Document:

Unassociated Document

    

      PREFERRED
        STOCK PURCHASE AGREEMENT

      

      BETWEEN

      

      SPEEDEMISSIONS,
        INC.

      

      AND

      

      BARRON
        PARTNERS LP

      

      DATED

      

      June
        30, 2005

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      PREFERRED
        STOCK PURCHASE AGREEMENT

      

      This
        PREFERRED STOCK PURCHASE AGREEMENT (the "Agreement")
        is
        made and entered into as of the 30th
        day of
        June, 2005 between Speedemissions,
        Inc., a
        corporation organized and existing under the laws of the State of Florida
        (the
“Company”)
        and
BARRON
        PARTNERS LP, a
        Delaware limited partnership (the “Investor”).

       

      PRELIMINARY
        STATEMENT:

       

      WHEREAS,
        the
        Investor wishes to purchase from the Company, upon the terms and subject
        to the
        conditions of this Agreement, Two Million Five Hundred Thousand (2,500,000)
        shares of Series B convertible preferred stock of the Company, with such
        preferred stock being as described in the Certificate of Designations, Rights
        and Preferences (the “Certificate
        of Designations”)
        in
        substantially the form attached hereto as Exhibit
        A
        (the
“Preferred
        Stock”)
        for the
        Purchase Price set forth in Section 1.3.14 hereof. Subject to the limitations
        set forth herein and in the Certificate of Designation, each share of Series
        B
        Preferred Stock shall be convertible into Forty Two and 80/100 shares of
        common
        stock of the Company at any time if all three acquisitions are completed
        within
        thirty days post Closing. If the Three Proposed Transactions, as defined
        in
        Exhibit E, are not completed thirty days post Closing the conversion price
        will
        be adjusted per Exhibit E. In addition, the Company will issue to the Investor
        two Common Stock Purchase Warrants (the “Warrants”)
        to
        purchase up to an additional Forty Three Million Nine Hundred Thousand
        (43,900,000) shares of common stock of the Company at exercise prices as
        stated
        in the Warrants; and 

       

      WHEREAS,
        the
        parties intend to memorialize the purchase and sale of such Preferred Stock
        and
        the Warrants.

      

      NOW,
        THEREFORE,
        in
        consideration of the mutual covenants and premises contained herein, and
        for
        other good and valuable consideration, the receipt and adequacy of which
        are
        hereby conclusively acknowledged, the parties hereto, intending to be legally
        bound, agree as follows:

      

      ARTICLE
        I

      

      INCORPORATION
        BY REFERENCE, SUPERSEDER AND DEFINITIONS

       

      1.1 Incorporation
        by Reference.
        The
        foregoing recitals and the Exhibits and Schedules attached hereto and referred
        to herein, are hereby acknowledged to be true and accurate, and are incorporated
        herein by this reference.

       

      1.2 Superseder.
        This
        Agreement, to the extent that it is inconsistent with any other instrument
        or
        understanding among the parties governing the affairs of the Company, shall
        supersede such instrument or understanding to the fullest extent permitted
        by
        law. A copy of this Agreement shall be filed at the Company’s principal
        office.

       

       

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            1 OF 32

          
            

          

        

        
          
          

        

      

       

      1.3 Certain
        Definitions.
        For
        purposes of this Agreement, the following capitalized terms shall have the
        following meanings (all capitalized terms used in this Agreement that are
        not
        defined in this Article 1 shall have the meanings set forth elsewhere in
        this
        Agreement):

       

      1.3.1 “1933
        Act”
        means
        the Securities Act of 1933, as amended.

      

      1.3.2 “1934
        Act”
        means
        the Securities Exchange Act of 1934, as amended.

      

      1.3.3  “Affiliate”
        means a
        Person or Persons directly or indirectly, through one or more intermediaries,
        controlling, controlled by or under common control with the Person(s) in
        question. The term “control,” as used in the immediately preceding sentence,
        means, with respect to a Person that is a corporation, the right to the
        exercise, directly or indirectly, more than 50 percent of the voting rights
        attributable to the shares of such controlled corporation and, with respect
        to a
        Person that is not a corporation, the possession, directly or indirectly,
        of the
        power to direct or cause the direction of the management or policies of such
        controlled Person.

      

      1.3.4 “Articles”
        means
        the Certificate of Incorporation of the Company, as the same may be amended
        from
        time to time. 

       

      1.3.5 “Closing”shall
        mean the Closing of the transactions contemplated by this Agreement on the
        Closing Date.

       

      1.3.6 “Closing
        Date”
        means
        the date on which the payment of the Purchase Price (as defined herein) by
        the
        Investor to the company is completed pursuant to this Agreement to purchase
        the
        Preferred Stock and Warrants, which shall occur on or before June 30,
        2005.

       

      1.3.7 “Common
        Stock”
        means
        shares of common stock of the Company, par value $0.001 per share. 

       

      1.3.8 "Escrow
        Agent"
        shall
        mean The Lebrecht Group, APLC, in its capacity as Escrow Agent under the
        Escrow
        Agreement.

      

      1.3.9 "Escrow
        Agreement"
        shall
        mean the Escrow Agreement among the Company, the Investor and The Lebrecht
        Group, APLC, as Escrow Agent, attached hereto as Exhibit
        E.

      

      1.3.10 "Exempt
        Issuance"
        means
        the issuance of (a) shares of Common Stock or options to employees, officers,
        or
        directors of the Company pursuant to any stock or option plan duly adopted
        by a
        majority of the non-employee members of the Board of Directors of the Company
        or
        a majority of the members of a committee of non-employee directors established
        for such purpose, (b) securities upon the exercise of or conversion of any
        securities issued hereunder, and (c) securities issued pursuant to acquisitions
        or strategic transactions, provided any such issuance shall only be to a
        Person
        which is, itself or through its subsidiaries, an operating company in a business
        synergistic with the business of the Company and in which the Company receives
        benefits in addition to the investment of funds, but shall not include a
        transaction in which the Company is issuing securities primarily for the
        purpose
        of raising capital or to an entity whose primary business is investing in
        securities.

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            2 OF 32

          
            

          

        

        
          
          

        

      

       

      1.3.11 "Material
        Adverse Effect"
        shall
        mean any adverse effect on the business, operations, properties or financial
        condition of the Company that is material and adverse to the Company and
        its
        subsidiaries and affiliates, taken as a whole and/or any condition,
        circumstance, or situation that would prohibit or otherwise materially interfere
        with the ability of the Company to perform any of its material obligations
        under
        this Agreement or the Registration Rights Agreement or to perform its
        obligations under any other material agreement.

      

      1.3.12 “Florida
        Act”
        means
        the Business Corporation Act of the State of Florida, as amended.

       

      1.3.13 “Person”
        means an
        individual, partnership, firm, limited liability company, trust, joint venture,
        association, corporation, or any other legal entity.

      

      1.3.14 “Purchase
        Price”
        means
        the Six Million Four Hundred and Twenty Thousand Dollars ($6,420,000.00)
        paid by
        the Investor to the Company for the Preferred Stock and the
        Warrants.

       

      1.3.15 “Registration
        Rights Agreement"
        shall
        mean the registration rights agreement between the Investor and the Company
        attached hereto as Exhibit
        B.

       

      1.3.16 "Registration
        Statement"
        shall
        mean the registration statement under the 1933 Act to be filed with the
        Securities and Exchange Commission for the registration of the Shares pursuant
        to the Registration Rights Agreement attached hereto as Exhibit
        B.

       

      1.3.17
        “SEC”
        means
        the Securities and Exchange Commission.

       

      1.3.18
        "SEC
        Documents"
        shall
        mean the Company's latest Form 10-K or 10-KSB as of the time in question,
        all
        Forms 10-Q or 10-QSB and 8-K filed thereafter, and the Proxy Statement for
        its
        latest fiscal year as of the time in question until such time as the Company
        no
        longer has an obligation to maintain the effectiveness of a Registration
        Statement as set forth in the Registration Rights Agreement.

       

      1.3.19
        "Shares"
        shall
        mean, collectively, the shares of Common Stock of the Company issued upon
        conversion of the Preferred Stock subscribed for hereunder and those shares
        of
        Common Stock issuable to the Investor upon exercise of the
        Warrants.

       

      1.3.20
        “Subsequent
        Financing”
        shall
        mean any offer and sale of shares of Preferred Stock or debt that is convertible
        into shares of Common Stock or otherwise senior or superior to the Preferred
        Stock.

       

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            3 OF 32

          
            

          

        

        
          
          

        

         

      

      1.3.21
        “Transaction
        Documents”
        shall
        mean this Agreement, all Schedules and Exhibits attached hereto and all other
        documents and instruments to be executed and delivered by the parties in
        order
        to consummate the transactions contemplated hereby, including, but not limited
        to the documents listed in Sections 3.2 and 3.3 hereof.

       

      1.3.22
        “Warrants”
        shall
        mean the Common Stock Purchase Warrants in the form attached hereto Exhibit
        D.

       

      ARTICLE
        II

      

      SALE
        AND PURCHASE OF SPEEDEMISSIONS, INC. PREFERRED STOCK AND WARRANTS PURCHASE
        PRICE

      

      2.1 Sale
        of Preferred Stock and Issuance of Warrants. 

      

      (a) Upon
        the
        terms and subject to the conditions set forth herein, and in accordance with
        applicable law, the Company agrees to sell to the Investor, and the Investor
        agrees to purchase from the Company, on the Closing Date Two Million Five
        Hundred Thousand (2,500,000) shares of Preferred Stock and the Warrants for
        (the
“Purchase
        Price”)
        of Six
        Million Four Hundred and Twenty Thousand Dollars ($6,420,000.00). The Purchase
        Price shall be paid by the Investor to the Company on the Closing Date by
        a wire
        transfer of the Purchase Price into escrow to be held by the escrow agent
        pursuant to the terms of the Escrow Agreement. The Company shall cause the
        Preferred Stock and the Warrants to be issued to the Investor upon the release
        of the Purchase Price to the Company by the escrow agent pursuant to the
        terms
        of the Escrow Agreement. The Company shall register the shares of Common
        Stock
        into which the Preferred Stock is convertible pursuant to the terms and
        conditions of a Registration Rights Agreement attached hereto as Exhibit
        B.

      

      (b) The
        Preferred Stock shall be convertible by the Investor into an aggregate total
        of
        One Hundred and Seven Million (107,000,000) shares of Common Stock (the
“Conversion
        Shares”);
        provided, however, that the Investor shall not be entitled to convert the
        Preferred Stock into shares of Common Stock that would result in beneficial
        ownership by the Investor and its affiliates of more than 4.9% of the then
        outstanding number of shares of Common Stock on such date. For the purposes
        of
        the immediately preceding sentence, beneficial ownership shall be determined
        in
        accordance with Section 13(d) of the Securities Exchange Act of 1934, as
        amended, and Regulation 13d-3 thereunder.

      

      (c) Upon
        execution and delivery of this Agreement and the Company’s receipt of the
        Purchase Price from the Escrow Agent pursuant to the terms of the Escrow
        Agreement, the Company shall issue to the Investor the two Warrants to purchase
        an aggregate of Forty Three Million Nine Hundred Thousand (43,900,000) shares
        of
        Common Stock at exercise prices as stated in the Warrants, all pursuant to
        the
        terms and conditions of the form of Warrants attached hereto as Exhibit
        C;
        provided, however, that the Investor shall not be entitled to exercise the
        Warrants and receive shares of Common Stock that would result in beneficial
        ownership by the Investor and its affiliates of more than 4.9% of the then
        outstanding number of shares of Common Stock on such date. For the purposes
        of
        the immediately preceding sentence, beneficial ownership shall be determined
        in
        accordance with Section 13(d) of the Securities Exchange Act of 1934, as
        amended, and Regulation 13d-3 thereunder.

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            4 OF 32

          
            

          

        

        
          
          

        

      

       

      2.2 Purchase
        Price.
        The
        Purchase Price shall be delivered by the Investor in the form of a check
        or wire
        transfer made payable to the Company in United States Dollars from the Investor
        to the escrow agent pursuant to the Escrow Agreement on the Closing
        Date.

      

      ARTICLE
        III

      

      CLOSING
        DATE AND DELIVERIES AT CLOSING

      

      3.1
         Closing
        Date. The
        closing of the transactions contemplated by this Agreement (the “Closing”),
        unless expressly determined herein, shall be held at the offices of the Company,
        at 5:00 P.M. local time, on the Closing Date or on such other date and at
        such
        other place as may be mutually agreed by the parties, including closing by
        facsimile with originals to follow. 

      

      3.2 Deliveries
        by the Company.
        In
        addition to and without limiting any other provision of this Agreement, the
        Company agrees to deliver, or cause to be delivered, to the escrow agent
        under
        the Escrow Agreement, the following: 

      

      
        	 	
                (a)

              	
                At
                  or prior to Closing, an executed
                  Agreement;

              

      

      
        	 	
                (b)

              	
                At
                  or prior to Closing, two executed Warrants in the name of the Investor
                  in
                  the form attached hereto as Exhibit
                  C;

              

      

      
        	 	
                (c)

              	
                The
                  executed Registration Rights
                  Agreement;

              

      

      
        	 	
                (d)

              	
                Evidence
                  of a pre-vote by a majority of the shareholders to approve an increase
                  in
                  the authorized shares outstanding from 100,000,000 to 250,000,000.
                  

