Document:

Exhibit 10.17

REGISTRATION RIGHTS AGREEMENT

          This
Registration Rights Agreement (this “Agreement”) is made and entered into as of
July 31, 2007, by and between INCENTRA SOLUTIONS, INC., a Nevada corporation
(the “Company”), and Calliope Capital Corporation (the “Purchaser”).

          This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of
the date hereof, by and between the Purchaser and the Company (as amended,
modified or supplemented from time to time, the “Securities Purchase
Agreement”), and pursuant to the Warrant referred to therein.

          The
Company and the Purchaser hereby agree as follows: 

	
 

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

                    “Commission”
means the Securities and Exchange Commission.

                    “Common
Stock”
means shares of the Company’s common stock, par value $0.001 per share.

                    “Effectiveness
Date” means (i) with respect to the initial Registration Statement
required to be filed hereunder, a date no later than one hundred eighty (180)
days following the date hereof and (ii) with respect to each additional
Registration Statement required to be filed hereunder, a date no later than
thirty (30) days following the applicable Filing Date.

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

                    “Exchange
Act”
means the Securities Exchange Act of 1934, as amended, and any successor
statute.

                    “Filing
Date”
means, with respect to (i) the shares of Common Stock issuable upon exercise of
the initial Warrant referred to in the Securities Purchase Agreement, a date no
later than sixty (60) days following the date hereof, (ii) the shares of Common
Stock issuable upon the exercise of any other Warrant issued in connection with
the Securities Purchase Agreement, the date which is thirty (30) days after the
date of the issuance of such Warrant, and (iii) the shares of Common Stock
issuable to the Holder as a result of adjustments to the Exercise Price made
pursuant to the Warrant or otherwise, thirty (30) days after the occurrence
such event or the date of the adjustment of the Exercise Price. 

                    “Holder”
or “Holders”
means the Purchaser or any of its affiliates or transferees to the extent any
of them hold Registrable Securities, other than those purchasing Registrable
Securities in a market transaction.

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

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

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

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

                    “Registrable
Securities” means the shares of Common Stock issued upon the
exercise of the Warrants. 

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

                    “Rule
144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the Commission having substantially the same effect as
such Rule. 

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

                    
“Securities
Act” means the Securities Act of 1933, as amended, and any successor
statute.

                    “Securities
Purchase Agreement” shall have the meaning set forth in the second
paragraph of this Agreement.

                    “Trading
Market”
means any of the NASD Over the Counter Bulletin Board, NASDAQ Capital Market,
the NASDAQ National Market, the American Stock Exchange or the New York Stock
Exchange. 

                    “Warrants”
means the Common Stock purchase warrants issued in connection with the
Securities Purchase Agreement, whether on the date hereof or thereafter.

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2. Registration.

	
 

	
 

	
 

	
 

	
(a)

	
On or prior
 to each Filing Date the Company shall prepare and file with the Commission a
 Registration Statement covering the Registrable Securities for a selling
 stockholder resale offering to be made on a continuous basis pursuant to Rule
 415. The Registration Statement shall be on Form SB-2 or Form S-3 (except if
 the Company is not then eligible to register for resale the Registrable Securities
 on such Forms, in which case such registration shall be on another
 appropriate form in accordance herewith). The Company shall cause the
 Registration Statement to become effective and remain effective as provided
 herein. The Company shall use its reasonable commercial efforts to cause each
 Registration Statement to be declared effective under the Securities Act as
 promptly as possible after the filing thereof, but in any event no later than
 the Effectiveness Date. The Company shall use its reasonable commercial
 efforts to keep each Registration Statement continuously effective under the
 Securities Act until the date which is the earlier date of when (i) all
 Registrable Securities covered by such Registration Statement have been sold,
 or (ii) all Registrable Securities covered by such Registration Statement may
 be sold immediately without registration under the Securities Act and without
 volume restrictions pursuant to Rule 144(k), as determined by the counsel to
 the Company pursuant to a written opinion letter to such effect, addressed
 and acceptable to the Company’s transfer agent and the affected Holders
 (each, an “Effectiveness Period”).

	
 

	
 

	
 

	
 

	
          (b)
 Within three business days of the Effectiveness Date, the Company shall cause
 its counsel to issue a blanket opinion substantially in the form attached
 hereto as Exhibit A, to the transfer agent stating that the shares are
 subject to an effective registration statement and can be reissued free of
 restrictive legend upon notice of a sale by the Purchaser and confirmation by
 the Purchaser that it has complied with the prospectus delivery
 requirements, provided that the Company or such counsel has not advised the
 transfer agent orally or in writing that the opinion has been withdrawn.
 Copies of the blanket opinion required by this Section 2(b) shall be
 delivered to the Purchaser within the time frame set forth above. 

	
 

	
3. Registration Procedures. If and whenever the Company is
 required by the provisions hereof to effect the registration of any Registrable
 Securities under the Securities Act, the Company will, as expeditiously as
 possible: 

	
 

	
 

	
 

	
 

	
(a)

	
prepare and
 file with the Commission the Registration Statement with respect to such
 Registrable Securities, respond as promptly as possible to any comments
 received from the Commission, and use its reasonable commercial efforts to
 cause such Registration Statement to become and remain effective for the
 Effectiveness Period with respect thereto, and promptly provide to the
 Purchaser copies of all filings and Commission letters of comment relating
 thereto;

	
 

	
 

	
 

	
 

	
(b)

	
prepare and
 file with the Commission such amendments and supplements to such Registration
 Statement and the Prospectus used in connection therewith as may be

	
	

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necessary to
 comply with the provisions of the Securities Act with respect to the
 disposition of all Registrable Securities covered by such Registration
 Statement and to keep such Registration Statement effective until the
 expiration of the Effectiveness Period applicable to such Registration
 Statement;

	
 

	
 

	
 

	
 

	
(c)

	
furnish to
 the Purchaser such number of copies of the Registration Statement and the
 Prospectus included therein (including each preliminary Prospectus) as the
 Purchaser reasonably may request to facilitate the public sale or disposition
 of the Registrable Securities covered by such Registration Statement;

	
 

	
 

	
 

	
 

	
(d)

	
use its
 reasonable commercial efforts to register or qualify the Purchaser’s
 Registrable Securities covered by such Registration Statement under the
 securities or “blue sky” laws of such jurisdictions within the United States
 as the Purchaser may reasonably request, provided, however, that the Company
 shall not for any such purpose be required to qualify generally to transact
 business as a foreign corporation in any jurisdiction where it is not so
 qualified or to consent to general service of process in any such
 jurisdiction;

	
 

	
 

	
 

	
 

	
(e)

	
list the
 Registrable Securities covered by such Registration Statement with any
 securities exchange on which the Common Stock of the Company is then listed; 

	
 

	
 

	
 

	
 

	
(f)

	
immediately
 notify the Purchaser at any time when a Prospectus relating thereto is
 required to be delivered under the Securities Act, of the happening of any
 event of which the Company has knowledge as a result of which the Prospectus
 contained in such Registration Statement, as then in effect, includes an
 untrue statement of a material fact or omits to state a material fact
 required to be stated therein or necessary to make the statements therein not
 misleading in light of the circumstances then existing; and

	
 

	
 

	
 

	
 

	
(g)

	
make
 available for inspection by the Purchaser and any attorney, accountant or
 other agent retained by the Purchaser, all publicly available,
 non-confidential financial and other records, pertinent corporate documents
 and properties of the Company, and cause the Company’s officers, directors
 and employees to supply all publicly available, non-confidential information
 reasonably requested by the attorney, accountant or agent of the Purchaser.

