Document:

Registration Rights Agreement of January 8, 2004 with Barron Partners, L.P.

  
 Exhibit 4.2 

 
 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
is made and entered into as of 8th day of January, 2004 by and among ACT TELECONFERENCING, INC., Inc., a corporation organized and existing under the laws of the State of Colorado (“ACTT.” or the
“Company”), and certain investors, (hereinafter referred to collectively as “Investor” or “Investors”) as listed on Schedule A herein (each agreement with an Investor
being deemed a separate and independent agreement between the Company and such Investor). Unless defined otherwise, capitalized terms herein shall have the identical meaning as in the Stock Purchase Agreement. 
  
 PRELIMINARY STATEMENT 
  
 WHEREAS, pursuant to the Stock Purchase Agreement, of even date
herewith, by and among ACTT and the Investors, as part of the consideration, Investors shall receive Shares of ACTT; and 
  
 WHEREAS, the ability of the Investors to sell their shares of Common Stock is subject to certain restrictions under the 1933 Act; and 

 
 WHEREAS, as a condition to the Stock Purchase Agreement, ACTT has
agreed to provide the Investors with a mechanism that will permit such Investors, subject to a market stand-off agreement, to sell their Shares of Common Stock in the future. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements, and subject to the terms
and conditions herein contained, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  
 INCORPORATION BY REFERENCE, SUPERSEDER 
  
 1.1
Incorporation by Reference. The foregoing recitals, Schedule A and the Exhibits attached hereto and referred to herein, are hereby acknowledged to be true and accurate, and are incorporated herein by this reference. 
  
 1.2 Superseder. This Agreement, to the extent that it is inconsistent with any other
instrument or understanding among the parties governing the affairs of the Company, shall supersede such instrument or understanding to the fullest extent permitted by law, except that the Stock Purchase Agreement shall prevail in the event there is
a conflict between the Stock Purchase Agreement and this Agreement. A copy of this Agreement shall be filed at the Company’s principal office. 
  

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 ARTICLE II 
  

DEMAND REGISTRATION RIGHTS 
  
 2.1 “Registrable Shares” means and includes the Shares of ACTT issued to the Investors pursuant to the Stock Purchase Agreement. As to any
particular Registrable Shares, such securities will cease to be Registrable Shares when (a) the resale of such shares has been effectively registered under the 1933 Act and disposed of in accordance with the registration statement covering them, (b)
they are or may be freely traded without registration pursuant to Rule 144 under the 1933 Act (or any similar provisions that are then in effect), or (c) they have been otherwise transferred and new certificates for them not bearing a restrictive
legend have been issued by ACTT and ACTT shall not have “stop transfer” instructions against them. “Shares” shall mean the shares of Common Stock of the Company being issued pursuant to the Stock Purchase Agreement.

  
 2.2 Registration of Registrable Securities. The Company shall
prepare and file within thirty (30) days following the date hereof (the “Filing Date”) a registration statement (the “Registration Statement”) covering the resale of the Registrable Securities. The
Company shall use its best efforts to cause the Registration Statement to be declared effective by the SEC on the earlier of (i) 120 days following the Closing Date with respect to the Registration Statement, (ii) ten (10) days following the receipt
of a “No Review” or similar letter from the SEC or (iii) the first day following the day the SEC determines the Registration Statement eligible to be declared effective (the “Required Effectiveness Date”). Nothing
contained herein shall be deemed to limit the number of Registrable Securities to be registered by the Company hereunder. As a result, should the Registration Statement not relate to the maximum number of Registrable Securities acquired by (or
potentially acquirable by) the holders of the Shares of ACTT issued to the Investors pursuant to the Stock Purchase Agreement, the Company shall be required to promptly file a separate registration statement (utilizing Rule 462 promulgated under the
Exchange Act, where applicable) relating to such Registrable Securities which then remain unregistered. The provisions of this Agreement shall relate to any such separate registration statement as if it were an amendment to the Registration
Statement. 
  
 2.3 Demand Registration. Subject to the limitations
of Section 2.2, at any time, holders of the majority of the Shares as of the date of the Stock Purchase Agreement may request the registration, once and only once, under the 1933 Act of all or part of the Registrable Shares then outstanding (a
“Demand Registration”). Subject to the conditions of Section 3, the Company shall use its best efforts to file such registration statement under the 1933 Act as promptly as practicable after the date any such request is
received by the Company and to cause such registration statement to be declared effective. The Company shall notify the Investors promptly when any such registration statement has been declared effective. If more than 80 percent of the Shares as of
the date of the Stock Purchase Agreement have been registered or sold, this provision shall expire. 
  

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 2.4 Registration Statement Form. Registrations under Section 2.2 and Section 2.3 shall be on Form S-3 or
such other appropriate registration form of the SEC as shall permit the disposition of such Registrable Securities in accordance with the intended method or methods of disposition specified in the Registration Statement; provided, however, such
intended method of disposition shall not include an underwritten offering of the Registrable Securities. 
  
 2.5 Expenses. The Company will pay all registration expenses in connection with any registration required by under Sections 2.2 and Section 2.3 herein. 
  
 2.6 Effective Registration Statement. A registration requested pursuant to
Sections 2.2 and Section 2.3 shall not be deemed to have been effected (i) unless a registration statement with respect thereto has become effective within the time period specified herein, provided that a registration which does not become
effective after the Company filed a registration statement with respect thereto solely by reason of the refusal to proceed of any holder of Registrable Securities (other than a refusal to proceed based upon the advice of counsel in the form of a
letter signed by such counsel and provided to the Company relating to a disclosure matter unrelated to such holder) shall be deemed to have been effected by the Company unless the holders of the Registrable Securities shall have elected to pay all
Registration Expenses in connection with such registration, (ii) if, after it has become effective, such registration becomes subject to any stop order, injunction or other order or extraordinary requirement of the SEC or other governmental agency
or court for any reason or (iii) if, after it has become effective, such registration ceases to be effective for more than the allowable Black-Out Periods (as defined herein). 
  
