Document:

Exhibit 10.3

 

REGISTRATION RIGHTS AGREEMENT

 

AMONG

 

NEW HORIZONS WORLDWIDE, INC.

 

AND

 

THE STOCKHOLDERS LISTED ON EXHIBIT A
HERETO

 

 

DATED FEBRUARY 8, 2005

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Agreement, dated February 8, 2005, is
entered into by and among New Horizons Worldwide, Inc., a Delaware corporation
(the “Company”), Camden Partners Strategic
Fund III, L.P., a Delaware limited partnership, Camden Partners Strategic Fund III-A, L.P., a
Delaware limited partnership (collectively, “Camden”)
and other parties identified as Series A Preferred Stockholders on Exhibit A hereto, as may be amended
from time to time (collectively with Camden, the “Series A
Preferred Stockholders” and each, a “Series A
Preferred Stockholder”).

 

WHEREAS, in
connection with that certain Series A Stock Purchase Agreement dated as of
February 7, 2005 (the “Purchase Agreement”),
by and between the Company and the Series A Preferred Stockholders, the
Company has agreed, upon the terms and subject to the conditions of the
Purchase Agreement, to issue and sell to the Series A Preferred Stockholders
1,600,000 shares of Series A Convertible Preferred Stock, no par value, of
the Company (the “Series A Preferred
Stock”).

 

WHEREAS, to
induce the Series A Preferred Stockholders to execute and deliver the
Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statue (collectively, the “Securities Act”) and applicable state securities laws.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Series A Preferred Stockholders hereby
agree as follows:

 

1.                                      Definitions.  As used in this Agreement and except as
otherwise defined herein, the following defined terms shall have the following
meanings:

 

“Affiliate” of
any specified Person means any other Person which, directly or indirectly, is
in control of, is controlled by, or is under common control with such specified
Person.  For purposes of this definition,
control of a Person means the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person whether by contract or
otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Applicable Securities”
means in relation to a Registration pursuant to Section 2
or Section 3, the Registrable
Securities of the Covered Holder to be included in such Registration Statement.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
means the Company’s common stock, $.01 par value.

 

2

 

“Covered Holder”
means a Series A Preferred Stockholder, any transferee or assignee
thereof to whom a Series A Preferred Stockholder assigns its rights under
this Agreement and who agrees to become bound by the provisions of this
Agreement in accordance with Section 8
and any transferee or assignee thereof to whom a transferee or assignee assigns
its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 8.

 

“Demand Notice”
means a notice given by Covered Holders pursuant to Section 2(a).

 

“Effective Time”
means the date on which the Commission declares a Registration Statement
effective or on which a Registration Statement otherwise becomes effective.

 

“Effectiveness Period”
means as to a Registration Statement the period during which such Registration
Statement is effective.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and
regulations thereunder, or any similar successor statue.

 

“Person” means
an individual, partnership, corporation, trust, limited liability company or
unincorporated organization, or other entity or organization, including a
government or agency or political subdivision thereof.

 

“Piggy-Back Notice”
means a Notice given by a Covered Holder pursuant to Section 3(a)
hereof.

 

“Prospectus”
means the prospectus (including, without limitation, any preliminary
prospectus, any final prospectus and any prospectus that discloses information
previously omitted from a prospectus filed as part of an effective Registration
Statement in reliance upon Rule 430A under the Securities Act) included in a
Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Applicable
Securities covered by a Registration Statement and by all other amendments and
supplements to such prospectus, including all material incorporated by
reference in such prospectus and all documents filed after the date of such
prospectus by the Company under the Exchange Act and incorporated by reference
therein.

 

“Registrable Securities”
means (i) the Common Stock issued or issuable pursuant to the conversion
of the Series A Preferred Stock, (ii) any Common Stock issued or issuable
upon conversion of any capital stock of the Company acquired by the Covered
Holder after the date hereof pursuant to the Stockholders’ Agreement, and (iii) 
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
the shares referenced in clause (i) and (ii); provided however, that
Registrable Securities shall not include any shares of Common Stock that have
been sold to the public either pursuant to a registration statement or an
exemption from registration under the Securities Act

 

3

 

(including
Rule 144), that have been sold in a private transaction in which the transferor’s
rights under this Agreement are not assigned or that may then be sold by a
Covered Holder in a single transaction pursuant to Rule 144(k).

 

“Registration”
means a registration under the Securities Act effected pursuant to Section 2 or Section 3
hereof.

 

“Registration Expenses”
means all expenses incident to the Company’s performance of or compliance with
any Registration of Registrable Securities pursuant to this Agreement,
including, without limitation, (a) all registration, listing,
qualification,, filing and National Association of Securities Dealers, Inc.
fees, (b) all fees and expenses of complying with securities or blue sky
laws, (c) all word processing, duplicating and printing expenses, messenger
and delivery expenses, (d) the fees and disbursements of counsel for the
Company and of its independent public accountants, including the expenses of
any special audits or “comfort” letters required by or incident to such
performance and compliance, (e) premiums and other costs of policies of
insurance obtained by the Company against liabilities arising out of the public
offering of Registrable Securities being registered, (f) any fees and
disbursements of underwriters customarily paid by issuers, but excluding the
Covered Holders’ pro rata portion of any underwriting discounts and commissions
and transfer taxes, if any, relating to Registrable Securities, and (g) the
fees and disbursements of one counsel designated by the Covered Holders holding
a majority of the Registrable Securities.

 

“Registration Statement”
means a registration statement filed under the Securities Act by the Company
pursuant to the provisions of Section 2
or Section 3 hereof, including the
Prospectus contained therein, any amendments and supplements to such
registration statement, including post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement.

 

“Rule 144” means
Rule 144 promulgated by the Commission under the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission that may at any time permit the Covered Holders to
sell securities of the Company to the public without registration.

 

“Securities Act”
shall have the meaning set forth in the recitals.

