Document:

Exhibit

Exhibit 4.4
DESCRIPTION OF THE COMPANY’S PREFERRED SHARE PURCHASE RIGHTS 
REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT OF 1934

The following summary describes the material features and rights of the preferred share purchase rights (the “Rights” and each, a “Right”) of Enterprise Bancorp, Inc. (referred to herein as “the Company,” “our,” “us,” or “we”). This summary does not purport to be a complete description of the terms and conditions of our Rights and is subject to, and qualified in its entirety by, applicable law and the provisions of that certain Renewal Rights Agreement, dated as of December 11, 2007, by and between the Company and Computershare Trust Company, N.A. (the “Rights Agent”), as amended pursuant to that certain Amendment No. 1, dated January 5, 2018  (the “Rights Agreement”), each of the Renewal Rights Agreement and Amendment No. 1 being filed as an exhibit to our Annual Report on Form 10‐K for the year ended December 31, 2019 (the “2019 Form 10-K”) of which this Exhibit 4.4 is a part.  Capitalized terms used and not defined herein have the meanings set forth in the Rights Agreement.

On December 11, 2007, the Board of Directors of the Company declared a dividend distribution of one Right for each of the Company’s outstanding shares of common stock, par value $.01 per share (the “Common Stock”), to holders of record of the Common Stock at the close of business on January 13, 2008.  On January 3, 2018, the Board of Directors of the Company extended the terms of the Rights (the “Amendment No. 1”). The description and terms of the Rights, as so amended, are set forth in that certain Rights Agreement. 

Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of preferred stock, par value $0.01 per share, of the Company (the “Preferred Stock”) or in certain circumstances, to receive cash, property, shares of Common Stock or other securities of the Company, at a purchase price of $122.50 per one one-hundredth of a share of Preferred Stock (the “Purchase Price”), subject to adjustment.

The Rights are attached to all certificates representing the shares of the Common Stock and no separate Rights Certificates have been distributed as of the date of the 2019 Form 10-K. The Rights will separate from the shares of Common Stock and a Distribution Date will occur upon the earlier of (i) 10 business days (or such later date as the Company’s Board of Directors may determine before a Distribution Date occurs) following a public announcement by the Company that a person or group of affiliated or associated persons, with certain exceptions (an “Acquiring Person”), has acquired, or has obtained the right to acquire, beneficial ownership of 10% or more of the outstanding shares of Common Stock (the date of such announcement being the “Stock Acquisition Date”) or (ii) 10 business days (or such later date as the Company’s Board of Directors may determine before a Distribution Date occurs) following the publication or commencement of a tender offer or an exchange offer that would result in a person becoming an Acquiring Person.

Until the Distribution Date, (i) the Rights will be evidenced by the certificates for shares of Common Stock and will be transferred with and only with such Common Stock certificates, (ii) Common Stock certificates will contain a notation incorporating the Rights Agreement by reference and (iii) the surrender for transfer of any certificates for Common Stock outstanding will also constitute the transfer of the Rights associated with the shares of Common Stock represented by such certificates.

The Rights are not exercisable until the Distribution Date and will expire at the close of business on January 13, 2028, unless earlier redeemed, exchanged or otherwise rescinded by the Company as described below.

As soon as practicable after the Distribution Date, Rights Certificates will be mailed to holders of record of shares of the Common Stock as of the close of business on the Distribution Date and, from and after the Distribution Date, the separate Rights Certificates alone will represent the Rights.

In the event (a “Flip-In Event”) a person becomes an Acquiring Person (except pursuant to a tender or an exchange offer for all outstanding shares of Common Stock at a price and on terms that are accepted by the holders of more than fifty percent (50%) of the outstanding shares of Common Stock held by persons other than such Acquiring Person or any affiliates or associates of such Acquiring Person (an “accepted offer”)), each holder of a Right will thereafter have the right to receive, upon exercise of such Right and in lieu of shares of Preferred Stock, shares of Common Stock (or, in certain circumstances, cash, property or other securities of the Company) having a Current Market Price equal to two times the exercise price of the Right. Notwithstanding the foregoing, following the occurrence of any Flip-In Event, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, beneficially owned by any Acquiring Person (or by certain related parties) will be null and void in the circumstances set forth in the Rights Agreement. However, Rights will not be exercisable 

following the occurrence of any Flip-In Event until such time as the Rights are no longer redeemable by the Company as set forth below.

