Document:

Exhibit 10.1

SECURITIES PURCHASE
AGREEMENT

This Securities Purchase Agreement (this “Agreement”) is dated as of June 30, 2006, among the
selling stockholders identified on the signature page hereto (each, a “Selling Stockholder,” and collectively, the “Selling Stockholders”), Think Partnership Inc., a Nevada
corporation (the “Company”), and the investors
identified on the signature pages hereto (each, an “Investor”
and collectively, the “Investors”).

WHEREAS, subject to the terms and conditions set forth
in this Agreement and pursuant to exemptions from registration under the
Securities Act (as defined below), the Selling Stockholders desire to offer and
sell to each Investor, and each Investor, severally and not jointly, desires to
purchase from the Selling Stockholders, securities owned by the Selling
Stockholders, as more fully described in this Agreement.

WHEREAS, in connection with the offer and sale of the
Selling Stockholders’ securities contemplated hereunder, the Company has agreed
to make certain representations and warranties to the Investors and to permit
the transfer of certain registration rights presently held by the Selling
Stockholders as to such securities and intended to be transferred to the
Investors concurrently with the sale of such securities.

NOW, THEREFORE, IN CONSIDERATION of the mutual
covenants contained in this Agreement, and for other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the
Company, the Selling Stockholders and the Investors agree as follows:

ARTICLE 1.

DEFINITIONS

1.1.          Definitions.   In addition
to the terms defined elsewhere in this Agreement, for all purposes of this
Agreement, the following terms shall have the meanings indicated in this Section 1.1:

“Affiliate” means any Person
that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with a Person, as such terms are used
in and construed under Rule 144.

“Business Day” means any day
except Saturday, Sunday and any day which is a federal legal holiday or a day
on which banking institutions in the State of New York or State of Illinois are
authorized or required by law or other governmental action to close.

“Closing” means the closing of
the purchase and sale of the Selling Stockholder Shares and Warrants pursuant
to Article II.

“Closing Date” means the
Business Day on which all of the conditions set forth in Sections 5.1 and 5.2
hereof are satisfied, or such other date as the parties may agree.

“Commission” means the
Securities and Exchange Commission.

 

 

“Common Stock” means the common
stock of the Company, par value $0.001 per share, and any securities into which
such common stock may hereafter be reclassified.

“Common Stock Equivalents” means
any securities of the Company or any Subsidiary which entitle the holder
thereof to acquire Common Stock at any time, including without limitation, any
debt, preferred stock, rights, options, warrants or other instrument that is at
any time convertible into or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock or other securities that entitle the holder to
receive, directly or indirectly, Common Stock.

“Conversion Shares” means shares
of Common Stock issuable upon exercise of the Warrants.

“Effective Date” means the date
that the Registration Statement required by Section 2(a) of the
Registration Rights Agreement is first declared effective by the Commission.

“Escrow Agreement” means the
Escrow Agreement, dated as of June 14, 2006, among the Company, the
Selling Stockholders and the Escrow Agent (as defined in the Escrow Agreement).

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

“Illinois Courts” means the
state and federal courts sitting in the City of Chicago, Illinois.

“Investment Amount” means, with
respect to each Investor, the Investment Amount indicated on such Investor’s
signature page to this Agreement.

“Investor Party” has the meaning
set forth in Section 4.4.

“Lien” means any lien, charge,
encumbrance, security interest, right of first refusal or other restrictions of
any kind.

“Losses” means any loss, liability, obligation,
claim, contingency, damage, cost or expense, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys’ fees and costs of
investigation related thereto.

“Material Adverse Effect” means
any of (i) a material and adverse effect on the legality, validity or
enforceability of any Transaction Document, (ii) a material and adverse
effect on the operations (including results thereof), assets, liabilities,
prospects, business or condition (financial or otherwise) of the Company and
the Subsidiaries, taken as a whole, or (iii) an adverse impairment to the
Company’s or a Selling Stockholders’ ability to perform on a timely basis its
obligations under any Transaction Document.

“Outside Date” means July 7,
2006.

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“Person” means an individual or
corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or
an agency or subdivision thereof) or other entity of any kind.

“Per Share Purchase Price”
equals $1.43.

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

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of the date of this
Agreement, among the Company and the Investors, in the form of Exhibit A
hereto.

“Registration Statement” means a
registration statement meeting the requirements set forth in the Registration
Rights Agreement and covering the resale by the Investors of the Selling
Stockholder Shares.

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

“SEC Reports” has the meaning
set forth in Section 3.1(g).

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

“Selling Stockholder Shares” means
the shares of Common Stock being offered and sold by the Selling Stockholder to
the Investors hereunder in such number as is set forth below the Selling Stockholder’s
signature to this Agreement.

“Short Sales” include, without
limitation, all “short sales” as defined in Rule 200 promulgated under
Regulation SHO under the Exchange Act and all types of direct and indirect
stock pledges, forward sale contracts, options, puts, calls, swaps and similar
arrangements (including on a total return basis), and sales and other
transactions through non-US broker dealers or foreign regulated brokers.

“Trading Day” means (i) a
day on which the Common Stock is traded on a Trading Market (other than the OTC
Bulletin Board), or (ii) if the Common Stock is not listed on a Trading
Market (other than the OTC Bulletin Board), a day on which the Common Stock is
traded in the over-the-counter market, as reported by the OTC
Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading
Market, a day on which the Common Stock is quoted in the over-the-counter
market as reported by the Pink Sheets, LLC (or any similar organization or
agency succeeding to its functions of reporting prices); provided, that in the
event that the Common Stock is not listed or quoted as set forth in (i), (ii) and
(iii) hereof, then Trading Day shall mean a Business Day.

“Trading Market” means whichever
of the New York Stock Exchange, the American Stock Exchange, the NASDAQ
National Market, the NASDAQ Capital Market or 

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OTC Bulletin Board on which the Common Stock is listed
or quoted for trading on the date in question.

“Transaction Documents” means
this Agreement, the Registration Rights Agreement, the Escrow Agreement and any
other documents or agreements executed in connection with the transactions
contemplated hereunder.

“Warrants” means warrants to
purchase Common Stock held by the Selling Stockholders which shall be
transferred to the Investors at the Closing and exercised into shares of Common
Stock by the Investors immediately following the Closing.

ARTICLE 2.

PURCHASE AND SALE

2.1.          Purchase
of Selling Stockholder Shares; Closing.

(a)           Subject
to the terms and conditions set forth in this Agreement, at the Closing the
Selling Stockholders shall sell to each Investor, and each Investor shall,
severally and not jointly, purchase from the Selling Stockholders, the Selling
Stockholder Shares and Warrants in such number as equals the quotient (rounded down
to the nearest whole share) obtained by dividing (1) such Investor’s
Investment Amount by (2) the Per Share Purchase Price (provided that, in
the case of the Warrants, the exercise price of each such Warrant shall be
credited toward the Per Share Purchase Price of such Warrant).

(b)           The
Closing shall take place at the offices of Bryan Cave LLP, 1290 Avenue of the
Americas, New York, NY 10104 or at such other location as the parties may
agree.

(c)           The
Company and the Selling Stockholders will cooperate with one another, and will
cause the Selling Stockholder Shares and Conversion Shares to be re-issued to
the Investors at Closing as part of a single Common Stock certificate from the
Company to each Investor that will include all Selling Stockholder Shares and
Conversion Shares being acquired by such Investor under this Agreement. Each
Selling Stockholder will deliver all documents and such other instruments,
directions and writings as may reasonably be required to timely effect the
Closing as herein contemplated, including causing to be issued and delivered to
the Company for redelivery to the Investors at closing the legal opinion
contemplated by Section 2.2(b)(3).

2.2.          Closing Deliveries.   (a) 
At the Closing, the following will occur:

(a)           Each
Investor will deliver to the Company the Registration Rights Agreement, duly
executed by such Investor.

(b)           The
Company will cause to be issued and delivered to each Investor:

(1)  the
Registration Rights Agreement, duly executed by the Company and all parties
thereto;

(2)  the Escrow Agreement, duly executed by all parties thereto;
and

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(3)  the legal
opinions of counsel to the Company and the Selling Stockholders, each in agreed
form, addressed to the Investors.

(c)           Each
Investor shall deliver or cause to be delivered (for further redistribution to
the Selling Stockholders to reflect the particular Selling Stockholder Shares
and Warrants being hereby offered and sold consistent with Section 2.1(a))
to the Escrow Agent, its Investment Amount, in United States dollars and in
immediately available funds, by wire transfer to an account designated in
writing by the Escrow Agent for such purpose.

(d)           Upon joint written instructions from
the Company and the placement agent set forth in Schedule 3.3(f),
the Escrow Agent will disburse the Investment Amount funded into Escrow by the
Investors pursuant to Section 2.2(c) to pay off the amount of the
Liens contemplated by Section 5.2(e).

(e)           The Company will cause to be issued
and delivered to each Investor a certificate, registered in the name of such
Investor, representing that number of shares of Common Stock to be issued and
sold at Closing to such Investor, determined under Section 2.1(a),
registered in the name of such Investor.

