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EXHIBIT 4.3    
    

EXECUTION COPY  

ECOLLEGE.COM  

 REGISTRATION RIGHTS AGREEMENT  

  

	SECTION 1.	 	GENERAL	 	1
	

1.1	
 	

Definitions	
 	

1
	

SECTION 2.	
 	

REGISTRATION; RESTRICTIONS ON TRANSFER	
 	

2
	

2.1	
 	

Registration Procedures and Expenses	
 	

2
	

2.2	
 	

Transfer of Registrable Securities After Registration; Suspension	
 	

4
	

2.3	
 	

Indemnification	
 	

5
	

2.4	
 	

Termination of Conditions and Obligations	
 	

8
	

2.5	
 	

Information Available	
 	

8
	

2.6	
 	

Restrictions on Transfer	
 	

8
	

2.7	
 	

Delay of Registration; Furnishing Information	
 	

9
	

2.8	
 	

Assignment of Registration Rights	
 	

9
	

2.9	
 	

Amendment of Registration Rights	
 	

9
	

2.10	
 	

Agreement to Furnish Information	
 	

10
	

SECTION 3.	
 	

MISCELLANEOUS	
 	

10
	

3.1	
 	

Governing Law	
 	

10
	

3.2	
 	

Successors and Assigns	
 	

10
	

3.3	
 	

Entire Agreement	
 	

10
	

3.4	
 	

Severability	
 	

10
	

3.5	
 	

Amendment and Waiver	
 	

10
	

3.6	
 	

Delays or Omissions	
 	

11
	

3.7	
 	

Notices	
 	

11
	

3.8	
 	

Attorneys' Fees	
 	

11
	

3.9	
 	

Titles and Subtitles	
 	

11
	

3.10	
 	

Counterparts	
 	

11
	

3.11	
 	

Aggregation of Stock	
 	

11
	

3.12	
 	

No Piggyback on Registrations	
 	

11

i

ECOLLEGE.COM  

 REGISTRATION RIGHTS AGREEMENT  

        This Registration Rights Agreement (this
"Agreement") is entered into as of the 31st day of October 2003, by and among eCollege.com, a Delaware
corporation (the "Company"), and Capital Resource Partners IV, L.P., a Delaware limited partnership
("CRP"). 

Recitals  

        Whereas, pursuant to the Senior Subordinated Secured Note and Warrant Purchase Agreement dated as of
October 31, 2003, by and between the Company, eCollege International, Inc., a Colorado corporation, Datamark, Inc. and CRP (the "Purchase
Agreement"), CRP is receiving as partial consideration for its investment of $20.0 million in the Company warrants to purchase shares of the Company's Common Stock (the
"Transaction"); 

        Whereas, the obligations in the Purchase Agreement are conditioned upon the execution and delivery of this Agreement; and 

        Whereas, in connection with the consummation of the Transaction, the parties desire to enter into this Agreement in order to grant
registration and other rights to CRP as set forth below. 

        Now, Therefore, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. GENERAL.  

        1.1   Definitions. Unless otherwise defined herein, as used in this Agreement the following terms shall have the following
respective meanings: 

        (a)   "Common Stock" shall mean (i) the Company's Common Stock, par value $.01 per share, as
authorized on the date of this Agreement, and (ii) any other securities into which or for which any of the securities described in (i) above may be converted or exchanged pursuant to a
plan of recapitalization, reorganization, merger, sale of assets or otherwise. 

        (b)   "Exchange Act" means the Securities Exchange Act of 1934, as amended and the rules and
regulations promulgated by the SEC thereunder. 

        (c)   "Form S-3" means such form under the Securities Act as in effect on the date
hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other
documents filed by the Company with the SEC. 

        (d)   "Holder" means any person owning of record Registrable Securities that have not been sold to the
public or any assignee of record of such Registrable Securities in accordance with Section 2.8 hereof. 

        (e)   "Register," "registered," and "registration" refer to a registration effected by preparing and
filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

        (f)    "Registrable Securities" means for each Holder (i) any shares of Common Stock held by a
Holder, (ii) the Warrant Shares or any other securities of the Company issued and issuable upon exercise of the Warrants and (iii) any shares of the Company's capital stock issued in
respect thereof as the result of any stock split, in each case rounded to the nearest integral amount, and for all Holders the sum of the Registrable Securities held by them;  provided, however, that
Registrable Securities shall cease to be Registrable Securities when (i) a registration statement covering such
Registrable Securities shall have become effective under the Securities Act, and such Registrable Securities shall have been disposed of in accordance with such registration statement and in
accordance with the 1933 Act, or (ii) with respect to a Holder, at such time as all of the 

 

Registrable
Securities held by such Holder can be sold by such Holder in a three-month period in accordance with Rule 144 under the 1933 Act, as such rule may be amended from time to time, or
any successor rule or regulation ("Rule 144"), or (iii) with respect to a Holder, at such time as all of the Registrable Securities held by such Holder could be sold by such Holder in a
three-month period in accordance with Rule 144, assuming that, for purposes of calculating the required holding periods set forth under Rule 144 for such Holder, such Holder acquired it
shares on the date hereof; provided, however, that for purposes of determining the ability to sell securities under (ii) and (iii) above, Sections 144(e)(1)(ii) and
(iii) of Rule 144 shall not be considered. 

        (g)   "SEC" or "Commission" means the Securities and Exchange Commission. 

        (h)   "Securities Act" shall mean the Securities Act of 1933, as amended and the rules and regulations
promulgated by the SEC thereunder. 

        (i)    "Warrants" shall mean and include the Common Stock Purchase Warrants to purchase an aggregate of
200,000 shares of Common Stock issued to CRP on the date hereof. 

        (j)    "Warrant Shares" shall mean any shares of Common Stock issued and issuable upon exercise of the
Warrants. 

        (k)   "Warrantholder" shall mean any holder of Warrants. 

        (l)    "Special Registration Statement" shall mean (i) a registration statement relating to any
employee benefit plan or (ii) with respect to any corporate reorganization (including any registration statements related to the issuance or resale of securities issued in such a transaction)
or (iii) a registration related to stock issued upon conversion of debt securities. 

SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER.  

        2.1   Registration Procedures and Expenses. The Company shall: 

        (a)   subject to receipt of information from the Holders that is both customary and necessary, prepare and file with the SEC,
as soon as practicable, but in no event later than 30 days after the Closing Date (the date of such filing with the SEC, the "Filing Date"), a registration statement on
Form S-3 (the "Registration Statement") to enable the resale of the Registrable Securities by the Holders from time to time through the automated quotation system of the Nasdaq
Stock Market or in privately-negotiated transactions; provided, however, that not less than two (2) days prior to the filing of the Registration Statement, the Company shall make available to
the Holders a copy of those portions of the Registration Statement proposed to be filed relating to information provided to the Company by the Holders and the Company agrees to consider appropriate
comments provided by such Holders with respect to the Registration Statement for inclusion in the Registration Statement; 

        (b)   use its reasonable efforts, subject to receipt of necessary information from the Holders, to cause the Registration
Statement to become effective as soon as practicable; but in no event later than one hundred twenty (120) days after the Filing Date (the "Effective Date"); provided, however, that if the
Registration Statement has not been declared effective by the SEC on or before the Effective Date, then the Company shall on the first day after the Effective Date, pay the Holders an amount equal to
one-half percent (.5%) of the total fair market value of the Warrant Shares (which shall be based on the closing price of the Company's Common Stock as reported on Nasdaq on the business
day immediately preceding the Closing Date of the Transaction (the "Fair Market Value") received by the Holders pursuant to the Purchase Agreement, and one-quarter percent (.25%) of the
total Fair Market Value of the Warrant Shares received by the Holders, each thirtieth day thereafter, up to a maximum of one and one-quarter 

2

 

percent
(1.25%) of such total Fair Market Value until the Registration Statement is declared effective by the SEC. 

