Document:

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EXHIBIT
    4.8
    SECOND
      AMENDED AND RESTATED PROMISSORY NOTE 

    AND
      SECURITY AGREEMENT

     

    DATE: February
      15, 2007

     

    MAKER: LOW
      PRICE.COM, INC. (“Maker”)

     

    PAYEE: HEXAGON
      FINANCIAL, LLC, an Arizona limited liability company
      (“Payee”)

     

    PRINCIPAL

    AMOUNT
      OF

    NOTE: Eight
      Hundred Eighty-Two Thousand Eight Hundred Thirty Nine Dollars
      ($882,839)

     

    RECITALS

     

    A. Maker
      is
      currently indebted to Payee pursuant to that certain Amended and Restated
      Promissory Note and Security Agreement, by Maker in favor of Payee, in the
      original principal amount of Two Million Six Hundred Thirty-Six Thousand Four
      Hundred Ninety-One Dollars and Six Cents ($2,636,491.06), dated December 28,
      2006 (the “First Amended and Restated Note”);

     

    B. Maker
      desires to amend certain terms and conditions of the First Amended and Restated
      Note.

     

    C. Payee
      has
      agreed to modify certain terms and conditions of the First Amended and Restated
      Note, upon the terms and conditions contained herein.

     

    AGREEMENT

     

    In
      consideration of Payee advancing the principal amount under the First Amended
      and Restated Note and the accommodations made by Payee to Maker with regard
      to
      the First Amended and Restated Note, Maker promises and agrees to pay, without
      presentment, demand, protest or notice of any kind all of which are hereby
      expressly waived, to Payee, or order, at Payee’s offices at
      9330 S. Priest Drive, Tempe, Arizona 85284, or at such other
      place as the holder hereof may from time-to-time designate, the principal sum
      of
      all monies advanced by Payee to Maker under this Note together with all interest
      and other sums owing as agreed pursuant to this Note, to be paid as
      follows:

     

    1. RESTATEMENT
      OF THE FIRST AMENDED AND RESTATED NOTE.
      This
      Agreement amends, restates and replaces the First Amended and Restated Note
      in
      its entirety.

     

    2. OUTSTANDING
      BALANCE.
      The
      Maker and Payee each acknowledge that the outstanding balance due and payable
      with regard to this Second Amended and Restated Note as of the date hereof
      is
      the original principal amount of Eight Hundred Eight-Two Thousand Eight Hundred
      Thirty-Nine ($882,839), which reflects the negotiated reduction in payments
      based upon book value of Payee’s inventory as of January 28, 2007 as originally
      reflected in the First Amended and Restated Promissory Note. This Second Amended
      and Restated Promissory Note is due and payable by Maker to Payee upon the
      terms
      and conditions contained herein.

     

    3. FIXED
      INTEREST.
      Fixed
      interest (“Fixed Interest”) shall accrue from the date of this Note up to, but
      excluding the date of repayment of this Note on the unpaid balance of this
      Promissory Note at a rate equal to five percent (5%) per annum (the “Fixed
      Rate”). The Fixed Interest provided herein shall be calculated for the actual
      number of days the principal is outstanding on the basis of a 360-day year
      and
      compounded daily.

     

    4. EFFECTIVE
      RATE OF INTEREST.
      Maker
      agrees to an effective rate of interest that is the rate of Fixed Interest
      as
      stated above plus any additional rate of interest resulting from any other
      charges in the nature of interest paid or to be paid by or on behalf of Maker,
      or any benefit received or to be received by Payee or any holder, in connection
      with this Note.

     

    
      
        
        

      

      
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    5. DEFAULT
      INTEREST.
      Payments
      of principal and any other amounts not paid when due and which remain unpaid
      five (5) business days after the applicable due date shall bear default
      interest at a rate equal to ten percent (10%) per annum.

     

    6. PAYMENTS.
      The
      principal balance outstanding hereunder, together with any other amounts due
      and
      owing to Payee shall be due and payable as follows::

     

    (a) Maker
      shall pay to Payee the following amounts on the following dates or upon the
      occurrence of the following events as applicable:

     

    (i) April
      5,
      2007 - $100,000;

     

    (ii) April
      10,
      2007 - $100,000;

     

    (iii) $300,000
      immediately upon the closing of the line of credit with United Commercial Bank
      (“UCB”), however, such $300,000 payment shall be made no later than May 1, 2007,
      no matter what the status of the Maker’s line of credit with UCB;

     

    (iv) June
      1,
      2007 - $50,000;

     

    (v) July
      31,
      2007 - $50,000;

     

    (vi) August
      31, 2007 - $50,000;

     

    (vii) September
      30, 2007 - $50,000;

     

    (viii) October
      31, 2007 - $50,000;

     

    (ix) November
      30, 2007 - $50,000;

     

    (x) December
      31, 2007 - $50,000; and

     

    (xi) January
      31, 2008 - $50,000.

     

    (b) The
      payment schedule detailed above represents payment of the outstanding principal
      balance as of the date of this Note coupled with the Fixed Rate. To the extent
      that the Maker fails to make any payment in a timely manner or becomes subject
      to the penalties as outlined herein, any additional amounts of any kind due
      and
      owing by Maker to Payee with regard to the Note shall be payable no later than
      January 31, 2008.

     

    7. FAILURE
      TO MAKE PAYMENT.
      Maker
      hereby acknowledges that the terms and conditions contained in this Note are
      an
      accommodation by Payee to Maker and represents a reduction with regard to the
      principal amount and a reduction in the Fixed Rate from the terms of the First
      Amended and Restated Note. Maker further agrees that to the extent any payment
      due by Maker to Payee pursuant to Section
      6,
      is not
      paid to Payee in full within twenty (20) days of the date stated in Section
      6,
      then
      the principal balance due at the time of such late payment under this Note
      shall
      automatically increase by One Hundred Eighty Four Thousand Two Hundred Twelve
      Dollars and Twenty Three Cents ($184,212), the amount of the principal reduction
      agreed to by Maker and Payee in anticipation of entering into this
      Note

     

    8. PREPAYMENT.
      The
      unpaid principal balance of this Note may be prepaid, whole or in part at any
      time. Amounts prepaid under this Note may not be re-borrowed by Maker.

     

    
      
        
        

      

      
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    9. FORM
      OF PAYMENTS.
      All
      amounts owing hereunder shall be payable in lawful money of the United States
      of
      America in immediately available funds.

     

    (a) CREDITING
      OF PAYMENTS.
      Any
      payments made hereunder shall be credited first to any accrued charges as
      described herein then to accrued interest and then to principal. Any accrued
      and
      unpaid charges or interest shall be added to the principal on a daily basis
      and
      thereafter shall accrue interest at the rate provided herein.

     

    10. REPRESENTATIONS
      AND WARRANTIES.
      Maker
      makes the following representations and warranties, which shall be true,
      correct, and complete in all respects as of the date hereof and as of any future
      date on which any amounts are outstanding under this Note:

     

    (a) Location
      of Chief Executive Office.
      The
      chief executive office of Maker is located at Suite 102, 1002 E. University
      Drive, Phoenix, Arizona 85034.