 2.7 Plan Of Distribution. The Company hereby agrees that the Registration Statement shall include a plan of distribution
section reasonably acceptable to the Holder; provided, however, such plan of distribution section shall be modified by the Company so as to not provide for the disposition of the Registrable Securities on the basis of an underwritten offering.

  
 2.8 Liquidated Damages. If, after six (6) months from the date
hereof, in the event the Company does not register the Registrable Securities pursuant to the requirements of Section 2.2 herein, or if the Registration Statement filed pursuant to Section 2.2 herein is not declared effective, or if the Registrable
Securities are registered pursuant to an effective Registration Statement and such Registration Statement or other Registration Statement including the Registrable Securities is not effective in the period from six months from the date hereof
through two years following the date hereof, the Company shall, for each such day, pay the Purchaser, as liquidated damages and not as a penalty, an amount equal to twenty four (24%) of the Purchase Price per annum; and for any such day, such
payment shall be made no later than the first business day of the calendar month next succeeding the month in which such day occurs. 
  
 The parties agree that the only damages payable for a violation of the terms of this Agreement with respect to which liquidated damages are expressly provided shall be
such liquidated damages. Nothing shall preclude the Purchaser from pursuing or obtaining specific performance or other equitable relief with respect to this Agreement. 
  

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 The parties hereto agree that the liquidated damages provided for in this Section 2.8 constitute a reasonable estimate of
the damages that may be incurred by the Purchaser by reason of the failure of the Registration Statement to be filed or declared effective in accordance with the provisions hereof. 
  
 The obligation of the Company terminates when the holder of shares of Registrable Securities no longer holds more than twenty percent (20%)
of their shares of Registrable Securities. 
  
 ARTICLE III

  
 INCIDENTAL REGISTRATION RIGHTS 
  
 3.1 Right To Include (“Piggy-Back”) Registrable Securities. Provided
that the Registrable Securities have not been registered, if at any time after the date hereof but before the second anniversary of the date hereof, the Company proposes to register any of its securities under the 1933 Act (other than by a
registration in connection with an acquisition in a manner which would not permit registration of Registrable Securities for sale to the public, on Form S-8, or any successor form thereto, on Form S-4, or any successor form thereto and other than
pursuant to Section 2), on an underwritten basis (either best-efforts or firm-commitment), then, the Company will each such time give prompt written notice to all holders of Registrable Securities of its intention to do so and of such holders of
Registrable Securities’ rights under this Section 3.1. Upon the written request of any such holders of Registrable Securities made within ten (10) days after the receipt of any such notice (which request shall specify the Registrable Securities
intended to be disposed of by such holders of Registrable Securities and the intended method of disposition thereof), the Company will, subject to the terms of this Agreement, use its commercially reasonable best efforts to effect the registration
under the 1933 Act of the Registrable Securities, to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) of such Registrable Securities so to be registered, by inclusion of such Registrable
Securities in the registration statement which covers the securities which the Company proposes to register, provided that if, at any time after written notice of its intention to register any securities and prior to the effective date of the
registration statement filed in connection with such registration, the Company shall determine for any reason either not to register or to delay registration of such securities, the Company may, at its election, give written notice of such
determination to each holders of Registrable Securities and, thereupon, (i) in the case of a determination not to register, shall be relieved of this obligation to register any Registrable 

  

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Securities in connection with such registration (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice,
however, to the rights of any holder or holders of Registrable Securities entitled to do so to request that such registration be effected as a registration under Section 2, and (ii) in the case of a determination to delay registering, shall be
permitted to delay registering any Registrable Securities, for the same period as the delay in registering such other securities. No registration effected under this Section 3.1 shall relieve the Company of its obligation to effect any registration
upon request under Section 2. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities requested pursuant to this Section 3.1. The right provided the Holders of the Registrable Securities pursuant
to this Section shall be exercisable at their sole discretion and will in no way limit any of the Company’s obligations to pay the Securities according to their terms. 
  
 3.2 Priority In Incidental Registrations. If the managing underwriter of the underwritten offering contemplated by this
Section 3 shall inform the Company and holders of the Registrable Securities requesting such registration by letter of its belief that the number of securities requested to be included in such registration exceeds the number which can be sold in
such offering, then the Company will include in such registration, to the extent of the number which the Company is so advised can be sold in such offering, (i) first securities proposed by the Company to be sold for its own account, and (ii) second
Registrable Securities and securities of other selling security holders requested to be included in such registration pro rata on the basis of the number of shares of such securities so proposed to be sold and so requested to be included; provided,
however, the holders of Registrable Securities shall have pro rata rights of registration with all shares sought to be included by officers and directors of the Company as well as holders of ten percent (10%) or more of the Company’s Common
Stock. 
  