For example, at an exercise price of $122.50 per Right, each Right not owned by an Acquiring Person (or by certain related parties) following a Flip-In Event would entitle its holder to purchase $245.00 worth of shares of Common Stock (or other consideration, as noted above) for $122.50. Assuming that the shares of Common Stock had a Current Market Price of $49.00 at such time, the holder of each valid Right would be entitled to purchase five (5) shares of Common Stock for $122.50.

In the event (a “Flip-Over Event”) that, at any time on or after the Stock Acquisition Date, (i) the Company shall take part in a merger or other business combination transaction (other than certain mergers that follow an accepted offer) and the Company shall not be the surviving entity, (ii) the Company shall take part in a merger or other business combination transaction in which the shares of Common Stock are changed or exchanged (other than certain mergers that follow an accepted offer) or (iii) 50% or more of the Company’s assets or earning power is sold or transferred, each holder of a Right (except Rights which previously have been voided, as set forth above) shall thereafter have the right to receive, upon exercise, a number of shares of common stock of the acquiring company having a Current Market Price equal to two times the exercise price of the Right.

The Purchase Price payable and the number of shares of Preferred Stock (or the amount of cash, property or other securities) issuable upon exercise of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a share dividend on, or a subdivision, combination or reclassification of, the shares of Preferred Stock, (ii) if holders of the shares of Preferred Stock are granted certain rights or warrants to subscribe for shares of Preferred Stock or convertible securities at less than the Current Market Price of the Preferred Stock or (iii) upon the distribution to holders of shares of the Preferred Stock of evidences of indebtedness or assets (excluding regular quarterly cash dividends) or of subscription rights or warrants (other than those referred to above).

With certain exceptions, no adjustment in the Purchase Price will be required until cumulative adjustments amount to at least 1% of the Purchase Price. The Company is not required to issue fractional shares of the Preferred Stock upon the exercise of any Right or Rights. In lieu thereof, a cash payment may be made, as provided in the Rights Agreement.

At any time until 10 business days following the Stock Acquisition Date (or such later date as may be determined by the Company’s Board of Directors, so long as such determination is made prior to the expiration of such 10-business day period), the Company may redeem the Rights in whole, but not in part, at a price of $0.01 per Right, payable, at the option of the Company, in cash, shares of Common Stock or other consideration as the Board of Directors may determine. Immediately upon the effectiveness of the action of the Company’s Board of Directors ordering redemption of the Rights, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.01 per Right redemption price.

Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder of the Company, including, without limitation, the right to vote or to receive dividends. While the distribution of the Rights will not be taxable to shareholders or to the Company, shareholders may, depending upon the circumstances, recognize taxable income upon the occurrence of either a Flip-In Event or a Flip-Over Event as described above.

The terms of the Rights, including without limitation the date on which the Rights expire, may be amended by the Board of Directors of the Company and the Rights Agent at any time prior to the Distribution Date. Thereafter, the provisions of the Rights Agreement may be amended by the Board of Directors and the Rights Agent only in order to cure any ambiguity, defect or inconsistency, to make changes which do not adversely affect the interests of holders of Rights (excluding the interests of any Acquiring Person and certain other related parties) or to shorten or lengthen any time period under the Rights Agreement; provided, however, that no amendment to lengthen the time period governing redemption shall be made at such time as the Rights are not redeemable.Document

Exhibit 10.7

January 15, 2020

Michael Mathews
Chairman and Chief Executive Officer
Aspen Group, Inc.
276 Fifth Avenue, Suite 505
New York, NY 10001

Subject:  Loan to Aspen Group, Inc.

Dear Mike:

This will confirm the terms on which      (together with its successors and permitted assigns, “Payee”) has agreed to amend and restate that certain Term Promissory Note and Security Agreement (the “Original Note”) by and among the Payee, the Aspen Group, Inc. (the “Company”), United States University, Inc. (“USU”) and Aspen University Inc. (“AUI”, and together with USU, the “Aspen Subsidiaries”) in the form of Exhibit A hereto (the “Convertible Note”).  

