Document:

Exhibit
10.2

    REGISTRATION RIGHTS
AGREEMENT

     

    Registration
Rights Agreement (the “Agreement”), dated as
of November 16, 2009, by and between GTX Corp, a corporation organized
under the laws of Nevada, USA with its principal executive office at 117 W. 9th
Street, # 1214, Los Angeles, CA, 90015 (the
“Company”), and
Dutchess Equity Fund, LP, a Delaware Limited Partnership, with its principal
office at 50 Commonwealth Avenue, Suite 2, Boston, MA 02116 (the “Investor”).

     

    Whereas, in connection with the
Investment Agreement by and between the Company and the Investor of this date
(the “Investment
Agreement”), the Company has agreed to issue and sell to the Investor up
to 12,000,000 shares of the Company’s Common Stock, $0.001 par value per share
(the “Common
Stock”), to be purchased pursuant to the terms and subject to the
conditions set forth in the Investment Agreement; and

    

    Whereas, to induce the Investor
to execute and deliver the Investment Agreement, the Company has agreed to
provide certain registration rights under the Securities Act of 1933, as
amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “1933 Act”), and
applicable state securities laws, with respect to the shares of Common Stock
issuable pursuant to the Investment Agreement.

    

    Now therefore, in consideration of the
foregoing promises and the mutual covenants contained hereinafter and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Investor hereby agree as follows:

     

    Section
1.  DEFINITIONS.

    

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

    

    “Execution Date” means
the date of this Agreement set forth above.

    

    “Investor” means
Dutchess Equity Fund, LP, a Delaware Limited Partnership.

    

    “Person” means a
corporation, a limited liability company, an association, a partnership, an
organization, a business, an individual, a governmental or political subdivision
thereof or a governmental agency.

    

    “Principal Market”
shall mean Nasdaq Capital Market, the NYSE Amex, the New York Stock Exchange,
the Nasdaq Global Market, the Nasdaq Global Select Market or the OTC Bulletin
Board, whichever is the principal market on which the Common Stock of the
Company is listed.

    

    “Register,” “Registered,” and
“Registration”
refer to the Registration effected by preparing and filing one (1) or more
Registration Statements in compliance with the 1933 Act and pursuant to Rule 415
under the 1933 Act or any successor rule providing for offering securities on a
continuous basis (“Rule 415”), and the
declaration or ordering of effectiveness of such Registration Statement(s) by
the United States Securities and Exchange Commission (the “SEC”).

    

    “Registrable
Securities” means (i)
the shares of Common Stock issued or issuable pursuant to the Investment
Agreement, and (ii) any
shares of capital stock issued or issuable with respect to such shares of Common
Stock, if any, as a result of any stock split, stock dividend, recapitalization,
exchange or similar event or otherwise, which have not been (x) included in the
Registration Statement that has been declared effective by the SEC, or (y) sold under circumstances
meeting all of the applicable conditions of Rule 144 (or any similar provision
then in force) under the 1933 Act.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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    “Registration
Statement” means the registration statement of the Company filed under
the 1933 Act covering the Registrable Securities.

    

    All
capitalized terms used in this Agreement and not otherwise defined herein shall
have the same meaning ascribed to them as in the Investment
Agreement.

    

    
      Section 2.  REGISTRATION.

    

    

    (a)  The Company
shall, within twenty-one (21) days of the date of this Agreement, file with the
SEC the Registration Statement or Registration Statements (as is necessary) on
Form S-1 (or, if such form is unavailable for such a registration, on such other
form as is available for such registration), covering the resale of all of the
Registrable Securities, which Registration Statement(s) shall state that, in
accordance with Rule 416 promulgated under the 1933 Act, such Registration
Statement also covers such indeterminate number of additional shares of Common
Stock as may become issuable upon stock splits, stock dividends or similar
transactions.  The Company shall initially register for resale
12,000,000 shares of Common Stock, except to the extent that the SEC requires
the share amount to be reduced as a condition of effectiveness.

    

    (b)  The Company
shall use all commercially reasonable efforts to have the Registration
Statement(s) declared effective by the SEC within ninety (90) calendar days
after the  date that the Registration Statement is filed.

    

    (c)  The Company
agrees not to include any other securities in the Registration Statement
covering the Registrable Securities without Investor’s prior written consent
which Investor may withhold in its sole discretion. Furthermore, the Company
agrees that it will not file any other Registration Statement for other
securities, until thirty calendar days after the Registration Statement for the
Registrable Securities is declared effective by the SEC.

    

    
      Section 3.  RELATED
OBLIGATIONS.

    

    

    At such time as the Company is
obligated to prepare and file the Registration Statement with the SEC pursuant
to Section 2(a), the Company shall have the following obligations with respect
to the Registration Statement:

    

    (a)  The Company
shall use all commercially reasonable efforts to cause such Registration
Statement relating to the Registrable Securities to become effective within
ninety (90) days after the date that the Registration Statement is filed and
shall keep such Registration Statement effective until the earlier to occur
of  the date on which (A) the Investor shall have
sold all the Registrable Securities; or (B) the Company has no right
to sell any additional shares of Common Stock under the Investment Agreement
(the “Registration
Period”).  The Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to
be stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading. The Company shall use all
commercially reasonable efforts to respond to all SEC comments within ten (10)
business days from receipt of such comments by the Company. The Company shall
use all commercially reasonable efforts to cause the Registration Statement
relating to the Registrable Securities to become effective no later than
five  (5)  business days after notice from the SEC that the
Registration Statement may be declared effective.  The Investor agrees
to provide all information which it is required by law to provide to the
Company, including the intended method of disposition of the Registrable
Securities, and the Company’s obligations set forth above shall be conditioned
on the receipt of such information.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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    (b)  The Company
shall prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to the Registration Statement and the prospectus
used in connection with such Registration Statement, which prospectus is to be
filed pursuant to Rule 424 promulgated under the 1933 Act, as may be necessary
to keep such Registration Statement effective during the Registration Period,
and, during such period, comply with the provisions of the 1933 Act with respect
to the disposition of all Registrable Securities of the Company covered by such
Registration Statement until such time as all of such Registrable Securities
shall have been disposed of in accordance with the intended methods of
disposition by the Investor thereof as set forth in such Registration
Statement.  In the event the number of shares of Common Stock covered
by the Registration Statement filed pursuant to this Agreement is at any time
insufficient to cover all of the Registrable Securities, the Company shall amend
such Registration Statement, or file a new Registration Statement (on the short
form available therefor, if applicable), or both, so as to cover all of the
Registrable Securities, in each case, as soon as practicable, but in any event
within thirty (30) calendar days after the necessity therefor arises (based on
the then Purchase Price of the Common Stock and other relevant factors on which
the Company reasonably elects to rely), assuming the Company has sufficient
authorized shares at that time, and if it does not, within thirty (30) calendar
days after such shares are authorized.  The Company shall use
commercially reasonable efforts to cause such amendment and/or new Registration
Statement to become effective as soon as practicable following the filing
thereof.

