Document:

Exhibit 10.11

 

PROMISSORY NOTE

 

	
  $500,000

  	
   

  	
                ,
  2006

  
	
   

  	
   

  	
  New York, New York

  

 

TRANSTECH SERVICES PARTNERS INC. (“Maker”)
promises to pay to the order of LOTUS CAPITAL LLC (the “Payee”)
the principal sum of FIVE HUNDRED THOUSAND DOLLARS AND NO CENTS ($500,000.00)
in lawful money of the United States of America, on the terms and conditions
described below.

 

1.             Principal. Subject to Section 3, the
principal balance of this Note shall be repayable in eighteen (18) monthly
installments of [                                ],
commencing on [                            ]
and continuing on the [          ]
day of each succeeding month until paid in full. In case a plan of dissolution
and liquidation is approved by the Public Stockholders of the Maker before the
principal balance of this Note becomes repayable, the right of the Payee to be
repaid the balance due under this Note shall be subordinate to, and subject to
prior satisfaction of, the right of each Public Stockholder of the Maker to
receive a distribution from the Trust Account equaling $5.85 for each IPO Share
held by such Public Stockholder. For purposes of this Note, “Trust Account” shall mean the trust account
at HSBC USA Bank, N.A. in which Continental Stock Transfer & Trust Company,
as trustee, shall hold the majority of the proceeds of the initial public
offering of securities of the Maker, as described more fully in the
registration statement relating to such initial public offering filed with the
Securities and Exchange Commission under File No. 333-[              ],
as amended from time to time (the “Registration
Statement”). For purposes of this Section 1, the shares of common
stock issued in such initial public offering shall be referred to as “IPO Shares,” and holders of such shares
shall be referred to as “Public Stockholders.”
A “Business Combination” shall
mean the acquisition by the Maker, whether by merger capital stock exchange,
asset or stock acquisition or other similar type of transaction of an operating
business in the business services industry.

 

2.             Interest.
This Note shall bear simple interest at the rate of four percent (4%) per
annum. Interest payable on this Note shall be calculated on the basis of one
year of three hundred sixty-five (365) days for the number of days elapsed.

 

3.             Payment.
Payments of principal and interest under this Note shall be made from the
interest earned on the amounts deposited in a Trust Account established by
Maker in connection with its initial public offering as described in Maker’s
Certificate of Incorporation, as amended, and in the Registration Statement.

 

4.             Mandatory
Prepayment. The outstanding principal balance of this Note and all accrued
and unpaid interest thereon shall be paid upon Maker’s consummation of a
Business Combination.

 

5.             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 of interest
and, finally, to the reduction of the unpaid principal balance of this Note.

 

 

6.             Events
of Default. The following shall constitute Events of Default:

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal of or
accrued interest on 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
applicable bankruptcy law, or any other applicable 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 applicable bankruptcy law, or any other applicable 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 the affairs of
Maker, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days.

 

7.             Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 6(a), Payee may, by
written notice to Maker, declare this Note to be due and payable, whereupon the
unpaid principal amount of this Note, and all other amounts payable hereunder,
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 6(b) and 6(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.

 

8.             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 this 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.

 

9.             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,

 

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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 agrees that additional
makers, endorsers, guarantors or sureties may become parties hereto without
notice to them or affecting their liability hereunder.

 

10.           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:

 

TransTech Services Partners Inc.

445 Fifth Avenue, Suite 30H

New York, New York  10016

Attention of Chief Executive Officer

(email:                                                                       )

 

If to Payee:

 

Lotus Capital LLC

445 Fifth Avenue, Suite 30H

New York, New York  10016

Attention of LM Singh

(email:                                                                                    )

 

Notice shall be deemed given on the earlier of actual
receipt by the receiving party, if sent by certified mail, and (i) three
business days after certification thereof, (ii) if personally delivered, the
date reflected on a signed delivery receipt, (iii) if sent by private or
governmental express mail or delivery service, one (1) business day following
tender of delivery or dispatch by express mail or delivery service, (iv) if by
facsimile, the date shown on a telefacsimile transmission confirmation, or (v)
if sent by email, the date on which an e-mail transmission was received by the
receiving party’s on-line access provider.

