Document:

EMPLOYMENT
AGREEMENT

     

    THIS
EMPLOYMENT AGREEMENT (the “Agreement”), effective this 16th day of
June, 2010, is entered into by and between The KEYW Corporation, a Maryland
corporation with its principal place of business at 1334 Ashton Road, Suite A,
Hanover, Maryland 21076 (the “Company”), and Mark Willard, residing at 2306
Calvary Road, Bel Air, MD 21015 (the “Employee”).

     

    WHEREAS,
Company and Employee are parties to an Employment Agreement dated August 21,
2008, which both parties desire to terminate effective as of the date hereof and
replace in its entirety with this Agreement.

     

    WHEREAS,
the Company became a wholly-owned subsidiary of The KEYW Holding Corporation, a
Maryland corporation (“HoldCo”), as a result of a corporate reorganization
effected on December 29, 2009.

     

    WHEREAS,
the Company desires to retain the Employee’s services for a specified period of
time as provided herein, and the Employee desires to be employed by the
Company.  As used herein, the term “KEYW” shall include the Company
and all entities now or hereafter controlling, controlled by or under common
control with the Company, such term to include HoldCo.

     

    NOW
THERFORE, in consideration of the mutual covenants and promises contained herein
the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties agree as follows:

     

    1.           Term of
Employment.  The Company hereby agrees to employ the Employee,
and the Employee hereby accepts employment with the Company, upon the terms set
forth in this Agreement, for the period commencing on the first date above (the
“Commencement Date”), and ending on August 3, 2012 (such period, as it may be
extended, the “Employment Period”), unless sooner terminated in accordance with
the provisions of Section 3.  This term of employment is not meant to
imply that the Employee should seek other employment once the Employment Period
has been satisfied.  It is the intention of the Company to retain all
employees who wish to make a contribution to the success of the
Company.  For purposes of clarity, if Executive’s employment continues
after the expiration of the Employment Period, his employment shall be at
will.

     

    2.           Title; Capacity;
Salary.

     

    2.1           The
Employee agrees to the title of Executive Vice President and shall perform all
duties and responsibilities associated with such title, and such other duties as
may, from time to time, be designated by the Board of Directors of the
Company.  In exchange for such performance, HoldCo agrees to pay the
Employee an initial base salary of $240,011.00 per year, subject to the approval
of the Board of Directors of the Company, who may, from time to time, alter this
base salary, plus other benefits currently provided to Employee including but
not limited to vacation, health insurance and officers and directors liability
insurance.  In addition, the Company shall reimburse the Employee for
all reasonable, ordinary and necessary business, travel or entertainment
expenses incurred during the Employment Period in the performance of his
services hereunder in accordance with the policies of the Company as they are
from time to time in effect.  Except as provided in Section 3.3, in
the event of a consolidation, KEYW will continue to employ the Employee pursuant
to this Agreement, and Employee shall work for KEYW in a similar capacity as
before the consolidation.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.2           Upon
the occurrence of a Change of Control (as defined in Section 4.4), KEYW or its
successor in interest shall pay to the Employee in immediately available funds a
cash payment equal to two (2) times (the total of the Employee’s current base
salary plus the greater of (the total cash bonuses paid during the last 24
months/2) or (current year’s target annual incentive opportunity)) subject to
Section 4.3 regarding executing a release.

     

    3.           Termination of
Employment.  The employment of the Employee by the Company
shall terminate upon the occurrence of any of the following:

     

    3.1           By
the Company without Cause (as defined below), on sixty (60) days prior written
notice to the Employee;

     

    3.2           At
the election of the Company, for Cause (as defined below), immediately upon
written notice by the Company to the Employee, which notice shall identify the
Cause upon which the termination is based.  For the purposes of this
Section 3.2, “Cause” shall mean (a) a good faith finding by the
Company that (i) the Employee has failed to perform his or her reasonably
assigned duties and has failed to remedy such failure within 10 days following
written notice from the Company to the Employee notifying him or her of such
failure, or (ii) the Employee has engaged in dishonesty, gross negligence
or misconduct; (b) the conviction of the Employee of, or the entry of a
pleading of guilty or nolo contendere by the Employee to any crime involving any
felony; (c) the Employee has breached fiduciary duties owed to KEYW or has
materially breached the terms of this Agreement or any other agreement between
the Employee and KEYW; or (d) the failure of the Employee to maintain his or her
security clearance if such clearance is necessary to perform the duties assigned
hereunder;

     

    3.3           At
the election of the Employee, on sixty (60) days prior written notice to the
Company or immediately upon written notice to the Company in the event the
Company fails to remedy any material breach of this Agreement within ten (10)
days following written notice from the Employee to the Company notifying it of
such breach;

     

    3.4           Upon
the death or disability of the Employee.  As used in this Agreement,
the term “disability” shall mean the inability of the Employee, due to a
physical or mental disability, for a period of 90 days, whether or not
consecutive, during any 360-day period to perform the services contemplated
under this Agreement.  A determination of disability shall be made by
a physician satisfactory to both the Employee and the Company, provided that if
the Employee and the Company do not agree on a physician, the Employee and the
Company shall each select a physician and these two together shall select a
third physician, whose determination as to disability shall be binding on all
parties; or

     

    3.5           Upon
the mutual written agreement of the Employee and the Company to terminate
Employee’s employment.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.           Effect of
Termination.

     

    4.1           At-Will
Employment.  If the Employment Period expires pursuant to
Section 1 hereof, then, unless KEYW notifies the Employee to the contrary, the
Employee shall continue his or her employment on an at-will basis following the
expiration of the Employment Period.  Such at-will employment
relationship may be terminated by either party at any time and shall not be
governed by any of the terms of this Agreement, except that Sections 5 and 6
herein shall survive termination and shall be binding on and enforceable against
the Employee during and after the term of any at-will employment as described in
said Sections.

     

    4.2           Termination for Cause, Upon
Mutual Election or at the Election of the Employee, or at
Death.  In the event that Employee’s employment is terminated
for Cause, upon Employee’s death, or upon mutual election by Employee and the
Company, KEYW shall have no further obligations under this Agreement other than
to pay to Employee salary and accrued vacation through the last day of
Employee’s actual employment by the Company.

     

    4.3           Voluntary Termination by the
Company, or for Disability.  In the event the Employee’s
employment is terminated solely by the Company without Cause, or due to the
Employee’s disability, the Company shall pay to the Employee the compensation
and benefits otherwise payable to him or her through the last day of his or her
actual employment by the Company or through the remainder of his Employment
Period, whichever is greater, and such other payments as expressly provided
herein or in any written policy of the Company.  Notwithstanding the
foregoing, the Company shall not be required to make payments under this Section
4.3 if the Employee has breached any of the provisions of Sections 5 or 6,
inclusive of all subsections.  Further, subject to any overriding
laws, the Company shall not be required to provide health care, dental,
disability or life insurance benefits otherwise receivable by Employee if
Employee is actually covered or becomes covered by an equivalent benefit (at the
same or lesser cost to Employee, if any) from another source.  Any
such benefit made available to Employee shall be reported to the
Company.  In consideration of the salary continuation severance
payments described above, to which severance payments Employee would not
otherwise be entitled, and as a precondition to Employee becoming entitled to
such severance payment under this Agreement, Employee agrees to execute and
deliver to the Company within twenty-one (21) days after his date of termination
a waiver and release agreement in a standard form acceptable to the Company,
which form will be provided to Employee by Company within three days of his date
of termination (the “Release”, attached hereto as Schedule A).  If
Employee fails to execute and deliver the Release within twenty-one (21) days
after the applicable date of termination, or if Employee revokes such Release as
provided therein, the Company shall have no obligation to provide the severance
payment described above.  In any case in which the Release (and the
expiration of any revocation rights provided therein) could only become
effective in a particular tax year of Employee, any payment(s) conditioned on
execution of the release shall be made within ten (10) days after the Release
becomes effective and such revocation rights have lapsed.  In any case
in which the Release (and the expiration of any revocation rights provided
therein) could become effective in one of two (2) taxable years of Employee
depending on when Employee executes and delivers the Release, any payment
conditioned on execution of the Release shall be made within ten (10) days after
the Release becomes effective and such revocation rights have lapsed, but not
earlier than the first business day of the later of such tax
years.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.4           Termination On or Following
a Change of Control.  Employee will be entitled to receive
compensation and severance benefits through the remainder of the Employment
period or for twelve (12) months, whichever is greater, if employment is
terminated within one (1) year following the Change of Control (as defined
below).  This qualifying termination is if the Company terminates the
employee without cause or at-will by the employee for Good Reason (as defined
below).  The Employee will continue to have health care, dental,
disability or life insurance benefits for three years following the Change of
Control.  Further, subject to any overriding laws, the Company shall
not be required to provide health care, dental, disability or life insurance
benefits otherwise receivable by Employee if Employee is actually covered or
becomes covered by an equivalent benefit (at the same or lesser cost to
Employee, if any) from another source.  Any such benefit made
available to Employee shall be reported to the Company.  Stock options
will remain exercisable for a period of one (1) year following termination
(unless such options have terminated or been cashed out in connection with the
Change of Control), and any outstanding equity awards shall vest immediately
upon the Change of Control.