 

“Stockholders Agreement”
means the Stockholders Agreement dated the date hereof by and between the
Company and the Series A Preferred Stockholders.

 

“Underwriter” or
“Underwriters” means any underwriter or
underwriters that will administer the Underwritten offering of Applicable
Securities.

 

“Underwritten offering”
means a registration or offering in which securities are sold to an Underwriter
for reoffering to the public.

 

The words “include,” “includes” and “including,” when
used in this Agreement, shall be deemed to be followed by the words “without
limitation.”

 

4

 

2.                                      Demand Registration.  (a) If the Company shall receive at any
time after February 7, 2006, a written request from any of the Covered
Holders that the Company file a registration statement under the Securities Act
covering the registration of at least fifty percent (50%) of the Registrable
Securities then outstanding (the “Demand Notice”),
then the Company shall promptly give written notice of such request to all other
Covered Holders in accordance with Section 11(b),
if needed, and shall, subject to the limitations of Section 2(b),
use reasonable best efforts to effect as soon as practicable, but in no event
earlier than twenty (20) days after the mailing of any written notice required
hereby, the registration under the Securities
Act of all Registrable Securities which the Covered Holders request to be
registered, unless the Company has, within the
twelve (12) month period preceding the date of such request, already effected a
Registration for the Covered Holders pursuant to this Section 2(a).  A request for registration hereunder may be
made for a “shelf registration” pursuant to Rule 415 of the Securities Act.  Subject to Section 2(b),
the Company shall use its best efforts to keep each Registration Statement
continuously effective in order to permit the Prospectus forming a part thereof
to be usable by Covered Holders for resales of Registrable Securities for an
Effectiveness Period ending on the earlier of (i) ninety (90) days from
the Effective Time of such Registration Statement (two years in the case of a
shelf registration pursuant to Rule 415 or any successor rule thereto on Form
S-3) and (ii) such time as all of such securities have been disposed of by
the Covered Holders.

 

(b)                                 If
the Company determines in good faith after considering the advice of counsel
that the use of such Registration would result in a disclosure of information that
would materially and adversely affect any proposed or pending material
acquisition, merger, business combination or other material transaction
involving the Company and that such disclosure is not in the best interests of
the Company and its stockholders, the Company shall have the right (i) to
postpone (or, if necessary or advisable, withdraw) the filing, or delay the
effectiveness, of a Registration Statement, (ii) to fail to keep such
Registration Statement continuously effective and (iii) not to amend or
supplement the Registration Statement or included Prospectus after the
effectiveness of the Registration Statement; provided that the actions under (i), (ii), or (iii) shall not
exceed 90 days and the Company may only use one such action in any twelve (12)
month period.  The Company shall advise
the Covered Holders of any such determination as promptly as practicable.

 

(c)                                  The
Company may include in any registration requested pursuant to Section 2(a) hereof other securities for sale for its
own account or for the account of another Person, provided that such inclusion shall not affect the number of
Applicable Securities that can be sold in the related offering.  In connection with an Underwritten offering,
if the managing underwriter or underwriters advise the Company in writing that
in its or their opinion the number of Applicable Securities requested by
Covered Holders to be registered exceeds the number which can be sold in such
offering, the Company shall include in such Registration the number of Applicable
Securities that, in the opinion of such managing Underwriter or Underwriters,
can be sold as follows:  (i) first,
the Applicable Securities requested to be registered, pro rata among the
Covered Holders that have requested their Applicable Securities to be
registered and (ii) second, any other securities requested to be included
in such Registration.

 

5

 

(d)                                 The
Covered Holders requesting any Registration pursuant to Section 2(a)
hereof shall have the right to withdraw such request, without such Registration
being deemed to have been effected (and, therefore, requested) for purposes of Section 2(a), (i) prior to the time the
Registration Statement in respect of such Registration has been declared effective,
(ii) upon the issuance by a governmental agency or the Commission of a
stop order, injunction or other order which interferes with such Registration,
(iii) upon the Company availing itself of Section 2(b)
hereof, or (iv) if such Covered Holders are prevented pursuant to Section 2(c) hereof from selling all of the Applicable
Securities they requested to be registered. 
Notwithstanding the foregoing, the Registration requested by such
Covered Holders shall be deemed to have been effected (and, therefore,
requested) for purposes of Section 2(a)
hereof if the Covered Holders withdraw any Registration request pursuant to Section 2(a) hereof (i) after the Commission
filing fee is paid in full with respect to all Applicable Securities requested
to be registered or (ii) as a result of the provisions of Section 2(c) hereof in circumstances where at least seventy-five
percent (75%) of the Applicable Securities requested to be included in such
Registration by the Covered Holders demanding such Registration have been
included, and in each case, (x) the Company has not availed itself of Section 2(b) with respect to such Registration request
or (y) the Company has availed itself of Section 2(b)
hereof and the withdrawal request is not made within ten (10) days after the
termination of the suspension period occasioned by the Company’s exercise of
its rights under Section 2(b) hereof.  The right to withdraw the request
contemplated by this Section 2(d)
may be exercised by a majority of the Covered Holders, calculated in the manner
specified in Section 2(a) hereof, and any
withdrawal of the request shall be made in writing by such Covered
Holders.  If the Covered Holders withdraw
a request pursuant to Section 2(a)
but the Company nevertheless determines to complete, within thirty (30) days
after such withdrawal, the Registration so requested as to securities other
than the Applicable Securities, such Covered Holders shall be entitled to
participate in such Registration pursuant to Section 3
hereof, but in such case the Intended Offering Notice (as defined in Section 3) shall be required to be given to the Covered
Holders as soon as practicable after such determination and such Covered
Holders shall be required to give the Piggy-Back Notice no later than 5
business days after the Company’s delivery of such Intended Offering Notice.

