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                                                                   EXHIBIT 10.13

                   [OMNIBUS FORM OF INSIDER LETTER AGREEMENT]

[_______] [__], 2006

Granahan McCourt Acquisition Corporation
179 Stony Brook Road
Hopewell, NJ 08525

Deutsche Bank Securities Inc.
60 Wall Street
New York, NY 10005

Re: INITIAL PUBLIC OFFERING

Ladies and Gentlemen:

     This letter is being delivered to you in accordance with the Underwriting
Agreement (the "Underwriting Agreement") entered into by and between Granahan
McCourt Acquisition Corporation, a Delaware corporation (the "Company"), and
Deutsche Bank Securities Inc. (the "Underwriter"), relating to an underwritten
initial public offering (the "IPO") of the Company's units (the "Units"), each
comprised of one share of the Company's common stock, par value $0.0001 per
share (the "Common Stock"), and one warrant, which is exercisable for one share
of Common Stock (a "Warrant"). Certain capitalized terms used herein are defined
in paragraph 12 hereof.

     In order to induce the Company and the Underwriter to enter into the
Underwriting Agreement and to proceed with the IPO, and in recognition of the
benefit that such IPO will confer upon the undersigned as a stockholder of the
Company, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned hereby agrees with
the Company and the Underwriter as follows:

     1. If the Company solicits approval of its stockholders of a Business
Combination, the undersigned will vote all Insider Shares owned by the
undersigned in accordance with the majority of the votes cast by the holders
of the IPO Shares. For clarity, the undersigned may vote IPO Shares
(including such shares purchased by the undersigned in the aftermarket) owned
by the undersigned in any manner that the undersigned chooses.

     2. (i) [In the event that the Company fails to consummate a Business
Combination within (a) 18 months after the consummation of the IPO, unless a
letter of intent, agreement in principle or definitive agreement has been
executed with respect to a Business Combination within such 18 month period, (an
18-Month Execution Failure") or (b) 24 months after the consummation of the IPO,
if a letter of intent, agreement in principle or definitive agreement has been
executed with respect to a Business Combination within 18 months from the
consummation

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of the IPO but the Business Combination has not been consummated within such 18
month period ("24-Month Transaction Failure") (the date of the first such
failure to occur being the "Transaction Failure Date"), the undersigned will
take all reasonable actions within the undersigned's power and as permitted
under applicable laws to (1) within a reasonable time prior to the expiration of
such 18 or 24 month period, as the case may be, adopt and vote to recommend to
the Company's stockholders a specific plan of dissolution and liquidation to be
included in a proxy statement to seek stockholder approval for such plan of
dissolution and liquidation in the event that the Company fails to so consummate
a Business Combination within such 18- or 24-month period, as the case may be,
(2) cause to be prepared a preliminary proxy statement that sets forth such plan
of dissolution and liquidation and recommends that the Company's stockholders
approve such plan, (3) not later than fifteen (15) days after the expiration of
such 18 or 24 month period, as the case may be, adopt a resolution pursuant to
Section 275(a) of the Delaware General Corporation Law finding the dissolution
of the Company advisable and provide such notices to the Company's stockholders
as are required by Section 275(a) as promptly thereafter as possible and (4)
take such other actions in connection with the liquidation of the Company as are
required by the Company's certificate of incorporation and bylaws.](1) In the
event of an 18-Month Execution Failure or 24-Month Transaction Failure, as the
case may be, the undersigned will take all reasonable actions within the
undersigned's power and as permitted under applicable laws to (x) cause the
preliminary proxy statement setting forth the specific plan of dissolution and
liquidation approved by the Company's board of directors to be filed with the
Securities and Exchange Commission (the "SEC") promptly after the expiration of
the 18- or 24-month period, as the case may be, AND (y) cause a meeting of the
Company's stockholders to consider such plan of dissolution and liquidation to
be held. The undersigned will vote all shares of Common Stock, including Insider
Shares and IPO Shares, owned directly or indirectly by the undersigned in favor
of such plan of dissolution and liquidation.

          (ii) In the event that the Company's stockholders approve a plan of
dissolution and liquidation in connection with an 18-Month Execution Failure or
24-Month Transaction Failure, as the case may be, the undersigned will take all
reasonable actions within the undersigned's power and as permitted under
applicable laws to (i) cause the Trust Fund to be liquidated and, after paying
or reserving for payment the Company's liabilities, distributed to the holders
of the IPO Shares as soon as practicable but in no event later than 60 (sixty)
calendar days after the Transaction Failure Date and (ii) cause the Company to
dissolve and liquidate as soon as practicable (the earliest date on which the
conditions in clauses (i) and (ii) are both satisfied being the "Liquidation
Date"). The undersigned hereby waives any and all right, title, interest or
claim of any kind in or to any distributions of the Trust Fund as a result of
such distribution, or to any other amounts distributed in connection with a
liquidating distribution of the Company including with respect to the
undersigned's Insider Shares but other than with respect to any IPO Shares
owned by the undersigned ("Claim") and hereby waives any Claim the
undersigned may have in the future as a result of, or arising out of, any
contracts or agreements with the Company and will not seek recourse against
the Trust Fund

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(1)  This section of the agreement will appear only in the agreements executed
     by the directors of the Company.