 ARTICLE IV 
  
 REGISTRATION PROCEDURES 
  
 4.1 REGISTRATION PROCEDURES. If and whenever the Company is required to effect the
registration of any Registrable Securities under the 1933 Act as provided in Section 2.2 and, as applicable, 2.3, the Company shall, as expeditiously as possible: 
  
 (i) prepare and file with the SEC the Registration Statement, or amendments thereto, to effect such registration (including
such audited financial statements as may be required by the 1933 Act or the rules and regulations promulgated thereunder) and thereafter use its commercially reasonable best efforts to cause such registration statement to be declared effective by
the SEC, as soon as practicable, but in any event no later than the Required Effectiveness Date (with respect to a registration pursuant to Section 2.2); provided, however, that before filing such registration statement or any amendments thereto,
the Company will furnish to the counsel selected by the holders of Registrable Securities which are to be included in such registration, copies of all such documents proposed to be filed; 
  
 (ii) with respect to any registration statement pursuant to Section 2.2 or Section 2.3, prepare and file with the SEC such
amendments and supplements to such 

  

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registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with
the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such registration statement until the earlier to occur of sixteen (16) months after the date of this Agreement (subject to the right of the
Company to suspend the effectiveness thereof for not more than 10 consecutive Trading Days or an aggregate of 40 Trading Days during each year (each a “Black-Out Period”)) or such time as all of the securities which are the
subject of such registration statement cease to be Registrable Securities (such period, in each case, the “Registration Maintenance Period”); 
  
 (iii) furnish to each holder of Registrable Securities covered by such registration statement such number of conformed
copies of such registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus contained in such registration statement (including each preliminary prospectus
and any summary prospectus) and any other prospectus filed under Rule 424 under the 1933 Act, in conformity with the requirements of the 1933 Act, and such other documents, as such holder of Registrable Securities and underwriter, if any, may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such holder of Registrable Securities; 
  
 (iv) use its commercially reasonable best efforts to register or qualify all Registrable Securities and other securities covered by such registration
statement under such other securities laws or blue sky laws as any holder of Registrable Securities thereof shall reasonably request, to keep such registrations or qualifications in effect for so long as such registration statement remains in
effect, and take any other action which may be reasonably necessary to enable such holder of Registrable Securities to consummate the disposition in such jurisdictions of the securities owned by such holder of Registrable Securities, except that the
Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subdivision (iv) be obligated to be so qualified or to consent
to general service of process in any such jurisdiction; 
  
 (v)
use its commercially reasonable best efforts to cause all Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the holder of
Registrable Securities thereof to consummate the disposition of such Registrable Securities; 
  
 (vi) notify the Investor and its counsel promptly and confirm such advice in writing promptly after the Company has knowledge thereof: 
  
 (A) when the Registration Statement, the prospectus or any prospectus supplement related thereto or
post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration Statement or any post-effective amendment thereto, when the same has become effective; 
  

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 (B) of any request by the SEC for amendments or supplements to the Registration Statement
or the prospectus or for additional information; 
  
 (C) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings by any Person for that purpose; and 
  
 (D) of the receipt by the Company of any notification with
respect to the suspension of the qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; 
  
 (vii) notify each holder of Registrable Securities covered by such
registration statement, at any time when a prospectus relating thereto is required to be delivered under the 1933 Act, upon discovery that, or upon 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 any material facts required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then
existing, and at the request of any such holder of Registrable Securities promptly prepare and furnish to such holder of Registrable Securities a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary
so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; 
  
 (vii) use its best efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement at the earliest possible moment; 
  
 (ix) otherwise use its commercially reasonable best efforts to comply with all applicable rules and regulations of the SEC,
including the filing of periodic reports required under the Securities Exchange Act of 1934; 
  
 (x) enter into such agreements and take such other actions as the Investors shall reasonably request in writing (at the expense of the requesting or benefiting Investors) in order to expedite or facilitate the
disposition of such Registrable Securities; and 
  
 (xi) use its
commercially reasonable best efforts to list all Registrable Securities covered by such registration statement on any securities exchange on which any of the Registrable Securities are then listed. 
  

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 The Company may require each holder of Registrable Securities as to which any registration is being
effected to furnish the Company such information regarding such holder of Registrable Securities and the distribution of such securities as the Company may from time to time reasonably request in writing. 
  
 4.2 The Company will not file any registration statement pursuant to Section 2.2 or Section
2.3, or amendment thereto or any prospectus or any supplement thereto to which the Investors shall reasonably object, provided that the Company may file such documents in a form required by law or upon the advice of its counsel. 
  
 4.3 The Company represents and warrants to each holder of Registrable Securities that it has
obtained all necessary waivers, consents and authorizations necessary to execute this Agreement and consummate the transactions contemplated hereby other than such waivers, consents and/or authorizations specifically contemplated by the Stock
Purchase Agreement. 
  
 4.4 Each holder of Registrable Securities agrees that,
upon receipt of any notice from the Company of the occurrence of any event of the kind described in subdivision (viii) of Section 4.1, such Holder will forthwith discontinue such holder of Registrable Securities’ disposition of Registrable
Securities pursuant to the Registration Statement relating to such Registrable Securities until such holder of Registrable Securities’ receipt of the copies of the supplemented or amended prospectus contemplated by subdivision (viii) of Section
4.1 and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus relating to such Registrable Securities current
at the time of receipt of such notice. 
  
 4.5 Each holder of Registrable
Securities agrees that the Company may make amendments to the Stock Purchase Agreement as may be necessary to address concerns expressed by the SEC, Nasdaq, or other governmental or regulatory agencies. 
  
 ARTICLE V 
  
 UNDERWRITTEN OFFERINGS 
  

5.1 Incidental Underwritten Offerings. If the Company at any time proposes to register any of its securities under the 1933 Act as contemplated by
Section 3.1 and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by any holder of Registrable Securities as provided in Section 3.1 and subject to the provisions of Section 3.2, use its
commercially reasonable best efforts to arrange for such underwriters to include all the Registrable Securities to be offered and sold by such holder among the securities to be distributed by such underwriters. 
  