     

    (a)           In
the event that it is determined that any payment or distribution of any type to
or for the benefit of the Employee made by the Company, by any of its
affiliates, by any person who acquires ownership or effective control or
ownership of a substantial portion of the Company’s assets (within the meaning
of section 280G of the Internal Revenue Code of 1986, as amended, and the
regulations thereunder (the “Code”)) or by any affiliate of such person, whether
paid or payable or distributed or distributable pursuant to the terms of an
employment agreement or otherwise (the “Total Payments”), such that the Total
Payments would be subject to the excise tax imposed by section 4999 of the Code
or any interest or penalties with respect to such excise tax (such excise tax,
together with any such interest or penalties, are collectively referred to as
the “Excise Tax”) then (i) if the Total Payments exceed the safe harbor
threshold by less than 10%, the payments will be reduced to the safe harbor
amount or (ii) if the Total Payments exceed the safe harbor threshold by more
than 10%, then Employee shall be entitled to receive an additional payment (an
“Excise Tax Restoration Payment”) in an amount that shall fund the payment by
Employee of any Excise Tax on the Total Payments as well as all income taxes
imposed on the Excise Tax Restoration Payment, any Excise Tax imposed on the
Excise Tax Restoration Payment and any interest or penalties imposed with
respect to taxes on the Excise Tax Restoration or any Excise Tax.

     

    (b)           For
the purposes of this Section 4.4, “Change of Control” means the occurrence of
any of (i) an acquisition after the date hereof by an individual or legal entity
or “group” (as described in Rule 13d-5(b)(1) promulgated under the Securities
Exchange Act of 1934, as amended) of in excess of 50% of the voting securities
of KEYW or HoldCo, (ii) the dissolution or liquidation of KEYW or HoldCo or a
merger, consolidation, or reorganization of KEYW or HoldCo with one or more
other entities in which neither KEYW nor HoldCo is the surviving entity, unless
the holders of KEYW or HoldCo’s voting securities immediately prior to such
transaction continue to hold at least 51% of such securities following such
transaction, (iii) the consolidation or sale of all or substantially all of the
assets of KEYW and/or HoldCo in one or a series of related transactions or (iv)
the “completion” or closing by KEYW or HoldCo of an agreement to which KEYW or
HoldCo is a party or by which it is bound, providing for any of the events set
forth above in clauses (i), (ii) or (iii).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c)           For
purposes of this Section 4.4, Good Reason means, unless otherwise agreed to in
writing by Employee, (i) a reduction in Employee’s base salary; (ii) a material
diminution in Employee’s title, authority, responsibilities or duties, other
than in connection with future reorganizations and restructurings; (iii) a
relocation of Employee’s primary place of employment to a location more than ten
(10) miles further from Employee’s primary residence than the current location
of the Company’s offices; or (iv) any other material breach of the terms of this
Agreement or any other agreement which is not cured within ten (10) days after
Employee’s delivery of a written notice of such breach to the
Company.  In order to invoke a termination for Good Reason, Employee
must deliver a written notice of such breach to the Company within sixty (60)
days of the occurrence of the breach, and the Company shall have thirty (30)
days to cure the breach.  In order to terminate her employment, if at
all, for Good Reason, Employee must terminate employment within thirty (30) days
of the end of the cure period if the breach has not been cured.

     

    4.5           Survival.  The
provisions of Sections 5 and 6 shall survive the termination of this
Agreement.

     

    5.           Non-Competition and
Non-Solicitation.

     

    5.1           Restricted Activities During
Employment.  During the period of Employee’s employment with
KEYW, Employee shall not, directly or indirectly, on his or her own behalf or as
an individual proprietor, partner, stockholder, owner, officer, employee,
director, consultant, agent, joint venturer, investor, lender, or in any other
capacity whatsoever (other than as the holder of not more than one percent (1%)
of the total outstanding stock of a publicly-held company), do any of the
following:

     

    (a)           Offer
to provide or provide to any Customer products or services which compete with
the products and services offered by KEYW;

     

    (b)           Interfere
with or disrupt, or attempt to interfere with or disrupt, the relationship of
KEYW with any Customer, vendor, supplier, prime contractor, subcontractor or
partner;

     

    (c)           Solicit,
offer to hire or hire any employee, consultant, contractor or agent of KEYW, or
otherwise induce any of the foregoing persons to discontinue their employment or
business relationship with KEYW; or

     

    (d)           Solicit
or divert, or attempt to solicit or divert, the business or patronage (with
respect to products or services of the kind or type developed, produced,
marketed, furnished or sold by KEYW) of any Customer or Prospective Customer of
KEYW.

     

    For
purposes of this Section 5.1, the term “Customer” shall mean any person, firm,
organization, entity, government or governmental division, department or agency
to which KEYW provided products or services at any time during the Employee’s
employment, including the Employee’s employment prior to any acquisition by
KEYW.

     

    For
purposes of this Section 5.1, the term “Prospective Customer” shall mean any
person, firm, organization, entity, government or governmental division,
department or agency which has an outstanding bid or proposal from KEYW, or
which was contacted by an employee of KEYW concerning products or services
offered by KEYW during the six (6) months preceding termination of the
Employee’s employment for purposes of soliciting business.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.2           Restricted Activities After
Termination of Employment. During the one-year period following
Employee’s expiration or termination of employment with KEYW, Employee shall
not, directly or indirectly, on his or her own behalf or as an individual
proprietor, partner, stockholder, owner, officer, employee, director,
consultant, agent, joint venturer, investor, lender, or in any other capacity
whatsoever (other than as the holder of not more than one percent (1%) of the
total outstanding stock of a publicly-held company) solicit, offer to hire or
hire any current or former employee, consultant, contractor or agent of KEYW or
otherwise induce any of the foregoing persons to discontinue their employment or
business relationship with KEYW.

     

    5.3           External Employment.
During the period of Employee’s employment with KEYW, Employee shall be
prohibited from engaging in external employment without express permission from
KEYW.  By way of example, and not limitation, such external employment
shall include self-employment, consulting, and engagement by firms conducting
business unrelated to the business of KEYW.

     

    5.4           Interpretation. If
any restriction set forth in this Section 5 is found by any court of competent
jurisdiction to be unenforceable because it extends for too long a period of
time or over too great a range of activities or in too broad a geographic area,
it shall be interpreted to extend only over the maximum period of time, range of
activities or geographic area as to which it may be enforceable.

     

    6.           Proprietary Information and
Developments.

     

    6.1           Proprietary
Information.

     

    (a)           The
Employee agrees that all information, whether or not in writing, of a private,
secret or confidential nature concerning KEYW’s business, business relationships
or financial affairs (collectively, “Proprietary Information”) is and shall be
the exclusive property of KEYW.  By way of illustration, but not
limitation, Proprietary Information may include inventions, products, processes,
methods, techniques, formulas, compositions, compounds, projects, developments,
plans, research data, clinical data, financial data, personnel data, hardware,
software and related designs, product costs, specifications and pricing, bid
practices and procedures, contract costs and pricing, the terms and conditions
of any joint venture, strategic partnership and other contractual arrangements,
customer and supplier lists, and contacts at or knowledge of customers or
prospective customers of KEYW.  The Employee will not disclose any
Proprietary Information to any person or entity other than employees of KEYW or
use the same for any purposes (other than in the performance of his or her
duties as an employee of KEYW) without written approval by an officer of the
Company, either during or after his or her employment with the Company, unless
and until such Proprietary Information has become public knowledge without fault
by the Employee.

     

    (b)           The
Employee agrees that all files, letters, memoranda, reports, records, data,
sketches, drawings, laboratory notebooks, program listings, or other written,
photographic, or other tangible material containing Proprietary Information,
whether created by the Employee or others, which shall come into his or her
custody or possession, shall be and are the exclusive property of KEYW to be
used by the Employee only in the performance of his or her duties for
KEYW.  All such materials or copies thereof and all tangible property
of KEYW in the custody or possession of the Employee shall be delivered to the
Company, upon the earlier of (i) a request by KEYW or (ii) termination
of his or her employment.  After such delivery, the Employee shall not
retain any such materials or copies thereof or any such tangible
property.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (c)           The
Employee agrees that his or her obligation not to disclose or to use information
and materials of the types set forth in paragraphs (a) and (b) above, and
his or her obligation to return materials and tangible property, set forth in
paragraph (b) above, also extends to such types of information, materials
and tangible property of customers of KEYW or suppliers to KEYW or other third
parties who may have disclosed or entrusted the same to KEYW or to the
Employee.

