Document:

EXHIBIT
      4.4

     

    CGSI
      2-YEAR TERM NOTE PURCHASE AGREEMENT

     

    THIS
      CGSI
      TERM NOTE PURCHASE AGREEMENT (“Agreement”) is made as of January 12, 2007, by
      and among Capital
      Growth Systems, Inc.,
      a
      Florida corporation (“Company”), each of the following subsidiaries of Company
      (individually a “Co-Borrower” and collectively, the “Co-Borrowers”):
20/20
      Technologies, Inc.,
      a
      Delaware corporation (“2020 Inc.”), 20/20
      Technologies I, LLC,
      a
      Delaware limited liability company (“2020 LLC”), Magenta
      NetLogic, Limited,
      a
      corporation formed under the laws of England (“Magenta”), Frontrunner
      Network Services Corp.,
      a
      Delaware corporation (“Frontrunner”), CentrePath,
      Inc.,
      a
      Delaware corporation (“CentrePath”) and Global
      Capacity Group, Inc.,
      a
      Texas corporation (“Global”); and the lenders (each individually a “Lender,” and
      collectively the “Lenders”) executing a counterpart copy of this Agreement.
      Capitalized terms not otherwise defined in this Agreement shall have the
      meanings ascribed to them in Section 1
      below.

     

    WHEREAS,
      each of the Lenders intends to fund a term loan to Company (individually, a
      “Loan” and collectively, the “Loans”), which Loans shall be funded by an
      exchange with Company of the existing promissory note(s) issued by the Company
      and/or one or more of the Co-Borrowers (each such note is hereinafter sometimes
      referred to as an “Existing Note” or collectively as the “Existing Notes”)
      and/or the funding of additional cash from such Lender to the Company directly
      and as agent for the Co-Borrowers; the initial closing of the Loans shall occur
      on the date that proceeds from the Loans and other funds made available to
      the
      Company and the Co-Borrowers are sufficient for the Company to consummate the
      initial closing of its equity offering (“Pipe Financing”) pursuant to its
      November 14, 2006 private placement memorandum and all supplements thereto
      (including its December 20, 2006 First Supplement, January 3, 2007 Second
      Supplement and January 12, 2007 Third Supplement -- the “Memorandum”). The
      parties acknowledge that the Company is a holding company for the Co-Borrowers
      and all proceeds received by the Company from any Lender are used solely for
      the
      support of the business operations of the Co-Borrowers (and to the extent
      funding Company operations, these are operations are run to benefit financing
      for the Co-Borrowers). The Company is acting as an agent for the Co-Borrowers
      and also constitutes a co-obligor on the Loans.

     

    WHEREAS,
      the Pipe Financing has been structured as an issuance of Units comprised of
      Series AA Preferred Stock and warrants (the “Units Warrants”) to purchase Series
      AA Preferred Stock. The Series AA Preferred Stock shall automatically convert
      to
      Common Stock of the Company upon the amendment of its articles of incorporation
      to authorize the issuance of not less than 200,000,000 shares of Common Stock.
      The “Pipe Common Stock Price” shall be the Unit purchase price divided by the
      number of shares of Common Stock issuable to Unit purchasers on conversion
      of
      the Series AA Preferred Stock to Common Stock, before giving effect to the
      Units
      Warrants. It is anticipated that the Pipe Common Stock Price shall be $0.45
      per
      share, as specified in the Memorandum, a copy of which has been made available
      for review by each Lender.

     

    WHEREAS,
      the Lenders are willing to effect the funding of the Loan contingent upon the
      grant of a security interest in substantially all of the assets of the
      Co-Borrowers and the Company (collectively, the “Credit Group”), subject to
      subordination to the primary credit lender to the Co-Borrowers. The Company
      intends initially to establish a $12,000,000 credit facility with Hilco Finance,
      LLC (such entity, together with its participants in the credit facility and
      its
      and/or their assigns are collectively referred to as “Hilco”) to be secured by
      all of the assets of the subsidiaries of the Company and a guarantee by both
      the
      Company and Magenta pursuant to a credit agreement and all ancillary associated
      documents and agreements, copies of which have been made available for review
      by
      each of the Lenders (collectively, the “Credit Agreement”). Included with the
      Credit Agreement is a form of subordination agreement (such agreement in its
      present form and as modified from time to time with the consent of the Company
      is hereinafter referred to as the “Hilco Subordination Agreement”) which has
      been circulated to each of pursuant to which the Loans established pursuant
      to
      this Agreement shall be subject and pursuant to which each of the parties hereto
      shall be bound by either direct signature or execution on behalf of each of
      the
      parties hereto by way of power of attorney. The Hilco Subordination Agreement
      and any substitute or modification thereof with Hilco, as well as any subsequent
      subordination agreement which shall in the good faith opinion of the Company
      be
      required of any of the Credit Parties as a condition precedent to the funding
      (and/or as a condition to the ongoing funding) to any of the Credit Parties
      by
      the primary lender (or proposed replacement primary lender) providing or
      proposing to provide senior secured financing to any of the Co-Borrowers (the
      “Senior Lender”) is hereinafter sometimes referred to as a “Subordination
      Agreement.”

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      the parties wish to provide for the sale and issuance of the Notes in return
      for
      the provision by the Lenders of the Consideration to the Company on the terms
      and subject to the conditions set forth in this Agreement, and the collateral
      security set forth below. 

     

    NOW,
      THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

     

    1.  Definitions.

     

    (a)  “Aggregate
      Loan Amount”
shall
      mean Notes with an aggregate principal amount of up to $10,000,000, or such
      greater amount as is mutually agreed between the Company on the one hand and
      the
      Majority Note Holders on the other hand. 

     

    (b)  “Consideration”
shall
      mean: (i) the amount of money paid by each Lender who funds his, her or its
      Loan
      with cash; and (ii) the outstanding principal amount plus all accrued interest
      through the date of contribution to the Company of each Existing Note with
      respect to each Lender who contributes an Existing Note to the Company in
      exchange for the Note to be issued pursuant to this Agreement.

     

    (c)  “Credit
      Group”
      shall
      have the meaning set forth in the Preamble hereof.

     

    (d)  “Existing
      Note”
      shall
      have the meaning set forth in the Preamble hereof.

     

    (e)  “Hilco”
      shall
      mean Hilco Finance, LLC and its assigns

     

    
      
        
        

      

      
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    (f)  “Hilco
      Subordination Agreement”
      shall
      have the meaning set forth in the Preamble hereof.

     

    (g)  “Initial
      Closing Date”
shall
      be the initial closing date of the Pipe Financing.

     

    (h)  “Knowledge”
shall
      mean the actual knowledge of any officer of the Company.

     

    (i)  “Majority
      Note Holders”
shall
      mean the holders of a majority in interest of the aggregate principal amount
      of
      Notes.

     

    (j)  “Maturity
      Date”
shall
      mean 24 months following the Initial Closing Date.

     

    (k)  “Pipe
      Common Stock Price”
shall
      have the meaning set forth in the preamble hereof.

     

    (l)  “Pipe
      Financing”
shall
      have the meaning set forth in the preamble hereof;

     

    (m)  “Notes”
shall
      mean the one or more secured promissory notes issued to each Lender pursuant
      to
Section 2
      below,
      the form of which is attached hereto as Exhibit A.

     

    (n)  “Securities”
shall
      have the meaning set forth in Section 6.2
      below.

     

    (o)  “Senior
      Lender”
      shall
      have the meaning set forth in the Preamble hereof.

     

    (p)  “Servicer”
      shall
      have the meaning set forth in Section 7.1 below.

     

    (q)  “Subordination
      Agreement”
      shall
      have the meaning set forth in the Preamble hereof.

     

    (r)  “Warrants”
shall
      mean the detachable warrants issuable pursuant to Section 2
      below.

     

    2.  Terms
      of the Notes and Warrants.
      In
      return for the Consideration provided by each Lender, the Company shall sell
      and
      issue to such Lender on the later of the Initial Closing Date or the date of
      provision by such Lender of the Consideration to the Company for the benefit
      of
      itself and the Co-Borrowers, one or more unsecured Notes in the principal amount
      equal to the dollar amount set forth below the Lender’s name on the signature
      page hereof, and to the extent that such amount includes a per diem for interest
      accrued on any note(s) being exchanged for a Note hereunder, shall include
      all
      accrued interest through the Closing Date (the aggregate principal amount so
      sold being the “Aggregate Note Amount”), bearing simple interest at twelve
      percent (12%) per annum. Company, in its sole discretion, may increase the
      Aggregate Note Amount with respect to any Lender, provided the principal amount
      with respect to all Notes (and specifically excluding all interest accruing
      under the Notes) shall not exceed the Aggregate Note Amount. Any Lender
      purchasing his, her or its Note with an Existing Note hereby assigns for the
      benefit of the Lenders as a group all right, title and interest in the Existing
      Note, but specifically releases all collateral or rights with respect to
      collateral securing the Existing Note and authorizes the Company by any of
      its
      officers or the servicer of the Existing Note with respect to the corresponding
      note administration and security agreement to release all collateral held for
      the benefit of the Lender with respect to the Existing Note. Effective as of
      the
      date of purchase of the Lender’s Note, the Company shall issue to the Lender a
      warrant (the “Warrant”) to purchase 67.500006 shares of Series AA Preferred
      Stock (in the form attached as Exhibit B, and which presently equates to 150,000
      shares (rounded) of Common Stock on an as converted basis assuming the Series
      AA
      Preferred Stock is issued at $0.45 per share) for each $100,000 of Loan funded
      (prorated for fractional amounts). 

     

    
      
        
        

      

      
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    Each
      $100,000 of original principal amount of each Note shall be convertible into
      Common Stock of the Company (and in the event that the Company does not have
      sufficient authorized Common Stock outstanding for such conversion, then it
      shall cause the authorization and issuance of a class of preferred stock which
      will be the functional equivalent of the Series AA Preferred Stock of the
      Company, except that the conversion feature shall incorporate the terms below
      for the effective conversion rate into Common Stock) which will be based upon
      a
      20% discount to the “Fair Market Value” of the Common Stock of the Company as of
      the date of delivery of notice of conversion by the Lender (except in the event
      the Company’s Common Stock is not publicly traded, then such conversion shall be
      effective 5 business days following the Company’s notification to Lender of the
      Fair Market Value, subject to Lender’s right to withdraw the conversion notice
      at any time prior to the effective date by delivery of written notice to the
      Company of withdrawal), subject in all events to the price per share of the
      Common Stock being not less than $0.65 per share nor more than $1.25 per share,
      irrespective of the Fair Market Value. The “Fair Market Value” shall mean: (i)
      if the Common Stock of the Company is publicly traded, the average closing
      price
      (which if a fixed price shall be that price, or if not, then it shall be the
      midpoint between the bid and asked price) of the Company’s Common Stock for the
      last 10 trading days immediately preceding the day in which the conversion
      notice is delivered; and (ii) if the Common Stock of the Company is not publicly
      traded, then the fair market value per share of its Common Stock as determined
      in good faith from time to time by the Board of Directors of the Company.

     

    If
      for
      any reason any of the principal amount of a Lender’s Note shall be prepaid prior
      to its Maturity Date, then the Company agrees to issue a warrant to the holder
      of such Note a warrant (the “New Warrant”) which shall provide to the holder of
      the Note comparable economic rights upon exercise of the New Warrant as would
      have been available to the holder of the Note upon conversion of the Note had
      no
      prepayment occurred (i.e.,
      so that
      the cumulative rights for acquisition of Units between conversion of the Note
      and exercise of the New Warrant would be the same as if no prepayment had
      occurred; provided, however, in no event can cumulative conversions of the
      Note
      and exercises of the New Warrant provide the right to receive more Units of
      Company than if no prepayment had occurred); the New Warrant will lapse if
      not
      exercised on or before the Maturity Date.

     

    3.  Closing.
      Each
      closing for the purchase of the Notes shall take place at the offices of the
      Company at 12:00 p.m., on the later of the Initial Closing Date or the date
      of
      counterpart execution of this Agreement by the Lender in question (and provision
      of the Consideration by such Lender), or at such other time and place as the
      Company and each Lender shall agree. At each Closing, each Lender shall deliver
      the Consideration to the Company for the benefit of the Co-Borrowers and the
      Company shall deliver to each Lender one or more executed Notes in return for
      the respective Consideration provided to the Company for the benefit of the
      Co-Borrowers. If the Consideration provided by a Lender is comprised of the
      delivery of an Existing Note, such Lender shall deliver such Note (or a lost
      note affidavit and indemnity in form and substance acceptable to the Company)
      at
      the Initial Closing.

     

    
      
        
        

      

      
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    4.  Use
      of
      Consideration, Subordination.
      Subscription proceeds from the Notes shall be held in trust for the benefit
      of
      the Lenders pending the Initial Closing, at which time they may be released
      by
      the Company for the benefit of itself and the Co-Borrowers. In the event the
      Initial Closing does not occur by February 15, 2007, then the Company shall
      return to each Lender the Consideration provided by such Lender to the Company
      (for the benefit of itself and the Co-Borrowers). Interest shall accrue on
      the
      Notes effective as of the date of the later of the Initial Closing Date or
      the
      date of the Lender’s funding of the Note in question. The Notes shall be secured
      by a collateral pledge of substantially all of the assets of the Co-Borrowers
      pursuant to the form of Note Administration and Security Agreement attached
      as
      Exhibit C, the terms of which are incorporated by reference herein and made
      a
      part hereof, subject to the understanding and agreement that: (i) the foregoing
      collateral pledge and all rights of each Lender under this Agreement and all
      exhibits hereto are expressly subordinated to the rights of Hilco pursuant
      to
      the Credit Agreement and the Hilco Subordination Agreement: (ii) each Lender
      agrees to subordinate his or its interest in the collateral securing the Loans
      and in any other rights under this Agreement and all exhibits hereto to any
      subsequent Senior Lender; and (iii) the Company shall have 60 days following
      the
      Closing Date to cause the removal or assignment to Lender of all senior security
      interests in the assets of the Co-Borrowers other than those in favor of
      Hilco.

     

    5.  Representations
      and Warranties of the Credit Parties.
      In
      connection with the transactions provided for herein, each of the Credit Parties
      hereby represents and warrants to the Lenders that:

     

    5.1  Organization,
      Good Standing and Qualification.
      The
      Credit Party is a corporation or limited liability company, as the case may
      be,
      validly existing, and in good standing under the laws of the state of its
      formation as set forth in the preamble hereof (provided however that with
      respect to Frontrunner, if not in good standing in Delaware as of the Initial
      Closing Date, and with respect to Magenta if not in good standing in England,
      it
      agrees to return to good standing in the state of Delaware as to Frontrunner
      and
      in England as to Magenta, no later than 60 days following the Initial Closing
      Date) and has all requisite corporate or limited liability company power and
      authority to carry on its business as now conducted. The Credit Party is duly
      qualified to transact business and is in good standing in each jurisdiction
      in
      which the failure to so qualify would have a material adverse effect on its
      business or properties (provided however, that with respect to Company, if
      not
      qualified to do business in Illinois, and with respect Frontrunner if not duly
      qualified to do business in Massachusetts, it will do so no later than 60 days
      following the Initial Closing Date). The provisos above are deemed to qualify
      the representations contained in this Section 5.1.

