Document:

Unassociated Document

    Exhibit
      10.1

    SEVENTH
      AMENDMENT TO

    JOINT
      VENTURE AGREEMENT

     

    THIS
      SEVENTH
      AMENDMENT TO JOINT VENTURE AGREEMENT (the “Seventh Amendment”) is made and
      entered into effective as of February 16, 2007, by and between SEMO
      Milling, LLC,
      a
      Missouri limited liability company (“SEMO”), and Ethanex
      Energy North America, Inc.,
      a
      Delaware corporation (“Ethanex”).

     

    RECITALS

    

    WHEREAS,
      Ethanex and SEMO signed
      a
      non-binding letter of intent dated July 3, 2006, as subsequently amended,
      regarding the establishment of a joint venture company to develop, commercialize
      and exploit certain technology of SEMO in connection with the production,
      distribution and sale of ethanol and ethanol-related products and corn and
      corn-based products from SEMO’s Cape Girardeau, Missouri facility; 

     

    WHEREAS,
      Ethanex and SEMO entered into a Joint Venture Agreement dated August 4, 2006,
      as
      subsequently amended (the “JV Agreement”), for the formation, organization,
      management and operation of a joint venture company known as Ethanex at SEMO
      Port, LLC; and

     

    WHEREAS,
      Ethanex and SEMO desire to further amend the JV Agreement as set forth in this
      Seventh Amendment.

     

    NOW,
      THEREFORE, in consideration of the above Recitals, which are incorporated herein
      by reference, and the mutual agreements contained herein and for other good
      and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, Ethanex and SEMO agree as follows:

     

    1. Definitions.
      Capitalized terms used but not otherwise defined herein shall have the meanings
      given to such terms in the JV Agreement.

    

    2. Amendments
      to Joint Venture Agreement.
      Ethanex
      and SEMO agree and confirm that the JV Agreement shall be amended as
      follows:

    

    (a)
      Section 1.9, Definitions and Interpretation, “Effective Date”, of the JV
      Agreement is hereby deleted in its entirety and the revised Section 1.9,
      Definitions and Interpretation, “Effective Date”, shall read in full as
      follows:

    

    “Effective
      Date” means February 28, 2007.

    

    3. Effect.
      The
      Parties acknowledge and agree that, except as amended herein, the JV Agreement
      is in full force and effect and is hereby ratified and confirmed.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4. Governing
      Law.
      The
      validity, performance, construction and effect of this Amendment shall be
      governed by the laws of the State of Missouri, without regard to conflict of
      law
      principles.

    

    5. Counterparts.
      This
      Seventh Amendment (i) may be executed by facsimile signatures and in several
      counterparts, and each counterpart when so executed and delivered shall
      constitute an original of this Seventh Amendment, and all such separate
      counterparts shall constitute but one and the same Seventh Amendment and
      (ii) embodies the entire agreement and understanding between the parties
      with respect to the subject matter hereof and supersedes all prior agreements,
      consents and understandings related to such subject matter.

    

    IN
      WITNESS WHEREOF, this Seventh Amendment to Joint Venture Agreement has been
      executed as of the date first set forth above.

     

    
      	 	 	 
	 	SEMO:
	 	 
	 	
              SEMO
                MILLING, LLC, a Missouri limited liability company

            
	 
 	 
 	 
 
	 	By:  	/s/ Kenneth
              E. DeLine  
	 	
              
Name:
Kenneth
              E. DeLine
	 	Title:
              Manager

    

    
      	 	 	 
	 	 
	 	ETHANEX:
	 	 
	 	ETHANEX ENERGY NORTH AMERICA, INC.,
              a Delaware
              corporation 
	 
 	 
 	 
 
	 	By:  	/s/ Bryan
              Sherbacow 
	 	
              
Name:
Bryan
              Sherbacow
	 	Title:
              President
              & CEO

    

     

    
      
         

      

        2Unassociated Document

    Exhibit
      10.2

    SIXTH
      AMENDMENT TO

    JOINT
      VENTURE AGREEMENT

     

    THIS
      SIXTH
      AMENDMENT TO JOINT VENTURE AGREEMENT (the “Sixth Amendment”) is made and entered
      into effective as of February 9, 2007, by and between SEMO
      Milling, LLC,
      a
      Missouri limited liability company (“SEMO”), and Ethanex
      Energy North America, Inc.,
      a
      Delaware corporation (“Ethanex”).

     

    RECITALS

    

    WHEREAS,
      Ethanex and SEMO signed
      a
      non-binding letter of intent dated July 3, 2006, as subsequently amended,
      regarding the establishment of a joint venture company to develop, commercialize
      and exploit certain technology of SEMO in connection with the production,
      distribution and sale of ethanol and ethanol-related products and corn and
      corn-based products from SEMO’s Cape Girardeau, Missouri facility; 

     

    WHEREAS,
      Ethanex and SEMO entered into a Joint Venture Agreement dated August 4, 2006,
      as
      subsequently amended (the “JV Agreement”), for the formation, organization,
      management and operation of a joint venture company known as Ethanex at SEMO
      Port, LLC; and

     

    WHEREAS,
      Ethanex and SEMO desire to further amend the JV Agreement as set forth in this
      Sixth Amendment.

     

    NOW,
      THEREFORE, in consideration of the above Recitals, which are incorporated herein
      by reference, and the mutual agreements contained herein and for other good
      and
      valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, Ethanex and SEMO agree as follows:

     

    1. Definitions.
      Capitalized terms used but not otherwise defined herein shall have the meanings
      given to such terms in the JV Agreement.

    

    2. Amendments
      to Joint Venture Agreement.
      Ethanex
      and SEMO agree and confirm that the JV Agreement shall be amended as
      follows:

    

    (a)
      Section 1.9, Definitions and Interpretation, “Effective Date”, of the JV
      Agreement is hereby deleted in its entirety and the revised Section 1.9,
      Definitions and Interpretation, “Effective Date”, shall read in full as
      follows:

    

    “Effective
      Date” means February 16, 2007.

    

    3. Effect.
      The
      Parties acknowledge and agree that, except as amended herein, the JV Agreement
      is in full force and effect and is hereby ratified and confirmed.

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    4. Governing
      Law.
      The
      validity, performance, construction and effect of this Amendment shall be
      governed by the laws of the State of Missouri, without regard to conflict of
      law
      principles.

    

    5. Counterparts.
      This
      Sixth Amendment (i) may be executed by facsimile signatures and in several
      counterparts, and each counterpart when so executed and delivered shall
      constitute an original of this Sixth Amendment, and all such separate
      counterparts shall constitute but one and the same Sixth Amendment and
      (ii) embodies the entire agreement and understanding between the parties
      with respect to the subject matter hereof and supersedes all prior agreements,
      consents and understandings related to such subject matter.

    

    IN
      WITNESS WHEREOF, this Sixth Amendment to Joint Venture Agreement has been
      executed as of the date first set forth above.

     

    
      	 	 	 
	 	SEMO:
	 	 
	 	SEMO MILLING, LLC, a Missouri limited
              liability
              company 
	 
 	 
 	 
 
	 	By:  	/s/ Kenneth
              E. DeLine  
	 	
              
Name:
Kenneth
              E. DeLine
	 	Title:
              Manager

    

    
      	 	 	 
	 	 
	 	ETHANEX:
	 	 
	 	ETHANEX ENERGY NORTH AMERICA, INC.,
              a Delaware
              corporation
	 
 	 
 	 
 
	 	By:  	/s/ Bryan
              Sherbacow 
	 	
              
Name:
Bryan
              Sherbacow
	 	Title:
              President
              & CEO

    
      
         

      

        2REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (this “Agreement”)
      is
      made and entered into as of February 19, 2007, by and between deltathree, Inc.,
      a Delaware corporation (together with any successor entity thereto, the
“Company”),
      and
      Go2Call.Com, Inc., a Delaware corporation (“Go2Call”),
      for
      the benefit of (i) Go2Call and (ii) the direct and indirect
      transferees of Go2Call.

