Document:

Exhibit
4.2

 

ECHO
GLOBAL LOGISTICS, INC.

 

INVESTOR
RIGHTS AGREEMENT

 

 

ECHO GLOBAL
LOGISTICS, INC.

 

INVESTOR
RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT (the “Agreement”) is
entered into as of the 7th day of June, 2006, by and among ECHO GLOBAL LOGISTICS, INC., a Delaware
corporation (the “Company”)
and the investors listed on Exhibit A, referred
to in this Agreement as the “Investors” and each individually as an “Investor.”

 

RECITALS

 

WHEREAS, certain of the
Investors are purchasing shares of the Company’s Series D Preferred Stock
(the “Series D Preferred”) pursuant to that certain Series D
Preferred Stock Purchase Agreement (the “Purchase
Agreement”) as
of this date (the “Financing”);

 

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

 

WHEREAS, in connection
with the consummation of the Financing, the Company, the Investors holding Series D
Preferred, the Investors holding shares of the Company’s Series B
Preferred Stock (the “Series B Preferred”  and together with the Series D
Preferred, the “Preferred Stock”) have agreed to enter into this Agreement in
order to grant registration, information rights and other rights to the
Investors and the other holders of Preferred Stock as set forth below; and

 

WHEREAS, the holders of Series B
Preferred (the “Prior Investors”) and the Company are parties to an Amended and
Restated Investor Rights Agreement dated January 3, 2005 (the “Prior Agreement”);

 

WHEREAS, prior to the
consummation of the Financing, the Company has converted from a limited
liability company to a corporation (the “Reorganization”) and, in connection with such
Reorganization, the Prior Agreement is being amended and restated.

 

NOW, THEREFORE, in
consideration of these premises and for other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the parties agree as
follows:

 

SECTION 1.   GENERAL.

 

1.1                  Amendment and Restatement of Prior Agreement.    The Prior
Agreement is hereby amended in its entirety and restated herein. Such amendment
and restatement is effective upon the consummation of the Reorganization and
the execution of this Agreement by the Company, the A Common Investors (as
defined in the Prior Agreement) holding more than 50% of the outstanding A
Common Units (as defined in the Prior Agreement) and the holders of not less
than 80% of the outstanding B Preferred Units (as defined in the Prior
Agreement). Upon such execution, all provisions of, rights granted and
covenants made in the Prior Agreement are

 

1

 

hereby
waived, released and superseded in their entirety and shall have no further
force or effect, including, without limitation, all rights of first refusal and
any notice period associated therewith otherwise applicable to the transactions
contemplated by the Purchase Agreement.

 

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

 

(a)                     “Board” shall mean the Company’s
Board of Directors.

 

(b)                     “Certificate”
shall mean the Company’s Amended and Restated Certificate of
Incorporation as filed with the Delaware Secretary of State on June 7,
2006, as amended from time to time.

 

(c)                     “Common Stock” shall mean the Company’s
Common Stock, $0.0001 par value per share.

 

(d)                     “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

(e)                     “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.

 

(f)                       “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 2.9
hereof.

 

(g)                    “Initial Offering” means the Company’s first
firm commitment underwritten public offering of its Common Stock registered under
the Securities Act.

 

(h)                    “NEA”
means New Enterprise Associates 12, Limited Partnership and/or its
affiliates.

 

(i)                       “Nazarian Investors” means,
collectively, Younes and Soraya Nazarian Revocable Trust and Anthony
Bobulinski.

 

(j)                       “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.

 

(k)                   “Registrable Securities” means (a) shares
of Common Stock, (b) shares of Common Stock of the Company issuable or
issued upon conversion of the Shares and (c) shares of any Common Stock of
the Company issued as (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend or other
distribution with respect to, or in exchange for or in replacement of, such
above-described securities. Notwithstanding the foregoing, Registrable
Securities shall not include any securities (i) sold by a person to the
public either pursuant to a registration statement or Rule 144, (ii) sold
in a private transaction in which the transferor’s rights under Section 2
of this Agreement are not assigned or

 

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(iii) held
by a Holder (together with its affiliates) if, as reflected on the Company’s
list of stockholders, such Holder (together with its affiliates) holds less
than 1% of the Company’s outstanding Common Stock (treating all shares of
Preferred Stock on an as converted basis), the Company has completed its
Initial Offering and all shares of Common Stock of the Company issuable or
issued upon conversion of the Shares held by and issuable to such Holder (and
its affiliates) may be sold pursuant to Rule 144 during any ninety (90)
day period.

 

(l)                       “Registrable Securities then outstanding” shall be the
number of shares of the Company’s Common Stock that are Registrable Securities
and either (a) are then issued and outstanding or (b) are issuable
pursuant to then exercisable or convertible securities.

 

(m)                 “Registration Expenses” shall mean all
expenses incurred by the Company in complying with Sections 2.2, 2.3 and 2.4
hereof, including, without limitation, all registration and filing fees,
printing expenses, fees and disbursements of counsel for the Company,
reasonable fees and disbursements, not to exceed twenty-five thousand dollars
($25,000), of a single special counsel for the Holders, blue sky fees and
expenses and the expense of any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the
Company which shall be paid in any event by the Company).

 

(n)                    “SEC” or “Commission” means
the Securities and Exchange Commission.

 

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

 

(p)                     “Selling Expenses”  shall mean all
underwriting discounts and selling commissions applicable to the sale.

 

(q)                     “Shares” shall mean (i) the
Company’s Series D Preferred issued pursuant to the Purchase Agreement and
(ii) shares of the Company’s Series B Preferred held from time to
time by the Investors listed on Exhibit A hereto and their permitted assigns.

 

(r)                     “Special Registration Statement” shall mean (i) a
registration statement relating to any employee benefit plan or (ii) with
respect to any corporate reorganization or transaction under Rule 145 of
the Securities Act, 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                         Restrictions on Transfer.

 

	
   

  	
  (a)

  	
  Each
  Holder agrees not to make any disposition of all or any portion of the Shares
  or 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

  
	
   

  
					

 

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(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. After its Initial Offering,
the Company will not require any transferee pursuant to Rule 144 to be
bound by the terms of this Agreement if the shares so transferred do not remain
Registrable Securities hereunder following such transfer.

 

(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, (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, (D) an entity transferring to
its affiliate, (E) to any individual or entity that would hold at least 2%
of the Registrable Securities then outstanding after such Transfer, (F) an
individual transferring to the Holder’s family members or trust or other entity
for the benefit of an individual Holder, or (G) a trust transferring to
its grantors or beneficiaries; provided that
in each case the 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 Shares or 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 INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE
STOCKHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON
WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.

 

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(d)                           The Company
shall be obligated to reissue promptly unlegended certificates at the request of
any Holder thereof if the Company has completed its Initial Offering and the
Holder shall have obtained an opinion of counsel (which counsel may be counsel
to the Company) reasonably acceptable to the Company to the effect that the
securities proposed to be disposed of may lawfully be so disposed of without
registration, qualification and legend, provided
that the second legend listed above shall be removed only at such
time as the Holder of such certificate is no longer subject to any restrictions
hereunder.

 

(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.

 

2.2                         Demand Registration.

 

(a)                                   Subject to the
conditions of this Section 2.2, if the Company shall receive a written
request from the Holders of a majority of the Series D Preferred,
including Common Stock issued on conversion of Series D Preferred (the “Initiating Holders”), that the
Company file a registration statement under the Securities Act covering the
registration of an aggregate offering price to the public of at least
$10,000,000 of the Registrable Securities then outstanding, then the Company
shall, within thirty (30) days of the receipt thereof, give written notice of
such request to all Holders, and subject to the limitations of this Section 2.2,
effect, as expeditiously as reasonably possible, the registration under the
Securities Act of all Registrable Securities that all Holders request to be
registered.