     

    
      
        
        

      

      
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    5.2  Authorization.
      All
      corporate or limited liability company action has been taken on the part of
      the
      Credit Party, its shareholders, officers, and directors (or in the case of
      2020
      LLC, its sole member or managers) necessary for the authorization, execution,
      delivery and performance, of this Agreement, the Notes, Warrants, Note
      Administration and Security Agreement and the Credit Agreement. Except as may
      be
      limited by applicable bankruptcy, insolvency, reorganization, or similar laws
      relating to or affecting the enforcement of creditors’ rights, the Credit Party
      has taken all corporate or limited liability company action required to make
      all
      of the obligations of the Credit Party reflected in the provisions of this
      Agreement and the Notes and Warrants the valid and enforceable obligations
      they
      purport to be.

     

    5.3  Compliance
      with Other Instruments.
      Neither
      the authorization, execution and delivery of this Agreement or the Notes and
      Warrants, nor the issuance and delivery of the Notes and Warrants, will
      constitute or result in a default or violation of any law or regulation
      applicable to the Credit Party or any term or provision of the Credit Party’s
      current Articles of Incorporation, Certificate of Incorporation or Bylaws (or
      in
      the case of 2020 LLC, its Certificate of Formation or Limited Liability Company
      Agreement) or any material agreement or instrument by which it is bound or
      to
      which its properties or assets are subject.

     

    5.4  Valid
      Issuance.
      The
      Common Stock or Series AA Preferred Stock issuable upon exercise of the Warrants
      will be, when issued in accordance with the terms of this Agreement, duly and
      validly issued, fully paid and nonassessable and, based in part upon the
      representations and warranties of the Lenders in this Agreement, will be issued
      in compliance with all applicable federal and state securities
      laws.

     

    5.5  No
      Violation.
      Subject
      to the terms of Section 5.1 above, the Credit Party is not in violation of
      any
      order of any court, arbitrator or governmental body, material laws, ordinances
      or governmental rules or regulations (domestic or foreign) to which it is
      subject, except for violations that would not have a materially adverse effect
      on the Credit Party's business or properties.

     

    5.6  No
      Litigation.
      There
      are no suits or proceedings pending or, to the Knowledge of the Credit Party,
      threatened in any court or before any regulatory commission, board or other
      governmental administrative agency against or affecting the Borrower except
      as
      set forth in the Memorandum.

     

    5.7  
      Arms’
Length Transactions.
      The
      transactions evidenced by this Agreement and the Notes and the other documents
      and instruments delivered in connection herewith or therewith (a) are the result
      of arms’ length negotiations between the Lenders, on the one hand, and the
      Credit Parties on the other hand, (b) are made on commercially reasonable terms
      and (c) are undertaken by the Credit Party without any intent to hinder, delay
      or defraud any entity to which the Credit Party is or may become
      indebted.

     

    6.  Representations
      and Warranties of the Lenders.
      In
      connection with the transactions provided for herein, each Lender hereby
      represents and warrants to each Credit Party that:

     

    
      
        
        

      

      
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    6.1  Authorization.
      This
      Agreement constitutes such Lender’s valid and legally binding obligation,
      enforceable in accordance with its terms, except as may be limited by (i)
      applicable bankruptcy, insolvency, reorganization, or similar laws relating
      to
      or affecting the enforcement of creditors’ rights and (ii) laws relating to the
      availability of specific performance, injunctive relief or other equitable
      remedies. Each Lender represents that the execution, delivery and performance
      of
      this Agreement has been duly authorized and approved by such
      Lender.

     

    6.2  Purchase
      Entirely for Own Account.
      Such
      Lender acknowledges that this Agreement is made with Lender in reliance upon
      such Lender’s representation to each Credit Party that the Notes and any capital
      stock issuable upon exercise of the Warrants (collectively, the “Securities”)
      will be acquired for investment for Lender’s own account, as principal and not
      as a nominee or agent, and not with a view to the resale or distribution of
      any
      part thereof, and that such Lender has no present intention of selling, granting
      any participation in, or otherwise distributing the same. By executing this
      Agreement, each Lender further represents that such Lender does not have any
      contract, undertaking, agreement or arrangement with any person to sell,
      transfer or grant participations to such person or to any third person, with
      respect to the Securities.

     

    6.3  Disclosure
      of Information.
      Such
      Lender acknowledges that he or it has received all the information, documents
      and materials he or it considers necessary or appropriate for deciding whether
      to acquire the Notes, including without limitation, the Memorandum, and has
      been
      provided access to all public filings of Company with the Securities &
Exchange Commission. Each Lender confirms that he or it has made such further
      investigation of each Credit Party as was deemed appropriate to evaluate the
      merits and risks of this investment. Each Lender further represents that he
      or
      it has had an opportunity to ask questions and receive answers from each Credit
      Party regarding the terms and conditions of the offering of the Notes and
      Warrants as well as all terms and conditions of the Credit
      Agreement.

     

    6.4  Investment
      Experience; State of Residence.
      Such
      Lender is an investor in securities of companies in the development stage and
      acknowledges that he or it is able to fend for himself or itself, can bear
      the
      economic risk of his or its investment and has such knowledge and experience
      in
      financial or business matters that he or it is capable of evaluating the merits
      and risks of the investment in the Notes and the Warrants. If other than an
      individual, such Lender also represents he or it has not been organized solely
      for the purpose of acquiring the Notes and the Warrants. The Lender's state
      of
      residence or, if other than an individual, such Lender's jurisdiction of
      formation, is set forth underneath such Lender's name on the signature page
      hereto.

     

    6.5  Accredited
      Investor.
      Such
      Lender is an “accredited investor” within the meaning of Rule 501 of Regulation
      D of the Securities Act of 1933, as presently in effect (the “Securities
      Act”).

     

    6.6  Restricted
      Securities.
      Such
      Lender understands that the Securities are characterized as “restricted
      securities” under the federal securities laws inasmuch as they are being
      acquired from the Company in a transaction not involving a public offering
      and
      that under such laws and applicable regulations such securities may not be
      resold except through a valid registration statement or pursuant to a valid
      exemption from the registration requirements under the Securities Act and
      applicable state securities laws. Such Lender represents that he or it is
      familiar with Rule 144 of the Securities Act, and understands the resale
      limitations imposed thereby and by the Securities Act and applicable state
      securities laws.

     

    
      
        
        

      

      
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    6.7  Further
      Limitations on Disposition.
      Without
      in any way limiting the representations and warranties set forth above, such
      Lender further agrees not to make any disposition of all or any portion of
      the
      Securities unless and until the transferee has agreed in writing for the benefit
      of the Borrower to be bound by this Section 6
      and:

     

    (a)  There
      is
      then in effect a registration statement under the Securities Act covering such
      proposed disposition and such disposition is made in accordance with such
      registration statement; or

     

    (b)  (i)Lender
      has notified the Company of the proposed disposition and has furnished the
      Company with a detailed statement of the circumstances surrounding the proposed
      disposition and (ii) if reasonably requested by the Company, Lender shall have
      furnished the Company with an opinion of counsel, reasonably satisfactory to
      the
      Company, that such disposition will not require registration of such shares
      under the Securities Act.

     

    (c)  All
      transferees from such Lender agree in writing to be subject to the terms hereof,
      and any other agreements to which such Securities may be subject, to the same
      extent as if they were Lenders hereunder, including but not limited to, the
      Note
      Administration and Security Agreement in the form attached hereto as Exhibit
      C.

     

    6.8  Legends.
      It is
      understood that the certificates evidencing the Securities, or any other
      securities issued in respect of the Securities upon any stock split, stock
      dividend, recapitalization, merger, consolidation, conversion, exercise or
      similar event, shall bear the legends required by applicable law as well as
      such
      agreements to which such Securities may be subject, including, without
      limitation, legends relating to restrictions on transfer under federal and
      state
      securities laws and legends required under applicable state securities laws,
      as
      well as the following legend:

     

    “THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “SECURITIES ACT”), OR REGISTERED UNDER ANY STATE SECURITIES LAWS. THEY MAY
      NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED
      EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED, (B) AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER
      THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT, OR (C) AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
      (IF
      AVAILABLE), IN EACH OF CASES (A) THROUGH (C) IN ACCORDANCE WITH ANY APPLICABLE
      STATE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.”

     

    
      
        
        

      

      
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    7.  Defaults
      and Remedies.

     

    7.1  Events
      of Default.
      The
      following events shall be considered Events of Default with respect to each
      Note
      :

     

    (a)  Any
      of
      the Credit Parties shall default in the payment of any part of the principal
      or
      unpaid accrued interest on any Note after the Maturity Date or at a date fixed
      by acceleration or otherwise;

     

    (b)  Any
      Credit Party shall make an assignment for the benefit of creditors, or shall
      admit in writing its inability to pay its debts as they become due, or shall
      file a voluntary petition for bankruptcy, or shall file any petition or answer
      seeking for itself any reorganization, arrangement, composition, readjustment,
      dissolution or similar relief under any present or future statute, law or
      regulation, or shall file any answer admitting the material allegations of
      a
      petition filed against the Credit Party in any such proceeding, or shall seek
      or
      consent to or acquiesce in the appointment of any trustee, receiver or
      liquidator of the Credit Party, or of all or any substantial part of the
      properties of the Credit Party, or its respective directors, managers, officers
      or majority members or shareholders shall take any action looking to the
      dissolution or liquidation of the Credit Party;

     

    (c)  Within
      sixty (60) days after the commencement of any proceeding against a Credit Party
      seeking any bankruptcy, reorganization, arrangement, composition, readjustment,
      liquidation, dissolution or similar relief under any present or future statute,
      law or regulation, such proceeding shall not have been dismissed, or within
      sixty (60) days after the appointment without the consent or acquiescence of
      the
      Credit Party of any trustee, receiver or liquidator of the Credit Party or
      of
      all or any substantial part of the properties of the Credit Party, such
      appointment shall not have been vacated; or

     

    (d)  The
      Credit Party shall fail to observe or perform any other obligation to be
      observed or performed by it under this Agreement or the Notes or the Note
      Administration and Security Agreement attached hereto as Exhibit C within thirty
      (30) days after written notice from the Servicer named therein (the “Servicer”)
      or the Majority Note Holders to perform or observe the obligation, or any
      representation or warranty made by the Credit Party hereunder or thereunder
      shall be false in any material respect as of the date made and such
      representation or warranty is not cured, if susceptible to cure, within thirty
      (30) days after the Credit Party’s Knowledge of such failure.

     

    (e)  The
      Company shall engage in a merger or consolidation in which it is not the
      surviving company, or the Company shall liquidate its assets, dissolve or sell
      all or substantially all of its assets or of the assets or stock of any of
      the
      other Credit Parties.

     

    (f)  The
      indebtedness with respect to the Credit Agreement shall have been accelerated
      following a declaration of an event of default and within 60 days thereafter
      Company shall not have either (i) caused the Credit Agreement to be reinstated
      or (ii) paid off the obligations with respect to the Credit Agreement with
      its
      available funds and/or proceeds from a substitute credit facility with a
      replacement Senior Lender.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    7.2  Remedies.
      Upon
      the occurrence of an Event of Default under Section 7.1
      hereof,
      at the option and upon the declaration of the Servicer or the Majority Note
      Holders, acting pursuant to the form of Note Administration and Security
      Agreement, the entire unpaid principal and accrued and unpaid interest on each
      Note, and all other amounts owing under this Agreement shall, without
      presentment, demand, protest, or notice of any kind, all of which are hereby
      expressly waived, be forthwith due and payable, and the Servicer named therein
      and acting on behalf of all of the Note Holders may, immediately and without
      expiration of any period of grace, enforce payment of all amounts due and owing
      under each Note and exercise any and all other remedies granted to it at law,
      in
      equity or otherwise; provided, however, that if any Event of Default occurs
      under Sections 7.1(b)
      or 7.1(c),
      all
      unpaid principal and accrued and unpaid interest on such Note, and all other
      amounts owing under this Agreement, shall automatically become immediately
      due
      and payable.

     

    8.  Miscellaneous.

     

    8.1  Successors
      and Assigns.
      Except
      as otherwise provided herein, the terms and conditions of this Agreement shall
      inure to the benefit of and be binding upon the respective successors and
      assigns of the parties, provided, however, that no Credit Party may assign
      its
      obligations under this Agreement without the written consent of the Servicer
      or
      Majority Note Holders (which shall not be unreasonably withheld), and no Lender
      may, without the written consent of the Company (which shall not be unreasonably
      withheld), assign all or any portion of a Note to any person or entity. Nothing
      in this Agreement, express or implied, is intended to confer upon any party
      other than the parties hereto or their respective successors and assigns any
      rights, remedies, obligations or liabilities under or by reason of this
      Agreement, except as expressly provided in this Agreement.

     

    8.2  Governing
      Law.
      This
      Agreement and the Notes shall be governed by and construed under the laws of
      the
      State of Illinois as applied to agreements among Illinois residents, made and
      to
      be performed entirely within the State of Illinois. Any action to enforce this
      Agreement or any of the rights or obligations hereunder shall be litigated
      by
      bench trial, with all parties hereto waiving their right to trial by
      jury.

     

    8.3  Counterparts,
      Power of Attorney.
      This
      Agreement, and any of the other agreements, documents and instruments
      contemplated hereby, may be executed in two or more counterparts, whether by
      original, photocopy, facsimile or email pdf, each of which shall be deemed
      an
      original, but all of which together shall constitute one and the same
      instrument. Delivery of an executed signature page to this Agreement, and any
      of
      the other agreements, documents and instruments contemplated hereby, by
      facsimile transmission shall be effective as delivery of a manually signed
      counterpart hereof or thereof. By execution of this Agreement, each Lender
      grants an irrevocable power of attorney to each of David Lies, Michael Balkin,
      Thomas G. Hudson, Patrick C. Shutt and any Servicer named in the Note
      Administration and Security Agreement, and any executive officer of either
      of
      the Company or of Servicer (each an “Attorney”) to execute in the name, place
      and stead of each Lender and such Lender’s successors in interest: (i) the Note
      Administration and Security Agreement and any amendment thereto; (ii) any
      document requiring the execution of the Lender related to any action to be
      taken
      by the Servicer on behalf of such Lender pursuant to the Note Administration
      and
      Security Agreement; (iii) the Hilco Subordination Agreement; (iv) any subsequent
      Subordination Agreement requested by Company as a condition precedent to the
      funding of a senior loan facility for Company and/or any of the Co-Borrowers
      where the lender in question will be the primary lender to the borrower(s)
      in
      question; and (v) any release of collateral and any amendment to this Agreement
      or any of the exhibits hereto as necessary for the release of the liens and
      other rights granted hereunder with respect to any of the subsidiaries (directly
      or indirectly held by the Company) of the Company in connection with either
      (a)
      the sale, merger or consolidation of that subsidiary or the sale of all or
      substantially all of its assets where the Senior Lender has consented to such
      disposition; or (b) any transaction subsequent to the date hereof when all
      of
      the Notes have been paid in full.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    8.4  Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

     

    8.5  Notices.
      All
      notices and other communications given or made pursuant hereto shall be in
      writing and shall be deemed effectively given: (i) upon personal delivery to
      the
      party to be notified, (ii) when sent by confirmed electronic mail or facsimile
      if sent during normal business hours of the recipient, if not so confirmed,
      then
      on the next business day, (iii) five (5) days after having been sent by
      registered or certified mail, return receipt requested, postage prepaid or
      (iv)
      one (1) day after deposit with a nationally recognized overnight courier,
      specifying next day delivery, with written verification of receipt. All
      communications shall be sent to the respective parties at the following
      addresses (or at such other addresses as shall be specified by notice given
      in
      accordance with this Section 8.5):

    

      
        	 	
                If
                  to the Borrower:

              	
                Capital
                  Growth Systems, Inc.