 

(e)                                  If
the Covered Holders initiating the registration request hereunder (“Initiating Holders”) intend to distribute the Registrable
Securities covered by their request by means of an Underwritten offering, they
shall so advise the Company as a part of their Demand Notice and the Company
shall include such information in the written notice referred to in Section 2(a). 
The Underwriter will be selected by a majority in interest of the
Initiating Holders who have requested the registration pursuant to Section 2(a) and approved by the Company, which
approval shall not unreasonably be withheld. 
In such event, the right of any Covered Holder to include his
Registrable Securities in such registration shall be conditioned upon such
Covered Holder’s participation in such underwriting to the extent provided
herein.  All Covered Holders proposing to
distribute their securities through such Underwriting offering shall (together
with the Company as provided in Section 4(m))
enter into an underwriting agreement in customary form with such Underwriters.

 

(f)                                    The
Company is obligated to effect only two (2) such registrations pursuant to this
Section 2, one of which may be a
shelf registration.

 

6

 

3.                                      Piggy-Back Registration.  (a) If at any time the Company intends
to file on its behalf or on behalf of any of its stockholders (other than as
set forth in Section 2) a registration
statement in connection with a public offering of common stock or any
securities of the Company convertible into or exercisable for common stock on a
form and in a manner that would permit the registration for offer and sale
under the Securities Act of Registrable Securities held by such Covered Holder,
other than a registration statement on Form S-8 or Form S-4 or any successor
form or other forms promulgated for similar purposes, then the Company shall
give written notice (an “Intended Offering Notice”)
of such intention to each Covered Holder at least twenty (20) business days
prior to the anticipated filing date of such registration statement.  Such Intended Offering Notice shall offer to
include in such Registration Statement for offer to the public such number or
amount of Registrable Securities as each such Covered Holder may request,
subject to the conditions set forth herein, and shall specify, to the extent
then known, the number and class of securities proposed to be registered, the proposed
date of filing of such Registration Statement, any proposed means of
distribution of such securities, any proposed managing underwriter or
underwriters of such securities and (if available or as soon as available) a
good faith estimate (which may be a range) by the Company of the proposed
maximum offering price of such securities, as such price is proposed to appear
on the facing page of such registration statement.  Any Covered Holder desiring to have Registrable
Securities included in such Registration Statement and offered to the public
shall so advise the Company in writing (the written notice of any such Covered
Holder being a “Piggy-Back Notice”) not later than
ten (10) business days after the Company’s delivery to the Covered Holders of
the Intended Offering Notice, setting forth the number of Registrable
Securities such Covered Holder desires to have included in the Registration Statement
and offered to the public.  Upon the
request of the Company, such Covered Holders shall (i) enter into such
underwriting, custody and other agreements as shall be customary in connection
with registered secondary offerings or necessary or appropriate in connection
with the offering and (ii) complete and execute all questionnaires, powers of
attorney, indemnities and other documents reasonably required under the terms
of such underwriting arrangements.

 

(b)                                 In
connection with an Underwritten offering, if the managing Underwriter or Underwriters
advise the Company in writing that in its or their opinion the number of
securities proposed to be registered exceeds the number that can be sold in
such offering, the Company shall include in such Registration the number of
securities that, in the opinion of such managing Underwriter or Underwriters,
can be sold as follows: (i) first, the securities that the Company
proposes to sell on its behalf (ii) second, the Applicable Securities
requested to be included in such Registration, pro rata among the Covered
Holders that have submitted a Piggy-Back Notice to the Company pursuant to Section 3(a), and (iii) third, other securities
requested to be included in such Registration; provided,
however, the Covered Holders desiring to have Registrable Securities
included in such an Underwritten offering shall not be reduced to less than twenty-five
percent (25%) of the aggregate securities to be sold in such offering, unless in
the opinion of such managing Underwriter or Underwriters only the securities
that the Company proposes to sell on its behalf should be included in the
Registration.

 

(c)                                  The
rights of the Covered Holders pursuant to Section 2
hereof and this Section 3 are cumulative, and
the exercise of rights under one such Section shall not exclude the
subsequent exercise of rights under the other such Section.  Notwithstanding

 

7

 

anything
herein to the contrary, the Company may abandon and/or withdraw any
registration (other than pursuant to Section 2 hereof)
as to which any right under this Section 3 may
exist at any time and for any reason without liability hereunder.  In such event, the Company shall so notify
each Covered Holder that has delivered a Piggy-Back Notice to participate
therein.

 

4.                                      Registration Procedures.  In
connection with a Registration Statement, the Company shall use its reasonable
best efforts to effect such Registration to permit the sale of such Registrable
Securities in accordance with the intended method or methods of disposition
thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

(a)                                  furnish
to each Covered Holder, prior to the Effective Time, a copy of the Registration
Statement initially filed with the Commission, and shall furnish to such
Covered Holders copies of each amendment thereto and each amendment or
supplement, if any, to the Prospectus included therein.

 

(b)                                 use
its reasonable best efforts to promptly take such action as may be reasonably
necessary in respect of a Registration Statement under Section 2 so that
(i) each of the Registration Statement and any amendment thereto and the
Prospectus forming part thereof and any amendment or supplement thereto (and
each report or other document incorporated therein by reference in each case),
when it becomes effective, complies in all material respects with the
Securities Act and the Exchange Act and the respective rules and regulations
thereunder, (ii) each of the Registration Statement and any amendment
thereto does not, when it becomes effective, 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 (iii) each of
the Prospectus forming part of the Registration Statement, and any amendment or
supplement to such Prospectus, does not at any time during the period during
which the Company is required to keep a Registration Statement continuously
effective under Section 2(a) include an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

