Document:

EXHIBIT
B

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is
made and entered into as of _______ __, 2005, by and among Global National
Communications Corp., a Nevada corporation (the “Company”), and
the purchasers signatory hereto (each such purchaser, a “Purchaser” and
collectively, the “Purchasers”).

 

This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of the
date hereof among the Company and the Purchasers (the “Purchase
Agreement”).

 

The
Company and the Purchasers hereby agree as follows:

 

1.  Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the
Purchase Agreement shall have the meanings given such terms in the Purchase
Agreement. As used in this Agreement, the following terms shall have the
following meanings:

 

“Advice” shall
have the meaning set forth in Section 6(d).

 

“Effectiveness
Date” means,
with respect to the Registration Statement required to be filed hereunder, the
earlier of (a) the 90th calendar
day following the Filing Date or the 120th calendar
day following the Filing Date in the event that Commission performs a full
review, and (b) the fifth Trading Day following the date on which the Company is
notified by the Commission that the Registration Statement will not be reviewed
or is no longer subject to further review and comments.

 

“Effectiveness
Period” shall
have the meaning set forth in Section 2(a).

 

“Event” shall
have the meaning set forth in Section 2(b).

 

“Event
Date” shall
have the meaning set forth in Section 2(b).

 

“Filing
Date” means,
with respect to the Registration Statement required to be filed hereunder, the
45th calendar
day following the date of the Purchase Agreement.

 

“Holder” or
“Holders” means
the holder or holders, as the case may be, from time to time of Registrable
Securities.

 

“Indemnified
Party” shall
have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall
have the meaning set forth in Section 5(c).

 

“Losses” shall
have the meaning set forth in Section 5(a).

 

“Plan
of Distribution” shall
have the meaning set forth in Section 2(a). 

 

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“Pledge
Shares” means
the shares of common stock of the Company owned by Yarek Bartosz that have been
pledged pursuant to the Pledge Agreement, dated as of the date hereof among the
Yarek Bartosz, the Purchasers and the Pledge Holder.

 

“Proceeding” means
an action, claim, suit, investigation or proceeding (including, without
limitation, an investigation or partial proceeding, such as a deposition),
whether commenced or threatened.

 

“Prospectus” means
the prospectus included in the Registration Statement (including, without
limitation, a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act), as amended or supplemented by
any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Securities covered by the Registration Statement, and
all other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus.

 

“Registrable
Securities” means
all of the shares of Common Stock issuable upon conversion in full of the
Debentures based on a Conversion Price of $3.50 as set forth in Section 4(b) of
the Debentures, shares of Common Stock issuable as interest on the Debentures,
the Warrant Shares issuable and the Pledge Shares, together with any shares of
Common Stock issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event with respect to the
foregoing.

 

“Registration
Statement” means
the registration statements required to be filed hereunder, including (in each
case) the Prospectus, amendments and supplements to the registration statement
or Prospectus, including pre- and post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated
by reference in the registration statement.

 

“Rule
415” means
Rule 415 promulgated by the Commission pursuant to the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same purpose and
effect as such Rule.

 

“Rule
424” means
Rule 424 promulgated by the Commission pursuant to the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same purpose and
effect as such Rule.

 

“Selling
Shareholder Questionnaire” shall
have the meaning set forth in Section 3(a).

 

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2.  Registration.

 

(a)  On or
prior to the Filing Date, the Company shall prepare and file with the Commission
the Registration Statement covering the resale of 150% of the Registrable
Securities for an offering to be made on a continuous basis pursuant to Rule
415. The Registration Statement required hereunder shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable
Securities on Form S-3, in which case the Registration shall be on another
appropriate form in accordance herewith). The Registration Statement required
hereunder shall contain (except if otherwise directed by the Holders)
substantially the “Plan
of Distribution”
attached hereto as Annex
A. Subject
to the terms of this Agreement, the Company shall use its best efforts to cause
the Registration Statement to be declared effective under the Securities Act as
promptly as possible after the filing thereof, but in any event not later than
the Effectiveness Date, and shall use its best efforts to keep the Registration
Statement continuously effective under the Securities Act until the date when
all Registrable Securities covered by the Registration Statement have been sold
or may be sold without volume restrictions pursuant to Rule 144(k) as determined
by the counsel to the Company pursuant to a written opinion letter to such
effect, addressed and acceptable to the Company’s transfer agent and the
affected Holders (the “Effectiveness
Period”). The
Company shall immediately notify the Holders via facsimile of the effectiveness
of the Registration Statement on the same day that the Company receives
notification of the effectiveness from the Commission. Failure to so notify the
Holder within 1 Trading Day of such notification shall be deemed an Event under
Section 2(b).

 

(b)  If: (i) a
Registration Statement is not filed on or prior to the Filing Date (if the
Company files a Registration Statement without affording the Holder the
opportunity to review and comment on the same as required by Section 3(a), the
Company shall not be deemed to have satisfied this clause (i)), or (ii) the
Company fails to file with the Commission a request for acceleration in
accordance with Rule 461 promulgated under the Securities Act, within five
Trading Days of the date that the Company is notified (orally or in writing,
whichever is earlier) by the Commission that a Registration Statement will not
be “reviewed,” or is not subject to further review, or (iii) prior to the date
when such Registration Statement is first declared effective by the Commission,
the Company fails to file a pre-effective amendment and otherwise respond in
writing to comments made by the Commission in respect of such Registration
Statement within 20 calendar days after the receipt of comments by or notice
from the Commission that such amendment is required in order for a Registration
Statement to be declared effective, or (iv) a Registration Statement filed or
required to be filed hereunder is not declared effective by the Commission on or
before the Effectiveness Date, or (v) after a Registration Statement is first
declared effective by the Commission, it ceases for any reason to remain
continuously effective as to all Registrable Securities for which it is required
to be effective, or the Holders are not permitted to utilize the Prospectus
therein to resell such Registrable Securities, for in any such case 20
consecutive calendar days but no more than an aggregate of 30 calendar days, or
45 calendar days in the event that the reason that such Registration Statement
is not effective is the result of the fact that the Company has entered into a
merger or strategic acquisition, during any 12 month period (which need not be
consecutive Trading Days)(any such failure or breach being referred to as an
“Event,” and
for purposes of clause (i) or (iv) the date on which such Event occurs, or for
purposes of clause (ii) the date on which such five Trading Day period is
exceeded, or for purposes of clause (iii) the date which such 20 calendar day
period is exceeded, or for purposes of clause (v) the date on which such 20, 30
or 45 calendar day period, as applicable, is exceeded being referred to as
“Event
Date”), then
in addition to any other rights the Holders may have hereunder or under
applicable law, then, on each such Event Date and on each monthly anniversary of
each such Event Date (if the applicable Event shall not have been cured by such
date) until the applicable Event is cured, the Company shall pay to each Holder
an amount in cash, as partial liquidated damages and not as a penalty, equal to
0.5% of the aggregate purchase price paid by such Holder pursuant to the
Purchase Agreement for any Registrable Securities then held by such Holder. If
the Company fails to pay any partial liquidated damages pursuant to this Section
in full within seven days after the date payable, the Company will pay interest
thereon at a rate of 18% per annum (or such lesser maximum amount that is
permitted to be paid by applicable law) to the Holder, accruing daily from the
date such partial liquidated damages are due until such amounts, plus all such
interest thereon, are paid in full. The partial liquidated damages pursuant to
the terms hereof shall apply on a daily pro-rata basis for any portion of a
month prior to the cure of an Event.

