Document:

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                                                                    EXHIBIT 10.8

                      INVESTMENT MANAGEMENT TRUST AGREEMENT

     This Agreement is made as of [______] [__], 2006 by and between Granahan
McCourt Acquisition Corporation (the "Company") and Continental Stock Transfer &
Trust Company (the "Trustee").

     WHEREAS, the Company's Registration Statement on Form S-1, as amended, No.
333-136048 (together with any registration statement filed pursuant to Rule
462(b), the "Registration Statement"), for its initial public offering of
securities (the "IPO") has been declared effective as of the date hereof by the
Securities and Exchange Commission (the "Effective Date"); and

     WHEREAS, Deutsche Bank Securities Inc., Gunn Allen Financial, Inc. and
Legend Merchant Group Inc. are acting as the underwriters (the "Underwriters")
in the IPO; and

     WHEREAS, the Company has agreed to sell certain of its securities to David
C. McCourt in a placement to be effected concurrently with the IPO; and

     WHEREAS, as described in the Registration Statement, and in accordance with
the Company's Certificate of Incorporation, $88,650,000 of the proceeds of the
IPO and the sale of securities in a private placement simultaneously with the
IPO ($101,745,000 if the Underwriters' over-allotment option is exercised in
full) will be delivered to the Trustee to be deposited and held in a trust
account for the benefit of the Company and the holders of the Company's common
stock, par value $.0001 per share, issued in the IPO (the amount to be delivered
to the Trustee will be referred to herein as the "Property"; the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the
"Public Stockholders," and the Public Stockholders and the Company will be
referred to together as the "Beneficiaries"); and

     WHEREAS, a portion of the Property consists of $3,600,000 (or $4,140,000 if
the Underwriters' over-allotment option is exercised in full) attributable to
the Underwriters' discount ("Deferred Discount") which the Underwriters have
agreed to deposit in the Trust Account (defined below); and

     WHEREAS, the Company and the Trustee desire to enter into this Agreement to
set forth the terms and conditions pursuant to which the Trustee shall hold the
Property;

     IT IS AGREED:

1.   Agreements and Covenants of Trustee. The Trustee hereby agrees and
     covenants to:

     (a) Hold the Property in trust for the Beneficiaries in accordance with the
terms of this Agreement, in a segregated trust account ("Trust Account")
established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the
Trustee;

     (b) Manage, supervise and administer the Trust Account subject to the terms
and conditions set forth herein;

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     (c) In a timely manner, upon the written instruction of the Company, to
invest and reinvest the Property in any "Government Security" within the meaning
of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a
maturity of 180 days or less, or in money market funds selected by the Company
meeting the conditions specified in Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, as determined by the Company;

     (d) Collect and receive, when due, all principal and income arising from
the Property, which income, net of taxes, shall become part of the "Property,"
as such term is used herein;

     (e) Notify the Company of all communications received by it with respect to
any Property requiring action by the Company;

     (f) Supply any necessary information or documents as may be requested by
the Company in connection with the Company's preparation of the tax returns
relating to income from the Property in the Trust Account or otherwise;

     (g) Participate in any plan or proceeding for protecting or enforcing any
right or interest arising from the Property if, as and when instructed by the
Company in writing to do so;

     (h) Render to the Company and to Deutsche Bank Securities Inc. as
representative (the "Representative") of the Underwriters, and to such other
person as the Company may instruct, monthly written statements of the
activities of and amounts in the Trust Account reflecting all receipts and
disbursements of the Trust Account;

     (i) If there is any income or other tax obligation relating to the income
from the Property in the Trust Account as determined by the Company, then, from
time to time, at the written instruction of the Company, the Trustee shall
promptly to the extent there is not sufficient cash in the Trust Account to pay
such tax obligation, liquidate such assets held in the Trust Account as shall be
designated by the Company in writing, and disburse to the Company by wire
transfer, out of the Property in the Trust Account, the amount indicated by the
Company as owing in respect of such income tax obligation; and

     (j) Commence liquidation of the Trust Account only upon receipt of and only
in accordance with the terms of a letter (the "Termination Letter"), in a form
substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President or Chairman of the Board, and
complete the liquidation of the Trust Account and distribute the Property in the
Trust Account only as directed in the Termination Letter and the other documents
referred to therein. The Trustee shall provide the Representative with a copy of
any Termination Letter and/or any other correspondence that it receives with
respect to any proposed withdrawal from the Trust Account promptly after it
receives the same.

2.   Limited Distributions Of Income From Trust Account.

No distributions from the Trust Account shall be permitted except in accordance
with Sections 1(i) and 1(j) hereof.

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3.   Agreements and Covenants of the Company. The Company hereby agrees and
     covenants to:

     (a) Give all instructions to the Trustee hereunder in writing, signed by
the Company's President or Chairman of the Board. In addition, except with
respect to its duties under Sections 1(i) and 1(j) above, the Trustee shall be
entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it in good faith believes to be given by
any one of the persons authorized above to give written instructions, provided
that the Company shall promptly confirm such instructions in writing;

     (b) Hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or
loss suffered by the Trustee in connection with any action, suit or other
proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting
from the Trustee's gross negligence or willful misconduct. Promptly after the
receipt by the Trustee of notice of demand or claim or the commencement of any
action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this paragraph, it shall notify the Company in writing of
such claim (hereinafter referred to as the "Indemnified Claim"). The Trustee
shall have the right to conduct and manage the defense against such Indemnified
Claim, provided, that the Trustee shall obtain the consent of the Company with
respect to the selection of counsel, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel; and

     (c) Pay the Trustee an initial acceptance fee, an annual fee and a
transaction processing fee for each disbursement made pursuant to Section 1(i)
as set forth on Schedule A hereto, which fees shall be subject to modification
by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees and further agreed that said transaction
processing fees shall be deducted by the Trustee from the disbursements made to
the Company pursuant to Section 1(i). The Company shall pay the Trustee the
initial acceptance fee and first year's fee at the consummation of the IPO and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the annual fee (on a pro rata basis) with respect to any period
after the liquidation of the Trust Fund. The Company shall not be responsible
for any other fees or charges of the Trustee except as set forth in this Section
3(c) and as may be provided in Section 3(b) hereof (it being expressly
understood that the Property shall not be used to make any payments to the
Trustee under such Sections).

     (d) Provide to the Trustee any letter of intent, agreement in principle or
definitive agreement that is executed prior to __, 2007 in connection with a
Business Combination; and

     (e) In connection with any vote of the Company's stockholders regarding a
Business Combination, provide to the Trustee an affidavit or certificate of a
firm regularly engaged in the business of soliciting proxies and tabulating
stockholder votes (which firm may be the Trustee) verifying the vote of the
Company's stockholders regarding such Business Combination.