    

    (c)  The Company
shall make available to the Investor whose Registrable Securities are included
in any Registration Statement and its legal counsel without charge (i) if requested by the
Investor, promptly after the same is prepared and filed with the SEC at least
one (1) copy of such Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein
by reference and all exhibits, the prospectus included in such Registration
Statement (including each preliminary prospectus) and, with regards to such
Registration Statement(s), any correspondence by or on behalf of the Company to
the SEC or the staff of the SEC and any correspondence from the SEC or the staff
of the SEC to the Company or its representatives; (ii) upon the effectiveness of
any Registration Statement, the Company shall make available copies of the
prospectus, via EDGAR, included in such Registration Statement and all
amendments and supplements thereto; and (iii) such other documents,
including copies of any preliminary or final prospectus, as the Investor may
reasonably request from time to time in order to facilitate the disposition of
the Registrable Securities.

    

    (d)  The Company
shall use commercially reasonable efforts to (i) register and qualify the
Registrable Securities covered by the Registration Statement under such other
securities or “blue sky” laws of such states in the United States as the
Investor reasonably requests; (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and
supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period; (iii) take such other actions
as may be necessary to maintain such registrations and qualifications in effect
at all times during the Registration Period, and (iv) take all other actions
reasonably necessary or advisable to qualify the Registrable Securities for sale
in such jurisdictions; provided, however, that the
Company shall not be required in connection therewith or as a condition thereto
to (x) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(d), or (y) subject itself to general
taxation in any such jurisdiction.  The Company shall promptly notify
the Investor who holds Registrable Securities of the receipt by the Company of
any notification with respect to the suspension of the registration or
qualification of any of the Registrable Securities for sale under the securities
or “blue sky” laws of any jurisdiction in the United States or its receipt of
actual notice of the initiation or threatening of any proceeding for such
purpose.

    

    (e)  As promptly as
practicable after becoming aware of such event, the Company shall notify
Investor in writing of the happening of any event as a result of which the
prospectus included in the Registration Statement, as then in effect, includes
an untrue statement of a material fact or omission 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 (“Registration
Default”) and use all diligent efforts to promptly prepare a supplement
or amendment to such Registration Statement and take any other necessary steps
to cure the Registration Default (which, if such Registration Statement is on
Form S-3, may consist of a document to be filed by the Company with the SEC
pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act (as defined below)
and to be incorporated by reference in the prospectus) to correct such untrue
statement or omission, and make available copies of such supplement or amendment
to the Investor. The Company shall also promptly notify the Investor (i) when a prospectus or any
prospectus supplement or post-effective amendment has been filed, and when the
Registration Statement or any post-effective amendment has become effective;
(ii) of any request by
the SEC for amendments or supplements to the Registration Statement or related
prospectus or related information, (iii) of the Company’s
reasonable determination that a post-effective amendment to the Registration
Statement would be appropriate, (iv) in the event the
Registration Statement is no longer effective, or (v) if the Registration
Statement is stale as a result of the Company’s failure to timely file its
financials or otherwise.  If a Registration Default occurs during the
period commencing on the Put Notice Date and ending on the Closing Date, the
Company acknowledges that its failure to cure such a Registration Default within
ten (10) business days will cause the Investor to suffer damages in an amount
that will be difficult to ascertain.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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    (f)  The Company
shall use all commercially reasonable efforts to prevent the issuance of any
stop order or other  suspension of effectiveness of the Registration
Statement, or the suspension of the qualification of any of the Registrable
Securities for sale in any jurisdiction and, if such an order or suspension is
issued,  to obtain the withdrawal of such order or suspension at the
earliest possible moment and to notify the Investor holding Registrable
Securities being sold of the issuance of such order and
the  resolution thereof or its receipt of actual notice of the
initiation or threat of any proceeding concerning the effectiveness of the
Registration Statement.

    

    (g)  The Company
shall permit the Investor and one (1) legal counsel, designated by the Investor,
to review and comment upon the Registration Statement and all amendments and
supplements thereto at least one (1) calendar day prior to their filing with the
SEC.  However, any postponement of a filing of a Registration
Statement or any postponement of a request for acceleration or any postponement
of the effective date or effectiveness of a Registration Statement by written
request of the Investor (collectively, the "Investor's Delay")
shall not act to trigger any penalty of any kind, or any cash amount due or any
in-kind amount due the Investor from the Company under any and all agreements of
any nature or kind between the Company and the Investor.  The event(s)
of an Investor's Delay shall act to suspend all obligations of any kind or
nature of the Company under any and all agreements of any nature or kind between
the Company and the Investor.

    

    (h)  Intentionally
Omitted.

    

    (i)  The Company
shall hold in confidence and not make any disclosure of information concerning
the Investor 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, (iv) such information has been
made generally available to the public other than by disclosure in violation of
this Agreement or any other agreement, or (v) the Investor has consented
to such disclosure.  The Company agrees that it shall, upon learning
that disclosure of such information concerning the Investor is sought in or by a
court or governmental body of competent jurisdiction or through other means,
give prompt written notice to the Investor and allow the Investor, at the
Investor’s expense, to undertake appropriate action to prevent disclosure of, or
to obtain a protective order covering such information.

    

    (j)  The Company
shall use all commercially reasonable efforts to maintain designation and
quotation of all the Registrable Securities covered by any Registration
Statement on the Principal Market.  The Company shall pay all fees and
expenses in connection with satisfying its obligation under this Section
3(j).

    

    (k)  The Company
shall cooperate with the Investor to facilitate the prompt preparation and
delivery of certificates representing the Registrable Securities to be offered
pursuant to the Registration Statement and enable such certificates to be in
such denominations or amounts, as the case may be, as the Investor may
reasonably request (and after any sales of such Registrable Securities by the
Investor, such certificates not bearing any restrictive legend).

    

    (l)  The Company
shall provide a transfer agent for all the Registrable Securities not later than
the effective date of the first Registration Statement filed pursuant
hereto.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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    (m)  If requested by
the Investor, the Company shall (i) as soon as reasonably
practical incorporate in a prospectus supplement or post-effective amendment
such information as the Investor reasonably determines should be included
therein relating to the sale and distribution of Registrable Securities,
including, without limitation, information with respect to the offering of the
Registrable Securities to be sold in such offering; (ii) make all required filings
of such prospectus supplement or post-effective amendment as soon as reasonably
possible after being notified of the matters to be incorporated in such
prospectus supplement or post-effective amendment; and (iii) supplement or make
amendments to any Registration Statement if reasonably requested by the
Investor.

