Document:

Master Security Agreement

 Exhibit 10.2 
  
 DYNAMIC HEALTH PRODUCTS, INC. AND CERTAIN OF ITS SUBSIDIARIES 
 MASTER SECURITY AGREEMENT 
  

	To:	Laurus Master Fund, Ltd. 

 c/o M&C Corporate Services
Ltd. 
 P.O. Box 309GT 
 Ugland
House 
 South Church Street 
 George Town 
 Grand Cayman, Cayman Islands 
  
 Date: September 30, 2004 
  
 To Whom It May Concern: 
  
 1. To
secure the payment of all Obligations (as hereafter defined), Dynamic Health Products, Inc., a Florida corporation (the “Company”), each of the other undersigned parties (other than Laurus Master Fund, Ltd, “Laurus”)) and each
other entity that is required to enter into this Master Security Agreement (each an “Assignor” and, collectively, the “Assignors”) hereby assigns and grants to Laurus a continuing security interest in all of the following
property now owned or at any time hereafter acquired by any Assignor, or in which any Assignor now have or at any time in the future may acquire any right, title or interest (the “Collateral”): all cash, cash equivalents, accounts,
accounts receivable, deposit accounts (including, without limitation, the Lockbox Deposit Accounts (as defined below)), inventory, equipment, goods, documents, instruments (including, without limitation, promissory notes), contract rights, general
intangibles (including, without limitation, payment intangibles and an absolute right to license on terms no less favorable than those current in effect among our affiliates), chattel paper, supporting obligations, investment property (including,
without limitation, all equity interests owned by any Assignor), letter-of-credit rights, trademarks, trademark applications, tradestyles, patents, patent applications, copyrights, copyright applications and other intellectual property in which any
Assignor now have or hereafter may acquire any right, title or interest, all proceeds and products thereof (including, without limitation, proceeds of insurance) and all additions, accessions and substitutions thereto or therefore. In the event any
Assignor wishes to finance the acquisition in the ordinary course of business of any hereafter acquired equipment and have obtained a commitment from a financing source to finance such equipment from an unrelated third party, Laurus agrees to
release its security interest on such hereafter acquired equipment so financed by such third party financing source. Except as otherwise defined herein, all capitalized terms used herein shall have the meaning provided such terms in the Securities
Purchase Agreement referred to below. 
  
 2. The term
“Obligations” as used herein shall mean and include all debts, liabilities and obligations owing by each Assignor to Laurus arising under, out of, or in connection with: (i) that certain Securities Purchase Agreement dated as of the date
hereof by and between the Company and Laurus (the “Securities Purchase Agreement”) and (ii) the Related Agreements 

 referred to in the Securities Purchase Agreement, as each may be amended, modified, restated or supplemented from time to
time (collectively referred to herein as the “Documents”), and in connection with any documents, instruments or agreements relating to or executed in connection with the Documents or any documents, instruments or agreements referred to
therein or otherwise, and in connection with any other indebtedness, obligations or liabilities of any Assignor to Laurus, whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated, absolute or contingent, due or not
due and whether under, pursuant to or evidenced by a note, agreement, guaranty, instrument or otherwise, in each case, irrespective of the genuineness, validity, regularity or enforceability of such Obligations, or of any instrument evidencing any
of the Obligations or of any collateral therefor or of the existence or extent of such collateral, and irrespective of the allowability, allowance or disallowance of any or all of the Obligations in any case commenced by or against any Assignor
under Title 11, United States Code, including, without limitation, obligations or indebtedness of each Assignor for post-petition interest, fees, costs and charges that would have accrued or been added to the Obligations but for the commencement of
such case. 
  
 3. Each Assignor hereby jointly and severally represents, warrants
and covenants to Laurus that: 
  

	 	(a)	it is a corporation, partnership or limited liability company, as the case may be, validly existing, in good standing and organized under the respective laws of its jurisdiction of
organization set forth on Schedule A, and each Assignor will provide Laurus thirty (30) days’ prior written notice of any change in any of its respective jurisdiction of organization; 

  

	 	(b)	its legal name is as set forth in its respective Articles of Incorporation or other organizational document (as applicable) as amended through the date hereof and as set forth on
Schedule A, and it will provide Laurus thirty (30) days’ prior written notice of any change in its legal name; 

  

	 	(c)	its organizational identification number (if applicable) is as set forth on Schedule A hereto, and it will provide Laurus thirty (30) days’ prior written notice of any change
in any of its organizational identification number; 

  

	 	(d)	it is the lawful owner of the respective Collateral and it has the sole right to grant a security interest therein and will defend the Collateral against all claims and demands of
all persons and entities; 

  

	 	(e)	it will keep its respective Collateral free and clear of all attachments, levies, taxes, liens, security interests and encumbrances of every kind and nature
(“Encumbrances”), except (i) Encumbrances securing the Obligations and (ii) to the extent said Encumbrance does not secure indebtedness in excess of $50,000 and such Encumbrance is removed or otherwise released within ten (10) days of the
creation thereof; 

  

	 	(f)	it will, at its and the other Assignors joint and several cost and expense keep the Collateral in good state of repair (ordinary wear and tear excepted) and will not

  

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 waste or destroy the same or any part thereof other than ordinary course discarding of items no longer
used or useful in its or such other Assignors’ business; 
  