Notwithstanding the foregoing provisions of this Section 4(b), the Company shall notify each Covered
Holder at any time after effectiveness of a Registration Statement (when a
Prospectus relating thereto is required to be delivered under the Securities
Act) of the happening of any event or other circumstance as the result of which
(i) the Prospectus included in such Registration Statement, as then in
effect, would include an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing,
or (ii) the continued effectiveness of such Registration Statement or a
subsequent Registration Statement, and the use of such Prospectus, would
otherwise have a material and adverse effect on any proposed or pending
material acquisition, merger, business combination or other material
transaction involving the Company, and, upon receipt of such notice and until
the Company makes available to each Covered Holder a supplemented or amended
Prospectus, each Covered Holder shall not offer or sell any Registrable
Securities pursuant to such Registration Statement and shall (at the Company’s
expense) return all copies of such Prospectus to the Company if requested to do
so by it.  As promptly as practicable
following any such occurrence, the Company shall prepare and furnish to each
Covered Holder a reasonable number of copies of a

 

8

 

supplement
or an amendment to such Prospectus as may be necessary so that, as thereafter
delivered to subsequent purchasers of the Registrable Securities, such
Prospectus shall meet the requirements of the Securities Act and relevant state
securities laws; provided that the Company’s
obligations under and actions pursuant to this paragraph shall be subject to
the provisions, including time limits, of Section 2(b).

 

(c)                                  promptly
upon learning thereof, advise each Covered Holder, and confirm such advice in
writing if so requested by any such Covered Holder:

 

(i)                                     when
the Registration Statement and any amendment thereto has been filed with the
Commission and when the Registration Statement or any post-effective amendment
thereto has become effective;

 

(ii)                                  of
any request by the Commission for amendments or supplements to the Registration
Statement or the Prospectus included therein or for additional information;

 

(iii)                               of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for such purpose;

 

(iv)                              of
the receipt by the Company of any notification with respect to the suspension
of the qualification of the securities included in the Registration Statement
for sale in any jurisdiction or the initiation of any proceeding for such
purpose; and

 

(v)                                 of
the happening of any event or the existence of any state of facts that requires
the making of any changes in the Registration Statement or the Prospectus
included therein so that, as of such date, such Registration Statement and
Prospectus do not contain an untrue statement of a material fact and do not
omit to state a material fact required to be stated therein or necessary to
make the statements therein (in the case of the Prospectus, in light of the
circumstances under which they were made) not misleading (which advice shall be
accompanied by an instruction to such Covered Holders to suspend the use of the
Prospectus until the requisite changes have been made).

 

(d)                                 use
its reasonable best efforts to prevent the issuance, and if issued to obtain
the withdrawal, of any order suspending the effectiveness of the Registration
Statement at the earliest possible time.

 

(e)                                  furnish
to each Covered Holder, without charge, at least one copy of the Registration
Statement and all post-effective amendments thereto, including financial
statements and schedules, and, if such holder so requests in writing, all
reports, other documents and exhibits that are filed with or incorporated by
reference in the Registration Statement.

 

(f)                                    during
the period during in which the Company is required to keep a Registration
Statement continuously effective under Section 2(a)
or elects to keep effective under Section 3(a),
deliver to each Covered Holder, without charge, as many copies of the

 

9

 

Prospectus
(including each preliminary Prospectus) included in the Registration Statement
and any amendment or supplement thereto as such Covered Holder may reasonably
request; and the Company consents (except during the continuance of any event
described in Section 2(b) or Section 4(c)(v) hereof) to the use of the Prospectus,
with any amendment or supplement thereto, by each of the Covered Holders in
connection with the offering and sale of the Applicable Securities covered by
the Prospectus and any amendment or supplement thereto during such period.

 

(g)                                 use
its reasonable best efforts prior to any offering of Applicable Securities
pursuant to the Registration Statement (i) to register or qualify, if
required, or cooperate with the Covered Holders and their respective counsel in
connection with the registration or qualification of such Applicable Securities
for offer and sale under the securities or “blue sky” laws of such
jurisdictions within the United States as any Covered Holder may reasonably
request, (ii) to keep such registrations or qualifications as may be
required, if any, in effect and comply with such laws so as to permit the
continuance of offers and sales in such jurisdictions for the period during
which the Company is required to keep a Registration Statement continuously
effective under Section 2(a) and (iii) to
take any and all other actions reasonably requested by an Covered Holder which
are necessary or advisable to enable the disposition in such jurisdictions of
such Applicable Securities; provided, however, that in no event shall the Company
be obligated (i) to qualify as a foreign corporation or as a dealer in
securities in any jurisdiction where it would not otherwise be required to so
qualify but for this Agreement or (ii) to file any general consent to
service of process or subject itself to tax in any jurisdiction where it is not
so subject.

 

(h)                                 cooperate
with the Covered Holders to facilitate the timely preparation and delivery of
certificates representing Applicable Securities to be sold pursuant to the
Registration Statement, which certificates shall comply with the requirements
of Delaware General Corporation Law and any United States securities exchange
or automated quotation system upon which any Applicable Securities are listed
or quoted (provided that nothing herein shall require the Company to list any
Registrable Securities on any securities exchange or automated quotation system
on which they are not currently listed), and which certificates shall be free
of any restrictive legends and in such permitted denominations and registered
in such names as Covered Holders may request in connection with the sale of
Applicable Securities pursuant to the Registration Statement.

 

(i)                                     use
its reasonable best efforts either to (i) cause all the Registrable
Securities covered by a Registration Statement to be listed on each securities
exchange on which securities of the same class or series issued by the Company
are then listed, if any, if the listing of such Registrable Securities is then
permitted under the rules of such exchange, or (ii) secure designation and
quotation of all the Registrable Securities covered by a Registration Statement
on the Nasdaq National Market, or (iii) if, despite the Company’s
reasonable best efforts to satisfy the preceding clause (i) or (ii), the
Company is unsuccessful in satisfying the preceding clause (i) or (ii), to use
its reasonable best efforts to secure the inclusion for quotation on The Nasdaq
SmallCap Market for such Registrable Securities and, without limiting the
generality of the foregoing, to use its reasonable best efforts to arrange for
at least two market makers to

 

10

 

register
with the National Association of Securities Dealers, Inc. (“NASD”) as such with respect to such
Registrable Securities.

