Document:

EXHIBIT
      4.4

    

    REGISTRATION
      RIGHTS AGREEMENT

    

    

    REGISTRATION
      RIGHTS AGREEMENT (this “Agreement”),
      dated
      as of February 15, 2007, by and among Nesco Industries, Inc., a Nevada
      corporation, with headquarters located at 305
      Madison Avenue, Suite 4510, New York, NY 10165
      (the
“Company”),
      and
      the undersigned buyers (each, a “Buyer”,
      and
      collectively, the “Buyers”).

     

    WHEREAS:

     

    A. In
      connection with the Securities Purchase Agreement by and among the Company
      and
      the Buyers of even date herewith (the “Securities
      Purchase Agreement”),
      the
      Company has agreed, upon the terms and subject to the conditions set forth
      in
      the Securities Purchase Agreement, to issue and sell to each Buyer
      (i) convertible notes of the Company (the “Notes”)
      which
      will, among other things, be convertible into shares of the Company’s common
      stock, par value $0.001 per share (the “Common
      Stock”)
      (as
      converted, the “Conversion
      Shares”)
      in
      accordance with the terms of the Notes, and (ii) warrants (the “Warrants”)
      which
      will be exercisable to purchase a number of shares of Common Stock in accordance
      with the terms of the Warrants (as exercised collectively, the “Warrant
      Shares”).

     

    B. In
      satisfaction of certain outstanding debt obligations owed by the Company to
      the
      Senior Secured Creditors set forth on the Schedule of Creditors included hereto
      (the “Creditors”) pursuant to (i) that certain 8% Senior Secured Promissory Note
      dated July 1, 2004 made by the Company in favor of each of the Creditors and
      (ii) the Nesco Industries, Inc. Stock Purchase Warrant issued to each of the
      Creditors on July 1, 2004 (collectively, the "Creditor Obligations"), the
      Company has agreed, upon the terms and subject to the conditions of certain
      settlement agreements between the Company and each of the Creditors (the
      "Settlement Agreements"), to issue to each Creditor, among other things, shares
      of Common Stock; 

     

    C. To
      induce
      the Buyers to execute and deliver the Securities Purchase Agreement and to
      induce the Creditors to execute and deliver the Settlement Agreements, the
      Company has agreed to provide certain registration rights under the Securities
      Act of 1933, as amended, and the rules and regulations thereunder, or any
      similar successor statute (collectively, the “1933
      Act”),
      and
      applicable state securities laws.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants contained
      herein and other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the Company, and each of the Buyers hereby agree
      as follows:

     

    1.  DEFINITIONS.

     

    Capitalized
      terms used herein and not otherwise defined herein shall have the respective
      meanings set forth in the Securities Purchase Agreement. As used in this
      Agreement, the following terms shall have the following meanings:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    (b)   
      “Closing
      Date”
shall
      have the meaning set forth in the Securities Purchase Agreement.

    

    (c)   
      “Creditor Registrable
      Securities”
means
      (i) the 55,308,701 shares of Common Stock issued or issuable to the Creditors
      in
      satisfaction of the Creditor Obligations as set out in Item 2 of Schedule 4(o)
      to the Securities Purchase Agreement and as adjusted as a result of any stock
      split (including the Reverse Stock Split, as defined in the Securities Purchase
      Agreement), stock dividend, recapitalization, exchange or similar event or
      otherwise and (ii) any shares of capital stock of the Company issued or issuable
      with respect to such shares of Common Stock as a result of any stock dividend
      or
      exchange or similar event. 

    

    (d)   
      “Effective
      Date”
means,
      with respect to any Registration Statement, the date that such Registration
      Statement has been declared effective by the SEC.

    

    (e)   
      “Effectiveness
      Deadline”
means
      the date which is ninety (90) calendar days after the date the Registration
      Statement is filed with the SEC.

    

    (f)  “Filing
      Deadline”
means
      the date which is seventy five (75) calendar days after the Closing
      Date.

    

    (g)   
      “Investor”
means
      a
      Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights
      under this Agreement and who agrees to become bound by the provisions of this
      Agreement in accordance with Section 9 and any transferee or assignee
      thereof to whom a transferee or assignee assigns its rights under this Agreement
      and who agrees to become bound by the provisions of this Agreement in accordance
      with Section 9.

    

    (h)   
      “Investor
      Registrable Securities”
means
      (i) the Conversion Shares issued or issuable upon conversion of the Notes,
      (ii) the Warrant Shares issued or issuable upon exercise of the Warrants
      and (iii) any capital stock of the Company issued or issuable with respect
      to
      the Conversion Shares, the Notes, the Warrant Shares or the Warrants as a result
      of any stock split, stock dividend, recapitalization, exchange or similar event
      or otherwise, without regard to any limitations on conversions of the Notes
      or
      exercises of the Warrants.

    

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

    

    (j)   
      “Register,”
      “registered,”
and
      “registration”
refer
      to a registration effected by preparing and filing one or more Registration
      Statements (as defined below) in compliance with the 1933 Act and pursuant
      to
      Rule 415 and the declaration or ordering of effectiveness of such
      Registration Statement(s) by the SEC.

    

    (k)  
      “Registrable
      Securities”
means
      Investor Registrable Securities and Creditor Registrable
      Securities.

    

    
      
        
        

      

      
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    (l)   
      “Registration
      Statement”
means
      a
      registration statement or registration statements of the Company filed under
      the
      1933 Act covering the Registrable Securities.

    

    (m)  
      “Required
      Holders”
means
      the holders of at least a majority of the Investor Registrable
      Securities.

    

    (n)   
      “Required
      Registration Amount”
means
      175% of the sum of (i) the number of Conversion Shares issued and issuable
      pursuant to the Notes as of the Trading Day immediately preceding the applicable
      date of determination, and (ii) the number of Warrant Shares issued and
      issuable pursuant to the Warrants as of the Trading Day immediately preceding
      the applicable date of determination, all subject to adjustment as provided
      in
      Section 2(e) (without regard to any limitations on conversion of the Notes
      or
      exercise of the Warrants).

    

    (o)   
      “Rule 415”
means
      Rule 415 under the 1933 Act or any successor rule providing for offering
      securities on a continuous or delayed basis.

    

    (p)   
      “SEC”
means
      the United States Securities and Exchange Commission.

    

    2.  REGISTRATION.

     

    a.  Mandatory
      Registration.
      The
      Company shall prepare, and, as soon as practicable, but in no event later than
      the Filing Deadline, file with the SEC, a Registration Statement on Form SB-2
      (or such other form as may be available) covering the resale of all of the
      Investor Registrable Securities if, and to the extent, that such Registrable
      Securities do not exceed, in the aggregate, 33 1/3% of the then-outstanding
      shares of the Common Stock. Subject to the foregoing limitation, the
      Registration Statement prepared pursuant hereto shall register for resale at
      least the number of shares of Common Stock equal to the Required Registration
      Amount as of the date the Registration Statement is initially filed with the
      SEC
      plus all of the Creditor Registrable Securities. The Company shall use its
      best
      efforts to have the Registration Statement declared effective by the SEC as
      soon
      as practicable, but in no event later than the Effectiveness Deadline. By 9:30
      a.m. on the Business Day following the Effective Date, the Company shall file
      with the SEC in accordance with Rule 424 under the 1933 Act the final
      prospectus to be used in connection with sales pursuant to such Registration
      Statement.

     

    
      b.  Allocation
        of Registrable Securities.
        In the
        event that the number of Registrable Securities included in any Registration
        Statement is less than the Required Registration Amount, the initial number
        of
        Registrable Securities included in such Registration Statement and any increase
        in the number of Registrable Securities included therein shall be allocated
        pro
        rata among the Investors based on the number of Registrable Securities held
        by
        each Investor at the time the Registration Statement covering such initial
        number of Investor Registrable Securities or increase thereof is declared
        effective by the SEC and shall not include any Creditor Registrable Securities
        if there are any Investor Registrable Securities not included in such
        Registration Statement or prior Registration Statements that the SEC has
        declared effective. In the event that an Investor sells or otherwise transfers
        any of such Investor’s Investor Registrable Securities, each transferee shall,
        upon becoming an Investor, be allocated a pro rata portion of the then remaining
        number of Investor Registrable Securities included in such Registration
        Statement for such transferor. Any Shares of Common Stock included in a
        Registration Statement and which remain allocated to any Person which ceases
        to
        hold any Investor Registrable Securities covered by such Registration Statement
        shall be allocated to the remaining Investors, pro rata based on the number
        of
        Investor Registrable Securities then held by such Investors which are covered
        by
        such Registration Statement. Any amount of Registrable Securities included
        in
        one or more Registration Statements in excess of the Required Registration
        Amount shall be allocated pro rata among the Creditors based on the number
        of
        Creditor Registrable Securities held by each Creditor at the time the
        Registration Statement covering such Registrable Securities is declared
        effective by the SEC. In no event shall the Company include any securities
        other
        than Investor Registrable Securities or Creditor Registrable Securities on
        any
        Registration Statement without the prior written consent of the Required
        Holders.

    

     

    
      
        
        

      

      
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    c.  Legal
      Counsel.
      Subject
      to Section 5 hereof, the Required Holders shall have the right to select
      one legal counsel to review and oversee, as counsel for the Investors, any
      registration pursuant to this Section 2 (“Legal
      Counsel”),
      which
      shall be Gottbetter & Partners, LLP or such other counsel as thereafter
      designated by the Required Holders. The Company and Legal Counsel shall
      reasonably cooperate with each other in performing the Company’s obligations
      under this Agreement.

    

    d.  [Intentionally
      left blank].

    

    e.  Sufficient
      Number of Shares Registered.
      In the
      event the number of Registrable Securities available under a Registration
      Statement filed pursuant to Section 2(a) is insufficient to cover all of the
      Registrable Securities required to be covered by such Registration Statement
      or
      an Investor’s allocated portion of the Registrable Securities pursuant to
      Section 2(b), the Company shall amend the applicable Registration
      Statement, or file a new Registration Statement (on the shortest form available
      therefor, if applicable), or both, so as to cover at least (i) the Required
      Registration Amount as of the Trading Day immediately preceding the date of
      the
      filing of such amendment or new Registration Statement plus (ii) all of the
      Creditor Registrable Securities, in each case, as soon as practicable, but
      in
      any event not later than forty-five (45) days after such time as the
      Company may do so in accordance with the 1933 Act as interpreted by the SEC
      but
      no later than six (6) months after the effectiveness of the prior registration
      statement, unless there is explicit instruction from the SEC to the contrary.
      The Company shall use its best efforts to cause such amendment and/or new
      Registration Statement to become effective as soon as practicable following
      the
      filing thereof. For purposes of the foregoing provision, the number of shares
      available under a Registration Statement shall be deemed “insufficient to cover
      all of the Registrable Securities” if at any time the number of shares of Common
      Stock available for resale under the Registration Statement is less than the
      sum
      of (A) the number of Creditor Registrable Securities registered on such
      Registration Statement, plus (B) the product determined by multiplying
      (i) the Required Registration Amount as of such time by (ii) 0.90. The
      calculation set forth in the foregoing sentence shall be made without regard
      to
      any limitations on the conversion of the Notes or the exercise of the Warrants
      and such calculation shall assume that the Notes are then convertible into
      shares of Common Stock at the then prevailing Conversion Rate (as defined in
      the
      Notes) and that the Warrants are then exercisable for shares of Common Stock
      at
      the then prevailing Exercise Price (as defined in the Warrants).