	 	(g)	it will not without Laurus’ prior written consent, sell, exchange, lease or otherwise dispose of the Collateral, whether by sale, lease or otherwise, except for the sale of
inventory in the ordinary course of business and for the disposition or transfer in the ordinary course of business during any fiscal year of obsolete and worn-out equipment or equipment no longer necessary for its ongoing needs, having an aggregate
fair market value of not more than $25,000 and only to the extent that: 

  
 (i) the proceeds of any such disposition of equipment are used to acquire replacement Collateral which is subject to Laurus’ first
priority perfected security interest, or are used to repay Obligations or to pay general corporate expenses; and 
  
 (ii) following the occurrence of an Event of Default which continues to exist the proceeds of which are remitted to Laurus to be held as
cash collateral for the Obligations; 
  

	 	(h)	it will insure or cause the Collateral to be insured in Laurus’ name against loss or damage by fire, theft, burglary, pilferage, loss in transit and such other hazards as
Laurus shall specify in amounts and under policies by insurers acceptable to Laurus and all premiums thereon shall be paid by such Assignor and the policies delivered to Laurus. If any such Assignor fails to do so, Laurus may procure such insurance
and the cost thereof shall be promptly reimbursed by the Assignors, jointly and severally, and shall constitute Obligations; 

  

	 	(i)	it will at all reasonable times allow Laurus or Laurus’ representatives free access to and the right of inspection of the Collateral; 

  

	 	(j)	such Assignor (jointly and severally with each other Assignor) hereby indemnifies and saves Laurus harmless from all loss, costs, damage, liability and/or expense, including
reasonable attorneys’ fees, that Laurus may sustain or incur to enforce payment, performance or fulfillment of any of the Obligations and/or in the enforcement of this Master Security Agreement or in the prosecution or defense of any action or
proceeding either against Laurus or any Assignor concerning any matter growing out of or in connection with this Master Security Agreement, and/or any of the Obligations and/or any of the Collateral except to the extent caused by Laurus’ own
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and nonappealable decision); and 

  

	 	(k)	On or prior to the 30th day following the date
of the consummation by the Company of the acquisition of Bob O’Leary Health Food Distributor Co., Inc., a Pennsylvania corporation (“BOSS”), BOSS will (x) irrevocably direct all of its present and future BOSS Account Debtors (as
defined below) and other persons obligated to 

  

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 make payments constituting Collateral owned by BOSS to make such payments directly to the lockboxes
maintained by BOSS (the “Lockboxes”) with [Wachovia Bank, N.A.], with its principal place of business at [Insert Address] or such other financial institution accepted by Laurus in writing as may be selected by BOSS (the “Lockbox
Bank”) (each such direction pursuant to this clause (x), a “Direction Notice”) and (y) provide Laurus with copies of each Direction Notice, each of which shall be agreed to and acknowledged by the respective BOSS Account Debtor. Upon
receipt of such payments, the Lockbox Bank has agreed to deposit the proceeds of such payments in a deposit account maintained at the Lockbox Bank and accepted by Laurus in writing (collectively, the “Lockbox Deposit Accounts”). On or
prior to the Closing Date, BOSS shall and shall cause the Lockbox Bank to enter into all such documentation acceptable to Laurus pursuant to which, among other things, the Lockbox Bank agrees to, following notification by Laurus (which notification
Laurus shall only give following the occurrence and during the continuance of an Event of Default), comply only with the instructions or other directions of Laurus concerning the Lockboxes and the Lockbox Deposit Account. All of BOSS’s
invoices, account statements and other written or oral communications directing, instructing, demanding or requesting payment of any BOSS Account (as defined below) of any BOSS or any other amount constituting Collateral of BOSS shall conspicuously
direct that all payments be made to the Lockbox or such other address as Laurus may direct in writing. If, notwithstanding the instructions to BOSS Account Debtors, any Assignor receives any payments referred to in this Section 3(k), such Assignor
shall immediately remit such payments to the Lockbox Deposit Account in their original form with all necessary endorsements. Until so remitted, such Assignor shall hold all such payments in trust for and as the property of Laurus and shall not
commingle such payments with any of its other funds or property. For the purpose of this Master Security Agreement, (x) “BOSS Accounts” shall mean all “accounts”, as such term is defined in the Uniform Commercial Code as in
effect in the State of New York on the date hereof, now owned or hereafter acquired by BOSS (or any other Assignor for the benefit of BOSS) and (y) “BOSS Account Debtor” shall mean any person or entity who is or may be obligated with
respect to, or on account of, a BOSS Account. 
  