 

11.           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.

 

12.           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.

 

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

 

	
   

  	
  TRANSTECH
  SERVICES PARTNERS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Suresh
  Rajpal

  
	
   

  	
  Title: Chief
  Executive Officer

  

 

4Exhibit
10.12

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is
entered into as of the [       ] day of
[                   ]
2006, by and among TransTech Services Partners Inc., a Delaware corporation
(the “Company”), and the undersigned parties
listed under Investors 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; and

 

WHEREAS, the Investors
and the Company desire to enter into this Agreement to provide the Investors
with certain rights relating to the registration of (i) shares of Common
Stock held by Investors; (ii) Warrants; and (iii) shares of Common
Stock underlying Warrants held by Investors.

 

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.

 

“Majority in interest” of Registrable
Securities means a majority of the shares of Common Stock and shares of Common
Stock underlying the Warrants included in the Registrable Securities.

 

“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 with
respect to the Registrable Securities 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 (i) the shares of Common
Stock owned or held by Investors as reflected on the signature page hereto;
(ii) the Warrants; and (iii) the shares of Common Stock issuable upon
exercise of the Warrants.  Registrable
Securities include any warrants, shares of capital stock or other securities of
the Company issued or issuable as a dividend or other distribution with respect
to or in exchange for or in replacement of such Registrable Securities. 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 transferred pursuant to Rule 144 of the
Securities Act (but not Rule 144A), 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 may be sold by the Investor
without restriction, or (d) such securities shall have ceased to be
outstanding.

 

“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 any successor forms, or any registration statement covering only securities
proposed to be issued in exchange for securities or assets of another entity).

 

“Release Date”
means the date on which the securities held by the Investors are disbursed from
escrow pursuant to Section 3 of that certain Securities Escrow Agreement,
dated as of [                   ],
2006, 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.

 

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“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.

 

“Warrants”
means the Warrants issued by the Company to TSP Ltd. prior to the close hereof to
purchase an aggregate of 166,667 shares of Common Stock.

 

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 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 Registration shall specify the number and type 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 Registrable Securities in such Demand 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 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 to have their Registrable Securities included
therein; 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 of Registrable
Securities 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

 

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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 Demanding 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 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 or other Securities,
if any, as to which registration has been requested pursuant to written
contractual piggy-back registration rights held by other securityholders of the
Company who desire to sell, exceeds the maximum dollar amount or maximum number
of securities that can be sold in such offering without adversely affecting the
proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of
securities, as applicable, the “Maximum Number of Shares”), then the Company shall
include in such registration:  (i) 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; (ii) second, the Registrable
Securities as to which Demand Registration has been requested by the Demanding
Holders (pro rata
in accordance with the number of shares of Registrable Securities which such
Demanding Holder has requested be included in such registration, regardless of
the number of Registrable Securities held by each Demanding Holder) that can be
sold without exceeding the Maximum Number of Shares; (iii) third, to the
extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i) and (ii), the shares of Common Stock or other
securities for the account of other persons that the Company is obligated to
register pursuant to written contractual arrangements with such persons and
that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth,
to the extent that the Maximum Number of Shares has not been reached under the
foregoing clauses (i), (ii), and (iii), the shares of Common Stock or other
securities that other securityholders desire to sell 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. In such event, the Company need not seek effectiveness of such
Registration Statement for the benefit of other Investors. 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 2.1.1.

