiver that would adversely affect the other Investors in a manner different than the New Investors, with the consent of the other Investors holding a majority of the shares of Common
Stock Owned by such other Investors on an as converted basis. 

        4.3.    Severability    

        In
the event that any part or parts of this Amendment shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not
affect the remaining provisions of this Amendment which shall remain in full force and effect. 

1

 

        4.4.    Counterparts    

        This
Amendment may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one and the
same agreement. 

        4.5.    Agreement in Full Force and Effect; Internal References    

        Except
as expressly amended hereby, the Agreement remains in full force and effect. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and
each reference to "this Agreement" and each other similar reference contained in the Agreement shall from and after the date hereof refer to the Agreement as amended hereby. 

        4.6.    Governing Law    

        This
Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such State. 

[Remainder
of Page Left Intentionally Blank] 

2

 

        IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above. 

					
	 
	 	 
	 	 

	 	 	 BRIDGEPOINT EDUCATION, INC.
	

 	
 	
By:	
 	
/s/ ANDREW S. CLARK

 
	 	 	 	 	Name:  Andrew S. Clark
	 	 	 	 	Title:    Chief Executive Officer
	

 	
 	
 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	

 	
 	
By:	
 	
Warburg Pincus Partners LLC,

General Partner
	

 	
 	
By:	
 	
WARBURG PINCUS & CO.,

Managing Member
	

 	
 	
By:	
 	
/s/ MIRIAM H. STROUSE

 
	 	 	 	 	Name:  Miriam H. Strouse
	 	 	 	 	Title:    Managing Director

[Signature
Page to Amendment No. 1 to Stockholders Agreement] 

3

 

 
 

  AMENDMENT NO. 2 TO
  STOCKHOLDERS AGREEMENT    
    

        THIS AMENDMENT NO. 2 (this "Amendment No. 2"), dated as of February 14th,
2007 is made to that certain STOCKHOLDERS AGREEMENT, as amended (the "Agreement"), dated as of November 26, 2003, among Bridgepoint
Education, Inc. (f/k/a TeleUniversity, Inc.) (the "Company") and the Investors (as defined therein). Capitalized terms used herein and not
otherwise defined have the meaning ascribed thereto in the Agreement. 

 
 

  W I T N E S S E T H:    
    

        WHEREAS, the Company desires to amend Section 2(b), Schedule II and Schedule III of the Agreement (all as
described below) (collectively the "Amendments"); and 

        WHEREAS,
in connection with the Amendments, the parties hereto desire to amend the Agreement as set forth herein, in accordance with Section 7(e) of the Agreement with the written
consent of the Company and Warburg Pincus. 

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

        SECTION 1.    Replacement Directors.    Section 2(b) of the Agreement is hereby amended by deleting its
entirety and inserting the following in lieu thereof: 

        "b)    Replacement Directors.    In the event that any Warburg Pincus Director, Scott Turner, the Chief Executive
Officer of the Company or Independent Director designated in the manner set forth in Section 2(a) hereof is unable to serve, or once having commenced to serve, is removed or withdraws from the
Board (a "Withdrawing Director"), such Withdrawing Director's replacement (the "Substitute Director") will be designated by (w) Warburg Pincus in the case of any Warburg Pincus Directors,
(x) the Chief Executive Officer in the case of Scott Turner or any of his successors, (y) Warburg Pincus in the case of the Chief Executive Officer of the Company, and
(z) mutually by Warburg Pincus and the Chief Executive Officer in the case of an Independent Director. The Investors and the Company agree to take all action within their respective power,
including but not limited to, the voting of capital stock of the Company Owned by them, (i) to cause the election of such Substitute Director promptly following his or her nomination pursuant
to this Section 2(b), (ii) upon the written request of Warburg Pincus, to remove, with or without cause, the Warburg Pincus Director, (iii) upon the written request of the Chief
Executive Officer, to remove, with or without cause, Scott Turner or any of his successors, (iv) upon the written request of Warburg Pincus, to remove, with or without cause, the Chief
Executive Officer of the Company and (v) upon the written request of Warburg Pincus and the Chief Executive Officer, to remove, with or without cause, the Independent Director. Notwithstanding
the foregoing, in the event Scott Turner is no longer employed by the Company, the Investors and the Company shall take all action within their respective power, including but not limited to, the
voting of all shares of capital stock of the Company Owned by them, to remove Scott Turner from the Board and replace him pursuant to this Section 2(b)." 

        SECTION 2.    Management Investors.    Schedule II of the Agreement is hereby amended by deleting its
entirety and inserting, in lieu thereof Exhibit A attached hereto. 

        SECTION 3.    Other Investors.    Schedule III of the Agreement is hereby amended by deleting its
entirety and inserting, in lieu thereof, Exhibit B attached hereto. 

1

 

        SECTION 4.    Miscellaneous.    

        4.1.    Successors and Assigns    

        This
Amendment No. 2 shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. 

        4.2.    Entire Agreement; Amendment and Waiver    

        This
Amendment No. 2 constitutes the entire understandings of the parties hereto and supersedes all prior agreements or understandings with respect to the subject matter hereof
among such parties. This Amendment No. 2 may be amended, and the observance of any term of this Amendment No. 2 may be waived, with (and only with) the written consent of the Company and
Warburg Pincus and, in the case of any amendment or waiver that would adversely affect the other Investors in a manner different than the New Investors, with the consent of the other Investors holding
a majority of the shares of Common Stock Owned by such other Investors on an as converted basis. 

        4.3.    Severability    

        In
the event that any part or parts of this Amendment No. 2 shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such
determination shall not affect the remaining provisions of this Amendment No. 2, which shall remain in full force and effect. 

        4.4.    Counterparts    

        This
Amendment No. 2 may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered
one and the same agreement. 

        4.5.    Agreement in Full Force and Effect; Internal References    

        Except
as expressly amended hereby, the Agreement remains in full force and effect. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and
each reference to "this Agreement" and each other similar reference contained in the Agreement shall from and after the date hereof refer to the Agreement as amended hereby. 

        4.6.    Governing Law    

        This
Amendment No. 2 shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such
State. 

[Remainder
of Page Left Intentionally Blank] 

2

 
        IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 2 as of the date first set forth above. 

					
	 
	 	 
	 	 

	 	 	 BRIDGEPOINT EDUCATION, INC.
	

 	
 	
By:	
 	
/s/ ANDREW S. CLARK

 
	 	 	 	 	Name:  Andrew S. Clark
	 	 	 	 	Title:    Chief Executive Officer
	

 	
 	
 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	

 	
 	
By:	
 	
Warburg Pincus Partners LLC,

General Partner
	

 	
 	
By:	
 	
WARBURG PINCUS & CO.,

Managing Member
	

 	
 	
By:	
 	
/s/ MIRIAM H. STROUSE

 
	 	 	 	 	Name:  Miriam Strouse
	 	 	 	 	Title:    Managing Director

[Signature Page to Amendment No. 2 to Stockholders Agreement]

 

 
 

  AMENDMENT NO. 3 TO
  STOCKHOLDERS AGREEMENT    
    

        THIS AMENDMENT NO. 3 (this "Amendment No. 3"), dated as of November 27,
2007 is made to that certain STOCKHOLDERS AGREEMENT, as amended (the "Agreement"), dated as of November 26, 2003, among Bridgepoint
Education, Inc. (f/k/a TeleUniversity, Inc.) (the "Company") and the Investors (as defined therein). Capitalized terms used herein and not
otherwise defined have the meaning ascribed thereto in the Agreement. 

 
 

  W I T N E S S E T H:    
    

        WHEREAS, the Company desires to amend Schedule III of the Agreement (the
"Amendment"); and 

        WHEREAS,
in connection with the Amendment, the parties hereto desire to amend the Agreement as set forth herein, in accordance with Section 7(e) of the Agreement with the written
consent of the Company and Warburg Pincus. 

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

        SECTION 1.    Other Investors.    Schedule III of the Agreement is hereby amended by deleting its
entirety and inserting, in lieu thereof, Exhibit A attached hereto. 

        SECTION 2.    Miscellaneous.    

        2.1.    Successors and Assigns    

        This
Amendment No. 3 shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. 

        2.2.    Entire Agreement; Amendment and Waiver    

        This
Amendment No. 3 constitutes the entire understandings of the parties hereto and supersedes all prior agreements or understandings with respect to the subject matter hereof
among such parties. This Amendment No. 3 may be amended, and the observance of any term of this Amendment No. 3 may be waived, with (and only with) the written consent of the Company and
Warburg Pincus and, in the case of any amendment or waiver that would adversely affect the other Investors in a manner different than the New Investors, with the consent of the other Investors holding
a majority of the shares of Common Stock Owned by such other Investors on an as converted basis. 

