Document:

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              EMPLOYMENT, SEVERANCE AND NON-SOLICITATION AGREEMENT

         This Employment, Severance and Non-Solicitation Agreement (this
"Agreement") is entered into between Private Business, Inc., a Tennessee
corporation ("Company"), and Paul McCulloch, an individual resident of Tennessee
("Employee"), effective as of January 31, 2006 (the "Effective Date").

         Company has purchased a business for which Employee served as an
executive and has offered employment to Employee in connection with such
acquisition. As part of such acquisition, Company has agreed to provide employee
with a severance agreement, and employee has agreed to enter into a
non-solicitation agreement. Now, therefore, for and in consideration of the
foregoing and other consideration exchanged as part of the acquisition, the
mutual covenants contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:

                         ARTICLE I. TERMS OF EMPLOYMENT

         Section 1.01 Employment. Company shall employ Employee, and Employee
shall serve Company, in the capacities of President of the Goldleaf division of
Company and as an Executive Vice President of Company upon the terms and
conditions set forth herein. Employee shall have such authority,
responsibilities and duties as are consistent with his title, subject to the
oversight by Company's CEO (the "CEO") and Company's Board of Directors (the
"Board"). Employee shall devote his full business time, attention, skill and
efforts to the performance of his duties hereunder, except during periods of
illness or periods of vacation and leaves of absence consistent with Company's
company policies. Notwithstanding the foregoing, Employee may devote reasonable
periods of time to serve as a director or advisor to other organizations, to
perform charitable and other community activities, and to manage his personal
investments; provided, however, that such activities do not materially interfere
with the performance of his duties hereunder and are not in conflict or
competitive with, or adverse to, the interests of Company, as determined by the
CEO or the Board.

         Section 1.02 Term. This Agreement shall be for a term of two years (the
"Term"), and shall be extended one day for each day it is in effect, such that
the Term shall always remain two years.

         Section 1.03 Compensation and Benefits.

         (a) Company shall pay employee a signing bonus of $500,000 upon the
execution of this Agreement. As an additional incentive, Company shall issue two
unsecured promissory notes to Employee, one in the original principal amount of
$850,000 and substantially in the form attached as Exhibit A hereto, and the
other in the original principal amount of $150,000 and substantially in the form
attached as Exhibit B hereto.

         (b) Company shall pay Employee a base salary at a rate of $250,000 per
annum in accordance with the normal salary payment practices of Company. The
Board (or the compensation committee thereof), in consultation with the CEO,
shall review and may increase, but shall not decrease, Employee's base salary at
least annually.

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         (c) Employee shall participate in Company's executive bonus plan, which
shall provide Employee with an opportunity to earn a bonus dependent on Employee
and Company meeting individual, division and corporate performance goals as
determined by the Board (or the compensation committee thereof).

         (d) Employee shall be entitled to participate in all retirement, life
and health insurance, disability and other similar benefit plans or programs of
Company now or hereafter applicable to Employee or applicable generally to
employees of Company, provided that Employee shall not be required to pay the
premiums for such benefits that Company requires other employees to pay
(although Employee acknowledges that the amount of such premiums paid by
Purchaser on Employee's behalf shall be considered compensation to Employee for
tax purposes); provided, however, that during any period during the Term that
Employee is disabled, and during the 180-day period of physical or mental
infirmity leading up to Employee's disability, the amount of Employee's
compensation provided under this Section 1.03 shall be reduced by the sum of the
amounts, if any, paid to Employee for the same period under any disability
benefit or pension plan of Company or any of its subsidiaries. For purposes of
this Section 1.03(d), Employee shall be deemed "disabled" upon the earlier of:
(i) a written determination by a duly licensed physician or psychologist
following a personal examination of Employee that Employee is not capable of
performing the normal duties attendant to his position with or without
reasonable accommodation and that such condition appears to be permanent or of
indefinite duration; (ii) a determination by a court of competent jurisdiction
that Employee is not capable of managing his or her own person or property and
that such condition appears to be permanent or of indefinite duration; (iii) a
determination by any duly licensed insurance company maintaining a policy of
disability insurance covering Employee that Employee is disabled to the point
that benefits are payable pursuant to the terms of such policy; or (iv) Employee
has been unable to perform the normal duties attendant to his position with or
without reasonable accommodation for a continuous period of 180 days.

         (e) Employee shall be eligible for the grant of stock options,
restricted stock and other awards under Company's equity incentive plan. On
January 23, 2006, as an inducement to Employee to enter into this Agreement,
Company granted Employee options to purchase 900,000 shares of Company's common
stock at an exercise price of $1.33 per share, the closing price of Company's
common stock on the Nasdaq Small Cap Market on the previous trading day.

                       ARTICLE II. COVENANTS OF EMPLOYEE

         Section 2.01 Covenant Not to Engage in Competing Business. Employee
covenants and agrees that, for and during the period of his employment with
Company and for a period of two years thereafter, Employee shall not
individually or through or with any other person or affiliate of Employee,
engage directly or indirectly in the Subject Business anywhere in the Restricted
Territory (as hereinafter defined), whether such engagement be as an employer,
officer, director, owner, investor, shareholder, employee, partner, consultant
or other participant, except for an investment in a public company that does not
constitute more than one percent of the outstanding shares of any class of such
public company. "Restricted Territory" shall mean the United States. "Subject
Business" shall mean the business conducted by Goldleaf Technologies, Inc. prior
to its sale to Company, and any other business engaged in by Company for which
Employee becomes the primary responsible executive. Employee acknowledges and
agrees that this non-compete is given in connection with the purchase of a
business, in consideration of the signing bonus, and other good and valuable
consideration, and given the nature of Company's business, the restrictions set
forth in

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this Agreement are necessary and reasonable in terms of the activities
restrained, as well as the geographic and temporal scope of such restrictions.
Employee further acknowledges and agrees that if any of the provisions in this
Agreement shall ever be deemed to exceed the time, activity, geographic or other
limitations permitted by applicable law, then such provisions shall be and
hereby are reformed to the maximum time, activity, geographic or other
limitations permitted by applicable law.

         Section 2.02 Covenant Not to Solicit Employees or Customers. Employee
covenants and agrees that, for and during the period of his employment with
Company and for a period of two years thereafter:

         (a) Employee shall not individually or through or with any other person
or affiliate of Employee, solicit for employment or hire any individual who was
employed by Company on the Effective Date or the date of termination of
employment of Employee, without the prior written consent of Company; or

         (b) solicit any individual or entity that was an active customer of
Company on the Effective Date or the date of termination of employment of
Employee, for the purpose of contracting with such Person for the goods and
services which comprise the Subject Business.

