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EXHIBIT 10.1

SECURITIES PURCHASE AGREEMENT

     SECURITIES PURCHASE AGREEMENT, dated as of May 4, 2007, between Viewpoint Corporation, a Delaware corporation (the “COMPANY”), DG FastChannel, Inc., a Delaware corporation (“DGFC”)
and the other investors listed on Schedule of Purchasers (the “SCHEDULE OF PURCHASERS”) attached hereto as Exhibit A (DGFC and each such other investor, individually, a “PURCHASER” and collectively, the “PURCHASERS”).

PREAMBLE

     The Company has duly authorized (i) the issuance of 13,250,000 shares of the Company’s common stock, par value $.001 per share (the “COMMON STOCK”) (ii) the issuance of warrants to
purchase 3,312,500 shares of Common Stock to the Purchasers (such number being twenty-five percent (25%) of the total number of shares of Common Stock issuable to such Purchaser as described above) (the “WARRANTS”), pursuant to the
provisions of this Securities Purchase Agreement and the Warrants to be entered into on the Closing Date, the form of which is attached as Exhibit B hereto. 

     
Each party hereto agrees as follows for the benefit of the other party:

ARTICLE ONE

DEFINITIONS 

     
SECTION 1.01. DEFINITIONS. 

     “BOARD OF DIRECTORS” means, as to any Person, the board of directors of such Person or any duly authorized committee thereof. 

     “BUSINESS DAY” means any day other than a Saturday, Sunday or any other day on which banking institutions in The City of New York are required or authorized by law or other governmental
action to be closed. 

     “CAPITAL STOCK” means (1) with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents, however designated, of corporate stock,
including each class of common stock and preferred stock of such Person and (2) with respect to any Person that is not a corporation, any and all partnership or other equity interests of such Person. 

     
“CLOSING” has the meaning set forth in Section 2.02. 

     
“CLOSING DATE” has the meaning set forth in Section 2.02.

     
“COMMON STOCK” has the meaning set forth in the Preamble.

     “COMMISSION” means the Securities and Exchange Commission, or any successor agency thereto with respect to the regulation or registration of securities. 

     “COMPANY” means the party named as such in the Preamble until a successor replaces it pursuant to this Securities Purchase Agreement. 

     “COMPANY COMMISSION FILINGS” has the meaning set forth in Section 3.01(d) . 

     “EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 

     “GAAP” is defined to mean generally accepted accounting principles in the United States of America as in effect from time to time, including, without limitation, those set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as approved by a significant segment of the accounting profession. 

     “KNOWLEDGE OF THE COMPANY” means the actual knowledge of any executive officer of the Company after reasonable inquiry. 

     “LIEN” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in
the nature thereof and any agreement to give any security interest). 

     
“MATERIAL ADVERSE EFFECT” has the meaning set forth in Section 3.01(b) .

     “OPINION OF COUNSEL” means a written opinion from legal counsel which counsel may be counsel to or an employee of the Company. 

     “PERSON” means an individual, partnership, corporation, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

     
“PURCHASE PRICE” has the meaning set forth in Section 2.01. 

     
“PURCHASER” or “PURCHASERS” has the meaning set forth in the Preamble.

     “REGISTRATION RIGHTS AGREEMENT” means that certain Registration Rights Agreement, to be dated as of the Closing Date by and between the Company and the Purchasers, as amended from time to
time, a copy of which is attached as Exhibit C. 

     
“REGISTRATION STATEMENT” has the meaning set forth in Section 3.01(f) .

     
“SALE NOTICE” has the meaning set forth in Section 4.07. 

     
“SCHEDULE OF PURCHASERS” has the meaning set forth in the Preamble. 

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     “SECURITIES” means the Common Stock and the Warrants to be issued pursuant to the provisions of the Securities Purchase Agreement and the Warrant. 

     “SECURITIES ACT” means the Securities Act of 1933, as amended, or any successor statute or statutes thereto. 

     “SECURITIES PURCHASE AGREEMENT” means this Securities Purchase Agreement, dated as of May 4, 2007, by and among the Company and the Purchasers, as amended from time to time. 

     
“SHORT SALES” has the meaning set forth in Section 3.02(d) .

     “SUBSIDIARY,” with respect to any Person, means (i) any corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election of
directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person, or (ii) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person. 

     “WARRANTS” has the meaning set forth in the Preamble of the Securities Purchase Agreement, which such Warrants shall be exercisable six months after the Closing Date and have a term equal to
three and one-half (3.5) years. 

     
“WARRANT EXERCISE PRICE” has the meaning set forth in Section 2.01. 

     
SECTION 1.02. RULES OF CONSTRUCTION. 

     
Unless the context otherwise requires: 

           (i) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

           
(ii) “or” is not exclusive; 

           (iii) words in the singular include the plural, and words in the plural include the singular; 

     
      (iv) provisions apply to successive events and transactions; and 

           (v) “herein,” “hereof” and other words of similar import refer to this Securities Purchase Agreement as a whole and not to
any particular Article, Section or other subdivision. 

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ARTICLE TWO 

THE SECURITIES

   SECTION 2.01.       PURCHASE AND SALE OF THE SECURITIES.

     Subject to the terms and conditions of this Securities Purchase Agreement and in reliance on the representations, warranties and covenants of the parties contained herein, the Company shall issue and
deliver to each Purchaser, and each Purchaser severally, but not jointly, agrees to purchase from the Company on the Closing Date (as defined below) (a) the number of shares of Common Stock as set forth opposite such Purchaser’s name in column
(3) on the Schedule of Purchasers and (b) a Warrant to purchase the number of shares of Common Stock set forth opposite such Purchaser’s name in column (4) on the Schedule of Purchasers, such number being twenty-five percent (25%) of the total
number of shares of Common Stock issuable to such Purchaser as described above in this Section 2.01, which warrants shall be exercisable six (6) months after the Closing Date and shall have a term of three and one-half (3.5) years from the Closing
Date, and an exercise price (the “WARRANT EXERCISE PRICE”) equal to the greater of (i) $0.40 or (ii) the closing price on the NASDAQ Stock Market on May 4, 2007, at a purchase price per share of Common Stock of $0.40 for an
aggregate purchase price (the “PURCHASE PRICE”) as set forth opposite such Purchaser’s name in column (5) on the Schedule of Purchasers. 

   SECTION 2.02.       LOSING.

     The closing of the transactions contemplated by Section 2.01 (the “CLOSING”) shall take place at 3:00 p.m. on May 7, 2007 (the “CLOSING DATE”) at the offices of Merriman Curhan
Ford & Co. or at such other place and time as the Company and the Purchasers shall mutually agree. 

     At the Closing, the Company shall deliver to each Purchaser (i) certificates representing the Common Stock and (ii) Warrants, in substantially the form attached as Exhibit
B hereto and to be purchased by such Purchaser at the Closing duly registered in the name of such Purchaser. Delivery of such certificates to each Purchaser shall be made against receipt by the Company from such
Purchaser of the aggregate purchase price set forth opposite such Purchaser’s name in column (5) on the Schedule of Purchasers by wire transfer of immediately available funds to an account designated by the Company in writing for such purpose.

   ARTICLE THREE

   REPRESENTATIONS AND WARRANTIES

   SECTION 3.01.       REPRESENTATIONS AND WARRANTIES OF THE  COMPANY.  

     In order to induce each Purchaser to enter into this Securities Purchase Agreement and purchase the Securities, the Company represents and warrants to each Purchaser as follows: 

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     (a) Organization, Good Standing and Corporate Power.  The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware, with all requisite corporate power and authority to own its properties and to conduct its business as presently conducted.  The Company is qualified to do business and is in good
standing (or has active status) in each jurisdiction in which the failure to be so qualified could have a Material Adverse Effect (as hereinafter defined). No proceeding has been instituted in any such jurisdiction, revoking, limiting or curtailing,
or seeking to revoke, limit or curtail, such power and authority or qualification. The Company has all requisite corporate power and authority to enter into this Securities Purchase Agreement and to perform its obligations hereunder, including,
without limitation, the issuance and sale of the Common Stock and Warrants.

     (b) Due Authorization; Enforceability; No Conflicts. The Company has taken all corporate and stockholder
action necessary to authorize the execution, delivery and performance by it of this Securities Purchase Agreement, the Registration Rights Agreement and the Warrant. Assuming the due execution and delivery of this Securities Purchase Agreement and
the Registration Rights Agreement by the Purchaser, this Securities Purchase Agreement and the Registration Rights Agreement each constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to the enforcement of creditors’ rights generally, the availability of equitable remedies and to general equity principles.  The
execution, delivery and performance by the Company of this Securities Purchase Agreement and the Registration Rights Agreement and the Warrants and compliance by the Company with the terms hereof and thereof will not (i) violate or result in a
violation of the Company’s Certificate of Incorporation or the Company’s Bylaws, or any resolutions of the Company’s Board of Directors or stockholders or (ii) violate or result in a violation of, or constitute a material breach of or
constitute a default under, any indenture, deed of trust, mortgage, loan agreement, or other agreement or instrument, judgment, order, law, rule or regulation applicable to the Company or by which the Company is bound or to which any of the
Company’s properties are subject, except in the case of clause (ii), where such violation, conflict or event of default would not result in a material adverse effect on the Company’s business, financial condition, results of operations or
properties (a “MATERIAL ADVERSE EFFECT”). The Common Stock, upon issuance in accordance with the terms of this Securities Purchase Agreement and the issuance of the Warrants and the reservation for issuance and the issuance of the shares
of Common Stock issuable upon exercise thereof, as the case may be, are and will continue upon issuance to be duly authorized, validly issued, fully-paid and nonassessable and free of any Liens, claims or encumbrances and rights of first refusal,
preemptive rights, co-sale rights, registration rights, or other similar rights. No further approval or authorization of any stockholder, the Board of Directors of the Company or other third party is required for the issuance and sale of the
Securities. 

     (c) Capitalization.  As of the date hereof and prior to giving effect to the issuance of the Securities, the
authorized Capital Stock of the Company consists of (i) 5,000,000 shares of preferred stock, par value $.001 per share, of which no shares are issued and outstanding, and (ii) 150,000,000 shares of Common Stock, of which

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68,336,667 shares are issued and outstanding. Except with respect to any Securities to be issued in connection with this Securities Purchase Agreement, including the Warrants or as set forth on SCHEDULE 3.01(c) annexed hereto,
there are no outstanding subscriptions, rights, options, warrants, conversion rights, agreements or other claims for the purchase or acquisition from the Company of any shares of its Capital Stock or obligating the Company to issue, repurchase,
register or otherwise acquire, any shares of its Capital Stock or any securities convertible into, exercisable or exchangeable for, or otherwise entitling the holder to acquire, any shares of Capital Stock of the Company. The outstanding shares of
Capital Stock of the Company have been duly and validly issued and are fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and were not issued in violation of any preemptive rights or similar
rights. 

     (d) Reports and Financial Statements. The Company has previously furnished the Purchaser with true and
complete copies, as amended or supplemented, of the following documents, to the extent not available on the EDGAR system (i) Annual Report on Form 10-K and Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended December 31, 2006, as
filed with the Commission, (ii) proxy statements relating to all meetings of its shareholders (whether annual or special) since June 1, 2006 and (iii) all other reports or registration statements filed by the Company with the SEC since December 31,
2005 (such reports, registration statements and other filings, together with any amendments or supplements thereto, are collectively referred to as the “COMPANY COMMISSION FILINGS”). Except as set forth on Schedule 3.01(d), the Company
Commission Filings constituted all of the documents required to be filed by the Company with the Commission since December 31, 2005.  Except as set forth on Schedule 3.01(d), as of their respective dates, such Company’s Commission Filings (as
amended or supplemented) complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and did not contain any 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 the light of the circumstances under which they were made, not misleading.  The audited consolidated financial statements
and any unaudited interim financial statements of the Company included in such Company’s Commission Filings comply as to form in all material respects with applicable accounting requirements and the published rules and regulations of the
Commission with respect thereto, and have been prepared in accordance with GAAP (except as may be indicated therein or in the notes thereto and, in the case of the quarterly financial statements, as permitted by Form 10-Q under the Exchange Act) and
fairly present in all material respects the financial position of the Company at the dates thereof and the results of its operations and its cash flows for the periods then ended. 