        2.3.    Severability    

        In
the event that any part or parts of this Amendment No. 3 shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such
determination shall not affect the remaining provisions of this Amendment No. 3, which shall remain in full force and effect. 

        2.4.    Counterparts    

        This
Amendment No. 3 may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered
one and the same agreement. 

1

 

        2.5.    Agreement in Full Force and Effect; Internal References    

        Except
as expressly amended hereby, the Agreement remains in full force and effect. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and
each reference to "this Agreement" and each other similar reference contained in the Agreement shall from and after the date hereof refer to the Agreement as amended hereby. 

        2.6.    Governing Law    

        This
Amendment No. 3 shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such
State. 

[Remainder
of Page Left Intentionally Blank] 

2

 

        IN
WITNESS WHEREOF, the undersigned have executed this Amendment No. 3 as of the date first set forth above. 

					
	 
	 	 
	 	 

	 	 	 BRIDGEPOINT EDUCATION, INC.
	

 	
 	
By:	
 	
/s/ ANDREW S. CLARK

 
	 	 	 	 	Name:  Andrew S. Clark
	 	 	 	 	Title:    Chief Executive Officer
	

 	
 	
 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	

 	
 	
By:	
 	
Warburg Pincus Partners LLC,

General Partner
	

 	
 	
By:	
 	
WARBURG PINCUS & CO.,

Managing Member
	

 	
 	
By:	
 	
/s/ ADARSH SARMA

 
	 	 	 	 	Name:  Adarsh Sarma
	 	 	 	 	Title:    Principal

[Signature
Page to Amendment No. 3 to Stockholders Agreement] 

3

 

 
 

  AMENDMENT NO. 4 TO
  STOCKHOLDERS AGREEMENT    
    

        THIS
AMENDMENT NO. 4 (this "Amendment No. 4"), dated as of March 29, 2009 is made to that certain STOCKHOLDERS AGREEMENT, as
amended (the "Agreement"), dated as of November 26, 2003, among Bridgepoint Education, Inc. (f/k/a TeleUniversity, Inc.) (the
"Company") and the Investors (as defined therein). Capitalized terms used herein and not otherwise defined have the meaning ascribed thereto in the
Agreement. 

W I T N E S S E T H: 

        WHEREAS,
the Company desires to amend Section 3(e)(i) of the Agreement (the "Amendment"); and 

        WHEREAS,
in connection with the Amendment, the parties hereto desire to amend the Agreement as set forth herein, in accordance with Section 7(e) of the Agreement with the written
consent of the Company, Warburg Pincus and the other Investors holding a majority of the shares of Common Stock Owned by such Investors on an as converted basis. 

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

SECTION 1.    Subscription Right.    Section 3(e)(i) of the Agreement is hereby amended by deleting its entirety and
inserting the following in lieu thereof: 

"(i)
If at any time after the date, hereof, the Company proposes to issue equity securities of any kind (the term "equity securities" shall include for these purposes any warrants, options or other
rights to acquire equity securities and debt securities convertible into equity securities) of the Company (other than the issuance of securities (t) pursuant to the Company's initial public
offering of common stock (including, without limitation, any shares offered under a directed share program), (u) pursuant to any settlement, approved by the Board, of claims made by holders of
the Common Stock or warrants of the Company related primarily to the Company's financing transactions and grant of employee stock options in 2005 and 2006, (v) pursuant to options and warrants
outstanding as of the date of this Agreement, (w) pursuant to a stock-for-stock acquisition of another Person that has been approved by the Board, (x) upon
conversion of the Preferred Stock pursuant to the Company's Amended and Restated Certificate of Incorporation (the "Restated Certificate"), (y) pursuant to an employee stock option plan, stock
bonus plan, stock purchase plan or other management equity program approved by the Board, or (z) pursuant to the terms of the Purchase Agreement), then, as to each Investor who then Owns
Preferred Stock, the Company shall:" 

SECTION 2.    Miscellaneous.    

        2.1.    Successors and Assigns    

        This
Amendment No. 4 shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto. 

        2.2.    Entire Agreement; Amendment and Waiver    

        This
Amendment No. 4 constitutes the entire understandings of the parties hereto and supersedes all prior agreements or understandings with respect to the subject matter hereof
among such parties. This Amendment No. 4 may be amended, and the observance of any term of this Amendment No. 4 may be waived, with (and only with) the written consent of the Company and
Warburg Pincus and, in the case of any amendment or waiver that would adversely affect the other Investors in a manner 

1

 

different
than the New Investors, with the consent of the other Investors holding a majority of the shares of Common Stock Owned by such other Investors on an as converted basis. 

        2.3.    Severability    

        In
the event that any part or parts of this Amendment No. 4 shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such
determination shall not affect the remaining provisions of this Amendment No. 4, which shall remain in full force and effect. 

        2.4.    Counterparts    

        This
Amendment No. 4 may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered
one and the same agreement. 

        2.5.    Agreement in Full Force and Effect; Internal References    

        Except
as expressly amended hereby, the Agreement remains in full force and effect. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and
each reference to "this Agreement" and each other similar reference contained in the Agreement shall from and after the date hereof refer to the Agreement as amended hereby. 

        2.6.    Governing Law    

        This
Amendment No. 4 shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such
State. 

[Remainder
of Page Left Intentionally Blank] 

2

 

        IN
WITNESS WHEREOF, the undersigned have executed this Amendment No. 4 as of the date first set forth above. 

							
	 	 	 BRIDGEPOINT EDUCATION, INC.
	

 	
 	
By:	
 	
/s/ DANIEL J. DEVINE

  Name: Daniel J. Devine

Title: Chief Financial Officer
	

 	
 	
 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	

 	
 	
By:	
 	
Warburg Pincus Partners LLC,

General Partner
	

 	
 	
By:	
 	
WARBURG PINCUS & CO.,

Managing Member
	

 	
 	
By:	
 	
/s/ BARRY TAYLOR

  Name: Barry Taylor

Title: Managing Director
	

 	
 	
 OTHER INVESTORS
	

 	
 	
 	
 	
/s/ MARTIN A. BELL

  Name: Martin A. Bell
	

 	
 	
 	
 	
 Ruby Corp.
	

 	
 	
 	
 	
By:	
 	
/s/ MARTIN A. BELL

  Name: Martin A. Bell

Title: Vice Chairman

Date: March 26, 2009
	

 	
 	
 	
 	
 Venturetek L.P.
	 	 	 	 	 By:	 	Taurus Max LLC, General Partner
	

 	
 	
 	
 	
By:	
 	
/s/ DAVID SELENGUT

  Name: David Selengut

Title: Managing Member

Date: March 26, 20090

3

 

							
	 	 	 	 	 Kinder Investments, L.P.
	 	 	 	 	 By:	 	Nesher LLC, General Partner
	

 	
 	
 	
 	
By:	
 	
/s/ DOV PERLYSKY

  Name: Dov Perlysky

Title: Managing Member

Date: March 26, 2009
	

 	
 	
 	
 	
 Richard Falcigno as Trustee of the

Sheilagh Falcigno Trust u/w/o Louis

Anthony Falcigno dated December 31,

2003
	

 	
 	
 	
 	
By:	
 	
/s/ RICHARD FALCIGNO

  Name: Richard Falcigno, Trustee

Date: March 27, 2009
	

 	
 	
 	
 	
 Richard Falcigno as Trustee of the Jill

Falcigno Guzzanti Trust u/w/o Louis

Anthony Falcigno dated December 31,

2003
	

 	
 	
 	
 	
By:	
 	
/s/ RICHARD FALCIGNO

  Name: Richard Falcigno, Trustee

Date: March 27, 2009

[Signature Page to Amendment No. 4 to Stockholders Agreement]

4

 
 
 

  TERMINATION AGREEMENT    
    

        This Termination Agreement is entered into by and among Warburg Pincus Private Equity VIII, L.P. a Delaware limited partnership
("Warburg Pincus") and those certain stockholders of Bridgepoint Education, Inc. (the "Company")
listed on the signature page hereto (collectively, with Warburg Pincus, the "Parties") effective as of March 31, 2009, with reference to the
following facts: 

        A.    The
Company, the Parties and all other stockholders of the Company are parties to that certain Stockholders Agreement dated November 26, 2003, as amended from time
to time. 

        B.    The
Company has filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public
offering of the Company's Common Stock, par value $0.01 per share (the "IPO"). 