         Section 2.03 Covenant To Maintain Confidentiality.

         (a) Employee shall not divulge or appropriate for his own use any Trade
Secrets (as defined below) of Company, from and after the Effective Date of this
Agreement, for as long as the information remains a Trade Secret, and shall not
make any unauthorized disclosure of Confidential Information (as defined below)
about Company for and during the period of his employment with Company and for a
period of two years thereafter. "Trade Secrets" shall mean any information of
Company (including but not limited to technical or non-technical data, a
formula, a pattern, a compilation, a program, a device, a method, a technique, a
drawing, a process, financial data, financial plans, product plans, or a list of
actual or potential customers or suppliers provided that such list is not
available to the general public) which derives economic value, actual or
potential, from not being generally known to, and not being readily
ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use, and is the subject of efforts that are reasonable
under the circumstances to maintain its secrecy, or such other definition as may
be provided under applicable law. "Confidential Information" means any valuable,
nonpublic, competitively sensitive information (other than Trade Secrets)
concerning Company, its business, or its financial position, results of
operations, annual and long range business plans, product or service plans,
marketing plans and methods, training, educational and administrative manuals,
client lists or employee lists obtained by Employee from Company during the
period of his employment; provided, however, that Confidential Information shall
not include information to the extent that it is or becomes publicly known or
generally utilized (other than because of the unauthorized disclosure of such
information by Employee) by others engaged in the same business or activities in
which Company utilized, developed or otherwise acquired such information.

         (b) Disclosure of Trade Secrets or Confidential Information shall not
be precluded, if such disclosure is:

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                  (i) in response to a valid order of a court or other
         governmental body or otherwise required by law; provided, however, that
         Employee shall first have given notice to Company and made a reasonable
         effort to obtain a protective order requiring that the information
         and/or documents so disclosed be used only for the purposes for which
         the order was issued; or

                  (ii) necessary to establish rights under this Agreement (but
         only to the extent necessary to do so).

         (c) Promptly following the termination of Employee's employment with
Company, Employee shall promptly transfer to Company or destroy (as directed by
Company) all tangible information containing Trade Secrets or Confidential
Information in his possession or within his control which is not already in the
possession or control of Company, and shall promptly certify in writing to
Company such transfer or destruction.

         (d) The obligations set forth in this Section 2.03 are in addition to
and not in lieu of any confidentiality obligations in the Stock Purchase
Agreement dated the date of this Agreement by and among Company and the
stockholders of Goldleaf Technologies, Inc., including Employee (the "Stock
Purchase Agreement").

         Section 2.04 Survival. The covenants of Employee contained in this
Article II shall survive the termination of this Agreement and the termination
of Employee's employment with Company, and shall remain enforceable in
accordance with their terms as set forth herein.

                            ARTICLE III. TERMINATION

         Section 3.01 Termination by Company. This Agreement, and Employee's
employment with Company, shall automatically terminate upon his death, and may
otherwise be terminated by Company by giving notice during the Term upon the
occurrence of one or more of the following events:

         (a) Employee's disability (as defined in Section 1.03(d) hereof),
provided that such disability arises from a condition which appears to be
permanent or of indefinite duration;

         (b) without Cause (as defined in the following paragraph), effectively
immediately upon delivery of written notice to Employee following a
determination by the Board to terminate Employee's employment, provided that (i)
the Board may elect to specify in such written notice that the effective date of
termination shall be a date up to and including the 90th day following the
delivery of such written notice to Employee; and (ii) Employee shall be entitled
to payment as provided in Section 3.03 below as severance pay following any such
termination without Cause, unless and until Employee breaches any of the
covenants set forth in Article II hereof; or

         (c) for "Cause," which for purposes of this Agreement shall mean that
Employee shall have:

                  (i) committed an act of fraud, embezzlement or theft in
         connection with his duties or in the course of his employment with
         Company;

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                  (ii) inflicted intentional damage to any material asset of
         Company;

                  (iii) intentionally committed any act resulting in liability
         in tort, under employment laws, or for breach of contract by Company
         pursuant to which Company has actually paid damages to any Person in an
         amount in excess of $20,000;

                  (iv) materially failed or refused to perform his duties as are
         consistent with his title as set forth in Section 1.01 of this
         Agreement, or breached any other material provision of this Agreement,
         which failure is not fully corrected within 90 days following written
         notification by Company to Employee specifically detailing such
         failure; or

                  (v) been convicted of any felony or a misdemeanor involving
         moral turpitude.

         Section 3.02 Termination by Employee. This Agreement, and Employee's
employment with Company, may be terminated by Employee for Good Reason (as
hereinafter defined) within 12 months following a Change of Control (as
hereinafter defined).

         (a) For purposes of the foregoing, "Change of Control" means any
transaction or series of transactions or the approval by the shareholders of
Company of a transaction that would result in

                  (i) 40% or more of the combined voting power of Company's then
         outstanding voting securities being held by a third party other than a
         current shareholder (or an affiliate of such current shareholder),
         current board member, or any employee benefit plan maintained by
         Company or any subsidiary;

                  (ii) a merger, consolidation or reorganization involving
         Company, unless the shareholders of Company immediately before such
         merger, consolidation or reorganization continue to own a majority of
         the combined voting power of the outstanding voting securities of the
         entity resulting from such merger, consolidation or reorganization;

                  (iii) a plan of liquidation or dissolution of Company under
         the provisions of Title 11 of the United States Code, a state
         receivership proceeding or other applicable state law; or

                  (iv) the sale or other disposition of all or substantially all
         of the business or assets of Company to a third party.

         (b) For purposes of this Agreement, "Good Reason" shall mean any of the
following:

                  (i) the assignment to Employee by Company of duties
         inconsistent with Employee's position, duties, responsibilities or
         status with Company immediately prior to a Change in Control, or a
         change in Employee's titles or offices as in effect immediately prior
         to a Change in Control;

                  (ii) reduction in Employee's base salary or target bonus as in
         effect prior to the Change in Control; or

                  (iii) relocation of Employee's principal office to a location
         more than 50 miles from Employee's principal office prior to a Change
         in Control.

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         Section 3.03 Severance Compensation. If Company terminates Employee
pursuant to Section 3.01(b), or if Employee terminates his employment for Good
Reason pursuant to Section 3.02, Company shall: (i) pay (at Company's regular
pay intervals) to Employee the amount of his then current base salary for the
remainder of the Term, and (ii) continue to permit Employee to participate in
all retirement, life and health insurance, disability and other similar benefit
plans or programs of Company applicable to Employee or applicable generally to
employees of Company, without charge for premiums as described in Section
1.03(d); provided, however, that in no event shall Company be obligated to make
severance payments and provide benefits to Employee for longer than two years
following the date of the termination of Employee's employment with Company. The
covenants of Company contained in this Section 3.03 shall survive the
termination of this Agreement and the termination of Employee's employment with
Company, and shall remain enforceable in accordance with their terms as set
forth herein.

