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**EXHIBIT      4.03**

**REGISTRATION        RIGHTS AGREEMENT**

**THIS        REGISTRATION RIGHTS AGREEMENT**

**W        I T N E S S E T H:**

**WHEREAS**

**WHEREAS**

**WHEREAS**

**NOW,        THEREFORE**

| **1.** | **Definitions.** |
|--------|------------------|

|   | (a) | “Affiliate”                  of a Party means any person that directly or indirectly through                  one or                  more intermediaries, controls, is controlled by, or is under common                  control with, such person, and in respect of the Purchaser, also                  means                  another person acting at the direction of the Purchaser. As used                  in this                  definition, “control” means the power to direct or cause the                  direction of the management or policy of any person, directly or                  indirectly, through family or other relationship (if a natural                  person),                  the holding of securities or other participation interests, by                  virtue of                  an agreement or on other grounds, and “controlling” and “controlled” have                  the correlative meanings proceeding from this                  term. |
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|   | (b) | “Claims”                  shall have the meaning ascribed to it in Section                  6(a). |
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|   | (c) | “Demand”                  shall have the meaning ascribed to it in Section                  2(a). |
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|   | (d) | “Exchange                  Act” means the United States Securities Exchange Act of 1934, as                  amended. |
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|   | (e) | “Holder”                  or “Holders” mean a holder or holders of Registrable                  Securities. |
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|   | (f) | “Indemnified                  Person” shall have the meaning ascribed to it in Section                  6(a). |
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|   | (g) | “Permitted                  Transferee” shall mean an Affiliate of the Purchaser to whom shares of                  Common Stock have been transferred in accordance with Clause 6.1                  of the                  Subscription Agreement. |
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|   | (h) | “Register,”                  “Registered” and “Registration” refer to a registration                  effected by preparing and filing a registration statement in compliance                  with the Securities Act and pursuant to Form S-3 under the Securities                  Act,                  and the declaration or ordering of effectiveness of such registration                  statement by the United States Securities and Exchange Commission                  (the                  “SEC”). |
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|   | (i) | “Registrable                  Securities” shall mean (i) the Shares;                  (ii) securities issued or issuable upon any stock split, stock                  dividend, recapitalization or similar event with respect to the                  Shares;                  and (iii) any other security issued as a dividend or other                  distribution with respect to, in exchange for, or in replacement                  of, the                  securities referred to in the preceding                  clauses. |
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|   | (j) | “Registration                  Demand” shall have the meaning ascribed to it in Section                  2(a). |
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|   | (k) | “Registration                  Period” shall have the meaning ascribed to it in Section                  2(c). |
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|   | (l) | “Registration                  Statement” means a registration statement or registration statements                  of the Company filed under the Securities Act covering Registrable                  Securities. |
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|   | (m) | “Violations”                  shall have the meaning ascribed to it in Section                  6(a). |
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| **2.** | **Mandatory                  Registration.** |
|--------|----------------------------------------------|