 

(b)                                   If the
Initiating Holders intend to distribute the Registrable Securities covered by
their request by means of an underwriting, they shall so advise the Company as
a part of their request made pursuant to this Section 2.2 or any request
pursuant to Section 2.4 and the Company shall include such information in
the written notice referred to in Section 2.2(a) or Section 2.4(a),
as applicable. In such event, the right of any Holder to include its
Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their securities through such underwriting
shall enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting by the Company
(which underwriter or underwriters shall be reasonably acceptable to the
Holders of a majority of the Registrable Securities held by all Initiating
Holders). Subject to Section 2.2(d), if the underwriter advises the
Company that marketing factors require a limitation of the number of securities
to be underwritten (including Registrable Securities) then the Company shall so
advise all Holders of Registrable Securities that would otherwise be
underwritten pursuant hereto, and the number of shares that may be included in
the underwriting shall be allocated to the Holders of such Registrable
Securities on a pro rata basis
based on the number of Registrable Securities held by all such Holders
(including the Initiating Holders); provided,
however, that the number of shares of Registrable Securities to be
included in such underwriting and registration shall not be reduced unless all
other securities of the Company are first entirely excluded from the
underwriting and registration. Any Registrable Securities excluded or withdrawn
from such underwriting shall be withdrawn from the registration.

 

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(c)                           The Company
shall not be required to effect a registration pursuant to this Section 2.2:

 

(i)                       prior to the
earlier of (A) the second anniversary of the date of this Agreement or (B) six
(6) months following the Initial Offering;

 

(ii)                               after the
Company has effected two (2) registrations pursuant to this Section 2.2,
and such registrations have been declared or ordered effective;

 

(iii)                           during the
period starting with the date of filing of, and ending on the date one hundred
eighty (180) days following the effective date of the registration statement
pertaining to the registration of an aggregate offering price to the public of
at least $25,000,000 of the Registrable Securities then outstanding (“Qualified Public Offering”) (or
such longer period as may be determined pursuant to Section 2.11 hereof); provided that the Company makes reasonable
good faith efforts to cause such registration statement to become effective;

 

(iv)                              if within
thirty (30) days of receipt of a written request from Initiating Holders
pursuant to Section 2.2(a), the Company gives notice to the Holders of the
Company’s intention to file a registration statement for its Initial Offering
within sixty (60) days;

 

(v)                                  if the Company
shall furnish to Holders requesting a registration statement pursuant to this Section 2.2
a certificate signed by the Chairman of the Board stating that in the good
faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its stockholders for such registration statement
to be effected at such time, in which event the Company shall have the right to
defer such filing for a period of not more than ninety (90) days after receipt
of the request of the Initiating Holders; provided
that such right to delay a request shall be exercised by the Company
not more than once in any twelve (12) month period; or

 

(vi)                              if the
Initiating Holders propose to dispose of shares of Registrable Securities that
may be immediately registered on Form S-3 pursuant to a request made
pursuant to Section 2.4 below.

 

(d)                           Notwithstanding
anything to the contrary in this Agreement, (i) NEA shall be entitled to
sell at its discretion in the Initial Offering no less than 2,347,122 of its
Registrable Shares (which represent 50% of the shares of Series D
Preferred Stock purchased by NEA under the Purchase Agreement) (the “NEA Minimum IPO Shares”), and (ii) the
Nazarian Investors shall be entitled to sell at its discretion in the Initial
Offering no less than 782,374 of its Registrable Shares (which represent 50% of
the shares of Series D Preferred Stock purchased by the Nazarian Investors
under the Purchase Agreement) (the “Nazarian Minimum IPO Shares,” and
collectively with the NEA Minimum IPO Shares, the “Minimum IPO Shares”). If the underwriter
advises the Company, NEA and the Nazarian Investors that marketing factors require
a limitation of the number of securities to be underwritten (including Registrable
Securities) by NEA and the Nazarian Investors, such that NEA and the Nazarian
Investors are each required to sell less than the NEA Minimum IPO Shares and
Nazarian Minimum IPO Shares, as applicable, in the Initial Offering, then NEA
and the Nazarian Investors shall each be entitled and the Company shall be
required to offer to NEA and the Nazarian Investors the

 

6

 

balance
of any such shares not sold at in the Initial Offering in the next subsequent
secondary offering(s) of the Company’s shares until NEA and the Nazarian
Investors have sold such number of Registrable Shares as is equal to NEA
Minimum IPO Shares and Nazarian Minimum IPO Shares, as applicable. Any such
sales in connection with any secondary offering shall be free of any other
cutbacks or limitations described in this Section 2. After NEA and the
Nazarian Investors have been able to sell their respective Minimum IPO Share
amounts either in connection with the Initial Offering or any secondary
offering, as applicable, NEA and the Nazarian Investors shall be entitled to
register their remaining Registrable Shares in accordance with the registration
rights described in this Section 2 and shall be allowed to participate in
the sale of secondary shares on a prorated as-converted basis with the other
stockholders of the Company.

 

2.3                         Piggyback Registrations. The Company shall notify all
Holders of Registrable Securities in writing at least fifteen (15) days prior
to the filing of any registration statement under the Securities Act for
purposes of a public offering of securities of the Company (including, but not
limited to, registration statements relating to secondary offerings of
securities of the Company, but excluding Special Registration Statements) and
will afford each such Holder an opportunity to include in such registration
statement all or part of such Registrable Securities held by such Holder. Each
Holder desiring to include in any such registration statement all or any part
of the Registrable Securities held by it shall, within fifteen (15) days after
the above-described notice from the Company, so notify the Company in writing.
Such notice shall state the intended method of disposition of the Registrable
Securities by such Holder. If a Holder decides not to include all of its
Registrable Securities in any registration statement thereafter filed by the
Company, such Holder shall nevertheless continue to have the right to include
any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by the Company with respect to
offerings of its securities, all upon the terms and conditions set forth
herein.

 

(a)                           Underwriting. If the registration statement of which the Company
gives notice under this Section 2.3 is for an underwritten offering, the
Company shall so advise the Holders of Registrable Securities. In such event,
the right of any such Holder to include Registrable Securities in a
registration pursuant to this Section 2.3 shall be conditioned upon such
Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities in the underwriting to the extent provided herein. All
Holders proposing to distribute their Registrable Securities through such
underwriting shall enter into an underwriting agreement in customary form with
the underwriter or underwriters selected for such underwriting by the Company.
Notwithstanding any other provision of this Agreement, subject to Section 2.2(d), if the
underwriter determines in good faith that marketing factors require a
limitation of the number of shares to be underwritten, the number of shares
that may be included in the underwriting shall be allocated, first, to the
Company; second, to the Holders on a pro
rata basis based on the total number of Registrable Securities held
by the Holders; and third, to any stockholder of the Company (other than a
Holder) on a pro rata basis; provided, however, that no such reduction
shall reduce the amount of securities of the selling Holders included in the
registration below twenty five percent (25%) of the total amount of securities
included in such registration, unless such offering is the Initial Offering and
such registration does not include shares of any other selling stockholders, in
which event any or all of the Registrable Securities of the Holders may be
excluded in accordance with the immediately preceding clause. If the Holders
are so limited,

 

7

 

however,
no party shall sell shares in such registration other than the Company. In no
event will shares of any other selling stockholder be included in such
registration that would reduce the number of shares which may be included by
Holders without the written consent of Holders of not less than a majority of
the Registrable Securities proposed to be sold in the offering. If any Holder
disapproves of the terms of any such underwriting, such Holder may elect to
withdraw therefrom by written notice to the Company and the underwriter, delivered
at least ten (10) business days prior to the effective date of the
registration statement. Any Registrable Securities excluded or withdrawn from
such underwriting shall be excluded and withdrawn from the registration. For
any Holder which is a partnership, limited liability company, corporation or
trust, the partners, retired partners, members, retired members, stockholders
and beneficiaries of such Holder, or the estates and family members of any such
partners, retired partners, members, retired members and beneficiaries and any
trusts or other entities for the benefit of any of the foregoing person shall
be deemed to be a single “Holder,” and any pro
rata reduction with respect to such “Holder” shall be based upon the
aggregate amount of shares carrying registration rights owned by all entities
and individuals included in such “Holder,” as defined in this sentence.