         Section 3.04 Effect of Severance on Pay and Benefits. The severance pay
and benefits provided for in this Section 3 shall be in lieu of any other
severance or termination pay to which Employee may be entitled under any Company
severance or termination plan, program, practice or arrangement. Employee's
entitlement to any other compensation or benefits (other than severance or
termination pay) shall be determined in accordance with Company's executive
benefit plans and other applicable programs, policies and practices then in
effect.

                         ARTICLE IV. GENERAL PROVISIONS

         Section 4.01 Withholding of Taxes. Company may withhold from any
amounts of compensation payable under this Agreement all federal, state, city or
other taxes and withholdings as shall be required pursuant to any applicable
law, rule or regulation.

         Section 4.02 Notices. For purposes of this Agreement, all
communications including, without limitation, notices, consents, requests or
approvals, provided for herein shall be in writing and shall be deemed to have
been duly given when personally delivered or three business days after having
been mailed by United States registered mail or certified mail, return receipt
requested, postage prepaid, addressed to Company (to the attention of the
Secretary of Company) at its principal office, or to Employee at his principal
residence as reflected in the records of Company, or to such other address as
any party may have furnished to the other in writing and in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

         Section 4.03 Validity. It is not the intent of any party hereto to
violate any public policy of any jurisdiction in which this Agreement may be
enforced. If any provision of this Agreement or the application of any provision
hereof to any person or circumstances is held invalid, unenforceable or
otherwise illegal, the remainder of this Agreement and the application of such
provision to any other person or circumstances shall not be affected, and the
provision so held to be invalid, unenforceable or otherwise illegal shall be
reformed to the extent (and only to the extent) necessary to make it valid,
enforceable and legal.

         Section 4.04 Entire Agreement. This Agreement supersedes any other
agreements, oral or written, between the parties with respect to the subject
matter hereof, and contain all of the agreements and understandings between the
parties with respect to the employment of Employee by Company. Any waiver or
modification of any term of this Agreement shall be effective only if it is set
forth in a writing signed by all parties hereto.

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         Section 4.05 Successors and Binding Agreement. This Agreement shall be
binding upon and inure to the benefit of Company and any successor or permitted
assignee of or to Company, including any successor or permitted assignee of
Company pursuant to the Stock Purchase Agreement. This Agreement requires the
personal services of Employee and shall not be assignable in whole or in part by
Employee.

         Section 4.06 Captions. The captions in this Agreement are solely for
convenience of reference and shall not be given any effect in the construction
or interpretation of this Agreement.

         Section 4.07 Definitions. Capitalized terms used in this Agreement and
not otherwise defined or limited herein shall have the meaning ascribed to them
in the Stock Purchase Agreement.

         Section 4.08 Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same Agreement.

         Section 4.09 Modification and Waiver. No provisions of this Agreement
may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing and signed by the parties hereto. No waiver by
any party hereto at any time of any breach by another party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time.

         Section 4.10 Governing Law; Arbitration.

         (a) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Tennessee without giving effect to the
conflict of laws principles thereof.

         (b) Any controversy, claim or dispute arising from, out of or relating
to this Agreement, or any breach thereof, including but not limited to any
dispute concerning the scope of this arbitration clause, claims based in tort or
contract, claims for discrimination under federal, state or local law, and/or
claims for violation of any federal, state or local law ("Claims") shall be
resolved in accordance with the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association then in effect. Such
arbitration shall take place in the greater Nashville, Tennessee metropolitan
area. The arbitrator's award shall be final and binding upon both parties.

         (c) A demand for arbitration shall be made within a reasonable time
after the Claim has arisen. In no event shall the demand for arbitration be made
after the date when an institution of legal and/or equitable proceedings based
on such Claim would be barred by the applicable statute of limitations. Each
party to the arbitration will be entitled to be represented by counsel and shall
have the right to subpoena witnesses and documents for the arbitration hearing.
The arbitrator shall be experienced in employment arbitration and licensed to
practice law in the state of Tennessee. The arbitrator shall have the authority
to hear and grant a motion to dismiss and/or motion for summary judgment,
applying the standards governing such motions under the Federal Rules of Civil
Procedure. The arbitrator shall have the power to compel discovery consistent
with the Federal Rules of Civil Procedure.

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         (d) Except as otherwise awarded by the arbitrator, each party shall pay
the fees of its respective attorneys, the expenses of its witnesses and any
other expenses connected with presenting its Claim or defense. Except as
otherwise awarded by the arbitrator, other costs of arbitration, including
arbitrator's fees and expenses, any transcript costs or other administrative
fees shall be paid equally by the parties.

         (e) Employee acknowledges that his breach or threatened or attempted
breach of any provision of Article II of this Agreement would cause irreparable
harm to Company not compensable in monetary damages and that Company shall be
entitled, in addition to all other applicable remedies, to obtain a temporary
and permanent injunction and a decree for specific performance of the terms of
Article II from a court of competent jurisdiction without being required to
prove damages or furnish any bond or other security. The parties agree that
Company's seeking such equitable relief from a court of competent jurisdiction
will not affect the agreement of the parties to arbitrate all other matters
concerning or arising from this Agreement. The parties agree that temporary
injunctive relief may be entered by a court of competent jurisdiction pending a
hearing in arbitration of any matter relating to or arising from this Agreement.

The parties indicate their acceptance of the foregoing arbitration requirement
by initialing below:

---------------------------                        -----------------------------
For Company                                        For Employee

         Section 4.11 Severability. The provisions of this Agreement shall be
deemed severable and the invalidity or unenforceability of any provision shall
not affect the validity or enforceability of the other provisions hereof.

         Section 4.12 Termination of Existing Goldleaf Employment Agreement. As
part of the consideration for Company's entering into this Agreement, Employee
agrees that any employment agreement heretofore in existence between Employee
and Goldleaf shall be and hereby is terminated without the payment of any other
consideration. Without limiting the generality of the foregoing, Employee shall
not be entitled to any severance or termination pay to which Employee might
otherwise be entitled under any such agreement or any Goldleaf severance or
termination plan, program, practice or arrangement.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement,
effective as of the Effective Date set forth herein.