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for any reason whatsoever. The undersigned hereby agrees that the Company shall
be entitled to reimbursement from the undersigned for any distribution of the
Trust Fund, or any other amounts distributed by the Company in connection with a
liquidating distribution, received by the undersigned in respect of such
person's Insider Shares.

     3. [INTENTIONALLY OMITTED.](2) [Subsequent to the Transaction Failure Date,
the undersigned agrees to indemnify and hold harmless the Company, against any
and all loss, liability, claims, damage and expense whatsoever (including, but
not limited to, any and all legal or other expenses reasonably incurred in
investigating, preparing or defending against any litigation, whether pending or
threatened, or any claim whatsoever) to which the Company may become subject as
a result of (i) any claim by any vendor or service provider who is owed money by
the Company for services rendered or products sold to the Company, or (ii) any
claim by any acquisition target, but in each case only to the extent (a) such
vendor, service provider, or acquisition target has not executed a waiver of
rights or claims to the Trust Fund, and (b) necessary to ensure that such loss,
liability, claim, damage or expense does not reduce the amount in the Trust Fund
(or, in the event that such claim arises after the distribution of the Trust
Fund, to the extent necessary to ensure that the Company's former stockholders
are not liable for any amount of such loss, liability, claim, damage or
expense). For avoidance of doubt, the foregoing indemnification obligation of
the undersigned shall not apply to claims under the Company's indemnification of
the underwriters of the offering against certain liabilities, including
liabilities under the Securities Act of 1933. In the event the Company's assets
held outside the Trust Fund are insufficient to pay the costs and expenses of
dissolution and liquidation of the Company, the undersigned agrees to indemnify
and hold harmless the Company against such additional costs and expenses of
dissolution and liquidation, excluding any special, indirect or consequential
costs or expenses, such as litigation pertaining to the Company's dissolution
and liquidation.](3)

     4. In order to minimize potential conflicts of interest which may arise
from multiple affiliations, the undersigned agrees to present to the Company for
its consideration, prior to presentation to any other person or entity, any
business opportunity that may be reasonably required to be presented to the
Company under Delaware law, until the earlier of a Business Combination,
Liquidation Date, and such time as the undersigned ceases to be an officer or
director of the Company; PROVIDED, HOWEVER, that the presentation of such
opportunities to the Company shall in each case be subject to any pre-existing
fiduciary and contractual obligation of the undersigned.

     5. The undersigned acknowledges and agrees that the Company will not
consummate any Business Combination with an entity that is affiliated with any
Insider or any of their respective affiliates unless the Company obtains an
opinion from an independent investment banking firm that the Business
Combination is fair to the Company's stockholders from a financial point of
view.

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(2)  This section of the agreement will appear in the agreements other than the
     one executed by David C. McCourt.

(3)  This section of the agreement will appear only in the agreement executed by
     David C. McCourt.

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     6. Neither the undersigned, any member of the family of the undersigned,
nor any affiliate of the undersigned will be entitled to receive, and will not
accept, from the Company any compensation, including payments to related parties
of the existing stockholders for performing due diligence or for services
rendered to the Company prior to or in connection with the consummation of the
Business Combination, PROVIDED that commencing on the effective date (the
"Effective Date") of the registration statement (the "Registration Statement")
relating to the IPO, Granahan McCourt Capital, LLC ("Related Party") shall be
allowed to charge the Company $10,000 per month to compensate it for the
Company's use of Related Party's offices, utilities and personnel. The
undersigned shall also be entitled to reimbursement from the Company for the
undersigned's reasonable out-of-pocket expenses incurred in connection with
seeking and consummating a Business Combination, provided that such
reimbursement has been approved by the board of directors of the Company.

     7. Neither the undersigned, any member of the family of the undersigned,
nor any affiliate of the undersigned will be entitled to receive, or accept, a
finder's fee or any other compensation from the Company or any other entity or
person in the event the undersigned, any member of the family of the undersigned
or any affiliate of the undersigned originates a Business Combination except as
described in the Registration Statement.