        C.    In
connection with the IPO, the Parties wish to terminate the Stockholders Agreement pursuant to Section 5(b) therein 

        NOW,
THEREFORE, in consideration of the foregoing facts and the promises, the Parties agree as follows: 

        1.    Termination.    Section 2(f) of the Stockholders Agreement shall terminate as of March 31, 2009
and be of no further force and effect. Effective upon and immediately prior to the closing of the IPO, all other provisions of the Stockholders Agreement shall terminate and be of no further force,
and no Party shall have any further obligation to any other Party thereunder. 

        2.    Term.    This Termination Agreement shall terminate without further force or effect if the IPO has not closed
prior to the close of business on December 31, 2010. 

        3.    Counterparts.    This Termination Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 

        4.    Assigns.    This Termination Agreement is binding upon and shall inure to the benefit of the parties hereto and
their respective heirs, administrators, executors, successors and assigns. This Termination Agreement shall be governed by, and construed in accordance with, the internal laws of the State of
California without regard to choice-of-law principles. 

[Remainder of Page Intentionally Left Blank]

1

 

        IN
WITNESS WHEREOF, the undersigned have executed this Termination Agreement effective as of the date first set forth above. 

							
	 	 	 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	

 	
 	
By:	
 	
Warburg Pincus Partners LLC,

General Partner
	

 	
 	
By:	
 	
WARBURG PINCUS & CO.,

Managing Member
	

 	
 	
By:	
 	
/s/ BARRY TAYLOR

  Name: Barry Taylor

Title: Managing Director
	

 	
 	
 	
 	
/s/ MARTIN A. BELL

  Name: Martin A. Bell
	

 	
 	
 RUBY CORP.
	

 	
 	
By:	
 	
/s/ MARTIN A. BELL

  Name: Martin A. Bell

Title: Vice Chairman

Date: March 31, 2009
	

 	
 	
 VENTURETEK L.P.
	

 	
 	
By:	
 	
Taurus Max LLC, General Partner
	

 	
 	
By:	
 	
/s/ DAVID SELENGUT

  Name: David Selengut

Title: Managing Member

Date:

2

 

							
	

 	
 	
 KINDER INVESTMENTS, L.P.
	

 	
 	
By:	
 	
Nesher LLC, General Partner
	

 	
 	
By:	
 	
/s/ DOV PERLYSKY

  Name: Dov Perlysky

Title: Managing Member

Date:
	

 	
 	
 Richard Falcigno as Trustee of the Sheilagh Falcigno Trust u/w/o Louis Anthony Falcigno dated December 31, 2003
	

 	
 	
By:	
 	
/s/ RICHARD FALCIGNO

  Name: Richard Falcigno, Trustee

Date: April 1, 2009
	

 	
 	
 Richard Falcigno as Trustee of the Jill Falcigno Guzzanti Trust u/w/o Louis Anthony Falcigno dated December 31, 2003
	

 	
 	
By:	
 	
/s/ RICHARD FALCIGNO

  Name: Richard Falcigno, Trustee

Date: April 1, 2009
	

 	
 	
 Bridgepoint Education, Inc.
	

 	
 	
By:	
 	
/s/ ANDREW S. CLARK

  Name: Andrew S. Clark

Title: CEO and President

Date: April 2, 2009

3

QuickLinks

Exhibit 4.3

TELEUNIVERSITY, INC. STOCKHOLDERS AGREEMENT

R E C I T A L S

AMENDMENT NO. 1 TO STOCKHOLDERS AGREEMENT

W I T N E S S E T H

AMENDMENT NO. 2 TO STOCKHOLDERS AGREEMENT

W I T N E S S E T H

AMENDMENT NO. 3 TO STOCKHOLDERS AGREEMENT

W I T N E S S E T H

AMENDMENT NO. 4 TO STOCKHOLDERS AGREEMENT

TERMINATION AGREEMENTQuickLinks
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  Exhibit 4.4    
    

 
 

BRIDGEPOINT EDUCATION, INC.    
    

 
    AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT    
    

        THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this "Agreement") dated
January 7, 2009, is made and entered into among Bridgepoint Education, Inc. (f/k/a Teleuniversity, Inc.), a Delaware corporation (the
"Company"), and the undersigned security holders of the Company. 

 
 

BACKGROUND    
    

        A.    The
Company, Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership ("Warburg Pincus"), and
certain other security holders of the Company, as listed under the caption "Prior Holders" on Schedule A attached hereto (collectively, the
"Prior Holders"), entered into a Registration Rights Agreement dated November 26, 2003 (the "Prior
Agreement"). The Prior Agreement defined the registration rights of Warburg Pincus and the Prior Holders, and superseded all prior contractual arrangements among such parties
pertaining to registration rights. 

        B.    Subsequent
to the Prior Agreement, in connection with the borrowing of funds from Comerica Bank ("Comerica"):
(1) on April 12, 2004, the Company issued to Comerica a warrant to purchase 80,000 shares of common stock, par value $0.01 per share, of the Company ("Common
Stock"); and (2) on March 9, 2005, the Company issued to Comerica a warrant to purchase 180,000 shares of Common Stock (such warrants collectively, the
"Comerica Warrants"). Pursuant to Exhibit B to the Comerica Warrants, the shares of Common Stock subject to the Comerica Warrants were deemed to
be "Registrable Securities" under the Prior Agreement. 

        C.    The
Company, Warburg Pincus and Comerica wish to amend and restate the Prior Agreement, pursuant to this Agreement: 

        (1)   to
extend registration rights to: 

        (A)  all
holders (as of the date of this Agreement) of Series A Convertible Preferred Stock, par value $0.01 per share, of the Company
("Series A Preferred Stock"); 

        (B)  the
following three holders of Common Stock: Michael Clifford, Kinder Investments, L.P. and Ruby Corp.; 

        (C)  the
following four holders of warrants to purchase Common Stock: Scott Turner, David Vande Pol, Teressa Ronngren and Mary Obrochta; and 

        (D)  the
following two members of the Company Management Team (with respect to the Initial Public Offering only): Steve Isbister and Todd Irwin; 

and
to allow all such security holders to become parties to this Agreement, in each case so long as such security holders sign the Adoption Agreement attached hereto as  Exhibit A (all such security
holders not previously a party to the Prior Agreement, as listed under the caption "New Holders" on
Schedule A, are referred to collectively as the "New Holders"); 

        (2)   to
determine the registration rights of members of the Company Management Team with respect to the Initial Public Offering; and 

        (3)   to
define fully in this Agreement the registration rights of Warburg Pincus and the Other Holders, and supersede all prior contractual arrangements among the parties
pertaining to registration rights, including, without limitation, the Prior Agreement and the Comerica Warrants. 

        D.    Under
Section 4.G. of the Prior Agreement, the Company and Warburg Pincus have the power to amend and restate the Prior Agreement, as provided in this Agreement,
because the changes to the Prior Agreement do not adversely affect the "Other Holders," as defined in the Prior 

 

Agreement,
in a manner different than Warburg Pincus. Under Exhibit B to the Comerica Warrants, the Company may amend the Prior Agreement in a
manner adverse to Comerica only with the consent of Comerica. 

        NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the parties hereby agree as follows: 

 
 

  SECTION 1. DEFINITIONS    
    

        As used in this Agreement, the following terms have the respective meaning set forth below: 

        "Commission" shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act; 

        "Company Management Team" shall mean Andrew S. Clark, Charlene Dackerman, Daniel J. Devine, Richard K. Gessner, Todd Irwin, Steve
Isbister, Jane McAuliffe, Rodney T. Sheng, Christopher L. Spohn and Ross Woodard. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended; 

        "Holders" shall mean Warburg Pincus and the Other Holders collectively; 

        "Initial Public Offering" shall mean the initial public offering of shares of Common Stock pursuant to a registration under the Securities
Act; 

        "Other Holders" shall mean the Prior Holders, the New Holders and Comerica collectively; 

        "New Holders" shall have the meaning set forth in the Background section; 

        "Person" shall mean an individual, partnership, joint-stock company, corporation, trust or unincorporated organization, and a government
or agency or political subdivision thereof; 

        "Register," "registered" and
"registration" shall mean a registration effected by preparing and filing a registration statement in compliance with the Securities Act (and any
post-effective amendments filed or required to be filed) and the declaration or ordering of effectiveness of such registration statement; 

