Document:

Exhibit 10.8

                                 PROMISSORY NOTE
                                 ---------------

$765,820.98                                              Date:  November 1, 2010
                                                          Due:  February 1, 2012

     FOR VALUE RECEIVED, NOBLE ROMANS, INC., an Indiana corporation
("Borrower"), promises and agrees to pay to the order of PAUL W. MOBLEY
("Lender"), of Marion County, Indiana, in lawful money of the United States of
America, at One Virginia Avenue, Suite 800, Indianapolis, Indiana 46204, with
attorneys' fees and costs of collection and without relief from valuation and
appraisement laws, the principal sum of Seven Hundred Sixty-Five Thousand Eight
Hundred Twenty Dollars and Ninety-Eight Cents ($765,820.98) with interest at the
rate of eight percent (8%) per annum prior to an Event of Default (as defined
below) and at the rate of thirteen percent (13%) per annum after an Event of
Default (the "Default Rate").

     Borrower shall make payments of principal and interest as follows:

     (a)  Commencing on December 1, 2010, and on the first (1st) day of each
          calendar month thereafter up to and including June 1, 2011, Borrower
          shall make payments of interest only on the outstanding principal
          balance; and

     (b)  Commencing on July 1, 2011, and on the first (1st) day of each
          calendar month thereafter up to and including January 1, 2012,
          Borrower shall make principal payments in the amount of One Hundred
          Thousand Dollars ($100,000.00), plus accrued interest; and

     (c)  On February1, 2012 (the "Maturity Date"), Borrower shall pay to Lender
          all remaining outstanding principal and accrued interest due and
          unpaid under this Note.

     This Note may be prepaid in full or in part at any time without penalty.
All prepayments shall be applied first to all accrued and unpaid interest, next
against principal, and the amount of interest payable thereafter shall be
computed on the reduced principal amount, with the amount of Borrower's interest
payments thereafter being adjusted accordingly; however, no such prepayment
shall relieve the undersigned from the continuing obligation to make payments in
accordance with this Note prior to payment in full of the entire principal
amount.

     In the event any payment due hereunder is not paid within five (5) days of
the date such installment is due (an "Event of Default"), the entire unpaid
balance of principal and accrued and unpaid interest shall become due and
payable immediately, without further notice. Upon an Event of Default, in
addition to all other amounts to which Lender shall be entitled, Lender shall be
entitled to recover from Borrower Lender's reasonable attorneys' fees and costs
of collection incurred in connection with such Event of Default. So long as any
Event of Default exists, regardless of whether there has been an acceleration by
Lender, interest shall accrue on the unpaid balance of principal and interest
hereunder at a rate per annum equal to the Default Rate.

<PAGE>

     The Default Rate shall be calculated on the unpaid principal balance of the
indebtedness evidenced hereby at the time of reference, based on a year of three
hundred sixty (360) days consisting of twelve (12) thirty (30) day months.

     If any provision of this Note is held to be invalid or unenforceable by a
court of competent jurisdiction, the remaining provisions of this Note shall
remain in full force and effect.

     This obligation shall bind Borrower and its successors and assigns, and the
benefits hereof shall inure to Lender and its successors and assigns.

     Borrower, co-makers, sureties, endorsers and guarantors, and each of them,
expressly waive demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of intent to accelerate
the maturity hereof, notice of the acceleration of the maturity hereof, bringing
of suit and diligence in taking any action to collect amounts called for
hereunder and in the handling of securities at any time existing in connection
herewith; such parties are and shall be jointly, severally, directly and
primarily liable for the payment of all sums owing and to be owing hereon,
regardless of and without any notice, diligence, act or omission as or with
respect to the collection of any amount called for hereunder or in connection
with any right, lien, interest or property at any and all times had or existing
as security for any amount called for hereunder.

     This Note is unsecured.

     Time is of the essence with respect to each and every term and provision of
this Note. Borrower expressly waives all right to the benefit of any statute of
limitations and any moratorium, reinstatement, marshaling, forbearance,
extension, or appraisement now or hereafter provided by the Constitution and the
laws of the United States and of any state thereof, as a defense to any demand
against Borrower to the fullest extent permitted by law.

     The undersigned person signing on behalf of Borrower certifies that (a) he
is fully empowered and duly authorized by any and all necessary action or
consent required to execute and deliver this Note, and (b) that this Note has
been duly authorized, executed and delivered and constitutes a legal, valid and
binding obligation of such party, enforceable in accordance with its terms.

     This Note has been executed and delivered in and shall be construed in
accordance with and governed by the laws of the State of Indiana and of the
United States of America.

                                       2
<PAGE>

     IN WITNESS HEREOF, Borrower has executed this Note as of the day and year
first written above.

                                                   NOBLE ROMANS, INC.

                                                   By: /s/  A. Scott Mobley
                                                       -----------------------
                                                   Printed:  A. Scott Mobley
                                                             -----------------
                                                   Title:  President
                                                           -------------------

                                       3Exhibit 4.7

THIS WARRANT AND THE SECURITIES ISSUABLE UPON
EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS AND MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
(1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE
SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS, OR (2) AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.