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4.   Limitations of Liability. The Trustee shall have no responsibility or
     liability to:

     (a) Take any action with respect to the Property, other than as directed in
Section 1 hereof and the Trustee shall have no liability to any party except for
liability arising out of its own gross negligence or willful misconduct;

     (b) Institute any proceeding for the collection of any principal and income
arising from, or institute, appear in or defend any proceeding of any kind with
respect to, any of the Property unless and until it shall have received written
instructions from the Company given as provided herein to do so and the Company
shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto;

     (c) Change the investment of any Property, other than in compliance with
Section 1(c);

     (d) Refund any depreciation in principal of any Property;

     (e) Assume that the authority of any person designated by the Company to
give instructions hereunder shall not be continuing unless provided otherwise in
such designation, or unless the Company shall have delivered a written
revocation of such authority to the Trustee;

     (f) The other parties hereto or to anyone else for any action taken or
omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, judgment, instruction, notice, demand,
certificate, opinion or advice of counsel (including counsel chosen by the
Trustee), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but
also as to the truth and acceptability of any information therein contained)
which is believed by the Trustee, in good faith, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by
any notice or demand, or any waiver, modification, termination or rescission of
this agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and,
if the duties or rights of the Trustee are affected, unless it shall give its
prior written consent thereto;

     (g) Verify the correctness of the information set forth in the Registration
Statement or to confirm or assure that any acquisition made by the Company or
any other action taken by it is as contemplated by the Registration Statement;

     (h) As and to the extent requested from time to time by the Company,
prepare, execute and file such tax reports, income or other tax returns and pay
any taxes with respect to income and activities relating to the Trust Account,
regardless of whether such tax is payable by the Trust Account or the Company
(including but not limited to income tax obligations), it being expressly
understood that as set forth in Section 1(i), if there is any income or other
tax obligation relating to the Trust Account or the Property in the Trust
Account, as determined from time to time by the Company and regardless of
whether such tax is payable by the Company or the Trust, at the written
instruction of the Company, the Trustee shall make funds available in cash from
the Property in the Trust Account an amount specified by the Company as owing to

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the applicable taxing authority, which amount shall be paid directly to the
Company by electronic funds transfer, account debit or other method of payment,
and the Company shall forward such payment to the taxing authority

     (i) Verify calculations, qualify or otherwise approve Company requests for
distributions pursuant to Section 1(i) above.

5.   Termination. This Agreement shall terminate as follows:

     (a) If the Trustee gives written notice to the Company that it desires to
resign under this Agreement, the Company shall use its reasonable efforts to
locate a successor trustee. At such time that the Company notifies the Trustee
that a successor trustee has been appointed by the Company and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not
limited to the transfer of copies of the reports and statements relating to the
Trust Account, whereupon this Agreement shall terminate; provided, however,
that, in the event that the Company does not locate a successor trustee within
ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States
District Court for the Southern District of New York and upon such deposit, the
Trustee shall be immune from any liability whatsoever that arises due to any
actions or omissions to act by any party after such deposit;

     (b) At such time that the Trustee has completed the liquidation of the
Trust Account in accordance with the provisions of Section 1(j) hereof, and
distributed the Property in accordance with the provisions of the Termination
Letter, this Agreement shall terminate except with respect to Section 3(b).

6.   Miscellaneous.

     (a) The Company and the Trustee each acknowledge that the Trustee will
follow the security procedures set forth below with respect to funds transferred
from the Trust Account. Upon receipt of written instructions, the Trustee will
confirm such instructions with an Authorized Individual at an Authorized
Telephone Number listed on the attached Exhibit C. The Company and the Trustee
will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained
access to such information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will rely upon account numbers or other
identifying numbers of a beneficiary, beneficiary's bank or intermediary bank,
rather than names. The Trustee shall not be liable for any loss, liability or
expense resulting from any error in an account number or other identifying
number, provided it has accurately transmitted the numbers provided.

     (b) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which
shall constitute an original, and together shall constitute but one instrument.

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     (c) This Agreement contains the entire agreement and understanding of the
parties hereto with respect to the subject matter hereof. The parties hereto may
change, waive, amend or modify any provision contained herein that may be
defective or inconsistent with any other provision contained herein only upon
the written consent of each of the parties hereto; provided that such action
shall not materially adversely affect the interests of the Public Stockholders.
Any other change, waiver, amendment or modification to this Agreement shall be
subject to approval by a majority of the Public Stockholders. As to any claim,
cross-claim or counterclaim in any way relating to this Agreement, each party
waives the right to trial by jury.

     (d) The parties hereto consent to the jurisdiction and venue of any state
or federal court located in the City of New York for purposes of resolving any
disputes hereunder.

     (e) Any notice, consent or request to be given in connection with any of
the terms or provisions of this Agreement shall be in writing and shall be sent
by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or by facsimile transmission:

          if to the Trustee, to:

          Continental Stock Transfer & Trust Company
          17 Battery Place
          8th Floor
          New York, New York 10004
          Attn: Mr. Frank Di Paolo, CFO
          Fax: (212) 616-7620

          if to the Company, to:

          Granahan McCourt Acquisition Corporation
          179 Stony Brook Road
          Hopewell, NJ 08525
          Attn: Barak Bar-Cohen, Chief Financial Officer
          Fax: (609) 333-1210

          with a copy to:

          Bingham McCutchen LLP
          399 Park Avenue
          New York, NY 10022
          Attn: Floyd I. Wittlin, Esq.
          Fax: (212) 752-5378

          in either case with a copy on behalf of the Underwriters to:

          Deutsche Bank Securities Inc.
          60 Wall Street NYC 60-1001
          New York, NY 10005
          Attn: Syndicate Manager

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          Fax: (212) 797-9344

          with a copy to:

          Debevoise & Plimpton LLP
          919 Third Avenue
          New York, NY 10022
          Attn: Peter Loughran, Esq.
          Fax: (212) 909-6836

     (f) This Agreement may not be assigned by the Trustee without the prior
consent of the Company.

     (g) Each of the Trustee and the Company hereby represents that it has the
full right and power and has been duly authorized to enter into this Agreement
and to perform its respective obligations as contemplated hereunder. The Trustee
acknowledges and agrees that it shall not make any claims or proceed against the
Trust Account, including by way of set-off, and shall not be entitled to any
part of the Property under any circumstance.

     (h) The Trustee hereby waives any and all right, title, interest or claim
of any kind ("Claim") in or to any distribution of the Trust Account, and hereby
agrees not to seek recourse, reimbursement, payment or satisfaction for any
Claim against the Trust Account for any reason whatsoever.

     (i) The Trustee hereby consents to the inclusion of Continental Stock
Transfer & Trust Company in the Registration Statement and other materials
relating to the IPO.

     (j) The Underwriters shall be third party beneficiaries of this
Agreement.

                            [Signature page follows]

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     IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

                                        CONTINENTAL STOCK TRANSFER & TRUST
                                        COMPANY, as Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

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                                    EXHIBIT A

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer & Trust Company
17 Battery Place
8th Floor
New York, New York 10004
Attn: Steven Nelson, President

Re: Trust Account No. [___________]
    Termination Letter

Gentlemen:

     Pursuant to Section 1(j) of the Investment Management Trust Agreement
between Granahan McCourt Acquisition Corporation (the "Company") and Continental
Stock Transfer & Trust Company (the "Trustee"), dated as of _____________, 2006
(the "Trust Agreement"), this is to advise you that the Company has entered into
an agreement ("Business Agreement") with __________________ (the "Target
Business") to consummate a business combination with Target Business (a
"Business Combination") on or about [INSERT DATE]. The Company shall notify you
at least 48 hours in advance of the actual date of the consummation of the
Business Combination (the "Consummation Date"). Defined terms used but not
otherwise defined herein shall have the meaning ascribed to such terms in the
Trust Agreement.