|   | (a) | As                  set forth below, the Purchaser shall have the right to require                  the Company                  to register the resale of Registrable Securities held by such Holder                  or                  Holders by making a written request for such registration (the                  “Registration Demand”). The Purchaser together with any Permitted                  Transferee may jointly (i) make one Registration Demand at any                  time from                  the second anniversary of the Closing Date and ending on the fourth                  anniversary of the Closing Date for the registration of 100% of                  all                  outstanding Registrable Securities (the “Demand”). The Company                  shall prepare and file with the SEC not later than the 60th                  day                  following the Demand a Registration Statement on Form S-3 covering                  the                  resale of the applicable number of outstanding Registrable Securities.                  The                  Company shall use its commercially reasonable efforts to cause                  the                  Registration Statement to be declared effective under the Securities                  Act                  as promptly as possible after the filing thereof.  In the event                  that Form S-3 is unavailable and/or inappropriate for such a registration                  of the Registrable Securities, the Company shall use such other                  form or                  forms as are available and appropriate for such a registration.                  Notwithstanding anything herein to the contrary, the Company may                  postpone                  for up to 60 days the filing or effectiveness of a Registration                  Statement                  pursuant to a request under this section if the Company determines                  in good                  faith that such registration would be reasonably expected to have                  an                  adverse effect on any proposal or plan by the Company to engage                  in any                  acquisition of assets, merger, consolidation, tender offer, any                  other                  underwritten financing by the Company or similar transaction, or                  the                  business, assets, operations, prospects or financial condition                  of the                  Company; provided that the Company may not exercise this right more                  than once in any 12-month period. |
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|   | (b) | If                  at any time beginning on the second anniversary of the Closing                  Date and                  prior to the fourth anniversary of the Closing Date, the Company                  shall                  propose an underwritten registration of shares of Common Stock                  for its own                  account other than a registration statement filed on Form S-4,                  Form S-8 or                  such other similar successor forms then in effect under the Securities                  Act, or a registration relating solely to a Securities Act Rule                  145                  transaction, the Company shall: |
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|   | (i) | give                  to the Purchaser written notice thereof at least thirty (30) days                  prior to                  the filing of any registration statement relating thereto under                  the                  Securities Act; |
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|   | (ii) | include                  in such underwritten registration (and any related qualification under                  blue sky laws or other compliance), Registrable Securities that                  have not                  been previously registered under the Securities Act and as are                  specified                  in a written request or requests made within ten (10) business                  days after                  receipt of such written notice from the Company by the                  Purchaser.  If the Purchaser decides not to include all of its                  Registrable Securities in any underwritten registration thereafter                  filed                  by the Company, such Purchaser shall nevertheless continue to have                  the                  right to include any Registrable Securities in any subsequent registration                  statement or registration statements as may be filed by the Company                  with                  respect to underwritten offerings of its securities up until the                  fourth                  anniversary following the Closing Date, all upon the terms and                  conditions                  set forth herein; and |
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|   | (iii) | advise                  the Purchaser that the right of any Purchaser to registration pursuant                  to                  Section 2(b) shall be conditioned upon such Purchaser’s participation in                  such underwriting on the terms provided by the Company and entering                  into a                  customary underwriting agreement with the underwriter(s) selected                  by the                  Company, and the inclusion of Registrable Securities in the underwriting                  to the extent provided herein. |
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|   | (c) | The                  Company shall use its best efforts to keep the Registration Statement                  filed pursuant to Section 2(a) effective at all times until the                  date on                  which all of the Registrable Securities have been sold (the                  “Registration Period”). |
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|   | (d) | Any                  offering pursuant to a Registration Statement hereunder, shall                  be an                  underwritten offering. The Company shall have the right to select                  an                  investment banker or bankers and manager or managers to administer                  the                  offering and the Purchaser shall enter into an underwriting agreement                  in                  customary form with such                  underwriter. |
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|   | (e) | If                  the Registrable Securities are registered for resale under the                  Securities                  Act, the Purchaser shall cease any distribution of such shares                  under the                  Registration Statement not more than twice in any 12-month period,                  for up                  to an aggregate of 60 days, upon the request of the Company if:                  (x) such distribution would require the public disclosure of                  material non-public information concerning any transaction or negotiations                  involving the Company or any of its Affiliates that, in the good                  faith                  judgment of the Company, would materially interfere with such transaction                  or negotiations, (y) such distribution would otherwise require                  premature disclosure of information that, in the good faith judgment                  of                  the Company, would adversely affect or otherwise be detrimental                  to the                  Company or (z) the Company proposes to file a registration statement                  under                  the Securities Act for the offering and sale of securities for                  its own                  account in an underwritten offering and the managing underwriter                  therefor                  shall advise the Company that in its opinion the continued distribution                  of                  the Registrable Securities would adversely affect the offering                  of the                  securities proposed to be registered for the account of the                  Company.  The Company shall promptly notify the Purchaser at                  such time as (i) such transactions or negotiations have been                  otherwise publicly disclosed or terminated, or (ii) such                  non-public information has been publicly disclosed or counsel to                  the                  Company has determined that such disclosure is not required due                  to                  subsequent events. |
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|   | (f) | The                  Company shall permit a single firm of counsel designated by the                  Purchaser                  to review such Registration Statement, and all amendments and supplements                  thereto (as well as all requests for acceleration or effectiveness                  thereof                  and any correspondence between the Company and the SEC relating                  to the                  Registration Statement) a reasonable period of time prior to their                  filing                  with the SEC.  The sections of such Registration Statement                  covering information with respect to the Purchaser, the Purchaser’s                  beneficial ownership of securities of the Company or the Purchaser’s                  intended method of disposition of Registrable Securities shall                  conform to                  the information provided to the Company by the                  Purchaser. |
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|   | (g) | If                  the managing underwriter of an offering pursuant to Section 2(b)                  determines that marketing factors require a limitation of the number                  of                  shares of Common Stock to be underwritten, the managing underwriter                  may                  limit the number of Registrable Securities and other securities                  (if any)                  to be distributed through such underwriting.  The Company shall                  so advise the Purchaser of such limitation and the number of shares                  of                  Registrable Securities that may be included in the                  registration.  No such reduction shall reduce the securities                  being offered by the Company for its own account to be included                  in the                  registration and underwriting. |
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|   | (h) | The                  Company shall have the right to terminate or withdraw any registration                  initiated by it under Section 2(b) prior to the effectiveness of                  such                  registration, whether or not the Purchaser has elected to include                  securities in such registration. |
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| **3.** | **Obligations                  of the Company.** |
|--------|--------------------------------------------------|

