Document:

Unassociated Document

    EXCHANGE
      AGREEMENT

     

    THIS
      EXCHANGE AGREEMENT (this “Agreement”) is dated as of September 21, 2007, by and
      among Glowpoint, Inc., a Delaware corporation (the “Company”), and the holders
      of shares of the Company’s Series B Convertible Preferred Stock whose signatures
      appear on the signature page attached hereto (each a “Holder” and collectively
      the “Holders”).

     

    Preliminary
      Statement

     

    WHEREAS,
      each Holder currently holds shares of Series B Convertible Preferred Stock
      of
      the Company, par value $0.0001 per share and stated value $24,000 per share
      (“Series B Preferred Stock”), convertible into shares of the Company’s common
      stock, par value $0.0001 per share (“Common Stock”), at a conversion price of
      $1.67 per share (the “Series B Preferred Shares”) issued pursuant to that
      certain Exchange Agreement, dated as of January 22, 2004, by and among the
      Company and the Holders (the “Series B Exchange Agreement”);

     

    WHEREAS,
      subject to the terms and conditions set forth herein, the Company and the
      Holders desire to (i) cancel and retire the Series B Preferred Shares, to
      forfeit any and all rights under the Series B Exchange Agreement and the
      Certificate of Designations, Preferences and Rights of Series B Preferred Stock
      filed with the Delaware Secretary of State on January 22, 2004 (including,
      without limitation, the right to receive accrued but unpaid dividends on the
      Series B Preferred Shares, which dividends shall be exchanged into Series C
      Preferred Stock (as defined below) subject to and in accordance with the terms
      of this Agreement), and (ii) surrender an aggregate of 1,525,000 shares of
      Common Stock held by the Holders (the “Common Shares”), each in exchange for
      shares of Series C Convertible Preferred Stock, par value $0.0001 per share,
      stated value $10,000 per share (the “Series C Preferred Stock”). The Series C
      Preferred Stock and the shares of Common Stock issuable upon conversion of
      the
      Series C Preferred Stock are sometimes collectively referred to herein as the
      “Securities”.

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby agreed and acknowledged, the parties hereby agree as
      follows:

     

    1.  Securities
      Exchange.

     

    (a)  Upon
      the
      following terms and subject to the conditions contained herein, the Holders
      agree to deliver to the Company the Series B Preferred Shares and the Common
      Shares in exchange for the Series C Preferred Stock. In consideration of and
      in
      express reliance upon the representations, warranties, covenants, terms and
      conditions of this Agreement, (i) each Series B Preferred Share shall be
      exchanged for 2.4 validly issued, fully paid and non-assessable shares of Series
      C Preferred Stock; (ii) all accrued but unpaid dividends on the Series B
      Preferred Shares shall be exchanged into that number of validly issued, fully
      paid and non-assessable shares of Series C Preferred Stock as is determined
      by
      dividing the actual amount of such accrued but unpaid dividends by $10,000,
      and
      (iii) all of the Common Shares shall be exchanged for an aggregate of 76.25
      validly issued, fully paid and non-assessable shares of Series C Preferred
      Stock.

     

    (b)  The
      closing under this Agreement (the “Closing”) shall take place at the offices of
      Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York,
      NY 10036 upon the satisfaction of each of the conditions set forth in Sections
      4
      and 5 hereof (the “Closing Date”). 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c)  At
      the
      Closing, the Holders shall deliver to the Company for cancellation all
      certificates evidencing the Series B Preferred Shares and the Common Shares,
      or
      an indemnification undertaking with respect to such certificates in the event
      of
      the loss, theft or destruction of such certificates. At the Closing, the Company
      shall issue to the Holders the Series C Preferred Stock, each in the amounts
      set
      forth on Exhibit A attached hereto. At the Closing, the Series B Exchange
      Agreement shall terminate and be of no further force and effect.

     

    2.  Representations,
      Warranties and Covenants of the Holders.
      Each of
      the Holders hereby makes the following representations and warranties to the
      Company, and covenants for the benefit of the Company, with respect solely
      to
      itself and not with respect to any other Holder:

     

    (a)  If
      a
      Holder is an entity, such Holder is a corporation, limited liability company
      or
      partnership duly incorporated or organized, validly existing and in good
      standing under the laws of the jurisdiction of its incorporation or
      organization. 

     

    (b)  This
      Agreement has been duly authorized, validly executed and delivered by each
      Holder and is a valid and binding agreement and obligation of each Holder
      enforceable against such Holder in accordance with its terms, subject to
      limitations on enforcement by general principles of equity and by bankruptcy
      or
      other laws affecting the enforcement of creditors’ rights generally, and each
      Holder has full power and authority to execute and deliver the Agreement and
      the
      other agreements and documents contemplated hereby and to perform its
      obligations hereunder and thereunder.

     

    (c)  Each
      Holder understands that the Securities are being offered and sold to it in
      reliance on specific provisions of Federal and state securities laws and that
      the Company is relying upon the truth and accuracy of the representations,
      warranties, agreements, acknowledgments and understandings of each Holder set
      forth herein for purposes of qualifying for exemptions from registration under
      the Securities Act of 1933, as amended (the “Securities Act”) and applicable
      state securities laws.

     

    (d)  Each
      Holder is an “accredited investor” as defined under Rule 501 of Regulation D
      promulgated under the Securities Act.

     

    (e)  Each
      Holder is and will be acquiring the Securities for such Holder’s own account,
      for investment purposes, and not with a view to any resale or distribution
      in
      whole or in part, in violation of the Securities Act or any applicable
      securities laws; provided,
      however,
      that by
      making the representations herein, such Holder does not agree to hold the
      Securities for any minimum or other specific term and reserves the right to
      dispose of the Securities at any time in accordance with Federal and state
      securities laws applicable to such disposition.

