Exhibit
10.101


 


REGISTRATION
RIGHTS AGREEMENT


 


Registration
Rights Agreement, dated effective as of March 30, 2005, by and between VCampus
Corporation, a Delaware corporation (the “Company”), and each of the purchasers
set forth on Schedule A attached hereto (each individually, a “Purchaser” and
collectively, the “Purchasers”).


 


W  I
T  N  E  S  S  E  T  H :


 


WHEREAS,
Company and each Purchaser have entered into a Subscription Agreement dated on
or about the date hereof (the “Purchase Agreement”), pursuant to which the
Company has agreed to issue and sell to the Purchasers, and the Purchasers have
agreed to purchase from the Company shares of common stock of the Company (the “Shares”)
and Warrants exercisable for common stock of the Company (the “Warrants”); and


 


WHEREAS,
in order to induce the Purchasers to enter into the Purchase Agreement and to
purchase the Shares and Warrants, the Company has agreed to provide
registration rights with respect thereto;


 


NOW,
THEREFORE, in consideration of the premises and the covenants hereinafter
contained, it is agreed as follows:


 


1.                                       Definitions.  Unless otherwise defined herein, terms used
herein shall have the meaning ascribed to them in the Purchase Agreement, and
the following shall have the following respective meanings (such meanings being
equally applicable to both the singular and plural form of the terms defined):


 


“Agreement”
shall mean this Registration Rights Agreement, including all amendments,
modifications and supplements and any exhibits or schedules to any of the
foregoing, and shall refer to the Agreement as the same may be in effect at the
time such reference becomes operative.


 


“Warrant
Shares” shall mean shares of common stock issued upon exercise of the Warrants.


 


“Holder”
shall mean (i) each Purchaser, and (ii) any other Person holding
Registrable Securities to whom the registration rights conferred by this
Agreement have been transferred in compliance with this Agreement.


 


“Majority
Holders” shall mean the Holders of a majority of the Registrable Securities.


 


“NASD”
shall mean the National Association of Securities Dealers, Inc., or any
successor corporation thereto.


 





















 


“Piggy-back
Registration” shall have the meaning ascribed to it in Section 3.


 


“Registrable
Securities” shall mean the shares of common stock issuable pursuant to the
Purchase Agreement, including the Shares and the Warrant Shares, and shares of
common stock which the Purchasers hereafter obtains the right to acquire
pursuant to any dividend, distribution, stock split or similar transaction or
rights to the extent that all of the holders of the common stock received
shares of common stock; provided, however, that the aforementioned shares shall
only be treated as Registrable Securities if and for so long as they have not
been sold to or through a broker or underwriter in a public distribution, or
only until the date on which all of the Registrable Securities can be disposed
of in any three month period pursuant to Rule 144 (or any similar or
analogous rule under the Securities Act of 1933).


 


“Registration
Statement” shall mean a registration statement filed by the Company with the
U.S. Securities and Exchange Commission for a public offering and sale of
securities of the Company (other than a Registration Statement on Form S-4 or
S-8 or any successor form for securities to be offered in a transaction of the
type referred to in Rule 145 under the Securities Act or to employees of
Company pursuant to any employee benefit plan, respectively).


 


“Warrants”
shall mean the warrants to purchase shares of the Company’s common stock issued
to the Purchasers on the date hereof.


 


2.                                       Mandatory
Registration.  Within 60 days from
the date hereof, the Company shall file a Registration Statement covering the resale
of the Registrable Securities and shall thereafter use its best efforts to
effect the registration under the Securities Act of the Registrable Securities
for sale within 90 days after the date hereof, all to the extent required to
permit the disposition of the Registrable Securities so registered for a period
of up to two years.  In the event the
Company fails to have the Registration Statement declared effective by the SEC
within 60 days from the date hereof (or within 90 days from the date hereof in
the event the SEC reviews the Registration Statement, hereinafter the “Scheduled
Effective Date”) then, except where the failure to meet such deadline is the
result solely of actions or omissions by the Holders in violation of their
duties or obligations hereunder or in the Purchase Agreement, the Company shall
pay each Holder for each 30-day period that Registration Statement remains
ineffective an amount equal to two percent (2%) of the original purchase price
attributable to those Registrable Securities. This penalty shall be pro-rated
for any portion of a 30-day period that the Registration Statement is not
effective after the Scheduled Effective Date. 
The Company shall pay such amount, at the end of each 30-day period,
one-half (1/2) in cash and one-half (1/2) in shares of common stock valued at
$1.63 per share on demand by a holder of Registrable Securities made at any
time during the continuance or after termination of this registration default.