    

    (n)  The Company
shall use all commercially reasonable efforts to cause the Registrable
Securities covered by the applicable Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be
necessary to facilitate the disposition of such Registrable
Securities.

    

    (o)  The Company
shall otherwise use all commercially reasonable efforts to comply with all
applicable rules and regulations of the SEC in connection with any registration
hereunder.

    

    (p)  Within one (1)
business day after the Registration Statement which includes Registrable
Securities is declared effective by the SEC, the Company shall deliver to the
transfer agent for such Registrable Securities, with copies to the Investor, a
written notification that such Registration Statement has been declared
effective by the SEC.

    

    Section
4.  OBLIGATIONS OF THE
INVESTOR.

    

    (a)  At least five
(5) calendar days prior to the first anticipated filing date of the Registration
Statement  the Company shall notify the Investor in writing of the
information the Company requires from the Investor for the Registration
Statement.  It shall be a condition precedent to the obligations of
the Company to complete the registration pursuant to this Agreement with respect
to the Registrable Securities and the Investor agrees to furnish to the Company
that information regarding itself, the Registrable Securities and the intended
method of disposition of the Registrable Securities as shall reasonably be
required to effect the registration of such Registrable Securities and the
Investor shall execute such documents in connection with such registration as
the Company may reasonably request.  The Investor covenants and agrees
that, in connection with any sale of Registrable Securities by it pursuant to
the Registration Statement, it shall comply with the “Plan of Distribution”
section of the then current prospectus relating to such Registration
Statement.

    

    (b)  The Investor,
by its acceptance of the Registrable Securities, agrees to cooperate with the
Company as reasonably requested by the Company in connection with the
preparation and filing of any Registration Statement hereunder.

    

    (c)  The Investor
agrees that, upon receipt of written notice from the Company of the happening of
any event of the kind described in Section 3(f) or the first sentence of 3(e),
the Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities
until the Investor’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 3(f) or the first sentence of Section
3(e).

    

    
      Section 5.  EXPENSES
OF REGISTRATION.

    

    

    All expenses, other than underwriting
discounts and commissions and other than as set forth in the Investment
Agreement, incurred in connection with registrations including comments, filings
or qualifications pursuant to Sections 2 and 3, including, without limitation,
all registration, listing and qualifications fees, printing and accounting fees,
and fees and disbursements of counsel for the Company shall be paid by the
Company.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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      Section 6.  INDEMNIFICATION.

    

    

    In the event any Registrable Securities
are included in the Registration Statement under this
Agreement:

    

    (a)  To the fullest
extent permitted by law, the Company, under this Agreement, will, and hereby
does, indemnify, hold harmless and defend the Investor who holds Registrable
Securities, the directors, officers, partners, employees, counsel, agents,
representatives of, and each Person, if any, who controls, any Investor within
the meaning of the 1933 Act or the Securities Exchange Act of 1934, as amended
(the “1934
Act”) (each, an “Indemnified Person”),
against any losses, claims, damages, liabilities, judgments, fines, penalties,
charges, costs, attorneys’ fees, amounts paid in settlement or expenses, joint
or several (collectively, “Claims”), incurred in
investigating, preparing or defending any action, claim, suit, inquiry,
proceeding, investigation or appeal taken from the foregoing by or before any
court or governmental, administrative or other regulatory agency, body or the
SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such Claims
(or actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon: (i) any untrue statement or
alleged untrue statement of a material fact in the Registration Statement or any
post-effective amendment thereto or in any filing made in connection with the
qualification of the offering under the securities or other “blue sky” laws of
any jurisdiction in which the Investor has requested in writing that the Company
register or qualify the Shares (“Blue Sky Filing”), or
the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the
circumstances under which the statements therein were made, not misleading,
(ii) any untrue
statement or alleged untrue statement of a material fact contained in the final
prospectus (as amended or supplemented, if the Company files any amendment
thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made
therein, in light of the circumstances under which the statements therein were
made, not misleading, or (iii) any violation or alleged
violation by the Company of the 1933 Act, the 1934 Act, any other law,
including, without limitation, any state securities law, or any rule or
regulation thereunder relating to the offer or sale of the Registrable
Securities pursuant to the Registration Statement (the matters in the foregoing
clauses (i) through (iii) being, collectively, “Violations”).  Subject
to the restrictions set forth in Section 6(c) the Company shall reimburse the
Investor and each such controlling person, promptly as such expenses are
incurred and are due and payable, for any reasonable legal fees or other
reasonable expenses incurred by them in connection with investigating or
defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim
arising out of or based upon a Violation which is due to the inclusion in the
Registration Statement of the information furnished to the Company by any
Indemnified Person expressly for use in connection with the preparation of the
Registration Statement or any such amendment thereof or supplement thereto;
(ii) shall not be
available to the extent such Claim is based on (a) a failure of the Investor
to deliver or to cause to be delivered the prospectus made available by the
Company or (b) the
Indemnified Person’s use of an incorrect prospectus despite being promptly
advised in advance by the Company in writing not to use such incorrect
prospectus;  (iii) any claims based on the
manner of sale of the Registrable Securities by the Investor or of the
Investor’s failure to register as a dealer under applicable securities laws;
(iv) any omission of the
Investor to notify the Company of any material fact that should be stated in the
Registration Statement or prospectus relating to the Investor or the manner of
sale; and (v) any
amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be
unreasonably withheld.  Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Indemnified
Person and  shall survive the resale of the Registrable Securities by
the Investor pursuant to the Registration Statement.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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    (b)  In connection
with any Registration Statement in which Investor is participating, the Investor
agrees to severally and jointly indemnify, hold harmless and defend, to
the  same extent and in the same manner as is set forth in Section
6(a), the Company, each of its  directors, each of its officers who
signs the Registration Statement, each Person, if any, who controls the Company
within the meaning of the 1933 Act or the 1934 Act and the Company’s agents
(collectively and together with an Indemnified Person, an “Indemnified Party”),
against any Claim or Indemnified Damages to which any of them may become
subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or
Indemnified Damages arise out of or are based upon any Violation, in each case
to the extent, and only to the extent, that such Violation is due to (i) the
inclusion in the Registration Statement of the written information furnished to
the Company by the Investor expressly for use in connection with such
Registration Statement, (ii) a failure of the Investor to deliver or to cause to
be delivered the prospectus made available by the Company or the Investor’s use
of an incorrect prospectus despite being timely advised by the Company in
writing not to use such incorrect prospectus; (iii) the Investor’s failure to
register as a dealer under applicable securities laws; or (iv) any omission of
the Investor to notify the Company of any material fact that should be stated in
the Registration Statement or prospectus relating to the Investor or the manner
of sale; and, subject to Section 6(c), the Investor will reimburse any legal or
other expenses reasonably incurred by them in connection with investigating or
defending any such Claim; provided, however, that the
indemnity agreement contained in this Section 6(b) and the agreement with
respect to contribution contained in Section 7 shall not apply to amounts paid
in settlement of any Claim if such settlement is effected without the prior
written consent of the Investor, which consent shall not be unreasonably
withheld; provided, further, however, that the Investor shall only be liable
under this Section 6(b) for  that amount of a Claim or Indemnified
Damages as does not exceed the net proceeds to such Investor as a result of the
sale of Registrable Securities pursuant to such Registration
Statement.  Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the resale of the Registrable Securities by the Investor
pursuant to the Registration Statement.