     

    6.2           Developments.

     

    (a)           The
Employee will make full and prompt disclosure to the Company of all inventions,
improvements, discoveries, methods, processes, developments, software, and works
of authorship, whether copyrightable, patentable or not, which are created,
made, conceived or reduced to practice by him or her or under his or her
direction or jointly with others during his or her employment by KEYW, whether
or not during normal working hours or on the premises of KEYW (all of which are
collectively referred to in this Agreement as “Developments”).

     

    (b)           To
the extent that any Developments do not qualify as works made for hire, the
Employee hereby irrevocably assigns to the Company (or any Affiliate, person or
entity designated by the Company) all his or her right, title and interest in
and to all Developments and all related patents, patent applications, copyrights
and copyright applications, trade secrets, trademarks and all other proprietary
rights now or hereafter existing therein.  However, this
paragraph (b) shall not apply to Developments which do not relate to the
present or planned business or research and development of KEYW and which are
made and conceived by the Employee outside the scope of his or her employment,
not during normal working hours, not on KEYW’s premises and not using KEYW’s
tools, devices, equipment or Proprietary Information.  The Employee
understands that, to the extent this Agreement shall be construed in accordance
with the laws of any state which precludes a requirement in an employee
agreement to assign certain classes of inventions made by an employee, this
paragraph (b) shall be interpreted not to apply to any invention which a
court rules and/or the Company agrees falls within such classes.  The
Employee also hereby waives all claims to moral rights in any
Developments.

     

    (c)           The
Employee agrees to cooperate fully with KEYW, both during and after his or her
employment, with respect to the procurement, maintenance and enforcement of
copyrights, patents and other intellectual property rights (both in the United
States and foreign countries) relating to Developments.  The Employee
shall sign all papers, including, without limitation, copyright applications,
patent applications, declarations, oaths, formal assignments, assignments of
priority rights, and powers of attorney, which KEYW may deem necessary or
desirable in order to protect its rights and interests in any
Development.  The Employee further agrees that if KEYW is unable,
after reasonable effort, to secure the signature of the Employee on any such
papers, any executive officer of the Company shall be entitled to execute any
such papers as the agent and the attorney-in-fact of the Employee, and the
Employee hereby irrevocably designates and appoints each executive officer of
the Company as his or her agent and attorney-in-fact to execute any such papers
on his or her behalf, and to take any and all actions as KEYW may deem necessary
or desirable in order to protect its rights and interests in any Development,
under the conditions described in this sentence.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6.3           United States Government
Obligations.  The Employee acknowledges that KEYW from time to
time may have agreements with other parties or with the United States
Government, or agencies thereof, which impose obligations or restrictions on
KEYW regarding inventions made during the course of work under such agreements
or regarding the confidential nature of such work.  The Employee
agrees to be bound by all such obligations and restrictions which are made known
to the Employee and to take all appropriate action necessary to discharge the
obligations of KEYW under such agreements.

     

    7.           Other
Agreements.  The Employee represents that there are no
contracts to assign inventions between any person or entity and the
Employee.  The Employee further represents that (a) the Employee is
not obligated under any consulting, employment or other agreement which would
affect KEYW’s rights under this Agreement, (b) there is no action, investigation
or proceeding, pending or threatened, or any basis therefore known to him
involving the Employee’s prior employment or any consultancy or the use of any
information or techniques alleged to be proprietary to any former employer, and
(c) the performance of the Employee’s duties as an employee of the Company will
not breach or constitute a default under any agreement to which the Employee is
bound, including, without limitation, any agreement limiting the use or
disclosure of proprietary information during the Employee’s employment by the
Company.  The Employee will not, in connection with the Employee’s
employment by the Company, use or disclose to the Company any confidential,
trade secret or other proprietary information of any previous employer or other
person to which the Employee is not lawfully entitled.  Any agreement
to which the Employee is a party with any prior employer or relating to
nondisclosure, non-competition or non-solicitation of employees, customers,
prospective customers, vendors or other parties is listed on Exhibit A attached
hereto.

     

    8.           Section
409A.  To the extent Employee would be subject to the
additional 20% tax imposed on certain deferred compensation arrangements
pursuant to Section 409A of the Code as a result of any provision of this
Agreement, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such tax and preserve to the maximum extent
possible the original intent and economic benefit to the Employee and the
Company, and the parties shall promptly execute any amendment reasonably
necessary to implement this Section 8.

     

    8.1           For
purposes of Section 409A, Employee’s right to receive installment payments
pursuant to this Agreement including, without limitation, each severance payment
and COBRA continuation reimbursement shall be treated as a right to receive a
series of separate and distinct payments.

     

    8.2           Employee
will be deemed to have a date of termination for purposes of determining the
timing of any payments or benefits hereunder that are classified as deferred
compensation only upon a “separation from service” within the meaning of Code
Section 409A.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    8.3           Notwithstanding
any other provision of this Agreement to the contrary, if at the time of
Employee’s separation from service, (i) Employee is a specified employee (within
the meaning of Section 409A and using the identification methodology selected by
the Company from time to time), and (ii) the Company makes a good faith
determination that an amount payable on account of such separation from service
to Employee constitutes deferred compensation (within the meaning of Section
409A) the payment of which is required to be delayed pursuant to the six-month
delay rule set forth in Section 409A in order to avoid taxes or penalties under
Section 409A (the “Delay Period”), then the Company will not pay such amount on
the otherwise scheduled payment date but will instead pay it in a lump sum on
the first business day after such six-month period (or upon Employee’s death, if
earlier), together with interest for the period of delay, compounded annually,
equal to the applicable Federal rate for short-term instruments) in effect as of
the dates the payments should otherwise have been provided.  To the
extent that any benefits to be provided during the Delay Period is considered
deferred compensation under Code Section 409A provided on account of a
“separation from service”, and such benefits are not otherwise exempt from Code
Section 409A, Employee shall pay the cost of such benefit during the Delay
Period, and the Company shall reimburse Employee, to the extent that such costs
would otherwise have been paid by the Company or to the extent that such
benefits would otherwise have been provided by the Company at no cost to
Employee, the Company’s share of the cost of such benefits upon expiration of
the Delay Period, and any remaining benefits shall be reimbursed or provided by
the Company in accordance with the procedures specified herein.

     

    8.4           (A)
Any amount that Employee is entitled to be reimbursed under this Agreement will
be reimbursed to Employee as promptly as practical and in any event not later
than the last day of the calendar year after the calendar year in which expenses
are incurred, (B) any right to reimbursement or in kind benefits will not be
subject to liquidation or exchange for another benefit, and (C) the amount of
the expenses eligible for reimbursement during any taxable year will not affect
the amount of expenses eligible for reimbursements in any other taxable
year.

     

    8.5           Whenever
a payment under this Agreement specifies a payment period with reference to a
number of days (e.g., “payment shall be made within thirty (30) days following
the date of termination”), the actual date of payment within the specified
period shall be within the sole discretion of the Company.

     

    9.           Miscellaneous.

     

    9.1           Equitable
Remedies.  The restrictions contained in this Section 5 and 6
are necessary for the protection of the business and goodwill of KEYW and are
considered by the Employee to be reasonable for such purpose.  The
Employee agrees that any breach of Section 5 and 6 is likely to cause KEYW
substantial and irreparable harm for which there is no adequate remedy at law
and therefore, in the event of any such breach, the Employee agrees that KEYW,
in addition to such other remedies which may be available, shall be entitled to
specific performance and other injunctive relief without the need to post a
bond.  The Company shall be entitled to recover its reasonable
attorney’s fees in the event that it prevails in such action.

     

    9.2           Notices.  Any
notices delivered under this Agreement shall be deemed duly delivered four
business days after it is sent by registered or certified mail, return receipt
requested, postage prepaid, or one business day after it is sent for
next-business day delivery via a reputable nationwide overnight courier service,
in each case to the address of the recipient set forth in the introductory
paragraph hereto.  Either party may change the address to which
notices are to be delivered by giving notice of such change to the other party
in the manner set forth in this Section 9.2.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.3           Pronouns.  Whenever
the context may require, any pronouns used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular forms of
nouns and pronouns shall include the plural, and vice versa.

     

    9.4           Entire
Agreement.  This Agreement constitutes the entire agreement
between the parties and cancels and supersedes all prior agreements and
understandings, whether written or oral, relating to the subject matter of this
Agreement, including the Employment Agreement dated August 21,
2008.

     

    9.5           Amendment.  This
Agreement may be amended or modified only by a written instrument executed by
both KEYW and the Employee.

