Document:

THIS
      WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL
      SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
      REQUIRED.

     

    EYETEL
      IMAGING, INC.

     

    FORM
      OF WARRANT TO PURCHASE PREFERRED STOCK 

     

    
      	
              No.

            	
              ____________________

            
	 	 

    

    VOID
      AFTER DECEMBER 28, 2012

     

    THIS
      CERTIFIES THAT,
      for
      value received, ___________________________________,
      with
      its principal office at ____________________________________,
      or
      assigns (the “Holder”),
      is
      entitled to subscribe for and purchase from EYETEL
      IMAGING, INC.,
      a
      Delaware corporation, with its principal office at 9130 Guilford Road, Columbia,
      MD 21046 (the “Company”)
      the Exercise
      Shares at the Exercise Price (each subject to adjustment as provided herein).
      This Warrant is being issued as one of a series of warrants (the “Warrants”)
      pursuant to the terms of the Note and Warrant Purchase Agreement, dated
      December 28, 2006 by and among the Company and the Purchasers therewith
      (the “Purchase
      Agreement”).
      Unless indicated otherwise, the aggregate number of Exercise Shares that Holder
      may purchase by exercising this warrant is equal to the quotient of (A) the
      product of (i) thirty percent (30%) multiplied by (ii) such Holder’s Loan Amount
      in the applicable Closing (as defined in the Purchase Agreement), divided by
      (B) $1.394 per share, except in the event a Qualified Financing (as such
      term is defined in the Purchase Agreement) occurs or is deemed to occur prior
      to
      December 28, 2007 (the “Note
      Expiration Date”),
      then
      the per share price paid by investors for preferred stock purchased in such
      financing, in each case, subject to adjustment pursuant to the terms hereof,
      including but not limited to adjustments pursuant to Section 5
      below. 

     

    1.         DEFINITIONS.
      Capitalized
      terms used but not defined herein shall have the meanings set forth in the
      Purchase Agreement. As used herein, the following terms shall have the following
      respective meanings:

     

    (a)         “Exercise
      Period”
shall
      mean the period commencing upon the earlier to occur of (i) the occurrence
      or
      deemed occurrence of a Qualified Financing, (ii) a Liquidity Event (as defined
      below), (iii) an Initial Offering (as defined below) or (iv) the Note Expiration
      Date, and
      ending five (5) years
      later, unless sooner terminated as provided below.

     

    (b)         “Exercise
      Price”
shall
      mean (i) in the event a Qualified Financing occurs or is deemed to occur, the
      per share price paid by investors for the Equity Securities purchased in such
      financing, and (ii) in the event that either (A) the Note Expiration Date or
      (B)
      a Liquidity Event occurs (as defined below) prior to the occurrence or deemed
      occurrence of a Qualified Financing, $1.394 per share, in each case, subject
      to
      adjustment pursuant to Section 5 below. Notwithstanding the foregoing, in the
      event of an initial public offering of securities of the Company registered
      under the Securities Act (an “Initial
      Offering”)
      prior
      to a Qualified Financing or a Liquidity Event, the Exercise Price shall be
      the
      lesser of (i) $1.394 per share and (ii) the price paid by the public in the
      Initial Offering for the number of shares of Common Stock into which each
      Exercise Share is convertible immediately prior to the occurrence of such
      Initial Offering, in each case, subject to adjustment pursuant to Section 5
      below.

    
      
         

      

      
        1.

        
          

        

      

      
         

      

    

     

    (c)         “Exercise
      Shares”
shall
      mean shares of the Company’s Series B Preferred Stock, except in the event a
      Qualified Financing occurs or is deemed to occur prior to the Note Expiration
      Date, then shares of the Company’s preferred stock purchased by investors in
      such financing. For clarity, if a Liquidity Event occurs prior to (i) the
      occurrence or deemed occurrence of a Qualified Financing and (ii) the Note
      Expiration Date, then Exercise Shares shall mean shares of the Company’s Series
      B Preferred Stock.

     

    2.         EXERCISE
      OF WARRANT. The
      rights represented by this Warrant may be exercised in whole or in part at
      any
      time during the Exercise Period, by delivery of the following to the Company
      at
      its address set forth above (or at such other address as it may designate by
      notice in writing to the Holder):

     

    (a)         An
      executed Notice of Exercise in the form attached hereto;

     

    (b)         Payment
      of the Exercise Price either (i) in cash or by check, or (ii) by cancellation
      of
      indebtedness; and

     

    (c)         This
      Warrant.