 

B-3

3.  Registration
Procedures

 

In
connection with the Company’s registration obligations hereunder, the Company
shall:

 

(a)  Not less
than five Trading Days prior to the filing of the Registration Statement or any
related Prospectus or any amendment or supplement thereto, the Company shall,
(i) furnish to the Holders copies of all such documents proposed to be filed
(including documents incorporated or deemed incorporated by reference to the
extent requested by such Person) which documents will be subject to the review
of such Holders, and (ii) cause its officers and directors, counsel and
independent certified public accountants to respond to such inquiries as shall
be necessary, in the reasonable opinion of respective counsel to conduct a
reasonable investigation within the meaning of the Securities Act. The Company
shall not file the Registration Statement or any such Prospectus or any
amendments or supplements thereto to which the Holders of a majority of the
Registrable Securities shall reasonably object in good faith, provided that the
Company is notified of such objection in writing no later than 5 Trading Days
after the Holders have been so furnished copies of such documents. Each Holder
agrees to furnish to the Company a completed Questionnaire in the form attached
to this Agreement as Annex B (a “Selling
Shareholder Questionnaire”) not
less than two Trading Days prior to the Filing Date or by the end of the fourth
Trading Day following the date on which such Holder receives draft materials in
accordance with this Section.

 

(b)  (i)
Prepare and file with the Commission such amendments, including post-effective
amendments, to the Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep the Registration Statement continuously
effective as to the applicable Registrable Securities for the Effectiveness
Period and prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all of the
Registrable Securities; (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as
reasonably possible to any comments received from the Commission with respect to
the Registration Statement or any amendment thereto and, as promptly as
reasonably possible, upon request, provide the Holders true and complete copies
of all correspondence from and to the Commission relating to the Registration
Statement; and (iv) comply in all material respects with the provisions of the
Securities Act and the Exchange Act with respect to the disposition of all
Registrable Securities covered by the Registration Statement during the
applicable period in accordance with the intended methods of disposition by the
Holders thereof set forth in the Registration Statement as so amended or in such
Prospectus as so supplemented.

 

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(c)  Notify
the Holders of Registrable Securities to be sold as promptly as reasonably
possible and (if requested by any such Person) confirm such notice in writing
promptly following the day (i)(A) when a Prospectus or any Prospectus supplement
or post-effective amendment to the Registration Statement is proposed to be
filed; (B) when the Commission notifies the Company whether there will be a
“review” of the Registration Statement and whenever the Commission comments in
writing on the Registration Statement (the Company shall upon request provide
true and complete copies thereof and all written responses thereto to each of
the Holders); and (C) with respect to the Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of any
request by the Commission or any other Federal or state governmental authority
during the period of effectiveness of the Registration Statement for amendments
or supplements to the Registration Statement or Prospectus or for additional
information; (iii) of the issuance by the Commission or any other federal or
state governmental authority of any stop order suspending the effectiveness of
the Registration Statement covering any or all of the Registrable Securities 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
or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose; and (v) of the occurrence of any event or passage of time that makes
the financial statements included in the Registration Statement ineligible for
inclusion therein or any statement made in the Registration Statement or
Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to the
Registration Statement, Prospectus or other documents so that, in the case of
the Registration Statement or the Prospectus, as the case may be, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not
misleading.

 

(d)  Use best
efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i)
any order suspending the effectiveness of the Registration Statement, or (ii)
any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, at the earliest
practicable moment.

 

(e)  Furnish
to each Holder, without charge, at least one conformed copy of the Registration
Statement and each amendment thereto, including financial statements and
schedules, all documents incorporated or deemed to be incorporated therein by
reference to the extent requested by such Person, and all exhibits to the extent
requested by such Person (including those previously furnished or incorporated
by reference) promptly after the filing of such documents with the
Commission.

 

B-5

(f)  Promptly
deliver to each Holder, without charge, as many copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or
supplement thereto as such Persons may reasonably request in connection with
resales by the Holder of Registrable Securities. Subject to the terms of this
Agreement, the Company hereby consents to the use of such Prospectus and each
amendment or supplement thereto by each of the selling Holders in connection
with the offering and sale of the Registrable Securities covered by such
Prospectus and any amendment or supplement thereto, except after the giving on
any notice pursuant to Section 3(c).

 

(g)  Prior to
any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders
in connection with the registration or qualification (or exemption from the
Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep the
Registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably
necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by the Registration Statement; provided, that
the Company shall not be required to qualify generally to do business in any
jurisdiction where it is not then so qualified, subject the Company to any
material tax in any such jurisdiction where it is not then so subject or file a
general consent to service of process in any such jurisdiction.

 

(h)  If NASDR
Rule 2710 requires any broker-dealer to make a filing prior to executing a sale
by a Holder, make an Issuer Filing with the NASDR, Inc. Corporate Financing
Department pursuant to NASDR Rule 2710(b)(10)(A)(i) and respond within five
Trading Days to any comments received from NASDR in connection therewith, and
pay the filing fee required in connection therewith.

 

(i)  If
requested by the Holders, cooperate with the Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to the Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement,
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such Holders may
request.

 

(j)  Upon the
occurrence of any event contemplated by Section 3(c)(v), as promptly as
reasonably possible, prepare a supplement or amendment, including a
post-effective amendment, to the Registration Statement or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, and file any other required document so that, as
thereafter delivered, neither the Registration Statement nor such Prospectus
will contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not
misleading. If the
Company notifies the Holders in accordance with clauses (ii) through (v) of
Section 3(c) above to suspend the use of any Prospectus until the requisite
changes to such Prospectus have been made, then the Holders shall suspend use of
such Prospectus. The Company will use its best efforts to ensure that the use of
the Prospectus may be resumed as promptly as is practicable. The Company shall
be entitled to exercise its right under this Section 3(i) to suspend the
availability of a Registration Statement and Prospectus, subject to the payment
of partial liquidated damages pursuant to Section 2(b), for a period not to
exceed 60 days (which need not be consecutive days) in any 12 month
period.

 

B-6

(k)  Comply
with all applicable rules and regulations of the Commission.

 

(l)  The
Company may require each selling Holder to furnish to the Company a certified
statement as to the number of shares of Common Stock beneficially owned by such
Holder and, if required by the Commission, the person thereof that has voting
and dispositive control over the Shares. During any periods that the Company is
unable to meet its obligations hereunder with respect to the registration of the
Registrable Securities solely because any Holder fails to furnish such
information within three Trading Days of the Company’s request, any liquidated
damages that are accruing at such time as to such Holder only shall be tolled
and any Event that may otherwise occur solely because of such delay shall be
suspended as to such Holder only, until such information is delivered to the
Company.

 

4.  Registration
Expenses. All
fees and expenses incident to the performance of or compliance with this
Agreement by the Company shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to the Registration Statement. The fees
and expenses referred to in the foregoing sentence shall include, without
limitation, (i) all registration and filing fees (including, without limitation,
fees and expenses (A) with respect to filings required to be made with the
Trading Market on which the Common Stock is then listed for trading, (B) in
compliance with applicable state securities or Blue Sky laws reasonably agreed
to by the Company in writing (including, without limitation, fees and
disbursements of counsel for the Company in connection with Blue Sky
qualifications or exemptions of the Registrable Securities and determination of
the eligibility of the Registrable Securities for investment under the laws of
such jurisdictions as requested by the Holders) and (C) if not previously paid
by the Company in connection with an Issuer Filing, with respect to any filing
that may be required to be made by any broker through which a Holder intends to
make sales of Registrable Securities with NASD Regulation, Inc. pursuant to the
NASD Rule 2710, so long as the broker is receiving no more than a customary
brokerage commission in connection with such sale, (ii) printing expenses
(including, without limitation, expenses of printing certificates for
Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) Securities Act liability insurance, if the Company so desires such
insurance, and (vi) fees and expenses of all other Persons retained by the
Company in connection with the consummation of the transactions contemplated by
this Agreement. In addition, the Company shall be responsible for all of its
internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions or, except to the extent
provided for in the Transaction Documents, any legal fees or other costs of the
Holders.