(f)            Upon
joint written instructions from the Company and the placement agent set forth
in Schedule 3.3(f), the Escrow Agent will disburse the
balance of the Investment Amounts funded into Escrow by the Investors pursuant
to Section 2.2(c) not used to fund payments in accordance with Section 2.2(d) as
follows:

(1)  to pay any fees
and amounts listed on Schedule 3.3(f) not already paid above, and

(2) to pay the
Selling Stockholders for the Selling Stockholder Shares and Warrants.

ARTICLE 3.

REPRESENTATIONS AND WARRANTIES

3.1.          Representations and Warranties of
the Company.   The Company hereby makes the following representations
and warranties to each Investor:

(a)           Authorization;
Enforcement.   The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated by each
of the Transaction Documents and otherwise to carry out its obligations
thereunder. The execution and delivery of each of the Transaction Documents by
the Company and the consummation by it of the transactions contemplated thereby
have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company in connection therewith. Each
Transaction Document has been (or upon delivery will have been) duly executed
by the Company and, when delivered in accordance with the terms hereof, will
constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except as such enforceability may be
limited by applicable 

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bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by other equitable principles of general
application.

(b)           No
Conflicts.   The execution, delivery and performance of the Transaction
Documents by the Company, the consummation by the Company of the transactions
contemplated thereby and the sale of the Selling Stockholder Shares and
Warrants hereunder do not and will not (i) conflict with or violate any
provision of the Company’s or any Subsidiary’s certificate or articles of
incorporation, bylaws or other organizational or charter documents, or (ii) conflict
with, or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other
instrument (evidencing a Company or Subsidiary debt or otherwise) or other
understanding to which the Company or any Subsidiary is a party or by which any
property or asset of the Company or any Subsidiary is bound or affected, or (iii) result
in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the
Company or a Subsidiary is subject (including federal and state securities laws
and regulations), or by which any property or asset of the Company or a
Subsidiary is bound or affected.

(c)           Filings,
Consents and Approvals.   The Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any
filing or registration with, any court or other federal, state, local or other
governmental authority or other Person in connection with the execution,
delivery and performance by the Company of the Transaction Documents or by
reason of the sale of the Selling Stockholder Shares and Warrants hereunder,
other than (i) the filing with the Commission of one or more Registration
Statements in accordance with the requirements of the Registration Rights
Agreement, (ii) the filings required in accordance with Section 4.3
and (iii) those that have been made or obtained prior to the date of this
Agreement.

(d)           Issuance
of the Shares.   The Conversion Shares have been duly authorized and,
when issued and paid for in accordance with Section 2.2(b)(ii), will be
duly and validly issued, fully paid and nonassessable, free and clear of all
Liens. The Company has reserved from its duly authorized capital stock such
shares of Common Stock. When issued, the Selling Stockholder Shares and
Warrants were duly authorized and were validly issued, fully paid and
nonassessable. The Selling Stockholders are the sole record owners of the
Selling Stockholder Shares and Warrants to be sold hereunder. The sale of the
Selling Stockholder Shares and Warrants hereunder will not, immediately or with
the passage of time, obligate the Company to issue shares of Common Stock or
other securities to any Person (other than the Investors) and will not result
in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under such securities, or under any other
securities issued by the Company.

(e)           Certain
Registration Matters.   Assuming the accuracy of the Investors’
representations and warranties set forth in Section 3.2(b)-(d), no
registration under the Securities Act is required for the offer and sale of the
Selling Stockholder Shares and Warrants and the offer of Conversion Shares by
the Selling Stockholders to the Investors under the Transaction 

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Documents. The Company is eligible to register its
Common Stock for resale by the Investors under Form S-3 promulgated
under the Securities Act.

(f)            Listing
and Maintenance Requirements.   Except as specified in the SEC Reports,
the Company has not, in the two years preceding the date hereof, received
notice from any Trading Market to the effect that the Company is not in
compliance with the listing or maintenance requirements thereof. The Company
is, and has no reason to believe that it will not in the foreseeable future
continue to be, in compliance with the listing and maintenance requirements for
continued listing of the Common Stock on the Trading Market on which the Common
Stock is currently listed or quoted. The sale of the Selling Stockholder Shares
and Warrants does not contravene the rules and regulations of the Trading
Market on which the Common Stock is currently listed or quoted, and no approval
of the shareholders of the Company thereunder is required for any such actions.
The Selling Stockholder Shares and the Conversion Shares are listed on the
Trading Market on which the Common Stock is currently listed or quoted.

(g)           SEC
Reports; Financial Statements.   The Company has filed all reports,
schedules, forms, statements and other documents required to be filed by it
under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or
15(d) thereof, for the two years preceding the date hereof (or such
shorter period as the Company was required by law to file such material) (the
foregoing materials, including the exhibits thereto and documents incorporated
by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has
received a valid extension of such time of filing and has filed any such SEC
Reports prior to the expiration of any such extension. Except as set forth on Schedule
3.1(g), as of their respective dates, the SEC Reports complied in all
material respects with the requirements of the Securities Act and the Exchange
Act and the rules and regulations of the Commission promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and
regulations of the Commission with respect thereto as in effect at the time of
filing. Such financial statements have been prepared in accordance with United
States generally accepted accounting principles applied on a consistent basis
during the periods involved (“GAAP”),
except as may be otherwise specified in such financial statements or the notes
thereto and except that unaudited financial statements may not contain all
footnotes required by GAAP, and fairly present in all material respects the
financial position of the Company and its consolidated subsidiaries as of and
for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. No event, liability, development or
circumstance has occurred or exists, or is contemplated to occur, with respect
to the Company or any of its subsidiaries or their respective business, assets,
properties, prospects, operations (including results thereof), liabilities or
condition (financial or otherwise), that would be required to be disclosed by
the Company under applicable securities laws on a registration statement on Form S-1
filed with the Commission relating to an issuance and sale by the Company of
its Common Stock and which has not been publicly announced, other than the
transaction contemplated by this Agreement.

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(h)           Disclosure.   The
Company confirms that, to the Company’s knowledge (and without any obligation
to inquire of any Person who is not an officer, director or employee of the
Company), neither it nor any other Person acting on its behalf has provided any
of the Investors, other than an Investor that is an officer or director of the
Company, or their respective agents or counsel with any information that
constitutes or could reasonably be expected to constitute material, nonpublic
information. The Company understands and confirms that each of the Investors
will rely on the foregoing representations in effecting transactions in
securities of the Company. All disclosure provided to the Investors regarding
the Company, its business and the transactions contemplated hereby, including
the Schedules to this Agreement, furnished by or on behalf of the Company are
true and correct and do not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements made
therein, in the light of the circumstances under which they were made, not
misleading. Each press release issued by the Company during the twelve (12)
months preceding the date of this Agreement did not at the time of release
contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they are made, not
misleading. No event or circumstance has occurred or information exists with
respect to the Company or any subsidiary or either of its or their respective
business, properties, prospects, operations or financial conditions, which,
under applicable law, rule or regulation, requires public disclosure or
announcement by the Company but which has not been so publicly announced or
disclosed (assuming for this purpose that the Company’s reports filed under the
Exchange Act are being incorporated into an effective registration statement
filed by the Company under the Securities Act).

(i)            Equity
Capitalization.   As of the date hereof and as of the Closing, the
authorized capital stock of the Company consists solely of (i) 200,000,000
shares of Common Stock, of which 52,412,695 including 2,500,000 shares held in
treasury are issued and 49,912,695 are outstanding and 31,798,349 are reserved
for issuance pursuant to securities exercisable or exchangeable for, or
convertible into, shares of Common Stock and (ii) 5,000,000 shares of
preferred stock, of which 26,500 are issued and outstanding.

(j)            Limitation
on Investors Representations.   The Company acknowledges and agrees
that no Investor has made or makes any representations or warranties with
respect to the transactions contemplated hereby other than those specifically
set forth in Section 3.2.

3.2           Representations and Warranties of
the Investors.   Each Investor hereby, for itself and for no other
Investor, represents and warrants to the Company and the Selling Stockholders
as follows:

(a)           Organization;
Authority.   Such Investor is an entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization with the requisite corporate or partnership power and authority to
enter into and to consummate the transactions contemplated by the Transaction
Documents and otherwise to carry out its obligations thereunder. The execution,
delivery and performance by such Investor of the transactions contemplated by
the Transaction Documents have been duly authorized by all necessary corporate
or, if such Investor is not a corporation, such partnership, limited liability
company or other applicable like action, on the part of such Investor. Each of
this Agreement 

 8
 

 

and the Registration Rights Agreement has been duly
executed by such Investor, and when delivered by such Investor in accordance
with the terms hereof, will constitute the valid and legally binding obligation
of such Investor, enforceable against it in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application.