    

    (c)  Promptly after
receipt by an Indemnified Person or Indemnified Party under this Section 6 of
notice of the commencement of any action or proceeding (including any
governmental action or proceeding) involving a Claim, such Indemnified Person or
Indemnified Party shall, if a Claim in respect thereof is to be made against any
indemnifying party under this Section 6, deliver to the indemnifying party a
written notice of the commencement thereof, and the indemnifying party shall
have the right to participate in, and, to the extent the indemnifying party so
desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the
indemnifying party and the Indemnified Person or the Indemnified Party, as the
case may be; provided, however, that an Indemnified Person or Indemnified Party
shall have the right to retain its own counsel with the fees and expenses to be
paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the Indemnified Person or Indemnified Party, the representation by
counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential differing interests
between such Indemnified Person or Indemnified Party and any other party
represented by such counsel in such proceeding.  The indemnifying
party shall pay for only one (1) separate legal counsel for the Indemnified
Persons or the Indemnified Parties, as applicable, and such counsel shall be
selected by the Investor, if the Investor is entitled to indemnification
hereunder, or the Company, if the Company is entitled to indemnification
hereunder, as applicable.  The Indemnified Party or Indemnified Person
shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or Claim by the indemnifying party and
shall furnish to the indemnifying party all information reasonably available to
the Indemnified Party or Indemnified Person which relates to such action or
Claim.  The indemnifying party shall keep the Indemnified Party or
Indemnified Person fully apprised at all times as to the status of the defense
or any settlement negotiations with respect thereto.  No indemnifying
party shall be liable for any settlement of any action, claim or proceeding
affected without its written consent, provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No
indemnifying party shall, without the consent of the Indemnified Party or
Indemnified Person, consent to entry of any judgment or enter into any
settlement or other compromise which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such Indemnified Party or
Indemnified Person of a release from all liability in respect to such
Claim.  Following indemnification as provided for hereunder, the
indemnifying party shall be subrogated to all rights of the Indemnified Party or
Indemnified Person with respect to all third parties, firms or corporations
relating to the matter for which indemnification has been made.  The
failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action shall not relieve such indemnifying
party of any liability to the Indemnified Person or Indemnified Party under this
Section 6, except to the extent that the indemnifying party is prejudiced in its
ability to defend such action.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
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    (d)  The indemnity
agreements contained herein shall be in addition to (i) any cause of action or
similar right of the Indemnified Party or Indemnified Person against the
indemnifying party or others, and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law.

    

    Section
7.  CONTRIBUTION.

    

    To the extent any indemnification by an
indemnifying party is prohibited or limited by law, the indemnifying party
agrees to make the maximum contribution with respect to any amounts for which it
would otherwise be liable under Section 6 to the fullest extent permitted by
law; provided, however,
that: (i) no
contribution shall be made under circumstances where the maker would not have
been liable for indemnification under the fault standards set forth in Section
6; (ii) no seller of
Registrable Securities guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from
any seller of Registrable Securities who was not guilty of fraudulent
misrepresentation; and (iii)
contribution by any seller of Registrable Securities shall be limited in
amount to the net amount of proceeds received by such seller from the sale of
such Registrable Securities.

    

    
      Section
8.  REPORTS UNDER THE 1934
ACT.

    

    

    With a view to making available to the
Investor the benefits of Rule 144 promulgated under the 1933 Act or any other
similar rule or regulation of the SEC that may at any time permit the Investor
to sell securities of the Company to the public without registration (“Rule 144”), provided
that the Investor holds any Registrable Securities are eligible for resale under
Rule 144 and such information is necessary in order for the Investor to sell
such Securities pursuant to Rule 144, the Company agrees to:

    

    (a)           make
and keep public information available, as those terms are understood and defined
in Rule 144;

    

    (b)           file
with the SEC in a timely manner all reports and other documents required of the
Company under the 1933 Act and the 1934 Act so long as the Company remains
subject to such requirements (it being understood that nothing herein shall
limit the Company’s obligations under Section 5(c) of the Investment Agreement)
and the filing of such reports and other documents is required for the
applicable provisions of Rule 144; and

    

    (c)           furnish
to the Investor, promptly upon request, (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the
1933 Act and the 1934 Act, (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents
so filed by the Company, and (iii) such other information
as may be reasonably requested to permit the Investor to sell such securities
pursuant to Rule 144 without registration.

    

    Section
9.  NO
ASSIGNMENT OF REGISTRATION RIGHTS.

    

    The rights and obligations under this
Agreement shall not be assignable.

     

    Section
10.  AMENDMENT OF REGISTRATION
RIGHTS.

    

    The provisions of this Agreement may be
amended only with the written consent of the Company and Investor.

    

    Section
11.  MISCELLANEOUS.

    

    (a)  Any notices or
other communications required or permitted to be given under the terms of this
Agreement that must be in writing will be deemed to have been delivered (i) upon receipt, when
delivered personally; (ii)
upon receipt, when sent by facsimile or email with the signed document
attached in PDF format (provided a confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party); or (iii) one (1) day after
deposit with a nationally recognized overnight delivery service, in each case
properly addressed to the party to receive the same.  The addresses
and facsimile numbers for such communications shall be:

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    If to the
Company:

    

    117 West
9th Street, Suite 1214

    Los
Angeles, California 90015

    Telephone:           (949)
456-9510

    Facsimilie:           
(888) 886-1305

    E-mail:  mwilliams@gtxcorp.com

    

    If to the
Investor:

    

    
      Dutchess
Equity Fund, LP

    

    
      50
Commonwealth Ave, Suite 2

    

    
      Boston,
MA 02116

    

    
      Telephone:
(617) 301-4700

    

    
      Facsimile:  (617)
249-0947

    

    
      E-mail:  tsmith@dpef.com

    

    

    Each party shall provide five (5)
business days prior notice to the other party of any change in address, phone
number, facsimile number ore-mail address.