        "Registrable Securities" shall mean only (A) shares of Common Stock issuable upon conversion of shares of Series A Preferred
Stock, (B) any shares of Common Stock acquired by the Holders, other than those acquired upon the exercise of employee stock options, and (C) any capital stock of the Company issued as a
dividend or other distribution with respect to, or in exchange for or in replacement of, the shares of Series A Preferred Stock or Common Stock referred to in clause (A) or
(B) above; provided, however, that with respect to the Initial Public Offering, the term
"Registrable Securities" shall also mean any shares of Common Stock (including those acquired upon the exercise of employee stock options) that Holders who are members of the Company Management Team
may request to include in the registration pursuant to Section 2(B)(3) of this Agreement; 

        "Registration Expenses" shall mean all expenses incurred by the Company in compliance with Section 2(A), (B) and
(C) hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, fees and expenses of one counsel for all
the Holders in an amount not to exceed $25,000 (except if the registration is the Initial Public Offering, in which case the Company shall pay the reasonable fees and expenses (which may exceed
$25,000) of one counsel for Warburg Pincus and one counsel for all the other Holders (to be selected by the Company in the case of the other Holders)), blue sky fees and expenses and the expense of
any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company, which shall be paid in any event by the Company); 

        "security" and "securities" shall have the meaning set forth in Section 2(1) of the
Securities Act; 

2

 

        "Securities Act" shall mean the Securities Act of 1933, as amended; and 

        "Selling Expenses" shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities and all
fees and expenses of counsel that are not considered "Registration Expenses." 

 
 

  SECTION 2. REGISTRATION RIGHTS    
    

        A.    Requested Registration.    

        1.    Request for Registration.    If the Company shall receive from Warburg Pincus, at any time, a written request
that the Company effect any registration with respect to all or a part of the Registrable Securities, the Company will: 

        (a)   promptly
give written notice of the proposed registration, qualification or compliance to all Other Holders; and 

        (b)   as
soon as practicable, use its diligent best efforts to effect such registration (including, without limitation, the execution of an undertaking to file
post-effective amendments, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the
Securities Act) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within 10 business days after written
notice from the Company is given under Section 2(A)(1)(a) above; provided that the Company shall not be obligated to effect, or take any action
to effect, any such registration pursuant to this Section 2(A): 

        (i)    In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or
compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act or applicable rules or regulations thereunder; 

        (ii)   After
the Company has effected two (2) such registrations pursuant to this Section 2(A) and such registrations have been declared or ordered effective and
the sales of such Registrable Securities shall have closed; 

        (iii)  If
the Registrable Securities requested by all Holders to be registered pursuant to such request do not have an anticipated aggregate public offering price (before any
underwriting discounts and commissions) of not less than $7,500,000 (or $15,000,000 if such requested registration is the Initial Public Offering); 

        (iv)  During
the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of filing of, and ending on the date one hundred
eighty (180) days immediately following the effective date of, any registration statement filed pursuant to Section 2(B) pertaining to securities of the Company (other than a
registration of securities in a Rule 145 transaction or with respect to an employee benefit plan), provided that during the 60-day period prior to such filing the Company is
actively employing in good faith all reasonable efforts to cause such registration statement to become effective; provided,  however, that the Company may
only delay an offering pursuant to this Section 2(A)(1)(b)(iv) for a period of not more than ninety
(90) days, if a filing of any other registration statement is not made within that period and the Company may only exercise this right once in any twelve (12)-month period; or 

3

 

        (v)   If
the Company shall furnish to Warburg Pincus a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board of
Directors it would be seriously detrimental to the Company or its stockholders for a registration statement to be filed in the near future, in which case the Company's obligation to use its best
efforts to comply with this Section 2 shall be deferred for a period not to exceed one hundred eighty (180) days from the date of receipt of written request from Warburg Pincus;  provided,
however, that the Company shall not exercise such right more than once in any twelve
(12)-month period. 

        The
registration statement filed pursuant to the request of Warburg Pincus may, subject to the provisions of Section 2(A)(2) below, include (i) other securities of the
Company which are held by Persons who, by virtue of agreements with the Company, are entitled to include their securities in any such registration ("Other
Stockholders") and (ii) Registrable Securities held by the Other Holders. In the event any Holder requests a registration pursuant to this Section 2(A) in
connection with a distribution of Registrable Securities to its partners, the registration shall provide for the resale by such partners, if requested by such Holder. 

        The
registration rights set forth in this Section 2 may be assigned, in whole or in part, to any transferee of Registrable Securities (who shall be bound by all obligations of
this Agreement). 

        2.    Underwriting.    If Warburg Pincus intends to distribute the Registrable Securities covered by its request by
means of an underwriting, it shall so advise the Company as a part of its request made pursuant to Section 2(A). 

        If
Other Stockholders or Other Holders request inclusion of their securities in the underwriting, Warburg Pincus shall offer to include the securities of such Persons in the underwriting
and may condition such offer on their acceptance of the further applicable provisions of this Section 2. The Holders whose shares are to be included in such registration and the Company shall
(together with all Other Stockholders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the
underwriter or underwriters selected for such underwriting by Warburg Pincus and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2(A), if the
representative advises the Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, the securities of the Company held by Other Stockholders shall be
excluded from such registration to the extent so required by such limitation. If, after the exclusion of such shares, further reductions are still required, the number of shares included in the
registration by each Other Holder shall be reduced on a pro rata basis (based on the number of Registrable Securities held by such Other Holder relative to the total number of Registrable Securities
held by all Other Holders requesting inclusion of their securities in the underwriting), by such minimum number of shares as is necessary to comply with such request. If, after the exclusion of such
Other Holder shares, further reductions are still required, the number of shares included in the registration by Warburg Pincus shall be reduced, by such minimum number of shares as is necessary to
comply with such request. No Registrable Securities or any other securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such registration.
If any Other Stockholder or Holder who has requested inclusion in such registration as provided above disapproves of the terms of the underwriting, such Person may elect to withdraw therefrom by
written notice to the Company, the underwriter and Warburg Pincus. The securities so withdrawn shall also be withdrawn from registration. If the underwriter has not limited the number of
Registrable Securities or other securities to be underwritten, the Company and officers and directors of the Company may include its or their securities for its or their own account in such
registration if the representative so agrees and if the number of Registrable Securities and other securities which would otherwise have been included in such registration and underwriting will not
thereby be limited. 

4

 

        B.    Company Registration.    

        1.     If
the Company shall determine to register any of its equity securities either for its own account or for the account of Other Stockholders, other than a registration
relating solely to employee benefit plans, or a registration relating solely to a Commission Rule 145 transaction, or a registration on any registration form which does not permit secondary
sales or does not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities, the Company will: 

        (a)   promptly
give to each of the Holders a written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify such
securities under the applicable blue sky or other state securities laws); and 

        (b)   include
in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable
Securities specified in a written request or requests, made by the Holders within 15 days of the written notice from the Company described in clause (a) above, except as set forth in
Section 2(B)(2) below. Such written request may specify all or a part of the Holders' Registrable Securities. For avoidance of doubt, if any Holder fails to deliver a written request to the
Company within 15 days after written notice from the Company described in clause (a) above, such Holder will forfeit any right under this Section 2(B) to include Registrable
Securities in such registration (and related qualification under blue sky laws and other compliance), and in any underwriting involved therein. In the event any Holder requests inclusion in a
registration pursuant to this Section 2(B) (except for a registration related to the Company's Initial Public Offering) in connection with a distribution of Registrable Securities to its
partners, the registration shall provide for the resale by such partners, if requested by such Holder. 