IN ADDITION, THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED,
OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT,
OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF
SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF SIX (6) MONTHS IMMEDIATELY
FOLLOWING THE DATE OF EFFECTIVENESS OF THE COMPANY’S REGISTRATION STATEMENT
NO.: 333-164791 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN
ACCORDANCE WITH FINRA RULE 5110(G)(2).

WAVE2WAVE COMMUNICATIONS, INC.

UNDERWRITER’S WARRANT

 [          ]
shares of Common Stock

____________, 2010

          This UNDERWRITER’S WARRANT (this “Warrant”) of Wave2Wave Communications,
Inc., a corporation duly organized and validly existing under the laws of the
State of Delaware (the “Company”),
is being issued pursuant to that certain Underwriting Agreement, dated as of
______________, 2010 (the “Underwriting
Agreement”), by and among the Company and Rodman & Renshaw, LLC,
as the representative of the underwriters named therein (the “Representatives”) relating to a firm
commitment public offering (the “Offering”)
of ______ shares of common stock, $0.001 par value per share, of the Company
(the “Common Stock”) underwritten
by the Representative and the underwriters named in the Underwriting Agreement.

          FOR VALUE RECEIVED, the Company hereby
grants to _____ and its permitted successors and assigns (collectively, the “Holder”) the right to purchase from the
Company up to _____ (____) shares of Common Stock [3% of Firm Shares] (such
shares underlying this Warrant, the “Warrant
Shares”), at a per share purchase price equal to $______ [145% of
public offering price of Firm Shares] (the “Exercise
Price”), subject to the terms, conditions and adjustments set forth
below in this Warrant. 

          1. Date
of Warrant Exercise. This Warrant shall become exercisable on the date that
is one (1) year from the Base Date (the “Exercise
Date”). As used in this Warrant, the term “Base Date” shall mean _____, 2010 (the
effective date of the Registration Statement – File No.333-164791). Except as
otherwise provided for herein or as permitted by applicable rules of the
Financial Industry Regulatory Authority, Inc., this Warrant shall not be sold,
transferred, assigned, pledged or hypothecated prior to the Exercise Date. 

          2. Expiration
of Warrant. This Warrant shall expire on the five (5) year anniversary of
the Base Date (the “Expiration Date”).

          3. Exercise
of Warrant. This Warrant shall be exercisable pursuant to the terms of this
Section 3. 

                    3.1 Manner of Exercise. 

                    (a)
This Warrant may only be exercised by the Holder hereof on or after the Exercise
Date and on or prior to the Expiration Date, in accordance with the terms and
conditions hereof, in whole or in part (but not as to fractional shares) with
respect to any portion of this Warrant, during the Company’s normal business
hours on any day other than a Saturday or a Sunday or a day on which commercial
banking institutions in New York, New York are authorized by law to be closed
(a “Business Day”), by surrender
of this Warrant to the Company at its office maintained pursuant to Section
10.2(a) hereof, accompanied by a written exercise notice in the form attached
as Exhibit A to this Warrant (or a reasonable facsimile thereof) duly
executed by the Holder, together with the payment of the aggregate Exercise
Price for the number of Warrant Shares purchased upon exercise of this Warrant.
Upon surrender of this Warrant, the Company shall cancel this Warrant document
and shall, in the event of partial exercise, replace it with a new Warrant
document in accordance with Section 3.3 

                    (b)
Except as provided for in Section 3.1(c) below, each exercise of this Warrant
must be accompanied by payment in full of the aggregate Exercise Price in cash
by check or wire transfer in immediately available funds for the number of
Warrant Shares being purchased by the Holder upon such exercise. 

                    (c)
The aggregate Exercise Price for the number of Warrant Shares being purchased
may also, in the sole discretion of the Holder, be paid in full or in part on a
“cashless basis” at the election of the Holder: 

                    (i)
in the form of Common Stock owned by the Holder (based on the Fair Market Value
(as defined below) of such Common Stock on the date of exercise); 

                    (ii)
in the form of Warrant Shares withheld by the Company from the Warrant Shares
otherwise to be received upon exercise of this Warrant having an aggregate Fair
Market Value on the date of exercise equal to the aggregate Exercise Price of
the Warrant Shares being purchased by the Holder; or 

                    (iii)
by a combination of the foregoing, provided that the combined value of all cash
and the Fair Market Value of any shares surrendered to the Company is at least
equal to the aggregate Exercise Price for the number of Warrant Shares being
purchased by the Holder. 

                    For
purposes of this Warrant, the term “Fair
Market Value” means with respect to a particular date, the average
closing price of the Common Stock for the five (5) trading days immediately
preceding the applicable exercise date herein as officially reported by the
principal securities exchange on which the Common Stock is then listed or
admitted to trading, or, if the Common Stock is not listed or admitted to
trading on any securities exchange as determined in good faith by resolution of
the Board of Directors of the Company, based on the best information available
to it. 

                    For
purposes of illustration of a cashless exercise of this Warrant under Section
3.1(c)(ii) (or for a portion thereof for which cashless exercise treatment is
requested as contemplated by Section 3.1(c)(iii) hereof), the calculation of
such exercise shall be as follows: 

X = Y (A-B)/A 

where: 

	
  

 	
  

 	
  

 
	
  

 	
 X =

 	
 the number
 of Warrant Shares to be issued to the Holder (rounded to the nearest whole
 share). 