     

    (f)  The
      offer
      and sale of the Securities is intended to be exempt from registration under
      the
      Securities Act, by virtue of Section 3(a)(9) and/or 4(2) thereof. Each Holder
      understands that the Securities purchased hereunder are “restricted securities,”
as that term is defined in the Securities Act and the rules thereunder, have
      not
      been registered under the Securities Act, and that none of the Securities can
      be
      sold or transferred unless they are first registered under the Securities Act
      and such state and other securities laws as may be applicable or the Company
      receives an opinion of counsel reasonably acceptable to the Company that an
      exemption from registration under the Securities Act is available (and then
      the
      Securities may be sold or transferred only in compliance with such exemption
      and
      all applicable state and other securities laws). 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (g)  Each
      Holder owns and holds, beneficially and of record, the entire right, title,
      and
      interest in and to the Series B Preferred Shares and the Common Shares set
      forth
      opposite such Holder’s name on Exhibit A, free and clear of all rights and
      Encumbrances (as defined below). Each Holder has full power and authority to
      vote, transfer and dispose of the Series B Preferred Shares and Common Shares
      set forth opposite such Holder’s name on Exhibit A, free and clear of any right
      or Encumbrance other than restrictions under the Securities Act and applicable
      state securities laws. Other than the transactions contemplated by this
      Agreement, there is no outstanding vote, plan, pending proposal, or other right
      of any person to acquire all or any of the Series B Preferred Shares or Common
      Shares set forth opposite such Holder’s name on Exhibit A. “Encumbrances” shall
      mean any security or other property interest or right, claim, lien, pledge,
      option, charge, security interest, contingent or conditional sale, or other
      title claim or retention agreement, interest or other right or claim of third
      parties, whether perfected or not perfected, voluntarily incurred or arising
      by
      operation of law, and including any agreement (other than this Agreement) to
      grant or submit to any of the foregoing in the future.

     

    3.  Representations,
      Warranties and Covenants of the Company.
      The
      Company represents and warrants to each Holder, and covenants for the benefit
      of
      each Holder, as follows:

     

    (a)  The
      Company has been duly incorporated and is validly existing and in good standing
      under the laws of the state of Delaware, with full corporate power and authority
      to own, lease and operate its properties and to conduct its business as
      currently conducted, and is duly registered and qualified to conduct its
      business and is in good standing in each jurisdiction or place where the nature
      of its properties or the conduct of its business requires such registration
      or
      qualification, except where the failure to register or qualify would not have
      a
      Material Adverse Effect. For purposes of this Agreement, “Material Adverse
      Effect” shall mean any material adverse effect on the business, operations,
      properties, prospects, or financial condition of the Company and its
      subsidiaries and/or any condition, circumstance, or situation that would
      prohibit or otherwise materially interfere with the ability of the Company
      to
      perform any of its obligations under this Agreement in any material
      respect.

     

    (b)  The
      Securities have been duly authorized by all necessary corporate action and,
      when
      paid for or issued in accordance with the terms hereof, the Securities shall
      be
      validly issued and outstanding, fully paid and nonassessable, free and clear
      of
      all liens, encumbrances and rights of refusal of any kind.

     

    (c)  This
      Agreement has been duly authorized, validly executed and delivered on behalf
      of
      the Company and is a valid and binding agreement and obligation of the Company
      enforceable against the Company in accordance with its terms, subject to
      limitations on enforcement by general principles of equity and by bankruptcy
      or
      other laws affecting the enforcement of creditors’ rights generally, and the
      Company has full power and authority to execute and deliver the Agreement and
      the other agreements and documents contemplated hereby and to perform its
      obligations hereunder and thereunder.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (d)  The
      execution and delivery of the Agreement and the consummation of the transactions
      contemplated by this Agreement by the Company, will not (i) conflict with or
      result in a breach of or a default under any of the terms or provisions of,
      (A)
      the Company’s certificate of incorporation or by-laws, or (B) of any material
      provision of any indenture, mortgage, deed of trust or other material agreement
      or instrument to which the Company is a party or by which it or any of its
      material properties or assets is bound, (ii) result in a violation of any
      provision of any law, statute, rule, regulation, or any existing applicable
      decree, judgment or order by any court, Federal or state regulatory body,
      administrative agency, or other governmental body having jurisdiction over
      the
      Company, or any of its material properties or assets or (iii) result in the
      creation or imposition of any material lien, charge or encumbrance upon any
      material property or assets of the Company or any of its subsidiaries pursuant
      to the terms of any agreement or instrument to which any of them is a party
      or
      by which any of them may be bound or to which any of their property or any
      of
      them is subject except in the case of clauses (i)(B), (ii) or (iii) for any
      such
      conflicts, breaches, or defaults or any liens, charges, or encumbrances which
      would not have a Material Adverse Effect.

     

    (e)  The
      delivery and issuance of the Securities in accordance with the terms of and
      in
      reliance on the accuracy of each Holder’s representations and warranties set
      forth in this Agreement will be exempt from the registration requirements of
      the
      Securities Act.

     

    (f)  Except
      for the filing of the Certificate of Designations, Preferences and Rights of
      Series C Preferred Stock (the “Certificate of Designation”), no consent,
      approval or authorization of or designation, declaration or filing with any
      governmental authority on the part of the Company is required in connection
      with
      the valid execution and delivery of this Agreement or the offer, sale or
      issuance of the Securities or the consummation of any other transaction
      contemplated by this Agreement.

     

    (g)  The
      Company has complied and will comply with all applicable federal and state
      securities laws in connection with the offer, issuance and delivery of the
      Securities hereunder. Neither the Company nor anyone acting on its behalf,
      directly or indirectly, has or will sell, offer to sell or solicit offers to
      buy
      any of the Securities, or similar securities to, or solicit offers with respect
      thereto from, or enter into any preliminary conversations or negotiations
      relating thereto with, any person, or has taken or will take any action so
      as to
      bring the issuance and sale of any of the Securities under the registration
      provisions of the Securities Act and applicable state securities laws. Neither
      the Company nor any of its affiliates, nor any person acting on its or their
      behalf, has engaged in any form of general solicitation or general advertising
      (within the meaning of Regulation D under the Securities Act) in connection
      with
      the offer or sale of any of the Securities.

     

    (h)  The
      Company represents that it has not paid, and shall not pay, any commissions
      or
      other remuneration, directly or indirectly, to any Holder or to any third party
      for the solicitation of the exchange of the Series B Preferred Shares or Common
      Shares pursuant to this Agreement.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (i)  The
      Company covenants and agrees that promptly following the Closing Date, all
      outstanding Series B Preferred Shares will be cancelled and retired by the
      Company.

     

    (j)  There
      is
      no action, suit, claim, investigation or proceeding pending or, to the knowledge
      of the Company, threatened against the Company which questions the validity
      of
      this Agreement or the transactions contemplated hereby or any action taken
      or to
      be taken pursuant thereto. There is no action, suit, claim, investigation or
      proceeding pending or, to the knowledge of the Company, threatened, against
      or
      involving the Company or any subsidiary, or any of their respective properties
      or assets which, if adversely determined, is reasonably likely to result in
      a
      Material Adverse Effect. 