    

    
      
        
        

      

      
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    f.  Effect
      of Failure to File and Obtain and Maintain Effectiveness of Registration
      Statement.
      If
      (i) a Registration Statement covering all of the Investor 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 SEC on or
      before the Filing Deadline (a “Filing
      Failure”)
      or
      (B) not declared effective by the SEC on or before the Effectiveness
      Deadline (an “Effectiveness
      Failure”;
      provided,
      however,
      that
      for thirty (30) days following the Effectiveness Deadline there will be no
      Effectiveness Failure if the SEC is reviewing the Registration Statement and
      the
      Company is using its best efforts to have the Registration Statement declared
      effective) or (ii) on any day after the Effective Date sales of all of the
      Investor Registrable Securities required to be included on such Registration
      Statement cannot be made (other than during an Allowable Grace Period (as
      defined in Section 3(r)) 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 a sufficient
      number of shares of Common Stock) (a “Maintenance
      Failure”)
      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 underlying shares of Common Stock (which
      remedy shall not be exclusive of any other remedies available at law or in
      equity), the Company shall pay to each holder of Investor Registrable Securities
      relating to such Registration Statement an amount in cash equal to (i) one
      and
      one-half percent (1.5%) of the aggregate Purchase Price (as such term is defined
      in the Securities Purchase Agreement) of such Investor's Notes relating to
      the
      Registrable Securities included in such Registration Statement three (3)
      Business Days following the occurrence of a Filing Failure and (ii) two percent
      (2%) of the aggregate Purchase Price (as such term is defined in the Securities
      Purchase Agreement) of such Investor's Notes relating to the Registrable
      Securities included in such Registration Statement on each of the following
      dates: (A) three (3) Business Days following the 30th
      day
      after an uncured Filing Failure has occurred and on every thirtieth
      (30th)
      day
      thereafter until such Filing Failure is cured; and (B) three (3) Business Days
      following the end of the month in which an Effectiveness Failure has occurred
      and on every thirtieth (30th)
      day
      thereafter until such Effectiveness Failure is cured (provided that the Company
      shall pay a pro-rata amount of any Registration Delay Payment for any partial
      period covered in clause (A) or (B)). The payments to which a holder shall
      be
      entitled pursuant to this Section 2(f) are referred to herein as “Registration
      Delay Payments”.
      By way
      of example, if a Registration Statement covering the Registrable Securities
      is
      filed on the 111th
      day
      following the Closing Date, the Company shall pay to the Investors (i) an amount
      equal to 1.5% of the aggregate Purchase Price of such Investor's Notes relating
      to the Registrable Securities included in such Registration Statement within
      three (3) Business Days after the 75th
      day
      following the Closing Date, (ii) an amount equal to 2% of the Purchase Price
      of
      such Investor's Notes relating to the Registrable Securities included in such
      Registration Statement on the one hundred fifth (105th)
      day
      following the Closing Date and (iii) a pro rata amount of such Registration
      Delay Payment for any subsequent period (determined by multiplying such
      Registration Delay Payment by the product obtained by dividing the number of
      days (6) during which such Filing Failure occurred during such subsequent period
      by 30)). In the event the Company fails to make Registration Delay Payments
      in a
      timely manner, such Registration Delay Payments shall bear interest at the
      rate
      of one and one-half percent (1.5%) per month (prorated for partial months)
      until
      paid in full. Notwithstanding anything herein to the contrary, in no event
      shall
      the Registration Delay Payments exceed ten percent (10%) of the aggregate
      Purchase Price for all Investors (the "Registration
      Delay Payments Cap").
      Any
      amount in excess of the Registration Delay Payments Cap (the "Excess
      Registration Delay Payments")
      shall
      cause the Conversion Price of the Investor's Notes to be lowered by an amount
      equal to the quotient of the amount of such Investors Excess Registration Delay
      Payments divided by the then outstanding amount of such Investor's Notes.
      Notwithstanding anything to the contrary contained herein, (y) in no event
      shall
      the Company be liable for any damages in connection with the Warrant or Warrant
      Shares and (z) no Registration Delay Payments shall be payable with respect
      to
      any Registrable Securities excluded from a Registration Statement by election
      of
      an Investor.

    

    
      
        
        

      

      
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      3.  RELATED
        OBLIGATIONS.

    

     

    At
      such
      time as the Company is obligated to file a Registration Statement with the
      SEC
      pursuant to Section 2(a) or 2(e), the Company will use its commercially
      reasonable best efforts to effect the registration of the Investor Registrable
      Securities in accordance with the intended method of disposition thereof and,
      pursuant thereto, the Company shall have the following obligations:

     

    a.  The
      Company shall promptly prepare and file with the SEC a Registration Statement
      with respect to the Investor Registrable Securities and use its best efforts
      to
      cause such Registration Statement relating to the Investor Registrable
      Securities to become effective as soon as practicable after such filing (but
      in
      the case of the initial Registration Statement required to be filed pursuant
      to
      Section 2(a), no later than the Effectiveness Deadline). The Company shall
      keep
      each Registration Statement effective pursuant to Rule 415 at all times
      until the earlier of (i) the date as of which the Investors may sell all of
      the Investor Registrable Securities covered by such Registration Statement
      without restriction pursuant to Rule 144(k) (or any successor thereto)
      promulgated under the 1933 Act or (ii) the date on which the Investors
      shall have sold all of the Investor Registrable Securities covered by such
      Registration Statement (the “Registration
      Period”).
      The
      Company shall ensure that each Registration Statement (including any amendments
      or supplements thereto and prospectuses contained therein) shall 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 case
      of
      prospectuses, in the light of the circumstances in which they were made) not
      misleading. The term “best efforts” shall mean, among other things, that the
      Company shall submit to the SEC, within two (2) Business Days after the later
      of
      the date that (i) the Company learns that no review of a particular
      Registration Statement will be made by the staff of the SEC or that the staff
      has no further comments on a particular Registration Statement, as the case
      may
      be, and (ii) the approval of Legal Counsel pursuant to Section 3(c) (which
      approval is immediately sought), a request for acceleration of effectiveness
      of
      such Registration Statement to a time and date not later than 48 hours after
      the
      submission of such request.

     

    b.  The
      Company shall prepare and file with the SEC such amendments (including
      post-effective amendments) and supplements to a Registration Statement and
      the
      prospectus used in connection with such Registration Statement, which prospectus
      is to be filed pursuant to Rule 424 promulgated under the 1933 Act, as may
      be necessary to keep such Registration Statement effective at all times (subject
      to any Allowable Grace Period) during the Registration Period, and, during
      such
      period, comply with the provisions of the 1933 Act with respect to the
      disposition of all Registrable Securities of the Company covered by such
      Registration Statement until such time as all of such Registrable Securities
      shall have been disposed of in accordance with the intended methods
      of disposition by the seller or sellers thereof as set forth in such
      Registration Statement. In the case of amendments and supplements to a
      Registration Statement which are required to be filed pursuant to this Agreement
      (including pursuant to this Section 3(b)) by reason of the Company filing a
      report on Form 10-Q or Form 10-QSB, Form 10-K or Form 10-KSB or any analogous
      report under the Securities Exchange Act of 1934, as amended (the “1934
      Act”),
      the
      Company shall have incorporated such report by reference into such Registration
      Statement, if applicable, or shall file such amendments or supplements with
      the
      SEC on the same day on which the 1934 Act report is filed which created the
      requirement for the Company to amend or supplement such Registration
      Statement.

    

    
      
        
        

      

      
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    c.  The
      Company shall (A) permit Legal Counsel to review and comment upon
      (i) a Registration Statement at least five (5) Business Days prior to
      its filing with the SEC and (ii) all amendments and supplements to all
      Registration Statements (except for Annual Reports on Form 10-K or Form 10-KSB,
      and Quarterly Reports on Form 10-Q or Form 10-QSB and any similar or successor
      reports) within a reasonable number of days prior to their filing with the
      SEC,
      and (B) not file any Registration Statement or amendment or supplement
      thereto in a form to which Legal Counsel reasonably objects. The Company shall
      not submit a request for acceleration of the effectiveness of a Registration
      Statement or any amendment or supplement thereto without the prior approval
      of
      Legal Counsel, which consent shall not be unreasonably withheld. The Company
      shall furnish to Legal Counsel, without charge, (i) copies of any
      correspondence from the staff of the SEC to the Company or its representatives
      relating to any Registration Statement, (ii) promptly after the same is
      prepared and filed with the SEC, one copy of any Registration Statement and
      any
      amendment(s) thereto, including financial statements and schedules, all
      documents incorporated therein by reference, if requested by an Investor, and
      all exhibits and (iii)  if the Company shall not have filed a final
      prospectus in accordance with Rule 424 per Section 2(a), upon the effectiveness
      of any Registration Statement, one copy of the prospectus included in such
      Registration Statement and all amendments and supplements thereto. The Company
      shall reasonably cooperate with Legal Counsel in performing the Company’s
      obligations pursuant to this Section 3.

    

    d.  The
      Company shall furnish to each Investor whose Investor Registrable Securities
      are
      included in any Registration Statement, without charge, (i) if the Company
      shall not have filed a final prospectus in accordance with Rule 424 per
      Section 2(a), upon the effectiveness of any Registration Statement, ten
      (10) copies of the prospectus included in such Registration Statement and
      all amendments and supplements thereto (or such other number of copies as such
      Investor may reasonably request) and (ii) such other documents, including
      copies of any preliminary or final prospectus, as such Investor may reasonably
      request from time to time in order to facilitate the disposition of the
      Registrable Securities owned by such Investor.

    

    e.  The
      Company shall use its best efforts to (i) register and qualify, unless an
      exemption from registration and qualification applies, the resale by Investors
      of the Registrable Securities covered by a Registration Statement under such
      other securities or “blue sky” laws of all applicable jurisdictions in the
      United States, (ii) prepare and file in those jurisdictions, such
      amendments (including post-effective amendments) and supplements to such
      registrations and qualifications as may be necessary to maintain the
      effectiveness thereof during the Registration Period, (iii) take such other
      actions as may be necessary to maintain such registrations and qualifications
      in
      effect at all times during the Registration Period, and (iv) take all other
      actions reasonably necessary or advisable to qualify the
      Investor Registrable Securities for sale in such jurisdictions; provided,
      however, that the Company shall not be required in connection therewith or
      as a
      condition thereto to (x) qualify to do business in any jurisdiction where
      it would not otherwise be required to qualify but for this Section 3(e),
      (y) subject itself to general taxation in any such jurisdiction, or
      (z) file a general consent to service of process in any such jurisdiction.
      The Company shall promptly notify Legal Counsel and each Investor who holds
      Investor Registrable Securities of the receipt by the Company of any
      notification with respect to the suspension of the registration or qualification
      of any of the Investor Registrable Securities for sale under the securities
      or
“blue sky” laws of any jurisdiction in the United States or its receipt of
      actual notice of the initiation or threatening of any proceeding for such
      purpose.