     Pursuant to Section 3(e) of the Trust Agreement, we are providing you with
[an affidavit] [a certificate] of __________________, which verifies the vote of
the Company's stockholders in connection with the Business Combination. In
accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct in writing on the Consummation Date.

     On the Consummation Date (i) counsel for the Company shall deliver to
you written notification that the Business Combination has been consummated
and (ii) the Company shall deliver to you written instructions with respect
to the transfer of the funds held in the Trust Account (the "Instruction
Letter"). You are hereby directed and authorized to transfer the funds held
in the Trust Account immediately upon your receipt of the counsel's letter
and the Instruction Letter, in accordance with the terms of the Instruction
Letter. In the event that certain deposits held in the Trust Account may not
be liquidated by the Consummation Date without penalty, you will notify the
Company of the same and the Company shall direct you as to whether such funds
should remain in the Trust Account and be distributed after the Consummation
Date to the Company or, with respect to the Deferred Discount, which amount
shall be less $0.32 per share of common stock converted to cash in accordance
with the Company's certificate of incorporation, to the Underwriters. Upon
the distribution of all the funds in the Trust Account pursuant to the terms
hereof, the Trust Agreement shall be terminated.

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     In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                        Very truly yours,

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

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                                    EXHIBIT B

                             [LETTERHEAD OF COMPANY]

                                  [INSERT DATE]

Continental Stock Transfer & Trust Company
17 Battery Place
8th Floor
New York, New York 10004
Attn: Frank Di Paolo, CFO

Re: Trust Account No. [_________] Termination Letter

Gentlemen:

     Pursuant to paragraph 1(j) of the Investment Management Trust Agreement
between Granahan McCourt Acquisition Corporation (the "Company") and Continental
Stock Transfer & Trust Company (the "Trustee"), dated as of _____________, 2006
(the "Trust Agreement"), this is to advise you that the Company has been
dissolved due to the Company's inability to effect a Business Combination within
the time frame specified in the Company's prospectus relating to its IPO.
Attached hereto is a certified copy of the Certificate of Dissolution as filed
with the Delaware Secretary of State. Defined terms used but not otherwise
defined herein shall have the meaning ascribed to such terms in the Trust
Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account. You will notify the Company
and JPMorgan Chase NY Bank (the "Designated Paying Agent") in writing as to when
all of the funds in the Trust Account will be available for immediate transfer
(the "Transfer Date"). The Designated Paying Agent shall thereafter notify you
as to the account or accounts of the Designated Paying Agent that the funds in
the Trust Account should be transferred to on the Transfer Date so that the
Designated Paying Agent may commence distribution of such funds in accordance
with the Company's instructions. You shall have no obligation to oversee the
Designated Paying Agent's distribution of the funds. Upon the payment to the
Designated Paying Agent of all the funds in the Trust Account, the Trust
Agreement shall terminate in accordance with the terms thereof.

                                        Very truly yours,

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By:
                                            ------------------------------------
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

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                                    EXHIBIT C

                 AUTHORIZED INDIVIDUAL(S) AND TELEPHONE NUMBERS

                       AUTHORIZED FOR TELEPHONE CALL BACK

COMPANY: Granahan McCourt Acquisition Corporation
         179 Stony Brook Avenue
         Hopewell, NJ 08525
         Attn: Barak Bar-Cohen, Chief Financial Officer
         Telephone: (609) 333-1200

TRUSTEE: Continental Stock Transfer & Trust Company
         17 Battery Place
         8th Floor
         New York, New York 10004
         Attn: Steven Nelson, President
         Telephone: (212) 845-3202

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                                   SCHEDULE A

    Schedule of fees pursuant to Section 3(c) of Investment Management Trust
Agreement between Granahan McCourt Acquisition Corporation and Continental Stock
                            Transfer & Trust Company

FEE ITEM                            TIME AND METHOD OF PAYMENT      AMOUNT
--------------------------------------------------------------------------
Initial acceptance fee           Initial closing of IPO by wire     $1,000
                                 transfer

Annual fee                       First year, initial closing of     $3,000
                                 IPO by wire transfer;
                                 thereafter on the anniversary
                                 of the effective date of the IPO
                                 by wire transfer or check

Transaction processing fee for   Deduction by Trustee from          $  250
disbursements to Company         disbursement made to
under Section 1(i)               Company under Section 1(i)

                                        Agreed:

Dated: [__] ___, 2006

                                        ----------------------------------------

                                        By:
                                            ------------------------------------
                                                     Authorized Officer

                                        Continental Stock Transfer & Trust Co.

                                        By:
                                            ------------------------------------
                                                     Authorized Officer<Page>

                                                                   EXHIBIT 10.11

                          REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is entered into as of
______________, 2006, by and among Granahan McCourt Acquisition Corporation, a
Delaware corporation (the "COMPANY") and the undersigned parties listed under
Investor on the signature page hereto (each, an "INVESTOR" and collectively, the
"INVESTORS").

     WHEREAS, the Investors currently hold all of the issued and outstanding
securities of the Company;

     WHEREAS, David C. McCourt shall, concurrently with the Company's initial
public offering, purchase Warrants (as hereinafter defined) in a private
placement (the "PRIVATE PLACEMENT"); and

     WHEREAS, the Investors and the Company desire to enter into this Agreement
to provide the Investors with certain rights relating to the registration of the
Company's securities held by them.

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

1. DEFINITIONS. The following capitalized terms used herein have the following
meanings:

     "AGREEMENT" means this Agreement, as amended, restated, supplemented, or
otherwise modified from time to time.

     "BOARD" means the board of directors of the Company.

     "COMMISSION" means the Securities and Exchange Commission, or any other
federal agency then administering the Securities Act or the Exchange Act.

     "COMMON STOCK" means the common stock, par value $0.0001 per share, of the
Company.

     "COMPANY" is defined in the preamble to this Agreement.

     "DEMANDING HOLDER" is defined in Section 2.1.1.

     "DEMAND REGISTRATION" is defined in Section 2.1.1.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission promulgated thereunder, all as the
same shall be in effect at the time.

     "FORM S-3" is defined in Section 2.3.

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     "INDEMNIFIED PARTY" is defined in Section 4.3.

     "INDEMNIFYING PARTY" is defined in Section 4.3.

     "INVESTOR" is defined in the preamble to this Agreement.

     "INVESTOR INDEMNIFIED PARTY" is defined in Section 4.1.

     "IPO SIDE LETTERS" means those certain Side Letters, of even date herewith,
executed by each of the Investors and acknowledged by the Company.