     

    (b) Due
      Organization and Qualification. Maker
      is
      duly organized and existing and in good standing under the laws of the
      jurisdiction of its organization and qualified and licensed to do business
      in
      that jurisdiction and in each other jurisdiction in which the conduct of its
      business would require it to be qualified and licensed to do
      business.

     

    (c) Due
      Authorization; No Conflict.

     

    (i) The
      execution, delivery, and performance by Maker of this Note has been duly
      authorized by all necessary action.

     

    (ii) The
      execution, delivery, and performance by Maker of this Note does not and will
      not
      (i) violate any provision of federal, state, provincial or local law or
      regulation applicable to it or any order issued by any court or regulatory
      body
      having jurisdiction over Maker, (ii) conflict with, result in a breach of,
      or constitute (with due notice or lapse of time or both) a default under any
      material contractual obligation or material lease, (iii) result in or
      require the creation or imposition of any Lien of any nature whatsoever upon
      any
      properties or assets, or (iv) require any approval or consent of any Person
      under any material contractual obligation.

     

    (iii) The
      execution, delivery, and performance by Maker of this Note does not and will
      not
      require any registration with, consent, or approval of, or notice to, or other
      action with or by, any federal, state, provincial, foreign, or other
      Governmental Authority or other Person.

     

    (iv) This
      Note, and all other documents contemplated hereby, when executed and delivered
      by Maker will be the legally valid and binding obligations of Maker, enforceable
      against Maker in accordance with their respective terms, except as enforcement
      may be limited by equitable principles or by bankruptcy, insolvency,
      reorganization, moratorium, or similar laws relating to or limiting creditors’
rights generally.

     

    (v) The
      Liens
      granted by Maker to Payee in and to its properties and assets pursuant to this
      Note are validly created, perfected and are first-priority Liens subordinate
      to
      no other Liens on such properties and assets.

     

    (d) Litigation.
      Except
      for the Hyde litigation, there
      are
      no actions or proceedings pending, by or against Maker before any court or
      administrative agency, and Maker has no knowledge of any pending, threatened,
      or
      imminent litigation, governmental investigations, or claims, complaints,
      actions, or prosecutions involving Maker.

     

    11. AFFIRMATIVE
      COVENANTS.
      Maker
      covenants and agrees that, until full and final payment of this Note, and unless
      Payee shall otherwise consent in writing in its sole and absolute discretion,
      Maker shall do all of the following:

     

    
      
        
        

      

      
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    (a) Taxes.
      Cause
      all assessments and taxes, whether real, personal, or otherwise, due or payable
      by, or imposed, levied, or assessed against it or any of its properties to
      be
      paid in full, before delinquency or before the expiration of any extension
      period. 

     

    (b) No
      Setoffs or Counterclaims. Make
      payments hereunder without setoff or counterclaim and free and clear of, and
      without deduction or withholding for or on account of, any federal, state,
      or
      local taxes.

     

    (c) Compliance
      with Laws.
      Comply
      with the requirements of all applicable laws, rules, regulations, and orders
      of
      any governmental authority, including the Fair Labor Standards Act and the
      Americans With Disabilities Act, other than laws, rules, regulations, and orders
      the non-compliance with which, individually or in the aggregate, would not
      have
      and could not reasonably be expected to have a Material Adverse
      Change.

     

    (d) Leases;
      Expenses.
      Pay when
      due all rents and other amounts payable under any leases to which it is a party
      or by which its properties and assets are bound. Pay all expenses in accordance
      with prior customary business practices, which shall include the manner and
      order of payments.

     

    (e) Financial
      Information.
      Keep
      true and correct financial books and records, using generally accepted
      accounting principles consistently applied, or such other accounting principles
      as Payee in its reasonable judgment may find acceptable from time to time.
      Maker
      must provide Payee, upon request or demand, within two Business Days of Payee’s
      request financial statements in form and content acceptable to Payee, including
      copies of tax returns or any other information concerning Maker’s affairs and
      properties as Payee may request. 

     

    (f) Maintenance
      of Equipment. Maintain
      the Equipment in good operating condition and repair (ordinary wear and tear
      excepted), and make all necessary replacements thereto so that the value and
      operating efficiency thereof shall at all times be maintained and preserved.
      Other than those items of Equipment that constitute fixtures on the date hereof,
      Maker shall not permit any item of Equipment to become a fixture to real estate
      or an accession to other property, and such Equipment shall at all times remain
      personal property.

     

    (g) Insurance.

     

    (i) At
      Maker’s expense, keep the Collateral insured against loss or damage by fire,
      theft, explosion, sprinklers, and all other hazards and risks, and in such
      amounts, as are ordinarily insured against by other owners in similar
      businesses. Maker also maintains business interruption, public liability,
      product liability and property damage insurance relating to Maker’s ownership
      and use of the Collateral, as well as insurance against larceny, embezzlement
      and criminal misappropriation.

     

    (ii) All
      such
      policies of insurance shall be in such form, with such companies, and in such
      amounts as may be reasonably satisfactory to Payee.

     

    (h) Operation
      of Business.
      Operate
      the Business in a commercially reasonable manner, consistent with the operation
      of like or similar businesses.

     

    12. NEGATIVE
      COVENANTS.
      Maker
      covenants and agrees that, until full and final payment of this Note, Maker
      shall not do any of the following without Payee’s prior written consent which,
      shall not be unreasonably withheld and which shall be deemed given by Payee
      if
      Payee fails to object to such action by communicating such objection in any
      manner to Payee within two (2) Business Days following written notice by Maker
      to Payee. For the purpose of this Section 12, written notice shall be delivered
      at the following e-mail address: tim@azcrown.com
      with a
      carbon copy to matt@azcrown.com.
      

     

    (a) Indebtedness.
      Except
      for regular and systematic expenses incurred in the ordinary course of business,
      create, incur, assume, permit, guarantee, or otherwise become or remain,
      directly or indirectly, liable with respect to any Indebtedness, except
      Indebtedness owing to Payee.

     

    
      
        
        

      

      
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    (b) Liens.
      Create,
      incur, assume, or permit to exist, directly or indirectly, any Lien on or with
      respect to any of its property or assets, of any kind, whether now owned or
      hereafter acquired, or any income or profits therefrom.

     

    (c) Restrictions
      on Fundamental Changes.
      Enter
      into any merger, consolidation, reorganization, amalgamation, arrangement or
      recapitalization, or reclassify its capital stock, or liquidate, wind up, or
      dissolve itself (or suffer any liquidation or dissolution).

     

    (d) Disposal
      of Assets.
      Convey,
      sell, lease, assign, transfer, or otherwise dispose of, in one transaction
      or a
      series of transactions, any of its properties or assets. 

     

    (e) Change
      Name/Location. Change
      its name, corporate structure, or identity, or add any new fictitious name
      or
      change the state where it is located.

     

    (f) Guarantee.
      Guarantee
      or otherwise become in any way liable with respect to the obligations of any
      third Person.

     

    (g) Nature
      of Business. Make
      any
      change in the principal nature of its business, including, but not limited
      to,
      affiliating with any other organization or Person or entering into a joint
      venture, strategic partnership or any other relationship with any
      Person.

