Document:

EXECUTION
      COPY

     

    

    
 

    PLEDGE
      AGREEMENT

     

    Dated
      as
      of June 14, 2007

     

    From

     

    The
      Pledgors referred to herein

     

    as
      Pledgors

     

    to

     

    Citibank,
      N.A.

     

    as
      Agent

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    TABLE 
      OF  CONTENTS

    
       

    

    
      
        	Section	 	
                Page

              
	 	 	 
	
                Section
                  1.

              	
                Definitions

              	
                3

              
	 	 	 
	
                Section
                  2.

              	
                Grant
                  of Security

              	
                5

              
	 	 	 
	
                Section
                  3.

              	
                Security
                  for Obligations

              	
                6

              
	 	 	 
	
                Section
                  4.

              	
                Pledgors
                  Remain Liable

              	
                6

              
	 	 	 
	
                Section
                  5.

              	
                Delivery
                  and Control of Security Collateral

              	
                6

              
	 	 	 
	
                Section
                  6.

              	
                Representations
                  and Warranties

              	
                7

              
	 	 	 
	
                Section
                  7.

              	
                Further
                  Assurances

              	
                8

              
	 	 	 
	
                Section
                  8.

              	
                Post-Closing
                  Changes

              	
                9

              
	 	 	 
	
                Section
                  9.

              	
                Voting
                  Rights; Dividends; Etc.

              	
                9

              
	 	 	 
	
                Section
                  10.

              	
                Transfers
                  and Other Liens; Additional Shares

              	
                10

              
	 	 	 
	
                Section
                  11.

              	
                Agent
                  Appointed Attorney-in-Fact

              	
                10

              
	 	 	 
	
                Section
                  12.

              	
                Agent
                  May Perform

              	
                11

              
	 	 	 
	
                Section
                  13.

              	
                Remedies

              	
                11

              
	 	 	 
	
                Section
                  14.

              	
                Indemnity
                  and Expenses

              	
                12

              
	 	 	 
	
                Section
                  15.

              	
                Amendments;
                  Waivers; Additional Pledgors; Etc.

              	
                13

              
	 	 	 
	
                Section
                  16.

              	
                Notices,
                  Etc.

              	
                13

              
	 	 	 
	
                Section
                  17.

              	
                Continuing
                  Security Interest; Assignments Under the Credit Agreement

              	
                14

              
	 	 	 
	
                Section
                  18.

              	
                Release;
                  Termination

              	
                14

              
	 	 	 
	
                Section
                  19.

              	
                Execution
                  in Counterparts

              	
                15

              
	 	 	 
	
                Section
                  20.

              	
                Governing
                  Law

              	
                15

              
	 	 	 
	
                Section
                  21.

              	
                Amendment
                  and Restatement

              	
                15

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        

          
            	
                    Schedules

                  	 	 
	 	 	 
	
                    Schedule I

                  	
                    -

                  	
                    Type
                      Of Organization, Jurisdiction Of Organization and Organizational
                      Identification Number

                  
	 	 	 
	
                    Schedule II

                  	
                    -

                  	
                    Pledged
                      Equity

                  
	 	 	 
	
                    Schedule III

                  	
                    -

                  	
                    Changes
                      in Name, Etc.

                  
	 	 	 
	
                    Exhibit

                  	 	 
	 	 	 
	
                    Exhibit A

                  	
                    -

                  	
                    Form
                      of Pledge Agreement
                      Supplement

                  

          

        

      

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    PLEDGE
      AGREEMENT

     

    PLEDGE
      AGREEMENT dated as of June 14, 2007 made by Chemtura Corporation, a Delaware
      corporation (the “Borrower”),
      the
      other Persons listed on the signature pages hereof and the Additional Pledgors
      (as defined in Section 15) (the Borrower, the Persons so listed and the
      Additional Pledgors being, collectively, the “Pledgors”),
      to
      Citibank, N.A., as Agent (as such term is defined in the Credit Agreement (as
      hereinafter defined)). Capitalized terms defined in the Credit Agreement and
      not
      otherwise defined in Section 1 of this Agreement are used in this Agreement
      as
      defined in the Credit Agreement. 

     

    PRELIMINARY
      STATEMENTS.

     

    (1) The
      Borrower has entered into a Credit Agreement dated as of July 1, 2005 (said
      Agreement, as it may hereafter be amended, amended and restated, supplemented
      or
      otherwise modified from time to time, being the “Credit
      Agreement”)
      with
      the Lenders and the Agent.

     

    (2) The
      Security Period commenced on May 15, 2007, and pursuant to Section 5.01(j)
      of
      the Credit Agreement, the Pledgors are entering into this Agreement in order
      to
      grant to the Agent for the ratable benefit of the Secured Parties a security
      interest in the Collateral.

     

    (3) Each
      Pledgor is the owner of the shares of stock or other Equity Interests set forth
      opposite such Pledgor’s name on and as otherwise described in Part I of
      Schedule II hereto and issued by the Persons identified as an “Issuer”
therein (the “Initial
      Pledged Equity”).

     

    (4) Each
      Pledgor has derived or will derive substantial direct and indirect benefit
      from
      the transactions contemplated by the Loan Documents.

     

    NOW,
      THEREFORE, in consideration of the premises, each Pledgor hereby agrees with
      the
      Agent for the ratable benefit of the Secured Parties as follows:

     

    Section
      1. Definitions

     

    Unless
      otherwise defined in this Agreement or in the Credit Agreement, terms defined
      in
      Article 8 or 9 of the UCC (as defined below) are used in this Agreement as
      such
      terms are defined in such Article 8 or 9. “UCC”
means
      the Uniform Commercial Code as in effect, from time to time, in the State of
      New
      York; provided
      that, if
      perfection or the effect of perfection or non-perfection or the priority of
      any
      security interest in any Collateral is governed by the Uniform Commercial Code
      as in effect in a jurisdiction other than the State of New York, “UCC”
means
      the Uniform Commercial Code as in effect from time to time in such other
      jurisdiction for purposes of the provisions hereof relating to such perfection,
      effect of perfection or non-perfection or priority. As used in this Agreement,
      the following terms shall have the following meanings (such meanings to be
      equally applicable to both the singular and plural forms of the terms
      defined):

     

    “Borrower”
shall
      have the meaning specified in the recital of parties to this
      Agreement.

     

    
      
        
        

      

      
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    “Collateral”
shall
      have the meaning specified in Section 2.

     

    “Credit
      Agreement”
shall
      have the meaning specified in the preliminary statements hereto.