 

B-7

5.  Indemnification

 

(a)  Indemnification
by the Company. The
Company shall, notwithstanding any termination of this Agreement, indemnify and
hold harmless each Holder, the officers, directors, agents, brokers (including
brokers who offer and sell Registrable Securities as principal as a result of a
pledge or any failure to perform under a margin call of Common Stock),
investment advisors and employees of each of them, each Person who controls any
such Holder (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) and the officers, directors, agents and employees of
each such controlling Person, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs
(including, without limitation, reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as
incurred, arising out of or relating to any untrue or alleged untrue statement
of a material fact contained in the Registration Statement, any Prospectus or
any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in light of the circumstances under which they were made)
not misleading, except to the extent, but only to the extent, that (i) such
untrue statements or omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto (it being understood that the Holder has
approved Annex A hereto for this purpose) or (ii) in the case of an occurrence
of an event of the type specified in Section 3(c)(ii)-(v), the use by such
Holder of an outdated or defective Prospectus after the Company has notified
such Holder in writing that the Prospectus is outdated or defective and prior to
the receipt by such Holder of the Advice contemplated in Section 6(d). The
Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding of which the Company is aware in connection with the
transactions contemplated by this Agreement.

 

(b)  Indemnification
by Holders. Each
Holder shall, severally and not jointly, indemnify and hold harmless the
Company, its directors, officers, agents and employees, each Person who controls
the Company (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act), and the directors, officers, agents or employees of
such controlling Persons, to the fullest extent permitted by applicable law,
from and against all Losses, as incurred, to the extent arising out of or based
solely upon: (x) such Holder’s failure to comply with the prospectus delivery
requirements of the Securities Act or (y) any untrue or alleged untrue statement
of a material fact contained in any Registration Statement, any Prospectus, or
any form of prospectus, or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading (i) to the extent, but only to the extent,
that such untrue statement or omission is contained in any information so
furnished in writing by such Holder to the Company specifically for inclusion in
the Registration Statement or such Prospectus or (ii) to the extent that (1)
such untrue statements or omissions are based solely upon information regarding
such Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement (it being understood that the Holder has approved
Annex A hereto for this purpose), such Prospectus or such form of Prospectus or
in any amendment or supplement thereto or (2) in the case of an occurrence of an
event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of
an outdated or defective Prospectus after the Company has notified such Holder
in writing that the Prospectus is outdated or defective and prior to the receipt
by such Holder of the Advice contemplated in Section 6(d). In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar
amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification
obligation.

 

B-8

(c)  Conduct
of Indemnification Proceedings. If any
Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified
Party”), such
Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying
Party”) in
writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the
Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such
failure shall have prejudiced the Indemnifying Party.

 

An
Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties
unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
expenses; (2) the Indemnifying Party shall have failed promptly to assume the
defense of such Proceeding and to employ counsel reasonably satisfactory to such
Indemnified Party in any such Proceeding; or (3) the named parties to any such
Proceeding (including any impleaded parties) include both such Indemnified Party
and the Indemnifying Party, and such Indemnified Party shall reasonably believe
that a material conflict of interest is likely to exist if the same counsel were
to represent such Indemnified Party and the Indemnifying Party (in which case,
if such Indemnified Party notifies the Indemnifying Party in writing that it
elects to employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and
the reasonable fees and expenses of one separate counsel shall be at the expense
of the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the prior written consent of the Indemnified Party, effect any settlement of any
pending Proceeding in respect of which any Indemnified Party is a party, unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such
Proceeding.

 

B-9

Subject
to the terms of this Agreement, all reasonable fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a
manner not inconsistent with this Section) shall be paid to the Indemnified
Party, as incurred, within ten Trading Days of written notice thereof to the
Indemnifying Party; provided, that
the Indemnified Party shall promptly reimburse the Indemnifying Party for that
portion of such fees and expenses applicable to such actions for which such
Indemnified Party is not entitled to indemnification hereunder, determined based
upon the relative faults of the parties.

 

(d)  Contribution. If the
indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified
Party or insufficient to hold an Indemnified Party harmless for any Losses, then
each Indemnifying Party shall contribute to the amount paid or payable by such
Indemnified Party, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying
Party and Indemnified Party shall be determined by reference to, among other
things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such
Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such
action, statement or omission. The amount paid or payable by a party as a result
of any Losses shall be deemed to include, subject to the limitations set forth
in this Agreement, any reasonable attorneys’ or other reasonable fees or
expenses incurred by such party in connection with any Proceeding to the extent
such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms.

 

The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 5(d) were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the
proceeds actually received by such Holder from the sale of the Registrable
Securities subject to the Proceeding exceeds the amount of any damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission, except in the case of fraud by
such Holder.

 

The
indemnity and contribution agreements contained in this Section are in addition
to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

 

B-10

6.  Miscellaneous

 

(a)  Remedies. In the
event of a breach by the Company or by a Holder, of any of their obligations
under this Agreement, each Holder or the Company, as the case may be, in
addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement. The Company and each Holder
agree that monetary damages would not provide adequate compensation for any
losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

 

(b)  No
Piggyback on Registrations. Neither
the Company nor any of its security holders (other than the Holders in such
capacity pursuant hereto) may include securities of the Company in a
Registration Statement other than the Registrable Securities. No Person has any
right to cause the Company to effect the registration under the Securities Act
of any securities of the Company. The Company shall not file any other
registration statements until 60 Trading Days following the date that the
Registration Statement required hereunder is declared effective by the
Commission, provided that this Section 6(b) shall not prohibit the Company from
filing amendments to registration statements already filed.

 

(c)  Compliance. Each
Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act as applicable to it in connection with sales
of Registrable Securities pursuant to the Registration Statement.

 

(d)  Discontinued
Disposition. Each
Holder agrees by its acquisition of such Registrable Securities that, upon
receipt of a notice from the Company of the occurrence of any event of the kind
described in Section 3(c), such Holder will forthwith discontinue disposition of
such Registrable Securities under the Registration Statement until such Holder’s
receipt of the copies of the supplemented Prospectus and/or amended Registration
Statement or until it is advised in writing (the “Advice”) by the
Company that the use of the applicable Prospectus may be resumed, and, in either
case, has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement. The Company will use its best efforts to ensure that the
use of the Prospectus may be resumed as promptly as it practicable. The
Company agrees and acknowledges that any periods during which the Holder is
required to discontinue the disposition of the Registrable Securities hereunder
shall be subject to the provisions of Section 2(b).

 

B-11

(e)  Piggy-Back
Registrations. If at
any time during the Effectiveness Period there is not an effective Registration
Statement covering all of the Registrable Securities and the Company shall
determine to prepare and file with the Commission a registration statement
relating to an offering for its own account or the account of others under the
Securities Act of any of its equity securities, other than on Form S-4 or Form
S-8 (each as promulgated under the Securities Act) or their then equivalents
relating to equity securities to be issued solely in connection with any
acquisition of any entity or business or equity securities issuable in
connection with the stock option or other employee benefit plans, then the
Company shall send to each Holder a written notice of such determination and, if
within fifteen days after the date of such notice, any such Holder shall so
request in writing, the Company shall include in such registration statement all
or any part of such Registrable Securities such Holder requests to be
registered, subject to customary underwriter cutbacks applicable to all holders
of registration rights.

 

(f)  Amendments
and Waivers. The
provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and each Holder of the then outstanding Registrable
Securities. Notwithstanding the foregoing, a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of all of the Registrable Securities to
which such waiver or consent relates; provided,
however, that
the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the immediately preceding
sentence.

 

(g)  Notices. Any and
all notices or other communications or deliveries required or permitted to be
provided hereunder shall be delivered as set forth in the Purchase
Agreement.

 

(h)  Successors
and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and
permitted assigns of each of the parties and shall inure to the benefit of each
Holder. The Company may not assign its rights or obligations hereunder without
the prior written consent of all of the Holders of the then-outstanding
Registrable Securities. Each Holder may assign their respective rights hereunder
in the manner and to the Persons as permitted under the Purchase
Agreement.