|   | (a) | Prepare                  and file with the SEC the Registration Statement required by Section                  2 of                  this Agreement and such amendments (including post-effective amendments)                  and supplements to the Registration Statement and the prospectus(es)                  used                  in connection with the Registration Statement, as may be necessary                  to keep                  the Registration Statement effective at all times during the Registration                  Period, and, during the Registration Period, to comply with the                  provisions                  of the Securities Act with respect to the disposition of all of                  the                  Registrable Securities until such time as all of such Registrable                  Securities have been disposed of; |
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|   | (b) | Promptly                  furnish, after such Registration Statement is prepared and before                  such                  Registration Statement is filed with the SEC, publicly disseminated                  and                  distributed and received by the Company, to the Purchaser and its                  legal                  counsel, a copy of such Registration Statement, each preliminary                  prospectus, each final prospectus, and all amendments and supplements                  thereto and such other documents as the Purchaser may reasonably                  request                  in order to facilitate the disposition of its Registrable                  Securities; |
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|   | (c) | As                  soon as practicable for the Company and its counsel, furnish to                  the                  Purchaser and its counsel copies of all correspondence between                  the Company                  and the SEC with respect to the Registration Statement or amendment                  or                  supplement thereto filed pursuant to this                  Agreement; |
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|   | (d) | Use                  commercially reasonable efforts to (i) register and qualify                  the Registrable Securities covered by the Registration Statement                  under                  such other securities or blue sky laws, if applicable, of such                  jurisdictions in the United States of America as the Purchaser                  or any                  underwriters in an underwritten offering may reasonably request,                  (ii) prepare and file in those jurisdictions such amendments                  (including post-effective amendments) and supplements to such                  registrations and qualifications as may be necessary to maintain                  the                  effectiveness thereof at all times during the Registration Period,                  (iii) take such other actions as may be necessary to maintain                  such registrations and qualifications in effect at all times during                  the                  Registration Period and (iv) take all other actions necessary                  or advisable to qualify the Registrable Securities for sale in                  such                  jurisdictions, except that the Company shall not for any such purpose                  be                  required to qualify generally to do business in any jurisdiction                  wherein                  it would not but for the requirements of this subsection (d) be                  obligated                  to be so qualified, or to subject itself to taxation in any such                  jurisdiction, or to consent to general service of process in any                  such                  jurisdiction; |
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|   | (e) | List                  such securities on The Nasdaq Global Select Market, if the Company’s                  securities are listed on such market, and all the other securities                  exchanges on which any securities of the Company are then listed,                  and file                  any filings required by The Nasdaq Global Select Market and/or                  such other                  securities exchanges; |
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|   | (f) | Notify                  the Purchaser and  confirm such advice in writing                  (i) when or if the prospectus or any prospectus supplement                  or                  post-effective amendment has been filed with the SEC, and, with                  respect to                  the Registration Statement or any post-effective amendment, when                  the same                  has been declared effective by the SEC, (ii) of any request by                  the SEC for amendments or supplements to the Registration Statement                  or the                  prospectus or for additional information, (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 the Company of any                  notification with respect to the suspension of the qualification                  of the                  Registrable Shares for sale in any jurisdiction or the initiation                  or                  threatening of any proceeding for such purpose, and (v) of the                  happening of any event as a result of which the prospectus included                  in                  such Registration Statement, as then in effect, includes an untrue                  statement of a material fact or omits to state a material fact                  required to                  be stated therein or necessary to make the statements therein not                  misleading in the light of the circumstances then                  existing; |