 

(b)                           Right to Terminate Registration. The Company shall have the
right to terminate or withdraw any registration initiated by it under this Section 2.3
whether or not any Holder has elected to include securities in such
registration, and shall promptly notify any Holder that has elected to include
shares in such registration of such termination or withdrawal. The Registration
Expenses of such withdrawn registration shall be borne by the Company in
accordance with Section 2.5 hereof.

 

2.4                         Form S-3 Registration. In case the Company shall
receive from any Holder or Holders of Registrable Securities a written request
or requests that the Company effect a registration on Form S-3 (or any
successor to Form S-3) or any similar short-form registration statement
and any related qualification or compliance with respect to all or a part of
the Registrable Securities owned by such Holder or Holders, the Company will:

 

(a)                           promptly give
written notice of the proposed registration, and any related qualification or
compliance, to all other Holders of Registrable Securities; and

 

(b)                           as soon as
practicable, effect such registration and all such qualifications and compliances
as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Holder or Holders joining in such
request as are specified in a written request given within fifteen (15) days
after receipt of such written notice from the Company; provided, however, that the Company shall
not be obligated to effect any such registration, qualification or compliance
pursuant to this Section 2.4:

 

(i)                                   if Form S-3
is not available for such offering by the Holders, or

 

(ii)                               if the Holders,
together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and

 

8

 

such
other securities (if any) at an aggregate price to the public of less than one
million dollars ($1,000,000), or

 

(iii)                           if within
thirty (30) days of receipt of a written request from any Holder or Holders
pursuant to this Section 2.4, the Company gives notice to such Holder or
Holders of the Company’s intention to make a public offering within ninety (90)
days, other than pursuant to a Special Registration Statement;

 

(iv)                              if the Company
has, within the twelve (12) month period preceding the date of such request,
already effected two (2) registrations on Form S-3 for the Holders
pursuant to this Section 2.4; or

 

(v)                                  if the Company
shall furnish to the Holders a certificate signed by the Chairman of the Board
of Directors of the Company stating that in the good faith judgment of the
Board of Directors of the Company, it would be materially detrimental to the
Company and its stockholders for such Form S-3 registration to be effected
at such time, in which event the Company shall have the right to defer the
filing of the Form S-3 registration statement for a period of not more
than one hundred twenty (120) days after receipt of the request of the Holder
or Holders under this Section 2.4; provided,
that such right to delay a request shall be exercised by the Company
not more than once in any twelve (12) month period.

 

(c)                           Subject to the
foregoing, the Company shall file a Form S-3 registration statement
covering the Registrable Securities and other securities so requested to be
registered as soon as practicable after receipt of the requests of the Holders.
Registrations effected pursuant to this Section 2.4 shall not be counted
as demands for registration or registrations effected pursuant to Section 2.2.
All Registration Expenses incurred in connection with registrations requested
pursuant to this Section 2.4 shall be paid by the Company, including the
expense of one (1) special counsel of the selling stockholders.

 

2.5                         Expenses
of Registration. Except as specifically provided herein, all
Registration Expenses incurred in connection with any registration,
qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein
shall be borne by the Company. All Selling Expenses incurred in connection with
any registrations hereunder, shall be borne by the holders of the securities so
registered pro rata on the basis
of the number of shares so registered. The Company shall not, however, be required
to pay for expenses of any registration proceeding begun pursuant to Section 2.2
or 2.4, the request of which has been subsequently withdrawn by the Initiating
Holders unless (a) the withdrawal is based upon material adverse
information concerning the Company of which the Initiating Holders were not
aware at the time of such request or (b) the Holders of a majority of
Registrable Securities agree to deem such registration to have been effected as
of the date of such withdrawal for purposes of determining whether the Company
shall be obligated pursuant to Section 2.2(c) or 2.4(b), as
applicable, to undertake any subsequent registration, in which event such right
shall be forfeited by all Holders). If the Holders are required to pay the
Registration Expenses, such expenses shall be borne by the holders of
securities (including Registrable Securities) requesting such registration in
proportion to the number of shares for which registration was requested. If the
Company is required to pay the Registration Expenses of a withdrawn offering
pursuant to clause (a) above, then such registration shall not be deemed
to have been effected for purposes of determining whether the

 

9

 

Company
shall be obligated pursuant to Section 2.2(c) or 2.4(b), as
applicable, to undertake any subsequent registration.

 

2.6                         Obligations of the Company.   Whenever
required to effect the registration of any Registrable Securities, the Company
shall, as expeditiously as reasonably possible:

 

(a)                           prepare and
file with the SEC a registration statement with respect to such Registrable
Securities and use all reasonable efforts to cause such registration statement
to become effective, and, upon the request of the Holders of a majority of the
Registrable Securities registered thereunder, keep such registration statement
effective for up to thirty (30) days or, if earlier, until the Holder or
Holders have completed the distribution related thereto; provided, however,
that at any time, upon written notice to the participating Holders and for a
period not to exceed sixty (60) days thereafter (the “Suspension
Period”), the Company
may delay the filing or effectiveness of any registration statement or suspend
the use or effectiveness of any registration statement (and the Initiating
Holders hereby agree not to offer or sell any Registrable Securities pursuant
to such registration statement during the Suspension Period) if the Company
reasonably believes that there is or may be in existence material nonpublic
information or events involving the Company, the failure of which to be
disclosed in the prospectus included in the registration statement could result
in a Violation (as defined below). In the event that the Company shall exercise
its right to delay or suspend the filing or effectiveness of a registration
hereunder, the applicable time period during which the registration statement
is to remain effective shall be extended by a period of time equal to the
duration of the Suspension Period. The Company may extend the Suspension Period
for an additional consecutive sixty (60) days with the consent of the holders
of a majority of the Registrable Securities registered under the applicable
registration statement, which consent shall not be unreasonably withheld. No
more than one (1) such Suspension Periods shall occur in any twelve (12)
month period. In no event shall any Suspension Period, when taken together with
all prior Suspension Periods, exceed 120 days in the aggregate. If so directed
by the Company, all Holders registering shares under such registration
statement shall (i) not offer to sell any Registrable Securities pursuant
to the registration statement during the period in which the delay or
suspension is in effect after receiving notice of such delay or suspension; and
(ii) use their best efforts to deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such Holders’
possession, of the prospectus relating to such Registrable Securities current
at the time of receipt of such notice. Notwithstanding the foregoing, the
Company shall not be required to file, cause to become effective or maintain
the effectiveness of any registration statement other than a registration
statement on Form S-3 that contemplates a distribution of securities on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act.