     (e) Absence of Certain Changes or Events. Except as publicly disclosed or otherwise disclosed in writing to
each Purchaser prior to the date of this Securities Purchase Agreement or as otherwise contemplated by this Securities Purchase Agreement, since December 31, 2006, there has not been any material adverse change or material adverse development in the
financial condition, results of operations, or the business or properties of the Company. 

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     (f) Information in the Registration Statement.  None of the information relating to the Company, its officers
or directors, supplied by the Company for inclusion or incorporation by reference in the registration statement (the “REGISTRATION STATEMENT”) to be filed with the Commission by the Company pursuant to the Registration Rights Agreement to
be entered into between the Company and the Purchasers or any amendments or supplements thereto, will, at the time it becomes effective under the Securities Act and at the effective date, contain any untrue statement of material fact or omit to
state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If at any time prior to the effective date any event with
respect to the Company, its officers or directors should occur which is required to be described in an amendment, or a supplement to, the Registration Statement, such event shall be so described and such description in such amendment or supplement
of such information will not contain any statement which, at the time and in the light of circumstances under which it is made, is false or misleading with respect to any material fact or omits to state any material fact required to be stated
therein or in the Registration Statement or necessary to make the statements therein or in the Registration Statement not false or misleading. 

     (g) Compliance With Laws.  The conduct of the business of the Company complies in all material respects with
all statutes, laws, regulations, ordinances, rules, judgments, orders or decrees applicable thereto.  Except as set forth on SCHEDULE 3.01(g) annexed hereto, the Company has not received notice of any alleged material violation of any statute, law,
regulation, ordinance, rule, judgment, order or decree from any governmental authority applicable to the Company or any of its assets or properties. 

     (h) Consents. Except as set forth on SCHEDULE 3.01(h) annexed hereto, no consent or waiver of, order or
approval by, or registration, qualification or filing with, any regulatory body, administrative agency, or other governmental authority or other third party is required in connection with the Company’s execution and delivery of this Securities
Purchase Agreement, the Registration Rights Agreement and the Warrants, and the valid issuance and sale of the Securities to be sold and issued pursuant to this Securities Purchase Agreement and the Warrants. 

     (i) Litigation Proceedings.  Except as set forth on SCHEDULE 3.01(i) annexed hereto, there is no action, suit,
notice of violation, proceeding or investigation pending or, to the Knowledge of the Company, threatened against or affecting the Company, its Subsidiaries or any of its properties before or by any court, governmental or administrative agency or
regulatory authority (federal, state, county, local or foreign) which (i) adversely affects or challenges the legality, validity or enforceability of any of this Securities Purchase Agreement, the Registration Rights Agreement or the Warrants or
(ii) could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 

     (j) No Default or Violation.  Except as set forth on SCHEDULE 3.01(j) annexed hereto, neither the Company nor
its Subsidiaries (i) is in default under or in violation of any indenture, loan or other credit agreement or any other agreement or

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instrument to which it is a party or by which it or any of its properties is bound, (ii) is in violation of any order of any court, arbitrator or governmental body applicable to it, (iii) is in violation of any statute, rule or
regulation of any governmental authority to which it is subject or (iv) is in default under or in violation of its Certificate of Incorporation, Bylaws or other organizational documents, respectively, except in the case of clause (i), (ii) and
(iii), for defaults and violations which individually or in the aggregate would not reasonably be expected to have a Material Adverse Effect. The business of the Company is not being conducted, and shall not be conducted in violation of any law,
ordinance, rule or regulation of any governmental entity, except where such violations have not resulted or would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect. The Company is not in breach of
any agreement where such breach, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

     (k) Private Offering. Neither the Company nor any person acting on its behalf has taken or will take any
action which might subject the offering, issuance or sale of the Securities to each Purchaser hereunder to the registration requirements of the Securities Act. The offer, sale and issuance of the Common Stock to the Purchasers will not be integrated
with any other offer, sale and issuance of the Company’s securities (past, current, or future) under the Securities Act or any regulations of any exchange or automated quotation system on which any of the securities of the Company are listed or
designated or for purposes of any stockholder approval provision applicable to the Company or its securities.  Subject to the accuracy and completeness of the representations and warranties of each Purchaser contained in Section 3.02 hereof, the
offer, sale and issuance by the Company to each Purchaser of the Securities hereunder is exempt from the registration requirements of the Securities Act. 

     (l) Investment Company. The Company is not, and is not controlled by or under common control with an affiliate
of an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

     (m) No General Solicitation. The Company has not solicited any offer to buy or sell the Securities hereunder
by means of any form of general solicitation or advertising. 

     (n) Listing and Maintenance Requirements Compliance. Except as set forth on SCHEDULE 3.01(n) annexed hereto,
the Company has not in the two years preceding the date hereof received written notice from any stock exchange or market on which the Common Stock is or has been listed (or on which it has been quoted) to the effect that the Company is not in
compliance with the listing or maintenance requirements of such exchange or market. 

     (o) Registration Rights; Rights of Participation.  Except as set forth on SCHEDULE 3.01(o) annexed hereto, the
Company has not granted or agreed to grant to any person any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the Commission or any other governmental authority which has not been
satisfied, and no person, including, but not limited to, current or

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former stockholders of the Company, underwriters, brokers or agents, has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by this Securities
Purchase Agreement. 

     (p) Intellectual Property. Except as set forth on SCHEDULE 3.01(p) annexed hereto, (i) the Company and its
Subsidiaries own or possess sufficient rights to use all material patents, patent rights, trademarks, copyrights, licenses, inventions, trade secrets, trade names, designs, manufacturing or other processes, systems, data compilation, research
results, know-how or other proprietary rights (collectively, “Intellectual Property”) that are necessary for the conduct of the Company’s business as now conducted as described in the Company’s filings under the Exchange Act
except where the failure to currently own or possess such rights would not have a Material Adverse Effect, (ii) neither the Company nor its Subsidiaries has received any notice of, nor to the Knowledge of the Company is there, any asserted
infringement by the Company of, any rights of a third party with respect to any Intellectual Property that, individually or in the aggregate, would have a Material Adverse Effect and (iii) to the Knowledge of the Company, it is not infringing, nor
has it received any notice of, infringement by a third party with respect to any Intellectual Property rights of the Company that, individually or in the aggregate, would have a Material Adverse Effect. 

     Except as would not have a Material Adverse Effect, all material licenses or other material agreements under which the Company is granted rights in Intellectual Property, other than Intellectual
Property generally available on commercial terms from other sources are in full force and effect and, to the Knowledge of the Company, there is no material default by the Company thereunder. 

     Except as would not have a Material Adverse Effect, the Company believes that it has taken the steps reasonably required to establish and preserve its ownership of all material copyright, trade secret
and other proprietary rights with respect to its products and technology. To the Knowledge of the Company, the Company is not making unauthorized use of any confidential information or trade secrets of any person. Except as would not have a Material
Adverse Effect, neither the Company nor, to the Knowledge of the Company, any of its employees have any agreements or arrangements with any persons other than the Company related to confidential information or trade secrets of such persons or
restricting any such employee’s engagement in business activities of the kind engaged in by the Company. 

     (q) Reporting Status. Except as set forth in Schedule 3.01(q), the Company has filed in a timely manner all
documents that the Company was required to file under the Exchange Act during the 12 months preceding the date of this Securities Purchase Agreement. Except as set forth in Schedule 3.01(q), the following documents complied in all material respects
with the SEC’s requirements as of their respective filing dates, and the information contained therein as of the date thereof did not 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: 

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     (i) Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2006; 

     (ii) Definitive Proxy Statement for the Annual Meeting held on October 16, 2006; 

     (iii) Quarterly Reports on Form 10-Q for the quarters ended September 30, 2005, March 31, 2006, June 30, 2006 and September 30, 2006;

     (iv) Current Reports on Form 8-K, filed subsequent to December 31, 2005; and 

     (v) All other documents, if any, filed by the Company with the SEC during the 12 months preceding the date of this Agreement pursuant to the
reporting requirements of the Exchange Act. 

  (r) Foreign Corrupt Practices; Sarbanes-Oxley Act. 

          (A) Neither the Company, nor to the Knowledge of the Company, any agent or other person acting on behalf of the Company, has (i) directly or indirectly, used any corrupt funds for unlawful
contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or
campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material respect any
provision of the Foreign Corrupt Practices Act of 1977, as amended. 

          (B) Except as set forth on Schedule 3.01(d), the Company is in compliance in all material respects with all provisions of the Sarbanes-Oxley Act of 2002 that are applicable to it. 

     (s) Taxes.  Except as set forth on SCHEDULE 3.01(t) annexed hereto, the Company has filed all necessary
federal, state and foreign income and franchise tax returns and has paid or accrued all taxes shown as due thereon, and to the Knowledge of the Company there is no tax deficiency which has been or might be asserted or threatened against it which
would have a Material Adverse Effect. 

     (t) Brokers or Finders. Except as on SCHEDULE 3.01(w) annexed hereto, the Company has not dealt with any
broker or finder in connection with the transactions contemplated by this Securities Purchase Agreement, and Company has not incurred, and shall not incur, directly or indirectly, any liability for any brokerage or finders’ fees or agents
commissions or any similar charges in connection with the transactions contemplated by this Securities Purchase Agreement. 

     (u) No Misleading Statements.  The representations and warranties of the Company contained in this Securities
Purchase Agreement, Exhibits and the Schedules hereto are true and correct in all material respects and do not omit to state any material

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fact required by such representations and warranties, Exhibits and Schedules that are necessary in order to prevent such representations and warranties, in light of the circumstances, from being misleading.

     (v) Subsidiary Rights. The Company or one of its Subsidiaries has the unrestricted right to vote, and (subject
to limitations imposed by applicable law) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by the Company or such Subsidiary. 

     (w) Transactions With Affiliates.  None of the officers or directors of the Company is presently a party to
any transaction with the Company or any of its Subsidiaries (other than for ordinary course services as officers or directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments to or from any such officer or director or, to the Knowledge of the Company, any corporation, partnership, trust or other entity in which any such officer or director
has a substantial interest or is an officer, director, trustee or partner.
     SECTION 3.02.        REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER.   

     In order to induce the Company to enter into this Securities Purchase Agreement and issue the Securities, each Purchaser represents and warrants to the Company, only with respect to itself, as
follows: 

     (a) Organization, Good Standing and Corporate Power. Such Purchaser is an entity duly formed, validly existing
and in good standing under the laws of the State of its organization, with all requisite corporate power and authority to own its properties, conduct its business, enter into this Securities Purchase Agreement and perform its obligations hereunder.

     (b) Due Authorization; Enforceability; No Conflicts.   Such Purchaser has taken all action necessary to
authorize the execution, delivery and performance by it of this Securities Purchase Agreement.   Assuming the due execution and delivery of this Securities Purchase Agreement by the Company, this Securities Purchase Agreement constitutes a valid and
binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to the enforcement of creditors’
rights generally, the availability of equitable remedies and general equity principles. The execution, delivery and performance by such Purchaser of this Securities Purchase Agreement and compliance by such Purchaser with the terms hereof will not
violate, conflict with or cause an event of default under such Purchaser’s organizational documents or any other agreement, instrument, judgment, order, law, rule or regulation by which such Purchaser is bound or to which any properties of such
Purchaser are subject, except where such violation, conflict or event of default would not result in a material adverse effect on such Purchaser’s business, financial condition, results of operations or properties (a “PURCHASER MATERIAL
ADVERSE EFFECT”). 