Private Business, Inc.:                      Employee:

------------------------------------         ----------------------------------
G. Lynn Boggs, CEO                           Paul McCulloch

                                       8<PAGE>
                                                                   EXHIBIT 10.38

                    REDEMPTION AND RECAPITALIZATION AGREEMENT

         This Redemption and Recapitalization Agreement (the "Agreement") is
entered into this April 25, 2006 by and between Lightyear PBI Holdings, LLC, a
Delaware limited liability company ("Investor"), and Private Business, Inc., a
Tennessee corporation ("Company").

         WHEREAS, Investor is the holder of 21,012.5 shares of the Company's
Series A Preferred Stock (together with any additional shares of the Company's
Series A Preferred Stock issued as the result of payments in kind of dividends
for such securities after the date hereof, the "Series A Preferred Stock"),
10,000 shares of the Company's Series C Preferred Stock (together with any
additional shares of the Company's Series C Preferred Stock issued as the result
of payments in kind of dividends for such securities after the date hereof, the
"Series C Preferred Stock"), a warrant to purchase 16,000,000 shares of the
Company's common stock (the "Common Stock") at an exercise price of $1.25 per
share (the "Original Series A Warrant"); warrants to purchase 767,045 shares of
the Company's common stock at an exercise price of $1.25 (the "Series A PIK
Warrants" and, together with the Original Series A Warrant and any additional
warrants issued as the result of payments in kind of dividends for the Series A
Preferred Stock, the "Series A Warrants"); a currently exercisable warrant to
purchase 1,893,940 shares of Common Stock at an exercise price of $1.32 per
share (the "2006 Warrant"); and a warrant to purchase 1,893,939 shares of Common
Stock at an exercise price of $1.32 per share that becomes exercisable on June
9, 2007 (the "2007 Warrant" and, together with the Series A Preferred Stock, the
Series C Preferred Stock, the Series A Warrants and the 2006 Warrant, the
"Investor Securities"); and

         WHEREAS, Company desires to engage in an underwritten offering of its
common stock on substantially the terms set forth in the Registration Statement
on Form S-1 filed with the Securities Exchange Commission on April 25, 2006 (the
"Offering"), a portion of the proceeds of which will be used, along with newly
issued shares of Common Stock, to redeem all of the outstanding shares of Series
A Preferred Stock and Series C Preferred Stock, the 2006 Warrant, and the 2007
Warrant, and any additional securities issued as the result of payments in kind
of dividends for such securities after the date hereof as described herein, and
concurrently therewith, the Company intends to recapitalize the Series A
Warrants in a manner intended to qualify as a plan of reorganization with the
meaning of Section 368 of the Internal Revenue Code.

         NOW, THEREFORE, intending to be legally bound, the undersigned have
agreed as follows:

1.       REDEMPTION OF THE INVESTOR SECURITIES. Effective upon the Closing
         (which, for purposes of this Agreement, shall be defined as the receipt
         by Company of the net proceeds from the sale of its common stock in the
         Offering, the consummation of the transactions set forth below and the
         cancellation of the Investor guarantee as described in Section 5(a)(ii)
         hereof):

         (a)      Investor shall surrender to Company for cancellation all of
                  Investor's right, title and interest in and to the Series A
                  Preferred Stock and the Series C Preferred Stock (the
                  "Preferred Stock Redemption"). Company shall pay Investor at
                  Closing in immediately available funds the purchase price for
                  the Preferred Stock Redemption (the "Preferred Stock Purchase
                  Price"), which shall be calculated as follows:

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                  (i)      an amount equal to: (A) the number of shares of
                           Series A Preferred Stock held by Investor at Closing,
                           multiplied by the Original Issue Purchase Price (as
                           defined in the Amended and Restated Designation of
                           Preferences, Limitations, and Relative Rights of
                           Series A Preferred Stock of Private Business, Inc.
                           (the "Series A Designations")); plus (B) all accrued
                           but unpaid dividends owed at Closing pursuant to the
                           Series A Designations on the shares of Series A
                           Preferred Stock held by Investor at Closing; plus

                  (ii)     an amount equal to: (A) the number of shares of
                           Series C Preferred Stock held by Investor at Closing,
                           multiplied by the Original Issue Purchase Price (as
                           defined in the Amended and Restated Designation of
                           Preferences, Limitations, and Relative Rights of
                           Series C Preferred Stock of Private Business, Inc.
                           (the "Series C Designations")); plus (B) all accrued
                           but unpaid dividends owed at Closing pursuant to the
                           Series C Designations on the shares of Series C
                           Preferred Stock held by Investor at Closing.

                  For the avoidance of doubt, a sample calculation of the
                  Preferred Stock Purchase Price is attached hereto as Exhibit
                  A.

         (b)      Investor shall surrender to Company for cancellation all of
                  Investor's right, title and interest in and to the Series A
                  Warrants (the "Series A Warrant Recapitalization"). The
                  securities to be delivered to Investor in exchange for the
                  Series A Warrants in the Series A Warrant Recapitalization
                  (the "Series A Warrant Recapitalization Securities") shall be
                  that number of newly issued shares of Common Stock equal to
                  Fourteen and 9/10ths Percent (14.9%) of the Fully Diluted
                  Common Stock as of the Closing, including the Series A Warrant
                  Recapitalization Securities, (as defined below). For purposes
                  of this Agreement, the Fully Diluted Common Stock as of the
                  Closing shall equal:

                  (i)      the number of shares of Common Stock issued and
                           outstanding immediately following the Closing,
                           excluding (A) the Investor Securities and (B) the
                           outstanding shares of the Company's Series B
                           Preferred Stock, which Company shall redeem within
                           sixty (60) days following the Closing; plus

                  (ii)     One Million Sixty Thousand Six Hundred and Six
                           (1,060,606) shares of Common Stock, representing the
                           amount agreed to by the parties as representing the
                           estimated number of shares to be issued pursuant to
                           existing acquisition earn-outs (which number of
                           shares shall be adjusted for any reverse stock split
                           that Company may effect at or prior to the Closing);
                           plus

                  (iii)    the number of shares of Common Stock allocable to the
                           issued and outstanding options to purchase Common
                           Stock as of the Closing (though there shall not then
                           be issued options exercisable for more than 7,714,680
                           shares of Common Stock), as calculated utilizing the
                           treasury stock repurchase method at the price at
                           which shares of Common Stock are sold in the
                           Offering. For the avoidance of doubt, a sample
                           calculation of the treasury stock repurchase method
                           is attached hereto as Exhibit B.