 

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

 

4

 

convertible into, equity securities, by the
Company for its own account or for securityholders of the Company for their
accounts (or by the Company and by securityholders 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 securityholders, (iii) for an offering of debt
that is convertible into equity securities of the Company or (iv) for a
dividend reinvestment plan, then the Company shall (x) give written notice of
such proposed filing to the holders of Registrable Securities as soon as
practicable but in no event less than ten (10) days before the anticipated
filing date, which notice shall describe the amount and type of securities to
be included in such offering, the intended method(s) of distribution, and the
name of the proposed managing Underwriter or Underwriters, if any, of the
offering, and (y) offer to the holders of Registrable Securities in such notice
the opportunity to register the sale of such number of shares of Registrable
Securities as such holders may request in writing within five (5) days
following receipt of such notice (a “Piggy-Back
Registration”).
The Company shall cause such Registrable 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 to be included
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 or other
securities which the Company desires to sell, taken together with shares of
Common Stock or other securities, 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 or other securities, if any, as to which registration
has been requested pursuant to the written contractual piggy-back registration
rights of other securityholders of the Company, exceeds the Maximum Number of
Shares, then the Company shall include in any such registration:

 

(i)                                     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 and other securities, if any,
including the Registrable Securities, as to which registration has been
requested pursuant to written contractual piggy-back registration rights of
security holders (pro rata in accordance with the number of shares of Common
Stock and other securities which each such person has actually requested to be
included in such registration, regardless of the number of shares of Common
Stock and other securities with respect to which such persons have the right to
request such inclusion) that can be sold without exceeding the Maximum Number
of Shares; and

 

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(ii)                                  If
the registration is a “demand” registration undertaken at the demand of persons
other than the holders of Registrable Securities pursuant to written contractual
arrangements with such persons, (A) first, the shares of Common Stock and
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; and (C) third, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (A) and (B), the Registrable
Securities as to which registration has been requested under this Section 2.2
(pro
rata in accordance with the number of shares of Registrable
Securities held by each such holder); 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, if any, as to which registration has been requested pursuant to written
contractual piggy-back registration rights which other securityholders desire
to sell 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 may also elect to 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 after the Release Date,
request in writing that the Company register the resale of any or all of such
Registrable Securities on Form S-3 or any similar short-form registration
which may be available at such time (“Form S-3”); provided, however, that the Company shall not be
obligated to effect such request through an underwritten offering. Upon receipt
of such written request, the Company will promptly give written notice of the
proposed registration to all other holders of Registrable Securities, and, as
soon as practicable thereafter, effect the registration of all or such portion
of such holder’s or holders’ Registrable Securities as are specified in such
request, together with all or such portion of the Registrable Securities of any
other holder or holders joining in such request as are specified in a written
request given within fifteen (15) days after receipt of such written notice
from the Company; provided,
however,
that the Company shall not be obligated to effect any such registration
pursuant to this Section 2.3: (i) if Form S-3 is not available
for such offering; or (ii) if the holders of the Registrable Securities,
together with the holders of any other securities of the Company entitled to
inclusion in such registration, propose to sell Registrable Securities and such
other securities (if any) at any aggregate price to the public of less than
$500,000. Registrations effected pursuant to this Section 2.3 shall not be
counted as Demand Registrations effected pursuant to Section 2.1.

 

2.4                                 No Net Cash Settlement Value. In connection with the
exercise of the Warrants, the Company will not be obligated to deliver
securities, and there are no contractual penalties for failure to deliver
securities, if a registration statement is not effective at the time of

 

6

 

exercise; however, the Company may satisfy
its obligation by delivering unregistered shares of Common Stock. In no event
will be the Company be required to net cash settle an exercise of a Warrant.

 

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 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 180-day period in respect
of a Demand Registration hereunder.

 

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

 

7

 

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 reasonably 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 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 (e) 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

 

8

 

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. Holders of Registrable Securities shall agree to such covenants and
indemnification and contribution obligations for selling stockholders as are
customarily contained in agreements of that type. Further, such holders shall
cooperate fully in the preparation of the registration statement and other
documents relating to any offering in which they include securities pursuant to
Section 2 hereof. Each holder shall also furnish to the Company such
information regarding itself, the Registrable Securities held by such holder
and the intended method of disposition of such securities as shall be
reasonably required to effect the registration of the Registrable Securities.