(b)           Investment
Intent.   Such Investor is acquiring the Selling Stockholder Shares,
Warrants and Conversion Shares as principal for its own account for investment
purposes only and not with a view to or for distributing or reselling such
Selling Stockholder Shares, Warrants and Conversion Shares or any part thereof,
without prejudice, however, to such Investor’s right at all times to sell or
otherwise dispose of all or any part of such securities in compliance with
applicable federal and state securities laws. Subject to the immediately
preceding sentence, nothing contained herein shall be deemed a representation
or warranty by such Investor to hold the Selling Stockholder Shares, Warrants
and Conversion Shares for any period of time. Such Investor is acquiring the
Selling Stockholder Shares, Warrants and Conversion Shares hereunder in the
ordinary course of its business. Such Investor does not have any agreement or
understanding, directly or indirectly, with any Person to distribute any of the
Selling Stockholder Shares.

(c)           Investor
Status.   At the time such Investor was offered the Selling Stockholder
Shares and Warrants, it was, and at the date hereof it is, an “accredited
investor” as defined in Rule 501(a) under the Securities Act. Such
Investor is not a registered broker-dealer under Section 15 of the
Exchange Act.

(d)           General
Solicitation.   Such Investor is not purchasing the Selling Stockholder
Shares and Warrants as a result of any advertisement, article, notice or other
communication regarding the Selling Stockholder Shares and Warrants published
in any newspaper, magazine or similar media or broadcast over television or
radio or presented at any seminar or any other general solicitation or general
advertisement.

(e)           Certain
Trading Activities.   Such Investor has not directly or indirectly, nor
has any Person acting on behalf of or pursuant to any understanding with such
Investor, engaged in any transactions in the securities of the Company
(including, without limitations, any Short Sales involving the Company’s
securities) since the time that such Investor was first contacted by the
Company or Roth Capital Partners, LLC regarding the acquisition of Selling
Stockholder Shares and Warrants contemplated by this Agreement. Such Investor
covenants that neither it nor any Person acting on its behalf or pursuant to
any understanding with it will engage in any transactions in the securities of
the Company (including Short Sales) prior to the time that the transactions
contemplated by this Agreement are publicly disclosed.

(f)            Independent
Investment Decision.   Such Investor has independently evaluated the
merits of its decision to purchase the Selling Stockholder Shares and Warrants
pursuant to the Transaction Documents, and such Investor confirms that it has
not relied on the advice of any other Investor’s business and/or legal counsel
in making such decision. Such Investor has not relied on the business or legal
advice of Roth Capital Partners, LLC or any of its 

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agents, counsel or Affiliates in making its investment
decision hereunder, and confirms that none of such Persons has made any
representations or warranties to such Investor in connection with the
transactions contemplated by the Transaction Documents.

3.3.          Representations
and Warranties of the Selling Stockholders.   Each Selling Stockholder
for itself and no other Selling Stockholder hereby makes the following
representations and warranties to each Investor:

(a)           Enforcement.   This
Agreement has been duly executed and delivered by such Selling Stockholder and
constitutes the valid and binding obligation of such Selling Stockholder,
enforceable against it in accordance with its terms except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application.

(b)           No
Consents.   No consent, approval, authorization or order of, or any
filing or declaration with, any court or governmental agency or body, trustee
or other Person is required in connection with the consummation by such Selling
Stockholder of the transactions on its part contemplated by the Transaction
Documents, except (i) filings as may be required under Sections 13(d) and
16(a) of the Exchange Act, and (ii) those that have been made or
obtained prior to the date of this Agreement.

(c)           No
Conflicts.   The execution, delivery and performance by such Selling
Stockholder of the Transaction Documents to which it is a party and the
consummation of the transactions contemplated thereby do not and will not
result in a breach or violation of, or constitute a default under (with or
without notice or lapse of time), any stockholders agreement, voting trust
agreement, trust or other fiduciary agreement, pledge agreement, registration
rights agreement or other agreement or instrument to which such Selling
Stockholder or any of its properties are bound or affected, and will not
violate or conflict with any judgment, decree or order of any court or other
governmental agency or any law, rule or regulation applicable to such
Selling Stockholder.

(d)           Certain
Registration Matters.   Assuming the accuracy of the Investors’
representations and warranties set forth in Section 3.2(b)-(d), no
registration under the Securities Act is required for the offer and sale of the
Selling Stockholder Shares and Warrants by the Selling Stockholders to the Investors
under the Transaction Documents.

(e)           Good
and Marketable Title.   Except as set forth on Schedule 3.3(e),
such Selling Stockholder is the sole lawful record and sole beneficial owner of
all of the Selling Stockholder Shares and Warrants to be sold by it hereunder. Such
Selling Stockholder has good and marketable title to the Selling Stockholder
Shares and Warrants to be sold by it hereunder, free and clear of any Liens,
except for restrictions on subsequent transfer imposed by the securities laws. Upon
consummation of the Closing, the Investors will have good and marketable title
to the Selling Stockholder Shares and Warrants purchased by them, free and
clear of all Liens other than any Liens created by or through such Investor.

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(f)            Certain
Fees.   Except as described in Schedule 3.3(f), no brokerage or
finder’s fees or commissions are or will be payable by the Selling Stockholders
to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions
contemplated by this Agreement. The Investors shall have no obligation with
respect to any fees or with respect to any claims (other than such fees or
commissions owed by an Investor pursuant to written agreements executed by such
Investor which fees or commissions shall be the sole responsibility of such
Investor) made by or on behalf of other Persons for fees of a type contemplated
in this Section that may be due in connection with the transactions
contemplated by this Agreement.

(g)           No
Other Selling Stockholder Shares.   Except as set forth on Schedule
3.3(g), such Selling Stockholder does not beneficially own any securities
of the Company, including, without limitation, any Common Stock Equivalents,
other than the Selling Stockholder Shares being offered and sold by it
hereunder.

(h)           No
Additional Agreements.   Such Selling Stockholder does not have any
agreement or understanding with any Investor or with the Company with respect
to the transactions contemplated by the Transaction Documents other than as
specified in the Transaction Documents.

(i)            Non-Public
Information.   Such Selling Stockholder does not possess any material,
non-public information concerning the Company.

(j)            Certain
Deliveries.   Such Selling Stockholder has (i) delivered to the
Company all of the Selling Stockholder Shares and Warrants subject to this
Agreement of which it will be selling hereunder, together with such other
documents as may be required to effect the transfer and reissuance of such
securities to the Investors at the Closing, including stock powers executed in
blank, exercise notices and directions for the Company to effect the transfer
of such securities on its books as of the Closing and (ii) instructed the
Company to hold the Selling Stockholder Shares and reissue the same at Closing
to the Investors in accordance with Section 2.2.

(k)           Limitation
on Investors Representations.   Such Selling Stockholder acknowledges
and agrees that no Investor has made or makes any representations or warranties
with respect to the transactions contemplated hereby other than those
specifically set forth in Section 3.2.

ARTICLE 4.

OTHER AGREEMENTS OF THE PARTIES

4.1   (a)   Selling
Stockholder Shares and Conversion Shares may only be disposed of in compliance
with state and federal securities laws. In connection with any transfer of
Selling Stockholder Shares other than pursuant to an effective registration
statement or Rule 144, to the Company, to an Affiliate of an Investor or
in connection with a pledge as contemplated in Section 4.1(b), the Company
may require the transferor thereof to provide to the Company an opinion of
counsel selected by the transferor, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require 

 11
 

 

registration of such transferred Selling Stockholder
Shares and Conversion Shares under the Securities Act.

(b)           Certificates
evidencing the Selling Stockholder Shares and Conversion Shares will contain
the following legend, until such time as they are not required under Section 4.1(c):

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, (2) RULE 144 PROMULGATED UNDER THE SECURITIES ACT OR (3) PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO
THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that an Investor
may from time to time pledge, and/or grant a security interest in some or all
of the Selling Stockholder Shares and Conversion Shares pursuant to a bona fide
margin agreement in connection with a bona fide margin account and, if required
under the terms of such agreement or account, such Investor may transfer
pledged or secured Selling Stockholder Shares and Conversion Shares to the
pledgees or secured parties. Such a pledge or transfer would not be subject to
approval or consent of the Company and no legal opinion of legal counsel to the
pledgee, secured party or pledgor shall be required in connection with the
pledge, but such legal opinion may be required in connection with a subsequent
transfer following default by the Investor transferee of the pledge. No notice
shall be required of such pledge. At the appropriate Investor’s expense, the
Company will execute and deliver such reasonable documentation as a pledgee or
secured party of Selling Stockholder Shares and Conversion Shares may
reasonably request in connection with a pledge or transfer of the Selling
Stockholder Shares and Conversion Shares including the preparation and filing
of any required prospectus supplement under Rule 424(b)(3) of the
Securities Act or other applicable provision of the Securities Act to
appropriately amend the list of selling stockholders thereunder.