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                  The shares of Common Stock issued to Investor as the Series A
                  Warrant Recapitalization Securities shall be restricted from
                  transfer for a period of eighteen (18) months from Closing
                  (the "Restricted Period") pursuant to the terms of a stock
                  restriction agreement (the "Stock Restriction Agreement"), the
                  form of which shall be agreed to by Investor and Company prior
                  to Closing. Investor is acquiring such shares of Common Stock
                  for its own account and not with a view to their distribution
                  within the meaning of Section 2(11) of the Securities Act of
                  1933, as amended (the "Securities Act"). Investor acknowledges
                  that it is an accredited investor as that term is defined in
                  Rule 501(a) promulgated under the Securities Act, and that
                  such shares of Common Stock have not been registered under the
                  Securities Act or any blue sky laws.

                  Furthermore, the certificates evidencing the shares of Common
                  Stock issued as the Series A Warrant Recapitalization
                  Securities will bear a legend substantially similar to the
                  following:

                           The shares represented by this certificate have not
                           been registered under the Securities Act of 1933, as
                           amended (the "Act") or state securities laws and
                           cannot be offered, sold or otherwise transferred in
                           the absence of registration or the availability of an
                           exemption from registration under the Act and
                           regulations promulgated thereunder and applicable
                           state securities laws. Furthermore, the shares
                           represented by this certificate are subject to
                           certain restrictions on transfer as set forth in a
                           Stock Restriction Agreement, a copy of which is
                           available from the Company upon request.

         (c)      Investor shall surrender to Company for cancellation all of
                  Investor's right, title and interest in and to the 2006
                  Warrant (the "2006 Warrant Redemption"). The purchase price
                  for the 2006 Warrant Redemption (the "2006 Warrant Purchase
                  Price") shall be One Million Two Hundred Thousand Dollars
                  ($1,200,000), payable by Company at Closing in immediately
                  available funds.

         (d)      The 2007 Warrant shall be cancelled without further action in
                  accordance with its terms based upon the redemption of the
                  Series C Preferred Stock.

2.       TERMINATION OF RIGHTS, OBLIGATIONS, DEBTS AND AGREEMENTS.

         (a)      At Closing, and with the exception of any rights, obligations,
                  debts or agreements created by the terms of this Agreement and
                  the Stock Restriction Agreement, all rights, obligations,
                  debts, and agreements, whether or not matured or asserted,
                  between Investor and Company shall be cancelled, terminated
                  and of no further effect including, but not limited to, the
                  following:

                  (i)      termination of the following agreements, together
                           with termination of all rights, obligations, debts
                           and agreements arising thereunder: the Amended and
                           Restated Securities Purchase Agreement dated December
                           24, 2003, between Company and Investor; the Warrant
                           Agreement dated January 20, 2004, by and among
                           Company and Investor; subject to clause (b) below,
                           the Securityholders Agreement dated January 20, 2004,
                           by and among Company and Investor (the
                           "Securityholders Agreement"); the Guaranty Side
                           Letter dated January 23, 2006

                                       3
<PAGE>
                           between Company, Investor, and The Lightyear Fund,
                           L.P.; the Exchange Agreement dated January 23, 2006
                           between Company and Investor; the Amended and
                           Restated Warrant Agreement dated January 23, 2006
                           between Company and Investor; the Securities Purchase
                           Agreement dated December 9, 2005 between Company and
                           Investor; and each and every certificate representing
                           shares of Series A Preferred Stock, shares of Series
                           C Preferred Stock, or warrants issued pursuant to any
                           of the foregoing agreements; and

                  (ii)     termination of all rights, obligations, debts and
                           agreements arising under each of the Series A
                           Designations and the Series C Designations.

         (b)      The Securityholders Agreement will be amended in a form
                  reasonably acceptable to the Investor and the Company to
                  eliminate all of Investor's rights thereunder except a single
                  demand registration right and unlimited piggyback registration
                  rights, each of which shall only be exercisable after the
                  Restricted Period (with the exception of a single exercise of
                  the piggyback registration rights, which shall be exercisable
                  during the Restricted Period), all on substantially the same
                  terms as are set forth in the Securityholders Agreement.

         (c)      Investor hereby waives its registration rights and pre-emptive
                  rights associated with the Offering.

3.       INVESTOR COVENANTS.

         (a)      Prior to the Closing, Investor irrevocably and unconditionally
                  agrees that at any meeting (whether annual or special, and at
                  each adjourned or postponed meeting) of the shareholders of
                  Company, however called, Investor will (i) appear at each such
                  meeting or otherwise cause its shares of Common Stock, Series
                  A Preferred Stock and Series C Preferred Stock to be counted
                  as present thereat for purposes of calculating a quorum, and
                  (ii) vote, or cause to be voted at such meeting, all of
                  Investor's shares of Common Stock, Series A Preferred Stock
                  and Series C Preferred Stock (A) to approve the reverse stock
                  split as described in Proposal 3 of the Company's proxy
                  statement dated April 13, 2006, (B) to approve any proposal
                  required to be made to the shareholders of Company to
                  facilitate the Offering or any transaction by which Company
                  raises the equity and/or debt required to consummate the
                  transactions contemplated in this Agreement, (C) against any
                  proposal made in opposition to, or in competition or
                  inconsistent with, the transactions expressly contemplated by
                  this Agreement, and (D) against any liquidation or winding up
                  of Company.

         (b)      Following the Closing, David Glenn shall remain on the board
                  of directors of Company as the sole remaining director
                  affiliated with Investor (such remaining director shall be
                  referred to as the "Investor Director"), it being understood
                  that this provision shall not impact the continued service of
                  directors McCabe and Hough who are not affiliates of Investor.

4.       COMPANY COVENANTS. Following the Closing, Company shall take such
         actions as may be required under applicable law to cause the board of
         directors of Company (including any nominating committee thereof) to
         nominate and elect the Investor Director to continue to serve on the
         board of directors of Company until the earlier of (a) the resignation
         of the Investor Director or (b) the date (the "Investor Rights
         Termination Date") on which Investor has sold or

                                       4

<PAGE>

         otherwise disposed of an aggregate number of shares of Common Stock
         equal to One Third (1/3) of the number of Series A Warrant
         Recapitalization Securities. In the event of the death, disability,
         retirement, resignation or removal (with or without cause) of the
         Investor Director before the Investor Rights Termination Date, Investor
         may designate another individual to be elected to fill the vacancy
         created thereby, and Company shall cause the vacancy created thereby to
         be filled by such new designee as soon as possible, and Company hereby
         agrees to take, at any time and from time to time, all actions
         necessary to accomplish the same.