                Attention: Thomas
                  Hudson, CEO

                50
                  East Commerce Drive - Suite A

                Schaumburg,
                  IL 60173

              
	 	 	 
	 	 	
                with
                  a copy to:

              
	 	 	 
	 	 	
                Shefsky
                  & Froelich Ltd.

                Attention: Mitchell
                  D. Goldsmith

                111
                  East Wacker Drive - Suite 2800

                Chicago,
                  IL 60601

              
	 	 	 
	 	
                If
                  to Lenders:

              	
                At
                  the respective addresses shown on the signature page
                  hereof.

              

      

    

     

    8.6  Expenses.
      If any
      action at law or in equity is necessary to enforce or interpret the terms of
      this Agreement, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and necessary disbursements in addition to any other relief to
      which
      such party may be entitled. Each Credit Party shall pay all costs and expenses
      that it incurs with respect to the negotiation, execution, delivery and
      performance of this Agreement.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    8.7  Entire
      Agreement; Amendments and Waivers; Counsel.
      This
      Agreement and the Exhibits hereto and the other documents delivered pursuant
      hereto constitute the full and entire understanding and agreement between the
      parties with regard to the subject matter hereof and thereof and supersedes
      in
      its entirety: (i) any previously executed version of this Agreement, including
      the form of agreement dated December 28, 2006; and (ii) any prior rights that
      a
      Lender may have had with respect to any prior loan agreement related to any
      of
      the Existing Notes (other than the rights to warrants with respect thereto).
      Each Credit Party’s agreements with each of the Lenders are separate agreements,
      and the sales of the Notes to each of the Lenders are separate sales.
      Nonetheless, any term of this Agreement or the Notes may be amended and the
      observance of any term of this Agreement or the Notes may be waived (either
      generally or in a particular instance and either retroactively or
      prospectively), with the written consent of the Company and either the Servicer
      or the Majority Note Holders. Any waiver or amendment effected in accordance
      with this Section 8.7
      shall be
      binding upon each party to this Agreement and any holder of any Note or Warrant
      purchased under this Agreement at the time outstanding and each future holder
      of
      all such Notes and/or Warrants. Each Lender has been advised by Shefsky &
Froelich Ltd. (“SF”) that: (i) in preparation of this Agreement it has acted as
      counsel solely on behalf of the Credit Parties and not on behalf of any of
      the
      Lenders or the Servicer; (ii) in the past it has represented one or more of
      the
      Lenders and may do so in the future with respect to matters other than the
      subject matter of this Agreement, which representation may be deemed to
      constitute a conflict of interest; (iii) it has advised each of the Lenders
      and
      the Servicer to retain separate counsel with respect to the subject matter
      of
      this Agreement; and (iv) the Illinois Code of Professional Responsibility
      requires SF to advise the Lenders and Servicer of this conflict of interest
      and
      to obtain the consent of the Company and of the Lenders and Servicer to SF’s
      representation of the Company with respect to this Agreement and future matters.
      By execution of this Agreement each Lender consents (and by execution of the
      Note Administration and Security Agreement, the Servicer consents) to SF’s
      representation of the Credit Parties as aforesaid and further acknowledges
      and
      agrees that in the event of a dispute in the future between any Credit Party
      and
      any of the Lenders, each of the Lenders agrees that it will not take any action
      to preclude SF from representing any Credit Party in the future.

     

    8.8  Effect
      of Amendment or Waiver.
      Each
      Lender acknowledges that by the operation of Section 8.7
      hereof,
      each of the Servicer and the Majority Note Holders will have the right and
      power
      to diminish or eliminate all rights of such Lender under this Agreement and
      each
      Note and each Warrant issued to such Lender, including but not the right to
      release collateral and liens associated therewith and to subordinate the Loans
      to any subsequent financing to the Co-Borrowers or any of them.

     

    8.9  Severability.
      If one
      or more provisions of this Agreement are held to be unenforceable under
      applicable law, such provision shall be excluded from this Agreement and the
      balance of the Agreement shall be interpreted as if such provision were so
      excluded and shall be enforceable in accordance with its terms.

    
       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

    

    8.10  Exculpation
      Among Lenders.
      Each
      Lender acknowledges that it is not relying upon any person, firm, corporation
      or
      stockholder, other than the Company and its officers and directors in their
      capacities as such, in making its investment or decision to invest in the Credit
      Parties. Each Lender agrees that no other Lender nor the respective controlling
      persons, officers, directors, partners, agents, stockholders or employees of
      any
      other Lender shall be liable for any action heretofore or hereafter taken or
      omitted to be taken by any of them in connection with the purchase and sale
      of
      the Securities.

     

    [THE
      REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this CGSI 2-Year Term Note Purchase
      Agreement as of the date first above written.

     

    
      	
              COMPANY:

            	 	
              LENDERS:

            
	 	 	 
	
              
                CAPITAL
                  GROWTH
                  SYSTEMS,
                  INC.

              

            	 	 
	 	 	
              [Signature]

            
	 	 	 
	
              By:

            	 	 	 
	
              Its:

            	 	 	
              [Print
                Name]

            
	 	 	 
	 	 	
              Amount:

            
	
              CO-BORROWERS:(1)

            	 	
              $

            	 	
              (Cash);
                or

            
	 	 	
              $

            	 	
              Existing
                Note Principal(2)

            
	
              20/20
                TECHNOLOGIES,
                INC.

            	 	
              $

            	 	
              Accrued
                Interest to Closing

            
	
              20/20
                TECHNOLOGIES
                I,
                LLC

            	 	 	
              (to
                be completed by Company)

            
	
              
                MAGENTA NETLOGIC,
                  LIMITED

              

            	 	 
	
              
                FRONTRUNNER
                  NETWORK
                  SYSTEMS,
                  CORP.

              

            	 	
              Address:

            	 
	
              
                CENTREPATH,
                  INC.

              

            	 	 	 
	
              
                GLOBAL
                  CAPACITY
                  GROUP,
                  INC.

              

            	 	 
	 	 	 
	 	 	 
	
              By:

            	 	 	 
	 	
              [Signature]

            	 	 
	 	 	 

    

     

      
        

      

    

    
      
        
          	
                  (1)

                	
                  Authorized
                    signatory on behalf of each of the
                    Co-Borrowers.

                

        

         

      

      
        
          	
                  (2)

                	
                  Unless
                    otherwise designated in the space below, all accrued interest
                    on Existing
                    Note through the Initial Closing Date shall be added to the principal
                    amount of the Lender’s Loan and evidenced by Company on the Note.
                    Please
                    pay over all accrued interest through Closing to
                    Lender.   _________
                    [INITIALS]
                    (If blank, then interest should be added to Note Subscription
                    Amount.)

                

        

      

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    THIS
      NOTE
      AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF OR IN CONNECTION HEREWITH
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “SECURITIES ACT”), OR REGISTERED UNDER ANY STATE SECURITIES LAWS. THEY MAY NOT
      BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED
      EXCEPT PURSUANT TO (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
      ACT OF 1933, AS AMENDED, (B) AN OPINION OF COUNSEL SATISFACTORY TO THE BORROWER
      THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT, OR (C) AN EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
      (IF
      AVAILABLE), IN EACH OF CASES (A) THROUGH (C) IN ACCORDANCE WITH ANY APPLICABLE
      STATE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

     

    CGSI
      2-YEAR TERM PROMISSORY NOTE

     

    
      	
              $

            	______________________________	 	
              ______________,
                200__

            

    

    

    FOR
      VALUE
      RECEIVED, Capital Growth Systems, Inc., a Florida corporation (“Company”), 20/20
      Technologies, Inc., a Delaware corporation, 20/20 Technologies I, LLC, a
      Delaware limited liability company, Magenta NetLogic, Limited, a corporation
      formed under the laws of England, Frontrunner Network Systems Corp., a Delaware
      corporation, CentrePath, Inc., a Delaware corporation and Global Capacity Group,
      Inc., a Texas corporation (Company, together with all of the other entities
      named above are referred to collectively, as “Co-Borrowers,” and individually
      each as a “Co-Borrower”), hereby promise to pay to the order of
      ___________________________________________________(the “Lender”), the principal
      sum of __________________________________________ ($__________), together with
      interest thereon from the date of this Promissory Note (the “Note”). Simple
      interest shall accrue on the principal balance of this Note at twelve percent
      (12%) per annum. The principal and accrued interest shall be due and payable
      by
      the Borrower 24 months following the initial date of issuance of equity units
      pursuant to the Company’s November 14, 2006 private placement memorandum, as
      supplemented from time to time (the “Maturity Date”). Following the Maturity
      Date, the principal balance of this Note shall bear simple interest at fifteen
      percent (15%) per annum.

     

    This
      Note
      is one of the Notes issued pursuant to the CGSI Term Note Purchase Agreement
      dated as of January 12, 2007, pursuant to which this form of Note is attached
      as
      an exhibit (“Purchase Agreement”), and capitalized terms not defined herein
      shall have the meaning set forth in the Purchase Agreement.

     

    1. Payment.
      All
      payments shall be made in lawful money of the United States of America at the
      principal office of the Company, or at such other place as the holder hereof
      may
      from time to time designate in writing to the Company. Payment shall be credited
      first to Costs (as defined below), if any, then to accrued interest due and
      payable and any remainder applied to principal. Prepayment may be made in whole
      or part without penalty, and the Company shall fund prepayments as provided
      for
      in the Purchase Agreement. In connection with the delivery, acceptance,
      performance or enforcement of this Note, each Co-Borrower hereby waives demand,
      notice, presentment, protest, notice of dishonor and other notice of any kind,
      and assents to extensions of the time of payment, release, surrender or
      substitution of security, or forbearance or other indulgence, without notice.
      Each Co-Borrower agrees to pay all amounts under this Note without offset,
      deduction, claim, counterclaim, defense or recoupment, all of which are hereby
      waived. Notwithstanding anything to the contrary contained herein in the event
      that all of the capital stock or limited liability interests of a Co-Borrower
      other than Company are sold to any person or entity with the consent of the
      Servicer or the Majority Note Holders, then following such sale, such entity
      shall be deemed to have ceased being a Co-Borrower hereunder and shall have
      no
      further liability or obligations with respect to this Note.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    2. Amendments
      and Waivers; Resolutions of Dispute; Notice.
      The
      amendment or waiver of any term of this Note, the resolution of any controversy
      or claim arising out of or relating to this Note and the provision of notice
      shall be conducted pursuant to the terms of the Purchase Agreement.

     

    3. Successors
      and Assigns.
      This
      Note applies to, inures to the benefit of, and binds the successors and assigns
      of the parties hereto; provided, however, that the Co-Borrowers may not assign
      their obligations under this Note without the written consent of the Servicer
      or
      Majority Note Holders and the Lender may not, without the written consent of
      the
      Company (which shall not be unreasonably withheld), assign all or any portion
      of
      this Note to any person or entity. Any transfer of this Note may be effected
      only pursuant to the Purchase Agreement and by surrender of this Note to the
      Company and reissuance of a new note to the transferee, who agrees in writing
      in
      form satisfactory to Lender to be bound by the terms of the Purchase Agreement.
      The Lender and any subsequent holder of this Note receives this Note subject
      to
      the foregoing terms and conditions, and agrees to comply with the foregoing
      terms and conditions for the benefit of the Co-Borrowers and any other
      Lenders.

     

    4. Officers
      and Directors not Liable.
      In no
      event shall any officer or director of any Co-Borrower or Servicer be liable
      for
      any amounts due and payable pursuant to this Note.

     

    5. Expenses.
      Each
      Co-Borrower hereby agrees, subject only to any limitation imposed by applicable
      law, to pay all expenses, including reasonable attorneys’ fees and legal
      expenses, incurred by the holder of this Note (“Costs”) in endeavoring to
      collect any amounts payable hereunder which are not paid when due, whether
      by
      declaration or otherwise. Each Co-Borrower agrees that any delay on the part
      of
      the holder in exercising any rights hereunder will not operate as a waiver
      of
      such rights. The holder of this Note shall not by any act, delay, omission
      or
      otherwise be deemed to have waived any of its rights or remedies, and no waiver
      of any kind shall be valid unless in writing and signed by the party or parties
      waiving such rights or remedies.

     

    6. Governing
      Law.
      This
      Note shall be governed by and construed under the laws of the State of Illinois
      as applied to other instruments made by Illinois residents to be performed
      entirely within the State of Illinois. Any dispute with respect to this Note
      shall be litigated in the state or federal courts situated in Cook County,
      Illinois.

     

    7. Approval.
      Each
      Co-Borrower hereby represents that it has approved the Co-Borrower’s execution
      of this Note based upon a reasonable belief that the principal provided
      hereunder is appropriate for the Co-Borrower after reasonable inquiry concerning
      the Co-Borrower’s financing objectives and financial situation. In addition, the
      Co-Borrower hereby represents that it intends to use the principal of this
      Note
      primarily for the operations of its business, and not for any personal, family
      or household purpose.

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    8. Conversion.

     

    8.1 Definitions.

     

    (a) “Conversion
      Price”
shall
      mean $100,000 per Equity Unit. 

     

    (b) “Equity
      Units”
shall
      mean: (i) at any time that there is sufficient outstanding Common Stock of
      the
      Company for the conversion of principal of this Note into Common Stock (and
      not
      specifically reserved to address conversion rights or exercise rights in favor
      of others for Common Stock of the Company), that number of shares of Common
      Stock as shall equate to the quotient of the Conversion Price divided by 80%
      of
      the “Fair Market Value” per share of Company Common Stock as of the measurement
      date in question, provided that in no event shall the Fair Market Value be
      less
      than $0.65 per share or greater than $1.25 per share (as adjusted for events
      set
      forth in Sections 8.3 and 8.4 below). “Fair Market Value” of Common Stock of the
      Company shall be the value as of the date of delivery of the conversion notice
      in question as determined: (A) if the Common Stock of the Company is publicly
      traded, based upon the average closing price of the Company’s Common Stock (or
      if not a fixed price, then the mid point between the bid and asked price) for
      the last 10 trading days immediately preceding the day in which the conversion
      notice is delivered, or (B) if the Common Stock of the Company is not publicly
      traded, then the fair market value per share as determined in good faith by
      the
      Board of Directors of the Company as of the date of delivery of the conversion
      notice in question); and (ii) if there is insufficient authorized Common Stock
      outstanding to accommodate a full conversion of the principal amount of this
      Note to Common Stock, then the Equity Unit shall be 100 shares of convertible
      preferred stock of the Company, which shall be the functional equivalent of
      the
      originally issued Series AA Preferred Stock, except for the fact that the
      conversion ratio for said shares into Common Stock shall in the aggregate
      provide for that number of shares of Common Stock on an as converted basis
      as
      would result in the number of shares of Common Stock determinable pursuant
      to
      subparagraph (i) immediately above. 