	
 

	
4. Registration Expenses. All expenses relating to the
 Company’s compliance with Sections 2 and 3 hereof, including, without
 limitation, all registration and filing fees, printing expenses, fees and
 disbursements of counsel and independent public accountants for the Company,
 fees and expenses (including reasonable counsel fees) incurred in connection
 with complying with state securities or “blue sky” laws, fees of the NASD,
 transfer taxes, fees of transfer agents and registrars, fees of, and
 disbursements incurred by, one counsel for the Holders, are called
 “Registration Expenses”. All selling commissions applicable to the sale of
 Registrable Securities, including any fees and disbursements of any special
 counsel to the Holders beyond those included in Registration Expenses, are
 called

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 “Selling Expenses.” The Company shall only be
responsible for all Registration Expenses.

5. Indemnification.

	
 

	
 

	
(a)

	
In the event
 of a registration of any Registrable Securities under the Securities Act
 pursuant to this Agreement, the Company will indemnify and hold harmless each
 Holder, and its officers, directors and each other person, if any, who
 controls each Holder within the meaning of the Securities Act, against any
 losses, claims, damages or liabilities, joint or several, to which such
 Holder, or such persons may become subject under the Securities Act or
 otherwise, insofar as such losses, claims, damages or liabilities (or actions
 in respect thereof) arise out of or are based upon any untrue statement or
 alleged untrue statement of any material fact contained in any Registration
 Statement under which such Registrable Securities were registered under the
 Securities Act pursuant to this Agreement, any preliminary Prospectus or
 final Prospectus contained therein, or any amendment or supplement thereof,
 or arise out of or are based upon the omission or alleged omission to state
 therein a material fact required to be stated therein or necessary to make
 the statements therein not misleading, and will reimburse such Holder, and
 each such person for any reasonable legal or other expenses incurred by them
 in connection with investigating or defending any such loss, claim, damage,
 liability or action; provided, however, that the Company will not be liable
 in any such case if and to the extent that any such loss, claim, damage or
 liability arises out of or is based upon an untrue statement or alleged
 untrue statement or omission or alleged omission so made in conformity with
 information furnished by or on behalf of the Purchaser or any such person in
 writing specifically for use in any such document.

	
 

	
 

	
(b)

	
In the event
 of a registration of the Registrable Securities under the Securities Act
 pursuant to this Agreement, the Purchaser will indemnify and hold harmless
 the Company, and its officers, directors and each other person, if any, who
 controls the Company within the meaning of the Securities Act, against all
 losses, claims, damages or liabilities, joint or several, to which the
 Company or such persons may become subject under the Securities Act or
 otherwise, insofar as such losses, claims, damages or liabilities (or actions
 in respect thereof) arise out of or are based upon any untrue statement or
 alleged untrue statement of any material fact which was furnished in writing
 by the Purchaser to the Company expressly for use in (and such information is
 contained in) the Registration Statement under which such Registrable
 Securities were registered under the Securities Act pursuant to this
 Agreement, any preliminary Prospectus or final Prospectus contained therein,
 or any amendment or supplement thereof, or arise out of or are based upon the
 omission or alleged omission to state therein a material fact required to be
 stated therein or necessary to make the statements therein not misleading,
 and will reimburse the Company and each such person for any reasonable legal
 or other expenses incurred by them in connection with investigating or
 defending any such loss, claim, damage, liability or action,

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provided,
 however, that the Purchaser will be liable in any such case if and only to
 the extent that any such loss, claim, damage or liability arises out of or is
 based upon an untrue statement or alleged untrue statement or omission or
 alleged omission so made in conformity with information furnished in writing
 to the Company by or on behalf of the Purchaser specifically for use in any
 such document. Notwithstanding the provisions of this paragraph, the
 Purchaser shall not be required to indemnify any person or entity in excess
 of the amount of the aggregate net proceeds received by the Purchaser in
 respect of Registrable Securities in connection with any such registration
 under the Securities Act.

	
 

	
 

	
(c)

	
Promptly
 after receipt by a party entitled to claim indemnification hereunder (an
 “Indemnified Party”) of notice of the commencement of any action, such
 Indemnified Party shall, if a claim for indemnification in respect thereof is
 to be made against a party hereto obligated to indemnify such Indemnified
 Party (an “Indemnifying Party”), notify the Indemnifying Party in writing
 thereof, but the omission so to notify the Indemnifying Party shall not
 relieve it from any liability which it may have to such Indemnified Party
 other than under this Section 5(c) and shall only relieve it from any
 liability which it may have to such Indemnified Party under this Section 5(c)
 if and to the extent the Indemnifying Party is prejudiced by such omission.
 In case any such action shall be brought against any Indemnified Party and it
 shall notify the Indemnifying Party of the commencement thereof, the
 Indemnifying Party shall be entitled to participate in and, to the extent it
 shall wish, to assume and undertake the defense thereof with counsel
 satisfactory to such Indemnified Party, and, after notice from the Indemnifying
 Party to such Indemnified Party of its election so to assume and undertake
 the defense thereof, the Indemnifying Party shall not be liable to such
 Indemnified Party under this Section 5(c) for any legal expenses subsequently
 incurred by such Indemnified Party in connection with the defense thereof; if
 the Indemnified Party retains its own counsel, then the Indemnified Party
 shall pay all fees, costs and expenses of such counsel, provided, however,
 that, if the defendants in any such action include both the Indemnified Party
 and the Indemnifying Party and the Indemnified Party shall have reasonably
 concluded that there may be reasonable defenses available to it which are
 different from or additional to those available to the Indemnifying Party or
 if the interests of the Indemnified Party reasonably may be deemed to
 conflict with the interests of the Indemnifying Party, the Indemnified Party
 shall have the right to select one separate counsel and to assume such legal
 defenses and otherwise to participate in the defense of such action, with the
 reasonable expenses and fees of such separate counsel and other expenses
 related to such participation to be reimbursed by the Indemnifying Party as
 incurred. 

	
 

	
 

	
(d)

	
In order to
 provide for just and equitable contribution in the event of joint liability
 under the Securities Act in any case in which either (i) the Purchaser, or
 any officer, director or controlling person of the Purchaser, makes a claim
 for indemnification pursuant to this Section 5 but it is judicially
 determined (by the entry of a final judgment or decree by a court of
 competent jurisdiction and the

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expiration
 of time to appeal or the denial of the last right of appeal) that such
 indemnification may not be enforced in such case notwithstanding the fact
 that this Section 5 provides for indemnification in such case, or (ii)
 contribution under the Securities Act may be required on the part of the
 Purchaser or such officer, director or controlling person of the Purchaser in
 circumstances for which indemnification is provided under this Section 5;
 then, and in each such case, the Company and the Purchaser will contribute to
 the aggregate losses, claims, damages or liabilities to which they may be
 subject (after contribution from others) in such proportion so that the
 Purchaser is responsible only for the portion represented by the percentage
 that the public offering price of its securities offered by the Registration
 Statement bears to the public offering price of all securities offered by
 such Registration Statement, provided, however, that, in any such case, (A)
 the Purchaser will not be required to contribute any amount in excess of the
 public offering price of all such securities offered by it pursuant to such
 Registration Statement; and (B) no person or entity guilty of fraudulent
 misrepresentation (within the meaning of Section 10(f) of the Act) will be
 entitled to contribution from any person or entity who was not guilty of such
 fraudulent misrepresentation.