 
	
  

 	
  

 	
  

 
	
  

 	
 Y =

 	
 the number
 of Warrant Shares with respect to which this Warrant is being exercised. 

 
	
  

 	
  

 	
  

 
	
  

 	
 A =

 	
 the Fair
 Market Value of the Common Stock. 

 
	
  

 	
  

 	
  

 
	
  

 	
 B =

 	
 the Exercise
 Price. 

 

                    (d)
For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended,
understood, and acknowledged that the Common Stock issuable upon exercise of
this Warrant in a cashless exercise transaction as described in Section 3.1(c)
above shall be deemed to have been acquired at the time this Warrant was
issued. Moreover, it is intended, understood, and acknowledged that the holding
period for the Common Stock issuable upon exercise of this Warrant in a
cashless exercise transaction as described in Section 3.1(c) above shall be deemed
to have commenced on the date this Warrant was issued. 

                    3.2
When Exercise Effective. Each exercise of this Warrant shall be deemed
to have been effected immediately prior to the close of business on the
Business Day on which this Warrant shall have been duly surrendered to the
Company as provided in Sections 3.1 and 12 hereof, and, at such time, the
Holder in whose name any certificate or certificates for Warrant Shares shall
be issuable upon exercise as provided in Section 3.3 hereof shall be deemed to
have become the holder or holders of record thereof of the number of Warrant
Shares purchased upon exercise of this Warrant. 

                    3.3
Delivery of Common Stock Certificates and New Warrant. As soon as
reasonably practicable after each exercise of this Warrant, in whole or in
part, and in any event within five (5) Business Days thereafter, the Company,
at its expense (including the payment by it of any applicable issue taxes),
will cause to be issued in the name of and delivered to the Holder hereof or,
subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder
of any applicable transfer taxes) may direct: 

                    (a)
a certificate or certificates (with appropriate restrictive legends, as applicable)
for the number of duly authorized, validly issued, fully paid and nonassessable
Warrant Shares to which the Holder shall be entitled upon exercise; and 

                    (b)
in case exercise is in part only, a new Warrant document of like tenor, dated
the date hereof, for the remaining number of Warrant Shares issuable upon
exercise of this Warrant after giving effect to the partial exercise of this
Warrant (including the delivery of any Warrant Shares as payment of the
Exercise Price for such partial exercise of this Warrant). 

          4. Certain
Adjustments. For so long as this Warrant is outstanding: 

                    4.1
Mergers or Consolidations. If at any time after the date hereof there
shall be a capital reorganization (other than a combination or subdivision of
Common Stock otherwise provided for herein) resulting in a reclassification to
or change in the terms of securities issuable upon exercise of this Warrant (a
“Reorganization”), or a merger or
consolidation of the Company with another corporation, association,
partnership, organization, business, individual, government or political
subdivision thereof or a governmental agency (a “Person” or the “Persons”)
(other than a merger with another Person in which the Company is a continuing
corporation and which does not result in any reclassification or change in the
terms of securities issuable upon exercise of this Warrant or a merger effected
exclusively for the purpose of changing the domicile of the Company) (a “Merger”), then, as a part of such
Reorganization or Merger, lawful provision and adjustment shall be made so that
the Holder shall thereafter be entitled to receive, upon exercise of this
Warrant, the number of shares of stock or any other equity or debt securities
or property receivable upon such Reorganization or Merger by a holder of the
number of shares of Common Stock which might have been purchased upon exercise
of this Warrant immediately prior to such Reorganization or Merger. In any such
case, appropriate adjustment shall be made in the application of the provisions
of this Warrant with respect to the rights and interests of the Holder after
the Reorganization or Merger to the end that the provisions of this Warrant
(including adjustment of the Exercise Price then in effect and the number of
Warrant Shares) shall be applicable after that event, as near as reasonably may
be, in relation to any shares of stock, securities, property or other assets
thereafter deliverable upon exercise of this Warrant. The provisions of this
Section 4.1 shall similarly apply to successive Reorganizations and/or Mergers.

                    4.2
Splits and Subdivisions; Dividends. In the event the Company should at
any time or from time to time effectuate a split or subdivision of the outstanding
shares of Common Stock or pay a dividend in or make a distribution payable in
additional shares of Common Stock or Common Stock Equivalents without payment
of any consideration by such holder for the additional shares of Common Stock
or Common Stock Equivalents (including the 

additional shares of Common Stock issuable upon conversion or exercise
thereof), then, as of the applicable record date (or the date of such
distribution, split or subdivision if no record date is fixed), the per share
Exercise Price shall be appropriately decreased and the number of Warrant
Shares shall be appropriately increased in proportion to such increase (or
potential increase) of outstanding shares; provided, however, that no
adjustment shall be made in the event the split, subdivision, dividend or
distribution is not effectuated. 

                    4.3
Combination of Shares. If 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 Common Stock, the per share Exercise Price shall be
appropriately increased and the number of shares of Warrant Shares shall be
appropriately decreased in proportion to such decrease in outstanding shares. 