              

      

      
        	 	
                (e)

              	
                Evidence
                  of approval of the Board of Directors of the Company of the Transaction
                  Documents and the transactions contemplated
                  hereby;

              

      

      
        	 	
                (f)

              	
                Certificate
                  of the President and the Secretary of the Company that the Certificate
                  of
                  Designation has been adopted;

              

      

      
        	 	
                (g)

              	
                Certificates
                  of Existence or Authority to Transact Business of the Company issued
                  by
                  each of the Secretaries of State for Florida and
                  Georgia;

              

      

      
        	 	
                (h)

              	
                An
                  opinion from the Company’s counsel concerning the Transaction Documents
                  and the transactions contemplated hereby in form and substance
                  reasonably
                  acceptable to Investor;

              

      

      
        	 	
                (i)

              	
                Stock
                  Certificate in the name of Investor evidencing the Preferred
                  Stock;

              

      

      
        	 	
                (j)

              	
                The
                  executed Escrow Agreement; and

              

      

      
        	 	
                (k)

              	
                Such
                  other documents or certificates as shall be reasonably requested
                  by
                  Investor or its counsel.

              

      

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            5 OF 32

          
            

          

        

        
          
          

        

      

       

      3.3 Deliveries
        by Investor.
        In
        addition to and without limiting any other provision of this Agreement, the
        Investor agrees to deliver, or cause to be delivered, to the escrow agent
        under
        the Escrow Agreement, the following: 

      

      
        	 	
                (a)

              	
                A
                  deposit in the amount of the Investor
                  Funds;

              

      

      
        	 	
                (b)

              	
                The
                  executed Agreement with all Exhibits and Schedules attached
                  hereto;

              

      

      
        	 	
                (c)

              	
                The
                  executed Registration Rights Agreement;

              

      

      
        	 	
                (d)

              	
                The
                  executed Escrow Agreement; and

              

      

      
        	 	
                (e)

              	
                Such
                  other documents or certificates as shall be reasonably requested
                  by the
                  Company or its counsel.

              

      

      

      In
        the
        event any document provided to the other party in Paragraphs 3.2 and 3.3
        herein
        are provided by facsimile, the party shall forward an original document to
        the
        other party within seven (7) business days.

      

      3.4 Further
        Assurances.
        The
        Company and the Investor shall, upon request, on or after the Closing Date,
        cooperate with each other (specifically, the Company shall cooperate with
        the
        Investor, and the Investor shall cooperate with the Company) by furnishing
        any
        additional information, executing and delivering any additional documents
        and/or
        other instruments and doing any and all such things as may be reasonably
        required by the parties or their counsel to consummate or otherwise implement
        the transactions contemplated by this Agreement. 

      

      3.5 Waiver.
        The
        Investor may waive any of the requirements of Section 3.2 of this Agreement,
        and
        the Company at its discretion may waive any of the provisions of Section
        3.3 of
        this Agreement. The Investor may also waive any of the requirements of the
        Company under the Escrow Agreement.

      

      ARTICLE
        IV

      

      REPRESENTATIONS
        AND WARRANTIES OF 

      THE
        COMPANY 

      

      The
        Company represents and warrants to the Investor as of the date hereof and
        as of
        Closing (which warranties and representations shall survive the Closing
        regardless of what examinations, inspections, audits and other investigations
        the Investor has heretofore made or may hereinafter make with respect to
        such
        warranties and representations) as follows: 

      

      4.1 Organization
        and Qualification.
        The
        Company is a corporation duly organized, validly existing and in good standing
        under the laws of the State of Florida, and has the requisite corporate power
        and authority to own, lease and operate its properties and to carry on its
        business as it is now being conducted and is duly qualified to do business
        in
        any other jurisdiction by virtue of the nature of the businesses conducted
        by it
        or the ownership or leasing of its properties, except where the failure to
        be so
        qualified will not, when taken together with all other such failures, have
        a
        Material Adverse Effect on the business, operations, properties, assets,
        financial condition or results of operation of the Company and its subsidiaries
        taken as a whole.

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            6 OF 32

          
            

          

        

        
          
          

        

      

       

      4.2 Articles
        of Incorporation and By-Laws.
        The
        complete and correct copies of the Company’s Articles and By-Laws, as amended or
        restated to date which have been filed with the Securities and Exchange
        Commission are a complete and correct copy of such document as in effect
        on the
        date hereof and as of the Closing Date.

      

      4.3 Capitalization.

      

      4.3.1
        The
        authorized and outstanding capital stock of the Company is set forth in the
        Company’s Annual Report on Form 10-KSB, filed on April 15, 2005 with the
        Securities and Exchange Commission and updated on all subsequent SEC Documents.
        All shares of capital stock have been duly authorized and are validly issued,
        and are fully paid and non assessable, and free of preemptive
        rights.

      

      4.3.2
        As
        of the date of this Agreement, the authorized capital stock of the Company
        consists of 100,000,000 shares of common Stock ($0.001 par value) and 5,000,000
        shares of preferred stock ($0.001 par value), of which approximately 25,291,594
        shares of common Stock are issued and outstanding. As of Closing, following
        the
        issuance by the Company of the Preferred Stock to the Investor, the authorized
        capital stock of the Company will consist of 100,000,000 shares of Common
        Stock
        ($0.001 par value) and 5,000,000 shares of preferred stock ($0.001 par value),
        of which approximately 25,291,594 shares of Common Stock and 5,000,000 shares
        of
        preferred stock shall be issued and outstanding. As of Closing, holders of
        stock
        options and warrants (excluding the Warrants) will hold options and warrants
        to
        purchase an aggregate of approximately 6,446,823 shares of Common Stock.
        All
        outstanding shares of capital stock have been duly authorized and are validly
        issued, and are fully paid and nonassessable and free of preemptive rights.
        All
        shares of capital stock described above to be issued have been duly authorized
        and when issued, will be validly issued, fully paid and nonassessable and
        free
        of preemptive rights.

      

      4.3.3
        Except pursuant to this Agreement and as set forth in Schedule 4.3 hereto,
        and
        as set forth in the Company’s SEC Documents, filed with the SEC, as of the date
        hereof and as of the Closing Date, there are not now outstanding options,
        warrants, rights to subscribe for, calls or commitments of any character
        whatsoever relating to, or securities or rights convertible into or exchangeable
        for, shares of any class of capital stock of the Company, or agreements,
        understandings or arrangements to which the Company is a party, or by which
        the
        Company is or may be bound, to issue additional shares of its capital stock
        or
        options, warrants, scrip or rights to subscribe for, calls or commitment
        of any
        character whatsoever relating to, or securities or rights convertible into
        or
        exchangeable for, any shares of any class of its capital stock. The Company
        agrees to inform the Investors in writing of any additional warrants granted
        prior to the Closing Date.

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            7 OF 32

          
            

          

        

        
          
          

        

      

       

      4.3.4
        The
        Company on the Closing Date (i) will have full right, power, and authority
        to
        sell, assign, transfer, and deliver, by reason of record and beneficial
        ownership, to the Investor, the Preferred Stock and Warrants hereunder, free
        and
        clear of all liens, charges, claims, options, pledges, restrictions, and
        encumbrances whatsoever, except as required by the Securities Act; and (ii)
        upon
        conversion of the Preferred Stock or exercise of the Warrants, the Investor
        will
        acquire good and marketable title to the Shares, free and clear of all liens,
        charges, claims, options, pledges, restrictions, and encumbrances whatsoever,
        except as otherwise provided by the Securities Act and in this Agreement
        as to
        the limitation on the voting rights of such Shares in certain
        circumstances.

      

      4.4 Authority.
        The
        Company has all requisite corporate power and authority to execute and deliver
        this Agreement, the Preferred Stock, and the Warrants, to perform its
        obligations hereunder and thereunder and to consummate the transactions
        contemplated hereby and thereby. The execution and delivery of this Agreement
        by
        the Company and the consummation of the transactions contemplated hereby
        have
        been duly authorized by all necessary corporate action and no other corporate
        proceedings on the part of the Company is necessary to authorize this Agreement
        or to consummate the transactions contemplated hereby except as disclosed
        in
        this Agreement. This Agreement has been duly executed and delivered by the
        Company and constitutes the legal, valid and binding obligation of the Company,
        enforceable against the Company in accordance with its terms.

      

      4.5 No
        Conflict; Required Filings and Consents. The
        execution and delivery of this Agreement by the Company does not, and the
        performance by the Company of its obligations hereunder will not, to the
        best
        knowledge of the Company: (i) conflict with or violate the Articles or By-Laws
        of the Company; (ii) conflict with, breach or violate any federal, state,
        foreign or local law, statute, ordinance, rule, regulation, order, judgment
        or
        decree (collectively, "Laws")
        in
        effect as of the date of this Agreement and applicable to the Company; or
        (iii)
        result in any breach of, constitute a default (or an event that with notice
        or
        lapse of time or both would become a default) under, give to any other entity
        any right of termination, amendment, acceleration or cancellation of, require
        payment under, or result in the creation of a lien or encumbrance on any
        of the
        properties or assets of the Company pursuant to, any note, bond, mortgage,
        indenture, contract, agreement, lease, license, permit, franchise or other
        instrument or obligation to which the Company is a party or by the Company
        or
        any of its properties or assets is bound. Excluding from the foregoing are
        such
        violations, conflicts, breaches, defaults, terminations, accelerations,
        creations of liens, or incumbency that would not, in the aggregate, have
        a
        Material Adverse Effect.

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            8 OF 32

          
            

          

        

        
          
          

        

      

       

      4.6 Report
        and Financial Statements.
        The
        Company’s Annual Report on Form 10-KSB, filed on April 15, 2005 with the SEC
        contains the audited financial statements of the Company as of December 31,
        2004
        and for the two years then ended (collectively, the “Financial
        Statements”).
        Each
        of the balance sheets contained in or incorporated by reference into any
        such
        Financial Statements (including the related notes and schedules thereto)
        fairly
        presented the financial position of the Company, as of its date, and each
        of the
        statements of income and changes in stockholders’ equity and cash flows or
        equivalent statements in such Financial Statements (including any related
        notes
        and schedules thereto) fairly presents, changes in stockholders’ equity and
        changes in cash flows, as the case may be, of the Company, for the periods
        to
        which they relate, in each case in accordance with United States generally
        accepted accounting principles (“U.S.
        GAAP”)
        consistently applied during the periods involved, except in each case as
        may be
        noted therein, subject to normal year-end audit adjustments in the case of
        unaudited statements. The books and records of the Company have been, and
        are
        being, maintained in all material respects in accordance with U.S. GAAP and
        any
        other applicable legal and accounting requirements and reflect only actual
        transaction. 

       

      4.7 Compliance
        with Applicable Laws.
        The
        Company is not in violation of, or, to the knowledge of the Company is not
        under
        investigation with respect to or has not been given notice or has not been
        charged with the violation of any Law of a governmental agency, except for
        violations which individually or in the aggregate do not have a Material
        Adverse
        Effect. 

      

      4.8 Brokers.  Except
        as
        set forth on Schedule 4.8, no broker, finder or investment banker is entitled
        to
        any brokerage, finder's or other fee or Commission in connection with the
        transactions contemplated by this Agreement based upon arrangements made
        by or
        on behalf of the Company.

      

      4.9 SEC
        Documents.
        The
        Company acknowledges that it is a publicly held company and has made available
        to the Investor after demand true and complete copies of any requested SEC
        Documents. The Company has registered its Common Stock pursuant to Section
        12(g)
        of the 1934 Act, and the Common Stock is quoted and traded on the OTC Bulletin
        Board of the National Association of Securities Dealers, Inc. The Company
        has
        received no notice, either oral or written, with respect to the continued
        quotation or trading of the Common Stock on the OTC Bulletin Board. The Company
        has not provided to the Investor any information that, according to applicable
        law, rule or regulation, should have been disclosed publicly prior to the
        date
        hereof by the Company, but which has not been so disclosed. As of their
        respective dates, the SEC Documents complied in all material respects with
        the
        requirements of the 1934 Act, and rules and regulations of the SEC promulgated
        thereunder and the SEC Documents did not contain any untrue statement of
        a
        material fact or omit to state a material fact required to be stated therein
        or
        necessary in order to make the statements therein, in light of the circumstances
        under which they were made, not misleading.. 

       

      4.10 Litigation.
        Except
        as set forth in Schedule 4.10, to the knowledge of the Company, no litigation,
        claim, or other proceeding before any court or governmental agency is pending
        or
        to the knowledge of the Company, threatened against the Company, the prosecution
        or outcome of which may have a Material Adverse Effect. 

      

      
        
          
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      4.11 Exemption
        from Registration.
        Subject
        to the accuracy of the Investor’s representations in Article V, except as
        required pursuant to the Registration Rights Agreement, the sale of the
        Preferred Stock and Warrants by the Company to the Investor will not require
        registration under the 1933 Act, but may require registration under New York
        state securities law if applicable to the Investor. When validly converted
        in
        accordance with the terms of the Preferred Stock, and upon exercise of the
        Warrants in accordance with their terms, the Shares underlying the Preferred
        Stock and the Warrants will be duly and validly issued, fully paid, and
        non-assessable. The Company is issuing the Preferred Stock and the Warrants
        in
        accordance with and in reliance upon the exemption from securities registration
        afforded, inter alia, by Rule 506 under Regulation D as promulgated by the
        SEC
        under the 1933 Act, and/or Section 4(2) of the 1933 Act; provided, however,
        that
        certain filings and registrations may be required under state securities
“blue
        sky” laws depending upon the residency of the Investor.