     

    (c) Pipe
      Offering shall mean that certain offering of units pursuant to the Private
      Placement Memorandum of the Company dated November 14, 2006, as supplemented
      December 20, 2006, January 3, 2007, January 12, 2007 and as subsequently
      supplemented from time to time thereafter.

     

    8.2 Conversion.
      Subject
      to the procedures provided in Section 8.3 below, the Holder of this Note has
      the
      right, at the Lender’s option, at any time from and after the date hereof
      through the Maturity Date of this Note, on demand, in accordance with the
      provisions of Section 8.2 hereof, in whole or in part, into Equity Units at
      $100,000 per Equity Unit

     

    (a) Notice
      of Conversion.
      To
      convert this Note, the holder of this Note shall give written notice
      (“Conversion Notice”) to Company of its election to convert this Note to Equity
      Units pursuant to Section 8.2. The conversion, and all of the rights of the
      Lender hereof in and with respect to the Equity Units shall be effective
      immediately upon delivery of the Conversion Notice and surrender of this Note
      to
      Company; provided however, in the event that the Conversion Notice is delivered
      at a time when the Common Stock of the Company is not publicly traded, then
      the
      Holder of this Note shall have the right to withdraw the Conversion Notice
      within 4 business days of the Company delivering notice of the value of the
      Common Stock of the Company to the Holder (the date of delivery of the notice
      being the “Value Delivery Date”), in which event the Conversion Notice shall be
      deemed withdrawn; otherwise, the Conversion Notice shall be deemed effective
      at
      the end of 5 business days from the Value Delivery Date. Company shall,
      immediately following such conversion, deliver to such person as the Holder
      of
      this Note shall designate in the Conversion Notice a certificate or certificates
      for the number of securities comprising the Equity Units to which the Lender
      shall be entitled.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

    (b) Mechanics
      and Effect of Conversion.
      Upon a
      conversion of this Note, the Company shall be forever released from all of
      its
      obligation and liabilities under this Note related to the converted principal
      amount, except, the Company shall be obligated to pay the Lender, within ten
      (10) days after the date of such conversion, any interest accrued and unpaid
      to
      and including the date of such conversion (absent conversion of said interest
      to
      Equity Units upon mutual agreement of the parties), and no more, to the extent
      the Lender has not elected to convert said interest to Equity Units as provided
      in Section 8.2.

     

    8.3 Subdivision
      or Combination of Shares of Capital Stock.
      If the
      Company at any time subdivides one or more classes of its outstanding shares
      of
      capital stock into a greater number of shares of capital stock (or units
      thereof), or decreases the percentage interest attributable to any shares of
      capital stock, the Conversion Price in effect immediately prior to such
      subdivision will be proportionately reduced. If the Company at any time combines
      one or more classes of its outstanding shares of capital stock into a smaller
      number of shares of capital stock or increases the percentage interest
      attributable to the shares of capital stock, the Conversion Price in effect
      immediately prior to such combination will be proportionately
      increased.

     

    8.4 Organic
      Change.
      Prior
      to the consummation of any Organic Change (as defined below), Company will
      make
      appropriate provisions to insure that the Lender will thereafter have the right
      to acquire and receive, in lieu of or in addition to the shares of capital
      stock
      in Company immediately theretofore acquirable and receivable upon the conversion
      of this Note, such shares of stock, membership interests, partnership interests,
      securities or assets as such Lender would have received in connection with
      such
      Organic Change if the Lender had converted this Note immediately prior to such
      Organic Change. In any such case, Company will make appropriate provisions
      to
      insure that the provisions of this Section 8.4 will thereafter be applicable
      to
      this Note (including, an immediate adjustment of the Conversion Price to the
      value for the shares of capital stock in Company reflected by the terms of
      such
      Organic Change and a corresponding immediate adjustment in the number of shares
      of capital stock acquirable and receivable upon conversion of this Note, if
      the
      value so reflected is less than the Conversion Price in effect immediately
      prior
      to such Organic Change). The Company will not effect any such Organic Change,
      unless prior to the consummation thereof, the successor company resulting from
      such Organic Change assumes by written instrument either: (i) the obligation
      to
      deliver to Lender such shares of stock, securities or assets as, in accordance
      with the foregoing provisions, Lender may be entitled to acquire; or (ii) the
      obligation to pay to the Lender, should the Lender elect to convert this Note
      following such Organic Change, an amount of value equivalent to what the Lender
      would have received pursuant to subparagraph (i) indicated above as of the
      date
      of the Organic Change. All other terms of this Note shall remain in full force
      and effect following such an Organic Change. The provisions of this Section
      8.4
      shall similarly apply to successive Organic Changes.

     

    As
      used
      herein, the term “Organic Change” shall mean any merger, consolidation,
      combination, recapitalization, reorganization, or other change in, or with
      respect to, the shares of capital stock in Company, including, without
      limitation, any amendment to the certificate of incorporation of Company which
      effects any such change.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, each Co-Borrower has executed this Note on the day and year
      first above written.

     

    
      	 	 	
              CO-BORROWERS:

            
	 	 	 
	 	 	
              
                CAPITAL
                  GROWTH
                  SYSTEMS,
                  INC..

              

            
	 	 	 
	 	 	
              By:

            	
               

            
	 	 	
              Its:

            	 
	 	 	 
	 	 	 
	 	 	
              20/20
                TECHNOLOGIES,
                INC.

            
	 	 	
              20/20
                TECHNOLOGIES
                I,
                LLC

            
	 	 	
              
                MAGENTA NETLOGIC,
                  LIMITED

              

            
	 	 	
              
                FRONTRUNNER
                  NETWORK
                  SYSTEMS,
                  CORP.

              

            
	 	 	
              
                CENTREPATH,
                  INC.

              

            
	 	 	
              
                GLOBAL
                  CAPACITY
                  GROUP,
                  INC.

              

            
	 	 	
              20/20
                TECHNOLOGIES,
                INC.

            
	 	 	
              20/20
                TECHNOLOGIES
                I,
                LLC

            
	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              [Signature](1)

            

    

     

    
      

    

    
      
        
          	
                	(1)	
                  Authorized
                    Signatory on behalf of each of the above
                    Co-Borrowers.

                

        

      

    

    
      
         

      

    

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    THE
      SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED BY THE HOLDER HEREOF FOR ITS
      OWN ACCOUNT FOR INVESTMENT WITH NO INTENTION OF MAKING OR CAUSING TO BE MADE
      A
      PUBLIC DISTRIBUTION OF ALL OR ANY PORTION THEREOF. SUCH SECURITIES HAVE NOT
      BEEN
      REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES LAWS AND
      MAY
      NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED, EXCEPT PURSUANT TO
      AN
      EFFECTIVE REGISTRATION STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN
      EXEMPTION FROM REGISTRATION UNDER SUCH ACT.

     

    
      	
              No.

            	___________________	 	
              ________________,
                200__

            
	 	
              Chicago,
                Illinois

            

    

    

    CAPITAL
      GROWTH SYSTEMS, INC.

    FORM
      OF CGSI TERM NOTE WARRANT TO PURCHASE

     

    SERIES
      AA PREFERRED STOCK AT $1,000 PER PREFERRED SHARE, OR $0.45

    PER
      COMMON SHARE ON AS CONVERTED BASIS

     

    Void
      after December 31, 2009, Unless Extended

     

    Capital
      Growth Systems, Inc., a Florida corporation (the “Company”), hereby certifies
      that, for value received, _______________________________________ (including
      any
      successors and assigns, “Holder”), is entitled, subject to the terms set forth
      below, to purchase from the Company at any time or from time to time before
      5:00
      PM Central time, on December 31, 2009 (the “Expiration Date”), which date is
      subject to extension as set forth in Section
      7
      fully
      paid and nonassessable shares of the Company’s Series AA Preferred Stock (the
“Warrant Shares”) under the terms set forth herein. Holder acknowledges that
      effective upon the filing of an amendment to the Articles of Incorporation
      of
      the Company increasing its authorized Common Stock to not less than 200,000,000
      shares (the “Amendment”), each share of Series AA Preferred Stock shall
      automatically be converted into 2,222.2 shares of $0.0001 par value Company
      common stock (“Common Stock”) and for purposes of this Warrant, effective as of
      the filing of the Amendment, all references hereto to Warrant Shares shall
      be
      automatically amended to refer to the corresponding number of shares of Common
      Stock into which the shares of Series AA Preferred Stock have been
      converted.

     

    1. Number
      of Warrant Shares; Exercise Price.
      This
      Warrant shall evidence the right of the Holder to purchase up to __________
      Warrant Shares (which number of Warrant Shares will remain fixed and is not
      subject to any adjustment except as provided in Sections
      5 and 6
      below)
      at an initial exercise price per Warrant Share of $1,000 per share of Series
      AA
      Preferred Stock (i.e.,
      $0.45
      per share of Common Stock following the Amendment) (the “Exercise Price”),
      subject to adjustment as provided in Sections
      5 and  6
      below.

     

    2. Definitions.
      As used
      herein the following terms, unless the context otherwise requires, have the
      following respective meanings:

     

    (a) The
      term
“Common Stock” shall mean the common stock, par value $0.0001 of the
      Company.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    (b) The
      term
“Company” shall mean Capital Growth Systems, Inc., a Florida corporation, and
      shall include any company which shall succeed to or assume the obligations
      of
      the Company hereunder.

     

    (c) The
      term
“Corporate Transaction” shall mean (i) a sale, lease transfer or conveyance of
      all or substantially all of the assets of the Company; (ii) a consolidation
      of
      the Company with, or merger of the Company with or into, another corporation
      or
      other business entity in which the stockholders of the Company immediately
      prior
      to such consolidation or merger own less than 50% of the voting power of the
      surviving entity immediately after such consolidation or merger; or (iii) any
      transaction or series of related transactions to which the Company is a party
      in
      which in excess of 50% of the Company’s voting power is transferred, excluding
      any consolidation or merger effected exclusively to change the domicile of
      the
      Company and/or an effective change of the number of issued and outstanding
      shares of the Company (i.e.,
      reverse
      or forward split), and further including any of the issuances of capital stock
      with respect to any of the transactions contemplated in the Memorandum.

     

    (d) The
      term
“Memorandum” shall mean the private placement memorandum dated November 14, 2006
      of the Company, as supplemented on December 21, 2006, January 3, 2007, January
      12, 2007 and as amended from time to time.

     

    (e) The
      term
“Offering Warrants” shall mean this Warrant and each other warrant issued to
      purchasers of Notes pursuant to the CGSI Term Note Purchase Agreement, to which
      this form of Warrant is attached as an Exhibit.

     

    3. Exercise
      Date; Expiration.
      Subject
      to the terms hereof, this Warrant may be exercised by the Holder at any time
      or
      from time to time before the Expiration Date (the “Exercise
      Period”).

     

    4. Exercise
      of Warrant; Partial Exercise.
      This
      Warrant may be exercised in full by the Holder by surrender of this Warrant,
      together with the Holder’s duly executed form of subscription attached hereto as
Exhibit A,
      to the
      Company at its principal office, accompanied by payment, in cash or by certified
      or official bank check payable to the order of the Company, of the aggregate
      exercise price (as determined above) of the number of Warrant Shares to be
      purchased hereunder. The exercise of this Warrant pursuant to this Section 4
      shall be
      deemed to have been effected immediately prior to the close of business on
      the
      business day on which this Warrant is surrendered to the Company as provided
      in
      this Section 4,
      and at
      such time the person in whose name any certificate for Warrant Shares shall
      be
      issuable upon such exercise shall be deemed to be the record holder of such
      Warrant Shares for all purposes. As soon as practicable after the exercise
      of
      this Warrant, the Company at its expense will cause to be issued in the name
      of
      and delivered to the Holder, or as the Holder may direct, a certificate or
      certificates for the number of fully paid and nonassessable full shares of
      Warrant Shares to which the Holder shall be entitled on such exercise, together
      with cash, in lieu of any fraction of a share, equal to such fraction of the
      current fair market value of one full Warrant Share as determined in good faith
      by the board of directors of the Company and as set forth in Section
      7,
      and, if
      applicable, a new warrant evidencing the balance of the shares remaining subject
      to the Warrant.

     

    
      
        
        

      

      
        B-2

        
          

        

      

      
        
        

      

    

     

    5. Weighted
      Average Anti-Dilution Price Protection.
      The
      purchase price of Warrant Shares or any shares of stock or other securities
      which may be issuable upon the exercise of this Warrant shall be subject to
      adjustment from time to time, as follows:

     

    (a) “New
      Securities” shall mean any Common Stock or preferred stock of Company issued
      during the term of this Warrant, whether now authorized or not, and rights,
      options or warrants to purchase said Common Stock or preferred stock, and
      securities of any type whatsoever that are, or may become, convertible into
      said
      Common Stock or preferred stock (including but not limited to convertible debt
      or any other instrument exercisable for or convertible into Common Stock);
      provided, however, that “New Securities” does not include (i) any securities
      issued or issuable pursuant to any of the notes, options, warrants or other
      securities outstanding as of the date of the closing of the offering pursuant
      to
      the Memorandum, including all Offering Warrants; (ii) up to 5,000,000 shares
      of
      Common Stock issued pursuant to the stock option plan contemplated in the
      Memorandum; any stock option plan maintained by Company; or (iii) shares of
      Company's Common Stock issued in connection with any stock split, stock
      dividend, or recapitalization by Company.

     

    (b) In
      the
      event that Company issues New Securities for a consideration of less than $0.45
      per share of Common Stock (on an as converted to Common Stock basis, as adjusted
      per this Section
      5
      hereof)
      (the “Original Purchase Price”), or if the Original Purchase Price shall have
      been adjusted hereunder, and the Company issues New Securities for a purchase
      price below the adjusted Purchase Price, then the then-current Purchase Price
      shall be adjusted downward to a price determined by dividing

     

    (i) the
      sum
      of (w) the Purchase Price in effect before the issuance of such New Securities
      multiplied by the number of shares of the Company’s Common Stock then issued and
      outstanding plus the number of shares of Company preferred stock then issued
      as
      converted into shares of Common Stock (including shares of Common Stock reserved
      pursuant to the issued Offering Warrants) immediately prior to the issuance
      of
      such New Securities and (x) the consideration, if any, received by or deemed
      to
      have been received by the Company on the issue of such New Securities
      by:

     

    (ii) the
      sum
      of (y) the number of shares of the Company’s Common Stock then issued and
      outstanding plus the number of shares of the Company’s preferred stock then
      issued as converted into shares of Common Stock (including shares of Common
      Stock reserved pursuant to the issued Offering Warrants) immediately prior
      to
      the issuance of such New Securities and (z) the number of Additional Shares
      of
      Common Stock issued or deemed to have been issued in the issuance of such New
      Securities.