     "MAXIMUM NUMBER OF SHARES" is defined in Section 2.1.4.

     "NOTICES" is defined in Section 6.3.

     "PERSON" means an individual, a partnership, a limited liability company, a
joint venture, a corporation, a trust, an unincorporated organization, a
government or any department or agency thereof or any entity similar to any of
the foregoing.

     "PIGGY-BACK REGISTRATION" is defined in Section 2.2.1.

     "PRIVATE PLACEMENT AGREEMENT" means the Second Amended and Restated
Placement Warrant Purchase Agreement, dated September 27, 2006, between the
Company and David McCourt.

     "REGISTER," "REGISTERED" and "REGISTRATION" mean a registration effected by
preparing and filing a registration statement or similar document in compliance
with the requirements of the Securities Act, and such registration statement
becoming effective.

     "REGISTRABLE SECURITIES" mean all of the shares of Common Stock and
Warrants owned or held by Investors prior to the date hereof or purchased in the
Private Placement, including any shares of Common Stock issuable upon exercise
of such Warrants. Registrable Securities include any warrants, shares of capital
stock or other securities of the Company issued as a dividend or other
distribution with respect to or in exchange for or in replacement of such shares
of Common Stock. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with
respect to the sale of such securities shall have become effective under the
Securities Act and such securities shall have been sold, transferred, disposed
of or exchanged in accordance with such Registration Statement; (b) such
securities shall have been otherwise transferred, new certificates for them not
bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of them shall not require
registration under the Securities Act; (c) such securities shall have ceased to
be outstanding, or (d) the Registrable Securities are salable under Rule 144(k).

     "REGISTRATION STATEMENT" means a registration statement filed by the
Company with the Commission in compliance with the Securities Act and the rules
and regulations promulgated thereunder for a public offering and sale of Common
Stock (other than a registration statement

                                        2

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on Form S-4 or Form S-8, or their successors, or any registration statement
covering only securities proposed to be issued in exchange for securities or
assets of another entity).

     "RELEASE DATE" means the date on which the lock up period (as described in
Section 10 of the IPO Side Letters or Section 4 of the Private Placement
Agreement, as applicable), applicable to the Registrable Securities is
terminated.

     "SECURITIES ACT" means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect at the time.

     "UNDERWRITER" means a securities dealer who purchases any Registrable
Securities as principal in an underwritten offering and not as part of such
dealer's market-making activities.

     "WARRANT" means a warrant to purchase one share of the Common Stock for
$6.00.

2. REGISTRATION RIGHTS.

     2.1. DEMAND REGISTRATION.

          2.1.1. REQUEST FOR REGISTRATION. At any time commencing ninety (90)
days prior to, and from time to time on or after the Release Date, the holders
of at least 50.1% of the Registrable Securities, on an as-converted to Common
Stock basis, held by the Investors or the permitted transferees of the
Investors, may make a written demand for registration under the Securities Act
of all or part of their Registrable Securities (a "DEMAND REGISTRATION"). Any
demand for a Demand Registration shall specify the number of shares of
Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will notify all holders of Registrable
Securities of the demand, and each holder of Registrable Securities who wishes
to include all or a portion of such holder's Registrable Securities in the
Demand Registration (each such holder including shares of Registrable Securities
in such registration, a "DEMANDING HOLDER") shall so notify the Company in
writing within fifteen (15) days after the receipt by the holder of the notice
from the Company. Upon any such request, the Demanding Holders shall be entitled
to have their Registrable Securities included in the Demand Registration,
subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The
Company shall not be obligated to effect more than an aggregate of two (2)
Demand Registrations under this Section 2.1.1 in respect of Registrable
Securities.

          2.1.2. EFFECTIVE REGISTRATION. A registration will not count as a
Demand Registration until the Registration Statement filed with the Commission
with respect to such Demand Registration has been declared effective and the
Company has complied with all of its material obligations under this Agreement
with respect thereto; provided, however, that if, after such Registration
Statement has been declared effective, the offering of Registrable Securities
pursuant to a Demand Registration is interfered with by any stop order or
injunction of the Commission or any other governmental agency or court, the
Registration Statement with respect to such Demand Registration will be deemed
not to have been declared effective, unless and

                                        3

<Page>

until, (i) such stop order or injunction is removed, rescinded or otherwise
terminated, and (ii) a majority-in-interest, of the Demanding Holders thereafter
elects to continue the offering; provided, further, that the Company shall not
be obligated to file a second Registration Statement until a Registration
Statement that has been filed is counted as a Demand Registration or is
terminated.

          2.1.3. UNDERWRITTEN OFFERING. If a majority-in-interest, of the
Demanding Holders so elects and such holders so advise the Company as part of
their written demand for a Demand Registration, the offering of such Registrable
Securities pursuant to such Demand Registration shall be in the form of an
underwritten offering. In such event, the right of any holder to include its
Registrable Securities in such registration shall be conditioned upon such
holder's participation in such underwriting and the inclusion of such holder's
Registrable Securities in the underwriting to the extent provided herein. All
Demanding Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with
the Underwriter or Underwriters selected for such underwriting by a
majority-in-interest, of the holders initiating the Demand Registration.

          2.1.4. REDUCTION OF OFFERING. If the managing Underwriter or
Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to sell, taken together with all other shares of Common Stock or other
securities which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other stockholders of the Company who
desire to sell, exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed
offering price, the timing, the distribution method, or the probability of
success of such offering (such maximum dollar amount or maximum number of
shares, as applicable, the "MAXIMUM NUMBER OF SHARES"), then the Company shall
include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders (pro rata in
accordance with the number of shares of Registrable Securities which such
Demanding Holders have requested be included in such registration, regardless of
the number of shares held by each such Person (such proportion is referred to
herein as "PRO RATA")) that can be sold without exceeding the Maximum Number of
Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the shares of Common Stock or other
securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (iii) third, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (i) and (ii),
the shares of Common Stock or other securities for the account of other Persons
that the Company is obligated to register pursuant to written contractual
arrangements with such Persons and that can be sold without exceeding the
Maximum Number

                                        4

<Page>

of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares have
not been reached under the foregoing clauses (i), (ii) and (iii), the shares of
Common Stock that other shareholders desire to sell that can be sold without
exceeding the Maximum Number of Shares to the extent that the Company, in its
sole discretion, wishes to permit such sales pursuant to this clause (iv).

          2.1.5. WITHDRAWAL. If a majority-in-interest of the Demanding Holders
disapprove of the terms of any underwriting or are not entitled to include all
of their Registrable Securities in any offering, such majority-in-interest of
the Demanding Holders may elect to withdraw from such offering by giving written
notice to the Company and the Underwriter or Underwriters of their request to
withdraw prior to the effectiveness of the Registration Statement filed with the
Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand
Registration, then such registration shall not count as a Demand Registration
provided for in Section 2.1, provided that the majority-in-interest of the
Demanding Holders electing to so withdraw from the offering pays all costs and
expenses incurred by the Company in connection with such withdrawn Demand
Registration.