        2.    Underwriting.    If the registration of which the Company gives notice is for a registered public offering
involving an underwriting, the Company shall so advise each of the Holders as a part of the written notice given pursuant to Section 2(B)(1)(a). In such event, the right of each of the Holders
to registration pursuant to this Section 2(B) shall be conditioned upon such Holders' participation in such underwriting and the inclusion of such Holders' Registrable Securities in the
underwriting to the extent provided herein. The Holders whose shares are to be included in such registration shall (together with the Company and the Other Stockholders distributing their securities
through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for underwriting by the Company. Notwithstanding
any other provision of this Section 2(B), if the representative determines that marketing factors require a limitation on the number of shares to be underwritten, (x) if such
registration is the Initial Public Offering, the representative may (subject to the allocation priority set forth below) exclude from such registration and underwriting some or all of the Registrable
Securities which would otherwise be underwritten pursuant hereto, and (y) if such registration is other than the Initial Public Offering, the representative may (subject to the allocation
priority set forth below) limit the number of Registrable Securities to be included in the registration and underwriting to not less than twenty five percent (25%) of the shares included therein
(based on the number of shares). In such event, the Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included
in the registration and underwriting shall be allocated in the following manner: the securities of the Company held by Other Stockholders of the Company (other than Registrable Securities and other
than securities held by holders who by contractual right demanded such registration ("Demanding Holders")) shall be excluded from such registration and
underwriting to the extent required by such limitation, and, if a limitation on the number of shares is still required, the number of shares that may be included in the registration and underwriting
by each of the Holders and Demanding Holders shall be reduced, on a pro rata basis (based on the number of Registrable Securities held 

5

 

by
each Holder or Demanding Holder relative to the total number of Registrable Securities held by all Holders and Demanding Holders requesting inclusion of their securities in the underwriting), by
such minimum number of shares as is necessary to comply with such limitation. If any of the participating Holders disapprove of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 

        3.    Special IPO Registration Rights for Company Management Team.    If the registration pursuant to this
Section 2(B) is the Initial Public Offering, each Holder that is a member of the Company Management Team shall have the following (and only the following) registration rights: Each Holder that
is a member of the Company Management Team may request to include in the registration, as "Registrable Securities," a number of shares of Common Stock up to and equaling, but not exceeding, 10% of the
sum of (i) the total number of shares of Common Stock subject to employee stock options held by such member that will be vested as of April 30, 2009 (assuming, for purposes of this
calculation, that any "Exit Options" held by such member shall be fully vested at such time), plus (ii) the number of other "Registrable Securities" held by such member, if any;  provided,
however, that such number of shares may be increased, as agreed by the representative(s) of
the underwriters of the Initial Public Offering, proportionately in connection with any increase in the total size of the Initial Public Offering pursuant to Rule 462(b) under the Securities
Act; provided, further, that, for sake of clarity, (i) Steve Isbister and Todd Irwin are only
deemed to be "Holders" under this Agreement with respect to the Initial Public Offering; and (ii) any Holder that is a member of the Company Management Team may request to
include in such registration, subject to the limitations set forth in this paragraph, shares of Common Stock that may be acquired upon the exercise of employee stock options. 

        C.    Form S-3.    

        Following
the Initial Public Offering, the Company shall use its best efforts to qualify for registration on Form S-3 for secondary sales. After the Company has
qualified for the use of Form S-3, Warburg Pincus shall have the right to request an unlimited number of registrations on Form S-3 (such requests shall be in
writing and shall state the number of shares of Registrable Securities to be disposed of and the intended method of disposition of shares by such holders), provided that the Company shall not be
obligated to effect, or take any action to effect, any such registration pursuant to this Section 2(C): 

        1.     Unless
the Holder or Holders requesting registration propose to dispose of shares of Registrable Securities having an aggregate price to the public (before deduction of
Selling Expenses) of more than $5,000,000; 

        2.     Within
180 days of the effective date of the most recent registration pursuant to this Section 2(C) in which securities held by the requesting Holder could
have been included for sale or distribution; or 

        3.     In
any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification or
compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act or applicable rules or regulations thereunder. 

        The
Company shall give written notice to all Holders of the receipt of a request for registration pursuant to this Section 2(C) and any Holder or Holders joining in such request,
as and if specified in a written request received by the Company within 10 days after such written notice, may participate in the registration, provided that if the registration is for an
underwritten offering, the terms of Section 2(A)(2) shall apply to all participants in such offering. Subject to the 

6

 

foregoing,
the Company will use its best efforts to effect promptly the registration of all shares of Registrable Securities on Form S-3 to the extent requested by the Holder or
Holders thereof for purposes of disposition. In the event any Holder requests a registration pursuant to this Section 2(C) in connection with a distribution of Registrable Securities to its
partners, the registration shall provide for the resale by such partners, if requested by such Holder. 

        D.    Expenses of Registration.    

        All
Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to this Section 2 shall be borne by the Company, and all Selling
Expenses shall be borne by the Holders of the securities so registered pro rata on the basis of the number of their shares so registered. 

        E.    Registration Procedures.    

        In
the case of each registration effected by the Company pursuant to this Section 2, the Company will keep the Holders, as applicable, advised in writing as to the initiation of
each registration and as to the completion thereof. At its expense, the Company will: 

        1.     keep
such registration effective for a period of 120 days or until the Holders (or in the case of a distribution to the partners of such Holder, such partners), as
applicable, have completed the distribution described in the registration statement relating thereto, whichever first occurs; provided,  however, that
(A) such 120-day period shall be extended for a period of time equal to the period during which the Holders or
partners, as applicable, refrain from selling any securities included in such registration in accordance with provisions in Section 2(l) hereof; and (B) in the case of any registration
of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 120-day period shall be extended until all such Registrable
Securities are sold, provided that Rule 415, or any successor rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules
under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which (y) includes any
prospectus required by Section 10(a) of the Securities Act or (z) reflects facts or events representing a material or fundamental change in the information set forth in the registration
statement, the incorporation by reference of information required to be included in (y) and (z) above to be contained in periodic reports filed pursuant to Section 12 or 15(d) of
the Exchange Act in the registration statement; 

        2.     furnish
such number of prospectuses and other documents incident thereto as each of the Holders, as applicable, from time to time may reasonably request; 

        3.     notify
each Holder of Registrable Securities covered by such registration at any time when a prospectus relating thereto is required to be delivered under the Securities
Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a
material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; and 

        4.     furnish,
on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters or, if such
securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (1) an opinion, dated as of such date, of the
counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to
a majority in interest of the Holders participating in such registration, addressed to the underwriters, if any, and to the Holders participating in such registration and (2) a letter, dated as
of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by 

7

 

independent
certified public accountants to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders participating in such registration,
addressed to the underwriters, if any, and if permitted by applicable accounting standards, to the Holders participating in such registration. 

        F.    Indemnification.    

        1.     The
Company will indemnify each of the Holders, as applicable, each of its officers, directors and partners, and each Person controlling each of the Holders, with respect
to each registration which has been effected pursuant to this Section 2, and each underwriter, if any, and each person who controls any underwriter, against all claims, losses, damages and
liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular or other
document (including any related registration statement, notification or the like) incident to any such registration, qualification or compliance, or based on 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 the Securities Act or the Exchange Act or any
rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and will
reimburse each of the Holders, each of its officers, directors and partners, and each Person controlling each of the Holders, each such underwriter and each Person who controls any such underwriter,
for any legal and any other expenses reasonably incurred in connection with investigating and defending any such claim, loss, damage, liability or action, provided that the Company will not be liable
in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission based upon written information furnished to the
Company by the Holders or underwriter and stated to be specifically for use therein. 

        2.     Each
of the Holders will, if Registrable Securities held by it are included in the securities as to which such registration, qualification or compliance is being
effected, indemnify the Company, each of its directors and officers and each underwriter, if any, of the Company's securities covered by such a registration statement, each person who controls the
Company or such underwriter, each other Holder and Other Stockholder and each of their officers, directors, and partners, and each person controlling such other Holder and Other Stockholder against
all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any such registration statement, prospectus, offering circular or other document made by such Holder, or any omission (or alleged omission) to state therein a material fact
required to be stated therein or necessary to make the statements by such Holder therein not misleading, and will reimburse the Company and such other Holders and Other Stockholders, directors,
officers, partners, persons, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration
statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use
therein; provided, however, that the obligations of each of the Holders hereunder shall be limited to an amount equal to the net proceeds to such Holder of securities sold as contemplated herein. 

        3.     Each
party entitled to indemnification under this Section 2(F) (the "Indemnified Party") shall give notice to the
party required to provide indemnification (the "Indemnifying Party") promptly after such Indemnified Party has actual knowledge of any claim as to which
indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim 

8

 

or
any litigation. resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld) and the Indemnified Party may participate in such defense at such party's expense (unless the Indemnified Party shall have
reasonably concluded that there may be a conflict of interest between the Indemnifying Party and the Indemnified Party in such action, in which case the fees and expenses of counsel shall be at the
expense of the Indemnifying Party), and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under
this Section 2(F) unless the Indemnifying Party is materially prejudiced thereby. No Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party
may reasonably request in writing and as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom. 

        4.     If
the indemnification provided for in this Section 2(F) is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any
loss, liability, claim, damage or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of
the Indemnified Party on the other in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable
considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue (or alleged untrue) statement of a
material fact or the omission (or alleged omission) to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the
parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        5.     Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection
with any underwritten public offering contemplated by this Agreement are in conflict with the foregoing provisions, the provisions in such underwriting agreement shall be controlling. 