 

(b)                           Prepare and
file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration
statement as may be necessary to comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such
registration statement for the period set forth in subsection (a) above.

 

(c)                           Furnish to the
Holders such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such
other

 

10

 

documents
as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned by them.

 

(d)                           Use its
reasonable efforts to register and qualify the securities covered by such
registration statement under such other securities or Blue Sky laws of such
jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be
required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states
or jurisdictions.

 

(e)                           In the event of
any underwritten public offering, enter into and perform its obligations under
an underwriting agreement, in usual and customary form, with the managing
underwriter(s) of such offering. Each Holder participating in such
underwriting shall also enter into and perform its obligations under such an
agreement.

 

(f)                             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
Securities Act of the happening of any event as a result of which the
prospectus included in such registration statement, as then in effect, includes
an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing. The Company will
use reasonable efforts to amend or supplement such prospectus in order to cause
such prospectus not to include any 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.

 

(g)                          Use its
reasonable efforts to furnish, on the date that such Registrable Securities are
delivered to the underwriters for sale, if such securities are being sold
through underwriters, (i) an opinion, dated as of such date, of the
counsel representing the Company for the purposes of such registration, in form
and substance as is customarily given to underwriters in an underwritten public
offering, addressed to the underwriters, if any, and (ii) a letter, dated
as of such date, from the independent certified public accountants of the
Company, in form and substance as is customarily given by independent certified
public accountants to underwriters in an underwritten public offering addressed
to the underwriters.

 

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, 2.3 or 2.4 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.

 

(c)                           The Company
shall have no obligation with respect to any registration requested pursuant to
Section 2.2 or Section 2.4 if the number of shares or the anticipated

 

11

 

aggregate
offering price of the Registrable Securities to be included in the registration
does not equal or exceed the number of shares or the anticipated aggregate
offering price required to originally trigger the Company’s obligation to
initiate such registration as specified in Section 2.2 or Section 2.4,
whichever is applicable.

 

2.8                         Indemnification.    In the event
any Registrable Securities are included in a registration statement under
Sections 2.2, 2.3 or 2.4:

 

(a)                           To the extent
permitted by law, the Company will indemnify and hold harmless each Holder, the
partners, members, trustees, managers, officers and directors of each Holder,
any underwriter (as defined in the Securities Act) for such Holder and each
person, if any, who controls such Holder or underwriter within the meaning of
the Securities Act or the Exchange Act, against any losses, claims, damages, or
liabilities (joint or several) to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any of the following statements, omissions or
violations (collectively a “Violation”)
by the Company: (i) any untrue statement or alleged untrue
statement of a material fact contained in such registration statement or
incorporated reference therein, including any preliminary prospectus or final
prospectus contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any state securities
law in connection with the offering covered by such registration statement; and
the Company will reimburse each such Holder, partner, member, trustee, manager,
officer, director, underwriter or controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided however, that the indemnity
agreement contained in this Section 2.8(a) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Company, which consent shall
not be unreasonably withheld, nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon a Violation which occurs in reliance upon and in
conformity with written information furnished expressly for use in connection
with such registration by such Holder, partner, member, trustee, manager,
officer, director, underwriter or controlling person of such Holder.

 

(b)                           To the extent
permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration,
qualifications or compliance is being effected, indemnify and hold harmless the
Company, each of its directors, its officers and each person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter
and any other Holder selling securities under such registration statement or
any of such other Holder’s partners, trustee, managers, directors or officers
or any person who controls such Holder, against any losses, claims, damages or
liabilities (joint or several) to which the Company or any such director,
officer, trustee, manager, controlling person, underwriter or other such
Holder, or partner, director, officer, trustee, manager, or controlling person
of such other Holder may become subject under the Securities Act, the Exchange
Act or other federal or state law, insofar as such losses, claims, damages or
liabilities

 

12

 

(or
actions in respect thereto) arise out of or are based upon any of the following
statements: (i) any untrue statement or alleged untrue statement of a
material fact contained in such registration statement or incorporated
reference therein, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, (ii) the
omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act
(collectively, a “Holder
Violation”), in each case to the extent (and only to the extent)
that such Holder Violation occurs in reliance upon and in conformity with
written information furnished by such Holder under an instrument duly executed
by such Holder and stated to be specifically for use in connection with such
registration; and each such Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling
person, underwriter or other Holder, or partner, trustee, manager, officer,
director or controlling person of such other Holder in connection with
investigating or defending any such loss, claim, damage, liability or action if
it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity
agreement contained in this Section 2.8(b) shall not apply to amounts
paid in settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of the Holder, which consent shall
not be unreasonably withheld; provided
further, that in no event shall any indemnity under this Section 2.8
exceed the net proceeds from the offering received by such Holder.

 

(c)                           Promptly after
receipt by an indemnified party under this Section 2.8 of notice of the
commencement of any action (including any governmental action), such
indemnified party will, if a claim in respect thereof is to be made against any
indemnifying party under this Section 2.8, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that
an indemnified party shall have the right to retain its own counsel, with the
fees and expenses thereof to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing
interests between such indemnified party and any other party represented by
such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such
action shall relieve such indemnifying party of any liability to the indemnified
party under this Section 2.8 to the extent, and only to the extent,
prejudicial to its ability to defend such action, but the omission so to
deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 2.8.

 

(d)                           If the
indemnification provided for in this Section 2.8 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect
to any losses, claims, damages or liabilities referred to herein, the
indemnifying party, in lieu of indemnifying such indemnified party thereunder,
shall to the extent permitted by applicable law contribute to the amount paid
or payable by such indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of
the indemnifying party on the one hand and of the indemnified party on the
other in connection with the Violation(s) or Holder Violation(s) that
resulted in such loss, claim, damage or liability, as well as any other

 

13

 

relevant
equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by a court of law by reference to,
among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided,
that in no event shall any contribution by a Holder hereunder exceed
the net proceeds from the offering received by such Holder.

 

(e)                           The obligations
of the Company and Holders under this Section 2.8 shall survive completion
of any offering of Registrable Securities in a registration statement and, with
respect to liability arising from an offering to which this Section 2.8
would apply that is covered by a registration filed before termination of this
Agreement, such termination. No indemnifying party, in the defense of any such
claim or litigation, shall, except with the consent of each indemnified party,
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation.

 

2.9                         Assignment of Registration Rights. The rights to cause the
Company to register Registrable Securities pursuant to this Section 2 may
be assigned by a Holder to a transferee or assignee of Registrable Securities
(for so long as such shares remain Registrable Securities) that (a) any
partner or retired partner of any holder which is a partnership, (b) any
member or former member, of any holder which is a limited liability company, (c) any
affiliate of any holder; (d) any family member, trust or for the benefit
of any individual holder or family member or (e) any transferee who
acquires at least 125,000 shares of Registrable Securities 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.

 

2.10                  Limitation on Subsequent Registration Rights. Other than as
provided in Section 5.10, after the date of this Agreement, the Company
shall not enter into any agreement with any holder or prospective holder of any
securities of the Company that would grant such holder rights to demand the
registration of shares of the Company’s capital stock, or to include such
shares in a registration statement that would reduce the number of shares
includable by the Holders.