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     (c) Accredited Investor.  Such Purchaser is an “accredited investor” as that term is defined in Rule
501(a) under the Securities Act and such Purchaser is also knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to investments in shares presenting an investment decision like that involved in the
purchase of the Securities. 

     (d) Investment.  Such Purchaser is acquiring the Securities  in the ordinary course of its business and for
investment for its own account and not with a present view to, or for resale in connection with, any distribution thereof. Such Purchaser understands that the Securities have not been registered under the Securities Act or applicable state
securities laws by reason of certain exemptions from the registration provisions thereof that depend upon, among other things, the truth and accuracy of such Purchaser’s representations and warranties herein. Such Purchaser acknowledges that
until the earlier to occur of (x) ninety days (90) from the Closing Date and (y) the date the Registration Statement (as defined in the Registration Rights Agreement) is declared effective, such Purchaser shall not engage in any Short Sales of the
Company’s common stock, will not use any of the Securities acquired in connection with the transactions contemplated hereby to cover any short position in the Common Stock of the Company in violation of applicable securities laws and will not
sell any of the Securities acquired in connection with the transactions contemplated hereby.  For purposes hereof, “Short Sales” shall mean “short sales” as defined in Regulation SHO adopted by the Commission under the 1934 Act
and all types of direct and indirect stock pledges or similar arrangements having the effect of hedging the securities or investment made hereunder. 

     (e) Restricted Transferability.  Such Purchaser acknowledges that the Securities are being offered and sold
hereunder in a private placement that is exempt from the registration requirements of the Securities Act and that certificates or other instruments for the Securities will bear the legend set forth in Section 3.02(f) below.

     (f) Legends.  The Purchaser understands that the certificates or other instruments representing the
Securities, except as set forth below, shall bear any legend as required by the “blue sky” laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of such
stock certificates): 

[NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN] [THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS, OR (B) AN OPINION OF COUNSEL ADDRESSED TO THE COMPANY, IN A

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GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

          (g) The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the Securities
upon which it is stamped, if, unless otherwise required by state securities laws, (i) such Securities are registered for sale under the Securities Act, (ii) in connection with a sale, assignment or other transfer, such holder provides the Company
with an opinion of counsel, in a generally acceptable form, to the effect that such sale, assignment or transfer of the Securities may be made without registration under the Securities Act, or (iii) such holder provides the Company with reasonable
assurance that the Securities can be sold, assigned or transferred pursuant to Rule 144 promulgated under the Securities Act (or a successor rule thereto) (collectively, “RULE 144”). 

          (h) The Purchaser understands that except as provided in the Registration Rights Agreement: (i) the Securities have not been and are not being
registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, or (B) the Purchaser shall have delivered to the Company an opinion of
counsel, in a generally acceptable form, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, (ii) any sale of the Securities made in reliance on
Rule 144 may be made in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller or Person through whom the sale is made may be deemed to be an underwriter
(as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the Commission thereunder; and (iii) neither the Company nor any other Person is under any
obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. 

ARTICLE FOUR

COVENANTS 

   SECTION 4.01.    PAYMENT OF TAXES AND OTHER CLAIMS. 

     The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all material taxes, assessments and governmental charges levied or imposed upon it or
any of its Subsidiaries or upon the income, profits or property of it or any of its Subsidiaries and (b) all lawful claims for labor, materials and supplies which, in each case, if unpaid, would reasonably be expected, by law, to become a material
liability or Lien upon the property of it or any of its Subsidiaries; provided, however, that the Company

13

shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and
for which adequate provision has been made or for which adequate reserves, to the extent required under GAAP, have been taken. 

    SECTION 4.02.    MAINTENANCE OF PROPERTIES AND INSURANCE.

     (a) The Company shall cause all material properties owned by or leased by it or any of its Subsidiaries used or useful to the conduct of its
business or the business of any of its Subsidiaries to be maintained and kept in normal condition, repair and working order and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals and replacements
thereof, all as in its judgment may be reasonably necessary, so that the business carried on in connection therewith may be properly conducted at all times; provided, however, that nothing in this Section 4.02 shall prevent the Company or any of its
Subsidiaries from discontinuing the use, operation or maintenance of any of such properties, or disposing of any of them, if such properties are, in the reasonable and good faith judgment of the Board of Directors of the Company or such Subsidiary,
as the case may be, no longer reasonably necessary in the conduct of their respective businesses or such disposition is otherwise permitted by this Securities Purchase Agreement. 

     (b) The Company shall provide or cause to be provided, for itself and each of its Subsidiaries, insurance (including appropriate
self-insurance) against loss or damage of the kinds that, in the reasonable, good faith judgment of the Board of Directors of the Company, are adequate and appropriate for the conduct of the business of the Company and such Subsidiaries in a prudent
manner, with reputable insurers or with the government of the United States of America or an agency or instrumentality thereof, in such amounts, with such deductibles and by such methods as shall be customary, in the good faith judgment of the Board
of Directors of the Company, for companies similarly situated in the industry. 

    SECTION 4.03.    COMPLIANCE WITH LAWS. 

     The Company will comply, and will cause each of its Subsidiaries to comply, with all applicable statutes, rules, regulations, orders and restrictions of the United States, all states and
municipalities thereof, and of any governmental department, commission, board, regulatory authority, bureau, agency and instrumentality of the foregoing, in respect of the conduct of their respective businesses and the ownership of their respective
properties, except for such noncompliances as are being contested in good faith and by appropriate proceedings and except for such noncompliances as would not in the aggregate reasonably be expected to have a Material Adverse Effect. 

    SECTION 4.04.    COMMISSION REPORTS. 

     (a) The Company will deliver to each Purchaser promptly, but in any event no later than 5 Business Days after it files with the Commission, to
the extent not available on the EDGAR system, copies of the quarterly and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act. 

14

     (b) In the event the Company is not required to furnish such reports to its stockholders pursuant to the Exchange Act, the Company (at its own
expense) shall cause its consolidated financial statements, comparable to those which would have been required to appear in annual or quarterly reports, to be delivered to each Purchaser. 

    SECTION 4.05.     SECURITIES MATTERS.

     (a) The Company shall file all periodic reports required to be filed with the Commission pursuant to the Exchange Act in a timely manner and
shall not terminate its status as an issuer required to file periodic reports under the Exchange Act.

     (b) The Company shall promptly secure the listing of all Registrable Securities (as defined in the Registration Rights Agreement) upon each
national securities exchange and automated quotation system, if any, upon which shares of Common Stock are listed (subject to official notice of issuance) and shall maintain such listing. The Company shall maintain the Common Stock’s
authorization for quotation on the NASDAQ Global Market or obtain a listing on the NASDAQ Capital Market, The New York Stock Exchange or the American Stock Exchange.

     (c) The Company shall timely file a Form D with respect to the Securities as required under Regulation D and provide a copy thereof to the
Purchaser promptly after such filing. The Company shall, on or before the date of the Closing, take such actions as shall be reasonably necessary in order to obtain an exemption for or to qualify the Securities for sale to the Purchaser pursuant to
this Securities Purchase Agreement under applicable securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification) and shall provide evidence of any such action so taken to the
Purchaser on or prior to the date of the Closing. The Company shall make all filings and reports relating to the offer and sale of the Securities required under applicable securities or “blue sky” laws of the states of the United States
following the date of the Closing. 

     (d) The Company agrees that, in connection with the issuance and sale of Securities pursuant to this Securities Purchase Agreement, it will not
issue Common Stock (excluding the Common Stock underlying the Warrants) representing more than 19.99% of its outstanding capital stock. 

    SECTION 4.06.     USE OF PROCEEDS.

     The Company will use the proceeds from the sale of the Securities to pay existing indebtedness of the Company, for working capital, strategic acquisitions, if any, and general corporate purposes.

    SECTION 4.07.     ISSUANCES BELOW PURCHASE PRICE.

     For a period of six months following the date hereof, the Company shall not, without the prior written consent of the each of the Purchasers, issue or sell any shares of the Company’s capital
stock or other securities exercisable for, convertible into or otherwise giving the holder thereof the right to acquire the Company’s capital stock at a price per share, including the exercise or conversion price per share, which is below
$0.40 per share; provided, however, 

15

that this restriction shall not apply to any capital stock issued pursuant to: (i) employee benefit plans set forth on SCHEDULE 3.01(c) annexed hereto, (ii) outstanding warrants, options or other securities set forth on SCHEDULE
3.01(c) annexed hereto or the Company filings under the Exchange Act or (iii) a merger or acquisition or other strategic transaction or partnership; provided that such strategic transaction or partnership does not include a capital raise by the
Company below $0.40 per share. 

    SECTION 4.08     PARTICIPATION RIGHT. 

  At least 20 days prior to any issuance or sale by the Company of equity securities, or securities convertible into equity securities, of the Company to any purchaser, the Company shall deliver a written notice (the “SALE
NOTICE”) to DGFC, specifying in reasonable detail the identity of the prospective purchaser, the amount of securities to be issued or sold and the terms and conditions of such securities and such issuance or sale. DGFC may elect to participate
in such contemplated issuance or sale at the same price per share and on the same terms by delivering written notice to the Company within 20 days after delivery of the Sale Notice. The number or amount of each security that DGFC shall be entitled
to purchase shall equal the product of (a) the percentage of the Common Stock beneficially owned by DGFC, on a fully diluted basis, multiplied by (b) the number or amount of securities to be
sold in the contemplated issuance or sale; provided that in no event shall such percentage exceed 19.99% of the Company. The foregoing participation right shall not apply to any issuance or sale of securities by the Company under its (i) employee
benefit plans set forth on SCHEDULE 3.01(c) annexed hereto, (ii) outstanding warrants, options or other securities set forth on SCHEDULE 3.01(c) annexed hereto or the Company filings under the Exchange Act or (iii) a merger or acquisition or other
strategic transaction or partnership. The obligation of the Company and the rights of DGCF under this Section 4.08 shall terminate at such time as DGFC ceases to be the beneficial owner of 85% of the Common Stock purchased pursuant to the terms of
this Securities Purchase Agreement. 

    SECTION 4.09     BOARD REPRESENTATION. 

     The Company hereby grants to DGFC the right to recommend one qualified individual to be elected to fill a vacancy on the Board of Directors of the Company. The Company shall take such actions as shall
be reasonably necessary, consistent with the fiduciary duties of the Board of Directors of the Company, to ensure that one individual recommended by the Purchaser is included on the Board of Director’s slate of nominees for the election of
Directors and recommended for election. Thereafter, for so long as DGFC is a holder of not less than 85% of the Common Stock purchased pursuant to this Securities Purchase Agreement, the Company shall take such actions as shall be reasonably
necessary, consistent with the fiduciary duties of the Board of Directors of the Company, to cause the one designee of DGFC to be nominated for election to the Board of Directors of the Company at each meeting at which directors are to be
elected.

16

ARTICLE FIVE

CONDITIONS 

    SECTION 5.01.     CONDITIONS TO THE COMPANY’S OBLIGATION.

     The obligation of the Company hereunder to issue and sell the Securities to each Purchaser at the Closing is subject to the satisfaction, at or before the Closing, of each of the following conditions,
provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion by providing each Purchaser with prior written notice thereof: 

	 	(a)	Such Purchaser shall have delivered to the Company the Registration Rights Agreement duly executed by such Purchaser. 
	 	 	 
	 	(b) 	Such Purchaser and each other Purchaser shall have delivered to the Company the Purchase Price for the Securities, by wire transfer of immediately available funds pursuant to the wire instructions provided by the Company. 
	 	 	 
	 	(c)   	The representations and warranties of each Purchaser contained in Section 3.02 of this Securities Purchase Agreement shall be true and correct in all material respects, in each case as of the Closing Date as though made at and as of such date, except to the extent that they expressly refer to an earlier or specific time, in which case they shall be true and correct in all material respects as of such time. 
	 	 	 
	 	(d)   	Each Purchaser shall have performed and complied with, in all material respects, the agreements, covenants and obligations required by this Securities Purchase Agreement to be so performed or complied with by such Purchaser at or before the Closing. 