     

    (c) In
      the
      case of the issuance of Common Stock for cash, the consideration shall be deemed
      to be the amount of cash paid.

     

    
      
        
        

      

      
        B-3

        
          

        

      

      
        
        

      

    

     

    (d) In
      the
      case of the issuance of Common Stock for a consideration in whole or in part
      other than cash, the consideration other than cash shall be deemed to be the
      fair value thereof as reasonably determined by the Company’s board of directors
      consistent with its fiduciary duties irrespective of any accounting
      treatment.

     

    (e) The
      Company will not by reorganization, transfer of assets, consolidation, merger,
      dissolution, or otherwise, avoid or seek to avoid observance or performance
      of
      any of the terms of this Section
      5,
      but
      will at all times in good faith assist in the carrying out and performance
      of
      all provisions of this Section
      5
      in order
      to protect the rights of the Holder against impairment.

     

    6. Adjustments
      to Number of Warrants and Conversion Price.
      The
      number and kind of Warrant Shares or any shares of stock or other securities
      which may be issuable upon the exercise of this Warrant and the exercise price
      hereunder shall be subject to adjustment from time to time upon the happening
      of
      certain events, as follows:

     

    (a) Splits
      and Subdivisions.
      In the
      event the Company should at any time or from time to time fix a record date
      for
      the effectuation of a split or subdivision of the outstanding shares of Series
      AA Preferred Stock (or following the Amendment, of the Common Stock) or the
      determination of the holders of Series AA Preferred Stock (or following the
      Amendment, of the Common Stock) entitled to receive a dividend or other
      distribution payable in additional shares of Series AA Preferred Stock (or
      following the Amendment, of the Common Stock) or other securities or rights
      convertible into, or entitling the holder thereof to receive directly or
      indirectly, additional shares of Series AA Preferred Stock (hereinafter referred
      to as the “Series AA Preferred Stock Equivalents”) (or following the Amendment,
      of the Common Stock, with the entitlement for the holder thereof to receive
      directly or indirectly, additional shares of Common Stock, hereinafter referred
      to as the “Common Stock Equivalents”) without payment of any consideration by
      such Holder for the additional shares of Series AA Preferred Stock (or following
      the Amendment, of the Common Stock) or Series AA Preferred Stock Equivalents,
      (or following the Amendment, of the Common Stock Equivalents), then, as of
      such
      record date (or the date of such distribution, split or subdivision if no record
      date is fixed), the Exercise Price shall be appropriately decreased and the
      number of Warrant Shares for which this Warrant is exercisable shall be
      appropriately increased in proportion to such increase of outstanding
      shares.

     

    (b) Combination
      of Shares.
      If the
      number of shares of Series AA Preferred Stock (or following the Amendment,
      of
      the number of shares of Common Stock) outstanding at any time after the date
      hereof is decreased by a combination of the outstanding shares of Series AA
      Preferred Stock (or following the Amendment, of the number of shares of Common
      Stock), the Exercise Price shall be appropriately increased and the number
      of
      Warrant Shares for which this Warrant is exercisable shall be appropriately
      decreased in proportion to such decrease in outstanding shares.

     

    (c) Reclassification
      or Reorganization.
      If the
      Warrant Shares issuable upon the exercise of this Warrant shall be changed
      into
      the same or different number of shares of any class or classes of stock, whether
      by capital reorganization, reclassification or otherwise (other than a split,
      subdivision or stock dividend provided for in Section 6(a)
      above or
      a combination of shares provided for in Section 6(b)
      above,
      or a reorganization, merger or consolidation provided for in Section 6(d)
      below,
      then and in each such event the Holder shall be entitled to receive upon the
      exercise of this Warrant the kind and amount of shares of stock and other
      securities and property receivable upon such reorganization, reclassification
      or
      other change, to which a holder of the number of Warrant Shares issuable upon
      the exercise of this Warrant would have received if this Warrant had been
      exercised immediately prior to such reorganization, reclassification or other
      change, all subject to further adjustment as provided herein.

     

    
      
        
        

      

      
        B-4

        
          

        

      

      
        
        

      

    

     

    (d) Merger
      or Consolidation.
      If at
      any time or from time to time there shall be a capital reclassification or
      reorganization of the Warrant Shares or a Corporate Transaction (other than
      a
      subdivision, combination, reclassification or exchange of shares provided for
      elsewhere in this Section 6)
      of the
      Company, then as a part of such reorganization or Corporate Transaction,
      adequate provision shall be made so that the Holder shall thereafter be entitled
      to receive upon the exercise of this Warrant, the number of shares of stock
      or
      other securities or property of the Company, resulting from such reorganization,
      recapitalization or Corporate Transaction to which a holder of the number of
      Warrant Shares issuable upon the exercise of this Warrant would have received
      if
      this Warrant had been exercised immediately prior to such reorganization or
      Corporate Transaction. In any such case, the Company will make appropriate
      provision to insure that the provisions of this Section 6(d)
      hereof
      will thereafter be applicable as nearly as may be in relation to any shares
      of
      stock or securities thereafter deliverable upon the exercise of this Warrant.
      The Company shall not effect any such Corporate Transaction unless prior to
      or
      simultaneously with the consummation thereof the successor corporation (if
      other
      than the Company) resulting from such Corporate Transaction or the corporation
      purchasing or acquiring such assets or other appropriate corporation or entity
      shall assume the obligation to deliver to the Holder, at the last address of
      the
      Holder appearing on the books of the Company, such shares of stock, securities
      or assets as, in accordance with the foregoing provisions, the Holder may be
      entitled to purchase, and the other obligations under this Warrant. The
      provisions of this paragraph 6(d) shall similarly apply to successive
      reorganizations, reclassifications, or Corporate Transactions. Notwithstanding
      anything to the contrary contained herein, in the event at least 30 days prior
      to the closing of the reorganization or Corporate Transaction the Company
      receives the written consent from holders of Offering Warrants outstanding
      which
      represent the right to purchase eighty-five percent (85%) of the shares of
      Common Stock purchasable under the Offering Warrants (the “Offering Warrant
      Majority”) that all Offering Warrants shall be cancelled effective as of the
      closing of the reorganization or Corporate Transaction, then provided the
      Company provides notice to the Holder of this Warrant at least 20 days prior
      to
      the closing of such reorganization or Corporate Transaction of such approval,
      then effective upon the closing of such reorganization or Corporate Transaction,
      this Warrant shall be cancelled. For purposes hereof, “Offering Warrants” shall
      mean the warrants issued pursuant to offering of up to $10,000,000 of original
      instrument pursuant to the CGSI Term Note Purchase Agreement pursuant to which
      this form of warrant is attached as an exhibit.

     

    
      
        
        

      

      
        B-5

        
          

        

      

      
        
        

      

    

     

    (e) Notice
      of Record Dates; Adjustments.
      In the
      event of a Corporate Transaction, the Company shall provide to the Holder twenty
      (20) days advance written Notice of such Corporate Transaction. The Company
      shall promptly notify the Holder in writing of each adjustment or readjustment
      of the Exercise Price hereunder and the number of Warrant Shares issuable upon
      the exercise of this Warrant. Such Notice shall state the adjustment or
      readjustment and show in reasonable detail the facts on which that adjustment
      or
      readjustment is based, as well as whether this Warrant will be cancelable as
      specified above.

     

    7. Registration
      Rights.
      The
      Company hereby agrees to provide to Holder registration rights, with respect
      to
      all shares of Common Stock issuable upon exercise of this Warrant or conversion
      of the Warrant Shares issued upon the exercise of this Warrant, to the
      registration rights set forth in the Registration Rights Agreement, in the
      form
      included in the Memorandum, as may be amended or supplemented from time to
      time,
      the terms of which are hereby incorporated by this reference, with the same
      force and effect as if specifically set forth herein, and failing to register
      the shares underlying this Warrant, the Company will use its best efforts to
      register the shares underlying this Warrant as soon as reasonably practicable
      thereafter (subject to cutback on a pro rata basis with respect to any other
      persons holding the right to have shares available for resale registered, but
      subordinated to any registration rights that may exist in favor of any
      purchasers in a secondary distribution by the Company). In addition, in the
      event that the Company has failed or expects to fail to register the shares
      of
      Common Stock underlying this Warrant by the Expiration Date, then the Expiration
      Date shall be automatically extended until delivery by the Company to the
      Warrant holder of a Notice of Warrant Extension, which notice may be delivered
      at any time on or after December 31, 2008, indicating the Company’s election to
      extend the Expiration Date until: (a) 365 days following the date of such Notice
      of Warrant Extension, if at the date of such notice an effective registration
      statement covering the resale of shares of Common Stock issuable upon exercise
      of this Warrant is in effect; or (b) until 365 days following the date of such
      Notice of Warrant Extension, if the Company states in the notice that it has
      elected to add the following cashless exercise provision to the Warrant,
      irrespective of whether the shares of Common Stock issuable upon exercise of
      the
      Warrant are registered or are anticipated to be registered: 

     

    (a) Upon
      execution of the cashless exercise of the shares subject to this Warrant (the
      “Converted Warrant Shares”), the Company shall deliver to the Holder (without
      payment by the Holder of any exercise price or any cash or other consideration)
      that number of fully paid and nonassessable Warrant Shares computed using the
      following formula:

     

    
      X
        = 
Y
        (A -
        B)  

      A

       

    

    
      	
              Where:

            	
              X
                =

            	
              the
                number of shares of Warrant Shares to be delivered to the
                Holder;

            
	 	 	 
	 	
              Y
                =

            	
              the
                number of Converted Warrant Shares;

            

    

     

    
      
        
        

      

      
        B-6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              A
                =

            	
              the
                fair market value of one Warrant Share on the Conversion Date (as
                defined
                below); and

            
	 	 	 
	 	
              B
                =

            	
              the
                Exercise Price (as adjusted to the Conversion
                Date).

            

    

    

    (b) No
      fractional shares shall be issuable upon cashless exercise of the Warrant,
      and
      if the number of shares to be issued, determined in accordance with the
      foregoing formula, is other than a whole number, the Company shall pay to the
      Holder an amount in cash equal to the fair market value of the resulting
      fractional share on the Conversion Date (as defined below). 

     

    (i) Method
      of Exercise.
      The
      Holder may execute the cashless exercise by the surrender of this Warrant at
      the
      principal office of the Company together with a written statement specifying
      that the Holder thereby intends to execute a cashless exercise and indicating
      the total number of shares under this Warrant that the Holder is exercising
      through the cashless exercise. Such conversion shall be effective upon receipt
      by the Company of this Warrant together with the aforesaid written statement,
      or
      on such later date as is specified therein (the “Conversion Date”). Certificates
      for the shares issuable upon execution of the cashless exercise shall be
      delivered to the Holder within three business days following the Conversion
      Date.

     

    (ii) Determination
      of Fair Market Value.
      For
      purposes of this Section 7,
      fair
      market value of a Warrant Share on the Conversion Date shall be determined
      as
      follows:

     

    (1) If
      the
      Common Stock is traded on a stock exchange or the Nasdaq Stock Market (or a
      similar national quotation system), the fair market value of a Warrant Share
      shall be deemed to be the average of the closing selling prices of the Common
      Stock on the stock exchange or system determined by the Board to be the primary
      market for the Common Stock over the ten (10) trading day period ending on
      the
      date prior to the Conversion Date, as such prices are officially quoted in
      the
      composite tape of transactions on such exchange or system;

     

    (2) If
      the
      Common Stock is traded over-the-counter, the fair market value of a Warrant
      Share shall be deemed to be the average of the closing bid prices (or, if such
      information is available, the closing selling prices) of the Common Stock over
      the ten (10) trading day period ending on the date prior to the Conversion
      Date,
      as such prices are reported by the National Association of Securities Dealers
      through its NASDAQ system or any successor system; and

     

    (3) If
      there
      is no public market for the Common Stock, then the fair market value of a
      Warrant Share shall be determined by the board of directors of the Company
      in
      good faith, and, upon request of the Holder, the Board (or a representative
      thereof) shall, as promptly as reasonably practicable but in any event not
      later
      than 15 days after such request, notify the Holder of the Fair Market Value
      per
      share of Common Stock.

     

    
      
        
        

      

      
        B-7

        
          

        

      

      
        
        

      

    

     

    8. Replacement
      of Warrants.
      On
      receipt by the Company of evidence reasonably satisfactory to the Company of
      the
      loss, theft, destruction or mutilation of this Warrant and, in the case of
      any
      such loss, theft or destruction of this Warrant, on delivery of an indemnity
      agreement reasonably satisfactory in form and amount to the Company or, in
      the
      case of any such mutilation, on surrender and cancellation of such Warrant,
      the
      Company at its expense will execute and deliver to the Holder, in lieu thereof,
      a new Warrant of like tenor.

     

    9. No
      Rights or Liability as a Stockholder.
      This
      Warrant does not entitle the Holder hereof to any voting rights or other rights
      as a stockholder of the Company. No provisions hereof, in the absence of
      affirmative action by the Holder to purchase Warrant Shares, and no enumeration
      herein of the rights or privileges of the Holder, shall give rise to any
      liability of the Holder as a stockholder of the Company.

     

    10. No
      Impairment.
      The
      Company will not, by amendment of its charter or through reorganization,
      consolidation, merger, dissolution, sale of assets or any other voluntary
      action, avoid or seek to avoid the observance or performance of any of the
      terms
      of this Warrant but will at all times carry out all such terms and take all
      such
      action as may be reasonably necessary or appropriate in order to protect the
      rights of the holder of this Warrant against impairment, subject to any
      amendment or waiver as permitted pursuant to Section
      11(e).
      

     

    11. Miscellaneous.

     

    (a) Transfer
      of Warrant.
      The
      Holder agrees not to make any disposition of this Warrant, the Warrant Shares
      or
      any rights hereunder without the prior written consent of the Company. Any
      such
      permitted transfer must be made by the Holder in person or by duly authorized
      attorney, upon delivery of this Warrant and the form of assignment attached
      hereto as Exhibit B
      to any
      such permitted transferee. As a condition precedent to such transfer, the
      transferee shall sign an investment letter in form and substance satisfactory
      to
      the Company. Subject to the foregoing, the provisions of this Warrant shall
      inure to the benefit of and be binding upon any successor to the Company and
      shall extend to any holder hereof. 

     

    (b) Titles
      and Subtitles.
      The
      titles and subtitles used in this Warrant are for convenience only and are
      not
      to be considered in construing or interpreting this Warrant.

     

    (c) Notices.
      Any
      notice required or permitted to be given to a party pursuant to the provisions
      of this Warrant shall be in writing and shall be effective and deemed delivered
      to such party under this Warrant on the earliest of the following: (a) the
      date
      of personal delivery; (b) two (2) business days after transmission by facsimile,
      addressed to the other party at its facsimile number, with confirmation of
      transmission; (c) four (4) business days after deposit with a return receipt
      express courier for United States deliveries; or (d) five (5) business days
      after deposit in the United States mail by registered or certified mail (return
      receipt requested) for United States deliveries. All notices not delivered
      personally or by facsimile will be sent with postage and/or other charges
      prepaid and properly addressed to such party at the address set forth on the
      signature page hereto, or at such other address as such party may designate
      by
      ten (10) days advance written notice to the other party hereto. Notices to
      the
      Company will be marked “Attention: Chief Financial Officer.”