        (c)   use its reasonable efforts to prepare and file with the SEC such amendments and supplements to the Registration Statement
and the prospectus used in connection therewith as may be necessary to keep the Registration Statement current and effective for a period not exceeding, with respect to each Holder's Registrable
Securities, the earlier of (i) the second anniversary of the Closing Date, (ii) the date on which such Holder may sell all Registrable Securities then held by such Holder without
restriction by the volume limitations of Rule 144(e) of the Securities Act or (iii) such time as all Registrable Securities have been sold pursuant to a registration statement; 

        (d)   furnish to the Holder with respect to the Registrable Securities registered under the Registration Statement such number
of copies of the Registration Statement, prospectuses and preliminary prospectuses in conformity with the requirements of the Securities Act and such other documents as the Holder may reasonably
request, in order to facilitate the public sale or other disposition of all or any of the Registrable Securities by the Holder, provided, however, that the obligation of the Company to deliver copies
of prospectuses or preliminary prospectuses to the Holder shall be subject to the receipt by the Company of reasonable assurances from the Holder that the Holder will comply with the applicable
provisions of the Securities Act and of such other securities or blue sky laws as may be applicable in connection with any use of such prospectuses or preliminary prospectuses; 

        (e)   file documents required of the Company for normal blue sky clearance in states specified in writing by the Holder,
provided, however, that the Company shall not be required to qualify to do business or consent to service of process in any jurisdiction in which it is not now so qualified or has not so consented; 

        (f)    bear all expenses in connection with the procedures in paragraph (a) through (e) of this Section 2.1
and the registration of the Registrable Securities pursuant to the Registration Statement; 

        (g)   advise the Holders, promptly after it shall receive notice or obtain knowledge of the issuance of any stop order by the
SEC delaying or suspending the effectiveness of the Registration Statement or of the initiation of any proceeding for that purpose; and it will promptly use its commercially reasonable efforts to
prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; and 

        (h)   with a view to making available to the Holder the benefits of Rule 144 (or its successor rule) and any other rule
or regulation of the SEC that may at any time permit the Holder to sell Registrable Securities to the public without registration, the Company covenants and agrees to: (i) make and keep public
information available, as those terms are understood and defined in Rule 144, until the earlier of (A) such date as all of the Registrable Securities 's Registrable Securities may be
resold pursuant to Rule 144(k) or any other rule of similar effect or (B) such date as all of the Holder's Registrable Securities shall have been resold; (ii) file with the SEC in
a timely manner all reports and other documents required of the Company under the Securities Act and under the Exchange Act; (iii) furnish to the Holder upon request, as long as the Holder owns
any Registrable Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the Securities Act and the Exchange Act, (B) a copy of the
Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and (C) such other information as may be reasonably requested in order
to avail the Holder of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration; and (iv) subject to the conditions set forth in this
Agreement, and provided the conditions of Rule 144(k) are satisfied in all respects, including without limitation, that the Holder is not an Affiliate of the Company, as such term is
defined in Rule 144, use commercially reasonable efforts 

3

 

to
cause the removal of any restrictive legends on the Registrable Securities necessary to enable the Holder to sell the Registrable Securities under Rule 144(k). 

        (i)    It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2.1 that the Holder shall furnish to the Company, pursuant to the written request by the Company, such information regarding itself, the Registrable Securities to be sold by Holder, and
the intended method of disposition of such securities as shall be required to effect the registration of the Registrable Securities. 

        (j)    The Company understands that the Holder disclaims being an underwriter, but the Holder being deemed an underwriter by the
SEC shall not relieve the Company of any obligations it has hereunder. 

        2.2   Transfer of Registrable Securities After Registration; Suspension.  

        (a)   The Holder agrees that it will not effect any disposition of the Registrable Securities or its right to purchase the Registrable
Securities that
would constitute a sale within the meaning of the Securities Act except as contemplated in the Registration Statement referred to in Section 2.1 and as described herein, and that it will
promptly notify the Company of any changes in the information set forth in the Registration Statement regarding the Holder or its plan of distribution. 

        (b)   Except in the event that paragraph (c) below applies, the Company shall: (i) if deemed necessary by
the Company, prepare and file from time to time with the SEC a post-effective amendment to the Registration Statement or a supplement to the related prospectus or a supplement or amendment
to any document incorporated therein by reference or file any other required document so that such Registration Statement will not contain 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, and so that, as thereafter delivered to purchasers of the Registrable Securities being sold
thereunder, such prospectus will not contain 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, in light
of the circumstances under which they were made, not misleading; (ii) provide the Holder copies of any documents filed pursuant to Section 2.2(b)(i); and (iii) promptly inform
each Holder that the Company has complied with its obligations in Section 2.2(b)(i) (or that, if the Company has filed a post-effective amendment to the Registration
Statement which has not yet been declared effective, the Company will notify the Holder to that effect, will use its reasonable efforts to secure the effectiveness of such post-effective
amendment as promptly as possible and will promptly notify the Holder pursuant to Section 2.2(b)(i) hereof when the amendment has become effective). 

        (c)   Subject to paragraph (d) below, in the event: (i) of any request by the SEC or any other federal or
state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to a Registration Statement or related prospectus or for additional
information; (ii) of the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose; (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose; or (iv) of any event or circumstance which necessitates the making of any changes in
the Registration Statement or prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it will not contain any
untrue statement of a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the
prospectus, it will not contain any untrue statement of a material fact or any omission to state a material fact required to be stated therein or necessary to make the statements therein, in 

4

 

the
light of the circumstances under which they were made, not misleading; then the Company shall deliver a certificate in writing to the Holder (the "Suspension Notice") to the effect of the
foregoing and, upon receipt of such Suspension Notice, the Holder will refrain from selling any Registrable Securities pursuant to the Registration Statement (a "Suspension") until the Holder's
receipt of copies of a supplemented or amended prospectus prepared and filed by the Company, or until it is advised in writing by the Company that the current prospectus may be used, and has received
copies of any additional or supplemental filings that are incorporated or deemed incorporated by reference in any such prospectus. In the event of any Suspension, the Company will use its reasonable
efforts to cause the use of the prospectus so suspended to be resumed as soon as reasonably practicable within 20 business days after delivery of a Suspension Notice to the Holders. In addition
to and without limiting any other remedies (including, without limitation, at law or at equity) available to the Holder, the Holder shall be entitled to specific performance in the event that the
Company fails to comply with the provisions of this Section 2.2(c) and 2.2(d). 

        (d)   Notwithstanding the foregoing paragraphs of this Section 2.2, the Holder shall not be prohibited from selling
Registrable Securities under the Registration Statement as a result of Suspensions on more than two nonconsecutive occasions of not more than forty-five (45) days each in any twelve
(12) month period, unless, in the good faith judgment of the Company's Board of Directors, upon advice of counsel, the sale of Registrable Securities under the Registration Statement in
reliance on this paragraph 2.2(d) would be reasonably likely to cause a violation of the Securities Act or the Exchange Act and result in potential liability to the Company. 

        (e)   Provided that a Suspension is not then in effect the Holder may sell Registrable Securities under the Registration
Statement, provided that it arranges for delivery of a current prospectus to the transferee of such Registrable Securities. Upon receipt of a request therefor, the Company has agreed to provide an
adequate number of current prospectuses to the Holder and to supply copies to any other parties requiring such prospectuses. 