(c)           Certificates
evidencing Selling Stockholder Shares and Conversion Shares shall not contain
any legend (including the legend set forth in Section 4.1(b)): (i) while
a 

 12
 

 

registration statement (including a Registration
Statement) covering the resale of such security is effective under the
Securities Act, or (ii) following a sale or transfer of such Selling
Stockholder Shares and Conversion Shares pursuant to Rule 144 (assuming
the transferee is not an Affiliate of the Company), or (iii) while such
Selling Stockholder Shares and Conversion Shares are eligible for sale under Rule 144(k),
or (iv) if such legend is not required under applicable requirements of
the Securities Act (including judicial interpretations and pronouncements issued
by the Staff of the Commission) and such lack of requirement is confirmed by a
legal opinion satisfactory to the Company. If, upon written request, the
Company shall fail for any reason or for no reason to issue to the holder of
Selling Stockholder Shares or Conversion Shares, within three (3) Trading
Days after the occurrence of any of (i) through (iv) of the
immediately preceding sentence, a certificate representing such Selling
Stockholder Shares and Conversion Shares that is free from all restrictive or
other legends, and if on or after such third Trading Day such holder, or any
third party on behalf of such holder, purchases (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by
the Investor of such Selling Stockholder Shares and Conversion Shares (a “Buy-In”), then the Company shall, within three (3) Business
Days after the holder’s request and in the holder’s discretion, either (1) pay
in cash to the holder (for costs incurred either directly by such holder or on
behalf of a third party) an amount equal to the holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so
purchased (the “Buy-In Price”), or (2) promptly
honor its obligation to deliver to the holder such unlegended shares of Common
Stock as provided above and pay cash to the holder in an amount equal to the
excess (if any) of the Buy-In Price over the product of (A) such number of
shares of Common Stock and (B) the closing
bid price of the Common Stock on the date of exercise.

4.2.          Furnishing of Information.   As
long as any Investor owns any Selling Stockholder Shares and Conversion Shares,
the Company covenants to timely file (or obtain extensions in respect thereof
and file within the applicable grace period) all reports required to be filed
by the Company after the date hereof pursuant to the Exchange Act. As long as
any Investor owns any Selling Stockholder Shares or Conversion Shares, if the
Company is not required to file reports pursuant to such laws, it will prepare
and furnish to the Investors and make publicly available in accordance with Rule 144(c) such
information as is required for the Investors to sell the Selling Stockholder
Shares and Conversion Shares under Rule 144. The Company further covenants
that it will take such further action as any holder of any Selling Stockholder
Shares or Conversion Shares may reasonably request, all to the extent required
from time to time to enable such Person to sell the Selling Stockholder Shares
and Conversion Shares without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144.

4.3.          Securities Laws Disclosure;
Publicity.   By 9:00 a.m. (New York time) on the Trading Day
following the execution of this Agreement, and by 9:00 a.m. (New York
time) on the Trading Day following the Closing Date, the Company shall issue
press releases disclosing the transactions contemplated hereby (including the
material terms hereof) and the Closing. On the Trading Day following the
execution of this Agreement the Company will file a Current Report on Form 8-K
disclosing the material terms of the Transaction Documents (and attach as
exhibits thereto the Transaction Documents), and on the Trading Day following
the Closing Date the Company will file an additional Current Report on Form 8-K
to disclose the Closing. In addition, the Company will make such other filings
and notices in the manner and time required by the Commission and the Trading
Market on which the Common Stock is listed. 

 13
 

 

Notwithstanding the foregoing, the Company shall not
publicly disclose the name of any Investor, or include the name of any Investor
in any filing with the Commission (other than the Registration Statement and
any exhibits to filings made in respect of this transaction in accordance with
periodic filing requirements under the Exchange Act) or any regulatory agency
or Trading Market, without the prior written consent of such Investor, except
to the extent such disclosure is required by law or Trading Market regulations.
From and after the filing of such 8-K, no Investor, other than an
Investor which is an officer or director of the Company, shall be in possession
of any material, non-public information regarding the Company that is not
disclosed in such 8-K.

4.4.          Indemnification
of Investors.   In addition to the indemnity provided in the
Registration Rights Agreement, the Company and each Selling Stockholder hereby
agree to the following indemnification of the Investors:

(a)           The
Company will indemnify and hold the Investors and their respective directors,
officers, shareholders, partners, employees and agents (each, an “Investor Party”) harmless from any and all
Losses that any such Investor Party may suffer or incur as a result of or
relating to any misrepresentation, breach or inaccuracy of any representation,
warranty, covenant or agreement made by the Company in any Transaction Document.
In addition to the indemnity contained herein, the Company will reimburse each
Investor Party for its reasonable legal and other expenses (including the cost
of any investigation, preparation and travel in connection therewith) incurred
in connection therewith, as such expenses are incurred.

(b)           Each
Selling Stockholder will severally and jointly indemnify and hold each of the
Company and each Investor Party harmless from any and all Losses that the
Company or any such Investor Party may suffer or incur as a result of or
relating to any misrepresentation, breach or inaccuracy of any representation,
warranty, covenant or agreement made by such Selling Stockholder in any
Transaction Document. In addition, such Selling Stockholder will severally and
jointly reimburse each of the Company and each Investor Party for its
reasonable legal and other expenses (including the cost of any investigation,
preparation and travel in connection therewith) incurred in connection
therewith, as such expenses are incurred.

(c)           Except
as otherwise set forth herein, the mechanics and procedures with respect to the
rights and obligations under this Section 4.7 shall be the same as those
set forth in Section 5 of the Registration Rights Agreement.

4.5   Non-Public
Information.   Each of the Company and the Selling Stockholders
covenant and agree that neither they nor any other Person acting on their
behalf will provide any Investor, other than an Investor which is an officer or
director of the Company, or its agents or counsel with any information that the
Company believes constitutes material non-public information, unless prior
thereto such Investor shall have executed a written agreement regarding the
confidentiality and use of such information. Each of the Company and the
Selling Stockholders understand and confirm that each Investor shall be relying
on the foregoing representations in effecting transactions in securities of the
Company. In the event of a breach by the Company or any Selling Stockholder of
the covenant contained in the first sentence of this Section 4.5, in
addition to any other remedy provided herein or in the other Transaction 

 14
 

 

 

Documents, each Investor shall have the right to make
a public disclosure, in the form of a press release, public advertisement or
otherwise, of such material, non-public information without the prior approval
by the Company, any Selling Stockholder, or any of its or their respective
officers, directors, employees or agents. No Investor shall have any liability
to the Company, any Selling Stockholder, or any of its or their respective
officers, directors, employees, shareholders or agents for any such disclosure.

4.6           Listing of Selling Stockholder Shares.   The
Company agrees, (i) if the Company applies to have the Common Stock traded
on any other Trading Market, it will include in such application the Selling
Stockholder Shares and Conversion Shares, and will take such other action as is
necessary or desirable to cause such Selling Stockholder Shares and Conversion
Shares to be listed on such other Trading Market as promptly as possible, and (ii) it
will take all action reasonably necessary to continue the listing and trading
of its Common Stock on a Trading Market and will comply in all material
respects with the Company’s reporting, filing and other obligations under the
bylaws or rules of the Trading Market.

ARTICLE 5.

CONDITIONS PRECEDENT TO CLOSING

5.1           Conditions Precedent to the
Obligations of the Investors to Purchase Selling Stockholder Shares and
Warrants.   The obligation of each Investor to acquire Selling
Stockholder Shares and Warrants at the Closing is subject to the satisfaction
or waiver by such Investor, at or before the Closing, of each of the following
conditions:

(a)           Representations
and Warranties.   Each of the representations and warranties of the
Company and the Selling Stockholders contained herein shall be true and correct
in all respects as of the date when made and in all material respects as of the
Closing as though made on and as of such date;

(b)           Performance.   Each
of the Company and the Selling Stockholders shall have performed, satisfied and
complied in all respects with all covenants, agreements and conditions required
by the Transaction Documents to be performed, satisfied or complied with by
them at or prior to the Closing;

(c)           No
Injunction.   No statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits
the consummation of any of the transactions contemplated by the Transaction
Documents;

(d)           Adverse
Changes.   Since the date of execution of this Agreement, no event or
series of events shall have occurred that reasonably could have or result in a
Material Adverse Effect;

(e)           No
Suspensions of Trading in Common Stock; Listing.   Trading in the
Common Stock shall not have been suspended by the Commission or any Trading
Market (except for any suspensions of trading of not more than one Trading Day
solely to permit dissemination of material information regarding the Company)
at any time since the date of 

 15
 

 

 

execution of this Agreement, and the Common Stock
shall have been at all times since such date listed for trading on a Trading
Market;

(f)            Termination.   This
Agreement shall not have been terminated as to such Investor in accordance with
Section 6.5; and

(g)           Liens.   Any lienholder on
the Selling Stockholder Shares and Warrants shall have furnished the applicable
Selling Stockholder to hold in escrow pending the Closing with executed
releases of all Liens held by such lienholder regarding the Selling Stockholder
Shares and Warrants subject thereto, copies of which shall have been provided
to the Investors, together with all other documentation reasonably requested by
the Investors to cause the release of such Liens at Closing.