SECTION 5.02. CONDITIONS TO THE PURCHASER’S OBLIGATION.

     The obligation of each Purchaser to purchase the Securities at the Closing is subject to the satisfaction, at or before the Closing, of each of the following conditions, provided that these conditions
are for each Purchaser’s sole benefit and may be waived by such Purchaser at any time in its sole discretion by providing the Company with prior written notice thereof: 

     (a) Such Purchaser shall have received the Registration Rights Agreement and the Warrant duly executed by the Company. 

     (b) Such Purchaser shall have received certificates for shares of Common Stock to be purchased by it at the Closing. 

     (c) Such Purchaser shall have received an Opinion of Counsel from the Company in substantially the form of Exhibit
C attached hereto. 

     (d) Such Purchaser shall have received a certified copy of the Certificate of Incorporation of the Company, together with a Good Standing
Certificate with respect to

17

the Company issued by the Secretary of State of such state of incorporation as of a date within ten (10) days of the date of the Closing. 

     (e) Such Purchaser shall have received a copy of the certificate evidencing the Company’s qualification as a foreign corporation in good
standing issued by the Secretary of State of the State of New York as of a date within ten (10) days of the date of the Closing. 

     (f) Such Purchaser shall have received a certificate executed by the Secretary of the Company and dated as of the date of the Closing,
certifying as to (i) the resolutions as adopted by the Company’s Board of Directors in connection with the authorization of the transactions contemplated hereby, (ii) the Certificate of Incorporation of the Company and (iii) the Bylaws of the
Company, each as in effect at the time of the Closing Date. 

     (g) Such Purchaser shall have received a copy of all governmental, regulatory or third party consents and approvals, if any, necessary for the
sale of the Securities. 

     (h) Such Purchaser shall have received a copy of such other documents relating to the transactions contemplated by this Securities Purchase
Agreement, the Registration Rights Agreement and the Warrant as the Purchaser or its counsel may reasonably request. 

     (i) The representations and warranties of the Company contained in Section 3.01 of this Securities Purchase Agreement shall be true and correct
in all material respects, in each case as of the Closing Date as though made at and as of such date, except to the extent that they expressly refer to an earlier or specific time, in which case they shall be true and correct in all material respects
as of such time. 

     (j) The Company shall have performed and complied with, in all material respects, the agreements, covenants and obligations required by this
Securities Purchase Agreement to be so performed or complied with by the Company at or before the Closing. 

ARTICLE SIX 

MISCELLANEOUS

     SECTION 6.01. NOTICES.

     Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made by hand delivery, by verifiable facsimile transmission or by reputable
overnight delivery service, addressed as follows: 

	 	if to the Company:
	 	 
	 	
Viewpoint Corporation 
	
	 	
498 Seventh Avenue, Suite 1810 
	
	 	
New York, New York 10018 
	

18

	 	Facsimile: (212) 201-0846 
	 	Attention: General Counsel
	 	 
	 	with a copy to:
	 	 
	 	 Milbank, Tweed, Hadley & McCloy LLP
 
	 	1 Chase Manhattan Plaza
	 	New York, New York 10005
	 	Facsimile: (212) 822-5171 
	 	   Attention: Alexander M. Kaye, Esq.
	 	 

     If to a Purchaser, to its address and facsimile number set forth on the Schedule of Purchasers, with copies to such Purchaser’s representatives as set forth on the Schedule of Purchasers.

     The Company and each Purchaser by written notice to each other may designate additional or different addresses for notices to such Person. Any notice or communication to a party shall be deemed to
have been given or made as of the date so delivered if personally delivered; when received if by facsimile transmission or electronic mail; and one (1) business day after mailing by reputable overnight courier (except that, notwithstanding the
foregoing, a notice of change of address shall not be deemed to have been given until actually received by the addressee). 

     SECTION 6.02. GOVERNING LAW. 

     THIS SECURITIES PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF THE FEDERAL OR STATE COURTS LOCATED IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITIES
PURCHASE AGREEMENT. 

     SECTION 6.03.      SUCCESSORS.

     All agreements of the Company in this Securities Purchase Agreement shall bind its successors. 

     SECTION 6.04.      COUNTERPARTS. 

     The parties may sign any number of copies of this Securities Purchase Agreement. Each signed copy or counterpart shall be an original, but all of them together shall represent the same agreement.
Delivery by facsimile of an executed counterpart of any signature page to this Securities Purchase Agreement to be executed hereunder shall have the same effectiveness as delivery of a manually executed counterpart thereof. 

19

     SECTION 6.05.      SEVERABILITY.

     In case any one or more of the provisions in this Securities Purchase Agreement shall be held invalid, illegal or unenforceable, in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all of the provisions hereof shall be enforceable to the full extent permitted
by law. 

	
     SECTION 6.06. 
		 
		
INDEPENDENT NATURE OF PURCHASER’S OBLIGATIONS 
	
	 

		 
		
AND RIGHTS. 
	

     The obligations of each Purchaser hereunder are several and not joint with the obligations of the other Purchasers hereunder, and no Purchaser shall be responsible in any way for the performance of
the obligations of any other Purchaser hereunder.  Nothing contained herein or in any other agreement or document delivered at any Closing, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers
as a partnership, an association, a joint venture or any other kind of entity, or a “group” as described in Section 13(d) of the Exchange Act, or create a presumption that the Purchasers are in any way acting in concert with respect to
such obligations or the transactions contemplated by this Securities Purchase Agreement.  Each Purchaser has been represented by its own separate counsel in connection with the transactions contemplated hereby, shall be entitled to protect and
enforce its rights, including without limitation rights arising out of this Securities Purchase Agreement or the other transaction documents, individually, and shall not be required to join any other Purchaser as an additional party in any
proceeding for such purpose. 

     For avoidance of doubt, each party hereto acknowledges that Gruber & McBaine Capital Management LLC retained Shartsis Friese LLP (“Shartsis Friese”) to represent it in connection with
this Securities Purchase Agreement and Registration Rights Agreement and any Schedules or Exhibits thereto, such that its interests may not necessarily coincide with the interests of any other Purchasers (the “Other Purchasers”). The Other
Purchasers have consulted with, or have had the opportunity to consult with, their own legal counsel and the Other Purchasers have not relied on Shartsis Friese for legal counsel in connection with this transaction. 

     SECTION 6.07. PAYMENT OF EXPENSES.

     The Company shall pay Shartsis Friese LLP, legal counsel to Gruber & McBaine Capital Management, reasonable, documented legal expenses in an aggregate amount not to exceed $20,000 at the
Closing, which amount may be netted from the Purchase Price payable by Gruber & McBaine Capital Management. 

[SIGNATURE PAGES TO FOLLOW]

20

SIGNATURES

     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. 

	 
	THE COMPANY:  
	 

	
	 
	VIEWPOINT CORPORATION  
	 

	
	 

	
	
        
	By: 	/s/ Patrick Vogt  	 
	 
	 	Name: Patrick Vogt  	 
	 
	 
    	Title: CEO 	 

SIGNATURES

     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 Purchaser: DG FastChannel, Inc.       
	Signature of Authorized Signatory of Purchaser: /s/ Scott K. Ginsburg        
	Name of Authorized Signatory: Scott K. Ginsburg        
	Title of Authorized Signatory: Chairman and CEO        
	Email Address of Purchaser:                                

Address for Notice of Purchaser:

 

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

 

Subscription Amount: _____________________
 Shares of Common Stock: __________________
 Warrants: __________________________
 EIN/Social Security Number: _______________
 

SIGNATURES

     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 Purchaser: Lagunitas Partners LP       
	Signature of Authorized Signatory of Purchaser: /s/ Jon D. Gruber        
	Name of Authorized Signatory: Jon D. Gruber       
	 Title of Authorized Signatory: General Partner     
	Email Address of Purchaser:                                

Address for Notice of Purchaser:

      Gruber & McBaine 

      50 Osgood Place

      San Francisco, CA 94133

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

 

Subscription Amount: _____________________
 Shares of Common Stock: __________________
 Warrants: __________________________

 EIN/Social Security Number: _______________

 

SIGNATURES

     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 Purchaser: Gruber & McBaine International      
	Signature of Authorized Signatory of Purchaser: /s/ Jon D. Gruber        
	Name of Authorized Signatory: Jon D. Gruber       
	 Title of Authorized Signatory:  Investment Advisor     
	Email Address of Purchaser:                                

Address for Notice of Purchaser: 

      Gruber & McBaine 

      50 Osgood Place 

      San Francisco, CA 94133

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

 

 Subscription Amount: _____________________

  Shares of Common Stock: __________________

  Warrants: __________________________

  EIN/Social Security Number: _______________

  

SIGNATURES

     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 Purchaser:  Jon D and Linda W Gruber Trust     
	Signature of Authorized Signatory of Purchaser: /s/ Jon D. Gruber        
	Name of Authorized Signatory: Jon D. Gruber       
	 Title of Authorized Signatory:                                 
	Email Address of Purchaser:                                

Address for Notice of Purchaser: 

      Gruber & McBaine 

      50 Osgood Place 

      San Francisco, CA 94133

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

 

 Subscription Amount: _____________________

  Shares of Common Stock: __________________

  Warrants: __________________________

  EIN/Social Security Number: _______________

  

SIGNATURES

     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 Purchaser:

 

	 Name of Purchaser: J Patterson McBaine   
	Signature of Authorized Signatory of Purchaser: /s/ J Patterson McBaine      
	Name of Authorized Signatory:  J Patterson McBaine    
	 Title of Authorized Signatory:                                 
	Email Address of Purchaser:                                

Address for Notice of Purchaser: 

      Gruber & McBaine 

      50 Osgood Place 

      San Francisco, CA 94133

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

 

 Subscription Amount: _____________________

  Shares of Common Stock: __________________

  Warrants: __________________________

  EIN/Social Security Number: _______________

 

Exhibit A 

Schedule of Purchasers 

	
(1) 
		 	
(2) 
		 	
(3) 
		 	
(4) 
		 	
      
        (5) 
      	 
	 

	
	
      
        Purchaser 
      	 	
Mailing Address / Phone / Email 
		 	
Common

Shares 
		 	
      
        Warrants 
      	 	
      
        Purchase Price 
      	 
	
DG FastChannel, Inc. 
		 	
DG FastChannel, Inc. 
		 	