     8. [INTENTIONALLY OMITTED.](4) [The undersigned hereby agrees that, on a
date that is within the five-day period following the date that is 30 days after
the date of the Underwriting Agreement or, if earlier, the date the Underwriter
terminates its Over-allotment Option pursuant to the terms of the Underwriting
Agreement, the undersigned will promptly sell to the Company, and the Company
shall repurchase from the undersigned, at the price per share of $0.000445 in
cash, the number of shares of Common Stock determined by multiplying (i) 585,938
by (ii) a fraction, the numerator of which is (A) 2,343,750 minus (B) the number
of shares of Common Stock purchased by the Underwriter upon the exercise of its
Over-allotment Option (as defined in the Underwriting Agreement) and the
denominator of which is 2,343,750.](5)

     9. The undersigned agrees to serve as [President, Chairman and Chief
Executive Officer, Chief Financial Officer, Chief Administrative Officer, or as
a member of the Board of Directors of the Company](6) until the earlier of the
consummation by the Company of a Business Combination or the Liquidation Date;
PROVIDED, however, that nothing herein shall be construed as providing a right
of the undersigned to maintain any position if removed by proper corporate
action. The undersigned's biographical information furnished to the Company and
the Underwriter and attached hereto as Exhibit A is true and accurate in all
material respects, does not omit any material information with respect to the
undersigned's background and contains all of the information required to be
disclosed pursuant to Section 401 of Regulation S-K, promulgated under the
Securities Act of 1933. The undersigned's completed questionnaires furnished to
the Company and the Underwriter and attached hereto as Exhibit B are true and
accurate in all material respects. The undersigned represents and warrants that:

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(4)  This section of the agreement will appear in the agreements other than the
     one executed by David C. McCourt.

(5)  This section of the agreement will appear only in the agreement executed by
     David C. McCourt.

(6)  This section will reflect the relationship of the insider to the company,
     as applicable.

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          (a) the undersigned is not subject to or a respondent in any legal
action for, any injunction, cease-and-desist order or order or stipulation to
desist or refrain from any act or practice relating to the offering of
securities in any jurisdiction;

          (b) the undersigned has never been convicted of or pleaded guilty to
any crime (i) involving any fraud or (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in
any securities and the undersigned is not currently a defendant in any such
criminal proceeding; and

          (c) the undersigned has never been suspended or expelled from
membership in any securities or commodities exchange or association or had a
securities or commodities license or registrations denied, suspended or revoked.

     10. The undersigned shall not (x) sell, offer to sell, contract or agree to
sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of
or agree to dispose of, directly or indirectly, or, except as provided in that
certain Registration Rights Agreement dated as of the date hereof pertaining to
the Insider Shares of the undersigned, file (or participate in the filing of) a
registration statement with the SEC in respect of, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder with
respect to, any Insider Shares, (y) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences
of ownership of Insider Shares, whether any such transaction is to be settled by
delivery of shares of Common Stock, in cash or otherwise, or (z) publicly
announce an intention to effect any transaction specified in clause (x) or (y)
until the first anniversary of the consummation of an initial Business
Combination (the "Lock-Up Period"). Notwithstanding the foregoing, the
undersigned may transfer the undersigned's Insider Shares during the
applicable Lock-Up Period (i) by gift to a member of the undersigned's
immediate family or to a trust, the beneficiary of which is a member of the
undersigned's immediate family, an affiliate of the undersigned or to a
charitable organization, (ii) by virtue of the laws of descent and
distribution upon death of the undersigned, (iii) to other officers or
directors of the Company, (iv) pursuant to a qualified domestic relations
order, or (v) in the event of a dissolution of the Company prior to a
Business Combination or the consummation of a liquidation, merger, capital
stock exchange, stock purchase, asset acquisition or other similar
transaction which results in all the Company's stockholders having the right
to exchange their shares of Common Stock for cash, securities or other
property subsequent to the Company's consummating a Business Combination with
a target business; PROVIDED, HOWEVER, that the permissive transfers pursuant
to clauses (i) -- (iv) may be implemented only upon the respective
transferee's written agreement to be bound by the terms and conditions of
this Agreement. During the applicable Lock-Up Period, the undersigned shall
not grant a security interest in the undersigned's Insider Shares.

     11. The undersigned has full right and power, without violating any
agreement by which he is bound (including, without limitation, any
non-competition or non-solicitation agreement with any employer or former
employer), to enter into this letter agreement, serve as [President, Chairman
and Chief Executive Officer, Chief Financial Officer, Chief Administrative

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Officer or as a member of the Board of Directors of the Company](7) and hereby
consents to being named in the registration statement as such.

     12. As used herein, (i) a "Business Combination" shall mean the initial
acquisition or acquisition of control of one or more assets or operating
businesses in the telecommunications and media industries selected by the
Company through a merger, capital stock exchange, asset or stock acquisition
or other similar business combination; (ii) "Insiders" shall mean all
officers, directors and stockholders of the Company immediately prior to the
IPO; (iii) "Insider Shares" shall mean all of the shares of Common Stock
owned by an Insider prior to the IPO (and shall include any shares of Common
Stock issued as dividends with respect to such shares); (iv) "IPO Shares"
shall mean the shares of Common Stock issued in the Company's IPO; and
(v) "Trust Fund" shall mean the Trust Account established under that certain
Investment Management Trust Agreement, dated as of the date hereof, between
the Company and Continental Stock Transfer & Trust Company.