      

      4.12 No
        General Solicitation or Advertising in Regard to this
        Transaction.
        Neither
        the Company nor any of its Affiliates nor, to the knowledge of the Company,
        any
        Person acting on its or their behalf (i) has conducted or will conduct any
        general solicitation (as that term is used in Rule 502(c) of Regulation
        D as
        promulgated by the SEC under the 1933 Act) or general advertising with respect
        to the sale of the Preferred Stock or Warrants, or (ii) made any offers or
        sales
        of any security or solicited any offers to buy any security under any
        circumstances that would require registration of the Preferred Stock or
        Warrants, under the 1933 Act, except as required herein.

      

      4.13 No
        Material Adverse Effect.
        Except
        as set forth in Schedule 4.13 attached hereto, since March 31, 2005, no event
        or
        circumstance resulting in a Material Adverse Effect has occurred or exists
        with
        respect to the Company. No material supplier has given notice, oral or written,
        that it intends to cease or reduce the volume of its business with the Company
        from historical levels. Since March 31, 2005, no event or circumstance has
        occurred or exists with respect to the Company or its businesses, properties,
        prospects, operations or financial condition, that, under any applicable
        law,
        rule or regulation, requires public disclosure or announcement prior to the
        date
        hereof by the Company but which has not been so publicly announced or disclosed
        in writing to the Investor.

      

      4.14 Internal
        Controls And Procedures.
        The
        Company maintains books and records and internal accounting controls which
        provide reasonable assurance that (i) all transactions to which the Company
        or
        any subsidiary is a party or by which its properties are bound are executed
        with
        management's authorization; (ii) the recorded accounting of the Company's
        consolidated assets is compared with existing assets at regular intervals;
        (iii)
        access to the Company's consolidated assets is permitted only in accordance
        with
        management's authorization; and (iv) all transactions to which the Company
        or
        any subsidiary is a party or by which its properties are bound are recorded
        as
        necessary to permit preparation of the financial statements of the Company
        in
        accordance with U.S. generally accepted accounting principles.

      

      
        
          
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      4.15 Full
        Disclosure.
        No
        representation or warranty made by the Company in this Agreement and no
        certificate or document furnished or to be furnished to the Investor pursuant
        to
        this Agreement contains or will contain any untrue statement of a material
        fact,
        or omits or will omit to state a material fact necessary to make the statements
        contained herein or therein not misleading.

      

      4.16 Employee
        Stock Option Plan.
        Within
        60 days the Company and the Shareholders will vote to approve an employee
        stock
        option plan representing 10% of the outstanding common stock resetting every
        six
        months to be vested over 5 years or as reasonably determined by the compensation
        committee of the board of directors.

      

      ARTICLE
        V

      

      REPRESENTATIONS
        AND WARRANTIES OF THE INVESTORS

       

      The
        Investor represents and warrants to the Company that:

      

      5.1 Organization
        and Standing of the Investor.
        The
        Investor is a limited partnership duly formed, validly existing and in good
        standing under the laws of the State of Delaware. The state in which any
        offer
        to purchase shares hereunder was made or accepted by such Investor is the
        state
        shown as such Investor’s address. The Investor was not formed for the purpose of
        investing solely in the Preferred Stock, the Warrants or the shares of Common
        Stock which are the subject of this Agreement.

       

      5.2 Authorization
        and Power.
        The
        Investor has the requisite power and authority to enter into and perform
        this
        Agreement and to purchase the securities being sold to it hereunder. The
        execution, delivery and performance of this Agreement by the Investor and
        the
        consummation by the Investor of the transactions contemplated hereby have
        been
        duly authorized by all necessary partnership action where appropriate. This
        Agreement and the Registration Rights Agreement have been duly executed and
        delivered by the Investor and at the Closing shall constitute valid and binding
        obligations of the Investor enforceable against the Investor in accordance
        with
        their terms, except as such enforceability may be limited by applicable
        bankruptcy, insolvency, reorganization, moratorium, liquidation,
        conservatorship, receivership or similar laws relating to, or affecting
        generally the enforcement of, creditors' rights and remedies or by other
        equitable principles of general application.

      

      5.3
        No
        Conflicts.
        The
        execution, delivery and performance of this Agreement and the consummation
        by
        the Investor of the transactions contemplated hereby or relating hereto do
        not
        and will not (i) result in a violation of such Investor's charter documents
        or
        bylaws where appropriate or (ii) conflict with, or constitute a default (or
        an
        event which with notice or lapse of time or both would become a default)
        under,
        or give to others any rights of termination, amendment, acceleration or
        cancellation of any agreement, indenture or instrument to which the Investor
        is
        a party, or result in a violation of any law, rule, or regulation, or any
        order,
        judgment or decree of any court or governmental agency applicable to the
        Investor or its properties (except for such conflicts, defaults and violations
        as would not, individually or in the aggregate, have a Material Adverse Effect
        on such Investor). The Investor is not required to obtain any consent,
        authorization or order of, or make any filing or registration with, any court
        or
        governmental agency in order for it to execute, deliver or perform any of
        such
        Investor’s obligations under this Agreement or to purchase the securities from
        the Company in accordance with the terms hereof, provided that for purposes
        of
        the representation made in this sentence, the Investor is assuming and relying
        upon the accuracy of the relevant representations and agreements of the Company
        herein.

      

      
        
          
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      5.4 Financial
        Risks.
        The
        Investor acknowledges that such Investor is able to bear the financial risks
        associated with an investment in the securities being purchased by the Investor
        from the Company and that it has been given full access to such records of
        the
        Company and the subsidiaries and to the officers of the Company and the
        subsidiaries as it has deemed necessary or appropriate to conduct its due
        diligence investigation. The Investor is capable of evaluating the risks
        and
        merits of an investment in the securities being purchased by the Investor
        from
        the Company by virtue of its experience as an investor and its knowledge,
        experience, and sophistication in financial and business matters and the
        Investor is capable of bearing the entire loss of its investment in the
        securities being purchased by the Investor from the Company.

      

      5.5 Accredited
        Investor.
        The
        Investor is (i) an “accredited investor” as that term is defined in Rule 501 of
        Regulation D promulgated under the 1933 Act by reason of Rule 501(a)(3) and
        (6),
        (ii) experienced in making investments of the kind described in this Agreement
        and the related documents, (iii) able, by reason of the business and financial
        experience of its officers (if an entity) and professional advisors (who
        are not
        affiliated with or compensated in any way by the Company or any of its
        affiliates or selling agents), to protect its own interests in connection
        with
        the transactions described in this Agreement, and the related documents,
        and
        (iv) able to afford the entire loss of its investment in the securities being
        purchased by the Investor from the Company. 

       

      5.6 Brokers.
        Except
        as set forth in Schedule 4.8, no broker, finder or investment banker is entitled
        to any brokerage, finder's or other fee or Commission in connection with
        the
        transactions contemplated by this Agreement based upon arrangements made
        by or
        on behalf of the Investor.

      

      5.7 Knowledge
        of Company.
        The
        Investor and such Investor’s advisors, if any, have been, upon request,
        furnished with all materials relating to the business, finances and operations
        of the Company and materials relating to the offer and sale of the securities
        being purchased by the Investor from the Company. The Investor and such
        Investor’s advisors, if any, have been afforded the opportunity to ask questions
        of the Company and have received complete and satisfactory answers to any
        such
        inquiries.
        

      

      
        
          
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      5.8 Risk
        Factors.
        The
        Investor understands that such Investor’s investment in the securities being
        purchased by the Investor from the Company involves a high degree of risk.
        The
        Investor understands that no United States federal or state agency or any
        other
        government or governmental agency has passed on or made any recommendation
        or
        endorsement of the securities being purchased by the Investor from the Company.
        The Investor warrants that such Investor is able to bear the complete loss
        of
        such Investor’s investment in the securities being purchased by the Investor
        from the Company.

       

      5.9 Full
        Disclosure.
        No
        representation or warranty made by the Investor in this Agreement and no
        certificate or document furnished or to be furnished to the Company pursuant
        to
        this Agreement contains or will contain any untrue statement of a material
        fact,
        or omits or will omit to state a material fact necessary to make the statements
        contained herein or therein not misleading. Except as set forth or referred
        to
        in this Agreement, Investor does not have any agreement or understanding
        with
        any person relating to acquiring, holding, voting or disposing of any equity
        securities of the Company.

       

      5.10 Payment
        of Due Diligence Expenses.
        The
        Company shall pay Investor $35,000 for due diligence expenses. 

       

      

      ARTICLE
        VI

      

      COVENANTS
        OF THE COMPANY

      

      6.1. Registration
        Rights.
        The
        Company shall cause the Registration Rights Agreement to remain in full force
        and effect according to the provisions of the Registration Rights Agreement
        and
        the Company shall comply in all material respects with the terms
        thereof.

      

      6.2.
         Reservation
        Of Common Stock.
        As of
        the date hereof, the Company does not have sufficient authorized but unissued
        Common Stock to issue the shares of Common Stock underlying the Preferred
        Stock
        and Warrants. However, within Sixty (60) days of the Closing, the Company
        will
        amend its Articles of Incorporation to increase the authorized common stock
        to
        Two Hundred and Fifty Million (250,000,000) Shares and thereafter will reserve
        and shall continue to reserve and keep available at all times, free of
        preemptive rights, shares of Common Stock for the purpose of enabling the
        Company to issue the shares of Common Stock underlying the Preferred Stock
        and
        Warrants. 

      

      6.3.  Compliance
        with Laws.
        The
        Company hereby agrees to comply in all respects with the Company's reporting,
        filing and other obligations under the Laws.

      

      6.4.
         Exchange
        Act Registration.
        The
        Company will continue its obligation to report to the SEC under Section 12(g)
        of
        the 1934 Act  and
        will
        use its best efforts to comply in all respects with its reporting and filing
        obligations under the 1934 Act, and will not take any action or file any
        document (whether or not permitted by the 1934 Act or the rules thereunder)
        to
        terminate or suspend any such registration or to terminate or suspend its
        reporting and filing obligations under the 1934 until the Investors have
        disposed of all of their Preferred Stock, Warrants, and, if applicable, Shares.
        

      

      
        
          
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      6.5.
         Corporate
        Existence; Conflicting Agreements.
        The
        Company will take all steps necessary to preserve and continue the corporate
        existence of the Company. The Company shall not enter into any agreement,
        the
        terms of which agreement would restrict or impair the right or ability of
        the
        Company to perform any of its obligations under this Agreement or any of
        the
        other agreements attached as exhibits hereto.

      

      6.6 Preferred
        Stock. As
        long
        as any of the Preferred Stock remains outstanding, the Company will not issue
        any Preferred Stock of the Company.

      

      6.7 Convertible
        Debt. As
        long
        as any of the Preferred Stock remains outstanding, the Company will not issue
        any convertible debt and will cancel all reset convertible debt that is
        currently outstanding, if any securities outstanding. The Convertible Shares
        outstanding to GCA Strategic Investment Fund Limited is excluded from this
        Section 6.7 and shall remain outstanding post Closing. The Company represents
        that these shares are only convertible at a fixed price per share at
        $1.00.

      

      6.8Reset
        Equity Deals. On
        or
        prior to the Closing Date, the Company will cause to be cancelled any and
        all
        reset features related to any shares outstanding that could result in additional
        shares being issued. For as long as any of the Preferred Shares are outstanding
        the Company will not enter into any transactions that have any reset features
        that could result in additional shares being issued.

       

      6.9 

      

      6.10 Independent
        Directors.
        Within
        45 days post closing, the Company shall have caused the appointment of the
        majority of the board of directors to be independent directors per NASDAQ
        requirements.. In the event that the Company fails to meet the requirements
        of
        this Section 6.9 as a result of the death, retirement, disability or resignation
        of an independent director, the Company shall have sixty (60) days to elect
        a
        replacement director. If at any time after 45 day post Closing the board
        shall
        not be composed in the majority of qualified independent directors, the Company
        shall pay to the Investors, pro rata, as liquidated damages and not as a
        penalty, an amount equal to twenty four percent (24%) of the Purchase Price
        per
        annum, payable monthly. The parties agree that the only damages payable for
        a
        violation of the terms of this Agreement with respect to which liquidated
        damages are expressly provided shall be such liquidated damages. Nothing
        shall
        preclude the Investor from pursuing or obtaining specific performance or
        other
        equitable relief with respect to this Agreement. The parties hereto agree
        that
        the liquidated damages provided for in this Section 6.9 constitute a reasonable
        estimate of the damages that may be incurred by the Investor by reason of
        the
        failure of the Company to appoint at least two independent directors in
        accordance with the provision hereof.

