Document:

EXHIBIT 10.15

                                 PROMISSORY NOTE

$_________                                                   As of June __, 2005
                                                              New York, New York

       Manhattan  Maritime  Enterprises,  Inc.  ("Maker") promises to pay to the
order of __________  ("Payee") the principal sum of ______ Thousand  Dollars and
No Cents  ($______.00)  in lawful money of the United States of America,  on the
terms and conditions described below.

       1.     PRINCIPAL.  The principal  balance of this Note shall be repayable
on the earlier of (i) July 1, 2006 or (ii) the date on which  Maker  consummates
an initial public offering of its securities.

       2.     INTEREST. No interest shall accrue on the unpaid principal balance
of this Note.

       3.     APPLICATION  OF PAYMENTS.  All payments  shall be applied first to
payment in full of any costs  incurred  in the  collection  of any sum due under
this Note,  including (without limitation)  reasonable  attorneys' fees, then to
the  payment in full of any late  charges and  finally to the  reduction  of the
unpaid principal balance of this Note.

       4.     EVENTS  OF  DEFAULT.  The  following  shall  constitute  Events of
Default:

              (a)    FAILURE TO MAKE REQUIRED PAYMENTS.  Failure by Maker to pay
the principal of this Note within five (5) business days following the date when
due.

              (b)    VOLUNTARY  BANKRUPTCY,  ETC. The commencement by Maker of a
voluntary  case  under  the  Federal  Bankruptcy  Code,  as now  constituted  or
hereafter  amended,  or  any  other  applicable  federal  or  state  bankruptcy,
insolvency, reorganization,  rehabilitation or other similar law, or the consent
by it to the  appointment  of or taking  possession  by a receiver,  liquidator,
assignee, trustee, custodian,  sequestrator (or other similar official) of Maker
or for  any  substantial  part  of its  property,  or  the  making  by it of any
assignment  for the benefit of creditors,  or the failure of Maker  generally to
pay its debts as such debts  become  due, or the taking of  corporate  action by
Maker in furtherance of any of the foregoing.

              (c)    INVOLUNTARY BANKRUPTCY, ETC. The entry of a decree or order
for relief by a court having jurisdiction in the premises in respect of maker in
an  involuntary  case under the Federal  Bankruptcy  Code,  as now or  hereafter
constituted, or any other applicable federal or state bankruptcy,  insolvency or
other similar law, or appointing a receiver,  liquidator,  assignee,  custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part
of its property,  or ordering the winding-up or liquidation of its affairs,  and
the  continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

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       5.     REMEDIES.

              (a)    Upon the  occurrence  of an Event of Default  specified  in
Section 4(a), Payee may, by written notice to Maker, declare this Note to be due
and payable,  whereupon the principal amount of this Note, and all other amounts
payable   thereunder,   shall  become   immediately   due  and  payable  without
presentment,  demand,  protest  or other  notice of any  kind,  all of which are
hereby  expressly  waived,   anything  contained  herein  or  in  the  documents
evidencing the same to the contrary notwithstanding.

              (b)    Upon the  occurrence  of an Event of Default  specified  in
Sections  4(b) and 4(c),  the unpaid  principal  balance  of, and all other sums
payable with regard to, this Note shall automatically and immediately become due
and payable, in all cases without any action on the part of Payee.

       6.     WAIVERS.  Maker and all endorsers and  guarantors of, and sureties
for,  this Note waive  presentment  for  payment,  demand,  notice of  dishonor,
protest, and notice of protest with regard to the Note, all errors,  defects and
imperfections  in any  proceedings  instituted  by Payee under the terms of this
Note,  and all  benefits  that might accrue to Maker by virtue of any present or
future  laws  exempting  any  property,  real or  personal,  or any  part of the
proceeds arising from any sale of any such property,  from  attachment,  levy or
sale under  execution,  or providing for any stay of execution,  exemption  from
civil process, or extension of time for payment;  and Maker agrees that any real
estate that may be levied upon pursuant to a judgment obtained by virtue hereof,
on any writ of execution issued hereon,  may be sold upon any such writ in whole
or in part in any order desired by Payee.