 4. The
occurrence of any of the following events or conditions shall constitute an “Event of Default” under this Master Security Agreement: 
  

	 	(a)	any covenant, warranty, representation or statement made or furnished to Laurus by the Assignor or on the Assignor’s behalf was breached in any material respect or false in any
material respect when made or furnished, as the case may be, and, in the case of a covenant, if subject to cure, shall not be cured for a period of fifteen (15) days; 

  

	 	(b)	the loss, theft, substantial damage, destruction, sale or encumbrance to or of any material portion of the Collateral or the making of any levy, seizure or attachment thereof or
thereon except to the extent: 

  
 (i) such loss is covered by insurance proceeds which are used to replace the item or repay Laurus; or 
  

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 (ii) said levy, seizure or attachment does not secure indebtedness in excess of $100,000
and such levy, seizure or attachment has not been removed or otherwise released within ten (10) days of the creation or the assertion thereof; 
  

	 	(c)	any Assignor shall become insolvent, cease operations, dissolve, terminate our business existence, make an assignment for the benefit of creditors, suffer the appointment of a
receiver, trustee, liquidator or custodian of all or any part of Assignors’ property; 

  

	 	(d)	any proceedings under any bankruptcy or insolvency law shall be commenced by any Assignor, or any proceedings under any bankruptcy law or insolvency law shall be commenced against
any Assignor, and such proceedings are not dismissed within sixty (60) days after the date commenced; 

  

	 	(e)	the Company shall repudiate, purport to revoke or fail to perform any or all of its obligations under any Note (after passage of applicable cure period, if any); or

  

	 	(f)	an Event of Default shall have occurred under and as defined in any Document and any applicable cure period shall have elapsed without such Event of Default having been cured.

  
 5. Upon the occurrence of any Event of Default
and at any time thereafter, Laurus may declare all Obligations immediately due and payable and Laurus shall have the remedies of a secured party provided in the Uniform Commercial Code as in effect in the State of New York, this Agreement and other
applicable law. Upon the occurrence of any Event of Default and at any time thereafter, Laurus will have the right to take possession of the Collateral and to maintain such possession on our premises or to remove the Collateral or any part thereof
to such other premises as Laurus may desire. Upon Laurus’ request, each of the Assignors shall assemble or cause the Collateral to be assembled and make it available to Laurus at a place designated by Laurus. If any notification of intended
disposition of any Collateral is required by law, such notification, if mailed, shall be deemed properly and reasonably given if mailed at least ten (10) days before such disposition, postage prepaid, addressed to any Assignor either at such
Assignor’s address shown herein or at any address appearing on Laurus’ records for such Assignor. Any proceeds of any disposition of any of the Collateral shall be applied by Laurus to the payment of all expenses in connection with the
sale of the Collateral, including reasonable attorneys’ fees and other legal expenses and disbursements and the reasonable expense of retaking, holding, preparing for sale, selling, and the like, and any balance of such proceeds may be applied
by Laurus toward the payment of the Obligations in such order of application as Laurus may elect, and each Assignor shall be liable for any deficiency. For the avoidance of doubt, following the occurrence and during the continuance of an Event of
Default, Laurus shall have the immediate right to withdraw any and all monies contained in the Lockbox Deposit Accounts or any other deposit accounts in the name of the Assignor and controlled by Laurus and apply same to the repayment of the
Obligations (in such order of application as Laurus may elect). 
  
 6. If any Assignor defaults in the performance or fulfillment of any of the terms, conditions, promises, covenants, provisions or warranties on such Assignor’s part to be 
  

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 performed or fulfilled under or pursuant to this Master Security Agreement, Laurus may, at its option without waiving its
right to enforce this Master Security Agreement according to its terms, immediately or at any time thereafter and without notice to any Assignor, perform or fulfill the same or cause the performance or fulfillment of the same for each
Assignor’s joint and several account and at each Assignor’s joint and several cost and expense, and the cost and expense thereof (including reasonable attorneys’ fees) shall be added to the Obligations and shall be payable on demand
with interest thereon at the default rate set forth in Section 4.11 under the Note made by the Company to the Holder, or, at Laurus’ option, debited by Laurus from the Lockbox Deposit Accounts or any other deposit accounts in the name of the
Assignor and controlled by Laurus. 
  
 7. Each Assignor appoints
Laurus, any of Laurus’ officers, employees or any other person or entity whom Laurus may designate as our attorney, with power to execute such documents in each of our behalf and to supply any omitted information and correct patent errors in
any documents executed by any Assignor or on any Assignor’s behalf; to file financing statements against us covering the Collateral (and, in connection with the filing of any such financing statements, describe the Collateral as “all
assets and all personal property, whether now owned and/or hereafter acquired” (or any substantially similar variation thereof)); to sign our name on public records; and to do all other things Laurus deem necessary to carry out this Master
Security Agreement. Each Assignor hereby ratifies and approves all acts of the attorney and neither Laurus nor the attorney will be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law other than
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision). This power being coupled with an interest, is irrevocable so long as any Obligations remains unpaid. 
  
 8. No delay or failure on Laurus’ part in exercising any right,
privilege or option hereunder shall operate as a waiver of such or of any other right, privilege, remedy or option, and no waiver whatever shall be valid unless in writing, signed by Laurus and then only to the extent therein set forth, and no
waiver by Laurus of any default shall operate as a waiver of any other default or of the same default on a future occasion. Laurus’ books and records containing entries with respect to the Obligations shall be admissible in evidence in any
action or proceeding, shall be binding upon each Assignor for the purpose of establishing the items therein set forth and shall constitute prima facie proof thereof. Laurus shall have the right to enforce any one or more of the remedies available to
Laurus, successively, alternately or concurrently. Each Assignor agrees to join with Laurus in executing financing statements or other instruments to the extent required by the Uniform Commercial Code in form satisfactory to Laurus and in executing
such other documents or instruments as may be required or deemed necessary by Laurus for purposes of affecting or continuing Laurus’ security interest in the Collateral. 
  