     

    This
      Agreement is made pursuant to the Asset Transfer Agreement (the “Asset
      Transfer Agreement”),
      dated
      as of February 17, 2007, by and between the Company and Go2Call. In order to
      induce Go2Call to enter into the Asset Transfer Agreement, the Company has
      agreed to provide the registration rights provided for in this Agreement to
      Go2Call, the persons listed on the Closing Share Schedule as defined in section
      4.3(b) of the Asset Transfer Agreement, and its and their respective direct
      and
      indirect transferees. The execution of this Agreement is a condition to the
      closing of the transactions contemplated by the Asset Transfer
      Agreement.

     

    The
      parties hereby agree as follows:

     

    
      	
              1.

            	
              Definitions

            

    

     

    As
      used
      in this Agreement, the following terms shall have the following
      meanings:

     

    Agreement:
      As
      defined in the preamble.

     

    Affiliate:
      As to
      any specified Person, (i) any Person directly or indirectly owning,
      controlling or holding, with power to vote, 10% or more of the outstanding
      voting securities of such other Person, (ii) any Person, 10% or more of
      whose outstanding voting securities are directly or indirectly owned, controlled
      or held, with power to vote, by such other Person, (iii) any Person
      directly or indirectly controlling, controlled by or under common control with
      such other Person, (iv) any executive officer, director, trustee or general
      partner of such Person and (v) any legal entity for which such Person acts
      as an executive officer, director, trustee or general partner. An indirect
      relationship shall include circumstances in which a Person’s spouse, children,
      parents, siblings or mother, father, sister- or brother-in-law is or has been
      associated with a Person.

     

    Asset
      Transfer Agreement:
      As
      defined in the preamble.

     

    Business
      Day:
      With
      respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday,
      Thursday and Friday that is not a day on which banking institutions in New
      York,
      New York or other applicable places where such act is to occur are authorized
      or
      obligated by applicable law, regulation or executive order to
      close.

     

    Closing
      Date:
      February
      19, 2007 or such other date as Go2Call and the Company may agree.

     

    Commission:
      The
      Securities and Exchange Commission.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Common
      Stock:
      The
      Class A Common Stock, par value $0.001 per share, of the Company.

     

    Company:
      As
      defined in the preamble.

     

    Company
      Registration Statement:
      As
      defined in Section 2(b) hereof.

     

    Controlling
      Person:
      As
      defined in Section 6(a) hereof.

     

    End
      of Suspension Notice:
      As
      defined in Section 5(b) hereof.

     

    Exchange
      Act:
      The
      Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated by the Commission pursuant thereto.

     

    Holder:
      Each
      record owner of any Registrable Shares from time to time, including Go2Call,
      the
      persons listed on the Closing Share Schedule as defined in section 4.3(b) of
      the
      Asset Transfer Agreement, and its and their direct and indirect
      transferees.

     

    Indemnified
      Party:
      As
      defined in Section 6(c) hereof.

     

    Indemnifying
      Party:
      As
      defined in Section 6(c) hereof.

     

    Issuer
      Free Writing Prospectus:
      As
      defined in Section 2(c) hereof.

     

    Liabilities:
      As
      defined in Section 6(a) hereof.

     

    NASD:
      The
      National Association of Securities Dealers, Inc.

     

    Person:
      An
      individual, partnership, corporation, trust, unincorporated organization,
      government or agency or political subdivision thereof, or any other legal
      entity.

     

    Proceeding:
      An
      action, claim, suit or proceeding (including without limitation, an
      investigation or partial proceeding, such as a deposition), whether commenced
      or, to the knowledge of the Person subject thereto, threatened.

     

    Prospectus:
      The
      prospectus included in any Registration Statement, including any preliminary
      prospectus at the “time of sale” within the meaning of Rule 159 under the
      Securities Act, and all other amendments and supplements to any such prospectus,
      including post-effective amendments, and all material incorporated by reference
      or deemed to be incorporated by reference, if any, in such
      prospectus.

     

    Purchaser
      Indemnitee:
      As
      defined in Section 6(a) hereof.

     

    Registrable
      Shares:
      The
      Shares transferred to Go2Call pursuant to the Asset Transfer Agreement and
      any
      Additional Shares issued pursuant to Section 2(a), upon original issuance
      thereof, and at all times subsequent thereto, including upon the transfer
      thereof by the original holder or any subsequent holder and any shares or other
      securities issued in respect of such Registrable Shares by reason of or in
      connection with any stock dividend, stock distribution, stock split, purchase
      in
      any rights offering or in connection with any exchange for or replacement of
      such Registrable Shares or any combination of shares, recapitalization, merger
      or consolidation, or any other equity securities issued pursuant to any other
      pro rata distribution with respect to the Common Stock, until, in the case
      of
      any such Shares or any such share or security issued in respect thereof, the
      earliest to occur of (i) the date on which it has been registered pursuant
      to the Securities Act and it has been disposed of in accordance with the
      Registration Statement relating to it, (ii) the date on which either it has
      been transferred pursuant to Rule 144 (or any similar provision then in
      effect) or is saleable pursuant to Rule 144(k) promulgated by the
      Commission pursuant to the Securities Act or (iii) the date on which it is
      sold to the Company.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Registration
      Default:
      As
      defined in Section 2(f) hereof.

     

    Registration
      Expenses:
      Any and
      all expenses incident to the Company’s performance of or compliance with this
      Agreement, including, without limitation: (i) all Commission, securities
      exchange, NASD registration, listing, inclusion and filing fees; (ii) all
      fees and expenses incurred in connection with compliance with international,
      federal or state securities or blue sky laws (including, without limitation,
      any
      registration, listing and filing fees and fees and disbursements of counsel
      in
      connection with blue sky qualification of any of the Registrable Shares and
      the
      preparation of a blue sky memorandum and compliance with the rules of the NASD);
      (iii) all expenses in preparing or assisting in preparing, word processing,
      duplicating, printing, delivering and distributing any Registration Statement,
      any Prospectus, any amendments or supplements thereto, certificates and any
      other documents relating to the performance under and compliance with this
      Agreement; (iv) all fees and expenses incurred in connection with the
      listing or inclusion of any of the Registrable Shares on any securities exchange
      or The NASDAQ Stock Market, Inc.®
      pursuant
      to Section 4(n) of this Agreement; (v) the fees and disbursements of
      counsel for the Company and of the independent registered public accounting
      firm
      of the Company (including, without limitation, the expenses of any special
      audit
      and “cold comfort” letters required by or incident to the performance of this
      Agreement); (vi) reasonable fees and disbursements (up to a maximum of
      $10,000) of Mayer, Brown, Rowe & Maw LLP, or one such other counsel,
      reasonably acceptable to the Company, for the Holders, selected by the Holders
      holding a majority of the Registrable Shares (such counsel, “Selling
      Holders’ Counsel”);
      and
      (vii) any fees and disbursements customarily paid in issues and sales of
      securities (including the fees and expenses of any experts retained by the
      Company in connection with any Registration Statement); provided,
      however,
      that
      Registration Expenses shall exclude brokers’ or underwriters’ discounts and
      commissions, if any, relating to the sale or disposition of Registrable Shares
      by a Holder.