 5.2 Holdback Agreements. Subject to such other reasonable requirements as may
be imposed by the underwriter as a condition of inclusion of the Registrable Securities in the 

  

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registration statement, the holder of Registrable Securities agrees by acquisition of Registrable Securities, if so required by the managing underwriter, not
to sell, make any short sale of, loan, grant any option for the purchase of, effect any public sale or distribution of or otherwise dispose of, except as part of such underwritten registration, any equity securities of the Company, during such
reasonable period of time requested by the underwriter; provided however, (i) the secondary offering is intended to raise a minimum of three million dollars ($3,000,000) on behalf of the Company and (ii) such period shall not exceed the 90 day
period commencing with the completion of a underwritten offering. The Company agrees and acknowledges that during any holdback period, the holder of Registrable Securities may sell, in holdback period, Registrable Securities in the amount of up to
one percent per week of the shares of Common Stock held by the holder of Registrable Securities as long as this Agreement remains effective. 
  
 5.3 Participation In Underwritten Offerings. No holder of Registrable Securities may participate in any underwritten offering under Section 3.1 unless such
holder of Registrable Securities (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved, subject to the terms and conditions hereof, by the holders of a majority of Registrable Securities to
be included in such underwritten offering and (ii) completes and executes all questionnaires, indemnities, underwriting agreements and other documents (other than powers of attorney) required under the terms of such underwriting arrangements.
Notwithstanding the foregoing, no underwriting agreement (or other agreement in connection with such offering) shall require any holder of Registrable Securities to make a representation or warranty to or agreements with the Company or the
underwriters other than representations and warranties contained in a writing furnished by such holder of Registrable Securities expressly for use in the related registration statement or representations, warranties or agreements regarding such
holder of Registrable Securities, such holder’s Registrable Securities and such holder’s intended method of distribution and any other representation required by law. 
  
 5.4 Preparation; Reasonable Investigation. In connection with the preparation and filing of each registration statement under
the 1933 Act pursuant to this Agreement, the Company will give the holders of Registrable Securities registered under such registration statement, and their respective counsel and accountants, the opportunity to participate in the preparation of
such registration statement, each prospectus included therein or filed with the SEC, and each amendment thereof or supplement thereto, and will give each of them such access to its books and records and such opportunities to discuss the business of
the Company with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the reasonable opinion of such holders’ and such underwriters’ respective counsel, to conduct a
reasonable investigation within the meaning of the 1933 Act. 
  

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 ARTICLE VI 
  

INDEMNIFICATION 
  
 6.1 Indemnification by the Company. In the event of any registration of any securities of the Company under the 1933 Act, the Company will, and hereby does
agree to indemnify and hold harmless the holder of any Registrable Securities covered by such registration statement, its directors and officers, each other Person who participates as an underwriter in the offering or sale of such securities and
each other Person, if any, who controls such holder or any such underwriter within the meaning of the 1933 Act against any losses, claims, damages or liabilities, joint or several, to which such holder or any such director or officer or underwriter
or controlling person may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such securities were registered under the 1933 Act, any preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or 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, and the Company will reimburse such
holder and each such director, officer, underwriter and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding, provided
that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability, (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company
by such holder or underwriter stating that it is for use in the preparation thereof and, provided further that the Company shall not be liable to any Person who participates as an underwriter in the offering or sale of Registrable Securities or to
any other Person, if any, who controls such underwriter within the meaning of the 1933 Act, in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of such
Person’s failure to send or give a copy of the final prospectus, as the same may be then supplemented or amended, within the time required by the 1933 Act to the Person asserting the existence of an untrue statement or alleged untrue statement
or omission or alleged omission at or prior to the written confirmation of the sale of Registrable Securities to such Person if such statement or omission was corrected in such final prospectus or an amendment or supplement thereto. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such holder or any such director, officer, underwriter or controlling person and shall survive the transfer of such securities by such holder. 

 
 6.2 Indemnification by the Investors. The Company may require, as a
condition to including any Registrable Securities in any registration statement filed pursuant to this Agreement, that the Company shall have received an undertaking satisfactory to it from the prospective holder of such Registrable Securities, to
indemnify and hold harmless (in 

  

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the same manner and to the same extent as set forth in Section 6.1) the Company, each director of the Company, each officer of the Company and each other
Person, if any, who controls the Company within the meaning of the 1933 Act, with respect to any statement or alleged statement in or omission or alleged omission from such registration statement, any preliminary prospectus, final prospectus or
summary prospectus contained therein, or any amendment or supplement thereto, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company
through an instrument duly executed by such holder of Registrable Securities specifically stating that it is for use in the preparation of such registration statement, preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement. Any such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling person and shall survive the transfer of such securities by such
Investor. 
  
 6.3 Notices Of Claims, Etc. Promptly after receipt by
an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in Sections 6.1 and Section 6.2, such indemnified party will, if claim in respect thereof is to be made against an indemnifying party, give
written notice to the latter of the commencement of such action, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under Sections 6.1 and Section 6.2,
except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly
notified, to the extent that the indemnifying party may wish, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof,
the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party
shall, without the consent of the indemnified party, consent to entry of any judgment or enter into any settlement of any such action 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, or a covenant not to sue, in respect to such claim or litigation. No indemnified party shall consent to entry of any judgment or enter into any settlement of any such action the defense of which has been
assumed by an indemnifying party without the consent of such indemnifying party. 
  
 6.4 Other Indemnification. Indemnification similar to that specified in Sections 6.1 and Section 6.2 (with appropriate modifications) shall be given by the Company and each holder of Registrable Securities (but only if and to
the extent required pursuant to the terms herein) with respect to any required registration or other qualification of securities under any Federal or state law or regulation of any governmental authority, other than the 1933 Act. 
  

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 6.5 Indemnification Payments. The indemnification required by Sections 6.1 and Section 6.2 shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred. 
  