    

    
      
        
        

      

      
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    f.  The
      Company shall notify Legal Counsel and each Investor in writing of the happening
      of any event, as promptly as practicable after becoming aware of such event,
      as
      a result of which the prospectus included in a Registration Statement, as then
      in effect, includes an untrue statement of a material fact or omission 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 (provided that in no event shall such notice contain any
      material, nonpublic information), and, subject to Section 3(r), promptly
      prepare a supplement or amendment to such Registration Statement to correct
      such
      untrue statement or omission. The Company shall also promptly notify Legal
      Counsel and each Investor in writing (i) when a prospectus or any
      prospectus supplement or post-effective amendment has been filed, and when
      a
      Registration Statement or any post-effective amendment has become effective
      (notification of such effectiveness shall be delivered to Legal Counsel and
      each
      Investor by facsimile or e-mail on the same day of such effectiveness and by
      overnight mail), (ii) of any request by the SEC for amendments or
      supplements to a Registration Statement or related prospectus or related
      information, and (iii) of the Company’s reasonable determination that a
      post-effective amendment to a Registration Statement would be
      appropriate.

    

    g.  The
      Company shall use its best efforts to prevent the issuance of any stop order
      or
      other suspension of effectiveness of a Registration Statement, or the suspension
      of the qualification of any of the Investor Registrable Securities for sale
      in
      any jurisdiction and, if such an order or suspension is issued, to obtain the
      withdrawal of such order or suspension at the earliest possible moment and
      to
      notify Legal Counsel and each Investor who holds Registrable Securities being
      sold of the issuance of such order and the resolution thereof or its receipt
      of
      actual notice of the initiation or threat of any proceeding for such
      purpose.

    

    h.  At
      the
      reasonable request of any Investor with respect to an underwritten offering
      pursuant to a Registration Statement, the Company shall furnish, on the date
      of
      the effectiveness of the Registration Statement and thereafter from time to
      time
      on such dates as the managing underwriter may reasonably request (i) a
      letter, dated such date, from the Company’s independent certified public
      accountants in form and substance as is customarily given by independent
      certified public accountants to underwriters in an underwritten public offering,
      and (ii) an opinion, dated as of such date, of counsel representing the
      Company for purposes of such Registration Statement, in form, scope and
      substance as is customarily given in an underwritten public
      offering.

    

    
      
        
        

      

      
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    i.  If
      any
      Investor may be required under applicable securities law to be described in
      the
      Registration Statement as an Underwriter, the Company shall make available
      for
      inspection by (i) any Investor, (ii) Legal Counsel and (iii) one firm
      of accountants or other agents retained by the Investors (collectively, the
      “Inspectors”),
      all
      pertinent financial and other records, and pertinent corporate documents and
      properties of the Company (collectively, the “Records”),
      as
      shall be reasonably deemed necessary by each Inspector, and cause the Company’s
      officers, directors and employees, counsel and the Company’s independent
      certified public accountants to supply all information which may be necessary
      and any Inspector may reasonably request; provided, however, that each Inspector
      shall agree to hold in strict confidence and shall not make any disclosure
      (except to an Investor) or use of any Record or other information which the
      Company determines in good faith to be confidential, and of which determination
      the Inspectors are so notified, unless (a) the release of such Records is
      ordered pursuant to a final, non-appealable subpoena or order from a court
      or
      government body of competent jurisdiction, or (b) the information in such
      Records has been made generally available to the public other than by disclosure
      in violation of this or any other agreement of which the Inspector has
      knowledge. Each Investor agrees that it shall, upon learning that disclosure
      of
      such Records is sought in or by a court or governmental body of competent
      jurisdiction or through other means, give prompt written notice to the Company
      and allow the Company, at its expense, to undertake appropriate action to
      prevent disclosure of, or to obtain a protective order for, the Records deemed
      confidential. Nothing herein (or in any other confidentiality agreement between
      the Company and any Investor) shall be deemed to limit the Investors’ ability to
      sell Registrable Securities in a manner which is otherwise consistent with
      applicable laws and regulations.

    

    j.  The
      Company shall hold in confidence and not make any disclosure of information
      concerning an Investor provided to the Company unless (i) disclosure of
      such information is necessary to comply with federal or state securities laws,
      (ii) the disclosure of such information is necessary to avoid or correct a
      misstatement or omission in any Registration Statement, (iii) the release
      of such information is ordered pursuant to a subpoena or other final,
      non-appealable order from a court or governmental body of competent
      jurisdiction, or (iv) such information has been made generally available to
      the public other than by disclosure in violation of this Agreement or any other
      agreement. The Company agrees that it shall, upon learning that disclosure
      of
      such information concerning an Investor is sought in or by a court or
      governmental body of competent jurisdiction or through other means, give prompt
      written notice to such Investor and allow such Investor, at the Investor’s
      expense, to undertake appropriate action to prevent disclosure of, or to obtain
      a protective order for, such information.

    

    k.  The
      Company shall use its best efforts either to (i) cause all of the
      Registrable Securities covered by a Registration Statement to be listed or
      quoted on each securities exchange or quotation service on which securities
      of
      the same class or series issued jby the Company are then listed or quoted (which
      shall include the OTC Bulletin Board), if any, if the listing or quotation
      of
      such Registrable Securities is then permitted under the rules of such exchange,
      or (ii) secure designation and quotation of all of the Registrable
      Securities covered by a Registration Statement on the OTC Bulletin Board and,
      without limiting the generality of the foregoing, to use its commercially
      reasonable best efforts to arrange for at least two market makers to register
      with the National Association of Securities Dealers, Inc. (“NASD”)
      as
      such with respect to such Registrable Securities. The Company shall pay all
      fees
      and expenses in connection with satisfying its obligation under this
      Section 3(k).

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    l.  The
      Company shall cooperate with the Investors who hold Investor Registrable
      Securities being offered and, to the extent applicable, facilitate the timely
      preparation and delivery of certificates representing the Registrable Securities
      to be offered pursuant to a Registration Statement and enable such certificates
      to be in such denominations or amounts, as the case may be, as the Investors
      may
      reasonably request and registered in such names as the Investors may
      request.

    

    m.  If
      requested by an Investor, the Company shall within ten (10) Business Days
      of receipt of notice from such Investor (i) incorporate in a prospectus
      supplement or post-effective amendment such information as an Investor
      reasonably requests to be included therein relating to the sale and distribution
      of Investor Registrable Securities, including, without limitation, information
      with respect to the number of Investor Registrable Securities being offered
      or
      sold, the purchase price being paid therefor and any other terms of the offering
      of the Investor Registrable Securities to be sold in such offering; (ii) make
      all required filings of such prospectus supplement or post-effective amendment
      after being notified of the matters to be incorporated in such prospectus
      supplement or post-effective amendment; and (iii) supplement or make
      amendments to any Registration Statement if reasonably requested by an Investor
      holding any Investor Registrable Securities.

    

    n.  The
      Company shall reasonably cooperate with the Investors as may be necessary to
      consummate the disposition of such Investor Registrable Securities.

    

    o.  The
      Company shall make generally available to its security holders as soon as
      practical, but not later than ninety (90) days after the close of the
      period covered thereby, an earnings statement (in form complying with, and
      in
      the manner provided by, the provisions of Rule 158 under the 1933 Act)
      covering a twelve-month period beginning not later than the first day of the
      Company’s fiscal quarter next following the effective date of the Registration
      Statement.

    

    p.  The
      Company shall otherwise use its best efforts to comply with all applicable
      rules
      and regulations of the SEC in connection with any registration
      hereunder.

    

    q.  Within
      two (2) Business Days after a Registration Statement which covers Investor
      Registrable Securities is ordered effective by the SEC, the Company shall
      deliver, and shall cause legal counsel for the Company to deliver, to the
      transfer agent for such Investor Registrable Securities (with copies to the
      Investors whose Investor Registrable Securities are included in such
      Registration Statement) confirmation, in the form attached hereto as
      Exhibit A,
      that
      such Registration Statement has been declared effective by the SEC.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    r.  Notwithstanding
      anything to the contrary herein, at any time after the Effective Date, 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, in the opinion of counsel to the Company, otherwise
      required (a “Grace
      Period”);
      provided, that the Company shall promptly (i) notify the Investors 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 the Investors) and the
      date
      on which the Grace Period will begin, and (ii) notify the Investors in
      writing of the date on which the Grace Period ends; and, provided further,
      that
      no Grace Period shall exceed thirty (30) 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 two (2) 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 Investors receive the notice referred
      to
      in clause (i) and shall end on and include the later of the date the
      Investors receive the notice referred to in clause (ii) and the date
      referred to in such notice. The provisions of Section 3(g) 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 first sentence of
      Section 3(f) with respect to the information giving rise thereto unless such
      material, non-public information is no longer applicable. Notwithstanding
      anything to the contrary, the Company shall cause its transfer agent to deliver
      unlegended shares of Common Stock to a transferee of an Investor in accordance
      with the terms of the Securities Purchase Agreement in connection with any
      sale
      of Registrable Securities with respect to which an Investor has entered into
      a
      contract for sale, and delivered a copy of the prospectus included as part
      of
      the applicable Registration Statement (unless an exemption from such prospectus
      delivery requirement exists), prior to the Investor’s receipt of the notice of a
      Grace Period and for which the Investor has not yet settled.

    

    s.  To
      the
      extent not inconsistent with applicable law, in connection with a public
      offering of securities of the Company, upon the request of the Company or,
      in
      the case of an underwritten public offering of the Company's securities, the
      managing underwriters, each Investor who beneficially owns (as defined in Rule
      13d-3 adopted by the SEC under the 1934 Act) at least 5% of the outstanding
      capital stock of the Company will not effect any sale or distribution (other
      than those included in the registration statement being filed with respect
      to
      such public offering) of, or any short sale of, or any grant of option to
      purchase, or any hedging or similar transaction with respect to, any securities
      of the Company, or any securities, options or rights convertible into or
      exchangeable or exercisable for such securities during the 14 days prior to
      and
      the 90-day period beginning on the effective date of such public offering,
      unless the Company, or in the case of an underwritten public offering, the
      managing underwriters otherwise agree to a shorter period of time. At the
      request of the Company or the managing underwriters, each such Investor shall
      execute a customary "lock-up" agreement consistent with the provisions of this
      Section 3(j); provided, however, that no Investor shall be required to enter
      into such "lock-up" agreement unless and until all of the Company's executive
      officers and directors execute substantially similar "lock-up" agreements and
      the Company uses commercially reasonable efforts to cause each holder of more
      than 5% of its outstanding capital stock to execute substantially similar
      "lock-up" agreements. Neither the Company nor the managing underwriter shall
      terminate, materially amend or waive the enforcement of any material provision
      under a "lock-up" agreement unless each "lock-up" agreement with an Investor
      is
      also amended or waived in a similar manner or terminated, as the case may be.
      Notwithstanding anything contained in this Agreement or the other Transaction
      Documents to the contrary, the Company may impose stop-transfer instructions
      to
      enforce the restrictions imposed by this Section 3(j).

     

    
      
        
        

      

      
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    4.  OBLIGATIONS
      OF THE INVESTORS AND THE CREDITORS.

     

    a.  At
      least
      ten (10) Business Days prior to the first anticipated filing date of a
      Registration Statement, the Company shall notify each Investor and Creditor
      in
      writing of the information the Company requires from each such Investor or
      Creditor if such Investor or Creditor elects to have any of such Investor’s or
      Creditor’s Registrable Securities included in such Registration Statement. It
      shall be a condition precedent to the obligations of the Company to complete
      the
      registration pursuant to this Agreement with respect to the Registrable
      Securities of a particular Investor or Creditor that such Investor or Creditor
      shall furnish to the Company such information regarding itself, the Registrable
      Securities held by it and the intended method of disposition of the Registrable
      Securities held by it, as shall be reasonably required to effect and maintain
      the effectiveness of the registration of such Registrable Securities and shall
      execute such documents in connection with such registration as the Company
      may
      reasonably request.