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|   | (g) | If                  any fact contemplated by clause (v) of paragraph (f), above, shall                  exist,                  as promptly as practicable prepare a supplement or post-effective                  amendment to the Registration Statement or the related prospectus                  or any                  document incorporated therein by reference or file any other required                  document so that, as thereafter delivered to the purchaser of the                  Registrable Securities, the prospectus shall not contain an untrue                  statement of material fact or omit to state any material fact necessary                  to                  make the statements therein not misleading in light of the circumstances                  under which they were made; |
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|   | (h) | At                  the request of the Purchaser, furnish on the effective date of                  the                  Registration Statement: (i) an opinion dated such date of counsel                  representing the Company for the purposes of such registration,                  addressed                  to the underwriters and to the Purchaser, stating that such Registration                  Statement has become effective under the Securities Act and that                  (A) to the best knowledge of such counsel, no stop order                  suspending the effectiveness thereof has been issued and no proceedings                  for that purpose have been instituted or are pending or contemplated                  under                  the Securities Act and (B) the Registration Statement, the                  related prospectus and each amendment or supplement thereof comply                  as to                  form in all material respects with the requirements of the Securities                  Act                  (except that such counsel need not express any opinion as to financial                  statements or other financial data contained therein); and                  (ii) a letter dated such date from the Company’s independent                  public accountants addressed to the underwriters and to the Purchaser,                  stating that they are independent public accountants within the                  meaning of                  the Securities Act and that, in the opinion of such accountants,                  the                  financial statements of the Company included in the Registration                  Statement                  or the prospectus, or any amendment or supplement thereof, comply                  as to                  form in all material respects with the applicable accounting requirements                  of the Securities Act, and such letter shall additionally cover                  such other                  financial matters (including information as to the period ending                  no more                  than five business days prior to the date of such letter) with                  respect to                  such registration as such underwriters may reasonably                  request; |
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|   | (i) | Cooperate                  with the Purchaser to facilitate the timely preparation and delivery                  of                  certificates for the Registrable Securities to be offered pursuant                  to the                  Registration Statement and to enable such certificates for the                  Registrable                  Securities to be in such denominations or amounts, as the case                  may be, as                  the Purchaser may reasonably request, and registered in such names                  as the                  Purchaser may request; and, within three business days after the                  Registration Statement which includes Registrable Securities is                  ordered                  effective by the SEC, the Company shall deliver, and shall cause                  legal                  counsel selected by the Company to deliver, to the transfer agent                  for the                  Registrable Securities (with copies to the Purchaser) an appropriate                  instruction and opinion of such                  counsel; |
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|   | (j) | Enter                  into customary agreements (including underwriting agreements in                  customary                  form, and including provisions with respect to indemnification                  and                  contribution in customary form and consistent with the provisions                  relating                  to indemnification and contribution contained herein) and take                  all other                  customary actions in order to expedite or facilitate the disposition                  of                  such Registrable Securities and in connection                  therewith: |
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|   | (i) | make                  such representations and warranties to the Purchaser and the underwriters,                  if any, in form, substance and scope as are customarily made by                  issuers to                  underwriters in similar underwritten offerings;                  and |
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|   | (ii) | deliver                  such customary documents and certificates as may be reasonably                  requested                  by the Purchaser whose Registrable Securities are being sold or                  by the                  underwriters. |
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| **4.** | **Obligations                  of the Purchaser to Provide                  Information.** |
|--------|--------------------------------------------------------------------------------------------|