     

    “Dividends”
shall
      mean all dividends, including without limitation:

     

    (A) dividends
      and other distributions paid or payable other than in cash in respect of, and
      instruments and other property received, receivable or otherwise distributed
      in
      respect of, or in exchange for, any Security Collateral,

     

    (B) dividends
      and other distributions paid or payable in cash in respect of any Security
      Collateral in connection with a partial or total liquidation or dissolution
      or
      in connection with a reduction of capital, capital surplus or paid-in-surplus
      and

     

    (C) cash
      paid, payable or otherwise distributed in redemption of, or in exchange for,
      any
      Security Collateral.

     

    “Equity
      Interests”
means,
      with respect to any Person, shares of capital stock of (or other ownership
      or
      profit interests in) such Person.

     

    “Initial
      Pledged Equity”
shall
      have the meaning specified in the preliminary statements hereto.

     

    “Obligations”
shall
      mean and include, as to any Pledgor, all of the following: 

     

    (ii) all
      obligations, liabilities and indebtedness (including, without limitation,
      principal, premium, interest (including, without limitation, all interest that
      accrues after the commencement of any case, proceeding or other action relating
      to the bankruptcy, insolvency, reorganization or similar proceeding of any
      Pledgor at the rate provided for in the Credit Agreement, whether or not a
      claim
      for post-petition interest is allowed in any such proceeding), reimbursement
      obligations under Letters of Credit, fees, costs and indemnities) of such
      Pledgor and each other Pledgor to the Secured Parties, whether now existing
      or
      hereafter incurred under, arising out of, or in connection with, the Credit
      Agreement and the other Loan Documents and the due performance and compliance
      by
      such Pledgor and each other Pledgor with all of the terms, conditions and
      agreements contained in the Credit Agreement and in such other Loan
      Documents;

     

    (iii) any
      and
      all sums advanced by the Agent in order to preserve the Collateral or preserve
      its security interest in the Collateral;

     

    (iv) in
      the
      event of any proceeding for the collection or enforcement of any indebtedness,
      obligations, or liabilities of such Pledgor referred to in clause (i) above,
      after an Event of Default shall have occurred and be continuing, the reasonable
      expenses of retaking, holding, preparing for sale or lease, selling or otherwise
      disposing of or realizing on the Collateral, or of any exercise by the Agent
      of
      its rights hereunder, together with reasonable attorneys’ fees and court costs;
      and

     

    
      
        
        

      

      
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    (v) all
      amounts paid by any Indemnitee as to which such Indemnitee has the right to
      reimbursement under Section 15 of this Agreement;

     

    it
      being
      acknowledged and agreed that the “Obligations” shall include extensions of
      credit of the types described above, whether outstanding on the date of this
      Agreement or extended from time to time after the date of this
      Agreement.

     

    “Pledged
      Equity”
shall
      have the meaning specified in Section 2(a)(ii).

     

    “Pledgors”
shall
      have the meaning specified in the recital of Parties to this
      Agreement.

     

    “Secured
      Parties”
shall
      mean the Lenders and the Agent.

     

    “Secured
      Obligations”
shall
      have the meaning specified in Section 3.

     

    “Security
      Collateral”
shall
      have the meaning specified in Section 2(a).

     

    Section
      2. Grant
      of Security.
      Each
      Pledgor hereby grants to the Agent, for the equal and ratable benefit of the
      Secured Parties, a security interest in such Pledgor’s right, title and interest
      in and to the following, in each case, as to each type of property described
      below, whether now owned or hereafter acquired by such Pledgor, wherever
      located, and whether now or hereafter existing or arising (collectively, the
      “Collateral”):

     

    (a) the
      following (the “Security
      Collateral”):

     

    (i) the
      Initial Pledged Equity and the certificates, if any, representing the Initial
      Pledged Equity, and all Dividends, distributions, return of capital, cash,
      instruments and other property from time to time received, receivable or
      otherwise distributed in respect of or in exchange for any or all of the Initial
      Pledged Equity;

     

    (ii) all
      additional shares of stock and other Equity Interests of or in any issuer of
      the
      Initial Pledged Equity or any successor entity from time to time acquired by
      such Pledgor in any manner (such shares and other Equity Interests, together
      with the Initial Pledged Equity, being the “Pledged
      Equity”),
      and
      the certificates, if any, representing such additional shares or other Equity
      Interests, and all Dividends, distributions, return of capital, cash,
      instruments and other property from time to time received, receivable or
      otherwise distributed in respect of or in exchange for any or all of such shares
      or other Equity Interests; and

     

    (b) all
      proceeds of, collateral for and supporting obligations relating to, any and
      all
      of the Collateral (including, without limitation, proceeds, collateral and
      supporting obligations that constitute property of the types described in
      clause (a) of this Section 2 and this clause (b)) and, to the
      extent not otherwise included, all (A) payments under insurance (whether or
      not the Agent is the loss payee thereof), or any indemnity, warranty or
      guaranty, payable by reason of loss or damage to or otherwise with respect
      to
      any of the foregoing Collateral and (B) cash;

     

    
      
        
        

      

      
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    provided,
      however,
      that
      Collateral shall not include, and the security interest granted under this
      Agreement shall not attach to, more than 66% of the Equity Interests in a CFC
      or
      a CFC Holdco.

     

    Section
      3. Security
      for Obligations.
      This
      Agreement secures, in the case of each Pledgor, the payment of all Obligations
      of such Pledgor now or hereafter existing under the Loan Documents, whether
      direct or indirect, absolute or contingent, and whether for principal,
      reimbursement obligations, interest, fees, premiums, penalties,
      indemnifications, contract causes of action, costs, expenses or otherwise (all
      such Obligations being the “Secured
      Obligations”).

     

    Section
      4. Pledgors
      Remain Liable.
      Anything herein to the contrary notwithstanding, (a) each Pledgor shall
      remain liable under the contracts and agreements included in such Pledgor’s
      Collateral to the extent set forth therein to perform all of its duties and
      obligations thereunder to the same extent as if this Agreement had not been
      executed, (b) the exercise by the Agent of any of the rights hereunder
      shall not release any Pledgor from any of its duties or obligations under the
      contracts and agreements included in the Collateral and (c) no Secured
      Party shall have any obligation or liability under the contracts and agreements
      included in the Collateral by reason of this Agreement or any other Loan
      Document, nor shall any Secured Party be obligated to perform any of the
      obligations or duties of any Pledgor thereunder or to take any action to collect
      or enforce any claim for payment assigned hereunder.