       7.     UNCONDITIONAL  LIABILITY.  Maker  hereby  waives  all  notices  in
connection with the delivery, acceptance,  performance,  default, or enforcement
of  the  payment  of  this  Note,  and  agrees  that  its  liability   shall  be
unconditional, without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence,  extension of time, renewal, waiver
or  modification  granted or consented to by Payee,  and consents to any and all
extensions of time,  renewals,  waivers, or modifications that may be granted by
Payee with respect to the payment or other  provisions  of this Note,  and agree
that additional makers,  endorsers,  guarantors,  or sureties may become parties
hereto without notice to them or affecting their liability hereunder.

       8.     NOTICES.  Any notice called for hereunder shall be deemed properly
given if (i) sent by certified mail, return receipt  requested,  (ii) personally
delivered,  (iii) dispatched by any form of private or governmental express mail
or delivery service providing receipted delivery,  (iv) sent by telefacsimile or
(v) sent by e-mail,  to the  following  addresses  or to such  other  address as
either party may designate by notice in accordance with this Section:

       If to Maker:

                   Manhattan Maritime Enterprises, Inc.
                   645 Fifth Avenue
                   New York, New York 10022
                   Attn.:

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       If to Payee:

Notice  shall be  deemed  given on the  earlier  of (i)  actual  receipt  by the
receiving   party,   (ii)  the  date  shown  on  a  telefacsimile   transmission
confirmation, (iii) the date on which an e-mail transmission was received by the
receiving  party's  on-line access  provider (iv) the date reflected on a signed
delivery receipt,  or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

       9.     CONSTRUCTION.  This  Note  shall  be  construed  and  enforced  in
accordance with the domestic, internal law, but not the law of conflict of laws,
of the State of New York.

       10.    SEVERABILITY.  Any  provision  contained  in this  Note  which  is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

       IN WITNESS  WHEREOF,  Maker,  intending to be legally bound  hereby,  has
caused this Note to be duly executed by its _____________ the day and year first
above written.

                                            MANHATTAN MARITIME ENTERPRISES, INC.

                                            By:
                                               _________________________________
                                               Name:
                                               Title:

                                       3EXHIBIT 10.16

                          REGISTRATION RIGHTS AGREEMENT

       THIS REGISTRATION  RIGHTS AGREEMENT (this "AGREEMENT") is entered into as
of the ____ day of _______,  2005, by and among Manhattan Maritime  Enterprises,
Inc., a Delaware  corporation (the "COMPANY") and the undersigned parties listed
under  Investor  on  the  signature   page  hereto  (each,   an  "INVESTOR"  and
collectively, the "INVESTORS").

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

       WHEREAS,  the  Investors  and the  Company  desire  to  enter  into  this
Agreement  to  provide  the  Investors  with  certain  rights  relating  to  the
registration of shares of Common Stock held by them;

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

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

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

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

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

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

       "DEMAND REGISTRATION" is defined in Section 2.1.1.

       "DEMANDING HOLDER" is defined in Section 2.1.1.

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

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

       "INDEMNIFIED PARTY" is defined in Section 4.3.

       "INDEMNIFYING PARTY" is defined in Section 4.3.

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

       "INVESTOR INDEMNIFIED PARTY" is defined in Section 4.1.

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

       "NOTICES" is defined in Section 6.3.

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

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

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

       "REGISTRATION  STATEMENT"  means a  registration  statement  filed by the
Company with the Commission in compliance  with the Securities Act and the rules
and regulations  promulgated thereunder for a public offering and sale of Common
Stock  (other than a  registration  statement  on Form S-4 or Form S-8, or their
successors,  or any registration  statement covering only securities proposed to
be issued in exchange for securities or assets of another entity).

       "RELEASE  DATE"  means  the date on which  shares  of  Common  Stock  are
disbursed  from  escrow  pursuant  to  Section 3 of that  certain  Stock  Escrow
Agreement  dated as of ________  __,  2005 by and among the  parties  hereto and
Continental Stock Transfer & Trust Company.