6. Representations
and Warranties.

	
 

	
 

	
(a)

	
The Common
 Stock of the Company is registered pursuant to Section 12(b) or 12(g) of the
 Exchange Act and, except with respect to certain matters which the Company
 has disclosed to the Purchaser on Schedule 4.21 to the Securities Purchase
 Agreement, the Company has timely filed all proxy statements, reports,
 schedules, forms, statements and other documents required to be filed by it
 under the Exchange Act. The Company has filed its Annual Report on Form 10-K
 for its fiscal years ended December 31, 2005 and December 31, 2006 and
 its Quarterly Reports on Form 10-Q for the fiscal quarter ended March 31,
 2007 (collectively, the “SEC Reports”). To the knowledge of the Company, each
 of the SEC Reports was, at the time of its filing, in substantial compliance
 with the requirements of its respective form and none of the SEC Reports, nor
 the financial statements (and the notes thereto) included in the SEC Reports,
 as of its respective filing date, contained any untrue statement of a
 material fact or omitted to state a material fact required to be stated
 therein or necessary to make the statements therein, in light of the
 circumstances under which they were made, not misleading. The financial
 statements of the Company included in the SEC Reports comply as to form in
 all material respects with applicable accounting requirements and the
 published rules and regulations of the Commission or other applicable rules
 and regulations with respect thereto. Such financial statements have been
 prepared in accordance with generally accepted accounting principles (“GAAP”)
 applied on a consistent basis during the periods involved (except (i) as may
 be otherwise indicated in such financial statements or the notes thereto or
 (ii) in the case of unaudited interim statements, to the extent they may not
 include footnotes or may be condensed) and fairly present in all material
 respects the financial condition, the results of operations and the cash
 flows of the Company 

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and its
 subsidiaries, on a consolidated basis, as of, and for, the periods presented
 in each such SEC Report.

	
 

	
 

	
(b)

	
The Common
 Stock is listed for trading on the NASD Over-the-Counter Bulletin Board
 (“OTCBB”) and satisfies all requirements for the continuation of such
 listing. The Company has not received any notice that its Common Stock will
 be no longer quoted on the OTCBB (except for prior notices which have been
 fully remedied) or that the Common Stock does not meet all requirements for
 the continuation of such listing.

	
 

	
 

	
(c)

	
Neither the
 Company, nor any of its affiliates, nor any person acting on its or their
 behalf, has directly or indirectly made any offers or sales of any security
 or solicited any offers to buy any security under circumstances that would
 cause the offering of the Securities pursuant to the Securities Purchase
 Agreement to be integrated with prior offerings by the Company for purposes
 of the Securities Act which would prevent the Company from selling the Common
 Stock pursuant to Rule 506 under the Securities Act, or any applicable
 exchange-related stockholder approval provisions, nor will the Company or any
 of its affiliates or subsidiaries take any action or steps that would cause
 the offering of the Securities to be integrated with other offerings (other
 than such concurrent offerings to the Purchaser).

	
 

	
 

	
(d)

	
The Warrants
 and the shares of Common Stock which the Purchaser may acquire pursuant to
 the Warrants are all restricted securities under the Securities Act as of the
 date of this Agreement. The Company will not issue any stop transfer order or
 other order impeding the sale and delivery of any of the Registrable
 Securities at such time as such Registrable Securities are registered for
 public sale or an exemption from registration is available, except as
 required by federal or state securities laws.

	
 

	
 

	
(e)

	
The Company
 understands the nature of the Registrable Securities issuable upon the
 exercise of the Warrants and recognizes that the issuance of such Registrable
 Securities may have a potential dilutive effect. The Company specifically acknowledges
 that its obligation to issue the Registrable Securities is binding upon the
 Company and enforceable regardless of the dilution such issuance may have on
 the ownership interests of other shareholders of the Company.

	
 

	
 

	
(f)

	
Except for
 agreements made in the ordinary course of business, there is no agreement
 that has not been filed with the Commission as an exhibit to a registration
 statement or to a form required to be filed by the Company under the Exchange
 Act, the breach of which could reasonably be expected to have a material and
 adverse effect on the Company and its subsidiaries, or would prohibit or
 otherwise interfere with the ability of the Company to enter into and perform
 any of its obligations under this Agreement in any material respect.

8

	
 

	
 

	
(g)

	
The Company
 will at all times have authorized and reserved a sufficient number of shares
 of Common Stock for the full exercise of the Warrants.

7. Miscellaneous.

	
 

	
 

	
(a)

	
Remedies.
 In the event of a breach by the Company or by a Holder of any of their
 respective obligations under this Agreement, each Holder or the Company, as
 the case may be, in addition to being entitled to exercise all rights granted
 by law and under this Agreement, including recovery of damages, will be
 entitled to specific performance of its rights under this Agreement. 

	
 

	
 

	
(b)

	
No Piggyback
 on Registrations. Except as and to the extent
 specified in Schedule 4.15 to the Securities Purchase Agreement and on Schedule
 7(b) hereto, neither the Company nor any of its security holders (other
 than the Holders in such capacity pursuant hereto) may include securities of
 the Company in any Registration Statement other than the Registrable
 Securities, and the Company shall not after the date hereof enter into any
 agreement providing any such right for inclusion of shares in the
 Registration Statement to any of its security holders. Except as and to the
 extent specified in Schedule 4.15 to the Securities Purchase Agreement and on
 Schedule 7(b) hereto, the Company has not previously entered into any
 agreement granting any registration rights with respect to any of its
 securities to any Person that have not been fully satisfied. 

	
 

	
 

	
(c)

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

	
 

	
 

	
(d)

	
Discontinued
 Disposition. Each Holder agrees by its acquisition
 of such Registrable Securities that, upon receipt of a notice from the
 Company of the occurrence of a Discontinuation Event (as defined below), such
 Holder will forthwith discontinue disposition of such Registrable Securities
 under the applicable Registration Statement until such Holder’s receipt of the
 copies of the supplemented Prospectus and/or amended Registration Statement
 or until it is advised in writing (the “Advice”) by the Company that the use
 of the applicable Prospectus may be resumed, and, in either case, has
 received copies of any additional or supplemental filings that are
 incorporated or deemed to be incorporated by reference in such Prospectus or
 Registration Statement. The Company may provide appropriate stop orders to
 enforce the provisions of this paragraph. For purposes of this Agreement, a
 “Discontinuation Event” shall mean (i) when the Commission notifies the
 Company whether there will be a “review” of such Registration Statement and
 whenever the Commission comments in writing on such Registration Statement
 (the Company shall provide true and complete copies thereof and all written
 responses thereto to each of the Holders); (ii) any request by the Commission
 or any other Federal or state governmental authority for amendments or
 supplements to such Registration

9

	
 

	
 

	
 

	
Statement or Prospectus or for additional
 information; (iii) the issuance by the Commission of any stop order
 suspending the effectiveness of such Registration Statement covering any or
 all of the Registrable Securities or the initiation of any Proceedings for
 that purpose; (iv) the receipt by the Company of any notification with
 respect to the suspension of the qualification or exemption from
 qualification of any of the Registrable Securities for sale in any
 jurisdiction, or the initiation or threatening of any Proceeding for such
 purpose; and/or (v) the occurrence of any event or passage of time that makes
 the financial statements included in such Registration

	
 

	
 

	
 

	
Statement
 ineligible for inclusion therein or any statement made in such Registration
 Statement or Prospectus or any document incorporated or deemed to be
 incorporated therein by reference untrue in any material respect or that
 requires any revisions to such Registration Statement, Prospectus or other
 documents so that, in the case of such Registration Statement or Prospectus,
 as the case may be, it will not contain any untrue statement of a material
 fact or omit to state any material fact required to be stated therein or
 necessary to make the statements therein, in light of the circumstances under
 which they were made, not misleading.