 


3.                                       Piggy-back
Registration.  If the Company at any
time proposes to file a registration statement under the Securities Act on any
form (other than a Registration Statement on Form S-4 or S-8 or any successor
form for securities to be offered in a


 


2





















 


transaction
of the type referred to in Rule 145 under the Securities Act or to employees of
Company pursuant to any employee benefit plan, respectively) for the general
registration of securities (a “Piggy-back Registration Statement”), it will
give written notice to all Holders at least 15 days before the initial filing
with the SEC of such Piggy-back Registration Statement, which notice shall set
forth the intended method of disposition of the securities proposed to be
registered by Company.  The notice shall
offer to include in such filing the aggregate number of shares of Registrable
Securities as such Holders may request.


 


Each
Holder desiring to have Registrable Securities registered under this
Section 3 shall advise Company in writing within 5 Business Days after the
date of receipt of such offer from Company, setting forth the amount of such
Registrable Securities for which registration is requested.  Company shall thereupon include in such
filing the number of shares of Registrable Securities for which registration is
so requested, subject to the next sentence, and shall use its best efforts to
effect registration under the Securities Act of such shares.  In connection with any registration subject
to this Section 3, which is to be effected in a firm commitment underwriting,
Company will not be required to include Registrable Securities in such
underwriting unless the Holder of such Registrable Securities accepts the terms
and conditions of the underwriting agreement which is agreed upon between
Company and the managing underwriter selected by Company, so long as such
underwriting agreement conforms to industry standards and practices and the
obligations and liabilities imposed on the Holders under such agreement are
customary for the stockholders selling securities in an underwritten offering.  If the managing underwriter of a proposed
public offering shall advise Company in writing that, in its opinion, the
distribution of the Registrable Securities requested to be included in the
registration concurrently with the securities being registered by Company would
materially and adversely affect the distribution of such securities by Company,
then all selling security holders with piggy-back registration rights shall
reduce the amount of securities each intended to distribute through such
offering on a pro rata basis.  Except as
otherwise provided in Section 5, all expenses of such registration shall be
borne by Company. The Company shall have the right to terminate or withdraw any
Registration Statement initiated under this Section 3 prior to the
effectiveness of such Registration Statement whether or not the Holders have
elected to include Registrable Securities in such Registration Statement.


 


4.                                       Registration
Procedures. If the Company is required by the provisions of Section 2 or 3
to use its best efforts to effect the registration of any of its securities
under the Securities Act, Company will, as expeditiously as possible:


 


(a)                                  prepare
and file with the SEC a Registration Statement with respect to such securities
and use its best efforts to cause such Registration Statement to become and
remain effective for a period of time required for the disposition of such
securities by the holders thereof, but not to exceed two years (or, with
respect to any underwritten offering, such shorter period as the underwriters
need to complete the distribution of the registered offering or, with respect
to a shelf Registration Statement on a form under the Securities Act relating
to the offer and sale of Registrable Securities from time to time in


 


3





















 


accordance
with Rule 415, such longer period as may be required to dispose of the
Registrable Securities covered by such Registration Statement);


 


(b)                                 prepare
and file with the SEC such amendments and supplements to such Registration
Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and to comply with the provisions
of the Securities Act with respect to the sale or other disposition of all
securities covered by such Registration Statement until the earlier of such
time as all of such securities have been disposed of in a public offering or
the expiration of two years;


 


(c)                                  furnish,
to such selling security holders such number of copies of a summary prospectus
or other prospectus, including a preliminary prospectus, in conformity with the
requirements of the Securities Act, and such other documents, as such selling
security holders may reasonably request;


 


(d)                                 use
its best efforts to register or qualify the securities covered by such
Registration Statement under such other securities or blue sky laws of such
jurisdictions within the United States and Puerto Rico as each holder of such
securities shall request (provided, however, that Company shall
not be obligated to qualify as a foreign corporation to do business under the
laws of any jurisdiction in which it is not then qualified or to file any
general consent to service or process), and do such other reasonable acts and
things as may be required of it to enable such holder to consummate the
disposition in such jurisdiction of the securities covered by such Registration
Statement;


 