 

(i)  No
Inconsistent Agreements. Neither
the Company nor any of its subsidiaries has entered, as of the date hereof, nor
shall the Company or any of its subsidiaries, on or after the date of this
Agreement, enter into any agreement with respect to its securities, that would
have the effect of impairing the rights granted to the Holders in this Agreement
or otherwise conflicts with the provisions hereof. Neither the Company nor any
of its subsidiaries has previously entered into any agreement granting any
registration rights with respect to any of its securities to any Person that
have not been satisfied in full.

 

B-12

(j)  Execution
and Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and, all of which taken together
shall constitute one and the same Agreement. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid binding
obligation of the party executing (or on whose behalf such signature is
executed) the same with the same force and effect as if such facsimile signature
were the original thereof.

 

(k)  Governing
Law. All
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be determined with the provisions of the Purchase
Agreement.

 

(l)  Cumulative
Remedies. The
remedies provided herein are cumulative and not exclusive of any remedies
provided by law.

 

(m)  Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their commercially reasonable
efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

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

 

(o)  Independent
Nature of Holders’ Obligations and Rights. The
obligations of each Holder hereunder are several and not joint with the
obligations of any other Holder hereunder, and no Holder shall be responsible in
any way for the performance of the obligations of any other Holder hereunder.
Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be
deemed to constitute the Holders as a partnership, an association, a joint
venture or any other kind of entity, or create a presumption that the Holders
are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Agreement. Each Holder shall be entitled to
protect and enforce its rights, including without limitation the rights arising
out of this Agreement, and it shall not be necessary for any other Holder to be
joined as an additional party in any proceeding for such purpose.

 

*************************

 

B-13

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

 

 

	 	 	
      GLOBAL
      NATIONAL COMMUNICATIONS CORP. 

	
      By:
	 	 
		 	
      Name:

      Title:

[SIGNATURE
PAGE OF HOLDERS FOLLOWS]

 

 

B-14

 

[HOLDER’S
SIGNATURE PAGE TO GLCN RRA]

Name of
Holder: __________________________

Signature
of Authorized Signatory of Holder:
__________________________

Name of
Authorized Signatory: _________________________

Title of
Authorized Signatory: __________________________

[SIGNATURE
PAGES CONTINUE]

 

B-15

 

 ANNEX
A

 

Plan
of Distribution

 

The
Selling Stockholders (the “Selling
Stockholders”) of the
common stock (“Common
Stock”) of
Global National Communications Corp., a Nevada corporation (the “Company”) and
any of their pledgees, assignees and successors-in-interest may, from time to
time, sell any or all of their shares of Common Stock on any stock exchange,
market or trading facility on which the shares are traded or in private
transactions. These sales may be at fixed or negotiated prices. The Selling
Stockholders may use any one or more of the following methods when selling
shares:

 

	·  	
      ordinary
      brokerage transactions and transactions in which the broker-dealer
      solicits purchasers;

 

	·  	
      block
      trades in which the broker-dealer will attempt to sell the shares as agent
      but may position and resell a portion of the block as principal to
      facilitate the transaction;

 

	·  	
      purchases
      by a broker-dealer as principal and resale by the broker-dealer for its
      account;

 

	·  	
      an
      exchange distribution in accordance with the rules of the applicable
      exchange;

 

	·  	
      privately
      negotiated transactions;

 

	·  	
      settlement
      of short sales entered into after the date of this
    prospectus;

 

	·  	
      broker-dealers
      may agree with the Selling Stockholders to sell a specified number of such
      shares at a stipulated price per share;

 

	·  	
      a
      combination of any such methods of sale;

 

	·  	
      through
      the writing or settlement of options or other hedging transactions,
      whether through an options exchange or otherwise;
or

 

	·  	
      any
      other method permitted pursuant to applicable
law.

 

The
Selling Stockholders may also sell shares under Rule 144 under the Securities
Act of 1933, as amended (the “Securities
Act”), if
available, rather than under this prospectus.

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from
the Selling Stockholders (or, if any broker-dealer acts as agent for the
purchaser of shares, from the purchaser) in amounts to be negotiated, but,
except as set forth in a supplement to this Prospectus, in the case of an agency
transaction not in excess of a customary brokerage commission in compliance with
NADSR Rule 2440; and in the case of a principal transaction a markup or markdown
in compliance with NASDR IM-2440. 

 

B-16

In
connection with the sale of the Common Stock or interests therein, the Selling
Stockholders may enter into hedging transactions with broker-dealers or other
financial institutions, which may in turn engage in short sales of the Common
Stock in the course of hedging the positions they assume. The Selling
Stockholders may also sell shares of the Common Stock short and deliver these
securities to close out their short positions, or loan or pledge the Common
Stock to broker-dealers that in turn may sell these securities. The Selling
Stockholders may also enter into option or other transactions with
broker-dealers or other financial institutions or the creation of one or more
derivative securities which require the delivery to such broker-dealer or other
financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such
transaction).

 

The
Selling Stockholders and any broker dealers or agents that are involved in
selling the shares may be deemed to be “underwriters” within the meaning of the
Securities Act in connection with such sales. In such event, any commissions
received by such broker

 

The
Company is required to pay certain fees and expenses incurred by the Company
incident to the registration of the shares. The Company has agreed to indemnify
the Selling Stockholders against certain losses, claims, damages and
liabilities, including liabilities under the Securities Act. 

 

Because
Selling Stockholders may be deemed to be “underwriters” within the meaning of
the Securities Act, they will be subject to the prospectus delivery requirements
of the Securities Act. In addition, any securities covered by this prospectus
which qualify for sale pursuant to Rule 144 under the Securities Act may be sold
under Rule 144 rather than under this prospectus. Each Selling Stockholder has
advised us that they have not entered into any written or oral agreements,
understandings or arrangements with any underwriter or broker-dealer regarding
the sale of the resale shares. There is no underwriter or coordinating broker
acting in connection with the proposed sale of the resale shares by the Selling
Stockholders.

 

We agreed
to keep this prospectus effective until the earlier of (i) the date on which the
shares may be resold by the Selling Stockholders without registration and
without regard to any volume limitations by reason of Rule 144(e) under the
Securities Act or any other rule of similar effect or (ii) all of the shares
have been sold pursuant to the prospectus or Rule 144 under the Securities Act
or any other rule of similar effect. The resale shares will be sold only through
registered or licensed brokers or dealers if required under applicable state
securities laws. In addition, in certain states, the resale shares may not be
sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is
available and is complied with.

 

B-17

Under
applicable rules and regulations under the Exchange Act, any person engaged in
the distribution of the resale shares may not simultaneously engage in market
making activities with respect to the Common Stock for a period of two business
days prior to the commencement of the distribution. In addition, the Selling
Stockholders will be subject to applicable provisions of the Exchange Act and
the rules and regulations thereunder, including Regulation M, which may limit
the timing of purchases and sales of shares of the Common Stock by the Selling
Stockholders or any other person. We will make copies of this prospectus
available to the Selling Stockholders and have informed them of the need to
deliver a copy of this prospectus to each purchaser at or prior to the time of
the sale.

 

B-18

Annex
B

 

GLOBAL
NATIONAL COMMUNICATIONS CORP. 

 

Selling
Securityholder Notice and Questionnaire

 

The
undersigned beneficial owner of common stock, par value $0.00001 per share
(the “Common
Stock”), of
Global National Communications Corp., a Nevada corporation
(the “Company”), (the
“Registrable
Securities”)
understands that the Company has filed or intends to file with the Securities
and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (the “Registration
Statement”) for
the registration and resale under Rule 415 of the Securities Act of 1933, as
amended (the “Securities
Act”), of
the Registrable Securities, in accordance with the terms of the Registration
Rights Agreement, dated as of _______ __, 2005 (the “Registration
Rights Agreement”), among
the Company and the Purchasers named therein. A copy of the Registration Rights
Agreement is available from the Company upon request at the address set forth
below. All capitalized terms not otherwise defined herein shall have the
meanings ascribed thereto in the Registration Rights Agreement.