	
 

	
 

	
(e)

	
Piggy-Back
 Registrations. If at any time during any
 Effectiveness Period there is not an effective Registration Statement
 covering all of the Registrable Securities required to be covered during such
 Effectiveness Period and the Company shall determine to prepare and file with
 the Commission a registration statement relating to an offering for its own
 account or the account of others under the Securities Act of any of its
 equity securities, other than on Form S-4 or Form S-8 (each as promulgated
 under the Securities Act) or their then equivalents relating to equity
 securities to be issued solely in connection with any acquisition of any
 entity or business or equity securities issuable in connection with stock
 option or other employee benefit plans, then the Company shall send to each
 Holder written notice of such determination and, if within fifteen days after
 receipt of such notice, any such Holder shall so request in writing, the
 Company shall include in such registration statement all or any part of such
 Registrable Securities such Holder requests to be registered to the extent
 the Company may do so without violating registration rights of others which
 exist as of the date of this Agreement, subject to customary underwriter
 cutbacks applicable to all holders of registration rights and subject to
 obtaining any required consent of any selling stockholder(s) to such
 inclusion under such registration statement.

	
 

	
 

	
(f)

	
Amendments
 and Waivers. The provisions of this Agreement,
 including the provisions of this sentence, may not be amended, modified or
 supplemented, and waivers or consents to departures from the provisions
 hereof may not be given, unless the same shall be in writing and signed by
 the Company and the Holders of the then outstanding Registrable Securities.
 Notwithstanding the foregoing, a waiver or consent to depart from the
 provisions hereof with respect to a matter that relates exclusively to the
 rights of certain Holders and that does not directly or indirectly affect the
 rights of other Holders may be given by Holders of at least a majority of the
 Registrable Securities to which such waiver or consent relates;

10

	
 

	
 

	
 

	
provided,
 however, that the provisions of this sentence may not be amended, modified,
 or supplemented except in accordance with the provisions of the immediately
 preceding sentence.

	
 

	
 

	
(g)

	
Notices.
 Any notice or request hereunder may be given to the Company or the Purchaser
 at the respective addresses set forth below or as may hereafter be specified
 in a notice designated as a change of address under this Section 7(g). Any
 notice or request hereunder shall be given by registered or certified mail,
 return receipt requested, hand delivery, overnight mail, Federal Express or
 other national overnight next day carrier (collectively, “Courier”) or
 telecopy (confirmed by mail). Notices and requests shall be, in the case of
 those by hand delivery, deemed to have been given when delivered to any party
 to whom it is addressed, in the case of those by mail or overnight mail,
 deemed to have been given three (3) business days after the date when
 deposited in the mail or with the overnight mail carrier, in the case of a
 Courier, the next business day following timely delivery of the package with
 the Courier, and, in the case of a telecopy, when confirmed. The address for
 such notices and communications shall be as follows:

	
 

	
 

	
 

	
 

	
If to the Company:

	
 

	
Incentra
 Solutions, Inc. 

	
 

	
 

	
1140 Pearl
 Street

	
 

	
 

	
Boulder,
 Colorado 80302

	
 

	
 

	
Attention:

	
Chief
 Financial Officer

	
 

	
 

	
Facsimile:

	
(303)
 449-9584

	
 

	
 

	
 

	
 

	
with a copy to:

	
 

	
 

	
 

	
 

	
 

	
Law Offices
 of Karl Reed Guest

	
 

	
 

	
94 Underhill
 Road

	
 

	
 

	
Orinda, CA
 94563

	
 

	
 

	
Attention:

	
Reed Guest,
 Esq.

	
 

	
 

	
Facsimile:

	
(925)
 254-9226

	
 

	
 

	
 

	
If to a Purchaser:

	
 

	
To the
 address set forth under such Purchaser name on the signature pages hereto.

	
 

	
 

	
 

	
If to any other Person who is then the
 registered 

	
 

	
 

	
Holder:

	
 

	
To the
 address of such Holder as it appears in the stock transfer books of the
 Company

or such other
address as may be designated in writing hereafter in accordance with this
Section 7(g) by such Person.

	
 

	
 

	
(h)

	
Successors
 and Assigns. This Agreement shall inure to the
 benefit of and be binding upon the successors and permitted assigns of each
 of the parties and shall inure to the benefit of each Holder. The Company may
 not assign its rights or obligations hereunder without the prior written
 consent of each Holder. Each

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Holder
 may assign its respective rights hereunder in the manner and to the Persons
 as permitted under the Warrant, the Securities Purchase Agreement and the
 Related Agreements (as defined in the Securities Purchase Agreement).

	
 

	
 

	
(i)

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

	
 

	
 

	
(j)

	
Governing
 Law, Jurisdiction and Waiver of Jury Trial. THIS
 AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
 LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN
 SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. The Company
 hereby consents and agrees that the state or federal courts located in the
 County of New York, State of New York shall have exclusive jurisdiction to
 hear and determine any Proceeding between the Company, on the one hand, and
 the Purchaser, on the other hand, pertaining to this Agreement or to any
 matter arising out of or related to this Agreement; provided, that the
 Purchaser and the Company acknowledge that any appeals from those courts may
 have to be heard by a court located outside of the County of New York, State
 of New York, and further provided, that nothing in this
 Agreement shall be deemed or operate to preclude the Purchaser from bringing
 a Proceeding in any other jurisdiction to collect the obligations, to realize
 on the Collateral or any other security for the obligations, or to enforce a
 judgment or other court order in favor of the Purchaser. The Company
 expressly submits and consents in advance to such jurisdiction in any
 Proceeding commenced in any such court, and the Company hereby waives any
 objection which it may have based upon lack of personal jurisdiction,
 improper venue or forum non conveniens. The Company hereby waives
 personal service of the summons, complaint and other process issued in any
 such Proceeding and agrees that service of such summons, complaint and other
 process may be made by registered or certified mail addressed to the Company
 at the address set forth in Section 7(g) and that service so made shall be
 deemed completed upon the earlier of the Company’s actual receipt thereof or
 three (3) days after deposit in the U.S. mails, proper postage prepaid. The
 parties hereto desire that their disputes be resolved by a judge applying
 such applicable laws. Therefore, to achieve the best combination of the
 benefits of the judicial system and of arbitration, the parties hereto waive
 all rights to trial by jury in any Proceeding brought to resolve any dispute,
 whether arising in contract, tort, or otherwise between the Purchaser and/or
 the Company arising out of, connected with, related or incidental to the
 relationship established between them in connection with this Agreement. If
 either party hereto shall commence a Proceeding to enforce any provisions of
 this Agreement, the Securities Purchase

12

	
 

	
 

	
 

	
Agreement or
 any other Related Agreement, then the prevailing party in such Proceeding
 shall be reimbursed by the other party for its reasonable attorneys’ fees and
 other costs and expenses incurred with the investigation, preparation and
 prosecution of such Proceeding.

	
 

	
 

	
(k)

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

	
 

	
 

	
(l)

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

	
 

	
 

	
(m)

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

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOLLOWS]

13

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

	
 

	
 

	
 

	
 

	
 

	
INCENTRA SOLUTIONS, INC. 

