Document:

10.23  Registration  Rights  Agreement  with  Equities  First  Holding,  LLC

                          REGISTRATION RIGHTS AGREEMENT

Registration  Rights  Agreement  (the "Agreement"), dated as of July 2, 2004, by
and  between Telecommunication Products, Inc., a corporation organized under the
laws  of  State  of  Delaware,  with  its principal executive office at with its
principal executive office at 9171 Wilshire Boulevard Suite B, Beverly Hills, CA
90210  (the  "Company"),  and  Equities  First Holdings, LLC, a Delaware limited
liability  corporation  with its principal office at 3905 Vincennes Blvd., Suite
303,  Indianapolis,  Indiana  46268  (the  "Investor").

Whereas,  in connection with the Investment Agreement by and between the Company
and the Investor of even date herewith (the "Investment Agreement"), the Company
has  agreed  to issue and sell to the Investor an indeterminate number of shares
of  the  Company's Common Stock, par value no per share (the "Common Stock"), to
be  purchased  pursuant  to the terms and subject to the conditions set forth in
the  Investment  Agreement;  and

Whereas, to induce the Investor to execute and deliver the Investment Agreement,
the  Company  has  agreed  to  provide  certain  registration  rights  under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, or
any  similar  successor  statute  (collectively, the "1933 Act"), and applicable
state  securities  laws,  with  respect  to  the shares of Common Stock issuable
pursuant  to  the  Investment  Agreement.

Now  therefore,  in  consideration  of  the  foregoing  premises  and the mutual
covenants  contained  hereinafter and other good and valuable consideration, the
receipt  and  sufficiency  of which are hereby acknowledged, the Company and the
Investor  hereby  agree  as  follows:

SECTION  1.  DEFINITIONS.

As  used  in  this  Agreement,  the  following  terms  shall  have the following
meanings:

"Execution  Date"  means  the  date  first  written  above.

"Investor"  means  Equities  First  Holdings,  LLC, a Delaware limited liability
corporation.

"Person"  means  a  corporation,  a limited liability company, an association, a
partnership,  an  organization,  a  business,  an  individual, a governmental or
political  subdivision  thereof  or  a  governmental  agency.

"Potential Material Event" means any of the following: (I) the possession by the
Company  of  material  information  not  ripe  for  disclosure in a Registration
Statement, which shall be evidenced by determinations in good faith by the Board
of  Directors  of  the  Company  that  disclosure  of  such  information  in the
Registration  Statement  would be detrimental to the business and affairs of the
Company, or (II) any material engagement or activity by the Company which would,
in  the  good  faith  determination of the Board of Directors of the Company, be
adversely affected by disclosure in a Registration Statement at such time, which
determination shall be accompanied by a good faith determination by the Board of
Directors  of  the  Company  that the Registration Statement would be materially
misleading  absent  the  inclusion  of  such  information.

"Principal  Market" shall mean The American Stock Exchange, National Association
of  Securities  Dealer's,  Inc.  Over-the-Counter electronic bulletin board, the
Nasdaq  National Market or The Nasdaq SmallCap Market whichever is the principal
market  on  which  the  Common  Stock  is  listed.

"Register," "Registered," and "Registration" refer to a registration effected by
preparing  and filing one or more Registration Statements in compliance with the
1933  Act  and  pursuant  to  Rule  415 under the 1933 Act or any successor rule
providing  for  offering  securities on a continuous basis ("Rule 415"), and the
declaration  or  ordering  of effectiveness of such Registration Statement(s) by
the  United  States  Securities  and  Exchange  Commission  (the  "SEC").

"Registrable Securities" means (I) the shares of Common Stock issued or issuable
pursuant  to  the  Investment  Agreement,  and  (II) any shares of capital stock
issued  or  issuable  with  respect to such shares of Common Stock, if any, as a
result of any stock split, stock dividend, recapitalization, exchange or similar
event or otherwise, which have not been (X) included in a Registration Statement
that  has  been  declared  effective  by the SEC or (Y) sold under circumstances
meeting  all  of the applicable conditions of Rule 144 (or any similar provision
then  in  force)  under  the  1933  Act.

"Registration  Statement"  means  a  registration statement of the Company filed
under  the  1933  Act  covering  the  Registrable  Securities.

All  capitalized  terms  used in this Agreement and not otherwise defined herein
shall  have  the  same  meaning ascribed to them as in the Investment Agreement.

SECTION  2.  REGISTRATION.

(A)  On  or  before  the  execution  of  this  Agreement, the Company shall have
provided  a  draft  of  the  Registration  Statement  covering  the  Registrable
Securities  to  the Investor. The Company shall, as soon as practicable, but not
later than fifteen calendar days following the Execution Date, file with the SEC
a  Registration  Statement  or Registration Statements (as is necessary) on Form
SB-2  (or,  if  such  form is unavailable for such a registration, on such other
form as is available for such a registration), covering the resale of all of the
Registrable  Securities,  which  Registration  Statement(s) shall state that, in
accordance  with  Rule  416  promulgated  under  the 1933 Act, such Registration
Statement  also  covers such indeterminate number of additional shares of Common
Stock  as  may  become  issuable  upon  stock splits, stock dividends or similar
transactions. The Company shall initially register for resale 250,000,000 shares
of  Common Stock which would be issuable on the date preceding the filing of the
Registration  Statement  based  on the closing bid price of the Company's Common
Stock  on  such date and the amount reasonably calculated that represents Common
Stock  issuable to other parties as set forth in the Investment Agreement except
to  the  extent  that  the  SEC  requires  the  share  amount to be reduced as a
condition  of  effectiveness

(B)  The  Company  shall  use  commercially  reasonable  efforts  to  have  the
Registration  Statement(s) declared effective by the SEC within 90 calendar days
after  the  Execution  Date.

SECTION  3.  RELATED  OBLIGATIONS.
At  such  time  as  the  Company is obligated to prepare and file a Registration
Statement  with  the  SEC  pursuant to Section 2(a), the Company will effect the
registration  of  the  Registrable  Securities  in  accordance with the intended
method  of disposition thereof and, with respect thereto, the Company shall have
the  following  obligations:

(A)  The  Company  shall  use  commercially  reasonable  efforts  to  cause such
Registration  Statement  relating  to  the  Registrable  Securities  to  become
effective  within  90  days  after  the  Execution  Date  and  shall  keep  such
Registration  Statement  effective until the earlier to occur of (I) the date as
of  which  the  Holders  may  sell  all  of  the  Registrable Securities without
restriction pursuant to Rule 144(k) promulgated under the 1933 Act (or successor
thereto);  or  (II)  the  date  on which (A) the Holders shall have sold all the
Registrable  Securities;  and  (B)  the  Investor  has  no  right to acquire any
additional  shares  of  Common  Stock  under  the  Investment  Agreement  (the
"Registration  Period"). The Registration Statement (including any amendments or
supplements  thereto  and  prospectuses contained therein) shall not contain any
untrue statement of a material fact or omit to state a material fact required to
be  stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading. The Company shall use its
best  efforts  to  respond  to  all  SEC  comments within ten business days from
receipt  of such comments by the Company. The Company shall use its best efforts
to  cause  the  Registration Statement relating to the Registrable Securities to
become  effective  no  later  than three business days after notice from the SEC
that  the Registration Statement may be declared effective. The Holder agrees to
provide  all  information which it is required by law to provide to the Company,
including  the intended method of disposition of the Registrable Securities, and
the Company's obligations set forth above shall be conditioned on the receipt of
such  information.