     

    (h) Change
      of Control. Cause,
      permit, or suffer, directly or indirectly, any change of control in ownership
      or
      management of Maker.

     

    (i) Investments.
      Directly
      or indirectly make, acquire, or incur any liabilities (including contingent
      obligations) for or in connection with (a) the acquisition of the securities
      (whether debt or equity) of, or other interests in, a Person, (b) loans,
      advances, capital contributions, or transfers of property to a Person, or (c)
      the acquisition of all or substantially all of the properties or assets of
      a
      Person.

     

    (j) Suspension.
      Suspend
      or go out of a substantial portion of its business.

     

    (k) No
      Prohibited Transactions Under ERISA.
      Directly:

     

    (i) engage
      in
      any prohibited transaction which is reasonably likely to result in a civil
      penalty or excise tax described in Sections 406 of ERISA or 4975 of the IRC
      for
      which a statutory or class exemption is not available or a private exemption
      has
      not been previously obtained from the Department of Labor;

     

    (ii) permit
      to
      exist with respect to any Benefit Plan any accumulated funding deficiency (as
      defined in Sections 302 of ERISA and 412 of the IRC), whether or not
      waived;

     

    (iii) fail
      to
      pay timely required contributions or annual installments due with respect to
      any
      waived funding deficiency to any Benefit Plan;

     

    (iv) terminate
      any Benefit Plan where such event would result in any liability of Maker or
      any
      ERISA Affiliate under Title IV of ERISA;

     

    (v) fail
      to
      make any required contribution or payment to any Multiemployer
      Plan;

     

    (vi) fail
      to
      pay any required installment or any other payment required under
      Section 412 of the IRC on or before the due date for such installment or
      other payment;

     

    
      
        
        

      

      
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    (vii) amend
      a
      Plan resulting in an increase in current liability for the plan year such that
      either of Maker or any ERISA Affiliate is required to provide security to such
      Plan under Section 401(a)(29) of the IRC; or

     

    (viii) withdraw
      from any Multiemployer Plan where such withdrawal is reasonably likely to result
      in any liability of any such entity under Title IV of ERISA;

     

    which,
      individually or in the aggregate, results in or reasonably would be expected
      to
      result in a claim against or liability of Maker or any ERISA Affiliate in excess
      of $25,000.

     

    (l) Limitation
      on Transactions with Affiliates.
      Enter
      into any transaction, including without limitation, any purchase, sale, lease
      or
      exchange of property, the rendering of any service or the payment of any
      management, advisory or similar fees, with any Affiliate unless such transaction
      is in the ordinary course of business and upon fair and reasonable terms no
      less
      favorable than it would obtain in a comparable arm’s length transaction with a
      Person which is not an Affiliate.

     

    (m) Distributions.
      Permit
      any Person to withdraw capital invested in Maker or to receive distributions
      from Maker in respect of any ownership or equity interest prior to the payment
      in full of the entire unpaid principal balance of this Note together with all
      accrued interest and other charges.

     

    (n) Payments
      to Affiliates.
      Pay or
      permit to be paid to any Affiliate, including, without limitation, family
      members of, any amount, fee, payment or distribution, except a reasonable salary
      for services rendered to the Business in accordance with the past business
      practices of Maker and its affiliates.

     

    (o) Use
      of Funds.
      Use the
      funds advanced pursuant to this Note for any personal or non-business
      purpose.

     

    (p) Personal
      Funds.
      Use
      accounts of the Business to record personal or non-business funds, expenses
      or
      transactions, or fund personal expenses through the operations of the
      Business.

     

    13. EVENTS
      OF DEFAULT AND REMEDIES.
      The
      occurrence of any one or more of the following events shall constitute an “Event
      of Default” hereunder, and upon such Event of Default, Payee may, in Payee’s
      sole and absolute discretion, accelerate this Note by declaring a written notice
      to Maker that the then entire outstanding principal sum hereof, together with
      all unpaid interest and other amounts payable hereunder is immediately due
      and
      payable and may exercise any and all rights and remedies available at law or
      in
      equity, including, without limitation, selling or otherwise disposing of the
      Collateral as provided under the Uniform Commercial Code. All sums owing under
      this Note shall be immediately due and payable upon an occurrence of an Event
      of
      Default set forth in Section 13(h) hereto:

     

    (a) Nonpayment
      of principal, interest or other amounts when the same shall become due and
      payable hereunder;

     

    (b) The
      failure of Maker to comply with any provision, condition, covenant or agreement
      of this Note;

     

    (c) The
      occurrence of any Material Adverse Change in the condition (financial or
      otherwise) of Maker or any person or entity who is or may become liable
      herewith;

     

    (d) Any
      statement, representation or warranty contained herein shall be false;

     

    (e) The
      occurrence of a default or an event of default after the date hereof under
      any
      agreement, note or instrument evidencing any Indebtedness of Maker or under
      any
      guarantee relating to any Indebtedness of Maker;

     

    
      
        
        

      

      
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    (f) The
      failure of Maker to comply with any provision of any document, instrument or
      agreement executed in connection with the Indebtedness evidenced hereby or
      any
      security document securing the Indebtedness evidenced by this Note;

     

    (g) The
      making by Maker or any other person or entity who is or may become liable
      hereunder of an assignment for the benefit of its creditors; and

     

    (h) The
      appointment of (or application for appointment of) a receiver of Maker or any
      other person or entity who is or may become liable hereunder, or the involuntary
      filing against or voluntary filing by Maker, or any other person or entity
      who
      is or may become liable hereunder, of a petition or application for relief
      under
      federal bankruptcy law or any similar state or federal law, or the issuance
      of
      any writ of garnishment, execution or attachment for service with respect to
      Maker or any person or entity who is or may become liable hereunder, or any
      property of Maker or property of any person or entity who is or may become
      liable hereunder.

     

    14. RIGHTS
      AND REMEDIES.

     

    (a) Upon
      the
      occurrence, and during the continuation, of an Event of Default Payee may,
      at
      its election, without notice of its election and without demand, do any one
      or
      more of the following, all of which are authorized by Maker:

     

    (i) Declare
      all obligations evidenced by this Note, or otherwise, immediately due and
      payable which shall occur automatically without action by Payee upon an Event
      of
      Default specified in Section 13(h);

     

    (ii) Cease
      advancing money or extending credit to or for the benefit of Maker under any
      other note or agreement between Maker and Payee;

     

    (iii) Pursue
      any of Payee’s rights and remedies provided for in this Note, any other
      agreement with Maker, or any of Payee’s rights and remedies under applicable
      law;

     

    (iv) Settle
      or
      adjust disputes and claims directly with Account Debtors for amounts and upon
      terms which Payee considers advisable and enforce Maker’s rights against the
      Account Debtors, and in such cases, Payee will credit the obligations owing
      under this Note with only the net amounts received by Payee in payment of such
      disputed Accounts after deducting all Payee’s expenses incurred or expended in
      connection therewith;

     