     

    Upon
      the
      exercise of the rights represented by this Warrant, a certificate or
      certificates for the Exercise Shares so purchased, registered in the name of
      the
      Holder or persons affiliated with the Holder, if the Holder so designates,
      shall
      be issued and delivered to the Holder within a reasonable time after the rights
      represented by this Warrant shall have been so exercised. In the event that
      this
      Warrant is being exercised for less than all of the then-current number of
      Exercise Shares purchasable hereunder, the Company shall, concurrently with
      the
      issuance by the Company of the number of Exercise Shares for which this Warrant
      is then being exercised, issue a new Warrant exercisable for the remaining
      number of Exercise Shares purchasable hereunder.

     

    The
      person in whose name any certificate or certificates for Exercise Shares are
      to
      be issued upon exercise of this Warrant shall be deemed to have become the
      holder of record of such shares on the date on which this Warrant was
      surrendered and payment of the Exercise Price was made, irrespective of the
      date
      of delivery of such certificate or certificates, except that, if the date of
      such surrender and payment is a date when the stock transfer books of the
      Company are closed, such person shall be deemed to have become the holder of
      such shares at the close of business on the next succeeding date on which the
      stock transfer books are open. 

     

    2.1         Net
      Exercise.
      Notwithstanding any provisions herein to the contrary, if the fair market value
      of one Exercise Share is greater than the Exercise Price (at the date of
      calculation as set forth below), in lieu of exercising this Warrant by payment
      of cash, the Holder may elect to receive shares equal to the value (as
      determined below) of this Warrant (or the portion thereof being canceled) by
      surrender of this Warrant at the principal office of the Company together with
      the properly endorsed Notice of Exercise in which event the Company shall issue
      to the Holder a number of Exercise Shares computed using the following
      formula:

    
      
         

      

      
        2.

        
          

        

      

      
         

      

    

     

    X
      =
Y
      (A-B)

    A

     

    
      	 	
              Where

            	
              X
                =

            	
              the
                number of Exercise Shares to be issued to the
                Holder

            

    

     

    
      	 	
              Y
                =

            	
              the
                number of Exercise Shares purchasable under the Warrant or, if only
                a
                portion of the Warrant is being exercised, that portion of the Warrant
                being canceled (at the date of such
                calculation)

            

    

     

    
      	 	
              A
                =

            	
              the
                fair market value of one Exercise Share (at the date of such
                calculation)

            

    

     

    
      	 	
              B
                =

            	
              Exercise
                Price (as adjusted to the date of such
                calculation)

            

    

     

    For
      purposes of the above calculation, the fair market value of one Exercise Share
      shall be determined by the Company’s Board of Directors in good faith; provided,
      however, that in the event that this Warrant is exercised pursuant to this
      Section 2.1 in connection with the Company’s initial public offering of its
      Common Stock, the fair market value per share shall be the product of (i) the
      per share offering price to the public of the Company’s initial public offering,
      and (ii) the number of shares of Common Stock into which each Exercise Share
      is
      convertible at the time of such exercise; provided further that if the Holder
      disputes in good faith the fair market value of each Exercise Share as
      determined by the Board (other than in connection with the Company’s initial
      public offering), and the Holder and the Company are not able to resolve such
      dispute within ten (10) days of the Company’s receipt from the Holder of its
      written objection to such valuation, then the fair market value of each Exercise
      Share shall be determined in accordance with the provisions set forth in the
      definition of the term “Appraisal Procedure” of the Company’s then current
      Certificate of Incorporation, as amended from time to time.

     

    3.         COVENANTS
      OF THE COMPANY.

     

    3.1         Covenants
      as to Exercise Shares.
      The
      Company covenants and agrees that all Exercise Shares that may be issued upon
      the exercise of the rights represented by this Warrant will, upon issuance,
      be
      validly issued and outstanding, fully paid and nonassessable, and free from
      all
      taxes, liens and charges with respect to the issuance thereof. The Company
      further covenants and agrees that the Company will at all times during the
      Exercise Period, have authorized and reserved, free from preemptive rights, a
      sufficient number of shares of the series of equity securities comprising the
      Exercise Shares to provide for the exercise of the rights represented by this
      Warrant. If at any time during the Exercise Period the number of authorized
      but
      unissued shares of such series of the Company’s equity securities shall not be
      sufficient to permit exercise of this Warrant, the Company will take such
      corporate action as may, in the opinion of its counsel, be necessary to increase
      its authorized but unissued shares of such series of the Company’s equity
      securities to such number of shares as shall be sufficient for such
      purposes.

    
      
         

      

      
        3.

        
          

        

      

      
         

      

    

     

    4.         REPRESENTATIONS
      OF HOLDER.

     

    4.1         Representations
      and Warranties.
      Reference is made to the representations and warranties of the
      Holder
      set
      forth in Section 4 of the Purchase Agreement.