     

    (k)  The
      authorized capital stock of the Company and the shares thereof issued and
      outstanding as of September 21, 2007 are set forth on Schedule
      3(l)
      attached
      hereto. All of the outstanding shares of the Company’s Common Stock have been
      duly and validly authorized, and are fully paid and non-assessable. Except
      as
      set forth in this Agreement or on Schedule
      3(l)
      attached
      hereto, as of December 31, 2006, no shares of Common Stock are entitled to
      preemptive rights and there are no registration rights or outstanding options,
      warrants, scrip, rights to subscribe to, call or commitments of any character
      whatsoever relating to, or securities or rights convertible into, any shares
      of
      capital stock of the Company. The Company is not a party to, and its executive
      officers have no knowledge of, any agreement restricting the voting or transfer
      of any shares of the capital stock of the Company. The Company has furnished
      or
      made available to the Holders true and correct copies of the Company’s
      certificate of incorporation as in effect on the date hereof, and the Company’s
      bylaws as in effect on the date hereof.

     

    (l)  Prior
      to
      registration of the shares of Common Stock underlying the Series C Preferred
      Stock under the Securities Act, all such certificates shall bear the restrictive
      legend specified in Section 6 of this Agreement. Subject to any applicable
      State
      and Federal Securities laws, the Company warrants that the Securities shall
      be
      freely transferable on the books and records of the Company as and to the extent
      provided in this Agreement. If a Holder provides the Company with an opinion
      of
      counsel, in form, substance and scope reasonably acceptable to the Company,
      to
      the effect that a public sale, assignment or transfer of the Securities may
      be
      made without registration under the Securities Act or the Holders provide the
      Company with reasonable assurances that the Securities can be sold pursuant
      to
      Rule 144 without any restriction as to the number of securities acquired as
      of a
      particular date that can then be immediately sold, the Company shall permit
      the
      transfer and promptly instruct its transfer agent to issue one
      or
      more certificates in such name and in such denominations as specified by the
      Holders and without any restrictive legend. The Company acknowledges that a
      breach by it of its obligations under this Section 3(m) will cause irreparable
      harm to the Holders by vitiating the intent and purpose of the transaction
      contemplated hereby. Accordingly, the Company acknowledges that the remedy
      at
      law for a breach of its obligations under this Section 3(m) will be
      inadequate and agrees, in the event of a breach or the Holders’ reasonable
      perception of a threatened breach by the Company of the provisions of this
      Section 3(m), that the Holders shall be entitled, in addition to all other
      available remedies, to an order and/or injunction restraining any breach and
      requiring immediate issuance and transfer, without the necessity of showing
      economic loss and without any bond or other security being
      required.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    4.  Conditions
      Precedent to the Obligation of the Company to Issue the Series C Preferred
      Stock.
      The
      obligation hereunder of the Company to issue and deliver the Series C Preferred
      Stock to each Holder is subject to the satisfaction or waiver, at or before
      the
      Closing Date, of each of the conditions set forth below. These conditions are
      for the Company’s sole benefit and may be waived by the Company at any time in
      its sole discretion.

     

    (a)  Each
      Holder shall have executed and delivered this Agreement.

     

    (b)  Each
      Holder shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by this Agreement to
      be
      performed, satisfied or complied with by such Holder at or prior to the Closing
      Date.

     

    (c)  The
      representations and warranties of each Holder shall be true and correct in
      all
      material respects as of the date when made and as of the Closing Date as though
      made at that time, except for representations and warranties that are expressly
      made as of a particular date, which shall be true and correct in all material
      respects as of such date.

     

    5.  Conditions
      Precedent to the Obligation of the Holders to Accept the Series C Preferred
      Stock.
      The
      obligation hereunder of each Holder to accept the Series C Preferred Stock
      is
      subject to the satisfaction or waiver, at or before the Closing Date, of each
      of
      the conditions set forth below. These conditions are for each Holder’s sole
      benefit and may be waived by each Holder at any time in its sole
      discretion.

     

    (a)  The
      Company shall have executed and delivered this Agreement. 

     

    (b)  The
      Company shall have filed the Certificate of Designation with the Delaware
      Secretary of State, in substantially the form attached hereto as Exhibit
      B.

     

    (c)  The
      Company shall have performed, satisfied and complied in all material respects
      with all covenants, agreements and conditions required by the Agreement to
      be
      performed, satisfied or complied with by the Company at or prior to the Closing
      Date.

     

    (d)  Each
      of
      the representations and warranties of the Company shall be true and correct
      in
      all material respects as of the date when made and as of the Closing Date as
      though made at that time, except for representations and warranties that speak
      as of a particular date, which shall be true and correct in all material
      respects as of such date.

     

    (e)  No
      statute, regulation, executive order, decree, ruling or injunction shall have
      been enacted, entered, promulgated or endorsed by any court or governmental
      authority of competent jurisdiction which prohibits the consummation of any
      of
      the transactions contemplated by this Agreement at or prior to the Closing
      Date.

     

    (f)  As
      of the
      Closing Date, no action, suit or proceeding before or by any court or
      governmental agency or body, domestic or foreign, shall be pending against
      or
      affecting the Company, or any of its properties, which questions the validity
      of
      the Agreement or the transactions contemplated thereby or any action taken
      or to
      be taken pursuant thereto. As of the Closing Date, no action, suit, claim or
      proceeding before or by any court or governmental agency or body, domestic
      or
      foreign, shall be pending against or affecting the Company, or any of its
      properties, which, if adversely determined, is reasonably likely to result
      in a
      Material Adverse Effect.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (g)  No
      Material Adverse Effect shall have occurred at or before the Closing
      Date.

     

    (h)  The
      Company shall have delivered on the Closing Date to the Holders a secretary’s
      certificate, dated as of the Closing Date, as to (i) the resolutions of the
      board of directors of the Company authorizing the transactions contemplated
      by
      this Agreement, (ii) the Company’s certificate of incorporation, (iii) the
      Company’s bylaws, each as in effect at the Closing, and (iv) the authority and
      incumbency of the officers of the Company executing this Agreement.

     

    6.  Legend.
      Each
      certificate representing the Securities shall be stamped or otherwise imprinted
      with a legend substantially in the following form (in addition to any legend
      required by applicable state securities or “blue
      sky”
laws):
      

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”)
      HAVE
      NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES
      ACT”)
      OR ANY
      STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED
      OF
      UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES
      LAWS OR GLOWPOINT, INC. SHALL HAVE RECEIVED AN OPINION OF COUNSEL THAT
      REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE
      PROVISIONS OF APPLICABLE STATE SECURITIES LAWS IS NOT REQUIRED.” 