 6.6 Contribution. If the indemnification provided for in Sections 6.1 and Section 6.2 is unavailable to an indemnified party
in respect of any expense, loss, claim, damage or liability referred to therein, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of
such expense, loss, claim, damage or liability (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the holder of Registrable Securities or underwriter, as the case may be, on the
other from the distribution of the Registrable Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Company on the one hand and of the holder of Registrable Securities or underwriter, as the case may be, on the other in connection with the statements or omissions which resulted in such expense, loss,
damage or liability, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the holder of Registrable Securities or underwriter, as the case may be, on the other in connection with
the distribution of the Registrable Securities shall be deemed to be in the same proportion as the total net proceeds received by the Company from the initial sale of the Registrable Securities by the Company to the purchasers bear to the gain, if
any, realized by all selling holders participating in such offering or the underwriting discounts and commissions received by the underwriter, as the case may be. The relative fault of the Company on the one hand and of the holder of Registrable
Securities or underwriter, as the case may be, on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission to state a material fact relates to information
supplied by the Company, by the holder of Registrable Securities or by the underwriter and the parties’ relative intent, knowledge, access to information supplied by the Company, by the holder of Registrable Securities or by the underwriter and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, provided that the foregoing contribution agreement shall not inure to the benefit of any indemnified party if
indemnification would be unavailable to such indemnified party by reason of the provisions contained herein, and in no event shall the obligation of any indemnifying party to contribute under this Section 6.6 exceed the amount that such indemnifying
party would have been obligated to pay by way of indemnification if the indemnification provided for hereunder had been available under the circumstances. 
  
 The Company and the holders of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 6.6 were
determined by pro rata allocation (even if the holders of Registrable Securities and any underwriters were treated 

  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ACT TELECONFERENCING, INC. AND CERTAIN INVESTORS 
 PAGE 12 OF 17

 
as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the
immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth herein, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. 
  
 Notwithstanding the provisions of this Section 6.6, no holder of Registrable Securities or underwriter shall be required to
contribute any amount in excess of the amount by which (i) in the case of any such holder, the net proceeds received by such holder from the sale of Registrable Securities or (ii) in the case of an underwriter, the total price at which the
Registrable Securities purchased by it and distributed to the public were offered to the public exceeds, in any such case, the amount of any damages that such holder or underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

  
 ARTICLE VII 
  
 RULE 144 
  
 7.1 Rule 144. The Company shall timely file the reports required to be filed by
it under the 1933 Act and the 1934 Act (including but not limited to the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144 adopted by the SEC under the 1933 Act) and the rules and regulations adopted
by the SEC thereunder (or, if the Company is not required to file such reports, will, upon the request of any holder of Registrable Securities, make publicly available other information) and will take such further action as any holder of Registrable
Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (a) Rule 144 under the
1933 Act, as such Rule may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to
whether it has complied with the requirements of this Section 7.1. 
  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ACT TELECONFERENCING, INC. AND CERTAIN INVESTORS 
 PAGE 13 OF 17

 ARTICLE VIII 
  
 MISCELLANEOUS 
  
 8.1 Amendments And Waivers. This Agreement may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required
to be performed by it, only if the Company shall have obtained the written consent to such amendment, action or omission to act, of the holder or holders of the sum of the 51% or more of the shares of Registrable Securities issued at such time. Each
holder of any Registrable Securities at the time or thereafter outstanding shall be bound by any consent authorized by this Section 8.1, whether or not such Registrable Securities shall have been marked to indicate such consent. 
  
 8.2 Nominees For Beneficial Owners. In the event that any Registrable
Securities are held by a nominee for the beneficial owner thereof, the beneficial owner thereof may, at its election, be treated as the holder of such Registrable Securities for purposes of any request or other action by any holder or holders of
Registrable Securities pursuant to this Agreement or any determination of any number of percentage of shares of Registrable Securities held by a holder or holders of Registrable Securities contemplated by this Agreement. If the beneficial owner of
any Registrable Securities so elects, the Company may require assurances reasonably satisfactory to it of such owner’s beneficial ownership or such Registrable Securities. 
  
 8.3 Notices. Except as otherwise provided in this Agreement, all notices, requests and other communications to any Person
provided for hereunder shall be in writing and shall be given to such Person (a) in the case of a party hereto other than the Company, addressed to such party in the manner set forth in the Stock Purchase Agreement or at such other address as such
party shall have furnished to the Company in writing, or (b) in the case of any other holder of Registrable Securities, at the address that such holder shall have furnished to the Company in writing, or, until any such other holder so furnishes to
the Company an address, then to and at the address of the last holder of such Registrable Securities who has furnished an address to the Company, or (c) in the case of the Company, at the address set forth on the signature page hereto, to the
attention of its President, or at such other address, or to the attention of such other officer, as the Company shall have furnished to each holder of Registrable Securities at the time outstanding. Each such notice, request or other communication
shall be effective (i) if given by mail, 72 hours after such communication is deposited in the mail with first class postage prepaid, addressed as aforesaid or (ii) if given by any other means (including, without limitation, by fax or air courier),
when delivered at the address specified above, provided that any such notice, request or communication shall not be effective until received. 
  
 8.4 Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto. In addition, and whether or not
any express assignment shall have been made, the provisions of this Agreement which are for the benefit of the parties hereto other than the Company shall also be for the benefit of and enforceable by any subsequent holder of any Registrable
Securities. Each of the Holders of the Registrable Securities agrees, by accepting any portion of the Registrable Securities after the date hereof, to the provisions of this Agreement including, without limitation, appointment of the Investors’
Representative to act on behalf of such Holder 

  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ACT TELECONFERENCING, INC. AND CERTAIN INVESTORS 
 PAGE 14 OF 17

 
pursuant to the terms hereof which such actions shall be made in the good faith discretion of the Investors’ Representative and be binding on all
persons for all purposes. 
  
 8.5 Descriptive Headings. The
descriptive headings of the several sections and paragraphs of this Agreement are inserted for reference only and shall not limit or otherwise affect the meaning hereof. 
  
 8.6 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Colorado,
without giving effect to applicable principles of conflicts of law. 
  