 

Certain
legal consequences arise from being named as a selling securityholder in the
Registration Statement and the related prospectus. Accordingly, holders and
beneficial owners of Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being
named as a selling securityholder in the Registration Statement and the related
prospectus.

 

NOTICE

 

The
undersigned beneficial owner (the “Selling
Securityholder”) of
Registrable Securities hereby elects to include the Registrable Securities owned
by it and listed below in Item 3 (unless otherwise specified under such Item 3)
in the Registration Statement.

 

B-19

The
undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

	1.	Name.	 	 
	 	 	 	 
	 	(a)	 	Full
      Legal Name of Selling Securityholder
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	(b)	 	Full
      Legal Name of Registered Holder (if not the same as (a) above) through
      which Registrable Securities Listed in Item 3 below are held:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	(c)	 	Full
      Legal Name of Natural Control Person (which means a natural person who
      directly you indirectly alone or with others has power to vote or dispose
      of the securities covered by the questionnaire):
	 	 	 	 
	 	 	 	 
	 	 	 	 
	2.	Address for Notices to
      Selling Securityholder:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Telephone: 	 	 
	 	 	 	 
	Fax:	 	 
	 	 	 	 
	Contact Person:	 	 
	 	 	 	 
	 	 	 	 
	3. 	Beneficial Ownership of
      Registrable Securities:
	 	 	 	 
	 	(a)	 	Type
      and Number of Registrable Securities beneficially owned:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

B-20

 

	4.	Broker-Dealer
      Status:
	 	 	 	 
	 	(a)	 	Are
      you a broker-dealer?
	 	 	 	
      Yes  o  No  o

	 	 	 	 
	 	
      Note:
	 	If yes, the Commission’s staff has
      indicated that you should be identified as an underwriter in the
      Registration Statement.
	 	 	 	 
	 	(b)	 	Are
      you an affiliate of a broker-dealer?
	 	 	 	
      Yes  o  No  o

	 	 	 	 
	 	(c)	 	If
      you are an affiliate of a broker-dealer, do you certify that you bought
      the Registrable Securities in the ordinary course of business, and at the
      time of the purchase of the Registrable Securities to be resold, you had
      no agreements or understandings, directly or indirectly, with any person
      to distribute the Registrable Securities?
	 	 	 	
      Yes  o  No  o

	 	 	 	 
	 	Note:	 	If
      no, the Commission’s staff has indicated that you should be identified as
      an underwriter in the Registration Statement.
	 	 	 	 
	5.	Beneficial
      Ownership of Other Securities of the Company Owned by the Selling
      Securityholder.
	 	 	 	 
	 	Except as set forth
      below in this Item 5, the undersigned is not the beneficial or registered
      owner of any securities of the Company other than the Registrable
      Securities listed above in Item 3.
	 	 	 	 
	 	(a)	 	Type
      and Amount of Other Securities beneficially owned by the Selling
      Securityholder:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

 

B-21

 

	6.	Relationships
      with the Company:
	 	 	 	 
	 	Except as set forth
      below, neither the undersigned nor any of its affiliates, officers,
      directors or principal equity holders (owners of 5% of more of the equity
      securities of the undersigned) has held any position or office or has had
      any other material relationship with the Company (or its predecessors or
      affiliates) during the past three years.
	 	 	 	 
	 	State any exceptions
      here:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

  

The
undersigned agrees to promptly notify the Company of any inaccuracies or changes
in the information provided herein that may occur subsequent to the date hereof
at any time while the Registration Statement remains effective.

 

By
signing below, the undersigned consents to the disclosure of the information
contained herein in its answers to Items 1 through 6 and the inclusion of such
information in the Registration Statement and the related prospectus. The
undersigned understands that such information will be relied upon by the Company
in connection with the preparation or amendment of the Registration Statement
and the related prospectus.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
and Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

 

	
      Dated:
	 	Beneficial
      Owner: 
	 
	 	 	 	 	 
	 	 	By:
	 
	 	 	 	
      Name:
	 
	 	 	 	
      Title:
	 

 

PLEASE
FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

B-22EXHIBIT
E

PLEDGE
AGREEMENT

THIS
PLEDGE AGREEMENT (this
“Agreement”), dated
as of _______ ___, 2005 between Yarek Bartosz (“Pledgor”), each
secured party identified on the signature page attached hereto (collectively,
together with its successors and assigns, “Secured
Party”) and
Troy & Gould PC (“Pledge
Holder”).

 

WHEREAS,
pursuant to a Securities Purchase Agreement, dated the date hereof, between
Global National Communications Corp., a Nevada corporation and the Secured Party
(the “Purchase
Agreement”),
Company has agreed to issue to the Secured Party and the Secured Party has
agreed to purchase from Company certain of Company’s 8% Convertible Debentures,
due three years from the date of issue (the “Notes”), which
are convertible into shares of Company’s Common Stock, par value $.00001 per
share (the “Common
Stock”). In
connection therewith, Company shall issue the Secured Party certain Common Stock
purchase warrants (the “Warrants”);
and

 

WHEREAS, in
connection with the closing
under the Purchase Agreement on the
date hereof (the
“Closing”), Pledgor
has agreed to execute and deliver this Agreement and to pledge hereunder the
Collateral (as defined herein) to the Pledge Holder, as security for Pledgor’s
obligations under the Notes (the “Obligations”).

 

NOW,
THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

1. DEFINITIONS

 

Capitalized
terms used herein and not otherwise defined herein shall have the meanings
ascribed to them in the Purchase Agreement. The following terms, as used in this
Agreement, shall have the following meanings:

 

“Company
Shares” means
the shares of Common Stock, $.00001 par value, of the Company.

 

“Event
of Default” The
occurrence of any of the following shall constitute an event of default
(“Event
of Default”)
hereunder: 

 

(a) Failure
of Company to pay, when due, the principal, any interest or any other sum
payable under the Notes and such
failure continues for three (3) business days;

 

(b) The
failure of Company generally to pay its debts as such debts become due, the
admission by Company in writing of its inability to pay its debts as such debts
become due, or the making by Company of any general assignment for the benefit
of creditors; 

 

(c) an event
of default (as defined in the Notes) exists under the Notes; or

 

(d) If
pursuant to or within the meaning of the United States Bankruptcy Code or any
other federal or state law relating to insolvency or relief of debtors, Company
shall (i) commence a voluntary case or proceeding; (ii) consent to the entry of
an order for relief against it in an involuntary case; or (iii) consent to the
appointment of a trustee, receiver, assignee, liquidator or similar
official.

 

E-1

“Pledged
Shares” means
the Company Shares owned by Pledgor described on Schedule
A under
the heading “Pledged Shares” (as such schedule may be amended or supplemented
from time to time), and the certificates, if any, representing such shares, all
security entitlement pertaining to such shares, and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such
shares.

 

“Proceeds” means
(i) all “proceeds” as defined in the UCC, (ii) payments or distributions made
with respect to any Collateral and (iii) whatever is receivable or received when
Collateral or proceeds are sold, exchanged, collected or otherwise disposed of,
whether such disposition is voluntary or involuntary.

 

“UCC” means
the Uniform Commercial Code as in effect from time to time in the State of New
York or, when the context implies, the Uniform Commercial Code as in effect from
time to time in any other applicable jurisdiction.

 

2. PLEDGE
OF COLLATERAL

 

2(a) As
security for the due and punctual payment and performance by Company of all of
its Obligations (collectively, the “Secured
Obligations”),
Pledgor hereby pledges and assigns to Secured Party, a first
priority security interest in and continuing lien on all of Pledgor’s right,
title and interest in, to and under the following, in each case whether now
owned or existing or hereafter acquired or arising and wherever located (all of
which being hereinafter collectively referred to as the “Collateral”):

 

(i)  all Pledged
Shares;
and

 

(ii)  to the
extent not otherwise included above, all Proceeds, products, accessions, rents
and profits of or in respect of any of the foregoing.