(B)  The  Company shall prepare and file with the SEC such amendments (including
post-effective  amendments)  and supplements to a Registration Statement and the
prospectus used in connection with such Registration Statement, which prospectus
is  to  be  filed pursuant to Rule 424 promulgated under the 1933 Act, as may be
necessary  to keep such Registration Statement effective during the Registration
Period, and, during such period, comply with the provisions of the 1933 Act with
respect  to the disposition of all Registrable Securities of the Company covered
by  such  Registration  Statement  until  such  time  as all of such Registrable
Securities  shall  have been disposed of in accordance with the intended methods
of  disposition  by  the  Investor  thereof  as  set  forth in such Registration
Statement.  In  the  event  the  number  of  shares of Common Stock covered by a
Registration  Statement  filed  pursuant  to  this  Agreement  is  at  any  time
insufficient to cover all of the Registrable Securities, the Company shall amend
such  Registration Statement, or file a new Registration Statement (on the short
form  available  therefor,  if  applicable),  or both, so as to cover all of the
Registrable  Securities,  in each case, as soon as practicable, but in any event
within  30  calendar days after the necessity therefor arises (based on the then
Purchase  Price  of  the  Common  Stock  and other relevant factors on which the
Company  reasonably  elects  to  rely),  assuming  the  Company  has  sufficient
authorized  shares  at  that  time,  and if it does not, within 30 calendar days
after  such shares are authorized. The Company shall use commercially reasonable
efforts  to  cause  such  amendment  and/or new Registration Statement to become
effective  as  soon  as  practicable  following  the  filing  thereof.

(C) The Company shall make available to the Holders whose Registrable Securities
are  included in any Registration Statement and its legal counsel without charge
(I) promptly after the same is prepared and filed with the SEC at least one copy
of such Registration Statement and any amendment(s) thereto, including financial
statements  and  schedules,  all documents incorporated therein by reference and
all  exhibits, the prospectus included in such Registration Statement (including
each  preliminary  prospectus)  and,  with  regards  to  such  Registration
Statement(s),  any  correspondence  by or on behalf of the Company to the SEC or
the staff of the SEC and any correspondence from the SEC or the staff of the SEC
to  the  Company  or  its  representatives;  (II)  upon the effectiveness of any
Registration  Statement,  the  Company  shall  make  available  copies  of  the
prospectus  included  in  such  Registration  Statement  and  all amendments and
supplements  thereto;  and  (III)  such other documents, including copies of any
preliminary or final prospectus, as the Holders may reasonably request from time
to  time  in  order to facilitate the disposition of the Registrable Securities.

(D)  The  Company  shall use commercially reasonable efforts to (I) register and
qualify  the  Registrable  Securities  covered by a Registration Statement under
such  other securities or "blue sky" laws of such states in the United States as
any  Holder  reasonably  requests; (II) prepare and file in those jurisdictions,
such  amendments  (including  post-effective amendments) and supplements to such
registrations  and  qualifications  as  may  be  necessary  to  maintain  the
effectiveness  thereof  during  the  Registration  Period; (III) take such other
actions as may be necessary to maintain such registrations and qualifications in
effect  at  all  times  during  the Registration Period, and (IV) take all other
actions  reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be
required  in connection therewith or as a condition thereto to (X) qualify to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(d), or (Y) subject itself to general taxation in any such
jurisdiction.  The  Company  shall  promptly  notify  each  Holder  who  holds
Registrable  Securities  of  the receipt by the Company of any notification with
respect  to  the  suspension  of the registration or qualification of any of the
Registrable  Securities  for sale under the securities or "blue sky" laws of any
jurisdiction  in  the  United  States  or  its  receipt  of actual notice of the
initiation  or  threatening  of  any  proceeding  for  such  purpose.

(E)  As  promptly as practicable after becoming aware of such event, the Company
shall notify each Holder in writing of the happening of any event as a result of
which  the  prospectus  included in a Registration Statement, as then in effect,
includes  an untrue statement of a material fact or omission 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
("Registration  Default")  and  use  all  diligent efforts to promptly prepare a
supplement  or  amendment  to  such  Registration  Statement  and take any other
necessary  steps  to cure the Registration Default, (which, if such Registration
Statement  is  on Form S-3, may consist of a document to be filed by the Company
with  the  SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act (as
defined below) and to be incorporated by reference in the prospectus) to correct
such  untrue statement or omission, and make available copies of such supplement
or  amendment to each Holder. The Company shall also promptly notify each Holder
(I)  when  a prospectus or any prospectus supplement or post-effective amendment
has  been  filed,  and  when  a  Registration  Statement  or  any post-effective
amendment  has  become  effective (the Company will prepare notification of such
effectiveness  which  shall  be  delivered to the Holder on the same day of such
effectiveness  and  by  overnight mail), additionally, the Company will promptly
provide to the Holder a copy of the effectiveness order prepared by the SEC once
it  is received by the Company; (II) of any request by the SEC for amendments or
supplements  to  a  Registration  Statement  or  related  prospectus  or related
information,  (III)  of  the  Company's  reasonable  determination  that  a
post-effective  amendment to a Registration Statement would be appropriate, (IV)
in  the  event  the  Registration  Statement  is  no longer effective, or (V) if
Registration  Statement  is stale as a result of the Company's failure to timely
file  its  financials or otherwise. The Company acknowledges that its failure to
cure  the  Registration Default within ten business days will cause the Investor
to suffer damages in an amount that will be difficult to ascertain. Accordingly,
the  parties  agree that it is appropriate to include a provision for liquidated
damages. The parties acknowledge and agree that the liquidated damages provision
set  forth in this section represents the parties' good faith effort to quantify
such  damages  and,  as  such, agree that the form and amount of such liquidated
damages are reasonable and will not constitute a penalty. It is the intention of
the parties that interest payable under any of the terms of this Agreement shall
not  exceed  the  maximum  amount  permitted under any applicable law. If a law,
which  applies  to  this  Agreement  which  sets the maximum interest amount, is
finally  interpreted  so  that  the  interest  in connection with this Agreement
exceeds  the  permitted  limits, then: (1) any such interest shall be reduced by
the  amount necessary to reduce the interest to the permitted limit; and (2) any
sums  already  collected  (if  any)  from the Company which exceed the permitted
limits  will  be  refunded  to the Company. The Investor may choose to make this
refund  by  reducing the amount that the Company owes under this Agreement or by
making  a direct payment to the Company. If a refund reduces the amount that the
Company  owes  the Investor, the reduction will be treated as a partial payment.
In  case  any  provision  of  this  Agreement  is  held  by a court of competent
jurisdiction  to  be  excessive  in scope or otherwise invalid or unenforceable,
such  provision shall be adjusted rather than voided, if possible, so that it is
enforceable  to the maximum extent possible, and the validity and enforceability
of the remaining provisions of this Agreement will not in any way be affected or
impaired  thereby.