     

    b.  Each
      Investor and Creditor, by such Investor’s or Creditor’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 Investor or
      Creditor has notified the Company in writing of such Investor’s or Creditor’s
      election to exclude all of such Investor’s or Creditor’s Registrable Securities
      from such Registration Statement.

    

    c.  Each
      Investor and Creditor agrees that, upon receipt of any notice from the Company
      of the happening of any event of the kind described in Section 3(g) or the
      first
      sentence of 3(f), such Investor or Creditor will immediately discontinue
      disposition of Registrable Securities pursuant to any Registration Statement(s)
      covering such Registrable Securities until such Investor’s or Creditor’s receipt
      of the copies of the supplemented or amended prospectus contemplated by Section
      3(g) or the first sentence of 3(f) or receipt of notice that no supplement
      or
      amendment is required.

    

    d.  Each
      Investor and Creditor covenants and agrees that it will comply with the
      prospectus delivery requirements of the 1933 Act as applicable to or an
      exemption therefrom it in connection with sales of Registrable Securities
      pursuant to the Registration Statement.

    

    5.  EXPENSES
      OF REGISTRATION.

     

    All
      reasonable expenses, other than underwriting discounts and commissions, incurred
      in connection with registrations, filings or qualifications pursuant to
      Sections 2 and 3, including, without limitation, all registration, listing
      and qualifications fees, printers and accounting fees, and fees and
      disbursements of counsel for the Company related to registrations shall be
      paid
      by the Company.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    6.  INDEMNIFICATION.

     

    In
      the
      event any Registrable Securities are included in a Registration Statement under
      this Agreement:

     

    a.  To
      the
      fullest extent permitted by law, the Company will, and hereby does, indemnify,
      hold harmless and defend (i) each Investor, the directors, officers, members,
      partners, employees, agents and representatives of, and each Person, if any,
      who
      controls any Investor within the meaning of the 1933 Act or the 1934 Act and
      (ii) each Creditor, the directors, officers, members, partners, employees,
      agents and representatives of, and each Person, if any, who controls any
      Creditor within the meaning of the 1933 Act or the 1934 Act (each, an
“Indemnified
      Person”),
      against any losses, claims, damages, liabilities, judgments, fines, penalties,
      charges, costs, reasonable attorneys’ fees, amounts paid in settlement or
      expenses, joint or several, (collectively, “Claims”)
      incurred in investigating, preparing or defending any action, claim, suit,
      inquiry, proceeding, investigation or appeal taken from the foregoing by or
      before any court or governmental, administrative or other regulatory agency,
      body or the SEC, whether pending or threatened, whether or not an indemnified
      party is or may be a party thereto (“Indemnified
      Damages”),
      to
      which any of them may become subject insofar as such Claims (or actions or
      proceedings, whether commenced or threatened, in respect thereof) arise out
      of
      or are based upon: (i) any untrue statement or alleged untrue statement of
      a material fact in a Registration Statement or any post-effective amendment
      thereto or in any filing made in connection with the qualification of the
      offering under the securities or other “blue sky” laws of any jurisdiction in
which
      Investor Registrable Securities are offered, or the omission or alleged omission
      to state a material fact required to be stated therein or necessary to make
      the
      statements therein not misleading, (ii) any untrue statement or alleged
      untrue statement of a material fact contained in any preliminary prospectus
      if
      used prior to the effective date of such Registration Statement, or contained
      in
      the final prospectus (as amended or supplemented, if the Company files any
      amendment thereof or supplement thereto with the SEC) or the omission or alleged
      omission to state therein any material fact necessary to make the statements
      made therein, in light of the circumstances under which the statements therein
      were made, not misleading, (iii) any violation or alleged violation by the
      Company of the 1933 Act, the 1934 Act, any other law, including, without
      limitation, any state securities law, or any rule or regulation thereunder
      relating to the offer or sale of the Registrable Securities pursuant to a
      Registration Statement or (iv) any violation of this Agreement (the matters
      in the foregoing clauses (i) through (iv) being, collectively,
“Violations”).
      Subject to Section 6(c), the Company shall reimburse the Indemnified
      Persons, promptly as such expenses are incurred and are due and payable, for
      any
      reasonable legal fees or other reasonable expenses incurred by them in
      connection with investigating or defending any such Claim. Notwithstanding
      anything to the contrary contained herein, the indemnification agreement
      contained in this Section 6(a): (i) shall not apply to a Claim by an
      Indemnified Person arising out of or based upon a Violation which occurs in
      conformity with information furnished in writing to the Company by such
      Indemnified Person expressly for use in connection with the preparation of
      the
      Registration Statement or any such amendment thereof or supplement thereto,
      and
      (ii) shall not apply to amounts paid in settlement of any Claim if such
      settlement is effected without the prior written consent of the Company, which
      consent shall not be unreasonably withheld or delayed. Such indemnity shall
      remain in full force and effect regardless of any investigation made by or
      on
      behalf of the Indemnified Person and shall survive the transfer of the
      Registrable Securities by the Investors or Creditors pursuant to
      Section 9.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    b.  In
      connection with any Registration Statement in which an Investor or Creditor
      is
      participating, each such Investor and Creditor agrees to severally and not
      jointly indemnify, hold harmless and defend, to the same extent and in the
      same
      manner as is set forth in Section 6(a), the Company, its directors,
      officers employees, agents and representatives and each Person, if any, who
      controls the Company within the meaning of the 1933 Act or the 1934 Act (each,
      an “Indemnified
      Party”),
      against any Claim or Indemnified Damages to which any of them may become
      subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim
      or
      Indemnified Damages arise out of or are based upon any Violation, in each case
      to the extent, and only to the extent, that such Violation occurs in reliance
      upon and in conformity with written information furnished to the Company by
      such
      Investor expressly for use in connection with such Registration Statement;
      and,
      subject to Section 6(c), such Investor or Creditor will reimburse any
      reasonable legal or other expenses reasonably incurred by Indemnified Party
      in
      connection with investigating or defending any such Claim; provided, however,
      that the indemnity agreement contained in this Section 6(b) and the agreement
      with respect to contribution contained in Section 7 shall not apply to
      amounts paid in settlement of any Claim if such settlement is effected without
      the prior written consent of such Investor or Creditor, which consent shall
      not
      be unreasonably withheld or delayed;
      provided, further, however, that each Investor shall be liable under this
      Section 6(b) for only that amount of a Claim or Indemnified Damages as does
      not
      exceed the net proceeds to such Investor as a result of the sale of Registrable
      Securities pursuant to such Registration Statement. Such
      indemnity
      shall remain in full force and effect regardless of any investigation made
      by or
      on behalf of such Indemnified Party and shall survive the transfer of the
      Registrable Securities by the Investors or Creditors pursuant to Section 9.
      Notwithstanding anything to the contrary contained herein, the indemnification
      agreement contained in this Section 6(b) with respect to any preliminary
      prospectus shall not inure to the benefit of any Indemnified Party if the untrue
      statement or omission of material fact contained in the preliminary prospectus
      was corrected on a timely basis in the prospectus, as then amended or
      supplemented.

    
       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

      

    

    c.  Promptly
      after receipt by an Indemnified Person or Indemnified Party under this
      Section 6 of notice of the commencement of any action or proceeding
      (including any governmental action or proceeding) involving a Claim, such
      Indemnified Person or Indemnified Party shall, if a Claim in respect thereof
      is
      to be made against any indemnifying party under this Section 6, deliver to
      the indemnifying party a written notice of the commencement thereof, and the
      indemnifying party shall have the right to participate in, and, to the extent
      the indemnifying party so desires, jointly with any other indemnifying party
      similarly noticed, to assume control of the defense thereof with counsel
      mutually satisfactory to the indemnifying party and the Indemnified Person
      or
      the Indemnified Party, as the case may be; provided, however, that an
      Indemnified Person or Indemnified Party shall have the right to retain its
      own
      counsel with the fees and expenses of not more than one counsel for such
      Indemnified Person or Indemnified Party to be paid by the indemnifying party,
      if, in the reasonable opinion of counsel retained by the indemnifying party,
      the
representation
      by such counsel of the Indemnified Person or Indemnified Party and the
      indemnifying party would be inappropriate due to actual or potential differing
      interests between such Indemnified Person or Indemnified Party and any other
      party represented by such counsel in such proceeding. In the case of an
      Indemnified Person, legal counsel referred to in the immediately preceding
      sentence shall be selected by the Investors holding at least a majority in
      interest of the Registrable Securities included in the Registration Statement
      to
      which the Claim relates. The Indemnified Party or Indemnified Person shall
      cooperate reasonably with the indemnifying party in connection with any
      negotiation or defense of any such action or Claim by the indemnifying party
      and
      shall furnish to the indemnifying party all information reasonably available
      to
      the Indemnified Party or Indemnified Person which relates to such action or
      Claim. The indemnifying party shall keep the Indemnified Party or Indemnified
      Person fully apprised at all times as to the status of the defense or any
      settlement negotiations with respect thereto. No indemnifying party shall be
      liable for any settlement of any action, claim or proceeding effected without
      its prior written consent, provided, however, that the indemnifying party shall
      not unreasonably withhold, delay or condition its consent. No indemnifying
      party
      shall, without the prior written consent of the Indemnified Party or Indemnified
      Person, consent to entry of any judgment or enter into any settlement or other
      compromise which does not include as an unconditional term thereof the giving
      by
      the claimant or plaintiff to such Indemnified Party or Indemnified Person of
      a
      release from all liability in respect to such Claim or litigation. Following
      indemnification as provided for hereunder, the indemnifying party shall be
      subrogated to all rights of the Indemnified Party or Indemnified Person with
      respect to all third parties, firms or corporations relating to the matter
      for
      which indemnification has been made. The failure to deliver written notice
      to
      the indemnifying party within a reasonable time of the commencement of any
      such
      action shall not relieve such indemnifying party of any liability to the
      Indemnified Person or Indemnified Party under this Section 6, except to the
      extent that the indemnifying party is prejudiced in its ability to defend such
      action.

    

    d.  The
      indemnification required by this Section 6 shall be made by periodic
      payments of the amount thereof during the course of the investigation or
      defense, as and when bills are received or Indemnified Damages are
      incurred.

    

    e.  The
      indemnity agreements contained herein shall be in addition to (i) any cause
      of action or similar right of the Indemnified Party or Indemnified Person
      against the indemnifying party or others, and (ii) any liabilities the
      indemnifying party may be subject to pursuant to the law.

    

    7.  CONTRIBUTION.

     

    To
      the
      extent any indemnification by an indemnifying party is prohibited or limited
      by
      law, the indemnifying party agrees to make the maximum contribution with respect
      to any amounts for which it would otherwise be liable under Section 6 to
      the fullest extent permitted by law; provided, however, that: (i) no Person
      involved in the sale of Registrable Securities which Person is guilty of
      fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
      Act) in connection with such sale shall be entitled to contribution from any
      Person involved in such sale of Registrable Securities who was not guilty of
      fraudulent misrepresentation; and (ii) contribution by any seller of
      Registrable Securities shall be limited in amount to the net amount of proceeds
      received by such seller from the sale of such Registrable Securities pursuant
      to
      such Registration Statement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    8.  REPORTS
      UNDER THE 1934 ACT.