 9. This Master Security Agreement shall be governed by and construed in accordance with the laws of the State of New York
and cannot be terminated orally. All of the rights, remedies, options, privileges and elections given to Laurus hereunder shall inure to the benefit of Laurus’ successors and assigns. The term “Laurus” as herein used shall include
Laurus, any parent of Laurus’, any of Laurus’ subsidiaries and any co-subsidiaries of Laurus’ parent, whether now existing or hereafter created or acquired, and all of the terms, conditions, promises, covenants, provisions and
warranties of this Agreement shall inure to the benefit of each of the foregoing, and shall bind the representatives, successors and assigns of each 
  

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 Assignor. Laurus and each Assignor hereby (a) waive any and all right to trial by jury in litigation relating to this
Agreement and the transactions contemplated hereby and each Assignor agrees not to assert any counterclaim in such litigation, (b) submit to the nonexclusive jurisdiction of any New York State court sitting in the borough of Manhattan, the city of
New York and (c) waive any objection Laurus or each Assignor may have as to the bringing or maintaining of such action with any such court. 
  
 10. It is understood and agreed that any person or entity that desires to become an Assignor hereunder, or is required to execute a counterpart of this
Master Security Agreement after the date hereof pursuant to the requirements of any Document, shall become an Assignor hereunder by (x) executing a Joinder Agreement in form and substance satisfactory to Laurus, (y) delivering supplements to such
exhibits and annexes to such Documents as Laurus shall reasonably request and (z) taking all actions as specified in this Agreement as would have been taken by such Assignor had it been an original party to this Agreement, in each case with all
documents required above to be delivered to Laurus and with all documents and actions required above to be taken to the reasonable satisfaction of Laurus. 
  
 11. All notices from Laurus to any Assignor shall be sufficiently given if mailed or delivered to such Assignor’s address set forth below.

  

			
	 Very truly yours,

	
	 DYNAMIC HEALTH PRODUCTS, INC.

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 6911 Bryan Dairy Road, Suite 210

	 	 	 Largo, FL 33777

	
	 PHARMA LABS RX, INC.

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 SAME AS ABOVE

	
	 HERBAL HEALTH PRODUCTS, INC.

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 6911 Bryan Dairy Road, Suite 210

	 	 	 Largo, FL 33777

  

 7 

			
	 DYNAMIC LIFE PRODUCTS, INC.

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 SAME AS ABOVE

	
	 ONLINE MEDS RX, INC.

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 SAME AS ABOVE

	
	 DYNAMIC FINANCIAL CONSULTANTS, LLC

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 SAME AS ABOVE

	
	 BRYAN CAPITAL LIMITED PARTNERSHIP

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 SAME AS ABOVE

  

 8 

			
	 PHARMA LABS RX, INC.

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 SAME AS ABOVE

	
	 BOB O’LEARY HEALTH FOOD DISTRIBUTOR
 CO, INC. (valid after acquisition closing)

		
	 By:
	 	 /s/ Mandeep K. Taneja

	 Name:
	 	 Mandeep K. Taneja

	 Title:
	 	 CEO

	 Address:
	 	 6911 Bryan Dairy Road, Suite 210
 Largo, FL 33777

	
	 ACKNOWLEDGED:

	
	 LAURUS MASTER FUND, LTD.

		
	 By:
	 	 /s/ David Grin

	 Name:
	 	 David Grin

	 Title
	 	 Partner

  

 9Registration Rights Agreement

 Exhibit 10.3 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 30, 2004, by and between Dynamic Health
Products, Inc., a Florida corporation (the “Company”), and Laurus Master Fund, Ltd. (the “Purchaser”). 
  
 This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, by and between the Purchaser and the Company (as
amended, modified or supplemented from time to time, the “Securities Purchase Agreement”), and pursuant to the Note and the Warrants referred to therein. 
  
 The Company and the Purchaser hereby agree as follows: 
  
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Securities Purchase
Agreement shall have the meanings given such terms in the Securities Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Common Stock” means shares of the Company’s common
stock, par value $0.01 per share. 
  
 “Effectiveness
Date” means (i) with respect to the initial Registration Statement required to be filed hereunder, a date no later than one hundred twenty (120) days following the date hereof and (ii) with respect to each additional Registration Statement
required to be filed hereunder, a date no later than thirty (30) days following the applicable Filing Date. 
  
 “Effectiveness Period” shall have the meaning set forth in Section 2(a). 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute.

  
 “Filing Date” means, with respect to (i) the
initial Registration Statement required to be filed hereunder, a date no later than thirty (30) days following the date hereof and (ii) with respect to shares of Common Stock issuable to the Holder as a result of adjustments to the Fixed Conversion
Price made pursuant to Section 3.4 of the Secured Convertible Term Note or Section 4 of the Warrant or otherwise, thirty (30) days after the occurrence such event or the date of the adjustment of the Fixed Conversion Price. 
  
 “Holder” or “Holders” means the Purchaser
or any of its affiliates or transferees to the extent any of them hold Registrable Securities. 
  
 “Indemnified Party” shall have the meaning set forth in Section 5(c). 
  
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 
  
 “Note” has the meaning set forth in the Securities Purchase Agreement. 