10,750,000 
		 	
2,687,500 
		 	
$4,300,000 
		 
	 
	 	Omar Choucair 

		 
	 
		 	750 W. John Carpenter Fwy. 

		 
	 
	 	Suite 700 

		 
	 
	 	Irving, TX 75039 

		 
	 
	 	Telephone: 972.581.2000 

		 
	 
	 	Email: 

		 
	 
	 	ochoucair@dgfastchannel.com 

		 
	
Lagunitas Partners LP 
		 	
Lagunitas Partners LP 
		 	
1,545,000 
		 	
386,250 
		 	
$618,000 
		 
	 
	 	50 Osgood Pl. Penthouse 

		 
	 
	 	San Francisco, CA 94133 

		 
	 
	 	Telephone: 415.981.2101 

		 
	 
	 	Email: jon@gmcm.com 

		 
	 
	 	Tax ID#: 94-3052761 

		 
	
Gruber & McBaine 
		 	
Gruber & McBaine International 
		 	
355,000 
		 	
88,750 
		 	
$142,000 
		 
	
International 
		 	
50 Osgood Pl. Penthouse 
		 	 

		 
	 
	 	San Francisco, CA 94133 

		 
	 
	 	Tax ID#: N/A 

		 
	
Jon D & Linda W Gruber 
		 	
Jon D & Linda W Gruber Trust 
		 	
455,000 
		 	
113,750 
		 	
$182,000 
		 
	
Trust 
		 	
50 Osgood Pl. Penthouse 
		 	 

		 
	 
	 	San Francisco, CA 94133 

		 
	 
	 	Tax ID#: ###-##-#### 

		 
	
J Patterson McBaine 
		 	
J Patterson McBaine 
		 	
145,000 
		 	
36,250 
		 	
$58,000 
		 
	 
	 	50 Osgood Pl. Penthouse 

		 
	 
	 	San Francisco, CA 94133 

		 
	 
	 	Tax ID#: ###-##-#### 

		 
	 

	
	
Total 
		 	 
	 	13,250,000 
		 	3,312,500 
		 	
      $5,300,000 	

Exhibit B

Form of Warrant

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE STATE
SECURITIES LAWS OR (B) AN OPINION OF COUNSEL ADDRESSED TO THE COMPANY, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

VIEWPOINT CORPORATION 

WARRANT TO PURCHASE
COMMON STOCK

Warrant No.:

Number of Shares: [______] 

Date of Issuance: May 7, 2007 (“Issuance Date”)

Viewpoint Corporation, a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, _______________________, the registered holder hereof or its permitted assigns (the “Holder”) , is entitled, subject to the terms set forth below,
to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock with the Exercise Notice attached hereto as Exhibit A duly executed and payment therefore as provided
herein at any time or times on or after the date that is six months after the date hereof, but not after 11:59 P.M., New York Time, on the Expiration Date (as defined below), ____________________ (_______) fully paid nonassessable
shares of Common Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms
in this Warrant shall have the meanings set forth in Section 16.  This Warrant is one of the Warrants to Purchase Common Stock (the “SPA Warrants”) issued pursuant to Section 2.01
of that certain Securities Purchase Agreement, dated as of May 4, 2007, among the Company and the purchasers (the “Purchasers”) referred to therein (the “Securities Purchase Agreement”). 

     1. TERM OF WARRANT. Subject to the terms and conditions hereof, this Warrant shall be for a term of three and
one-half years and shall be exercisable, in whole or in

part, during the three year term commencing six months following the Issuance Date and ending at 11:59 P.M New York Time, on November 7, 2010 (the “Expiration Date”), and shall be void thereafter. 

   2.     
EXERCISE OF WARRANT.	

          (a) Mechanics of Exercise.  Subject to the terms and conditions hereof (including, without limitation, the
limitations set forth in Section 2(d)), this Warrant may be exercised by the holder hereof on any day, following the date that is six months after the Issuance Date, in whole or in part prior to the Expiration Date by (i) delivery of a written
notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of such holder’s election to exercise this Warrant, (ii) payment to the Company of an amount equal to
the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by wire transfer of
immediately available funds and (iii) the surrender to the Company, on or as soon as practicable following the date the holder of this Warrant delivers the Exercise Notice to the Company, of this Warrant (or an indemnification undertaking with
respect to this Warrant in the case of its loss, theft or destruction). On or before the third Business Day following the date on which the Company has received each of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or an
indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction) (the “Exercise Delivery Documents”), the Company shall (X) issue and deliver
to the address specified in the Exercise Notice, a certificate, registered in the name of the holder of this Warrant or its designee, for the number of shares of Common Stock to which the holder of this Warrant is entitled pursuant to such exercise,
or (Y) provided that the Company’s transfer agent (the “Transfer Agent”) is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the holder, credit such aggregate number of shares of Common Stock to which the holder of this Warrant is entitled pursuant to such
exercise to the holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system. Upon delivery of the Exercise Notice, this Warrant and the Aggregate Exercise Price referred to in clause (ii)
above, the Holder of this Warrant shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised as of the date of the Exercise Notice, irrespective of the
date of delivery of this Warrant as required by clause (iii) above or the certificates evidencing such Warrant Shares. If the number of Warrant Shares represented by this Warrant submitted for exercise pursuant to this Section 2(a) is greater than
the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three Business Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section
8(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of
Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all documentary stamp, transfer or similar
taxes that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 

-2-

         (b) Net Exercise.  Notwithstanding the foregoing, if the Holder submits an Exercise Notice at any time
following the date that is one year after the Issuance Date, and at such time an effective Registration Statement is not available for the resale of all of the Warrant Shares issuable hereunder, the Holder may elect to pay the Exercise Price in
either cash or pursuant to a cashless exercise (a “Cashless Exercise”), as hereinafter provided, or, at the election of Holder, a combination thereof. The Holder may effect a
Cashless Exercise by (i) delivery of an Exercise Notice noting that the Holder wishes to effect a Cashless Exercise and (ii) the surrender to the Company, on or as soon as practicable following the date the Holder delivers the Exercise Notice to the
Company, of this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction), upon which the Company shall (X) issue and deliver to the address specified in the Exercise Notice, a
certificate, registered in the name of the holder of this Warrant or its designee, for the number of shares of Common Stock to which the holder of this Warrant is entitled pursuant to such exercise, or (Y) provided that the Transfer Agent is
participating in the DTC Fast Automated Securities Transfer Program, upon the request of the holder, credit such aggregate number of shares of Common Stock to which the holder of this Warrant is entitled pursuant to such exercise to the
holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system.  The number of Warrant Shares to be issued to the Holder pursuant to a Cashless Exercise shall be determined as follows:

	 	
      X = Y x (A-B)/A
    
	 	
where:
	 	X = the number of Warrant Shares to be issued to the Holder; 

       Y = the number of Warrant Shares with respect to which this Warrant is being exercised;

       A = the fair market value of one share of Common Stock at the date of exercise; and 

     B = the Exercise Price.

For purposes of this Section 2(b), the fair market value of one share of Common Stock shall be determined in good faith by the Company’s Board of Directors; provided, however, that if the Company’s Common Stock is traded
on a national exchange or over-the-counter market, the fair market value per share shall be the cumulative twenty (20) – day Volume Weighted Average Price (“VWAP”) of the Common Stock for the twenty trading days immediately preceding
(but not including) the date of exercise, calculated by adding up the dollars traded on such national exchange or over-the-counter market for every transaction during the twenty (20) – day period (price times shares traded) and then dividing by
the total shares traded on such national exchange or over-the-counter market for the twenty (20) – day period. 

          (c) Exercise Price.  For purposes of this Warrant, “Exercise
Price” means $____, subject to adjustment as provided herein. 

-3-

          (d) Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic
calculation of the Warrant Shares, the Company shall promptly issue to the holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 13. 

     3. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES UPON SUBDIVISION OR COMBINATION OF COMMON STOCK.
If the Company at any time after the date of issuance of this Warrant subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the
Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time after the date of issuance of this Warrant combines (by
combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and
the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 3shall become effective at the close of business on the date the subdivision or combination becomes effective. 

     4. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin
off, reclassification, corporate rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case:

          (a) any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution shall
be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Closing Sale Price of the Common Stock on the trading day
immediately preceding such record date minus the value of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be the Closing Sale Price of
the Common Stock on the trading day immediately preceding such record date; and 

          (b) the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding paragraph (a); provided
that in the event that the Distribution is of common stock (“Other Common Stock”) of a company whose common stock is traded on a national securities exchange or a national
automated quotation system, then the holder of this Warrant may elect to receive a warrant to purchase Other Common Stock in lieu of an increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except
that such warrant shall be exercisable into the number of shares of Other Common Stock that would have been payable to the holder of this Warrant pursuant to the Distribution had the holder exercised

-4-

this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the
terms of the immediately preceding paragraph (a) and the number of Warrant Shares calculated in accordance with the first part of this paragraph (b). 

     5. ORGANIC CHANGE.  Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all
or substantially all of the Company’s assets to another Person or other transaction, in each case which is effected in such a way that holders of Common Stock are entitled to receive securities or assets with respect to or in exchange for
Common Stock is referred to herein as an “Organic Change.” Prior to the consummation of any (i) sale of all or substantially all of the Company’s assets to an acquiring Person
or (ii) other Organic Change following which the Company is not a surviving entity, the Company will secure from the Person purchasing such assets or the Person issuing the securities or providing the assets in such Organic Change (in each case, the
“Acquiring Entity”) a written agreement (in form and substance reasonably satisfactory to the holders of SPA Warrants representing at least two-thirds of the shares of Common Stock
obtainable upon exercise of the SPA Warrants then outstanding) to deliver to the holder of this Warrant in exchange for this Warrant, a security of the Acquiring Entity evidenced by a written instrument substantially similar in form and substance to
this Warrant and reasonably satisfactory to the holder of this Warrant (including, an adjusted exercise price equal to the value for the Common Stock reflected by the terms of such consolidation, merger or sale, and exercisable for a corresponding
number of shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant), if the value so reflected is less than the Exercise Price in effect immediately prior to
such consolidation, merger or sale). In the event that an Acquiring Entity is directly or indirectly controlled by a company or entity whose common stock or similar equity interest is listed, designated or quoted on a securities exchange or trading
market, the holder of this Warrant may elect to treat such Person as the Acquiring Entity for purposes of this Section 5. Prior to the consummation of any other Organic Change, the Company shall be required to make appropriate provision to insure
that the holder of this Warrant thereafter will have the right to acquire and receive in lieu of or in addition to (as the case may be) the shares of Common Stock immediately theretofore acquirable and receivable upon the exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant including those set forth in Sections 2(d)(i) and 2(d)(ii) of this Warrant), such shares of stock, securities or assets that would have been issued or payable in such Organic Change
with respect to or in exchange for the number of shares of Common Stock which would have been acquirable and receivable upon the exercise of this Warrant as of the date of such Organic Change (without regard to any limitations on the exercise of
this Warrant including those set forth in Sections 2(d)(i) and 2(d)(ii) of this Warrant). 

     6. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its
Certificate of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms
of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant. Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any shares of Common Stock receivable upon the
exercise of this Warrant above the Exercise Price then in effect, (ii) will take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of

-5-

Common Stock upon the exercise of this Warrant, and (iii) will, so long as any of the SPA Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued Common Stock, solely
for the purpose of effecting the exercise of the SPA Warrants, 100% of the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the SPA Warrants then outstanding (without regard to any limitations on
exercise). 

     7. WARRANT HOLDER NOT DEEMED A STOCKHOLDER.  Except as otherwise specifically provided herein, no holder,
solely in such Person’s capacity as a holder, of this Warrant shall be entitled to vote or receive dividends or be deemed the holder of shares of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer
upon the holder hereof, solely in such Person’s capacity as a holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of
stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the holder of this Warrant of the Warrant Shares which
such Person is then entitled to receive upon the due exercise of this Warrant.  In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on such holder to purchase any securities (upon exercise of this Warrant or
otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

     8.     
REISSUANCE OF WARRANTS.

          (a) Transfer of Warrant. If this Warrant is to be transferred, the holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order of the holder of this Warrant a new Warrant (in accordance with Section 8(d)), registered as the holder of this Warrant
may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less then the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with
Section 8(d)) to the holder of this Warrant representing the right to purchase the number of Warrant Shares not being transferred. 

          (b) Lost, Stolen or Mutilated Warrant.  Upon receipt by the Company of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the holder of this Warrant to the Company in customary form and reasonably acceptable to the
Company (based, in part, on the net worth of, or security provided by, the Holder) and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with
Section 8(d)) representing the right to purchase the Warrant Shares then underlying this Warrant. 

          (c) Warrant Exchangeable for Multiple Warrants.  This Warrant is exchangeable, upon the surrender hereof by
the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 8(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new
Warrant will represent the right to purchase such portion of such Warrant Shares as is

-6-

designated by the holder of this Warrant at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be given. 

     (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of
this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant
being issued pursuant to Section 8(a) or Section 8(c), the Warrant Shares designated by the holder of this Warrant which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance,
does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as
this Warrant. 

     9. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such
notice shall be given in accordance with Section 6.01 of the Securities Purchase Agreement.  The Company shall provide the holder of this Warrant with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable
detail a description of such action and the reason therefore. 