          2.1.6. PERMITTED DELAYS. The Company shall be entitled to postpone,
for up to 60 days, the filing of any Registration Statement under this Section
2.1, if (a) at any time prior to the filing of such Registration Statement the
Company's Board of Directors determines, in its good faith business judgment,
that such registration and offering would materially and adversely affect any
financing, acquisition, corporate reorganization, or other material transaction
involving the Company, and (b) the Company delivers to the Demanding Holders
written notice thereof within five (5) business days of the date of receipt of
such request for Demand Registration.

     2.2. PIGGY-BACK REGISTRATION.

          2.2.1. PIGGY-BACK RIGHTS. If at any time on or after the Release Date
the Company proposes to file a Registration Statement under the Securities Act
with respect to an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity
securities, by the Company for its own account or for stockholders of the
Company for their account (or by the Company and by stockholders of the Company
including, without limitation, pursuant to Section 2.1), other than a
Registration Statement (i) filed in connection with any employee stock option or
other benefit plan, (ii) for an exchange offer or offering of securities solely
to the Company's existing stockholders, (iii) for an offering of debt that is
convertible into equity securities of the Company or (iv) for a dividend
reinvestment plan, then the Company shall (x) give written notice of such
proposed filing to the holders of Registrable Securities as soon as practicable
but in no event less than ten (10) days before the anticipated filing date,
which notice shall describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters, if any, of the offering, and (y)
offer to the holders of Registrable Securities in such notice the opportunity to
register the sale of such number of shares of Registrable Securities as such
holders may request in writing within five (5) days following receipt of such
notice (a "PIGGY-BACK REGISTRATION"). The Company shall cause such Registrable

                                        5

<Page>

Securities to be included in such registration and shall use commercially
reasonable efforts to cause the managing Underwriter or Underwriters of a
proposed underwritten offering to permit the Registrable Securities requested to
be included in a Piggy-Back Registration on the same terms and conditions as any
similar securities of the Company and to permit the sale or other disposition of
such Registrable Securities in accordance with the intended method(s) of
distribution thereof. All holders of Registrable Securities proposing to
distribute their securities through a Piggy-Back Registration that involves an
Underwriter or Underwriters shall enter into an underwriting agreement in
customary form with the Underwriter or Underwriters selected for such Piggy-Back
Registration.

          2.2.2. REDUCTION OF OFFERING. If the managing Underwriter or
Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in
writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with shares of Common Stock, if any, as
to which registration has been demanded pursuant to written contractual
arrangements with Persons other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been
requested under this Section 2.2, and the shares of Common Stock, if any, as to
which registration has been requested pursuant to the written contractual
piggy-back registration rights of other stockholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such
registration:

          (a) If the registration is undertaken for the Company's account: (A)
     first, the shares of Common Stock or other securities that the Company
     desires to sell that can be sold without exceeding the Maximum Number of
     Shares; (B) second, to the extent that the Maximum Number of Shares has not
     been reached under the foregoing clause (A), the shares of Common Stock or
     other securities, if any, comprised of Registrable Securities as to which
     registration has been requested pursuant to the applicable written
     contractual piggy-back registration rights of such security holders, Pro
     Rata, that can be sold without exceeding the Maximum Number of Shares; and
     (C) third, to the extent that the Maximum Number of shares has not been
     reached under the foregoing clauses (A) and (B), the shares of Common Stock
     or other securities for the account of other Persons that the Company is
     obligated to register pursuant to written contractual piggy-back
     registration rights with such Persons and that can be sold without
     exceeding the Maximum Number of Shares;

                                        6

<Page>

          (b) If the registration is a "demand" registration undertaken at the
     demand of Persons other than the holders of Registrable Securities, (A)
     first, the shares of Common Stock or other securities for the account of
     the demanding Persons that can be sold without exceeding the Maximum Number
     of Shares; (B) second, to the extent that the Maximum Number of Shares has
     not been reached under the foregoing clause (A), the shares of Common Stock
     or other securities that the Company desires to sell that can be sold
     without exceeding the Maximum Number of Shares; (C) third, to the extent
     that the Maximum Number of Shares has not been reached under the foregoing
     clauses (A) and (B), collectively the shares of Common Stock or other
     securities comprised of Registrable Securities, Pro Rata, as to which
     registration has been requested pursuant to the terms hereof, that can be
     sold without exceeding the Maximum Number of Shares; and (D) fourth, to the
     extent that the Maximum Number of Shares has not been reached under the
     foregoing clauses (A), (B) and (C), the shares of Common Stock or other
     securities for the account of other Persons that the Company is obligated
     to register pursuant to written contractual arrangements with such Persons,
     that can be sold without exceeding the Maximum Number of Shares.

          2.2.3. WITHDRAWAL. Any holder of Registrable Securities may elect to
withdraw such holder's request for inclusion of Registrable Securities in any
Piggy-Back Registration by giving written notice to the Company of such request
to withdraw prior to the effectiveness of the Registration Statement. The
Company (whether on its own determination or as the result of a withdrawal by
Persons making a demand pursuant to written contractual obligations) may
withdraw a registration statement at any time prior to the effectiveness of the
Registration Statement without thereby incurring any liability to the holders of
Registrable Securities. Notwithstanding any such withdrawal, the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 3.3.

          2.2.4. PERMITTED DELAYS. The Company shall be entitled to postpone,
for up to 60 days, the filing of any Registration Statement under this Section
2.2, if (a) at any time prior to the filing of such Registration Statement the
Company's Board of Directors determines, in its good faith business judgment,
that such registration and offering would materially and adversely affect any
financing, acquisition, corporate reorganization, or other material transaction
involving the Company, and (b) the Company delivers to the holder of Registrable
Securities requesting a Piggy-Back Registration written notice thereof within
five (5) business days of the date of receipt by the Company of such request for
Piggy-Back Registration.

     2.3. REGISTRATIONS ON FORM S-3. The holders of Registrable Securities may
at any time and from time to time, request in writing that the Company register
the resale of any or all of such Registrable Securities on Form S-3 or any
similar short-form registration which may be

                                        7

<Page>

available at such time ("FORM S-3"); PROVIDED, however, that the Company shall
not be obligated to effect such request through an underwritten offering. Upon
receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities,
and, as soon as practicable thereafter, effect the registration of all or such
portion of such holder's or holders' Registrable Securities as are specified in
such request, together with all or such portion of the Registrable Securities of
any other holder or holders joining in such request as are specified in a
written request given within fifteen (15) days after receipt of such written
notice from the Company; PROVIDED, however, that the Company shall not be
obligated to effect any such registration pursuant to this Section 2.3: (i) if
Form S-3 is not available for such offering; or (ii) if the holders of the
Registrable Securities, together with the holders of any other securities of the
Company entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) at any aggregate price to the
public of less than $500,000. Registrations effected pursuant to this Section
2.3 shall not be counted as Demand Registrations effected pursuant to Section
2.1.