(F)  The  Company  shall  use  commercially  reasonable  efforts  to prevent the
issuance  of  any  stop  order  or  other  suspension  of  effectiveness  of  a
Registration  Statement,  or  the  suspension of the qualification of any of the
Registrable  Securities  for  sale  in any jurisdiction and, if such an order or
suspension  is  issued,  to obtain the withdrawal of such order or suspension at
the  earliest  possible  moment  and  to notify the Holder who holds Registrable
Securities  being  sold of the issuance of such order and the resolution thereof
or  its  receipt  of actual notice of the initiation or threat of any proceeding
for  such  purpose.

(G) The Company shall permit the Holder and one legal counsel, designated by the
Holder,  to  review and comment upon a Registration Statement and all amendments
and  supplements thereto at least seven business days prior to their filing with
the  SEC,  and  not file any document in a form to which such counsel reasonably
objects.  Where  reasonable,  the  Company  may  request to shorten the Holder's
review  period  and  the  Holder  will,  if possible, attempt to comply with the
accelerated review period. The Company shall not submit to the SEC a request for
acceleration  of  the effectiveness of a Registration Statement or file with the
SEC  a Registration Statement or any amendment or supplement thereto without the
prior  approval  of  such  counsel,  which  approval  shall  not be unreasonably
withheld.

(H)  At  the  request  of the Holder, the Company shall cause to be furnished to
such  Holder,  on  the  date of the effectiveness of a Registration Statement, a
legal  opinion, in form and substance reasonably acceptable to Holder's counsel,
dated  as of such date, of counsel representing the Company for purposes of such
Registration  Statement.

(I)  The  Company  shall  make  available  for  inspection by (I) the Holder and
(II)  one  legal counsel and one firm of accountants or other agents retained by
the  Holders  (collectively,  the  "Inspectors"),  at  the Holders' expense, all
pertinent  financial  and  other  records, and pertinent corporate documents and
properties  of the Company (collectively, the "Records"), as shall be reasonably
deemed  necessary by each Inspector, and cause the Company's officers, directors
and  employees  to  supply  all  information  which any Inspector may reasonably
request;  provided, however, that each Inspector shall hold in strict confidence
and  shall  not make any disclosure (except to a Holder) or use of any Record or
other information which the Company determines in good faith to be confidential,
and  of  which  determination  the  Inspectors  are  so notified, unless (A) the
disclosure  of  such  Records is necessary to avoid or correct a misstatement or
omission  in  any Registration Statement or is otherwise required under the 1933
Act,  (B)  the  release  of  such  Records  is  ordered  pursuant  to  a  final,
non-appealable  subpoena  or  order from a court or government body of competent
jurisdiction,  or  (C)  the  information in such Records has been made generally
available  to  the  public  other than by disclosure in violation of this or any
other agreement of which the Inspector has knowledge. Each Holder agrees that it
shall,  upon learning that disclosure of such Records is sought in or by a court
or  governmental  body  of  competent  jurisdiction or through other means, give
prompt notice to the Company and allow the Company, at its expense, to undertake
appropriate  action  to  prevent  disclosure of, or to obtain a protective order
for,  the  Records  deemed  confidential.

(J)  The  Company  shall  hold  in  confidence  and  not  make any disclosure of
information concerning a Holder provided to the Company unless (I) disclosure of
such  information  is necessary to comply with federal or state securities laws,
(II)  the  disclosure  of  such  information  is necessary to avoid or correct a
misstatement  or  omission  in  any Registration Statement, (III) the release of
such  information  is  ordered  pursuant  to  a  subpoena  or  other  final,
non-appealable  order  from  a  court  or  governmental  body  of  competent
jurisdiction,  or (IV) such information has been made generally available to the
public  other  than  by  disclosure  in violation of this Agreement or any other
agreement.  The  Company  agrees that it shall, upon learning that disclosure of
such  information concerning a Holder is sought in or by a court or governmental
body  of  competent  jurisdiction  or  through  other means, give prompt written
notice  to  such  Holder  and  allow  such  Holder,  at the Holder's expense, to
undertake appropriate action to prevent disclosure of, or to obtain a protective
order  for,  such  information.

(K)  The  Company  shall  use  commercially  reasonable  efforts  to  maintain
designation  and  quotation  of  all  the  Registrable Securities covered by any
Registration  Statement  on the Principal Market. If, despite the Company's best
efforts,  the  Company  is unsuccessful in satisfying the preceding sentence, it
shall  use  commercially  reasonable  efforts  to  cause  all  the  Registrable
Securities  covered  by  any  Registration  Statement to be listed on each other
national  securities  exchange  and automated quotation system, if any, on which
securities of the same class or series issued by the Company are then listed, if
any,  if  the listing of such Registrable Securities is then permitted under the
rules of such exchange or system. The Company shall pay all fees and expenses in
connection  with  satisfying  its  obligation  under  this  Section  3(k).

(L)  The  Company  shall  cooperate  with  the Investor to facilitate the prompt
preparation  and  delivery  of certificates (not bearing any restrictive legend)
representing the Registrable Securities to be offered pursuant to a Registration
Statement  and  enable such certificates to be in such denominations or amounts,
as  the  case  may  be,  as  the  Holders  may  reasonably  request.

(M)  The  Company  shall  provide  a  transfer  agent  for  all  the Registrable
Securities not later than the effective date of the first Registration Statement
filed  pursuant  hereto.