     

    Section
      5. Delivery
      and Control of Security Collateral.
      (a)  All
      certificates or instruments representing or evidencing Collateral shall be
      delivered to and held by or on behalf of the Agent pursuant hereto and shall
      be
      in suitable form for transfer by delivery, or shall be accompanied by duly
      executed instruments of transfer or assignment in blank, all in form and
      substance reasonably satisfactory to the Agent. The Agent shall have the right,
      at any time while an Event of Default is continuing and without notice to any
      Pledgor, to transfer to or to register in the name of the Agent or any of its
      nominees any or all of the Security Collateral, subject only to the revocable
      rights specified in Section 9(a). In addition, the Agent shall have the
      right, at any time while an Event of Default is continuing, to exchange
      certificates or instruments representing or evidencing Security Collateral
      for
      certificates or instruments of smaller or larger denominations.

     

    (b) With
      respect to any Security Collateral in which any Pledgor has any right, title
      or
      interest and that constitutes an uncertificated security, upon the request
      of
      the Agent during an Event of Default, such Pledgor will cause the issuer thereof
      either (i) to register the Agent as the registered owner of such security
      or (ii) to agree in an authenticated record with such Pledgor and the Agent
      that such issuer will comply with instructions with respect to such security
      originated by the Agent without further consent of such Pledgor, such
      authenticated record to be in form and substance reasonably satisfactory to
      the
      Agent.

     

    (c) With
      respect to any Security Collateral in which any Pledgor has any right, title
      or
      interest and that is not an uncertificated security, upon the request of the
      Agent upon the occurrence and during the continuance of an Event of Default,
      such Pledgor will notify each such issuer of Pledged Equity that such Pledged
      Equity is subject to the security interest granted hereunder.

     

    
      
        
        

      

      
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    Section
      6. Representations
      and Warranties.
      Each
      Pledgor represents and warrants as follows:

     

    (a) Such
      Pledgor’s exact legal name, as defined in Section 9-503(a) of the UCC, is
      correctly set forth in Schedule I hereto. The information set forth in
      Schedule I hereto with respect to such Pledgor is true and accurate in all
      respects. Such Pledgor has not previously changed its name, type of
      organization, jurisdiction of organization or organizational identification
      number during the past year from those set forth in Schedule I hereto
      except as disclosed in Schedule III hereto.

     

    (b) All
      Security Collateral consisting of certificated securities has been delivered
      to
      the Agent.

     

    (c) Such
      Pledgor is the legal and beneficial owner of the Collateral of such Pledgor
      free
      and clear of any Lien, claim, option or right of others, except for the security
      interest created under this Agreement or permitted under the Loan Documents.
      No
      effective financing statement or other instrument similar in effect covering
      all
      or any part of such Collateral or listing such Pledgor or any trade name of
      such
      Pledgor as debtor with respect to such Collateral is on file in any recording
      office, except such as may have been filed in favor of the Agent relating to
      the
      Loan Documents.

     

    (d) To
      the
      extent applicable, the Pledged Equity pledged by such Pledgor hereunder has
      been
      duly authorized and validly issued and is fully paid and
      non-assessable.

     

    (e) The
      Initial Pledged Equity pledged by such Pledgor constitutes the percentage of
      the
      issued and outstanding Equity Interests of the issuers thereof indicated on
      Schedule II hereto.

     

    (f) As
      of the
      date hereof, all filings and other actions (including without limitation,
      actions necessary to obtain control of Collateral as provided in Section 9-106
      of the UCC) necessary to perfect the security interest in the Collateral of
      such
      Pledgor created under this Agreement have been duly made or taken and are in
      full force and effect, and this Agreement creates in favor of the Agent for
      the
      benefit of the Secured Parties a valid and, together with such filings and
      other
      actions, perfected first priority security interest in the Collateral of such
      Pledgor, securing the payment of the Secured Obligations.

     

    (g) No
      authorization or approval or other action by, and no notice to or filing with,
      any governmental authority or regulatory body or any other third party is
      required for (i) the grant by such Pledgor of the security interest granted
      hereunder or for the execution, delivery or performance of this Agreement by
      such Pledgor, (ii) the perfection or maintenance of the security interest
      created hereunder (including the first priority nature of such security
      interest), except for the filing of financing and continuation statements under
      the UCC, which financing statements have been duly filed and are in full force
      and effect, and the actions described in Section 5 with respect to Security
      Collateral, which actions have been taken and are in full force and effect
      or
      (iii) the exercise by the Agent of its voting or other rights provided for
      in this Agreement or the remedies in respect of the Collateral pursuant to
      this
      Agreement, except as may be required in connection with the disposition of
      any
      portion of the Security Collateral by laws affecting the offering and sale
      of
      securities generally.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    Section
      7. Further
      Assurances.
      (a)
      Each
      Pledgor agrees that from time to time, at the expense of such
      Pledgor:

     

    (i) such
      Pledgor will file such financing or continuation statements, or amendments
      thereto, and such other instruments or notices, as may be necessary or
      desirable, or as the Agent may request, in order to perfect and preserve the
      security interest in the Collateral granted or purported to be granted by such
      Pledgor hereunder;

     

    (ii) such
      Pledgor will promptly execute and deliver, or otherwise authenticate, all
      further instruments and documents, and take all further action that may be
      necessary or desirable, and that the Agent may reasonably request, in order
      to
      perfect and protect any pledge or security interest granted or purported to
      be
      granted by such Pledgor hereunder or to enable the Agent to exercise and enforce
      its rights and remedies hereunder with respect to any Pledged Equity of such
      Pledgor. Without limiting the generality of the foregoing, each Pledgor will
      promptly with respect to Pledged Equity of such Pledgor: (A) deliver and
      pledge to the Agent for benefit of the Secured Parties certificates representing
      Security Collateral that constitutes certificated securities, accompanied by
      undated stock or bond powers executed in blank; provided,
      however,
      that
      such Pledgor shall have thirty days from the date hereof (or such longer period
      as may be agreed by the Agent) to deliver to the Agent certificates representing
      foreign Security Collateral that constitutes certificated securities; (B) take
      all action necessary to ensure that the Agent has control of Collateral
      consisting of investment property as provided in Section 9-106 of the UCC;
      and (C) deliver to the Agent evidence that all other action that the Agent
      may
      deem reasonably necessary or desirable in order to perfect and protect the
      security interest created by such Pledgor under this Agreement has been taken;
      and

     