     

    With
      a
      view to making available to the Investors
      and
      Creditors
      the
      benefits of Rule 144 promulgated under the 1933 Act or any other similar
      rule or regulation of the SEC that may at any time permit the Investors to
      sell
      securities of the Company to the public without registration (“Rule 144”),
      the
      Company agrees to:

     

    a.  make
      and
      keep public information available, as those terms are understood and defined
      in
      Rule 144;

     

    b.  file
      with
      the SEC in a timely manner all reports and other documents required of the
      Company under the 1933 Act and the 1934 Act so long as the Company remains
      subject to such requirements (it being understood that nothing herein shall
      limit the Company’s obligations under Section 4(c) of the Securities Purchase
      Agreement) and the filing of such reports and other documents is required for
      the applicable provisions of Rule 144; and

    

    c.  furnish
      to each Investor and Creditor so long as such Investor or Creditor owns
      Registrable Securities, promptly upon request, (i) a written statement by
      the Company, if true, that it has complied with the reporting requirements
      of
      Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most
      recent annual or quarterly report of the Company and such other reports and
      documents so filed by the Company, and (iii) such other information as may
      be reasonably requested to permit the Investors to sell such securities pursuant
      to Rule 144 without registration.

    

    9.  ASSIGNMENT
      OF REGISTRATION RIGHTS.

     

    The
      rights under this Agreement shall be automatically assignable by the Investors
      to any transferee of all or any portion of such Investor’s Investor Registrable
      Securities if: (i) the Investor 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 1933 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. The
      rights under this Agreement shall not be assignable by the
      Creditors.

     

    10.  AMENDMENT
      OF REGISTRATION RIGHTS.

     

    Provisions
      of this Agreement may be amended and the observance thereof may be waived
      (either generally or in a particular instance and either retroactively or
      prospectively), only with the written consent of the Company and the Required
      Holders; provided that no amendment or waiver that has a disproportionate
      adverse effect on the rights of any Creditor hereunder shall be effective
      without the written consent of the holders of a majority of the Creditor
      Registrable Securities. Any amendment or waiver effected in accordance with
      this
      Section 10 shall be binding upon each Investor, each Creditor and the
      Company. No such amendment shall be effective to the extent that it applies
      to
      less than all of the holders of the Registrable Securities. No consideration
      shall be offered or paid to any Person to amend or consent to a waiver or
      modification of any provision of any of this Agreement unless the same
      consideration also is offered to all of the parties to this
      Agreement.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    11.  MISCELLANEOUS.

     

    a.  A
      Person
      is deemed to be a holder of Registrable Securities whenever such Person owns
      or
      is deemed to own of record such Registrable Securities. If the Company receives
      conflicting instructions, notices or elections from two or more Persons with
      respect to the same Registrable Securities, the Company shall act upon the
      basis
      of instructions, notice or election received from such record owner of such
      Registrable Securities.

     

    b.  Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally;
      (ii) upon receipt, when sent by facsimile (provided confirmation of
      transmission is mechanically or electronically generated and kept on file by
      the
      sending party); or (iii) one Business Day after deposit with a nationally
      recognized overnight delivery service, in each case properly addressed to the
      party to receive the same. The addresses and facsimile numbers for such
      communications shall be:

    

    If
      to the
      Company:

    Nesco
      Industries, Inc.

    305
      Madison Ave., Suite 4510

    New
      York,
      NY 10165

    Telephone:     
      (212) 986-0886

    Facsimile:       
      (212) 808-0113

    Attention:        Matthew
      Harriton, President

    

    With
      a
      copy to:

    

    If
      before
      June 30, 2007:

    

    Barack
      Ferrazzano Kirschbaum Perlman

    &
      Nagelberg LLP

    333
      W.
      Wacker, Suite 2700

    Chicago,
      Illinois 60606

    Telephone:     
      312-984-3100

    Facsimile:       
      312-984-3150

    Attention:       
      Sarah
      M.
      Bernstein

    

    If
      after
      June 30, 2007:

    

    Barack
      Ferrazzano Kirschbaum Perlman

    &
      Nagelberg LLP

    200
      W.
      Madison, Suite 3900

    Chicago,
      Illinois 60606

    Telephone:     
      312-984-3100

    Facsimile:       312-984-3150

    Attention:      
      Sarah
      M.
      Bernstein

    

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    If
      to a
      Buyer, to its address and facsimile number set forth on the Schedule of Buyers
      attached hereto, with copies to such Buyer’s representatives as set forth on the
      Schedule of Buyers, or to such other address and/or facsimile number and/or
      to
      the attention of such other Person as the recipient party has specified by
      written notice given to each other party five (5) days prior to the
      effectiveness of such change. If to an Investor other than a Buyer, to the
      address and facsimile number provided to the Company in accordance with Section
      9, or to such other address and/or facsimile number and/or to the attention
      of
      such other Person as the recipient party has specified by written notice given
      to each other party five (5) days prior to the effectiveness of such
      change. Written confirmation of receipt (A) given by the recipient of such
      notice, consent, waiver or other communication, (B) mechanically or
      electronically generated by the sender’s facsimile machine containing the time,
      date, recipient facsimile number and an image of the first page of such
      transmission or (C) provided by a courier or overnight courier service
      shall be rebuttable evidence of personal service, receipt by facsimile or
      receipt from a nationally recognized overnight delivery service in accordance
      with clause (i), (ii) or (iii) above, respectively.

     

    c.    
      Failure
      of any party to exercise any right or remedy under this Agreement or otherwise,
      or delay by a party in exercising such right or remedy, shall not operate as
      a
      waiver thereof.

     

    d.    
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement 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. Each party hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in The City of New York,
      Borough of Manhattan, for the adjudication of any dispute hereunder or in
      connection herewith or with any transaction contemplated hereby or discussed
      herein, and hereby irrevocably waives, and agrees not to assert in any suit,
      action or proceeding, any claim that it is not personally subject to the
      jurisdiction of any such court, that such suit, action or proceeding is brought
      in an inconvenient forum or that the venue of such suit, action or proceeding
      is
      improper. Each party hereby irrevocably waives personal service of process
      and
      consents to process being served in any such suit, action or proceeding by
      mailing a copy thereof to such party at the address for such notices to it
      under
      this Agreement and agrees that such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed
      to limit in any way any right to serve process in any manner permitted by law.
      If any provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
      AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
      HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY
      TRANSACTION CONTEMPLATED HEREBY.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    e.    
      This
      Agreement, the other Transaction Documents (as defined in the Securities
      Purchase Agreement), the Settlement Agreements, and the instruments referenced
      herein and therein constitute the entire agreement among the parties hereto
      with
      respect to the subject matter hereof and thereof. There are no restrictions,
      promises, warranties or undertakings, other than those set forth or referred
      to
      herein and therein. This Agreement, the other Transaction Documents, the
      Settlement Agreements, and the instruments referenced herein and therein
      supersede all prior agreements and understandings among the parties hereto
      with
      respect to the subject matter hereof and thereof.

     

    f.     
      Subject
      to the requirements of Section 9, this Agreement shall inure to the benefit
      of and be binding upon the permitted successors and assigns of each of the
      parties hereto.

     

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

     

    h.  This
      Agreement may be executed in identical counterparts, each of which shall be
      deemed an original but all of which shall constitute one and the same agreement.
      This Agreement, once executed by a party, may be delivered to the other party
      hereto by facsimile transmission of a copy of this Agreement bearing the
      signature of the party so delivering this Agreement.

     

    i.  Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as any other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement and the consummation of the transactions contemplated
      hereby.

     

    j.  All
      consents and other determinations required to be made by the Investors pursuant
      to this Agreement shall be made, unless otherwise specified in this Agreement,
      by the Required Holders.

     

    k.  All
      consents and other determinations required to be made by the Creditors pursuant
      to this Agreement shall be made, unless otherwise specified in this Agreement,
      by the holders of a majority of the Creditor Registrable
      Securities.

     

    l.  The
      language used in this Agreement will be deemed to be the language chosen by
      the
      parties to express their mutual intent and no rules of strict construction
      will
      be applied against any party.

     

    m.  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.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    n.  The
      obligations of each Investor and Creditor hereunder are several and not joint
      with the obligations of any other Investor or Creditor, and no provision of
      this
      Agreement is intended to confer any obligations on any Investor vis-à-vis any
      other Investor or Creditor. Nothing contained herein, and no action taken by
      any
      Investor or Creditor pursuant hereto, shall be deemed to constitute the
      Investors or Creditors as a partnership, an association, a joint venture or
      any
      other kind of entity, or create a presumption that the Investors or Creditors
      are in any way acting in concert or as a group with respect to such obligations
      or the transactions contemplated herein.

    

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Buyer and the Company have caused their respective
      signature page to this Registration Rights Agreement to be duly executed as
      of
      the date first written above.

    

    
      	
              COMPANY:

            	
              BUYERS:

            
	 	 
	
              NESCO
                INDUSTRIES, INC.

            	
              GOTTBETTER
                CAPITAL MASTER, LTD.

            
	 	 
	
              By:
                /s/ Matthew
                Harriton                                    
                

            	
              By:/s/
                Adam S.
                Gottbetter                                
                

            
	
              Name:
                Matthew Harriton

            	
              Name:
                Adam S. Gottbetter

            
	
              Title:
                President

            	
              Title:  
                Director

            
	 	 
	 	 
	 	
              BRIDGEPOINTE
                MASTER FUND LTD.

            
	 	 
	 	
              By:/s/
                Eric S.
                Swartz                                       
                

            
	 	
              Name:
                Eric S. Swartz

            
	 	
              Title:  
                Director

            
	 	 
	 	 
	 	
              HARBORVIEW
                MASTER FUND LP

            
	 	 
	 	
              By:/s/
                Navigator Management
                Ltd                
                

            
	 	
              Name:
                Navigator Management Ltd

            
	 	
              Title:  
                Authorized Signatory

            
	 	 
	 	 
	 	
              J.
                ROEBLING FUND LP

            
	 	 
	 	
              By:/s/
                David
                Vynerib                                      
                

            
	 	
              Name:
                David Vynerib

            
	 	
              Title:  
                Managing Member

            
	 	 
	 	 
	 	
              LYNN
                NOVEMBER 

            
	 	 
	 	
              By:/s/
                Lynn
                November                                       
                

            
	 	
              Name:
                Lynn November

            
	 	 
	 	 
	 	
              ALVIN
                BLOCK

            
	 	 
	 	
              By:/s/
                Alvin
                Block                                              
                

            
	 	
              Name:
                Alvin Block

            

    

    
 

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    SCHEDULE
      OF BUYERS

    

    
      	
               

            	
               

            	
               

            	
               

            	
              Buyer’s Representative’s

            
	
               

            	
               

            	
              Buyer
                Address

            	
               

            	
              Address
                and

            
	
              Buyer

            	
               

            	
              and
                Facsimile Number

            	
               

            	
              Facsimile
                Number

            
	 	 	 	 	 
	
               Gottbetter
                Capital Master, Ltd.