    (v) Without
      notice to or demand upon Maker, make such payments and do such acts as Payee
      considers necessary or reasonable to protect its security interests in the
      Collateral. Maker agrees to assemble the Collateral if Payee so requires, and
      to
      make the Collateral available to Payee as Payee may designate. Maker authorizes
      Payee to enter the premises where the Collateral is located, to take and
      maintain possession of the Collateral, or any part of it, and to pay, purchase,
      contest, or compromise any encumbrance, charge, or Lien that in Payee’s
      determination appears to conflict with its security interests and to pay all
      expenses incurred in connection therewith. With respect to Maker’s owned or
      leased premises, Maker hereby grants Payee a license to enter into possession
      of
      such premises and to occupy the same, without charge, in order to exercise
      any
      of Payee’s rights or remedies provided herein, at law, in equity, or
      otherwise;

     

    (vi) Without
      notice to Maker (such notice being expressly waived), and without constituting
      a
      retention of any collateral in satisfaction of an obligation (within the meaning
      of Section 9-620 of the Arizona Uniform Commercial Code), set off and apply
      to
      the obligations under this Note any and all (i) balances and deposits of Maker
      held by Payee, or (ii) Indebtedness at any time owing to or for the credit
      or the account of Maker held by Payee;

     

    (vii) Hold,
      as
      cash collateral, any and all balances and deposits of Maker held by Payee,
      to
      secure the full and final repayment of all of the obligations under this
      Note;

     

    
      
        
        

      

      
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    (viii) Ship,
      reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise
      for sale, and sell (in the manner provided for herein) the Collateral. Payee
      is
      hereby granted a license or other right to use, without charge, Maker’s labels,
      patents, copyrights, rights of use of any name, trade secrets, trade names,
      trademarks, service marks, and advertising matter, or any property of a similar
      nature, as it pertains to the Collateral, in completing production of,
      advertising for sale, and selling any of the Collateral and Maker’s rights under
      all licenses and all franchise agreements shall inure to Payee’s
      benefit;

     

    (ix) Sell
      the
      Collateral at either a public or private sale, or both, by way of one or more
      contracts or transactions, for cash or on terms, in such manner and at such
      places (including Maker’s premises) as Payee determines is commercially
      reasonable. It is not necessary that the Collateral be present at any such
      sale;

     

    (x) Payee
      shall give notice of the disposition of the Collateral as follows:

     

    · Payee
      shall give Maker and each holder of a security interest in the Collateral who
      has filed with Payee a written request for notice, a notice in writing of the
      time and place of public sale, or, if the sale is a private sale or some other
      disposition other than a public sale is to be made of the Collateral, then
      the
      time on or after which the private sale or other disposition is to be
      made;

     

    · The
      notice shall be personally delivered or mailed, postage prepaid, to Maker at
      least 5 Business Days before the date fixed for the sale, or at least 5 Business
      Days before the date on or after which the private sale or other disposition
      is
      to be made; no notice needs to be given prior to the disposition of any portion
      of the Collateral that is perishable or threatens to decline speedily in value
      or that is of a type customarily sold on a recognized market. Notice to Persons
      other than a Maker claiming an interest in the Collateral shall be sent to
      such
      addresses as they have furnished to Payee;

     

    · If
      the
      sale is to be a public sale, Payee shall also give notice of the time and place
      by publishing a notice one time at least 5 Business Days before the date of
      the
      sale in a newspaper of general circulation in the county in which the sale
      is to
      be held;

     

    (xi) Payee
      may
      credit bid and purchase at any public sale; and

     

    (xii) Any
      deficiency that exists after disposition of the Collateral as provided above
      will be paid immediately by Maker, which shall be a joint and several
      obligation. Any excess will be returned, without interest and subject to the
      rights of third Persons, by Payee to Maker.

     

    (b) The
      remedies of the holder hereof, as provided in this Note and in any other
      agreement related to this Note, shall be cumulative and concurrent, and may
      be
      pursued singularly, successively or together, at the sole discretion of the
      holder hereof, and may be exercised as often as occasion therefor shall arise.
      No act of omission or commission by the holder hereof, including specifically
      any failure to exercise any right, remedy or recourse provided for hereunder
      or
      under applicable law, shall be deemed to be a waiver or release of any right,
      remedy or recourse, such waiver or release to be effected only through a written
      document executed by the holder hereof. A waiver or release with reference
      to
      any one event shall not be construed as continuing, as a bar to, or as a waiver
      or release of, any subsequent right, remedy or recourse as to a subsequent
      event.

     

    

     

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    15. SECURITY.
      Maker
      hereby grants to Payee a first position security interest in the following
      (collectively, the “Collateral”):
      

     

    (a) the
      Inventory of Maker; and

     

    (b) the
      proceeds and products, whether tangible or intangible, of any of the foregoing,
      including proceeds of insurance covering any or all of the Collateral, and
      any
      and all Accounts of Maker, the Company Books of Maker, Equipment of Maker,
      General Intangibles of Maker, Inventory of Maker, Negotiable Collateral of
      Maker, goods, money, deposit accounts, or other tangible or intangible property
      resulting from the sale, exchange, collection, or other disposition of any
      of
      the foregoing, or any portion thereof or interest therein, and the proceeds
      thereof.

     

    Maker
      grants a security interest in the Collateral to secure the payment or
      performance of following obligations of Maker: (i) Maker’s obligations under
      this Note; (ii) the repayment of any amounts that Payee may advance or spend
      for
      the maintenance or preservation of the Collateral and any other expenditures
      that Payee may make under the provisions of this Note or for the benefit of
      Maker; (iii) all amounts owed under any modifications, renewals or extensions
      of
      any of the foregoing obligations; (iv) any of the foregoing that arises after
      the filing of a petition by or against Maker under the Bankruptcy Code, even
      if
      the obligations do not accrue because of the automatic stay under Section 362
      of
      the Bankruptcy Code or otherwise.

     

    Maker
      agrees that, from time to time, Maker shall: (i) execute all documents and
      take
      all other actions requested by the Payee to perfect any security interests
      in
      connection with this Note, and (ii) execute and record all documents, file
      additional financing statements, amend any existing financing statements and
      continuation statements and take any other actions reasonably requested by
      the
      Payee to grant a security interest in the Collateral or to perfect, further
      perfect, evidence or continue the rights, claims or security interest of the
      Payee with respect to the Collateral, including, without limitation, a pledge
      agreement.

     

    Maker
      hereby authorizes Payee to file financing statements covering the Collateral
      and
      naming Maker as debtor and Payee as secured party in such jurisdictions as
      Payee
      deems appropriate in its sole discretion and hereby authorizes the filing of
      any
      such financing statements which may have occurred on or prior to the date
      hereof.

     

    16. ATTORNEYS’
      FEES.
      In the
      event of a default under this Note or in the event Payee seeks legal advice
      in
      order to enforce the provisions of this Note, Maker agrees to pay all attorneys’
fees incurred by Payee. If any action is brought to enforce or interpret the
      provisions of this Note, the prevailing party shall be entitled to a reasonable
      sum for attorneys’ fees.

     

    17. GOVERNING
      LAW AND SEVERABILITY.
      This
      Note is made pursuant to, and shall be construed and governed by, the laws
      of
      the State of Arizona. If any provision of this Note is construed or interpreted
      by a court of competent jurisdiction to be void, invalid or unenforceable,
      such
      decision shall affect only those provisions so construed or interpreted and
      shall not affect the remaining provisions of this Note.