     10. AMENDMENT AND WAIVER.  Except as otherwise provided herein, the provisions of this Warrant may be amended
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the holders of SPA Warrants representing at least two-thirds of the
shares of Common Stock obtainable upon exercise of the SPA Warrants then outstanding; provided that no such action may increase the exercise price of any SPA Warrant or decrease the number of shares or class of stock obtainable upon exercise of any
SPA Warrant without the written consent of the holder of this Warrant.  No such amendment shall be effective to the extent that it applies to less than all of the holders of the SPA Warrants then outstanding. 

     11. GOVERNING LAW.  This Warrant shall be construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. 

     12. CONSTRUCTION; HEADINGS.  This Warrant shall be deemed to be jointly drafted by the Company and all the

     13. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the
arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be,
to the holder of this Warrant.  If the holder of this Warrant and the Company are unable to agree upon such

-7-

determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two
Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company and reasonably approved by the holder of this Warrant or (b) the disputed arithmetic
calculation of the Warrant Shares to the Company’s independent, outside accountant.  The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the
Holder of the results no later than ten Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all
parties absent demonstrable error. 

     14. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall
be cumulative and in addition to all other remedies available under this Warrant, the Securities Purchase Agreement and the Registration Rights Agreement, at law or in equity (including a decree of specific performance and/or other injunctive
relief), and nothing herein shall limit the right of the holder of this Warrant right to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations
hereunder will cause irreparable harm to the holder of this Warrant and that the remedy at law for any such breach may be inadequate.  The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this
Warrant shall be entitled, in addition to all other available remedies, to seek an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 

     15. TRANSFER. This Warrant may not be offered for sale, sold, transferred or assigned in whole or in part
without compliance with all applicable federal and state securities laws by the transferor and transferee (including the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, if such are requested
by the Company).  Subject to the provisions of this Warrant with respect to compliance with the Securities Act of 1933, as amended, applicable state securities laws and as may otherwise be required pursuant to the Securities Purchase Agreement,
title to this Warrant may be transferred by endorsement (by the Holder executing the Exercise Notice attached as Exhibit A hereto) and delivery in the same manner as a negotiable instrument transferable by endorsement and delivery. 

     16. PRINCIPAL MARKET REGULATION. The Company shall not be obligated to issue any shares of Common Stock upon
exercise of this Warrant and the Holder shall not have the right to receive upon exercise of this Warrant any shares of Common Stock, if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which
the Company may issue upon exercise of this Warrant without breaching the Company's obligations under the rules or regulations of the Principal Market, except that such limitation shall not apply in the event that the Company (A) obtains the
approval of its stockholders as required by the applicable rules of the Principal Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not
required. In the event that the Company is prohibited from issuing any Warrant Shares for which an Exercise Notice has been received as a result of

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the operation of this Section 16, the Company shall pay cash in exchange for cancellation of such Warrant Shares, at a price per Warrant Share equal to the difference between the Closing Sale Price and the Exercise Price as of the
date of the attempted exercise. 

     17. CERTAIN DEFINITIONS.  For purposes of this Warrant, the following terms shall have the following meanings:

          (a) “Business Day” means any day other than Saturday, Sunday or other day
on which commercial banks in The City of New York are authorized or required by law to remain closed. 

          (b)  “Common Stock” means (i) the Company’s common stock, par value
$0.001 per share, and (ii) any capital stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock.

          (c) “Closing Sale Price” means, for any security as of any date, the last closing
trade price for such security on the Principal Market, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price then the last trade price of such security prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such
security is listed or traded, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported
for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.).  If the
Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If
the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 13.

          (d) “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

          (e) “Principal Market” means The NASDAQ Global Market. 

           (f) “Registration Rights Agreement” means that certain registration rights
agreement between the Company and the Purchasers. 

-9-

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above. 

	 	
VIEWPOINT CORPORATION 
	
	 	 

	
	 	 

	
	 	
By: 
		 	 
	 	
Name: 
	
	 	
Title: 
	

Accepted and Agreed

Name of Holder: __________________________ 

Signature of Authorized Signatory of Holder: __________________________

 Name of Authorized Signatory: _________________________

 Title of Authorized Signatory:
__________________________

Email Address of Holder: ________________________________

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 

WARRANT TO PURCHASE COMMON STOCK 

VIEWPOINT CORPORATION

          The undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of Viewpoint
Corporation, a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

          1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as: 

         ____________
 a “Cash Exercise” with respect to _________________
Warrant Shares 

         ____________ a "Cashless Exercise" with respect to
_______________
Warrant Shares. 

     2. [Insert this paragraph (2) in the event that the Holder has not elected a Cashless Exercise in accordance with the terms of the Warrant as to all of the Warrant Shares
to be issued pursuant hereto] Payment of Exercise Price. The holder is hereby delivering to the Company payment in the amount of $_________

 representing the Aggregate Exercise Price for such Warrant Shares
in accordance with the terms of the Warrant. 

      3. Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant. 

	
Date: 
		 
		
, 
		 
	 

	
	 

	
	 

		 	 	 
	
      
        Name of Registered Holder 
      	 
	 

	
	 

	
	
By: 
		 
		 

		 
	 

		 
		
Name: 
	
	 

		 
		
Title: 
	

Exhibit C

Opinion of Counsel

May __, 2007

The Investors Listed on the Schedule of Purchasers Attached to the Securities Purchase Agreement 

Dear Sirs:

     I am General Counsel of Viewpoint Corporation, a Delaware corporation (the “Company”), and I am delivering this opinion letter in
connection with the Securities Purchase Agreement, dated as of May __, 2007 (the “Purchase Agreement”), by and between the Company and the investors listed on the Schedule of
Purchasers attached thereto (individually, the “Purchaser” and collectively, the “Purchasers”). Capitalized
terms used but not otherwise defined herein shall have the respective meanings given to such terms in the Purchase Agreement. This opinion letter is delivered to you pursuant to Section 5.02(c) of the Purchase Agreement. 

     In rendering the opinions expressed below, I have examined the following agreements, instruments and other documents: 

	 	
(a)      		
the Securities Purchase Agreement;	
	 
	 	
(b)      		
the Registration Rights Agreement;	
	 
	 	
(c)      		
the Common Stock to be issued on the date hereof;	
	 
	 	
(d)      		
the Warrants; and	
	 
	 	
(e)      		
such records of the Company and such other documents as I have deemed necessary as a basis for the opinions expressed below.	
	 

     In my examination, I have assumed the genuineness of all signatures (other than signatures on behalf of the Company), the legal capacity of all natural persons, the authenticity of all documents
submitted to me as originals and the conformity with authentic original documents of all documents submitted to me as copies. When relevant facts were not independently established, I have relied upon representations and warranties made in or
pursuant to the Purchase Agreement, Registration Rights Agreement and the Warrants and certificates of governmental officials. 

     In rendering the opinions expressed below, I have assumed (except as to the Company), with respect to all of the documents referred to in this opinion letter, that: 

	 	
(i)      		
such documents (x) have been duly authorized by, (y) have been duly executed and delivered by, and (z) constitute legal, valid, binding and enforceable obligations of, all of the parties to such documents;	
	 
	 	
(ii)      		
all signatories to such documents have been duly authorized;	
	 
	 	
(iii)      		
all of the parties to such documents are duly organized and validly existing; and	
	 
	 	
(iv)      		
all of the parties have the power and authority (corporate, partnership or other) to execute, deliver and perform such documents.	
	 

     Based upon and subject to the foregoing and subject also to the comments and qualifications set forth below, and having considered such questions of law as I have deemed necessary as a basis for the
opinions expressed below, I am of the opinion that: 

     1. The Company is a corporation validly existing and in good standing under the laws of the State of Delaware. The Company has the requisite
corporate power to own, lease and operate its properties and to conduct its business as presently conducted. The Company is duly qualified as a foreign corporation to do business in the State of New York. Each of the Company’s Subsidiaries is a
corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has the requisite corporate power to own, lease and operate its properties and to conduct its business as presently
conducted, except, with respect to all of the foregoing, as would not be reasonably expected to have a Material Adverse Effect.

     2. The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under the Purchase Agreement,
the Registration Rights Agreement and the Warrants including, without limitation, the issuance of the Common Stock in accordance with the terms thereof. 

     3. The execution and delivery by the Company of the Purchase Agreement, the Registration Rights Agreement and the Warrants and the performance
by it of its obligations thereunder have been duly authorized by all necessary corporate action on its part and do not violate (i) its certificate of incorporation and by-laws or (ii) any applicable Federal law, rule or regulation of the United
States or the State of New York. 

     4. When issued in accordance with the terms of the Purchase Agreement, the Common Stock will (i) be free of any liens created by the Company
and (ii) be validly issued.

     5. Subject to the accuracy as to factual matters of the Purchaser’s representations in Section 3.02 of the Purchase Agreement, the offer
and sale of the Common Stock in the manner contemplated by the Purchase Agreement do not require registration under the 1933 Act. 

     6. No consent or authorization of, filing with, notice to or registration with, any federal or New York State court, or any third party is
required to be obtained by the Company (i)

to enter into and perform its obligations under the Purchase Agreement, the Registration Rights Agreement or the Warrants or (ii) for the issuance and sale of the Common Stock as contemplated thereby, except for the listing of
shares of Common Stock on the NASDAQ National Market and the filing of the Registration Statement with the Commission and a Form D with the Commission.

     7. The Purchase Agreement, the Registration Rights Agreement and the Warrants have been duly executed and delivered on behalf of the Company,
and constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization, moratorium, fraudulent conveyance
or transfer or other similar laws relating to or affecting the rights of creditors generally and except as the enforceability thereof is subject to the application of general principles of equity (regardless of whether considered in a proceeding in
equity or at law), including, without limitation, (a) the possible unavailability of specific performance, injunctive relief or any other equitable remedy and (b) concepts of materiality, reasonableness, good faith and fair dealing. 

     8. Except as disclosed in the Purchase Agreement, no action, suit, proceeding or investigation before or by any court, public board or body or
any governmental agency or self-regulatory organization is pending or, to my knowledge, threatened against the Company or any of the properties or assets of the Company which (i) adversely affects or challenges the legality, validity or
enforceability of the Purchase Agreement and (ii) could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 

     9. The execution, delivery and performance by the Company of the Purchase Agreement, the Registration Rights Agreement and the Warrants, the
consummation by the Company of the transactions contemplated thereby and the compliance by the Company with the terms thereof do not violate, conflict with or constitute a default (or an event which, with the giving of notice or lapse of time or
both, constitutes or would constitute a default) under, give rise to any right of termination, cancellation or acceleration under, or result in the creation of any lien, charge or
encumbrance on or against any of the properties of the Company pursuant to, any agreement, note, lease, mortgage, deed or other instrument (other than the Certificate of Incorporation or
By-laws of the Company, as to which I express no opinion in this paragraph) to which the Company is a party or by which the Company is bound or affected, or any statute, law, rule or regulation applicable to the Company or, to my knowledge, any
order, writ, injunction or decree. 

     The foregoing opinions are subject to the following comment and qualification: 

	 	The enforceability of provisions in the Purchase Agreement, the Registration Rights Agreement and the Warrants to the effect that terms may not be waived or modified except in writing may be limited under certain circumstances. 

     The foregoing opinions are limited to matters involving the Federal laws of the United States of America, the Delaware General Corporation Law and the law of the State of New York, and I do not
express any opinion as to the laws of any other jurisdiction. I do not express any

opinion as to the insurance laws, rules, regulations or determinations of any jurisdiction (including, without limitation, the State of New York). 

     This opinion letter is provided to you by me in my capacity as General Counsel to the Company, and this opinion letter may not be relied upon by any other Person or for any purpose other than in
connection with the transactions contemplated by the Purchase Agreement, the Registration Rights Agreement and the Warrants without, in each instance, my prior written consent. 

	 	
Very truly yours, 
	
	 	 

	
	 	 

	
	 	 

	
	 	
Andrew J. Graf 
	
	 	
EVP and General Counselex10-2.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

EXHIBIT 10.2

REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT, dated as of May 7, 2007 (the “Agreement”) by and between Viewpoint Corporation, a Delaware
corporation (the “Company”), and the undersigned investors (each a “Purchaser” and collectively, the
“Purchasers”). 