     

    Registration
      Statement:
      Any
      registration statement of the Company that covers the resale of Registrable
      Shares pursuant to the provisions of this Agreement, including the Prospectus,
      amendments and supplements to such registration statement or Prospectus,
      including pre- and post-effective amendments, all exhibits thereto and all
      material incorporated by reference or deemed to be incorporated by reference,
      if
      any, in such registration statement.

     

    Restricted
      Period:
      As
      defined in Section 7 hereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

    Rule 158:
      Rule 158 promulgated by the Commission pursuant to the Securities Act, as
      such rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission as a replacement thereto having
      substantially the same effect as such rule.

     

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

     

    Rule 424:
      Rule 424 promulgated by the Commission pursuant to the Securities Act, as
      such rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission as a replacement thereto having
      substantially the same effect as such rule.

     

    Rule 429:
      Rule 429 promulgated by the Commission pursuant to the Securities Act, as
      such rule may be amended from time to time, or any similar rule or regulation
      hereafter adopted by the Commission as a replacement thereto having
      substantially the same effect as such rule.

     

    Securities
      Act:
      The
      Securities Act of 1933, as amended, and the rules and regulations promulgated
      by
      the Commission thereunder.

     

    Shares:
      The
      shares of Common Stock being offered and sold pursuant to the terms and
      conditions of the Asset Transfer Agreement.

     

    Shelf
      Registration Statement:
      As
      defined in Section 2(a) hereof.

     

    Suspension
      Event:
      As
      defined in Section 5(b) hereof.

     

    Suspension
      Notice:
      As
      defined in Section 5(b) hereof.

     

    Underwritten
      Offering:
      A sale
      of securities of the Company to an underwriter or underwriters for re-offering
      to the public.

     

    
      	
              2.

            	
              Registration
                Rights

            

    

     

    (a)   Mandatory
      Shelf Registration. As
      set
      forth in Section 4 hereof, the Company agrees to file with the Commission
      as soon as reasonably practicable following the date of this Agreement a shelf
      Registration Statement on Form S-3 or such other form under the Securities
      Act then available to the Company providing for the resale of any Registrable
      Shares pursuant to Rule 415 from time to time by the Holders (a
“Shelf
      Registration Statement”).
      The
      Company shall use its commercially reasonable efforts to cause such Shelf
      Registration Statement to be declared effective by the Commission as soon as
      reasonably practicable. Any Shelf Registration Statement shall provide for
      the
      resale from time to time, and pursuant to any method or combination of methods
      legally available (including, without limitation, an Underwritten Offering,
      a
      direct sale to purchasers or a sale through brokers or agents, which may include
      sales over the internet) by the Holders of any and all Registrable
      Shares.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    If
      the
      Company has not filed the Shelf Registration Statement within 75 days after
      the
      date of this Agreement (the “Filing Deadline”) (except because Go2Call has not
      provided the necessary audited financials for the transferred assets as required
      in Section 5.4 of the Asset Purchase Agreement prior to the Filing Deadline),
      or
      if the SEC has not declared the Shelf Registration Statement to be effective
      within 75 days of the date it is actually filed (the “Effectiveness Deadline”),
      the Buyer shall issue to the Holder(s), as partial liquidated damages, 30,000
      additional shares of Common Stock for each 30 day period (pro rated for partial
      30 day periods) that passes after the Filing Deadline or the Effectiveness
      Deadline. After this Shelf Registration Statement (the “Initial
      Shelf Registration Statement”)
      has
      been declared effective, the Company shall file an additional shelf registration
      statement (the “Additional
      Shelf Registration Statement”)
      to
      cover the public resale of such additional shares of common stock (“Additional
      Shares”). If the Additional Shelf Registration Statement is not declared
      effective within 60 days of filing, the Buyer shall pay to the Holder(s), on
      a
      weekly basis, $1,500 in cash for each day that passes after the 60th
      day
      after the filing of the Additional Shelf Registration Statement until the SEC
      declares the Additional Shelf Registration Statement to be
      effective.

     

    (b)    Company
      Registration. If
      the
      Company proposes to file a registration statement on Form S-3 or such other
      form (other than on Form S-4 or Form S-8) under the Securities Act providing
      for
      the public offering of shares of Common Stock (the “Company
      Registration Statement”),
      the
      Company will notify in writing each Holder of the filing, within the ten
      Business Days after the filing thereof, and afford each Holder an opportunity
      by
      the time designated in the notice to include in the Company Registration
      Statement all or any part of the Registrable Shares then held by such Holder.
      Each Holder desiring to include in the Company Registration Statement all or
      part of the Registrable Shares held by such Holder shall, within 20 days
      after receipt of the above-described notice from the Company, so notify the
      Company in writing, and in such notice shall inform the Company of the number
      of
      Registrable Shares such Holder wishes to include in the Company Registration
      Statement. Any election by any Holder to include any Registrable Shares in
      the
      Company Registration Statement will not affect the inclusion of such Registrable
      Shares in the Shelf Registration Statement until such Registrable Shares have
      been sold under the Company Registration Statement.

     

    (i)    Right
      to Terminate Company Registration.
      The
      Company in its sole discretion shall have the right to terminate or withdraw
      the
      Company Registration Statement initiated by it referred to in this
      Section 2(b) prior to the effectiveness of such registration whether or not
      any Holder has elected to include Registrable Shares in such
      registration.

     

    (ii)   Selection
      of Underwriter.
      The
      Company shall have the sole right to select the managing underwriter(s) for
      its
      public offering, regardless of whether any Registrable Securities are included
      in the Company Registration Statement or otherwise.

     

    (iii)        
      Shelf
      Registration not Impacted by Company Registration Statement. The
      Company’s obligation to file the Shelf Registration Statement pursuant to
      Section 2(a) hereof shall not be affected by the filing or effectiveness of
      the Company Registration Statement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (c)    Issuer
      Free Writing Prospectus.
      The
      Company represents that any Issuer Free Writing Prospectus prepared by it will
      not include any information that conflicts with the information contained in
      any
      Registration Statement or the related Prospectus and, any Issuer Free Writing
      Prospectus, when taken together with the information in such Registration
      Statement and the related Prospectus, will not include any untrue statement
      of a
      material fact or omit to state any material fact necessary in order to make
      the
      statements therein, in light of the circumstances under which they were made,
      not misleading.

     

    (d)    Underwriting.
      The
      Company shall advise all Holders of the underwriter for the Underwritten
      Offering proposed under the Company Registration Statement. The right of any
      such Holder’s Registrable Shares to be included in the Company Registration
      Statement pursuant to Section 2(b) shall be conditioned upon such Holder’s
      participation in such underwriting and the inclusion of such Holder’s
      Registrable Shares in the underwriting to the extent provided herein. All
      Holders proposing to distribute their Registrable Shares through such
      underwriting shall enter into an underwriting agreement in customary form with
      the managing underwriter(s) selected for such underwriting and complete and
      execute any questionnaires, powers of attorney, indemnities, custody agreements,
      securities escrow agreements and other documents reasonably required under
      the
      terms of such underwriting, and furnish to the Company such information as
      the
      Company may reasonably request in writing for inclusion in the Registration
      Statement; provided,
      however,
      that no
      Holder shall be required to make any representations or warranties to or
      agreements with the Company or the underwriters other than representations,
      warranties or agreements regarding such Holder and such Holder’s intended method
      of distribution and any other representation required by law or reasonably
      requested by the underwriters. Notwithstanding any other provision of this
      Agreement, if the managing underwriter(s) determine(s) in good faith that
      marketing factors require a limitation on the number of shares to be included,
      then the managing underwriter(s) may exclude shares (including Registrable
      Shares) from the Company Registration Statement and Underwritten Offering,
      and
      any shares included in such Company Registration Statement and Underwritten
      Offering shall be allocated first,
      to the
      Company, second,
      to each
      of the Holders requesting inclusion of their Registrable Shares in such Company
      Registration Statement (on a pro
      rata
      basis
      based on the total number of Registrable Shares then held by each such Holder
      who is requesting inclusion), and third,
      to
      other holders of the Company’s capital stock with registration rights;
provided,
      however,
      that
      the number of Registrable Shares to be included in the Company Registration
      Statement shall not be reduced unless all other securities of the Company held
      by (i) officers, directors, other employees of the Company and consultants;
      and (ii) other holders of the Company’s capital stock with registration
      rights that are inferior (with respect to such reduction) to the registration
      rights of the Holders set forth herein, are first entirely excluded from the
      underwriting and registration.