 

2.11                  “Market Stand-Off” Agreement   Each party to
this Agreement hereby agrees that such party shall not sell, transfer, make any
short sale of, grant any option for the purchase of, or enter into any hedging
or similar transaction with the same economic effect as a sale, any Common
Stock (or other securities) of the Company held by such party (other than those
included in the registration) during the 180-day period following the effective
date of the Initial Offering (or such longer period, not to exceed 18 days
after the expiration of the 180-day period, as the underwriters or the Company
shall request in order to facilitate compliance with NASD Rule 2711); provided, that all officers and directors
of the Company and holders of at least one percent (1%) of the Company’s voting
securities are bound by and have entered into similar agreements. The obligations
described in this Section 2.12 shall not apply to a registration relating
solely to employee benefit plans on Form S-l or Form S-8 or similar
forms that may be

 

14

 

promulgated
in the future, or a registration relating solely to a transaction on Form S-4
or similar forms that may be promulgated in the future.

 

2.12                  Agreement to Furnish Information.   Each Holder agrees to
execute and deliver such other agreements as may be reasonably requested by the
Company or the underwriter that are consistent with the Holder’s obligations
under Section 2.11 or that are necessary to give further effect thereto.
In addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, each 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 Section 2.11 and this Section 2.12 shall not apply to a
Special Registration Statement. The Company may impose stop-transfer
instructions with respect to the shares of Common Stock (or other securities)
subject to the foregoing restriction until the end of said day period. Each
Holder agrees that any transferee of any shares of Registrable Securities shall
be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are
intended third party beneficiaries of Sections 2.11 and 2.12 and shall have the
right, power and authority to enforce the provisions hereof as though they were
a party hereto.

 

2.13                  Rule 144 Reporting.   With a view to
making available to the Holders the benefits of certain rules and
regulations of the SEC which may permit the sale of the Registrable Securities
to the public without registration, the Company agrees to use its best efforts
to:

 

(a)                           Make and keep
public information available, as those terms are understood and defined in SEC Rule 144
or any similar or analogous rule promulgated under the Securities Act, at
all times after the effective date of the first registration filed by the
Company for an offering of its securities to the general public;

 

(b)                           File with the
SEC, in a timely manner, all reports and other documents required of the
Company under the Exchange Act; and

 

(c)                           So long as a
Holder owns any Registrable Securities, furnish to such Holder forthwith upon
request: a written statement by the Company as to its compliance with the
reporting requirements of said Rule 144 of the Securities Act, and of the
Exchange Act (at any time after it has become subject to such reporting
requirements); a copy of the most recent annual or quarterly report of the
Company filed with the Commission; and such other reports and documents as a
Holder may reasonably request in connection with availing itself of any rule or
regulation of the SEC allowing it to sell any such securities without registration.

 

15

 

SECTION 3.  COVENANTS
OF THE COMPANY.

 

3.1                  Basic Financial Information and Reporting.

 

(a)                       The Company
will maintain true books and records of account in which full and correct
entries will be made of all its business transactions pursuant to a system of accounting
established and administered in accordance with generally accepted accounting
principles consistently applied (except as noted therein ) and will set aside
on its books all such proper accruals and reserves as shall be required under
generally accepted accounting principles consistently applied.

 

(b)                          As soon as
practicable after the end of each fiscal year of the Company, and in any event
within one hundred twenty (120) days thereafter, the Company will furnish each
Investor that (together with its affiliates) owns not less than 300,000 shares
of Registrable Securities (as adjusted for stock splits and combinations) (a “Major Investor”), a
balance sheet of the Company, as at the end of such fiscal year, and a
statement of income and a statement of cash flows of the Company, for such
year, all prepared in accordance with generally accepted accounting principles
consistently applied (except as noted therein and setting forth in each case in
comparative form the figures for the previous fiscal year, all in
reasonable detail. Such financial statements shall be accompanied by a report
and opinion thereon by independent public accountants of national standing
selected by the Company’s Board of Directors.

 

(c)                       The Company
will furnish each Major Investor, as soon as practicable after the end of the
first, second and third quarterly accounting periods in each fiscal year of the
Company, and in any event within forty-five (45) days thereafter, a balance
sheet of the Company as of the end of each such quarterly period, and a
statement of income and a statement of cash flows of the Company for such
period and for the current fiscal year to date, prepared in accordance with
generally accepted accounting principles consistently applied (except as noted
therein, with the exception that no notes need be attached to such statements
and year-end audit adjustments may not have been made.

 

(d)                       The Company
will furnish each such Major Investor: (i) at least thirty (30) days prior
to the beginning of each fiscal year an annual budget and operating plans for
such fiscal year (and as soon as available, any subsequent written revisions
thereto); and (ii) as soon as practicable after the end of each month, and
in any event within twenty (20) days thereafter, a balance sheet of the Company
as of the end of each such month, and a statement of income and a statement of
cash flows of the Company for such month and for the current fiscal year to
date, including a comparison to plan figures for such period, prepared in
accordance with generally accepted accounting principles consistently applied
(except as noted thereon), with the exception that no notes need be attached to
such statements and year-end audit adjustments may not have been made.

 

3.2                  Inspection Rights. Each Major Investor shall have the right to
visit and inspect any of the properties of the Company or any of its
subsidiaries, and to discuss the affairs, finances and accounts of the Company
or any of its subsidiaries with its officers, and to review such information as
is reasonably requested all at such reasonable times and as often as may be
reasonably requested; provided, however, that
the Company shall not be obligated under this

 

16

 

Section 3.2 with respect to a competitor of the Company or with
respect to information which the Board of Directors determines in good faith is
confidential or attorney-client privileged and should not, therefore, be
disclosed.

 

3.3                  Confidentiality of Records. Each Investor agrees to use the
same degree of care as such Investor uses to protect its own confidential
information to keep confidential any information furnished to such Investor
that the Company identifies as being confidential or proprietary (so long as
such information is not in the public domain), except that such Investor may disclose
such proprietary or confidential information (i) to any partner, member,
grantor, beneficiary, family member, subsidiary or parent of such Investor as
long as such partner, member, grantor, beneficiary, family member, subsidiary
or parent is advised of and agrees or has agreed to be bound by the
confidentiality provisions of this Section 3.3 or comparable restrictions;
(ii) at such time as it enters the public domain through no fault of such
Investor; (iii) that is communicated to it free of any obligation of
confidentiality; (iv) that is developed by Investor or its agents
independently of and without reference to any confidential information
communicated by the Company; or (v) as required by applicable law.

 

3.4                  Reservation of Common Stock. The Company will at all
times reserve and keep available, solely for issuance and delivery upon the
conversion of the Preferred Stock, all Common Stock issuable from time to time
upon such conversion.

 

3.5                  Stock Vesting. Any accelerated vesting relating to any stock
options and other stock equivalents issued after the date of this Agreement to
employees, directors, consultants and other service providers shall require
prior approval of the Board of Directors. With respect to restricted stock and
stock issued as a result of early exercised options, the Company’s repurchase
option shall provide that, upon termination of the employment of the
shareholder, with or without cause, the Company or its assignee (to the extent
permissible under applicable securities law qualification) retains the option
to repurchase at cost any unvested shares held by such stockholder.

 

3.6                  Observer Rights. The Company shall allow (i) one (1) representative
designated by NEA, for so long as NEA owns any shares of Series D
Preferred, and (ii) one (1) representative designated by the Nazarian
Investors, for so long as the Nazarian Investors own any shares of Series D
Preferred, to attend all meetings of the Company’s Board of Directors in a nonvoting
capacity, and in connection therewith, the Company shall give such
representative copies of all notices, minutes, consents and other materials,
financial or otherwise, which the Company provides to its Board of Directors; provided, however, that the Company
reserves the right to exclude such representative from access to any material
or meeting or portion thereof if the Company believes upon advice of counsel
that such exclusion is reasonably necessary to preserve the attorney-client
privilege, to protect highly confidential information or for other similar
reasons. The decision of the Board with respect to the privileged or
confidential nature of such information shall be final and binding.