 8.7
Jurisdiction. This Agreement shall be exclusively governed by and construed in accordance with the laws of the State of Colorado. If any action is brought among the parties with respect to this Agreement or otherwise, by way of
a claim or counterclaim, the parties agree that in any such action, and on all issues, the parties irrevocably waive their right to a trial by jury. Exclusive jurisdiction and venue for any such action shall be the state courts of Colorado. In the
event suit or action is brought by any party under this Agreement to enforce any of its terms, or in any appeal therefrom, it is agreed that the prevailing party shall be entitled to reasonable attorneys fees to be fixed by the arbitrator, trial
court, and/or appellate court. 
  
 8.8 Entire Agreement. This
Agreement embodies the entire agreement and understanding between the Company and each other party hereto relating to the subject matter hereof and supercedes all prior agreements and understandings relating to such subject matter. 
  
 8.9 Severability. If any provision of this Agreement, or the application of
such provisions to any Person or circumstance, shall be held invalid, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those to which it is held invalid, shall not be affected thereby.

  
 8.10 Binding Effect. All the terms and provisions of this
Agreement whether so expressed or not, shall be binding upon, inure to the benefit of, and be enforceable by the parties and their respective administrators, executors, legal representatives, heirs, successors and assignees. 
  
 8.11 Preparation of Agreement. This Agreement shall not be construed more
strongly against any party regardless of who is responsible for its preparation. The parties acknowledge each contributed and is equally responsible for its preparation. 
  
 8.12 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the
exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement herein, nor shall nay single or partial exercise of any such right
preclude other or further exercise thereof or of any other right. 

  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ACT TELECONFERENCING, INC. AND CERTAIN INVESTORS 
 PAGE 15 OF 17

 
All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  
 8.13 Counterparts. This Agreement may be executed in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. A facsimile transmission of this signed
Agreement shall be legal and binding on all parties hereto. 
  
 [SIGNATURES ON FOLLOWING PAGE] 
  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ACT TELECONFERENCING, INC. AND CERTAIN INVESTORS 
 PAGE 16 OF 17

 IN WITNESS WHEREOF, the Investors and the Company have as of the date first written above executed
this Agreement. 
  

			
	ACT TELECONFERENCING, INC.
	
	

		
	 By:
	 	  

		
	 Title:
	 	  

  

									
	INVESTORS
			
	
	 	 	 	

	 Print Name:
	 	 	 	 Print Name:

	 Entity (if appropriate):
	 	  

	 	 	 	 Entity (if appropriate):
	 	  

	 	 	 	 	 	 	 	 	 
	
	 	 	 	

	 Title: (if appropriate):
	 	  

	 	 	 	 Title: (if appropriate):
	 	  

	  
  
  

	 	 	 	  
  
  

	 Print Name:
	 	 	 	 Print Name:

	 Entity (if appropriate):
	 	  

	 	 	 	 Entity (if appropriate):
	 	  

	 	 	 	 	 	 	 	 	 
	
	 	 	 	

	 Title: (if appropriate):
	 	  

	 	 	 	 Title: (if appropriate):
	 	  

	  
  
  

	 	 	 	  
  
  

	 Print Name:
	 	 	 	 Print Name:

	 Entity (if appropriate):
	 	  

	 	 	 	 Entity (if appropriate):
	 	  

	 	 	 	 	 	 	 	 	 
	
	 	 	 	

	 Title: (if appropriate):
	 	  

	 	 	 	 Title: (if appropriate):
	 	  

  

 REGISTRATION RIGHTS AGREEMENT BETWEEN 
 ACT TELECONFERENCING, INC. AND CERTAIN INVESTORS 
 PAGE 17 OF 17Form of Amendment to Warrant Agreement

  
 Exhibit 4.4 

 
 FIRST AMENDMENT, CONSENT AND WAIVER 
  
 This First Amendment, Consent and Waiver (‘Waiver”) is effective as
of May 12, 2003 and relates to (i) the Note Agreement dated as of May 12, 2003 (the “Note Agreement”) among NewWest Mezzanine Fund, LP (“NewWest”), KCEP Ventures II, L.P. (“KCEP”), Convergent Capital Partners I, L.P.
(“Convergent”), James F. Seifert Management Trust dated October 8, 1992 (the “Trust”), ACT Teleconferencing, Inc. (“Holdings”), ACT Teleconferencing Services, Inc. (the “Services”) and certain Co-Borrowers
listed on the signature page of this Waiver (the “Co-Borrowers), and (ii) the Warrant Agreement dated as of May 12, 2003 (the “Warrant Agreement”) among NewWest, KCEP, Convergent, the Trust, Holdings, Services, and certain Principals
set forth on the signature page of this Waiver (the “Principals”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Note Agreement. 
  
 Recitals 
  
 Holdings and Services have requested that the Purchaser waive certain Events of Default under the Note Agreement and the
Warrant Agreement and amend the Warrant Agreement, subject in each case to the terms and conditions set forth herein, and the Purchaser has agreed to grant such waiver and effect such amendment, on the terms and conditions set forth herein.

  
 NOW, THEREFORE, in consideration of the foregoing premises and
the mutual covenants hereinafter stated, the parties hereby agree as follows: 
  
 1. Waiver. Subject to the conditions set forth in this Waiver, the Purchaser hereby waives the Event of Default existing under Section 6.18 of the Note Agreement resulting solely from the size of Holdings’
Board of Directors not being set at seven. 
  