    (iii) if
      an
      Event of Default shall have occurred and be continuing, such Pledgor will
      promptly execute and deliver, or otherwise authenticate, all further instruments
      and documents, and take all further action that may be necessary or desirable,
      and that the Agent may reasonably request, in order to perfect and protect
      any
      pledge or security interest granted or purported to be granted by such Pledgor
      hereunder or to enable the Agent to exercise and enforce its rights and remedies
      hereunder with respect to any Collateral of such Pledgor (other than the Pledged
      Equity referred to in Section 7(a)(ii)). Without limiting the generality of
      the
      foregoing, each Pledgor will promptly with respect to Collateral of such
      Pledgor: (A) if any such Collateral shall be evidenced by a promissory note
      or
      other instrument, deliver and pledge to the Agent hereunder such note or
      instrument duly indorsed and accompanied by duly executed instruments of
      transfer or assignment, all in form and substance satisfactory to the Agent;
      (B) deliver and pledge to the Agent for benefit of the Secured Parties
      certificates representing Security Collateral that constitutes certificated
      securities, accompanied by undated stock or bond powers executed in blank;
      (C)
      take all action necessary to ensure that the Agent has control of Collateral
      consisting of investment property as provided in Section 9-106 of the UCC;
      and (D) deliver to the Agent evidence that all other action that the Agent
      may
      deem reasonably necessary or desirable in order to perfect and protect the
      security interest created by such Pledgor under this Agreement has been
      taken.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    (b) Each
      Pledgor hereby authorizes the Agent to file one or more financing or
      continuation statements in any jurisdiction and with any filing office, each
      indicating the collateral that such financing statement covers (as described
      in
      Exhibit B hereto), and amendments thereto, in each case without the signature
      of
      such Pledgor, and regardless of whether any particular asset described in such
      financing statements falls within the scope of the UCC or the granting clause
      of
      this Agreement. A photocopy or other reproduction of this Agreement or any
      financing statement covering the Collateral or any part thereof shall be
      sufficient as a financing statement where permitted by law. Each Pledgor
      ratifies its authorization for the Agent to have filed such financing
      statements, continuation statements or amendments filed prior to the date
      hereof.

     

    (c) Each
      Pledgor will furnish to the Agent from time to time statements and schedules
      further identifying and describing the Collateral of such Pledgor and such
      other
      reports in connection with such Collateral as the Agent may reasonably request,
      all in reasonable detail.

     

    Section
      8. Post-Closing
      Changes.
      No
      Pledgor will change its name, type of organization, jurisdiction of organization
      or organizational identification number from those set forth in
      Section 5(a) without first giving at least 15 days’ prior written notice to
      the Agent and taking all action required by the Agent for the purpose of
      perfecting or protecting the security interest granted by this Agreement. No
      Pledgor will become bound by a security agreement relating to the Collateral
      that is authenticated by another Person (determined as provided in
      Section 9-203(d) of the UCC) without giving the Agent 15 days’ prior
      written notice thereof and taking all action reasonably required by the Agent
      to
      ensure that the perfection and first priority nature of the Agent’s security
      interest in the Collateral will be maintained. Each Pledgor will hold and
      preserve its records relating to the Collateral and will permit representatives
      of the Agent at any time during normal business hours to inspect and make
      abstracts from such records and other documents. If the Pledgor does not have
      an
      organizational identification number and later obtains one, it will forthwith
      notify the Agent of such organizational identification number.

     

    Section
      9. Voting
      Rights; Dividends; Etc.(a)
      So long
      as no Default under Section 6.01(e) of the Credit Agreement or an Event of
      Default shall have occurred and be continuing:

     

    (i) Each
      Pledgor shall be entitled to exercise any and all voting and other consensual
      rights pertaining to the Security Collateral of such Pledgor or any part thereof
      for any purpose; provided however,
      that
      such Pledgor will not exercise or refrain from exercising any such right if
      such
      action would have a material adverse effect on the value of the Security
      Collateral.

     

    (ii) Each
      Pledgor shall be entitled to receive, retain and use any and all Dividends
      and
      other distributions paid in respect of the Security Collateral of such Pledgor
      if and to the extent that the payment thereof is not otherwise prohibited by
      the
      terms of the Loan Documents.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    (iii) The
      Agent
      will execute and deliver (or cause to be executed and delivered) to each Pledgor
      all such proxies and other instruments as such Pledgor may reasonably request
      for the purpose of enabling such Pledgor to exercise the voting and other rights
      that it is entitled to exercise pursuant to paragraph (i) above and to
      receive the Dividends or other payments that it is authorized to receive and
      retain pursuant to paragraph (ii) above.

     

    (b) Upon
      the
      occurrence and during the continuance of a Default under Section 6.01(e) of
      the Credit Agreement or an Event of Default:

     

    (i) All
      rights of each Pledgor (x) to exercise or refrain from exercising the
      voting and other consensual rights that it would otherwise be entitled to
      exercise pursuant to Section 9(a)(i) shall, upon notice to such Pledgor by
      the Agent, cease and (y) to receive the Dividends, interest and other
      distributions that it would otherwise be authorized to receive and retain
      pursuant to Section 9(a)(ii) shall upon notice to such Pledgor by the
      Agent, cease, and all such rights shall thereupon become vested in the Agent,
      which shall thereupon have the sole right to exercise or refrain from exercising
      such voting and other consensual rights and to receive and hold as Security
      Collateral such Dividends, interest and other distributions.

     

    (ii) All
      Dividends, interest and other distributions that are received by any Pledgor
      contrary to the provisions of paragraph (i) of this Section 9(b) shall
      be received in trust for the benefit of the Agent, shall be segregated from
      other funds of such Pledgor and shall be forthwith paid over to the Agent as
      Security Collateral in the same form as so received (with any necessary
      indorsement).

     

    Section
      10. Transfers
      and Other Liens; Additional Shares.
      (a)
      Each
      Pledgor agrees that it will not (i) sell, assign or otherwise dispose of
      any of the Collateral, other than sales, assignments and other dispositions
      of
      Collateral, and options relating to Collateral, not prohibited under the terms
      of the Loan Documents, or (ii) create or suffer to exist any Lien upon or
      with respect to any of the Collateral of such Pledgor except for the pledge,
      assignment and security interest created under this Agreement or Permitted
      Liens.

     

    (b) Each
      Pledgor agrees that it will (i) cause each issuer of the Pledged Equity
      pledged by such Pledgor not to issue any Equity Interests or other securities
      in
      addition to or in substitution for the Pledged Equity issued by such issuer,
      except to such Pledgor, and (ii) pledge hereunder, immediately upon its
      acquisition (directly or indirectly) thereof, any and all additional Equity
      Interests or other securities of each issuer of the Pledged Equity.