|   | (a) | Promptly                  furnish to the Company the identity of persons authorized to provide                  information required herein on behalf of the Purchaser and furnish                  the                  Company and the underwriter, such information regarding itself,                  the                  Registrable Securities held by it and the intended method of disposition                  of the Registrable Securities held by it as shall be reasonably                  requested                  in writing by the Company or an underwriter to effect the registration                  of                  such Registrable Securities, and execute any and all such questionnaires,                  powers of attorney, indemnities, underwriting agreements and other                  documents in connection with such registration as the Company or                  an                  underwriter or the legal counsel of either may reasonably                  request.  At least ten business days prior to the first                  anticipated filing date of the Registration Statement, the Company                  shall                  notify the Purchaser in writing of the information the Company                  requires of                  the Purchaser to be included in the Registration Statement.  The                  Purchaser shall give sufficient notice to the Company before selling                  any                  Registrable Securities so that the Company may prepare and file                  any                  necessary post-effective amendments to the Registration Statement                  or such                  additional filings as shall be necessary or desirable;                  and |
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|   | (b) | Enter                  into customary agreements (including underwriting agreements in                  customary                  form, and including provisions with respect to indemnification                  and                  contribution in customary form and consistent with the provisions                  relating                  to indemnification and contribution contained herein) and take                  all other                  customary and appropriate actions in order to expedite or facilitate                  the                  disposition of such Registrable Securities and in connection                  therewith: |
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|   | (i) | make                  such representations and warranties to the Company and the underwriters,                  if any, in form, substance and scope as are customarily made by                  selling                  shareholders to underwriters in similar underwritten offerings;                  and |
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|   | (ii) | deliver                  such customary documents and certificates as may be reasonably                  requested                  by the Company or the underwriters. |
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| **5.** | **Expenses                  of Registration.** |
|--------|------------------------------------------------|