(N)  If  requested  by  the Holders, the Company shall (I) as soon as reasonably
practical  incorporate  in  a  prospectus supplement or post-effective amendment
such information as such Holders reasonably determine should be included therein
relating  to  the  sale  and  distribution of Registrable Securities, including,
without  limitation, information with respect to the offering of the Registrable
Securities  to  be sold in such offering; (II) make all required filings of such
prospectus supplement or post-effective amendment as soon as reasonably possible
after  being  notified  of  the  matters  to  be incorporated in such prospectus
supplement  or post-effective amendment; and (III) supplement or make amendments
to  any  Registration  Statement  if  reasonably  requested  by  such  Holders.

(O)  The  Company  shall  use  commercially  reasonable  efforts  to  cause  the
Registrable  Securities  covered  by the applicable Registration Statement to be
registered  with  or approved by such other governmental agencies or authorities
as  may  be  necessary  to  consummate  the  disposition  of  such  Registrable
Securities.

(P)  The  Company  shall otherwise use commercially reasonable efforts to comply
with  all  applicable  rules  and  regulations of the SEC in connection with any
registration  hereunder.

(Q)  Within  one  business  day  after the Registration Statement which includes
Registrable  Securities  is  declared  effective  by  the SEC, the Company shall
deliver  to  the  transfer agent for such Registrable Securities, with copies to
the  Investor,  confirmation  that such Registration Statement has been declared
effective  by  the  SEC.

(R) At or prior to the date of the first Stock Purchase (as that term is defined
in  the  Investment  Agreement)  and  at  such  other  times  as the Holders may
reasonably  request,  the  Company shall cause to be delivered, letters from the
Company's  independent certified public accountants (I) addressed to the Holders
that  such  accountants are independent public accountants within the meaning of
the  1933 Act and the applicable published rules and regulations thereunder, and
(II) in customary form and covering such financial and accounting matters as are
customarily  covered  by  letters  of  independent  certified public accountants
delivered  to  underwriters  in  connection  with  public  offerings.

(S)  The  Company  shall take all other reasonable actions necessary to expedite
and  facilitate disposition by the Holders of Registrable Securities pursuant to
a  Registration  Statement.

SECTION  4.  OBLIGATIONS  OF  THE  HOLDERS.

(A)  At least five calendar days prior to the first anticipated filing date of a
Registration  Statement  the  Company  shall notify the Holder in writing of the
information  the Company requires from each such Holder if such Holder elects to
have  any  of such Holder's Registrable Securities included in such Registration
Statement.  It  shall be a condition precedent to the obligations of the Company
to  complete  the  registration  pursuant  to this Agreement with respect to the
Registrable  Securities of a particular Holder that such Holder shall furnish in
writing  to  the  Company  such  information  regarding  itself, the Registrable
Securities  held by it and the intended method of disposition of the Registrable
Securities held by it as shall reasonably be required to effect the registration
of  such  Registrable  Securities and shall execute such documents in connection
with  such  registration  as  the  Company  may  reasonably request. Each Holder
covenants and agrees that, in connection with any sale of Registrable Securities
by  it  pursuant  to a Registration Statement, it shall comply with the "Plan of
Distribution"  section  of  the current prospectus relating to such Registration
Statement.

(B)  The  Investor, by such Investor's acceptance of the Registrable Securities,
agrees  to  cooperate with the Company as reasonably requested by the Company in
connection  with  the  preparation  and  filing  of  any  Registration Statement
hereunder,  unless  such  Holder  has  notified  the  Company in writing of such
Holder's election to exclude all of such Investor's  Registrable Securities from
such  Registration  Statement.

(C) The Investor agrees that, upon receipt of written notice from the Company of
the  happening  of  any event of the kind described in Section 3(f) or the first
sentence  of  3(e),  such  Holder  will  immediately  discontinue disposition of
Registrable  Securities  pursuant to any Registration Statement(s) covering such
Registrable  Securities  until  such  Holder's  receipt  of  the  copies  of the
supplemented  or  amended  prospectus  contemplated by Section 3(f) or the first
sentence  of  3(e).

SECTION  5.  EXPENSES  OF  REGISTRATION.

All  expenses,  other than underwriting discounts and commissions and other than
as  set  forth  in  the  Investment  Agreement,  incurred  in  connection  with
registrations,  filings  or  qualifications  pursuant  to  Sections  2  and  3,
including,  without  limitation,  all  registration,  listing and qualifications
fees,  printing  and  accounting fees, and fees and disbursements of counsel for
the  Company  shall  be  paid  by  the  Company.

SECTION  6.  INDEMNIFICATION.

In the event any Registrable Securities are included in a Registration Statement
under  this  Agreement:

(A)  To  the fullest extent permitted by law, the Company will, and hereby does,
indemnify,  hold  harmless  and  defend  each  Holder who holds such Registrable
Securities,  the  directors,  officers,  partners,  employees,  counsel, agents,
representatives of, and each Person, if any, who controls, any Holder within the
meaning  of the 1933 Act or the Securities Exchange Act of 1934, as amended (the
"1934  Act")  (each,  an  "Indemnified  Person"),  against  any  losses, claims,
damages,  liabilities,  judgments,  fines, penalties, charges, costs, attorneys'
fees,  amounts  paid  in settlement or expenses, joint or several (collectively,
"Claims"),  incurred in investigating, preparing or defending any action, claim,
suit,  inquiry,  proceeding, investigation or appeal taken from the foregoing by
or  before any court or governmental, administrative or other regulatory agency,
body  or  the  SEC, whether pending or threatened, whether or not an indemnified
party is or may be a party thereto ("Indemnified Damages"), to which any of them
may  become  subject  insofar as such Claims (or actions or proceedings, whether
commenced or threatened, in respect thereof) arise out of or are based upon: (I)
any  untrue  statement  or  alleged  untrue  statement  of  a material fact in a
Registration  Statement or any post-effective amendment thereto or in any filing
made  in  connection with the qualification of the offering under the securities
or other "blue sky" laws of any jurisdiction in which the Investor has requested
in  writing that the Company register or qualify the Shares ("Blue Sky Filing"),
or  the  omission  or  alleged  omission to state a material fact required to be
stated  therein  or  necessary  to  make the statements therein, in light of the
circumstances under which the statements therein were made, not misleading, (II)
any untrue statement or alleged untrue statement of a material fact contained in
the  final  prospectus  (as  amended  or  supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC) or the omission or alleged
omission  to  state  therein  any material fact necessary to make the statements
made  therein,  in light of the circumstances under which the statements therein
were  made,  not  misleading, or (III) any violation or alleged violation by the
Company  of  the  1933  Act,  the  1934  Act,  any other law, including, without
limitation,  any  state  securities  law,  or  any rule or regulation thereunder
relating  to  the  offer  or  sale  of  the Registrable Securities pursuant to a
Registration  Statement  (the matters in the foregoing clauses (i) through (iii)
being,  collectively,  "Violations").  Subject  to the restrictions set forth in
Section  6(c)  with  respect  to  the number of legal counsel, the Company shall
reimburse  the  Holders  and  each  such  controlling  person,  promptly as such
expenses  are incurred and are due and payable, for any reasonable legal fees or
other  reasonable  expenses incurred by them in connection with investigating or
defending  any  such  Claim.  Notwithstanding anything to the contrary contained
herein,  the indemnification agreement contained in this Section 6(a): (I) shall
not  apply  to  a Claim arising out of or based upon a Violation which is due to
the  inclusion in the Registration Statement of the information furnished to the
Company  by  any  Indemnified  Person  expressly  for use in connection with the
preparation  of  the  Registration  Statement  or  any such amendment thereof or
supplement  thereto;  (II)  shall  not  be available to the extent such Claim is
based  on (A) a failure of the Holder to deliver or to cause to be delivered the
prospectus  made available by the Company or (B) the Indemnified Person's use of
an incorrect prospectus despite being promptly advised in advance by the Company
in  writing  not to use such incorrect prospectus; (III) any claims based on the
manner  of  sale  of the Registrable Securities by the Holder or of the Holder's
failure  to  register  as  a  dealer  under applicable securities laws; (IV) any
omission of the Holder to notify the Company of any material fact that should be
stated in the Registration Statement or prospectus relating to the Holder or the
manner  of  sale;  and  (V)  any amounts paid in settlement of any Claim if such
settlement  is  effected without the prior written consent of the Company, which
consent  shall not be unreasonably withheld. Such indemnity shall remain in full
force  and  effect  regardless  of any investigation made by or on behalf of the
Indemnified Person and shall survive the resale of the Registrable Securities by
the  Holders  pursuant  to  the  Registration  Statement.