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

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

       2.     REGISTRATION RIGHTS.

       2.1    DEMAND REGISTRATION.

              2.1.1. REQUEST FOR REGISTRATION. At any time and from time to time
on or after the  Release  Date,  the  holders of a  majority-in-interest  of the
Registrable Securities held by the

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

              2.1.2. EFFECTIVE REGISTRATION.  A registration will not count as a
Demand  Registration until the Registration  Statement filed with the Commission
with respect to such Demand  Registration  has been  declared  effective and the
Company has  complied  with all of its  obligations  under this  Agreement  with
respect thereto;  provided,  however, that if, after such Registration Statement
has been declared effective,  the offering of Registrable Securities pursuant to
a Demand  Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the Registration Statement
with  respect  to such  Demand  Registration  will be  deemed  not to have  been
declared  effective,  unless and until,  (i) such stop  order or  injunction  is
removed,  rescinded or otherwise terminated,  and (ii) a majority-in-interest of
the  Demanding  Holders  thereafter  elect to continue the  offering;  provided,
further,  that the Company shall not be obligated to file a second  Registration
Statement  until a  Registration  Statement  that has been filed is counted as a
Demand Registration or is terminated.

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

              2.1.4. REDUCTION  OF  OFFERING.  If the  managing  Underwriter  or
Underwriters for a Demand  Registration  that is to be an underwritten  offering
advises the Company and the Demanding  Holders in writing that the dollar amount
or number of shares of Registrable Securities which the Demanding Holders desire
to  sell,  taken  together  with  all  other  shares  of  Common  Stock or other
securities  which the Company desires to sell and the shares of Common Stock, if
any, as to which registration has been requested pursuant to written contractual
piggy-back  registration  rights held by other  stockholders  of the Company who
desire to sell,  exceeds the maximum  dollar amount or maximum  number of shares
that can be sold in such  offering  without  adversely  affecting  the  proposed
offering price, the timing, the distribution method, or

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the  probability  of success of such  offering  (such  maximum  dollar amount or
maximum number of shares, as applicable,  the "MAXIMUM NUMBER OF SHARES"),  then
the Company  shall  include in such  registration:  (i) first,  the  Registrable
Securities as to which Demand  Registration  has been requested by the Demanding
Holders (pro rata in accordance  with the number of shares that each such Person
has  requested  be included in such  registration,  regardless  of the number of
shares held by each such Person (such  proportion  is referred to herein as "PRO
RATA")) that can be sold without  exceeding the Maximum  Number of Shares;  (ii)
second,  to the extent  that the Maximum  Number of Shares has not been  reached
under the foregoing  clause (i), the shares of Common Stock or other  securities
that the Company desires to sell that can be sold without  exceeding the Maximum
Number of Shares;  (iii) third,  to the extent that the Maximum Number of Shares
has not been reached  under the  foregoing  clauses (i) and (ii),  the shares of
Common Stock or other securities  registrable  pursuant to the terms of the Unit
Purchase  Option  issued to  Ladenburg  Thalmann & Co. Inc. or its  designees in
connection  with the  Company's  initial  public  offering  (the "UNIT  PURCHASE
OPTION" and such registrable  securities,  the "OPTION  SECURITIES") as to which
"piggy-back"  registration has been requested by the holders thereof,  Pro Rata,
that can be sold  without  exceeding  the  Maximum  Number of  Shares;  and (iv)
fourth,  to the extent that the Maximum  Number of Shares have not been  reached
under the foregoing  clauses (i), (ii), and (iii), the shares of Common Stock or
other  securities for the account of other persons that the Company is obligated
to register pursuant to written  contractual  arrangements with such persons and
that can be sold without exceeding the Maximum Number of Shares.