      

      
        
          
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      6.11 Independent
        Directors Become Majority of Audit and Compensation
        Committees.
        The
        Company will cause the appointment of a majority of outside directors to
        the
        audit and compensation committees of the board of directors before 45 days
        post
        Closing. In the event that the Company fails to meet the requirements of
        this
        Section 6.9 as a result of the death, retirement, disability or resignation
        of
        an independent director, the Company shall have sixty (60) days to elect
        a
        replacement director. If at any time after 45 days post Closing such independent
        directors do not compose the majority of the audit and compensation committees,
        the Company shall pay to the Investors, pro rata, as liquidated damages and
        not
        as a penalty, an amount equal to twenty four percent (24%) of the Purchase
        Price
        per annum, payable monthly. The parties agree that the only damages payable
        for
        a violation of the terms of this Agreement with respect to which liquidated
        damages are expressly provided shall be such liquidated damages. Nothing
        shall
        preclude the Investor from pursuing other remedies or obtaining specific
        performance or other equitable relief with respect to this Agreement. The
        parties hereto agree that the liquidated damages provided for in this Section
        6.10 constitute a reasonable estimate of the damages that may be incurred
        by the
        Investor by reason of the failure of the Company to appoint at least two
        independent directors in accordance with the provision hereof

      

      6.11 Use
        of Proceeds.
        The
        Company will use the proceeds from the sale of the Preferred Stock and the
        Warrants (excluding amounts paid by the Company for commissions, legal and
        administrative fees in connection with the sale of such securities) for working
        capital and acquisitions. 

      

      6.12
         Right
        of First Refusal.
        As long
        as any of the Preferred Stock remains outstanding, each Investor shall have
        the
        right to participate in any subsequent funding by the Company on a pro rata
        basis.

      

      6.13
         Price
        Adjustment. If,
        within the 24 months following the Closing Date, the Company closes on the
        sale
        of a note or notes, shares of Common Stock, or shares of any class of Preferred
        Stock at a price per share of Common Stock, or with a conversion right to
        acquire Common Stock at a price per share of Common Stock, that is less than
        the
        Conversion Price (as adjusted to the capitalization per share as of the Closing
        Date, following any stock splits, stock dividends, or the like) (collectively,
        the “Subsequent Conversion Price”), the Company shall make a post-Closing
        adjustment in the Conversion Price (as provided in the Certificate of
        Designations) so that the effective price per share paid by the Investor
        is
        reduced to being equivalent to such lower conversion price after taking into
        account any prior conversions of the Preferred Stock and/or exercises of
        the
        Warrant. 

      

      6.14  Insider
        Selling.
        The
        earliest any “Insiders” can start selling their shares shall be twenty four
        months from Closing. Insiders shall include only all officers and directors
        of
        the Company. Andrew Barron Worden and the Investor shall not be considered
        “Insiders”.

      

      
        
          
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      6.15 Employment
        and Consulting Contracts.
        Employment and consulting contracts with officers and directors shall at
        time of
        Closing and for two years thereafter shall not contain: any bonuses not related
        directly to increases in earnings per share; any car allowances not approved
        by
        the vote of the board of directors; any anti-dilution or reverse split
        protection provisions for shares, options or warrants; any deferred
        compensation; any unreasonable compensation or benefit clauses as determined
        by
        an independent compensation committee; or any termination clauses of over
        one
        year of salary.

      

      6.16 Sale
        or Merger of Company.
        In the
        event of a sale of substantially all of the assets of the Company or a merger
        or
        consolidation of the Company in a transaction in which the Company is not
        the
        surviving entity, then, subject to and in accordance with the terms of the
        Preferred Stock and Warrants, the 4.9% restriction in the Preferred Stock
        and in
        the Warrants will immediately be terminated and the Investors will have the
        right to convert the Preferred Stock and exercise the Warrants concurrent
        with
        the sale, subject to the conversion by the Investor of the Preferred Stock
        and
        the payment by the Investor to the Company of the aggregate exercise price
        of
        the Warrant.

      

      6.17 Debt
        Limitation.
        For the
        first year post Closing the Company will not enter into any new borrowings
        resulting in total debt outstanding being more than four times as much as
        the
        sum of the adjusted EBITDA from recurring operations over the past four quarters
        and going forward after the twelve months post Closing the Company will not
        enter into any new borrowings resulting in total debt outstanding being more
        than twice as much as the sum of the adjusted EBITDA from recurring operations
        over the past four quarters after year one as long as the Preferred Stock
        remains outstanding, The Company is required to use 50% of the proceeds from
        the
        exercise of Warrant A to pay down debt to two times or below the adjusted
        EBITDA
        from recurring operations.

      

      6.18 Subsequent
        Equity Sales.
        As long
        as the Preferred Stock remains outstanding, the Company shall be prohibited
        from
        effecting or entering into an agreement to effect any Subsequent Financing
        involving a “Variable
        Rate Transaction”
        or an
“MFN
        Transaction”
        (each
        as defined below). The term “Variable
        Rate Transaction”
        shall
        mean a transaction in which the Company issues or sells (i) any debt or equity
        securities that are convertible into, exchangeable or exercisable for, or
        include the right to receive additional shares of Common Stock either (A)
        at a
        conversion, exercise or exchange rate or other price that is based upon and/or
        varies with the trading prices of or quotations for the shares of Common
        Stock
        at any time after the initial issuance of such debt or equity securities,
        or (B)
        with a conversion, exercise or exchange price that is subject to being reset
        at
        some future date after the initial issuance of such debt or equity security
        or
        upon the occurrence of specified or contingent events directly or indirectly
        related to the business of the Company or the market for the Common Stock.
        The
        term “MFN
        Transaction”
        shall
        mean a transaction in which the Company issues or sells any securities in
        a
        capital raising transaction or series of related transactions which grants
        to an
        investor the right to receive additional shares based upon future transactions
        of the Company on terms more favorable than those granted to such investor
        in
        such offering. Any Purchaser shall be entitled to obtain injunctive relief
        against the Company to preclude any such issuance, which remedy shall be
        in
        addition to any right to collect damages. Notwithstanding the foregoing,
        this
        Section 6.18 shall not apply in respect of an Exempt Issuance, except that
        no
        Variable Rate Transaction or MFN Transaction shall be an Exempt
        Issuance.

      

      
        
          
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      ARTICLE
        VII

      

      COVENANTS
        OF THE INVESTOR

      

      7.1 Compliance
        with Law.
        The
        Investor's trading activities with respect to shares of the Company's Common
        Stock will be in compliance with all applicable state and federal securities
        laws, rules and regulations and rules and regulations of any public market
        on
        which the Company's Common Stock is listed. 

      

      7.2 Transfer
        Restrictions.
        The
        Investor’s acknowledge that (1) the Preferred Stock, Warrants and shares
        underlying the Preferred Stock and Warrants have not been registered under
        the
        provisions of the 1933 Act, and may not be transferred unless (A) subsequently
        registered thereunder or (B) the Investor shall have delivered to the Company
        an
        opinion of counsel, reasonably satisfactory in form, scope and substance
        to the
        Company, to the effect that the Preferred Stock, Warrants and shares underlying
        the Notes and Warrants to be sold or transferred may be sold or transferred
        pursuant to an exemption from such registration; and (2) any sale of the
        Preferred Stock, Warrants and shares underlying the Preferred Stock and Warrants
        made in reliance on Rule 144 promulgated under the 1933 Act may be made only
        in
        accordance with the terms of said Rule and further, if said Rule is not
        applicable, any resale of such securities under circumstances in which the
        seller, or the person through whom the sale is made, may be deemed to be
        an
        underwriter, as that term is used in the 1933 Act, may require compliance
        with
        some other exemption under the 1933 Act or the rules and regulations of the
        SEC
        thereunder.

      

      7.3 Restrictive
        Legend. The
        Investor acknowledges and agrees that the Preferred Stock, the Warrants and
        the
        Shares underlying the Preferred Stock and Warrants, and, until such time
        as the
        Shares underlying the Preferred Stock and Warrants have been registered under
        the 1933 Act and sold in accordance with an effective Registration Statement,
        certificates and other instruments representing any of the Shares, shall
        bear a
        restrictive legend in substantially the following form (and a stop-transfer
        order may be placed against transfer of any such securities):

      

      "THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE
        SECURITIES LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED,
        SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION
        STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND
        ANY
        APPLICABLE STATE SECURITIES LAWS, OR (2) IN ACCORDANCE WITH THE PROVISIONS
        OF
        REGULATION S, OR (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
        SECURITIES ACT."

       

      

      
        
          
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              INC. AND BARRON PARTNERS LP

          

        

        
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      ARTICLE
        VIII

      

      CONDITIONS
        PRECEDENT TO THE COMPANY’S OBLIGATIONS

      

      The
        obligation of the Company to consummate the transactions contemplated hereby
        shall be subject to the fulfillment, on or prior to Closing Date, of the
        following conditions:

      

      8.1 No
        Termination.
        This
        Agreement shall not have been terminated pursuant to Article X
        hereof.

      

      8.2 Representations
        True and Correct.
        The
        representations and warranties of the Investor contained in this Agreement
        shall
        be true and correct in all material respects on and as of the Closing Date
        with
        the same force and effect as if made on as of the Closing Date.

      

      8.3 Compliance
        with Covenants.
        The
        Investor shall have performed and complied in all material respects with
        all
        covenants, agreements, and conditions required by this Agreement to be performed
        or complied by it prior to or at the Closing Date.

      

      8.4 No
        Adverse Proceedings.
        On the
        Closing Date, no action or proceeding shall be pending by any public authority
        or individual or entity before any court or administrative body to restrain,
        enjoin, or otherwise prevent the consummation of this Agreement or the
        transactions contemplated hereby or to recover any damages or obtain other
        relief as a result of the transactions proposed hereby. 

      

      

      
        
          
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              INC. AND BARRON PARTNERS LP

          

        

        
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      ARTICLE
        IX

      

      CONDITIONS
        PRECEDENT TO INVESTOR’S OBLIGATIONS

      

      The
        obligation of the Investors to consummate the transactions contemplated hereby
        shall be subject to the fulfillment, on or prior to Closing Date unless
        specified otherwise, of the following conditions:

      

      9.1 No
        Termination.
        This
        Agreement shall not have been terminated pursuant to Article X
        hereof.

      

      9.2 Representations
        True and Correct.
        The
        representations and warranties of the Company contained in this Agreement
        shall
        be true and correct in all material respects on and as of the Closing Date
        with
        the same force and effect as if made on as of the Closing Date.

      

      9.3 Compliance
        with Covenants.
        The
        Company shall have performed and complied in all material respects with all
        covenants, agreements, and conditions required by this Agreement to be performed
        or complied by it prior to or at the Closing Date, including arranging for
        payment of commissions as set forth in Schedule 4.8.

      

      9.4 No
        Adverse Proceedings. On
        the
        Closing Date, no action or proceeding shall be pending by any public authority
        or individual or entity before any court or administrative body to restrain,
        enjoin, or otherwise prevent the consummation of this Agreement or the
        transactions contemplated hereby or to recover any damages or obtain other
        relief as a result of the transactions proposed hereby. 

      

      

      ARTICLE
        X

      

      TERMINATION,
        AMENDMENT AND WAIVER

      

      10.1 Termination.
        This
        Agreement may be terminated at any time prior to the Effective
        Time:

      

      10.1.1 by
        mutual
        written consent of the Investor and the Company;

      

      10.1.2 by
        the
        Company upon a material breach of any representation, warranty, covenant
        or
        agreement on the part of the Investor set forth in this Agreement, or the
        Investor upon a material breach of any representation, warranty, covenant
        or
        agreement on the part of the Company set forth in this Agreement, or if any
        representation or warranty of the Company or the Investor, respectively,
        shall
        have become untrue, in either case such that any of the conditions set forth
        in
        Article VIII or Article IX hereof would not be satisfied (a "Terminating
        Breach"),
        and
        such breach shall, if capable of cure, not have been cured within five (5)
        business days after receipt by the party in breach of a notice from the
        non-breaching party setting forth in detail the nature of such
        breach.

      

      
        
          
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      10.2 Effect
        of Termination.
        Except
        as otherwise provided herein, in the event of the termination of this Agreement
        pursuant to Section 10.1 hereof, there shall be no liability on the part
        of the
        Company or the Investor or any of their respective officers, directors, agents
        or other representatives and all rights and obligations of any party hereto
        shall cease; provided that in the event of a Terminating Breach, the breaching
        party shall be liable to the non-breaching party for all costs and expenses
        incurred by the non-breaching party not to exceed $50,000.

      

      10.3
        Amendment.
        This
        Agreement may be amended by the parties hereto any time prior to the Closing
        Date by an instrument in writing signed by the parties hereto.

      

      10.4 Waiver.
        At any
        time prior to the Closing Date, the Company or the Investor, as appropriate,
        may: (a) extend the time for the performance of any of the obligations or
        other
        acts of other party or; (b) waive any inaccuracies in the representations
        and
        warranties contained herein or in any document delivered pursuant hereto
        which
        have been made to it or them; or (c) waive compliance with any of the agreements
        or conditions contained herein for its or their benefit. Any such extension
        or
        waiver shall be valid only if set forth in an instrument in writing signed
        by
        the party or parties to be bound hereby.