	
 

	
CALLIOPE CAPITAL CORPORATION

	
 

	
 

	
 

	
By:

	
 

	
 

	
By:

	
 

	
 

	

	
 

	
 

	

	
Name:

	
Matthew G.
 Richman

	
 

	
Name: 

	
 

	
Title:

	
Senior Vice
 President, Chief 

 Corporate Development Officer &
 Treasurer

	
 

	
 

	

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
Address for Notices:

	
 

	
 

	
c/o Laurus
 Capital Management, LLC

	
 

	
 

	
335 Madison
 Avenue – 10th Floor

	
 

	
 

	
New York, NY
 10017

	
 

	
 

	
Attention:         

	
Portfolio
 Services         

	
 

	
 

	
Facsimile:

	
212-581-5037

14

EXHIBIT A

[Month __, 2007]

	
 

	
 

	
[Continental
 Stock Transfer
    & Trust Company

 Two Broadway

 New York, NY 10004

 Attn: William Seegraber]

	
 

	
 

	
 

	
Re:

	
Incentra Solutions, Inc. 

 Registration Statement on Form SB-2

Ladies and Gentlemen:

          As
counsel to Incentra Solutions, Inc., a Nevada corporation (the “Company”), we
have been requested to render our opinion to you in connection with the resale
by the individuals or entitles listed on Schedule A attached hereto (the
“Selling Stockholders”), of an aggregate of [amount]shares (the “Shares”) of
the Company’s Common Stock.

          The
Company’s Registration Statement on Form SB-2 (Reg. No. 333-____) (the
“Registration Statement”) under the Securities Act of 1933, as amended (the
“Act”), with respect to the resale of the Shares was declared effective by the
Securities and Exchange Commission on [date]. Enclosed is a copy of the
Prospectus dated [date] included in the Registration Statement. We understand
that the Shares are to be offered and sold in the manner described in the
Prospectus.

          Based
upon the foregoing, upon request by the Selling Stockholders at any time while
the Registration Statement remains effective, it is our opinion that the Shares
have been registered for resale under the Act and new certificates evidencing
the Shares upon their transfer or re-registration by the Selling Stockholders
may be issued without restrictive legend. We will advise you if the
Registration Statement is not available or effective at any point in the
future.

	
 

	
 

	
 

	
Very truly
 yours,

	
 

	
 

	
 

	
[Company counsel]

Schedule A

	
 

	
 

	

 
 

	
Selling Stockholder

	
 

	

  Shares

  Being Offered

Schedule 7(b)

	
 

	
 

	
1.

	
The Registration
  Rights Agreement dated as of October 10, 2000 between the Company and
  Equity Pier LLC 

	
 

	
 

	
2.

	
The
  Registration Rights Agreement between the Company and former ManagedStorage
  International, Inc. shareholders dated August 18, 2004.

	
 

	
 

	
3.

	
The
  Registration Rights Agreement dated as of March, 2005 between the Company
  and Barry R. Andersen and Gary L. Henderson.

	
 

	
 

	
4.

	
The
  Registration Rights Agreement dated as of March 30, 2005 between the
  Company and MRA Systems, Inc., dba GE Access.

	
 

	
 

	
5.

	
The
  Registration Rights Agreement dated as of April 13, 2006 between the
  Company and Joseph Graziano and Transition Management Consultants.

	
 

	
 

	
6.

	
The
  Registration Rights Agreement dated as of August 24, 2006 between the
  Company and Craig Armstrong and Lord Amherst Holdings.

	
 

	
 

	
7.

	
The
  Registration Rights Agreement dated on or about June 30, 2006 between the
  Company and Blueline Partners LP, RAB Capital and other individual holders.

2Exhibit 10.18

STOCK PLEDGE AGREEMENT

          This
Stock Pledge Agreement (this “Agreement”), dated as of July 31, 2007,
among Calliope Capital Corporation (the “Pledgee”), Incentra Solutions,
Inc., a Nevada corporation (the “Company”), and each of the other
undersigned parties (other than the Pledgee) (the Company and each such other
undersigned party, a “Pledgor” and collectively, the “Pledgors”).

BACKGROUND

          The
Company has entered into a Securities Purchase Agreement, dated as of July 31,
2006 as amended, modified, restated or supplemented from time to time, the “Securities
Purchase Agreement”), pursuant to which the Pledgee has provided, provides
or will provide certain financial accommodations to the Company and certain
subsidiaries of the Company.

          In
order to induce the Pledgee to provide or continue to provide the financial
accommodations described in the Securities Purchase Agreement, each Pledgor has
agreed to pledge and grant a security interest in the collateral described
herein to the Pledgee on the terms and conditions set forth herein.

          NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

          1.
Defined Terms. All capitalized terms used herein which are not defined
shall have the meanings given to them in the Securities Purchase Agreement.

          2.
Pledge and Grant of Security Interest. To secure the full and punctual
payment and performance of (the following clauses (a) and (b), collectively,
the “Obligations”) (a) the obligations under the Securities Purchase
Agreement and the Related Agreements referred to in the Securities Purchase
Agreement (the Securities Purchase Agreement and the Related Agreements, as
each may be amended, restated, modified and/or supplemented from time to time,
collectively, the “Documents”) and (b) all other obligations and
liabilities of each Pledgor to the Pledgee whether now existing or hereafter
arising, direct or indirect, liquidated or unliquidated, absolute or
contingent, due or not due and whether under, pursuant to or evidenced by a
note, agreement, guaranty, instrument or otherwise (in each case, irrespective
of the genuineness, validity, regularity or enforceability of such Obligations,
or of any instrument evidencing any of the Obligations or of any collateral
therefor or of the existence or extent of such collateral, and irrespective of
the allowability, allowance or disallowance of any or all of such in any case
commenced by or against any Pledgor under Title 11, United States Code,
including, without limitation, obligations of each Pledgor for post-petition
interest, fees, costs and charges that would have accrued or been added to the
Obligations but for the commencement of such case), each Pledgor hereby
pledges, assigns, hypothecates, transfers and grants a security interest to
Pledgee in all of the following (the “Collateral”):

                    (a)
the shares of stock set forth on Schedule A annexed hereto and expressly
made a part hereof (together with any additional shares of stock or other
equity interests acquired 

by any
Pledgor, the “Pledged Stock”), the certificates representing the Pledged
Stock and all dividends, cash, instruments and other property or proceeds from
time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of the Pledged Stock;

                    (b)
all additional shares of stock of any issuer (each, an “Issuer”) of the
Pledged Stock from time to time acquired by any Pledgor in any manner,
including, without limitation, stock dividends or a distribution in connection
with any increase or reduction of capital, reclassification, merger,
consolidation, sale of assets, combination of shares, stock split, spin-off or
split-off (which shares shall be deemed to be part of the Collateral), and the
certificates representing such additional shares, and all dividends, cash,
instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
of such shares; and

                    (c)
all options and rights, whether as an addition to, in substitution of or in
exchange for any shares of any Pledged Stock and all dividends, cash,
instruments and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all
such options and rights.

          3.
Delivery of Collateral. All certificates representing or evidencing the
Pledged Stock shall be delivered to and held by or on behalf of Pledgee
pursuant hereto and shall be accompanied by duly executed instruments of
transfer or assignments in blank, all in form and substance satisfactory to
Pledgee. Each Pledgor hereby authorizes the Issuer upon demand by the Pledgee
to deliver any certificates, instruments or other distributions issued in
connection with the Collateral directly to the Pledgee, in each case to be held
by the Pledgee, subject to the terms hereof. Upon the occurrence and during the
continuance of an Event of Default (as defined below), the Pledgee shall have
the right, during such time in its discretion and without notice to the
Pledgor, to transfer to or to register in the name of the Pledgee or any of its
nominees any or all of the Pledged Stock. In addition, the Pledgee shall have
the right at such time to exchange certificates or instruments representing or
evidencing Pledged Stock for certificates or instruments of smaller or larger
denominations.