 2. Warrant
Agreement Amendment. The first sentence of Section 14.2 of the Warrant Agreement is amended and restated to read as follows: 
  
 “In addition to representatives with attendance rights as described in §14.1, so long as the Notes remain outstanding or the aggregate
Applicable Percentage of the Institutional Holders is at least 5%, the Boards of Directors of the Company and Services shall consist of not more than (i) nine members during the period from May 12, 2003 until the end of the Company’s 2003
annual meeting of shareholders, (ii) eight members during the period from the end of the Company’s 2003 annual meeting of shareholders until November 30, 2003, and (ii) seven members thereafter, and the Institutional Holders shall have the
right to name two representatives who shall maintain seats on such Boards, and be entitled to all benefits generally available to members of such Boards.” 
  

3. Funding under Note Agreement; Guarantee. The parties consent and agree that the funding under the Note Agreement originally scheduled to
occur on the 10th day following the Closing, provided that no Default or Event of Default existed on such date, shall instead take place on May     , 2003, provided that no Default or Event of Default exists on such date.
The parties further agree that the Guarantee of Holdings and its subsidiaries in favor of the Purchaser shall be amended and restated to remove ACT Teleconferencing Limited (UK) as a guarantor and to read as set forth in the attached Guarantee.

  

 4. Conditions to Effectiveness. The effectiveness of this Waiver is expressly conditioned upon
Holdings and Borrower delivering to the Purchaser all of the following, all in form and substance acceptable to the Purchaser: (a) this Waiver duly executed by Holdings, Services, the Co-Borrowers and the Principals; and (b) Holdings and Borrower
shall have provided evidence satisfactory to the Purchaser that all events of default under any other promissory notes or loan agreements have been waived and such waivers are in full force and effect. 
  
 5. Reaffirmation of Financing Documents. All terms, conditions and
provisions of the Note Agreement and the other Financing Documents are hereby reaffirmed and continued in full force and effect and shall remain unaffected and unchanged, except as specifically amended by this Waiver. All covenants, representations
and warranties of Holdings and Borrower in this Waiver shall survive the closing and delivery of this Waiver. The Events of Default specified in the Note Agreement shall continue to be the events of default under the Note. The Purchaser’s
remedies with respect to the occurrence of an Event of Default shall continue to be as set forth in the Note Agreement and in the Financing Documents. Borrower confirms that, in accordance with Section 8.3 of the Note Agreement, Borrower will
promptly reimburse the Purchaser for all reasonable expenses relating to this Waiver. 
  
 6. Representations and Warranties. Holdings and Borrower represent and warrant to the Purchaser that (i) they have full power and authority to consummate this Waiver and the execution and delivery by Holdings
and Borrower of this Waiver have been duly and properly made and authorized, (ii) this Waiver and the Financing Documents to which Holdings and Borrower are a party each constitutes a valid and binding obligation of Holdings and Borrower,
enforceable against Holdings and Borrower in accordance with its respective terms, (iii) the execution and delivery of this Waiver will not violate any provisions of any law or any order of any court or governmental authority or agency and will not
conflict with or result in any breach of any of the terms, conditions or provisions of, or constitute a default under Holdings and Borrower’s articles of incorporation or bylaws or any indenture or other agreement or instrument to which
Holdings or Borrower is a party or by which they may be bound or result in the imposition of any Liens or encumbrances on any of its property (other than as contemplated in the other Financing Documents and as contemplated hereby), (iv) no further
approval, consent or withholding of objection on the part of any regulatory body, federal, state or local, is necessary in connection with the execution and delivery by Holdings and Borrower of this Waiver, (v) Holdings and Borrower have no defense,
offset or counterclaim with respect to the payment of any sum owed to the Purchaser, or with respect to the performance or observance of any warranty or covenant contained in the Financing Documents, and the Purchaser has performed all obligations
and duties owed to Holdings and Borrower through the date of this Waiver, and (vi) giving effect to this Waiver, there is no Default or Event of Default. 
  
 7. General Release. In consideration of, among other things, the Waiver provided for herein, each of Holdings and Borrower, on behalf of itself and
its stockholders and other Affiliates and their successors and assigns (collectively, the “Releasors”), hereby forever waives, releases and discharges to the fullest extent permitted by law any and all claims (including, without
limitation, cross claims, counterclaims, rights of set-off and recoupment), causes of action, demands, suits, costs, expenses and damages (collectively, the “Claims”), that any Releasor now has or hereafter may have, of whatsoever nature
and kind, whether known or unknown, whether now existing or hereafter arising, whether arising at law or in equity, against the Purchaser and any of their affiliates, partners, shareholders and “controlling persons” (within the meaning of
the federal securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys and other representatives of each of the foregoing (collectively, the “Releasees”), based
in whole or in part on facts, whether or not now 

  

 -2- 

 
known, existing on or before the execution of this Waiver. In entering into this Waiver, Holdings and Borrower has consulted with and been represented by
counsel and expressly disclaims any reliance on any representations, acts or omissions by any of the Releasees and hereby agrees and acknowledges that the validity and effectiveness of the release set forth above do not depend in any way on any such
representations, acts and/or omissions or the accuracy, completeness or validity thereof. The provisions of this Section shall survive the termination of the Note Agreement and the other Financing Documents and payment in full of the Obligations.

  
 8. Governing Law. This Waiver and all matters
concerning this Waiver shall be governed by the laws of the State of Colorado for contracts entered into and to be performed in such state without regard to principles of conflicts of laws. 
  
 9. Entire Agreement. Except as modified by this Waiver, the Note
Agreement and the Warrant Agreement remain in full force and effect. The Note Agreement and the Warrant Agreement, as modified by this Waiver, and together with the other Financing Documents, embody the entire agreement and understanding among the
parties to this Waiver, and supersedes all prior agreements and understandings among the parties relating to the subject matter of the Note Agreement and the Warrant Agreement as modified by this Waiver. 
  