(B)  In  connection  with  any  Registration  Statement  in  which  a  Holder is
participating,  each such Holder agrees to severally and jointly indemnify, hold
harmless  and  defend, to the same extent and in the same manner as is set forth
in  Section  6(a),  the Company, each of its directors, each of its officers who
signs  the Registration Statement, each Person, if any, who controls the Company
within  the  meaning  of  the  1933 Act or the 1934 Act and the Company's agents
(collectively  and together with an Indemnified Person, an "Indemnified Party"),
against  any  Claim  or  Indemnified  Damages  to  which  any of them may become
subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or
Indemnified  Damages  arise out of or are based upon any Violation, in each case
to  the  extent,  and  only  to  the  extent,  that such Violation is due to the
inclusion  in the Registration Statement of the written information furnished to
the  Company  by  such  Holder  expressly  for  use  in  connection  with  such
Registration Statement; and, subject to Section 6(c), such Holder will reimburse
any  legal  or  other  expenses  reasonably  incurred by them in connection with
investigating or defending any such Claim; provided, however, that the indemnity
agreement  contained  in  this  Section  6(b)  and the agreement with respect to
contribution  contained  in  Section  7  shall  not  apply  to  amounts  paid in
settlement of any Claim if such settlement is effected without the prior written
consent  of  such  Holder,  which  consent  shall  not be unreasonably withheld;
provided,  further,  however, that the Holder shall be liable under this Section
6(b)  for  only that amount of a Claim or Indemnified Damages as does not exceed
the  net  proceeds  to  such  Holder  as  a  result  of  the sale of Registrable
Securities  pursuant to such Registration Statement. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of
such  Indemnified  Party  and  shall  survive  the  resale  of  the  Registrable
Securities  by  the  Holders  pursuant  to  the  Registration  Statement.
Notwithstanding  anything  to the contrary contained herein, the indemnification
agreement  contained  in  this  Section  6(b)  with  respect  to any preliminary
prospectus shall not inure to the benefit of any Indemnified Party if the untrue
statement  or  omission of material fact contained in the preliminary prospectus
were  corrected  on  a  timely  basis  in  the  prospectus,  as  then amended or
supplemented.  This  indemnification  provision  shall  apply separately to each
Investor  and  liability  hereunder  shall  not  be  joint  and  several.

(C)  Promptly  after receipt by an Indemnified Person or Indemnified Party under
this  Section  6  of  notice  of  the  commencement  of any action or proceeding
(including  any  governmental  action  or  proceeding)  involving  a Claim, such
Indemnified  Person or Indemnified Party shall, if a Claim in respect thereof is
to  be  made against any indemnifying party under this Section 6, deliver to the
indemnifying  party  a  written  notice  of  the  commencement  thereof, and the
indemnifying  party  shall  have the right to participate in, and, to the extent
the  indemnifying  party  so  desires, jointly with any other indemnifying party
similarly  noticed,  to  assume  control  of  the  defense  thereof with counsel
mutually  satisfactory  to  the indemnifying party and the Indemnified Person or
the  Indemnified  Party,  as  the  case  may  be;  provided,  however,  that  an
Indemnified  Person  or Indemnified Party shall have the right to retain its own
counsel  with the fees and expenses to be paid by the indemnifying party, if, in
the  reasonable  opinion  of  counsel  retained  by  the  Indemnified  Person or
Indemnified  Party,  the  representation by counsel of the Indemnified Person or
Indemnified  Party  and  the  indemnifying  party  would be inappropriate due to
actual  or  potential  differing  interests  between  such Indemnified Person or
Indemnified  Party  and  any  other  party  represented  by such counsel in such
proceeding. The indemnifying party shall pay for only one separate legal counsel
for  the Indemnified Persons or the Indemnified Parties, as applicable, and such
counsel  shall  be  selected  by  the  Holders,  if  the Holders are entitled to
indemnification  hereunder,  or  the  Company,  if  the  Company  is entitled to
indemnification  hereunder,  as applicable. The Indemnified Party or Indemnified
Person  shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or Claim by the indemnifying party and
shall  furnish to the indemnifying party all information reasonably available to
the  Indemnified  Party  or  Indemnified  Person which relates to such action or
Claim.  The  indemnifying  party shall keep the Indemnified Party or Indemnified
Person  fully  appraised  at  all  times  as to the status of the defense or any
settlement  negotiations  with  respect  thereto. No indemnifying party shall be
liable  for  any  settlement of any action, claim or proceeding effected without
its  written  consent,  provided, however, that the indemnifying party shall not
unreasonably  withhold,  delay  or  condition its consent. No indemnifying party
shall,  without  the  consent  of  the  Indemnified Party or Indemnified Person,
consent  to  entry  of  any  judgment  or  enter  into  any  settlement or other
compromise which does not include as an unconditional term thereof the giving by
the  claimant  or plaintiff to such Indemnified Party or Indemnified Person of a
release  from  all liability in respect to such Claim. Following indemnification
as  provided  for  hereunder,  the indemnifying party shall be surrogated to all
rights  of the Indemnified Party or Indemnified Person with respect to all third
parties,  firms or corporations relating to the matter for which indemnification
has  been  made. The failure to deliver written notice to the indemnifying party
within  a  reasonable  time  of  the  commencement  of any such action shall not
relieve  such  indemnifying  party of any liability to the Indemnified Person or
Indemnified  Party  under  this  Section  6,  except  to  the  extent  that  the
indemnifying  party  is  prejudiced  in  its  ability  to  defend  such  action.