          4.
Representations and Warranties of each Pledgor. Each Pledgor jointly and
severally represents and warrants to the Pledgee (which representations and
warranties shall be deemed to continue to be made until all of the Obligations
have been paid in full and each Document and each agreement and instrument
entered into in connection therewith has been irrevocably terminated) that:

                    (a)
the execution, delivery and performance by each Pledgor of this Agreement and the
pledge of the Collateral hereunder do not and will not result in any violation
of any agreement, indenture, instrument, license, judgment, decree, order, law,
statute, ordinance or other governmental rule or regulation applicable to any
Pledgor;

                    (b)
this Agreement constitutes the legal, valid, and binding obligation of each
Pledgor enforceable against each Pledgor in accordance with its terms;

2

                    (c)
all Pledged Stock owned by each Pledgor is set forth on Schedule A
hereto and (ii) each Pledgor is the direct and beneficial owner of each share
of the Pledged Stock;

                    (d)
all of the shares of the Pledged Stock have been duly authorized, validly
issued and are fully paid and nonassessable;

                    (e)
no consent or approval of any person, corporation, governmental body,
regulatory authority or other entity, is or will be necessary for (i) the
execution, delivery and performance of this Agreement, (ii) the exercise by the
Pledgee of any rights with respect to the Collateral or (iii) the pledge and
assignment of, and the grant of a security interest in, the Collateral
hereunder;

                    (f)
there are no pending or, to the best of Pledgor’s knowledge, threatened actions
or proceedings before any court, judicial body, administrative agency or
arbitrator which may materially adversely affect the Collateral;

                    (g)
each Pledgor has the requisite power and authority to enter into this Agreement
and to pledge and assign the Collateral to the Pledgee in accordance with the
terms of this Agreement;

                    (h)
each Pledgor owns each item of the Collateral and, except for the pledge and
security interest granted to Pledgee hereunder, the Collateral shall be, immediately
following the closing of the transactions contemplated by the Documents, free
and clear of any other security interest, mortgage, pledge, claim, lien,
charge, hypothecation, assignment, offset or encumbrance whatsoever
(collectively, “Liens”);

                    (i)
there are no restrictions on transfer of the Pledged Stock contained in the
certificate of incorporation or by-laws (or equivalent organizational documents)
of the Issuer or otherwise which have not otherwise been enforceably and legally
waived by the necessary parties;

                    (j)
none of the Pledged Stock has been issued or transferred in violation of the
securities registration, securities disclosure or similar laws of any
jurisdiction to which such issuance or transfer may be subject;

                    (k)
the pledge and assignment of the Collateral and the grant of a security
interest under this Agreement vest in the Pledgee all rights of each Pledgor in
the Collateral as contemplated by this Agreement; and

                    (l)
The Pledged Stock constitutes one hundred percent (100%) of the issued and
outstanding shares of capital stock of each Issuer.

          5.
Covenants. Each Pledgor jointly and severally covenants that, until the
Obligations shall be indefeasibly satisfied in full and each Document and each
agreement and instrument entered into in connection therewith is irrevocably
terminated:

                    (a)
No Pledgor will sell, assign, transfer, convey, or otherwise dispose of its
rights in or to the Collateral or any interest therein; nor will any Pledgor
create, incur or permit to

3

exist any
Lien whatsoever with respect to any of the Collateral or the proceeds thereof
other than that created hereby. 

                    (b)
Each Pledgor will, at its expense, defend Pledgee’s right, title and security
interest in and to the Collateral against the claims of any other party.

                    (c)
Each Pledgor shall at any time, and from time to time, upon the written request
of Pledgee, execute and deliver such further documents and do such further acts
and things as Pledgee may reasonably request in order to effectuate the
purposes of this Agreement including, but without limitation, delivering to
Pledgee, upon the occurrence of an Event of Default, irrevocable proxies in
respect of the Collateral in form satisfactory to Pledgee. Until receipt
thereof, upon an Event of Default that has occurred and is continuing beyond
any applicable grace period, this Agreement shall constitute Pledgor’s proxy to
Pledgee or its nominee to vote all shares of Collateral then registered in each
Pledgor’s name.

                    (d)
No Pledgor will consent to or approve the issuance of (i) any additional shares
of any class of capital stock or other equity interests of the Issuer; or (ii)
any securities convertible either voluntarily by the holder thereof or
automatically upon the occurrence or nonoccurrence of any event or condition
into, or any securities exchangeable for, any such shares, unless, in either
case, such shares are pledged as Collateral pursuant to this Agreement.

          6.
Voting Rights and Dividends. In addition to the Pledgee’s rights and
remedies set forth in Section 8 hereof, in case an Event of Default shall have
occurred and be continuing, beyond any applicable cure period, the Pledgee
shall (i) be entitled to vote the Collateral, (ii) be entitled to give
consents, waivers and ratifications in respect of the Collateral (each Pledgor
hereby irrevocably constituting and appointing the Pledgee, with full power of
substitution, the proxy and attorney-in-fact of each Pledgor for such purposes)
and (iii) be entitled to collect and receive for its own use cash dividends
paid on the Collateral. No Pledgor shall be permitted to exercise or refrain
from exercising any voting rights or other powers if, in the reasonable
judgment of the Pledgee, such action would have a material adverse effect on
the value of the Collateral or any part thereof; and, provided, further,
that each Pledgor shall give at least five (5) days’ written notice of the
manner in which such Pledgor intends to exercise, or the reasons for refraining
from exercising, any voting rights or other powers other than with respect to
any election of directors and voting with respect to any incidental matters.
Following the occurrence of an Event of Default, all dividends and all other
distributions in respect of any of the Collateral, shall be delivered to the
Pledgee to hold as Collateral and shall, if received by any Pledgor, be
received in trust for the benefit of the Pledgee, be segregated from the other
property or funds of any other Pledgor, and be forthwith delivered to the
Pledgee as Collateral in the same form as so received (with any necessary
endorsement).

          7.
Event of Default. An “Event of Default” under this Agreement shall occur
upon the happening of any of the following events:

                    (a)
An “Event of Default” under any Document or any agreement or note related to
any Document shall have occurred and be continuing beyond any applicable cure
period;

4

                    (b)
Any Pledgor shall default in the performance of any of its obligations under
any Document, including, without limitation, this Agreement, and such default
shall not be cured during the cure period applicable thereto;

                    (c)
Any representation or warranty of any Pledgor made herein, in any Document or
in any agreement, statement or certificate given in writing pursuant hereto or
thereto or in connection herewith or therewith shall be false or misleading in
any material respect; 

                    (d)
Any portion of the Collateral is subjected to a levy of execution, attachment,
distraint or other judicial process or any portion of the Collateral is the
subject of a claim (other than by the Pledgee) of a Lien, other than the
Permitted Liens as defined in the Securities Purchase Agreement, or other right
or interest in or to the Collateral and such levy or claim shall not be cured,
disputed or stayed within a period of fifteen (15) business days after the
occurrence thereof; or

                    (e)
Any Pledgor shall (i) apply for, consent to, or suffer to exist the appointment
of, or the taking of possession by, a receiver, custodian, trustee, liquidator
or other fiduciary of itself or of all or a substantial part of its property,
(ii) make a general assignment for the benefit of creditors, (iii) commence a
voluntary case under any state or federal bankruptcy laws (as now or hereafter
in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition
seeking to take advantage of any other law providing for the relief of debtors,
(vi) acquiesce to, or fail to have dismissed, within thirty (30) days, any
petition filed against it in any involuntary case under such bankruptcy laws,
or (vii) take any action for the purpose of effecting any of the foregoing.