 

2(b) Simultaneously
with the execution of this Agreement, Pledgor is delivering to the Pledge Holder
a certificate representing the Pledged Shares and such certificate shall be duly
endorsed in blank or accompanied by a stock power duly executed by Pledgor in
blank, together with any documentary tax stamps and any other documents
necessary to cause Secured Party to have a good, valid and perfected first
pledge of, lien on and security interest in the Collateral, free and clear of
any mortgage, pledge, lien, security interest, hypothecation, assignment,
charge, right, encumbrance or restriction (individually, “Encumbrance” and
collectively, “Encumbrances”).

2(c) At any
time following an Event of Default, any or all shares of the Collateral held by
the Pledge Holder hereunder may at the option of Secured Party exercised in
accordance with Section 3(d) hereof,
pursuant to a written notice sent to the Pledge Holder executed by each Secured
Party, be registered in the name of Secured Party, and Pledgor hereby covenants
that, upon demand therefor by Secured Party, Pledgor shall use its best efforts
to cause the Company to effect such registration.

 

2(d) Pledgor
grants Secured Party the right, at Secured Party's option, to file any or all
such financing statements, continuation statements and other documents pursuant
to the UCC, any other applicable law or otherwise, without Pledgor's signature,
and irrevocably appoints Secured Party as Pledgor's attorney in fact to execute
any such statements and documents in Pledgor's name and to perform all other
acts which Secured Party deem appropriate to perfect and continue the security
interest conferred by this Agreement. Pledgor authorizes the Secured Party to
file one or more Uniform Commercial Code financing statements or continuation
statements relating to all or any part of the Collateral without the signature
of Pledgor where permitted by law. Any such financing statements may be signed
by Secured Party on behalf of Pledgor and may be filed at any time in any
jurisdiction whether on not Revised Article 9 is then in effect in that
jurisdiction.

 

E-2

3. VOTING
RIGHTS, DIVIDENDS AND DISTRIBUTIONS

 

So long
as no Event of Default shall have occurred and be continuing:

 

3(a) Pledgor
shall be entitled to exercise any and all voting and/or consensual rights and
powers relating or pertaining to the Collateral or any part thereof, subject to
the terms hereof. 

 

3(b) Pledgor
shall be entitled to receive and retain cash dividends payable on the
Collateral; provided,
however, that
all other dividends (including, without limitation, stock and liquidating
dividends), distributions in property, returns of capital and other
distributions made on or in respect of the Collateral, whether resulting from a
subdivision, combination or reclassification of the outstanding capital stock of
Company or received in exchange for the Collateral or any part thereof or as a
result of any merger, consolidation, acquisition or other exchange of assets to
which Company may be a party or otherwise, and any and all cash and other
property received in exchange for or redemption of any of the Collateral, shall
be retained by Secured Party, or, if delivered to Pledgor, shall be held in
trust for the benefit of Secured Party and forthwith delivered to Secured Party
and shall be considered as part of the Collateral for all purposes of this
Agreement.

 

3(c) Secured
Party shall execute and deliver (or cause to be executed and delivered) to
Pledgor all such proxies, powers of attorney, dividend orders, and other
instruments as Pledgor may request for the purpose of enabling Pledgor to
exercise the voting and/or consensual rights and powers which Pledgor is
entitled to exercise pursuant to Section
3(a) above
and/or to receive the dividends which Pledgor is authorized to receive and
retain pursuant to Section
3(b) above;
and Pledgor shall execute and deliver to Secured Party such instruments as may
be required or may be requested by Secured Party to enable Secured Party to
receive and retain the dividends, distributions in property, returns of capital
and other distributions it is authorized to receive and retain pursuant to
Section
3(b)
above.

 

3(d) Upon the
occurrence and during the continuance of an Event of Default, all rights of
Pledgor to exercise the voting and/or consensual rights and powers which Pledgor
is entitled to exercise pursuant to Section
3(a) above
and/or to receive the dividends which Pledgor is authorized to receive and
retain pursuant to Section 3(b) above
shall cease, at the option of Secured Party (if so directed by Secured Party),
and all such rights shall thereupon become vested in Secured Party, who shall
have the sole and exclusive right and authority to exercise such voting and/or
consensual rights and powers and/or to receive and retain such dividends. In
such case Pledgor shall execute and deliver such documents as Secured Party may
request to enable Secured Party to exercise such rights and receive such
dividends. In addition, Secured Party is hereby appointed the attorney-in-fact
of Pledgor, with full power of substitution, which appointment as
attorney-in-fact is irrevocable and coupled with an interest, to take all such
actions after the occurrence and during the continuance of an Event of Default,
whether in the name of Secured Party or Pledgor, as Secured Party may consider
necessary or desirable for the purpose of exercising such rights and receiving
such dividends. Any and all money and other property paid over to or received by
Secured Party pursuant to the provisions of this Section
3(d) shall be
retained by Secured Party as part of the Collateral and shall be applied in
accordance with the provisions hereof.

 

E-3

4. REMEDIES
ON DEFAULT 

 

4(a) If at any
time an Event of Default shall have occurred and be continuing, then Secured
Party may, in addition to having the right to exercise any right or remedy of a
secured party upon default under the UCC, to the extent permitted by law,
without being required to give any notice to Pledgor 

except as
provided below:

 

(i) Apply any
cash held by it hereunder in the manner provided in Section 4(c) below;
and

 

(ii) If there
shall be no such cash or if the cash so applied shall be insufficient to pay in
full the items specified in Sections 4(c)(i) and
(c)(ii) below,
collect, receive, appropriate and realize upon the Collateral or any part
thereof, and/or, Secured Party may, sell, assign, contract to sell or otherwise
dispose of and deliver the Collateral or any part thereof, in its entirety or in
portions, at public or private sale or at any broker’s board, on any securities
exchange or at any of Secured Party’s residences or elsewhere, for cash, upon
credit or for future delivery, and at such price or prices as Secured Party may
deem best, and Secured Party may (except as otherwise provided by law) be the
purchaser of any or all of the Collateral so sold and thereafter may hold the
same, absolutely, free from any right or claim of whatsoever kind.

 

In the
event of a sale as aforesaid, Secured Party is authorized to, at any such sale,
if it deems it advisable so to do, restrict the number of prospective bidders or
purchasers and/or further restrict such prospective bidders or purchasers to
persons who will represent and agree that they are purchasing for their own
account, for investment, and not with a view to the distribution or resale of
the Collateral, and may otherwise require that such sale be conducted subject to
restrictions as to such other matters as Secured Party may deem necessary in
order that such sale may be effected in such manner as to comply with all
applicable state and federal securities laws. Upon any such sale, Secured Party
shall have the right to deliver, assign and transfer to the purchaser thereof
the Collateral so sold.

 

Pledgor
hereby acknowledges that, notwithstanding that a higher price might be obtained
for the Collateral at a public sale than at a private sale or sales, the making
of a public sale of the Collateral may be subject to registration requirements
under applicable securities laws and similar other legal restrictions compliance
with which would require such actions on the part of Pledgor, would entail such
expenses, and would subject Secured Party, any underwriter through whom the
Collateral may be sold and any controlling person of any of the foregoing to
such liabilities, as would make a public sale of the Collateral impractical.
Accordingly, Pledgor hereby agrees that private sales made by Secured Party in
good faith in accordance with the provisions of this Section 4(a) may be
at prices and on other terms less favorable to the seller than if the Collateral
were sold at public sale, and that Secured Party shall not have any obligation
to take any steps in order to permit the Collateral to be sold at public sale, a
private sale being considered or deemed to be a sale in a commercially
reasonable manner.