     

    
      
        
        

      

      
        B-8

        
          

        

      

      
        
        

      

    

     

    (d) Attorneys’
      Fees.
      If any
      action at law or in equity is necessary to enforce or interpret the terms of
      this Warrant, the prevailing party shall be entitled to reasonable attorneys’
fees, costs and disbursements in addition to any other relief to which such
      party may be entitled.

     

    (e) Amendments
      and Waivers.
      Any
      term of this Warrant may be amended and the observance of any term of this
      Warrant may be waived (either generally or in a particular instance and either
      retroactively or prospectively) with the written consent of either: (i) the
      Holder and the Company; or (ii) the Offering Warrant Majority and the Company.
      Any amendment or waiver effected in accordance with this Section 11(e)
      shall be
      binding upon the Holder of this Warrant (and of any securities into which this
      Warrant is convertible), each future holder of all such securities, and the
      Company.

     

    (f) Severability.
      If one
      or more provisions of this Warrant are held to be unenforceable under applicable
      law, such provision shall be excluded from this Warrant and the balance of
      the
      Warrant shall be interpreted as if such provision were so excluded and shall
      be
      enforceable in accordance with its terms.

     

    (g) Governing
      Law.
      This
      Warrant shall be governed by and construed and enforced in accordance with
      the
      laws of the State of Illinois, without giving effect to its conflicts of laws
      principles.

     

    (h) Counterparts.
      This
      Warrant may be executed in any number of counterparts, each of which shall
      be
      deemed an original, but all of which together shall constitute one and the
      same
      instrument.

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        B-9

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Company has caused this CGSI Term Note Warrant to be
      executed by its duly authorized officer as of the date first written
      above.

     

    
      	 	 	
              CAPITAL
                GROWTH SYSTEMS, INC.

            
	 	 	 
	 	 	
              By:

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 
	 	 	 
	 	 	 
	 	 	 
	 	 	
              HOLDER
                NAME:

            	 
	 	 	 
	 	 	
              Address:

            	 
	 	 	 	 

    

     

    
      
        
        

      

      
        B-10

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF SUBSCRIPTION OF CGSI TERM NOTE $0.45 WARRANT

     

    (To
      be signed only on exercise of Warrant)

     

    
      	
              To:

            	
              CAPITAL
                GROWTH SYSTEMS, INC.

            

    

     

    The
      undersigned, pursuant to the provisions set forth in the attached Warrant,
      hereby irrevocably elects to purchase _____ shares of the Series AA Preferred
      Stock or _____ shares of Common Stock (following conversion of Series AA
      Preferred Stock to Common Stock) covered by such Warrant and herewith makes
      payment of $ _________, representing the full purchase price for such shares
      at
      the price per share provided for in such Warrant. 

     

    Please
      issue a certificate or certificates representing ________ shares in the name
      of
      the undersigned or in such other name or names as are specified
      below:

     

    

    
      	 	 	 
	 	
              (Name)

            	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
              (Address)

            	 

    

    

    The
      undersigned represents that the aforesaid shares are being acquired for the
      account of the undersigned for investment and not with a view to, or for resale
      in connection with, the distribution thereof and that the undersigned has no
      present intention of distributing or reselling such shares, all except as in
      compliance with applicable securities laws.

     

    

    
      	
              Dated:

            	 	 	 
	 	 	
              (Signature
                must conform in all respects to name of the Holder as specified on
                the
                face of the Warrant)

            
	 	 	 
	 	 	 
	 	 	
              (Print
                Name)

            
	 	 	 
	 	 	 
	 	 	
              Address:

            	 
	 	 	 	 

    

     

    
      
        
        

      

      
        B-A-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    FORM
      OF ASSIGNMENT OF $0.45 WARRANT

     

    (To
      assign the foregoing Warrant, execute this form and supply

    required
      information. Do not use this form to purchase shares.)

     

    FOR
      VALUE
      RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
      assigned to:

     

    
      	
              Name:

            	 
	 	
              (Please
                Print)

            
	 
	
              Address:

            	 
	 	
              (Street)

            
	 	 
	 	
              (City)

            	
                                         (State)

            	
              (Zip
                Code)

            
	 
	
              Date:

            	 
	 
	 
	
              Holder’s
                Signature:

            	 
	 
	
              Holder’s
                Address:

            	 
	 	
              (Street)

            
	 	 
	 	
              (City)

            	
                                 
                      (State)

            	
              (Zip
                Code)

            

    

    

    NOTE:
      The
      signature to this Form of Assignment must correspond with the name as it appears
      on the face of the Warrant, without alteration or enlargement or any change
      whatever. Officers of corporations and those acting in a fiduciary or other
      representative capacity should file proper evidence of authority to assign
      the
      foregoing Warrant.

     

    
      
        
        

      

      
        B-B-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      C

     

    CGSI
      2-YEAR TERM NOTE ADMINISTRATION AND SECURITY AGREEMENT

     

    THIS
      CGSI
      2-YEAR TERM NOTE ADMINISTRATION AND SECURITY AGREEMENT dated as of January
      11,
      2007, is by and among Capital Growth Systems, Inc., a Florida corporation
      (“Company”), 20/20 Technologies, Inc., a Delaware corporation (“2020, Inc.”),
      20/20 Technologies I, LLC, a Delaware limited liability company (“2020 LLC”),
      Magenta NetLogic, Limited, a corporation formed under the laws of England
      (“Magenta”), Frontrunner Network Systems Corporation, a Delaware corporation
      (“Frontrunner”), CentrePath, Inc., a Delaware corporation (“CentrePath”) and
      Global Capacity Group, Inc., a Texas corporation (“Global”—together with 2020,
      Inc., 20/20, LLC, Magenta, Frontrunner and CentrePath—hereinafter collectively
      referred to as the “Credit Parties” and the Credit Parties together with Company
      are hereinafter collectively referred to as “Debtors” and each individually
      referred to as a “Debtor”), CGSI Term Note Servicer, Inc., an Illinois
      corporation (“Servicer”) and each holder of a CGSI Term Note (each a “Note” and
      collectively, the “Notes,” and the holder of each Note being a “Holder” and
      collectively, the “Holders”) issued pursuant to the form of CGSI 2-Year Term
      Note Purchase Agreement dated as of January 12, 2007 (“Purchase Agreement”)
      among Debtors and the purchasers executing counterpart copies
      thereof.

     

    RECITALS:
      

     

    A. Credit
      Parties are in need of term note financing to be funded by the Holders to
      Company on behalf of itself and the Credit Parties, in accordance with the
      terms
      of the Purchase Agreement, the proceeds of which will be used by Company (or
      to
      the extent previously funded and evidenced by existing promissory notes which
      have been assigned to the Company as part of the Purchase Agreement, with an
      assignment to the Holders of the rights securing the Notes) to fund the working
      capital needs of Credit Parties. The obligations of Debtors with respect to
      the
      Purchase Agreement are collectively referred to as the “Obligations,” which
      shall be secured by the security interest granted herein in the assets of the
      Credit Parties. On or about the date of the initial funding of the Obligations,
      the Credit Parties shall close the initial funding of a senior credit facility
      with Hilco Finance, LLC as administrative agent for itself and others who may
      participate with it and their respective assigns (“Hilco”), to be evidenced by a
      form of credit agreement (“Credit Agreement”) which shall include a
      subordination agreement to be executed by each of the Holders (the “Hilco
      Subordination Agreement”), to which each of the Holders has consented and is a
      party. If during the term of the Notes evidencing the Obligations the Holders
      are required (in the good faith opinion of the Company) to enter into an
      amendment to the Hilco Subordination Agreement or into a new subordination
      agreement with one or more persons or entities providing or proposing to provide
      the primary senior secured financing to the Company, each such amended or new
      subordination agreement so proposed is referred to herein as a “Subordination
      Agreement,” with the senior lender(s) providing such financing being hereinafter
      sometimes referred to each as a “Senior Lender”).

     

    B. The
      parties desire to enter into this Agreement to set forth the terms and
      conditions governing the Obligations and related transactions (the
“Transactions”), and further to confirm acknowledgment that the Notes shall be
      secured by substantially the same Collateral, and be subject to administration
      as provided by the Servicer on behalf of all of the Holders pro rata in
      accordance with the Obligations, expressly subject to the Hilco Subordination
      Agreement. Servicer has been formed to act as collateral agent on behalf of
      all
      the Holders as set forth below.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    NOW,
      THEREFORE, in consideration of the foregoing, and for the covenants and
      agreements contained herein, the parties hereto agree as follows:

     

    1. Recitals.
      The
      recitals set forth above are incorporated by reference herein and made a part
      herewith as if fully rewritten.

     

    2. Loan
      to Credit Parties.
      Simultaneously with the execution of each counterpart to the Purchase Agreement,
      the Holder signing such counterpart shall loan the sum set forth below Holder’s
      signature on the signature page thereof for an amount agreed to between that
      Holder and Company (on behalf of the Credit Parties), and with the sum set
      forth
      as to each Holder on the Purchase Agreement constituting that Holder’s “Loan” to
      the Credit Parties, and all of which are collectively referred to as the “Loans.

     

    3. Grant
      of Security Interest.

     

    (a) As
      security for the Obligations, each Debtor hereby assigns to the Holders and
      grants to the Holders a continuing security interest in the following assets,
      whether now owned or hereafter existing or acquired by any of the Debtors to
      the
      extent owned by the Debtor in question (collectively, the “Collateral”): all
      assets of the Debtor of every nature and kind, including but not limited to
      its
      equipment, accounts receivable and contract rights and all proceeds therefrom.
      

     

    (b) The
      security interest of each Holder under this Agreement extends to all Collateral
      of the kind which is the subject of this Agreement. By counterpart execution
      hereof, each Holder hereby appoints Servicer to act as his, her or its
      collateral agent with respect to the Collateral called for hereunder and with
      respect to the enforcement of the rights of the Holders as more fully set forth
      below, with any such action taken to be taken on behalf of all of the Holders
      on
      a pro rata basis based upon the percentage of total Obligations owing to each
      of
      the Holders from time to time (the percentage as to each Holder being the
      Holder’s “Ownership Percentage”). All references herein to “Servicer” shall
      include the Servicer named above or any successor person or entity appointed
      by
      written consent signed by Holders holding a majority of the outstanding unpaid
      principal with respect to the Notes from time to time (such majority in interest
      being the “Majority Holders” and each such successor being named by the Majority
      Holders hereinafter sometimes referred to as a “Successor Servicer”), and in the
      event the Servicer ceases to serve for any reason and there is no Successor
      Servicer, then all actions to be taken by Servicer on behalf of the Holders
      shall be valid if taken at the direction of the Majority Holders, which action
      shall be binding upon all of the Holders if taken by a duly appointed Servicer,
      Successor Servicer or the Majority Holders.

     

    (c) Each
      Debtor hereby authorizes the Servicer on behalf of the Holders to file such
      Uniform Commercial Code financing statements and such other public or private
      filings as the Servicer (including a Debenture in the UK with respect to
      Magenta) deems necessary and proper to: (i) evidence or perfect the Holders’
security interest in the Collateral, including but not limited to, such filings
      as the Servicer deems necessary and proper to file with the Offices of the
      Secretary of State of the States of Florida, Delaware and Texas (and the
      comparable regulatory authority in the UK); (ii) modify the security interest
      in
      favor of the Holder, terminate said security interest in whole or part and
      release the collateral securing the same in whole or part. Each Debtor hereby
      grants to Servicer (and any Successor Servicer as called for hereunder) an
      irrevocable power of attorney to execute any of the documents referenced in
      this
Section
      3(c)
      in the
      name, place and stead of such Debtor, as Holder deems necessary and proper.
      This
      power of attorney is coupled with an interest.

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    4. Debtor
      Covenants.
      From
      and after the date hereof and so long as any amount remains unpaid on any of
      the
      Notes, except to the extent compliance in any case or cases is waived in writing
      by the Holder, each Debtor hereby covenants and agrees with Servicer on behalf
      of each of the Holders as follows:

     

    (a) Servicer
      and each Holder or their respective designees shall at all reasonable times
      have
      full access to, and the right to audit, check, inspect and make abstracts and
      copies from such Debtor’s books, records and audits. Servicer, each Holder and
      their respective designees shall keep all such information obtained from each
      Debtor and Servicer confidential.

     

    (b) Each
      Debtor will at any times and from time to time upon request of Servicer take
      or
      cause to be taken any action and execute, acknowledge, deliver or record any
      further documents, opinions, security agreements or other instruments which
      Servicer in its reasonable discretion deems necessary or appropriate to carry
      out the purposes of this Agreement and to preserve, protect and perfect the
      security intended to be created and preserved in the Collateral and to
      establish, preserve and protect the security interest of Holders in and to
      the
      Collateral. The Holders acknowledge that: (i) the security interest in favor of
      the Debtors is expressly subordinate to the security interest in favor of any
      senior lender to any of Debtors as evidenced by the Hilco Subordination
      Agreement and any subsequent Subordination Agreement and (ii) certain of the
      Debtors have acquired equipment which is subject to one or more financing
      statements in favor of the original seller of or a financier or lessor of the
      equipment, where such equipment is subject to a prior lien, all of which shall
      be deemed to constitute permitted prior liens.

     

    (c) Except
      as
      set forth in Section
      3(d),
      above
      or as otherwise permitted by Servicer or by Holders by written consent of
      Majority Holders, each Debtor shall not sell, transfer, convey or otherwise
      dispose of any of the Collateral or any of the assets of Debtors other than:
      (i)
      dispositions of inventory in the ordinary course of business or the assets
      referenced in Section 4(b) immediately above; or (ii) dispositions consented
      to
      by any Senior Lender.

     

    5. Default.
      Any one
      of the following shall constitute an Event of Default hereunder: 

     

    (a) Any
      of
      the Debtors fails to make a payment when due under any Note;

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

     

    (b) Any
      of
      the Debtors fails to timely perform or observe any term, covenant or agreement
      contained in this Agreement or the CGSI 2-Year Term Note Purchase
      Agreement;

     

    (c) Any
      representation or warranty made by any Debtor herein is false in any material
      respect on the date hereof; 

     

    (d) Any
      Debtor suspends the operation of its business (provided however that to the
      extent a Debtor presently acts as a holding company, then its business shall
      be
      deemed to constitute a holding company business), except to the extent that
      the
      suspension of such business would not have a material adverse effect upon the
      Company’s business as a whole;

     

    (e) Any
      Debtor becomes the subject of state insolvency proceedings, or makes an
      assignment for the benefit of creditors; or a receiver, trustee, custodian
      or
      other similar official is appointed for, or takes possession of any substantial
      part of the property of any Debtor and such proceeding or appointed receiver,
      trustee, custodian or other appointment remains in place for 30 days following
      such action or appointment; or

     

    (f) Any
      Debtor takes corporate action to authorize such organization to become the
      subject of proceedings under the United States Bankruptcy Code or the execution
      by any Debtor of a petition to become a debtor under the United States
      Bankruptcy Code or the filing of any involuntary petition against any Debtor
      under the United States Bankruptcy Code which remains undismissed for a period
      of 30 days; or the entry of an order for relief under the United States
      Bankruptcy Code against any Debtor.