     13. The undersigned acknowledges and understands that the Company will rely
upon the agreements, representations and warranties set forth herein in
proceeding with the IPO. Nothing contained herein shall be deemed to render the
Underwriter a representative of, or a fiduciary with respect to, the Company,
its stockholders, or any creditor or vendor of the Company with respect to the
subject matter hereof.

     14. This letter agreement shall be binding on the undersigned and such
person's respective successors, heirs, personal representatives and assigns.
This letter agreement shall terminate on the earlier of (i) the consummation of
the Business Combination and (ii) the Liquidation Date; provided that such
termination shall not relieve the undersigned from liability for any breach of
this agreement prior to its termination[, and provided further that Section 3 of
this agreement shall survive a termination pursuant to clause (ii)](8).

     15. This letter agreement shall be governed by and interpreted and
construed in accordance with the laws of the State of New York applicable to
contracts formed and to be performed entirely within the State of New York,
without regard to the conflicts of law provisions thereof to the extent such
principles or rules would require or permit the application of the laws of
another jurisdiction.

     16. No term or provision of this letter agreement may be amended, changed,
waived, altered or modified except by written instrument executed and delivered
by the party against whom such amendment, change, waiver, alteration or
modification is to be enforced.

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(7)  This section will reflect the relationship of the insider to the company,
     as applicable.

(8)  This provision of the agreement will appear only in the agreement executed
     by David C. McCourt.

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                                        ________________________________________
                                        [Name of Current Stockholder]

Accepted and agreed:

GRANAHAN MCCOURT ACQUISITION CORPORATION

By: _________________________________
Name: David C. McCourt
Title: President and Chief Executive Officer

DEUTSCHE BANK SECURITIES INC.

By: _________________________________
Name:
Its:

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                                                                       EXHIBIT A

                            BIOGRAPHICAL INFORMATION

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                                                                       EXHIBIT B

                   QUESTIONNAIRES FURNISHED TO THE STOCKHOLDERQuickLinks
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Exhibit 4.1    
    

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        This Registration Rights Agreement (this "Agreement") is made and entered into as of June 30, 2006, by and
between DataPath, Inc., a Georgia corporation (together with any successor entity thereto, the "Company"), and Friedman, Billings,
Ramsey & Co., Inc., a Delaware corporation ("FBR"), for the benefit of FBR, the purchasers of the Company's common stock, no par value per
share, as participants ("Participants") in the private placement by the Company of shares of its common stock (the "Private
Placement"), and the direct and indirect transferees of FBR, and each of the Participants. 

        This
Agreement is made pursuant to the Purchase/Placement Agreement (the "Purchase/Placement Agreement"), dated June 23, 2006, by
and between the Company and FBR in connection with the purchase and sale or placement of an aggregate of 28,600,000 shares of the Company's common stock (plus an additional 2,860,000 shares to cover
additional allotments, if any). In order to induce FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBR,
the Participants, and their respective direct and indirect transferees. The execution of this Agreement is a condition to the closing of the transactions contemplated by the Purchase/Placement
Agreement. 

        The
parties hereby agree as follows: 

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

        Accredited Investor Shares:    Shares initially sold by the Company to "accredited investors" (within the meaning of Rule 501
(a) promulgated under the Securities Act) as Participants. 

         Agreement:    As defined in the preamble. 

         Affiliate:    As to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with power to vote,
ten percent
or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive
officer, director, trustee or general partner of such Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 

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

        Closing Date:    June 30, 2006 or such other time or such other date as FBR and the Company may agree. 

         Commission:    The Securities and Exchange Commission. 

         Common Stock:    The common stock, no par value per share, of the Company. 

         Company:    As defined in the preamble. 

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

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

1

 

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

         FBR:    As defined in the preamble. 

         Holder:    Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates. 

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

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

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

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

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

         NASD:    The National Association of Securities Dealers, Inc. 

         No Objections Letter:    As defined in Section 4(t) hereof. 

         Participant:    As defined in the preamble. 

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

         Private Placement:    As defined in the preamble. 

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

        Prospectus:    The prospectus included in any Registration Statement, including any preliminary prospectus, and all other amendments and
supplements to
any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in such prospectus. 

         Purchase/Placement Agreement:    As defined in the preamble. 

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

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

2

 

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

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

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

        Regulation S:    Regulation S (Rules 901-905) promulgated by the Commission under the Securities Act, as such rules may
be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 

         Regulation S Shares:    Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to "non-U.S. persons" (in
accordance with Regulation S) in an "offshore transaction" (in accordance with Regulation S). 