    

    (b)  Failure of any
party to exercise any right or remedy under this Agreement or otherwise, or
delay by a party in exercising such right or remedy, shall not operate as a
waiver thereof.

    

    (c)   This
Agreement and the Investment Agreement constitute the entire agreement among the
parties hereto with respect to the subject matter hereof and
thereof.  There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein and
therein.

    

    (d)  This Agreement
and the Investment Agreement supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and
thereof.

    

    (e) The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof.  Whenever required by the context of this
Agreement, the singular shall include the plural and masculine shall include the
feminine.  This Agreement shall not be construed as if it had been
prepared by one of the parties, but rather as if all the parties had prepared
the same.

    

    (f)  This Agreement
may be executed in two or more identical counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same
agreement.  This Agreement, once executed by a party, may be delivered
to the other party hereto by facsimile transmission or by e-mail delivery of a
PDF format  of a copy of this Agreement bearing the signature of the
party so delivering this Agreement.

    

    (g)  Each party
shall do and perform, or cause to be done and performed, all such further acts
and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this
Agreement and the consummation of the transactions contemplated
hereby.

    

    (h) In case any provision of
this Agreement is held by a court of competent jurisdiction to be excessive in
scope or otherwise invalid or unenforceable, such provision shall be adjusted
rather than voided, if possible, so that it is enforceable to the maximum extent
possible, and the validity and enforceability of the remaining provisions of
this Agreement will not in any way be affected or impaired thereby.

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    Section
12.  DISPUTES SUBJECT TO
ARBITRATION GOVERNED BY MASSACHUSETTS LAW

    

    All disputes arising under this
agreement shall be governed by and interpreted in accordance with the laws of
the Commonwealth of Massachusetts, without regard to principles of conflict of
laws.  The parties to this agreement will submit all disputes arising
under this agreement to arbitration in Boston, Massachusetts before a single
arbitrator of the American Arbitration Association (“AAA”).  The
arbitrator shall be selected by application of the rules of the AAA, or by
mutual agreement of the parties, except that such arbitrator shall be an
attorney admitted to practice law in the Commonwealth of
Massachusetts.  No party to this agreement will challenge the
jurisdiction or venue provisions as provided in this section.  Nothing
contained herein shall prevent the party from obtaining an
injunction.

    

    *.*.*

    

    GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    

    SIGNATURE
PAGE OF REGISTRATION RIGHTS AGREEMENT

     

    Your
signature on this Signature Page evidences your agreement to be bound by the
terms and conditions of the Investment Agreement and the Registration Rights
Agreement as of the date first written above.

     

    The
undersigned signatory hereby certifies that he has read and understands the
Registration Rights Agreement, and the representations made by the undersigned
in this Registration Rights Agreement are true and accurate, and agrees to be
bound by its terms.

    

    
      
        
          
            	 	
                    DUTCHESS
      EQUITY FUND, LP,

                  
	 	 
      	 
      
	 	
                    By:

                  	
                      

                  
	 	 
      	
                    Douglas
      H. Leighton

                  
	 	 
      	
                    Managing
      Member of:

                  
	 	 
      	
                    Dutchess
      Capital Management, LLC

                  
	 	 
      	
                    General
      Partner to:

                  
	 	 
      	
                    Dutchess
      Equity Fund, LP

                  
	 	 
      	 
      
	 	
                    GTX
      CORP

                  
	 	 
      	 
      
	 	
                    By:

                  	
                      

                  
	 	 
      	
                    Murray
      Williams, Chief Financial Officer & Treasurer

                  
	 	 
      	 
      
	 	
                    By:

                  	
                      

                  
	 	 
      	
                    Patrick
      Bertagna,  Chief Executive
Officer

                  

          

        

      

    

     

    
      GTX.EQUITY
LINE.REGISTRATION RIGHTS.NOVEMBER.2009.

       

    

    
      
         

      

      
        11Unassociated Document

    STOCK
PURCHASE AGREEMENT

     

    This
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of this ___ day of
November, 2009 by and between Camden Learning Corporation, a Delaware
corporation (“Buyer” or “Camden”) and the signatory on the execution page hereof
and its affiliates (collectively, “Seller”).1

     

    WHEREAS,
Camden was organized for the purpose of acquiring, through a merger, capital
stock exchange, asset acquisition or other similar business combination, an
operating business (“Business Combination”); and

     

    WHEREAS,
Camden consummated an initial public offering in November, 2007 (“IPO”) in
connection with which it raised gross proceeds of $53,010,400, a significant
portion of which was placed in a trust fund established by Camden for the
benefit of its public stockholders (the “Trust Account”) pending the
consummation of a Business Combination, or the dissolution and liquidation of
Camden in the event it is unable to consummate a Business Combination on or
prior to November 29, 2009; and

     

    WHEREAS,
Camden has entered into that certain Agreement and Plan of Reorganization as
amended and restated in its entirety on August 11, 2009 and further amended on
October 26th, 2009
by Amendment No. 1 to the Amended and Restated Agreement and Plan of
Reorganization (as amended, the “Merger Agreement”) pursuant to which Dlorah
Subsidiary, Inc., a newly formed, wholly-owned subsidiary of Camden (‘‘Merger
Sub’’), will merge with and into Dlorah, Inc., a South Dakota corporation which
owns and operates National American University (Dlorah, Inc., together with its
divisions and subsidiaries, is referred to herein as “Dlorah”), with Dlorah
surviving as a wholly-owned subsidiary of Camden, as a result of which the
stockholders of Dlorah will contribute all of the outstanding capital stock of
Dlorah to Camden in exchange for shares of a newly created class of common
stock, common stock purchase warrants and restricted shares of Camden’s
currently authorized common stock (the “Acquisition”); and

     

    WHEREAS,
pursuant to certain provisions in Camden’s Certificate of Incorporation, as
amended (the “Certificate of Incorporation”), a holder of Camden’s shares of
common stock, par value $.0001 per share (the “Common Stock”), issued in
Camden’s initial public offering (“IPO”) may, if it votes against the Business
Combination, demand that Camden redeem such Common Stock into cash (“Redemption
Rights”); and

     

    WHEREAS,
the Acquisition will not be consummated if the holders of 30% or more of the
Common Stock issued in the IPO vote against the Acquisition and request
Redemption Rights; and

     

      
        

      

    

    1 “Affiliates” shall have the meaning ascribed
to such term under Rule 501 of Regulation D of the Securities Exchange Act of
1934, as amended.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WHEREAS,
Buyer has requested Seller sell, and Seller has agreed to sell, the number of
shares of Common Stock set forth on the signature page hereof (the “Shares”);
and

     

    NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

     

    ARTICLE
I

    Purchase
and Closing

    

    Section
1.01                                Purchase.  Seller
hereby agrees to sell to Buyer and Buyer hereby agrees to purchase from Seller
at the Closing (as defined below) the Shares at $____ per share (the “Purchase
Price Per Share”) for the aggregate purchase price set forth on the signature
page hereto (the “Aggregate Purchase Price”).  Following the execution
of this Agreement, Buyer hereby agrees to provide irrevocable instructions to
its transfer agent in the form attached hereto as Exhibit A, to deliver
the Aggregate Purchase Price at the Closing.  Buyer’s obligation to
purchase the Shares from Seller shall be conditioned on the consummation of the
Acquisition.