 “Proceeding” means an action, claim, suit, investigation or proceeding (including,
without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
  
 “Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or
deemed to be incorporated by reference in such Prospectus. 
  
 “Registrable Securities” means the shares of Common Stock issued upon the conversion of the Note and issuable upon exercise of the Warrants. 
  
 “Registration Statement” means each registration statement required to be filed hereunder, including the
Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such
registration statement. 
  
 “Rule 144” means Rule
144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Rule 415” means Rule 415 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Rule 424” means Rule 424 promulgated by the Commission
pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, and any successor statute. 
  
 “Securities
Purchase Agreement” means the agreement between the parties hereto calling for the issuance by the Company of $6,000,000 of convertible Note plus Warrants. 
  
 “Trading Market” means any of the NASD OTCBB, NASDAQ SmallCap Market, the Nasdaq National Market, the
American Stock Exchange or the New York Stock Exchange. 
  
 “Warrants” means the Common Stock purchase warrants issued pursuant to the Securities Purchase Agreement. 

 2. Registration. 
  
 (a) On or prior to the Filing Date the Company shall prepare and file with the Commission a Registration
Statement covering the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form SB-2 (except if the Company is not then eligible to register for resale the Registrable
Securities on Form SB-2, in which case such registration shall be on another appropriate form in accordance herewith). The Company shall use its reasonable commercial efforts to cause the Registration Statement to become effective and remain
effective as provided herein. The Company shall use its reasonable commercial efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof. The Company shall use its
reasonable commercial efforts to keep the Registration Statement continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities have been sold or (ii) all Registrable Securities may be
sold immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144(k), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the
Company’s transfer agent and the affected Holders (the “Effectiveness Period”). 
  
 (b) If: (i) the Registration Statement is not filed on or prior to the Filing Date; (ii) the Registration Statement is not declared
effective by the Commission by the Effectiveness Date; (iii) after the Registration Statement is filed with and declared effective by the Commission, either (x) the Registration Statement ceases to be effective (by suspension or otherwise) as to all
Registrable Securities to which it is required to relate at any time prior to the expiration of the Effectiveness Period (without being succeeded immediately by an additional registration statement filed and declared effective) and/or (y) the
Holders are notified by the Company that the most recent Prospectus relating to the Registration Statement includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing (without being succeeded immediately by a revised Prospectus correcting such untrue statement or including such omission, as the case may be), for a period of time (with
respect to each event set forth in this clause (iii)) which shall exceed 30 days in the aggregate per year or more than 20 consecutive calendar days (defined as a period of 365 days commencing on the date the Registration Statement is declared
effective); or (iv) the Common Stock is not listed or quoted, or is suspended from trading on any Trading Market for a period of three (3) consecutive Trading Days (provided the Company shall not have been able to cure such trading suspension within
30 days of the notice thereof or list the Common Stock on another Trading Market); (any such failure or breach being referred to as an “Event,” and for purposes of clause (i) or (ii) the date on which such Event occurs, or for purposes of
clause (iii) the date which such 30 day or 20 consecutive day period (as the case may be) is exceeded, or for purposes of clause (iv) the date on which such three (3) Trading Day period is exceeded, being referred to as “Event Date”), then
until the applicable Event is cured, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal to one percent (1.0%) for each thirty (30) day period (prorated for partial periods) on a daily basis of
the original principal amount of the Note. While such Event continues, such liquidated damages shall be paid not less often than each thirty (30) days. Any unpaid liquidated damages as of the date when an Event has been cured by the Company shall be
paid within three (3) days following the date on which such Event has been cured by the Company. 

 (c) Within three business days of the Effectiveness Date, the Company shall cause its
counsel to issue a blanket opinion in the form attached hereto as Exhibit A, to the transfer agent stating that the shares are subject to an effective registration statement and can be reissued free of restrictive legend upon notice of a sale by the
Purchaser and confirmation by the Purchaser that it has complied with the prospectus delivery requirements, provided that the Company has not advised the transfer agent orally or in writing that the opinion has been withdrawn. Copies of the blanket
opinion required by this Section 2(c) shall be delivered to the Purchaser within the time frame set forth above. 
  
 3. Registration Procedures. If and whenever the Company is required by the provisions hereof to effect the registration of any Registrable
Securities under the Securities Act, the Company will, as expeditiously as possible: 
  
 (a) prepare and file with the Commission the Registration Statement with respect to such Registrable Securities, respond as promptly as
possible to any comments received from the Commission, and use its best efforts to cause the Registration Statement to become and remain effective for the Effectiveness Period with respect thereto, and promptly provide to the Purchaser copies of all
filings and Commission letters of comment relating thereto; 
  
 (b) prepare and file with the Commission such amendments and supplements to the Registration Statement and the Prospectus used in connection therewith as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by the Registration Statement and to keep such Registration Statement effective until the expiration of the Effectiveness Period; 
  
 (c) furnish to the Purchaser such number of copies of the
Registration Statement and the Prospectus included therein (including each preliminary Prospectus) as the Purchaser reasonably may request to facilitate the public sale or disposition of the Registrable Securities covered by the Registration
Statement; 
  
 (d) use its commercially
reasonable efforts to register or qualify the Purchaser’s Registrable Securities covered by the Registration Statement under the securities or “blue sky” laws of such jurisdictions within the United States as the Purchaser may
reasonably request, provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service
of process in any such jurisdiction; 
  
 (e) list
the Registrable Securities covered by the Registration Statement with any securities exchange on which the Common Stock of the Company is then listed; 

 (f) immediately notify the Purchaser at any time when a Prospectus relating thereto is
required to be delivered under the Securities Act, of the happening of any event of which the Company has knowledge as a result of which the Prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and 
  
 (g) make available for inspection by the Purchaser and any attorney, accountant or other agent retained by
the Purchaser, all publicly available, non-confidential financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors and employees to supply all publicly available,
non-confidential information reasonably requested by the attorney, accountant or agent of the Purchaser. 
  