| **6.** | **Indemnification.** |
|--------|----------------------|

|   | (a) | The                  Company will indemnify and hold harmless the Purchaser, its officers,                  directors, members, partners and shareholders, and each person,                  if any,                  who controls the Purchaser within the meaning of the Securities                  Act (each,                  an “Indemnified Person”), against any losses, claims, damages or                  liabilities (joint or several) incurred (collectively, “Claims”) to                  which any of them may become subject under the Securities Act,                  the                  Exchange Act or otherwise, insofar as such Claims (or actions or                  proceedings, whether commenced or threatened, in respect thereof)                  arise                  out of or are based upon: (i) any untrue statement or alleged                  untrue statement of a material fact contained in the Registration                  Statement or any post-effective amendment thereof or the omission                  or                  alleged omission to state therein a material fact required to be                  stated                  therein or necessary in order to make the statements therein, in                  light of                  the circumstances in which they were made, not misleading, or                  (ii) any violation or alleged violation by the Company of the                  Securities Act or any state securities laws applicable to the Company                  (the                  matters in foregoing clauses (i) through (ii) being, collectively,                  “Violations”).  The Company shall, subject to the                  provisions of Section 6(b) below, reimburse the Purchaser, for                  any                  reasonable legal fees for one counsel to the Purchaser and other                  reasonable costs and expenses actually and reasonably incurred                  by it in                  connection with the investigation or defense of any such Violation                  or                  Claim.  Notwithstanding anything to the contrary contained                  herein, the indemnification agreement contained in this Section                  6(a) shall                  not (i) apply to any Claim arising out of or based upon                  reliance upon information furnished in writing to the Company by                  or on                  behalf of any Indemnified Person for use in connection with the                  preparation of the Registration Statement or any such amendment                  thereof or                  supplement thereto; (ii) be available to the extent that such                  Claim is based upon a failure of the Purchaser to deliver or to                  cause to                  be delivered the prospectus made available by the Company, if such                  prospectus was timely made available by the Company pursuant to                  Section                  3(b) hereof; or (iii) apply to amounts paid in settlement of                  any Claim if such settlement is effected without the prior written                  consent                  of the Company, which consent shall not be unreasonably                  withheld.  Such indemnity shall remain in full force and effect                  regardless of any investigation made by or on behalf of the Indemnified                  Person and shall survive the transfer of the Registrable Securities                  by the                  Purchaser pursuant to Section 9. |
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|   | (b) | The                  Purchaser will indemnify the Company and its officers and directors                  against any Claims arising out of or based upon a Violation which                  occurs                  in reliance upon information furnished in writing to the Company,                  by or on                  behalf of the Purchaser through persons duly authorized by the                  Purchaser                  and notified to the Company in advance, for use in connection with                  the                  preparation of the Registration Statement (including any modifications,                  amendments or supplements thereto), subject to such limitations                  and                  conditions as are applicable to the indemnification provided by                  the                  Company in this Section 6; provided, however, that in no                  event shall any indemnity by the Purchaser under this Section 6                  exceed the                  amount of the net proceeds received by the Purchaser in connection                  with                  the offering effected through such Registration                  Statement. |
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|   | (c) | Promptly                  after receipt by an Indemnified Person under this Section 6 of                  notice of                  the commencement of any action (including any governmental action),                  such                  Indemnified Person shall, if a Claim in respect thereof is to be                  made                  against any indemnifying party under this Section 6, deliver to                  the                  indemnifying party a written notice of the commencement thereof,                  and the                  indemnifying party shall have the right to participate in, and                  to the                  extent that the indemnifying party so desires, jointly with any                  other                  indemnifying party similarly notified, to assume control of the                  defense                  thereof with counsel mutually satisfactory to the indemnifying                  party and                  the Indemnified Person; provided, however, that an                  Indemnified Person shall have the right to retain its own counsel                  with the                  reasonable fees and expenses to be paid by the indemnifying party,                  if, in                  the reasonable opinion of counsel retained by the indemnifying                  party, the                  representation by such counsel of the Indemnified Person and the                  indemnifying party would be inappropriate due to actual or potential                  differing interests between such Indemnified Person and any other                  party                  represented by such counsel in such proceeding.  In such event,                  the Company shall pay for only one legal counsel for the Purchaser,                  and                  such legal counsel shall be selected by the Purchaser.  If such                  counsel is assumed, the indemnifying party shall not be subject                  to any                  liability for any settlement made by the Indemnified Person without                  its                  consent (but such consent will not be unreasonably                  withheld).  The failure to deliver written notice to an                  indemnifying party within a reasonable time after the commencement                  of any                  such action shall not relieve such indemnifying party of any liability                  to                  the Indemnified Person under this Section 6, except to the extent                  that the                  indemnifying party is materially prejudiced in its ability to defend                  such                  action.  The indemnification required by this Section 6 shall be                  made by periodic payments of the amount thereof during the course                  of the                  investigation or defense, as such expense, loss, damage or liability                  is                  incurred and is due and payable. |
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|   | (d) | No                  indemnifying party, in the defense of any such claim or litigation,                  shall,                  except with the consent of each Indemnified Person, consent to                  entry of                  any judgment or enter into any settlement which does not include                  as an                  unconditional term thereof the giving by the claimant or plaintiff                  to such                  Indemnified Person of an unconditional and irrevocable release                  from all                  liability in respect of such claim or                  litigation. |
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|   | (e) | Notwithstanding                  the foregoing, to the extent that any provisions relating to                  indemnification or contribution contained in the underwriting agreements                  entered into among the Company, the underwriters and the Purchaser                  in                  connection with the underwritten public offering are in conflict                  with the                  foregoing provisions, the provisions in such underwriting agreements                  shall                  be controlling as to the Registrable Securities included in the                  public                  offering. |
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| **7.** | **Contribution.** |
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| **8.** | **Reports                  Under Exchange Act.** |
|--------|--------------------------------------------------|

| **9.** | **Assignment                  of the Registration                  Rights.** |
|--------|------------------------------------------------------------------------------|

| **10.** | **Amendment                  of Registration Rights.** |
|---------|--------------------------------------------------------|

| **11.** | **Effectiveness                  and Termination of Registration                  Rights.** |
|---------|---------------------------------------------------------------------------------------------|

| **12.** | **Agreement                  of Purchaser.** |
|---------|----------------------------------------------|