 

(j)                                     Not
later than the Effective Time of the Registration Statement, the Company shall
use its best efforts to provide any required CUSIP number for any Applicable
Securities.

 

(k)                                  The
Company shall make generally available to its security holders as soon as
practical, but not later than ninety (90) days after the close of the period
covered thereby, an earning statement (in form complying with, and in the
manner provided by, the provisions of Rule 158 under the Securities Act)
covering a twelve-month period beginning not later than the first day of the
Company’s fiscal quarter next following the effective date of a Registration
Statement.

 

(l)                                     otherwise
use its reasonable best efforts to comply with all applicable rules and
regulations of the Commission in connection with any registration hereunder.

 

(m)                               in
the event of an Underwritten offering of Applicable Securities enter into and
perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriters of such offering, including but not
limited to indemnification provisions and procedures substantially identical to
those set forth in Section 6
hereof with respect to all parties to be indemnified pursuant to Section 6 hereof.

 

(n)                                 use
its reasonable best efforts to:

 

(i)                                     cooperate
with the Covered Holders and their advisors in their efforts to conduct
appropriate due diligence as is customary for a company of the size and
character of the Company and make such reasonable representations and
warranties in the applicable underwriting agreement to the Underwriters, in
form, substance and scope as are customarily made by the Company to Underwriters
in Underwritten offerings of equity and/or convertible securities, as
applicable;

 

(ii)                                  in
connection with any Underwritten offering, obtain opinions of counsel to the
Company (which counsel and opinions (in form, scope and substance) shall be
reasonably satisfactory to the Underwriters) addressed to the Underwriters,
covering such matters that the Company customarily covers in opinions requested
in secondary Underwritten offerings of equity and/or convertible securities, as
applicable, to the extent reasonably required by the applicable underwriting
agreement;

 

(iii)                               in connection with any Underwritten
offering, obtain “comfort” letters and updates thereof from the independent
public accountants of the Company (and, if necessary, from the independent
public accountants of any Subsidiary (as defined in the Purchase Agreement) of
the Company or of any business acquired by the Company for which financial
statements and financial data are, or are required to be, included in the
Registration Statement), addressed to each Covered Holder participating in such
underwritten offering (if such Covered Holder has provided such letter, 

 

11

 

representations or documentation, if any, required for
such comfort letter to be so addressed) and the Underwriters, in customary form
and covering matters of the type customarily covered in “comfort” letters in
connection with underwritten offerings of Company securities; and

 

(iv)                              in
connection with any Underwritten offering, deliver such documents and
certificates as may be reasonably requested by any Covered Holders
participating in such Underwritten offering and the Underwriters, if any,
including, without limitation, certificates to evidence compliance with any
conditions contained in the underwriting agreement or other agreements entered
into by the Company.

 

(o)                                 use
its reasonable best efforts in respect of a Registration Statement under Section 2, to take all other steps reasonably necessary
to effect the timely registration, offering and sale of the Applicable
Securities covered by the Registration Statements contemplated hereby.

 

(p)                                 In
respect of a Registration Statement under Section 2
or 3, it shall be a condition precedent to
the obligations of the Company to take any action pursuant to such Sections
with respect to the Registrable Securities of any Covered Holder that such
Covered Holder shall furnish to the Company such information regarding itself,
the Registrable Securities held by it, the intended method of disposition of
such securities and any other information and materials and shall take all such
action as shall be reasonably requested by the Company as shall be required to
effect the registration of such Covered Holder’s Registrable Securities

 

5.                                      Registration Expenses.  The Company shall bear the Registration
Expenses in connection with the performance of its obligations under Sections 2, 3 and 4 hereof.  Each Covered Holder shall bear its pro rata
portion of Underwriters’ discounts and commissions and transfer taxes, if any,
relating to the Registrable Securities.

 

6.                                      Indemnification and Contribution.  (a) Upon the Registration of Applicable
Securities pursuant to Section 2
or 3 hereof, the Company shall indemnify
and hold harmless each Covered Holder and each Underwriter, selling agent or
other securities professional, if any, which facilitates the disposition of
Applicable Securities, and each of their respective officers, directors,
employees and agents and each person who controls such Covered Holder, Underwriter,
selling agent or other securities professional within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act (each such person
being sometimes referred to as an “Indemnified Person”)
against any losses, claims, damages or liabilities, joint or several, to which
such Indemnified Person may become subject under the Securities Act or
otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement under which such Applicable Securities are to be registered under the
Securities Act, or any Prospectus contained therein or furnished by the Company
to any Indemnified Person, or any amendment or supplement thereto, or arise out
of or are based upon 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, and the Company hereby agrees to reimburse such
Indemnified Person for any legal or other expenses reasonably 

 

12

 

incurred
by them in connection with investigating or defending any such action or claim
as such expenses are incurred; provided,
however, that the Company shall not be liable to any such Indemnified
Person in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in such Registration Statement
or Prospectus, or amendment or supplement, in reliance upon and in conformity
with written information furnished to the Company by such Indemnified Person
expressly for use therein.  Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the Company or any of the prospective sellers or Underwriters,
or any of their respective Affiliates, directors, officers, employees, agents
or controlling Persons and shall survive the transfer of securities by any Covered
Holder.