(e)                                  enter
into customary agreements (including an underwriting agreement in customary
form) and take such other actions as are reasonably required in order to
expedite or facilitate the disposition of such Registrable Securities;


 


(f)                                    otherwise
use its best efforts to comply with all applicable rules and regulations of the
SEC, and make available to its security holders, as soon as reasonably practicable,
but not later than 18 months after the effective date of the Registration
Statement, an earnings statement covering the period of at least 12 months
beginning with the first full month after the effective date of such
Registration Statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act;


 


(g)                                 give
written notice to Holders:


 


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


 


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


 


4





















 


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


 


(iv)                              of
the receipt by Company or its legal counsel of any notification with respect to
the suspension of the qualification of the common stock for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; and


 


(v)                                 of
the happening of any event that requires Company to make changes in such Registration
Statement or the prospectus in order to make the statements therein not
misleading (which notice shall be accompanied by an instruction to suspend the
use of the prospectus until the requisite changes have been made);


 


(h)                                 use
its best efforts to prevent the issuance or obtain the withdrawal of any order
suspending the effectiveness of such Registration Statement at the earliest
possible time;


 


(i)                                     furnish
to each Holder, without charge, at least one copy of such Registration
Statement and any post-effective amendment thereto, including financial
statements and schedules, and, if the Holder so requests in writing, all
exhibits (including those, if any, incorporated by reference);


 


(j)                                     subject
to continued effectiveness of the Registration Statement or availability of an
exemption from registration, to cooperate with the Holders to facilitate the
timely preparation and delivery of certificates representing the Registrable
Securities to be sold free of any restrictive legends and in such denominations
and registered in such names as the Holders may reasonably request; and


 


(k)                                  upon
the occurrence of any event contemplated by Section 4(g)(v) above, promptly
prepare a post-effective amendment to such Registration Statement or a
supplement to the related prospectus or file any other required document so
that, as thereafter delivered to Holders, the prospectus will not contain an
untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.  If
the Company notifies the Holders in accordance with Section 4(g)(v) above to
suspend the use of the prospectus until the requisite changes to the prospectus
have been made, then the Holders shall suspend use of such prospectus, and the
period of effectiveness of such Registration Statement provided for above shall
each be extended by the number of days from and including the date of the
giving of such notice to Holders shall have received such amended or
supplemented prospectus pursuant to this Section 4(k).


 


It
shall be a condition precedent to the obligation of Company to take any action
pursuant to this Agreement in respect of the securities which are to be
registered at the request of any Holder that such Holder shall furnish to
Company such information


 


5





















 


regarding the securities held by such Holder and the
intended method of disposition thereof as Company shall reasonably request and
as shall be required in connection with the action taken by Company.


 


5.                                       Expenses.  All expenses incurred in complying with this
Agreement, including, without limitation, all registration and filing fees
(including all expenses incident to filing with the NASD), printing expenses,
fees and disbursements of counsel for Company, expenses of any special audits
incident to or required by any such registration and expenses of complying with
the securities or blue sky laws of any jurisdiction pursuant to Section 4(d),
shall be paid by Company, except that:


 


(a)                                  all
such expenses in connection with any amendment or supplement to a Registration
Statement or prospectus required to be filed pursuant to Section 3 which is
filed more than one year after the effective date of such Registration
Statement because any Holder has not effected the disposition of the securities
requested to be registered shall be paid by such Holder; and


 


(b)                                 Company
shall not be liable for any fees, discounts or commissions to any underwriter
or any fees or disbursements of counsel for any underwriter in respect of the
securities sold by such Holder.


 


6.                                       Indemnification
and Contribution.


 


(a)                                  In
the event of any registration of any Registrable Securities under the
Securities Act pursuant to this Agreement, Company shall indemnify and hold
harmless the holder of such Registrable Securities, such holder’s directors and
officers, and each other person (including each underwriter) who participated
in the offering of such Registrable Securities and each other person, if any,
who controls such holder or such participating person within the meaning of the
Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which such holder or any such director or officer or participating
person or controlling person may become subject under the Securities Act or any
other statute or at common law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon
(i) any alleged untrue statement of any material fact contained, on the
effective date thereof, in any Registration Statement under which such
securities were registered under the Securities Act, any preliminary prospectus
or final prospectus contained therein, or any amendment or supplement thereto,
or (ii) any alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading,
and shall reimburse such holder or such director, officer or participating
person or controlling person for any legal or any other expenses reasonably
incurred by such holder or such director, officer or participating person or
controlling person in connection with investigating


 


6





















 


or defending any such
loss, claim, damage, liability or action; provided, however, that
Company shall not be liable in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon any actual or alleged
untrue statement or actual or alleged omission made in such Registration
Statement, preliminary prospectus, prospectus or amendment or supplement in
reliance upon and in conformity with written information furnished to Company
by such holder specifically for use therein or (in the case of any underwritten
offering) so furnished for such purposes by any underwriter.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such holder or
such director, officer or participating person or controlling person, and shall
survive the transfer of such securities by such holder.