                    4.4
Adjustments for Other Distributions. In the event the Company shall
declare a distribution payable in securities of other Persons, evidences of
indebtedness issued by the Company or other Persons, assets (excluding cash
dividends or distributions to the holders of Common Stock paid out of current
or retained earnings and declared by the Company’s board of directors) or
options or rights not referred to in Sections 4.2, 4.3 or 4.4, then, in each
such case for the purpose of this Section 4.5, upon exercise of this Warrant,
the Holder shall be entitled to a proportionate share of any such distribution
as though the Holder was the actual record holder of the number of Warrant
Shares as of the record date fixed for the determination of the holders of
Common Stock of the Company entitled to receive such distribution. 

          5. No
Impairment. The Company will not, by amendment of its articles of
incorporation or by-laws or through any consolidation, merger, reorganization,
transfer of assets, dissolution, issue or sale of securities 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 in good faith assist in the
carrying out of all of the terms and in the taking of all actions necessary or
appropriate in order to protect the rights of the Holder against impairment. 

          6. Chief
Financial Officer’s Report as to Adjustments. With respect to each
adjustment pursuant to Section 4 of this Warrant, the Company, at its expense,
will promptly compute the adjustment or re-adjustment in accordance with the
terms of this Warrant and cause its Chief Financial Officer to certify the
computation (other than any computation of the fair value of property of the
Company, as the case may be) and prepare a report setting forth, in reasonable
detail, the event requiring the adjustment or re-adjustment and the amount of
such adjustment or re-adjustment, the method of calculation thereof and the
facts upon which the adjustment or re-adjustment is based, and the Exercise
Price and the number of Warrant Shares or other securities purchasable
hereunder after giving effect to such adjustment or re-adjustment, which report
shall be mailed by first class mail, postage prepaid to the Holder. The Company
will also keep copies of all reports at its office maintained pursuant to
Section 10.2(a) hereof and will cause them to be available for inspection at
the office during normal business hours upon reasonable notice by the Holder or
any prospective purchaser of the Warrant designated by the Holder thereof. 

          7. Reservation
of Shares. The Company shall, solely for the purpose of effecting the
exercise of this Warrant, at all times during the term of this Warrant, reserve
and keep available out of its authorized shares of Common Stock, free from all
taxes, liens and charges with respect to the issue thereof and not subject to
preemptive rights or other similar rights of shareholders of the Company, such
number of its shares of Common Stock as shall from time to time be sufficient
to effect in full the exercise of this Warrant. If at any time the number of
authorized but unissued shares of Common Stock shall not be sufficient to
effect in full the exercise of this Warrant, in addition to such other remedies
as shall be available to Holder, the Company will promptly take such corporate
action as may, in the opinion of its counsel, be necessary to increase the
number of authorized but unissued shares of Common Stock to such number of
shares as shall be sufficient for such purposes, including without limitation,
using its Reasonable Best Efforts (as defined in Section 14 hereof) to obtain
the requisite shareholder approval necessary to increase the number of
authorized shares of Common Stock. The Company hereby represents and warrants
that all shares of Common Stock issuable upon exercise of this Warrant shall be
duly authorized and, when issued and paid for upon exercise, shall be validly
issued, fully paid and nonassessable. 

          8. Registration
and Listing. 

                    8.1
Definition of Registrable Securities; Majority. As used herein, the term
“Registrable Securities” means any
shares of Common Stock issuable upon the exercise of this Warrant, until the
date (if any) on which such shares shall have been transferred or exchanged and
new certificates for them not bearing a legend restricting further transfer
shall have been delivered by the Company and subsequent disposition of them
shall not require registration or qualification of them under the Securities
Act or any similar state law then in force. For purposes of this Warrant, the
term “Majority”, in reference to
the holders of Registrable Securities, shall mean in excess of fifty percent
(50%) of the then outstanding Warrant Shares (assuming the exercise of the entire
Warrant) that: (i) are not held by the Company, an affiliate, officer,
creditor, employee or agent thereof or any of their respective affiliates,
members of their family, Persons acting as nominees or in conjunction therewith
and (ii) have not be resold to the public pursuant to a registration statement
filed under the Securities Act. 

                    8.2
Incidental Registration Rights. 

                    (a)
If the Company, at any time on or after the Base Date through the fifth
anniversary of the Base Date, proposes to register any of its securities under
the Securities Act (other than in connection with a registration on Form S-4 or
S-8 or any successor forms) whether for its own account or for the account of
any holder or holders of its shares other than Registrable Securities (any
shares of such holder or holders (but not those of the Company and not
Registrable Securities) with respect to any registration are referred to herein
as, “Other Shares”), the Company
shall each such time give prompt (but not less than thirty (30) days prior to
the anticipated effectiveness thereof) written notice to the holders of
Registrable Securities of its intention to do so. Upon the written request of
any such holder of Registrable Securities made within ten (10) days after the
receipt of any such notice (which request shall specify the Registrable
Securities intended to be disposed of by such holder), except as set forth in
Section 8.2(b), the Company will use its Reasonable Best Efforts to effect the
registration under the 

Securities Act of all of the Registrable Securities which the Company
has been so requested to register by such holder, to the extent requisite to
permit the disposition of the Registrable Securities so to be registered, by
inclusion of such Registrable Securities in the registration statement which
covers the securities which the Company proposes to register; provided, however, that if, at any time
after giving written notice of its intention to register any securities and
prior to the effective date of the registration statement filed in connection
with such registration, the Company shall determine for any reason in its sole
discretion either to not register, to delay or to withdraw registration of such
securities, the Company may, at its election, give written notice of such
determination to such holder and, thereupon: (i) in the case of a determination
not to register, shall be relieved of its obligation to register any
Registrable Securities in connection with such registration (but not from its
obligation to pay the Registration Expenses in connection therewith), (ii) in
the case of a determination to delay registration, shall be permitted to delay
registering any Registrable Securities for the same period as the delay in
registering such other securities (including the Other Shares), and (iii) in
the case of a determination to withdraw registration, shall be permitted to
withdraw registration. The Company will pay all Registration Expenses in
connection with each registration of Registrable Securities pursuant to this
Section 8.2. 