5.       CONDITIONS.

         (a)      Conditions to Obligations of Investor. The obligations of
                  Investor hereunder are subject to the satisfaction, on or
                  prior to Closing, of the following conditions, unless waived
                  in writing by Investor:

                  (i)      Company shall repay all principal and accrued
                           interest, whether or not then due, under the Bank of
                           America Amended and Restated Credit Facility dated
                           January 23, 2006, as amended (the "Bank of America
                           Credit Facility");

                  (ii)     Company shall cause The Lightyear Fund, L.P. to be
                           released from its guarantee of the Term B Note under
                           the Bank of America Credit Facility;

                  (iii)    at least one additional co-manager for the Offering
                           will be determined by the Company's special committee
                           with input and advice from Company management and
                           from Friedman, Billings, Ramsey & Co., Inc., and such
                           co-manager shall have been named on the cover of the
                           preliminary prospectus for the Offering distributed
                           to potential investors in Company Common Stock before
                           or during the road show for the Offering;

                  (iv)     no material shareholder litigation shall be pending
                           naming as defendant Investor or any of the directors
                           designated by Investor relating to the transactions
                           contemplated by this Agreement;

                  (v)      Investor and Company shall have entered into a
                           management rights agreement, substantially in the
                           form attached hereto as Exhibit 5;

                  (vi)     Company shall concurrently with Closing provide
                           irrevocable notice to the holder of the Company's
                           Series B Preferred Stock to redeem all of the Series
                           B Preferred Stock and, in the event Company fails to
                           redeem all of the Series B Preferred Stock within
                           sixty (60) days following the Closing or if any
                           shares of Series B Preferred Stock are converted into
                           Common Stock, Company shall issue that number of
                           additional shares of Common Stock that Investor would
                           have been entitled to receive had the calculation of
                           the Series A Warrant Recapitalization Securities been
                           calculated at the Closing with the inclusion of the
                           Series B Preferred Stock in the Fully Diluted Common
                           Stock; and

                  (vii)    Company shall have fulfilled its covenants and
                           obligations under this Agreement.

         (b)      Conditions to Obligations of Company. The obligations of
                  Company hereunder are subject to the satisfaction by Investor
                  of its covenants and obligations under this Agreement on or
                  prior to Closing, unless waived in writing by Investor.

6.       MISCELLANEOUS.

                                       5

<PAGE>

         (a)      Additional Actions and Documents. Each of the parties hereto
                  hereby agrees to take or cause to be taken such further
                  actions, to execute, deliver and file or cause to be executed,
                  delivered and filed such further documents, and to obtain such
                  consents, as may be necessary or as may be reasonably
                  requested by the other party hereto in order to fully
                  effectuate the purposes, terms and conditions of this
                  Agreement.

         (b)      Fees and Expenses. Each of the parties hereto shall pay its
                  own fees and expenses incident to this Agreement and the
                  transactions contemplated hereunder, provided, however, that
                  Company shall be obligated to pay the reasonably documented
                  outside legal fees and other expenses of Investor in
                  connection with this transaction and the related offering in
                  an amount not to exceed Two Hundred Thousand Dollars
                  ($200,000); provided, however, that in the event it shall be
                  necessary to modify the terms of this Agreement or the terms
                  of the Offering in any material respect, or any other
                  unanticipated circumstance shall arise, such amount shall be
                  increased to reflect such changes in circumstances.

         (c)      Assignment. Neither Company nor Investor shall assign its
                  rights and obligations under this Agreement, in whole or in
                  part, whether by operation of law or otherwise, without the
                  prior written consent of the other party hereto, and any such
                  assignment contrary to the terms hereof shall be null and void
                  and of no force and effect; provided, however, that Investor
                  may assign its rights under this Agreement to any of its
                  Affiliates (as defined below). In no event shall the
                  assignment by Company or Investor of its rights or obligations
                  under this Agreement release Company or Investor from their
                  respective liabilities and obligations hereunder. Investor
                  shall not assign or transfer any of the Investor Securities
                  prior to Closing. For purposes of this Agreement, the term
                  "Affiliate" shall mean with respect to any person, any other
                  person that directly, or indirectly through one or more
                  intermediaries, controls, is controlled by or is under common
                  control with, such specified person, for so long as such
                  person remains so associated to the specified person.

         (d)      Entire Agreement; Amendment. This Agreement, together with the
                  Stock Restriction Agreement, constitutes the entire agreement
                  between the parties hereto with respect to the transactions
                  contemplated herein, and they supersede all prior oral or
                  written agreements, commitments or understandings with respect
                  to the matters provided for herein. No amendment, modification
                  or discharge of this Agreement shall be valid or binding
                  unless set forth in writing and duly executed and delivered by
                  the party against whom enforcement of the amendment,
                  modification, or discharge is sought.

         (e)      Waiver. No delay or failure on the part of any party hereto in
                  exercising any right, power or privilege under this Agreement
                  or any other agreement or document given pursuant to or in
                  connection with this Agreement shall impair any such right,
                  power or privilege or be construed as a waiver of any default
                  or any acquiescence therein. No single or partial exercise of
                  any such right, power or privilege shall preclude the further
                  exercise of such right, power or privilege, or the exercise of
                  any other right, power or privilege. No waiver shall be valid
                  against any party hereto unless made in writing and signed by
                  the party against whom enforcement of such waiver is sought
                  and then only to the extent expressly specified therein.

                                       6

<PAGE>

         (f)      Severability. If any part of any provision of this Agreement
                  or any other agreement or document given pursuant to or in
                  connection with this Agreement shall be invalid or
                  unenforceable in any respect, such part shall be ineffective
                  to the extent of such invalidity or unenforceability only,
                  without in any way affecting the remaining parts of such
                  provision or the remaining provisions of this Agreement.

         (g)      Governing Law. This Agreement, the rights and obligations of
                  the parties hereto, and any claims or disputes relating
                  thereto, shall be governed by and construed in accordance with
                  the laws of the state of New York.

         (h)      Jurisdiction; No Jury Trial. Each of the parties hereby
                  irrevocably and unconditionally submits to the exclusive
                  jurisdiction of the federal courts located in the State of New
                  York, for any actions, suits or proceedings arising out of or
                  relating to this Agreement and the transactions contemplated
                  hereby (and each of the parties agrees not to commence any
                  action, suit or proceeding relating thereto except in such
                  courts), and further agrees that service of any process,
                  summons, notice or document by U.S. registered mail to its
                  address set forth above shall be effective service of process
                  of any action, suit or proceeding brought against it in any
                  such court. Each of the parties hereby irrevocably and
                  unconditionally waives any objection to the laying of venue of
                  any action, suit or proceeding arising out of this Agreement
                  or the transactions contemplated hereby in such federal courts
                  as aforesaid and hereby further irrevocably and
                  unconditionally waives and agrees not to plead or claim in any
                  such court that any such action, suit or proceeding brought in
                  any such court has been brought in an inconvenient forum. Each
                  of the parties hereto hereby irrevocably and unconditionally
                  waives trial by jury in any legal action or proceeding
                  relating to this Agreement and for any counterclaim therein.