     

    18. TIME
      OF ESSENCE.
      Time is
      of the essence of this Note and each and every provision hereof.

     

    19. PAYMENT
      WITHOUT OFFSET.
      Principal and interest shall be paid without setoff, counterclaim or other
      deduction of any nature.

     

    20. ASSIGNMENT.
      Payee or
      other holder of this Note may assign all or a portion of its rights, title
      and
      interest in this Note to any person, firm, corporation or other entity without
      the consent of Maker. Maker shall not assign any of its rights or obligations
      under this Note without the express written consent of Payee, which consent
      may
      be granted or withheld in Payee’s sole discretion. 

     

    21. RELATIONSHIP.
      The
      relationship of the parties hereto is that of borrower and lender and it is
      expressly understood and agreed that nothing contained in this Note shall be
      interpreted or construed to make Maker and Payee partners, joint venturers
      or
      participants in any other legal relationship except for borrower and
      lender.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    22. WAIVER.
      Except
      as set forth in this Note, to the extent permitted by applicable law, Maker,
      and
      each person who is or may become liable hereunder, waives and agrees not to
      assert demand, diligence, grace, presentment for payment, protest, notice of
      nonpayment, nonperformance, extension, dishonor, maturity, protest and default.
      Payee may extend the time for payment of or renew this Note, release any party
      from liability hereunder, and any such extension, renewal, release or other
      indulgence shall not alter or diminish the liability of Maker or any other
      person or entity who is or may become liable on this Note except to the extent
      expressly set forth in a writing evidencing or constituting such extension,
      renewal, release or other indulgence.

     

    23. HEADINGS.
      The
      subject headings of the paragraphs of this Note are included for purposes of
      convenience only, and shall not affect the construction or interpretation of
      any
      of its provisions.

     

    24. NO
      WAIVER BY PAYEE.
      No delay
      or failure of Payee in exercising any right hereunder shall affect such right,
      nor shall any single or partial exercise of any right preclude further exercise
      thereof.

     

    25. AMENDMENTS.
      No
      amendment, modification, change, waiver, release or discharge hereof and
      hereunder shall be effective unless evidenced by an instrument in writing and
      signed by the party against whom enforcement is sought.

     

    26. BINDING
      NATURE.
      The
      provisions of this Note shall be binding upon Maker and the heirs, personal
      representatives, successors and assigns of Maker, and shall inure to the benefit
      of Payee and any subsequent holder of all or any portion of this Note, and
      their
      respective successors and assigns.

     

    27. EVIDENCE
      OF INDEBTEDNESS.
      This
      Note and the records of the Payee shall conclusively evidence the principal
      amount outstanding, and any accrued interest thereon, pursuant
      hereto.

     

    28. NOTICE
      TO PAYEE.
      Maker
      shall give prompt written notice to the Payee of any fact that would prohibit
      the making of any payment required to be made hereunder. Notwithstanding this
      provision or any other provision in this Note, the Payee shall not be charged
      with knowledge of the existence of any facts that would prohibit the making
      of
      any payment required to be made hereunder unless the Payee shall have received
      such notice thereof; and, prior to the receipt of any such written notice,
      the
      Payee shall be entitled in all respects to assume that no such facts
      exist.

     

    29. SAVINGS
      CLAUSE.
      Maker
      understands and believes that the terms and conditions of this Note comply
      with
      the laws of the State of Arizona, including the usury laws; however, if any
      interest or other charges in connection with this lending transaction are ever
      determined to exceed the maximum amount permitted by law, then Maker agrees
      that: (a) the amount of interest or charges payable pursuant to this lending
      transaction shall be reduced to the maximum amount permitted by law; and (b)
      any
      excess amount previously collected from Maker in connection with this
      transaction that exceeded the maximum amount permitted by law, will be credited
      against the principal balance then outstanding hereunder. If the outstanding
      principal balance hereunder has been paid in full, the excess amount paid will
      be refunded to Maker as directed by Maker.

     

    30. DEFINITIONS
      AND CONSTRUCTION.
      Any term
      used in the Uniform Commercial Code and not defined in this Note has the meaning
      given to the term in the Uniform Commercial Code. Capitalized terms not defined
      elsewhere in this Note shall have the following definitions:

     

    “Account
      Debtor”
means
      any Person who is or who may become obligated under, with respect to, or on
      account of, an Account.

     

    “Accounts”
has
      the
      meaning assigned thereto in the Uniform Commercial Code of the applicable
      jurisdiction with respect to Maker.

     

    “Affiliate”
means
      as to any Person, any other Person which, directly or indirectly, is in control
      of, is controlled by, or is under common control with, such Person, including,
      without limitation, any Person who is in any way related by blood or by marriage
      to such Person. For purposes of this definition, “control” of a Person means the
power,
      directly or indirectly, either to (a) vote 10% or more of the securities having
      ordinary voting power for the election of directors (or persons performing
      similar functions) of such Person or (b) direct or cause the direction of the
      management and policies of such Person, whether by contract or
      otherwise.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Benefit
      Plan”
means
      a
“defined benefit plan” (as defined in Section 3(35) of ERISA) for which
      Maker or any ERISA Affiliate has been an “employer” (as defined in
      Section 3(5) of ERISA) within the past six years.

     

    “Business”
shall
      mean the business of Maker.

     

    “Business
      Day”
means
      any day that is not a Saturday, Sunday, or other day on which national banks
      are
      authorized or required to close.

     

    “Chattel
      Paper”
has
      the
      meaning assigned thereto in the Uniform Commercial Code of the applicable
      jurisdiction with respect to Maker.

     

    “Collateral”
has
      the
      meaning set forth in Section 15 hereto.

     

    “Company
      Books”
means,
      with respect to Maker, all of Maker’s books and records including: ledgers;
      records indicating, summarizing, or evidencing Maker’s properties or assets
      (including the Collateral of Maker) or liabilities; all information relating
      to
      Maker’s business operations or financial condition; and all computer programs,
      disk or tape files, printouts, runs, or other computer prepared
      information.

     

    “Equipment”
means,
      with respect to Maker, all of Maker’s present and hereafter acquired machinery,
      machine tools, motors, equipment, furniture, furnishings, fixtures, vehicles
      (including motor vehicles and trailers), tools, parts, goods (other than
      consumer goods, farm products, or Inventory), wherever located, including,
      (a) any interest of Maker in any of the foregoing, and (b) all
      attachments, accessories, accessions, replacements, substitutions, additions,
      and improvements to any of the foregoing.

     

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1000 et
      seq., amendments thereto, successor statutes, and regulations or guidance
      promulgated thereunder.

     

    “ERISA
      Affiliate”
means
      (a) any corporation subject to ERISA whose employees are treated as employed
      by
      the same employer as the employees of Maker under IRC Section 414(b),
      (b) any trade or business subject to ERISA whose employees are treated as
      employed by the same employer as the employees of Maker under IRC Section
      414(c), (c) solely for purposes of Section 302 of ERISA and Section 412 of
      the IRC, any organization subject to ERISA that is a member of an affiliated
      service group of which Maker is a member under IRC Section 414(m), or
      (d) solely for purposes of Section 302 of ERISA and Section 412 of the IRC,
      any party subject to ERISA that is a party to an arrangement with Maker and
      whose employees are aggregated with the employees of Maker under IRC Section
      414(o).