     

    The
      Company agrees to reissue certificates representing any of the Securities,
      without the legend set forth above if at such time, prior to making any transfer
      of any such Securities, such holder thereof shall give written notice to the
      Company describing the manner and terms of such transfer and removal as the
      Company may reasonably request, and provided the conditions set forth in this
      paragraph shall have been met. Such proposed transfer will not be effected
      until: (a) the Company has either (i) received an opinion of counsel that the
      registration of the Securities is not required in connection with such proposed
      transfer; or (ii) filed a registration statement under the Securities Act
      covering such proposed disposition has been filed by the Company with the
      Securities and Exchange Commission, which registration statement has become
      effective under the Securities Act; and (b) the Company has received an opinion
      of counsel that either: (i) the registration or qualification under the
      securities or “blue sky” laws of any state is not required in connection with
      such proposed disposition, or (ii) compliance with applicable state securities
      or “blue sky” laws has been effected. The Company will use reasonable efforts to
      respond to any such notice from a Holder within five (5) business days. In
      the
      case of any proposed transfer under this Section 6, the Company will use
      reasonable efforts to comply with any such applicable state securities or “blue
      sky” laws, but shall in no event be required, in connection therewith, to
      qualify to do business in any state where it is not then qualified or to take
      any action that would subject it to tax or to the general service of process
      in
      any state where it is not then subject. The restrictions on transfer contained
      in this Section 6 shall be in addition to, and not by way of limitation of,
      any
      other restrictions on transfer contained in any other section of this
      Agreement.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    7.  Fees
      and Expenses.
      Each
      party shall pay the fees and expenses of its advisors, counsel, accountants
      and
      other experts, if any, and all other expenses, incurred by such party incident
      to the negotiation, preparation, execution, delivery and performance of this
      Agreement, provided,
      however,
      that
      the Company shall pay reasonable attorneys’ fees and expenses (exclusive of
      disbursements and out-of-pocket expenses) incurred by the Holders in connection
      with the preparation, negotiation, execution and delivery of this Agreement
      and
      the other transaction documents.

     

    8.  Registration
      Rights.
      The
      Holders are entitled to the benefit of certain registration rights with respect
      to the shares of Common Stock issuable upon conversion of the Series C Preferred
      Stock pursuant to that certain Registration Rights Agreement, dated as of March
      31, 2006, as amended on the date hereof, by and among the Company and persons
      listed on Schedule I thereto.

     

    9.  Indemnification.

     

    (a)  The
      Company hereby agrees to indemnify and hold harmless each Holder and its
      officers, directors, shareholders, members, managers, employees, agents and
      attorneys against any and all losses, claims, damages, liabilities and
      reasonable expenses (collectively “Claims”)
      incurred by each such person in connection with defending or investigating
      any
      such Claims, whether or not resulting in any liability to such person, to which
      any such indemnified party may become subject, insofar as such Claims arise
      out
      of or are based upon any breach of any representation or warranty or agreement
      made by the Company in this Agreement.

     

    (b)  Each
      Holder hereby agrees to indemnify and hold harmless the Company and its
      officers, directors, shareholders, members, managers, employees, agents and
      attorneys against any and all Claims incurred by each such person in connection
      with defending or investigating any such Claims, whether or not resulting in
      any
      liability to such person, to which any such indemnified party may become
      subject, insofar as such Claims arise out of or are based upon any breach of
      any
      representation or warranty or agreement made by such Holder in this
      Agreement.

     

    10.  Governing
      Law; Consent to Jurisdiction.
      This
      Agreement shall be governed by and interpreted in accordance with the laws
      of
      the State of New York without giving effect conflicts of law principles that
      would result in the application of the substantive laws of another jurisdiction.
      Each of the parties consents to the exclusive jurisdiction of the Federal courts
      whose districts encompass any part of the County of New York located in the
      City
      of New York in connection with any dispute arising under this Agreement and
      hereby waives, to the maximum extent permitted by law, any objection, including
      any objection based on forum non conveniens, to the bringing of any such
      proceeding in such jurisdictions. Each party waives its right to a trial by
      jury. Each party to this Agreement irrevocably consents to the service of
      process in any such proceeding by the mailing of copies thereof by registered
      or
      certified mail, postage prepaid, to such party at its address set forth herein.
      Nothing herein shall affect the right of any party to serve process in any
      other
      manner permitted by law.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    11.  Notices.
      All
      notices and other communications provided for or permitted hereunder shall
      be
      made in writing by hand delivery, express overnight courier, registered first
      class mail, or telecopier (provided that any notice sent by telecopier shall
      be
      confirmed by other means pursuant to this Section 11), initially to the address
      set forth below, and thereafter at such other address, notice of which is given
      in accordance with the provisions of this Section.

     

    (a)  if
      to the
      Company:

     

    Glowpoint,
      Inc.

    225
      Long
      Avenue 

    Hillside,
      New Jersey 07205

    Attention:
      Chief Executive Officer 

    Tel.
      No.:
      (312) 235-3888 x2053

    Fax
      No.:
      (973) 391-1904

     

    and

     

    General
      Counsel

    Glowpoint,
      Inc.

    225
      Long
      Avenue 

    Hillside,
      New Jersey 07205

    Tel.
      No.:
      (312) 235-3888 x 2087

    Fax
      No.:
      (973) 556-1272

     

    with
      a
      copy to:

     

    Gibbons
      P.C.

    One
      Gateway Center

    Newark,
      New Jersey 07102

    Attn:
      Frank Cannone, Esq.