        Restricted Period:    As defined in Section 7 hereof. 

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

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

         Rule 144A Shares:    Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to "qualified institutional buyers"
(as such
term is defined in Rule 144A). 

3

 

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

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

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

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

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

        Shares:    The shares of Common Stock being offered and sold pursuant to the terms and conditions of the Purchase/Placement Agreement.

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

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

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

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

2.    Registration Rights    

 
 
        (a)    Mandatory Shelf Registration.     As set forth in Section 4 hereof, the Company agrees to file with the
Commission as soon as reasonably practicable following the date of this Agreement
(but in no event later than the date that is 90 days after the date of this Agreement) a shelf Registration Statement on Form S-l or such other form under the Securities Act
then available to the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a "Shelf Registration
Statement"). The Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as
practicable. Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, an
Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet) by the Holders of any and all Registrable Shares. 

 
 

           (b)    IPO Registration.     If the Company proposes to file a registration statement on Form S-l
or such other form under the Securities Act providing for the
initial public offering of shares of Common Stock (the "IPO Registration Statement"), the Company will notify in writing each Holder of the filing,
within the ten (10) Business Days after the filing thereof, and afford each Holder an opportunity by the time designated in the notice to include in the IPO Registration Statement all or any
part of the Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within
twenty (20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares
such Holder wishes to include in the IPO Registration Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of such
Registrable Shares in the Shelf 

4

 

Registration
Statement until such Registrable Shares have been sold under the IPO Registration Statement. 

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

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

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

 
 

          (c)    Issuer Free Writing Prospectus.     The Company represents and agrees that, unless it obtains the
prior consent of Holders of a majority of the Registrable Shares that are registered under a
Registration Statement at such time or the consent of the managing underwriter in connection with any Underwritten Offering of Registrable Shares, and each Holder represents and agrees that, unless it
obtains the prior consent of the Company and any such underwriter, it will not make any offer relating to the Shares that would constitute an "issuer free writing prospectus," as defined in
Rule 433 (an "Issuer Free Writing Prospectus"), or that would otherwise constitute a "free writing prospectus," as defined in Rule 405,
required to be filed with the Commission. The Company represents that any Issuer Free Writing Prospectus will not include any information that conflicts with the information contained in any
Registration Statement or the related Prospectus and, any Issuer Free Writing Prospectus, when taken together with the information in such Registration Statement and the related Prospectus, will not
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. 

 
 

          (d)    Underwriting.     The Company shall advise all Holders of the underwriter for the Underwritten
Offering proposed under the IPO Registration Statement. The right of any such
Holder's Registrable Shares to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon such Holder's participation in such underwriting and the
inclusion of such Holder's Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such underwriting shall enter into
an underwriting agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of attorney, indemnities, securities
escrow agreements and other documents reasonably required under the terms of such underwriting, and furnish to the Company such information as the Company may reasonably request in writing for
inclusion in the Registration Statement; provided, however,that no Holder shall be required to make any representations or warranties to or agreements
with the Company or the underwriters other than representations, warranties or agreements regarding such Holder and such Holder's intended method of distribution and any other representation required
by law or reasonably requested by the underwriters. Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a
limitation on the number of shares to be included, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the IPO Registration Statement and Underwritten Offering, and
any shares included in such IPO Registration Statement and Underwritten Offering shall be allocated first, to the Company, and  second, to each of the
Holders requesting inclusion of their Registrable Shares in such IPO Registration Statement (on a pro
rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided,
however, that the number of Registrable Shares to be included in the IPO 

5

 

Registration
Statement shall not be reduced unless all other securities of the Company held by (i) officers, directors, other employees of the Company and consultants; and (ii) other
holders of the Company's capital stock with registration rights that are inferior (with respect to such reduction) to the registration rights of the Holders set forth herein, are first entirely
excluded from the underwriting and registration; provided, further, however, that Holders of Registrable Shares shall be permitted to include
Registrable Shares comprising at least 25% of the total securities included in the Underwritten Offering proposed under the IPO Registration Statement. 

        By
electing to include the Registrable Shares in the IPO Registration Statement, the Holder of such Registrable Shares shall be deemed to have agreed not to effect any public sale or
distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO Registration Statement or any securities convertible into or exchangeable or
exercisable for such securities., including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested (but in no event for a period
longer than thirty (30) days prior to and one hundred eighty (180) days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an
Underwritten Offering, or by the Company in any other registration. 