                    (b)
If the Company at any time proposes to register any of its securities under the
Securities Act as contemplated by this Section 8.2 and such securities are to
be distributed by or through one or more underwriters, the Company will, if
requested by a holder of Registrable Securities, use its Reasonable Best
Efforts to arrange for such underwriters to include all the Registrable
Securities to be offered and sold by such holder among the securities to be
distributed by such underwriters, provided that if the managing underwriter of
such underwritten offering shall inform the Company by letter of its belief
that inclusion in such distribution of all or a specified number of such
securities proposed to be distributed by such underwriters would interfere with
the successful marketing of the securities being distributed by such
underwriters (such letter to state the basis of such belief and the approximate
number of such Registrable Securities, such Other Shares and shares held by the
Company proposed so to be registered which may be distributed without such
effect), then the Company may, upon written notice to such holder, the other
holders of Registrable Securities, and holders of such Other Shares, reduce pro
rata in accordance with the number of shares of Common Stock desired to be
included in such registration (if and to the extent stated by such managing
underwriter to be necessary to eliminate such effect) the number of such
Registrable Securities and Other Shares the registration of which shall have
been requested by each holder thereof so that the resulting aggregate number of
such Registrable Securities and Other Shares so included in such registration,
together with the number of securities to be included in such registration for
the account of the Company, shall be equal to the number of shares stated in
such managing underwriter’s letter. 

                    8.3
Registration Procedures. Whenever the holders of Registrable Securities
have properly requested that any Registrable Securities be registered pursuant
to the terms of this Warrant, the Company shall use its Reasonable Best Efforts
to effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, and pursuant
thereto the Company shall as expeditiously as possible: 

                    (a)
prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use its Reasonable Best Efforts to cause such
registration statement to become effective; 

                    (b)
notify such holders of the effectiveness of each registration statement filed
hereunder and prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection therewith as
may be necessary to (i) keep such registration statement effective and the
prospectus included therein usable for a period commencing on the date that
such registration statement is initially declared effective by the SEC and
ending on the date when all Registrable Securities covered by such registration
statement have been sold pursuant to the registration statement or cease to be
Registrable Securities, and (ii) comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such
registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration
statement; 

                    (c)
furnish to such holders such number of copies of such registration statement,
each amendment and supplement thereto, the prospectus included in such
registration statement (including each preliminary prospectus) and such other
documents as such seller may reasonably request in order to facilitate the
disposition of the Registrable Securities owned by such holders; 

                    (d)
use its Reasonable Best Efforts to register or qualify such Registrable
Securities under such other securities or blue sky laws of such jurisdictions
as such holders reasonably request and do any and all other acts and things
which may be reasonably necessary or advisable to enable such holders to
consummate the disposition in such jurisdictions of the Registrable Securities
owned by such holders; provided, however,
that the Company shall not be required to: (i) qualify generally to do business
in any jurisdiction where it would not otherwise be required to qualify but for
this subparagraph; (ii) subject itself to taxation in any such jurisdiction; or
(iii) consent to general service of process in any such jurisdiction; 

                    (e)
notify such holders, at any time when a prospectus relating thereto is required
to be delivered under the Securities Act, of the happening of any event as a
result of which the prospectus included in such registration statement contains
an untrue statement of a material fact or omits any material fact necessary to
make the statements therein, in light of the circumstances in which they are
made, not materially misleading, and, at the reasonable request of such holders,
the Company shall prepare a supplement or amendment to such prospectus so that,
as thereafter delivered to the purchasers of such Registrable Securities, such
prospectus shall not contain an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in light of
the circumstances in which they are made, not materially misleading; 

                    (f)
provide a transfer agent and registrar for all such Registrable Securities not
later than the effective date of such registration statement; 

                    (g)
make available for inspection by any underwriter participating in any
disposition pursuant to such registration statement, and any attorney,
accountant or other agent

retained by any such underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
Company’s officers, directors, managers, employees and independent accountants
to supply all information reasonably requested by any such underwriter,
attorney, accountant or agent in connection with such registration statement; 

                    (h)
otherwise use its Reasonable Best Efforts to comply with all applicable rules
and regulations of the SEC, and make available to its security holders, as soon
as reasonably practicable, an earnings statement of the Company, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act
and, at the option of the Company, Rule 158 thereunder; 

                    (i)
in the event of the issuance of any stop order suspending the effectiveness of
a registration statement, or of any order suspending or preventing the use of
any related prospectus or suspending the qualification of any Registrable
Securities included in such registration statement for sale in any
jurisdiction, the Company shall use its Reasonable Best Efforts promptly to
obtain the withdrawal of such order; 

                    (j)
use its Reasonable Best Efforts to cause any Registrable Securities covered by
such registration statement to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers
thereof to consummate the disposition of such Registrable Securities; and 

                    (k)
if the offering is underwritten, use its Reasonable Best Efforts to furnish on
the date that Registrable Securities are delivered to the underwriters for sale
pursuant to such registration, an opinion dated such date of counsel representing
the Company for the purposes of such registration, addressed to the
underwriters covering such issues as are reasonably required by such
underwriters. 