 

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

 

9

 

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 or whether any or all holders of Registrable Securities withdraw from
any Registration Statement, 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 majority-in-interest
of the Registrable Securities included in such

 

10

 

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 solely by
such holders. Additionally, in an underwritten offering, all selling
securityholders and the Company shall bear the expenses of the underwriter pro
rata in proportion to the respective dollar amount of securities 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.

 

3.5                                 Holder Obligations. No holder of Registrable
Securities may participate in any underwritten offering pursuant to this Section 3
unless such holder (i) agrees to sell only such holder’s Registrable
Securities on the basis reasonably provided in any underwriting agreement, and (ii) completes,
executes and delivers any and all questionnaires, powers of attorney, custody
agreements, indemnities, underwriting agreements and other documents reasonably
required by or under the terms of any underwriting agreement or as reasonably
requested by the Company.

 

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 Parties for any legal and any other expenses
reasonably incurred by such Investor Indemnified Parties in connection with
investigating and defending any such expense, loss, judgment, claim, damage,
liability or action; provided, however, that (a) 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

 

11

 

with information furnished to the Company, in
writing, by such selling holder expressly for use therein or for the use by any
Investor Indemnified Party of a prospectus in violation of any stop order or
other suspension of the Registration Statement; and (b) the foregoing
indemnity shall not inure to the benefit of any holder (or benefit of any
person controlling such holder) from whom the person asserting such expense,
loss, claim, damage or liability purchased the Registrable Securities, if a
copy of the Prospectus (as then amended or supplemented if the Company shall
have furnished any amendments or supplements thereto) was not sent or given by
or on behalf of such holder to such person, if required by law so to have been
delivered at or prior to the written confirmation of the sale of the Registrable
Securities to such person, and if the Prospectus (as so amended or
supplemented) would have cured the defect giving rise to such expense, loss,
claim, damage or liability, unless such failure is the result of noncompliance
by the Company with Section 3.1.3 hereof. The Company also shall indemnify
any Underwriter of the Registrable Securities, their officers, employees,
affiliates, directors, partners, members, attorneys 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 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 person, if any, who controls the Company
or such underwriter within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange 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 or for the use by any
Investor Indemnified Party of a prospectus in violation of any stop order or
other suspension of the Registration Statement, and shall reimburse the
Company, its directors and officers, and each such 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 in connection with the sale of the Registrable
Securities by such selling holder pursuant to the Registration Statement
containing such untrue statement or allegedly untrue statement.

 

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,
promptly notify such other person (the “Indemnifying
Party”)
in writing of the loss,

 

12

 

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 materially 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
elects, 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 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 benefits received
by the Indemnified Parties and the Indemnifying Parties from the offering. If,
however, the allocation provided by the immediately preceding sentence is not
permitted by applicable law or if the Indemnified Party failed to give the
notice required under Section 4.3 above, then each Indemnifying Parties
shall contribute to such amount paid or payable by such Indemnified Party in
such proportion as is appropriate to reflect not only such relative benefits
but also 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.

 

13

 

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

 

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 (but not Rule 144A)
hereafter adopted by the Commission.

 

6.                                       MISCELLANEOUS.

 

6.1                                 Other Registration Rights. The Company represents and
warrants that no person, other than a holder of the Registrable Securities, TSP
Ltd. with respect to 400,000 warrants to purchase Common Stock and Maxim,
currently 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. The
Company shall not grant to any other person any right to register his, her or
its securities of the Company which are inconsistent with the rights granted
hereunder.

 

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 in accordance with applicable law. This
Agreement and the provisions hereof shall be binding upon and shall inure to
the benefit of each of the parties and their respective 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.

 

14

 

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, sent by registered or certified mail,
return receipt requested, or sent by reputable air courier service with charges
prepaid, addressed as set forth below, or to such other address as such party
shall have specified most recently by written notice provided in accordance
with this Section 6.3. Notice shall be deemed given on the date of service
if served personally, on the third business day after registration or
certification, if sent by registered or certified mail, or on the next business
day following timely delivery of such notice to a reputable air courier service
with an order for next-day delivery, if sent by such courier service.