 

(b)                                 Each
Covered Holder agrees, as a consequence of the inclusion of any of such Holder’s
Applicable Securities in such Registration Statement, severally and not jointly,
to indemnify and hold harmless the Company, its directors and officers and each
person, if any, who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act, against any
losses, claims, damages or liabilities to which the Company or such other
persons may become subject, under the Securities Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon an untrue statement or alleged untrue statement
of a material fact contained in such Registration Statement or Prospectus, or
any amendment or supplement, or arise out of or are based upon 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, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Company by such Holder expressly
for use therein.  Such indemnity shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Company, the Underwriters or any of the prospective sellers, or
any of their respective Affiliates, directors, officers or controlling Persons
and shall survive the transfer of securities by any Covered Holder.  In no event shall the liability of any Covered
Holder hereunder be greater in amount than the dollar amount of the net proceeds
received by that Covered Holder upon the sale of the Registrable Securities
giving rise to the indemnification obligation.

 

(c)                                  Promptly
after receipt by any Person entitled to indemnity (an “Indemnitee”) under Section 6(a) or (b) hereof of
notice of the commencement of any action or claim, such Indemnitee shall, if a
claim in respect thereof is to be made against an indemnifying party under this
Section 6 (an “Indemnitor”), promptly notify such Indemnitor in writing of
the commencement thereof, but the omission so to notify the Indemnitor shall
not relieve it from any liability which it may have to any Indemnitee except to
the extent of any actual prejudice.  In
case any such action shall be brought against any Indemnitee and the Indemnitee
shall notify an Indemnitor of the commencement thereof, such Indemnitor shall
be entitled to participate therein and, jointly with any other Indemnitor
similarly notified, to assume the defense thereof, with counsel reasonably satisfactory
to such Indemnitee, and, after notice from the Indemnitor to such Indemnitee of
its election so to assume the defense thereof, such Indemnitor shall not be
liable to such Indemnitee under this Section 6
for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such Indemnitee, in connection with the defense

 

13

 

thereof.  No Indemnitor shall, without the prior
written consent of the Indemnitee, effect the settlement or compromise of, or
consent to the entry of any judgment with respect to, any pending or threatened
action or claim in respect of which indemnification or contribution may be
sought hereunder (whether or not the Indemnitee is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes
an unconditional release of the Indemnitee from all liability arising out of
such action or claim and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act, by or on behalf of any
Indemnitee.

 

(d)                                 If
the indemnification provided for in this Section 6
is unavailable to or insufficient to hold harmless an Indemnitee under Section 6(a) or (b) hereof in
respect of any losses, claims, damages or liabilities (or actions in respect
thereof) referred to therein, then each Indemnitor, in lieu of indemnifying the
Indemnitee, shall contribute to the amount paid or payable by such Indemnitee
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 Indemnitor and the Indemnitee in connection with the statements or
omissions 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 of
such Indemnitor and Indemnitee shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information
supplied by such Indemnitor or by such Indemnitee, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties
hereto agree that it would not be just and equitable if contribution pursuant
to this Section 6(d) were determined
solely by pro rata allocation (even if the Covered Holders were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in this Section 6(d). 
The amount paid or payable by an Indemnitee as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to
above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such Indemnitee in connection with investigating or defending any
such action or claim.  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 obligations of the Covered Holders in
this Section 6(d) to contribute shall
be several in proportion to the percentage of Applicable Securities registered
or sold, as the case may be, by them and not jointly and shall be subject to
the limitations set forth in the last sentence of Section 6(b).

 

(e)                                  The
obligations of the Company under this Section 6
shall be in addition to any liability which the Company may otherwise have to
any Indemnitee and the obligations of any Indemnified Person under this Section 6 shall be in addition to any liability which
such Indemnified Person may otherwise have to the Company.  The remedies provided in this Section 6 are not exclusive and shall not limit any
rights or remedies that may otherwise be available to an Indemnitee at law or
in equity.

 

14

 

7.                                      Reports
Under The Exchange Act.

 

With a view to making available to the Covered Holders
the benefits of Rule 144 , the Company agrees to:

 

(a)                                  use
its reasonable best efforts to make and keep public information available, as
those terms are understood and defined in Rule 144;

 

(b)                                 use
its reasonable best efforts to file with the Commission in a timely manner all
reports and other documents required of the Company under the Securities Act
and the Exchange Act so long as the Company remains subject to such
requirements and the filing of such reports and other documents is required for
the applicable provisions of Rule 144; and

 

(c)                                  furnish
to each Covered Holder so long as such Covered Holder owns Registrable
Securities, promptly upon request, (i) a written statement by the Company,
if true, that it has complied with the reporting requirements of Rule 144, the
Securities Act and the Exchange Act, (ii) a copy of the most recent annual
or quarterly report of the Company and such other reports and documents so
filed by the Company, and (iii) such other information as may be
reasonably requested to permit the Covered Holders to sell such securities
pursuant to Rule 144 without registration.

 

8.                                      Assignment
of Registration Rights.

 

The rights under this Agreement shall be automatically
assignable by the Covered Holder to any transferee of all or any portion of
such Covered Holder’s Registrable Securities if:  (i) the Covered Holder agrees in writing
with the transferee or assignee to assign such rights, and a copy of such
agreement is furnished to the Company within a reasonable time after such
assignment; (ii) the Company is, within a reasonable time after such
transfer or assignment, furnished with written notice of (a) the name and
address of such transferee or assignee, and (b) the securities with
respect to which such registration rights are being transferred or assigned;
(iii) immediately following such transfer or assignment the further
disposition of such securities by the transferee or assignee is restricted
under the Securities Act and applicable state securities laws; and (iv) at
or before the time the Company receives the written notice contemplated by
clause (ii) of this sentence the transferee or assignee agrees in writing with
the Company to be bound by all of the provisions contained herein.

 

9.                                      Other
Registration Rights; Inconsistent Agreements

 

Except for registration rights granted by the Company
after the date hereof which are subordinate to the registration rights of the
Covered Holders granted pursuant to this Agreement, the Company shall not grant
any registration rights with respect to Common Stock or any securities of the
Company convertible into or exercisable for Common Stock to any other
Person.  The Company has not and will not
enter into any agreement with respect to its securities that is inconsistent
with the rights granted to the Covered Holders in this Agreement or otherwise

 

15

 

conflict
with the provision hereof.  The Company
has not previously entered into any agreement granting any registration rights
with respect to any of its securities to any Person.