     

    “General
      Intangibles”
means,
      with respect to Maker, all of Maker’s present and future general intangibles,
      including any payment intangibles, and other personal property (including
      contract rights, rights arising under common law, statutes, or regulations,
      choses or things in action, goodwill, patents, trade names, trademarks,
      servicemarks, copyrights, blueprints, drawings, purchase orders, customer lists,
      monies due or recoverable from pension funds, rights to payment and other rights
      under any royalty or licensing agreements, infringement claims, computer
      programs, information contained on computer disks or tapes, literature, reports,
      catalogs, deposit accounts, insurance premium rebates, tax refunds, and tax
      refund claims), other than goods, Accounts, and Negotiable
      Collateral.

     

    “Governmental
      Authority”
means
      any nation or government, any state or other political subdivision thereof
      and
      any entity exercising executive, legislative, judicial, regulatory or
      administrative functions of or pertaining to government.

     

    “Indebtedness”
means,
      with respect to Maker: (a) all obligations of Maker for borrowed money, (b)
      all
      obligations of Maker evidenced by bonds, debentures, notes, or other similar
      instruments and all reimbursement or other obligations of Maker in respect
      of
      letters of credit, bankers acceptances, interest rate swaps, or other financial
      products, (c) all obligations of Maker under capital leases, (d) all obligations
      or liabilities of others secured by a Lien on any property or asset of Maker,
      irrespective of whether such obligation or liability is assumed, and (e) any
      obligation of Maker guaranteeing or intended to guarantee (whether guaranteed,
      endorsed, co-made, discounted, or sold with recourse to Maker) any indebtedness,
      lease, dividend, letter of credit, or other obligation of any other
      Person.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    “Inventory”
has
      the
      meaning assigned thereto in the Uniform Commercial Code of the applicable
      jurisdiction with respect to Maker.

     

    “IRC”
means
      the Internal Revenue Code of 1986, as amended, and the regulations
      thereunder.

     

    “Lien”
means
      any interest in property securing an obligation owed to, or a claim by, any
      Person other than the owner of the property, whether such interest shall be
      based on the common law, statute, or contract, whether such interest shall
      be
      recorded or perfected, and whether such interest shall be contingent upon the
      occurrence of some future event or events or the existence of some future
      circumstance or circumstances, including the lien or security interest arising
      from a mortgage, deed of trust, encumbrance, pledge, hypothecation, assignment,
      deposit arrangement, security agreement, adverse claim or charge, conditional
      sale or trust receipt, or from a lease, consignment, or bailment for security
      purposes and also including reservations, exceptions, encroachments, easements,
      rights-of-way, covenants, conditions, restrictions, leases, and other title
      exceptions and encumbrances affecting real property.

     

    “Material
      Adverse Change”
means
      (a) a material adverse change in the business, operations, results of
      operations, assets, liabilities or condition (financial or otherwise) of Maker,
      taken as a whole, or (b) the material impairment of Maker’s ability (or any
      guarantor under any guarantee related to this Note) to perform its obligations
      under any agreements, notes or instruments applicable to it or of Payee to
      enforce the obligations under this Note or any guarantee related to this Note
      or
      realize upon the Collateral, (c) a material adverse effect on the value of
      the
      Collateral or the amount that Payee would be likely to receive (after giving
      consideration to delays in payment and costs of enforcement) in the liquidation
      of such Collateral, or (d) a material impairment of the priority of Payee’s
      Liens with respect to the Collateral.

     

    “Multiemployer
      Plan”
means
      a
“multiemployer plan” (as defined in Section 4001(a)(3) of ERISA) to which Maker
      or any ERISA Affiliate has contributed, or was obligated to contribute, within
      the past six years.

     

    “Negotiable
      Collateral”
means,
      with respect to Maker, all of Maker’s present and future letters of credit,
      notes, drafts, instruments, investment property, security entitlements,
      securities, documents, personal property leases (wherein Maker is the lessor),
      chattel paper, and the Company Books of Maker relating to any of the
      foregoing.

     

    “Person”
means
      and includes natural persons, corporations, limited liability companies, limited
      partnerships, general partnerships, limited liability partnerships, joint
      ventures, trusts, land trusts, business trusts, or other organizations,
      irrespective of whether they are legal entities, and governments and agencies
      and political subdivisions thereof.

     

    “Plan”
means
      any employee benefit plan, program, or arrangement maintained or contributed
      to
      by Maker or with respect to which Maker may incur liability.

     

    [Remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF,
      a duly
      authorized representative of Maker has executed this Promissory Note and
      Security Agreement as of the date set forth above.

     

    MAKER:

     

    LOW
      PRICE.COM, INC.

     

    By:

    Name:

    Its:

     

    ACKNOWLEDGED
      AND AGREED TO:

     

    HEXAGON
      FINANCIAL, LLC

     

    By:
      /s/Anchor Management, LLC

    Its:
      Manager

     

    By:/s/
      Matthew
      Gallaher

    Name:
       Matthew
      Gallaher

    Title:
       Chief
      Financial Officer

     

     

     

     

     

     

     

     13Point Acquisition Corp.: Exhibit 4.1 - Prepared by TNT Filings Inc.

  

Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this "Agreement") is made and entered into as of April 25, 2007, by and among Point Acquisition Corporation, a Nevada corporation (the "Company"), and the investors signatory hereto (each a "Investor" and collectively, the "Investors").

This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, among the Company and the Investors (the "Purchase Agreement").

The Company and the Investors hereby agree as follows:  

1.

Definitions.  Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement will have the meanings given such terms in the Purchase Agreement.  As used in this Agreement, the following terms have the respective meanings set forth in this Section 1:

“Advice”  has the meaning set forth in Section 6(d).

“Commission Comments” means written comments pertaining solely to Rule 415 which are received by the Company from the Commission, and a copy of which shall have been provided by the Company to the Holders, to a filed Registration Statement which limit the amount of shares which may be included therein to a number of shares which is less than such amount sought to be included thereon as filed with the Commission.

“Effective Date” means, as to a Registration Statement, the date on which such Registration Statement is first declared effective by the Commission.