          8.
Remedies. In case an Event of Default shall have occurred and is
continuing, the Pledgee may: 

                    (a)
Transfer any or all of the Collateral into its name, or into the name of its
nominee or nominees;

                    (b)
Exercise all corporate rights with respect to the Collateral including, without
limitation, all rights of conversion, exchange, subscription or any other
rights, privileges or options pertaining to any shares of the Collateral as if
it were the absolute owner thereof, including, but without limitation, the
right to exchange, at its discretion, any or all of the Collateral upon the
merger, consolidation, reorganization, recapitalization or other readjustment
of the Issuer thereof, or upon the exercise by the Issuer of any right,
privilege or option pertaining to any of the Collateral, and, in connection
therewith, to deposit and deliver any and all of the Collateral with any committee,
depository, transfer agent, registrar or other designated agent upon such terms
and conditions as it may determine, all without liability except to account for
property actually received by it; and

                    (c)
Subject to any requirement of applicable law, sell, assign and deliver the
whole or, from time to time, any part of the Collateral at the time held by the
Pledgee, at any private sale or at public auction, with or without demand,
advertisement or notice of the time or place of sale or adjournment thereof or
otherwise (all of which are hereby waived, except such 

5

notice as is
required by applicable law and cannot be waived), for cash or credit or for
other property for immediate or future delivery, and for such price or prices and
on such terms as the Pledgee in its sole discretion may determine, or as may be
required by applicable law.

                    Each
Pledgor hereby waives and releases any and all right or equity of redemption,
whether before or after sale hereunder. At any such sale, unless prohibited by
applicable law, the Pledgee may bid for and purchase the whole or any part of
the Collateral so sold free from any such right or equity of redemption. All
moneys received by the Pledgee hereunder, whether upon sale of the Collateral
or any part thereof or otherwise, shall be held by the Pledgee and applied by
it as provided in Section 10 hereof. No failure or delay on the part of the
Pledgee in exercising any rights hereunder shall operate as a waiver of any
such rights nor shall any single or partial exercise of any such rights
preclude any other or future exercise thereof or the exercise of any other
rights hereunder. The Pledgee shall have no duty as to the collection or
protection of the Collateral or any income thereon nor any duty as to
preservation of any rights pertaining thereto, except to apply the funds in
accordance with the requirements of Section 10 hereof. The Pledgee may exercise
its rights with respect to property held hereunder without resort to other security
for or sources of reimbursement for the Obligations. In addition to the
foregoing, Pledgee shall have all of the rights, remedies and privileges of a
secured party under the Uniform Commercial Code of New York (the “UCC”)
regardless of the jurisdiction in which enforcement hereof is sought.

          9.
Private Sale. Each Pledgor recognizes that the Pledgee may be unable to
effect (or to do so only after delay which would adversely affect the value
that might be realized from the Collateral) a public sale of all or part of the
Collateral by reason of certain prohibitions contained in the Securities Act,
and may be compelled to resort to one or more private sales to a restricted
group of purchasers who will be obliged to agree, among other things, to acquire
such Collateral for their own account, for investment and not with a view to
the distribution or resale thereof. Each Pledgor agrees that any such private
sale may be at prices and on terms less favorable to the seller than if sold at
public sales and that such private sales shall be deemed to have been made in a
commercially reasonable manner. Each Pledgor agrees that the Pledgee has no
obligation to delay sale of any Collateral for the period of time necessary to
permit the Issuer to register the Collateral for public sale under the
Securities Act.

          10.
Proceeds of Sale. The proceeds of any collection, recovery, receipt,
appropriation, realization or sale of the Collateral shall be applied by the
Pledgee as follows:

                    (a)
First, to the payment of all costs, reasonable expenses and charges of the
Pledgee and to the reimbursement of the Pledgee for the prior payment of such
costs, reasonable expenses and charges incurred in connection with the care and
safekeeping of the Collateral (including, without limitation, the reasonable
expenses of any sale or any other disposition of any of the Collateral),
attorneys’ fees and reasonable expenses, court costs, any other fees or
expenses incurred or expenditures or advances made by Pledgee in the
protection, enforcement or exercise of its rights, powers or remedies
hereunder;

                    (b)
Second, to the payment of the Obligations, in whole or in part, in such order
as the Pledgee may elect, whether or not such Obligations are then due;

6

                    (c)
Third, to such persons, firms, corporations or other entities as required by
applicable law including, without limitation, Section 9-615(a)(3) of the UCC;
and

                    (d)
Fourth, to the extent of any surplus to the Pledgors or as a court of competent
jurisdiction may direct.

                    In
the event that the proceeds of any collection, recovery, receipt,
appropriation, realization or sale are insufficient to satisfy the Obligations,
each Pledgor shall be jointly and severally liable for the deficiency plus the
costs and fees of any attorneys employed by Pledgee to collect such deficiency.

          11.
Waiver of Marshaling. Each Pledgor hereby waives any right to compel any
marshaling of any of the Collateral.

          12.
No Waiver. Any and all of the Pledgee’s rights with respect to the Liens
granted under this Agreement shall continue unimpaired, and Pledgor shall be
and remain obligated in accordance with the terms hereof, notwithstanding (a)
the bankruptcy, insolvency or reorganization of any Pledgor, (b) the release or
substitution of any item of the Collateral at any time, or of any rights or
interests therein, or (c) any delay, extension of time, renewal, compromise or
other indulgence granted by the Pledgee in reference to any of the Obligations.
Each Pledgor hereby waives all notice of any such delay, extension, release,
substitution, renewal, compromise or other indulgence, and hereby consents to
be bound hereby as fully and effectively as if such Pledgor had expressly
agreed thereto in advance. No delay or extension of time by the Pledgee in
exercising any power of sale, option or other right or remedy hereunder, and no
failure by the Pledgee to give notice or make demand, shall constitute a waiver
thereof, or limit, impair or prejudice the Pledgee’s right to take any action
against any Pledgor or to exercise any other power of sale, option or any other
right or remedy.

          13.
Expenses. The Collateral shall secure, and each Pledgor shall pay to
Pledgee on demand, from time to time, all reasonable costs and expenses,
(including but not limited to, reasonable attorneys’ fees and costs, taxes, and
all transfer, recording, filing and other charges) of, or incidental to, the
custody, care, transfer, administration of the Collateral or any other
collateral, or in any way relating to the enforcement, protection or
preservation of the rights or remedies of the Pledgee under this Agreement or
with respect to any of the Obligations.