     

    4.2         Disposition
      of Warrant and Exercise Shares.

     

    (a)         Reference
      is made to the restrictions on transfer applicable to Holder set forth in
      Section 5 of the Purchase Agreement.

     

    (b)         The
      Holder understands and agrees that all certificates evidencing the shares to
      be
      issued to the Holder may bear the following legend:

     

    THESE
      SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”).
      THEY
      MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
      AN
      EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN
      OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
      REQUIRED.

     

    5.         ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF EXERCISE SHARES. 

     

    5.1         Changes
      in Securities.
      In the
      event of changes in the series of equity securities of the Company comprising
      the Exercise Shares by reason of stock dividends, splits, recapitalizations,
      reclassifications, combinations or exchanges of shares, separations,
      reorganizations, liquidations, or the like, the number and class of Exercise
      Shares available under the Warrant in the aggregate and the Exercise Price
      shall
      be correspondingly adjusted to give the Holder of the Warrant, on exercise
      for
      the same aggregate Exercise Price, the total number, class, and kind of shares
      as the Holder would have owned had the Warrant been exercised prior to the
      event
      and had the Holder continued to hold such shares until after the event requiring
      adjustment; provided, however, that such adjustment shall not be made with
      respect to the events set forth in Section 7 below. For purposes of this
      Section 5 and Section 7, the “Aggregate
      Exercise Price”
shall
      mean the aggregate Exercise Price payable in connection with the exercise in
      full of this Warrant. The form of this Warrant need not be changed because
      of
      any adjustment in the number of Exercise Shares subject to this
      Warrant.

     

    5.2         Automatic
      Conversion.
      Upon the
      automatic conversion of all outstanding shares of the series of equity
      securities comprising the Exercise Shares, this Warrant shall become exercisable
      for that number of shares of Common Stock of the Company into which the Exercise
      Shares would then be convertible, so long as such shares, if this Warrant had
      been exercised prior to such offering, would have been converted into shares
      of
      the Company’s Common Stock pursuant to the Company’s Certificate of
      Incorporation. In such case, all references to “Exercise Shares” shall mean
      shares of the Company’s Common Stock issuable upon exercise of this Warrant, as
      appropriate.

     

    

    
      
        
           

        

        
          4.

          
            

          

        

        
           

        

      

    

    

    

     

    6.         FRACTIONAL
      SHARES. No
      fractional shares shall be issued upon the exercise of this Warrant as a
      consequence of any adjustment pursuant hereto. All Exercise Shares (including
      fractions) to be issued upon exercise of this Warrant shall be aggregated for
      purposes of determining whether the exercise would result in the issuance of
      any
      fractional share. If, after aggregation, the exercise would result in the
      issuance of a fractional share, the Company shall, in lieu of issuance of any
      fractional share, pay the Holder otherwise entitled to such fraction a sum
      in
      cash equal to the product resulting from multiplying the then current fair
      market value of one Exercise Share by such fraction.

     

    7.         EARLY
      TERMINATION. In
      the
      event of, at any time during the Exercise Period, a Sale of the Corporation
      (as
      defined in the Company’s Certificate of Incorporation) (a “Liquidity
      Event”),
      the
      Company shall provide to the Holder twenty (20) days advance written notice
      of
      such Liquidity Event, and this Warrant shall terminate unless exercised at
      or
      prior to the closing of such Liquidity Event. The Holder shall be permitted
      to
      make the exercise of this Warrant in connection with a Liquidity Event,
      conditional upon the occurrence of such Liquidity Event.

     

    8.         NO
      STOCKHOLDER RIGHTS. This
      Warrant in and of itself shall not entitle the Holder to any voting rights
      or
      other rights as a stockholder of the Company.

     

    9.         TRANSFER
      OF WARRANT. Subject
      to applicable laws and the restriction on transfer set forth on the first page
      of this Warrant and Section 5 of the Purchase Agreement, this Warrant and all
      rights hereunder are transferable, by the Holder in person or by duly authorized
      attorney, upon delivery of this Warrant and the form of assignment attached
      hereto to any transferee designated by Holder. 

     

    10.         LOST,
      STOLEN, MUTILATED OR DESTROYED WARRANT. If
      this
      Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
      as to indemnity or otherwise as it may reasonably impose (which shall, in the
      case of a mutilated Warrant, include the surrender thereof), issue a new Warrant
      of like denomination and tenor as the Warrant so lost, stolen, mutilated or
      destroyed. Any such new Warrant shall constitute an original contractual
      obligation of the Company, whether or not the allegedly lost, stolen, mutilated
      or destroyed Warrant shall be at any time enforceable by anyone.