 4. Registration Expenses. All expenses relating to the Company’s compliance with Sections 2 and 3 hereof, including, without limitation, all
registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in connection with complying with state securities
or “blue sky” laws, fees of the NASD, transfer taxes, fees of transfer agents and registrars, fees of, and disbursements incurred by, one counsel for the Holders (to the extent such counsel is required due to Company’s failure to meet
any of its obligations hereunder), are called “Registration Expenses”. All selling commissions applicable to the sale of Registrable Securities, including any fees and disbursements of any special counsel to the Holders beyond those
included in Registration Expenses, are called “Selling Expenses.” The Company shall only be responsible for all Registration Expenses. 
  
 5. Indemnification. 
  
 (a) In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Company will
indemnify and hold harmless the Purchaser, and its officers, directors and each other person, if any, who controls the Purchaser within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which
the Purchaser, or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or
any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the
Purchaser, and each such person for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in
any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by or
on behalf of the 

 Purchaser or any such person in writing specifically for use in any such document; provided further, that
the foregoing indemnity agreement with respect to any Prospectus shall not inure to the benefit of any Holder, or any person controlling such Holder, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in
the offering, to the extent that any such losses, claims, damages or liabilities result from the fact that a current copy of the Prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto)
was not sent or given by such Holder to the person asserting any such loss, claim, damager expense or liability, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the Registrable Securities
concerned to such person, if it is determined that the Company had provided such Prospectus to such Holder within ten (10) business days of a request by such Holder and such Prospectus would have cured the defect giving rise to such loss, claim,
damage, expense, or liability. 
  
 (b) In the
event of a registration of the Registrable Securities under the Securities Act pursuant to this Agreement, each Holder shall indemnify and hold harmless the Company, and its officers, directors and each other person, if any, who controls the Company
within the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to which the Company or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon (a) the failure of the Holder to deliver to the person asserting any such loss, claim, damage, expense or liability a copy of the Prospectus (as then amended or supplemented
if the Company shall have furnished any amendments or supplements thereto) at or prior to the written confirmation of the sale of the Registrable Securities concerned to such person, if required by law so to have been delivered and if the Company
had provided such Prospectus to the Holderwithin ten (10) business days following a written request by the Purchaser and such Prospectus would have cured the defect giving rise to such loss, claim, damage, expense, or liability, and (b) any untrue
statement or alleged untrue statement of any material fact which was furnished in writing by the Holder to the Company expressly for use in (and such information is contained in) the Registration Statement under which such Registrable Securities
were registered under the Securities Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and each such person for any reasonable legal or other expenses incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action, provided, however, that the Holder shall be liable in any such case if and only to the extent that any such loss, claim, damage or liability arises out of or is based
upon (y) the failure of the Holder to deliver to the person asserting any such loss, claim, damage, expense or liability a copy of the Prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) at or prior to the written confirmation of the sale of the Registrable Securities concerned to such person, if required by law so to have been delivered and if the Company had provided such Prospectus to the Holder within ten (10) business
days following a written request therefor and such Prospectus would have cured the defect giving rise to such loss, claim, damage, expense, or 

 liability, or (z) an untrue statement or alleged untrue statement or omission or alleged omission so made
in conformity with information furnished in writing to the Company by or on behalf of the Holder specifically for use in any such document. Notwithstanding the provisions of this paragraph, the Holder shall not be required to indemnify any person or
entity in excess of the amount of the aggregate net proceeds received by the Holder in respect of Registrable Securities in connection with any such registration under the Securities Act. 
  
 (c) Promptly after receipt by a party entitled to claim
indemnification hereunder (an “Indemnified Party”) of notice of the commencement of any action, such Indemnified Party shall, if a claim for indemnification in respect thereof is to be made against a party hereto obligated to indemnify
such Indemnified Party (an “Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the omission so to notify the Indemnifying Party shall not relieve it from any liability which it may have to such Indemnified Party
other than under this Section 5(c) and shall only relieve it from any liability which it may have to such Indemnified Party under this Section 5(c) if and to the extent the Indemnifying Party is prejudiced by such omission. In case any such action
shall be brought against any Indemnified Party and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense
thereof with counsel satisfactory to such Indemnified Party, and, after notice from the Indemnifying Party to such Indemnified Party of its election so to assume and undertake the defense thereof, the Indemnifying Party shall not be liable to such
Indemnified Party under this Section 5(c) for any legal expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; if the Indemnified Party retains its own counsel, then the Indemnified Party shall pay all fees,
costs and expenses of such counsel, provided, however, that, if the defendants in any such action include both the indemnified party and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that there may be reasonable
defenses available to it which are different from or additional to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, the
Indemnified Party shall have the right to select one separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other expenses
related to such participation to be reimbursed by the Indemnifying Party as incurred. 
  