     

    By
      electing to include the Registrable Shares in the Company Registration
      Statement, the Holder of such Registrable Shares shall be deemed to have agreed
      not to effect any public sale or distribution of securities of the Company
      of
      the same or similar class or classes of the securities included in the Company
      Registration Statement or any securities convertible into or exchangeable or
      exercisable for such securities, including a sale pursuant to Rule 144
      under the Securities Act, during such periods as reasonably requested by the
      representatives of the underwriters, if an Underwritten Offering, or by the
      Company in any other registration.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    If
      any
      Holder disapproves of the terms of any such underwriting, such Holder may elect
      to withdraw therefrom by written notice to the Company and the managing
      underwriter(s), delivered at least 15 Business Days prior to the expected
      effective date of the Company Registration Statement. Any Registrable Shares
      excluded or withdrawn from such underwriting shall be excluded and withdrawn
      from the registration.

     

    (e)    Expenses.
      The
      Company shall pay all Registration Expenses in connection with the registration
      of the Registrable Shares pursuant to this Agreement. Each Holder participating
      in a registration pursuant to this Section 2 shall bear such Holder’s
      proportionate share (based on the total number of Registrable Shares sold in
      such registration) of all discounts and commissions payable to underwriters
      or
      brokers in connection with a registration of Registrable Shares pursuant to
      this
      Agreement.

     

    
      	
              3.

            	
              Rule
                144 Reporting

            

    

     

    With
      a
      view to making available the benefits of certain rules and regulations of the
      Commission that may at any time permit the sale of the Registrable Shares to
      the
      public without registration, the Company agrees to:

     

    (a)    use
      commercially reasonable efforts to make and keep adequate current public
      information available, as those terms are understood and defined in
      Rule 144(c) at all times;

     

    (b)    use
      commercially reasonable efforts to file with the Commission in a timely manner
      all reports and other documents required to be filed by the Company under the
      Securities Act and the Exchange Act;

     

    (c)    so
      long
      as a Holder owns any Registrable Shares, to furnish to the Holder promptly
      upon
      request (i) a written statement by the Company as to its compliance with the
      reporting requirements of Rule 144, and of the Securities Act and the Exchange
      Act, (ii) a copy of the most recent annual or quarterly report of the Company,
      and (iii) such other reports and documents of the Company, and take such further
      actions as a Holder may reasonably request in availing itself of any rule or
      regulation of the Commission allowing a Holder to sell any such Registrable
      Shares without registration; provided,
      however,
      that
      the filing of any of the items listed in clauses (i) through (iii) with the
      Commission shall constitute furnishing such items to the Holder.

     

    
      	
              4.

            	
              Registration
                Procedures

            

    

     

    In
      connection with the obligations of the Company with respect to any registration
      pursuant to this Agreement, the Company shall use its commercially reasonable
      efforts to effect or cause to be effected the registration of the Registrable
      Shares under the Securities Act to permit the sale of such Registrable Shares
      by
      the Holder or Holders in accordance with the Holder’s or Holders’ intended
      method or methods of distribution, and the Company shall:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    (a)    notify
      the Holder(s) and Selling Holders’ Counsel, in writing, at least
      five Business Days prior to filing a Registration Statement, of its
      intention to file a Registration Statement with the Commission and, at least
      two Business Days prior to filing, provide a copy of the Registration
      Statement to the Holder(s) and Selling Holders’ Counsel for review and comment;
      prepare and file with the Commission, as specified in this Agreement, a
      Registration Statement(s), which Registration Statement(s) shall (i) comply
      as to form in all material respects with the requirements of the applicable
      form
      and include all financial statements required by the Commission to be filed
      therewith and (ii) be reasonably acceptable to the Holder(s) and Selling
      Holders’ Counsel; notify the Holder(s) and Selling Holders’ Counsel in writing,
      at least five Business Days prior to filing of any amendment or supplement
      to such Registration Statement and, at least two Business Days prior to
      filing, provide a copy of such amendment or supplement to the Holder(s) and
      Selling Holders’ Counsel for review and comment; promptly following receipt from
      the Commission, provide to the Holder(s) and Selling Holders’ Counsel copies of
      any comments made by the staff of the Commission relating to such Registration
      Statement and of the Company’s responses thereto for review and comment; and use
      its commercially reasonable efforts to cause such Registration Statement to
      become effective as soon as practicable after filing and to remain effective,
      subject to Section 5 hereof, until the earlier of (i) such time as all
      Registrable Shares covered thereby have been sold in accordance with the
      intended distribution of such Registrable Shares, (ii) all of the
      Registrable Shares covered by such Registration Statement are eligible for
      sale
      pursuant to Rule 144(k), or (iii) the second anniversary of the initial
      effective date of such Registration Statement (subject to extension as provided
      in Section 5(c) hereof); provided,
      however,
      that if
      the Company has an effective Shelf Registration Statement on Form S-1 under
      the Securities Act and becomes eligible to use Form S-3 or such other
      short-form registration statement form under the Securities Act, the Company
      may, upon 30 Business Days prior written notice to all Holders, register
      any Registrable Shares registered but not yet distributed under the effective
      Shelf Registration Statement on such a short-form Shelf Registration Statement
      and, once the short-form Shelf Registration Statement is declared effective,
      de-register such shares under the previous Registration Statement or transfer
      the filing fees from the previous Registration Statement (such transfer pursuant
      to Rule 429, if applicable);

     

    (b)    subject
      to Section 4(i) hereof, (i) prepare and file with the Commission such
      amendments and post-effective amendments to each such Registration Statement
      as
      may be necessary to keep such Registration Statement effective for the period
      described in Section 4(a) hereof; (ii) cause each Prospectus contained
      therein to be supplemented by any required Prospectus supplement, and as so
      supplemented to be filed pursuant to Rule 424 or any similar rule that may
      be adopted under the Securities Act; and (iii) comply with the provisions
      of the Securities Act with respect to the disposition of all securities covered
      by each Registration Statement during the applicable period in accordance with
      the intended method or methods of distribution by the selling Holders
      thereof;

     

    (c)    furnish
      to the Holders, without charge, as many copies of each Prospectus, including
      each preliminary Prospectus, and any amendment or supplement thereto and such
      other documents as such Holder may reasonably request, in order to facilitate
      the public sale or other disposition of the Registrable Shares; the Company
      consents to the use of such Prospectus, including each preliminary Prospectus,
      by the Holders, if any, in connection with the offering and sale of the
      Registrable Shares covered by any such Prospectus;