     

    Section
      11. Agent
      Appointed Attorney-in-Fact.
      Each
      Pledgor hereby irrevocably appoints the Agent such Pledgor’s attorney-in-fact,
      with full authority in the place and stead of such Pledgor and in the name
      of
      such Pledgor or otherwise, from time to time, if an Event of Default shall
      have
      occurred and be continuing, in the Agent’s discretion, to take any action and to
      execute any instrument that the Agent may deem necessary or advisable to
      accomplish the purposes of this Agreement, including, without
      limitation:

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    (a) to
      ask
      for, demand, collect, sue for, recover, compromise, receive and give acquittance
      and receipts for moneys due and to become due under or in respect of any of
      the
      Collateral,

     

    (b) to
      receive, indorse and collect any drafts or other instruments or documents,
      in
      connection with clause (a) above, and

     

    (c) to
      file
      any claims or take any action or institute any proceedings that the Agent may
      deem necessary or desirable for the collection of any of the Collateral or
      otherwise to enforce the rights of the Agent with respect to any of the
      Collateral.

     

    Section
      12. Agent
      May Perform.
      If any
      Pledgor fails to perform any agreement contained herein, the Agent may, as
      the
      Agent deems necessary to protect the security interest granted hereunder in
      the
      Collateral or to protect the value thereof, but without any obligation to do
      so
      and without notice, itself perform, or cause performance of, such agreement,
      and
      the expenses of the Agent incurred in connection therewith shall be payable
      by
      such Pledgor under Section 14.

     

    Section
      13. Remedies.
      If any
      Event of Default shall have occurred and be continuing:

     

    (a) The
      Agent
      may exercise in respect of the Collateral, in addition to other rights and
      remedies provided for herein or otherwise available to it, all the rights and
      remedies of a secured party upon default under the UCC (whether or not the
      UCC
      applies to the affected Collateral) and also may: (i)  without notice
      except as specified below, sell the Collateral or any part thereof in one or
      more parcels at public or private sale, at any of the Agent’s offices or
      elsewhere, for cash, on credit or for future delivery, and upon such other
      terms
      as the Agent may deem commercially reasonable; and (ii) exercise any and
      all rights and remedies of any of the Pledgors under or in connection with
      the
      Collateral, or otherwise in respect of the Collateral, including, without
      limitation, those set forth in Section 9-607 of the UCC. Each Pledgor
      agrees that, to the extent notice of sale shall be required by law, at least
      ten
      days’ notice to such Pledgor of the time and place of any public sale or the
      time after which any private sale is to be made shall constitute reasonable
      notification. The Agent shall not be obligated to make any sale of Collateral
      regardless of notice of sale having been given. The Agent may adjourn any public
      or private sale from time to time by announcement at the time and place fixed
      therefor, and such sale may, without further notice, be made at the time and
      place to which it was so adjourned.

     

    (b) Any
      cash
      held by or on behalf of the Agent and all cash proceeds received by or on behalf
      of the Agent in respect of any sale of, collection from, or other realization
      upon all or any part of the Collateral may, in the discretion of the Agent,
      be
      held by the Agent as collateral for, and/or then or at any time thereafter
      applied (after payment of any amounts payable to the Agent pursuant to
      Section 14) in whole or in part by the Agent for the ratable benefit of the
      Secured Parties against, all or any part of the Secured Obligations, in the
      following manner:

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    (i) first,
      paid to
      the Agent for any amounts then owing to the Agent pursuant to the Loan
      Documents; and

     

    (ii) second,
      an
      amount equal to the remaining outstanding Secured Obligations shall be paid
      to
      the Agent for the account of the Lenders.

     

    Any
      surplus of such cash or cash proceeds held by or on the behalf of the Agent
      and
      remaining after payment in full of all the Secured Obligations shall be paid
      over to the applicable Pledgor or to whomsoever may be lawfully entitled to
      receive such surplus.

     

    (c) Any
      amounts due and payable to the Lenders pursuant to Section 13(b) shall be
      ratably (A) paid to the Lenders for any amounts then owing to them, in
      their capacities as such, under the Loan Documents ratably in accordance with
      such respective amounts then owing to such Lenders and (B) deposited as
      Collateral in the L/C Cash Deposit Account up to an amount equal to 100% of
      the
      aggregate Available Amount of all outstanding Letters of Credit in accordance
      with Section 6.02 of the Credit Agreement.

     

    (d) For
      purposes of applying payments received in accordance with this Section 13,
      the
      Agent shall be entitled to rely upon the Agent for a determination of the
      outstanding Secured Obligations owed to the Lenders.

     

    (e) All
      payments received by any Pledgor in respect of the Collateral shall be received
      in trust for the benefit of the Agent, shall be segregated from other funds
      of
      such Pledgor and shall be forthwith paid over to the Agent in the same form
      as
      so received (with any necessary indorsement).

     

    (f) Notwithstanding
      anything to the contrary herein, this Agreement may be enforced only by the
      action of the Agent acting upon the instructions of the Required Lenders and
      no
      other Lender shall have any right individually to seek to enforce or to enforce
      this Agreement or to realize upon the security to be granted hereby, it being
      understood and agreed that such rights and remedies may be exercised by the
      Agent or the holders of at least a majority of the outstanding other Secured
      Obligations, as the case may be, for the benefit of the Lenders upon the terms
      of this Agreement.

     

    Section
      14. Indemnity
      and Expenses.
      (a)
      Each
      Pledgor agrees to indemnify, defend and save and hold harmless each Secured
      Party and each of their Affiliates and their respective officers, directors,
      employees, agents and advisors (each, an “Indemnified
      Party”)
      from
      and against, and shall pay on demand, any and all claims, damages, losses,
      liabilities and expenses (including, without limitation, reasonable fees and
      expenses of counsel) that may be incurred by or asserted or awarded against
      any
      Indemnified Party, in each case arising out of or in connection with or
      resulting from this Agreement (including, without limitation, enforcement of
      this Agreement), except to the extent such claim, damage, loss, liability or
      expense is found in a final, non-appealable judgment by a court of competent
      jurisdiction to have resulted from such Indemnified Party’s gross negligence or
      willful misconduct.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    (b) Each
      Pledgor will upon demand pay to the Agent the amount of any and all reasonable
      expenses, including, without limitation, the reasonable fees and expenses of
      its
      counsel and of any experts and agents, that the Agent may incur in connection
      with (i) the administration of this Agreement, (ii) the custody or
      preservation of, or the sale of, collection from or other realization upon,
      any
      of the Collateral of such Pledgor, (iii) the exercise or enforcement of any
      of the rights of the Agent or the other Secured Parties hereunder or
      (iv) the failure by such Pledgor to perform or observe any of the
      provisions hereof.