     

    11.         AMENDMENT.
      Any term
      of this Warrant may be amended or waived with the written consent of the Company
      and Holders of at least a majority in interest of the outstanding Warrants
      provided that all Warrants are similarly affected. Upon the effectuation of
      such
      amendment or waiver in conformance
      with this Section 11, the Company
      shall
      promptly give written notice thereof to the record holders of the Warrants
      who
      have not previously consented thereto in writing.

     

    12.         NOTICES,
      ETC. All
      notices required or permitted hereunder shall be in writing and shall be deemed
      effectively given: (a) upon personal delivery to the party to be notified,
      (b) when sent by confirmed telex, electronic mail or facsimile if sent
      during normal business hours of the recipient, if not, then on the next business
      day, (c) five (5) days after having been sent by registered or certified
      mail, return receipt requested, postage prepaid, or (d) one (1) day after
      deposit with a nationally recognized overnight courier, specifying next day
      delivery, with written verification of receipt. All communications shall be
      sent
      to the Company at 9130 Guilford Road, Columbia, MD 21046, attention: Keith
      G.
      Frey, with a copy to Cooley Godward Kronish LLP, One Freedom Square, Reston
      Town
      Center, 11951 Freedom Drive, Reston, VA 20190-5656, attention: Christian Plaza,
      Esq., fax: (703) 456-8100, and to Holder at the address(es) set forth on the
      Schedule of Purchasers attached to the Purchase Agreement or at such other
      address(es) as the Company or Holder may designate by ten (10) days advance
      written notice to the other parties hereto.

     

    

    
      
        
           

        

        
          5.

          
            

          

        

        
           

        

      

    

    

    

     

    13.         ACCEPTANCE.
      Receipt
      of this Warrant by the Holder shall constitute acceptance of and agreement
      to
      all of the terms and conditions contained herein.

     

    14.         GOVERNING
      LAW. This
      Warrant shall be governed by and construed under the laws of the State of New
      York as such laws are applied to agreements among New York residents entered
      into and performed entirely within the State of New York, without reference
      to
      the conflict of laws provisions thereof.

     

    

    

    

    
      
        
           

        

        
          6.

          
            

          

        

        
           

        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      Company has caused this Warrant to be executed by its duly authorized officer
      as
      ____________________.

     

    EYETEL
      IMAGING, INC.

     

    By:
      ______________________________________

     

    Name:
      ___________________________________

     

    Title:
      ____________________________________

     

    Address:
      __________________________________

     

    

     

    

     

    [SIGNATURE
      PAGE]

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    NOTICE
      OF EXERCISE

     

    TO:
      EYETEL IMAGING, INC.

     

    (1)         
       ̈         The
      undersigned hereby elects to purchase ________ shares of ___________ (the
“Exercise
      Shares”)
      of
      Eyetel Imaging, Inc. (the “Company”)
      pursuant to the terms of the attached Warrant, and tenders herewith payment
      of
      the exercise price in full, together with all applicable transfer taxes, if
      any.

     

     ̈         The
      undersigned hereby elects to purchase ________ shares of __________ (the
“Exercise
      Shares”)
      of
      Eyetel Imaging, Inc. (the “Company”)
      pursuant to the terms of the net exercise provisions set forth in
      Section 2.1 of the attached Warrant, and shall tender payment of all
      applicable transfer taxes, if any.

     

    (2)         Please
      issue a certificate or certificates representing said Exercise Shares in the
      name of the undersigned or in such other name as is specified
      below:

     

    ________________________

    (Name)

     

    ________________________

    ________________________

    (Address)

     

    (3)         In
      the event the attached Warrant is exercised in whole or in part through the
      payment of any cash consideration (and not, for the avoidance of doubt, entirely
      pursuant to the terms of the net exercise provisions set forth in
      Section 2.1 of the attached Warrant), the undersigned represents to the
      Company as follows:

     

    (a)         Investment
      Representations and Warranties.
      The
      undersigned understands that the issuance of the Exercise Shares has not been,
      and will not be, registered under the Securities Act. 

     

    (b)         Acquisition
      for Own Account.
      The
      undersigned is acquiring the Exercise Shares for its own account for investment
      and not with a view toward distribution in a manner which would violate the
      Securities Act.

     

    (c)         Ability
      to Protect Its Own Interests and Bear Economic Risks.
      The
      undersigned, by reason of the business and financial experience of its
      management, has the capacity to protect its own interests in connection with
      the
      making investments of this type and is able to bear the economic risk of an
      investment in the Exercise Shares and is able to sustain a loss of all of its
      investment in the Exercise Shares without economic hardship if such a loss
      should occur.