|   | (a) | In                  consideration for the Company agreeing to its obligations under                  this                  Agreement, the Purchaser and each transferee pursuant to Section                  9 hereof                  agrees, in connection with a registration of Common Stock by the                  Company                  under the Securities Act in accordance with Section 2 hereof, not                  to sell                  (including pursuant to a Registration Statement under Section 2(a)                  hereof), make any short sale of, loan, grant any option for the                  purchase                  of, or otherwise dispose of, any securities of the Company (other                  than                  those included in the subject registration) without the prior written                  consent of the Company and, if such registration is underwritten,                  of such                  underwriters, as the case may be, for such period of time (not                  to exceed                  120 days from the effective date of such registration) as may be                  requested                  by the Company or such managing                  underwriters. |
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|   | (b) | In                  order to enforce Section 12(a) hereof, the Company may impose                  stop-transfer instructions with respect to the shares or securities                  of                  every person subject to such restriction until the end of such                  period.  Each holder of Registrable Securities agrees that, if                  so requested, such holder will execute an agreement in the form                  provided                  by the underwriter containing terms which are generally consistent                  with                  the provisions of this Section 12. |
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| **13.** | **Miscellaneous.** |
|---------|--------------------|

|   | (a) | A                  person or entity is deemed to be a holder of Registrable Securities                  whenever such person or entity owns of record such Registrable                  Securities.  If the Company receives conflicting instructions,                  notices or elections from two or more persons or entities with                  respect to                  the same Registrable Securities, the Company shall act upon the                  basis of                  the instructions, notice or election received from the registered                  owner of                  such Registrable Securities. |
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|   | (b) | Any                  notice required or permitted hereunder shall be given in writing                  (unless                  otherwise specified herein) and shall be effective upon personal                  delivery,                  via facsimile (upon receipt of confirmation of error-free transmission)                  or                  three business days following deposit of such notice with an                  internationally recognized courier service, with postage prepaid                  and                  addressed to each of the other parties thereunto entitled at                  (i) the address set forth below or (ii) at such                  other addresses as a party may designate by ten days advance written                  notice to the other party hereto. |
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| Company: | Central                  European Media Enterprises Ltd.    |
|----------|-------------------------------------------------------------|
|     | c/o                  CME Development Corporation            |
|     | Aldwych                  House                              |
|     | 81                  Aldwych                                 |
|     | London                  WC2B 4HN                            |
|     | United                  Kingdom                             |
|     | ATTENTION:                  General Counsel                 |
|     |                                                        |
|     | Tel:                  +44-20-7430-5430                      |
|     | Fax:                  +44-20-7430-5403                      |
|     |                                                        |
|     | with                  a copy to:                            |
|     |                                                        |
|     | Katten                  Muchin Zavis Rosenman               |
|     | 575                  Madison Avenue                         |
|     | New                  York, NY 10022                         |
|     | ATTENTION:  Robert                  L. Kohl, Esq. |
|     |                                                        |
|     | Tel:                  +1-212-940-6380                       |
|     | Fax:                  +1-212-940-8776                       |

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| Purchaser: | Igor                  Kolomoisky             |
|------------|----------------------------------------------|
|       | 42b                  Naberezhnaya Pobey Str. |
|       | Dnepropetrovsk,                  Ukraine     |
|       | Tel/Fax:                  +380 562 390812    |
|       |                                         |
|       | with                  a copy to:             |
|       |                                         |
|       | Baker                  & McKenzie LLP    |
|       | 100                  New Bridge Street       |
|       | London  EC4V                  6JA  |
|       | United                  Kingdom              |
|       | Attention:                  Richard Blunt    |
|       | Tel:                  +44 7919 1842          |
|       | Fax:                  +44 7919 1999          |