            	
               

            	
               488
                Madison Avenue, 12th
                Floor

            	
               

            	
               Gottbetter
                & Partners, LLP

            
	 	
               

            	
              New
                York, NY 10022

            	
               

            	
              488
                Madison Avenue, 12th
                Floor

            
	 	
               

            	
              Facsimile: 212.400.6999

            	
               

            	
              New
                York, NY 10022

            
	
               

            	
               

            	
              Attention: Adam
                S. Gottbetter

            	
               

            	
              Facsimile: 212.400.6901

            
	
               

            	
               

            	 	
               

            	
              Attention: Jason
                M. Rimland

            
	
               

            	
               

            	 	
               

            	 
	
               BridgePointe
                Master Fund Ltd.

            	
               

            	
              1125
                Sanctuary Parkway, Suite 275

            	
               

            	
              P.
                Bradford Hathorn, Esq.

            
	
               

            	
               

            	
              Alpharetta,
                GA 30004

            	
               

            	
              Roswell
                Capital Partners, LLC

            
	
               

            	
               

            	
              Facsimile: 770.777.5844

            	
               

            	
              1125
                Sanctuary Parkway, Suite 275

            
	
               

            	
               

            	
              Attention: Eric
                Swartz

            	
               

            	
              Alpharetta,
                GA 30004

            
	
               

            	
               

            	 	
               

            	
              Facsimile: 770-777-5844

            
	
               

            	
               

            	 	
               

            	
               

            
	
               Harborview
                Master Fund LP

            	
               

            	
              Harbor
                House

            	
               

            	
              Samuel
                M. Kreiger 

            
	
               

            	
               

            	
              Waterfront
                Drive

            	
               

            	
               Krieger
                & Prager LLP

            
	
               

            	
               

            	
              Road
                Town, Tortola

            	
               

            	
               39
                Broadway, Suite 920

            
	
               

            	
               

            	
              British
                Virgin Islands

            	
               

            	
               New
                York, NY 10006

            
	
               

            	
               

            	 	
               

            	
               Facsimile: 212.363.2999

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              J.
                Roebling Fund LP

            	
               

            	
              780
                Third Avenue, 43rd
                Floor

            	
               

            	
              N/A

            
	
               

            	
               

            	
              New
                York, NY 10017

            	
               

            	
               

            
	
               

            	
               

            	 	
               

            	
               

            
	
               Lynn
                November

            	
               

            	
              27-2
                Mitchell Road

            	
               

            	
              N/A 

            
	
               

            	
               

            	
              Westhampton
                Beach

            	
               

            	
               

            
	
               

            	
               

            	
              New
                York, NY 11978

            	
               

            	
               

            
	 	 	 	 	 
	
               Alvin
                Block

            	
               

            	
              One
                Commerce Square

            	
               

            	
              N/A 

            
	 	
               

            	
              2005
                Market Street, 7th
                Floor

            	
               

            	
               

            
	
               

            	
               

            	
              Philadelphia,
                PA 19103

            	
               

            	
               

            

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      OF CREDITORS

     

    

     

    
      	
              1.

            	
              GRGAS,
                TOMISLAVA

            
	
              2.

            	
              SULCIS,
                ANTONIO

            
	
              3.

            	
              CHICCA,
                LUIS

            
	
              4.

            	
              MATTINA,
                GUISEPPE

            
	
              5.

            	
              ETRA,
                RICHARD

            
	
              6.

            	
              CIPOLLONE,
                EMILIA AND DEANGELIS, MIRELLA

            
	
              7.

            	
              DEANGELIS,
                JOHN

            
	
              8.

            	
              INGRASIA,
                FRANK

            
	
              9.

            	
              MOSTOFSKY,
                M

            
	
              10.

            	
              SAPPER,
                WAYNE

            
	
              11.

            	
              MILLER,
                GARY

            
	
              12.

            	
              BELZA
                DEVELOPMENT PROFIT SHARING

            
	
              13.

            	
              KOUSOULOU,
                CHRISTAKIS

            
	
              14.

            	
              GAMBINO,
                CALOGERO AND MARIA 

            
	
              15.

            	
              LAWLER,
                TIMOTHY

            
	
              16.

            	
              CARUSO,
                SALVATORE AND ROSARIO 

            
	
              17.

            	
              NAFTOL,
                JEFFREY 

            
	
              18.

            	
              CINQUEMANI,SALVATORE
                AND ANNA 

            
	
              19.

            	
              GIANNETTI,
                VICKEY LANZERI 

            
	
              20.

            	
              ETRA,
                RICHARD 

            
	
              21.

            	
              BECKER,
                LILLIAN 

            
	
              22.

            	
              WATSON,
                GEORGE 

            
	
              23.

            	
              FISHMAN,
                HOWARD 

            
	
              24.

            	
              NICHOLSON,
                DONALD 

            
	
              25.

            	
              VIGILAN
                INVESTMENTS

            
	
              26.

            	
              NEIL
                V. MOODY TRUST

            
	
              27.

            	
              STERNBERG,
                ERIC

            
	
              28.

            	
              BEECHWOOD
                VENTURES

            
	
              29.

            	
              TOMS,
                CAROLINE AND NICHOLAS

            
	
              30.

            	
              RUBIN,
                ALAN

            
	
              31.

            	
              MICHAELS,
                EVAN

            
	
              32.

            	
              SALTZSTEIN,
                STEPHEN E

            
	
              33.

            	
              CAREY,
                JC

            
	
              34.

            	
              COHEN,
                BRIAN 

            
	
              35.

            	
              BEYCHOK,
                MARK 

            
	
              36.

            	
              BRANDON
                TRUST

            

    

    
 

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    FORM
      OF NOTICE OF EFFECTIVENESS

    OF
      REGISTRATION STATEMENT

    

    

     

    ______________________,
      2007

    

    Interwest
      Transfer Co. Inc.

    1981
      Murray Holladay Rd # 100

    Holladay,
      UT

    Attention:  [          
      ]

    

    

    RE: NESCO
      INDUSTRIES, INC.

    

    Ladies
      and Gentlemen:

    

    We
      are
      counsel to Nesco Industries, Inc., (the “Company”),
      and
      have represented the Company in connection with that certain Securities Purchase
      Agreement, dated as of [ ], 2007 (the “Securities
      Purchase Agreement”),
      entered into by and among the Company and the Buyers set forth on Schedule
      I
      attached thereto (the “Buyers”)
      pursuant to which the Company has agreed to sell to the Buyers (i) up to Five
      Million Dollars ($5,000,000) of secured convertible notes, which shall be
      convertible into shares (the “Conversion
      Shares”)
      of the
      Company’s common stock, par value $0.001 per share (the “Common
      Stock”),
      and
      (ii) warrants to purchase up to 533,047,750 shares
      of
      Common Stock in accordance with the terms of the Securities Purchase Agreement
      (the “Warrant
      Shares”).
      Pursuant to the Securities Purchase Agreement, the Company also has entered
      into
      a Registration Rights Agreement, dated as of February [ ], 2007, with the Buyer
      (the “Investor
      Registration Rights Agreement”)
      pursuant to which the Company agreed, among other things, to register the
      Conversion Shares and the Warrant Shares under the Securities Act of 1933,
      as
      amended (the “1933
      Act”).
      In
      connection with the Company’s obligations under the Securities Purchase
      Agreement and the Investor Registration Rights Agreement, on _______, 2007,
      the
      Company filed a Registration Statement (File No. ___-_________) (the
“Registration
      Statement”)
      with
      the Securities and Exchange Commission (the “SEC”)
      relating to the sale of the Conversion Shares and the Warrant
      Shares.

    

    In
      connection with the foregoing, we advise the Transfer Agent that a member of
      the
      SEC’s staff has advised us by telephone that the SEC has entered an order
      declaring the Registration Statement effective under the 1933 Act at ____ P.M.
      on __________, 2007 and we have no knowledge, after telephonic inquiry of a
      member of the SEC’s staff, that any stop order suspending its effectiveness has
      been issued or that any proceedings for that purpose are pending before, or
      threatened by, the SEC and the Conversion Shares and the Warrant Shares are
      available for sale under the 1933 Act pursuant to the Registration
      Statement.

    

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    The
      Buyer
      has confirmed it shall comply with all securities laws and regulations
      applicable to it including applicable prospectus delivery requirements upon
      sale
      of the Conversion Shares, and the Warrant Shares.

    

    Very
      truly yours,

    

    

    

    

    By:
      _________________________________

     

         

    
      
        
        

      

      
        A-2EXHIBIT
        10.1

      

      GUARANTY

       

      GUARANTY,
        dated as of February 15, 2007 made by each of the undersigned (each a
        "Guarantor",
        and
        collectively, the "Guarantors"),
        in
        favor of GOTTBETTER CAPITAL MASTER, LTD., a company organized under the laws
        of
        the Cayman Islands (the "Investor")
        for
        the "Buyers" (as defined below) party to the Securities Purchase Agreement,
        dated as of even date herewith (as amended, restated or otherwise modified
        from
        time to time, the "Securities
        Purchase Agreement").

       

      WITNESSETH:

       

      WHEREAS,
        Nesco Industries, Inc., a Nevada corporation (the "Parent"),
        and
        each party listed as a "Buyer" on the Schedule of Buyers attached thereto
        (each
        a "Buyer",
        and
        collectively, the "Buyers")
        are
        parties to the Securities Purchase Agreement;

       

      WHEREAS,
        it is a condition precedent to the Buyers purchasing the Notes (as defined
        below) that the Guarantors execute and deliver to the Investor a guaranty
        guaranteeing all of the obligations of the Parent under the Securities Purchase
        Agreement, the Notes and the other Transaction Documents (as defined in the
        Securities Purchase Agreement, the “Transaction
        Documents”);
        and

       

      WHEREAS,
        each Guarantor has determined that the execution, delivery and performance
        of
        this Guaranty directly benefits, and is in the best interest of, such
        Guarantor;

       

      NOW,
        THEREFORE, in consideration of the premises and the agreements herein and
        in
        order to induce the Buyers to perform under the Securities Purchase Agreement,
        each Guarantor hereby agrees with each Buyer as follows:

       

      SECTION
        1. Definitions.
        Reference is hereby made to the Securities Purchase Agreement and the "Notes"
        (as defined therein) issued pursuant thereto (as such Notes may be amended,
        restated, replaced or otherwise modified from time to time in accordance
        with
        the terms thereof, collectively, the "Notes")
        for a
        statement of the terms thereof. All terms used in this Guaranty, which are
        defined in the Securities Purchase Agreement or the Notes and not otherwise
        defined herein, shall have the same meanings herein as set forth therein.
        

       

      SECTION
        2. Guaranty.
        The
        Guarantors, jointly and severally, hereby unconditionally and irrevocably,
        guaranty the punctual payment, as and when due and payable, by stated maturity
        or otherwise, of all Obligations (as defined in the Security Agreement) of
        the
        Parent from time to time owing by it in respect of the Securities Purchase
        Agreement, the Notes and the other Transaction Documents, including, without
        limitation, all interest that accrues after the commencement of any Insolvency
        Proceeding (as defined in the Security Agreement) of the Parent or any
        Guarantor, whether or not the payment of such interest is unenforceable or
        is
        not allowable due to the existence of such Insolvency Proceeding, and all
        fees,
        commissions, expense reimbursements, indemnifications and all other amounts
        due
        or to become due under any of the Transaction Documents (such obligations,
        to
        the extent not paid by the Parent, being the "Guaranteed
        Obligations"),
        and
        agrees to pay any and all expenses (including reasonable counsel fees and
        expenses) reasonably incurred by the Investor in enforcing any rights under
        this
        Guaranty. Without limiting the generality of the foregoing, each Guarantor's
        liability hereunder shall extend to all amounts that constitute part of the
        Guaranteed Obligations and would be owed by the Parent to the Investor under
        the
        Securities Purchase Agreement and the Notes but for the fact that they are
        unenforceable or not allowable due to the existence of an Insolvency Proceeding
        involving any Guarantor or the Parent (each, a "Transaction
        Party").