     

    9.6           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Maryland.  Any action, suit
or other legal matter arising under or relating to any provision of this
Agreement shall be commenced only in a court of the State of Maryland (or, if
appropriate, a federal court located within Maryland), and the Company and the
Employee each consents to the jurisdiction of such a court.  THE
COMPANY AND THE EMPLOYEE EACH HEREBY IRREVOCABLY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING ARISING UNDER OR RELATING TO
ANY PROVISION OF THIS AGREEMENT.

     

    9.7           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of both parties and their respective heirs, legal representatives,
successors and permitted assigns.  The Company may assign this
Agreement to any Affiliate or to any business or entity with which or into which
the Company may be merged or which may succeed to its assets or
business.  The obligations of the Employee are personal and may not be
assigned by him or her.

     

    9.8           Waivers.  No
delay or omission by KEYW in exercising any right under this Agreement shall
operate as a waiver of that or any other right.  A waiver or consent
given by KEYW on any one occasion shall be effective only in that instance and
shall not be construed as a bar or waiver of any right on any other
occasion.

     

    9.9           Captions.  The
captions of the sections of this Agreement are for convenience of reference only
and in no way define, limit or affect the scope or substance of any section of
this Agreement.

     

    9.10           Severability.  In
case any provision of this Agreement shall be invalid, illegal or otherwise
unenforceable, the validity, legality and enforceability of the remaining
provisions shall in no way be affected or impaired thereby.

     

    9.11           Counterparts.  This
Agreement may be executed in two or more counterparts, each and all of which
shall be deemed an original and all of which together shall constitute but the
same instrument.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    THE
EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ THIS AGREEMENT AND
UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year set forth above.

     

    
      
        	
                The
      KEYW Corporation:

              
	 
      
	
                By:

              	
                /s/ Leonard E. Moodispaw

              
	
                Title:  President
      and CEO

              
	
                Leonard
      E. Moodispaw

              
	 
      
	
                EMPLOYEE:

              
	 
      
	
                /s/ Mark A. Willard

              
	
                Printed
      Name of Employee

              
	
                Mark
      A. Willard

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SCHEDULE
A

     

    Release

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WAIVER
AND RELEASE AGREEMENT

    

    THIS WAIVER AND RELEASE AGREEMENT (this
“Release”) is entered
into as of [______________] (the “Effective Date”), by
_______________________ (“Executive”) in consideration
of severance pay (the “Severance Payment”) provided
to Executive by ________________________, a Maryland corporation (the “Company”), pursuant to Section
_____________ of the Employment Agreement by and between the Company and
Executive (the “Employment
Agreement”).

     

    1.           Waiver
and Release.  Subject to the
last sentence of the first paragraph of this Section 1, Executive, on his own
behalf and on behalf of his heirs, executors, administrators, attorneys and
assigns, hereby unconditionally and irrevocably releases, waives and forever
discharges the Company and each of its affiliates, parents, successors,
predecessors, and the subsidiaries, directors, owners, members, shareholders,
officers, agents, and employees of the Company and its affiliates, parents,
successors, predecessors, and subsidiaries (collectively, all of the foregoing
are referred to as the “Employer”), from any and all
causes of action, claims and damages, including attorneys’ fees, whether known
or unknown, foreseen or unforeseen, presently asserted or otherwise arising
through the date of his signing of this Release, concerning his employment or
separation from employment.  Subject to the last sentence of the first
paragraph of this Section 1, this Release includes, but is not limited to, any
payments, benefits or damages arising under any federal law (including, but not
limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act, the Employee Retirement Income Security Act of 1974, the
Americans with Disabilities Act, Executive Order 11246, the Family and Medical
Leave Act, and the Worker Adjustment and Retraining Notification Act, each as
amended); any claim arising under any state or local laws, ordinances or
regulations (including, but not limited to, any state or local laws, ordinances
or regulations requiring that advance notice be given of certain workforce
reductions); and any claim arising under any common law principle or public
policy, including, but not limited to, all suits in tort or contract, such as
wrongful termination, defamation, emotional distress, invasion of privacy or
loss of consortium.  Notwithstanding any other provision of this
Release to the contrary, this Release does not encompass, and Executive does not
release, waive or discharge, the obligations of the Company (a) to make the
payments and provide the other benefits contemplated by the Employment
Agreement, or (b) under any restricted stock agreement, option agreement or
other agreement pertaining to Executive’s equity ownership, or (c) under any
indemnification or similar agreement with Executive.

     

    Executive understands that by signing
this Release, he is not waiving any claims or administrative charges which
cannot be waived by law.  He is waiving, however, any right to
monetary recovery or individual relief should any federal, state or local agency
(including the Equal Employment Opportunity Commission) pursue any claim on his
behalf arising out of or related to his employment with and/or separation from
employment with the Company.

     

    Executive further agrees without any
reservation whatsoever, never to sue the Employer or become a party to a lawsuit
on the basis of any and all claims of any type lawfully and validly released in
this Release.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.           Acknowledgments.  Executive is
signing this Release knowingly and voluntarily.  He acknowledges
that:

     

    
      	
               
      

            	
              (a)

            	
              He
      is hereby advised in writing to consult an attorney before signing this
      Release Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              He
      has relied solely on his own judgment and/or that of his attorney
      regarding the consideration for and the terms of this Release and is
      signing this Release Agreement knowingly and voluntarily of his own free
      will;

            

    

     

    
      	
               
      

            	
              (c)

            	
              He
      is not entitled to the Severance Payment unless he agrees to and honors
      the terms of this Release;

            

    

     

    
      	
               
      

            	
              (d)

            	
              He
      has been given at least twenty-one (21) calendar days to consider this
      Release, or he or she expressly waives his right to have at least
      twenty-one (21) days to consider
      this Release;

            

    

     

    
      	
               
      

            	
              (e)

            	
              He
      may revoke this Release within seven (7) calendar days after signing it by
      submitting a written notice of revocation to the Employer.  He
      further understands that this Release is not effective or enforceable
      until after the seven (7) day period of revocation has expired without
      revocation, and that if he or she revokes this Release within the seven
      (7) day revocation period, he will not receive the Severance
      Payment;

            

    

     

    
      	
               
      

            	
              (f)

            	
              He
      has read and understands the Release and further understands that, subject
      to the limitations contained herein, it includes a general release of any
      and all known and unknown, foreseen or unforeseen claims presently
      asserted or otherwise arising through the date of his signing of this
      Release that he may have against the Employer;
  and

            

    

     

    
      	
               
      

            	
              (g)

            	
              No
      statements made or conduct by the Employer has in any way coerced or
      unduly influenced him or her to execute this
  Release.

            

    

     

    3.           No
Admission of Liability.  This Release does
not constitute an admission of liability or wrongdoing on the part of the
Employer, the Employer does not admit there has been any wrongdoing whatsoever
against the Executive, and the Employer expressly denies that any wrongdoing has
occurred.

     

    4.           Entire
Agreement.  There are no
other agreements of any nature between the Employer and Executive with respect
to the matters discussed in this Release Agreement, except as expressly stated
herein, and in signing this Release, Executive is not relying on any agreements
or representations, except those expressly contained in this
Release.

     

    5.           Execution.  It is not
necessary that the Employer sign this Release following Executive’s full and
complete execution of it for it to become fully effective and
enforceable.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6.           Severability.  If any provision
of this Release is found, held or deemed by a court of competent jurisdiction to
be void, unlawful or unenforceable under any applicable statute or controlling
law, the remainder of this Release shall continue in full force and
effect.

     

    7.           Governing
Law.  This Release
shall be governed by the laws of the State of Maryland, excluding the choice of
law rules thereof.

     

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

     

    IN
WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the day
and year first herein above written.

     

    
      
        	
                EXECUTIVE:Unassociated Document

     

    AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

    
       

      AMONG

       

      CORPORATE
OFFICE PROPERTIES, L.P.,

       

      FRANK
DERWIN,

       

      FREDERICK
FUNK,

       

      GEF
CAPITAL COMPANY HOLDINGS, LLC

       

      THE
HANNON FAMILY, LLC,

       

      JOHN
G. HANNON REVOCABLE TRUST U/A DATED MARCH 9, 2004,

       

      LEONARD
E. MOODISPAW,

       

      CAROLINE
PISANO,

       

      THUNDERCLAP
HOLDINGS, LLC,

       

      VEDANTA
OPPORTUNITIES FUND, L.P.,

       

      ALPHA
TECHNOLOGY LTD.,

       

      AND

       

      THE
KEYW CORPORATION

       

      DATED
AS OF MAY 29, 2009

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

     

    THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement” or the
“Registration Rights
Agreement”) is entered into as of May 29, 2009, by and among each of the
following parties: (i) The KEYW Corporation, a Maryland corporation (the “Company”), (ii)
Corporate Office Properties, L.P., (iii) Frank Derwin, (iv) Frederick Funk, (v)
GEF Capital Company Holdings, LLC, (vi) The Hannon Family, LLC, (vii) Leonard E.
Moodispaw, (viii) Caroline Pisano (ix) Thunderclap Holdings, LLC, (collectively,
excluding the Company, the “Existing Investors”),
and (x) Vedanta Opportunities Fund, L.P., (xi) Alpha Technology Ltd, and (xii)
the John G. Hannon Revocable Trust u/a dated March 9, 2004 (the “New Investors”, and
together with the Existing Investors, the “Investors”, or
individually, an “Investor”).