 

Each
purchaser at any such sale shall hold the property sold, absolutely, free from
any claim or right of whatsoever kind, including any equity or right of
redemption of Pledgor, who hereby specifically waives all rights of redemption,
stay or appraisal which Pledgor has or may have under any rule of law or statute
now existing or hereafter adopted. Secured Party shall give Pledgor not less
than ten (10) days’ written notice of its intention to make any such public or
private sale. Such notice, in case of a public sale, shall state the time and
place fixed for such sale, and, in case of a sale at broker’s board, on a
securities exchange or elsewhere, shall state the board, exchange or other
location at which such sale is to be made and the day on which the Collateral,
or that portion thereof so being sold, will first be offered for sale at such
location. Such notice, in case of a private sale, shall state only the date on
or after which such sale may be made. Any such notice given as aforesaid shall
be deemed to be reasonable notification.

Any such
public sale shall be held at such time or times within ordinary business hours
and at such place or places as Secured Party may fix in the notice of such sale.
At any sale the Collateral may be sold in one lot as an entirety or in parts, as
Secured Party may determine. Secured Party shall not be obligated to make any
sale pursuant to any such notice. Secured Party may, without notice or
publication, adjourn any sale or cause the same to be adjourned from time to
time by announcement at the time and place fixed for the sale, and such sale may
be made at any time or place to which the same may be so adjourned. In case of
any sale of all or any part of the Collateral on credit or for future delivery,
the Collateral so sold may be retained by Secured Party until the selling price
is paid by the purchaser thereof, but the Secured Party shall not incur any
liability in case of the failure of such purchaser to take up and pay for the
Collateral so sold and, in case of any such failure, such Collateral may again
be sold upon like notice.

 

E-4

Secured
Party, instead of exercising the power of sale herein conferred upon it, may
proceed by a suit or suits at law or in equity to foreclose its lien or security
interest arising from this Agreement and sell the Collateral, or any portion
thereof, under a judgment or decree of a court or courts of competent
jurisdiction.

 

Upon the
occurrence of an Event of Default, Secured Party or its nominee shall have the
right to exercise any and all rights of conversion, exchange, subscription or
any other rights, privileges or options pertaining to any shares of the
Collateral as if it were the absolute owner thereof, including, without
limitation, the right to exchange, at its discretion, any or all of the
Collateral upon the merger, consolidation, reorganization, recapitalization or
other readjustment of Company, or upon the exercise by Company of any right,
privilege or option pertaining to any such shares of the Collateral, and, in
connection therewith, to deposit and deliver any and all of the Collateral with
any committee, depository, transfer agent, registrar or other designated agency
upon such terms and conditions as Secured Party may determine.

 

On any
sale of the Collateral, Secured Party is hereby authorized to comply with any
limitation or restriction in connection with such sale that it may be advised by
counsel is necessary in order to avoid any violation of applicable law or in
order to obtain any required approval of the purchaser or purchasers by any
governmental regulatory authority or officer or court.

 

It is
expressly understood and agreed by Pledgor that Secured Party may exercise its
rights under any other document providing security for the Secured Obligations
without exercising its rights or affecting the security provided hereunder, and
it is further understood and agreed by Pledgor that Secured Party may proceed
against all or any portion or portions of the Collateral and all other
collateral securing the Secured Obligations in such order and at such time as
Secured Party, in its sole discretion, sees fit; and Pledgor hereby expressly
waives any rights under the doctrine of marshalling of assets.

Compliance
with the foregoing procedures shall result in such sale or disposition being
considered or deemed to have been made in a commercially reasonable
manner.

 

4(b) Each of
the rights, powers, and remedies provided herein, in the Note or in any other
document providing security for the Secured Obligations or now or hereafter
existing at law or in equity or by statute or otherwise shall be cumulative and
concurrent and shall be in addition to every other right, power or remedy
provided for herein or therein or now or hereafter existing at law or in equity
or by statute or otherwise. The exercise of any such right, power or remedy
shall not preclude the simultaneous or later exercise of any or all other such
rights, powers or remedies. No notice to or demand on Pledgor in any case shall
entitle Pledgor to any other notice or demand in similar or other
circumstances.

 

E-5

4(c) The
proceeds of any collection, recovery, receipt, appropriation, realization or
sale as aforesaid shall be applied by Secured Party in the following
order:

 

(i) First, to
the payment of all costs and expenses of every kind incurred by Secured Party in
connection therewith or incidental to the care, safekeeping or otherwise of any
of the Collateral, including, without limitation, reasonable attorneys’ fees and
expenses; and

 

(ii) Second,
to the payment of any amounts due under the Secured Obligations.

 

5. REPRESENTATIONS,
WARRANTIES AND COVENANTS OF PLEDGOR

 

Pledgor
represents, warrants and covenants that:

 

5(a) Pledgor
has all requisite capacity, power and authority, being under no legal
restriction, limitation or disability, to own the Collateral and to execute,
deliver and perform this Agreement.

 

5(b) This
Agreement has been duly authorized, executed and delivered by Pledgor and
constitutes a legal, valid, and binding obligation of Pledgor, enforceable in
accordance with its terms.

Pledgor
is the record and beneficial owner of each share of the Collateral set forth
next to Pledgor’s name on Schedule A. Pledgor has and will have good, valid
and marketable title to the
Collateral, free
and clear of all Encumbrances other than the security interest created by this
Agreement.

 

5(c) All of
the shares of the Collateral have been duly and validly issued, fully paid and
nonassessable.

 

5(d) The
Collateral is and will be duly and validly pledged for the benefit of Secured
Party in accordance with law, and the Secured Party has and will have a good,
valid, and perfected first lien on and security interest in the Collateral and
the proceeds thereof.

 

5(e) The
execution, delivery and performance by Pledgor of this Agreement does not and
will not: (i) conflict with or result in a breach of or constitute a
default or require any consent (which has not been obtained) under, or result in
or require the acceleration of any of its indebtedness pursuant to, any
agreement, indenture or other instrument to which Pledgor is a party or by which
Pledgor may be
bound or affected; or (ii) conflict with or violate any judgment, decree,
order, law, statute, ordinance, license or other governmental rule or regulation
applicable to Pledgor.

 

5(f) No
approval, consent or other action by Pledgor, any governmental authority, or any
other person or entity is or will be necessary to permit the valid execution,
delivery or performance of this Agreement by Pledgor.

 

5(g) There is
no action, claim, suit, proceeding or investigation pending, or to the knowledge
of Pledgor, threatened or reasonably anticipated, against or affecting Pledgor,
this Agreement, or the transactions contemplated hereby, before or by any court,
arbitrator or governmental authority which might adversely affect Pledgor's
ability to perform its obligations under this Agreement or might materially
adversely affect the value of the Collateral.

 

E-6

5(h) No
effective financing statement naming Pledgor as debtor, assignor, grantor,
mortgagor, pledgor or the like and covering all or any part of the Collateral is
on file in any filing or recording office in any jurisdiction.

 

5(i) Until all
Secured Obligations have been performed in full, Pledgor hereby covenants that,
unless Secured Party otherwise consents in advance in writing:

 

(i) Pledgor
shall defend the Collateral and Secured Party’s interest therein against all
claims and demands of all persons at any time claiming the same or any interest
therein adverse to Secured Party, and pay all costs and expenses (including,
without limitation, reasonable attorneys’ fees and expenses) in connection with
such defense.

 

(ii) Pledgor
shall not sell, transfer, pledge, assign or otherwise dispose of any of the
Collateral or any interest therein, and Pledgor shall not create, incur, assume
or suffer to exist any Encumbrance with respect to any of the Collateral or any
interest therein (except pursuant hereto).

 

(iii) Pledgor
shall not take or permit to be taken any action in connection with the
Collateral or otherwise which would impair the value of the interests or rights
of Pledgor therein or which would impair the interests or rights of Secured
Party therein or with respect thereto.

 

6. FEES
AND EXPENSES OF SECURED PARTY

 

Secured
Party shall be reimbursed by Pledgor for its out of pocket expenses, including,
without limitation, reasonable attorneys’ fees, incurred in effecting any of the
transactions and responsibilities described herein. Pledgor shall reimburse
Secured Party for, and save Secured Party harmless from and against liability
for the payment of, all out-of-pocket expenses arising in connection with the
enforcement of, or for the preservation or exercise of any rights (including the
right to realize upon the Collateral) under, this Agreement, including, without
limitation, reasonable attorneys’ fees.

