Document:

REGISTRATION
      RIGHTS AGREEMENT

     

    This
      Registration Rights Agreement (the “Agreement”)
      made
      effective as of the 4th
      day of
      March, 2008, (the “Effective
      Date”)
      is
      entered into by and between
      PSM
      Holdings, Inc.,
      a
      Nevada corporation (the “Company”),
      and
      certain persons and entities holding shares of the Common Stock who sign the
      signature page to this Agreement in one or more counterparts (individually,
      a
“Shareholder”
and
      collectively the“Shareholders”).

     

    WHEREAS,
      the Company has agreed to provide certain registration rights to its holders
      of
      restricted shares of its common stock; and

     

    WHEREAS,
      the Board of Directors of the Company has determined that it is in the best
      interests of the Company that it file a registration statement to provide its
      shareholders with the ability to rely on Rule 144 for the future resale of
      their
      shares.

     

    NOW,
      THEREFORE, in consideration of the covenants and agreements set forth herein
      and
      for other good and valuable consideration, the receipt and sufficiency of which
      are hereby mutually acknowledged, the parties hereto covenant and agree as
      follows:

     

    Section
      1. Certain
      Definitions.
      As used
      in this Agreement, the following terms shall have the following respective
      meanings:

     

    “Affiliate”
means
      with respect to any Shareholder, any partner or member of such Shareholder,
      or
      any Person that directly or indirectly controls or is controlled by or is under
      common control with, such Shareholder.

     

    “Blue
      Sky Application”
has
      the
      meaning ascribed to such term in Section 5(a) hereof.

     

    “Commission”
means
      the Securities and Exchange Commission or any other federal agency at the time
      administering the Securities Act and the Exchange Act.

     

    “Common
      Stock”
means
      the Common Stock of the Company and any other securities into which or for
      which
      any of the Common Stock may be converted or exchanged pursuant to a stock split,
      stock dividend, plan of recapitalization, reorganization, merger, consolidation,
      sale of assets or other similar transaction.

     

    “Exchange
      Act”
means
      the Securities Exchange Act of 1934, or any similar or successor federal
      statute, and the rules and regulations of the Commission thereunder, all as
      the
      same shall be in effect from time to time.

     

    “Person”
means
      an individual, corporation, limited liability company, partnership, joint
      venture, trust, or unincorporated organization, or a government or any agency
      or
      political subdivision thereof.

     

    “Registrable
      Shares”
means
      the Common Stock issued and now held by Shareholders and designated on the
      signature page of this Agreement.

     

    “Registration
      Expenses”
has
      the
      meaning ascribed to such term in Section 7 hereof.

     

    “Rule
      144”
means
      Rule 144 promulgated under the Securities Act or any similar or successor
      rule.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    “Securities
      Act”
means
      the Securities Act of 1933, or any similar or successor federal statute, and
      the
      rules and regulations of the Commission thereunder, all as the same shall be
      in
      effect from time to time.

     

    “Selling
      Expenses”
has
      the
      meaning ascribed to such term in Section 7 hereof.

     

    Section
      2. Registration.

     

    (a) The
      Company hereby agrees to use its best efforts to register the Registrable Shares
      by means of a registration statement filed by the Company with the Commission
      on
      or before March 31, 2008, or as soon thereafter as practicable. 

     

    (b) The
      right
      of any holder of Registrable Shares to registration pursuant to this Section
      2
      shall be conditioned upon such holder’s cooperation with the Company in
      providing the information reasonably requested for inclusion in the registration
      statement or otherwise by the Company.

     

    (c) Notwithstanding
      the foregoing provisions, the Company may withdraw any registration statement
      referred to in this Section 2 without thereby incurring any liability to the
      holders of Registrable Shares. 

     

    Section
      3. Market
      Volume Limitations.
      In
      addition to any other restrictions set forth herein, each holder of Registrable
      Shares agrees, for a period of one year from the date of filing of the
      registration statement which includes the Registrable Shares, not to publicly
      sell during any five-day trading period any of the Registrable Shares which
      are
      in excess of 10% of the average daily volume of the Common Stock as reported
      by
      the principal quotation service for the Company’s Common Stock for the five
      trading days preceding such sales. Notwithstanding this volume limitation,
      the
      Company may increase or decrease, but not below 10%, the amount of shares which
      may be sold by each holder of Registrable Shares. The Company may impose
      stop-transfer instructions with respect to the shares subject to the foregoing
      restrictions until the end of the one-year period provided in this Section
      3.

     

    Section
      4. Expiration
      of Obligations.
      The
      obligations of the Company to register Registrable Shares pursuant to Section
      2
      of this Agreement shall expire on the date which is one year from the date
      of
      filing the registration statement which includes the Registrable
      Shares.

     

    Section
      5. Indemnification;
      Procedures; Contribution.