       

      

      ARTICLE
        XI

      

      GENERAL
        PROVISIONS

      

      11.1 Transaction
        Costs.
        Except
        as otherwise provided herein, each of the parties shall pay all of his or
        its
        costs and expenses (including attorney fees and other legal costs and expenses
        and accountants’ fees and other accounting costs and expenses) incurred by that
        party in connection with this Agreement; provided, the Company shall pay
        Investor such due diligence expenses as described in section 5.10.

      

      11.2 Indemnification.
        The
        Investor agrees to indemnify, defend and hold the Company (following the
        Closing
        Date) and its officers and directors harmless against and in respect of any
        and
        all claims, demands, losses, costs, expenses, obligations, liabilities or
        damages, including interest, penalties and reasonable attorney’s fees, that it
        shall incur or suffer, which arise out of or result from any breach of this
        Agreement by such Investor or failure by such Investor to perform with respect
        to any of its representations, warranties or covenants contained in this
        Agreement or in any exhibit or other instrument furnished or to be furnished
        under this Agreement. The Company agrees to indemnify, defend and hold the
        Investor harmless against and in respect of any and all claims, demands,
        losses,
        costs, expenses, obligations, liabilities or damages, including interest,
        penalties and reasonable attorney’s fees, that it shall incur or suffer, which
        arise out of, result from or relate to any breach of this Agreement or failure
        by the Company to perform with respect to any of its representations, warranties
        or covenants contained in this Agreement or in any exhibit or other instrument
        furnished or to be furnished under this Agreement. In no event shall the
        Company
        or the Investors be entitled to recover consequential or punitive damages
        resulting from a breach or violation of this Agreement nor shall any party
        have
        any liability hereunder in the event of gross negligence or willful misconduct
        of the indemnified party. In the event of a breach of this Agreement by the
        Company, the Investor shall be entitled to pursue a remedy of specific
        performance upon tender into the Court an amount equal to the Purchase Price
        hereunder. The indemnification by the Investor shall be limited to
        $50,000.

       

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

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              INC. AND BARRON PARTNERS LP

          

        

        
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      11.3 Headings.
        The
        table of contents and headings contained in this Agreement are for reference
        purposes only and shall not affect in any way the meaning or interpretation
        of
        this Agreement.

      

      11.4 Entire
        Agreement.
        This
        Agreement (together with the Schedule, Exhibits, Warrants and documents referred
        to herein) constitute the entire agreement of the parties and supersede all
        prior agreements and undertakings, both written and oral, between the parties,
        or any of them, with respect to the subject matter hereof.

      

      11.5 Notices.
        All
        notices and other communications hereunder shall be in writing and shall
        be
        deemed to have been given (i) on the date they are delivered if delivered
        in
        person; (ii) on the date initially received if delivered by facsimile
        transmission followed by registered or certified mail confirmation; or (iii)
        on
        the date delivered by an overnight courier service as follows:

      

      If
        to
        the Company:

      

      Speedemissions,
        Inc.

      1134
        Senoia Road, Suite B2

      Tyrone,
        GA 30290

      Facsimile
        (770) 486-6022

      Attention:
        Richard A. Parlontieri

      

      With
        a
        copy to:

      The
        Lebrecht Group, APLC

      22342
        Avenida Empresa, Suite 220

      Rancho
        Santa Margarita, CA 92688

      Facsimile
        (949) 635-1244

      Attn:
        Brian A. Lebrecht, Esq.

       

       

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

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              INC. AND BARRON PARTNERS LP

          

        

        
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      If
        to
        the Investor:

      

      Barron
        Partners L.P.

      c/o
        Barron Capital Advisors, LLC

      730
        Fifth
        Avenue, 9th
        Floor

      New
        York,
        New York 10019

      Facsimile
        (646) 607-2223

      Attn:
        Andrew Barron Worden

      

      11.6 Severability.
        If any
        term or other provision of this Agreement is invalid, illegal or incapable
        of
        being enforced by any rule of law or public policy, all other conditions
        and
        provisions of this Agreement shall nevertheless remain in full force and
        effect
        so long as the economic or legal substance of the transactions contemplated
        hereby is not affected in any manner materially adverse to any party. Upon
        such
        determination that any such term or other provision is invalid, illegal or
        incapable of being enforced, the parties hereto shall negotiate in good faith
        to
        modify this Agreement so as to effect the original intent of the parties
        as
        closely as possible in an acceptable manner to the end that the transactions
        contemplated hereby are fulfilled to the extent possible.

      

      11.7 Binding
        Effect.
        All the
        terms and provisions of this Agreement whether so expressed or not, shall
        be
        binding upon, inure to the benefit of, and be enforceable by the parties
        and
        their respective administrators, executors, legal representatives, heirs,
        successors and assignees. 

      

      11.8 Preparation
        of Agreement.
        This
        Agreement shall not be construed more strongly against any party regardless
        of
        who is responsible for its preparation. The parties acknowledge each contributed
        and is equally responsible for its preparation. 

      

      11.9 Governing
        Law.
        This
        Agreement shall be governed by, and construed in accordance with, the laws
        of
        the State of New York, without giving effect to applicable principles of
        conflicts of law.

      

      11.10
        Jurisdiction.
        This
        Agreement shall be exclusively governed by and construed in accordance with
        the
        laws of the State of New York. If any action is brought among the parties
        with
        respect to this Agreement or otherwise, by way of a claim or counterclaim,
        the
        parties agree that in any such action, and on all issues, the parties
        irrevocably waive their right to a trial by jury. Exclusive jurisdiction
        and
        venue for any such action shall be the Federal Courts serving the State of
        New
        York. In the event suit or action is brought by any party under this Agreement
        to enforce any of its terms, or in any appeal therefrom, it is agreed that
        the
        prevailing party shall be entitled to reasonable attorneys fees to be fixed
        by
        the arbitrator, trial court, and/or appellate court.

      

      
        
          
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              INC. AND BARRON PARTNERS LP

          

        

        
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      11.11
         Preparation
        and Filing of Securities and Exchange Commission
        filings.
        The
        Investor shall reasonably assist and cooperate with the Company in the
        preparation of all filings with the SEC after the Closing Date due after
        the
        Closing Date. 

      

      11.12 Further
        Assurances, Cooperation.
        Each
        party shall, upon reasonable request by the other party, execute and deliver
        any
        additional documents necessary or desirable to complete the transactions
        herein
        pursuant to and in the manner contemplated by this Agreement. The parties
        hereto
        agree to cooperate and use their respective best efforts to consummate the
        transactions contemplated by this Agreement.

      

      11.13 Survival.
        The
        representations, warranties, covenants and agreements made herein shall survive
        the Closing of the transaction contemplated hereby. 

      

      11.14 Third
        Parties. 
        Except
        as disclosed in this Agreement, nothing in this Agreement, whether express
        or
        implied, is intended to confer any rights or remedies under or by reason
        of this
        Agreement on any persons other than the parties hereto and their respective
        administrators, executors, legal representatives, heirs, successors and
        assignees. Nothing in this Agreement is intended to relieve or discharge
        the
        obligation or liability of any third persons to any party to this Agreement,
        nor
        shall any provision give any third persons any right of subrogation or action
        over or against any party to this Agreement.

      

      11.15 Failure
        or Indulgence Not Waiver; Remedies Cumulative.
        No
        failure or delay on the part of any party hereto in the exercise of any right
        hereunder shall impair such right or be construed to be a waiver of, or
        acquiescence in, any breach of any representation, warranty, covenant or
        agreement herein, nor shall nay single or partial exercise of any such right
        preclude other or further exercise thereof or of any other right. All rights
        and
        remedies existing under this Agreement are cumulative to, and not exclusive
        of,
        any rights or remedies otherwise available.

      

      11.16 Counterparts.
        This
        Agreement may be executed in one or more counterparts, and by the different
        parties hereto in separate counterparts, each of which when executed shall
        be
        deemed to be an original, but all of which taken together shall constitute
        one
        and the same agreement. A facsimile transmission of this signed Agreement
        shall
        be legal and binding on all parties hereto. 

       

      

      [SIGNATURES
        ON FOLLOWING PAGE]

      

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

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

      

      THE
        COMPANY:

       

      

      SPEEDEMISSIONS,
        INC. 

      

      /s/
Richard
        A.
        Parlontieri                            
          

      By:
        Richard A. Parlontieri

      Title:
        President

      

      INVESTOR:

      

      BARRON
        PARTNERS LP

      

      /s/
        Andrew Barron
        Worden                        
         

      Andrew
        Barron Worden

      President,
        General Partner of

      Barron
        Partners LP

      730
        Fifth
        Avenue, 9th Floor

      New
        York
        NY 10019

      

      
        
          
            STOCK
              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
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      Schedule
        A

      

      

      
        	
                 

                NAME
                  AND ADDRESS

              	
                 

                AMOUNT
                  OF INVESTMENT

              	
                NUMBER
                  OF SHARES 

                OF
                  COMMON STOCK 

                INTO
                  WHICH PREFERRED 

                STOCK
                  IS CONVERTIBLE

              
	
                 

                Barron
                  Partners LP

                730
                  Fifth Avenue, 9th
                  Floor

                New
                  York, New York 10019

                Attn:
                  Andrew Barron Worden

              	
                 

                 

                 

                $6,420,000

              	
                 

                 

                 

                107,000,000

              

      

      

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
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      Schedule
        4.3 - Warrants

      

      

       

       

      
        
          
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              INC. AND BARRON PARTNERS LP

          

        

        
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      Schedule
        4.8 - List of Brokers

      

      
        	 	 	 	 
	 	
                Cash
                  Proceeds

              	 	
                Warrants

              
	
                 

                Name
                  and Address

              	
                 

                Commission

              	 	
                 

                Strike
                  Price

              	
                 

                Total
                  Shares

              
	
                 

                 

                Prospect
                  Financial Advisors, LLC 

              	
                 

                 

                $513,600.00

              	 	
                 

                 

                $0..12

              	
                 

                 

                2,850,000

              

      

      

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
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      Exhibit
        A

      

      Form
        of Certificate of Designations of Preferences, Rights and
        Limitations

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
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      Exhibit
        B

      

      Registration
        Rights Agreement

      

      

      

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
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        Exhibit
          C

      Warrants

      

      
        
          
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              INC. AND BARRON PARTNERS LP

          

        

        
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      Exhibit
        D

      

      Escrow
        Agreement

      

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
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      Exhibit
        E

      

      Conversion
        Price Adjustment

      

      If
        the
        acquisition of Just Inc., Dekra, and Mr. Sticker (the “Three Proposed
        Transactions”) do not close within 30 days post Closing the conversion price
        shall be adjusted based upon the intrinsic value formula as
        follows:

      

      Conversion
        Price Per Share = (((Run rate annualized seasonally adjusted EBITDA for the
        combined Company - Recurring Capital Expenditures for the combined business)
        x 6
        (Growth Rate Multiple) + excess cash - total debt and seller notes outstanding)
        / Total Fully Diluted Shares Outstanding)*69%

       

       

      
        
          
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              PURCHASE AGREEMENT BETWEEN 

            SPEEDEMISSIONS,
              INC. AND BARRON PARTNERS LP

          

        

        
          PAGE
            32 OF 32Unassociated Document

    

      REGISTRATION
        RIGHTS AGREEMENT

      

      THIS
        REGISTRATION RIGHTS AGREEMENT (the "Agreement")
        is
        made and entered into as of 30th day of June, 2005 by and among
        Speedemissions, Inc., a
        corporation organized and existing under the laws of the State of Florida
        (“Speedemissions”
        or the
“Company”),
        and
        Barron Partners L.P., a Delaware limited partnership (hereinafter referred
        to as
        the “Investor”).
        Unless defined otherwise, capitalized terms herein shall have the identical
        meaning as in the Preferred Stock Purchase Agreement.

       

      PRELIMINARY
        STATEMENT

      

      WHEREAS,
        pursuant to the Preferred Stock Purchase Agreement, of even date herewith,
        by
        and among the Company and the Investor, as part of the consideration, Investor
        shall receive Preferred Stock and Warrants, which upon conversion and exercise,
        in accordance with the terms of the Preferred Stock Purchase Agreement and
        Warrant Agreement, entitle the Investor to receive Shares of the Company;
        and

      

      WHEREAS,
        the
        ability of the Investors to sell their Shares of Common Stock is subject
        to
        certain restrictions under the 1933 Act; and

      

      WHEREAS,
        as a
        condition to the Preferred Stock Purchase Agreement, the Company has agreed
        to
        provide the Investor with a mechanism that will permit such Investor, subject
        to
        a market stand-off agreement, to sell its Shares of Common Stock in the
        future.

      

        NOW,
        THEREFORE,
        in
        consideration of the premises and of the mutual covenants and agreements,
        and
        subject to the terms and conditions herein contained, the parties hereto
        hereby
        agree as follows:

      

       

      ARTICLE
        I

       

      INCORPORATION
        BY REFERENCE, SUPERSEDER

       

      1.1 Incorporation
        by Reference.
        The
        foregoing recitals and the Exhibits attached hereto and referred to herein,
        are
        hereby acknowledged to be true and accurate, and are incorporated herein
        by this
        reference.

       

      1.2 Superseder.
        This
        Agreement, to the extent that it is inconsistent with any other instrument
        or
        understanding among the parties governing the affairs of the Company, shall
        supersede such instrument or understanding to the fullest extent permitted
        by
        law. A copy of this Agreement shall be filed at the Company’s principal
        office.