     

    Section
      15. Amendments;
      Waivers; Additional Pledgors; Etc.(a)
      No
      amendment or waiver of any provision of this Agreement, and no consent to any
      departure by any Pledgor herefrom, shall in any event be effective unless the
      same shall be in writing and signed by the Agent (and, in the case of any
      amendment of any provision of this Agreement, each Pledgor), and then such
      waiver or consent shall be effective only in the specific instance and for
      the
      specific purpose for which given. No failure on the part of the Agent or any
      other Secured Party to exercise, and no delay in exercising any right hereunder,
      shall operate as a waiver thereof; nor shall any single or partial exercise
      of
      any such right preclude any other or further exercise thereof or the exercise
      of
      any other right.

     

    (b) Upon
      the
      execution and delivery, or authentication, by any Person of a pledge agreement
      supplement in substantially the form of Exhibit A hereto (each a “Pledge
      Agreement Supplement”),
      (i) such Person shall be referred to as an “Additional
      Pledgor”
and
      shall be and become a Pledgor hereunder, and each reference in this Agreement
      and the other Loan Documents to “Pledgor” shall also mean and be a reference to
      such Additional Pledgor, and each reference in this Agreement and the other
      Loan
      Documents to “Collateral” shall also mean and be a reference to the Collateral
      of such Additional Pledgor, and (ii) the supplemental schedules I-III
      attached to each Pledge Agreement Supplement shall be incorporated into and
      become a part of and supplement Schedules I-III, respectively, hereto, and
      the
      Agent may attach such supplemental schedules to such Schedules; and each
      reference to such Schedules shall mean and be a reference to such Schedules
      as
      supplemented pursuant to each Pledge Agreement Supplement.

     

    Section
      16. Notices,
      Etc.All
      notices and other communications provided for hereunder shall be either (i)
      in
      writing (including telecopier communication) and mailed, telecopied or otherwise
      delivered or (ii) by electronic mail (if electronic mail addresses are
      designated as provided below) confirmed immediately in writing, in the case
      of
      the Borrower or the Agent, addressed to it at its address specified in the
      Credit Agreement and, in the case of each Pledgor other than the Borrower,
      addressed to it at its address set forth opposite such Pledgor’s name on the
      signature pages hereto or on the signature page to the Pledge Agreement
      Supplement pursuant to which it became a party hereto; or, as to any party,
      at
      such other address as shall be designated by such party in a written notice
      to
      the other parties. All such notices and other communications shall, when mailed,
      telecopied, sent by electronic mail or otherwise, be effective when deposited
      in
      the mails, telecopied, sent by electronic mail and confirmed in writing, or
      otherwise delivered (or confirmed by a signed receipt), respectively, addressed
      as aforesaid; except that notices and other communications to the Agent shall
      not be effective until received by the Agent. Delivery by telecopier of an
      executed counterpart of any amendment or waiver of any provision of this
      Agreement or of any Pledge Agreement Supplement or Schedule hereto shall be
      effective as delivery of an original executed counterpart thereof.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    Section
      17. Continuing
      Security Interest; Assignments Under the Credit Agreement.
      This
      Agreement shall create a continuing security interest in the Collateral and
      shall (a) remain in full force and effect until the earlier of (i) the
      termination of the Security Period and (ii) latest of (x) the payment in
      full in cash of the Secured Obligations, (y) the Termination Date and
      (z) the termination or expiration of all Letters of Credit or the provision
      of cash collateral or other credit support therefor satisfactory to the
      applicable Issuing Banks thereof, (b) be binding upon each Pledgor, its
      successors and assigns and (c) inure, together with the rights and remedies
      of the Agent hereunder, to the benefit of the Secured Parties and their
      respective successors, transferees and assigns. Without limiting the generality
      of the foregoing clause (c), any Lender may assign or otherwise transfer
      all or any portion of its rights and obligations under the Credit Agreement
      (including, without limitation, all or any portion of its Commitments, its
      participations in any Letter of Credit, the Advances owing to it and the Note
      or
      Notes, if any, held by it) to any other Person, and such other Person shall
      thereupon become vested with all the benefits in respect thereof granted to
      such
      Lender herein or otherwise, in each case as provided in Section 9.07 of the
      Credit Agreement.

     

    Section
      18. Release;
      Termination.
      (a)
      Upon any
      sale, transfer or other disposition of any item of Collateral of any Pledgor
      in
      accordance with the terms of the Loan Documents, the Agent will, at such
      Pledgor’s expense, execute and deliver to such Pledgor such documents as such
      Pledgor shall reasonably request to evidence the release of such item of
      Collateral from the security interest granted hereby; provided,
      however,
      that
      (i) at the time of such request and such release no Event of Default shall
      have occurred and be continuing and (ii) such Pledgor shall have delivered
      to the Agent, at least ten Business Days (or such shorter period as is agreed
      to
      by the Agent) prior to the date of the proposed release, a written request
      for
      release describing the item of Collateral and the terms of the sale, transfer
      or
      other disposition in reasonable detail, including, without limitation, the
      price
      thereof and any expenses in connection therewith, together with a form of
      release for execution by the Agent and a certificate of such Pledgor to the
      effect that the transaction is in compliance with the Loan Documents and as
      to
      such other matters as the Agent may request.

     

    (b) The
      Agent
      shall promptly release in accordance with Section 18(c) all the Collateral
      upon
      the earlier of (i) the termination of the Security Period and (ii) the latest
      of
      (x) the payment in full in cash of the Secured Obligations, (y) the Termination
      Date and (z) the termination or expiration of all Letters of Credit or the
      provision of cash collateral or other credit support therefor satisfactory
      to
      the applicable Issuing Banks thereof, the pledge and security interest granted
      hereby shall terminate and all rights to the Collateral shall revert to the
      applicable Pledgor. Upon any such termination, the Agent will, at the applicable
      Pledgor’s expense, executed and deliver to such Pledgor such documents as such
      Pledgor shall reasonably request to evidence such termination.