W I T N
E S S E
T H

     WHEREAS, in connection with the Securities Purchase Agreement by and between the parties hereto of even date herewith (the “Securities Purchase
Agreement”), the Company has agreed, upon the terms and conditions set forth therein, to issue and sell to each Purchaser (i) shares of the Company’s common stock, par value $.001 per share (the
“Common Stock”) and (ii) warrants (the “Warrants”) which will be exercisable six months following the issuance
date, to purchase shares of Common Stock (as exercised collectively, the “Warrant Shares”). 

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

     1. Certain Definitions.

     As used in this Agreement, the following terms shall have the meanings ascribed to them below: 

     “Commission”:  the Securities and Exchange Commission or any successor agency.

     “Common Stock”: Common Stock, par value $.001 per share, of the Company.

     “Person”: any natural person, corporation, partnership, limited liability company, firm, association, trust, government,
governmental agency or other entity, whether acting in an individual, fiduciary, or other capacity. 

     “Purchaser” or “Purchasers”: each Purchaser identified in the
Preamble hereto and any other Person who shall hereafter acquire Registrable Securities from such Purchaser and to whom such Purchaser assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in
accordance with Section 4.4(a) . 

     “Registrable Securities”: (i) shares of Common Stock acquired pursuant to the Securities Purchase Agreement, (ii) the Initial
Warrant Shares issued or issuable upon exercise of the Warrants, and (iii) any shares of capital stock issued or issuable with respect to the Warrant Shares or the Warrants as a result of any stock split, stock dividend, recapitalization, exchange
or similar event; provided, that any shares of Common Stock constituting Registrable Securities shall cease to be such at such time as (A) they are distributed to the public pursuant to a

registration statement under the Securities Act or Rule 144 thereunder, (B) they become subject to resale pursuant to Rule 144(k) under the Securities Act (or any successor provision) (“Rule
144”), (C) the Purchaser thereof may sell all such shares held by such Purchaser in a single 90-day period under Rule 144 because such shares constitute not more than 1.0% of the outstanding shares of Common Stock
(provided, in the case of clause (B) and this clause (C), that any shares which cease to be Registrable Securities by operation of such clauses shall again become Registrable Securities if such shares can no longer be sold in a single 90-day period
pursuant to Rule 144), or (D) they shall have otherwise been transferred and the new certificate evidencing ownership thereof does not bear a restrictive legend pursuant to the Securities Act and is not subject to a stop transfer order delivered by
or on behalf of the Company.

     For all purposes of this Agreement, a “majority in interest” of the Purchasers or a group thereof shall be determined on the basis
of the Registrable Securities held by them. 

     “Registration Statement” means the registration statement or registration statements filed under the Securities Act covering the
Registrable Securities. 

     “Securities Act”: the Securities Act of 1933, as amended. 

     2.  Registration Rights.  

     2.1  Mandatory Registration. 

     (a) Subject to receipt of necessary information from the Purchasers after prompt request from the Company to the Purchasers to provide such
information, the Company shall prepare, and, as soon as practicable but in no event later than forty-five (45) days after the Closing (as defined in the Securities Purchase Agreement) (the “Filing
Deadline”), file with the Commission a Registration Statement covering the resale of all of the Registrable Securities. The Registration Statement prepared pursuant hereto shall register for resale all of the
Registrable Securities. The Company shall use its reasonable best efforts, subject to receipt of necessary information from the Purchasers after prompt request from the Company to the Purchasers to provide such information, to have the Registration
Statement declared effective by the Commission as soon as practicable, but in no event later than (i) the date which is one hundred twenty (120) days after the Closing Date if the Company is informed in writing by the Commission within such 120 day
period that it will not review the Registration Statement, (ii) the date which is one hundred fifty (150) days after the Closing Date if the Company is not so informed in writing by the Commission or (iii) the fifth (5th) Business Day following written notification by the Commission that it has no comments or no further comments on the Registration Statement (such applicable date is referred to as the
“Effectiveness Deadline”). 

     (b) The registration pursuant to this Section 2.1 shall be on Form S-3 (or any equivalent successor form), if permitted.  If the Company does
not meet the eligibility requirements for filing a Registration Statement on Form S-3, then the Company shall instead prepare and file with the Commission a Registration Statement meeting the requirements of Form S-1, Form S-2 or Form SB-2, and in
such event, the Company shall re-file such Registration Statement, or file a new Registration Statement covering at least the number of shares then registered on the existing Registration Statement (and not previously sold pursuant to

the existing Registration Statement or pursuant to Rule 144), on Form S-3 as promptly as practicable (but in no event later than forty-five (45) days) after the Company meets the eligibility requirements to use Form S-3 for the
resale of Registrable Securities by each Purchaser. 

     2.2 Effect of Failure to File and Obtain and Maintain Effectiveness of Registration Statement. 

     If (i) a Registration Statement covering all the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the
Commission on or before the respective Filing Deadline or (B) not declared effective by the Commission on or before the Effectiveness Deadline or (ii) on any day after such Registration Statement has been declared effective by the Commission (other
than during an Allowable Grace Period) sales of all the Registrable Securities required to be included on such Registration Statement cannot be made pursuant to such Registration Statement (including, without limitation, because of a failure to keep
such Registration Statement effective, to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or to register sufficient shares of Common Stock), then, as partial relief for the damages to any holder
by reason of any such delay in or reduction of its ability to sell the Registrable Securities (which remedy shall not be exclusive of any other remedies available at law or in equity), the Company shall pay to an applicable Purchaser liquidated
damages at a rate equal to one percent (1.0%) for every thirty days after such failure (prorated for periods of less than 30 days) of the total purchase price of the Registrable Securities purchased by such Purchaser pursuant to the Securities
Purchase Agreement and held by such Purchaser as of the relevant date. Such payments shall be due within 5 days after the relevant date.

     2.3 Registration Procedures. When the Company, pursuant to the provisions of this Agreement, uses its
reasonable best efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall, as expeditiously as possible: 

     (a) prepare and file with the Commission a Registration Statement on Form S-3, to the extent permitted, or, if not permitted, on such other
available form for the disposition of Registrable Securities in accordance with the intended method of disposition thereof (provided such intended method of distribution shall not include an underwritten public offering), which form shall be
available for the sale of the Registrable Securities by the selling Purchasers thereof and such Registration Statement shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements
required by the Commission to be filed therewith, and the Company shall use its reasonable best efforts to cause such Registration Statement to become and remain effective (provided, however, that before filing a Registration Statement or prospectus
or any amendments or supplements thereto, or comparable statements under securities or blue sky laws of any jurisdiction, the Company will furnish to one counsel designated by a majority of the Purchasers (the “Designated Counsel”) participating in the planned offering, copies of all such documents proposed to be filed (including all exhibits thereto but excluding Annual Reports on Form 10-K, Quarterly
Reports on

Form 10-Q and Current Reports on Form 8-K and any similar or successor reports), which documents will be subject to the reasonable review and reasonable comment of such counsel; 

     (b) prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective for such period as any seller of Registrable Securities pursuant to such Registration Statement shall reasonably request and to comply with the provisions of the Securities
Act with respect to the sale or other disposition of all Registrable Securities covered by such Registration Statement in accordance with the intended methods of disposition (provided such intended method of distribution shall not include an
underwritten public offering) by the seller or sellers thereof as set forth in such Registration Statement; 

     (c) furnish, without charge and upon request, to each seller of such Registrable Securities covered by such Registration Statement such number
of copies of such Registration Statement, each amendment and supplement thereto (in each case including all exhibits), and the prospectus included in such registration statement (including each preliminary prospectus) in conformity with the
requirements of the Securities Act, and other documents, as such seller may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby consenting to the use
in accordance with all applicable law of each such Registration Statement (or amendment or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) by each such seller of Registrable Securities in
connection with the offering and sale of the Registrable Securities covered by such Registration Statement or prospectus; 

     (d) use its reasonable best efforts to register or qualify the Registrable Securities covered by such Registration Statement under such other
applicable securities or “blue sky” laws of such jurisdictions as any sellers of Registrable Securities shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such
sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions, except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it
would not, but for the requirements of this paragraph (d), be required to be so qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

     (e) promptly notify each Purchaser selling Registrable Securities covered by such Registration Statement: (i) when the Registration Statement,
any pre-effective amendment, the prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed and, 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 state securities authority for amendments or supplements to the Registration Statement or the prospectus related thereto or for additional information; (iii) of the issuance by
the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose; and (v) of the existence of any fact of which the Company becomes aware

which results in the Registration Statement, the prospectus related thereto or any document incorporated therein by reference containing an untrue statement of a material fact or omitting to state a material fact required to be
stated therein or necessary to make any statement therein not misleading (provided that in no event shall such notification contain any material, non-public information); and, subject to Section 2.3 (m), if the notification relates to an event
described in clause (v), the Company shall promptly prepare and furnish to each such seller a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the Purchasers of such Registrable Securities, such
prospectus shall not include 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 the light of the circumstances under which they were made not
misleading; 

     (f) comply with all applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as
reasonably practicable after the effective date of the Registration Statement (and in any event within 16 months thereafter), an earnings statement (which need not be audited) covering the period of at least twelve consecutive months beginning with
the first day of the Company’s first calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

     (g) use its reasonable best efforts to cause all such Registrable Securities covered by such registration statement to be listed on the
principal securities exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) if no similar securities are then so
listed, use reasonable best efforts to cause all such Registrable Securities to be, at the Company’s option, listed on a national securities exchange or, as a NASDAQ security within the meaning of Rule 11Aa2-1 promulgated by the Commission
pursuant to the Exchange Act or, failing that, secure NASDAQ authorization for such shares and without limiting the generality of the foregoing, take all actions that may be required by the Company as the issuer of such Registrable Securities in
order to facilitate the registration of at least two market makers as such with respect to such shares with the National Association of Securities Dealers, Inc. (the “NASD”);

     (h) at the reasonable request of any Purchaser, the Company shall furnish to such Purchaser, not later than the next business day following the
date of the effectiveness of the Registration Statement, an opinion from the Company’s General Counsel in customary form covering such matters as are customarily covered by such opinions, addressed to such Purchaser; 

     (i) deliver to the Designated Counsel copies of all correspondence between the Commission and the Company, its counsel or auditors or with the
Commission or its staff with respect to the Registration Statement, other than those portions of any such correspondence and memoranda which contain information subject to attorney-client privilege with respect to the Company, and, upon receipt of
such confidentiality agreements as the Company may reasonably request, make reasonably available for inspection by (i) any seller of such Registrable Securities covered by such registration statement, (ii) the Designated Counsel and (iii) one firm
of accountants or other agents designated by the majority of the Purchasers whose Registrable Securities are included in the registration statement, all pertinent financial and other records,

pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably requested by any such persons or entities, in connection with
such Registration Statement; 

     (j) use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the registration statement;

     (k) cooperate with the selling Purchasers of Registrable Securities to facilitate the timely preparation and delivery of certificates
representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations and registered in such names in accordance with the instructions of the selling Purchasers of Registrable Securities, at
least three business days prior to any sale of Registrable Securities;

     (l) take all such other commercially reasonable actions as the Company deems necessary or advisable in order to expedite or facilitate the
disposition of such Registrable Securities in accordance with this Agreement; and 

     (m)  notwithstanding anything to the contrary herein, at any time after the Registration Statement has been declared effective by the
Commission, the Company may delay the disclosure of material non-public information concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company and its counsel, in the best
interest of the Company and, based upon the advice of counsel to the Company, otherwise required (a “Grace Period”); provided, that the Company shall promptly (i) notify the
Purchasers in writing of the existence of material non-public information giving rise to a Grace Period (provided that in each notice the Company will not disclose the content of such material non-public information to any Purchaser without such
Purchaser’s written consent) and the date on which the Grace Period will begin, and (ii) notify each Purchaser in writing of the date on which the Grace Period ends; and, provided further, that no Grace Period shall exceed twenty (20)
consecutive days and during any three hundred sixty five (365) day period such Grace Periods shall not exceed an aggregate of sixty (60) days and the first day of any Grace Period must be at least five (5) trading days after the last day of any
prior Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the
Purchasers receive the notice referred to in clause (i) and shall end on and include the later of the date the Purchasers receive the notice referred to in clause (ii), the last day on which such Grace Period will be on Allowable Grace Period and
(iii) the date referred to in such notice. The provisions of the last clause of Section 2.3 (e) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by
the last clause of Section 2.3 (e) with respect to the information giving rise thereto unless such material non-public information is no longer applicable.