5.2.          Conditions Precedent to the
Obligations of the Company and the Selling Stockholders to Sell Selling
Stockholder Shares and Warrants.   The obligation of the Company and
each Selling Stockholder to sell Selling Stockholder Shares and Warrants at the
Closing is subject to the satisfaction or waiver by the Company or the
appropriate Selling Stockholder (as the case may be), at or before the Closing,
of each of the following conditions:

(a)           Representations
and Warranties.   The representations and warranties of each Investor
contained herein shall be true and correct in all respects as of the date when
made and in all material respects as of the Closing Date as though made on and
as of such date;

(b)           Performance.   Each
Investor shall have performed, satisfied and complied in all respects with all
covenants, agreements and conditions required by the Transaction Documents to
be performed, satisfied or complied with by such Investor at or prior to the
Closing;

(c)           No
Injunction.   No statute, rule, regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits
the consummation of any of the transactions contemplated by the Transaction
Documents;

(d)           Termination.   This
Agreement shall not have been terminated as to such Investor in accordance with
Section 6.5; and

(e)           Liens.   Any
lienholder on the Selling Stockholder Shares and Warrants shall have furnished
the applicable Selling Stockholder to hold in escrow pending the Closing with
executed releases of all Liens held by such lienholder regarding the Selling
Stockholder Shares and Warrants subject thereto, together with all other
documentation reasonably requested by the Selling Stockholders to cause the
release of such Liens at Closing.

ARTICLE 6.

MISCELLANEOUS

6.1.          Fees and Expenses.   Each
party shall pay the fees and expenses of its advisers, counsel, accountants and
other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of the
Transaction 

 16
 

 

Documents. The Company shall pay all stamp and other
taxes and duties levied in connection with (a) the issuance or transfer of
the shares of Common Stock or Warrants to the Investors at Closing or (b) the
issuance of the Conversion Shares upon exercise of the Warrants.

6.2.          Entire Agreement.   The
Transaction Documents, together with the Exhibits and Schedules thereto,
contain the entire understanding of the parties with respect to the subject
matter hereof and supersede all prior agreements, understandings, discussions
and representations, oral or written, with respect to such matters, which the
parties acknowledge have been merged into such documents, exhibits and
schedules.

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

	
  If to the Company:

  	
   

  	
  Think Partnership Inc.

  28050 US 19 North, Suite 509
Clearwater, Florida 33761

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  [         ]

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Shefsky & Froelich Ltd

  111 East Wacker Drive, Suite 2800

  Chicago, Illinois 60601

  
	
   

  	
   

  	
  Facsimile:

  	
   

  	
  (312) 527-5921

  
	
   

  	
   

  	
  Attention:

  	
   

  	
  Michael J. Choate, Esq.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If to a Selling
  Stockholder:

  	
   

  	
  To the address set forth on its signature
  page hereof;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If to an Investor:

  	
   

  	
  To the address set forth under such Investor’s name
  on the signature pages hereof;

  

 

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

6.4.          Amendments; Waivers; No Additional
Consideration.   No provision of this Agreement may be waived or
amended except in a written instrument signed by the Company and the Investors
and, prior to Closing, the Selling Stockholders. In addition, Sections 3.3, 4.5(b) and
Article VI may not be waived or amended except in a written instrument
signed by the 

 17
 

 

 

Investors, the Company and the Selling Stockholder. No
waiver of any default with respect to any provision, condition or requirement
of this Agreement shall be deemed to be a continuing waiver in the future or a
waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of either party to
exercise any right hereunder in any manner impair the exercise of any such
right. No consideration shall be offered or paid to any Investor to amend or
consent to a waiver or modification of any provision of any Transaction
Document unless the same consideration is also offered to all Investors who
then hold Selling Stockholder Shares and Conversion Shares.

6.5.          Termination.   This
Agreement may be terminated prior to Closing:

(a)           by
written agreement of the Investors, the Company and the Selling Stockholders;
and

(b)           by
an Investor (as to itself but no other Investor) upon written notice to the
Selling Stockholders and the Company, if the Closing shall not have taken place
by 6:30 p.m. Eastern time on the Outside Date; provided, that the
right to terminate this Agreement under this Section 6.5(b) shall not
be available to any Person whose failure to comply with its obligations under
this Agreement has been the cause of or resulted in the failure of the Closing
to occur on or before such time. Upon a termination in accordance with this Section 6.5,
the terminating Investor(s), as applicable, shall not have any further
obligation or liability (including as arising from such termination) to any
other party and no Investor will have any liability to any other Investor under
the Transaction Documents as a result therefrom. No termination hereunder will
affect the right of any party to sue for any breach by the other party (or
parties) hereunder.

6.6.          Construction.   The
headings herein are for convenience only, do not constitute a part of this
Agreement and shall not be deemed to limit or affect any of the provisions
hereof. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules of
strict construction will be applied against any party. This Agreement shall be
construed as if drafted jointly by the parties, and no presumption or burden of
proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement or any of the Transaction Documents.

6.7.          Successors and Assigns.   This
Agreement shall be binding upon and inure to the benefit of the parties and
their successors and permitted assigns. Neither the Company nor any Selling
Stockholder may assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Investors. Any Investor may assign any
or all of its rights under this Agreement to any Person to whom such Investor
assigns or transfers any Selling Stockholder Shares and Conversion Shares,
provided such transferee agrees in writing to be bound, with respect to the
transferred Selling Stockholder Shares and Conversion Shares, by the provisions
hereof that apply to the “Investors.”

6.8.          No Third-Party Beneficiaries.   This
Agreement is intended for the benefit of the parties hereto and their
respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.4 (as to each Investor Party).

 18
 

 

 

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

6.10         Survival.   The
representations, warranties, agreements and covenants contained herein shall
survive the Closing and the delivery of the Selling Stockholder Shares and
Conversion Shares.

6.11.        Execution. This Agreement may be
executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when
counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In
the event that any signature is delivered by facsimile transmission, such
signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect
as if such facsimile signature page were an original thereof.

6.12.        Severability.   If any
provision of this Agreement is held to be invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions
of this Agreement shall not in any way be affected or impaired thereby and the
parties will attempt to agree upon a valid and enforceable provision that is a
reasonable substitute therefor, and upon so agreeing, shall incorporate such
substitute provision in this Agreement.

 19
 

 

 

6.13.        Rescission and Withdrawal Right.   Notwithstanding
anything to the contrary contained in (and without limiting any similar
provisions of) the Transaction Documents, whenever any Investor exercises a
right, election, demand or option under a Transaction Document and the Company
does not timely perform its related obligations within the periods therein
provided, then such Investor may rescind or withdraw, in its sole discretion
from time to time upon written notice to the Company, any relevant notice,
demand or election in whole or in part without prejudice to its future actions
and rights.

6.14.        Remedies.   In addition to
being entitled to exercise all rights provided herein or granted by law,
including recovery of damages, each of the Investors, the Company and Selling
Stockholders will be entitled to specific performance (without posting a bond
or other security) under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by
reason of any breach of obligations described in the foregoing sentence and
hereby agrees to waive in any action for specific performance of any such
obligation the defense that a remedy at law would be adequate.

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

6.16.        Limitation of Liability.   Notwithstanding
anything herein to the contrary, each of the Company and each Selling
Stockholder acknowledges and agrees that the liability of an Investor arising
directly or indirectly, under any Transaction Document of any and every nature
whatsoever shall be satisfied solely out of the assets of such Investor, and
that no trustee, officer, other investment vehicle or any other Affiliate of
such Investor or any investor, shareholder or holder of shares of beneficial
interest of such a Investor shall be personally liable for any liabilities of
such Investor.

 20
 

 

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOLLOW]

 21
 

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Securities Purchase Agreement to be duly executed by their respective
authorized signatories as of the date first indicated above.

THINK
PARTNERSHIP INC.

By:______________________________

Name:                                                                                                                                                                                                                                                                                       

Title:

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOR SELLING STOCKHOLDERS FOLLOW]

 22
 

 

 

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

	
  

  	
   

  	
  NAME OF SELLING STOCKHOLDER

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tax ID No.:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NUMBER OF SELLING STOCKHOLDER SHARES

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  COMMON STOCK:

  	
   

  
	
   

  	
   

  	
  WARRANTS:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ADDRESS FOR NOTICE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  c/o:

  	
   

  
	
   

  	
   

  	
  Street:

  	
   

  
	
   

  	
   

  	
  City/State/Zip:

  	
   

  
	
   

  	
   

  	
  Attention:

  	
   

  
	
   

  	
   

  	
  Tel:

  	
   

  
	
   

  	
   

  	
  Fax:

  	
   

  
	
   

  	
   

  	
  Email:

  	
   

  
									

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOR INVESTORS FOLLOW]

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IN WITNESS WHEREOF, the
parties hereto have caused this Securities Purchase Agreement to be duly
executed by their respective authorized signatories as of the date first
indicated above.

	
  

  	
  NAME OF INVESTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  Investment Amount:   $

  	
   

  
	
   

  	
  Tax ID No.:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ADDRESS FOR NOTICE

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Street:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  City/State/Zip:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Tel:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Fax:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DELIVERY INSTRUCTIONS 

  (if different from above)

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Street:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  City/State/Zip:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attention:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Tel:

  	
   

  
									

 

 24Exhibit 10.2

EXHIBIT A

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 30,
2006, by and among Think Partnership Inc., a Nevada corporation (the “Company”), the selling stockholders identified in the
signature pages hereto (each, a “Selling Stockholder”
and collectively, the “Selling Stockholders”)
and the investors signatory hereto (each a “Investor” and
collectively, the “Investors”).