        6.     The
foregoing indemnity agreement of the Company and Holders is subject to the condition that, insofar as they relate to any loss, claim, liability or damage arising out
of a statement made in or omitted from a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the Commission at the time the registration statement in question
becomes effective or the amended prospectus filed with the Commission pursuant to Commission Rule 424(b) (the "Final Prospectus"), such indemnity
or contribution agreement shall not inure to the benefit of any underwriter or Holder if a copy of the Final Prospectus was furnished to the underwriter and was not furnished to the Person asserting
the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act. 

        G.    Information by the Holders.    

        1.     Each
of the Holders holding securities included in any registration 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 Section 2. 

9

 

        2.     In
the event that, either immediately prior to or subsequent to the effectiveness of any registration statement, any Holder shall distribute Registrable Securities to its
partners, such Holder shall so advise the Company and provide such information as shall be necessary to permit an amendment to such registration statement to provide information with respect to such
partners, as selling security holders. Promptly following receipt of such information, the Company shall file an appropriate amendment to such registration statement reflecting the information so
provided. Any incremental expense to the Company resulting from such amendment shall be borne by such Holder. 

        H.    Rule 144 Reporting.    

        With
a view to making available the benefits of certain rules and regulations of the Commission which may permit the sale of restricted securities to the public without registration, the
Company agrees to: 

        1.     make
and keep public information available as those terms are understood and defined in Rule 144 under the Securities Act
("Rule 144"), at all times from and after 90 days following the effective date of the first registration under the Securities Act filed by
the Company for an offering of its securities to the general public; 

        2.     use
its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
at any time after it has become subject to such reporting requirements; and 

        3.     so
long as the Holder owns any Registrable Securities, furnish to the Holder upon request, a written statement by the Company as to its compliance with the reporting
requirements of Rule 144 (at any time from and after 90 days following the effective date of the first registration statement filed by the Company for an offering of its securities to
the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of
the Company, and such other reports and documents so filed as the Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing the Holder to sell any such
securities without registration. 

        I.    "Market Stand-off" Agreement.    

        Each
of the Holders agrees, if requested by the Company and an underwriter of equity securities of the Company, not to sell or otherwise transfer or dispose of any Registrable Securities
held by such Holder during the 180-day period following the effective date of a registration statement of the Company filed under the Securities Act (as such period may be extended by the
underwriter for a customary period of time related to the Company's release (or announcement of release) of earnings results or other material news or events near the end of such 180-day
period), provided that: 

        1.     such
agreement only applies to the Initial Public Offering; and 

        2.     all
executive officers and directors of the Company enter into similar agreements. 

        If
requested by the underwriters, the Holders shall execute a separate agreement to the foregoing effect. The Company may impose stop-transfer instructions with respect to
the shares
(or securities) subject to the foregoing restriction until the end of said 180-day period. The provisions of this Section 2(I) shall be binding upon any transferee who acquires
Registrable Securities. 

        J.    Termination.    

        The
registration rights set forth in this Section 2 shall not be available to any Holder with respect to any registration after the Company's Initial Public Offering if,
(i) in the opinion of 

10

 

counsel
to the Company, all of the Registrable Securities then owned by such Holder could be sold in any 90-day period pursuant to Rule 144 (without giving effect to the provisions
of Rule 144(b)(1) for non-affiliates) or (ii) all of the Registrable Securities held by such Holder have been sold in a registration pursuant to the Securities Act or
pursuant to Rule 144. 

 
 

  SECTION 3. COVENANTS OF THE PARTIES    
    

        Each of the Holders, including the New Holders and Comerica, hereby acknowledges and agrees that this Agreement constitutes the entire
understanding of the parties hereto relating to the subject matter hereof and supersedes all prior understandings relating to such subject matter, including the Prior Agreement and the Comerica
Warrants, and that the provisions of the Prior Agreement and the Comerica Warrants related to such subject matter are terminated and all rights thereunder are waived as of the date hereof, with no
further liabilities or obligations relating thereto on the part of any party thereto. 

 
 

  SECTION 4. MISCELLANEOUS    
    

        A.    Directly or Indirectly.    

        Where
any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person. 

        B.    Governing Law; Consultation with Counsel.    

        This
Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. Each
party to this Agreement acknowledges and agrees that such party has been advised to, and has had the opportunity to, consult with such party's own counsel regarding this Agreement, and such party has
either consulted with such counsel or expressly waived the right to do so. 

        C.    Section Headings.    

        The
headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof. 

        D.    Notices.    

        1.     All
communications under this Agreement shall be in writing and shall be delivered by hand or facsimile or mailed by overnight courier or by registered or certified mail,
postage prepaid: 

        (a)   if
to Warburg Pincus, at 466 Lexington Avenue, New York, NY 10017 (facsimile: (212) 716-5142), Attention: General Counsel, or at such other address or
facsimile number as Warburg Pincus may have furnished the Company in writing, with a copy to Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, NY 10019-6099
(facsimile: (212) 728-8111), Attention: Steven J. Gartner, Esq.; 

        (b)   if
to the Other Holders, at the address or facsimile number listed on Schedule A, or at such other address or
facsimile number as may have been furnished to the Company and Warburg Pincus in writing; and 

        (c)   if
to the Company, at 13500 Evening Creek Drive North, Suite 600, San Diego, CA 92128 (facsimile: (858) 408-2903), Attention: Chief Executive
Officer, or at such other address or facsimile number as it may have furnished the Holders in writing, with a copy to Sheppard, Mullin, Richter &
Hampton LLP, 12275 El Camino Real, Suite 200, San Diego, CA 92130 (facsimile: (858) 509-3691), Attention: John J. Hentrich, Esq. 

11

 

        2.     Any
notice so addressed shall be deemed to be given: if delivered by hand or facsimile, on the date of such delivery; if mailed by overnight courier, on the first
business day following the date of such mailing; and if mailed by registered or certified mail, on the third business day after the date of such mailing. 

        E.    Reproduction of Documents.    

        This
Agreement and all documents relating thereto, including, without limitation, any consents, waivers and modifications which may hereafter be executed may be reproduced by the Holders
by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and the Holders may destroy any original document so reproduced. The parties hereto agree and
stipulate that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not
such reproduction was made by the Holders in the regular course of business) sand that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. 

        F.    Successors and Assigns.    

        This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties; provided, however, that a transferee or assignee of Warburg Pincus may
only be entitled to the benefits of this Agreement (i) in the event such transferee or assignee receives not less than 100,000 shares of Registrable Securities (as presently constituted and
subject to subsequent adjustments, for stock splits, stock dividends, reverse stock splits, recapitalization or similar events) and (ii) such transferee or assignee assumes in writing the
obligations of Warburg Pincus under this Agreement in respect of such shares transferred or assigned. The Company shall be given written notice at the time of or within a reasonable time after such
transfer or assignment, such notice shall state the name and address of the transferee or assignee and identify the Registrable Securities with respect to which such registration rights are being
transferred or assigned. 

        G.    Entire Agreement; Amendment and Waiver.    

        This
Agreement constitutes the entire understanding of the parties hereto relating to the subject matter hereof and supersedes all prior understanding among such parties. The provisions
of the Prior Agreements relating to such subject matter and set forth on Schedule II hereto are hereby terminated and shall have no further force or effect and all rights thereunder are hereby
waived in their entirety. This Agreement may be amended, and the observance of any term of this Agreement may be waived, with (and only with) the written consent of the Company and Warburg Pincus and,
in the case of any amendment or waiver that would adversely affect the Other Holders in a manner different than Warburg Pincus, with the consent of the Other Holders holding a majority of the then
outstanding Registrable Securities. 

        H.    Severability.    

        In
the event that any part or parts of this Agreement shall be held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not
affect the remaining provisions of this Agreement which shall remain in full force and effect. 

        I.    Counterparts.    

        This
Agreement may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one and the
same agreement. 

[Remainder
of Page Intentionally Left Blank] 

12

 

 
        IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

				
	 	 BRIDGEPOINT EDUCATION, INC.
	