    

    WHEREAS, the Company and the Existing Investors are party
to a Registration Rights Agreement dated as of August 22, 2008 (the “Original Agreement”)
which was entered into in connection with the private placement of an aggregate
of 5,897,250 shares of Common Stock and warrants to purchase up to an aggregate
of 2,948,625 shares of Common Stock from the Company (the “2008 Warrants”);

     

    WHEREAS, as of May 11, 2009, the
Company conducted a private placement to certain of its Existing Investors, the
John G. Hannon Revocable Trust u/a dated March 9, 2004, and certain other
individuals and entities (the “May 2009 Private Placement
Investors”) in which the May 2009 Private Placement Investors acquired an
aggregate of 3,581,360 shares of Common Stock and warrants to purchase up to an
aggregate of 1,790,680 shares of Common Stock from the Company (the “May 2009 Warrants”)
pursuant to subscription agreements (such purchase, the “May 2009 Private
Placement”);

     

    WHEREAS, as of May 29, 2009, the
Company conducted an additional private placement to Vedanta Opportunities Fund,
L.P., an affiliate of Vedanta Opportunities Fund, L.P., and certain other
investors in which they acquired an aggregate of 1,558,458 shares of Common
Stock and warrants to purchase up to an aggregate of 779,229 shares of Common
Stock (together with the 2008 Warrants and the May 2009 Warrants, the “Warrants”) from the
Company pursuant to subscription agreements (such purchase, together with the
May 2009 Private Placement, the “Investment”);

     

    WHEREAS, the Company, the Existing Investors and the New
Investors desire to amend and restate the Original Agreement to include the New Investors in connection with the
Investment and to provide the Investors with certain rights with respect to the
registration of the Common Stock and shares underlying the Warrants;
and

     

    WHEREAS, except as defined elsewhere
in this Agreement, capitalized terms used in this Agreement shall have the
meanings ascribed to them in Article 2
hereof.

     

    NOW, THEREFORE, for and in
consideration of the foregoing and of the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
              1.

            	
              REGISTRATION
      RIGHTS

            

    

     

    
      	
               
      

            	
              1.1.

            	
              Demand
      Registration Rights

            

    

     

    
      	
               
      

            	
              1.1.1.

            	
              Request

            

    

     

    At any time after September 1, 2011,
Holders owning at least a majority of the
then outstanding Registrable Securities may request, and at any time after the
six-month anniversary of an IPO Holders
owning at least twenty percent (20%) of the then outstanding Registrable
Securities may request, registration for sale under the Act of all or part of
the Registrable Securities then held by them, and upon such request the Company
will promptly take the actions specified in Section
1.1.2.

     

    
      	 	
              1.1.2.

            	
              Demand
      Procedures

            

    

     

    Within ten (10) Business Days after
receipt by the Company of a written registration request pursuant to Section 1.1.1 (which
request shall specify the number of shares of Common Stock proposed to be
registered and sold and the manner in which such sale is proposed to be
effected), the Company shall promptly give written notice to all other Holders
of the proposed demand registration, and such other Holders shall have the right
to join in the proposed registration and sale, upon written request to the
Company (which request shall specify the number of shares proposed to be
registered and sold) within five (5) Business Days after receipt of such notice
from the Company.  The Company shall thereafter, as expeditiously as
practicable, use its commercially reasonable efforts to (i) file with the SEC
under the Act a registration statement on the appropriate form concerning all
Registrable Securities specified in the demand request and all Registrable
Securities with respect to which the Company has received the written request
from the other Holders and (ii) cause the registration statement to be declared
effective.  At the request of participating Holders holding a majority
of the Registrable Securities being registered, the Company use its commercially
reasonable efforts to cause each offering pursuant to Section 1.1.1 to be
managed, on a firm commitment basis, by a recognized regional or national
underwriter selected by the Company and approved by such participating Holders,
such approval not to be unreasonably withheld, conditioned or
delayed.  All Holders proposing to distribute their securities through
such underwriting shall enter into an underwriting agreement in customary
form.  The Company shall not be obligated to effect more than three
registrations requested by the Holders under Section 1.1.1; provided, however, that any
such request shall be deemed satisfied only when a registration statement
covering more than seventy-five percent (75%) of the Registrable Securities
specified in notices received as aforesaid, for sale in accordance with the
method of disposition specified by the Holders, has become
effective.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              1.1.3.

            	
              Delay
      by Company

            

    

     

    The Company shall not be required to
effect a demand registration under the Act pursuant to Section 1.1.1 above
if (i) the Company receives a request for registration under Section 1.1.1 less
than sixty (60) days preceding the anticipated effective date of a proposed
underwritten public offering of securities of the Company approved by the
Company’s Board of Directors prior to the Company’s receipt of the request and
in such event the Company shall not be required to effect any such requested
registration until sixty (60) days after the effective date of such proposed
underwritten public offering, (ii) within sixty (60) days prior to any such
request for registration, a registration of securities of the Company has been
effected in which the Holders had the right to participate pursuant to this
Section 1.1 or
Section 1.3
hereof or (iii) the Board of Directors of the Company reasonably determines in
good faith that effecting such a demand registration at such time would have a
material adverse effect upon a proposed sale of all (or substantially all) of
the assets of the Company, or a merger, reorganization, recapitalization, or
similar transaction materially affecting the capital structure or equity
ownership of the Company, or would otherwise be seriously detrimental to the
Company because the Company was then in the process of raising capital in the
public or private markets or would require premature disclosure of material
information that the Company has a bona fide business purpose for preserving as
confidential; provided, however, that the
Company may only delay a demand registration pursuant to this Section 1.1.3 for a
period not exceeding ninety (90) days (or until such earlier time as such
transaction is consummated or no longer proposed) and may only defer any such
filing pursuant to this Section 1.1.3 once
per calendar year.  The Company shall promptly notify in writing the
Holders requesting registration of any decision not to effect any such request
for registration pursuant to this Section 1.1.3, which notice
shall set forth in reasonable detail the reason for such decision and shall
include an undertaking by the Company promptly to notify such Holders as soon as
a demand registration may be effected. Any demand registration delayed or deferred under this
Section 1.1.3 shall not be considered one of the permitted registrations under
Section 1.1.2 unless and until it has become effective.

     

    
      	
               
      

            	
              1.1.4.

            	
              Reduction

            

    

     

    If a demand registration is an
underwritten registration and the managing underwriters advise the Company and
the Holders participating in the demand registration in writing that in their
opinion the number of shares of Common Stock requested to be included in such
registration exceeds the number which can be sold in such offering without adversely affecting the marketability
of the offering, then the amount of such shares that may be included in
such registration shall first be allocated pro rata among all of the Holders exercising
demand rights under Section 1.1 in
proportion to the number of shares of Registrable Securities owned by them and
then to the Company or any other party seeking to participate in the
offering.

     

    
      	
               
      

            	
              1.1.5.

            	
              Withdrawal

            

    

     

    Holders participating in any demand
registration pursuant to this Section 1.1 may
withdraw at any time before a registration statement is declared effective, and
the Company may withdraw such registration statement if no Registrable
Securities are then proposed to be included (and if withdrawn by the Company or
any Holder, the Holders shall not be deemed to have requested a demand
registration for purposes of Section 1.1.1
hereof).  If the Company withdraws a registration statement under this
Section 1.1.5
in respect of a registration for which the Company would otherwise be required
to pay expenses under Section 1.6.2 hereof,
the Holders that shall have withdrawn shall reimburse the Company for all
expenses of such registration in proportion to the number of shares each such
withdrawing Holder shall have requested to be registered unless the Holders
withdrew from the requested registration pursuant to the discovery of material
information adverse to the Company or the
registration is delayed or deferred under Section 1.1.3.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              1.2.

            	
              Piggyback
      Registration Rights

            

    

     

    
      	
               
      

            	
              1.2.1.