 


(b)                                 Each
Holder, by acceptance hereof, agrees to indemnify and hold harmless Company,
its directors and officers and each other person, if any, who controls Company
within the meaning of the Securities Act against any losses, claims, damages or
liabilities, joint or several, to which Company or any such director or officer
or any such person may become subject under the Securities Act or any other
statute or at common law, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon
information in writing provided to Company by such Holder specifically for use
in the following documents and contained, on the effective date thereof, in any
Registration Statement under which securities were registered under the
Securities Act at the request of such holder, any preliminary prospectus or
final prospectus contained therein, or any amendment or supplement thereto.  Notwithstanding the provisions of this
paragraph (b) or paragraph (c) below, no Holder shall be required to indemnify
any person pursuant to this Section 6 or to contribute pursuant to paragraph
(c) below in an amount in excess of the amount of the aggregate net proceeds
received by such Holder in connection with any such registration under the
Securities Act.


 


(c)                                  If
the indemnification provided for in this Section 6 from the indemnifying party
is unavailable to an indemnified party hereunder in respect of any losses,
claims, damages, liabilities or expenses referred to therein, then the
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages, liabilities or expenses in such proportion as
is appropriate to reflect the relative fault of the indemnifying party and
indemnified parties in connection with the actions which resulted in such
losses, claims, damages, liabilities or expenses, as well as any other relevant
equitable considerations.  The relative
fault of such indemnifying party and indemnified parties shall be determined by
reference to, among other things, whether any action in question,


 


7





















 


including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been made by, or relates to information supplied by,
such indemnifying party or indemnified parties, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such action.  The amount paid or payable
by a party as a result of the losses, claims, damages, liabilities and expenses
referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such party in connection with any investigation
or proceeding.


 


The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 6(c) were determined by pro rata allocation or by any
other method of allocation which does not take account of the equitable
considerations referred to in the immediately preceding paragraph.  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.


 


7.                                       Certain
Limitations on Registration Rights. 
Notwithstanding the other provisions of this Agreement:


 


(a)                                  Company
shall have the right to delay the filing or effectiveness of, or by written
notice require the Holders to cease sales of Registrable Securities pursuant
to, a Registration Statement required pursuant to this Agreement during one or
more periods aggregating not more than 60 days in any twelve-month period (such
period or periods, the “Suspension Period”) in the event that (i) Company
would, in accordance with the advice of its counsel, be required to disclose in
the prospectus information not otherwise then required by law to be publicly
disclosed, (ii) in the judgment of Company’s Board of Directors, there is a
reasonable likelihood that such disclosure, or any other action to be taken in
connection with the prospectus, would materially and adversely affect any existing
or prospective material business situation, transaction or negotiation or
otherwise materially and adversely affect Company, or (iii) the Registration
Statement can no longer be used under the Securities Act; provided that the
period of effectiveness of the Registration Statement shall be extended by the
length of any such Suspension Period;


 


(b)                                 If
Company suspends the Registration Statement or requires the Holders to cease
sales of the common stock pursuant to paragraph (a) above, Company shall, as
promptly as practicable following the termination of the circumstances which
entitled Company to do so, take such action as may be necessary to reinstate
the effectiveness of the Registration Statement and/or give written notice to
all Holders authorizing them to resume sales pursuant to the Registration
Statement.  If, as a result thereof, the
prospectus included in the Registration Statement has been amended to


 


8





















 


comply with the
requirements of the Securities Act, Company shall enclose such revised
prospectus with a notice to Holders given pursuant to this paragraph (b), and
the Shareholders shall make no offers or sales of shares pursuant to such
Registration Statement other than by means of such revised prospectus.