     It shall be a condition precedent to the Company’s obligations under this Section 2 that each seller of Registrable Securities as to which any registration is being effected furnish the Company
(in a timely manner, but in any event within five (5) calendar days of written request by the Company) such information regarding such seller, the Registrable Securities held by it and the intended method of distribution of such securities as the
Company may from time to time reasonably request, provided that such information shall be used only in connection with

such registration.  For the avoidance of doubt, the Company shall not be liable for liquidated damages pursuant to Section 2 hereof to the extent that the failure to meet the Filing Deadline or the Effectiveness Deadline relates
to the failure of a seller of Registrable Securities to provide, in a timely manner, information reasonably requested in writing by the Company. 

     Each Purchaser, by such Purchaser’s acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any Registration Statement hereunder unless such Purchaser has notified the Company in writing of such Purchaser’s election to exclude all of such Purchaser’s Registrable Securities from such Registration Statement. 

     Each Purchaser of Registrable Securities agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in clause (v) of paragraph (e) of this Section 2.3,
such Purchaser will immediately discontinue such Purchaser’s disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Purchaser’s receipt of the copies of the supplemented
or amended prospectus contemplated by paragraph (e) of this Section 2.3 and if so directed by the Company will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Purchaser’s
possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice.

     2.4 Registration Expenses.  The Company shall, whether or not any registration pursuant to this Agreement
becomes effective, pay all reasonable and customary expenses incident to the Company’s performance of or compliance with this Article 2, including (i) Commission, stock exchange or NASD registration and filing fees and all listing fees and fees
with respect to the inclusion of securities in NASDAQ, (ii) fees and expenses of compliance with state securities or “blue sky” laws and in connection with the preparation of a “blue sky” survey or required “blue sky”
filing fees, including without limitation, reasonable fees and expenses of blue sky counsel, (iii) printing expenses, (iv) messenger and delivery expenses, (v) internal expenses (including, without limitation, all salaries and expenses of the
Company’s officers and employees performing legal and accounting duties), (vi) fees and disbursements of counsel for the Company, and (vii) fees and expenses of other persons, including special experts, retained by the Company.  Notwithstanding
the foregoing, (A) the provisions of this Section 2.4 shall be deemed amended to the extent necessary to cause these expense provisions to comply with “blue sky” laws of each state in which the offering is made and (B) in connection with
any registration hereunder, each Purchaser of Registrable Securities being registered shall pay all underwriting discounts and commissions and transfer taxes, if any, attributable to such Registrable Securities. 

     2.5 Indemnification and Contribution.

     (a) In the event of any registration of any of the Registrable Securities under the Securities Act pursuant to this Agreement, to the extent
permitted by law, the Company will indemnify and hold harmless the seller of such Registrable Securities, and each other person, if any, who controls such seller or underwriter within the meaning of the Securities Act or the Exchange Act (each, a
“Seller Indemnified Party”) against any losses, claims, damages or liabilities, joint or several, to which such Seller Indemnified Party may become subject under the Securities
Act, the Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such

losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such
Registrable Securities were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or arise out of or are based upon
the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and the Company will reimburse such Seller Indemnified Party for any legal or other expenses (in each
case, to the extent such expenses are documented and reasonable) incurred by such Seller Indemnified Party in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the foregoing indemnification and reimbursement (i) shall not apply to the extent that any such loss, claim, damage or
liability arises out of or is based upon any untrue statement or omission made in such Registration Statement, preliminary prospectus, final prospectus or in any filing made in connection with the securities or blue sky laws of any jurisdiction, or
any such amendment or supplement thereto, in each case, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such Seller Indemnified Party specifically for use in the preparation thereof; (ii)
with respect to any preliminary prospectus, shall not inure to the benefit of any such person from whom the person asserting any such loss, claim, damage or liability purchased the Registrable Securities that are the subject thereof (or to the
benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the preliminary prospectus was corrected in the prospectus, as then amended or supplemented, and the Seller Indemnified Party was
promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Seller Indemnified Party, notwithstanding such advice, used it or failed to deliver the correct prospectus as required by the
Securities Act. 

     (b) In the event of any registration of any of the Registrable Securities under the Securities Act pursuant to this Agreement, each seller of
Registrable Securities, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each,
a “Company Indemnified Party”), against any losses, claims, damages or liabilities, joint or several, to which such Company Indemnified Party may become subject under the
Securities Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or
any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if, but
only if, the statement or omission was made in reliance upon and in conformity with information relating to such seller furnished in writing to the Company by or on behalf of such seller specifically for use in connection with the preparation of
such Registration Statement, preliminary prospectus, final prospectus, or in any filing made in connection with the securities or blue sky laws of any jurisdiction or any amendment or supplement thereto and such seller of Registrable Securities
shall reimburse the Company for any legal or other expenses (in each case, to the extent such expenses are documented and reasonable) incurred by such Company Indemnified Party in

connection with investigating or defending any such loss, claim, damage, liability or action; provided, however,
that the obligations of each Purchaser hereunder shall be limited to an amount equal to the net proceeds to such Purchaser of Registrable Securities sold in connection with such registration. 

     (c) Each party entitled to indemnification under this Section 2.5 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any
claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that counsel for
the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld); and, provided further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.5 except to the extent, if any, that the Indemnifying Party shall have been
actually and materially prejudiced as a result of such failure (except that the Indemnifying Party shall not be liable for any expenses incurred during the period in which the Indemnified Party failed to give such notice). The Indemnified Party may
participate in such defense at such party’s expense; provided, however, that the Indemnifying Party shall pay such expense if
representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between the Indemnified Party and any other party represented by such counsel in such
proceeding.  No Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, 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 Party of a release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or litigation
without the prior written consent of the Indemnifying Party. 

     (d) In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any
holder of Registrable Securities exercising rights under this Agreement, or any controlling person of any such holder, makes a claim for indemnification pursuant to this Section 2.5 but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 2.5 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling holder or any such controlling person in circumstances for which indemnification is provided under this Section 2.5; then, in
each such case, the Company and such Purchaser will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportions so that such holder is responsible for the
portion represented by the percentage that the public offering price of its Registrable Securities offered by the Registration Statement bears to the public offering price of all securities offered by such Registration Statement, and the Company is
responsible for the remaining portion; provided, however, that, in any such case, (A) no such holder will be required to contribute
any amount in excess of the proceeds to it of all Registrable Securities sold by it pursuant to such Registration Statement, and (B) no person or entity guilty of fraudulent misrepresentation, within the meaning

of Section 11(f) of the Securities Act, shall be entitled to contribution from any person or entity who is not guilty of such fraudulent misrepresentation. 

     3. General. 

     3.1 Rule 144.  The Company covenants that it will timely file the reports required to be filed by it under the
Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities Act), and will take such further action as any
Purchaser of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Purchaser to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by (i) Rule 144 under the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the Commission. Upon the request of any Purchaser of Registrable Securities (so long as
such Purchaser owns such Registrable Securities), the Company will deliver to such Purchaser a written statement as to whether it has complied with such requirements. 

     3.2 Notices and Other Communications. All notices, requests, demands and other communications made in
connection with this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if personally delivered to the persons identified below, (b) on the date of receipt if sent by facsimile, or (c) one business
day after delivered to a nationally recognized overnight courier service marked for overnight delivery, in each case addressed to the Purchasers at their respective addresses set forth on the stock records of the Company, and to the Company at:

          Viewpoint Corporation

          498 Seventh Avenue, Suite 1810

          New York, New York 10018

          Attention: General Counsel 

          Telephone: (212) 201-0800 

          Facsimile: (212) 201-0846 

or to such other address as any party may, from time to time, designate in a written notice given in a like manner. 

     3.3 Amendments.  This Agreement may be amended only by written instruments signed by the Company and a
majority in interest of the Purchasers. No waiver of any right or remedy provided for in this Agreement shall be effective unless it is set forth in writing signed by a majority in interest of the Purchasers. No waiver of any right or remedy granted
in one instance shall be deemed to be a continuing waiver under the same or similar circumstances thereafter arising. 

     3.4 Miscellaneous.

     (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and the respective successors and
assigns of the parties hereto, whether so expressed or not. This Agreement and the rights of the parties hereunder may be assigned by any of the parties hereto to any transferee of Registrable Securities if: (i) such

Purchaser agrees in writing with the transferee or assignee to assign such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company is, within a reasonable
time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee, and (b) the securities with respect to which such registration rights are being transferred or assigned; (iii)
immediately following such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the Securities Act and applicable state securities laws; (iv) at or before the time the Company receives
the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer shall have been made in accordance with the
applicable requirements of the Securities Purchase Agreement. 

     (b) If any term, provision, covenant or restriction of this Agreement or any exhibit hereto is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement and such exhibits shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and recitations without including any of such which may be hereafter declared invalid, void or unenforceable.

     (c) This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more of the counterparts have been signed by each party and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery by facsimile of an executed counterpart of any
signature page to this Agreement to be executed hereunder shall have the same effectiveness as delivery of a manually executed counterpart thereof. 

     (d) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflict of laws principles that would require the application of the laws of another jurisdiction.  The parties hereto agree to submit to the jurisdiction of the federal or state courts located in the City of New York in any action or proceeding
arising out of or relating to this Agreement. 

     (e) Except as set forth in Sections 2.5(a) and (b), this Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

[The remainder of this page intentionally left blank]

SIGNATURES 

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

	 	
THE COMPANY: 
	
	 	 
	 	
VIEWPOINT CORPORATION 
	
	 	 
	 	 
	 	By: /s/ Patrick Vogt             
	 	Name: 	Patrick Vogt  
	 	Title:  	CEO 

SIGNATURES

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

	Name of Purchaser: DG FastChannel, Inc.       
	Signature of Authorized Signatory of Purchaser: /s/ Scott K. Ginsburg       
	Name of Authorized Signatory: Scott K. Ginsburg       
	Title of Authorized Signatory: Chairman & CEO       
	Email Address of Purchaser:                                

SIGNATURES

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

	Name of Purchaser:  Lagunitas Partners LP       
	Signature of Authorized Signatory of Purchaser:  /s/ Jon D. Gruber        
	Name of Authorized Signatory:  Jon D. Gruber       
	 Title of Authorized Signatory:  General Partner     
	Email Address of Purchaser:                                

SIGNATURES

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

	Name of Purchaser: Gruber & McBaine International      
	Signature of Authorized Signatory of Purchaser: /s/ Jon D. Gruber        
	Name of Authorized Signatory: Jon D. Gruber       
	 Title of Authorized Signatory:  General Partner     
	Email Address of Purchaser:                                

SIGNATURES

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

	Name of Purchaser: Jon D. and Linda W. Gruber Trust     
	Signature of Authorized Signatory of Purchaser: /s/ Jon D. Gruber        
	Name of Authorized Signatory: Jon D. Gruber       
	 Title of Authorized Signatory:                                 
	Email Address of Purchaser:                                

SIGNATURES

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

	 Name of Purchaser: J. Patterson McBaine   
	Signature of Authorized Signatory of Purchaser: /s/ J. Patterson McBaine      
	Name of Authorized Signatory: J. Patterson McBaine    
	 Title of Authorized Signatory:                                 
	Email Address of Purchaser:

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