 	
 By:	
 	
/s/ Andrew S. Clark

  Name: Andrew S. Clark

Title: Chief Executive Officer

			
	 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	
 By:	
 	
WARBURG PINCUS & CO.,

General Partner
	
 By:	
 	
/s/ Barry Taylor

  Name: Barry Taylor

Title: Managing Director
	
OTHER HOLDERS
	
 "Prior Holders"
	
 /s/ Andrew S. Clark

  Andrew S. Clark
	
 /s/ Leonard Katz

  Leonard Katz

13

 

			
	
 /s/ Jonathan Turkel

  Jonathan Turkel
	
 JILL FALCIGNO GUZZANTI TRUST U/W/O LOUIS

ANTHONY FALCIGNO DATED 12/31/03
	
 /s/ Richard Falcigno

  Richard Falcigno, Trustee
	
 SHEILAGH FALCIGNO TRUST U/W/O LOUIS

ANTHONY FALCIGNO DATED 12/31/03
	
 /s/ Richard Falcigno

  Richard Falcigno, Trustee

14

 

			
	
 ROBERTS WESLEYAN COLLEGE
	
 /s/ Roberts Wesleyan College

  By:

Title:
	
 VENTURETEK, L.P., a Delaware Limited Partnership
	
 By:	
 	
TAURUS MAX LLC

General Partner
	
 By:	
 	
/s/ Venturetek, L.P.

  David Selengut, Manager
	
 "Comerica"

			
	
 By:	
 	
Comerica Bank

 
	
 Name:	
 	
  

 
	
 Title:	
 	
V.P.

 

15

 
EXHIBIT A

ADOPTION AGREEMENT
  (for New Holders)  

        This Adoption Agreement ("Adoption Agreement") is executed by the undersigned security holder of Bridgepoint Education, Inc.
(the "Company"). The undersigned agrees that the undersigned is being granted certain registration rights with respect to shares of Company common stock beneficially owned by the undersigned, and that
these rights are subject to the terms and conditions of the Amended and Restated Registration Rights Agreement dated as of January 7, 2009 (the "Registration Rights Agreement"), among the
Company and certain other security holders of the Company, which agreement is attached to this Adoption Agreement. The undersigned acknowledges (i) that the undersigned has received of a copy
of the Registration Rights Agreement, and agrees to be bound by such agreement in accordance with its terms, and (ii) that the undersigned has been advised to, and has had the opportunity to,
consult with the undersigned's counsel regarding this Adoption Agreement, and the undersigned has either consulted with such counsel or expressly waived the right to do so. 

EXECUTED
AND DATED:                                     . 

						
	 
	 	 
	 	 

	 	 	 	

  Print name of Security Holder
	

 	
 	
 	

  Authorized Signature
	

 	
 	
 	

  Title, if applicable
	

 	
 	
 	
Address:	
 	

 
	

 	
 	
 	
 	
 	

  
	

 	
 	
 	
Telephone:	
 	

 
	

 	
 	
 	
Facsimile:	
 	

 
	

 	
 	
 	
E-mail:	
 	

 

16

 

 
 

  BRIDGEPOINT EDUCATION, INC.    
    
    AMENDMENT NO. 1 TO    
    
    AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT    
    

        THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
"Amendment") dated March 29, 2009, is made and entered into by and between Bridgepoint Education, Inc., a Delaware corporation (the
"Company"), and Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership ("Warburg
Pincus"). 

 BACKGROUND  

        A.    The
Company, Warburg Pincus and certain other security holders of the Company entered into an Amended and Restated Registration Rights Agreement dated January 9,
2009 (the "Agreement"). 

        B.    The
Company and Warburg Pincus desire to amend the Agreement as provided in this Amendment. Under Section 4.G. of the Agreement, the Company and Warburg Pincus
have the power to amend the Agreement, as provided in this Amendment, because the changes to the Agreement do not adversely affect the Other Holders in a manner different than Warburg Pincus. 

        C.    All
capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the Agreement. 

        NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the Company and Warburg Pincus hereby agree as follows: 

        1.     Section 2(B)(2)
of the Agreement is hereby amended to read in its entirety as follows: 

Underwriting.    If the registration of which the Company gives notice is for a registered public offering involving an underwriting, the
Company shall so advise each of the Holders as a part of the written notice given pursuant to Section 2(B)(1)(a). In such event, the right of each of the Holders to registration pursuant to
this Section 2(B) shall be conditioned upon such Holders' participation in such underwriting and the inclusion of such Holders' Registrable Securities in the underwriting to the extent provided
herein. The Holders whose shares are to be included in such registration shall (together with the Company and the Other Stockholders distributing their securities through such underwriting) enter into
an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for underwriting by the Company. Notwithstanding any other provision of this
Section 2(B), if the representative determines that marketing factors require a limitation on the number of shares to be underwritten, (x) if such registration is the Initial Public
Offering, the representative may (subject to the allocation priority set forth below) exclude from such registration and underwriting some or all of the Registrable Securities which would otherwise be
underwritten pursuant hereto, and (y) if such registration is other than the Initial Public Offering, the representative may (subject to the allocation priority set forth below) limit the
number of Registrable Securities to be included in the registration and underwriting to not less than twenty five percent (25%) of the shares included therein (based on the number of shares). In such
event, the Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and underwriting shall
be allocated in the following manner: the securities of the Company held by Other Stockholders of the Company (other than Registrable Securities and other than securities held by holders who by
contractual right demanded such registration ("Demanding Holders")) shall be excluded from such registration and underwriting to the extent required by
such limitation, and, if a limitation on the number of shares is still required, the number of shares that may be included in the registration and underwriting by each of the Holders and Demanding
Holders shall be reduced (based on the number of Registrable Securities held by each Holder or Demanding Holder relative to the total number of Registrable Securities held by all Holders and Demanding
Holders requesting inclusion of their securities in the underwriting), by such minimum 

 

number
of shares as is necessary to comply with such limitation; provided, however, that, if the
registration is the Initial Public Offering and the representative determines that a limitation on the
number of shares to be underwritten is required, the number of shares requested to be included in the registration and underwriting shall be reduced as follows (in each case by such minimum number of
shares as is necessary to comply with such limitation): (a) first, the number of shares requested to be included by Warburg Pincus shall be excluded, (b) second, the number of shares
requested to be included by Holders other than Warburg Pincus and the Company Management Team shall be excluded on a pro rata basis based on the number of Registrable Securities requested to be
included by each Holder relative to the total number of Registrable Securities requested to be included by all such Holders, and (c) third, the number of shares requested to be included by the
Company Management Team shall be excluded on a pro rata basis based on the number of Registrable Securities requested to be included by each member of the Company Management Team relative to the total
number of Registrable Securities requested to be included by all members of the Company Management Team. If any of the participating Holders disapprove of the terms of any such underwriting, such
Holder may elect to withdraw therefrom by written notice to the Company and the underwriter; provided that such Holder has not already signed an
Irrevocable Power of Attorney or similar document obligating such Holder to sell shares in the registration and underwriting. Any Registrable Securities or other securities excluded or withdrawn from
such underwriting shall be withdrawn from such registration. 

        2.     Section 2(B)(4)
of the Agreement is hereby added to read in its entirety as follows: 

Special IPO Registration Rights for Holders Other than Warburg Pincus and the Company Management Team.    If the registration pursuant to this
Section 2(B) is the Initial Public Offering, each Holder that is not a member of the Company Management Team or Warburg Pincus shall have the following (and only the following) registration
rights: Each such Holder may request to include in the registration and underwriting a number of Registrable Securities up to and equaling, but not exceeding, 50% of the total number of Registrable
Securities held by such Holder, rounded up to the nearest whole share. The number of shares that may be included by any such Holder in the Initial Public Offering shall be reduced, in the event the
representative determines that a limitation on the number of shares to be underwritten is required, only if the shares requested to be included in the registration and underwriting by Warburg Pincus
have first been excluded fully. 

        3.     The
definition of "Registrable Securities" in Section 1 of the Agreement is hereby amended to read in its entirety as follows: 

"Registrable Securities" shall mean only (A) shares of Common Stock issuable upon conversion of shares of Series A Preferred Stock,
(B) any shares of Common Stock acquired by the Holders, other than those acquired upon the exercise of employee stock options, and (C) any capital stock of the Company issued as a
dividend or other distribution with respect to, or in exchange for or in replacement of, the shares of Series A Preferred Stock or Common Stock referred to in clause (A) or
(B) above; provided, however, that with, respect to the Initial Public Offering, (i) the
term "Registrable Securities" shall also mean any shares of Common Stock (including those acquired upon the exercise of employee stock options) that Holders who are members of the Company Management
Team may request to include in the registration pursuant to Section 2(B)(3) of this Agreement, and (ii) the shares of Common Stock issued or to be issued, on or about the date of this
Amendment, pursuant to any settlement, approved by the Company's board of directors, of claims made by holders of the Company's Common Stock or warrants of the Company related primarily to the
Company's financing transactions and grant of employee stock options in 2005 and 2006, shall not be considered "Registrable Securities"; 

        4.     Notwithstanding
anything in Section 2(B)(1)(b) of the Agreement to the contrary, Ruby Corp., Marty Bell, the Jill Falcigno Guzzanti Trust U/W/O Louis Falcigno
dated 12/31/03 and the Sheilagh 

2

 

Falcigno
Trust U/W/O Louis Falcigno shall be permitted to request to include Registrable Securities in the Initial Public Offering, despite the fact such Holders failed to deliver a written request to
that effect within 15 days of the written notice from the Company (sent on January 20, 2009), provided that such Holders deliver the requests to the Company no later than
March 31, 2009. 