        (f)    In the event of a sale of Registrable Securities by the Holder, the Holder must also deliver to the Company's transfer
agent, with a copy to the Company, a Certificate of Subsequent Sale substantially in the form attached hereto as Exhibit C, so that the shares may be properly transferred. 

        2.3   Indemnification. For the purpose of this Section 2.3: 

        (a)   the term "Selling Stockholder" shall include the Holder and any officer, director, agent, trustee, representative or
affiliate of such Holder; 

        (b)   the term "Registration Statement" shall include any final prospectus, exhibit, supplement or amendment included in or
relating to the Registration Statement referred to in Section 2.1; and 

        (c)   the term "untrue statement" shall include any untrue statement or alleged untrue statement, or any omission or alleged
omission to state in the Registration Statement a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading. 

        (i)    The Company agrees to indemnify and hold harmless each Selling Stockholder from and against any losses, claims, damages
or liabilities to which such Selling Stockholder may become subject (under the Securities Act or otherwise) but only insofar as such losses, claims, damages or liabilities (or actions or proceedings
in respect thereof) arise out of, or are based upon (i) any untrue statement of a material fact contained in the Registration Statement, or (ii) any failure by the Company to fulfill any
undertaking included in the Registration Statement, and the Company will reimburse such Selling Stockholder for any reasonable legal or other expenses reasonably incurred in investigating, defending
or preparing to defend any such action, proceeding or claim, provided, however, that the Company shall not be liable in 

5

 

any
such case to the extent that such loss, claim, damage or liability arises out of, or is based upon, an untrue statement made in such Registration Statement in reliance upon and in conformity with
written information furnished to the Company by or on behalf of any such Selling Stockholder specifically for use in preparation of the Registration Statement or the failure of any such Selling
Stockholder to comply with its covenants and agreements contained in Section 2.2 hereof or any statement or omission in any prospectus that is corrected in any subsequent prospectus that was
delivered to the Holder prior to the pertinent sale or sales by the Holder. 

        (ii)   The Holder agrees to indemnify and hold harmless the other Selling Stockholders and the Company (and each person, if
any, who controls the Company or the other Selling Stockholders within the meaning of Section 15 of the Securities Act, each officer of the Company who signs the Registration
Statement and each director of the Company) from and against any losses, claims, damages or liabilities to which the other Selling Stockholders or the Company (or any such officer, director or
controlling person) may become subject (under the Securities Act or otherwise), but only insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out
of, or are based upon, (A) any failure to comply with the covenants and agreements contained in Section 2.2 hereof, or (B) any untrue statement of a material fact contained in the
Registration Statement if such untrue statement was made in reliance upon and in conformity with written information furnished by or on behalf of the Holder specifically for use in preparation of the
Registration Statement, and the Holder will reimburse the other Selling Stockholders and the Company (or such officer, director or controlling person), as the case may be, for any reasonable legal or
other expenses reasonably incurred in investigating, defending or preparing to defend any such action, proceeding or claim. 

        (iii) Promptly after receipt by any indemnified person of a notice of a claim or the beginning of any action in respect of
which indemnity is to be sought against an indemnifying person pursuant to this Section 2.3, such indemnified person shall notify the indemnifying person in writing of such claim or of the
commencement of such action, but the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under this Section 2.3
(except to the extent that such omission materially and adversely affects the indemnifying party's ability to defend such action) or from any liability otherwise than under this Section 2.3.
Subject to the provisions hereinafter stated, in case any such action shall be brought against an indemnified person, the indemnifying person shall be entitled to participate therein, and, to the
extent that it shall elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, shall be entitled to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified person. After notice from the indemnifying person to such indemnified person of its election to assume the defense thereof, such
indemnifying person shall not be liable to such indemnified person for any legal expenses subsequently incurred by such indemnified person in connection with the defense thereof, provided, however,
that if there exists or shall exist a conflict of interest that would make it inappropriate, in the reasonable opinion of counsel to the indemnified person, for the same counsel to represent both the
indemnified person and such indemnifying person or any affiliate or associate thereof, the indemnified person shall be entitled to retain its own counsel at the expense of such indemnifying person;
provided, however, that no indemnifying person shall be responsible for the fees and expenses of more than one separate counsel (in addition to appropriate local counsel) for all indemnified parties.
In no event shall any indemnifying person be liable in respect of any amounts paid in settlement of any action unless the indemnifying person shall have approved the terms of such settlement; provided
that such consent shall not be unreasonably withheld or delayed. No indemnifying person shall, without the prior written 

6

 

consent
of the indemnified person, effect any settlement of any pending or threatened proceeding in respect of which any indemnified person is or could have been a party and indemnification could have
been sought hereunder by such indemnified person, unless such settlement includes an unconditional release of such indemnified person from all liability on claims that are the subject matter of such
proceeding. 

        (iv)  If the indemnification provided for in this Section 2.3 is unavailable to or insufficient to hold harmless an
indemnified party under subsection (i) or (ii) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein,
then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is
appropriate to reflect the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions or other matters which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, in
the case of an untrue statement, whether the untrue statement relates to information supplied by the Company on the one hand or an Holder on the other and the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent such untrue statement. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this
subsection (iv) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take into
account the equitable considerations referred to above in this subsection (iv). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or
actions in respect thereof) referred to above in this subsection (iv) shall be deemed to include 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 subsection (iv), no Holder shall be required to contribute any amount in excess of the amount by
which the gross amount received by the Holder from the sale of the Registrable Securities to which such loss relates exceeds the amount of any damages which such Holder has otherwise been required to
pay by reason of such untrue statement. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation. The Holders' obligations in this subsection to contribute are several in proportion to their sales of Registrable Securities to
which such loss relates and not joint. 

        (v)   Each of the parties to this Agreement hereby severally acknowledges that they are sophisticated business persons who were
represented by counsel during the negotiations regarding the provisions hereof including, without limitation, the provisions of this Section 2.3, and are fully informed regarding said
provisions. Each party further severally acknowledges that the provisions of this Section 2.3 fairly allocate the risks in light of the ability of the parties to investigate the Company and its
business in order to assure that adequate disclosure is made in the Registration Statement as required by the Act and the Exchange Act. The parties are advised that federal or state public policy as
interpreted by the courts in certain jurisdictions may be contrary to certain of the provisions of this Section 2.3, and the parties hereto hereby expressly waive and relinquish any right or
ability to assert such public policy as a defense to a claim under this Section 2.3 and further agree not to attempt to assert any such defense. 

        2.4   Termination of Conditions and Obligations. The conditions precedent imposed by Section 2 upon the transferability
of the Registrable Securities shall cease and terminate as to any particular number of the Registrable Securities when such Registrable Securities shall have been effectively 

7

 

registered
under the Securities Act and sold or otherwise disposed of in accordance with the intended method of disposition set forth in the Registration Statement covering such Registrable Securities
or at such time as an opinion of counsel reasonably satisfactory to the Company shall have been rendered to the effect that such conditions are not necessary in order to comply with the Securities
Act. 