“Effectiveness Date” means (a) with respect to the Registration Statement required to be filed under Section 2(a), the earlier of (i) the 150th day following the Closing Date, and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that such Registration Statement will not be reviewed or is no longer subject to further review and comments, (b) with respect to a Registration Statement required to be filed under Section 2(b), the earlier of: (i) the 60th day following the Filing Date for any Registration Statement required to be filed under Section 2(b), and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that such Registration Statement will not be reviewed or is no longer subject to further review and comments, (c) with respect to a Registration Statement required to be filed under Section 2(c), the earlier of:  (i) the 60th day following the date on which the Company becomes eligible to utilize Form S-3 to register the resale of Common Stock; provided, that, if the Commission reviews and has written comments to such filed Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Date under this clause (c)(i) shall be the 90th day following the date on which the Company becomes eligible to utilize Form S-3 to register the resale of Common Stock, and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that the Registration Statement will not be reviewed or is no longer subject to further review and comments, (d) with respect to a Registration Statement required to be filed under Section 2(d), the earlier of: (i) the 90th day following the 2007 Delivery Date; provided, that, if the Commission reviews and has written comments to such filed Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Date under this clause (d)(i) shall be the 120th day following the 2007 Delivery Date, and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that the Registration Statement will not be reviewed or is no longer subject to further review and comments and (e) with respect to a Registration Statement required to be filed under Section 2(e), the earlier of: (i) the 90th day following the 2008 Delivery Date; provided, that, if the Commission reviews and has written comments to such filed Registration Statement that would require the filing of a pre-effective amendment thereto with the Commission, then the Effectiveness Date under this clause (e)(i) shall be the 120th day following the 2008 Delivery Date, and (ii) the fifth Trading Day following the date on which the Company is notified by the Commission that the Registration Statement will not be reviewed or is no longer subject to further review and comments.

 

"Effectiveness Period" means, as to any Registration Statement required to be filed pursuant to this Agreement, the period commencing on the Effective Date of such Registration Statement and ending on the earliest to occur of (a) the second anniversary of such Effective Date, (b) such time as all of the Registrable Securities covered by such Registration Statement have been publicly sold by the Holders of the Registrable Securities included therein, or (iii) such time as all of the Registrable Securities covered by such Registration Statement may be sold by the Holders pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company's transfer agent and the affected Holders.

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

“Filing Date” means (a) with respect to the Registration Statement required to be filed under Section 2(a), the 45th day following the Closing Date, (b) with respect to any Registration Statements required to be filed under Section 2(b), each such Registration Statement shall be filed by the earlier of (i) for the initial Registration Statement required to be filed under Section 2(b), the six-month anniversary of the Effective Date of the Registration Statement required to be filed under Section 2(a) and for all subsequent Registration Statements, the six-month anniversary of the Effective Date of the immediately preceding Registration Statement required to be filed under this Section 2, as applicable, and (ii) for the initial Registration Statement required to be filed under Section 2(b), the 60th day following such time as 75% of all Registrable Securities which are included in the Registration Statement required to be filed under Section 2(a) have been sold and for all subsequent Registration Statements, the 60th day following such time as 75% of all Registrable Securities which are included in the immediately preceding Registration Statement required to be filed under Section 2(b) have been sold, as applicable, (c) with respect to a Registration Statement required to be filed under Section 2(c), the 30th day following the date on which the Company becomes eligible to utilize Form S-3 to register the resale of Common Stock, (d) with respect to the Registration Statement required to be filed under Section 2(d), the 45th day following the 2007 Delivery Date (provided that if the Company is then eligible to utilize Form S-3 to register the resale of Common Stock, the Filing Date under this clause (d) shall be 30 days following the 2007 Delivery Date) and (e) with respect to the Registration Statement required to be filed under Section 2(e), the 45th day following the 2008 Delivery Date (provided that if the Company is then eligible to utilize Form S-3 to register the resale of Common Stock, the Filing Date under this clause (e) shall be 30 days following the 2008 Delivery Date).

2

 

"Holder" or "Holders" means the holder or holders, as the case may be, from time to time of Registrable Securities.

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

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

“Losses” has the meaning set forth in Section 5(a).

“New York Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan.

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

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

“Registrable Securities” means: (i) the Shares, (ii) any shares of Common Stock issuable upon the exercise of warrants issued to any placement agent (the “Placement Agent Warrants”) as compensation in connection with the financing that is the subject of the Purchase Agreement, (iii) the 2007 Make Good Shares, as applicable, (iv) the 2008 Make Good Shares, as applicable and (v) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event, or any price adjustment as a result of such stock splits, reverse stock splits or similar events with respect to any of the securities referenced in (i), (ii), (iii), or (iv) above.

"Registration Statement" means the initial registration statement required to be filed in accordance with Section 2(a) and any additional registration statement(s) required to be filed under Sections 2(b), 2(c), 2(d) and 2(e), including (in each case) the Prospectus, amendments and supplements to such registration statements or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference therein.

3

 

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

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

"Rule 424" means 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 having substantially the same effect as such Rule.

"Securities Act" means the Securities Act of 1933, as amended.

"Shares" means the shares of Common Stock issued or issuable to the Investors pursuant to the Purchase Agreement.

2.

Registration.

(a)

On or prior to the applicable Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of the Registrable Securities (other than the 2007 Make Good Shares and the 2008 Make Good Shares) not already covered by an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415, on Form S-1 (or on such other form appropriate for such purpose).  Such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” attached hereto as Annex A.  The Company shall cause such Registration Statement to be declared effective under the Securities Act as soon as practicable but, in any event, no later than its Effectiveness Date, and shall use its reasonable best efforts to keep the Registration Statement continuously effective during the entire Effectiveness Period.  By 5:00 p.m. (New York City time) on the Business Day immediately following the Effective Date of such Registration Statement, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such filing is technically required under such Rule).

(b)

If all of the Registrable Securities to be included in the Registration Statement filed pursuant to Section 2(a) cannot be so included due to Commission Comments, then the Company shall prepare and file by the applicable Filing Date for such Registration Statement(s), such number of additional Registration Statements as may be necessary in order to ensure that all Registrable Securities (other than the 2007 Make Good Shares and 2008 Make Good Shares, unless the 2007 Delivery Date or 2008 Delivery Date, as the case may be, shall have occurred) are covered by an existing and effective Registration Statement.  Accordingly, if for example, an initial Registration Statement is filed under Section 2(b) to register shares taken off a Registration Statement filed under Section 2(a) due to Commission Comments and Commission Comments again require shares to be removed for such newly filed Registration Statement under this Section 2(b), then the Company will prepare and file additional Registration
 

4

 

(c)

Statements until such time as all such required shares are covered by effective Registration Statements.  Any Registration Statements to be filed under this Section shall be for an offering to be made on a continuous basis pursuant to Rule 415, on Form S-1 (or on such other form appropriate for such purpose).  Such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the "Plan of Distribution" attached hereto as Annex A.  The Company shall cause such Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event, by its Effectiveness Date, and shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period.  By 5:00 p.m. (New York City time) on the Business Day immediately following the Effective Date of such Registration Statement, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such filing is technically required under such Rule).

(d)

Promptly following any date on which the Company becomes eligible to use a Registration Statement on Form S-3 to register the Registrable Securities for resale, the Company shall file a Registration Statement on Form S-3 covering the Registrable Securities (or a post-effective amendment on Form S-3 to the then effective Registration Statement) and shall cause such Registration Statement to filed by the Filing Date for such Registration Statement and declared effective as soon as possible thereafter, but in any event prior to the Effectiveness Date therefor. Such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the "Plan of Distribution" attached hereto as Annex A.  The Company shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period.  By 5:00 p.m. (New York City time) on the Business Day immediately following the Effective Date of such Registration Statement, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such filing is technically required under such Rule).