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        3. Guaranty
        Absolute; Continuing Guaranty; Assignments.

       

      (a)
         The
        Guarantors, jointly and severally, guaranty that the Guaranteed Obligations
        will
        be paid strictly in accordance with the terms of the Transaction Documents,
        regardless of any law, regulation or order now or hereafter in effect in
        any
        jurisdiction affecting any of such terms or the rights of the Investor with
        respect thereto. The obligations of each Guarantor under this Guaranty are
        independent of the Guaranteed Obligations, and a separate action or actions
        may
        be brought and prosecuted against any Guarantor to enforce such obligations,
        irrespective of whether any action is brought against any Transaction Party
        or
        whether any Transaction Party is joined in any such action or actions. The
        liability of any Guarantor under this Guaranty shall be irrevocable, absolute
        and unconditional irrespective of, and each Guarantor hereby irrevocably
        waives,
        to the extent permitted by law, any defenses it may now or hereafter have
        in any
        way relating to, any or all of the following:

       

      (i) any
        lack
        of validity or enforceability of any Transaction Document or any agreement
        or
        instrument relating thereto;

       

      (ii) any
        change in the time, manner or place of payment of, or in any other term of,
        all
        or any of the Guaranteed Obligations, or any other amendment or waiver of
        or any
        consent to departure from any Transaction Document, including, without
        limitation, any increase in the Guaranteed Obligations resulting from the
        extension of additional credit to any Transaction
        Party
        or
        otherwise;

       

      (iii) any
        taking, exchange, release or non-perfection of any Collateral (as defined
        in the
        Security Agreement), or any taking, release or amendment or waiver of or
        consent
        to departure from any other guaranty, for all or any of the Guaranteed
        Obligations;

       

      (iv) any
        change, restructuring or termination of the corporate, limited liability
        company
        or partnership structure or existence of any Transaction
        Party;
        or

       

      (v) any
        other
        circumstance (including any statute of limitations) or any existence of or
        reliance on any representation by the Investor that might otherwise constitute
        a
        defense available to, or a discharge of, any Transaction Party or any other
        guarantor or surety.

       

      This
        Guaranty shall continue to be effective or be reinstated, as the case may
        be, if
        at any time any payment of any of the Guaranteed Obligations is rescinded
        or
        must otherwise be returned by the Investor
        or any
        other Person upon the insolvency, bankruptcy or reorganization of any
        Transaction Party or otherwise, all as though such payment had not been
        made.

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      (b)
         This
        Guaranty is a continuing guaranty and shall (i) remain in full force and
        effect
        until the indefeasible cash payment in full of the Guaranteed Obligations
        (other
        than inchoate indemnity obligations) and/or complete conversion of all of
        the
        Company's obligations under the Notes to equity securities of the Company
        and
        payment of all other amounts payable under this Guaranty (other
        than inchoate indemnity obligations) and
        shall
        not terminate for any reason prior to the respective Maturity Date of each
        Note
        (other than payment in full of the Notes and/or complete conversion of all
        of
        the Company's obligations under the Notes to equity securities of the Company)
        and (ii) be binding upon each Guarantor and its respective successors and
        assigns. This Guaranty shall inure to the benefit of and be enforceable by
        the
Investor
        and its
        successors, and permitted pledgees, transferees and assigns. Without limiting
        the generality of the foregoing sentence, the Investor or any Buyer may pledge,
        assign or otherwise transfer all or any portion of its rights and obligations
        under and subject to the terms of any Transaction Document to any other Person,
        and such other Person shall thereupon become vested with all the benefits
        in
        respect thereof granted to such Buyer herein or otherwise, in each case as
        provided in the Securities Purchase Agreement or such Transaction
        Document.

       

      SECTION
        4. Waivers.
        To the
        extent permitted by applicable law, each Guarantor hereby
        waives promptness, diligence, notice of acceptance and any other notice with
        respect to any of the Guaranteed Obligations and this Guaranty and any
        requirement that the Investor exhaust any right or take any action against
        any
        Transaction Party or any other Person or any Collateral. Each Guarantor
        acknowledges that it will receive direct and indirect benefits from the
        financing arrangements contemplated herein and that the waiver set forth
        in this
        Section 4 is knowingly made in contemplation of such benefits. The Guarantors
        hereby waive any right to revoke this Guaranty, and acknowledge that this
        Guaranty is continuing in nature and applies to all Guaranteed Obligations,
        whether existing now or in the future.

       

      SECTION
        5. Subrogation.
        No
        Guarantor may exercise any rights that it may now or hereafter acquire against
        any Transaction Party or any other guarantor that arise from the existence,
        payment, performance or enforcement of any Guarantor's obligations under
        this
        Guaranty, including, without limitation, any right of subrogation,
        reimbursement, exoneration, contribution or indemnification and any right
        to
        participate in any claim or remedy of the Investor against any Transaction
        Party
        or any other guarantor or any Collateral, whether or not such claim, remedy
        or
        right arises in equity or under contract, statute or common law, including,
        without limitation, the right to take or receive from any Transaction Party
        or
        any other guarantor, directly or indirectly, in cash or other property or
        by
        set-off or in any other manner, payment or security solely on account of
        such
        claim, remedy or right, unless and until all of the Guaranteed Obligations
        (other than inchoate indemnity obligations) and all other amounts payable
        under
        this Guaranty (other than inchoate indemnity obligations) shall have
indefeasibly
        been
        paid
        in full in cash. If any amount shall be paid to the Guarantor in violation
        of
        the immediately preceding sentence at any time prior to the later of the
        payment
        in full in cash of the Guaranteed Obligations and all other amounts payable
        under this Guaranty, such amount shall be held in trust for the benefit of
        the
        Investor and shall forthwith be paid to the Investor to be credited and applied
        to the Guaranteed Obligations and all other amounts payable under this Guaranty,
        whether matured or unmatured, in accordance with the terms of the Transaction
        Document, or to be held as Collateral for any Guaranteed Obligations or other
        amounts payable under this Guaranty thereafter arising. If (a) any
        Guarantor shall make payment to the Investor of all or any part of the
        Guaranteed Obligations, and (b) all of the Guaranteed Obligations (other
        than inchoate indemnity obligations) and all other amounts payable under
        this
        Guaranty (other than inchoate indemnity obligations) shall indefeasibly
        be
        paid
        in full in cash, the Investor will, at such Guarantor's request and expense,
        execute and deliver to such Guarantor appropriate documents, without recourse
        and without representation or warranty, necessary to evidence the transfer
        by
        subrogation to such Guarantor of an interest in the Guaranteed Obligations
        resulting from such payment by such Guarantor.

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      SECTION
        6. Representations,
        Warranties and Covenants.
        

       

      (a) Each
        Guarantor hereby represents and warrants as of the date first written above
        as
        follows:

       

      (i) The
        Guarantor (A) is a corporation, limited liability company or limited partnership
        duly organized, validly existing and in good standing under the laws of the
        jurisdiction of its organization as set forth on the signature pages hereto,
        (B)
        has all requisite corporate, limited liability company or limited partnership
        power and authority to conduct its business as now conducted and as presently
        contemplated and to execute and deliver this Guaranty and each other Transaction
        Document to which the
        Guarantor
        is a
        party, and to consummate the transactions contemplated hereby and thereby
        and
        (C) is duly qualified to do business and is in good standing in each
        jurisdiction in which the character of the properties owned or leased by
        it or
        in which the transaction of its business makes such qualification necessary
        except where the failure to be so qualified would not result in a Material
        Adverse Effect.

       

      (ii) The
        execution, delivery and performance by the
        Guarantor
        of this
        Guaranty and each other Transaction Document to which the
        Guarantor
        is a
        party (A) have been duly authorized by all necessary corporate, limited
        liability company or limited partnership action, (B) do not and will not
        contravene its charter or by-laws, its limited liability company or operating
        agreement or its certificate of partnership or partnership agreement, as
        applicable, or any applicable law or any contractual restriction binding
        on
the
        Guarantor
        or its
        properties (except where the contravention of such contractual restriction
        would
        not result in a Material Adverse Effect), (C) do not and will not result
        in or
        require the creation of any lien (other than pursuant to any Transaction
        Document) upon or with respect to any of its properties, and (D) do not and
        will
        not result in any default, noncompliance, suspension, revocation, impairment,
        forfeiture or nonrenewal of any material permit, license, authorization or
        approval applicable to it or its operations or any of its
        properties.

       

      (iii) No
        authorization or approval or other action by, and no notice to or filing
        with,
        any governmental authority is required in connection with the due execution,
        delivery and performance by the
        Guarantor
        of this
        Guaranty or any of the other Transaction Documents to which the
        Guarantor
        is a
        party (other than expressly provided for in any of the Transaction
        Documents).

       

      (iv) Each
        of
        this Guaranty and the other Transaction Documents to which the
        Guarantor
        is or
        will be a party, when delivered, will be, a legal, valid and binding obligation
        of the
        Guarantor,
        enforceable against the
        Guarantor
        in
        accordance with its terms, except as may be limited by applicable bankruptcy,
        insolvency, reorganization, moratorium, fraudulent conveyance, suretyship
        or
        other similar laws and equitable principles (regardless of whether enforcement
        is sought in equity or at law). 

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      (v) There
        is
        no pending or, to the knowledge of the
        Guarantor,
        threatened action, suit or proceeding against the
        Guarantor
        or to
        which any of the properties of the
        Guarantor
        is
        subject, before any court or other governmental authority or any arbitrator
        that
        (A) if adversely determined, could reasonably be expected to have a Material
        Adverse Effect or (B) relates to this Guaranty or any of the other Transaction
        Documents to which the
        Guarantor
        is a
        party or any transaction contemplated hereby or thereby. 

       

      (vi) The
        Guarantor (A) has read and understands the terms and conditions of the
        Securities Purchase Agreement and the other Transaction Documents, and (B)
        now
        has and will continue to have independent means of obtaining information
        concerning the affairs, financial condition and business of the Parent and
        the
        other Transaction Parties, and has no need of, or right to obtain from any
        Buyer, any credit or other information concerning the affairs, financial
        condition or business of the Parent or the other Transaction Parties that
        may
        come under the control of any Buyer.

       

      (b) The
        Guarantor
        covenants and agrees that until indefeasible full and final payment of the
        Guaranteed Obligations and/or complete conversion of all of the Company's
        obligations under the Notes to equity securities of the Company, it will
        comply
        with Sections 4 (l), (n) and (o) of the Securities
        Purchase Agreement
        as if
the
        Guarantor
        were a
        party thereto.