     

    (g) Whenever
      an Event of Default shall be existing hereunder, Servicer on behalf of Holders
      may exercise from time to time any rights and remedies available to any Holder
      under applicable law. Any notification of and intended disposition of any of
      the
      Collateral required by law shall be deemed reasonable if properly given at
      least
      twenty (20) days before such disposition. Any proceeds of any disposition by
      Servicer on behalf of the Holders of the Collateral may be applied by Servicer
      to the payment of expenses in connection with the Collateral, including
      reasonable attorneys' fees and legal expenses of Servicer, and any balance
      of
      such proceeds may be applied by Servicer toward the payment of the Notes, pro
      rata among the Holders in accordance with the Ownership Percentages
      (i.e.,
      the
      relative outstanding principal amounts of the varying Notes).

     

    Each
      Debtor hereby appoints Servicer its true and lawful attorney in fact,
      irrevocably, with full power after the occurrence of an Event of Default and
      with full power with respect to any proposed amendment to the CGSI 2-Year Term
      Note Purchase Agreement or any of the agreements contemplated therein, including
      but not limited to this Agreement: to: (i) act, require, demand, receive,
      compound and give acquittance for any and all monies and claims for monies
      due
      or to become due to such Debtor under or arising out of the Collateral, to
      endorse any checks or other instruments or orders in connection therewith and
      to
      file any claims or take any actions or institute any proceedings which Servicer
      may deem to be necessary or advisable in the premises, which appointment as
      attorney is coupled with an interest; (ii) execute such amendments to the CGSI
      2-Year Term Note Purchase Agreement or any of the agreements contemplated
      therein, including but not limited to this Agreement, provided such proposed
      amendment is approved by the Majority Holders; (iii) modify and/or release
      the
      Collateral securing the Obligations; and (iv) execute such forms of
      Subordination Agreement, waivers, consents and other documentation required
      by
      the Senior Lender as a condition precedent to its continued extension of credit
      to any of the Debtors.

     

    
      
        
        

      

      
        C-4

        
          

        

      

      
        
        

      

    

     

    6. Specific
      Rights and Obligations of Servicer.

     

    (a) Appointment
      of Servicer.
      Holders
      appoint Servicer to act as their attorney in fact to take all actions to enforce
      the rights of the Holders under the Notes, including, without limitation, the
      institution of and prosecution of lawsuits and taking all other actions relating
      to the enforcement of the Holders’ rights. Servicer shall maintain a list of
      Holders outstanding from time, which Servicer shall append hereto in counterpart
      as Exhibit A.

     

    (b) Default
      Under Notes and Amendments.
      Upon
      Servicer’s receipt of: (i) a notice from a Holder (which may be an Affiliate of
      Servicer) or from Company that Company or any of the other Debtors has defaulted
      in its obligations under any of the Notes or this Agreement, which default
      is
      not timely cured, or (ii) any request by any of the Debtors to amend the CGSI
      2-Year Term Note Purchase Agreement or any of the agreements contemplated
      therein, including but not limited to this Agreement, then the Servicer shall
      promptly send written notice to each of the Holders of the Notes which describes
      the nature of the default or the proposed amendment(s). Such notice shall also
      include one or more possible courses of action to be pursued in connection
      with
      such default or proposed amendment(s), which action may include but not be
      limited to any of the following: (i) extension of due date and/or payment date
      with respect to the Notes; (ii) release of some or all of the Collateral; (iii)
      subordination of Notes; (iv) other modifications to Notes’ terms; (v) conversion
      of Notes to equity; or (vi) increase the amount of maximum amount of loans
      to be
      funded pursuant to the CGSI 2-Year Term Note Purchase Agreement. The Servicer
      shall take the action which is approved in writing by the Majority Holders;
      provided,
      however:
      (i) the
      Servicer need not take any proposed action unless it receives from the Holders
      a
      sufficient advance payment (pro rata based on the principal balance of
      outstanding Notes) against prospective fees to render it comfortable in
      undertaking such action. Should any Holder not pay the Holder’s proportionate
      share of any Servicer fee assessment, then such Holder shall nonetheless be
      liable therefor (on a nonrecourse basis, to the extent of the value of the
      Holder’s Note) and further directs the Company and Servicer to deduct and pay
      over to the Servicer, together with interest at twelve percent (12%) per annum,
      such amount from the next proceeds payable to such Holder with respect to the
      Holder’s Note; and (ii) the Servicer may take such action as Servicer deems
      necessary and proper prior to receipt of the consent of the Majority Holders
      if
      Servicer in good faith believes that the necessary action must be taken on
      an
      emergency basis to protect the interests of the Holders and that the Servicer
      will be unable to obtain the requisite consent on a timely basis necessary
      to
      enable it to act in the best interests of the Holders.

     

    
      
        
        

      

      
        C-5

        
          

        

      

      
        
        

      

    

     

    (c) Compensation
      of a Servicer.
      In
      consideration for performing its duties under this Agreement, the Company agrees
      to pay Servicer in the case of a default, a fee equal to Servicer’s employees’
or independent contractors’ regular hourly rates which Servicer may charge for
      services plus reimbursement for all out-of-pocket costs including fees and
      expenses of attorneys and other associated professionals as may be retained
      by
      Servicer for purposes of providing its services. The Holders direct the Company
      and Servicer to deduct and pay over to Servicer and its associated service
      providers any amounts payable by the Holders from the first proceeds otherwise
      payable to each Holder to the extent such Holder has not advanced his pro rata
      share thereof to Servicer.

     

    (d) Written
      Direction Upon Majority Holders.
      In
      carrying out its duties under this Agreement, the Servicer shall abide by the
      direction of the Majority Holders and not in number of the Holders. Unless
      the
      direction from the Majority Holders indicates otherwise, a direction to the
      Servicer to enforce the rights of the Holders under the Notes or this Agreement
      shall authorize the Servicer to pursue, or elect not to pursue, one or more
      remedies as the Servicer, in its sole discretion, shall determine. The Holders
      acknowledge that the Servicer’s affiliates may hold a majority-in-interest of
      the Notes individually or in concert with a minority of the remaining Holders,
      which may provide Servicer the ability to determine the cause of action in
      question. The parties further acknowledge that any net proceeds after costs
      and
      expenses that are realized with respect to collection of the Notes shall be
      allocated pro rata among all Holders based upon the outstanding sums due to
      them
      from time to time with respect to the Notes.

     

    (e) Voting.
      Except
      as expressly set forth above, all actions and votes of the Holders required
      or
      permitted under the terms of this Agreement or the Notes shall be conducted
      pursuant to either written consent by the Majority Holders or a vote per the
      following terms and provisions:

     

    (i) The
      Holder of each Note shall have the right to cast the number of votes determined
      by dividing the outstanding principal balance of the Note of such Holder by
      1,000.

     

    (ii) All
      votes
      of the Holders shall be taken with or without a meeting, as determined by the
      Servicer. In connection with each vote (where written consent is not sought
      by
      Servicer), the Servicer shall provide each Holder the following:

     

    (1) a
      ballot
      providing for each Holder to cast the Holders’ number of votes for or against
      each matter being voted upon;

     

    (2) a
      statement that each Holder’s ballot must be received by the Servicer within
      fifteen (15) days from the date on which such ballots are deposited in the
      United States mail, postage prepaid, or otherwise delivered to the Holders
      (which delivery may include by email transmission to the last known email
      address of the Holder); and

     

    
      
        
        

      

      
        C-6

        
          

        

      

      
        
        

      

    

     

    (3) an
      envelope self-addressed to the Servicer (in the event the ballot is being
      provided other than pursuant to email).

     

    (iii) All
      ballots must be returned to the Servicer not later than the date indicated
      above. Ballots received after such fifteen (15) day period shall be considered
      void.

     

    (iv) No
      later
      than ten (10) days after the date indicated on the ballot pursuant to
Section 6(e)(ii(2)
      above
      the Servicer shall count the votes. All votes returned or received after the
      fifteen (15) day period shall not be counted. The Servicer shall, within ten
      (10) days after tallying the votes, notify the Holders of the outcome of said
      vote by written notice. Notwithstanding the foregoing, if holders of a
      Majority-in-Interest of the Holders’ Notes approve a proposed course of action,
      the Servicer may take such action immediately and need not wait until subsequent
      votes are tallied.

     

    (v) Should
      a
      deadline fall on a weekend or holiday, the applicable time period shall be
      extended to the end of the next business day.

     

    7. Amendment
      to Notes, Security Agreement.
      In
      addition to the enforcement actions referenced above, each Holder agrees that
      either the Servicer (subject to due authorization as set forth above) or the
      Majority Holders of the Notes shall have the right to act on behalf of each
      Holder:

     

    (a) to
      modify
      the terms of all the Notes, which modifications include but are not limited
      to
      extension of the due date of the Notes, modification of the interest called
      for
      thereunder or the conversion to equity of the Notes or any portion
      thereof;

     

    (b) to
      modify
      the term of the this Agreement, including coverage and for release of the
      Collateral therefor or modify the terms of the Purchase Agreement;
      and

     

    (c) to
      enter
      into such forms of subordination agreement or standstill agreement as the
      Servicer deems necessary and proper. By execution of this Agreement, each Holder
      grants to Servicer and its officers (each an “Attorney”) an irrevocable power of
      attorney to execute in such Holder’s name, place and stead any document said
      Attorney deems necessary and proper to carry out the purpose or intent of this
      Agreement or any actions contemplated hereunder, including but not limited
      to
      each of :

     

    (i) any
      future amendments to the Notes, this Agreement or the CGSI 2-Year Term Note
      Purchase Agreement or any other agreement contemplated thereunder;

     

    (ii) any
      intercreditor agreement or Subordination Agreement they deem necessary and
      proper;

     

    (iii) any
      amendments to any of the foregoing;

     

    
      
        
        

      

      
        C-7

        
          

        

      

      
        
        

      

    

     

    (iv) such
      form
      of UCC-3 amendment or termination to financing statement and such form of
      comparable document or notice filing and such form of debenture as necessary
      to
      perfect the Holder’s security interest in the Collateral to the extent
      applicable to a Debtor (including such forms of documents necessary to perfect
      the collateral interests of the Holders in the assets of Magenta in the UK);
      and

     

    (v) any
      release or modification of the Collateral.

     

    8. Notices.
      All
      notices required or permitted to be given hereunder shall be given in writing
      and may be delivered personally to the person to whom it is authorized to be
      given, or sent by registered, certified or first class mail, postage paid,
      addressed as follows (or such other address as the party entitled to notice
      shall provide to the other parties hereto from time to time):

     

    
      	
              To
                the Servicer or any Debtor:

            	
              c/o
                Capital Growth Systems, Inc.

              Attention: Thomas
                G. Hudson, CEO

              50
                East Commerce Drive - Suite A

              Schaumburg,
                IL 60173

            
	 	 
	 	
              c/o
                CGSI Term Note Servicer, Inc.

              50
                East Commerce Drive - Suite A

              Schaumburg,
                IL 60173

            
	 	 
	 	
              with
                a copy to:

            
	 	 
	 	
              Shefsky
                & Froelich Ltd.

              Attention: Mitchell
                Goldsmith, Esq.

              111
                East Wacker Drive - Suite 2800

              Chicago,
                IL 60601

            
	 	 
	
              To
                each Holder:

            	
              At
                the address of record in the Company’s
                offices.

            

    

    

    9. Indemnification
      of Servicer; Conflicts of Interest.
      Holders
      acknowledge that Servicer is acting as their agent and attorney in fact as
      set
      forth above and each agrees to indemnify, hold harmless and defend Servicer,
      its
      officers, directors, employees, agents, attorneys, subcontractors and assigns
      (collectively, the “Indemnitees) against all claims, actions, damages and
      expenses of any kind arising out of or in connection with the Servicer’s actions
      taken under this Agreement, or services taken with respect to this Agreement
      or
      reasonably believed to be in the scope of the Indemnitee’s authority, provided
      that the Indemnitee in question has not acted with willful misconduct or fraud
      in connection with its actions.

     

    10. Successors.
      Should
      Servicer wish to resign from its responsibilities hereunder, it may do so upon
      delivery of fifteen (15) days’ prior notice to the parties hereto; in such event
      or should the Holders seek to elect a new party to assume Servicer’s obligations
      hereunder, they may do so upon approval in writing of the Majority Holders
      and
      delivery of notice to Servicer and to the Company, which shall promptly
      disseminate said notice to the other parties hereto.

     

    
      
        
        

      

      
        C-8

        
          

        

      

      
        
        

      

    

     

    11. Removal.
      The
      Majority Holders may remove the Servicer and/or replace the Servicer with a
      Substitute Servicer. Any such removal shall be effective only after ten (10)
      days’ prior written notice is provided to Servicer that the removal has been
      approved (or such shorter period of time as is mutually agreed by Servicer
      and
      the Holders).

     

    12. General.

     

    (a) Debtors
      agree to pay all expenses (including reasonable attorneys' fees and legal
      expenses) paid or incurred by Servicer on behalf of the Holders in endeavoring
      to collect the Notes, and in enforcing this Agreement. No delay on the part
      of
      Servicer on behalf of the Holders in the exercise of any rights or remedies
      shall operate as a waiver thereof, and no single or partial exercise by Holder
      of any right or remedy shall preclude other or further exercise thereof or
      the
      exercise of any other right or remedy.

     

    (b) This
      Agreement shall remain in full force and effect until the payment in full of
      the
      Notes or the conversion of the Notes into equity in the sole discretion of
      the
      Holder of each Note. This Agreement has been delivered at Chicago, Illinois,
      and
      shall be construed in accordance with and governed by the internal laws of
      the
      State of Illinois. Any dispute with respect to this Agreement shall be litigated
      in the state or federal courts situated in Cook County, Illinois to which
      jurisdiction and venue all parties consent, and shall be adjudicated by bench
      trial, with all parties waiving their right to trial by jury. The rights and
      privileges of Holder hereunder shall inure to the benefit of their respective
      successors and assigns.

     

    (c) This
      Agreement contains the entire agreement among the parties hereto with respect
      to
      the matters set forth herein. This Agreement shall be binding upon and inure
      to
      the benefit of the parties hereto and their successors and assigns.

     

    (d) This
      Agreement may be executed in any number of counterparts and by the different
      parties hereto and on separate counterparts and each such counterpart shall
      be
      deemed to be an original, but all such counterparts shall together constitute
      one and the same agreement. 

     

    (e) The
      Company shall reimburse the Servicer for its reasonable costs, including
      attorneys’ fees, in connection with the documentation, review and negotiation of
      this Transaction, including costs for the formation of the Holder as a limited
      liability company.