     

    Section
1.02                                Closing. The closing of the
purchase and sale of the Shares (“Closing”) will occur as soon as practicable,
but in no event more than (1) business day after: (i) the liquidation of Buyer’s
Trust Account in connection with the consummation of the Acquisition and (ii)
the settlement of all (and not less than all) of the Shares following Seller’s
delivery of the Shares to an account specified by Buyer using the Depository
Trust Company’s DWAC (Deposit/Withdrawal at Custodian) System.  At the
Closing, Buyer shall pay Seller the Aggregate Purchase Price by wire transfer
from Camden’s Trust Account of immediately available funds to an account
specified by Seller.  It shall be a condition to the obligation of
Buyer on the one hand and Seller on the other hand, to consummate the transfer
of the Shares and payment of the Aggregate Purchase Price contemplated hereunder
that the other party’s representations and warranties are true and correct at
the Closing with the same effect as though made on such date, unless waived in
writing by the party to whom such representations and warranties are
made.

     

    ARTICLE
II

    Voting
of the Shares; Proxy and Waiver of Redemption

    

    Section
2.01                                Voting;
Redemption.  In further consideration of the Aggregate Purchase
Price, Seller hereby agrees that as soon as practicable, Seller will send
electronic and written instructions to its prime broker holding the Shares to
vote the Shares in favor of the Acquisition and each of the other proposals (the
“Proposals”) to be submitted at the special meeting, or adjournment thereof
called for by Camden for the purpose of voting upon (i) the Acquisition and (ii)
any other proposal set forth in Camden’s definitive proxy statement describing
the Acquisition and Proposals (the “Meeting”), each in the manner set forth in
such definitive proxy statement.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    Section
2.02                                Prior Votes.  If
Seller has already voted in connection with the Meeting, Seller shall either (i)
send electronic and written instructions to its prime broker holding the Shares
to withdraw and revoke its vote against the Acquisition and Proposals with
respect to the Shares and shall then send electronic and written instructions to
its prime broker to vote the Shares in accordance with Section 2.01 or (ii)
continue to vote the Shares in favor of the Acquisition and the Proposals; provided, further, that in all
applicable cases, Seller shall rescind its demand, or not demand, its Redemption
Rights with respect to the Shares.

     

    Section
2.03                                Appointment of
Proxy.  Seller hereby appoints David Warnock as its true and
lawful proxy and attorney-in-fact, with full power of
substitution, to vote all of the Shares in accordance with the terms of this
Agreement.  The proxy and power of attorney
granted herein shall be deemed to be coupled with an interest, shall be irrevocable during the term of this Agreement, and shall
survive the death, disability, incompetency, bankruptcy, insolvency or
dissolution of Seller. Furthermore, Seller will, from time to time as reasonably
requested by Buyer, execute and deliver such further instruments, ancillary
agreements or other documents or take such other actions as may be necessary or
advisable to give effect to, confirm, evidence or effectuate the purposes of the
proxy granted by this Section 2.03.  Upon the
termination of this Agreement in accordance with Section 7.01, this Section 2.03
shall be of no further force and effect.

     

    Section
2.04                                Evidence of
Vote.  Seller shall provide further evidence of both (i) its
vote in favor of the Acquisition and Proposals, and (ii) its non-demand or
withdrawal of Redemption Rights, within one (1) business day of any reasonable
request by Buyer for such evidence.

     

    Section
2.05                                Waiver of Right of
Redemption.  By entering into this Agreement, Seller hereby
waives its rights to redeem the Shares.  The waiver granted by Seller
pursuant to this Section 2.05 is irrevocable unless and until this Agreement is
terminated in accordance with Section 7.01 and is granted in consideration of
Buyer entering into this Agreement and incurring certain related fees and
expenses.

     

    ARTICLE
III

    Representations
and Warranties of the Seller

    

    Seller
hereby represents and warrants to Buyer on the date hereof and on the Closing
Date that:

     

    Section
3.01                                Sophisticated
Seller.  Seller is sophisticated in financial matters and is
able to evaluate the risks and benefits attendant to the sale of Shares to
Buyer.

     

    Section
3.02                                Independent
Investigation.  Seller, in making the decision to sell the
Shares to Buyer, has not relied upon any oral or written representations or
assurances from Buyer or any of its officers, directors or employees or any
other representatives or agents of Buyer other than as set forth in this
Agreement.  Seller has had access to all of the filings made by Camden
with the SEC, pursuant to the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) and the Securities Act of 1933, as amended, in each case to the
extent available publicly via the SEC’s Electronic Data Gathering, Analysis and
Retrieval system.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    Section
3.03                                Authority.  This
Agreement has been validly authorized, executed and delivered by Seller and,
assuming the due authorization, execution and delivery thereof by Buyer, is a
valid and binding agreement enforceable in accordance with its terms, subject to
the general principles of equity and to bankruptcy or other laws affecting the
enforcement of creditors’ rights generally.  The execution, delivery
and performance of this Agreement by Seller does not and will not conflict with,
violate or cause a breach of, constitute a default under, or result in a
violation of (i) any agreement, contract or instrument to which Seller is a
party which would prevent Seller from performing its obligations hereunder or
(ii) any law, statute, rule or regulation to which Seller is
subject.

     

    Section
3.04                                No Legal Advice from
Buyer.   Seller acknowledges that is has had the
opportunity to review this Agreement and the transactions contemplated by this
Agreement with Seller’s own legal counsel, investment and tax
advisors.  Seller is not relying on any statements or representations
of Buyer or any of its representatives or agents for legal, tax or investment
advice with respect to this Agreement or the transactions contemplated by the
Agreement.