 

10.                               Termination
of Registration Rights

 

The registration rights granted pursuant to this
Agreement shall terminate upon the date upon which there ceases to be any Registrable
Securities outstanding.

 

11.                               Miscellaneous.  (a) This Agreement, including this Section 11(a), may be amended, and waivers or consents
to departures from the provisions hereof may be given, only by a written
instrument duly executed, (x) in the case of an amendment, by the Company
and (i) the Covered Holders representing a majority of Registrable
Securities at the time outstanding (who shall be deemed to be acting for
themselves and as agents for each Covered Holder), and (ii) any Covered
Holder on whom such amendment would have an adverse effect materially
disproportionate to the Covered Holders in general, or (y) in the case of
a waiver or consent, by the party against whom the waiver or consent, as the
case may be, is to be effective.  Each holder
of Registrable Securities outstanding at the time of any such amendment, waiver
or consent or thereafter shall be bound by any amendment, waiver or consent
effected pursuant to this Section 11(a),
whether or not any notice, writing or marking indicating such amendment, waiver
or consent appears on the Registrable Securities or is delivered to such
holder.  Further if at any time a Covered
Holder no longer holds Registrable Securities, the consent of such Covered Holder
shall no longer be required to amend this Agreement or to waive or consent to
departures from the provisions hereof.

 

(b)                                 All
notices, demands, requests, or other communications which may be or are
required to be given, served, or sent by any party to any other party pursuant
to this Agreement shall be in writing and shall be hand delivered, sent by
overnight courier or mailed by first-class, registered or certified mail,
return receipt requested, postage prepaid, addressed as follows:

 

(i)                                     If
to the Company:

New Horizons Worldwide, Inc.

1900 S. State College Blvd., Suite 200

Anaheim, California 92806

Attention: 
Thomas J. Bresnan

 

16

 

with a copy (which shall not constitute notice) to:

Calfee, Halter, & Griswold, LLP

1400 McDonald Investment Center

800 Superior Avenue

Cleveland, Ohio 44114-2688

Attention: Scott R. Wilson

 

(ii)                                  If
to Camden:

Camden Partners Holdings, LLC

One South Street, Suite 2150

Baltimore, Maryland 21202

Attention: 
David L. Warnock

 

with a copy (which shall not constitute notice) to:

Hogan & Hartson L.L.P.

111 South Calvert Street. Suite 1600

Baltimore, Maryland 21202

Attention: 
Thene M. Martin

 

(iii)                               If to any other Covered
Holder:

 

To such Covered Holder’s address shown on Exhibit A hereto.

 

Each
party may designate by notice in accordance with this Section 11(b)
a new address to which any notice, demand, request or communication may
thereafter be so given, served or sent. 
Each notice, demand, request, or communication which shall be hand
delivered, sent, mailed, in the manner described above, shall be deemed
sufficiently given, served, sent, received or delivered for all purposes at
such time as it is delivered to the addressee (with the return receipt or the
delivery receipt being deemed conclusive, but not exclusive, evidence of such
delivery) or at such time as delivery is refused by the addressee upon
presentation.

 

(c)                                  The
parties to this Agreement intend that all Covered Holders of Registrable
Securities shall be entitled to receive the benefits of and shall be bound by
the terms and provisions of this Agreement by reason of electing to have
Applicable Securities included in a Registration Statement.  Except as set forth in Section 8,
the terms and provisions of this Agreement shall not be assignable or
transferable and there shall be no third-party beneficiaries hereto.  All the terms and provisions of this
Agreement shall be binding upon, shall inure to the benefit of and shall be
enforceable by the respective legal successors and permitted assigns of the
parties hereto and any Covered Holder.

 

(d)                                 This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

17

 

(e)                                  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

 

(f)                                    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY PROVISIONS
RELATING TO CONFLICTS OF LAWS.

 

(g)                                 The
provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 
If any provision of this Agreement, or the application thereof to any
Person or entity or any circumstance, is invalid or unenforceable, (i) a
suitable and equitable provision shall be substituted therefor in order to
carry out, so far as may be valid and enforceable, such provision and (ii) the
remainder of this Agreement and the application of such provision to other
Persons, entities or circumstances shall not be affected by such invalidity or
unenforceability, nor shall such invalidity or unenforceability affect the
validity or enforceability of such provision, or the application thereof, in
any other jurisdiction.

 

(h)                                 The
respective indemnities, agreements, representations, warranties and other
provisions set forth in this Agreement or made pursuant hereto shall remain in
full force and effect, regardless of any investigation (or any statement as to
the results thereof) made by or on behalf of any Covered Holder, any director,
officer or partner of such Covered Holder, any agent or Underwriter, any
director, officer or partner of such agent or Underwriter, or any controlling
person of any of the foregoing, and shall survive the transfer and Registration
of the Applicable Securities of such Holder.

 

[Signature Appears on the
Following Page]

 

18

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed by their respective authorized
officers as of the day and year first above written.

 

	
   

  	
  NEW HORIZONS WORLDWIDE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/Thomas J. Bresnan

  	
   

  
	
   

  	
  Name:
  Thomas J. Bresnan

  
	
   

  	
  Title:
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SERIES A PREFERRED STOCKHOLDERS:

  
	
   

  	
   

  
	
   

  	
  CAMDEN PARTNERS STRATEGIC FUND III, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  Camden Partners Strategic III, LLC,

  
	
   

  	
  Its
  General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/David L. Warnock

  	
   

  
	
   

  	
  Name:
  David L. Warnock

  
	
   

  	
  Title:
  Managing Member

  
	
   

  	
   

  
	
   

  	
  CAMDEN PARTNERS STRATEGIC FUND III-A, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  Camden Partners Strategic III, LLC,

  
	
   

  	
  Its
  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/David L. Warnock

  	
   

  
	
   

  	
  Name:
  David L. Warnock

  
	
   

  	
  Title:
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [OTHERS]

  
						

 

19

 

EXHIBIT A

TO THE REGISTRATION RIGHTS AGREEMENT

DATED AS OF FEBRUARY 8, 2005

 

Series A Preferred Stockholders

 

Camden
Partners Strategic Fund III, L.P.