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d)    use
      its
      commercially reasonable efforts to register or qualify, or obtain exemption
      from
      registration or qualification for, all Registrable Shares by the time the
      applicable Registration Statement is declared effective by the Commission under
      all applicable state securities or “blue sky” laws of such jurisdictions as any
      Holder of Registrable Shares covered by a Registration Statement shall
      reasonably request in writing, keep each such registration or qualification
      or
      exemption effective during the period such Registration Statement is required
      to
      be kept effective pursuant to Section 4(a) and do any and all other acts
      and things that may be reasonably necessary to enable such Holder to consummate
      the disposition in each such jurisdiction of such Registrable Shares owned
      by
      such Holder; provided,
      however,
      that
      the Company shall not be required to (i) qualify generally to do business
      in any jurisdiction where it would not otherwise be required to qualify but
      for
      this Section 4(d), except as may be required by the Securities Act, or to
      register as a broker or dealer in any jurisdiction, (ii) subject itself to
      taxation in any such jurisdiction, or (iii) submit to the general service
      of process in any such jurisdiction;

     

    (e)    use
      its
      commercially reasonable efforts to cause all Registrable Shares covered by
      such
      Registration Statement to be registered and approved by such other governmental
      agencies or authorities as may be necessary to enable the Holders thereof to
      consummate the disposition of such Registrable Shares;

     

    (f)    (i) notify
      each Holder promptly and, if requested by any Holder, confirm such advice in
      writing (A) when a Registration Statement has become effective and when any
      post-effective amendments and supplements thereto become effective, (B) of
      the issuance by the Commission or any state securities authority of any stop
      order suspending the effectiveness of a Registration Statement or the initiation
      of any proceedings for that purpose, (C) of any request by the Commission
      or any other federal, state or foreign governmental authority for
      (I) amendments or supplements to a Registration Statement or related
      Prospectus or (II) additional information and (D) of the happening of
      any event during the period a Registration Statement is effective as a result
      of
      which such Registration Statement or the related Prospectus or any document
      incorporated by reference therein contains any untrue statement of a material
      fact or omits to state any material fact required to be stated therein or
      necessary to make the statements therein not misleading (which information
      shall
      be accompanied by an instruction to suspend the use of the Prospectus until
      the
      requisite changes have been made) and (ii) at the request of any such
      Holder, promptly to furnish to such Holder a reasonable number of copies of
      a
      supplement to or an amendment of such Prospectus as may be necessary so that,
      as
      thereafter delivered to the purchaser of such securities, such Prospectus shall
      not include an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements therein
      not misleading;

     

    (g)    make
      every reasonable effort to avoid the issuance of, or if issued, to obtain the
      withdrawal of, any order enjoining or suspending the use or effectiveness of
      a
      Registration Statement or suspending of the qualification (or exemption from
      qualification) of any of the Registrable Shares for sale in any jurisdiction,
      as
      promptly as practicable;

     

    (h)    upon
      written request, furnish to each requesting Holder of Registrable Shares,
      without charge, at least one conformed copy of each Registration Statement
      and
      any post-effective amendment or supplement thereto (without documents
      incorporated therein by reference or exhibits thereto, unless
      requested);

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (i)    except
      as
      provided in Section 5, upon the occurrence of any event contemplated by
      Section 4(f)(i)(D) hereof, as promptly as practicable prepare and file with
      the Commission a supplement or post-effective amendment to a Registration
      Statement or the related Prospectus or any document incorporated therein by
      reference or file any other required document so that, as thereafter delivered
      to the purchasers of the Registrable Shares, such Prospectus will not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in
      the light of the circumstances under which they were made, not
      misleading;

     

    (j)    if
      requested by the representative of the underwriters, if any, or any Holders
      of
      Registrable Shares being sold in connection with such offering,
      (i) promptly incorporate in a Prospectus supplement or post-effective
      amendment such information as the representative of the underwriters, if any,
      or
      such Holders indicate relates to them or that they reasonably request be
      included therein and (ii) make all required filings of such Prospectus
      supplement or such post-effective amendment as soon as practicable after the
      Company has received notification of the matters to be incorporated in such
      Prospectus supplement or post-effective amendment; provided,
      however,
      that
      the Company shall not be required to prepare or file a Prospectus supplement
      or
      post-effective amendment to name additional selling stockholders therein more
      than once in any 30-day period;

     

    (k)    in
      the
      case of an Underwritten Offering, use its commercially reasonable efforts to
      furnish to the underwriters a signed counterpart, addressed to the underwriters,
      of: (i) an opinion of counsel for the Company, dated the date of each
      closing under the underwriting agreement, reasonably satisfactory to the
      underwriters; and (ii) a “comfort” letter, dated the effective date of such
      Registration Statement and the date of each closing under the underwriting
      agreement, signed by the independent public accountants who have certified
      the
      Company’s financial statements included in such Registration Statement, covering
      substantially the same matters with respect to such Registration Statement
      (and
      the Prospectus included therein) and with respect to events subsequent to the
      date of such financial statements, as are customarily covered in accountants’
letters delivered to underwriters in underwritten public offerings of securities
      and such other financial matters as the underwriters may reasonably
      request;

     

    (l)    enter
      into customary agreements (including in the case of an Underwritten Offering,
      an
      underwriting agreement in customary form) and take all other action in
      connection therewith in order to expedite or facilitate the distribution of
      the
      Registrable Shares included in such Registration Statement and, in the case
      of
      an Underwritten Offering, make representations and warranties to the
      underwriters in such form and scope as are customarily made by issuers to
      underwriters in underwritten offerings and confirm the same to the extent
      customary if and when requested;

     

    (m)   use
      its
      commercially reasonable efforts (including, without limitation, seeking to
      cure
      any deficiencies cited by the exchange or market in the Company’s listing or
      inclusion application) to list or include all Registrable Shares on the NASDAQ
      Capital Market;

     

    (n)    prepare
      and file in a timely manner all documents and reports required by the Exchange
      Act and, to the extent the Company’s obligation to file such reports pursuant to
      Section 15(d) of the Exchange Act expires prior to the expiration of the
      effectiveness period of the Registration Statement as required by
      Section 4(a) hereof, the Company shall register the Registrable Shares
      under the Exchange Act and shall maintain such registration through the
      effectiveness period required by Section 4(a) hereof;

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (o)    (i) otherwise
      use its commercially reasonable efforts to comply with all applicable rules
      and
      regulations of the Commission, (ii) make generally available to its
      shareholders, as soon as reasonably practicable, earnings statements covering
      at
      least 12 months that satisfy the provisions of Section 11(a) of the
      Securities Act and Rule 158 (or any similar rule promulgated under the
      Securities Act) thereunder, but in no event later than 90 days after the
      end of each fiscal year of the Company and (iii) not file any Registration
      Statement or Prospectus or amendment or supplement to such Registration
      Statement or Prospectus to which any Holder of Registrable Shares covered by
      any
      Registration Statement shall have reasonably objected on the grounds that such
      Registration Statement or Prospectus or amendment or supplement does not comply
      in all material respects with the requirements of the Securities Act, such
      Holder having been furnished with a copy thereof at least two Business Days
      prior to the filing thereof;

     

    (p)    provide
      and cause to be maintained a registrar and transfer agent for all Registrable
      Shares covered by any Registration Statement from and after a date not later
      than the effective date of such Registration Statement;

     

    (q)    in
      connection with any sale or transfer of the Registrable Shares (whether or
      not
      pursuant to a Registration Statement) that will result in the securities being
      delivered no longer being Registrable Shares, cooperate with the Holders and
      the
      representative of the underwriters, if any, to facilitate the timely preparation
      and delivery of certificates representing the Registrable Shares to be sold,
      which certificates shall not bear any restrictive transfer legends and to enable
      such Registrable Shares to be in such denominations and registered in such
      names
      as the representative of the underwriters, if any, or the Holders may
      request;

     