 

3.7                  Proprietary
Information and Inventions Agreement. The Company shall require
all current and former officers, employees and consultants of the Company to
execute and deliver a Proprietary Information and Inventions Agreement
substantially in a form

 

17

 

acceptable to the Investors, which shall include
acceptable non-solicitation and non-competition provisions.

 

3.8                  Directors’ Liability and Indemnification; D&O Insurance. The Company’s
Certificate of Incorporation and Bylaws shall provide (a) for elimination
of the liability of director to the maximum extent permitted by law and (b) for
indemnification of directors for acts on behalf of the Company to the maximum
extent permitted by law. The Company shall use its best efforts to obtain, as
soon as reasonably practicable after the date hereof, and maintain in full
force and effect director and officer liability insurance in such amount as
shall be determined by the Board of Directors from time to time.

 

3.9                  Board of Directors. The Company shall reimburse
the expenses of the Directors and Board observers for reasonable costs incurred
in attending meetings of the Board, including any meetings of the committees of
the Board, and any other meetings or events attended on behalf of the Company.

 

3.10           Qualified
Small Business. For so long as any of the Shares are held by an
Investor (or a transferee in whose hands such Shares are eligible to qualify as
“Qualified Small Business Stock” as defined in Section 1202(c) of the
Internal Revenue Code of 1986, as amended (the “Code”)), the Company will use its
reasonable efforts to comply with the reporting and recordkeeping requirements
of Section 1202 of the Code, any regulations promulgated thereunder and
any similar state laws and regulations.

 

3.11           Termination
of Covenants. All covenants of the Company contained in Section 3
of this Agreement (other than the provisions of Section 3.3, 3.8 and 3.10)
shall expire and terminate as to each Investor upon the earlier of (i) the
effective date of the registration statement pertaining to an offering that
results in the Series D Preferred being converted into Common Stock or (ii) upon
an “Acquisition”
as defined in the Company’s Amended and Restated Certificate
of Incorporation as in effect as of the Effective Date hereof.

 

SECTION 4.   RIGHTS
OF FIRST REFUSAL.

 

4.1                  Subsequent Offerings. Subject to applicable
securities laws, each Investor that holds the Company’s Registrable Securities
that qualifies an “accredited investor” under Regulation D of the Securities
Act (a “Qualified Investor”) shall have a right of first
refusal to purchase its pro rata share
of all Equity Securities, as defined below, that the Company may, from time to
time, propose to sell and issue after the date of this Agreement, other than
the Equity Securities excluded by Section 4.7 hereof. Each Qualified
Investor’s pro rata share is
equal to the ratio of (a) the number of shares of the Company’s Common
Stock (including all shares of Common Stock issuable or issued upon conversion
of the Shares or upon the exercise of outstanding warrants or options) of which
such Qualified Investor is deemed to be a holder immediately prior to the
issuance of such Equity Securities to (b) the total number of shares of
the Company’s outstanding Common Stock (including all shares of Common Stock
issued or issuable upon conversion of the Shares or upon the exercise of any
outstanding warrants or options) immediately prior to the issuance of the
Equity Securities. The term “Equity Securities”
shall mean (i) any Common Stock, Preferred Stock or other
security of the Company, (ii) any security convertible into or exercisable
or exchangeable for, with or without

 

18

 

consideration, any Common Stock, Preferred Stock or
other security (including any option to purchase such a convertible security), (iii) any
security carrying any warrant or right to subscribe to or purchase any Common
Stock, Preferred Stock or other security or (iv) any such warrant or
right.

 

4.2                  Exercise of Rights. If the Company proposes to
issue any Equity Securities, it shall give each Qualified Investor written
notice of its intention, describing the Equity Securities, the price and the
terms and conditions upon which the Company proposes to issue the same. Each
Qualified Investor shall have twenty (20) days from the giving of such notice
to agree to purchase its pro rata share
of the Equity Securities for the price and upon the terms and conditions
specified in the notice by giving written notice to the Company and stating
therein the quantity of Equity Securities to be purchased. Notwithstanding the
foregoing, the Company shall not be required to offer or sell such Equity
Securities to any Qualified Investor who would cause the Company to be in
violation of applicable federal securities laws by virtue of such offer or
sale.

 

4.3                  Issuance of Equity Securities to Other Persons. If not all of
the Qualified Investors elect to purchase their pro rata share of the Equity Securities, then the Company
shall promptly notify in writing the Qualified Investors who do so elect and
shall offer such Qualified Investors the right to acquire such unsubscribed
shares on a pro rata basis. The
Qualified Investors shall have five (5) days after receipt of such notice
to notify the Company of its election to purchase all or a portion thereof of
the unsubscribed shares. The Company shall have ninety (90) days thereafter to
sell the Equity Securities in respect of which the Qualified Investor’s rights
were not exercised, at a price not lower and upon general terms and conditions
not materially more favorable to the purchasers thereof than specified in the
Company’s notice to the Qualified Investors pursuant to Section 4.2
hereof. If the Company has not sold such Equity Securities within such ninety
(90) day period, the Company shall not thereafter issue or sell any Equity
Securities, without first offering such securities to the Qualified Investors
in the manner provided above.

 

4.4                  Sale Without Notice. In lieu of giving notice to
the Qualified Investors prior to the issuance of Equity Securities as provided
in Section 4.2, the Company may elect to give notice to the Qualified
Investors within thirty (30) days after the issuance of Equity Securities. Such
notice shall describe the type, price and terms of the Equity Securities. Each
Qualified Investor shall have twenty (20) days from the date of receipt of such
notice to elect to purchase up to the number of shares that would, if purchased
by such Qualified Investor, maintain such Qualified Investor’s pro rata share (as set forth in Section 4.1)
of the Company’s equity securities after giving effect to all such purchases.
The closing of such sale shall occur within sixty (60) days of the date of
notice to the Qualified Investors.

 

4.5                  Termination of Rights of First Refusal. The rights of first refusal
established by this Section 4 shall not apply to, and shall terminate upon
the earlier of (i) the effective date of the registration statement
pertaining to the Company’s Qualified Public Offering or (ii) an Acquisition
or Asset Transfer or (iii) the date the Company first becomes subject to
the periodic reporting requirements of Sections 12(g) or 15(d) of the
Securities Exchange Act of 1934, as amended.

 

19

 

4.6                  Assignment of Rights of First Refusal. The rights of first refusal
of each Qualified Investor under this Section 4 may be assigned to
the same parties, subject to the same restrictions as any transfer of
registration rights pursuant to Section 2.9.