As conditions precedent to such amendment and restatement (collectively, the “Closing Conditions”):

1.The Company and each Aspen Subsidiary, through its officer thereunto duly authorized by all requisite corporate and other action, shall execute and deliver to   on the date hereof (a) this letter agreement (this “Agreement”), (b) the Convertible Note, (c) the Investors/Registration Rights Agreement in the form of Exhibit B hereto among the Company,    and         (the “Registration Rights Agreement”) and (d) the Amended and Restated Intercreditor Agreement in the form of Exhibit C hereto among the Company and each Aspen Subsidiary,  ,     and        (solely in his capacity as “Servicing Lender” (as defined therein)) (the “Intercreditor Agreement” and, together with the Agreement, the Convertible Note, the Registration Rights Agreement, the “Transaction Documents”). 

2.The Company shall have closed an equity financing (“Equity Financing”) resulting in an aggregate amount of gross proceeds to the Company of at least $10,000,000. 

3.The Company shall have paid all accrued and unpaid interest as of Closing Date (as defined herein) under the Original Note to         .

4.The Company, by virtue of its execution and delivery to     of the Transaction Documents, shall be conclusively deemed to have represented, warranted, covenanted and agreed to and with   (on behalf of itself and, with respect to the Intercreditor Agreement, each Aspen Subsidiary) that: 
 

(a) The Company and each Aspen Subsidiary is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with full corporate and legal power and authority (i) to enter into the Transaction Documents, (ii) to execute and deliver same to the  , and (iii) to incur and perform their respective obligations hereunder and thereunder in accordance with their respective terms and conditions; and the Company’s and each Aspen Subsidiary’s signatory to each of the Transaction Documents has been duly authorized by all requisite corporate and other action to execute and deliver same on behalf of the Company or such Aspen Subsidiary, as the case may be, and to cause it thereby to make and incur its commitments and obligations hereunder and thereunder.

(b) The Company’s and each Aspen Subsidiary’s execution and delivery to the    of the Transaction Documents, and their undertaking and performance in accordance with their terms of their respective commitments and obligations hereunder and thereunder, do not contradict, contravene or conflict with, or constitute an event of default (or an event that, with notice or the passage of time or both, would or might constitute an event of default) under, any court or administrative order, judgment, regulation, ruling, decree, contract, mortgage, indenture, deed of trust, or other agreement, instrument or document binding upon or affecting the Company or any Aspen Subsidiary or any of their respective assets or properties, or to which they or any of their respective assets or properties are subject.

(c)  The Company is debt-free, except for “Permitted Indebtedness” as defined and described in the Notes; and any and all indebtedness whensoever incurred by the Company, other than Permitted Indebtedness, shall be fully and contractually subordinated in all respects (including, without limitation, in right and priority of payment and repayment of principal, interest, and all fees and other amounts) to the Company’s indebtedness and payment obligations under the Transaction Documents.  

5.The Company hereby agrees that in the event (a) any of its representations, warranties, covenants or agreements hereunder or under any of the Transaction Documents (each of which shall be deemed continuing for the duration of the Convertible Note and until satisfaction in full of all of the Company’s payment, repayment and other obligations under the Transaction Documents) shall be breached, which breach shall continue uncured for a period of at least three (3) business days after notice from   to the Company specifying the nature of such breach, or (b) notwithstanding the foregoing, any of the Acceleration Events specified in the Notes shall occur, then, without further act or instrument, any and all amounts (whether of principal, interest, commitment fee, or otherwise) unpaid and outstanding under or in respect of the Notes shall automatically and immediately become due and payable to the    in full, in accordance with the terms of the Transaction Documents.

6.The Company shall pay each of the    and    the sum of $40,400 each to offset the estimated taxes that will be due as a result of entering into the Convertible Note (it being the parties’ mutual understanding and acknowledgment that actual taxes payable by each of the    and        , respectively, may be higher or lower than this amount).

Upon the satisfaction of the Closing Conditions (the “Closing”), the Company shall deliver to the   and       a certificate executed by the Chief Executive Officer of the Company, in form and substance satisfactory to the   and      , certifying the satisfaction of each of the Closing Conditions (the date of such delivery, the “Closing Date”).

The Company shall pay the reasonable legal fees and expenses of all law firms which represent any of       or       in connection with the Transaction Documents and the transactions contemplated thereby, as and when invoiced by such law firms, and such law firms shall be considered third-party beneficiaries of the Company’s obligations under this paragraph, entitled to directly enforce same against the Company as if themselves parties hereto.