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

The Company, Selling Stockholders and the Investors
hereby agree as follows:

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

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

“Conversion Shares” means shares
of Common Stock issuable upon exercise of the Warrants.

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

“Effectiveness Date” means with
respect to the Registration Statement required to be filed under Section 2(a),
the earlier of: (a)(i) the 90th calendar day following the Closing Date; provided,
that, if the Commission reviews and has written comments to the filed
Registration Statement that would require the filing of a pre-effective
amendment thereto with the Commission, then the Effectiveness Date under this
clause (a)(i) shall be the 120th calendar day following the Closing Date, and (ii) the
fifth Trading Day following the date on which the Company is notified by the
Commission that the initial Registration Statement will not be reviewed or is
no longer subject to further review and comments.

“Effectiveness Period” has the
meaning set forth in Section 2(a).

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

“Filing Date” means with respect
to the Registration Statement required to be filed under Section 2(a), the
earlier of:  (A) the later of (i) the
30th calendar day following the 

 

Closing Date and (ii) the
20th calendar day following the receipt by the
Company of any comments to the Company’s existing registration statement on Form SB-2
(File No. 333-121761) (the “Existing Registration
Statement”) from the Commission (following the date of this
Agreement) and (B) the 60th calendar day following the Closing Date.

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

“Illinois Courts” means the
state and federal courts sitting in the City of Chicago, Illinois.

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

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

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

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

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

“Registrable Securities” means: (i) the
Selling Stockholder Shares, (ii) the Conversion Shares and (iii) any
securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization or similar event, or any conversion price
adjustment with respect to any of the securities referenced in (i) or (ii) above.

“Registration Statement” means
the registration statement required to be filed in accordance with Section 2(a),
including (in each case) the Prospectus, amendments and supplements to such
registration statements or Prospectus, including pre- and post-effective
amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference therein. If the Company is permitted to
add the Registrable Securities to the Existing Registration Statement, then
such Existing Registration Statement shall be included within the definition of
“Registration Statement” contained herein.

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

 2
 

 

 

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

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

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

“Selling Stockholder Shares” means
the shares of Common Stock being offered and sold by the Selling Stockholders
to the Investors pursuant to the Purchase Agreement.

2.             Registration.

(a)           On or prior to the
Filing Date, the Company shall prepare and file with the Commission a
Registration Statement covering the resale of all Registrable Securities not
already covered by an existing and effective Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415, on Form S-3
(or on such other form appropriate for such purpose). Such Registration
Statement shall contain (except if otherwise required pursuant to written
comments received from the Commission upon a review of such Registration
Statement) the “Plan of Distribution” attached hereto as Annex A. The Company
shall cause such Registration Statement to be declared effective under the
Securities Act as soon as possible but, in any event, no later than the
Effectiveness Date, and shall use its reasonable best efforts to keep the
Registration Statement continuously effective under the Securities Act until
the date which is the earliest of (i) five years after its Effective Date,
(ii) such time as all of the Registrable Securities covered by such
Registration Statement have been publicly sold by the Holders, or (iii) such
time as all of the Registrable Securities covered by such Registration
Statement may be sold by the Holders pursuant to Rule 144(k) as
determined by the counsel to the Company pursuant to a written opinion letter
to such effect, addressed and acceptable to the Company’s transfer agent and
the affected Holders (the “Effectiveness
Period”); provided, that, during the Effectiveness Period, the
Registration Statement may cease to be effective for no more than 60 Trading
Days (not more than 15 Trading Days of which shall be consecutive) during any
365 calendar day period. By 9:30 a.m. (New York City time) on the Trading
Day immediately following the Effective Date, the Company shall file with the
Commission in accordance with Rule 424 under the Securities Act the final
prospectus to be used in connection with sales pursuant to such Registration
Statement (whether or not such filing is technically required under such Rule).

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

 3
 

 

 

3.             Registration Procedures.

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

(a)           Not less than four
Trading Days prior to the filing of a Registration Statement or any related
Prospectus or any amendment or supplement thereto, the Company shall furnish to
each Holder copies of each such document, as proposed to be filed, which
documents will be subject to the review and comment of such Holder. The Company
shall not file a Registration Statement, any Prospectus or any amendments or
supplements thereto in a form to which a Holder or its legal counsel reasonably
objects.

(b)           (i)  Prepare
and file with the Commission such amendments, including post-effective
amendments, to each Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement continuously
effective as to the applicable Registrable Securities for its Effectiveness
Period and prepare and file with the Commission such additional Registration
Statements as may be necessary in order to register for resale under the
Securities Act all of the Registrable Securities; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement,
and as so supplemented or amended to be filed pursuant to Rule 424 by 9:30 a.m.
on the next Trading Day; (iii) respond as promptly as reasonably possible
to any comments received from the Commission with respect to each Registration
Statement or any amendment thereto and, as promptly as reasonably possible
provide the Holders true and complete copies of all correspondence from and to
the Commission relating to such Registration Statement that would not result in
the disclosure to the Holders of material and non-public information concerning
the Company; and (iv) comply in all material respects with the provisions
of the Securities Act and the Exchange Act with respect to the Registration
Statements and the disposition of all Registrable Securities covered by each
Registration Statement.

(c)           Notify the Holders
as promptly as reasonably possible (and, in the case of (i)(A) below, not
less than three Trading Days prior to such filing and, in the case of (v) below,
not less than three Trading Days prior to the financial statements in any
Registration Statement becoming ineligible for inclusion therein) (or, in the
case of (i)(C) below, immediately) and (if requested by any such Person)
confirm such notice in writing no later than one Trading Day following the day
(i)(A) when a Prospectus or any Prospectus supplement or post-effective
amendment to a Registration Statement is proposed to be filed; (B) when
the Commission notifies the Company whether there will be a “review” of such
Registration Statement and whenever the Commission comments in writing on such
Registration Statement (the Company shall provide true and complete copies
thereof and all written responses thereto to each of the Holders that pertain
to the Holders as a Selling Stockholder or to the Plan of Distribution, but not
information which the Company believes would constitute material and non-public
information); and (C) with respect to each Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of
any request by the Commission or any other Federal or state governmental
authority for amendments or supplements to a Registration Statement or
Prospectus or for additional information; (iii) of the issuance by the
Commission of any stop order suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or the initiation
of any Proceedings for that purpose; (iv) of the receipt by 

 4
 

 

the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose; and (v) of the occurrence of any event or
passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in such
Registration Statement or Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that
requires any revisions to such Registration Statement, Prospectus or other
documents so that, in the case of such Registration Statement or the
Prospectus, as the case may be, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

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

(e)           Hold in confidence
and not make any disclosure of information concerning an Investor provided to
the Company unless (i) disclosure of such information is necessary to
comply with federal or state securities laws, (ii) the disclosure of such
information is necessary to avoid or correct a misstatement or omission in any
Registration Statement, (iii) the release of such information is ordered
pursuant to a subpoena or other final, non-appealable order from a court or
governmental body of competent jurisdiction, or (iv) such information has
been made generally available to the public other than by disclosure in
violation of this Agreement or any other agreement. The Company agrees that it
shall, upon learning that disclosure of such information concerning an Investor
is sought in or by a court or governmental body of competent jurisdiction or
through other means, give prompt written notice to such Investor and allow such
Investor, at the Investor’s expense, to undertake appropriate action to prevent
disclosure of, or to obtain a protective order for, such information.

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

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

(h)           Prior to any public
offering of Registrable Securities, register or qualify such Registrable
Securities for offer and sale under the securities or Blue Sky laws of all
jurisdictions within the United States, to keep each such registration or
qualification (or exemption therefrom) effective during the Effectiveness
Period and to do any and all other acts 

 5
 

 

or things necessary or advisable to enable the disposition in such
jurisdictions of the Registrable Securities covered by the Registration
Statements.

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

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

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

5.             Indemnification.

(a)           Indemnification
by the Company.   The Company shall, notwithstanding any termination of
this Agreement, indemnify and hold harmless each Holder, the officers,
directors, agents, investment advisors, partners, members and employees of each
of them, each Person who controls any such Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, agents and employees of each such controlling Person, to the fullest
extent permitted by applicable law, from and against any and all losses,
claims, damages, liabilities, costs (including, without limitation, reasonable
costs of preparation and reasonable attorneys’ fees) and expenses
(collectively, “Losses”), as incurred,

 6
 

 

arising out of or relating to any untrue or alleged untrue statement of
a material fact contained in any Registration Statement, any Prospectus or any
form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any Prospectus or form of
prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent,
that (1) such untrue statements or omissions are based solely upon
information regarding such Holder furnished in writing to the Company by such
Holder expressly for use therein, or to the extent that such information
relates to such Holder or such Holder’s proposed method of distribution of
Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in the Registration Statement, such Prospectus or
such form of Prospectus or in any amendment or supplement thereto (it being
understood that the Holder has approved Annex A hereto for this purpose) or (2) in
the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v),
the use by such Holder of an outdated or defective Prospectus after the Company
has notified such Holder in writing that the Prospectus is outdated or
defective and prior to the receipt by such Holder of an Advice or an amended or
supplemented Prospectus, but only if and to the extent that following the
receipt of the Advice or the amended or supplemented Prospectus the
misstatement or omission giving rise to such Loss would have been corrected. The
Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding of which the Company is aware in connection with
the transactions contemplated by this Agreement.