       

      SECTION
        7. Right
        of Set-off.
        Upon
        the occurrence and during the continuance of any Event of Default, any
        Buyer may, and is hereby authorized to, at any time and from time to time,
        without notice to the Guarantors (any such notice being expressly waived
        by each
        Guarantor) and to the fullest extent permitted by law, set-off and apply
        any and
        all deposits (general or special, time or demand, provisional or final) at
        any
        time held and other indebtedness at any time owing by any Buyer to or for
        the
        credit or the account of any Guarantor against any and all obligations of
        the
        Guarantors now or hereafter existing under this Guaranty or any other
        Transaction Document, irrespective of whether or not any Buyer shall have
        made
        any demand under this Guaranty or any other Transaction Document and although
        such obligations may be contingent or unmatured. Each Buyer agrees to notify
        the
        relevant Guarantor promptly after any such set-off and application made by
        such
        Buyer, provided that the failure to give such notice shall not affect the
        validity of such set-off and application. The rights of any Buyer under this
        Section 7 are in addition to other rights and remedies (including, without
        limitation, other rights of set-off) which such Buyer may have under this
        Guaranty or any other Transaction Document in law or otherwise.

       

      SECTION
        8. Notices,
        Etc.
        All
        notices and other communications provided for hereunder shall be in writing
        and
        shall be mailed, telecopied or delivered, if to any Guarantor, to it at its
        address set forth on the signature page hereto, or if to the Investor or
        any
        Buyer, to it at its respective address set forth in the Securities Purchase
        Agreement; or as to either such Person at such other address as shall be
        designated by such Person in a written notice to such other Person complying
        as
        to delivery with the terms of this Section 8. All such notices and other
        communications shall be effective (i) if mailed (by certified mail, postage
        prepaid and return receipt requested), when received or three Business Days
        after deposited in the mails, whichever occurs first; (ii) if telecopied,
        when
        transmitted and confirmation is received, provided same is on a Business
        Day
        and, if not, on the next Business Day; or (iii) if delivered by hand, upon
        delivery, provided same is on a Business Day and, if not, on the next Business
        Day.

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      SECTION
        9. CONSENT
        TO JURISDICTION; SERVICE OF PROCESS AND VENUE.
        ANY
        LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER
        TRANSACTION DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK
        IN
        THE COUNTY OF NEW YORK OR OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
        DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
        GUARANTOR HEREBY IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY
        AND
        UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS.
        EACH
        GUARANTOR HEREBY IRREVOCABLY APPOINTS THE SECRETARY OF STATE OF THE STATE
        OF NEW
        YORK AS ITS AGENT FOR SERVICE OF PROCESS IN RESPECT OF ANY SUCH ACTION OR
        PROCEEDING AND FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT
        OF ANY
        OF THE AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY THE
        MAILING
        OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT ITS
        ADDRESS FOR NOTICES AS SET FORTH ON THE SIGNATURE PAGE HERETO AND TO THE
        SECRETARY OF STATE OF THE STATE OF NEW YORK, SUCH SERVICE TO BECOME EFFECTIVE
        TEN (10) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF
        THE
        INVESTOR TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
        COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST EACH GUARANTOR IN
        ANY
        OTHER JURISDICTION. ANY GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES,
        TO
        THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
        HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT
        IN
        ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
        BEEN
        BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY GUARANTOR HAS OR
        HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM
        ANY
        LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
        ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS
        PROPERTY, EACH GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT
        OF
        ITS OBLIGATIONS UNDER THIS GUARANTY AND THE OTHER TRANSACTION
        DOCUMENTS.

       

      SECTION
        10. WAIVER
        OF JURY TRIAL, ETC.
        EACH
        GUARANTOR HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
        OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS GUARANTY OR THE OTHER
        TRANSACTION DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT,
        DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED
        IN
        CONNECTION HEREWITH OR THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP
        EXISTING IN CONNECTION WITH THIS GUARANTY OR THE OTHER TRANSACTION DOCUMENTS,
        AND AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM SHALL BE TRIED
        BEFORE A COURT AND NOT BEFORE A JURY. EACH GUARANTOR CERTIFIES THAT NO OFFICER,
        REPRESENTATIVE, AGENT OR ATTORNEY OF THE INVESTOR OR ANY BUYER HAS REPRESENTED,
        EXPRESSLY OR OTHERWISE, THAT ANY BUYER WOULD NOT, IN THE EVENT OF ANY ACTION,
        PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS. EACH
        GUARANTOR HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT
        FOR
        THE INVESTOR
        ENTERING
        INTO THIS AGREEMENT.

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      SECTION
        11. Taxes.
        

       

      (a)
         All
        payments made by any Guarantor hereunder or under any other Transaction Document
        shall be made in accordance with the terms of the respective Transaction
        Document and shall be made without set-off, counterclaim, deduction or other
        defense. All such payments shall be made free and clear of and without deduction
        for any present or future taxes, levies, imposts, deductions, charges or
        withholdings, and all liabilities with respect thereto, excluding
        taxes
        imposed on the net income of any Buyer by the jurisdiction in which such
        Buyer
        is organized or where it has its principal lending office (all such nonexcluded
        taxes, levies, imposts, deductions, charges, withholdings and liabilities,
        collectively or individually, "Taxes").
        If any
        Guarantor shall be required to deduct or to withhold any Taxes from or in
        respect of any amount payable hereunder or under any other Transaction
        Document;

       

       

      (i) the
        amount so payable shall be increased to the extent necessary so that after
        making all required deductions and withholdings (including Taxes on amounts
        payable to any Buyer pursuant to this sentence) each Buyer receives an amount
        equal to the sum it would have received had no such deduction or withholding
        been made, 

       

      (ii) such
        Guarantor shall make such deduction or withholding,

       

      (iii) such
        Guarantor shall pay the full amount deducted or withheld to the relevant
        taxation authority in accordance with applicable law, and 

       

      (iv) as
        promptly as possible thereafter, such Guarantor shall send the Buyers an
        official receipt (or, if an official receipt is not available, such other
        documentation as shall be satisfactory to the Investor, as the case may be)
        showing payment.  In addition, each Guarantor agrees to pay any present or
        future stamp or documentary taxes or any other excise or property taxes,
        charges
        or similar levies that arise from any payment made hereunder or from the
        execution, delivery, registration or enforcement of, or otherwise with respect
        to, this Agreement or any other Transaction Document (collectively,
        "Other
        Taxes").

       

      (b) Each
        Guarantor hereby indemnifies and agrees to hold the Investor and each Buyer
        (each an
        "Indemnified Party")
        harmless from and against Taxes or Other Taxes (including, without limitation,
        any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under
        this Section 11) paid by any Indemnified Party  as a result of any payment
        made hereunder or from the execution, delivery, registration or enforcement
        of,
        or otherwise with respect to, this Agreement or any other Transaction Document,
        and any liability (including penalties, interest and expenses for nonpayment,
        late payment or otherwise) arising therefrom or with respect thereto, whether
        or
        not such Taxes or Other Taxes were correctly or legally asserted.  This
        indemnification shall be paid within 30 days from the date on which the Investor
        or such Buyer makes written demand therefor, which demand shall identify
        the
        nature and amount of such Taxes or Other Taxes.

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      (c) If
        any
        Guarantor fails to perform any of its obligations under this Section 11,
        such Guarantor shall indemnify the Investor and each Buyer for any taxes,
        interest or penalties that may become payable as a result of any such failure.
        The obligations of the Guarantors under this Section 11 shall survive the
        termination of this Guaranty and the payment of the Obligations and all other
        amounts payable hereunder.

      

      SECTION
        12. Miscellaneous.
        

       

      (a)
         Each
        Guarantor will make each payment hereunder in lawful money of the United
        States
        of America and in immediately available funds to each Buyer, at such address
        specified by such Buyer from time to time by notice to the
        Guarantors.

       

      (b)
         No
        amendment or waiver of any provision of this Guaranty and no consent to any
        departure by any Guarantor therefrom shall in any event be effective unless
        the
        same shall be in writing and signed by each Guarantor and each Buyer, and
        then
        such waiver or consent shall be effective only in the specific instance and
        for
        the specific purpose for which given.

       

      (c)
         No
        failure on the part of any Buyer to exercise, and no delay in exercising,
        any
        right hereunder or under any other Transaction Document shall operate as
        a
        waiver thereof, nor shall any single or partial exercise of any right hereunder
        or under any Transaction Document preclude any other or further exercise
        thereof
        or the exercise of any other right. The rights and remedies of the Investor
        and
        the Buyers provided herein and in the other Transaction Documents are cumulative
        and are in addition to, and not exclusive of, any rights or remedies provided
        by
        law. The rights of the Investor and the Buyers under any Transaction Document
        against any party thereto are not conditional or contingent on any attempt
        by
        the Investor or any Buyer to exercise any of their respective rights under
        any
        other Transaction Document against such party or against any other
        Person.

       

      (d)
         Any
        provision of this Guaranty that is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining portions
        hereof or affecting the validity or enforceability of such provision in any
        other jurisdiction.

       

      (e)
         This
        Guaranty shall (i) be binding on each Guarantor and its respective successors
        and assigns, and (ii) inure, together with all rights and remedies of the
        Investor hereunder, to the benefit of the Investor, the Buyers and their
        respective successors, transferees and assigns. Without limiting the generality
        of clause (ii) of the immediately preceding sentence, the Investor and any
        Buyer
        may assign or otherwise transfer its rights and obligations under the Securities
        Purchase Agreement or any other Transaction Document to any other Person
        in
        accordance with the terms thereof, and such other Person shall thereupon
        become
        vested with all of the benefits in respect thereof granted to the Investor
        or
        Buyer, as the case may be, herein or otherwise. None of the rights or
        obligations of any Guarantor hereunder may be assigned or otherwise transferred
        without the prior written consent of each Buyer.

       

      (f)
         This
        Guaranty reflects the entire understanding of the transaction contemplated
        hereby and shall not be contradicted or qualified by any other agreement,
        oral
        or written, entered into before the date hereof.

       

      
        
          
          

        

        
          -8-

          
            

          

        

        
          
          

        

      

      (g)
         Section
        headings herein are included for convenience of reference only and shall
        not
        constitute a part of this Agreement for any other purpose.

       

      (h)
         THIS
        GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF
        THE
        STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN
        WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

       

      

      [REMAINDER
        OF THIS PAGE INTENTIONALLY LEFT BLANK]

       

    

     

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by
      its
      respective duly authorized officer, as of the date first above
      written.

     

    

     

    
      	 	 	 
	 	HYDROGEL
              DESIGN SYSTEMS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Matthew
              Harriton
	 	
              

              Name:           Matthew
                Harriton

              Title:            
                President

              Address:     
                 305
                Madison Avenue, Suite 4510

                                    New
                York, N.Y. 10165

              Jurisdiction: 
Delaware

            
	 	 

    

     

    
      	 	 	 
	 	FOAM
              MANUFACTURING INC.
	 
 	 
 	 
 
	 	By:  	/s/ Matthew
              Harriton
	 	
              

              Name:          
                Matthew
                Harriton

              Title:             President

              Address:      
                305
                Madison Avenue, Suite 4510

                                    New
                York, N.Y. 10165

              Jurisdiction: 
Delaware

            
	 	 

    

     

    
      	 	 	 
	 	CONVERTING
              SCIENCES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Matthew
              Harriton
	 	
              

              Name:           
                Matthew
                Harriton

              Title:             
                President

              Address:     
                  305
                Madison Avenue, Suite 4510

                                     New
                York, N.Y. 10165

              Jurisdiction: 
Delaware

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