                    8.4
Listing. The Company shall secure the listing of the Common Stock
underlying this Warrant upon each national securities exchange or automated
quotation system upon which shares of Common Stock are then listed or quoted
(subject to official notice of issuance) and shall maintain such listing of
shares of Common Stock. The Company shall at all times comply in all material
respects with the Company’s reporting, filing and other obligations under the
by-laws or rules of The Nasdaq Capital Market (or such other national
securities exchange or market on which the Common Stock may then be listed, as
applicable). 

                    8.6
Expenses. The Company shall pay all Registration Expenses relating to
the registration and listing obligations set forth in this Section 8. For
purposes of this Warrant, the term “Registration
Expenses” means: (a) all registration, filing and FINRA (as defined
below) fees, (b) all reasonable fees and expenses of complying with securities
or blue sky laws, (c) all word processing, duplicating and printing expenses,
(d) the fees and disbursements of counsel for the Company and of its
independent public accountants, including the expenses of any special audits or
“cold comfort” letters required by or incident to such performance and
compliance, and (e) premiums and other costs of policies of insurance (if any)
against liabilities arising out of the public offering of the Registrable
Securities being registered if the Company

desires such insurance, if any; provided
however, that, in any case where Registration Expenses are not to be
borne by the Company, such expenses shall not include (and such expenses shall
be borne by the Company): (i) salaries of Company personnel or general overhead
expenses of the Company, (ii) auditing fees, (iii) premiums or other expenses
relating to liability insurance required by underwriters of the Company, or
(iv) other expenses for the preparation of financial statements or other data,
to the extent that any of the foregoing either is normally prepared by the
Company in the ordinary course of its business or would have been incurred by
the Company had no public offering taken place. Registration Expenses shall not
include any underwriting discounts and commissions which may be incurred in the
sale of any Registrable Securities and transfer taxes of the selling holders of
Registrable Securities. 

                    8.7
Information Provided by Holders. Any holder of Registrable Securities
included in any registration shall furnish to the Company such information as
the Company may reasonably request in writing to enable the Company to comply
with the provisions hereof in connection with any registration referred to in
this Warrant. 

                    8.8
FINRA Cobradesk Filings. In the event that a registration statement
covering the Registrable Securities is filed, within one (1) Business Day of
the filing of such registration statement, the Company will prepare and file
the selling stockholder resale offering described in such registration
statement for review by the Financial Industry Regulatory Authority (“FINRA”) via the FINRA’s CobraDesk filing
system (“CobraDesk Filing”) for
the purpose of having the prospectus contained within such registration
statement treated as a “base prospectus” in connection with such resale
offering. The Company will use its Reasonable Best Efforts to have the CobraDesk
Filing approved by FINRA within thirty (30) days of such filing date. The
Company shall bear all expenses of the CobraDesk Filing, including fees and
expenses of counsel or other advisors to the Holder. In all circumstances, the
Company shall pay for all FINRA filing fees associated with the CobraDesk
Filing. 

                    8.9
Effectiveness Period. The Company shall use its Reasonable Best Efforts
to keep each registration statement contemplated hereunder continuously
effective under the Securities Act until the date which is the earlier date of
when (i) all Registrable Securities covered by such Registration Statement have
been sold or (ii) all Registrable Securities covered by such Registration
Statement may be sold immediately without registration under the Securities Act
and without volume restrictions pursuant to Rule 144 under the Securities Act,
as determined by the counsel to the Company pursuant to a written opinion
letter to such effect, addressed and reasonably acceptable to the Company’s
transfer agent and the affected holders of Registrable Securities. 

                    8.10
Net Cash Settlement. Notwithstanding anything herein to the contrary, in
no event will the Holder hereof be entitled to receive a net-cash settlement as
liquidated damages in lieu of physical settlement in shares of Common Stock,
regardless of whether the Common Stock underlying this Warrant is registered
pursuant to an effective registration statement; provided, however, that the
foregoing will not preclude the Holder from seeking other remedies at law or
equity for breaches by the Company of its registration obligations hereunder. 

          9.
Restrictions on Transfer. 

                    9.1
Restrictive Legends. This Warrant and each Warrant issued upon transfer
or in substitution for this Warrant pursuant to Section 10 hereof, each
certificate for Common Stock issued upon the exercise of the Warrant and each
certificate issued upon the transfer of any such Common Stock shall be
transferable only upon satisfaction of the conditions specified in this Section
9. Each of the foregoing securities shall be stamped or otherwise imprinted
with a legend reflecting the restrictions on transfer set forth herein and any
restrictions required under the Securities Act or other applicable securities
laws. 