     

    (d)         Accredited
      Investor.
      The
      undersigned is an “accredited investor” as that term is defined in
      Regulation D promulgated under the Securities Act.

     

    (e)         Access
      to Information.
      The
      undersigned has been given access to all Company documents, records, and other
      information, and has had adequate opportunity to ask questions of, and receive
      answers from, the Company’s officers, employees, agents, accountants, and
      representatives concerning the Company’s business, operations, financial
      condition, assets, liabilities, and all other matters relevant to its investment
      in the Exercise Shares.  

     

    

    
      
        
           

        

        
          1.

          
            

          

        

        
           

        

      

    

    

    

     

    (f)        Restricted
      Securities.

     

    (i)         The
      undersigned understands that the Exercise Shares will be charac-terized as
      “restricted securities” under the federal securities laws inasmuch as they are
      being acquired from the Company in a transaction not involving a public offering
      and that under such laws and applicable regulations such Exercise Shares may
      be
      resold without registration under the Securities Act only in certain limited
      circumstances. 

     

    (ii)         The
      undersigned acknowledges that the Exercise Shares must be held indefinitely
      unless subsequently registered under the Securities Act and under applicable
      state securities laws or an exemption from such registration is
      available.

     

    (iii)         The
      undersigned is aware of the provisions of Rule 144 under the Securities Act
      which permit limited resale of securities purchased in a private
      placement.

     

    (g)         No
      Public Market.
      The
      undersigned understands that no public market now exists for any of the
      securities issued by the Company, that the Company has made no assurances that
      a
      public market will ever exist for the Exercise Shares.

     

    (4)         TRANSFER
      RESTRICTIONS.
      The
      undersigned understands that the Company may, as a condition to the transfer
      of
      any of the Exercise Shares, require that the request for transfer be accompanied
      by an opinion of counsel reasonably satisfactory to the Company, to the effect
      that the proposed transfer does not result in a violation of the Securities
      Act,
      unless such transfer is covered by an effective registration statement or by
      Rule 144 or Rule 144A under the Securities Act; provided,
      however,
      that an
      opinion of counsel shall not be required for a transfer by the undersigned
      if
      the undersigned is (A) a partnership transferring to its partners or former
      partners in accordance with partnership interests, (B) a corporation
      transferring to a wholly-owned subsidiary or a parent corporation that owns
      all
      of the capital stock of the undersigned, (C) a limited liability company
      transferring to its members or former members in accordance with their interest
      in the limited liability company, or (D) an individual transferring to the
      undersigned’s family member or trust for the benefit of the undersigned;
provided,
      further,
      that
      the transferee in each case agrees to be subject to the restrictions in this
      paragraph (4).

     

    
      	
              ____________________________________

              (Date)

            	 	
              ____________________________________

              (Signature)

              ____________________________________

              (Print
                name)

            

    

    

    

    
      
        
           

        

        
          2.

          
            

          

        

        
           

        

      

    

    

    ASSIGNMENT
      FORM

     

    (To
      assign the foregoing Warrant, execute this form and supply required information.
      Do not use this form to purchase shares.)

     

    FOR
      VALUE RECEIVED,
      the
      foregoing Warrant and all rights evidenced thereby are hereby assigned
      to

     

    Name:

    
      

    

    (Please
      Print)

     

    Address:  

    
      
        

      

      (Please
        Print)

    

    Dated:
      __________, 20__

     

    Holder’s

    Signature:
       

    
      
        

      

    

    Holder’s

    Address:
       

    
      
        

      

       

       

    

    NOTE:
      The
      signature to this Assignment Form must correspond with the name as it appears
      on
      the face of the Warrant, without alteration or enlargement or any change
      whatever. Officers of corporations and those acting in a fiduciary or other
      representative capacity should file proper evidence of authority to assign
      the
      foregoing Warrant.

     

    

    
      
        
           

        

        
          3.THIS
      PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE
      144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR
      AN
      OPINION OF COUNSEL FOR THE HOLDER SATISFACTORY TO THE COMPANY THAT SUCH
      REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER
      FROM
      THE SECURITIES AND EXCHANGE COMMISSION.

     

    FORM
      OF PROMISSORY NOTE

     

    _________________________________________

    Columbia,
      Maryland

     

    For
      value
      received Eyetel Imaging, Inc.,
      a
      Delaware corporation (“Payor”
      or the “Company”)
      promises to pay to ___________________________________ or
      its
      assigns (“Holder”)
      the
      principal sum of __________ with simple interest on the outstanding principal
      amount at the rate of 10.0% per annum. Interest shall commence with the date
      hereof and shall continue on the outstanding principal until paid in full or
      converted. Interest shall be computed on the basis of a year of 365 days for
      the
      actual number of days elapsed.