            	
              Request

            

    

     

    If at any time or times after the
date of this Agreement the Company proposes to file a registration statement
covering any of its securities under the Act (whether to be sold by it or by one
or more selling stockholders), other than pursuant to an offering registered on
Form S-8 or Form S-4, or successor forms relating to board-approved employee
stock plans and business combinations, the Company shall, not less than thirty
(30) days prior to the proposed filing date of the registration form, give
written notice of the proposed registration to all Holders specifying in
reasonable detail the proposed transaction to be covered by the registration
statement, and at the written request of any Holder delivered to the Company
within thirty (30) days after giving such notice, shall include in such
registration and offering, and in any underwriting of such offering, all
Registrable Securities as may have been designated in the Holder’s
request.  The Company shall have no obligation to include shares of
Common Stock owned by any Holder in a registration statement pursuant to this
Section 1.2,
unless and until such Holder (a) in connection with any underwritten offering,
agrees to enter into an underwriting agreement, a custody agreement and power of
attorney and any other customary documents required in an underwritten offering
all in customary form and containing customary provisions and (b) shall have
furnished the Company with all information and statements about or pertaining to
such Holder in such reasonable detail and on such timely basis as is reasonably
deemed by the Company to be legally required with respect to the preparation of
the registration statement.

     

    
      	
               
      

            	
              1.2.2.

            	
              Reduction

            

    

     

    If a registration in which any Holder
has the right or is otherwise permitted to participate pursuant to this Section 1.2 is an
underwritten registration, and the managing underwriters advise the Company in
writing that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability
of the offering, the Company
shall include in such registration (a) first, the shares proposed to be sold by
the Company, (b) second, the shares proposed to be sold by Holders exercising
rights under Section
1.2.1, allocated pro rata among such Holders in proportion to the number
of Registrable Securities owned by them, and (c) third, by any other
stockholders proposing to sell shares of Common Stock pursuant to such
registration.

     

    
      	
               
      

            	
              1.3.

            	
              Registration
      on Form S-3

            

    

     

    Subject to the limitations set forth in
Section 1.1.3,
if at any time the Company is eligible to use Form S-3 (or any successor form)
for secondary sales any Investor may request (by written notice to the Company
stating the number of Registrable Securities proposed to be sold and the
intended method of disposition) that the Company file a registration statement
on Form S-3 (or any successor form) for a public sale of all or any portion of
the Registrable Securities beneficially owned by it, provided that the
reasonably anticipated aggregate price to the public of such Registrable
Securities shall be at least $1 million.  At the written request of
the Investor requesting such registration, such registration shall be for a
delayed or continuous offering under Rule 415 under the Act.  Upon
receiving such request, the Company shall use its commercially reasonable
efforts to promptly file a registration statement on Form S-3 (or any successor
form) to register under the Act for public sale in accordance with the method of
disposition specified in such request, the number of shares of Registrable
Securities specified in such request and shall otherwise carry out the actions
specified in Sections
1.1.2 and 1.4.  There
shall be no limitation on the number of registrations on Form S-3 that may be
requested and obtained under this Section
1.3.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              1.4.

            	
              Registration
      Procedures

            

    

     

    Whenever any Holder has requested
that any Registrable Securities be
registered pursuant to Section 1.1, 1.2 or 1.3 hereof, the
Company shall, as expeditiously as reasonably possible, use its commercially
reasonable efforts to:

     

    (a)             prepare
and file with the SEC a registration statement with respect to such shares and
use its commercially reasonable efforts to cause such registration statement to
become effective as soon as reasonably practicable thereafter (provided that
before filing a registration statement or prospectus or any amendments or
supplements thereto, the Company shall furnish counsel for such Holder with
copies of all such documents proposed to be filed);

     

    (b)             prepare
and file with the SEC such amendments and supplements to such registration
statement and prospectus used in connection therewith as may be necessary to
keep such registration statement effective for a period of not less than ninety
(90) days (two (2) years in the case of a registration pursuant to Section 1.3 hereof),
or until such earlier time as Holder has completed the distribution described in
such registration statement, whichever occurs first;

     

    (c)             furnish
to such Holder such number of copies of such registration statement, each
amendment and supplement thereto, the prospectus included in such registration
statement (including each preliminary prospectus), and such other documents as
such Holder may reasonably request;

     

    (d)             register
or qualify such shares under such other securities or blue sky laws of such
jurisdictions as such Holder reasonably requests (and to maintain such
registrations and qualifications effective for the applicable period of time set
forth in Section
1.4(b) hereof, and to do any and all other acts and things which may be
necessary or advisable to enable such Holder to consummate the disposition in
such jurisdictions of such shares (provided that the Company will not be
required to (i) qualify generally to do business in any jurisdiction where it
would not be required but for this subsection (d), (ii) subject itself to
taxation in any such jurisdiction, or (iii) file any general consent to service
of process in any such jurisdiction); provided that,
notwithstanding anything to the contrary in this Agreement with respect to the
bearing of expenses, if any such jurisdiction shall require that expenses
incurred in connection with the qualification of such shares in that
jurisdiction be borne in part or full by such Holder, then such Holder shall pay
such expenses to the extent required by such jurisdiction;

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (e)             notify
such Holder, at any time when a prospectus relating thereto is required to be
delivered under the Act within the period that the Company is required to keep
the registration statement effective, of the happening of any event as a result
of which the prospectus included in any such registration statement contains an
untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading, and promptly prepare, file and furnish to the
Holder a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such shares, such prospectus will not contain an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or, in light of the circumstances then existing, necessary to
make the statements therein not misleading;

     

    (f)             cause
all such securities to be listed on
securities exchanges, if any, on which similar securities issued by the Company
are then listed (or if not then listed, on such exchanges as the Company shall
determine to be in its best interests);

     

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

     

    (h)             make
available for inspection by any underwriter participating in any distribution
pursuant to such registration statement, and by any attorney, accountant or
other agent retained by such Holder or by any such underwriter, all financial
and other records, pertinent corporate documents, and properties (other than
confidential intellectual property) of the Company; and

     

    (i)             in
connection with an underwritten offering pursuant to a registration statement
filed pursuant to Section 1.1, enter
into an underwriting agreement in customary form and containing reasonable
customary provisions, including provisions for indemnification of underwriters
and contribution, if so requested by any underwriter.

     

    
      	
               
      

            	
              1.5.

            	
              Holdback
      Agreement

            

    

     

    (a)             Notwithstanding
anything in this Agreement to the contrary, if after any registration statement
to which the rights hereunder apply becomes effective (and prior to completion
of any sales thereunder), the Board of Directors determines in good faith that
the failure of the Company to (i) suspend sales of stock under the registration
statement or (ii) amend or supplement the registration statement, would have a
material adverse effect on the Company, the Company shall so notify each Holder
participating in such registration and each Holder shall suspend any further
sales under such registration statement until the Company advises the Holder
that the registration statement has been amended or that conditions no longer
exist which would require such suspension; provided that the
Company may impose any such suspension for no more than thirty (30) days and no
more than two (2) times during any twelve (12) month period.

     

    (b)             In
the event that the Company effects a registration of any securities under the
Act for its IPO or a subsequent public offering of securities, each Holder of the Company’s outstanding Equity Securities
agrees not to effect any sale, transfer, disposition or distribution, including
any sale pursuant to Rule 144 under the Act, of any Equity Securities (except as
part of such offering) during the 180-day period in the case of the IPO, and the 90-day period in
subsequent public offerings, commencing with the effective date of the
registration statement for the offering; provided that all
holders of five percent (5%) or more of the Company’s outstanding Equity
Securities, and officers and directors of the Company, to the extent that they
hold Equity Securities and have been requested by the managing underwriter to do
so, enter into similar agreements providing for similar restrictions on
sales.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              1.6.

            	
              Registration
      Expenses

            

    

     

    
      	
               
      

            	
              1.6.1.

            	
              Holder
      Expenses

            

    

     

    If, pursuant to Section 1.1, 1.2 or 1.3 hereof,
Registrable Securities are included in a registration statement, then the Holder
thereof shall pay all transfer taxes, if any, relating to the sale of its
shares, and any underwriting discounts or commissions or the equivalent thereof
applicable to the sale of its shares.

     

    
      	
               
      

            	
              1.6.2.

            	
              Company
      Expenses

            

    

     

    Except for the fees and expenses
specified in Section
1.6.1, the Company shall pay all expenses incident to the registration of
shares by the Company and any Holders pursuant to Sections 1.1, 1.2 or 1.3 hereof, and to
the Company’s performance of or compliance with this Agreement, including,
without limitation, all registration and filing fees, fees and expenses of
compliance with securities or blue sky laws, underwriting discounts, fees and
expenses (other than any Holder’s portion of any underwriting discounts or
commissions or the equivalent thereof), printing expenses, messenger and
delivery expenses, and reasonable fees and expenses of counsel for the Company
and all independent certified public accountants and other persons retained by
the Company.

     

    
      	
               
      

            	
              1.6.3.