     

    Section
3.05                                Ownership of
Shares.  Seller is the legal and beneficial owner of the Shares
and will transfer to Buyer at the Closing good and marketable title to the
Shares free and clear of any liens, claims, security interests, options, charges
or any other encumbrance whatsoever.  The Seller beneficially owned
all of the Shares as of the close of the trading day on November 5, 2009 and has
the sole right to exercise Redemption Rights and vote the Shares, whether at the
Meeting or upon action by written consent, with respect to all of the
Shares. Except as provided by this Agreement, Seller has not, directly or
indirectly, granted any proxies or entered into any voting trust or other
agreement or arrangement with respect to the voting, regardless of whether such
vote would occur at the Meeting or upon action by written consent, of any of the
Shares.

     

    Section
3.06                                Number of
Shares.  The Shares being transferred pursuant to this
Agreement represent all of the Common Stock beneficially owned by Seller as of
the date hereof, including any such shares of Common Stock which may result from
the exercise of any option, call or other derivative security
interest.

     

    Section
3.07                                Cash Account.  If
the Shares are not currently held in an account which prohibits rehypothecation
by the Seller’s prime broker, Seller will transfer the Shares into such an
account as soon as practicable following the execution of this Agreement; provided, however, in no event
shall such transfer occur more than two (2) business days from the execution of
this Agreement.

     

    Section
3.08                                Seller
Taxes.  Seller understands that Seller (and not the Buyer)
shall be responsible for any and all tax liabilities of Seller that may arise as
a result of the transactions contemplated by this Agreement.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    Section
3.09                                Aggregate Purchase Price
Negotiated.  Seller represents and understands that both the
number of Shares and the Aggregate Purchase Price were negotiated figures by the
parties and that the terms and conditions by the parties of this Agreement may
differ from arrangements entered into with other holders of Common
Stock.

     

    Section
3.10                                Finder’s Fees.  No
investment banker, broker, finder or other intermediary is entitled to a fee or
commission from Camden in respect of this Agreement based upon any arrangement
or agreement made by or on behalf of Seller.

     

    ARTICLE
IV

    Representations
and Warranties of the Buyer

    

    Buyer
hereby represents and warrants to Seller on the date hereof and on the Closing
Date that:

     

    Section
4.01                                Sophisticated
Buyer.  Buyer is sophisticated in financial matters and is able
to evaluate the risks and benefits attendant to the purchase of Shares from
Seller.

     

    Section
4.02                                Independent
Investigation.  Buyer, in making the decision to purchase the
Shares from Seller, has not relied upon any oral or written representations or
assurances from Seller or any of its officers, directors, partners or employees
or any other representatives or agents of Seller other than as set forth in this
Agreement.

     

    Section
4.03                                Authority.  This
Agreement has been validly authorized, executed and delivered by Buyer and
assuming the due authorization, execution and delivery thereof by Seller, is a
valid and binding agreement enforceable in accordance with its terms, subject to
the general principles of equity and to bankruptcy or other laws affecting the
enforcement of creditors’ rights generally.  The execution, delivery
and performance of this Agreement by Buyer does not and will not conflict with,
violate or cause a breach of, constitute a default under, or result in a
violation of (i) any agreement, contract or instrument to which Buyer is a party
which would prevent Buyer from performing its obligations hereunder or (ii) any
law, statute, rule or regulation to which Buyer is subject.

     

    Section
4.04                                No Legal Advice from
Seller.  Buyer acknowledges that is has had the opportunity to
review this Agreement and the transactions contemplated by this Agreement with
Buyer’s own legal counsel, investment and tax advisors.  Buyer is
relying solely on such counsel and advisors and not on any statements or
representations of Seller or any of its representatives or agents for legal, tax
or investment advice with respect to this Agreement or the transactions
contemplated by this Agreement.

     

    Section
4.05                                Buyer Taxes.  Buyer
understands that Buyer (and not the Seller) shall be responsible for any and all
tax liabilities of Buyer that may arise as a result of the transactions
contemplated by this Agreement.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    ARTICLE
V

    Negative
Covenants of the Seller

    

    Section
5.01                                No Further Acquisitions of
Camden
Securities.  Seller hereby covenants and agrees that following
the execution of this Agreement and prior to Closing, Seller shall not acquire
any Common Stock, other securities of Camden convertible into or
exchangeable for shares of Common Stock in Camden or any options, calls or other
rights to acquire Common Stock of Camden or similar securities or rights that
are derivative of, or provide economic benefits based, directly or indirectly,
on the value or price of, any Common Stock or other securities of
Camden.

     

    Section
5.03                                No Borrowing of the
Shares.  Seller hereby covenants and agrees that it shall not
allow the Shares to be borrowed by, or lent to, any other person or entity
whatsoever during the term of this Agreement.

     

    Section
5.02                                No Other Proxies or Voting
Agreements.  Seller hereby covenants and agrees that except
pursuant to the terms of this Agreement, Seller shall not, directly or
indirectly, (i) grant any proxies or enter into any voting trust or other
agreement or arrangement with respect to the voting of any of the Shares,
regardless of whether such vote would occur at the Meeting or upon action by
written consent or (ii) sell, assign, transfer, encumber or otherwise dispose
of, or enter into any contract, option or other arrangement or understanding
with respect to the direct or indirect assignment, transfer, encumbrance or
other disposition of, any of the Shares during the term of this
Agreement. Seller shall not seek or solicit any such assignment, transfer,
encumbrance or other disposition or any such contract, option or other
arrangement or understanding with respect to the Shares and agrees to notify
Buyer promptly, and to provide all details requested by Buyer, if Seller shall
be approached or solicited, directly or indirectly, by any person with respect
to the Shares.

     

    ARTICLE
VI

    Acknowledgement;
Waiver

    

    Section
6.01                                Acknowledgement;
Waiver.  Seller (i) acknowledges that Buyer may possess or have
access to material non-public information which has not been communicated to
Seller; (ii) hereby waives any and all claims, whether at law, in equity or
otherwise, that he, she, or it may now have or may hereafter acquire, whether
presently known or unknown, against Buyer or any of its officers, directors,
employees, agents, affiliates, subsidiaries, successors or assigns relating to
any failure to disclose any non-public information in connection with the
transactions contemplated by this Agreement, including without limitation, any
such claims arising under the securities or other laws, rules and regulations,
and (iii) is aware that Buyer is relying on the foregoing acknowledgement and
waiver in clauses (i) and (ii) above, respectively, in connection with the
transactions contemplated by this Agreement.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    ARTICLE
VII

    Miscellaneous

    

    Section
7.01                                Termination.  Notwithstanding
any provision in this Agreement to the contrary, this Agreement shall become
null and void and of no further force and effect upon the earlier to occur: (i)
termination by the written agreement of the parties to this Agreement or (ii)
the day on which the Company terminates the Acquisition.