     

    1. Series
      of Notes.
      This
      note (the “Note”)
      is
      issued as part of a series of similar notes (collectively, the “Notes”)
      to be
      issued pursuant to the terms of that certain Note and Warrant Purchase Agreement
      (the “Agreement”)
      dated
      as of December 28, 2006 (the “Agreement
      Date”)
      to the
      persons and entities listed on the Schedule of Purchasers thereof (collectively,
      the “Holders”).

     

    2. Payment.
      All
      payments of interest and principal shall be in lawful money of the United States
      of America and shall be made pro rata among all Holders. All payments shall
      be
      applied first to accrued interest, and thereafter to principal.

     

    3. Maturity.
      Unless
      this Note has been converted in accordance with the terms of Sections 5 or
      6
      below, the entire outstanding principal balance and all unpaid accrued interest
      shall become fully due and payable on December 28, 2007 (the “Maturity
      Date”).

     

    4. Prepayment.
      This
      Note may not be prepaid, in whole or part, without the prior written consent
      of
      the holders of
      at
      least a majority of the outstanding principal amount of the Notes (the
“Majority
      Holders”).
      

     

    5. Conversion.

     

    (a)
       Mandatory
      Conversion.
      In the
      event that, prior to the Maturity Date, the Company closes a financing that
      is
      or is deemed a Qualified Financing (as defined in the Agreement), then at the
      Closing of the Qualified Financing this Note and all other Notes shall convert
      into that number and series of fully paid and non-assessable shares of such
      preferred stock issued by the Company (the “Financing
      Securities”)
      in the
      Qualified Financing, determined by dividing the total principal outstanding
      under this Note, together with all accrued but unpaid interest thereon, by
      the
      lowest price paid per share for Financing Securities (subject to adjustment
      for
      stock dividends, stock splits or other similar recapitalizations of the
      Company’s common stock) in such Qualified Financing. The Financing Securities
      issued pursuant to this Section
      5
      shall be
      entitled to rights and benefits equivalent to those granted to other purchasers
      of the Financing Securities and it shall be a condition to such conversion
      that
      the holders of the Notes shall be provided with all of the same rights,
      privileges, preferences and obligations as provided to investors in such
      Qualified Financing.

     

    
      
         

      

      
        1.

        
          

        

      

      
         

      

    

    

     

    (b) Optional
      Conversion at Maturity Date.
      If the
      Company does not complete a Qualified Financing or another equity financing
      that
      results in the conversion of this Note prior to the Maturity Date, then this
      Note, including any accrued but unpaid interest thereon, will be convertible,
      at
      the option of the Holder, into Series B Preferred Stock of the Company on the
      Maturity Date at the price of $1.394 per share (as adjusted for stock splits,
      stock dividends, subdivisions, combinations or consolidations of the shares
      of
      Series B Preferred Stock occurring after June 27, 2005), subject to the same
      rights, preferences, privileges and obligations attached to shares of Series
      B
      Preferred Stock outstanding at the time of such conversion. Notwithstanding
      the
      foregoing, in the event an initial public offering of securities of the Company
      registered under the Securities Act (an "Initial
      Offering")
      occurs
      prior to the Maturity Date, a Qualified Financing or a Liquidity Event, then
      this Note, including any accrued but unpaid interest thereon, will thereafter
      be
      convertible, at the option of the Holder, into Series B Preferred Stock of
      the
      Company at a price equal to the lesser of (i) $1.394 per share (as adjusted
      for
      stock splits, stock dividends, subdivisions, combinations or consolidations
      of
      the shares of Series B Preferred Stock occurring after June 27, 2005) and (ii)
      the price paid by the public in the Initial Offering for the number of shares
      of
      Common Stock into which each Exercise Share is convertible immediately prior
      to
      the occurrence of such Initial Offering.

     

    (c) Conversion
      Procedure.
      