     

    13. Counsel.
      THE
      PARTIES ACKNOWLEDGE AND AGREE THAT SHEFSKY & FROELICH (“S&F”) IS ACTING
      SOLELY IN ITS CAPACITY AS COUNSEL FOR DEBTORS WITH RESPECT TO THE TRANSACTIONS
      CONTEMPLATED HEREIN AND NOT ON BEHALF OF ANY HOLDER OR SERVICER. THE TERMS
      OF
      SECTION 8.7 OF THE CGSI TERM NOTE PURCHASE AGREEMENT REGARDING CONFLICTS OF
      INTEREST ARE INCORPORATED BY REFERENCE HEREIN AND MADE A PART HEREOF AS IF
      FULLY
      REWRITTEN.

     

    
      
        
        

      

      
        C-9

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Agreement has been duly executed as of the day and the
      year first above written.

     

    
      	
              DEBTORS:

            	 	
              HOLDER
                (executing other than per power of 

            
	 	 	
              attorney):

            
	
              
                CAPITAL
                  GROWTH
                  SYSTEMS,
                  INC.

              

            	 	 
	 	 	 
	 	 	
              [Print
                Name]

            
	
              By:

            	 	 	 
	
              Its:

            	 	 	
              By:

            	 
	 	 	
              Its:

            	 
	 	 	 
	
              20/20
                TECHNOLOGIES,
                INC.

            	 	
              Principal
                Amount of Note:

            	
              $

            	 
	
              20/20
                TECHNOLOGIES
                I,
                LLC

            	 	 
	
              
                MAGENTA NETLOGIC,
                  LIMITED

              

            	 	 
	
              
                FRONTRUNNER
                  NETWORK
                  SYSTEMS,
                  CORP.

              

            	 	
              HOLDERS
                LISTED ON EXHIBIT
                A

            
	
              
                CENTREPATH,
                  INC.

              

            	 	
              (pursuant
                to Power of Attorney in favor of the

            
	
              
                GLOBAL
                  CAPACITY
                  GROUP,
                  INC.

              

            	 	
              undersigned
                on behalf of all such Holders):

            
	
              20/20
                TECHNOLOGIES,
                INC.

            	 	 
	 	 	 
	 	 	
              By:

            	 
	
              By:

            	 	 	
              Its:

            	 
	 	
              [Signature](1)

            	 	 
	 	 	 
	 	 	 
	
              SERVICER:

            	 	 
	 	 	 
	
              CGSI
                TERM
                NOTE
                SERVICER,
                INC.

            	 	 
	 	 	 
	
              By:

            	 	 	 
	
              Its:

            	 	 	 
	 	 	 
	
              
                

              

            
	
              (1)

            	
              Authorized
                Signatory on behalf of each of the
                Debtors.

            

    

     

    
      
        
        

      

      
        C-10Unassociated Document

    AGREEMENT
      AND COMPLETE AND

    FULL
      GENERAL RELEASE

    

    

    Bernard
      Walik (“Executive”) and Ionatron, Inc., (the “Company”), have agreed to conclude
      their employment relationship. The parties have agreed that, based upon
      Executive’s past service to Company and the parties’ mutual desire to amicably
      conclude the employment relationship, that Executive and Company enter into
      this
      Agreement and Complete and Full General Release (“Agreement”). In consideration
      of the sum to be paid and other promises set out in this Agreement, the receipt
      and sufficiency of which are hereby acknowledged, and intending to be legally
      bound, the parties agree to the following terms:

    

    1.  Conclusion
      of Employment.
      Executive’s employment by Company will terminate on January 19, 2007
      (“Separation Date”). Executive hereby terminates his position as Executive Vice
      President - Operations and any other positions he holds with the Company or
      any
      subsidiary of the Company.

    

    2.  Payment
      Upon Separation; Consideration for Executive’s Agreements.
      Assuming
      the Executive does not revoke this Agreement within the revocation period set
      forth in Paragraph 6, below, in consideration for executing this Agreement
      and
      complying with its terms, Executive will receive a severance payment from the
      Company in an amount not to exceed $92,579.33, less appropriate tax withholdings
      and authorized deductions, commencing on the first Company pay date subsequent
      to the expiration of the revocation period. Company agrees to pay the severance
      payment to Executive in accordance with schedule 1, attached hereto. The Company
      shall also pay base COBRA payments (equivalent to medical and dental elections
      at termination) up and until the earlier of the following occurs: a) Executive
      is eligible to receive benefits from any other source or provider (new employer,
      consulting engagement, change of status, etc.) or b) a period of twelve months
      from Separation Date. Executive shall promptly notify Company of any changes
      in
      benefit status subject to point a above. Executive is responsible for any and
      all taxes, liabilities or expenses associated with COBRA payments. Executive
      shall receive a 1099 at year end for such COBRA payments. Executive also
      acknowledges that he received two-weeks of pay in lieu of notice.

     

    In
      addition to the consideration set forth above, Executive shall receive all
      earned, but unused, vacation pay on the first Company pay date subsequent to
      the
      Separation Date.

     

    3.  Health
      Insurance Transitional Support.
      Company
      will comply with its obligations and provide all required notices to Executive
      of Executive’s rights under the Consolidated Omnibus Budget Reconciliation Act
      ("COBRA"). 

    
       

    

    
      	 	 	
               Initials:
                Executive _________ Company
                _________

            
	 	 	
               Page
                1 of
                5

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4.  Confidentiality.
      Executive
      agrees to keep the terms of this Agreement strictly confidential. Executive
      may
      only disclose the information in this Agreement to Executive’s immediate family,
      attorney(s) and/or tax advisor(s) unless ordered to do so by a duly authorized
      subpoena issued by an appropriate agency or court of law.

    

    5.  Confidential
      Information. Executive
      acknowledges that the information, observations and data obtained by Executive
      while employed by the Company concerning the business or affairs of the Company
      (“Confidential Information”) are the property of the Company. Therefore,
      Executive agrees that Executive shall not disclose to any unauthorized person
      or
      use for Executive’s own purposes any Confidential Information without the prior
      written consent of the Chief Executive Officer of Company, unless and to the
      extent such information becomes generally known to and available for use by
      the
      public other than as a result of Executive’s acts or omissions. Executive
      further acknowledges and agrees that the terms of the Confidentiality and
      Assignment Acknowledgement and Agreement Executive signed by Executive while
      he
      was employed by Company survive the termination of Executive’s employment and
      remain in full force and effect. Executive shall promptly deliver to the Company
      all memoranda, notes, plans, records, reports, computer tapes, printouts and
      software and other documents and data (and copies thereof) in any form or medium
      relating to the Confidential Information or the business of the Company that
      Executive may then possess or have under Executive’s Control. In addition,
      Executive shall promptly return to Company all assets of the Company including,
      but not limited to, computer equipment and cellular phones. Executive shall
      not
      disparage the commercial, business or financial reputation of the Company or
      any
      of its officers, directors or employees.

    

    6. Waiver
      of Claims.
      Executive, individually and on behalf of Executive’s estate, heirs, personal
      representatives, and assigns hereby release, remise and forever discharge the
      Company of and from any and all actions, causes of action, claims, debts, dues,
      accounts, accountings, losses, liabilities, contracts, commitments, rights,
      obligations, damages, costs and expenses, including without limitation
      litigation expenses and attorneys fees, of any nature whatsoever, whether known
      or unknown, liquidated or contingent, whether now existing or hereafter arising,
      (each individually a “Claim” and all of the foregoing collectively called
“Claims”), which Executive had, now has, or may in the future have, including
      without limitation any Claims: (a) for libel, slander, defamation, or tortious
      interference with actual or prospective business or contractual relations,
      which
      are based in whole or in part on any facts, circumstances or events which are
      now existing or which occurred on or prior to the date hereof, or (b) for breach
      of contract, wrongful discharge, non-payment of wages or other sums, with the
      sole exception of Claims arising under the express provisions of this Agreement.
      

    
      
         

      

      
        	 	 	
                 Initials:
                  Executive _________ Company
                  _________

              
	 	 	
                 Page 2
of
                  5

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Except
      as
      expressly provided to the contrary in the first paragraph of this Section 6,
      the
      Claims and rights being released in this section include, but are not limited
      to: all Claims and rights arising from or in connection with any agreement
      of
      any kind Executive may have had with Company, or in connection with Executive’s
      status or separation of employment from Company; all Claims and rights for
      wrongful discharge (whether in common law or pursuant to the Arizona Employment
      Protection Act), breach of contract, either express or implied, emotional
      distress, back pay, front pay, benefits, fraud, or misrepresentation; all Claims
      and rights, if any, arising under the Civil Rights Acts of 1964 and 1991, as
      amended, (which prohibits the discrimination in employment based on race, color,
      national origin, religion or sex), the Americans with Disabilities Act (ADA),
      as
      amended (which prohibits discrimination in employment based on disability),
      the
      Age Discrimination in Employment Act (ADEA), as amended (which prohibits age
      discrimination in employment), the Employee Retirement Income Act of 1974
      (ERISA), as amended, all other wage and hour/wage payment statutes and laws,
      the
      Arizona Civil Rights Act and all similar state or local fair employment
      practices statutes and laws, and the Health Insurance Portability and
      Accountability Act (HIPPA), to the extent such statutes and laws may be
      applicable; and, any and all other Claims or rights whether arising under
      federal, state, or local law, rule, regulation, constitution, ordinance or
      public policy.

     

    Executive
      acknowledges that Executive is waiving any rights Executive may have under
      the
      Age Discrimination in Employment Act, that Executive was advised to review
      this
      Agreement with Executive’s legal counsel before signing the Agreement, that
      Executive has been advised to carefully read the provisions of this release,
      that Executive understands its contents, that Executive has twenty one (21)
      days
      from the date Executive received a copy of this release to consider entering
      into this release and accepting the payments provided for herein, and that
      if
      Executive signs and returns this release before the end of the 21-day period,
      Executive will have voluntarily waived Executive’s right to consider this
      release for the full twenty one (21) days.

     

    Executive
      acknowledges that Executive may revoke this release within seven (7) days of
      Executive’s execution of this Agreement by submitting written notice of
      Executive’s revocation of this release and of this Agreement to the Chief
      Executive Officer of the Company. Executive also understands that this release
      and Agreement shall not become effective or enforceable until the expiration
      of
      that 7-day period without Executive having given such notice. If Executive
      gives
      such notice of revocation, then this Agreement will be null and void and of
      no
      further force and effect.

    
      
         

      

      
        	 	 	
                 Initials:
                  Executive _________ Company
                  _________

              
	 	 	
                 Page 3
of
                  5

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Executive
      agrees that if any provision of this release is or shall be declared invalid
      or
      unenforceable by a court of competent jurisdiction, then such provision will
      be
      modified only to the extent necessary to cure such invalidity and with a view
      to
      enforcing the parties’ intention as set forth in this release to the extent
      permissible and the remaining provisions of this release shall not be affected
      thereby and shall remain in full force and effect

     

    7. No
      Wrongdoing by Company. Executive
      acknowledges and understands that by offering and/or executing this Agreement,
      Company does not admit, and indeed expressly denies, that Company, its
      employees, managers, agents, directors and officers have done anything improper
      or violated any law. The signing of this Agreement is not an admission of
      liability or wrongdoing by Company, its employees, managers, agents, directors
      or officers.

     

    8. Taxes.
      Company
      will withhold all appropriate taxes and issue to Executive an IRS Tax Form
      W-2.
      The parties acknowledge, however, that there may be tax consequences for
      Executive in excess of the amounts withheld from the consideration described
      in
      Paragraphs 2 and 3 of this Agreement. It is expressly understood that Executive
      is responsible for all taxes which Executive may owe as a result of Executive
      receiving the consideration under this Agreement. Executive expressly
      understands that if Executive or Executive’s family owe taxes, or additional
      taxes, at any time as a result of the impact of this Agreement, that Executive
      alone is responsible for making those payments and that Executive will not
      seek
      additional sums from Company to make those payments. Similarly, if Executive
      seeks to recover certain portions of or all of the withheld amounts from the
      appropriate taxation authorities, such a recovery would be a private matter
      between Executive and the appropriate government agency or agencies. Company
      will not provide Executive with, nor will Executive ask for, any
      additional funds to offset the amount paid or owed in taxes, accrued interest,
      penalties or for attorneys fees which Executive may incur in resolving
      Executive’s claims with any government agency or agencies or courts of
      law.

    

    9. Executive’s
      Coverage Under Directors and Officers Liability Policy. The
      conclusion of Executive’s employment with Company does not affect Executive’s
      coverage under Company’s Directors and Officers Liability Policy for acts or
      omissions by Executive which occurred in the course of Executive’s performance
      of Executive’s duties and responsibilities on behalf of Company. Executive will
      not have coverage under Company’s Directors and Officers Liability Policy for
      services, acts or omissions to act by Executive subsequent to the Separation
      Date.

    

    10. Complete
      Integration.
      The
      terms contained in this Agreement are the only terms agreed upon by Executive
      and Company. Notwithstanding any other statements, all benefits which Executive
      had as a result of Executive’s employment, and which are not expressly listed in
      this Agreement, terminate in accordance with Company’s benefit contracts, but in
      no case later than the end of October, 2006. It is the express intent of the
      parties that this Agreement fully integrates and expressly replaces any other
      terms, conditions, conversations, discussions, or any other issues which were
      discussed regarding Executive’s employment at Company, or for any and all
      reasons based on conduct which has occurred through the date of executing this
      Agreement. With the exception of the Confidentiality and Assignment
      Acknowledgement and Agreement signed by Executive while employed by Company,
      any
      other conversations, promises or conditions which do not appear in this document
      are waived or rejected by agreement of Executive and Company.

    
      
        
           

        

        
          	 	 	
                   Initials:
                    Executive _________ Company
                    _________

                
	 	 	
                   Page 4
of
                    5

                

        

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11. Interpretation
      and Enforcement.
      Because
      Executive has been advised to seek counsel prior to signing this Agreement,
      the
      parties agree that the general rule that the document shall be interpreted
      against the party that drafted it shall not apply to any subsequent issue of
      interpretation. In the event a dispute arises over the terms of this Agreement,
      both Executive and Company are equal without regard to who authored this
      document. All claims, disputes or issues of interpretation which arise, or
      may
      arise, out of this Agreement shall be resolved by an Arbitrator under the
      American Arbitration Association’s Rules and Procedures for Employment Cases.
      The Arbitrator shall have the power to order appropriate remedies for any proven
      breaches of this Agreement. However, each side shall bear its own attorneys
      fees. The decision and award of any Arbitrator shall be final and binding.
      The
      Parties agree to keep any Decision and Award confidential.

    

    12. Counter-parts.
      This
      Agreement may be signed in separate counter-parts.

    

    13. Signatures

    

    

    

    
      	/s/ Bernard
              Walik    	01/25/2007 	 
	Bernard Walik 	Date 	 
	 	 	 
	 	 	 
	/s/ Kenneth M. Wallace 	01/25/2007 	 
	Ionatron, Inc 	Date 	 
	By: Kenneth
              M. Wallace 	 	 
	Authorized Agent of Company 	 	 

    

      

      

    

    

    Presented
      to Executive on: January 19, 2007 and finalized January 25, 2007.

     

    
      
        
           

        

        
          	 	 	
                   Initials:
                    Executive _________ Company
                    _________

                
	 	 	
                   Page 5
of
                    5

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