 

4.7                  Excluded Securities. The rights of first refusal
established by this Section 4 shall have no application to any of the
following Equity Securities:

 

(a)                          up to an
aggregate of 1,000,000 shares (as adjusted for any stock dividends,
combinations, splits, recapitalizations and the like after the date hereof) (provided, however, that such number shall
be increased to reflect any shares of Common Stock (i) not issued pursuant
to the rights, agreements, option or warrants (“Unexercised
Options”)  as
a result of the termination of such Unexercised Options or (ii) reacquired
by the Company from employees, directors or consultants at cost (or the lesser
of cost or fair market value) pursuant to agreements which permit the Company
to repurchase such shares upon termination of services to the Company) of
Common Stock and/or options, warrants or other Common Stock purchase rights and
the Common Stock issued pursuant to such options, warrants or other rights (as
adjusted for any stock dividends, combinations, splits, recapitalizations and
the like after the date hereof) issued or to be issued after the date hereof to
employees, officers or directors of, or consultants or advisors to the Company
or any subsidiary, pursuant to stock purchase or stock option plans or other
arrangements that are approved by the Board of Directors and any Contingent
Option Grants (as defined in the Certificate) or any stock issued or issuable
pursuant thereto;

 

(b)                          stock issued or
issuable pursuant to any rights or agreements, options, warrants or convertible
securities outstanding as of the date of this Agreement; and stock issued
pursuant to any such rights or agreements granted after the date of this
Agreement, so long as the rights of first refusal established by this Section 4
were complied with, waived, or were inapplicable pursuant to any provision of
this Section 4.7 with respect to the initial sale or grant by the Company
of such rights or agreements;

 

(c)                         any Equity
Securities issued for consideration other than cash pursuant to a merger,
consolidation, acquisition or similar business combination approved by the
Board of Directors;

 

(d)                          any Equity
Securities issued in connection with any stock split, stock dividend or
recapitalization by the Company;

 

(e)                          any Equity
Securities issued pursuant to any equipment loan or leasing arrangement, real
property leasing arrangement, or debt financing from a bank or similar
financial or lending institution approved by the Board of Directors;

 

(f)                          any Equity
Securities that are issued by the Company pursuant to a Qualified Public
Offering;

 

(g)                         any Equity
Securities issued in connection with strategic transactions involving the
Company and other entities, including (i) joint ventures, manufacturing,
marketing or distribution arrangements or (ii) technology transfer or
development arrangements; provided

 

20

 

that the issuance of shares therein has been
approved by the Company’s Board of Directors provided that such transaction is
not substantially for equity financing purposes; and

 

(h)                         Any Equity
Securities that are not offered to the Company’s existing stockholders and that
are not otherwise covered above and that are approved unanimously by the Board.

 

SECTION 5.   MISCELLANEOUS.

 

5.1                  Governing Law.  This Agreement
shall be governed by and construed under the laws of the State of Delaware in
all respects as such laws are applied to agreements among Delaware residents
entered into and to be performed entirely within Delaware, without reference to
conflicts of laws or principles thereof. The parties agree that any action
brought by either party under or in relation to this Agreement, including
without limitation to interpret or enforce any provision of this Agreement,
shall be brought in, and each party agrees to and does hereby submit to the
jurisdiction and venue of, any state or federal court located in Delaware.

 

5.2                  Successors and Assigns.  Except as
otherwise expressly provided herein, the provisions hereof shall inure to the
benefit of, and be binding upon, the parties hereto and their respective
successors, assigns, heirs, executors, and administrators and shall inure to
the benefit of and be enforceable by each person who shall be a holder of
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 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 shares in its records as the absolute
owner and holder of such shares for all purposes, including the payment of
dividends or any redemption price.

 

5.3                  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
oral or written representations, warranties, covenants and agreements except as
specifically set forth herein and therein. Each party expressly represents and
warrants that it is not relying on any oral or written representations,
warranties, covenants or agreements outside of this Agreement.

 

5.4                  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.

 

5.5                  Amendment and Waiver.

 

(a)                          Except as
otherwise expressly provided, this Agreement may be amended or modified,
and the obligations of the Company and the rights of the Investors and Holders
under this Agreement may be waived, only upon the written consent of the
Company, the holders of at least a majority of the then-outstanding Series D
Preferred Stock, voting separately as a class, and the holders of at least
eighty percent (80%) of the then-outstanding Series B Preferred

 

21

 

Stock, voting separately as a class. Notwithstanding
the foregoing, with respect to the rights set forth in Section 2.2(d) above,
such provision may only be amended or waived with the written consent of
NEA. Any amendment, termination or waiver effected in accordance with this Section 5.5
shall be binding on all parties hereto, even if they do not execute such
consent.

 

(b)                          For the
purposes of determining the number of Holders or Investors 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.

 

5.6                  Delays or  Omissions. It is agreed that no delay or
omission to exercise any right, power, or remedy accruing to any party, upon
any breach, default or noncompliance by another party 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 party’s part of any breach, default or
noncompliance under the Agreement or any waiver on such party’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 any
party, shall be cumulative and not alternative.

 

5.7                  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.

 

5.8                  Attorneys’
Fees. In the event that any suit or action is instituted under or in
relation to this Agreement, including without limitation 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.

 

5.9                  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.

 

5.10           Additional
Investors. Notwithstanding anything to the contrary contained
herein, if the Company shall issue additional shares of its Preferred Stock
pursuant to the Purchase Agreement, any purchaser of such shares of Preferred
Stock shall become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement and shall be
deemed an “Investor,”
a “Holder”
and a party hereunder. Notwithstanding anything to the
contrary contained herein, if the Company shall issue Equity Securities in
accordance with Section 4.7 (c), (e) or (g) of this Agreement,
any purchaser of such

 

22

 

Equity Securities may become a party to this Agreement by
executing and delivering an additional counterpart signature page to
this Agreement and shall be deemed an “Investor,”  a “Holder”  and a party hereunder.

 

5.11           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.

 

5.12           Aggregation
of Stock. All 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.

 

5.13           Pronouns. All pronouns
contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties
hereto may require.

 

5.14           Termination.
This Agreement shall terminate and be of no further force or effect upon
the earlier of (i) an Acquisition; or (ii) the date five (5) years
following the Closing of the Qualified Public Offering that results in the
conversion of all outstanding shares of Series D Preferred.

 

[SIGNATURE PAGE FOLLOWS]

 

23

 

IN WITNESS WHEREOF, the parties hereto have
executed this INVESTOR RIGHTS AGREEMENT as
of the date set forth in the first paragraph hereof.

 

 

COMPANY:

 

ECHO GLOBAL LOGISTICS, INC.

 

 

	
  By:  

  	
  /s/ Orazio Buzza

  	
   

  
	
  Name:

  	
  Orazio
  Buzza

  	
   

  
	
  Title:

  	
  President

  	
   

  
				

 

 

SERIES D PREFERRED INVESTORS:

 

	
  NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP

  
	
   

  
	
  By:  NEA PARTNERS 12, LIMITED PARTNERSHIP, ITS GENERAL PARTNER

  
	
   

  
	
  By:  NEA 12 GP, LLC, ITS GENERAL PARTNER

  
	
   

  
	
  By:  Gene Trainor, Manager

  
	
   

  
	
   

  
	
  NEA VENTURES 2006, LIMITED PARTNERSHIP

  
	
   

  
	
  By:

  	
  /s/ Pamela Clark

  	
   

  
	
  Title:

  	
  Vice-President

  

 

SCHEDULE OF
INVESTORS

 

 

	
  SERIES D PREFERRED INVESTORS (CONTINUED);

  
	
   

  
	
   

  
	
  YOUNES AND SORAYA NAZARIAN REVOCABLE TRUST

  
	
   

  
	
   

  
	
  By:

  	
  /s/
  Younes Nazarian

  	
   

  
	
   

  
	
  Name: Younes Nazarian

  
	
   

  
	
  Title:   
  Trustee

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  ANTHONY BOBULINSKI

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Anthony Bobulinski

  	
   

  
	
   

  
	
  Name: Anthony Bobulinski

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
				

 

COUNTERPART SIGNATURE PAGE

ECHO GLOBAL LOGISTICS, INC.