     

    Section
7.02                                Counterparts;
Facsimile.  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
instrument.  This Agreement or any counterpart may be executed via
facsimile transmission, and any such executed facsimile copy shall be treated as
an original.

     

    Section
7.03                                Governing
Law.  This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of
Delaware.  Each of the parties hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this
Agreement shall, to the fullest extent applicable, be brought and enforced
first in the Delaware Chancery Court, then to such other court in the State of
Delaware as appropriate and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive.  Each of the parties hereby waives
any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum.

     

    Section
7.04                                Remedies
Cumulative.  Each of the parties hereto acknowledges and agrees
that, in the event of any breach of any covenant or agreement contained in this
Agreement by the other party, money damages may be inadequate with respect to
any such breach and the non-breaching party may have no adequate remedy at
law.  It is accordingly agreed that each of the parties hereto shall
be entitled, in addition to any other remedy to which they may be entitled at
law or in equity, to seek injunctive relief and/or to compel specific
performance to prevent breaches by the other party hereto of any covenant or
agreement of such other party contained in this Agreement. Accordingly,
Seller hereby agrees Buyer is entitled to an injunction prohibiting any conduct
by the Seller in violation of this Agreement and shall not seek the posting of
any bond in connection with such request for an injunction. Furthermore, in any
action by Buyer to enforce this Agreement, Seller waives its right to assert any
counterclaims and its right to assert set-off as a defense.  The
prevailing party agrees to pay all costs and expenses, including reasonable
attorneys' and experts' fees that such prevailing party may incur in connection
with the enforcement of this Agreement.

     

    Section
7.05                                Severability.  If
any term, provision or covenant of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable,
the remainder of the terms, provisions and covenants of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or
invalidated

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

       

    

    Section
7.06                                Binding Effect;
Assignment.  This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns.  This Agreement shall not be
assigned by either party without the prior written consent of the other party
hereto.

     

    Section
7.07                                Headings.  The
descriptive headings of the Sections hereof are inserted for convenience only
and do not constitute a part of this Agreement.

     

    Section
7.08                                Entire Agreement; Changes in
Writing.  This Agreement constitutes the entire agreement among
the parties hereto and supersedes and cancels any prior agreements,
representations and warranties, whether oral or written, among the parties
hereto relating to the transaction contemplated hereby.  Neither this
Agreement not any provision hereof may be changed or amended orally, but only by
an agreement in writing signed by the other party hereto.

     

    Section
7.09                                Trust Waiver.  The
Trust Account is invested in U.S. government securities in a trust account at JP
Morgan Chase Bank, N.A. and held in trust by Continental Stock Transfer &
Trust Company (the “Trustee”) pursuant to the Investment Management Trust
Account Agreement, dated as of November 29, 2007, between Camden and
Trustee.  Other than with respect to the Aggregate Purchase Price to
be paid to Seller in connection with this Agreement, Seller agrees that it does
not now have, and shall not at any time have, any claim to, or make any claim
against, the Trust Account or any asset contained therein, regardless of whether
such claim arises as a result of, in connection with or relating in any way to,
the business relationship between Seller, on the one hand, and Camden, on the
other hand, this Agreement, or any other agreement or any other matter, and
regardless of whether such claim arises based on contract, tort, equity or any
other theory of legal liability. Other than with respect to the Aggregate
Purchase Price to be paid to Seller in connection with this Agreement, Seller
hereby irrevocably waives any and all claims it may have, now or in the future
(in each case, however, prior to the consummation of a business combination),
and will not seek recourse against, the Trust Account for any other reason
whatsoever in respect thereof. Other than with respect to an action for the
recovery of the Aggregate Purchase Price to be paid to Seller in connection with
this Agreement, in the event Seller commences any other action or proceeding
based upon, in connection with, relating to or arising out of any matter
relating to Camden, which proceeding seeks, in whole or in part, relief against
the Trust Account or the public stockholders of Camden, whether in the form of
money damages or injunctive relief, Camden shall be entitled to recover from
Seller the associated legal fees and costs in connection with any such
action.

     

    [Signature
Page Follows]

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set
forth on the first page of this Agreement.

     

    
      
        	 	CAMDEN
      LEARNING CORPORATION	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

    

     

    
      	 	[SELLER]	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

    

     

    Purchase
Price Per Share:

    Number of
Shares:

    Aggregate
Purchase Price:

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Exhibit A

     

    CAMDEN
LEARNING CORPORATION

    500
EAST PRATT STREET, SUITE 1200

    BALTIMORE,
MD 21202

     

    October
__, 2009

    

    Continental
Stock Transfer & Trust Company

    17
Battery Place

    New York,
New York 10004

    

    Attn:
Frank DiPaolo

     

    Re:           Trust
Account No.

    

    Gentlemen:

    

    Camden Learning Corporation (the
“Company”) is providing these irrevocable instructions to you in connection with
the above described Trust Account established in connection with and pursuant to
an Investment Management Trust Agreement dated as of August 1, 2007 between the
Company and Continental Stock Transfer & Trust Company as Trustee (the
“Trust Agreement”).  Upper case terms used herein shall have the
meanings ascribed to such terms in the Trust Agreement.

    

    In the event the Company delivers to
you a Termination Letter substantially in the form of Exhibit A to the
Trust Agreement, in addition to the other documents required to be delivered
pursuant to such document, assuming you are the Trustee on such date, then, in
consideration for the electronic transfer of [NUMBER] shares of the Company’s
common stock to an account specified by the Company (the “Company Account”) upon
the settlement of the shares in the Company Account, you are irrevocably
instructed to deliver the sum of [AMOUNT] to [SELLER] in accordance with the
bank wire instructions provided to you below:

    

    [INSERT
INSTRUCTIONS]

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    Exhibit
A

     

    The address for [SELLER] is
[ADDRESS].  The contact person for [SELLER] is [PERSON].  He
can be reached at [NUMBER].

    

    Kindly acknowledge where indicated
below, your receipt and understanding of these instructions and return a copy to
Ellenoff Grossman & Schole LLP, attn: David E. Kutcher, Esq. facsimile
number (646)-895-7187.

    

    A facsimile signed and electronically
delivered copy of this letter shall be deemed an original.

     

    
      
        	 	Very
      truly yours,	 
	 	 	 
	 	CAMDEN
      LEARNING CORPORATION	 
	 	 	 	 
	
                 

              	
                By:

              	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

      

    

     

    Acknowledged
and Agreed:

    

    CONTINENTAL
STOCK TRANSFER &

    TRUST
COMPANY

    

    By:
____________________________

    Name:

    Title:

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