       

      

        
          Registration
            Rights Agreement 

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

ARTICLE
          II

      

       

      DEMAND
        REGISTRATION RIGHTS

       

      2.1
        "Registrable
        Securities"
        means
        and includes the Shares of the Company underlying the Preferred Stock and
        Warrants issued pursuant to the Preferred Stock Purchase Agreement and Warrant
        Agreement. As to any particular Registrable Securities, such securities will
        cease to be Registrable Securities when (a) they have been effectively
        registered under the 1933 Act and disposed of in accordance with the
        registration statement covering them, (b) they are or may be freely traded
        without registration pursuant to Rule 144 under the 1933 Act (or any similar
        provisions that are then in effect), or (c) they have been otherwise transferred
        and new certificates for them not bearing a restrictive legend have been
        issued
        by the Company and the Company shall not have "stop transfer" instructions
        against them. "Shares"
        shall
        mean, collectively, the shares of Common Stock of the Company issuable upon
        conversion of the Preferred Stock and those shares of Common Stock of the
        Company issuable to the Investor upon exercise of the Warrants.

       

      2.2 Registration
        of Registrable Securities.
        The
        Company shall prepare and file within thirty (30) days following the date
        hereof
        (the "Filing
        Date")
        a
        registration statement (the "Registration
        Statement")
        covering the resale of such number of shares of the Registrable Securities
        as
        the Investor shall elect by written notice to the Company, and absent such
        election, covering the resale of all of the shares of the Registrable
        Securities. The Company shall use its best efforts to cause the Registration
        Statement to be declared effective by the SEC on the earlier of (i) one hundred
        and fifty (150) days following the Closing Date with respect to the Registration
        Statement, (ii) ten (10) days following the receipt of a "No Review" or similar
        letter from the SEC or (iii) the first business day following the day the
        SEC
        determines the Registration Statement eligible to be declared effective (the
        "Required
        Effectiveness Date").
        Nothing contained herein shall be deemed to limit the number of Registrable
        Securities to be registered by the Company hereunder. As a result, should
        the
        Registration Statement not relate to the maximum number of Registrable
        Securities acquired by (or potentially acquirable by) the holders of the
        Shares
        of the Company issued to the Investor pursuant to the Preferred Stock Purchase
        Agreement, the Company shall be required to promptly file a separate
        registration statement (utilizing Rule 462 promulgated under the 1933 Act,
        where
        applicable) relating to such Registrable Securities which then remain
        unregistered. The provisions of this Agreement shall relate to any such separate
        registration statement as if it were an amendment to the Registration Statement.
        

      

      2.3 Demand
        Registration.
        Subject
        to the limitations of Section 2.2, at any time and from time to time, the
        Investor may request the registration under the 1933 Act of all or part of
        the
        Registrable Shares then outstanding (a "Demand
        Registration").
        Subject to the conditions of Section 3, the Company shall use its best efforts
        to file such registration statement under the 1933 Act as promptly as
        practicable after the date any such request is received by the Company and
        to
        cause such registration statement to be declared effective. The Company shall
        notify the Investor promptly when any such registration statement has been
        declared effective. If more than eighty percent (80%) of the Shares issuable
        under the Preferred Stock Purchase Agreement have been registered or sold,
        this
        provision shall expire.

      

       

      
        
          
            Registration
              Rights Agreement 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      2.4 Registration
        Statement Form.
        Registrations under Section 2.2 and Section 2.3 shall be on the appropriate
        registration form of the SEC as shall permit the disposition of such Registrable
        Securities in accordance with the intended method or methods of disposition
        specified in the Registration Statement; provided, however, such intended
        method
        of disposition shall not include an underwritten offering of the Registrable
        Securities.

      

      2.5 Expenses.
        The
        Company will pay all Registration expenses in connection with any registration
        required by under Sections 2.2 and Section 2.3 herein.

      

      2.6 Effective
        Registration Statement.
        A
        registration requested pursuant to Sections 2.2 and Section 2.3 shall not
        be
        deemed to have been effected (i) unless a registration statement with respect
        thereto has become effective within the time period specified herein, provided
        that a registration which does not become effective after the Company filed
        a
        registration statement with respect thereto solely by reason of the refusal
        to
        proceed of any holder of Registrable Securities (other than a refusal to
        proceed
        based upon the advice of counsel in the form of a letter signed by such counsel
        and provided to the Company relating to a disclosure matter unrelated to
        such
        holder) shall be deemed to have been effected by the Company unless the holders
        of the Registrable Securities shall have elected to pay all Registration
        Expenses in connection with such registration, (ii) if, after it has become
        effective, such registration becomes subject to any stop order, injunction
        or
        other order or extraordinary requirement of the SEC or other governmental
        agency
        or court for any reason or (iii) if, after it has become effective, such
        registration ceases to be effective for more than the allowable Black-Out
        Periods (as defined herein).

      

      2.7 Plan
        Of Distribution. The
        Company hereby agrees that the Registration Statement shall include a plan
        of
        distribution section reasonably acceptable to the Investor; provided, however,
        such plan of distribution section shall be modified by the Company so as
        to not
        provide for the disposition of the Registrable Securities on the basis of
        an
        underwritten offering.

      

      2.8 Liquidated
        Damages.
        If,
        after five (5) months from the date hereof, in the event the Company does
        not
        register Registrable Securities pursuant to the requirements of Section 2.2
        herein, or if the Registration Statement filed pursuant to Section 2.2 herein
        is
        not declared effective, or if the Registrable Securities are registered pursuant
        to an effective Registration Statement and such Registration Statement or
        other
        Registration Statement(s) demanded by Investor including the Registrable
        Securities is not effective in the period from five (5) months from the date
        hereof through two years following the date hereof, the Company shall, for
        each
        such day in which a Registration Statement is not so effective, pay the
        Investor, as liquidated damages and not as a penalty, an amount equal to
        twenty
        four (24%) of the Purchase Price per annum; and for any such day, such payment
        shall be made no later than the first business day of the calendar month
        next
        succeeding the month in which such day occurs. All payments shall be made
        in
        shares of Preferred Stock at the Initial Purchase Price. In addition, if
        the
        Company has not filed a registration statement within the thirty (30) day
        period
        after closing as specified in Section 2.2, the Company shall, for each such
        day
        after thirty days from closing and until the filing of a registration statement,
        pay the Purchaser, as liquidated damages and not as a penalty, an amount
        equal
        to twenty four (24%) of the Purchase Price per annum; and for any such day,
        such
        payment shall be made no later than the first business day of the calendar
        month
        next succeeding the month in which such day occurs. All payments shall be
        made
        in shares of Preferred Stock at the Initial Purchase Price.

       

      
        
          
            Registration
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      The
        parties agree that the only damages payable for a violation of the terms
        of this
        Agreement with respect to which liquidated damages are expressly provided
        shall
        be such liquidated damages. Nothing shall preclude the Investor from pursuing
        or
        obtaining specific performance or other equitable relief with respect to
        this
        Agreement.

       

      The
        parties hereto agree that the liquidated damages provided for in this Section
        2.8 constitute a reasonable estimate of the damages that may be incurred
        by the
        Investor by reason of the failure of the Registration Statement(s)
        to be
        filed or declared effective in accordance with the provisions
        hereof.

       

      The
        obligation of the Company terminates when the holder of shares of Registrable
        Securities no longer holds more than twenty percent (20%) of its shares of
        Registrable Securities.

      

      ARTICLE
        III

      INCIDENTAL
        REGISTRATION RIGHTS

       

      3.1 Right
        To Include (“Piggy-Back”) Registrable Securities. Provided
        that the Registrable Securities have not been registered, if at any time
        after
        the date hereof but before the second anniversary of the date hereof, the
        Company proposes to register any of its securities under the 1933 Act (other
        than by a registration in connection with an acquisition in a manner which
        would
        not permit registration of Registrable Securities for sale to the public,
        on
        Form S-8, or any successor form thereto, on Form S-4, or any successor form
        thereto and other than pursuant to Section 2), on an underwritten basis (either
        best-efforts or firm-commitment), then, the Company will each such time give
        prompt written notice to all holders of Registrable Securities of its intention
        to do so and of such holders of Registrable Securities' rights under this
        Section 3.1. Upon the written request
        of any such holders of Registrable Securities made within ten (10) days after
        the receipt of any such notice (which request shall specify the Registrable
        Securities intended to be disposed of by such holders of Registrable Securities
        and the intended method of disposition thereof), the Company will, subject
        to
        the terms of this Agreement, use its commercially reasonable best efforts
        to
        effect the registration under the 1933 Act of the Registrable Securities,
        to the
        extent requisite to permit the disposition (in accordance with the intended
        methods thereof as aforesaid) of such Registrable Securities so to be
        registered, by inclusion of such Registrable Securities in the registration
        statement which covers the securities which the Company proposes to register,
        provided that if, at any time after written notice of its intention to register
        any securities and prior to the effective

       

       

      
        
          
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      date
        of
        the registration statement filed in connection with such registration, the
        Company shall determine for any reason either not to register or to delay
        registration of such securities, the Company may, at its election, give written
        notice of such determination to each holders of Registrable Securities and,
        thereupon, (i) in the case of a determination not to register, shall be relieved
        of this obligation to register any Registrable Securities in connection with
        such registration (but not from its obligation to pay the Registration Expenses
        in connection therewith), without prejudice, however, to the rights of any
        holder or holders of Registrable Securities entitled to do so to request
        that
        such registration be effected as a registration under Section 2, and (ii)
        in the
        case of a determination to delay registering, shall be permitted to delay
        registering any Registrable Securities, for the same period as the delay
        in
        registering such other securities. No registration effected under this Section
        3.1 shall relieve the Company of its obligation to effect any registration
        upon
        request under Section 2. The Company will pay all Registration Expenses in
        connection with each registration of Registrable Securities requested pursuant
        to this Section 3.1. The right provided the Holders of the Registrable
        Securities pursuant to this Section shall be exercisable at their sole
        discretion and will in no way limit any of the Company's obligations to pay
        the
        Securities according to their terms.

      

      3.2 Priority
        In Incidental Registrations.
        If the
        managing underwriter of the underwritten offering contemplated by this Section
        3
        shall inform the Company and holders of the Registrable Securities requesting
        such registration by letter of its belief that the number of securities
        requested to be included in such registration exceeds the number which can
        be
        sold in such offering, then the Company will include in such registration,
        to
        the extent of the number which the Company is so advised can be sold in such
        offering, (i) first securities proposed by the Company to be sold for its
        own
        account, and (ii) second Registrable Securities and (iii) securities of other
        selling security holders requested to be included in such
        registration.

       

      ARTICLE
        IV

      REGISTRATION
        PROCEDURES 

       

      4.1
        REGISTRATION PROCEDURES. If and whenever the Company is required to effect
        the
        registration of any Registrable Securities under the 1933 Act as provided
        in
        Section 2.2 and, as applicable, 2.3, the Company shall, as expeditiously
        as
        possible:

      

      (i)
        prepare and file with the SEC the Registration Statement, or amendments thereto,
        to effect such registration (including such audited financial statements
        as may
        be required by the 1933 Act or the rules and regulations promulgated thereunder)
        and thereafter use its commercially reasonable best efforts to cause such
        registration statement to be declared effective by the SEC, as soon as
        practicable, but in any event no later than the Required Effectiveness Date
        (with respect to a registration pursuant to Section 2.2); provided, however,
        that before filing such registration statement or any amendments thereto,
        the
        Company will furnish to the counsel selected by the holders of Registrable
        Securities which are to be included in such registration, copies of all such
        documents proposed to be filed;

      

      
        
          
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      (ii)
        with
        respect to any registration statement pursuant to Section 2.2 or Section
        2.3,
        prepare and file with the SEC such amendments and supplements to such
        registration statement and the prospectus used in connection therewith as
        may be
        necessary to keep such registration statement effective and to comply with
        the
        provisions of the 1933 Act with respect to the disposition of all Registrable
        Securities covered by such registration statement until the earlier to occur
        of
        thirty six (36) months after the date of this Agreement (subject to the right
        of
        the Company to suspend the effectiveness thereof for not more than 10
        consecutive Trading Days or an aggregate of 10 Trading Days during each year
        (each a "Black-Out
        Period"))
        or
        such time as all of the securities which are the subject of such registration
        statement cease to be Registrable Securities (such period, in each case,
        the
        "Registration
        Maintenance Period");

      

      (iii)
        furnish to each holder of Registrable Securities covered by such registration
        statement such number of conformed copies of such registration statement
        and of
        each such amendment and supplement thereto (in each case including all
        exhibits), such number of copies of the prospectus contained in such
        registration statement (including each preliminary prospectus and any summary
        prospectus) and any other prospectus filed under Rule 424 under the 1933
        Act, in
        conformity with the requirements of the 1933 Act, and such other documents,
        as
        such holder of Registrable Securities and underwriter, if any, may reasonably
        request in order to facilitate the public sale or other disposition of the
        Registrable Securities owned by such holder of Registrable Securities;

      