     

    (a) The
      Company will, to the extent permitted by law, indemnify and hold harmless each
      holder of the Registrable Shares (including their officers, directors,
      Affiliates and partners) so registered (including any broker or dealer through
      whom such shares may be sold) and each Person, if any, who controls such holder
      or any such underwriter within the meaning of Section 15 of the Securities
      Act
      from and against any and all losses, claims, damages, expenses or liabilities,
      joint or several, to which they or any of them become subject under the
      Securities Act or under any other statute or at common law or otherwise, and,
      except as hereinafter provided, will reimburse each such holder and each such
      controlling Person, if any, for any legal or other expenses reasonably incurred
      by them or any of them in connection with investigating or defending any actions
      whether or not resulting in any liability, insofar as such losses, claims,
      damages, expenses, liabilities or actions arise out of or are based upon (i)
      any
      untrue statement or alleged untrue statement of any material fact contained
      in
      the registration statement, any filing with any state or federal securities
      commission or agency or any prospectus, offering circular or other document
      created or approved by the Company incident to such registration (including
      any
      related notification, registration statement under which such Registrable Shares
      were registered under the Securities Act pursuant to Section 2 of this
      Agreement, any preliminary prospectus or final prospectus contained therein,
      or
      any amendment or supplement thereof), (ii) any Blue Sky Application or
      other

     

    
      
         

      

      
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    document
      executed by the Company specifically for that purpose or based upon written
      information furnished by the Company filed in any state or other jurisdiction
      in
      order to qualify any or all of the Registrable Shares under the securities
      laws
      thereof (any such application, document or information herein called a
“Blue
      Sky Application”),
      (iii) any omission or alleged omission to state in any such registration
      statement, prospectus, amendment or supplement or in any Blue Sky Application
      executed or filed by the Company, a material fact required to be stated therein
      or necessary to make the statements therein not misleading, (iv) any material
      violation by the Company or its agents of the Securities Act or any rule or
      regulation promulgated under the Securities Act applicable to the Company or
      its
      agents and relating to action or inaction required of the Company in connection
      with such registration, or (v) any failure to register or qualify the
      Registrable Shares in any state where the Company or its agents has
      affirmatively undertaken or agreed in writing that the Company will undertake
      such registration or qualification (provided that in such instance the Company
      shall not be so liable if it has used its best efforts to so register or qualify
      the Registrable Shares) and will reimburse each such holder, and such officer,
      director and partner, each such underwriter and each such controlling Person
      for
      any legal or other expenses reasonably incurred by them in connection with
      investigating or defending any such loss, claim, damage, liability or action,
      promptly after being so incurred, provided, however, that the Company will
      not
      be liable in any such case (i) 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 written information furnished by any holder or any controlling Person
      in
      writing specifically for use in such registration statement or prospectus,
      or
      (ii) in the case of a sale directly by such holder of Registrable Shares
      (including a sale of such Registrable Shares through any underwriter retained
      by
      such holder of Registrable Shares to engage in a distribution solely on behalf
      of such holder of Registrable Shares), such untrue statement or alleged untrue
      statement or omission or alleged omission was contained in a preliminary
      prospectus and corrected in a final or amended prospectus, and such holder
      of
      Registrable Shares failed to deliver a copy of the final or amended prospectus
      at or prior to the confirmation of the sale of Registrable Shares to the Person
      asserting any such loss, claim, damage or liability in any case where such
      delivery is required by the Securities Act or any state securities
      laws.

     

    (b) Each
      seller of such Registrable Shares thereunder, severally and not jointly, will
      indemnify and hold harmless the Company, each Person, if any, who controls
      the
      Company within the meaning of the Securities Act, each officer of the Company
      who signs the registration statement, each director of the Company, and each
      other seller of Registrable Shares, against all losses, claims, damages or
      liabilities, joint or several, to which the Company or such officer, director,
      other seller, or controlling Person may become subject under the Securities
      Act
      or otherwise, solely 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 prospectus
      offering circular or other document incident to such registration (including
      any
      related notification, registration statement under which such Registrable Shares
      were registered under the Securities Act pursuant to Section 2, any preliminary
      prospectus or final prospectus contained therein, or any amendment or supplement
      thereof), or any Blue Sky Application 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 officer, director, other seller, and
      controlling Person for any legal or other expenses reasonably incurred by them
      in connection with investigating or defending any such loss, claim, damage,
      liability or action, promptly after being so incurred; provided, however, that
      such seller will be liable hereunder 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
      an
      untrue statement or alleged untrue statement or omission or alleged omission
      made in reliance upon and in conformity with information pertaining to such
      seller, as such, furnished in writing to the Company by such seller specifically
      for use in such registration statement or prospectus; and provided, further,
      that the liability of each seller hereunder shall be limited to the proportion
      of any such loss, claim, damage, liability or expense which is equal to the
      proportion that the public offering price of all securities sold by such seller
      under such registration statement bears to the total public offering price
      of
      all securities sold thereunder, but not in

     

    
      
         

      

      
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    any
      event
      to exceed the net proceeds received by such seller from the sale of Registrable
      Shares covered by such registration statement.