(D)  The  indemnity  agreements contained herein shall be in addition to (I) any
cause  of action or similar right of the Indemnified Party or Indemnified Person
against  the  indemnifying  party  or  others,  and  (II)  any  liabilities  the
indemnifying  party  may  be  subject  to  pursuant  to  the  law.

SECTION  7.  CONTRIBUTION.
To  the  extent  any  indemnification  by an indemnifying party is prohibited or
limited  by  law, the indemnifying party agrees to make the maximum contribution
with respect to any amounts for which it would otherwise be liable under Section
6  to  the  fullest  extent  permitted  by  law; provided, however, that: (I) no
contribution  shall  be  made under circumstances where the maker would not have
been  liable  for indemnification under the fault standards set forth in Section
6;  (II)  no  seller  of  Registrable  Securities  guilty  of  fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled  to  contribution from any seller of Registrable Securities who was not
guilty  of fraudulent misrepresentation; and (III) contribution by any seller of
Registrable  Securities shall be limited in amount to the net amount of proceeds
received  by  such  seller  from  the  sale  of  such  Registrable  Securities.

SECTION  8.  REPORTS  UNDER  THE  1934  ACT.

With  a  view  to  making  available  to  the  Holders  the benefits of Rule 144
promulgated  under  the  1933 Act or any other similar rule or regulation of the
SEC that may at any time permit the Holders to sell securities of the Company to
the  public  without  registration  ("Rule  144"),  the  Company  agrees  to:

(A)  make  and  keep public information available, as those terms are understood
and  defined  in  Rule  144;

(B)  file  with  the  SEC  in  a  timely  manner all reports and other documents
required  of  the  Company  under  the  1933 Act and the 1934 Act so long as the
Company  remains  subject to such requirements (it being understood that nothing
herein  shall  limit  the  Company's  obligations  under  Section  5(c)  of  the
Investment  Agreement)  and  the  filing  of such reports and other documents is
required  for  the  applicable  provisions  of  Rule  144;  and

(C)  furnish  to the Investor, promptly upon request, (I) a written statement by
the  Company  that  it has complied with the reporting requirements of Rule 144,
the  1933  Act  and  the  1934  Act,  (II)  a  copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by
the  Company, and (III) such other information as may be reasonably requested to
permit  the  Investor  to  sell  such  securities  pursuant  to Rule 144 without
registration.

SECTION  9.  AMENDMENT  OF  REGISTRATION  RIGHTS.
Provisions of this Agreement may be amended only with the written consent of the
Company  and Holders. No such amendment shall be effective to the extent that it
applies  to  less  than  all  of  the  Holders  of  the  Registrable Securities.

SECTION  10.  MISCELLANEOUS.

(A)  Any notices or other communications required or permitted to be given under
the  terms of this Agreement that must be in writing will be deemed to have been
delivered  (I)  upon receipt, when delivered personally; (II) upon receipt, when
sent  by  facsimile  (provided a confirmation of transmission is mechanically or
electronically  generated  and  kept on file by the sending party); or (III) one
day  after  deposit  with a nationally recognized overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses and
facsimile  numbers  for  such  communications  shall  be:

If  to  the  Company:

Telecommunication  Products,  Inc.

9171  Wilshire  Boulevard  Suite  B  Beverly  Hills,  CA  90210

Telephone:  310-281-  2571

Facsimile:  310-281-0042

If  to  the  Investor:

Equities  First  Holdings,  LLC

3905  Vincennes  Road,  Suite  303,  Indianapolis,  IN  46268
Telephone:  317-471-3575
Facsimile:  317-471-3573

Each  party  shall provide five business days prior notice to the other party of
any  change  in  address,  phone  number  or  facsimile  number.

(B) Failure of any party to exercise any right or remedy under this Agreement or
otherwise,  or  delay  by  a party in exercising such right or remedy, shall not
operate  as  a  waiver  thereof.

(C)  The  laws  of the State of Delaware shall govern all issues arising from or
related  to this Agreement without regard to the principles of conflict of laws.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state
and  federal  courts  sitting in the City of Indianapolis, County of Marion, 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 suit, action or proceeding, any claim
that  it  is  not personally subject to the jurisdiction of any such court, that
such  suit, action or proceeding is brought in an inconvenient forum or that the
venue  of  such  suit,  action  or  proceeding  is  improper.  Each party hereby
irrevocably  waives  personal  service  of process and consents to process being
served  in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such 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. If any provision of this
Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity
or  unenforceability  shall  not  affect  the  validity or enforceability of the
remainder  of  this  Agreement  in  that  jurisdiction  or  the  validity  or
enforceability  of  any  provision  of this Agreement in any other jurisdiction.

(D) This Agreement and the Transaction Documents constitute the entire agreement
among  the parties hereto with respect to the subject matter hereof and thereof.
There  are  no  restrictions,  promises,  warranties or undertakings, other than
those  set  forth  or  referred  to  herein  and  therein.

(E)  This Agreement and the Transaction Documents supersede all prior agreements
and  understandings  among the parties hereto with respect to the subject matter
hereof  and  thereof.

(F)  The  headings  in  this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. Whenever required by the
context  of  this Agreement, the singular shall include the plural and masculine
shall  include  the feminine. This Agreement shall not be construed as if it had
been  prepared  by  one  of  the  parties,  but rather as if all the parties had
prepared  the  same.

(G)  This  Agreement may be executed in two or more identical counterparts, each
of  which  shall be deemed an original but all of which shall constitute one and
the  same  agreement. This Agreement, once executed by a party, may be delivered
to  the other party hereto by facsimile transmission of a copy of this Agreement
bearing  the  signature  of  the  party  so  delivering  this  Agreement.