         (i)      Notices. All notices, demands, requests, or other
                  communications which may be or are required to be given,
                  served, or sent by any party to any other party pursuant to
                  this Agreement shall be in writing and shall be hand
                  delivered, sent by overnight courier or mailed by first-class,
                  registered or certified mail, return receipt requested,
                  postage prepaid, addressed as follows:

                           If to Company:

                                    Private Business, Inc.
                                    9020 Overlook Boulevard, Suite 300
                                    Brentwood, Tennessee  37027
                                    Attention:  G. Lynn Boggs
                                    Facsimile:  (615) 565-3177

                           with a copy (which shall not constitute notice) to:

                                    Harwell Howard Hyne Gabbert & Manner, P.C.
                                    315 Deaderick Street, Suite 1800
                                    Nashville, TN 37238-1800
                                    Attention: David Cox
                                    Facsimile:  (615) 251-1056

                                       7

<PAGE>

                           If to Investor:

                                    c/o The Lightyear Fund, L.P.
                                    375 Park Avenue, 11th Floor
                                    New York, New York 10152
                                    Attention: Lori J. Forlano
                                    Facsimile: (212) 328-0516

                           with a copy (which shall not constitute notice) to:

                                    Simpson Thacher & Bartlett LLP
                                    425 Lexington Avenue
                                    New York, New York 10017
                                    Attention:  Caroline B. Gottschalk
                                    Facsimile: (212) 455-2502

                  Each party may designate by notice in writing a new address to
                  which any notice, demand, request or communication may
                  thereafter be so given, served or sent. Each notice, demand,
                  request, or communication that shall be hand delivered, sent,
                  mailed, faxed in the manner described above, shall be deemed
                  sufficiently given, served, sent, received or delivered for
                  all purposes at such time as it is delivered to the addressee
                  (with the return receipt or the delivery receipt being deemed
                  conclusive, but not exclusive, evidence of such delivery) or
                  at such time as delivery is refused by the addressee upon
                  presentation.

         (j)      Headings. Section headings contained in this Agreement are
                  inserted for convenience of reference only, shall not be
                  deemed to be a part of this Agreement for any purpose, and
                  shall not in any way define or affect the meaning,
                  construction or scope of any of the provisions hereof.

         (k)      Execution in Counterparts. To facilitate execution, this
                  Agreement may be executed in as many counterparts as may be
                  required. It shall not be necessary that the signatures of, or
                  on behalf of, each party, or that the signatures of all
                  persons required to bind any party, appear on each
                  counterpart; but it shall be sufficient that the signature of,
                  or on behalf of, each party, or that the signatures of the
                  persons required to bind any party, appear on one or more of
                  the counterparts. All counterparts shall collectively
                  constitute a single Agreement. It shall not be necessary in
                  making proof of this Agreement to produce or account for more
                  than a number of counterparts containing the respective
                  signatures of, or on behalf of, all of the parties hereto.

         (l)      Binding Effect. Subject to any provisions hereof restricting
                  assignment, this Agreement shall be binding upon and shall
                  inure to the benefit of the parties hereto and their
                  respective successors, heirs, executors, administrators, legal
                  representatives and assigns. Whenever statements as to
                  enforceability are made in this Agreement, it is acknowledged
                  and agreed that such enforceability may be limited by
                  insolvency, bankruptcy, moratorium, or similar laws, rules and
                  regulations affecting creditors' rights generally and by
                  general principles of equity.

                                       8

<PAGE>

         (m)      No Third-Party Beneficiaries. Nothing in this Agreement will
                  be construed as giving any person, other than the parties
                  hereto and their successors and permitted assigns, any right,
                  remedy or claim under or in respect of this Agreement or any
                  provision hereof.

         (n)      Specific Performance. The parties agree that irreparable
                  damage would occur in the event that any of the provisions of
                  this Agreement were not performed in accordance with their
                  specific terms or were otherwise breached. It is accordingly
                  agreed that the parties shall be entitled to an injunction or
                  injunctions to prevent breaches of this Agreement and to
                  enforce specifically the terms and provisions of this
                  Agreement, this being in addition to any other remedy to which
                  such party is entitled at law or in equity.

         (o)      Indemnification. The Company shall indemnify and hold harmless
                  Investor and its affiliates, directors, officers, employees,
                  partners, members, agents and representatives, including any
                  directors of the Company that are employees of Lightyear
                  Capital, LLC (collectively, "Indemnified Persons"), to the
                  fullest extent permitted by law, against all losses, claims,
                  damages, liabilities, judgments, fines, expenses and amounts
                  paid in settlement suffered by any of them ("Damages"), to the
                  extent arising from, relating to, or otherwise in respect of,
                  the transactions contemplated hereby (whether pertaining to
                  any acts or omissions or existing prior to, at or following
                  the date of this Agreement) except for Damages that both (i)
                  arise out of or are based on any action of or failure to act
                  by an Indemnified Person and (ii) that are finally determined
                  (by a court of competent jurisdiction and after exhausting all
                  appeals or in an arbitration conducted in accordance with this
                  Agreement) to have resulted solely from the willful misconduct
                  of an Indemnified Person, or as a result of any written
                  material provided to Company by any Indemnified Person for the
                  purpose of inclusion in the Form S-1 filed in connection with
                  the Offering. Any Indemnified Person that is a Company
                  director will be entitled to the advancement of reasonable
                  expenses as incurred by such Indemnified Person in connection
                  with any matters for which such Indemnified Person is or may
                  be entitled to indemnification from the Company pursuant to
                  this Section 6(o) to the fullest extent permitted under
                  applicable law.

                                       9

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement, or have caused this Agreement to be duly executed on their behalf, as
of the day and year first above written.

                              PRIVATE BUSINESS, INC.

                              By: /s/ G. Lynn Boggs
                                 ------------------------------------------
                              Name: G. Lynn Boggs
                              Its:  Chief Executive Officer

                              LIGHTYEAR PBI HOLDINGS, LLC

                              By: /s/ Timothy Kacani
                                 ------------------------------------------
                              Name: Timothy Kacani
                              Its: Chief Financial Officer

                                       10

<PAGE>

                                   Exhibit A

Set forth below is a sample calculation of the Preferred Stock Purchase Price
for the Series A and Series C preferred stock, assuming a Closing on July 1,
2006.