All notices, demands or other communications (collectively, “notices”) hereunder relating to any matter set forth herein shall be in writing and made, given, served or sent (collectively, “delivered”) by (a) certified mail (return receipt requested) or (b) reputable commercial overnight courier service (Federal Express, UPS or equivalent that provides a receipt) for next-business-morning delivery, in each case with postage thereon prepaid by sender and addressed to the intended recipient at its Address for Notices set forth below its signature hereto (or at such other address as the intended recipient shall have previously provided to the sender in the same manner herein provided); provided that copies of any such notice to   shall also be sent to   .  Any such notice sent as so provided shall be deemed effectively delivered (i) on the third business day after being sent by certified mail, (ii) on the next business morning if sent by overnight courier for next-business-morning delivery or (iii) on the day of its actual delivery to the intended recipient (as shown by the return receipt or proof-of-delivery), whichever is earlier. 

This Agreement shall be governed by and construed in accordance with the substantive laws of the State of New York applicable to contracts made between residents of that state, entered into and to be wholly performed within that state, notwithstanding the parties’ actual states of residence or domicile if outside that state and without reference to any conflict of laws or similar rules that might otherwise mandate or permit the application of the laws of any other jurisdiction.  Any action, suit or proceeding relating to the Transaction Documents shall be brought exclusively in the courts of New York State sitting in the Borough of Manhattan, New York City, or in U.S. District Court for the Southern District of New York, and, for all purposes of any such action, suit or proceeding, each of the parties hereby irrevocably (i) submits to the exclusive jurisdiction of such courts, (ii) waives any objection to such choice of venue based on forum non conveniens or any other legal or equitable doctrine, and (iii) waives trial by jury and, in the case of the Company, the right to interpose any set-off or counterclaim, of any nature or description whatsoever, in any such action, suit or proceeding.

None of the rights or remedies of    under the Transaction Documents are intended to be exclusive of any other right or remedy available to the   , whether at law, in equity, by statute or otherwise, but shall be deemed cumulative with all such other rights and remedies.  No failure by the    to exercise, or any delay by the   in exercising, any of its rights or remedies hereunder shall operate as a waiver thereof.  A waiver by    of any right or remedy hereunder on any one occasion shall not be construed as a bar to the exercise by the   of that same or of any other right or remedy which it would otherwise have on any future 

occasion.  No forbearance, indulgence, delay or failure by the   to exercise any of its rights or remedies hereunder or with respect to the Transaction Documents, nor any course of dealing between us, shall operate as a waiver of any such right or remedy, nor shall any single or partial exercise of any such right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy.  The    shall not, by any course of dealing, indulgence, omission, or other act (except a further instrument signed by the  ) or failure to act, be deemed to have waived any right or remedy hereunder or with respect to the Transaction Documents, or to have acquiesced in any breach of any of the terms of this Agreement.  No modification, rescission, waiver, forbearance, release or amendment of any term, covenant, condition or provision of this Agreement or any of the Company’s obligations hereunder shall be valid or enforceable unless made and evidenced in writing, expressly referring to this Agreement and signed by both of us.
This Agreement may be executed in counterparts, each of which when duly signed and delivered shall be deemed for all purposes hereof to be an original, but all such counterparts shall collectively constitute one and the same instrument; and either party may execute this Agreement by signing any such counterpart.  Any signature delivered by facsimile or email transmission (in scanned .pdf format or the equivalent) shall be deemed to be an original signature.

If the foregoing accurately and completely reflects our understanding, please confirm your agreement with these terms and conditions by signing where indicated below, whereupon this shall become a binding agreement between us.

Sincerely,

Address for Notices:

        

Agreed:

ASPEN GROUP, INC.

By______________________________
     Michael Mathews
     Chairman and Chief Executive Officer

Address for Notices:

        276 Fifth Avenue, Suite 505
        New York, NY  10001
        Email:   michael.mathews@aspen.edu

UNITED STATES UNIVERSITY, INC.,
a Delaware corporation

By______________________________
     Michael Mathews
     Chief Executive Officer

Address for Notices:

        276 Fifth Avenue, Suite 505
        New York, NY  10001
        Email:   michael.mathews@aspen.edu

ASPEN UNIVERSITY INC.,
a Delaware corporation

By______________________________
     Michael Mathews
     Chief Executive Officer

Address for Notices:

        276 Fifth Avenue, Suite 505
        New York, NY  10001
        Email:   michael.mathews@aspen.edu

Exhibit A
Form of Note

Exhibit B
Form of Investors/Registration Rights Agreement

Exhibit C
Form of Amended and Restated Intercreditor Agreement

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