        2.5   Information Available. So long as the Registration Statement is effective covering the resale of Registrable Securities
owned by the Holder, the Company will furnish to the Holder: 

        (a)   as soon as practicable after it is available, one copy of (i) its Annual Report to Stockholders (which Annual
Report shall contain financial statements audited in accordance with generally accepted accounting principles by a national firm of certified public accountants) and (ii) if not included in
substance in the Annual Report to Stockholders, its Annual Report on Form 10-K (the foregoing, in each case, excluding exhibits); 

        (b)   upon the request of the Holder, all exhibits excluded by the parenthetical to subparagraph (a)(ii) of this
Section 2.5 as filed with the SEC and all other information that is made available to shareholders; and 

        (c)   upon the reasonable request of the Holder, an adequate number of copies of the prospectuses to supply to any other party
requiring such prospectuses; and the Company, upon the reasonable request of the Holder, will meet with the Holder or a representative thereof at the Company's headquarters to discuss all information
relevant for disclosure in the Registration Statement covering the Registrable Securities and will otherwise cooperate with any Holder conducting an investigation for the purpose of reducing or
eliminating such Holder's exposure to liability under the Securities Act, including the reasonable production of information at the Company's headquarters; provided, that the Company shall not be
required to disclose any confidential information to or meet at its headquarters with any Holder until and unless the Holder shall have entered into a confidentiality agreement in form and substance
reasonably satisfactory to the Company with the Company with respect thereto. 

        2.6   Restrictions on Transfer.  

        (a)   Each Holder agrees not to make any disposition of all or any portion of the Registrable Securities unless and until: 

        (i)    there is then in effect a registration statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 

        (ii)   (A) The transferee has agreed in writing to be bound by the terms of this Agreement, (B) such Holder shall
have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if
reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require
registration of such shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual
circumstances. 

        (b)   Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a
Holder that is (A) a partnership transferring to its partners or former partners in accordance with partnership interests or to an affiliated entity, (B) a corporation transferring to a
wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, (C) a limited liability company transferring to its members or former members in accordance
with their interest in the limited liability company, or (D) an individual transferring to the Holder's family member or trust for the benefit of an individual Holder;  provided that in each case
the 

8

 

transferee
will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. 

        (c)   Each certificate representing Registrable Securities shall be stamped or otherwise imprinted with legends substantially
similar to the following (in addition to any legend required under applicable state securities laws): 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT") AND MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH
REGISTRATION IS NOT REQUIRED. 

THE
SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN REGISTRATION RIGHTS AGREEMENT. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

        (d)   The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the
Company has completed a registration contemplated by this Agreement. 

        (e)   Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer
instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

        2.7   Delay of Registration; Furnishing Information.  

        (a)   No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of
any
controversy that might arise with respect to the interpretation or implementation of this Section 2. 

        (b)   It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2
that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall
be required to effect the registration of their Registrable Securities. 

        2.8   Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this
Section 2 may be assigned by a Warrantholder or Holder to a transferee or assignee of the Warrants and/or the Registrable Securities that (a) is a subsidiary, parent, general partner,
limited partner, affiliated entity or member of a Warrantholder or Holder, or (b) is a Warrantholder's or Holder's family member or trust for the benefit of an individual Warrantholder or
Holder; provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of
the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to
all restrictions set forth in this Agreement. 

        2.9   Amendment of Registration Rights. Any provision of this Section 2 may be amended and the observance thereof may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and holders of Warrants or Registrable Securities
representing at least a majority of the Warrants and Registrable Securities. Any amendment or waiver effected in accordance with this Section 2.9 shall be binding upon each Holder and the 

9

 

Company.
By acceptance of any benefits under this Section 2, Warrantholders and Holders of Registrable Securities hereby agree to be bound by the provisions hereunder. 

        2.10 Agreement to Furnish Information. Each Warrantholder and Holder agrees to execute and deliver such other agreements as
may be reasonably requested by the Company that are consistent with the Warrantholder's or Holder's obligations under this Agreement and to give further effect thereto. In addition, if requested by
the Company, each Warrantholder and Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the
completion of any public offering of the Company's securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 2.10 shall not apply
to a Special Registration Statement. Each Warrantholder and Holder agrees that any transferee of any Warrants or shares of Registrable Securities shall be bound by this Sections 2.10. 

SECTION 3. MISCELLANEOUS.  

        3.1   Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to
agreements among Delaware residents entered into and to be performed entirely within Delaware. 

        3.2   Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit
of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder
of Warrants and/or Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of
the transfer of any Warrants or Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as the holder of such Warrants or shares
in its records as the absolute owner and holder of such Warrants or shares for all purposes, including the payment of dividends or any redemption price. 

        3.3   Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other documents
delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any
manner by any representations, warranties, covenants and agreements except as specifically set forth herein and therein. 

        3.4   Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such
invalid, illegal or unenforceable provision had never been contained herein. 

        3.5   Amendment and Waiver.  

         (a)   Except as otherwise expressly provided, this Agreement may be amended or modified only upon the written consent of the Company and the
holders of
Warrants or Registrable Securities representing at least a majority of the Warrants and Registrable Securities. 

        (b)   Except as otherwise expressly provided, the obligations of the Company and the rights of the Holders under this Agreement
may be waived only with the written consent of the holders of Warrants or Registrable Securities representing at least a majority of the Warrants and Registrable Securities. 

        (c)   For the purposes of determining the number of Holders or Warrantholders entitled to vote or exercise any rights
hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

10

 

        3.6   Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any
Warrantholder or Holder, upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any
such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or
approval of any kind or character on any Warrantholder's or Holder's part of any breach, default or noncompliance under this Agreement or any waiver on such Warrantholder's or Holder's part of any
provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or
otherwise afforded to Warrantholders or Holders, shall be cumulative and not alternative. 

        3.7   Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then
on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address
as set forth on the signature pages hereof or Exhibit A hereto or at such other address as such party may designate by ten (10) days advance written notice to the other parties
hereto. 

        3.8   Attorneys' Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this
Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

        3.9   Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. 

        3.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all
of which together shall constitute one instrument. 

        3.11 Aggregation of Stock. All Warrants or shares of Registrable Securities held or acquired by affiliated entities or
persons or persons or entities under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

        3.12 No Piggyback on Registrations. After the date hereof the Company shall not grant to any of its holders of securities
(other than the Holders in such capacity) the right to include any of its securities in any Registration Statement without the prior written consent of holders of Warrants or Registrable Securities
representing at least a majority of the Warrants and Registrable Securities. 

[THIS
SPACE INTENTIONALLY LEFT BLANK] 

11

 

        In Witness Whereof, the parties hereto have executed this Registration Rights Agreement as
of the date set forth in the first paragraph hereof. 

	
COMPANY:	
 	

CRP:
	
ECOLLEGE.COM	
 	
CAPITAL RESOURCE PARTNERS IV, L.P.,
	 	 	 	 	BY:	 	CRP PARTNERS IV, L.L.C.,

Its General Partner
	

By:	
 	

/s/  LEE R. SPIEGLER      
	
 	

By:	
 	

/s/  STEPHEN M. JENKS      

	 	 	Secretary	 	Name:	 	Stephen M. Jenks
	Address:	 	Title:	 	Member
	eCollege.com	 	Address:
	4900 S. Monaco St.	 	Capital Resource Partners
	Denver, Colorado 80237	 	85 Merrimac Street, Suite 200
	Fax:	 	(303) 873-7449	 	Boston, Massachusetts 02114
	 	 	 	 	Fax:	 	(617) 723-9819

12

QuickLinks

EXHIBIT 4.3QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.4    
    

[$7.0 Million Aggregate]

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF EXCEPT
IN ACCORDANCE WITH THE TERMS HEREOF AND PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

SUBORDINATED PROMISSORY NOTE

	$                        	 	October 31, 2003

        FOR
VALUE RECEIVED, the undersigned, eCollege.com, a Delaware corporation ("Maker"), having an address at 4900 S. Monaco Street, Denver, Colorado 80237, promises to pay to
                        , having an address
at                        ("Payee"), the principal sum
of                        DOLLARS
($                        ), together with interest thereon at the rate of ten percent (10%) per
annum simple interest (calculated on the basis of a year of 365 or 366 days, as applicable, and actual number of days elapsed), on October 31, 2008 (the "Maturity Date"), subject
to the Subordination Provisions (as defined below). All payments of principal and interest hereunder shall be made in lawful money of the United States of America at Payee's offices at the address set
forth
above, Attn:            , or at such other place or in accordance with such other instructions as Payee shall have designated to Maker in writing in accordance with the terms hereof. By
virtue of
acceptance of this Promissory Note by Payee pursuant to Section 1.04 of the Purchase Agreement (as defined below) in lieu of payment in cash, Payee accepts all Subordination Provisions
set forth in Annex A attached hereto (collectively, the "Subordination Provisions") and agrees to be bound by and comply with all such Subordination Provisions, which are incorporated by reference
herein as if fully set forth herein. 