 (d) In order to provide for just and equitable contribution in the event of joint liability under the Securities Act in any case in which
either (i) the Purchaser, or any officer, director or controlling person of the Purchaser, makes a claim for indemnification pursuant to this Section 5 but it is judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 5 provides for indemnification in such case,
or (ii) contribution under the Securities Act may be required on the part of the Purchaser or such officer, director or controlling person of the Purchaser in circumstances for which indemnification is provided under this Section 5; then, and in
each such case, the Company and the Purchaser will contribute to the aggregate losses, claims, damages 

 or liabilities to which they may be subject (after contribution from others) in such proportion so that
the Purchaser is responsible only for the portion represented by the percentage that the public offering price of its securities offered by the Registration Statement bears to the public offering price of all securities offered by such Registration
Statement, provided, however, that, in any such case, (A) the Purchaser will not be required to contribute any amount in excess of the public offering price of all such securities offered by it pursuant to such Registration Statement; and (B) no
person or entity guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 
  
 6. Representations and Warranties. 
  
 (a) The Common Stock of the Company is registered pursuant
to Section 12(b) or 12(g) of the Exchange Act and, except with respect to certain matters which the Company has disclosed to the Purchaser on Schedule 4.21 to the Securities Purchase Agreement, the Company has timely filed all proxy statements,
reports, schedules, forms, statements and other documents required to be filed by it under the Exchange Act. The Company has filed (i) its Annual Report on Form 10-KSB for its fiscal year ended March 31, 2004 and (ii) its Quarterly Report on Form
10-QSB for the fiscal quarters ended June 30, 2004 (collectively, the “SEC Reports”). Each SEC Report was, at the time of its filing, in substantial compliance with the requirements of its respective form and none of the SEC Reports, nor
the financial statements (and the notes thereto) included in the SEC Reports, as of their respective filing dates, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply as to form in all material respects with applicable accounting
requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not
include footnotes or may be condensed) and fairly present in all material respects the financial condition, the results of operations and the cash flows of the Company and its subsidiaries, on a consolidated basis, as of, and for, the periods
presented in each such SEC Report. 
  
 (b) The
Company shall cause the shares of Common Stock issuable upon conversion of the Note and upon the exercise of the Warrant to be eligible for trading on the NASD OTCBB (the “Principal Market”) and shall maintain such eligibility so long as
any other shares of Common Stock shall be quoted on such Principal Market. The Company will maintain the quotation of its Common Stock on the Principal Market (or such other market acceptable to the Purchaser), and will comply in all material
respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the National Association of Securities Dealers (“NASD”) and such exchanges, as applicable. 

 (c) Neither the Company, nor any of its affiliates, nor any person acting on its or their
behalf, has directly or indirectly made any offers or sales of any security or solicited any offers to buy any security under circumstances that would cause the offering of the Securities pursuant to the Securities Purchase Agreement to be
integrated with prior offerings by the Company for purposes of the Securities Act which would prevent the Company from selling the Common Stock pursuant to Rule 506 under the Securities Act, or any applicable exchange-related stockholder approval
provisions, nor will the Company or any of its affiliates or subsidiaries take any action or steps that would cause the offering of the Securities to be integrated with other offerings. 
  
 (d) The Warrants, the Note and the shares of Common Stock which the Purchaser may acquire pursuant to the
Warrants and the Note are all restricted securities under the Securities Act as of the date of this Agreement. The Company will not issue any stop transfer order or other order impeding the sale and delivery of any of the Registrable Securities at
such time as such Registrable Securities are registered for public sale or an exemption from registration is available, except as required by federal or state securities laws. 
  
 (e) The Company understands the nature of the Registrable Securities issuable upon the conversion of the
Note and the exercise of the Warrant and recognizes that the issuance of such Registrable Securities may have a potential dilutive effect. The Company specifically acknowledges that its obligation to issue the Registrable Securities is binding upon
the Company and enforceable regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Company. 
  
 (f) Except for agreements made in the ordinary course of business, there is no agreement that has not been filed with the Commission as an
exhibit to a registration statement or to a form required to be filed by the Company under the Exchange Act, the breach of which could reasonably be expected to have a material and adverse effect on the Company and its subsidiaries, or would
prohibit or otherwise interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect. 
  

(g) The Company will at all times have authorized and reserved a sufficient number of shares of Common Stock for the full conversion of
the Note and exercise of the Warrants. 
  
 7.
Miscellaneous. 
  
 (a) Remedies. In
the event of a breach by the Company or by a Holder, of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. 
  
 (b) No Piggyback on Registrations. Except as and to the extent specified in Schedule 7(b) hereto, none of the Company’s
security holders (other than the Holders in 

 such capacity pursuant hereto) may include securities of the Company in any Registration Statement other
than the Registrable Securities, and the Company shall not after the date hereof enter into any agreement providing any such right for inclusion of shares in the Registration Statement to any of its security holders. Except as and to the extent
specified in Schedule 7(b) hereto, the Company has not previously entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not been fully satisfied. 
  