    Tel.
      No.:
      (973) 596-4500

    Fax
      No.:
      (973) 596-0545

     

    (b)  if
      to the
      Holders:

     

    At
      the
      address of such Holder set forth on Exhibit A to this Agreement;

     

    with
      a
      copy to:

     

    Kramer
      Levin Naftalis & Frankel LLP

    1177
      Avenue of the Americas

    New
      York,
      New York 10036

    Attention:
      Christopher S. Auguste

    Tel.
      No.:
      (212) 715-9100

    Fax
      No.:
      (212) 715-8000

    

    All
      such
      notices and communications shall be deemed to have been duly given: when
      delivered by hand, if personally delivered; when receipt is acknowledged, if
      telecopied; or when actually received or refused if sent by other
      means.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
 

    12.  Confidentiality.
      Each
      Holder acknowledges and agrees that the existence of this Agreement and the
      information contained herein and in the Exhibits hereto is of a confidential
      nature and shall not, without the prior written consent of the Company, be
      disclosed by such Holder to any person or entity, other than such Holder’s
      personal financial and legal advisors for the sole purpose of evaluating an
      investment in the Company, and that it shall not, without the prior written
      consent of the Company, directly or indirectly, make any statements, public
      announcements or release to trade publications or the press with respect to
      the
      subject matter of this Agreement. Each Holder further acknowledges and agrees
      that the information contained herein and in the other documents relating to
      this transaction may be regarded as material non-public information under United
      States federal securities laws, and that United States federal securities laws
      prohibit any person who has received material non-public information relating
      to
      the Company from purchasing or selling securities of the Company, or from
      communicating such information to any person under circumstances in which it
      is
      reasonably foreseeable that such person is likely to purchase or sell securities
      of the Company. Accordingly, until such time as any such non-public information
      has been adequately disseminated to the public, each Holder shall not purchase
      or sell any securities of the Company, or communicate such information to any
      other person.

     

    13.  Entire
      Agreement.
      This
      Agreement constitutes the entire understanding and agreement of the parties
      with
      respect to the subject matter hereof and supersedes all prior and/or
      contemporaneous oral or written proposals or agreements relating thereto all
      of
      which are merged herein. This Agreement may not be amended or any provision
      hereof waived in whole or in part, except by a written amendment signed by
      both
      of the parties.

     

    14.  Counterparts.
      This
      Agreement may be executed by facsimile signature and in counterparts, each
      of
      which shall be deemed an original, but all of which together shall constitute
      one and the same instrument.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, this Agreement was duly executed on the date first written
      above.

    
      	 	 	 
	 	GLOWPOINT,
              INC
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    Signature
      Page to Exchange
      Agreement

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, this Agreement was duly executed on the date first written
      above.

     

    
      	 	 	 
	 	[HOLDER]
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
	 	Title:

    

     

    Signature
      Page to Exchange
      Agreement

     

    
      
         

      

      
         

        
          

        

      

      
         

    

    EXHIBIT
      A

     

    
      	
              Name
                and Address of Holder

            	
              Number
                of 

              Common
                

              Shares

            	
              Number
                of 

              Series
                B 

              Preferred
                

              Shares

            	
              Amount
                of Accrued but Unpaid 

              Dividends

            	
              Number
                of 

              Shares
                of 

              Series
                C 

              Preferred
                

              Stock

            
	 	 	 	 	 
	 	 	 	 	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      B

     

    CERTIFICATE
      OF DESIGNATIONExhibit
      10.23

    

    BERMAN
      CENTER, INC.

    PLACEMENT
      AGENT AGREEMENT

    

    Dated
      as
      of: October 6, 2006

    

    Hunter
      World Markets, Inc.

    9300
      Wilshire Boulevard

    Penthouse
      Suite

    Beverly
      Hills, CA 90212

    

    Ladies
      and Gentlemen:

    

    The
      undersigned, Berman Center, Inc. (the “Company”), hereby agrees with Hunter
      World Markets, Inc. (“Hunter”, and with the Company, the “Parties”) as
      follows:

    

    1. Exclusive
      Placement Agency.
      

    

      The
      Company hereby engages Hunter for a period of twenty-four (24) months from
      the
      date hereof (the “Term”) to act as its exclusive placement agent for potential
      financing transactions on a “best efforts” basis involving the issuance and sale
      of debt and/or equity securities (the “Securities”) by the Company (an
“Offering”), the type and dollar amount being as mutually agreed to by the
      Parties.

     

      Hunter
      shall exercise good faith in its performance under this Agreement in obtaining
      financing opportunities for the Company, but Hunter shall not be obligated
      to
      sell any securities under this Agreement and an Offering by Hunter shall be
      solely on a “best efforts basis.” 

    

    The
      Company shall generally have the responsibility to prepare a Private Placement
      Memorandum (“PPM”), which shall not contain a materially misleading statement,
      or omit to state a fact required to make the statement therein not misleading.
      An Offering shall be conducted pursuant to Regulation D promulgated by the
      Securities and Exchange Commission (the “SEC”) and shall be offered and sold
      only to “Accredited Investors” as that term is defined in Regulation D. An
      Offering is intended to qualify as a Regulation D, Rule 506 transaction. Other
      than Hunter itself, no person, party or entity, including the Company, its
      officers, directors, employees, agents, or attorneys, may distribute the Private
      Placement Memorandum used in connection with the offering of the Securities,
      in
      any manner (including electronically) to any party, without the prior written
      consent of Hunter. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    2. Compensation.

     

    As
      compensation to Hunter for performance under this Agreement, the Company shall
      issue to Hunter 800,000 shares of the Company’s Common Stock. 

    

    As
      compensation for the Securities sold directly by Hunter in Offering, Hunter
      will
      receive compensation as mutually agreed by the Parties at the time of an
      Offering, depending on the type and size of the Offering.

     

    3. Exclusivity.
      

    

    Hunter
      shall act as the Company’s exclusive placement agent during the Term of this
      Agreement. The Company may not solicit, engage or continue to work with any
      underwriters, third party finders, brokers, or other consultants, during the
      Term of this Agreement, without express written approval of Hunter. During
      the
      Term, the Company shall provide Hunter with the name and other pertinent
      information on any potential investor before accepting such investment, however
      the Company shall at all times retain sole discretion to accept such
      investment.

    

    4. Representations,
      Warranties and Covenants of Hunter.

    

    Hunter
      represents, warrants and covenants as follows:

    

    (a) Hunter
      has the necessary power to enter into this Agreement and to consummate the
      transactions contemplated hereby.

    

    (b) The
      execution and delivery by Hunter of this Agreement and the consummation of
      the
      transactions contemplated herein will not result in any violation of, or be
      in
      conflict with, or constitute a default under, any agreement or instrument to
      which Hunter is a party or by which Hunter or its properties are bound, or
      any
      judgment, decree, order or, to Hunter’s knowledge, any statute, rule or
      regulation applicable to Hunter. This Agreement, when executed and delivered
      by
      Hunter, will constitute the legal, valid and binding obligations of Hunter,
      enforceable in accordance with their respective terms, except to the extent
      that
      (i) the enforceability hereof or thereof may be limited by bankruptcy,
      insolvency, reorganization, moratorium or similar laws from time to time in
      effect and affecting the rights of creditors generally, (ii) the enforceability
      hereof or thereof is subject to general principles of equity, or (iii) the
      indemnification provisions hereof or thereof may be held to violate public
      policy.