(H) Each party shall do and perform, or cause to be done and performed, all such
further  acts  and  things,  and  shall  execute  and  deliver  all  such  other
agreements,  certificates,  instruments  and  documents,  as the other party may
reasonably  request in order to carry out the intent and accomplish the purposes
of  this Agreement and the consummation of the transactions contemplated hereby.
                                      * * *

                 SIGNATURE PAGE OF REGISTRATION RIGHTS AGREEMENT
Agreed  as  of  the  date  first  written  above.
                          EQUITIES FIRST HOLDINGS, LLC

By: /s/  Al  Christy
  ------------------

Al  Christy

                        TELECOMMUNICATION PRODUCTS, INC.
By:/s/  Robert  C.  Russell
  -------------------------
Robert  C.  Russell,  Chief  Executive  OfficerEX-10.1

 Exhibit 10.1

EQUITY CONTRIBUTION AGREEMENT

Dated as of November 12, 2004

between

Columbia Gas Transmission Corporation and Piedmont Natural Gas Company, Inc.

1

2

TABLE OF CONTENTS

Page

	 	 	 	 	 
	Section 1. Definitions.
	 	 	1	 
	Section 2. Representations and Warranties
	 	 	1	 
	Section 3. Equity Contributions
	 	 	2	 
	Section 4. Amendments, Etc
	 	 	3	 
	Section 5. Notices
	 	 	3	 
	Section 6. No Waiver; Remedies
	 	 	4	 
	Section 7. Assignment; Transfer
	 	 	4	 
	Section 8. Expenses
	 	 	4	 
	Section 9. Limitation of Sponsors’ Liability
	 	 	4	 
	Section 10. Governing Law
	 	 	5	 
	Section 11. No Third Party Beneficiaries
	 	 	5	 
	Section 12. Creditors
	 	 	5	 
	Section 13. Counterparts
	 	 	5	 
	Section 14. Applicability to Corporate Entity
	 	 	5	 

3

EQUITY CONTRIBUTION AGREEMENT

EQUITY CONTRIBUTION AGREEMENT (“Agreement”) dated as of November 12, 2004 made between
COLUMBIA GAS TRANSMISSION CORPORATION, a Delaware corporation (“TCO”), and PIEDMONT NATURAL GAS
COMPANY, INC., a North Carolina Corporation (“PNG”).

RECITALS

WHEREAS, TCO and PNG each have a subsidiary that is a member of Hardy Storage Company, LLC, a
West Virginia limited liability company (“Hardy Storage”), to be operated pursuant to the Operating
Agreement of Hardy Storage dated November 12, 2004 (“LLC Agreement”); and

WHEREAS, each member of Hardy Storage is obligated under the LLC Agreement to make certain
capital contributions to Hardy Storage; and

WHEREAS, TCO’s subsidiary intends to obtain the capital necessary from time to time to fund
its equity contribution to Hardy Storage from TCO, and Piedmont’s subsidiary intends to obtain the
capital necessary from time to time to fund its equity contribution to Hardy Storage from PNG; and

WHEREAS, TCO and PNG have each agreed to execute this Agreement to evidence its commitment to
provide funds to the member of Hardy Storage sponsored by it in an amount sufficient to permit such
member to fulfill its capital contribution obligations to Hardy Storage.

NOW, THEREFORE, in consideration of the foregoing, TCO and PNG agree as follows:

Section 1. Definitions. The definitions used in the LLC Agreement shall, except as
otherwise specifically provided below, have the same meanings in this Agreement. As used herein,
the following terms shall have the following meanings:

“Columbia Member” means Columbia Hardy, its successors and any assigns under Section 3.2.2 of
the LLC Agreement.

“LLC Agreement” is defined in the Recitals.

“Piedmont Member” means Piedmont Hardy, its successors and any assigns under Section 3.2.2 of
the LLC Agreement.

“Sponsor” means TCO for Columbia Hardy and PNG for Piedmont Hardy and if plural applies to
both TCO and PNG.

Section 2. Representations and Warranties. Each Sponsor severally represents and
warrants as follows:

(a) It is a corporation duly incorporated and validly existing under the laws of the
jurisdiction indicated at the beginning of this Agreement and has all requisite corporate
power and authority to conduct its business, to own its properties, and to execute and
deliver, and to perform all of its obligations under this Agreement.

(b) This Agreement constitutes its legal, valid, and binding obligations enforceable
against it in accordance with the terms hereof, except insofar as the enforcement thereof
may be limited by applicable bankruptcy, insolvency, or other similar laws relating to or
affecting the enforcement of creditors’ rights generally and except that the enforceability
of obligations hereunder is subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).

(c) The execution, delivery, and performance by it of this Agreement has been duly
authorized by all necessary corporate action and does not (i) require any consent or
approval of its stockholders (except such consents and approvals as have been obtained and
are in full force and effect); (ii) violate any provision of its charter or by-laws or other
similar governing documents; (iii) violate any provision of any law, rule, regulation,
order, writ, judgment, injunction, decree, determination, or award presently in effect
having applicability to it or (iv) result in a breach of or constitute a default under any
indenture, loan, or credit agreement or any other material agreement, lease, or instrument
to which it is a party or by which it or its properties may be bound or affected which, in
the case of clauses (iii) and (iv) would reasonably be expected to have a material adverse
effect on its financial condition or its ability to perform its obligations hereunder.

(d) All Authorizations required for the due execution, delivery, and performance by it
of this Agreement have been duly obtained or effected.

(e) It directly or indirectly owns 100% of the voting common stock of the Member
sponsored by it.

Section 3. Equity Contributions.

3.1. Equity Contributions by Sponsors. TCO agrees (a) to make equity
contributions or otherwise to make capital available to the Columbia Member in an amount
sufficient to enable the Columbia Member to fulfill its capital contribution obligations
under the LLC Agreement, including Section 5 thereof, and (b) to cause the Columbia Member
to use such capital so contributed or otherwise made available by TCO to make the
contributions required of the Columbia Member under the LLC Agreement. PNG agrees (a) to
make equity contributions or otherwise to make capital available to the Piedmont Member in
an amount sufficient to enable the Piedmont Member to fulfill its capital contribution
obligations under the LLC Agreement, including Section 5 thereof, and (b) to cause the
Piedmont Member to use such capital so contributed or otherwise made available by PNG to
make the contributions required of the Piedmont Member under the LLC Agreement.

3.2. Payments Generally. All payments by a Sponsor under Section 3.1 shall be
payable to the Member sponsored by such Sponsor. The Sponsor shall cause the Member
sponsored by it to forward all such payments to Hardy Storage by wire transfer of
immediately available funds on or before the date such payments are due from such Member
under the LLC Agreement. Whenever any equity contributions shall be stated to be due on a
day which is not a business day, the due date thereof shall be extended to the next
succeeding business day. Amounts due hereunder and not paid when due shall bear interest at
a rate per annum equal to the Default Rate. In no event shall the amount of interest
payable hereunder exceed the maximum amount of interest permitted by applicable law.