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

 
 

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

 
 

          (f)    Executive Bonuses.     If the Company does not file a Registration Statement registering the
resale of the Accredited Investor Shares, the Rule 144A Shares, and the
Regulation S Shares within 90 days after the Closing Date, other than as a result of the Commission being unable to accept such filings (a "Registration
Default"), then, for each day the Registration Default continues, each of Andy Mullins, Chief Executive Officer, James Modak, Chief Financial Officer and Larry Bollerstein,
Vice President of Corporate Development, shall forfeit 1.0% of any bonus that would otherwise be payable to him in the 2006 fiscal year (or to which be became entitled as a result of performance
during the 2006 fiscal year), whether under an employment agreement with the Company, a bonus plan or any other bonus arrangement, including any bonus compensation for which payment would otherwise be
deferred until after 2006. No bonuses, compensation, awards, equity compensation or other amounts shall be payable or granted in lieu of or to make such Chief Executive Officer or Chief Financial
Officer whole for any such forfeited bonuses. 

6

   3.    Rules 144 and 144A Reporting    

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

        (a)   make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date
of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public; 

        (b)   use
commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 

        (c)   so
long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, it
will make available other information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event shall make
available (either by mailing a copy thereof, by posting on the Company's website, or by press release) to each Holder a copy of: 

          (i)  the
Company's annual consolidated financial statements (including at least balance sheets, statements of profit and loss, statements of shareholders' equity and
statements of cash flows) prepared in accordance with generally accepted accounting principles in the United States, accompanied by an audit report of the Company's independent accountants, no later
than ninety (90) days after the end of each fiscal year of the Company; and 

         (ii)  the
Company's unaudited quarterly financial statements (including at least balance sheets, statements of profit and loss, statements of shareholders' equity and
statements of cash flows) prepared in a manner substantially consistent with the preparation of the Company's annual financial statements, no later than forty-five (45) days after
the end of each fiscal quarter of the Company; 

The
Company shall hold, a reasonable time after the availability of such financial statements and upon reasonable notice to the Holders and FBR (either by mail, by posting on the Company's website, or
by press release), a quarterly investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to
such financial statements, and will also cooperate with, and make management reasonably available to, FBR personnel in connection with making Company information available to investors; and 

        (d)   at
any time after it has become subject to the reporting requirements of the Exchange Act so long as a Holder owns any Registrable Shares, to furnish to the Holder
promptly upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the
effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act, (ii) a copy of
the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company, and take such further actions, as a Holder may reasonably request in
availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration. 

4.    Registration Procedures    

        In
connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or
cause to be effected the registration of the Registrable Shares under the Securities Act to permit the sale of such 

7

 

Registrable
Shares by the Holder or Holders in accordance with the Holder's or Holders' intended method or methods of distribution, and the Company shall: 

        (a)   notify
FBR and Selling Holders' Counsel, in writing, at least ten (10) Business Days prior to filing a Registration Statement, of its intention to file a
Registration Statement with the Commission and, at least five (5) Business Days prior to filing, provide a copy of the Registration Statement to FBR, its counsel and Selling Holders' Counsel
for review and comment; prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which Registration Statement(s) shall (x) comply as to form in all
material respects with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith and (y) be reasonably acceptable to FBR, its
counsel and Selling Holders' Counsel; notify FBR and Selling Holders' Counsel in writing, at least five (5) Business Days prior to filing of any amendment or supplement to such Registration
Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its counsel and Selling Holders' Counsel for review and comment; promptly
following receipt from the Commission, provide to FBR, its counsel and Selling Holders' Counsel copies of any comments made by the staff of the Commission relating to such Registration Statement and
of the Company's responses thereto for review and comment; and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after filing and
to remain effective, subject to Section 5 hereof, until the earlier of (i) such time as all
Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (ii) there are no Registrable Shares outstanding or (iii) the
second anniversary of the effective date of such Registration Statement (subject to extension as provided in Section 5(c) hereof); provided,
however, that the Company shall not be required to cause the IPO Registration Statement to remain effective for any period longer than ninety (90) days following the
effective date of the IPO Registration Statement (subject to extension as provided in Section 5(c) hereof); provided, further, that if the
Company has an effective Shelf Registration Statement on Form S-1 under the Securities Act and becomes eligible to use Form S-3 or such other
short-form registration statement form under the Securities Act, the Company may, upon twenty (20) Business Days prior written notice to all Holders, register any Registrable Shares
registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf
Registration Statement is declared effective, de-register such shares under the previous Registration Statement or transfer the filing fees from the previous Registration Statement (such
transfer pursuant, to Rule 429, if applicable) unless any Holder registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of
receipt of the Company notice that such a registration under a new Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its
distribution of Registrable Shares already in progress; 

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

        (c)   furnish
to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other
documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of 

8

 

the
Registrable Shares; the Company consents to the use of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable
Shares covered by any such Prospectus; 

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

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

        (f)    (i) notify
FBR and each Holder promptly and, if requested by FBR or any Holder, confirm such advice in writing (1) when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become effective, (2) of the issuance by the Commission or any state securities authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (3) of any request by the Commission or any other federal, state or foreign
governmental authority for (A) amendments or supplements to a Registration Statement or related Prospectus or (B) additional information and (4) of the happening of any event
during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading (which information shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) and (ii) at the request of any
such Holder, promptly to furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the
purchaser of such securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; 