One
South Street, Suite 2150

Baltimore,
Maryland 21202

 

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

One
South Street, Suite 2150

Baltimore,
Maryland 21202Exhibit
10.4

 

 

January 24,
2005

 

Mr.
Jeffrey S. Cartwright

5568
Shannon Ridge Lane

San
Diego, CA  92130

 

Dear
Jeff:

 

We
are pleased to confirm the principal terms of your employment as Senior Vice
President, Finance, and Chief Financial Officer of New Horizons Worldwide, Inc.
with a start date to be agreed upon.

 

Your
compensation and benefits package will consist of the following items:

 

1.               $215,000 annual base salary. This will be
increased to a minimum of $225,000 at your one year anniversary.

 

2.               A bonus program that will be targeted to pay 50%
of your base compensation or $107,500 on an annual basis for achievement of
2005 EBIT goals.

 

3.               To compensate you for the bonus you are
forgoing, we will pay you a $50,000 signing bonus.

 

4.               50,000 New Horizons Worldwide, Inc. stock
options.  The options will be valued at
market value at your start date, vest 20% per year for five years and be
exercisable for ten years.  The options
will immediately vest in the event of a change of control. These options will
be governed by additional terms and conditions, which are outlined in the
enclosed separate form of Stock Option Agreement.

 

5.               A benefits package covering medical, dental
and vision insurance and 401(k) plan.

 

a.               Except for the 401(k) Plan, which shall operate
as described in the benefits package description we will send to you, the other
benefits shall become effective the first of the month following your start
date.

b.              You will begin accruing vacation the first of
the month following your start date at a rate of two weeks per year.

c.               New Horizons will pay 100% of the cost of
your vision insurance premium and 100% of the cost of your dependents’ premium.

d.              New Horizons will pay the premium for the
basic life insurance coverage of $50,000.

 

	
  1900 S.
  State College Blvd., Suite 200

  	
  Anaheim, CA
  92806

  	
  main (714)
  940-8000

  	
  www.newhorizons.com

  

 

 

Jeffrey S. Cartwright

Offer of Employment

January 24, 2005

 

e.               New Horizons will pay the premium for the
officer long-term disability plan and regular long-term disability plan.

f.                 A summary of the benefits package will be
sent to you tonight.

 

6.               While it is our goal and preference that you
relocate to Orange County by the fall 2005 school term, you and I will evaluate
the importance and timing of the relocation. 
In the event we decide that relocation is appropriate, your relocation
package will consist of the following:

 

a.               Pack, unpack and transport all household
goods.

b.              Sales commission on the sale of your current
home at not greater than 7% of the sales price.

c.               Documented, non-recurring closing costs on
the purchase of an Orange County house, but not including points.

d.              To the extent that these items represent
taxable income to you, they will be grossed up to provide for the tax expense.

 

7.               In the event that you are terminated without
cause either during direct employment with New Horizons or within six months of
a change of control, you will be granted six months severance pay.

 

Jeff,
I and the Board of Directors are excited to have you join us.  You will make a huge difference in our
business and I am here to support your success in every way possible.  If the foregoing meets with your approval,
please sign and return a copy of this letter at your first convenience.

 

	
  Very truly yours,

  
	
   

  
	
   

  
	
  Thomas J. Bresnan

  
	
  Chief Executive Officer

  
	
   

  
	
   

  
	
  AGREED AND ACCEPTED:

  
	
   

  
	
   

  
	
  /s/Jeffrey S. Cartwright

  	
   

  
	
  Jeffrey S. Cartwright

  
	
   

  
	
  INSERT
  DATE

  	
   

  
	
  Date

  

 

2

 

February 10, 2005

 

 

 

Jeff Cartwright

New Horizons Computer Learning
Centers, Inc.

1900 S. State College Blvd.,
Suite 200

Anaheim, CA 92806

 

Dear Jeff:

 

This will amend and clarify our
letter to you dated January 24, 2005.

 

1.               The stock options will vest 25% per year
for four years.

2.               The annual bonus program will be
structured the same as Tom Bresnan’s and Martin Bean’s, which is as follows:

 

	
  % of EBIT

  	
   

  	
  % of Target

  Bonus

  Earned

  	
   

  	
  Bonus

  	
   

  
	
  90

  	
   

  	
   

  	
  25

  	
   

  	
  26,875

  	
   

  
	
  95

  	
   

  	
   

  	
  62.5

  	
   

  	
  67,188

  	
   

  
	
  100

  	
   

  	
   

  	
  100

  	
   

  	
  107,500

  	
   

  
	
  110

  	
   

  	
   

  	
  125

  	
   

  	
  134,375

  	
   

  
	
  120

  	
   

  	
   

  	
  150

  	
   

  	
  161,250

  	
   

  
	
  130

  	
   

  	
   

  	
  175

  	
   

  	
  188,125

  	
   

  
	
  140

  	
   

  	
   

  	
  200

  	
   

  	
  215,000

  	
   

  

 

Very Truly Yours,

 

 

	
  /s/Thomas J.
  Bresnan

  	
   

  
	
  Thomas J.
  Bresnan

  
	
  CEO

  
	
   

  
	
  Accepted and
  Agreed:

  
	
   

  
	
  /s/Jeff
  Cartwright

  	
   

  
	
  Jeff
  Cartwright

  
	
   

  
	
  TB:cas

  
			

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]