INVESTOR RIGHTS AGREEMENT

 

25

 

	
  SERIES B
  PREFERRED INVESTORS:

  
	
   

  
	
   

  
	
  OLD
  WILLOW PARTNERS, LLC

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Rich Heise

  	
   

  
	
   

  
	
  Name:  Rich
  Heise

  
	
   

  
	
  Title:    Manager

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  BLUE
  MEDIA, LLC

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Eric Lefkofsky

  	
   

  
	
   

  
	
  Name:  Eric Lefkofsky

  
	
   

  
	
  Title:    Manager

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  FROG
  VENTURES, LLC

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Brad Keywell

  	
   

  
	
   

  
	
  Name:  Brad Keywell

  
	
   

  
	
  Title:    Manager

  
	
   

  
	
   

  
				

 

COUNTERPART SIGNATURE PAGE

ECHO GLOBAL LOGISTICS, INC.

INVESTOR RIGHTS AGREEMENT

 

26

 

Exhibit A

 

SCHEDULE OF INVESTORS

 

	
  SERIES D
  PREFERRED INVESTORS:

  	
   

  
	
   

  	
   

  
	
  NEW
  ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  NEA
  VENTURES 2006, LIMITED PARTNERSHIP

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  YOUNES AND SORAYA NAZARIAN
  REVOCABLE TRUST

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  ANTHONY
  BOBULINSKI

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  SERIESS
  B PREFERRED INVESTORS:

  	
   

  
	
   

  	
   

  
	
  OLD
  WILLOW PARTNERS, LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BLUE
  MEDIA, LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  FROG
  VENTURES, LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
					

 

27Exhibit 4.3

 

WAIVER OF INVESTOR RIGHTS

 

in connection with proposed initial public offering of Common Stock of

 

ECHO GLOBAL LOGISTICS, INC.

 

April 25,
2008

 

Ladies
and Gentlemen:

 

Reference is made to (i) that certain Investor Rights Agreement
(the “Investor Rights Agreement”), effective as of June 7, 2006, by
and among Echo Global Logistics, Inc. (the “Company”) and the
Investors listed on Exhibit A therein (collectively, the “Investors”),
(ii) that certain Right of First Refusal and Co-Sale Agreement (the “ROFR
Agreement”), effective as of June 7, 2006, by and among the Company
and the signatories thereto, and (iii) the proposed initial public
offering (the “Offering”) of shares of common stock, par value $0.0001
per share, of the Company, (the “Common Stock”).  Capitalized terms used but not otherwise
defined herein shall have the meanings set forth in the Investor Rights
Agreement.

 

The
Offering will be undertaken pursuant to a registration statement on Form S-1
(the “Registration Statement”) under the Securities Act of 1933, as
amended (the “Securities Act”). 
Under Section 2.3 of the Investor Rights Agreement, the
Company is obligated to (i) notify all Holders of Registrable Securities
in writing at least fifteen (15) days prior to the filing of any registration
statement under the Securities Act for purposes of a public offering of
securities of the Company and (ii) afford each such Holder an opportunity
to include in the registration statement all or part of such Registrable
Securities (clauses (i) and (ii), the “Piggyback Registration Rights”).  Under Section 2.2 of the Investor
Rights Agreement, a majority of the Holders of Series D Preferred are
entitled to demand registration under the Securities Act of all or any part of
their Registrable Securities, and the Company is obligated to (a) notify
all Holders within thirty (30) days of such request and (b) effect, as
expeditiously as reasonably possible, the registration under the Securities Act
of all Registrable Securities that all Holders request to be registered.

 

                Each of the
undersigned hereby waives (i) all rights granted to it pursuant to Section 2
of the Investor Rights Agreement with respect to Piggyback Registration Rights
relating to the Offering, and the Holders of Series D Preferred hereby agree
not to exercise their demand registration right, or any other right, under Section 2.2
of the Investor Rights Agreement on or prior to December 31, 2008, or if
longer, the duration of any lock-up period as may be specified in a lock-up
agreement that such Holders may execute with the underwriters of the Offering
(the “Registration Waiver”), (ii) all rights granted to it pursuant to Section 4
of the Investor Rights Agreement, if applicable, with respect to any issuances
of Equity Securities by the Company from June 7, 2006 through and
including the date hereof, and (iii) all rights granted to it pursuant to
the ROFR Agreement with respect to any transfers of Common Stock or Preferred
Stock from June 7, 2006 through and including the date hereof.  If the Offering is not completed by December 31,
2008, the Registration Waiver shall terminate on its terms without further
action by the Company or the undersigned. 
Each of the undersigned further agree that Winston & Strawn LLP
shall act as the single special counsel to the Investors in connection with the
Offering.

 

This waiver may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same waiver.  A counterpart signature
page delivered by fax or e-mail transmission shall be as effective as
delivery of an originally executed counterpart. 
This waiver shall be governed by, and construed in accordance with, the
internal laws of the State of Delaware, without giving effect to choice of law
provisions.

 

 

 

IN
WITNESS WHEREOF, this waiver has been duly executed as of the date first
written above.

 

	
   

  	
  SERIES B PREFERRED INVESTORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OLD
  WILLOW PARTNERS, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard A. Heise, Jr.

  	
   

  
	
   

  	
  Name:

  	
  Richard A. Heise, Jr.

  	
   

  
	
   

  	
  Title:

  	
  Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BLUE
  MEDIA, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric P. Lefkofsky

  	
   

  
	
   

  	
  Name:

  	
  Eric P. Lefkofsky

  	
   

  
	
   

  	
  Title:

  	
  Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FROG
  VENTURES, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bradley A. Keywell

  	
   

  
	
   

  	
  Name:

  	
  Bradley A. Keywell

  	
   

  
	
   

  	
  Title:

  	
  Manager

  	
   

  
	
   

  	
   

  
	
  [Signature Page to Waiver]

  

 

 

 

	
   

  	
  SERIES D PREFERRED INVESTORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NEA PARTNERS 12, LIMITED PARTNERSHIP, ITS GENERAL
  PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  NEA 12 GP, LLC, ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles W. Newhall III

  	
   

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEA VENTURES 2006, LIMITED PARTNERSHIP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Pamela J. Clark

  	
   

  
	
   

  	
  Name:

  	
  Pamela J. Clark

  	
   

  
	
   

  	
  Title:

  	
  Vice-President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  YOUNES & SORAYA NAZARIAN REVOCABLE TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Younes Nazarian

  	
   

  
	
   

  	
  Name:

  	
  Younes Nazarian

  	
   

  
	
   

  	
  Title:

  	
  Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  YOUNES NAZARIAN 2006 ANNUITY TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Nazarian

  	
   

  
	
   

  	
  Name:

  	
  David Nazarian

  	
   

  
	
   

  	
  Title:

  	
  Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SORAYA NAZARIAN 2006 ANNUITY TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Nazarian

  	
   

  
	
   

  	
  Name:

  	
  David Nazarian

  	
   

  
	
   

  	
  Title:

  	
  Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Anthony R. Bobulinski

  	
   

  
	
   

  	
  Anthony R. Bobulinski

  	
   

  
	
   

  	
   

  	
   

  
	
  [Signature Page
  to Waiver]

  
					

 

 

 

	
  Acknowledged
  and agreed to:

  	
   

  
	
   

  	
   

  
	
  ECHO
  GLOBAL LOGISTICS, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Orazio Buzza

  	
   

  	
   

  
	
  Name:

  	
  Orazio Buzza

  	
   

  	
   

  
	
  Title:

  	
  Chief
  Operating Officer

  	
   

  	
   

  

 

[Signature Page to
Waiver]

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