    

    (c) Hunter
      will not deliver any documents related to an Offering to any person it does
      not
      reasonably believe to be an Accredited Investor based upon documentary evidence
      thereof, where appropriate.

    

    (d) Hunter
      will not intentionally take any action that it reasonably believes would cause
      an Offering to violate the provisions of the Securities Act of 1933, the
      Securities Exchange Act of 1934, the respective rules and regulations
      promulgated thereunder (the “Rules and Regulations”) or applicable “Blue Sky”
laws of any state or jurisdiction.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (e) Hunter
      shall use all reasonable efforts to determine (i) whether the Investor is an
      Accredited Investor and (ii) that any information furnished by the Investor
      is
      true and accurate. Hunter shall have no obligation to insure that any check,
      note, draft or other means of payment for the Securities will be honored, paid
      or enforceable against the Investor in accordance with its terms.

    

    (f) Hunter
      is
      a member of the NASD, and is a broker-dealer registered as such under the
      Securities Exchange Act of 1934 and under the securities laws of the states
      in
      which the Securities will be offered or sold by Hunter, unless an exemption
      for
      such state registration is available to Hunter. Hunter is in compliance with
      all
      material rules and regulations applicable to Hunter generally and applicable
      to
      Hunter’s participation in an Offering.

    

    (g) In
      connection with Hunter's activities hereunder on the Company's behalf, the
      Company shall furnish Hunter with all reasonable information concerning the
      Company and its operations that Hunter deems necessary or appropriate (the
      "Company Information") and shall provide Hunter with reasonable access to the
      Company's books, records, officers, directors, employees, accountants and
      counsel. Hunter agrees that the Company Information will be used solely for
      the
      purpose of performing its services hereunder. Hunter will keep the Company
      Information provided hereunder confidential and will not disclose such Company
      Information or any portion thereof, except in connection with the performance
      under this Agreement. Hunter's confidentiality obligations under this Agreement
      shall not apply to any portion of the Company Information which (i) at the
      time
      of disclosure to Hunter or thereafter is generally available to and known by
      the
      public (other than as a result of a disclosure directly or indirectly by Hunter
      in violation of this Agreement); (ii) has been independently acquired or
      developed by Hunter without violating any of its obligations under this
      Agreement; or (iii) the disclosure of which is legally compelled (whether by
      deposition, interrogatory, request for documents, subpoena, civil or
      administrative investigative demand or other similar process). In the event
      that
      Hunter becomes legally compelled to disclose any of the Company Information,
      Hunter shall provide the Company with prompt prior written notice of such
      requirement so that the Company may seek a protective order or other appropriate
      remedy and/or waive compliance with the terms of this Agreement. The obligations
      of the Parties under this Section 4(g) shall survive the termination of this
      Agreement for 12 months.

    

    5. Representations
      and Warranties of the Company.

    

    The
      Company represents and warrants as follows:

    

    (a) The
      execution, delivery and performance of this Agreement has been or will be duly
      and validly authorized by the Company and will be, a valid and binding agreement
      of the Company, enforceable in accordance with its respective terms, except
      to
      the extent that (i) the enforceability hereof or thereof may be limited by
      bankruptcy, insolvency, reorganization, moratorium or similar laws from time
      to
      time in effect and affecting the rights of creditors generally, (ii) the
      enforceability hereof or thereof is subject to general principles of equity
      or
      (iii) the indemnification provisions hereof or thereof may be held to violate
      public policy. 

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (b) There
      is
      no litigation or governmental proceeding pending or, to the best of the
      Company’s knowledge, threatened against, or involving the properties or business
      of the Company. 

    

    (c)
       The
      Company is not aware of any federal or securities violations by any of its
      current officers, directors or consultants, nor does the Company believe that
      any of its officers, directors or consultants are or were the subject of any
      enforcement proceedings by the Securities Exchange Commission or the National
      Association of Securities Dealers.

    

    (d) The
      Company has been duly organized and is validly existing as a corporation the
      laws of Delaware. The Company has all requisite power and authority, and all
      material and necessary authorizations, approvals, orders, licenses, certificates
      and permits of and from all governmental regulatory officials and bodies
      (domestic and foreign) to conduct its business (and proposed business), and
      the
      Company is doing business in compliance with all such authorizations, approvals,
      orders, licenses, certificates and permits and all foreign, federal, state
      and
      local laws, rules and regulations concerning the business in which it is
      engaged. The Company has all power and authority to enter into this Agreement,
      to carry out the provisions and conditions hereof, and all consents,
      authorizations, approvals and orders required in connection herewith have been
      obtained. No consent, authorization or order of, and no filing with, any court,
      government agency or other body is required by the Company for the issuance
      of
      the securities except for applicable federal and state securities laws.

    

    (e) The
      Company is not in breach of, or in default under, any term or provision of
      any
      material indenture, mortgage, deed of trust, lease, note, loan or credit
      agreement or any other material agreement or instrument evidencing an obligation
      for borrowed money, or any other material agreement or instrument to which
      it is
      a party or by which it or any of its properties may be bound or affected. The
      Company is not in violation of any provision of its charter or by-laws (other
      than the obligation to hold annual meetings of its shareholders and related
      matters) or in violation of any franchise, license, permit, judgment, decree
      or
      order, or in violation of any statute, rule or regulation. 

    

    (f) The
      Company owns or possesses, free and clear of all liens or encumbrances and
      rights thereto or therein by third parties, the requisite licenses or other
      rights to use all trademarks, service marks, copyrights, service names, trade
      names, patents, patent applications and licenses necessary to conduct its
      business and to the best of the Company’s knowledge there is no claim or action
      by any person pertaining to, or proceeding, pending or threatened, which
      challenges the exclusive rights of the Company with respect to any trademarks,
      service marks, copyrights, service names, trade names, patents, patent
      applications and licenses used in the conduct of the Company’s businesses except
      any claim or action that would not have a material adverse effect on the
      Company; to the best of the Company’s knowledge, the Company’s current products,
      services or processes do not infringe or will not infringe on the patents
      currently held by any third party.