        This
Promissory Note is one of the "Seller Notes" referred to in the Stock Purchase Agreement (as amended, modified or restated from time to time, the "Purchase Agreement"), dated
as of the date hereof, by and among Maker, Payee, Leeds Equity Partners III, L.P., a Delaware limited partnership (the "Principal Seller"), DataMark Inc., a Delaware corporation (the
"Company"), and each other stockholder of the Company listed on Schedule 1.10(b)(46) to the Purchase Agreement (the "Other Sellers" and, collectively with the Principal Seller, the "Sellers").
This Promissory Note is made and delivered pursuant to and is subject to all the terms and conditions of the Purchase Agreement. In the event of any conflict between the provisions of this
Promissory Note and the Purchase Agreement, the provisions of this Promissory Note shall control. 

        If
an Event of Default (as defined below) occurs and is continuing, then (i) the interest rate accruing on the outstanding principal balance hereof shall be an amount equal to 13%
per annum and (ii) the entire unpaid principal balance of this Promissory Note, together with all accrued and unpaid interest thereon, shall become immediately due and payable without further
notice or demand from Payee, all of which are hereby waived, subject to the further terms of the Subordination Provisions (as defined below). 

Events of Default  

        An "Event of Default" shall exist if any of the following conditions or events shall occur and be continuing: 

        (a)   Maker
defaults in the payment of any principal or interest on this Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment; 

        (b)   the
acceleration of any Senior Indebtedness (as defined below) with an unpaid principal balance of $5.0 million or more by the holders thereof; 

 

        (c)   Maker
(1) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in
bankruptcy, seeking to adjudicate it as bankrupt or insolvent, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction,
(2) makes a general assignment for the benefit of its creditors, or (3) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to
it or with respect to all or substantially all of its property; or 

        (d)   a
court or governmental authority of competent jurisdiction enters into an order appointing, without consent by Maker, a custodian, receiver, trustee or other officer
with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other
petition in bankruptcy or insolvency law in any jurisdiction, or ordering the dissolution, winding-up or liquidation of Maker, or petition for any action (including a petition in
bankruptcy or seeking to adjudicate Maker as bankrupt or insolvent) shall be filed against Maker and such petition shall not be dismissed within 90 days. 

        Maker
shall pay all reasonable costs and expenses incurred by or on behalf of Payee in connection with Payee's exercise of any or all of its rights and remedies under this Promissory
Note if Maker shall default hereunder, including, without limitation, all costs and expenses of a suit or proceeding (or any appeal thereof) brought for recovery of all or any part of the
indebtedness evidenced by this Promissory Note or to enforce Payee's rights hereunder, including reasonable attorneys' fees. 

        All
payments under this Promissory Note shall be applied first to the payment of accrued interest and then against the outstanding principal balance. Maker may, at its option,
upon notice to Payee as described below, without premium or penalty, prepay the unpaid principal amount of this Promissory Note, at any time in whole or from time to time in part, together with
interest accrued and unpaid thereon to the date of prepayment; provided, however, that any whole or
partial prepayment of the unpaid principal amount of this Promissory Note is subject to the Subordination Provisions. Maker will give Payee and each Representative of the holders of Specified
Senior Indebtedness (as defined below) written notice of each optional prepayment under this paragraph not less than five business days prior to the date fixed for such prepayment. Upon any
partial prepayment of the unpaid principal amount of this Note, Payee shall make notation on this Note of the portion of the principal so prepaid. Maker shall pay to Payee the remaining amount
of any outstanding principal balance and unpaid accrued interest, if any, on the Maturity Date. 

Change of Control  

        (a)   If
(i) a Change of Control (as defined in the definitive documents for Specified Senior Indebtedness) occurs and (ii) holders of the Specified Senior
Indebtedness (as defined below) elect to have the Specified Senior Indebtedness paid in full upon completion of the Change of Control, then Payee shall have the right to require Maker to repurchase
this Note at a purchase price in cash equal to 100% of the outstanding principal amount thereof on the date of repurchase, plus accrued and unpaid interest to the date of repurchase but without
any premium or penalty (the "Change of Control Purchase Price"), in accordance with the terms contemplated hereby, subject to, in all instances, payment
of the Specified Senior Indebtedness. 

        (b)   Within
60 days following any Change of Control meeting the requirements of clause (a) above, Maker shall mail a notice to Payee (the
"Change of Control Offer") stating: 

          (i)  that
a Change of Control has occurred, that the holders of the Specified Senior Indebtedness have elected to be paid in full, and that Payee has the right to require
Maker to purchase this Note at the Change of Control Purchase Price; 

2

 

         (ii)  the
circumstances and relevant facts regarding such Change of Control; 

        (iii)  the
repurchase date (which shall be no earlier than 10 days nor later than 30 days from the date such notice is mailed); and 

        (iv)  the
instructions determined by Maker consistent with the terms hereof that Payee must follow in order to have this Note purchased. 

        (c)   If
Payee elects to have this Note purchased it shall be required to inform Maker and surrender this Note at the address specified in the notice at least
three business days prior to the purchase date. 

        (d)   On
the purchase date, Maker shall pay the Change of Control Purchase Price to Payee, and Payee shall execute a full release of all obligations under the Note. 

        (e)   Notwithstanding
the foregoing provisions, Maker shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth above applicable to a Change of
Control Offer made by Maker and purchases this Note validly tendered and not withdrawn under such Change of Control Offer. 

        The
remedies provided in this Promissory Note shall be cumulative, and shall be in addition to any other rights or remedies now or hereafter provided by law or equity. 

        Except
as otherwise stated herein, Maker hereby waives presentment, demand for payment, notice of nonpayment, notice of acceleration, notice of protest and notice of dishonor in
connection herewith. 

        All
notices and other required communications hereunder shall be in writing, addressed as follows: 

	If to Payee:	 	 
	

	
 	

 
	

	
 	

 
	

	
 	

 
	Attention:	 	 	 	 
	 	 	
	 	 
	Fax:	 	 	 	 
	 	 	
	 	 
	
If to Maker:	
 	

 
	

eCollege.com

4900 S. Monaco Street

Denver, CO 80237

Attention: Oakleigh Thorne

Fax: (303) 873-7449	
 	

 
	
If to the Representatives:	
 	

 
	

Capital Resource Partners IV, L.P.

85 Merrimac Street, Suite 200

Boston, MA 02114

Attention: Steve Jenks	
 	

 
	

and	
 	

 
	

Silicon Valley Bank

4410 Arapahoe Ave., Suite 200

Boulder, CO 80303

Attention: Manager	
 	

 

3

 

Notices
shall be given (a) by personal delivery to the other parties, (b) by facsimile, with receipt confirmed, or (c) by overnight courier, postage prepaid. All notices shall be
effective and deemed delivered (i) if by personal delivery, on the date of delivery if during business hours, otherwise the next business day, (ii) if by facsimile, on the date
the facsimile is received if received during business hours, otherwise the next business day and (iii) if solely by overnight courier, upon receipt by the addressee. A party may change
its address by notice to the other parties. 