<Table>
<Caption>
                         Outstanding Shares
Security                    at July 1, 2006           Liquidation Preference               Redemption Amount
<S>                      <C>                          <C>                                  <C>
Series A                       21537.81                    $1,000.00                          $21,537,812.50

                                                       1,000.00 per share +
Series C                         10,000               $556,164.38 of accrued
                                                      dividends                               $10,556,164.38
                                                                                              --------------
Total Series A and C                                                                          $32,093,976.88

</Table>

Note: The outstanding shares includes the original 20,000 and 10,000 shares of
Series A and Series C, respectively, plus PIK dividends.

                                       11

<PAGE>

                                    Exhibit B

The treasury method of accounting for options shall be used to calculate the
dilutive effect of outstanding options in the same manner as used by Company in
connection with its quarterly and annual calculation of fully-diluted shares for
its fully-diluted earnings per share as follows (using the price per share in
the Offering in lieu of the calculation period's average market price to
determine dilutive effect):

Step One: The exercise price for each outstanding option (vested or unvested) is
compared to the Offering price.

Step Two: If the exercise price of an option is above the Offering price, then
none of the shares underlying the option are included in the fully-diluted
shares.

Step Three: If the exercise price of an option is below the Offering price, then
the number of shares included in the fully-diluted shares for such option shall
equal:

         Total shares underlying the option

         less

         The amount determined by dividing (x) total proceeds from the full
         exercise of the option) by (y) the Offering price.

Example

Company's calculations for option dilutions as of December 31, 2005 for use in
the Company's Annual Report on Form 10-K is included on the following page. The
first dilutive option as of that date based on the average market price was:

<Table>
<Caption>
    12/31/2005           OPTION        AVG MKT        PROCEEDS         TREASURY
   OPTIONS/SHRS          STRIKE         STOCK            IF             SHARES         INCREMENTAL
   OUTSTANDING           PRICE          PRICE         DILUTIVE         ACQUIRED           SHARES
------------------    ------------   ------------    ------------    -------------    ----------------

<S>                   <C>            <C>             <C>             <C>              <C>
          330,027       $ 0.590      $    1.200           194,716        162,263            167,764
</Table>

For purposes of this Agreement, assuming a public offering price per share of
$1.75, the incremental shares to be included in the Fully Diluted Common Stock
as of the Closing for such option would be 218,761.

---------------------------

Note: All figures used in this example are prior to the reverse stock split
currently contemplated by Company.

                                    12

<PAGE>

               Option Dilution Calculation as of December 31, 2005
<Table>
<Caption>
    12/31/2005           OPTION        AVG MKT        PROCEEDS         TREASURY
   OPTIONS/SHRS          STRIKE         STOCK            IF             SHARES         INCREMENTAL
   OUTSTANDING           PRICE          PRICE         DILUTIVE         ACQUIRED           SHARES
-------------------  -------------- --------------  -------------- ----------------  -----------------
<S>                  <C>            <C>             <C>            <C>               <C>

                -     $     0.990    $    1.200             0          FALSE                       0

            5,308     $     1.500    $    1.200         FALSE            -                      FALSE

          137,214     $     1.651    $    1.200         FALSE            -                      FALSE

           97,159     $     2.751    $    1.200         FALSE            -                      FALSE

           33,862     $     4.590    $    1.200         FALSE            -                      FALSE

           54,090     $     3.301    $    1.200         FALSE            -                      FALSE

            2,726     $     5.502    $    1.200         FALSE            -                      FALSE

           46,799     $     5.502    $    1.200         FALSE            -                      FALSE

           47,039     $     6.180    $    1.200         FALSE            -                      FALSE

            8,179     $     6.878    $    1.200         FALSE            -                      FALSE

           37,257     $    39.617    $    1.200         FALSE            -                      FALSE

           17,224     $    15.990    $    1.200         FALSE            -                      FALSE

            1,212     $    42.643    $    1.200         FALSE            -                      FALSE

           20,966     $    24.000    $    1.200         FALSE            -                      FALSE

           23,196     $    24.000    $    1.200         FALSE            -                      FALSE

              182     $    21.129    $    1.200         FALSE            -                      FALSE

              636     $    14.251    $    1.200         FALSE            -                      FALSE

              312     $    18.570    $    1.200         FALSE            -                      FALSE

            3,937     $    20.117    $    1.200         FALSE            -                      FALSE

           16,667     $    12.375    $    1.200         FALSE            -                      FALSE

            4,622     $    12.189    $    1.200         FALSE            -                      FALSE

            3,635     $     4.644    $    1.200         FALSE            -                      FALSE

           11,279     $     5.343    $    1.200         FALSE            -                      FALSE

           27,563     $     1.307    $    1.200         FALSE            -                      FALSE

                -     $     3.000    $    1.200         FALSE            -                      FALSE

           66,667     $     3.750    $    1.200         FALSE            -                      FALSE

           18,174     $     2.201    $    1.200         FALSE            -                      FALSE

           63,143     $     2.201    $    1.200         FALSE            -                      FALSE

           37,240     $     2.718    $    1.200         FALSE            -                      FALSE

           33,334     $     3.750    $    1.200         FALSE            -                      FALSE

          200,000     $     2.070    $    1.200         FALSE            -                      FALSE

           10,000     $     1.550    $    1.200         FALSE            -                      FALSE

                -     $     1.640    $    1.200         FALSE            -                      FALSE

           63,409     $     1.950    $    1.200         FALSE            -                      FALSE

           10,000     $     2.650    $    1.200         FALSE            -                      FALSE

          100,000     $     1.770    $    1.200         FALSE            -                      FALSE

          330,027     $     0.590    $    1.200       194,716         162,263                 167,764

           21,919     $     1.250    $    1.200         FALSE            -                      FALSE

           30,000     $     1.120    $    1.200        33,600          28,000                   2,000

          100,000     $     1.830    $    1.200         FALSE            -                      FALSE

          217,457     $     2.190    $    1.200         FALSE            -                      FALSE

        2,641,077     $     1.320    $    1.200         FALSE            -                      FALSE

          119,620     $     1.320    $    1.200         FALSE            -                      FALSE

       16,000,000     $     1.250    $    1.200         FALSE            -                      FALSE

        3,787,879     $     1.320    $    1.200         FALSE            -                      FALSE

          905,797     $     1.320    $    1.200         FALSE            -                      FALSE
-------------------                                                                 -----------------
       25,356,807                                                                             169,764
===================                                                                 =================

</Table>

                                      13

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