 


8.                                       Restrictions
on Sale After Public Offering. 
Except for transfers made in transactions exempt from the registration
requirements under the Securities Act, Company and each Holder hereby agree not
to offer, sell, contract to sell or otherwise dispose of any of their
Registrable Securities within 120 days after the date of any final prospectus
relating to the public offering of common stock, if underwritten, whether by
Company or by any Holders, except pursuant to such prospectus or with the written
consent of the managing underwriter or underwriters for such offering.


 


9.                                       Miscellaneous.


 


(a)                                  Amendments
and Waivers.  Except as otherwise
provided herein, the provisions of this Agreement may not be amended, modified
or supplemented, and waivers or consents to departure from the provisions
hereof may not be given without the written consent of the Majority Holders and
the Company.


 


(b)                                 Notice
Generally.  Any notice, demand,
request, consent, approval, declaration, delivery or other communication hereunder
to be made pursuant to the provisions of this Agreement shall be sufficiently
given or made if in writing and either delivered in person with receipt
acknowledged or sent by registered or certified mail, return receipt requested,
postage prepaid, or by telecopy and confirmed by telecopy answerback, addressed
as follows:


 


(i)                                     If
to any Holder, at its last known address appearing on the books of Company
maintained for such purpose.


 


(ii)                                  If
to Company, at


 


VCampus Corporation

Suite 200

1850 Centennial Park Drive


Reston, VA 20191


Attention:  Chief Financial Officer

Telecopy Number:  (703) 654-7311


 


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with a copy to


 


Wyrick
Robbins Yates & Ponton LLP


Suite
300


4101
Lake Boone Trail


Raleigh,
NC  27607


Attn:  Kevin A. Prakke, Esq.


 


or at such other address
as may be substituted by notice given as herein provided.  The giving of any notice required hereunder
may be waived in writing by the party entitled to receive such notice.  Every notice, demand, request, consent,
approval, declaration, delivery or other communication hereunder shall be
deemed to have been duly given or served on the date on which personally
delivered, with receipt acknowledged, telecopied and confirmed by telecopy
answerback or three Business Days after the same shall have been deposited in
the United States mail.


 


(c)                                  Successors
and Assigns.  This Agreement shall
inure to the benefit of and be binding upon the successors and assigns of each
of the parties hereto including any person to whom Registrable Securities are
transferred.


 


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


 


(e)                                  Governing
Law; Jurisdiction.  This Agreement
shall be governed by, construed and enforced in accordance with the laws of the
State of Delaware without giving effect to the conflict of laws provisions
thereof.


 


(f)                                    Severability.  Wherever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.


 


(g)                                 Entire
Agreement.  This Agreement, together
with the Purchase Agreement and Warrants, represents the complete agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein.  This Agreement
supersedes all prior agreements and understandings between the parties with
respect to the subject matter hereof.


 


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IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights
Agreement as of the date first above written.


 


	
  COMPANY:

  	
  VCAMPUS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Christopher
  Nelson

  
	
   

  	
   

  	
  Title: Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  PURCHASERS:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						



 


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SCHEDULE
A


Schedule
of Purchasers


 


	
  Name of Purchaser

  	
   

  	
  Shares

  	
   

  	
  Warrant Shares Issuable as

  of March 30, 2005

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Andrew J.
  Fingerhut

  	
   

  	
  46,012

  	
   

  	
  57,515

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Michael L.
  Gruber MD

  	
   

  	
  30,000

  	
   

  	
  37,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  David &
  Leslie Holzer JT WROS

  	
   

  	
  25,000

  	
   

  	
  31,250

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Investment
  Strategies Fund LP

  	
   

  	
  125,000

  	
   

  	
  156,250

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sandra F. Pessin

  	
   

  	
  200,000

  	
   

  	
  250,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Joseph Stein,
  Jr.

  	
   

  	
  10,000

  	
   

  	
  12,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Charles
  Fabrikant

  	
   

  	
  10,000

  	
   

  	
  12,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  George Asch

  	
   

  	
  10,000

  	
   

  	
  12,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kingsbridge
  Capital LTD

  	
   

  	
  65,000

  	
   

  	
  81,250

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Walter Harrison,
  III

  	
   

  	
  40,000

  	
   

  	
  50,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Paul A. Packer

  	
   

  	
  25,000

  	
   

  	
  31,250

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Richard A. Bruno

  	
   

  	
  25,000

  	
   

  	
  31,250

  	
   

  



 


12