        It
is not intended hereby to charge interest at a rate in excess of the maximum rate of interest that Payee may charge to Maker under applicable usury and other laws, but if,
notwithstanding, interest in excess of such rate shall be paid hereunder, the excess shall be retained by Payee as additional cash collateral for the payment of the indebtedness evidenced hereby,
unless such retention is not permitted by law, in which case the interest rate on this Promissory Note shall be adjusted to the maximum permitted under applicable law during the period or
periods that the interest rate otherwise provided herein would exceed such rate. 

        If
any provision in this Promissory Note shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality or enforceability of any other provision shall
not be in any way affected or impaired in such jurisdiction, and any defective provision shall not be in any way affected or impaired in any other jurisdiction. 

        This
Promissory Note may only be amended, modified, superseded, cancelled, renewed or extended by an agreement in writing executed by Payee and Maker, and no payment or right may
be waived orally, but only by an agreement in writing, signed by the party waiving compliance. Notwithstanding the foregoing, the amendment of any term of this Promissory Note shall not be
permitted if such amendment would be reasonably likely to materially and adversely affect the rights of the holders of the Senior Indebtedness (as defined below), and in no event shall any amendment
amend this Promissory Note with respect to (I) any of the Subordination Provisions, (II) any increase in either the principal amount due or the rate of interest charged hereunder,
(III) acceleration of the date of payment of principal of or interest on this Promissory Note, (IV) any shortening of the Maturity Date, or (V) this sentence, without the express
prior written consent of each Representative of the holders of Specified Senior Indebtedness. For the purposes hereof, "Senior Indebtedness" means any Indebtedness (as defined in the Purchase
Agreement) of Maker, whether existing at the time of issuance of this Promissory Note or arising subsequent thereto, other than (i) the obligations of Maker hereunder; (ii) the
obligations of Maker under any of the other Seller Notes (as defined in the Purchase Agreement); (iii) any Indebtedness that is by its terms subordinated to Senior Indebtedness (subject to the
definition of Specified Senior Indebtedness below); (iv) trade payables of Maker incurred in the Ordinary Course of Business (as defined in the Purchase Agreement) and other Indebtedness
incurred with respect to trade payables that is not secured; (v) Indebtedness of Maker specified in clause (iii) of the definition of Indebtedness in the Purchase Agreement;
(vi) any obligations owing to any affiliate of Maker; and (vii) any liability of Maker for federal, state, local or other taxes owed or owing by Maker. "Specified Senior Indebtedness"
shall mean the indebtedness incurred in connection with the "Financing" as defined in Section 4.06 of the Purchase Agreement, as amended from time to time, and Indebtedness that renews,
refinances, replaces or substitutes for the Specified Senior Indebtedness; provided that notwithstanding anything to the contrary in this Promissory Note (including without limitation,
clause (iii) above in the immediately preceding sentence), (A) Maker may incur Specified Senior Indebtedness the terms of which provide that such Specified Senior Indebtedness is
subordinated to certain other Specified Senior Indebtedness but also states that such Specified Senior Indebtedness constitutes Specified Senior Indebtedness as such term is defined herein or by use
of words of similar import, and such Specified Senior Indebtedness shall be Specified Senior Indebtedness and shall be senior to the obligations of Maker hereunder in accordance with the terms hereof
and the obligations of Maker under the other Seller Notes in accordance with their respective terms, and (B) Maker may increase the principal amount of Specified Senior 

4

 

Indebtedness
at any time up to a principal amount not to exceed $40,000,000, so long as no Event of Default exists and is continuing hereunder or would arise as a result therefrom. For the avoidance
of doubt, but subject to the foregoing limit on the principal amount of Specified Senior Indebtedness, "Senior Indebtedness" and "Specified Senior Indebtedness" shall include Indebtedness of the Maker
to Silicon Valley Bank ("SVB") and Capital Resource Partners IV, L.P. ("CRP") pursuant to loan agreements dated as of the date hereof. Each of SVB and CRP (and each such person's respective assignee
in such capacity, if any) shall be a "Representative" of the holders of Specified Senior Indebtedness; provided that there shall be no more than two Representatives at any time. Maker agrees that it
shall not incur any Senior Indebtedness after the date hereof that would by its terms prohibit the payment of principal and interest under this Promissory Note at Maturity, other than
prohibitions or conditions substantially similar to the Subordination Provisions including without limitation the Default Conditions (as defined in the Subordination Provisions). 

        This
Promissory Note shall be binding upon Maker and its successors and permitted assigns and shall inure to the benefit of and be enforceable by the Payee and its successors and
permitted assigns;  provided, however, that except as provided herein with respect to a "Change of Control Offer," neither
Maker nor Payee may assign this Promissory Note without the prior written consent of the other party, which shall not unreasonably be withheld; provided that prior to any such assignment by
Payee being effective, (i) Maker, upon receiving notice thereof from Payee, shall provide notice of such assignment to the Representatives of the holders of Specified Senior Indebtedness, and
(ii) each assignee with respect thereto shall acknowledge in writing to the Representatives that such assignee accepts such assignment subject to the Subordination Provisions and that SVB and
CRP are holders of Specified Senior Indebtedness. 

        Maker
covenants in favor of Payee and any holder of this Promissory Note that it shall comply in all material respects with the terms and conditions set forth in the documents
evidencing the Senior Indebtedness. 

        THIS PROMISSORY NOTE SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED IN ALL RESPECTS IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.
Maker and Payee hereby consent to, and agree to submit to, the jurisdiction of any state or federal court sitting within the area comprising the District of Colorado in any action or proceeding
brought under this Promissory Note, and hereby waive any argument that any such state or federal court is an inconvenient forum. Maker and Payee hereby agree that service of the summons and complaint
and all other process which may be served in any such suit, action or proceeding may be effected by mailing by registered mail a copy of such process to its respective offices at the notice address
given above and that personal service of process shall not be required. Nothing herein shall be construed to prohibit service of process by any other method permitted by law, or the bringing of any
suit, action or proceeding in any other jurisdiction. Maker and Payee agree that final judgment in such suit, action or proceeding shall be conclusive and may be enforced in any other jurisdiction by
suit on the judgment or in any other manner provided by law. MAKER AND PAYEE HEREBY UNCONDITIONALLY WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS PROMISSORY NOTE. IN THE EVENT OF LITIGATION, THIS PROMISSORY NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

EXECUTION PAGE FOLLOWS  

5

 

IN
WITNESS WHEREOF, Maker has caused this instrument to be executed as of the day and year first above written. 

	

 	
 	
MAKER:
	

 	
 	

eCollege.com
	

 	
 	

By:	
 	

 Doug Kelsall

Secretary

6

   ANNEX A  

SUBORDINATION PROVISIONS  

        Notwithstanding any other provisions in the Promissory Note to which this Annex A is attached (as amended, the "Promissory Note")(1): 

	(1)
	Capitalized
terms used in this Annex A but not defined herein shall have the meanings specified in the Promissory Note. 

        (a)   Agreement that Promissory Note be Subordinate. Maker covenants and agrees, and Payee and each other holder of the
Promissory Note by the acceptance hereof likewise covenants and agrees, that the Promissory Note shall, for all purposes and in all respects without limitation, including those
hereinafter in the Subordination Provisions, be subordinated and subject in right of payment to the prior payment in full of the Senior Indebtedness in cash. 

        (b)   Reliance by Senior Indebtedness on Subordination Provisions. Payee and each other holder of the Promissory Note by
the acceptance hereof each acknowledges and agrees that the Subordination Provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether
such Senior Indebtedness was created or acquired before or after the issuance of the Promissory Note, to acquire, or to continue to hold, such Senior Indebtedness, and each such holder of Senior
Indebtedness shall be deemed conclusively to have relied on the Subordination Provisions in acquiring or continuing to hold such Senior Indebtedness and shall be deemed a third party beneficiary
hereof. 