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

       2.2    PIGGY-BACK REGISTRATION.

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

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Registrable  Securities in such notice the  opportunity  to register the sale of
such number of shares of  Registrable  Securities as such holders may request in
writing  within five (5) days  following  receipt of such notice (a  "PIGGY-BACK
REGISTRATION").  The  Company  shall  cause such  Registrable  Securities  to be
included  in such  registration  and  shall  use its best  efforts  to cause the
managing  Underwriter or  Underwriters  of a proposed  underwritten  offering to
permit the  Registrable  Securities  requested  to be included  in a  Piggy-Back
Registration  on the same terms and conditions as any similar  securities of the
Company  and to  permit  the  sale or  other  disposition  of  such  Registrable
Securities in accordance with the intended  method(s) of  distribution  thereof.
All holders of Registrable  Securities  proposing to distribute their securities
through a Piggy-Back  Registration  that involves an Underwriter or Underwriters
shall  enter  into  an  underwriting   agreement  in  customary  form  with  the
Underwriter or Underwriters selected for such Piggy-Back Registration.

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

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

                                   b)     If  the  registration  is  a  "demand"
                     registration  undertaken at the demand of holders of Option
                     Securities,  (A) first, the shares of Common Stock or other
                     securities  for the account of the demanding  persons,  Pro
                     Rata, that can be sold without exceeding the Maximum Number
                     of  Shares;  (B)  second,  to the extent  that the  Maximum
                     Number of Shares has not been reached  under the  foregoing
                     clause (A),

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                     the  shares of Common  Stock or other  securities  that the
                     Company desires to sell that can be sold without  exceeding
                     the Maximum Number of Shares; (C) third, to the extent that
                     the Maximum Number of Shares has not been reached under the
                     foregoing  clauses (A) and (B),  the shares of  Registrable
                     Securities,  Pro Rata,  as to which  registration  has been
                     requested  pursuant to the terms  hereof,  that can be sold
                     without  exceeding  the Maximum  Number of Shares;  and (D)
                     fourth, to the extent that the Maximum Number of Shares has
                     not been reached under the  foregoing  clauses (A), (B) and
                     (C), the shares of Common Stock or other securities for the
                     account of other  persons  that the Company is obligated to
                     register pursuant to written contractual  arrangements with
                     such  persons,  that  can be  sold  without  exceeding  the
                     Maximum Number of Shares; and

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

              2.2.3. WITHDRAWAL.  Any holder of Registrable Securities may elect
to withdraw such holder's request for inclusion of Registrable Securities in any
Piggy-Back  Registration by giving written notice to the Company of such request
to  withdraw  prior to the  effectiveness  of the  Registration  Statement.  The
Company  (whether on its own  determination  or as the result of a withdrawal by
persons  making  a demand  pursuant  to  written  contractual  obligations)  may
withdraw a registration  statement at any time prior to the effectiveness of the
Registration Statement.  Notwithstanding any such withdrawal,  the Company shall
pay all expenses incurred by the holders of Registrable Securities in connection
with such Piggy-Back Registration as provided in Section 3.3.

       2.3    REGISTRATIONS  ON FORM S-3. The holders of Registrable  Securities
may at any time and from  time to time,  request  in  writing  that the  Company
register the resale of any or all of

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<PAGE>

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

       3.     REGISTRATION PROCEDURES.

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

              3.1.1. FILING  REGISTRATION  STATEMENT.   The  Company  shall,  as
expeditiously  as possible and in any event within sixty (60) days after receipt
of a request for a Demand Registration pursuant to Section 2.1, prepare and file
with the Commission a  Registration  Statement on any form for which the Company
then qualifies or which counsel for the Company shall deem appropriate and which
form  shall  be  available  for the  sale of all  Registrable  Securities  to be
registered  thereunder in accordance with the intended method(s) of distribution
thereof, and shall use its best efforts to cause such Registration  Statement to
become and remain effective for the period required by Section 3.1.3;  provided,
however,  that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back  Registration  for such period as
may be  applicable  to  deferment  of any  demand  registration  to  which  such
Piggy-Back  Registration  relates,  in each case if the Company shall furnish to
the holders a certificate signed by the Chief Executive Officer or Vice Chairman
of the  Company  stating  that,  in the  good  faith  judgment  of the  Board of
Directors of the Company, it would be materially  detrimental to the Company and
its  stockholders for such  Registration  Statement to be effected at such time;
provided further, however, that the Company shall not have the right to exercise
the right set forth in the immediately  preceding  proviso more than once in any
365-day period in respect of a Demand Registration hereunder.