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

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

9

 

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

        (j)    if
requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with such offering, (i) promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters, if any, or such Holders indicate relates to them or that they
reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

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

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

        (m)  make
available for inspection by representatives of the Holders and the representative of any underwriters participating in any disposition pursuant to a Registration
Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the
respective officers, directors and employees of the Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or
accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in
good faith, to be confidential and notifies such representatives, representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by the representatives,
representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or
omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) such records, documents or information have been generally made available to the public; 

10

 

        (n)   use
its commercially reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company's listing or
inclusion application) to list or include all Registrable Shares on the New York Stock Exchange or the Nasdaq National Market; 

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

        (p)   provide
a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement; 

        (q)   (i) otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, (ii) make generally available
to its shareholders, as soon as reasonably practicable, earnings statements covering at least 12 months that satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 (or any similar rule promulgated under the Securities Act) thereunder, but in no event later than forty-five (45) days after the end of each fiscal year of the
Company and (iii) not file any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which any Holder of Registrable Shares covered by
any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the
requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof; 

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

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

        (t)    in
connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, prepare
and, within one (1) Business Day of such filing with the Commission, file with the NASD all forms and information required or requested by the NASD in order to obtain written confirmation from
the NASD that the NASD does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written
confirmation, a "No Objections Letter") relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement, including, without
limitation, information provided to the NASD through its COBRADesk system, and pay all costs, fees and expenses incident to the NASD's review of the Shelf Registration Statement and the related
underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to the NASD and the legal expenses, filing fees and other disbursements
of FBR and any other NASD member that is the holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with
any initial or subsequent member filing); 

11

 

        (u)   in
connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, provide to
FBR and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company's financial and other records, and make available members of its
management for questions regarding information which FBR may request in order to fulfill any due diligence obligation on its part; and 

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

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

        Each
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(f)(i)(3)(A) or 4(f)(i)(4) hereof, such Holder
will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder's receipt of the copies of the supplemented or amended Prospectus. If so directed
by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder's possession, of the
Prospectus covering such Registrable Shares current at the time of receipt of such notice. 

5.    Black-Out Period    

        (a)   Subject
to the provisions of this Section 5 and a good faith determination by a majority of the independent members of the board of directors of the Company (the
"Board of Directors") that it is in the best interests of the Company to suspend the use of the Registration Statement, following the effectiveness of a
Registration Statement (and the filings with any international, federal or state securities commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend sales
of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is necessary and advisable (but in no event for more than an aggregate of ninety
(90) days in any rolling twelve (12)-month period commencing on the Closing Date or more than sixty (60) days in any rolling ninety (90-) day period), if any of the following
events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares pursuant
to the Registration Statement would have a material adverse effect on the Company's primary offering; (ii) the majority of the independent members of the Board of Directors of the Company shall
have determined in good faith that (A) the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities,
acquisition, corporate reorganization or other significant transaction involving the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration
Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona fide business
purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company's ability to consummate such transaction, or
(z) renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to promptly amend or supplement 

12

 

the
Registration Statement; or (iii) the majority of the independent members of the Board of Directors of the Company shall have determined in good faith, after the advice of counsel, that it
is required by law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a post-effective amendment to the
Registration Statement in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under
Section 10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration
Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the information set forth therein; or
(3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any
material change to such information. Upon the occurrence of any such suspension, the Company shall use its best efforts to promptly amend or supplement the Registration Statement on a
post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company's best interests, as applicable, so as to permit
the Holders to resume sales of the Registrable Shares as soon as possible. 

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

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

13

  

6.    Indemnification and Contribution    

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

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

        (c)   If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of
which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the "Indemnified Party") shall promptly notify the
Person against whom such indemnity may be sought (the "Indemnifying Party") in writing of the commencement thereof (but the failure to so notify an
Indemnifying Party shall not relieve it from any liability which it may have under this Section 6, except to the extent the Indemnifying Party is 

14

 

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

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

15

 

intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        (e)   The
parties agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro
rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable
considerations referred to in paragraph 6(d) above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to paragraph 6(d) shall be deemed to
include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 6, in no event shall a Purchaser Indemnitee (absent gross negligence or willful misconduct) be required to contribute any amount in excess
of the amount by which the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 6, each Person, if any, who controls (within the meaning of
Section 15 of the Securities Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to contribution as FBR or such Holder, as the case
may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer, director,
partner, employee, representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice
of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom
contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have
under this Section 6 or otherwise, except to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