      (iv)
        use
        its commercially reasonable best efforts to register or qualify all Registrable
        Securities and other securities covered by such registration statement under
        such other U.S. federal or state securities laws or U.S. state blue sky laws
        as
        any U.S. holder of Registrable Securities thereof shall reasonably request,
        to
        keep such registrations or qualifications in effect for so long as such
        registration statement remains in effect, and take any other action which
        may be
        reasonably necessary to enable such holder of Registrable Securities to
        consummate the disposition in such jurisdictions of the securities owned
        by such
        holder of Registrable Securities, except that the Company shall not for any
        such
        purpose be required to qualify generally to do business as a foreign corporation
        in any jurisdiction wherein it would not but for the requirements of this
        subdivision (iv) be obligated to be so qualified or to consent to general
        service of process in any such jurisdiction;

      

      (v)
        use
        its commercially reasonable best efforts to cause all Registrable Securities
        covered by such registration statement to be registered with or approved
        by such
        other governmental agencies or authorities as may be necessary to enable
        the
        U.S. holder of Registrable Securities thereof to consummate the disposition
        of
        such Registrable Securities;

      

      
        
          
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      (vi)
        furnish to each holder of Registrable Securities a signed counterpart, addressed
        to such holder of Registrable Securities, and the underwriters, if any, of
        an
        opinion of counsel for the Company, dated the effective date of such
        registration statement (or, if such registration includes an underwritten
        public
        offering, an opinion dated the date of the closing under the underwriting
        agreement), reasonably satisfactory in form and substance to such holder
        of
        Registrable Securities) including that the prospectus and any prospectus
        supplement forming a part of the Registration Statement does not contain
        an
        untrue statement of a material fact or omits a material fact required to
        be
        stated therein or necessary in order to make the statements therein, in light
        of
        the circumstances under which they were made, not misleading, and

      

      (vii)
        notify the Investor and its counsel promptly and confirm such advice in writing
        promptly after the Company has knowledge thereof:

      

      (A)
        when
        the Registration Statement, the prospectus or any prospectus supplement related
        thereto or post-effective amendment to the Registration Statement has been
        filed, and, with respect to the Registration Statement or any post-effective
        amendment thereto, when the same has become effective;

      

      (B)
        of
        any request by the SEC for amendments or supplements to the Registration
        Statement or the prospectus or for additional information;

      

      (C)
        of
        the issuance by the SEC of any stop order suspending the effectiveness of
        the
        Registration Statement or the initiation of any proceedings by any Person
        for
        that purpose; and

      

      (D)
        of
        the receipt by the Company of any notification with respect to the suspension
        of
        the qualification of any Registrable Securities for sale under the securities
        or
        blue sky laws of any jurisdiction or the initiation or threat of any proceeding
        for such purpose;

      

      (viii)
        notify each holder of Registrable Securities covered by such registration
        statement, at any time when a prospectus relating thereto is required to
        be
        delivered under the 1933 Act, upon discovery that, or upon the happening
        of any
        event as a result of which, the prospectus included in such registration
        statement, as then in effect, includes an untrue statement of a material
        fact or
        omits to state any material facts required to be stated therein or necessary
        to
        make the statements therein not misleading in the light of the circumstances
        then existing, and at the request of any such holder of Registrable Securities
        promptly prepare and furnish to such holder of Registrable Securities 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
        purchasers of such securities, such prospectus shall not include an untrue
        statement of a material fact or omit to state a material fact required to
        be
        stated therein or necessary to make the statements therein not misleading
        in the
        light of the circumstances then existing;

      

      
        
          
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      (ix)
        use
        its best efforts to obtain the withdrawal of any order suspending the
        effectiveness of the Registration Statement at the earliest possible
        moment;

      

      (x)
        otherwise use its commercially reasonable best efforts to comply with all
        applicable rules and regulations of the SEC, and make available to its security
        holders, as soon as reasonably practicable, an earnings statement covering
        the
        period of at least twelve months, but not more than eighteen months, beginning
        with the first full calendar month after the effective date of such registration
        statement, which earnings statement shall satisfy the provisions of Section
        11(a) of the 1933 Act and Rule 158 thereunder;

      

      (xi)
        enter into such agreements and take such other actions as the Investors shall
        reasonably request in writing (at the expense of the requesting or benefiting
        Investors) in order to expedite or facilitate the disposition of such
        Registrable Securities; and

      

      (xii)
        use
        its commercially reasonable best efforts to list all Registrable Securities
        covered by such registration statement on any securities exchange on which
        any
        of the Registrable Securities are then listed.

      

      The
        Company may require each holder of Registrable Securities as to which any
        registration is being effected to furnish the Company such information regarding
        such holder of Registrable Securities and the distribution of such securities
        as
        the Company may from time to time reasonably request in writing.

      

      4.2
        The
        Company will not file any registration statement pursuant to Section 2.2
        or
        Section 2.3, or amendment thereto or any prospectus or any supplement thereto
        to
        which the Investors shall reasonably object, provided that the Company may
        file
        such documents in a form required by law or upon the advice of its
        counsel.

      

      4.3
        The
        Company represents and warrants to each holder of Registrable Securities
        that it
        has obtained all necessary waivers, consents and authorizations necessary
        to
        execute this Agreement and consummate the transactions contemplated hereby
        other
        than such waivers, consents and/or authorizations specifically contemplated
        by
        the Preferred Stock Purchase Agreement.

      

      4.4
        Each
        holder of Registrable Securities agrees that, upon receipt of any notice
        from
        the Company of the occurrence of any event of the kind described in subdivision
        (viii) of Section 4.1, such Holder will forthwith discontinue such holder
        of
        Registrable Securities’ disposition of Registrable Securities pursuant to the
        Registration Statement relating to such Registrable Securities until such
        holder
        of Registrable Securities’ receipt of the copies of the supplemented or amended
        prospectus contemplated by subdivision (viii) of Section 4.1 and, if so directed
        by the Company, will deliver to the Company (at the Company's expense) all
        copies, other than permanent file copies, then in such Holder's possession
        of
        the prospectus relating to such Registrable Securities current at the time
        of
        receipt of such notice.

      

      
        
          
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      ARTICLE
        V

      UNDERWRITTEN
        OFFERINGS 

       

      5.1 Incidental
        Underwritten Offerings.
        If the
        Company at any time proposes to register any of its securities under the
        1933
        Act as contemplated by Section 3.1 and such securities are to be distributed
        by
        or through one or more underwriters, the Company will, if requested by any
        holder of Registrable Securities as provided in Section 3.1 and subject to
        the
        provisions of Section 3.2, use its commercially reasonable best efforts to
        arrange for such underwriters to include all the Registrable Securities to
        be
        offered and sold by such holder among the securities to be distributed by
        such
        underwriters. In no event shall any Investor be deemed an underwriter for
        purposes of this Agreement.

      

      5.2 Participation
        In Underwritten Offerings.
        No
        holder of Registrable Securities may participate in any underwritten offering
        under Section 3.1 unless such holder of Registrable Securities (i) agrees
        to
        sell such Person's securities on the basis provided in any underwriting
        arrangements approved, subject to the terms and conditions hereof, by the
        holders of a majority of Registrable Securities to be included in such
        underwritten offering and (ii) completes and executes all questionnaires,
        indemnities, underwriting agreements and other documents (other than powers
        of
        attorney) required under the terms of such underwriting arrangements.
        Notwithstanding the foregoing, no underwriting agreement (or other agreement
        in
        connection with such offering) shall require any holder of Registrable
        Securities to make a representation or warranty to or agreements with the
        Company or the underwriters other than representations and warranties contained
        in a writing furnished by such holder of Registrable Securities expressly
        for
        use in the related registration statement or representations, warranties
        or
        agreements regarding such holder of Registrable Securities, such holder's
        Registrable Securities and such holder's intended method of distribution
        and any
        other representation required by law.

      

      5.3 Preparation;
        Reasonable Investigation.
        In
        connection with the preparation and filing of each registration statement
        under
        the 1933 Act pursuant to this Agreement, the Company will give the holders
        of
        Registrable Securities registered under such registration statement, and
        their
        respective counsel and accountants, the opportunity to participate in the
        preparation of such registration statement, each prospectus included therein
        or
        filed with the SEC, and each amendment thereof or supplement thereto, and
        will
        give each of them such access to its books and records and such opportunities
        to
        discuss the business of the Company with its officers and the independent
        public
        accountants who have certified its financial statements as shall be necessary,
        in the reasonable opinion of such holders' and such underwriters' respective
        counsel, to conduct a reasonable investigation within the meaning of the
        1933
        Act.

      

      
        
          
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      ARTICLE
        VI

      INDEMNIFICATION
        

       

      6.1 Indemnification
        by the Company.
        In the
        event of any registration of any securities of the Company under the 1933
        Act,
        the Company will, and hereby does agree to indemnify and hold harmless the
        holder of any Registrable Securities covered by such registration statement,
        its
        directors and officers, each other Person who participates as an underwriter
        in
        the offering or sale of such securities and each other Person, if any, who
        controls such holder or any such underwriter within the meaning of the 1933
        Act
        against any losses, claims, damages or liabilities, joint or several, to
        which
        such holder or any such director or officer or underwriter or controlling
        person
        may become subject under the 1933 Act or otherwise, insofar as such losses,
        claims, damages or liabilities (or actions or proceedings, whether commenced
        or
        threatened, in respect thereof) arise out of or are based upon any untrue
        statement or alleged untrue statement of any material fact contained in any
        registration statement under which such securities were registered under
        the
        1933 Act, any preliminary prospectus, final prospectus or summary prospectus
        contained therein, or any amendment or supplement thereto, or any omission
        or
        alleged omission to state therein a material fact required to be stated therein
        or necessary to make the statements therein not misleading, and the Company
        will
        reimburse such holder and each such director, officer, underwriter and
        controlling person for any legal or any other expenses reasonably incurred
        by
        them in connection with investigating or defending any such loss, claim,
        liability, action or proceeding, provided that the Company shall not be liable
        in any such case to the extent that any such loss, claim, damage, liability,
        (or
        action or proceeding in respect thereof) or expense arises out of or is based
        upon an untrue statement or alleged untrue statement or omission or alleged
        omission made in such registration statement, any such preliminary prospectus,
        final prospectus, summary prospectus, amendment or supplement in reliance
        upon
        and in conformity with written information furnished to the Company by such
        holder or underwriter stating that it is for use in the preparation thereof
        and,
        provided further that the Company shall not be liable to any Person who
        participates as an underwriter in the offering or sale of Registrable Securities
        or to any other Person, if any, who controls such underwriter within the
        meaning
        of the 1933 Act, in any such case to the extent that any such loss, claim,
        damage, liability (or action or proceeding in respect thereof) or expense
        arises
        out of such Person's failure to send or give a copy of the final prospectus,
        as
        the same may be then supplemented or amended, within the time required by
        the
        1933 Act to the Person asserting the existence of an untrue statement or
        alleged
        untrue statement or omission or alleged omission at or prior to the written
        confirmation of the sale of Registrable Securities to such Person if such
        statement or omission was corrected in such final prospectus or an amendment
        or
        supplement thereto. Such indemnity shall remain in full force and effect
        regardless of any investigation made by or on behalf of such holder or any
        such
        director, officer, underwriter or controlling person and shall survive the
        transfer of such securities by such holder.

      

      
        
          
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      6.2 Indemnification
        by the Investor.
        The
        Company may require, as a condition to including any Registrable Securities
        in
        any registration statement filed pursuant to this Agreement, that the Company
        shall have received an undertaking satisfactory to it from the prospective
        holder of such Registrable Securities, to indemnify and hold harmless (in
        the
        same manner and to the same extent as set forth in Section 6.1) the Company,
        each director of the Company, each officer of the Company and each other
        Person,
        if any, who controls the Company within the meaning of the 1933 Act, with
        respect to any statement or alleged statement in or omission or alleged omission
        from such registration statement, any preliminary prospectus, final prospectus
        or summary prospectus contained therein, or any amendment or supplement thereto,
        if such statement or alleged statement or omission or alleged omission was
        made
        in reliance upon and in conformity with written information furnished to
        the
        Company through an instrument duly executed by such holder of Registrable
        Securities specifically stating that it is for use in the preparation of
        such
        registration statement, preliminary prospectus, final prospectus, summary
        prospectus, amendment or supplement. Any such indemnity shall remain in full
        force and effect, regardless of any investigation made by or on behalf of
        the
        Company or any such director, officer or controlling person and shall survive
        the transfer of such securities by such Investor. The indemnification by
        the
        Investors shall be limited to fifty thousand (50,000) dollars.

      

      6.3 Notices
        Of Claims, Etc.
        Promptly after receipt by an indemnified party of notice of the commencement
        of
        any action or proceeding involving a claim referred to in Sections 6.1 and
        Section 6.2, such indemnified party will, if claim in respect thereof is
        to be
        made against an indemnifying party, give written notice to the latter of
        the
        commencement of such action, provided that the failure of any indemnified
        party
        to give notice as provided herein shall not relieve the indemnifying party
        of
        its obligations under Sections 6.1 and Section 6.2, except to the extent
        that
        the indemnifying party is actually prejudiced by such failure to give notice.
        In
        case any such action is brought against an indemnified party, unless in such
        indemnified party's reasonable judgment a conflict of interest between such
        indemnified and indemnifying parties may exist in respect of such claim,
        the
        indemnifying party shall be entitled to participate in and to assume the
        defense
        thereof, jointly with any other indemnifying party similarly notified, to
        the
        extent that the indemnifying party may wish, with counsel reasonably
        satisfactory to such indemnified party, and after notice from the indemnifying
        party to such indemnified party of its election so to assume the defense
        thereof, the indemnifying party shall not be liable to such indemnified party
        for any legal or other expenses subsequently incurred by the latter in
        connection with the defense thereof other than reasonable costs of
        investigation. No indemnifying party shall, without the consent of the
        indemnified party, consent to entry of any judgment or enter into any settlement
        of any such action which does not include as an unconditional term thereof
        the
        giving by the claimant or plaintiff to such indemnified party of a release
        from
        all liability, or a covenant not to sue, in respect to such claim or litigation.
        No indemnified party shall consent to entry of any judgment or enter into
        any
        settlement of any such action the defense of which has been assumed by an
        indemnifying party without the consent of such indemnifying party.