    (r)    provide
      to the Holder(s) and its representatives, the opportunity to conduct due
      diligence, including, without limitation, an inquiry of the Company’s financial
      and other records, and make available members of its management for questions
      regarding information which the Holder(s) may request in order to perform,
      in
      the reasonable opinion of Counsel to the Holder(s), an effective due diligence
      investigation on its part in connection with a Registration Statement or
      Prospectus; provided, however, that such records, documents or information
      that
      the Company determines, in good faith, to be confidential and so notifies such
      Holder(s) shall not be disclosed by the Holder(s) unless (i) the disclosure
      of
      such records, documents or information is necessary to avoid or correct a
      misstatement or omission in a Registration Statement or Prospectus, (ii) the
      release of such records, documents or information is ordered pursuant to a
      subpoena or other order from a court of competent jurisdiction, or (iii) such
      records, documents or information have been generally made available to the
      public; and 

     

    (s)    upon
      effectiveness of the first Registration Statement filed under this Agreement,
      take such actions and make such filings as are necessary to effect the
      registration of the Common Stock under the Exchange Act simultaneously with
      or
      immediately following the effectiveness of the Registration
      Statement.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    The
      Company may require the Holders to furnish to the Company such information
      regarding the proposed distribution by such Holder of such Registrable Shares
      as
      the Company may from time to time reasonably request in writing or as shall
      be
      required to effect the registration of the Registrable Shares, and no Holder
      shall be entitled to be named as a selling shareholder in any Registration
      Statement and no Holder shall be entitled to use the Prospectus forming a part
      thereof if such Holder does not provide such information to the Company. Each
      Holder further agrees to furnish promptly to the Company in writing all
      information required from time to time to make the information previously
      furnished by such Holder not misleading.

     

    Each
      Holder agrees that, upon receipt of any notice from the Company of the happening
      of any event of the kind described in Section 4(f)(i)(C)(I) or 4(f)(i)(D)
      hereof, such Holder will immediately discontinue disposition of Registrable
      Shares pursuant to a Registration Statement until such Holder’s receipt of the
      copies of the supplemented or amended Prospectus or, in the event that the
      conditions of Rule 172 under the Securities Act are satisfied, the Holder
      receives notice from the Company that such a Prospectus has been filed with
      the
      Commission. If so directed by the Company, such Holder will deliver to the
      Company (at the expense of the Company) all copies in its possession, other
      than
      permanent file copies then in such Holder’s possession, of the Prospectus
      covering such Registrable Shares current at the time of receipt of such
      notice.

     

    
      	
              5.

            	
              Black-Out
                Period

            

    

     

    (a)    Subject
      to the provisions of this Section 5, following the effectiveness of a
      Registration Statement (and the filings with any international, federal or
      state
      securities commissions), the Company, by written notice to the Holders, may
      direct the Holders to suspend sales of the Registrable Shares pursuant to a
      Shelf Registration Statement on a single occasion only (but in no event for
      more
      than an aggregate of 30 consecutive days), if the Board of Directors of the
      Company shall have determined after the advice of counsel that, the sale of
      Registrable Shares pursuant to the Shelf Registration Statement would require
      disclosure of non-public material information not otherwise required to be
      disclosed under applicable law. Upon the occurrence of any such suspension,
      the
      Company shall use commercially reasonable efforts to cause the Registration
      Statement to become effective or to promptly amend or supplement the
      Registration Statement on a post-effective basis or to take such action as
      is
      necessary to make resumed use of the Registration Statement compatible with
      the
      Company’s best interests, as applicable, so as to permit the Holders to resume
      sales of the Registrable Shares as soon as possible.

     

    (b)    In
      the
      case of an event that causes the Company to suspend the use of a Registration
      Statement (a “Suspension
      Event”),
      the
      Company shall give written notice (a “Suspension
      Notice”)
      to the
      Holders to suspend sales of the Registrable Shares and such notice shall state
      generally the basis for the notice and that such suspension shall continue
      only
      for so long as the Suspension Event or its effect is continuing and the Company
      is using commercially reasonable efforts and taking all reasonable steps to
      terminate suspension of the use of the Registration Statement as promptly as
      possible. The Holders shall not effect any sales of the Registrable Shares
      pursuant to such Registration Statement (or such filings) at any time after
      it
      has received a Suspension Notice from the Company and prior to receipt of an
      End
      of Suspension Notice (as defined below). If so directed by the Company, each
      Holder will deliver to the Company (at the expense of the Company) all copies
      other than permanent file copies then in such Holder’s possession of the
      Prospectus covering the Registrable Shares at the time of receipt of the
      Suspension Notice. The Holders may recommence effecting sales of the Registrable
      Shares pursuant to the Registration Statement (or such filings) following
      further notice to such effect (an “End
      of Suspension Notice”)
      from
      the Company, which End of Suspension Notice shall be given by the Company to
      the
      Holders in the manner described above promptly following the conclusion of
      any
      Suspension Event and its effect.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (c)    Notwithstanding
      any provision herein to the contrary, if the Company shall give a Suspension
      Notice pursuant to this Section 5, the Company agrees that it shall extend
      the period of time during which the applicable Registration Statement shall
      be
      maintained effective pursuant to this Agreement by the number of days during
      the
      period from the date of receipt by the Holders of the Suspension Notice to
      and
      including the date of receipt by the Holders of the End of Suspension Notice
      and
      copies of the supplemented or amended Prospectus necessary to resume
      sales.

     

    
      	
              6.

            	
              Indemnification
                and Contribution

            

    

     

    (a)    The
      Company agrees to indemnify and hold harmless (i) each Holder of
      Registrable Shares and any underwriter (as determined in the Securities Act)
      for
      such Holder, (ii) each Person, if any, who controls (within the meaning of
      Section 15 of the Securities Act or Section 20(a) of the Exchange Act)
      any such Person described in clause (i) (any of the Persons referred to in
      this clause (ii) being hereinafter referred to as a “Controlling
      Person”),
      and
      (iii) the respective officers, directors, partners, employees,
      representatives and agents of any such Person or any Controlling Person (any
      Person referred to in clause (i), (ii) or (iii) above may hereinafter be
      referred to as a “Purchaser
      Indemnitee”),
      to
      the fullest extent lawful, from and against any and all losses, claims, damages,
      judgments, actions, out-of-pocket expenses, and other liabilities (the
“Liabilities”),
      including without limitation and as incurred, reimbursement of all reasonable
      costs of investigating, preparing, pursuing or defending any claim or action,
      or
      any investigation or proceeding by any governmental agency or body, commenced
      or
      threatened, including the reasonable fees and expenses of counsel to any
      Purchaser Indemnitee, joint or several, directly or indirectly related to,
      based
      upon, arising out of or in connection with any untrue statement or alleged
      untrue statement of a material fact contained in any Registration Statement
      (or
      any amendment thereto), any Prospectus (or any amendment or supplement thereto)
      or any Issuer Free Writing Prospectus prepared by the Company (or any amendment
      or supplement thereto), or any omission or alleged omission to state therein
      a
      material fact required to be stated therein or necessary to make the statements
      therein, in light of the circumstances under which they were made, not
      misleading, except insofar as such Liabilities arise out of or are based upon
      (i) any untrue statement or omission or alleged untrue statement or omission
      made in reliance upon and in conformity with information relating to any
      Purchaser Indemnitee furnished to the Company or any underwriter in writing
      by
      such Purchaser Indemnitee expressly for use therein, or (ii) any untrue
      statement or omission or alleged untrue statement or omission if a copy of
      the
      Prospectus (as then amended or supplemented) was not sent or given by or on
      behalf of any such Purchaser Indemnitee (including pursuant to Rule 172 under
      the Securities Act) to the Person asserting such Liabilities and the untrue
      statement or omission or alleged untrue statement or omission was corrected
      in
      such Prospectus (as then amended or supplemented). The Company shall notify
      the
      Holders promptly of the institution, threat or assertion of any claim,
      proceeding (including any governmental investigation), or litigation of which
      it
      shall have become aware in connection with the matters addressed by this
      Agreement which involves the Company or a Purchaser Indemnitee. The indemnity
      provided for herein shall remain in full force and effect regardless of any
      investigation made by or on behalf of any Purchaser Indemnitee.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    (b)    In
      connection with any Registration Statement in which a Holder of Registrable
      Shares is participating, such Holder agrees, severally and not jointly, to
      indemnify and hold harmless the Company, each Person who controls the Company
      within the meaning of Section 15 of the Securities Act or
      Section 20(a) of the Exchange Act and the respective partners, directors,
      officers, members, representatives, employees and agents of such Person or
      Controlling Person to the same extent as the foregoing indemnity from the
      Company to each Purchaser Indemnitee, but only with reference to untrue
      statements or omissions or alleged untrue statements or omissions made in
      reliance upon and in strict conformity with information relating to such Holder
      furnished to the Company in writing by such Holder expressly for use in such
      Registration Statement (or any amendment thereto), Prospectus (or any amendment
      or supplement thereto), or Issuer Free Writing Prospectus (or any amendment
      or
      supplement thereto). The liability of any Holder pursuant to this paragraph
      shall in no event exceed the net proceeds received by such Holder from sales
      of
      Registrable Shares pursuant to such Registration Statement (or any amendment
      thereto), Prospectus (or any amendment or supplement thereto), Issuer Free
      Writing Prospectus (or any amendment or supplement thereto) or any preliminary
      Prospectus.