        (c) Payment Over of Proceeds Upon Dissolution

          (i)  In
the event of any Proceeding (as defined below), the holders of Senior Indebtedness shall be paid in full in cash all amounts due or to become due on or in respect of
all Senior Indebtedness (including all interest, fees, costs and other charges accruing after the commencement of any Proceeding relating to Maker, whether or not allowed in such Proceeding), before
Payee or any other holder of the Promissory Note are entitled to receive any Note Payments (as defined below), and to that end the holders of Senior Indebtedness shall be entitled to
receive, for application to the payment thereof, any Note Payment which may be payable or deliverable in respect of the Promissory Note. To enable the holders of Senior Indebtedness to assert
and enforce their rights hereunder in any Proceeding, in the event Payee or any other holder of the Promissory Note fails to file a proof of claim with respect to the Promissory Note
before the thirtieth (30th) day prior to the due date for such filing, holders of Senior Indebtedness or any person whom they may designate is hereby irrevocably appointed attorney in fact for Payee
or any other holder of the Promissory Note with full power to act in the place and stead of Payee or any other holder of the Promissory Note to make, present, file and vote such proofs
of claim against the Maker on account of all or any part of the Promissory Note as holders of Senior Indebtedness may deem advisable and to receive and collect any and all distributions or
other payments made thereon and then to apply such distributions or payments to the Senior Indebtedness owing to holders of Senior Indebtedness until all such indebtedness is indefeasibly paid in full
in cash. In the event holders of Senior Indebtedness file a proof of claim on behalf of Payee or any other holder of the Promissory Note pursuant to the terms of this  paragraph (c), Payee
or any other holder of the Promissory Note will execute and deliver to holders of Senior Indebtedness such
instruments as may be required by holders of Senior Indebtedness to enforce any and all of Payee's rights under this Promissory Note, to effectuate the aforesaid power of attorney and to effect
collection of any and all distributions or other payments which may be made at any time on account thereof. To the extent that Payee or any other holder of the Promissory Note has a junior lien
in any Collateral, or has or acquires any rights under 

A-1

 

Section 363,
Section 364 or Section 1126 of the Federal Bankruptcy Code with respect to the Collateral, Payee or any other holder of the Promissory Note hereby agrees not
to assert such rights without the prior written consent of holders of Senior Indebtedness. In the event and during the continuation of any Proceeding, Payee or any other holder of the Promissory
Note agrees not to object to or oppose any cash collateral order or plan approved by holders of Senior Indebtedness. Any payments or distributions made after the commencement of a Proceeding
which would, but for the provisions hereof, be payable or deliverable in respect of the Promissory Note, shall be paid or delivered by the liquidating trustee or any other person making such payment
or distribution directly to holders of Senior Indebtedness, until all amounts owing upon Senior Indebtedness shall have been indefeasibly paid in full in cash and all commitments under the Senior
Indebtedness shall have been irrevocably terminated. 

        For
purposes of the Subordination Provisions, the term "Note Payment" means, with respect to any holder of the Promissory Note, any payment or distribution (whether direct or
indirect, whether in cash, property, securities, or otherwise, and whether obtained or distributed by set-off, liquidation, bankruptcy distribution, settlement, or otherwise) made or to be
made by any person (including, without limitation, any payments or distributions made by any court or governmental body or agency, any trustee in bankruptcy, or any liquidating trustee) with respect
to the Promissory Note, including, without limitation, payment of principal, premium, interest, or liquidated damages, if any, on
the Promissory Note, any depositing of funds with any holder (including, without limitation, a deposit in respect of defeasance or redemption), any payment on account of any optional or mandatory
redemptions or repurchase provisions, any payment or recovery on any claim hereunder, all interest, fees, costs and other charges accruing after the commencement of any Proceeding relating to Maker
(whether or not allowed in such Proceeding), the Promissory Note, or relating to or arising out of the offer, sale, or purchase of the Promissory Note (whether for rescission or damages and
whether based on contract, tort, duty imposed by law, or any other theory of liability). Further, for purposes hereof, "Proceeding" means (a) any insolvency or bankruptcy case or proceeding, or
any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith, relative to Maker or to its creditors or to its assets, or (b) any liquidation,
dissolution or other winding up of Maker, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or any other
marshaling of assets and liabilities of Maker. If any holder of Senior Indebtedness desires to permit the use of cash collateral or to provide post-petition financing to Maker, neither
Payee nor any other holder of the Promissory Note shall object to the same or assert that its interests are not being adequately protected. 

         (ii)  In
the event that, notwithstanding the foregoing provisions of this clause (c), any holder of the Promissory Note shall have received any Note Payment in
violation of this clause (c), then and in such event such Note Payment shall be paid over or delivered forthwith to the holders of the Senior Indebtedness as their interests may appear
in the form received (including the endorsement of such holder where necessary) for the application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay the
Senior Indebtedness in full in cash, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. 

        (d)   Payments; Standstill. Without limiting any provision in the Subordination Provisions, but notwithstanding any other
provisions in the Promissory Note, until all of the Senior Indebtedness has been indefeasibly paid in full in cash, neither Payee nor any other holder of the Promissory Note shall demand, receive or
accept any Note Payment from or on behalf of Maker or exercise any right of or permit any setoff in respect thereof provided that Maker shall be entitled to exercise, and Payee and any other
holder of the Promissory Note shall be bound by, Maker's right of set-off, if any. Notwithstanding anything to the contrary contained in this paragraph (d)  of these Subordination Provisions, but
subject to paragraph (c) hereof, (A) on or after the Maturity Date, 

A-2

 