     

    (c) In
      furtherance of the undertaking set forth above in Section 18(b), the Agent
      shall, upon the request of each Pledgor accompanied by a certificate of the
      Chief Financial Officer, Treasurer or Controller of such Pledgor, upon which
      the
      Agent may conclusively rely without independent verification, to the effect
      that
      either (x) the Security Period has terminated or (y) all Secured Obligations
      under the Credit Agreement and the other Loan Documents have been, or will,
      concurrently with the release of the Collateral be, paid in full in cash and
      all
      Commitments thereunder terminated (and if such Secured Obligations have not
      previously been so paid, describing the source(s) of funds for such repayment)
      and all Letters of Credit have terminated or expired (or cash collateral or
      other credit support therefor satisfactory to the applicable Issuing Banks
      thereof has been provided). If the Agent shall receive a certificate of the
      type
      referred to in clause (y), the Agent shall deliver a notice by registered mail
      to the Agent stating
      that the Agent will release such Collateral only upon receipt from the Agent
      of
      instructions to do so.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    Section
      19.  Execution
      in 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. Delivery of an executed counterpart
      of a
      signature page to this Agreement by telecopier shall be effective as delivery
      of
      an original executed counterpart of this Agreement.

     

    Section
      20. Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New York.

     

    Section
      21. Amendment
      and Restatement.
      The
      Pledgors and the Secured Parties intend to amend and restate this Agreement
      to
      secure obligations of the Borrower to noteholders pursuant to certain indentures
      and notes to which the Borrower is party. The Pledgors and the Secured Parties
      agree to negotiate in good faith the terms of such amended and restated
      agreement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Pledgor has caused this Agreement to be duly executed
      and
      delivered by its officer thereunto duly authorized as of the date first above
      written.

     

    
      	 	 	 
	 	CHEMTURA
              CORPORATION
	 
 	 
 	 
 
	 	By  	 
	 	
              
Title:
	 	 

    

    
      	 	 	 
	 	ANDEROL,
              INC.
	 
 	 
 	 
 
	 	By  	 
	 	
              
Title:
	 	 

    

    
      	 	Address for Notices:
	 	 
	 	
              
 
	 	
              
 
	 	 	 
	 	BIO-LAB,
              INC.
	 
 	 
 	 
 
	 	By  	 
	 	
              
Title:
	 	 

    

    
      
        	 	Address for Notices:
	 	 
	 	
                
 
	 	
                
 
	 	 	 
	 	CROMPTON
                HOLDING
                CORPORATION
	 
 	 
 	 
 
	 	By  	 
	 	 	
                
Title:
	 	 	 
	 	 	 
	 	Address for Notices:
	 	 
	 	
                
 
	 	
                
 
	 	 	 
	 	
              
	 	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 	 	 
	 	GREAT
                LAKES
                CHEMICAL CORPORATION
	 
 	 
 	 
 
	 	By  	 
	 	
                
Title:
	 	 

      

      
        
          	 	Address for Notices:
	 	 
	 	
                  
 
	 	
                  
 
	 	 	 
	 	KAUFMAN
                  HOLDINGS
                  CORPORATION
	 
 	 
 	 
 
	 	By  	 
	 	 	
                  
Title:
	 	 	 
	 	 	 
	 	Address for Notices:
	 	 
	 	
                  
 
	 	
                  
 
	 	 	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

      

      	Acknowledged
              and agreed by:	 	 	 
	 	 	 	 
	CITIBANK, N.A.	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By 	 	 	 	 	 
	Title:Unassociated Document

     

    
 

    EXHIBIT
      4.1

     

    FIRST
      AMENDMENT TO

    TWO
      YEAR TEAM NOTE PURCHASE
      AGREEMENT

     

    First
      Amendment (“Amendment”) dated as of this 5th
      day of
      June, 2007 CGSI 2-Year Term Note Purchase Agreement, dated as of January 12,
      2007 ("Agreement") by and among Capital Growth Systems, Inc. ("Company"), 20/20
      Technologies, Inc. (“2020, Inc.), 20/20 Technologies I, LLC (“2020, LLC”),
      Magenta netLogic, Limited (“Magenta”), Frontrunner Network Services Corporation
      (“Frontrunner”), CentrePath, Inc. (“Centrepath”) and Global Capacity Group, Inc.
      (“Global”—together with 2020, Inc., 2020, LLC Magenta, Frontrunner and
      Centrepath, --together with Company collectively referred to as "Debtor"),
      CGSI
      Bridge Note Servicer, Inc. ("Servicer") and each holder of a bridge note (each
      a
      "Note" and collectively the "Notes") issued by Company pursuant to the
      Agreement, with each such holder individually referred to as a "Lender" and
      collectively, as the "Lenders." Capitalized terms used herein and not otherwise
      defined shall have the same meaning as set forth in the Agreement.

     

    WHEREAS,
      the Lenders have issued an aggregate of $6,887,708.31 of original principal
      amount of Notes and are desirous of issuing additional Notes, and are desirous
      of inducing existing or new lenders to advance additional funds to the Company,
      with the understanding that the ceiling and floor on the conversion price for
      the Notes is to be adjusted as provided herein, and the form of Warrant to
      be
      held by the Lenders is to be modified as attached as Exhibit A, as a condition
      precedent to the bringing in of additional loans pursuant to the
      Notes.

     

    WHEREAS
      the Company and Co-Borrowers are willing to amend the Agreement and the Notes
      as
      provided herein, effective as of the initial funding of additional monies
      following the date hereof.

     

    WHEREAS,
      each of the Lenders has been provided and opportunity to review the Form 10-KSB,
      Forms 8-K and Form 10-Q and all amendments thereto as filed by the Company
      in
      2007.

     

    NOW
      THEREFORE, in consideration for the premises and covenants contained herein
      and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the undersigned hereby amend the Agreement as
      follows.

     

    1. Terms
      of the Notes and Warrants.
      Section
      2 of the Agreement is amended in paragraph 2 as follows:

     

    (a).
      The
      first sentence in paragraph of Section 2 is amended by deleting the following
      language (so that there shall be no ceiling or floor on the conversion price
      for
      the Notes): 

     

    “subject
      in all events to the price per share of the Common Stock being not less than
      $0.65 nor more than $1.25 per share, irrespective of the irrespective of the
      Fair Market Value.”