     

    (c)    If
      any
      suit, action, proceeding (including any governmental or regulatory
      investigation), claim or demand shall be brought or asserted against any Person
      in respect of which indemnity may be sought pursuant to Section 6(a) or
      6(b) above, such Person (the “Indemnified
      Party”)
      shall
      promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying
      Party”)
      in
      writing of the commencement thereof (but the failure to so notify an
      Indemnifying Party shall not relieve it from any liability which it may have
      under this Section 6, except to the extent the Indemnifying Party is
      materially prejudiced by the failure to give notice), and the Indemnifying
      Party, upon request of the Indemnified Party, shall retain counsel reasonably
      satisfactory to the Indemnified Party to represent the Indemnified Party and
      any
      others the Indemnifying Party may reasonably designate in such proceeding and
      shall pay the reasonable fees and expenses actually incurred by such counsel
      related to such proceeding. Notwithstanding the foregoing, in any such
      proceeding, any Indemnified Party shall have the right to retain its own
      counsel, but the fees and expenses of such counsel shall be at the expense
      of
      such Indemnified Party, unless (i) the Indemnifying Party and the
      Indemnified Party shall have mutually agreed in writing to the contrary,
      (ii) the Indemnifying Party failed within a reasonable time after notice of
      commencement of the action to assume the defense and employ counsel reasonably
      satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its
      counsel do not pursue the defense of such action or (iv) the named parties
      to any such action (including any impleaded parties) include both such
      Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying
      Party, and such Indemnified Party shall have been reasonably advised by counsel
      that, either (A) there may be one or more legal defenses available to it
      which are different from or additional to those available to the Indemnifying
      Party or such Affiliate of the Indemnifying Party which defenses are not being
      involved on behalf of the Indemnified Party, or (B) a conflict may exist
      between such Indemnified Party and the Indemnifying Party or such Affiliate
      of
      the Indemnifying Party (in which case the Indemnifying Party shall not have
      the
      right to assume nor direct the defense of such action on behalf of such
      Indemnified Party; it being understood, however, that the Indemnifying Party
      shall not, in connection with any one such action or separate but substantially
      similar or related actions in the same jurisdiction arising out of the same
      general allegations or circumstances, be liable for the fees and expenses of
      more than one separate firm of attorneys (in addition to any local counsel)
      for
      all such Indemnified Parties, which firm shall be designated in writing by
      those
      Indemnified Parties who sold a majority of the Registrable Shares sold by all
      such Indemnified Parties and any such separate firm for the Company, the
      directors, the officers and such control Persons of the Company as shall be
      designated in writing by the Company). The Indemnifying Party shall not be
      liable for any settlement of any proceeding effected without its written
      consent, which consent shall not be unreasonably withheld, but if settled with
      such consent or if there is a final judgment for the plaintiff, the Indemnifying
      Party agrees to indemnify any Indemnified Party from and against any loss or
      liability by reason of such settlement or judgment. No Indemnifying Party shall,
      without the prior written consent of the Indemnified Party, effect any
      settlement of any pending or threatened proceeding in respect of which any
      Indemnified Party is or could have been a party and indemnity could have been
      sought hereunder by such Indemnified Party, unless such settlement includes
      an
      unconditional release of such Indemnified Party from all liability on claims
      that are the subject matter of such proceeding.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (d)    If
      the
      indemnification provided for in Sections 6(a) and 6(b) is for any reason
      held to be unavailable to an Indemnified Party in respect of any Liabilities
      referred to therein (other than by reason of the exceptions provided therein)
      or
      is insufficient to hold harmless a party indemnified thereunder, then each
      Indemnifying Party under such paragraphs, in lieu of indemnifying such
      Indemnified Party thereunder, shall contribute to the amount paid or payable
      by
      such Indemnified Party as a result of such Liabilities (i) in such
      proportion as is appropriate to reflect the relative benefits of the Indemnified
      Party on the one hand and the Indemnifying Party(ies) on the other in connection
      with the statements or omissions that resulted in such Liabilities, or
      (ii) if the allocation provided by clause (i) above is not permitted
      by applicable law, in such proportion as is appropriate to reflect not only
      the
      relative benefits referred to in clause (i) above but also the relative
      fault of the Indemnifying Party(ies) and the Indemnified Party, as well as
      any
      other relevant equitable considerations. The relative fault of the Company
      on
      the one hand and any Purchaser Indemnitees on the other 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 the Company or by such Purchaser Indemnitees
      and the parties’ relative intent, knowledge, access to information and
      opportunity to correct or prevent such statement or omission.

     

    (e)    The
      parties agree that it would not be just and equitable if contribution pursuant
      to this Section 6 were determined by pro
      rata
      allocation (even if such Indemnified Parties were treated as one entity for
      such
      purpose), or by any other method of allocation that does not take account of
      the
      equitable considerations referred to in Section 6(d) above. The amount paid
      or payable by an Indemnified Party as a result of any Liabilities referred
      to
      Section 6(d) shall be deemed to include, subject to the limitations set
      forth above, any reasonable legal or other expenses actually incurred by such
      Indemnified Party in connection with investigating or defending any such action
      or claim. Notwithstanding the provisions of this Section 6, in no event
      shall a Purchaser Indemnitee be required to contribute any amount in excess
      of
      the amount by which the net proceeds received by such Purchaser Indemnitee
      from
      sales of Registrable Shares exceeds the amount of any damages that such
      Purchaser Indemnitee has otherwise been required to pay by reason of such untrue
      or alleged untrue statement or omission or alleged omission. For purposes of
      this Section 6, each Person, if any, who controls (within the meaning of
      Section 15 of the Securities Act or Section 20(a) of the Exchange Act)
      a Holder of Registrable Shares shall have the same rights to contribution as
      such Holder, as the case may be, and each Person, if any, who controls (within
      the meaning of Section 15 of the Securities Act or Section 20(a) of
      the Exchange Act) the Company, and each officer, director, partner, employee,
      representative, agent or manager 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 another party or parties, notify each party or parties from whom
      contribution may be sought, but the omission to so notify such party or parties
      shall not relieve the party or parties from whom contribution may be sought
      from
      any obligation it or they may have under this Section 6 or otherwise,
      except to the extent that any party is materially prejudiced by the failure
      to
      give notice. 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.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    (f)    The
      indemnity and contribution agreements contained in this Section 6 will be
      in addition to any liability which the Indemnifying Parties may otherwise have
      to the Indemnified Parties referred to above. The Purchaser Indemnitee’s
      obligations to contribute pursuant to this Section 6 are several in
      proportion to the respective number of Shares sold by each of the Purchaser
      Indemnitees hereunder and not joint.