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

 7
 

 

amount than the dollar amount of the net proceeds received by such
Holder upon the sale of the Registrable Securities giving rise to such
indemnification obligation.

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

An Indemnified Party shall have the right to employ
separate counsel in any such Proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party or Parties unless: 
(1) the Indemnifying Party has agreed in writing to pay such fees
and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding, or at anytime
thereafter shall have failed to diligently defend such Proceeding; or (3) the
named parties to any such Proceeding (including any impleaded parties) include
both such Indemnified Party and the Indemnifying Party, and such Indemnified
Party shall have been advised by counsel that a conflict of interest is likely
to exist if the same counsel were to represent such Indemnified Party and the
Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and such counsel shall be at the expense of
the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which
consent shall not be unreasonably withheld, conditioned or delayed. No
Indemnifying Party shall, without the prior written consent of the Indemnified
Party, effect any settlement of any pending Proceeding in respect of which any
Indemnified Party is a party, unless such settlement imposes no obligations on
the Indemnified Party other than the payment of monetary damages (which damages
shall be paid solely by the Indemnifying Party) and includes an unconditional
release of such Indemnified Party from all liability on claims that are the
subject matter of such Proceeding.

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

 8
 

 

 

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

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

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

6.             Miscellaneous.

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

(b)           No Piggyback on
Registrations.   Neither the Company nor any of its security holders
(other than the Holders in such capacity pursuant hereto) may include
securities of the Company in a Registration Statement other than (i) the
Registrable Securities and (ii) in the case of the Existing Registration
Statement, the securities listed in the column titled “Shares 

 9
 

 

Being Offered” under the heading “Selling Shareholders” in Amendment No. 4
to the Existing Registration Statement, as filed on June 13, 2006; and the
Company shall not during the Effectiveness Period enter into any agreement providing
any such right to any of its security holders.

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

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

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

(f)            Amendments and
Waivers. The provisions of this Agreement, including the provisions of this
Section 7(f), may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the
same shall be in writing and signed by the Company and the Holders.

(g)           Notices. Any
and all notices or other communications or deliveries required or permitted to
be provided hereunder shall be in writing and shall be deemed given and
effective on the earliest of (a) the date of transmission, if such notice
or communication is delivered via facsimile (provided the sender receives a
machine-generated confirmation of successful transmission) at the facsimile
number specified in this Section prior to 6:30 p.m. (New York City
time) on a Trading Day, (b) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile number specified in this 

 10
 

 

Section on a day that is not a Trading Day or later than 6:30 p.m.
(New York City time) on any Trading Day, (c) the Trading Day following the
date of mailing (provided that next day delivery is specified), if sent by U.S.
nationally recognized overnight courier service, or (d) upon actual
receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as follows:

	
  If to the Company:

  	
  Think Partnership Inc.

  
	
   

  	
  28050 US 19 North, Suite 509

  
	
   

  	
  Clearwater, Florida 33761

  
	
   

  	
  Facsimile:     [          ]

  
	
   

  	
  Attention:     President

  
	
   

  	
   

  
	
  With a copy to:

  	
  Shefsky & Froelich Ltd.

  
	
   

  	
  111 East Wacker Drive, Suite 2800

  
	
   

  	
  Chicago, Illinois 60601

  
	
   

  	
  Facsimile:      (312) 527-5921

  
	
   

  	
  Attention:       Michael J.
  Choate, Esq.

  
	
   

  	
   

  
	
  If to a Selling Stockholder:

  	
  To the address set forth on its signature page hereof;

  
	
   

  	
   

  
	
  If to a Investor: 

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

  
	
   

  	
   

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

  
	
   

  
	
   

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

  

 

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

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

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

(j)            Governing Law.   All
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance
with the internal laws of the State of Illinois, without regard to the
principles of conflicts of law thereof. Each party agrees that all Proceedings
concerning the 

 11
 

 

interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its
respective Affiliates, employees or agents) will be commenced in the Illinois
Courts. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the Illinois Courts for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in
any Proceeding, any claim that it is not personally subject to the jurisdiction
of any Illinois Court, or that such Proceeding has been commenced in an
improper or inconvenient forum. Each party hereto hereby irrevocably waives
personal service of process and consents to process being served in any such
Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in
effect for notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Each party hereto hereby irrevocably waives, to
the fullest extent permitted by applicable law, any and all right to trial by
jury in any Proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. Without limiting Section 5 hereof or any
provision of the Purchase Agreement, if either party shall commence a
Proceeding to enforce any provisions of this Agreement, then the prevailing
party in such Proceeding shall be reimbursed by the other party for its
attorney’s fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such Proceeding.

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

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

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

(n)           Independent
Nature of Investors’ Obligations and Rights.   The obligations of each
Investor under this Agreement are several and not joint with the obligations of
each other Investor, and no Investor shall be responsible in any way for the
performance of the obligations of any other Investor under this Agreement. Nothing
contained herein or in any Transaction Document, and no action taken by any
Investor pursuant thereto, shall be deemed to constitute the Investors as a
partnership, an association, a joint venture or any other kind of group or
entity, or create a presumption that the Investors are in any way acting in
concert or as a group with respect to such obligations or the transactions
contemplated by this Agreement or any other Transaction Document. Each Investor
acknowledges that no other Investor will be acting as agent of such Investor in
enforcing its rights under this Agreement. Each Investor shall be 

 12
 

 

entitled to independently protect and enforce its rights, including
without limitation the rights arising out of this Agreement, and it shall not
be necessary for any other Investor to be joined as an additional party in any
Proceeding for such purpose. The Company acknowledges that each of the
Investors has been provided with the same Registration Rights Agreement for the
convenience of the Company for the purpose of closing a transaction with
multiple Investors and not because it was required or requested to do so by any
Investor.

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

SIGNATURE PAGES TO FOLLOW]

 13
 

 

 

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

	
   

  	
  THINK PARTNERSHIP INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

SIGNATURE PAGES OF SELLING STOCKHOLDERS

AND INVESTORS TO FOLLOW]

 14
 

 

 

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

	
   

  	
  NAME OF SELLING STOCKHOLDER

  
	
   

  	
   

  
	
   

  	
  ________________________________________________

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
   

  	
  Tax ID No.: ______________________________________

  
	
   

  	
   

  
	
   

  	
  ADDRESS FOR NOTICE

  
	
   

  	
   

  
	
   

  	
  c/o:  ____________________________________________

  
	
   

  	
   

  
	
   

  	
  Street:  __________________________________________

  
	
   

  	
   

  
	
   

  	
  City/State/Zip:  ___________________________________

  
	
   

  	
   

  
	
   

  	
  Attention:  _______________________________________

  
	
   

  	
   

  
	
   

  	
  Tel: ____________________________________________

  
	
   

  	
   

  
	
   

  	
  Fax: ____________________________________________

  
	
   

  	
   

  
	
   

  	
  Email: __________________________________________

  
	
   

  	
   

  

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK

SIGNATURE PAGES FOR INVESTORS FOLLOW]

 15
 

 

 

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

 

	
   

  	
  NAME OF INVESTING ENTITY

  
	
   

  	
   

  
	
   

  	
  ________________________________________________

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: ____________________________________________

  
	
   

  	
         Name:

         Title:

  
	
   

  	
   

  
	
   

  	
  ADDRESS FOR NOTICE

  
	
   

  	
   

  
	
   

  	
  c/o:  ____________________________________________

  
	
   

  	
   

  
	
   

  	
  Street:  __________________________________________

  
	
   

  	
   

  
	
   

  	
  City/State/Zip:  ___________________________________

  
	
   

  	
   

  
	
   

  	
  Attention:  _______________________________________

  
	
   

  	
   

  
	
   

  	
  Tel: ____________________________________________

  
	
   

  	
   

  
	
   

  	
  Fax: ____________________________________________

  
	
   

  	
   

  
	
   

  	
  Email: __________________________________________

  
	
   

  	
   

  

 

 16
 

 

 

Annex A

PLAN
OF DISTRIBUTION

Resales by selling
shareholders

We are registering the resale of the shares on behalf
of the selling shareholders. The selling shareholders may offer and resell the
shares from time to time, either in increments or in a single transaction. They
may also decide not to sell all the shares they are allowed to resell under
this prospectus. The selling shareholders will act independently of us in
making decisions with respect to the timing, manner, and size of each sale.

Donees and
pledgees

The term “selling shareholders” includes persons who
receive shares from a selling shareholder after the date of this prospectus by
gift. The term also includes persons who, upon contractual default by a selling
shareholder, may seize shares which the selling shareholder pledged to such
person. If a selling shareholder notifies us that a donee or pledgee intends to
sell more than 500 shares, we will file a supplement to this prospectus.