(e)

On or prior to the applicable Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of the 2007 Make Good Shares on Form S-3 if the Company is then eligible to utilize such Form (or on such other form appropriate for such purpose) and shall cause such Registration Statement to be filed by the Filing Date for such Registration Statement and declared effective under the Securities Act as soon as possible thereafter, but in any event prior to the Effectiveness Date therefor.  Such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” attached hereto as Annex A.  The Company shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period which is applicable to it.  By 5:00 p.m. (New York City time) on the Business Day immediately following the Effective Date of such Registration Statement, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such filing is technically required under such Rule)

5

 

(f)

On or prior to the applicable Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of the 2008 Make Good Shares on Form S-3 if the Company is then eligible to utilize such Form (or on such other form appropriate for such purpose) and shall cause such Registration Statement to be filed by the Filing Date for such Registration Statement and declared effective under the Securities Act as soon as possible thereafter, but in any event prior to the Effectiveness Date therefor.  Such Registration Statement shall contain (except if otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” attached hereto as Annex A.  The Company shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period which is applicable to it.  By 5:00 p.m. (New York City time) on the Business Day immediately following the Effective Date of such Registration Statement, the Company shall file with the Commission in accordance with Rule 424 under the Securities Act the final prospectus to be used in connection with sales pursuant to such Registration Statement (whether or not such filing is technically required under such Rule).

(g)

Each Holder agrees to furnish to the Company a completed Questionnaire in the form attached to this Agreement as Annex B (a “Selling Holder Questionnaire”).  The Company shall not be required to include in a Registration Statement the Registrable Securities of a Holder who fails to furnish to the Company a fully completed Selling Holder Questionnaire at least two Trading Days prior to the Filing Date (subject to the requirements set forth in Section 3(a)).

3.

Registration Procedures.

In connection with the Company's registration obligations hereunder, the Company shall:

(a)

Not less than four Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement thereto, the Company shall furnish to each Holder copies of the “Selling Stockholders” section of such document, the “Plan of Distribution” and any risk factor contained in such document that addresses specifically this transaction or the Selling Stockholders, as proposed to be filed which documents will be subject to the review of such Holder.  Any Holder must provide their comments, if any, to the Company at least two Trading days prior to the filing of such Registration Statement or any related Prospectus or any amendment or supplement thereto.  The Company shall not file a Registration Statement, any Prospectus or any amendments or supplements thereto in which the “Selling Stockholder” section thereof differs from the disclosure received from a Holder in its Selling Holder Questionnaire (as amended or supplemented).

(b)

(i)  Prepare and file with the Commission such amendments, including post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that would not result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement.

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(c)

Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three Trading Days prior to such filing and, in the case of (v) below, not less than three Trading Days prior to the financial statements in any Registration Statement becoming ineligible for inclusion therein) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a "review" of such Registration Statement and whenever the Commission comments in writing on such Registration Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to the Holders as a Selling Stockholder or to the Plan of Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

(d)

Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment

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(e)

Furnish to each Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Person (including those previously furnished) promptly after the filing of such documents with the Commission.

(f)

Promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request.  The Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

(g)

Prior to any public offering of Registrable Securities, register or qualify such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder may request, to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements.

(h)

Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request.

(i)

Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain 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, in light of the circumstances under which they were made, not misleading.

4.

Registration Expenses.  All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement.  The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement.  In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder.

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5.

Indemnification.

(a)

Indemnification by the Company.  The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents, investment advisors, partners, members and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys' fees) and expenses (collectively, "Losses"), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected.  The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement.

(b)

Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon: (x) such Holder's failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or  defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected.  In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation.

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(c)

Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an "Indemnified Party"), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the "Indemnifying Party") in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party.

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless:  (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party).  The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld.  No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a 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.

10

 

All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder).

(d)

Contribution.  If a claim for indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each 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 Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations.  The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or omission.  The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys' or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph.  Notwithstanding the provisions of this Section 5(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties.

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6.

Miscellaneous

(a)

Remedies.  In the event of a breach by the Company or by a Holder, of any of their obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement.  The Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees 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)

No Piggyback on Registrations.  Except as and to the extent specified in Schedule 3.1(v) to the Purchase Agreement, neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in a Registration Statement other than the Registrable Securities, and the Company shall not during the Effectiveness Period enter into any agreement providing any such right to any of its security holders.

(c)

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

(d)

Discontinued Disposition.  Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder's receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the "Advice") by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement.  The Company may provide appropriate stop orders to enforce the provisions of this paragraph.

(e)

Piggy-Back Registrations.  If at any time during the Effectiveness Period  there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a Registration Statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each Holder written notice of such determination and, if within fifteen calendar days after receipt of such notice, any such Holder shall so request in writing, the Company shall include in such Registration Statement all or any part of such Registrable Securities such holder requests to be registered, subject to customary underwriter cutbacks applicable to all holders of registration rights

12

 

(f)

Amendments and Waivers.  The provisions of this Agreement, including the provisions of this Section 6(f), may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders of no less than a majority in interest of the then outstanding Registrable Securities.  Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver or consent relates.

(g)

Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile (provided the sender receives a machine-generated confirmation of successful transmission) at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, (c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given.  The address for such notices and communications shall be as follows:

If to the Company:

Point Acquisition Corporation

No. 88 Gengsheng Road, Dayugou Town

Gongyi, Henan China  451271

Facsimile: 86-371-64059846

Attn: Shunqing Zhang

 

With a copy to:

Thelen Reid Brown Raysman & Steiner LLP

701 8th Street NW

Washington, D.C. 20001

Facsimile:  (202) 508-4321

Attn.:  Joseph R. Tiano, Jr., Esq.  

If to a Investor:  

To the address set forth under such Investor's name on the signature pages hereto.

If to any other Person who is then the registered Holder:

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

or such other address as may be designated in writing hereafter, in the same manner, by such Person

13

 

(h)

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

(i)

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

(j)

Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective Affiliates, employees or agents) will be commenced in the New York Courts.  Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum.  Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any Proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.  If either party shall commence a Proceeding to enforce any provisions of this Agreement, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.

(k)

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

(l)

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

14

 

(m)

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

(n)

Independent Nature of Investors' Obligations and Rights.  The obligations of each Investor under this Agreement are several and not joint with the obligations of each other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under this Agreement.  Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement or any other Transaction Document.  Each Investor acknowledges that no other Investor will be acting as agent of such Investor in enforcing its rights under this Agreement.  Each Investor shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any Proceeding for such purpose.  The Company acknowledges that each of the Investors has been provided with the same Registration Rights Agreement for the purpose of closing a transaction with multiple Investors and not because it was required or requested to do so by any Investor.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES TO FOLLOW]

15

 

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

POINT ACQUISITION CORPORATION

By:_________________________________

        Name: Shunqing Zhang

Title: CEO and President  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES OF INVESTORS TO FOLLOW]

 

 

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

  	NAME OF INVESTING ENTITY
	 
	 
	
      By:______________________________
	
      Name:____________________________
	
      Title:_____________________________
	 
	ADDRESS FOR NOTICE
	 
	
      c/o:______________________________
	 
	
      Street:____________________________
	 
	
      City/State/Zip:______________________
	 
	
      Attention:_________________________
	 
	
      Tel:______________________________
	 
	
      Fax:______________________________
	 
	
      Email:_____________________________

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