 10. Counterparts; Telecopy Execution. This Waiver may be executed in
any number of separate counterparts, each of which, when taken together, shall constitute one and the same instrument, admissible into evidence, notwithstanding the fact that all parties have not signed the same counterpart. Delivery of an executed
counterpart of this Waiver by facsimile shall be equally as effective as delivery of a manually executed counterpart of this Waiver. Any party delivering an executed counterpart of this Waiver by facsimile shall also deliver a manually executed
counterpart of this Waiver, but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability, and binding effect of this Waiver. 
  
 [Signature page follows] 
  

 -3- 

 IN WITNESS WHEREOF, the parties hereto have executed this Waiver effective as of the day, month and year
first above written. 
  

			
	 HOLDINGS: ACT Teleconferencing, Inc.

		
	By	 	 /s/ Illegible

	 	 	

	 Its
	 	 CFO

  

			
	SERVICES: ACT Teleconferencing Services, Inc.
		
	By	 	 /s/ Illegible

	 	 	

	 Its
	 	 CFO

  

			
	 CO-BORROWER: ACT VideoConferencing, Inc.

		
	By	 	 /s/ Illegible

	 	 	

	 Its
	 	 CFO

  

			
	 CO-BORROWER: ACT Proximity, Inc.

		
	By	 	 /s/ Illegible

	 	 	

	 Its
	 	 CFO

  

			
	 CO-BORROWER: ACT Research, Inc.

		
	By	 	 /s/ Illegible

	 	 	

	 Its
	 	 Chairman

  

	
	 PRINCIPALS:

	
	 /s/ Gerald V. Eeckhout

	

	 Gerald V. Eeckhout

  

	
	
	 /s/ Gavin J. Thomson

	

	 Gavin J. Thomson

  

	
	
	 /s/ Gene Warren

	

	 Gene Warren

  

	
	
	 /s/ Charles T. Stout

	

	 Charles T. Stout

  

 -4- 

	
	Accepted as of the date of this Waiver:
	
	INVESTORS:
	
	NEWWEST MEZZANINE FUND LP
	By Touchstone Capital Group LLLP, General Partner
	
	 /s/ David L. Henry

	

	 David L. Henry, Managing General Partner

  

	
	
	 KCEP VENTURES II, L.P.

	 By KCEP II, LC, General Partner

	
	 
	

	 Terry Matlack, Managing Director

  

	
	
	 CONVERGENT CAPITAL PARTNERS I, L.P.

	 By Convergent Capital, LLC, General Partner

	
	 
	

	 Keith S. Bares, Executive Vice President

  
 JAMES F. SEIFERT MANAGEMENT TRUST
DATED OCTOBER 8, 1992 
 By James F. Seifert and Nancy L. Seifert, as Trustees and not individually 
  

	
	
	 
	

	 James F. Seifert, Trustee

  

	
	
	 
	

	 Nancy L. Seifert, Trustee

  

 -5- 

	
	Accepted as of the date of this Waiver:
	
	INVESTORS:
	
	NEWWEST MEZZANINE FUND LP
	By Touchstone Capital Group LLLP, General Partner
	
	 
	

	 David L. Henry, Managing General Partner

  

	
	
	 KCEP VENTURES II, L.P.

	 By KCEP II, LC, General Partner

	
	 /s/ Terry Matlack

	

	 Terry Matlack, Managing Director

  

	
	
	 CONVERGENT CAPITAL PARTNERS I, L.P.

	 By Convergent Capital, LLC, General Partner

	
	 
	

	 Keith S. Bares, Executive Vice President

  
 JAMES F. SEIFERT MANAGEMENT TRUST
DATED OCTOBER 8, 1992 
 By James F. Seifert and Nancy L. Seifert, as Trustees and not individually 
  

	
	
	 
	

	 James F. Seifert, Trustee

  

	
	
	 
	

	 Nancy L. Seifert, Trustee

  

 -5- 

	
	Accepted as of the date of this Waiver:
	
	INVESTORS:
	
	NEWWEST MEZZANINE FUND LP
	By Touchstone Capital Group LLLP, General Partner
	
	 
	

	 David L. Henry, Managing General Partner

  

	
	
	 KCEP VENTURES II, L.P.

	 By KCEP II, LC, General Partner

	
	 
	

	 Terry Matlack, Managing Director

  

	
	
	 CONVERGENT CAPITAL PARTNERS I, L.P.

	 By Convergent Capital, LLC, General Partner

	
	 /s/ Keith S. Bares

	

	 Keith S. Bares, Executive Vice President

  
 JAMES F. SEIFERT MANAGEMENT TRUST
DATED OCTOBER 8, 1992 
 By James F. Seifert and Nancy L. Seifert, as Trustees and not individually 
  

	
	
	 
	

	 James F. Seifert, Trustee

  

	
	
	 
	

	 Nancy L. Seifert, Trustee

  

 -5- 

	
	Accepted as of the date of this Waiver:
	
	INVESTORS:
	
	NEWWEST MEZZANINE FUND LP
	By Touchstone Capital Group LLLP, General Partner
	
	 
	

	 David L. Henry, Managing General Partner

  

	
	
	 KCEP VENTURES II, L.P.

	 By KCEP II, LC, General Partner

	
	 
	

	 Terry Matlack, Managing Director

  

	
	
	 CONVERGENT CAPITAL PARTNERS I, L.P.

	 By Convergent Capital, LLC, General Partner

	
	 
	

	 Keith S. Bares, Executive Vice President

  
 JAMES F. SEIFERT MANAGEMENT TRUST
DATED OCTOBER 8, 1992 
 By James F. Seifert and Nancy L. Seifert, as Trustees and not individually 
  

	
	
	 /s/ James F. Seifert

	

	 James F. Seifert, Trustee

  

	
	
	 /s/ Nancy L. Seifert

	

	 Nancy L. Seifert, Trustee

  

 -5-

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