3. REGISTRATION PROCEDURES.

     3.1. FILINGS; INFORMATION. Whenever the Company is required to effect the
registration of any Registrable Securities pursuant to Section 2, the Company
shall use commercially reasonable efforts to effect the registration and sale of
such Registrable Securities in accordance with the intended method(s) of
distribution thereof as expeditiously as practicable, and in connection with any
such request:

          3.1.1. FILING REGISTRATION STATEMENT. The Company shall, as
expeditiously as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a Registration Statement on any form for which the Company
then qualifies or which counsel for the Company shall deem appropriate and which
form shall be available for the sale of all Registrable Securities to be
registered thereunder in accordance with the intended method(s) of distribution
thereof, and shall use commercially reasonable efforts to cause such
Registration Statement to become and remain effective for the period required by
Section 3.1.3; PROVIDED, however, that the Company shall have the right to defer
any Demand Registration for up to sixty (60) days, and any Piggy-Back
Registration for such period as may be applicable to deferment of any demand
registration to which such Piggy-Back Registration relates, in each case if the
Company shall furnish to the holders a certificate signed by the Chief Executive
Officer or Chairman of the Company stating that, in the good faith judgment of
the Board, it would be materially detrimental to the Company and its
stockholders for such Registration Statement to be effected at such time;
PROVIDED further, however, that the Company shall not have the right to exercise
the right set forth in the immediately preceding proviso more than once in any
365-day period in respect of a Demand Registration hereunder.

          3.1.2. COPIES. The Company shall, prior to filing a Registration
Statement or prospectus, or any amendment or supplement thereto, furnish without
charge to the holders of Registrable Securities included in such registration,
and such holders' legal counsel, copies of such Registration Statement as
proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents
incorporated

                                        8

<Page>

by reference therein), the prospectus included in such Registration Statement
(including each preliminary prospectus), and such other documents as the holders
of Registrable Securities included in such registration or legal counsel for any
such holders may request in order to facilitate the disposition of the
Registrable Securities owned by such holders.

          3.1.3. AMENDMENTS AND SUPPLEMENTS. The Company shall prepare and file
with the Commission such amendments, including post-effective amendments, and
supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective and
in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been
disposed of in accordance with the intended method(s) of distribution set forth
in such Registration Statement (which period shall not exceed the sum of one
hundred eighty (180) days plus any period during which any such disposition is
interfered with by any stop order or injunction of the Commission or any
governmental agency or court) or such securities have been withdrawn.

          3.1.4. NOTIFICATION. After the filing of a Registration Statement, the
Company shall promptly, and in no event more than two (2) business days after
such filing, notify the holders of Registrable Securities included in such
Registration Statement of such filing, and shall further notify such holders
within two (2) business days of the occurrence of any of the following: (i) when
such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance
or threatened issuance by the Commission of any stop order (and the Company
shall take all commercially reasonable actions required to prevent the entry of
such stop order or to remove it if entered); and (iv) any request by the
Commission for any amendment or supplement to such Registration Statement or any
prospectus relating thereto or for additional information or of the occurrence
of an event requiring the preparation of a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of the securities
covered by such Registration Statement, such prospectus will not contain an
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading,
and promptly make available to the holders of Registrable Securities included in
such Registration Statement any such supplement or amendment; except that before
filing with the Commission a Registration Statement or prospectus or any
amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in
such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of
filing to provide such holders and legal counsel with a reasonable opportunity
to review such documents and comment thereon, and the Company shall not file any
Registration Statement or prospectus or amendment or supplement thereto,
including documents incorporated by reference, to which such holders or their
legal counsel shall object.

          3.1.5. STATE SECURITIES LAWS COMPLIANCE. The Company shall use
commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or "blue
sky" laws of such jurisdictions in the United States as the holders of
Registrable Securities included in such Registration Statement (in light of
their intended plan of distribution) may request and (ii) take such action
necessary to cause such

                                        9

<Page>

Registrable Securities covered by the Registration Statement to be registered
with or approved by such other governmental authorities as may be necessary by
virtue of the business and operations of the Company and do any and all other
acts and things that may be necessary or advisable to enable the holders of
Registrable Securities included in such Registration Statement to consummate the
disposition of such Registrable Securities in such jurisdictions; PROVIDED,
however, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this paragraph or subject itself to taxation in any such jurisdiction.

          3.1.6. AGREEMENTS FOR DISPOSITION. The Company shall enter into
customary agreements (including, if applicable, an underwriting agreement in
customary form) and take such other actions as are reasonably required in order
to expedite or facilitate the disposition of such Registrable Securities. The
representations, warranties and covenants of the Company in any underwriting
agreement which are made to or for the benefit of any Underwriters, to the
extent applicable, shall also be made to and for the benefit of the holders of
Registrable Securities included in such registration statement. No holder of
Registrable Securities included in such registration statement shall be required
to make any representations or warranties in the underwriting agreement except,
if applicable, with respect to such holder's organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with
such holder's material agreements and organizational documents, and with respect
to written information relating to such holder that such holder has furnished in
writing expressly for inclusion in such Registration Statement.

          3.1.7. COOPERATION. The principal executive officer of the Company,
the principal financial officer of the Company, the principal accounting officer
of the Company and all other officers and members of the management of the
Company shall cooperate fully in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation
of the Registration Statement with respect to such offering and all other
offering materials and related documents, and participation in meetings with
Underwriters, attorneys, accountants and potential investors.

          3.1.8. RECORDS. The Company shall make available for inspection by the
holders of Registrable Securities included in such Registration Statement, any
Underwriter participating in any disposition pursuant to such registration
statement and any attorney, accountant or other professional retained by any
holder of Registrable Securities included in such Registration Statement or any
Underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise
their due diligence responsibility, and cause the Company's officers, directors
and employees to supply all information requested by any of them in connection
with such Registration Statement.

          3.1.9. OPINIONS AND COMFORT LETTERS. The Company shall furnish to each
holder of Registrable Securities included in any Registration Statement a signed
counterpart, addressed to such holder, of (i) any opinion of counsel to the
Company delivered to any Underwriter and (ii) any comfort letter from the
Company's independent public accountants delivered to any Underwriter. In the
event no legal opinion is delivered to any Underwriter, the Company shall
furnish to each holder of Registrable Securities included in such Registration
Statement, at any

                                       10

<Page>

time that such holder elects to use a prospectus, an opinion of counsel to the
Company to the effect that the Registration Statement containing such prospectus
has been declared effective and that no stop order is in effect.

          3.1.10. EARNINGS STATEMENT. The Company shall comply with all
applicable rules and regulations of the Commission and the Securities Act, and
make available to its stockholders, as soon as practicable, an earnings
statement covering a period of twelve (12) months, beginning within three (3)
months after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and Rule 158 thereunder.

          3.1.11. LISTING. The Company shall use commercially reasonable efforts
to cause all Registrable Securities included in any registration to be listed on
such exchanges or otherwise designated for trading in the same manner as similar
securities issued by the Company are then listed or designated or, if no such
similar securities are then listed or designated, in a manner satisfactory to
the majority-in-interest of the holders of Registrable Securities included in
such registration.