                    9.2
Notice of Proposed Transfer. Prior to any transfer of any securities
which are not registered under an effective registration statement under the
Securities Act (“Restricted Securities”),
which transfer may only occur if there is an exemption from the registration
provisions of the Securities Act and all other applicable securities laws, the
Holder will give written notice to the Company of the Holder’s intention to
effect a transfer (and shall describe the manner and circumstances of the
proposed transfer). The following provisions shall apply to any proposed
transfer of Restricted Securities: 

                              (i)
If in the opinion of counsel for the Holder reasonably satisfactory to the
Company the proposed transfer may be effected without registration of the
Restricted Securities under the Securities Act (which opinion shall state in
detail the basis of the legal conclusions reached therein), the Holder shall
thereupon be entitled to transfer the Restricted Securities in accordance with
the terms of the notice delivered by the Holder to the Company. Each
certificate representing the Restricted Securities issued upon or in connection
with any transfer shall bear the restrictive legends required by Section 9.1
hereof. 

                              (ii)
If the opinion called for in (i) above is not delivered, the Holder shall not
be entitled to transfer the Restricted Securities until either: (x) receipt by
the Company of a further notice from such Holder pursuant to the foregoing
provisions of this Section 9.2 and fulfillment of the provisions of clause (i)
above, or (y) such Restricted Securities have been effectively registered under
the Securities Act. 

                    9.3
Certain Other Transfer Restrictions. Notwithstanding any other provision
of this Section 9: (i) prior to the Exercise Date, this Warrant or the
Restricted Securities thereunder may only be transferred or assigned to the
persons permitted under FINRA Rule 5110(g), and (ii) no opinion of counsel
shall be necessary for a transfer of Restricted Securities by the holder
thereof to any Person employed by or owning equity in the Holder, if the
transferee agrees in writing to be subject to the terms hereof to the same extent
as if the transferee were the original purchaser hereof and such transfer is
permitted under applicable securities laws. 

                    9.4
Termination of Restrictions. Except as set forth in Section 9.3 hereof,
the restrictions imposed by this Section 9 upon the transferability of
Restricted Securities shall cease and terminate as to any particular Restricted
Securities: (a) which shall have been effectively registered under the
Securities Act, or (b) when, in the opinions of both counsel for the holder
thereof and counsel for the Company, such restrictions are no longer required
in order to insure compliance with the Securities Act or Section 10 hereof.
Whenever such restrictions

shall cease and terminate as to any Restricted Securities, the Holder
thereof shall be entitled to receive from the Company, without expense (other
than applicable transfer taxes, if any), new securities of like tenor not
bearing the applicable legends required by Section 9.1 hereof. 

          10.
Ownership, Transfer, Sale and Substitution of Warrant. 

                    10.1
Ownership of Warrant. The Company may treat any Person in whose name
this Warrant is registered in the Warrant Register maintained pursuant to
Section 10.2(b) hereof as the owner and holder thereof for all purposes,
notwithstanding any notice to the contrary, except that, if and when any
Warrant is properly assigned in blank, the Company may (but shall not be
obligated to) treat the bearer thereof as the owner of such Warrant for all
purposes, notwithstanding any notice to the contrary. Subject to Sections 9 and
10 hereof, this Warrant, if properly assigned, may be exercised by a new holder
without a new Warrant first having been issued. 

                    10.2
Office; Exchange of Warrant. 

                    (a)
The Company will maintain its principal office at the location identified in
the prospectus relating to the Offering or at such other offices as set forth
in the Company’s most current filing (as of the date notice is to be given)
under the Exchange Act or as the Company otherwise notifies the Holder. 

                    (b)
The Company shall cause to be kept at its office maintained pursuant to Section
10.2(a) hereof a Warrant Register for the registration and transfer of the
Warrant. The name and address of the holder of the Warrant, the transfers
thereof and the name and address of the transferee of the Warrant shall be
registered in such Warrant Register. The Person in whose name the Warrant shall
be so registered shall be deemed and treated as the owner and holder thereof
for all purposes of this Warrant, and the Company shall not be affected by any
notice or knowledge to the contrary. 

                    (c)
Upon the surrender of this Warrant, properly endorsed, for registration of transfer
or for exchange at the office of the Company maintained pursuant to Section
10.2(a) hereof, the Company at its expense will (subject to compliance with
Section 9 hereof, if applicable) execute and deliver to or upon the order of
the Holder thereof a new Warrant of like tenor, in the name of such holder or
as such holder (upon payment by such holder of any applicable transfer taxes)
may direct, calling in the aggregate on the face thereof for the number of
shares of Common Stock called for on the face of the Warrant so surrendered
(after giving effect to any previous adjustment(s) to the number of Warrant
Shares). 

                    10.3
Replacement of Warrant. Upon receipt 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, upon
delivery of indemnity reasonably satisfactory to the Company in form and amount
or, in the case of any mutilation, upon surrender of this Warrant for
cancellation at the office of the Company maintained pursuant to Section
10.2(a) hereof, the Company, at its expense, will execute and deliver, in lieu
thereof, a new Warrant of like tenor and dated the date hereof. 

                    10.4
Opinions. In connection with the sale of the Warrant Shares by Holder,
the Company agrees to cooperate with the Holder, and at the Company’s expense,
have its counsel provide any legal opinions required to remove the restrictive
legends from the Warrant Shares in connection with a sale, transfer or legend
removal request of Holder. 