     

    
      	
              7.

            	
              Termination
                of the Company’s
                Obligation

            

    

     

    The
      Company shall have no registration obligation pursuant to this Agreement with
      respect to any Registrable Shares proposed to be sold by a Holder in a
      registration pursuant to this Agreement if, in the opinion of counsel to the
      Company, all such Registrable Shares proposed to be sold by a Holder may be
      sold
      in a three month period without registration under the Securities Act pursuant
      to Rule 144 under the Securities Act.

     

    
      	
              8.

            	
              Limitations
                on Subsequent Registration
                Rights

            

    

     

    From
      and
      after the date of this Agreement, the Company shall not, without the prior
      written consent of Holders beneficially owning not less than a majority of
      the
      then outstanding Registrable Shares (provided,
      however,
      that
      for purposes of this Section 8, Registrable Shares that are owned, directly
      or indirectly, by an Affiliate of the Company shall not be deemed to be
      outstanding), enter into any agreement with any holder or prospective holder
      of
      any securities of the Company that would allow such holder or prospective holder
      to include such securities in any Registration Statement filed pursuant to
      the
      terms hereof, unless, under the terms of such agreement, such holder or
      prospective holder may include such securities in any such registration only
      to
      the extent that the inclusion of its securities will not reduce the amount
      of
      Registrable Shares of the Holders that is included.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              9.

            	
              Miscellaneous

            

    

     

    (a)    Remedies.
      In the
      event of a breach by the Company of any of its obligations under this Agreement,
      each Holder, in addition to being entitled to exercise all rights provided
      herein or granted by law, including recovery of damages, will be entitled to
      specific performance of its rights under this Agreement. Subject to
      Section 6, the Company agrees that monetary damages would not be adequate
      compensation for any loss incurred by reason of a breach by it of any of the
      provisions of this Agreement and hereby further agree that, in the event of
      any
      action for specific performance in respect of such breach, it shall waive the
      defense that a remedy at law would be adequate.

     

    (b)    Amendments
      and Waivers.
      The
      provisions of this Agreement, including the provisions of this sentence, may
      not
      be amended, modified or supplemented, and waivers or consents to or departures
      from the provisions hereof may not be given, without the written consent of
      the
      Company and Holders beneficially owning not less than a majority of the then
      outstanding Registrable Shares; provided,
      however,
      that for
      purposes of this Section 9(b), Registrable Shares that are owned, directly
      or indirectly, by an Affiliate of the Company shall not be deemed to be
      outstanding. No amendment shall be deemed effective unless it applies uniformly
      to all Holders. Notwithstanding the foregoing, a waiver or consent to or
      departure from the provisions hereof with respect to a matter that relates
      exclusively to the rights of a Holder whose securities are being sold pursuant
      to a Registration Statement and that does not directly or indirectly affect,
      impair, limit or compromise the rights of other Holders may be given by such
      Holder; provided
      that the
      provisions of this sentence may not be amended, modified or supplemented except
      in accordance with the provisions of the immediately preceding
      sentence.

     

    (c)    Notices.
      All
      notices and other communications, provided for or permitted hereunder, shall
      be
      made in writing and delivered by facsimile (with receipt confirmed), overnight
      courier or registered or certified mail, return receipt requested, or by
      telegram:

     

    (i)    if
      to a
      Holder, at the most current address given by the transfer agent and registrar
      of
      the Shares to the Company; and 

     

    (ii)   if
      to the
      Company at the offices of the Company at deltathree, inc., Attention: Eugene
      Serban, General Counsel, 75 Broad Street, New York, New York 10004.

     

    (d)    Successors
      and Assigns.
      This
      Agreement shall inure to the benefit of and be binding upon the successors
      and
      assigns of each of the parties hereto, the persons listed on the Closing Share
      Schedule as defined in section 4.3(b) of the Asset Transfer Agreement, and
      also,
      without limitation and without the need for an express assignment or assumption,
      any subsequent Holders. The Company agrees that the Holders, including the
      persons listed on the Closing Share Schedule, shall be third party beneficiaries
      to the agreements made hereunder by Go2Call and the Company, and each Holder
      shall have the right to enforce such agreements directly to the extent it deems
      such enforcement necessary or advisable to protect its rights hereunder;
provided,
      however,
      that
      such Holder fulfills all of its obligations hereunder.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    (e)    Counterparts.
      This
      Agreement may be executed in any number of counterparts and by the parties
      hereto in separate counterparts, each of which when so executed shall be deemed
      to be an original and all of which taken together shall constitute one and
      the
      same agreement.

     

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

     

    (g)    Governing
      Law.
      THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      OF
      THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE
      STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF
      THE
      PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE
      COURT
      IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT
      OF
      ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
      AND
      IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
      UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES
      HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER
      APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
      OF
      THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
      AND
      ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
      HAS
      BEEN BROUGHT IN AN INCONVENIENT FORUM.

     

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

     

    (i)    Entire
      Agreement.
      This
      Agreement, together with the Asset Transfer Agreement, is intended by the
      parties hereto as a final expression of their agreement, and is intended to
      be a
      complete and exclusive statement of the agreement and understanding of the
      parties hereto in respect of the subject matter contained herein and
      therein.

     

    (j)    Registrable
      Shares Held by the Company or its Affiliates.
      Whenever the consent or approval of Holders of a specified percentage of
      Registrable Shares is required hereunder, Registrable Shares held by the Company
      or its Affiliates shall not be counted in determining whether such consent
      or
      approval was given by the Holders of such required percentage.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (k)    Adjustment
      for Stock Splits, Etc.
      Wherever
      in this Agreement there is a reference to a specific number of shares, then
      upon
      the occurrence of any subdivision, combination, or stock dividend of such
      shares, the specific number of shares so referenced in this Agreement shall
      automatically be proportionally adjusted to reflect the effect on the
      outstanding shares of such class or series of stock by such subdivision,
      combination, or stock dividend.

     

    (l)    Survival.
      This
      Agreement is intended to survive the consummation of the transactions
      contemplated by the Asset Transfer Agreement. The indemnification and
      contribution obligations under Section 6 of this Agreement shall survive
      the termination of the Company’s obligations under Section 2 of this
      Agreement.

     

     [Signature
      page follows]

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

     

    
       

      
        	 	 	 
	 	
                DELTATHREE,
                  INC.

              
	 
 	 
 	 
 
	 	By:  	
                /s/
                  SHIMMEY ZIMELS

              
	 	
                

                Name:
                  SHIMMEY
                  ZIMELS

                Title:
                  PRESIDENT
                  AND CEO

              
	 	 

      

       

    

    
      	 	 	 
	 	
              GO2CALL.COM,
                INC.

            
	 
 	 
 	 
 
	 	By:  	
              /s/
                JOHN A. NIX JR.

            
	 	
              

              Name:
                JOHN
                A. NIX JR.

              Title:
                CORPORATE
                SECRETARY

            
	 	 

    

    
       

      
        
          
          

        

        
          20

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