            	
              Indemnity
      and Contribution

            

    

     

    (a)             In
the event that any shares owned by a Holder are proposed to be offered by means
of a registration statement pursuant to Section 1.1, 1.2 or 1.3, to the extent
permitted by law, the Company shall indemnify and hold harmless such Holder, any
underwriter participating in such offering, each officer, partner, manager and
director of such person, each person, if any, who controls or may control such
Holder or underwriter within the meaning of the Act and each representative of
any Holder serving on the Board of Directors of the Company (such Holder or
underwriter, its officers, partners, managers directors and representatives, and
any such other persons being hereinafter referred to individually as an “Indemnified Person”
and collectively as “Indemnified Persons”)
from and against all demands, claims, actions or causes of action, assessments,
losses, damages, liabilities, reasonable costs and expenses, including, without
limitation, interest, penalties, and reasonable attorneys’ fees and
disbursements, asserted against, resulting to, imposed upon or incurred by such
Indemnified Person, directly or indirectly (hereinafter referred to in this
Section 1.6.3
in the singular as a “claim” and in the
plural as “claims”), based upon,
arising out of or resulting from any breach of representation or warranty made
by the Company in the underwriting agreement relating to such offering or any
untrue statement of a material fact contained in the registration statement or
any omission to state therein a material fact necessary to make the statements
made therein, in the light of the circumstances under which they were made, not
misleading, except insofar as such claim is based upon, arises out of or results
from information furnished to the Company in writing by such Indemnified Person
for use in connection with the registration statement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (b)             Promptly
after receiving notice of any claim in respect of which an Indemnified Person
may seek indemnification under this Section 1.6.3, such
Indemnified Person shall submit written notice thereof to the Company (sometimes
being hereinafter referred to as an “Indemnifying
Person”).  The omission of the Indemnified Person so to notify
the Indemnifying Person of any such claim shall not relieve the Indemnifying
Person from any liability it may have hereunder except to the extent that (a)
such liability was caused or increased by such omission, or (b) the ability of
the Indemnifying Person to reduce such liability was materially adversely
affected by such omission.  In addition, the omission of the
Indemnified Person so to notify the Indemnifying Person of any such claim shall
not relieve the Indemnifying Person from any liability it may have otherwise
than hereunder.  The Indemnifying Person shall have the right to
undertake, by counsel or representatives of its own choosing, the defense,
compromise or settlement (without admitting liability of the Indemnified Person)
of any such claim asserted, such defense, compromise or settlement to be
undertaken at the expense of the Indemnifying Person, and the Indemnified Person
shall have the right to engage separate counsel, at its own expense, whom
counsel for the Indemnifying Person shall keep informed and consult with in a
reasonable manner.  In the event the Indemnifying Person shall elect
not to undertake such defense by its own representatives, the Indemnifying
Person shall give prompt written notice of such election to the Indemnified
Person, and the Indemnified Person shall undertake the defense, compromise or
settlement (without admitting liability of the Indemnified Person) thereof on
behalf of and for the account of the Indemnifying Person by counsel or other
representatives designated by the Indemnified Person.  Notwithstanding
the foregoing, no Indemnifying Person shall be obligated hereunder with respect
to amounts paid in settlement of any claim if such settlement is effected
without the consent of such Indemnifying Person (such consent not to be
unreasonably withheld or
delayed).

     

    
      	 	
              1.7.

            	
              Grant
      and Transfer of Registration Rights

            

    

     

    Except for registration rights granted
by the Company which are subordinate to the rights of the Holders hereunder, the
Company shall not grant any registration rights to any other person or entity
without the prior written consent of Holders of a majority of the Registrable
Securities held by all Holders.  Investors shall have the right to
transfer or assign the rights contained in this Agreement (i) to any limited
partner or affiliate of a Investor in connection with the transfer of any
Registrable Securities or (ii) to any third party transferee acquiring at least
five percent 5%) of the Registrable Securities; provided that (a)
such transfer is permitted by the terms of any shareholder agreement then in
effect, (b) the Company is, within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are
being assigned, (c) such transferee or assignee agrees in writing to be bound by
and subject to the terms and conditions of this Agreement and (d) following the consummation of the IPO, such assignment shall be
effective only if immediately following such transfer the further disposition of
such securities by the transferee or assignee is restricted under the
Act.

     

    
      	 	
              1.8.

            	
              Information
      from Holder

            

    

     

    It shall be a condition precedent to
the obligations of the Company to take any action pursuant to this Section 1 with
respect to the Registrable Securities of any selling Holder that such Holder
shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities
as shall be reasonably required to effect the registration of
such Holder’s Registrable Securities.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	 	
              1.9.

            	
              Rule
      144 Requirements

            

    

     

    After the date of the IPO, the Company
shall use its commercially reasonable efforts to make publicly available, and
available to the Holders, such information as is necessary to enable the Holders
to make sales of Registrable Securities pursuant to Rule 144 of the Act, to the
extent applicable.  The Company shall furnish to any Holder, upon
request, a written statement executed by the Company as to the steps it has
taken to comply with the current public information requirements of Rule
144.

     

    
      	 	
              1.10.

            	
              Changes
      in Equity Securities

            

    

     

    If, and as often as, there is any
change in the Common Stock by way of a stock split, stock dividend, combination
or reclassification, of through a merger, consolidation, reorganization or
recapitalization, or by any other means, appropriate adjustment shall be made in
the provisions of this Agreement so that the rights and privileges granted
hereby shall continue with respect to the Common Stock as so
changed.

     

    
      	
              2.

            	
              DEFINITIONS

            

    

     

    The capitalized terms contained in this
Agreement shall have the following meanings unless otherwise specifically
defined:

     

    “Act” shall mean the
Securities Act of 1933, as amended.

     

    “Business Day” shall
mean Monday through Friday and shall exclude any federal or bank holidays
observed in New York City.

     

    “Common Stock” shall
mean up to thirty five million (35,000,000) shares of the Company’s capital
stock issued as common stock of the Company, par value of one tenth of one cent
($0.001) per share.

     

    “Equity Securities”
shall mean the Common Stock and any warrants or other rights to subscribe for or
to purchase, or any options for the purchase of, Common Stock, any stock or
security convertible into or exchangeable for Common Stock or any other stock,
security or interest in the Company whether or not convertible into or
exchangeable for Common Stock.

     

    “Holders” shall mean
the Investors and any other person or entity that is a valid transferee of the
rights granted hereunder pursuant to Section
1.7.

     

    “IPO” shall mean the
initial public offering of the Company’s Equity Securities registered under the
Act.

     

    “Registrable
Securities” shall mean (i) any shares of Common Stock held by the Holders
or hereafter acquired by the Holders (including, without limitation, shares of Common Stock issued upon
exercise of the Warrants issued to the
Investors) and (ii) any equity
securities issued as a distribution with respect to or in exchange for conversion of or exercise of or in replacement
for any of the shares referred to in clause (i).

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              MISCELLANEOUS

            

    

     

    
      	
               
      

            	
              3.1.

            	
              Entire
      Agreement; Amendment

            

    

     

    This Agreement constitutes the entire
agreement among the parties hereto with respect to the matters provided for
herein, and it supersedes all prior oral or written agreements, commitments or
understandings with respect to the matters provided for herein. This Agreement
may not be amended without the written consent of the Company and the Holders
of a majority of
the Registrable Securities held by all Holders.

     

    
      	
               
      

            	
              3.2.

            	
              Waiver

            

    

     

    No delay or failure on the part of
any party hereto in exercising any right, power or privilege under this
Agreement or under any other instruments given in connection with or pursuant to
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.

     

    
      	
               
      

            	
              3.3.

            	
              Termination

            

    

     

    This
Agreement shall forthwith become wholly void and of no effect upon the earlier
to occur of the following: (i) as to any Holder, at such time after the closing date of the IPO as all of such
Holder’s Equity Securities are then eligible for sale in a single transaction
under Rule 144, promulgated under the Act, or (ii) seven years from the closing
date of the IPO.

     

    
      	
               
      

            	
              3.4.

            	
              No
      Third Party Beneficiaries

            

    

     

    Except for indemnification rights
provided in Section
1.6.3 or to the extent that the rights hereunder are assigned in
accordance with Section 1.7, it is
the explicit intention of the parties hereto that no person or entity other than
the parties hereto is or shall be entitled to bring any action to enforce any
provision of this Agreement against any of the parties hereto, and the
covenants, undertakings and agreements set forth in this Agreement shall be
solely for the benefit of, and shall be enforceable only by, the parties hereto
or their respective successors, heirs, executors, administrators, legal
representatives and permitted assigns.

     

    
      	
               
      

            	
              3.5.

            	
              Binding
      Effect

            

    

     

    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
permitted assigns.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              3.6.

            	
              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
Maryland (excluding the choice of law rules thereof).