          14.
The Pledgee Appointed Attorney-In-Fact and Performance by the Pledgee.
Upon the occurrence of an Event of Default, each Pledgor hereby irrevocably
constitutes and appoints the Pledgee as such Pledgor’s true and lawful
attorney-in-fact, with full power of substitution, to execute, acknowledge and
deliver any instruments and to do in such Pledgor’s name, place and stead, all
such acts, things and deeds for and on behalf of and in the name of such
Pledgor, which such Pledgor could or might do or which the Pledgee may deem
necessary, desirable or convenient to accomplish the purposes of this
Agreement, including, without limitation, to execute such instruments of
assignment or transfer or orders and to register, convey or otherwise transfer
title to the Collateral into the Pledgee’s name. Each Pledgor hereby ratifies
and confirms all that said attorney-in-fact may so do and hereby declares this
power of attorney to be coupled with an interest and irrevocable. If any
Pledgor fails to perform any agreement herein contained, the Pledgee may itself
perform or cause performance thereof, and any costs and expenses of the 

7

Pledgee
incurred in connection therewith shall be paid by the Pledgors as provided in
Section 10 hereof.

          15.
Waivers. THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A
JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION
OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO
WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO
RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE BETWEEN
LAURUS, AND/OR ANY COMPANY ARISING OUT OF, CONNECTED WITH, RELATED OR
INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS
AGREEMENT, ANY OTHER DOCUMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO. 

          16.
Recapture. Notwithstanding anything to the contrary in this Agreement,
if the Pledgee receives any payment or payments on account of the Obligations,
which payment or payments or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside and/or required to be
repaid to a trustee, receiver, or any other party under the United States
Bankruptcy Code, as amended, or any other federal or state bankruptcy,
reorganization, moratorium or insolvency law relating to or affecting the
enforcement of creditors’ rights generally, common law or equitable doctrine,
then to the extent of any sum not finally retained by the Pledgee, each Pledgor’s
obligations to the Pledgee shall be reinstated and this Agreement shall remain
in full force and effect (or be reinstated) until payment shall have been made
to Pledgee, which payment shall be due on demand.

          17.
Captions. All captions in this Agreement are included herein for
convenience of reference only and shall not constitute part of this Agreement
for any other purpose.

          18.
Miscellaneous.

                    (a)
This Agreement constitutes the entire and final agreement among the parties
with respect to the subject matter hereof and may not be changed, terminated or
otherwise varied except by a writing duly executed by the parties hereto.

                    (b)
No waiver of any term or condition of this Agreement, whether by delay, omission
or otherwise, shall be effective unless in writing and signed by the party
sought to be charged, and then such waiver shall be effective only in the
specific instance and for the purpose for which given.

                    (c)
In the event that any provision of this Agreement or the application thereof to
any Pledgor or any circumstance in any jurisdiction governing this Agreement
shall, to any extent, be invalid or unenforceable under any applicable statute,
regulation, or rule of law, such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform
to such statute, regulation or rule of law, and the remainder of this Agreement
and the application of any such invalid or unenforceable provision to parties,
jurisdictions, or circumstances other than to whom or to which it is held
invalid or unenforceable 

8

shall not be
affected thereby, nor shall same affect the validity or enforceability of any
other provision of this Agreement.

                    (d)
This Agreement shall be binding upon each Pledgor, and each Pledgor’s
successors and assigns, and shall inure to the benefit of the Pledgee and its
successors and assigns.

                    (e)
Any notice or other communication required or permitted pursuant to this
Agreement shall be given in accordance with the Securities Purchase Agreement. 

                    (f)
THIS AGREEMENT AND THE OTHER DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW.

                    (g)
EACH PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS
LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE EXCLUSIVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY PLEDGOR,
ON THE ONE HAND, AND THE PLEDGEE, ON THE OTHER HAND, PERTAINING TO THIS
AGREEMENT OR ANY OF THE OTHER DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR
RELATED TO THIS AGREEMENT OR ANY OF THE OTHER DOCUMENTS, PROVIDED, THAT
EACH PLEDGOR ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE
HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK, STATE OF NEW YORK;
AND FURTHER PROVIDED, THAT NOTHING IN THIS AGREEMENT SHALL BE
DEEMED OR OPERATE TO PRECLUDE THE PLEDGEE FROM BRINGING SUIT OR TAKING OTHER
LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE INDEBTEDNESS, TO REALIZE
ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE INDEBTEDNESS, OR TO ENFORCE A
JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE PLEDGEE. EACH PLEDGOR EXPRESSLY
SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT
COMMENCED IN ANY SUCH COURT, AND EACH PLEDGOR HEREBY WAIVES ANY OBJECTION WHICH
IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM
NON CONVENIENS. EACH PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED
OR CERTIFIED MAIL ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS SET FORTH IN THE
SECURITIES PURCHASE AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF THE SUCH PLEDGOR’S ACTUAL RECEIPT THEREOF OR
THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID.

                    (h)
It is understood and agreed that any person or entity that desires to become a
Pledgor hereunder, or is required to execute a counterpart of this Agreement
after the date hereof pursuant to the requirements of any Document, shall
become a Pledgor hereunder by 

9

(x) executing
a Joinder Agreement in form and substance satisfactory to the Pledgee, (y)
delivering supplements to such exhibits and annexes to such Documents as the
Pledgee shall reasonably request and/or set forth in such joinder agreement and
(z) taking all actions as specified in this Agreement as would have been taken
by such Pledgor had it been an original party to this Agreement, in each case
with all documents required above to be delivered to the Pledgee and with all
documents and actions required above to be taken to the reasonable satisfaction
of the Pledgee.

                    (i)
This Agreement may be executed in one or more counterparts, each of which shall
be deemed an original and all of which when taken together shall constitute one
and the same agreement. Any signature delivered by a party by facsimile
transmission shall be deemed an original signature hereto.

[Remainder of Page Intentionally Left Blank]

10

          IN
WITNESS WHEREOF, the parties have duly executed this Agreement as of the day
and year first written above.

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS, INC.

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name: 

	
Matthew G. Richman 

	
 

	
Title: 

	
Senior Vice President, Chief Corporate

	
 

	
Development Officer & Treasurer

	
 

	
 

	
MANAGEDSTORAGE
 INTERNATIONAL, INC.

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name: 

	
Matthew G.
 Richman

	
 

	
Title:

	
Assistant
 Secretary

	
 

	
 

	
CALLIOPE
 CAPITAL CORPORATION

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
Title:

	
 

11

SCHEDULE A to the Stock Pledge Agreement

Pledged Stock

	
 

	
 

	
 

	
 

	
 

	
 

	
Pledgor

	
Issuer

	
Class of Stock

	
Stock Certificate
 Number

	
Par Value

	
Number of 

 Shares

	

	

	

	

	

	

	
Incentra Solutions,

 Inc.

	
PWI Technologies, Inc.

	
Common

	
5

	
No Par Value

	
800,000

	
 

	
 

	
 

	
 

	
 

	
 

	
ManagedStorage International, Inc.

	
Incentra 

 Solutions 

 International, 

 Inc.

	
Common

	
2

	
$.01

	
100

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra Solutions, Inc.

	
Incentra 

 Solutions of

 California,
 Inc.

	
Common

	
1

	
$.001

	
200

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra Solutions, Inc.

	
ManagedStorage International, 

 Inc.

	
Common

	
2

	
$.001

	
200

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra Solutions, Inc.

	
Network System

 Technologies, Inc.

	
Common

	
4

	
No Par Value

	
1,000

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra Solutions, Inc.

	
Tactix, Inc.

	
Common

	
1

	
No Par Value

	
680.3403

	
Incentra Solutions, Inc.

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra 

 Solutions of the 

 Northeast, Inc.

	
Common

	
2

	
$.001

	
100

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra Solutions, Inc.

	
Incentra Helio 

 Acquisition 

 Corporation

	
Common

	
1

	
$.001

	
200

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