    

    6. Certain
      Covenants and Agreements of the Company.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    The
      Company covenants and agrees at its expense and without any expense to Hunter
      as
      follows:

    

    (a) To
      advise
      Hunter prior of any material adverse change in the Company’s financial
      condition, prospects or business or of any development materially affecting
      the
      Company occurring at any time prior to the closing of any contemplated
      Offering.

    

    (b) To
      ensure
      that any transactions between or among the Company, or any of its officers,
      directors and affiliates be on terms and conditions that are no less favorable
      to the Company, than the terms and conditions that would be available in an
      “arm’s length” transaction with an independent third party.

    

    (c) To
      cooperate with Hunter as to permit an Offering to be conducted in a manner
      consistent with the applicable state and federal securities.

    

    (d) To
      not
      cause or knowingly permit any action to be taken in connection with a proposed
      Offering which violates the Securities Act of 1933 or any State securities
      laws.

    

    7. Indemnification.

    

    (a) The
      Company hereby agrees that it will indemnify and hold Hunter and each officer,
      director, shareholder, employee, attorneys, accountants, agents or
      representative of Hunter, and each person controlling, controlled by or under
      common control with Hunter within the meaning of Section 15 of the Securities
      Act of 1933 or Section 20 of the Securities Exchange Act of 1934 or the SEC’s
      rules and regulations promulgated thereunder (the “Rules and Regulations”),
      harmless from and against any and all loss, claim, damage, liability, cost
      or
      expense whatsoever (including, but not limited to, any and all reasonable legal
      fees and other expenses and disbursements incurred in connection with
      investigating, preparing to defend or defending any action, suit or proceeding,
      including any inquiry or investigation, commenced or threatened, or any claim
      whatsoever or in appearing or preparing for appearance as a witness in any
      action, suit or proceeding, including any inquiry, investigation or pretrial
      proceeding such as a deposition including attorneys’ fees in the event of a
      breach of this representation and warranty) to which Hunter or such indemnified
      person of Hunter may become subject under the Securities Act of 1933, the
      Securities Exchange Act of 1934, the Rules and Regulations, or any other federal
      or state law or regulation, common law or otherwise, arising out of or based
      upon (i) any untrue statement or alleged untrue statement of a material fact
      contained in (a) this Agreement, (b) any written offering material prepared
      by
      the Company including a PPM (except those written statements relating to Hunter
      given by an indemnified person for inclusion therein), (c) any application
      or
      other document or written communication executed by the Company or based upon
      written information furnished by the Company filed in any jurisdiction in order
      to qualify the Securities under the securities laws thereof, or any state
      securities commission or agency; (ii) the omission or alleged omission from
      documents described in clauses (a), (b) or (c) above of a material fact required
      to be stated therein or necessary to make the statements therein not misleading;
      or (iii) the breach of any representation, warranty, covenant or agreement
      made
      by the Company in this Agreement. The Company further agrees that upon demand
      by
      an indemnified person, at any time or from time to time, it will promptly
      reimburse such indemnified person for any loss, claim, damage, liability, cost
      or expense actually and reasonably paid by the indemnified person as to which
      the Company has indemnified such person pursuant hereto. Notwithstanding the
      foregoing provisions of this Section 7(a), any such payment or reimbursement
      by
      the Company of fees, expenses or disbursements incurred by an indemnified person
      in any proceeding in which a final judgment by a court of competent jurisdiction
      (after all appeals or the expiration of time to appeal) is entered against
      Hunter or such indemnified person as a direct result of Hunter or such person’s
      gross negligence or willful misfeasance will be promptly repaid to the
      Company.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    (b) Hunter
      hereby agrees that it will indemnify and hold the Company and each officer,
      director, shareholder, employee or representative of the Company, and each
      person controlling, controlled by or under common control with the Company
      within the meaning of Section 15 of the Securities Act of 1933 or Section 20
      of
      the Securities Exchange Act of 1934 or the Rules and Regulations, harmless
      from
      and against any and all loss, claim, damage, liability, cost or expense
      whatsoever (including, but not limited to, any and all reasonable legal fees
      and
      other expenses and disbursements incurred in connection with investigating,
      preparing to defend or defending any action, suit or proceeding, including
      any
      inquiry or investigation, commenced or threatened, or any claim whatsoever
      or in
      appearing or preparing for appearance as a witness in any action, suit or
      proceeding, including any inquiry, investigation or pretrial proceeding such
      as
      a deposition) to which the Company or such indemnified person of the Company
      may
      become subject under the Securities Act of 1933, the Securities Exchange Act
      of
      1934, the Rules and Regulations, or any other federal or state law or
      regulation, common law or otherwise, arising out of or based upon (i) the
      conduct of Hunter or its officers, employees or representatives in acting as
      placement agent for an Offering or (ii) the breach of any representation,
      warranty, covenant or agreement made by Hunter in this Agreement.

    

    (c) Promptly
      after receipt by an indemnified party of notice of commencement of any action
      covered by Section 7(a) or 7(b), the party to be indemnified shall, within
      five
      (5) business days, notify the indemnifying party of the commencement thereof;
      the omission by one indemnified party to so notify the indemnifying party shall
      not relieve the indemnifying party of its obligation to indemnify any other
      indemnified party that has given such notice and shall not relieve the
      indemnifying party of any liability outside of this indemnification if not
      materially prejudiced thereby. In the event that any action is brought against
      the indemnified party, the indemnifying party will be entitled to participate
      therein and, to the extent it may desire, to assume and control the defense
      thereof with counsel chosen by it which is reasonably acceptable to the
      indemnified party. After notice from the indemnifying party to such indemnified
      party of its election to so assume the defense thereof, the indemnifying party
      will not be liable to such indemnified party under such Section 7(a) or 7(b)
      for
      any legal or other expenses subsequently incurred by such indemnified party
      in
      connection with the defense thereof, but the indemnified party may, at its
      own
      expense, participate in such defense by counsel chosen by it, without, however,
      impairing the indemnifying party’s control of the defense. Subject to the
      proviso of this sentence and notwithstanding any other statement to the contrary
      contained herein, the indemnified party or parties shall have the right to
      choose its or their own counsel and control the defense of any action, all
      at
      the expense of the indemnifying party if, (i) the employment of such counsel
      shall have been authorized in writing by the indemnifying party in connection
      with the defense of such action at the expense of the indemnifying party, or
      (ii) the indemnifying party shall not have employed counsel reasonably
      satisfactory to such indemnified party to have charge of the defense of such
      action within a reasonable time after notice of commencement of the action,
      or
      (iii) such indemnified party or parties shall have reasonably concluded that
      there may be defenses available to it or them which are different from or
      additional to those available to one or all of the indemnifying parties (in
      which case the indemnifying parties shall not have the right to direct the
      defense of such action on behalf of the indemnified party or parties), in any
      of
      which events such fees and expenses of one additional counsel shall be borne
      by
      the indemnifying party; provided, however, that the indemnifying party shall
      not, in connection with any one action or separate but substantially similar
      or
      related actions in the same jurisdiction arising out of the same general
      allegations or circumstance, be liable for the reasonable fees and expenses
      of
      more than one separate firm of attorneys at any time for all such indemnified
      parties. No settlement of any action or proceeding against an indemnified party
      shall be made without the consent of the indemnifying party. 