     

    
      	
               
      

            	
              3.7.

            	
              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 service or mailed by
first-class, registered or certified mail, return receipt requested, postage
prepaid, addressed as follows:

     

    
      	 	
              (i)

            	
              If
      to the Company:

            

    

     

    135 National Business Parkway, Suite
101

    Annapolis Junction, MD
20701

    Facsimile:
301-575-1047

    Attention:  Leonard
E. Moodispaw, CEO

     

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

     

    Hogan
& Hartson L.L.P.

    111 South
Calvert Street, Suite 1600

    Baltimore,
Maryland  21202

    Facsimile:
(410) 539-6981

    Attention:
A. Lynne Puckett

     

    
      	
               
      

            	
              (ii)

            	
              If
      to any Investor, such Investor’s address as appearing on the records of
      the Company.

            

    

     

    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 which shall be
hand-delivered or mailed 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.

     

    
      	
               
      

            	
              3.8.

            	
              Execution
      in Counterparts

            

    

     

    To facilitate execution, this
Agreement may be executed in as many counterparts as may be required; and 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.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    [remainder
of page intentionally left blank]

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    IN
WITNESS WHEREOF, the undersigned have duly executed this Registration Rights
Agreement, or have caused this Registration Rights Agreement to be duly executed
on their behalf, as of the day and year first set forth above.

     

    
      
        
          	
                  THE
      COMPANY:

                
	 
	
                  THE
      KEYW CORPORATION

                
	 
      
	
                  By:

                	
                  /s/ Leonard E. Moodispaw

                
	
                  Name:
      Leonard E. Moodispaw

                
	
                  Title:
      Chief Executive
Officer

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
        
          	
                  EXISTING
      INVESTORS:

                

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      CORPORATE
      OFFICE PROPERTIES, L.P.

                                    
	 
	By:	 	Corporate
      Office Properties Trust, its general partner
	 	 	 
	
                                      By:

                                    	 	
                                      /s/
      Randall M. Griffin

                                    
	 
      	 	
                                      Name:

                                    	
                                      Randall
      M. Griffin

                                    
	 
      	 	
                                      Title:

                                    	
                                      President
      and Chief Executive Officer

                                    
	 
      	 	 
      	 
      
	
                                      GEF
      CAPITAL COMPANY HOLDINGS, LLC

                                    
	 
      	 	 
      	 
      
	
                                      By:

                                    	 	
                                      /s/
      H. Jeffrey Leonard

                                    
	 
      	 	
                                      Name:

                                    	 
      
	 
      	 	
                                      Title:

                                    	 
      
	 
      
	
                                      THE
      HANNON FAMILY, LLC

                                    
	 
      
	
                                      By:

                                    	 	
                                      /s/
      Glenn Allen Hannon

                                    
	 
      	 	
                                      Name:

                                    	
                                      Glenn
      Allen Hannon

                                    
	 
      	 	
                                      Title:

                                    	
                                      Director

                                    
	 
      
	
                                      THUNDERCLAP
      HOLDINGS, LLC

                                    
	 
      
	
                                      By:

                                    	 	
                                      /s/
      H. Jeffrey Leonard

                                    
	 
      	 	
                                      Name:

                                    	
                                        

                                    
	 
      	 	
                                      Title:

                                    	
                                        

                                    
	 
      
	
                                      /s/
      Frank Derwin

                                    
	
                                      Frank
      Derwin

                                    
	 
      
	
                                      /s/
      Frederick Funk

                                    
	
                                      Frederick
      Funk

                                    
	 
      
	
                                      /s/
      Leonard E. Moodispaw

                                    
	
                                      Leonard
      E. Moodispaw

                                    
	 
      
	
                                      /s/
      Caroline Pisano

                                    
	
                                      Caroline
      Pisano

                                    

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    [signatures
continue on the following page]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    	
                            NEW
      INVESTORS:

                          
	 
      
	
                            VEDANTA
      OPPORTUNITIES FUND, L.P.

                          
	 
	
                             By:  Vedanta
      Associates, LP, its general partner

                          
	 
	
                             By:  Vedanta
      Partners, LLC, its general partner

                          
	 
      	 
      	 
      
	
                            By:

                          	
                            /s/ Parag Saxena

                          
	 
      	
                            Name:

                          	
                            Parag Saxena

                          
	 
      	
                            Title:

                          	
                            Managing Partner

                          
	 
      	 
      	 
      
	
                             ALPHA
      TECHNOLOGY LTD.

                          
	 
	
                             By:

                          	
                              

                          
	 	 
	
                             By:

                          	
                              

                          
	 
      	 
      	 
      
	
                            By:

                          	
                            /s/ Chandroo Kewalramani

                          
	 
      	
                            Name:

                          	
                            Chandroo Kewalramani

                          
	 
      	
                            Title:

                          	
                            Director

                          
	 
      	 
      	 
      
	
                            JOHN
      G. HANNON REVOCABLE TRUST U/A

                            DATED
      MARCH 9, 2004

                          
	 
      
	
                            /s/ John G. Hannon

                          
	
                            John
      Hannon

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    JOINDER
AGREEMENT

    

    The
undersigned hereby join the Amended and Restated Stockholders’ Agreement, dated
as of May 29, 2009 (the “Stockholders’
Agreement”), by and among The KEYW Corporation, a Maryland corporation
(the “Company”), and
certain stockholders of the Company which Stockholders’ Agreement has been
assigned to and assumed by The KEYW Holding Corporation, a Maryland corporation
(“HoldCo”), in
connection with a reorganization effected on December 29, 2009.  The
undersigned acknowledge and agree that the undersigned shall be deemed
Stockholders under the Stockholders’ Agreement, subject to the terms and
conditions of the Stockholders’ Agreement.

     

    The
undersigned hereby join the Amended and Restated Registration Rights Agreement,
dated as of May 29, 2009 (the “Registration Rights
Agreement”), by and among the Company and certain investors of the
Company which Registration Rights Agreement has been assigned to and assumed by
HoldCo in connection with a reorganization effected on December 29,
2009.  The undersigned acknowledge and agree that the undersigned
shall be deemed Investors under the Registration Rights Agreement, subject to
the terms and conditions of the Registration Rights Agreement.

     

    The
parties hereto hereby acknowledge and agree that this Joinder Agreement shall
not be effective unless and until shares of HoldCo common stock are issued to
the undersigned and/or their affiliates.

    

    
      
        	
                STOCKHOLDERS/INVESTORS:

              
	 
      
	
                /s/ Kevin B. Wilshere

              
	
                Kevin
      B. Wilshere

              
	 
      
	
                /s/ D. Patrick Curry

              
	
                D.
      Patrick Curry

              

      

    

     

    ACCEPTED
AND AGREED:

    

    THE
KEYW HOLDING CORPORATION

    

    
      
        
          	
                  By:

                	
                  /s/ John E. Krobath

                
	 
      	
                  Name:
      John E. Krobath

                
	 
      	
                  Title:
        Chief Financial Officer

                
	 
      	
                  Date:

                	
                  February 22,
2010

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    JOINDER
AGREEMENT

    

    The
undersigned hereby joins the Amended and Restated Stockholders’ Agreement, dated
as of May 29, 2009 (the “Stockholders’
Agreement”), by and among The KEYW Corporation, a Maryland corporation
(the “Company”), and
certain stockholders of the Company which Stockholders’ Agreement has been
assigned to and assumed by The KEYW Holding Corporation, a Maryland corporation
(“HoldCo”), in
connection with a reorganization effected on December 29, 2009.  The
undersigned acknowledges and agrees that the undersigned shall be deemed a
Stockholder under the Stockholders’ Agreement, subject to the terms and
conditions of the Stockholders’ Agreement.

     

    The
undersigned hereby joins the Amended and Restated Registration Rights Agreement,
dated as of May 29, 2009 (the “Registration Rights
Agreement”), by and among the Company and certain investors of the
Company which Registration Rights Agreement has been assigned to and assumed by
HoldCo in connection with a reorganization effected on December 29,
2009.  The undersigned acknowledges and agrees that the undersigned
shall be deemed an Investor under the Registration Rights Agreement, subject to
the terms and conditions of the Registration Rights Agreement.

    

    
      
        	
                STOCKHOLDER/INVESTOR:

              
	 
      
	
                /s/ Kevin Coby

              
	
                Kevin
      Coby

              

      

    

    

    ACCEPTED
AND AGREED:

    

    THE
KEYW HOLDING CORPORATION

    

    
      
        	
                By:

              	
                    /s/ Leonard E.
      Moodispaw

              
	 
      	
                Name:
      Leonard E. Moodispaw

              
	 
      	
                Title:   Chief
      Executive Officer

              
	 
      	
                Date:

              	
                March 15,
2010

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