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

                                       7
<PAGE>

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

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

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

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

                                       8
<PAGE>

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

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

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

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

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

                                       9
<PAGE>

effect that the  Registration  Statement  containing  such  prospectus  has been
declared effective and that no stop order is in effect.

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

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

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

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

                                       10
<PAGE>

majority-in-interest   of  the   Registrable   Securities   included   in   such
registration.  The  Company  shall have no  obligation  to pay any  underwriting
discounts or selling  commissions  attributable  to the  Registrable  Securities
being sold by the  holders  thereof,  which  underwriting  discounts  or selling
commissions  shall be borne by such holders.  Additionally,  in an  underwritten
offering,  all selling  stockholders  and the Company shall bear the expenses of
the underwriter  pro rata in proportion to the respective  amount of shares each
is selling in such offering.

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

       4.     INDEMNIFICATION AND CONTRIBUTION.

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

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

                                       11
<PAGE>

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

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

                                       12
<PAGE>

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

       4.4    CONTRIBUTION.

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

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

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

       5.     UNDERWRITING AND DISTRIBUTION.

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

                                       13
<PAGE>

       6.     MISCELLANEOUS.

       6.1    OTHER REGISTRATION RIGHTS. Except with respect to those securities
issued or issuable  upon  exercise of that  certain Unit  Purchase  Option to be
issued to Ladenburg  Thalmann & Co. Inc. or its designees in connection with the
Company's initial public offering in _________ 2005, the Company  represents and
warrants that no person, other than a holder of the Registrable Securities,  has
any right to require the Company to register any shares of the Company's capital
stock  for sale or to  include  shares  of the  Company's  capital  stock in any
registration  filed by the Company  for the sale of shares of capital  stock for
its own account or for the account of any other person.

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

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

       To the Company:

       Manhattan Maritime Enterprises, Inc.
       645 Fifth Avenue
       New York, New York 10022
       Attn:    Chairman

       with a copy to:

       Zukerman Gore & Brandeis, LLP
       875 Third Avenue
       New York NY 10022
       Attn:    Clifford A. Brandeis, Esq.

                                       14
<PAGE>

       To an Investor, to:

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

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

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

       6.7    MODIFICATIONS  AND  AMENDMENTS.  No  amendment,   modification  or
termination of this Agreement shall be binding upon any party unless executed in
writing by such party.  Notwithstanding the foregoing,  any and all parties must
obtain the written  consent of Ladenburg  Thalmann & Co. Inc. to amend or modify
this Agreement.

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

       6.9    WAIVERS AND EXTENSIONS.  Any party to this Agreement may waive any
right, breach or default which such party has the right to waive,  provided that
such waiver will not be  effective  against  the waiving  party  unless it is in
writing,  is signed by such party,  and  specifically  refers to this Agreement.
Waivers  may be made in  advance  or after the right  waived  has  arisen or the
breach or default waived has occurred. Any waiver may be conditional.  No waiver
of any breach of any agreement or provision  herein  contained shall be deemed a
waiver of any

                                       15
<PAGE>

preceding or succeeding  breach thereof nor of any other  agreement or provision
herein  contained.  No  waiver  or  extension  of time  for  performance  of any
obligations  or acts  shall  be  deemed a waiver  or  extension  of the time for
performance of any other obligations or acts.

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

       6.11   GOVERNING  LAW. This Agreement  shall be governed by,  interpreted
under,  and construed in  accordance  with the internal laws of the State of New
York applicable to agreements  made and to be performed  within the State of New
York,  without giving effect to any choice-of-law  provisions thereof that would
compel the application of the substantive laws of any other jurisdiction.

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

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       16
<PAGE>

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

                                        MANHATTAN MARITIME ENTERPRISES, INC.

                                        ----------------------------------------
                                        By:

                                        INITIAL STOCKHOLDERS:

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

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

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

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

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

                                       17

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