payment
of principal and interest, and (B) prepayments of principal and interest as permitted by the definitive documents for Specified Senior Indebtedness, may be paid by Maker and received by
Payee or any other holder of the Promissory Note under the terms of the Promissory Note, when all of the following conditions (collectively, the "Default Conditions") are satisfied:
(i) no Senior Payment Default (defined below) has occurred and exists under (x) any Specified Senior Indebtedness or (y) any other Senior Indebtedness exceeding, in the case of
Senior Indebtedness other than Specified Senior Indebtedness only, an aggregate principal amount of $3,000,000, or would occur as a result of such payment, which has not been waived in writing by the
holders of Senior Indebtedness; (ii) prior to the Maturity Date, no default or event of default under any Senior Indebtedness that is not a Senior Payment Default has occurred and exists under
the Senior Indebtedness, or would occur as a result of such payment, which has not been waived in writing by the holders of Senior Indebtedness; and (iii) no Blockage Period shall be in
existence. "Blockage Period" shall mean the period commencing on the date that either Representative of the holders of the Specified Senior Indebtedness has notified Maker and Payee (and any other
holder of this Promissory Note notified as such to such Representative by Maker in writing) that a default or event of default under the Specified Senior Indebtedness that is not a Senior
Payment Default (a "Senior Nonmonetary Default") has occurred and is continuing ("Blockage Notice"), and ending on the earliest to occur of any of the following events (collectively, the "Payment
Block Termination Events"): (i) such Senior Nonmonetary Default shall have been waived, cured, or otherwise ceases to exist, (ii) all Specified Senior Indebtedness has been indefeasibly
paid in full in cash, and (iii) 180 days shall have elapsed after the date of the delivery of the Blockage Notice. Notwithstanding the above, if any Representative of the holders of
Specified Senior Indebtedness gives a Blockage Notice prior to the Maturity Date, such Blockage Notice shall be effective when given and be deemed to have been delivered again on the Maturity Date for
purposes of measuring the 180 day period in the immediately preceding sentence. Upon the occurrence of any Payment Block Termination Event with respect to a Blockage Period, subject to
clause (c) of these Subordination Provisions, Maker may make, and Payee may accept, payment of principal and interest under the terms of the Promissory Note as well as any
Note Payment or Note Payments that were not paid solely as a result of the Blockage Period, provided that no Senior Payment Default has occurred and is continuing or will result
therefrom, and provided further than no additional Blockage Period shall then be in effect. Each Representative of the holders of the Specified Senior Indebtedness may only deliver two Blockage
Notices until all obligations under this Promissory Note have been paid or repaid in full, provided that no more than four (4) Blockage Periods shall be permitted in the aggregate under this
Promissory Note. No Blockage Period may be given after, and any Blockage Period, regardless of when given, shall end on, the one year anniversary of the Maturity Date. "Senior Payment Default" means
(a) any default in the payment of principal of (or premiums, if any), interest on, or fees or other amounts owing in connection with any Senior Indebtedness when due, whether at the due date of
any such payment or by declaration of acceleration, prepayment, call for redemption or otherwise or (b) any acceleration of any Senior Indebtedness. If any holder of the Promissory
Note receives any Note Payment in contravention of these Subordination Provisions, such holder shall hold the amount so received in trust for the holders of the Senior Indebtedness and
will forthwith turn over such payment to the holders of the Senior Indebtedness as their interests may appear in the form received (including
any endorsement of such holder where necessary) for application to then-existing Senior Indebtedness (whether or not due). Neither Payee nor any other holder of the Promissory
Note will (i) commence any action or proceeding against Maker to recover all or any part of any Note Payment arising from an Event of Default; provided that if Payee or any such
holder shall be entitled to receive any Note Payment under the terms of paragraph (c) and this paragraph (d), then Payee and any such holder shall be entitled to commence
such any action or proceeding after giving the holders of the Senior Indebtedness not less than 30 days prior written notice of its intention to do so, (ii) join with any creditor
(unless the holders of the Senior 

A-3

 

Indebtedness
shall also join) in bringing any proceeding against Maker under any bankruptcy, reorganization, readjustment of debt, arrangement of debt, receivership, liquidation or insolvency law or
statute of the federal or any state government, (iii) take possession of, sell, or dispose of any assets of Maker, or (iv) exercise or enforce any right or remedy available to such
holder with respect to any such assets, unless and until the Senior Indebtedness has been indefeasibly paid in full in cash. 

        (e)   Subrogation to Rights of Holders of Senior Indebtedness. Until the Senior Indebtedness has been indefeasibly paid in full
in cash, neither Payee nor any other holder of the Promissory Note shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distributions of cash,
property, securities, assets and other collateral applicable to such Senior Indebtedness. 

        (f)    No Waiver of Subordination Provisions. No right of any present or future holder of any Senior Indebtedness to enforce
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of Maker or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by Maker with the terms and provisions of the Promissory Note, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 

        (g)   Reliance on Judicial Order of Certificate of Liquidating Agent. Upon any payment or distribution of assets or securities
of Maker referred to in these Subordination Provisions, Payee and each other holder of the Promissory Note shall be entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such Proceeding is pending, or a certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other person
making such payment or distribution, delivered to Payee and each other holder of the Promissory Note (so long as the existence of these Subordination Provisions have been brought to the
attention of such court, trustee, receiver, liquidating trustee, custodian, assignee, agent, or other person), for the purpose of ascertaining the persons entitled to participate in such payment or
distribution, the holders of the Senior Indebtedness and other indebtedness of Maker, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto. 

        (h)   Reinstatement. These Subordination Provisions shall continue to be effective or be reinstated, and the Senior
Indebtedness shall not be deemed to be paid in full, as the case may be, if at any time any payment of any of the Senior Indebtedness is rescinded or must otherwise be returned by any holder
thereof upon the insolvency, bankruptcy or reorganization of Maker or otherwise, all as though such payment had not been made. 

        (i)    No Claim. No holder of the Promissory Note shall have any claim to any property or assets of Maker or any of its
subsidiaries unless and until the Senior Indebtedness shall have been indefeasibly paid in full in cash. 

        (j)    Subordination Not Affected. The holders of the Senior Indebtedness may, at any time and from time to time, without the
consent of or notice to Payee and any other holder of the Promissory Note (except as may be required by law), without incurring responsibility to Payee or such holders, and without impairing or
releasing the subordination provided in these Subordination Provisions, or the obligations hereunder of Payee or such holders to the holders of the Senior Indebtedness, do any one or more of the
following: (a) change the manner, place, or terms of payment, or extend the time of payment of, or renew or alter, Senior Indebtedness or any instrument evidencing the same or any agreement
under which the Senior Indebtedness is outstanding or secured; (b) sell, exchange, release, or otherwise deal with any property pledged, mortgaged, or otherwise securing the Senior
Indebtedness; (c) release any person liable in any 

A-4

 

manner
for the collection of the Senior Indebtedness; and (d) exercise or refrain from exercising any rights against Maker or any other person. 

        (k)   Certain Rights of Holders of Senior Indebtedness. Payee or any other holder of the Promissory Note authorizes
holders of Senior Indebtedness, without notice or demand and without affecting Payee or any other holder of the Promissory Note's obligations hereunder, from time to time: (i) to renew, extend,
increase, accelerate or otherwise change the time for payment of the terms of, or the interest on, the Senior Indebtedness or any portion thereof (including, without limitation, making new loans or
otherwise providing new financial accommodations to Maker); (ii) to take from any party and hold collateral for the payment of the Senior Indebtedness or any portion thereof, and to exchange,
enforce or release such collateral or any portion thereof; (iii) to accept and hold any endorsement or guaranty of payment of the Senior Indebtedness or any portion thereof and to release or
substitute any such endorser or guarantor, or any party who has given any security interest in any collateral as security for the payment of the Senior Indebtedness or any portion thereof, or any
other party in any way obligated to pay the Senior Indebtedness or any portion thereof; (iv) to direct the order or manner of the disposition of any and all other collateral and the enforcement
of any and all endorsements and guaranties relating to the Senior Indebtedness or any portion thereof as holders of Senior Indebtedness, in their sole discretion, may determine; (v) to settle
or compromise any of the Senior Indebtedness on any security therefor; (vi) to modify, amend or restate any of the terms of the Senior Indebtedness or waive any of the provisions thereof; or
(vii) to take any action or inaction with respect to the Senior Indebtedness and/or the collateral. 

A-5

Schedule 1

Note Holders  

	Name
 
	 	Principal Amount of $7 Million Notes

	Leeds Equity Partners III, L.P.	 	$	4,655,509
	Arthur E. Benjamin	 	 	1,059,232
	Richard Bentz	 	 	147,925
	Kevin A. Bodily	 	 	12,777
	David Cahoon	 	 	1,440
	Thomas L. Deardon	 	 	265,078
	Jennifer A. Gray	 	 	7,018
	Anthony P. Johnson	 	 	27,174
	Thomas G. Milne	 	 	35,992
	Leanna Henley Packett	 	 	10,078
	Edwin Ray Paterson, Jr. 	 	 	120,032
	Timothy K. Richards	 	 	54,887
	Oraldo Rivera	 	 	14,037
	Donald A. Stroh	 	 	226,567
	Pamela K. Tiemeyer	 	 	25,014
	Melanie Mortensen Wilcox	 	 	7,018
	Gail L. & Arthur E. Benjamin Foundation	 	 	330,223

QuickLinks

Exhibit 4.4

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