 (c) Compliance. Each Holder covenants and agrees that
it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
  
 (d) Discontinued Disposition. Each Holder agrees by
its acquisition of such Registrable Securities that, upon receipt of a notice from the Company of the occurrence of a Discontinuation Event (as defined below), such Holder will forthwith discontinue disposition of such Registrable Securities under
the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the
applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may
provide appropriate stop orders to enforce the provisions of this paragraph. For purposes of this Section 7(d), a “Discontinuation Event” shall mean (i) when the Commission notifies the Company whether there will be a “review” of
such Registration Statement and whenever the Commission comments in writing on such Registration Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders); (ii) any request by the
Commission or any other Federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information; (iii) the issuance by the Commission of any stop order suspending the
effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) the receipt by the Company of any notification with respect to the suspension of the
qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and/or (v) the occurrence of any event or passage of time that
makes the financial statements included in such Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or Prospectus, as the case may be, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (e) Piggy-Back Registrations. If at any time during
the Effectiveness Period there is not an effective Registration Statement covering all of the Registrable Securities 

 and the Company shall determine to prepare and file with the Commission a registration statement relating
to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each Holder written notice of
such determination and, if within fifteen days after receipt of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such holder requests to
be registered to the extent the Company may do so without violating registration rights of others which exist as of the date of this Agreement, subject to customary underwriter cutbacks applicable to all holders of registration rights and subject to
obtaining any required the consent of any selling stockholder(s) to such inclusion under such registration statement. 
  
 (f) Obligations of the Holders. 
  
 (i) It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2 or 3 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 required to
effect the registration of such Holder’s Registrable Securities. 
  
 (ii) The Purchaser hereby represents and agrees with the Company as follows: 
  
 (a) All sales of the Registrable Securities included in the registration will be made in a manner contemplated by the SEC’s General
Instructions for use of the applicable registration statement form; 
  
 (b) All sales of Registrable Securities by the Purchaser shall be made in compliance with the Securities Act, and Purchaser shall immediately cease making sales of Registrable Securities under the Registration
Statement after being notified by the Company pursuant to paragraph 3(f) that the most recent Prospectus relating thereto includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing; and 
  
 (c) The Purchaser shall pay all sales commissions, underwriting discounts, and fees and expenses of its legal counsel pertaining to the
public offering of the Registrable Securities included in the registration. 

 (g) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and the Holders of the then
outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly
affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or
supplemented except in accordance with the provisions of the immediately preceding sentence. 
  
 (h) Notices. Any notice or request hereunder may be given to the Company or the Purchaser at the respective addresses set forth
below or as may hereafter be specified in a notice designated as a change of address under this Section 7(h). Any notice or request hereunder shall be given by registered or certified mail, return receipt requested, hand delivery, overnight mail,
Federal Express or other national overnight next day carrier (collectively, “Courier”) or telecopy (confirmed by mail). Notices and requests shall be, in the case of those by hand delivery, deemed to have been given when delivered to any
party to whom it is addressed, in the case of those by mail or overnight mail, deemed to have been given three (3) business days after the date when deposited in the mail or with the overnight mail carrier, in the case of a Courier, the next
business day following timely delivery of the package with the Courier, and, in the case of a telecopy, when confirmed. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	 Dynamic Health Products, Inc.
 6911 Bryan Dairy
Road, Suite 210
 Largo, Florida 33777
 Attention: Chief
Financial Officer
 Facsimile: (727) 329-1846

		
	 	  	with a copy to:
		
	 	  	 Shumaker, Loop & Kendrick, LLP
 101 East Kennedy
Boulevard, Suite 2800
 Tampa, Florida 33602

	 	  	 Attention: Gregory C. Yadley, Esq.
 Facsimile: (813)
229-1660

  
 or such other address
as may be designated in writing hereafter in accordance with this Section 7(h) by such Person. 
  
 (i) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall 

 inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder
without the prior written consent of each Holder. Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under the Notes and the Securities Purchase Agreement with the prior written consent of the
Company, which consent shall not be unreasonably withheld. 
  
 (j) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute
one and the same Agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same
force and effect as if such facsimile signature were the original thereof. 
  
 (k) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of
the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement shall be commenced
exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such Proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right
to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the prevailing party
in such Proceeding shall be reimbursed by the other party for its reasonable attorneys fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
  
 (l) Cumulative Remedies. The remedies provided herein
are cumulative and not exclusive of any remedies provided by law. 
  
 (m) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or 

 invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (n) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
  
 [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;

 SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first
written above. 
  

							
	DYNAMIC HEALTH PRODUCTS, INC.	 	LAURUS MASTER FUND, LTD.
				
	By:	  	 /s/ Mandeep K. Taneja

	 	By:	 	 /s/ David Grin

	Name:	  	 Mandeep K. Taneja
  
	 	Name:	 	 David Grin

	Title:	  	 CEO
  
	 	Title:	 	 Partner

			
	 	  	 	 	Address for Notices:
			
	 	  	 	 	825 Third Avenue – 14th Floor
	 	  	 	 	New York, NY 10022
	 	  	 	 	Attention: David Grin
	 	  	 	 	Facsimile: 212-541-4434

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