      

      6.4 Other
        Indemnification.
        Indemnification similar to that specified in Sections 6.1 and Section 6.2
        (with
        appropriate modifications) shall be given by the Company and each holder
        of
        Registrable Securities (but only if and to the extent required pursuant to
        the
        terms herein) with respect to any required registration or other qualification
        of securities under any Federal or state law or regulation of any governmental
        authority, other than the 1933 Act.

      

      
        
          
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      6.5 Indemnification
        Payments.
        The
        indemnification required by Sections 6.1 and Section 6.2 shall be made by
        periodic payments of the amount thereof during the course of the investigation
        or defense, as and when bills are received or expense, loss, damage or liability
        is incurred.

      

      6.6 Contribution.
        If the
        indemnification provided for in Sections 6.1 and Section 6.2 is unavailable
        to
        an indemnified party in respect of any expense, loss, claim, damage or liability
        referred to therein, then each indemnifying party, in lieu of indemnifying
        such
        indemnified party, shall contribute to the amount paid or payable by such
        indemnified party as a result of such expense, loss, claim, damage or liability
        (i) in such proportion as is appropriate to reflect the relative benefits
        received by the Company on the one hand and the holder of Registrable Securities
        or underwriter, as the case may be, on the other from the distribution of
        the
        Registrable Securities 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 Company on the one hand and of the holder of Registrable
        Securities or underwriter, as the case may be, on the other in connection
        with
        the statements or omissions which resulted in such expense, loss, damage
        or
        liability, as well as any other relevant equitable considerations. The relative
        benefits received by the Company on the one hand and the holder of Registrable
        Securities or underwriter, as the case may be, on the other in connection
        with
        the distribution of the Registrable Securities shall be deemed to be in the
        same
        proportion as the total net proceeds received by the Company from the initial
        sale of the Registrable Securities by the Company to the purchasers bear
        to the
        gain, if any, realized by all selling holders participating in such offering
        or
        the underwriting discounts and commissions received by the underwriter, as
        the
        case may be. The relative fault of the Company on the one hand and of the
        holder
        of Registrable Securities or underwriter, as the case may be, on the other
        shall
        be determined by reference to, among other things, whether the untrue or
        alleged
        untrue statement of a material fact or omission to state a material fact
        relates
        to information supplied by the Company, by the holder of Registrable Securities
        or by the underwriter and the parties' relative intent, knowledge, access
        to
        information supplied by the Company, by the holder of Registrable Securities
        or
        by the underwriter and the parties' relative intent, knowledge, access to
        information and opportunity to correct or prevent such statement or omission,
        provided that the foregoing contribution agreement shall not inure to the
        benefit of any indemnified party if indemnification would be unavailable
        to such
        indemnified party by reason of the provisions contained herein, and in no
        event
        shall the obligation of any indemnifying party to contribute under this Section
        6.6 exceed the amount that such indemnifying party would have been obligated
        to
        pay by way of indemnification if the indemnification provided for hereunder
        had
        been available under the circumstances.

      

      The
        Company and the holders of Registrable Securities agree that it would not
        be
        just and equitable if contribution pursuant to this Section 6.6 were determined
        by pro rata allocation (even if the holders of Registrable Securities and
        any
        underwriters 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 the immediately preceding paragraph. The amount paid or payable
        by an indemnified party as a result of the losses, claims, damages and
        liabilities referred to in the immediately preceding paragraph shall be deemed
        to include, subject to the limitations set forth herein, any legal or other
        expenses reasonably incurred by such indemnified party in connection with
        investigating or defending any such action or claim.

      

      
        
          
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              Rights Agreement 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Notwithstanding
        the provisions of this Section 6.6, no holder of Registrable Securities or
        underwriter shall be required to contribute any amount in excess of the amount
        by which (i) in the case of any such holder, the net proceeds received by
        such
        holder from the sale of Registrable Securities in the applicable Registration
        Statement or (ii) in the case of an underwriter, the total price at which
        the
        Registrable Securities purchased by it and distributed to the public were
        offered to the public exceeds, in any such case, the amount of any damages
        that
        such holder or underwriter has otherwise been required to pay by reason of
        such
        untrue or alleged untrue statement or omission. No Person guilty of fraudulent
        misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall
        be
        entitled to contribution from any person who was not guilty of such fraudulent
        misrepresentation.

      

      ARTICLE
        VII

       

      RULE
        144

       

      7.1
         Rule
        144.
        The
        Company shall timely file the reports required to be filed by it under the
        1933
        Act and the 1934 Act (including but not limited to the reports under Sections
        13
        and 15(d) of the Exchange Act referred to in subparagraph (c) of Rule 144
        adopted by the SEC under the 1933 Act) and the rules and regulations adopted
        by
        the SEC thereunder (or, if the Company is not required to file such reports,
        will, upon the request of any holder of Registrable Securities, make publicly
        available other information) and will take such further action as any holder
        of
        Registrable Securities may reasonably request, all to the extent required
        from
        time to time to enable such holder to sell Registrable Securities without
        registration under the 1933 Act within the limitation of the exemptions provided
        by (a) Rule 144 under the 1933 Act, as such Rule may be amended from time
        to
        time, or (b) any similar rule or regulation hereafter adopted by the SEC.
        Upon
        the request of any holder of Registrable Securities, the Company will deliver
        to
        such holder a written statement as to whether it has complied with the
        requirements of this Section 7.1.

      

      ARTICLE
        VIII

       

      MISCELLANEOUS
        

       

      8.1
        Amendments
        And Waivers.
        This
        Agreement may be amended and the Company may take any action herein prohibited,
        or omit to perform any act herein required to be performed by it, only if
        the
        Company shall have obtained the written consent to such amendment, action
        or
        omission to act, of the holder or holders of the sum of the fifty-one percent
        (51%) or more of the shares of (i) Registrable Securities issued at such
        time,
        plus (ii) Registrable Securities issuable upon exercise or conversion of
        the
        Securities then constituting derivative securities (if such Securities were
        not
        fully exchanged or converted in full as of the date such consent if sought).
        Each holder of any Registrable Securities at the time or thereafter outstanding
        shall be bound by any consent authorized by this Section 8.1, whether or
        not
        such Registrable Securities shall have been marked to indicate such
        consent.

      

      
        
          
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      8.2
        Nominees
        For Beneficial Owners.
        In the
        event that any Registrable Securities are held by a nominee for the beneficial
        owner thereof, the beneficial owner thereof may, at its election, be treated
        as
        the holder of such Registrable Securities for purposes of any request or
        other
        action by any holder or holders of Registrable Securities pursuant to this
        Agreement or any determination of any number of percentage of shares of
        Registrable Securities held by a holder or holders of Registrable Securities
        contemplated by this Agreement. If the beneficial owner of any Registrable
        Securities so elects, the Company may require assurances reasonably satisfactory
        to it of such owner's beneficial ownership or such Registrable
        Securities.

      

      8.3
         Notices.
        Except
        as
        otherwise provided in this Agreement, all notices, requests and other
        communications to any Person provided for hereunder shall be in writing and
        shall be given to such Person (a) in the case of a party hereto other than
        the
        Company, addressed to such party in the manner set forth in the Preferred
        Stock
        Purchase Agreement or at such other address as such party shall have furnished
        to the Company in writing, or (b) in the case of any other holder of Registrable
        Securities, at the address that such holder shall have furnished to the Company
        in writing, or, until any such other holder so furnishes to the Company an
        address, then to and at the address of the last holder of such Registrable
        Securities who has furnished an address to the Company, or (c) in the case
        of
        the Company, at the address set forth on the signature page hereto, to the
        attention of its President, or at such other address, or to the attention
        of
        such other officer, as the Company shall have furnished to each holder of
        Registrable Securities at the time outstanding. Each such notice, request
        or
        other communication shall be effective (i) if given by mail, 72 hours after
        such
        communication is deposited in the mail with first class postage prepaid,
        addressed as aforesaid or (ii) if given by any other means (including, without
        limitation, by fax or air courier), when delivered at the address specified
        above, provided that any such notice, request or communication shall not
        be
        effective until received.

      

      8.4
        Assignment.
        This
        Agreement shall be binding upon and inure to the benefit of and be enforceable
        by the parties hereto. In addition, and whether or not any express assignment
        shall have been made, the provisions of this Agreement which are for the
        benefit
        of the parties hereto other than the Company shall also be for the benefit
        of
        and enforceable by any subsequent holder of any Registrable Securities. Each
        of
        the Holders of the Registrable Securities agrees, by accepting any portion
        of
        the Registrable Securities after the date hereof, to the provisions of this
        Agreement including, without limitation, appointment of the Investors'
        Representative to act on behalf of such Holder pursuant to the terms hereof
        which such actions shall be made in the good faith discretion of the Investors'
        Representative and be binding on all persons for all purposes.

      

      
        
          
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      8.5
         Descriptive
        Headings.
        The
        descriptive headings of the several sections and paragraphs of this Agreement
        are inserted for reference only and shall not limit or otherwise affect the
        meaning hereof.

      

      8.6 Governing
        Law.
        This
        Agreement shall be governed by, and construed in accordance with, the laws
        of
        the State of New York, without giving effect to applicable principles of
        conflicts of law.

      

      8.7
         Jurisdiction.
        This
        Agreement shall be exclusively governed by and construed in accordance with
        the
        laws of the State of New York. If any action is brought among the parties
        with
        respect to this Agreement or otherwise, by way of a claim or counterclaim,
        the
        parties agree that in any such action, and on all issues, the parties
        irrevocably waive their right to a trial by jury. Exclusive jurisdiction
        and
        venue for any such action shall be the State or Federal Courts serving the
        State
        of New York. In the event suit or action is brought by any party under this
        Agreement to enforce any of its terms, or in any appeal therefrom, it is
        agreed
        that the prevailing party shall be entitled to reasonable attorneys fees
        to be
        fixed by the arbitrator, trial court, and/or appellate court.

      

      8.8
         Entire
        Agreement.
        This
        Agreement embodies the entire agreement and understanding between the Company
        and each other party hereto relating to the subject matter hereof and supercedes
        all prior agreements and understandings relating to such subject
        matter.

      

      8.9 Severability.
        If any
        provision of this Agreement, or the application of such provisions to any
        Person
        or circumstance, shall be held invalid, the remainder of this Agreement,
        or the
        application of such provision to Persons or circumstances other than those
        to
        which it is held invalid, shall not be affected thereby.

      

      8.10 Binding
        Effect.
        All the
        terms and provisions of this Agreement whether so expressed or not, shall
        be
        binding upon, inure to the benefit of, and be enforceable by the parties
        and
        their respective administrators, executors, legal representatives, heirs,
        successors and assignees. 

      

      8.11 Preparation
        of Agreement.
        This
        Agreement shall not be construed more strongly against any party regardless
        of
        who is responsible for its preparation. The parties acknowledge each contributed
        and is equally responsible for its preparation. 

      

      8.12 Failure
        or Indulgence Not Waiver; Remedies Cumulative.
        No
        failure or delay on the part of any party hereto in the exercise of any right
        hereunder shall impair such right or be construed to be a waiver of, or
        acquiescence in, any breach of any representation, warranty, covenant or
        agreement herein, nor shall nay single or partial exercise of any such right
        preclude other or further exercise thereof or of any other right. All rights
        and
        remedies existing under this Agreement are cumulative to, and not exclusive
        of,
        any rights or remedies otherwise available.

      

      
        
          
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      8.13 Counterparts.
        This
        Agreement may be executed in one or more counterparts, and by the different
        parties hereto in separate counterparts, each of which when executed shall
        be
        deemed to be an original, but all of which taken together shall constitute
        one
        and the same agreement. A facsimile transmission of this signed Agreement
        shall
        be legal and binding on all parties hereto. 

       

      [SIGNATURES
        ON FOLLOWING PAGE]

      
        
          
            Registration
              Rights Agreement 

          

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

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

      

      Speedemissions,
        Inc.

      

      /s/
        Richard A.
        Parlontieri                             
         

      By:
        Richard A. Parlontieri

      Title:
        President

       

      INVESTOR

      

      BARRON
        PARTNERS LP

       

      
        /s/
          Andrew Barron
          Worden                         
           
Andrew Barron Worden

      President,
        General Partner of

      Barron
        Partners LP

      730
        Fifth
        Avenue, 9th Floor

      New
        York
        NY 10019

      

      

      
        
          
            Registration
              Rights Agreement

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