3.3. No Set Off, Etc. The obligations of each Sponsor under this Section 3
shall be absolute and unconditional under any and all circumstances, including without
limitation, the existence of any indebtedness owing by Hardy Storage to the Columbia Member,
the Piedmont Member or to either of the Sponsors or of any set-off, counterclaim,
recoupment, defense, or other right or claim which the Columbia Member, the Piedmont Member
or either of the Sponsors may have against Hardy Storage or any other Person; the
dissolution, bankruptcy, insolvency, or reorganization of Hardy Storage or any other Person;
or any case, suit, or proceeding under any bankruptcy or insolvency law or any other law
providing for the relief of debtors or any other circumstances whatsoever which might
otherwise constitute an excuse for non-performance of the obligations of any Sponsor under
this Section 3, whether similar or dissimilar to any of the circumstances herein specified.

Section 4. Amendments; Etc. This Agreement may be amended or modified from time to
time only by a written instrument adopted by each Sponsor. No amendment or modification of this
Agreement shall be deemed to exist as the result of any oral statement, action, waiver or delay by
a Sponsor or any group of Sponsors on any occasion(s).

Section 5. Notices. All demands, notices, and other communications provided for
hereunder shall be in writing and sent by mail, facsimile, telecopier, or hand delivery to any
Sponsor at its address designated below, or to such other address as is specified in accordance
with this Section:

If to TCO:

Columbia Gas Transmission Corporation

Post Office Box 1273

Charleston, West Virginia 25325-1273

Attention: Carl Levander

If to PNG:

Piedmont Natural Gas Company, Inc.

1915 Rexford Road

Charlotte, North Carolina 28211

Attn: Kevin O’Hara

All such demands, notices, and other communications shall be effective if mailed, five days
after deposited in the mails, postage prepaid; if delivered by hand or by an air express service or
other courier, upon receipt; and if delivered by facsimile or telecopier, upon receipt of an
acknowledgment of receipt in writing, in each case addressed as aforesaid.

Section 6. No Waiver; Remedies.

(a) No failure on the part of any Sponsor to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any right hereunder preclude any other or further exercise thereof or the exercise of any
other right. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law.

(b) Upon any failure by a Sponsor to comply with its obligations hereunder, any other
Sponsor shall be authorized to demand specific performance of such obligations. Each
Sponsor hereby waives any defense based on the adequacy of a remedy at law which might be
asserted as a bar to the remedy of specific performance in any action brought therefor by
any such party.

(c) Each Sponsor hereby waives presentment, demand, protest, or any notice (to the
extent permitted by law) of any kind in connection with this Agreement.

Section 7. Assignment; Transfer. No Sponsor may assign or be released from its
obligations hereunder without the prior written consent of the other Sponsor, such consent not to
be unreasonably withheld. No such assignment shall be effective unless and until the assignee
Affiliate expressly assumes all of the assigning Sponsor’s obligations hereunder. The assigning
Sponsor shall provide a copy of such assumption agreement to the other Sponsor. Upon an assignment
to any such Affiliate, the assigning Sponsor shall thereupon be released of all obligations
hereunder.

Section 8. Expenses. If a Sponsor shall default in any of its obligations hereunder,
such Sponsor shall pay the reasonable out-of-pocket costs of the other Sponsor (including
reasonable fees and expenses of outside legal counsel) incurred in connection with the enforcement
of this Agreement against it.

Section 9. Limitation of Sponsors’ Liability. Notwithstanding anything to the
contrary contained herein, in no event shall TCO’s liability hereunder exceed (a) $1,300,000 for
the period covered by the Phase I Capital Budget, (b) the amount determined by multiplying the
Phase II Capital Budget by the Columbia Member’s Sharing Ratio for the period covered by the Phase
II Capital Budget, and (c) the amount determined by multiplying the Phase III Capital Budget by the
Columbia Member’s Sharing Ratio for the period covered by the Phase III Capital Budget, in each
case plus, in the case of default, the expenses (not to exceed $250,000) of collecting such amounts
due pursuant to Section 8. Notwithstanding anything to the contrary contained herein, in no event
shall PNG’s liability hereunder exceed (a) $1,300,000 for the period covered by the Phase I Capital
Budget, (b) the amount determined by multiplying the Phase II Capital Budget by the Piedmont
Member’s Sharing Ratio for the period covered by the Phase II Capital Budget, and (c) the amount
determined by multiplying the Phase III Capital Budget by the Piedmont Member’s Sharing Ratio for
the period covered by the Phase III Capital Budget, in each case plus, in the case of default, the
expenses (not to exceed $250,000) of collecting such amounts due pursuant to Section 8.

Section 10. Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NORTH CAROLINA, EXCLUDING ANY CONFLICTS OF LAW RULE OR
PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF
ANOTHER JURISDICTION.

Section 11. No Third Party Beneficiaries. Except as set forth herein, nothing in this
Agreement shall provide any benefit to any third party or entitle any third party to any claim,
cause of action, remedy or right of any kind, it being the intent of the parties that this
Agreement shall not be construed as a third party beneficiary contract.

Section 12. Creditors. None of the provisions of this Agreement shall be for the
benefit of, or shall be enforceable by, any creditor of the Company.

Section 13. Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute but one
and the same agreement.

Section 14. Applicability to Corporate Entity. In the event the Members elect to
form a corporate entity under Section 4.1.1(ii) of the LLC Agreement, each of the Parties hereto
agree to execute a substitute Equity Contribution Agreement that requires each Sponsor to make
equity contributions required under this Agreement with respect of its sponsored Member to the
corporate entity with respect to its sponsored Stockholder as required by the Stockholders’
Agreement attached to the LLC Agreement as Exhibit I.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first above
written.

Agreed as of the date first above written:

	 	 	 
	COLUMBIA GAS TRANSMISSION

CORPORATION

By: /s/ Glen L. Kettering

	 	

PIEDMONT NATURAL GAS COMPANY, INC.

By: /s/Kevin M. O’Hara
	 

	 	 
	Name: Glen L. Kettering

	 	Name: Kevin M. O’Hara
	 

	 	 
	Title: President

	 	Title: Vice President
	 

	 	 
	 
	 	 

4

Schedule A

List of Members, Membership Interests and Sponsors

	 	 	 	 	 	 	 
	Member

	 	Membership Interest
	 	Sponsor
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Columbia Hardy

	 	 	50	%	 	Columbia Gas Transmission Corporation
	 
	 	 	 	 	 	 
	Piedmont Hardy Storage

Company, Inc. – LLC

	 	

50%
	 	

Piedmont Natural Gas Company, Inc.
	 
	 	 	 	 	 	 

5

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