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    (d) 
      In order
      to provide for just and equitable contribution in circumstances in which the
      indemnification provided for in Section 7(a) or 7(b) is due in accordance with
      its terms but is for any reason held by a court to be unavailable on grounds
      of
      policy or otherwise, the Company and Hunter shall contribute to the aggregate
      losses, claims, damages and liabilities (including legal or other expenses
      reasonably incurred in connection with the investigation or defense of same)
      which the other may incur in such proportion so that Hunter shall be responsible
      for such percent of the aggregate of such losses, claims, damages and
      liabilities as shall equal the percentage of the gross proceeds paid to Hunter
      and the Company shall be responsible for the balance; provided, however, that
      no
      person guilty of fraudulent misrepresentation within the meaning of Section
      7(f)
      of the Securities Act of 1933 shall be entitled to contribution from any person
      who was not guilty of such fraudulent misrepresentation. For purposes of this
      Section 7(d), any person controlling, controlled by or under common control
      with
      Hunter, or any partner, director, officer, employee, representative or any
      agent
      of any thereof, shall have the same rights to contribution as Hunter and each
      person controlling, controlled by or under common control with the Company
      within the meaning of Section 15 of the Securities Act of 1933 or Section 20
      of
      the Securities Exchange Act of 1934 and each officer of the Company and each
      director of the Company shall have the same rights to contribution as the
      Company. Any party entitled to contribution will, promptly after receipt of
      notice of commencement of any action, suit or proceeding against such party
      in
      respect of which a claim for contribution may be made against the other party
      under this Section 7(d), notify such party from whom contribution may be sought,
      but the omission to so notify such party shall not relieve the party from whom
      contribution may be sought from any obligation they may have hereunder or
      otherwise if the party from whom contribution may be sought is not materially
      prejudiced thereby. The indemnity and contribution agreements contained in
      this
      Section 7 shall remain operative and in full force and effect regardless of
      any
      investigation made by or on behalf of any indemnified person or any termination
      of this Agreement. Notwithstanding anything to the contrary in this Section
      7,
      no party shall be liable for contribution with respect to the settlement of
      any
      claim or action effected without its written consent.

    

    8. Non-Circumvention.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

      Pursuant
      to this Agreement, it is contemplated that Hunter shall supply to the Company
      and its officers and directors prior to an Offering a certified list (the
“Certified List”) of investors and customers that Hunter will have contacted in
      connection with a proposed Offering. If, during the twelve month period after
      the commencement of such Offering, the Company completes a Transaction (as
      defined below) with a person on the Certified List, the Company shall pay Hunter
      concurrently with the closing of such Transaction the compensation at a fair
      market value rate for procuring the investment for such person.

    

    “Transaction”
      shall be defined as any direct or indirect sale, transfer, conveyance, exchange,
      financing, investment, trade, exchange or other change in legal or beneficial
      ownership of any property, whether accomplished by an issuance or purchase
      of
      assets of securities, merger, consolidation, management contract, joint venture,
      partnership, trade or exchange of assets or stock or otherwise.

    

    9. Miscellaneous.

    

    (a) This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, but all which shall be deemed to be one and the same
      instrument.

    (b) Any
      notice required or permitted to be given hereunder shall be given in writing
      and
      shall be deemed effective when deposited in the United States mail, postage
      prepaid, or when received if personally delivered or faxed, addressed as
      follows:

    

    To
      Hunter:

    

    Hunter
      World Markets, Inc.

    9300
      Wilshire Boulevard

    Penthouse
      Suite

    Beverly
      Hills, CA 90212

    Attention:
      Todd Ficeto

    Telephone:
      (310) 286-2211

    Fax:
      (310) 286-2373

    

    To
      the
      Company:

    

    Berman
      Center, Inc.

    211
      East
      Ontario

    Suite
      800

    Chicago,
      IL 60611

    Attention:
      Samuel Chapman

    Telephone:
      (800) 709-4709

    Facsimile:
      (312) 255-8007

    

    with
      a
      copy to:

    

    Kirkpatrick
      & Lockhart Nicholson Graham LLP

    10100
      Santa Monica Blvd., Suite 700

    Los
      Angeles, CA 90067

    Attention:
      Jeryl Bowers

    Telephone:
      310-552-5000

    Fax:
      310-552-5001 

    or
      to
      such other address of which written notice is given to the
      others.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    (c) This
      Agreement shall be construed pursuant to the laws of the State of California
      without regard to conflicts of law principals thereof. Any controversy arising
      hereunder shall be resolved by arbitration from the American Arbitration
      Association. 

    

    (d) This
      Agreement contains the entire understanding between the parties hereto and
      may
      not be modified or amended except by a writing duly signed by the party against
      whom enforcement of the modification or amendment is sought.

    

    (e) If
      any
      provision of this Agreement shall be held to be invalid or unenforceable, such
      invalidity or unenforceability shall not affect any other provision of this
      Agreement.

    

    [Signature
      Page to Follow]

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    

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

     

    
      
        	 	 	
                BERMAN
                  CENTER, INC.

              
	 	 	 	
                 

                 

              
	 	 	
                 

              	
                /s/
                  Samuel Chapman

              
	 	 	
                By:

              	
                Samuel
                  Chapman

              
	 	 	
                Its:
                  

              	
                Chief
                  Executive Officer

              
	 	 	 	 
	 	 	 	 
	
                AGREED
                  AND ACCEPTED

              	 	 
	 	 	 	 
	
                HUNTER
                  WORLD MARKETS, INC.

              	 	 
	 	
                 

                 

              	 	 
	
              	
                /s/
                  Todd Ficeto

              	 	 
	
                By:

              	
                Todd
                  Ficeto

              	 	 
	
                Its:
                  

              	
                President
                  and CEO

              	 	 

      

      
        
           

        

        
          10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]