Costs and
commissions

We will pay all costs, expenses, and fees in
connection with the registration of the shares. The selling shareholders will
pay all brokerage commissions and similar selling expenses, if any,
attributable to the sale of shares. These discounts, concessions or commissions
as to a particular broker, dealer, underwriter or agent might be greater or
less than those customary in this type of transaction.

Underwriters

The selling shareholders and any brokers, dealers or
other agents that participate in the distribution may be deemed to be “underwriters”
within the meaning of the Securities Act, and any discounts, commissions or
concessions received by the selling shareholders and any brokers, dealers or
other agents might be deemed to be underwriting discounts and commissions under
the Securities Act. Neither we nor any selling shareholder can presently
estimate the amount of any compensation. We know of no existing arrangements
between any selling shareholder and any other selling shareholder, broker,
dealer or other agent relating to the sale or distribution of the shares.

Types of sale
transactions

The selling shareholders may sell the shares in one or
more of the following types of transactions (which may include block
transactions):

·                  in the
over-the-counter market;

·                  in negotiated
transactions;

 17
 

 

 

·                  through put or
call option transactions;

·                  through short
sales;

·                  any combination
of such methods of sale; or

·                  any other method
permitted pursuant to applicable law.

The shares may be sold at market prices prevailing at
the time of sale or at negotiated prices. These transactions may or may not
involve brokers or dealers. The selling shareholders have informed us that they
have not entered into any agreements, understandings, or arrangements with any
underwriters or broker-dealers regarding sale of the shares. They have also
informed us that no one is acting as underwriter or coordinating broker in
connection with the proposed sale of shares.

The selling stockholders may pledge or grant a
security interest in some or all of the warrants or shares of common stock
owned by them and, if they default in the performance of their secured
obligations, the pledgees or secured parties may offer and sell the shares of
common stock from time to time pursuant to this prospectus or any amendment to
this prospectus under Rule 424(b)(3) or other applicable provision of
the Securities Act of 1933, as amended, amending, if necessary, the list of
selling stockholders to include the pledgee, transferee or other successors in
interest as selling stockholders under this prospectus. The selling
stockholders also may transfer and donate the shares of common stock in other
circumstances in which case the transferees, donees, pledgees or other
successors in interest will be the selling beneficial owners for purposes of
this prospectus.

Prospectus
delivery requirements

Because they may be deemed underwriters, the selling
shareholders may be required to deliver this prospectus and any supplements to
this prospectus in the manner required by the Securities Act. Under applicable rules and
regulations under the Securities Exchange Act of 1934, as amended, any person
engaged in the distribution of any of the shares may not simultaneously engage
in market activities with respect to our common stock for the applicable period
under Regulation M, to the extent applicable, prior to commencing the
distribution. In addition, and without limiting the foregoing, the selling
shareholders will be subject to the applicable provisions of the Exchange Act
and the rules and regulations thereunder, including without limitation Rules 10b-5
and, to the extent applicable, Regulation M, which may limit the timing of
purchases and sales of any of the shares by the selling shareholders. All of
the foregoing may affect the marketability of the shares offered hereby.

State requirements

Some states require that any shares sold in that state
only be sold through registered or licensed brokers or dealers. In addition,
some states require that the shares have been registered or qualified for sale
in that state, or that an exemption from the registration or qualification
requirement exist and that the registrant has complied with the exemption.

 18
 

 

 

Sales under Rule 144

Selling shareholders may also resell all or a portion
of the shares in open market transactions in reliance upon Rule 144 under
the Securities Act. To do so, they must meet the criteria and conform to the
requirements of Rule 144.

Distribution
arrangements with broker-dealers

If a selling shareholder notifies us that any material
arrangement has been entered into with a broker-dealer for the sale of shares
through:

·                  a block trade;

·                  special offering;

·                  exchange distribution or secondary
distribution; or

·                  a purchase by a broker or dealer,

We will then file, if required, a supplement to this
prospectus under Rule 424(b) under the Securities Act. The supplement
will disclose:

·                  the name of each such selling
shareholder and of the participating broker-dealer(s);

·                  the number of shares involved;

·                  the price at which such shares were
sold;

·                  the commissions paid or discounts or
concessions allowed to such broker-dealer(s), where applicable;

·                  that such broker-dealer(s) did
not conduct any investigation to verify the information in this prospectus; and

·                  any other facts material to the
transaction.

The SEC may deem the selling shareholders and any
underwriters, broker-dealers or agents that participate in the distribution of
the shares of common stock to be “underwriters” within the meaning of the
Securities Act. The SEC may deem any profits on the resale of the shares of
common stock and any compensation received by any underwriter, broker-dealer or
agent to be underwriting discounts and commissions under the Securities Act. Each
selling shareholder has purchased the shares of common stock in the ordinary
course of its business, and at the time the selling shareholder purchased the
shares of common stock, it was not a party to any agreement or other
understanding to distribute the securities, directly or indirectly.

 19
 

 

 

Annex B

THINK
PARTNERSHIP INC.

Selling
Securityholder Notice and Questionnaire

The undersigned beneficial owner of common stock (the “Common Stock”), of Think Partnership Inc. (the “Company”) understands that the Company has filed or intends
to file with the Securities and Exchange Commission (the “Commission”)
a Registration Statement for the registration and resale of the Registrable
Securities, in accordance with the terms of the Registration Rights Agreement,
dated as of June        , 2006 (the “Registration Rights Agreement”), among the Company and the
Investors named therein. A copy of the Registration Rights Agreement is
available from the Company upon request at the address set forth below. All
capitalized terms used and not otherwise defined herein shall have the meanings
ascribed thereto in the Registration Rights Agreement.

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is
accurate:

QUESTIONNAIRE

	
  1.

  	
  Name.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Full Legal Name
  of Selling Securityholder

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Full Legal Name
  of Registered Holder (if not the same as (a) above) through which
  Registrable Securities Listed in Item 3 below are held:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Full Legal Name
  of Natural Control Person (which means a natural person who directly or
  indirectly alone or with others has power to vote or dispose of the
  securities covered by the questionnaire):

  
	
   

  	
   

  	
   

  

 

	
  2. 

  	
  Address
  for Notices to Selling Securityholder:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone: 

  	
   

  

 20
 

 

 

	
  

  	
   

  	
   

  
	
  Fax:

  	
   

  	
   

  
	
  Contact Person:

  	
   

  
	
   

  	
   

  	
   

  
				

 

	
  3. 

  	
  Beneficial
  Ownership of Registrable Securities:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Type and
  Principal Amount of Registrable Securities beneficially owned:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Broker-Dealer
  Status:

  
	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Are you a
  broker-dealer?

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Yes o          No o

  
	
   

  	
  Note:

  	
  If yes, the
  Commission’s staff has indicated that you should be identified as an
  underwriter in the Registration Statement

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Are you an
  affiliate of a broker-dealer?

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Yes o          No o

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  If you are an
  affiliate of a broker-dealer, do you certify that you bought the Registrable
  Securities in the ordinary course of business, and at the time of the
  purchase of the Registrable Securities to be resold, you had no agreements or
  understandings, directly or indirectly, with any person to distribute the
  Registrable Securities?

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Yes o          No o

  
	
   

  	
   

  	
   

  
	
   

  	
  Note:

  	
  If no, the
  Commission’s staff has indicated that you should be identified as an underwriter
  in the Registration Statement.

  
	
   

  	
   

  	
   

  
	
  5.
  

  	
  Beneficial
  Ownership of Other Securities of the Company Owned by the Selling
  Securityholder.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Except
  as set forth below in this Item 5, the undersigned is not the beneficial or
  registered owner of any securities of the Company other than the Registrable
  Securities listed above in Item 3.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Type and Amount
  of Other Securities beneficially owned by the Selling Securityholder:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 21
 

 

 

	
  

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  6.
  

  	
  Relationships
  with the Company:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Except
  as set forth below, neither the undersigned nor any of its affiliates,
  officers, directors or principal equity holders (owners of 5% of more of the
  equity securities of the undersigned) has held any position or office or has
  had any other material relationship with the Company (or its predecessors or
  affiliates) during the past three years.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  State any exceptions here:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

The undersigned agrees to promptly notify the Company
of any inaccuracies or changes in the information provided herein that may
occur subsequent to the date hereof and prior to the Effective Date for the
Registration Statement.

By signing below, the undersigned consents to the
disclosure of the information contained herein in its answers to Items 1
through 6 and the inclusion of such information in the Registration Statement
and the related prospectus. The undersigned understands that such information
will be relied upon by the Company in connection with the preparation or
amendment of the Registration Statement and the related prospectus.

IN WITNESS WHEREOF the undersigned, by authority duly
given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its duly authorized agent.

 

	
  Dated: 

  	
   

  	
   

  	
  Beneficial
  Owner: 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
						

 

PLEASE
FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN
THE ORIGINAL BY OVERNIGHT MAIL, TO:

[                ]

 

 22

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