     

    (i)
      Upon
      any conversion pursuant to Section
      5(a) or 5(b),
      or upon
      any conversion or redemption pursuant to Section
      6,
      the
      Company shall take all measures necessary or appropriate to permit such
      conversion or redemption to occur as promptly as practicable and otherwise
      comply with all of its obligations hereunder, including, but not limited to,
      (A)
      calling a special meeting of the Board of Directors and/or stockholders of
      the
      Company to authorize an amendment to the Company’s Certificate of Incorporation
      authorizing the applicable class or series of Company capital stock issuable
      upon conversion of the Note and, if necessary, the additional capital stock
      issuable upon conversion of the aforementioned capital stock, (B) filing such
      amendment with the Secretary of State of the State of Delaware, and
      (C) taking any other action necessary or appropriate to consummate the
      transactions contemplated hereby and to permit the conversion to occur as
      promptly as practicable. If at any time the number of authorized but unissued
      shares of Company capital stock are insufficient to permit the conversions
      contemplated by this Section
      5
      or
Section
      6,
      the
      Company shall take such actions as may be necessary to increase the Company’s
      authorized, unreserved and unissued shares of the applicable class or series
      of
      capital stock to such number of shares as shall be sufficient for such
      conversion. Upon delivery, all shares issued pursuant to this Section
      5
      or
Section
      6
      shall be
      duly and validly issued, fully paid and non-assessable.

     

    (ii)
       No
      fractional shares or interest of capital stock of the Company, or scrip
      representing fractional shares or interests, shall be issued upon conversion
      of
      the Note pursuant to this Section
      5
      or
Section
      6.
      Any
      principal amount and accrued but unpaid interest not converted into the capital
      stock because of the restrictions of the preceding sentence shall be paid by
      the
      Company to Holder in immediately available funds on the date of the conversion.
      If this Note is converted into capital stock of the Company, this Note shall
      be
      treated by the Company as surrendered for cancellation and exchanged into such
      capital stock and this Note will be deemed, for all purposes, to be canceled
      on
      the books of the Company and the obligation represented by this Note so
      terminated. The Company shall, as soon as practicable after receipt of this
      Note
      marked cancelled, issue and deliver to the Holder at its designated address
      a
      certificate or certificates for the number of shares of capital stock to which
      Holder shall be entitled upon such conversion (bearing such legends as are
      required by applicable state and Federal securities laws in the opinion of
      counsel to the Company), together with immediately available funds payable
      to
      Holder for any cash amounts payable as described in this clause (ii).

     

    
      
         

      

      
        2.

        
          

        

      

      
         

      

    

    

     

    6. Liquidity
      Event.
      If the
      Company shall determine to engage in any transaction which would result in
      a
      Liquidity Event (defined below) at any time while this Note remains outstanding,
      the Company shall deliver written notice thereof (the “Company
      Liquidity Notice”),
      including a summary of the material terms of such Liquidity Event to Holder
      not
      less than fifteen (15) days prior to the consummation of such Liquidity Event
      (or such shorter period as may be approved by the Majority Holders). Immediately
      prior to the occurrence of such a Liquidity Event, the then outstanding amount
      of this Note and all accrued but unpaid interest thereon shall become
      immediately due and payable and the Holder shall have the option to either
      (i)
      convert the Note into Series B Preferred Stock of the Company immediately prior
      to consummation of the Liquidity Event at the price of $1.394 per share (as
      adjusted for stock splits, stock dividends, subdivisions, combinations or
      consolidations of the shares of Series B Preferred Stock occurring after June
      27, 2005), subject to the same rights, preferences, privileges and obligations
      attached to shares of Series B Preferred Stock outstanding at the time of such
      conversion, and participate in such Liquidity Event on the same basis as other
      Series B Preferred Stock holders or (ii) upon the consummation of a Liquidity
      Event and delivery by the Holder of this Note, direct the Company to pay the
      Holder, in cash, an amount equal to the outstanding principal amount of this
      Note, plus accrued but unpaid interest thereon. The term “Liquidity
      Event”
means
      the consummation of a Sale of the Company (as defined in the Company’s
      Certificate of Incorporation); provided,
      however,
      that a
      Qualified Financing shall not, in any event, be deemed to be a Liquidity
      Event.

     

    7. Changes
      in Securities.
      Upon
      the
      automatic conversion of all outstanding shares of the series of equity
      securities comprising the Financing Securities or shares of Series B Preferred
      Stock into which this Note is convertible (the “Conversion
      Shares”),
      this
      Note shall become convertible into that number of shares of Common Stock of
      the
      Company into which the Conversion Shares would then be convertible, so long
      as
      such shares, if this Note had been converted prior to such offering, would
      have
      been converted into shares of the Company’s Common Stock pursuant to the
      Company’s Certificate of Incorporation. In such case, all references to the
      Conversion Shares shall mean shares of the Company’s Common Stock issuable upon
      the conversion of this Note, as appropriate.

     

    8. Events
      of Default.
      If
      there shall be any Event of Default hereunder, at the option and upon the
      declaration of the Majority Holders and upon written notice to the Payor
      (which
      election and notice shall not be required in the case of an Event of Default
      under Section 8(c) or 8(d)), this Note shall accelerate and all principal and
      unpaid accrued interest shall become due and payable. The occurrence of any
      one
      or more of the following shall constitute an Event of Default:

     

    (a) Payor
      fails to pay timely any of the principal amount due under this Note on the
      date
      the same becomes due and payable or any accrued interest or other amounts due
      under this Note on the date the same becomes due and payable;

     

    
      
         

      

      
        3.