     

    2. Notice.
      The
      address for notice to be delivered to the Company shall be amended to as
      follows: Capital Growth Systems, Inc., 125 S. Wacker #300, Chicago, Illinois
      60606.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. Miscellaneous.
      The
      following Section 8.11 is added:

     

      8.11 Modification.
      The
      terms of this Agreement shall supersede any inconsistency with: (i) the form
      of
      Note, and specifically, each Lender’s Note is hereby amended to eliminate the
      $0.65 per share floor and the $1.25 per share ceiling with respect to issuances
      of Common Stock on conversion of the Note (or if the Note is still convertible
      into AA Preferred Stock), then the floor and ceiling applicable to the AA
      Preferred Stock conversion ratio, and each Lender shall take the necessary
      steps
      to amend the form of the Note to reflect this change; and (ii) the form of
      Warrant attached as a form to the original Agreement, which effective as of
      the
      date of this Amendment is amended and restated in its entirety as set forth
      on
      Exhibit A with respect to each Lender executing a counterpart copy of the First
      Amendment to this Agreement, and as so amended and restated, shall provide
      that
      effective as of the later of June 5, 2007 or the date of the issuance of the
      Warrant, the Warrant shall have a cashless exercise feature at the option of
      the
      holder of the Warrant (in lieu of the obligation of the Company to register
      the
      shares underlying the Warrant or to extend the term of the Warrant); and (iii)
      with respect to investments made after June 5, 2007, the number of shares
      purchasable for each $100,000 of such investment on the new Warrants shall
      be
      90.0009 shares of Series AA Preferred Stock (200,000 shares of Common Stock
      on
      an as converted to Common Stock basis). The form of Warrant attached as Exhibit
      A shall supersede any inconsistencies with the foregoing. 

     

    IN
      WITNESS WHEREOF the undersigned has executed this First Amendment as of the
      date
      first set forth above.

     

    This
      First Amendment may be executed in one or more counterparts, by original,
      photocopy, facsimile or email pdf, all of which when taken together constitute
      one instrument, and will be binding once executed by Company, Co-Borrowers
      and
      the holders of a majority in original aggregate principal amount of the
      Notes.

     

    
      	
              Lenders
                holding a Majority of the Notes by Outstanding Principal
                Amount:

            	 	 
	 	 	 
	
                      
                

            	 	
              Capital
                Growth Systems, Inc.

            
	                                 
              	 	 
	                 
              	 	 
	
                                         
                

            	 	
              By:

            	
              /s/
                Patrick C. Shutt

            
	 	 	 	
              Patrick
                C. Shutt

            
	
               

            	 	 	
              Its:

            	
              CEO

            
	 	 	 	 
	 	 	 	 
	
               

            	 	
              20/20
                Technologies, Inc..*

            
	 	 	
              By:

            	
              /s/
                Patrick C. Shutt

            
	 	 	 	
              Patrick
                C. Shutt, CEO

            
	
               

            	 	 	
              *
                On behalf of itself and 20/20 Technologies I, LLC

            
	
               

            	 	 	 
	
               

            	 	
              Frontrunner
                Networks Corporation

              By:
                /s/
                Patrick C. Shutt

              Patrick
                C. Shutt, CEO

               

              CentrePath,
                Inc.

              By:
                /s/
                Patrick C. Shutt

              Patrick
                C. Shutt, CEO

               

              Global
                Capacity Group, Inc.

              By:
                /s/
                Patrick C. Shutt

              Patrick
                C. Shutt, CEO

            
	 	 	 

                      

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    FORM
      OF
      WARRANT EFFECTIVE AS OF FIRST AMENDMENT DATE

    

     

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

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

     

    
      	
              No.

            	 	 	
              ________________,
                200__

            
	 	
              Chicago,
                Illinois

            

    

    

    CAPITAL
      GROWTH SYSTEMS, INC.

    FORM
      OF CGSI TERM NOTE WARRANT TO PURCHASE

     

    SERIES
      AA PREFERRED STOCK AT $1,000 PER PREFERRED SHARE, OR $0.45 PER COMMON SHARE
      ON
      AS CONVERTED BASIS

     

    Void
      after December 31, 2009, Unless Extended

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    4. Exercise
      of Warrant; Partial Exercise.
      This
      Warrant may be exercised in full or in part by the Holder by: (i) surrender
      of
      this Warrant, together with the Holder’s duly executed form of subscription
      attached hereto as Exhibit A,
      to the
      Company at its principal office, accompanied by payment, in cash or by certified
      or official bank check payable to the order of the Company, of the aggregate
      exercise price (as determined above) of the number of Warrant Shares to be
      purchased hereunder (with a replacement warrant to be issued as necessary to
      reflect the unexercised portion of this Warrant if exercised in part and not
      in
      full); or (ii) by way of cashless exercise as provided in Section 7 of this
      Warrant. The exercise of this Warrant pursuant to this Section 4
      shall be
      deemed to have been effected immediately prior to the close of business on
      the
      business day on which this Warrant is surrendered to the Company as provided
      in
      this Section 4,
      and at
      such time the person in whose name any certificate for Warrant Shares shall
      be
      issuable upon such exercise shall be deemed to be the record holder of such
      Warrant Shares for all purposes. As soon as practicable after the exercise
      of
      this Warrant, the Company at its expense will cause to be issued in the name
      of
      and delivered to the Holder, or as the Holder may direct, a certificate or
      certificates for the number of fully paid and nonassessable full shares of
      Warrant Shares to which the Holder shall be entitled on such exercise, together
      with cash, in lieu of any fraction of a share, equal to such fraction of the
      current fair market value of one full Warrant Share as determined in good faith
      by the board of directors of the Company and as set forth in Section
      7,
      and, if
      applicable, a new warrant evidencing the balance of the shares remaining subject
      to the Warrant.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    7. Registration
      Rights.
      The
      Company shall have the right, but not the obligation to seek to register the
      shares underlying this Warrant; should the Company elect to do so, the Holder
      of
      this Warrant as a condition to such registration shall provide such information
      as is necessary to effect a registration of the shares. In all events, Holder
      shall have the right to effect a cashless exercise of the shares subject to
      this
      Warrant pursuant to the following process.

     

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

     

    
      	
                            
                X =     Y (A
                - B)

            
	                       
              A

    

    

    
      	
              Where:

            	
              X
                =

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

            
	 	
              Y
                =

            	
              the
                number of Converted Warrant Shares;

            
	 	
              A
                =

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

            
	 	
              B
                =

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

            

    

    

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

     

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

     

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

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    11. Miscellaneous.

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    [REMAINDER
      OF THIS PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

     

     

     

    
      	 	CAPITAL
              GROWTH SYSTEMS, INC.
	 	 	 
	 	 	 
	 	By:	
               

            
	 	Name:	
               

            
	 	Title:	
               

            
	 	 	 
	 	 	 
	 	 	 
	 	HOLDER
              NAME:
	 	 	 
	
            	Address:

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