 

7. CONTINUING
LIEN; RETURN OF COLLATERAL

 

This
Agreement shall create a continuing security interest in the Collateral and
shall remain in full force and effect until the payment in full of all Secured
Obligations. So long as no Event of Default has occurred, when all Secured
Obligations have been paid, performed and satisfied in full, this Agreement
shall terminate and the Collateral held by Secured Party shall promptly be
returned to Pledgor, in no event later than five (5) business days after the
date of such notification, at the address of Pledgor set forth in Section
11 or at
such other address as Pledgor may direct in writing. The Secured Party shall not
be deemed to have made any representation or warranty with respect to any
Collateral so delivered, except that such Collateral is free and clear, on the
date of delivery, of any and all liens, charges and encumbrances arising from
its own acts.

 

8. ADDITIONAL
ACTIONS AND DOCUMENTS

 

Pledgor
hereby agrees to take or cause to be taken such further actions to execute,
deliver and file or cause to be executed, delivered and filed such further
documents and instruments, and to obtain such consents as may be necessary or
desirable, in the opinion of Secured Party, in order to fully effectuate the
purposes, terms and conditions of this Agreement, whether before, at or after
the occurrence of an Event of Default.

 

E-7

9. SURVIVAL

 

It is the
express intention and agreement of the parties hereto that all covenants,
agreements, statements, representations, warranties and indemnities made by
Pledgor herein shall survive the execution and delivery of this
Agreement.

 

10. ENTIRE
AGREEMENT

 

This
Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior oral or written
agreements, commitments or understandings with respect to the matters provided
for herein.

 

11. NOTICES

 

All
notices, demands, consents, requests, and other communications required or
permitted to be given or made hereunder shall be in writing and shall be
delivered, telecopied, telexed or mailed by first-class, registered or certified
mail, return receipt requested, postage prepaid, or transmitted by hand
delivery, addressed as follows:

 

If to
Pledgor:

Yarek
Bartosz 

2/F Hang
Wei Bldg.

Road
2

North
Hi-Tech Park

Shenzhen,
Guang9dong

Peoples
Republic of China

Facsimile:
(____)
___-_____

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

 

Troy
& Gould

1801
Century Park East

16th Floor

Los
Angeles, California 90067 

Attention:
David L. Ficksman, Esq.

Facsimile:
(310)
201-4746

If the
Pledge Holder:

Troy
& Gould

1801
Century Park East

16th Floor

Los
Angeles, California 90067 

Attention:
David L. Ficksman, Esq.

Facsimile:
(310)
201-4746

If to
Secured Party:

To the
address set forth on the signature page attached hereto.

 

E-8

 

Each
party may designate by notice in writing a new address to which any notice,
demand, request or communication may thereafter be so given, served or sent.
Each notice, demand, request or communication which shall be given or made in
the manner described above shall be deemed sufficiently given or made for all
purposes at such time as it is hand-delivered to the addressee (with the
delivery receipt or statement of messenger being deemed conclusive, but not
exclusive, evidence of such delivery) or at such time as delivery is refused by
the addressee upon presentation or three (3) days after being deposited in the
mails, as applicable.

 

12. AMENDMENT

 

No
amendment, modification or supplement of or to this Agreement shall be valid or
binding unless set forth in writing and duly executed by the party against whom
enforcement of the amendment, modification or supplement is sought.

 

13. BENEFIT
AND ASSIGNMENT

 

This
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and permitted assigns. This Agreement may
not be assigned by Pledgor.

 

14. WAIVER

 

No delay
or failure on the part of Secured Party in exercising any right, power or
privilege under this Agreement or under any other instruments given in
connection with or pursuant to this Agreement shall impair any such right, power
or privilege or be construed as a waiver of any default or any acquiescence
therein. No single or partial exercise of any such right, power or privilege
shall preclude the further exercise of such right, power or privilege, or the
exercise of any other right, power or privilege. No waiver shall be valid
against Secured Party unless made in writing and signed by Secured Party, and
then only to the extent expressly specified therein.

 

15. SEVERABILITY

 

If any
part of any provision of this Agreement or any other agreement, document or
writing given pursuant to or in connection with this Agreement shall be invalid
or unenforceable in any respect, such part shall be ineffective to the extent of
such invalidity or unenforceability only, without in any way affecting the
remaining parts of such provision or the remaining provisions of this
Agreement.

 

16. GOVERNING
LAW; JURISDICTION

 

This
Agreement, the rights and obligations of the parties hereto, and any claims or
disputes relating thereto, shall be governed by and construed in accordance with
the laws of the State of New York (excluding the choice of law rules thereof).
In any action between any of the parties arising out of or relating to this
Agreement or any of the transactions contemplated by this Agreement: (a) each of
the parties irrevocably and unconditionally consents and submits to the
exclusive jurisdiction and venue of the state and city courts in the City of New
York and the applicable courts for appeals thereform; (b) if any such action is
commenced in a state court, then, subject to applicable law, no party shall
object to the removal of such action to any federal court located in the State
of New York; (c) each of the parties irrevocably waives the right to trial by
jury; and (d) each of the parties irrevocably consents to service of process by
first class certified mail, return receipt requested, postage prepaid, to the
address at which such party is to receive notice in accordance with Section
11.

 

 

E-9

17.  PRONOUNS

 

All
pronouns and any variations thereof in this Agreement shall be deemed to refer
to the masculine, feminine, neuter, singular or plural, as the identity of the
person or entity may require.

 

18. HEADINGS

 

Section
headings contained in this Agreement are inserted for convenience of reference
only, shall not be deemed to be a part of this Agreement for any purpose, and
shall not in any way define or affect the meaning, construction or scope of any
of the provisions hereof.

 

19. EXECUTION

 

To
facilitate execution, this Agreement may be executed in as many counterparts as
may be required; and it shall not be necessary that the signatures of, or on
behalf of, each party, or that the signatures of all persons required to bind
any party, appear on each counterpart; but it shall be sufficient that the
signature of, or on behalf of, each party, or that the signatures of the persons
required to bind any party, appear on one or more of the counterparts. All
counterparts shall collectively constitute a single agreement. It shall not be
necessary in making proof of this Agreement to produce or account for more than
that number of counterparts containing the respective signatures of, or on
behalf of, all of the parties hereto.

 

 

[The
remainder of this page intentionally left blank.]

E-10

IN
WITNESS WHEREOF, each of
the parties hereto has duly executed this Pledge Agreement, or has caused this
Pledge Agreement to be duly executed on its behalf, as of the day and year first
above written.

PLEDGOR:

	 
	Yarek Bartosz

 

PLEDGE
HOLDER:

 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

       

      

       

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGES FOR SECURED PARTY FOLLOWS]

 

 

E-11

[PURCHASER
SIGNATURE PAGES TO GLNC SECURITIES PURCHASE AGREEMENT]

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement
to be duly executed by their respective authorized signatories as of the date
first indicated above.

 

Name of
Secured Party:
________________________________________________________

Signature
of Authorized Signatory of Secured Party:
__________________________________

Name of
Authorized Signatory:
____________________________________________________

Title of
Authorized Signatory:
_____________________________________________________

Email
Address of
Purchaser:________________________________________________

Address
for Notice of Secured Party:

Address
for Delivery of Pledged Shares for Purchaser (if not same as
above):

E-12

Schedule
A

PLEDGED
SHARES

 

	
      PLEDGOR
	 	
      PLEDGED
      SHARES

	 	 	 
	
      Yarek
      Bartosz
	 	
      ______
      SHARES OF COMMON STOCK, $.00001 PAR VALUE, OF GLOBAL NATIONAL
      COMMUNICATION CORP.

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