          11. No
Rights or Liabilities as Stockholder. No Holder shall be entitled to vote
or receive dividends or be deemed the holder of any shares of Common Stock or
any other securities of the Company which may at any time be issuable on the
exercise hereof for any purpose, nor shall anything contained herein be
construed to confer upon the Holder, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give
or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, consolidation,
merger, conveyance, or otherwise) or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until the Warrant shall
have been exercised and the shares of Common Stock purchasable upon the
exercise hereof shall have become deliverable, as provided herein. The Holder
will not be entitled to share in the assets of the Company in the event of a
liquidation, dissolution or the winding up of the Company. 

          12. Notices.
Any notice or other communication in connection with this Warrant shall be
given in writing and directed to the parties hereto as follows: (a) if to the
Holder, c/o ________________[—name and fax and/or email address] or (b) if to
the Company, to the attention of its Chief Executive Officer at its office
maintained pursuant to Section 10.2(a) hereof; provided,
that the exercise of the Warrant shall also be effected in the manner provided
in Section 3 hereof. Notices shall be deemed properly delivered and received
when delivered to the notice party (i) if personally delivered, upon receipt or
refusal to accept delivery, (ii) if sent via facsimile, upon mechanical
confirmation of successful transmission thereof generated by the sending
telecopy machine, (iii) if sent by a commercial overnight courier for delivery
on the next Business Day, on the first Business Day after deposit with such
courier service, or (iv) if sent by registered or certified mail, five (5)
Business Days after deposit thereof in the U.S. mail. 

          13. Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to
the issuance of shares of Common Stock underlying this Warrant upon exercise of
this Warrant; provided, however,
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the transfer or registration of this
Warrant or any certificate for shares of Common Stock underlying this Warrant
in a name other that of the Holder. The Holder is responsible for all other tax
liability that may arise as a result of holding or transferring this Warrant or
receiving shares of Common Stock underlying this Warrant upon exercise hereof. 

          14. Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged or
terminated only by an instrument in writing signed by the party against which
enforcement of the change, waiver, discharge or termination is sought. This
Warrant shall be construed and enforced in accordance with and governed by the
laws of the State of New York. The section headings in this Warrant are for
purposes of convenience only and shall not

constitute a part hereof. When used herein, the term “Reasonable Best Efforts” means, with
respect to the applicable obligation of the Company, reasonable best efforts
for similarly situated, publicly-traded companies. 

          IN
WITNESS WHEREOF, the Company has caused this
Underwriter’s Warrant to be duly executed as of the date first above written. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 WAVE2WAVE COMMUNICATIONS,

 INC.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
  

 	

 

 

 	
  

 
	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
 Title:

 	
  

 

	
  

 
	
 EXHIBIT A

 
	
 FORM OF EXERCISE NOTICE

 
	
 [To be executed only upon exercise of Warrant]

 

To WAVE2WAVE
COMMUNICATIONS, INC.: 

                    The
undersigned registered holder of the within Warrant hereby irrevocably
exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to
________________________ Warrant Shares, at an exercise price per share of $[          ], and requests that the certificates for such Warrant Shares be issued,
subject to Sections 9 and 10, in the name of, and delivered to: 

	
  

 	
  

 
	

 

 	
  

 
	

 

 	
  

 
	

 

 	
  

 
	

 

 	
  

 

                    The
undersigned is hereby making payment for the Warrant Shares in the following
manner: [check one] 

	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 by cash in
 accordance with Section 3.1(b) of the Warrant 

 
	
  

 	
  

 	
  

 
	
  

 	
 •

 	
 via cashless
 exercise in accordance with Section 3.1(c) of the Warrant in the following
 manner: 

 

	
  

 
	

 

 
	

 

 
	

 

 

                    The
undersigned hereby represents and warrants that it is, and has been since its
acquisition of the Warrant, the record and beneficial owner of the Warrant. 

Dated: ____________

	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 Print or
 Type Name 

 	
  

 
	
  

 	
  

 
	

 

 	
  

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

 
	
  

 	
  

 
	

 

 	
  

 
	
 (Street
 Address)

 	
  

 
	
  

 	
  

 
	

 

 	
  

 
	
 (City)

 	
 (State)

 	
 (Zip Code)

 	
  

 

EXHIBIT B 

FORM OF ASSIGNMENT

[To be executed only upon transfer of Warrant] 

                    For
value received, the undersigned registered holder of the within Warrant hereby
sells, assigns and transfers unto _____________________ [include name and
addresses] the rights represented by the Warrant to purchase __________ shares
of Common Stock of WAVE2WAVE COMMUNICATIONS, INC.. to which the Warrant
relates, and appoints _____________________ Attorney to make such transfer on
the books of WAVE2WAVE COMMUNICATIONS, INC. maintained for the purpose, with full
power of substitution in the premises. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Dated:

 	
  

 	
  

 	
  

 
	
  

 	

 

 
	
  

 	
  

 	
 (Signature
 must conform in all respects

 
	
  

 	
  

 	
 to name of
 holder as specified on the

 
	
  

 	
  

 	
 face of
 Warrant)

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 (Street
 Address)

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 (City)

 	
 (State)

 	
 (Zip Code)

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Signed in
 the 

 presence of:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 (Signature
 of Transferee)

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 (Street
 Address)

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 (City)

 	
 (State)

 	
 (Zip Code)

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Signed in
 the 

 presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00180-of-00352.parquet"}]]