|   | (c) | Failure                  of any party to exercise any right or remedy under this Agreement                  or                  otherwise, or delay by a party in exercising such right or remedy,                  shall                  not operate as a waiver thereof. |
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|   | (d) | This                  Agreement shall be governed by and interpreted in accordance with                  the laws                  of the State of New York, without giving effect to conflicts of                  laws                  issues. |
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|   | (e) | Any                  dispute, controversy or claim arising out of or relating to this                  Agreement, including any question regarding its existence, validity,                  interpretation, breach, performance or termination, shall be finally                  resolved by arbitration in accordance with the then existing Rules                  of                  Arbitration of the London Court of International Arbitration (the“LCIA                  Rules”), which are deemed to be incorporated by reference into this                  Section 13(e), except to the extent modified hereby.  The                  tribunal shall consist of one arbitrator, who shall be either a                  retired                  judge, Queen's Counsel or a partner of a major international law                  firm.  Subject to the provisions of Section 13(f), the Parties                  agree to seek to reach agreement on the identity of the sole arbitrator                  within 10 days after the initiation of arbitration.  If the                  Parties are unable to reach agreement on the sole arbitrator within                  that                  10-day period, then the appointment of the sole arbitrator shall                  be made                  by the LCIA Court.  In a multi-party dispute the tribunal shall                  be appointed by the LCIA Court, unless the parties to such arbitration                  agree in writing that, for the purposes of Article 8.1 of the LCIA                  Rules,                  the disputant parties represent two separate sides for the formation                  of                  the tribunal as claimant and respondent respectively.  Any party                  to a dispute shall have the right to apply to any court of competent                  jurisdiction for interim relief necessary to preserve the party's                  rights,                  including pre-arbitration attachments or injunctions, until the                  tribunal                  is appointed, after which the tribunal shall have exclusive jurisdiction                  to consider applications for interim                  relief. |
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|   | (f) | Seat                  and Language.  The seat of the arbitration shall be London,                  England.  The language of the arbitration shall be English                  except that any party to the arbitration may submit testimony or                  documentary evidence in Ukrainian or Russian and shall, at the                  request of                  any other party to the arbitration, furnish a translation or                  interpretation of any such evidence into                  English. |
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|   | (g) | Related                  Disputes.  If any dispute arising out of or relating to this                  Agreement (hereinafter referred to as a “Related Dispute”) raises                  issues which are substantially the same as or connected with issues                  raised                  in another dispute which has already been referred to arbitration                  under                  this Agreement or the Subscription Agreement (an “Existing                  Dispute”), the tribunal appointed or to be appointed in respect of                  any                  such Existing Disputes shall also be appointed as the tribunal                  in respect                  of any such Related Dispute.  Where, pursuant to the foregoing                  provisions, the same tribunal has been appointed in relation to                  two or                  more disputes (i.e., an Existing Dispute and a Related Dispute),                  the                  tribunal may, with the agreement of all the parties concerned or                  upon the                  application of one of the parties, being a party to each of the                  disputes,                  order that the whole or part of the matters at issue shall be heard                  together upon such terms or conditions as the tribunal thinks                  fit.  The tribunal shall have power to make such directions and                  any interim or partial award as it considers just and                  desirable. |
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|   | (h) | This                  Agreement may be signed in two or more counterparts, each of which                  shall                  be deemed an original.  The headings of this Agreement are for                  convenience of reference and shall not form part of, or affect                  the                  interpretation of, this Agreement.  If any provision of this                  Agreement shall be invalid or unenforceable in any jurisdiction,                  such                  validity or unenforceability shall not affect the validity or                  enforceability of the remainder of this Agreement or the validity                  or                  enforceability of this Agreement in any other                  jurisdiction.  Subject to the provisions of Section 10 hereof,                  this Agreement may be amended only by an instrument in writing                  signed by                  the party to be charged with                  enforcement. |
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|   | (i) | This                  Agreement, together with the other Share Transaction Documents,                  constitutes the entire agreement among the parties hereto with                  respect to                  the subject matter hereof.  This Agreement supersedes all prior                  agreements and understandings among the parties hereto with respect                  to the                  subject matter hereof. |
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|   | (j) | Subject                  to the requirements of Section 9 hereof, this Agreement shall inure                  for                  the benefit of and be binding upon the successors and assigns of                  each of                  the parties hereto. |
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|   | (k) | All                  pronouns and any variations thereof refer to the masculine, feminine                  or                  neuter, singular or plural, as the context may                  require. |
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**THE        REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK, THE EXECUTION PAGE        FOLLOWS.**

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**IN        WITNESS WHEREOF**

|   | CENTRAL                  EUROPEAN MEDIA ENTERPRISES LTD. |
|--------|----------------------------------------------------------|
|   |                                                     |
|   |                                                     |
|   | By:                  /s/ Michael Garin                   |
|   |                                                     |
|   |                                                          | Name:                  Michael Garin |
|   |                                                     | Title:   CEO |
|   |                                                     |
|   |                                                     |
|   |                                                     |
|   |                                                     |
|   | /s/                  Igor Kolomoisky                     |
|   | IGOR KOLOMOISKY                                     |

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