     3.2. OBLIGATION TO SUSPEND DISTRIBUTION. Upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to
Section 2.3 hereof, upon any suspension by the Company, pursuant to a written
insider trading compliance program adopted by the Board, of the ability of all
"insiders" covered by such program to transact in the Company's securities
because of the existence of material non-public information, each holder of
Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the
Registration Statement covering such Registrable Securities until such holder
receives the supplemented or amended prospectus contemplated by Section
3.1.4(iv) or the restriction on the ability of "insiders" to transact in the
Company's securities is removed, as applicable, and, if so directed by the
Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder's possession, of the most recent
prospectus covering such Registrable Securities at the time of receipt of such
notice.

     3.3. REGISTRATION EXPENSES. The Company shall bear all costs and expenses
incurred in connection with any Demand Registration pursuant to Section 2.1, any
Piggy-Back Registration pursuant to Section 2.2, and any registration on Form
S-3 effected pursuant to Section 2.3, and all expenses incurred in performing or
complying with its other obligations under this Agreement, whether or not the
Registration Statement becomes effective, including, without limitation: (i) all
registration and filing fees; (ii) fees and expenses of compliance with
securities or "blue sky" laws (including fees and disbursements of counsel in
connection with blue sky qualifications of the Registrable Securities); (iii)
printing expenses; (iv) the Company's internal expenses (including, without
limitation, all salaries and expenses of its officers and employees); (v) the
fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 3.1.11; (vi) National Association of
Securities Dealers, Inc. fees; (vii) fees and disbursements of counsel for the
Company and fees and expenses for independent certified public accountants
retained by the Company (including the expenses or costs associated with the
delivery of any opinions or comfort letters requested pursuant to Section
3.1.9); (viii) the fees

                                       11

<Page>

and expenses of any special experts retained by the Company in connection with
such registration and (ix) the fees and expenses of one legal counsel selected
by the holders of a majority-in-interest of the Registrable Securities included
in such registration. The Company shall have no obligation to pay any
underwriting discounts or selling commissions attributable to the Registrable
Securities being sold by the holders thereof, which underwriting discounts or
selling commissions shall be borne by such holders. Additionally, in an
underwritten offering, all selling stockholders and the Company shall bear the
expenses of the underwriter pro rata in proportion to the respective amount of
shares each is selling in such offering.

     3.4. INFORMATION. The holders of Registrable Securities shall provide such
information as may reasonably be requested by the Company, or the managing
Underwriter, if any, in connection with the preparation of any Registration
Statement, including amendments and supplements thereto, in order to effect the
registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company's obligation to comply with federal
and applicable state securities laws.

4. INDEMNIFICATION AND CONTRIBUTION.

     4.1. INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify and
hold harmless each Investor and each other holder of Registrable Securities, and
each of their respective officers, employees, affiliates, directors, partners,
members, attorneys and agents, and each Person, if any, who controls (within the
meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange
Act) an Investor and each other holder of Registrable Securities (each, an
"INVESTOR INDEMNIFIED PARTY"), from and against any expenses, losses, judgments,
claims, damages or liabilities, whether joint or several, arising out of or
based upon any untrue statement (or allegedly untrue statement) of a material
fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary
prospectus, final prospectus or summary prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, or
arising out of or based upon any omission (or alleged omission) to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or any violation by the Company of the Securities Act or
any rule or regulation promulgated thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any
such registration; and the Company shall promptly reimburse the Investor
Indemnified Party for any legal and any other expenses reasonably incurred by
such Investor Indemnified Party in connection with investigating and defending
any such expense, loss, judgment, claim, damage, liability or action; PROVIDED,
however, that the Company will not be liable in any such case to the extent that
any such expense, loss, claim, damage or liability arises out of or is based
upon any untrue statement or allegedly untrue statement or omission or alleged
omission made in such Registration Statement, preliminary prospectus, final
prospectus, or summary prospectus, or any such amendment or supplement, in
reliance upon and in conformity with information furnished to the Company, in
writing, by such selling holder expressly for use therein.

     4.2. INDEMNIFICATION BY HOLDERS OF REGISTRABLE SECURITIES. Each selling
holder of Registrable Securities will, in the event that any registration is
being effected under the

                                       12

<Page>

Securities Act pursuant to this Agreement of any Registrable Securities held by
such selling holder, indemnify and hold harmless the Company, each of its
directors and officers and each underwriter (if any), and each other selling
holder and each other Person, if any, who controls another selling holder or
such underwriter within the meaning of the Securities Act, against any losses,
claims, judgments, damages or liabilities, whether joint or several, insofar as
such losses, claims, judgments, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or allegedly untrue
statement of a material fact contained in any Registration Statement under which
the sale of such Registrable Securities was registered under the Securities Act,
any preliminary prospectus, final prospectus or summary prospectus contained in
the Registration Statement, or any amendment or supplement to the Registration
Statement, or arise out of or are based upon any omission or the alleged
omission to state a material fact required to be stated therein or necessary to
make the statement therein not misleading, if the statement or omission was made
in reliance upon and in conformity with information furnished in writing to the
Company by such selling holder expressly for use therein, and shall reimburse
the Company, its directors and officers, and each other selling holder or
controlling Person for any legal or other expenses reasonably incurred by any of
them in connection with investigation or defending any such loss, claim, damage,
liability or action. Each selling holder's indemnification obligations hereunder
shall be several and not joint and shall be limited to the amount of any net
proceeds actually received by such selling holder.

     4.3. CONDUCT OF INDEMNIFICATION PROCEEDINGS. Promptly after receipt by any
Person of any notice of any loss, claim, damage or liability or any action in
respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such
Person (the "INDEMNIFIED PARTY") shall, if a claim in respect thereof is to be
made against any other Person for indemnification hereunder, notify such other
Person (the "INDEMNIFYING PARTY") in writing of the loss, claim, judgment,
damage, liability or action; PROVIDED, however, that the failure by the
Indemnified Party to notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which the Indemnifying Party may have to
such Indemnified Party hereunder, except and solely to the extent the
Indemnifying Party is actually prejudiced by such failure. If the Indemnified
Party is seeking indemnification with respect to any claim or action brought
against the Indemnified Party, then the Indemnifying Party shall be entitled to
participate in such claim or action, and, to the extent that it wishes, jointly
with all other Indemnifying Parties, to assume control of the defense thereof
with counsel satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume control of
the defense of such claim or action, the Indemnifying Party shall not be liable
to the Indemnified Party for any legal or other expenses subsequently incurred
by the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; PROVIDED, however, that in any action in
which both the Indemnified Party and the Indemnifying Party are named as
defendants, the Indemnified Party shall have the right to employ separate
counsel (but no more than one such separate counsel) to represent the
Indemnified Party and its controlling Persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the
Indemnified Party against the Indemnifying Party, with the fees and expenses of
such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by
the same counsel would be inappropriate due to actual or potential differing
interests between them. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, consent to entry of judgment or effect any

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settlement of any claim or pending or threatened proceeding in respect of which
the Indemnified Party is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all
liability arising out of such claim or proceeding.