 

 

	
  To the Company:

  
	
   

  
	
  TransTech Services Partners Inc.

  
	
  445 Fifth Avenue, Suite 30H

  
	
  New York, New York 10016

  
	
  Attention:  Chief Executive Officer

  
	
   

  
	
  with a copy to:

  
	
   

  
	
  Katten Muchin Rosenman LLP

  
	
  575 Madison Avenue

  
	
  New York, NY 10022

  
	
  Attn:   Howard S. Jacobs, Esq.;

  
	
   

  
	
  And

  
	
   

  
	
  To an Investor, to the attention of the
  Investor at the address set

  forth opposite his, her or its respective name on the signature

  page hereto.

  

 

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

 

6.5                                 Counterparts; Facsimile
Signatures. 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. Facsimile signatures shall be deemed to be original
signatures for all purposes of this Agreement.

 

6.6                                 Entire Agreement. This Agreement (including all
agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitutes the entire agreement of the
parties with respect to the subject matter hereof and

 

15

 

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.

 

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

 

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

 

6.10                           Remedies Cumulative. In the event that the Company
fails to observe or perform any covenant or agreement to be observed or
performed under this Agreement, any 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 Delaware applicable to agreements made and to be performed
within the State of Delaware, 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 any Investor in the negotiation,
administration, performance or enforcement hereof.

 

(The remainder of this page intentionally left blank. Signature pages to
follow.)

 

16

 

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.

 

 

	
   

  	
  TRANSTECH SERVICES PARTNERS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   Suresh Rajpal 

  	
   

  	
   

  
	
   

  	
  Title: 

  	
  Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INVESTORS:

  
	
   

  	
   

  
	
   

  	
  TSP Ltd. 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  No. of Shares: 898,334

  
	
   

  	
  No. of Warrants: 566,667

  No. of Shares Underlying

  Warrants: 566,667

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lotus Capital LLC 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: LM Singh

  
	
   

  	
  Title:

  
	
   

  	
  Address: 445 Fifth Avenue, Suite 30H

  New York, New York 10016

  
	
   

  	
  No. of Shares: 100,000

  
	
   

  	
  No. of Warrants: None

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Canak Associates LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Chandru Jagwani

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  
	
   

  	
  No. of Shares: 65,000

  
	
   

  	
  No. of Warrants: None

  
								

 

17

 

	
   

  	
   

  	
   

  
	
   

  	
  Suresh Rajpal

  
	
   

  	
  Address: 445 Fifth Avenue, Suite 30H

  New York, New York 10016

  
	
   

  	
  No. of Shares: 350,000

  
	
   

  	
  No. of Warrants: None

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LM Singh

  
	
   

  	
  Address: 445 Fifth Avenue, Suite 30H

  New York, New York 10016

  
	
   

  	
  No. of Shares: 150,000

  
	
   

  	
  No. of Warrants: None

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Frederick Smithline

  
	
   

  	
  Address: Three Park Avenue, 16th Floor

  New York, New York 10016

  
	
   

  	
  No. of Shares: 37,500

  
	
   

  	
  No. of Warrants: None

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Susan Smithline

  
	
   

  	
  Address: Three Park Avenue, 16th Floor

  New York, New York 10016

  
	
   

  	
  No. of Shares: 37,500

  
	
   

  	
  No. of Warrants: None

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Dr. Pervez Ahmed

  
	
   

  	
  Address:

  
	
   

  	
  No. of Shares: 10,000

  
	
   

  	
  No. of Warrants: None

  

 

18

 

	
   

  	
   

  	
   

  
	
   

  	
  Chandru Jagwani

  
	
   

  	
  Address:

  
	
   

  	
  No. of Shares: 60,000

  
	
   

  	
  No. of Warrants: None

  

 

19

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