        5.     As
Kinder Investments, L.P., Michael Clifford, Mary Obrochta and Theresa Ronngren declined to join the Agreement as "New Holders" as of the date of this Amendment,
Schedule A to the Agreement is hereby amended to delete references to such security holders as "New Holders," and such security holders shall not be permitted to join the Agreement as "New
Holders," regardless of whether an Adoption Agreement is signed and delivered to the Company, without the consent of the Company. 

        6.     This
Amendment may be executed in one or more original, facsimile or .PDF counterparts, each of which shall constitute an original document, but all of which together
shall constitute one instrument. Other than the amendments contemplated under this Amendment, the Agreement shall otherwise remain unchanged and in full force and effect. This Amendment may only be
modified by written agreement from the parties hereto. This Amendment shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
performed entirely within such state. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

3

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

							
	 	 	 	 	 BRIDGEPOINT EDUCATION, INC.
	

 	
 	
 	
 	
By:	
 	
/s/ DANIEL J. DEVINE

  Name: Daniel J. Devine

Title: Chief Financial Officer
	
 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.	
 	

 	
 	

 
	
 By:	
 	
WARBURG PINCUS & CO.,

General Partner	
 	

 	
 	

 
	
 By:	
 	
/s/ BARRY TAYLOR

  Name: Barry Taylor

Title: Managing Director	
 	

 	
 	

 

4

 

 
 

  BRIDGEPOINT EDUCATION, INC.
  
    AMENDMENT NO. 2 TO
  
    AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT    
    

        THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
"Amendment") dated April 3, 2009, is made and entered into by and between Bridgepoint Education, Inc., a Delaware corporation (the
"Company"), and Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership ("Warburg
Pincus"). 

 
 

  BACKGROUND    
    

        A.    The
Company, Warburg Pincus and certain other security holders of the Company entered into an Amended and Restated Registration Rights Agreement dated January 9,
2009, as amended by Amendment No. 1 to Amended and Restated Registration Rights Agreement dated March 29, 2009 (such agreement as amended, the
"Agreement"). 

        B.    The
Company and Warburg Pincus desire to amend the Agreement as provided in this Amendment. Under Section 4.G. of the Agreement, the Company and Warburg Pincus
have the power to amend the Agreement, as provided in this Amendment, because the changes to the Agreement do not adversely affect the Other Holders in a manner different than Warburg Pincus. 

        C.    All
capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the Agreement. 

        NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the Company and Warburg Pincus hereby agree as follows: 

        1.     Upon
signing and delivering an Adoption Agreement to the Company, Lisa Vande Pol, as an assignee and transferee of Registrable Securities from David Vande Pol, is hereby
permitted to join the Agreement as a "New Holder" thereunder. 

        2.     Notwithstanding
anything in Section 2(B)(1)(b) of the Agreement to the contrary, Lisa Vande Pol shall be permitted to request to include Registrable Securities in
the Initial Public Offering, subject to the limitations set forth in Section 2(B)(2) of the Agreement, provided that she delivers the request to the Company no later than
April                         , 2009. 

        3.     This
Amendment may be executed in one or more original, facsimile or .PDF counterparts, each of which shall constitute an original document, but all of which together
shall constitute one instrument. Other than the amendments contemplated under this Amendment, the Agreement shall otherwise remain unchanged and in full force and effect. This Amendment may only be
modified by written agreement from the parties hereto. This Amendment shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
performed entirely within such state. 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

							
	 	 	 BRIDGEPOINT EDUCATION, INC.
	    	 	 	 	 	 	 
	    	 	 	 	 	 	 
	 	 	By:	 	/s/ ANDREW S. CLARK

 
	 	 	 	 	Name:	 	Andrew S. Clark
	 	 	 	 	Title:	 	Chief Executive Officer

WARBURG PINCUS PRIVATE EQUITY VIII, L.P.

									
	By:	 	Warburg Pincus Partners LLC,

its General Partner	 	 
	    	 	 	 	 	 	 	 	 
	 	 	By:	 	Warburg Pincus & Co.,

its Managing Member	 	 
	    	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ BARRY TAYLOR

 	 	 
	 	 	 	 	Name:	 	Barry Taylor	 	 
	 	 	 	 	Title:	 	Managing Director	 	 

2

 

 
 

BRIDGEPOINT EDUCATION, INC.    
    AMENDMENT NO. 3 TO    
    AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT    
    

        THIS AMENDMENT NO. 3 TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
"Amendment") dated April 9, 2009, is made and entered into by and between Bridgepoint Education, Inc., a Delaware corporation (the
"Company"), and Warburg Pincus Private Equity VIII, L.P., a Delaware limited partnership ("Warburg
Pincus"). 

 
 

BACKGROUND    
    

        A.    The
Company, Warburg Pincus and certain other security holders of the Company entered into an Amended and Restated Registration Rights Agreement dated January 9, 2009, as
amended by Amendment No. 1 to Amended and Restated Registration Rights Agreement dated March 29, 2009, and Amendment No. 2 to Amended and Restated Registration Rights Agreement dated April 3, 2009
(such agreement as amended, the "Agreement"). 

        B.    The
Company and Warburg Pincus desire to further amend the Agreement as provided in this Amendment. Under Section 4.G. of the Agreement, the Company and Warburg Pincus
have the power to amend the Agreement, as provided in this Amendment, because the changes to the Agreement do not adversely affect the Other Holders in a manner different than Warburg Pincus. 

        C.    All
capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the Agreement. 

        NOW,
THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the Company and Warburg Pincus hereby agree as follows: 

        1.     Upon
signing and delivering an Adoption Agreement to the Company, NCCF Support, Inc. (nominee of the Seattle Christian Foundation), as an assignee and transferee of
Registrable Securities from R. Wayne Clugston, is hereby permitted to join the Agreement as a "New Holder" thereunder. 

        2.     Notwithstanding
anything in Section 2(B)(1)(b) of the Agreement to the contrary, NCCF Support, Inc. shall be permitted to request to include Registrable Securities in the
Initial Public Offering, subject to the limitations set forth in Section 2(B)(2) of the Agreement, provided that it delivers the request to the Company no later than April 10, 2009. 

        3.     NCCF
Support, Inc. shall be permitted to include all of the Registrable Securities held by it in the Initial Public Offering so long as such securities, when combined
with the number of Registrable Securities requested to be included in the Initial Public Offering by R. Wayne Clugston, do not exceed 50% of the total number of Registrable Securities held by R. Wayne
Clugston. 

        4.     This
Amendment may be executed in one or more original, facsimile or .PDF counterparts, each of which shall constitute an original document, but all of which together
shall constitute one instrument. Other than the amendments contemplated under this Amendment, the Agreement shall otherwise remain unchanged and in full force and effect. This Amendment may only be
modified by written agreement from the parties hereto. This Amendment shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be
performed entirely within such state. 

 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above. 

				
	 	 BRIDGEPOINT EDUCATION, INC.
	
 	
 By:	
 	
/s/ Andrew S. Clark

  Name: Andrew S. Clark

Title: Chief Executive Officer

					
	 WARBURG PINCUS PRIVATE EQUITY VIII, L.P.
	
 By:	
 	
Warburg Pincus Partners LLC,

its General Partner
	

 	
 	
 By:	
 	
Warburg Pincus & Co.

its Managing Member
	

 	
 	
 By:	
 	
/s/ Barry Taylor

  Name: Barry Taylor

Title: Managing Director

2

QuickLinks

Exhibit 4.4

BRIDGEPOINT EDUCATION, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

BACKGROUND

SECTION 1. DEFINITIONS

SECTION 2. REGISTRATION RIGHTS

SECTION 3. COVENANTS OF THE PARTIES

SECTION 4. MISCELLANEOUS

BRIDGEPOINT EDUCATION, INC. AMENDMENT NO. 1 TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

BRIDGEPOINT EDUCATION, INC. AMENDMENT NO. 2 TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

BACKGROUND

BRIDGEPOINT EDUCATION, INC. AMENDMENT NO. 3 TO AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

BACKGROUND

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