     4.4. CONTRIBUTION.

          4.4.1. If the indemnification provided for in the foregoing Sections
4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of any loss,
claim, damage, liability or action referred to herein, then each such
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such loss, claim, damage, liability or action in such proportion as is
appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted
in such loss, claim, damage, liability or action, as well as any other relevant
equitable considerations. The relative fault of any Indemnified Party and any
Indemnifying Party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by such Indemnified Party or such Indemnifying Party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

          4.4.2. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding Section
4.4.1.

          4.4.3. The amount paid or payable by an Indemnified Party as a result
of any loss, claim, damage, liability or action referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such Indemnified Party in
connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 4.4, no holder of Registrable
Securities shall be required to contribute any amount in excess of the dollar
amount of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such holder from the sale of
Registrable Securities which gave rise to such contribution obligation. No
Person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

5. UNDERWRITING AND DISTRIBUTION.

     5.1. RULE 144. The Company covenants that it shall file any reports
required to be filed by it under the Securities Act and the Exchange Act and
shall take such further action as the holders of Registrable Securities may
reasonably request, all to the extent required from time to time to enable such
holders to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 under the
Securities Act, as such Rules may be amended from time to time, or any similar
Rule or regulation hereafter adopted by the Commission.

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6. MISCELLANEOUS.

     6.1. OTHER REGISTRATION RIGHTS. The Company represents and warrants that no
Person, other than a holder of the Registrable Securities, has any right to
require the Company to register any shares of the Company's capital stock for
sale or to include shares of the Company's capital stock in any registration
filed by the Company for the sale of shares of capital stock for its own account
or for the account of any other Person.

     6.2. ASSIGNMENT; NO THIRD PARTY BENEFICIARIES. This Agreement and the
rights, duties and obligations of the Company hereunder may not be assigned or
delegated by the Company in whole or in part. This Agreement and the rights,
duties and obligations of the holders of Registrable Securities hereunder may be
freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities
held by any such holder. This Agreement and the provisions hereof shall be
binding upon and shall inure to the benefit of each of the parties and the
permitted assigns of the Investor or holder of Registrable Securities or of any
assignee of the Investor or holder of Registrable Securities. This Agreement is
not intended to confer any rights or benefits on any Persons that are not party
hereto other than as expressly set forth in Article 4 and this Section 6.2.

     6.3. NOTICES. All notices, demands, requests, consents, approvals or other
communications (collectively, "NOTICES") required or permitted to be given
hereunder or which are given with respect to this Agreement shall be in writing
and shall be personally served, delivered by reputable overnight courier service
with charges prepaid, or transmitted by hand delivery or facsimile, addressed as
set forth below, or to such other address as such party shall have specified
most recently by written notice. Notice shall be deemed given on the date of
service or transmission if personally served or transmitted by facsimile;
PROVIDED, that if such service or transmission is not on a business day or is
after normal business hours, then such notice shall be deemed given on the next
business day. Notice otherwise sent as provided herein shall be deemed given on
the next business day following timely delivery of such notice to a reputable
overnight courier service with an order for next-day delivery.

     To the Company:

     Granahan McCourt Acquisition Corporation
     179 Stony Brook Road
     Hopewell, NJ 08525
     Attn: Barak Bar-Cohen

     with a copy to:

     Bingham McCutchen LLP
     399 Park Avenue
     New York, NY 10022
     Attn: Floyd I. Wittlin, Esq.

                                       15

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     To an Investor, to the address for such Investor specified on the signature
pages hereto.

     6.4. SEVERABILITY. This Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or
provision hereof. Furthermore, in lieu of any such invalid or unenforceable term
or provision, the parties hereto intend that there shall be added as a part of
this Agreement a provision as similar in terms to such invalid or unenforceable
provision as may be possible that is valid and enforceable.

     6.5. COUNTERPARTS. This Agreement may be executed by facsimile and in
multiple counterparts, and all of which taken together shall constitute one and
the same instrument.

     6.6. ENTIRE AGREEMENT. This Agreement (including all agreements entered
into pursuant hereto and all certificates and instruments delivered pursuant
hereto and thereto) constitutes the entire agreement of the parties with respect
to the subject matter hereof and supersedes all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the parties, whether oral or written.

     6.7. MODIFICATIONS AND AMENDMENTS. No amendment, modification or
termination of this Agreement shall be binding upon any party unless executed
in writing by such party. This Agreement cannot be amended or modified in any
way that would adversely affect Deutsche Bank Securities Inc. without the
prior written consent of Deutsche Bank Securities Inc.

     6.8. TITLES AND HEADINGS. Titles and headings of sections of this Agreement
are for convenience only and shall not affect the construction of any provision
of this Agreement.

     6.9. WAIVERS AND EXTENSIONS. Any party to this Agreement may waive any
right, breach or default which such party has the right to waive, PROVIDED that
such waiver will not be effective against the waiving party unless it is in
writing, is signed by such party, and specifically refers to this Agreement.
Waivers may be made in advance or after the right waived has arisen or the
breach or default waived has occurred. Any waiver may be conditional. No waiver
of any breach of any agreement or provision herein contained shall be deemed a
waiver of any preceding or succeeding breach thereof nor of any other agreement
or provision herein contained. No waiver or extension of time for performance of
any obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

     6.10. REMEDIES CUMULATIVE. In the event that the Company fails to observe
or perform any covenant or agreement to be observed or performed under this
Agreement, the Investor or any other holder of Registrable Securities may
proceed to protect and enforce its rights by suit in equity or action at law,
whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of
any power granted in this Agreement or to enforce any other legal or equitable
right, or to take any one or more of such actions, without being required to
post a bond. None of the rights, powers or remedies conferred under this
Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether
conferred by this Agreement or now or hereafter available at law, in equity, by
statute or otherwise.

                                       16

<Page>

     6.11. GOVERNING LAW. This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of
New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. The parties
hereto agree that any action, proceeding or claim against it arising out of or
relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the
Southern District of New York, and irrevocably submit to such jurisdiction,
which jurisdiction shall be exclusive. The parties hereby waive any objection to
such exclusive jurisdiction and that such courts represent an inconvenient
forum.

     6.12. WAIVER OF TRIAL BY JURY. Each party hereby irrevocably and
unconditionally waives the right to a trial by jury in any action, suit,
counterclaim or other proceeding (whether based on contract, tort or otherwise)
arising out of, connected with or relating to this Agreement, the transactions
contemplated hereby, or the actions of the Investor in the negotiation,
administration, performance or enforcement hereof.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       17

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     IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

                                        GRANAHAN MCCOURT ACQUISITION CORPORATION

                                        By: ____________________________________
                                        Name: David C. McCourt
                                        Title: President and Chief Executive
                                               Officer

                                        INVESTORS

                                        By: ____________________________________
                                        Name:
                                        Address:

                                        By: ____________________________________
                                        Name:
                                        Address:

                                        By: ____________________________________
                                        Name:
                                        Address:

                                        By: ____________________________________
                                        Name:
                                        Address:

                                        By: ____________________________________
                                        Name:
                                        Address:

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