        
          

        

      

      
         

      

    

    

     

    (b) Payor
      shall default in its performance of any covenant under the
      Agreement;

     

    (c) Payor
      files any petition or action for relief under any bankruptcy, reorganization,
      insolvency or moratorium law or any other law for the relief of, or relating
      to,
      debtors, now or hereafter in effect, or makes any assignment for the benefit
      of
      creditors or takes any corporate action in furtherance of any of the foregoing;
      or

     

    (d) An
      involuntary petition is filed against Payor (unless such petition is dismissed
      or discharged within sixty (60) days) under any bankruptcy statute now or
      hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit
      of creditors (or other similar official) is appointed to take possession,
      custody or control of any property of Payor. 

     

    9. Costs.
      In the
      event of any default hereunder, Payor shall pay all reasonable attorneys’ fees
      and court costs incurred by Holder in enforcing and collecting this
      Note.

     

    10. Waiver
      of Demand.
      Payor
      hereby waives demand, notice, presentment, protest and notice of
      dishonor.

     

    11. Governing
      Law.
      This
      Note
      shall be governed by and construed under the laws of the State of New York
      as
      such laws are applied to agreements among New York residents entered into and
      performed entirely within the State of New York, without reference to the
      conflict of laws provisions thereof. 

     

    12. Subordination.
      The
      indebtedness evidenced by this Note is subordinated in right of payment to
      the
      prior payment in full of any Senior Indebtedness in existence on the date of
      this Note. “Senior
      Indebtedness”
shall
      mean, unless expressly subordinated to or made on a parity with the amounts
      due
      under this Note, all amounts due in connection with (a) indebtedness of Payor
      to
      banks or other lending institutions regularly engaged in the business of lending
      money (excluding venture capital, investment banking or similar institutions
      and
      their affiliates, which sometimes engage in lending activities but which are
      primarily engaged in investments in equity securities), and (b) any such
      indebtedness or any debentures, notes or other evidence of indebtedness issued
      in exchange for such Senior Indebtedness, or any indebtedness arising from
      the
      satisfaction of such Senior Indebtedness by a guarantor. 

     

    13. Amendment
      and Waiver.
      Any
      term of this Note may be amended or waived with the written consent of Payor
      and
      the Majority Holders. Upon the effectuation of such waiver or amendment in
      conformance with this Section
      13,
      the
      Payor shall promptly give written notice thereof to the record Holders of the
      Notes who have not previously consented thereto in writing.

     

    14. Notices.
      All
      notices and other communications provided for herein shall be in writing and
      shall be deemed to have been duly given, delivered and received: (a) upon
      personal delivery to the party to be notified, (b) when sent by confirmed
      telex, electronic mail or facsimile if sent during normal business hours of
      the
      recipient, if not, then on the next business day, (c) five (5) days after
      having been sent by registered or certified mail, return receipt requested,
      postage prepaid, or (d) one (1) day after deposit with a nationally
      recognized overnight courier, specifying next day delivery, with written
      verification of receipt. 

     

    
      
         

      

      
        4.

        
          

        

      

      
         

      

    

    

     

    
      	 	
              (a)

            	
              If
                to Holder:

            

    

     

    _________________________

    _________________________

    _________________________

    

     

    
      	 	
              (b)

            	
              If
                to the Company:

            

    

     

    Eyetel
      Imaging, Inc.

    9130
      Guilford Road

    Columbia,
      MD 21046

    Attention:
      Keith G. Frey

     

    with
      a
      copy to:

     

    Cooley
      Godward, LLP

    One
      Freedom Square, Reston Town Center

    11951
      Freedom Drive

    Reston,
      VA 20190-5656

    Attn: Christian
      Plaza, Esq.

    Fax: (703)
      456-8100

     

    15. Transfers.
      Subject
      to the restrictions set forth in Section 5 of the Agreement, this
      Note,
      and all rights hereunder, are transferable, in whole or in part by the Holder
      thereof; provided,
      that
      the transferee in each case agrees to be subject to the restrictions in Section
      5 of the Agreement.

     

    *
      * * *
      *

     

    
      
         

      

      
        5.

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Company has executed this Note as of the date first written
      above.

    
      	 	 	 
	 	
              EYETEL
                IMAGING, INC.

            
	 
 	 
 	 
 
	 	By:  	 
              
	 	
              Name:
 

            	  
	 	
              Title:

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