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

7.    Market Stand-off Agreement    

        Each
Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including
without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into or
exchangeable or exercisable for shares of Common Stock of the Company owned by such Holder as of the effective date of an IPO Registration Statement of the Company filed under the Securities Act
(other than to donees or partners of the Holder who agree to be similarly bound) for a period of sixty (60) days following the effective date of such IPO Registration Statement of the Company
filed under the Securities Act; provided, however, that: 

        (a)   the
restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration Statement; 

        (b)   all
executive officers and directors of the Company then holding shares of Common Stock of the Company or securities convertible into or exchangeable or exercisable for
shares of Common Stock of the Company enter into agreements that are no less restrictive; 

16

 

        (c)   the
Holders shall be allowed any concession or proportionate release allowed to any officer or director that entered into agreements that are no less restrictive (with
such proportion being determined by dividing the number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such officer or
director); provided, that nothing in this Section 7(c) shall be construed as a right to proportionate release for the executive officers and
directors of the Company upon the expiration of the 60-day period applicable to all Holders other than the executive officers and directors of the Company; and 

        (d)   this
Section 7 shall not be applicable if a Shelf Registration Statement of the Company filed under the Securities Act has been declared effective prior to the
filing of an IPO Registration Statement. 

        In
order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 7
and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and the securities of every other Person subject to the foregoing restriction)
until the end of such period. 

8.    Termination of the Company's Obligation    

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

9.    Limitations on Subsequent Registration Rights    

        From
and after the date of this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding
Registrable Shares (provided, however, that for purposes of this Section 9, Registrable Shares that are owned, directly or indirectly, by an
Affiliate of the Company shall not be deemed to be outstanding), enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or
prospective holder (a) to include such securities in any Registration Statement filed pursuant to the terms hereof, unless, under the terms of such agreement, such holder or prospective holder
may include such securities in any such registration only to the extent that the inclusion of his securities will not reduce the amount of Registrable Shares of the Holders that is included, or
(b) to have his securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective date of any
Registration Statement filed pursuant to this Agreement. 

10.    Miscellaneous    

 
 

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

 
 

           (b)    Amendments and Waivers.     The provisions of this Agreement, including the provisions of this
sentence, may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given, without the written consent of the Company and Holders 

17

 

beneficially
owning not less than a majority of the then outstanding Registrable Shares; provided, however, that for purposes of this
Section 10(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding. No amendment shall be deemed effective unless it
applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a
Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by
such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the
immediately preceding sentence. 

 
 

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

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

         (ii)  if
to the Company, at the offices of the Company at 2450 Satellite Boulevard, Duluth, Georgia 30096, Attention: Chief Executive Officer; (facsimile:
678-570-0301); with a copy to Nelson Mullins Riley & Scarborough LLP, 999 Peachtree Street, NE, Suite 1400, Atlanta, Georgia 30309, Attention Glenn W. Sturm, Esq.
(facsimile: 678-570-0301). 

 
 

          (d)    Successors and Assigns.     This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties hereto, including, without limitation and
without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the
Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder. 

 
 

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

 
 

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

 
 

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

 
 

           (h)    Severability.     If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in 

18

 

no
way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 
 

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

 
 

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

 
 

          (k)    Survival.     This Agreement is intended to survive the consummation of the transactions contemplated
by the Purchase/Placement Agreement. The indemnification and contribution
obligations under Section 6 of this Agreement shall survive the termination of the Company's obligations under Section 2 of this Agreement. 

 
 

           (l)    Attorneys' Fees.     In any action or proceeding brought to enforce any provision of this Agreement,
or where any provision hereof is validly asserted as a defense, the prevailing
party, as determined by the court, shall be entitled to recover its reasonable attorneys' fees in addition to any other available remedy. 

19

 

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

	 	 	DATAPATH, INC.
	

 	
 	

By:	

/s/  ANDY MULLINS      
 Andy Mullins

Chief Executive Officer
	

 	
 	

FRIEDMAN, BILLINGS, RAMSEY & CO., INC.
	

 	
 	

By:	

/s/  JAMES R. KLEEBLATT      

	 	 	Name:	James R. Kleeblatt
	 	 	Title:	Senior Managing Director

20

QuickLinks

Exhibit 4.1

REGISTRATION RIGHTS AGREEMENT

(a)  Mandatory Shelf Registration.

(b)  IPO Registration.

(c)  Issuer Free Writing Prospectus.

(d)  Underwriting.

(e)  Expenses.

(f)  Executive Bonuses.

(a)  Remedies.

(b)  Amendments and Waivers.

(c)  Notices.

(d)  Successors and Assigns.

(e)  Counterparts.

(f)  Headings.

(g)  Governing Law.

(h)  Severability.

(i)  Entire Agreement.

(j)  Registrable Shares Held by the Company or its Affiliates.

(k)  Survival.

(l)  Attorneys' Fees.

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