     

    (c) Promptly
      after receipt by an indemnified party hereunder of notice of the commencement
      of
      any action, such indemnified party shall, if a claim in respect thereof is
      to be
      made against the indemnifying party hereunder, 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 and shall only relieve it from any liability which
      it
      may have to such indemnified party under this Section 5 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 for any legal expenses
      subsequently incurred by such indemnified party in connection with the defense
      thereof other than reasonable costs of investigation and of liaison with counsel
      so selected; 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 that 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 expenses and fees of such separate
      counsel and other expenses related to such participation to be reimbursed by
      the
      indemnifying party as incurred. No indemnifying party, in the defense of any
      such claim or action, shall, except with the consent of each indemnified party,
      which consent shall not be unreasonably withheld or delayed, consent to entry
      of
      any judgment or enter into any settlement which does not include as an
      unconditional term thereof the giving by the claimant or plaintiff to such
      indemnified party of a release from all liability in respect to such claim
      or
      action, and the indemnification agreements contained in Sections 5(a) and 5(b)
      shall not apply to any settlement entered into in violation of this sentence.
      Each indemnified party shall furnish such information regarding itself or the
      claim in question as an indemnifying party may reasonably request in writing
      and
      as shall be reasonably required in connection with defense of such claim and
      litigation resulting therefrom.

     

    (d) In
      order
      to provide for just and equitable contribution to joint liability under the
      Securities Act in any case in which either (i) any holder of Registrable Shares
      exercising rights under this Agreement, or any controlling Person of any such
      holder, 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 any such selling holder or any such controlling Person in circumstances
      for which indemnification is provided under this Section 5, then, and in each
      such case, the Company and such holder 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 such holder is responsible for the
      portion represented by the percentage that the public offering price of its
      Registrable Shares offered by the registration statement bears to the public
      offering price of all securities offered by such registration statement, and
      the
      Company is responsible for the remaining portion, provided, however, that,
      in
      any such case, (A) no such holder of Registrable Shares will be required to
      contribute any amount in excess of the proceeds received from the sale of all
      such Registrable Shares offered by it pursuant to such registration statement
      and (B) no Person guilty of fraudulent misrepresentation (within the meaning
      of
      Section 11(f)

     

    
      
         

      

      
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    of
      the
      Securities Act) will be entitled to contribution from any Person who was not
      guilty of such fraudulent misrepresentation.

     

    (e) The
      indemnities and obligations provided in this Section 5 shall survive the
      completion of any offering of Registrable Shares and the transfer of any
      Registrable Shares by such holder.

     

    Section
      6. Registration
      Procedures.

     

    (a) The
      Company will, as expeditiously as possible:

     

    (i) Prepare
      and file with the Commission a registration statement with respect to such
      securities including executing an undertaking to file post-effective amendments
      and use its best efforts to cause such registration statement to become and
      remain effective for the period of the distribution contemplated
      thereby;

     

    (ii) Prepare
      and file with the Commission such amendments and supplements to such
      registration statement and the prospectus used in connection therewith as may
      be
      necessary to keep such registration statement effective for the period specified
      herein and comply with the provisions of the Securities Act with respect to
      the
      disposition of all Registrable Shares covered by such registration statement
      in
      accordance with the sellers’ intended method of disposition set forth in such
      registration statement for such period;

     

    (iii) Furnish
      to each seller of Registrable Shares and to each underwriter such number of
      copies of the registration statement and each such amendment and supplement
      thereto (in each case including all exhibits) and the prospectus included
      therein (including each preliminary prospectus) as such Persons reasonably
      may
      request in order to facilitate the public sale or other disposition of the
      Registrable Shares covered by such registration statement;

     

    (iv) Use
      its
      best efforts to register or qualify the Registrable Shares covered by such
      registration statement under the securities or “blue sky” laws of such
      jurisdictions as the sellers of Registrable Shares or, in the case of an
      underwritten public offering, the managing underwriter reasonably shall request,
      provided 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, unless the Company is already subject to service in such
      jurisdiction;

     

    (v) Use
      its
      best efforts to comply with all applicable rules and regulations under the
      Securities Act and Exchange Act;

     

    (vi)
      Immediately notify each seller of Registrable Shares and each underwriter under
      such registration statement, 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 promptly prepare and furnish to such seller
      a reasonable number of copies of a prospectus supplemented or amended so that,
      as thereafter delivered to the purchasers of such Registrable Shares, such
      prospectus shall not include an 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 not misleading in light of the circumstances then
      existing;

     

    
      
         

      

      
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    (vii) Upon
      reasonable notice and at reasonable times during normal business hours, make
      available for inspection by any underwriter participating in any distribution
      pursuant to such registration statement, and any attorney, accountant or other
      agent retained by such underwriter, reasonable access to all financial and
      other
      records, pertinent corporate documents and properties of the Company, as such
      parties may reasonably request, and cause the Company’s officers, directors and
      employees to supply all information reasonably requested by any such
      underwriter, attorney, accountant or agent in connection with such registration
      statement;

     

    (viii) Cooperate
      with the selling holders of Registrable Shares to facilitate the timely
      preparation and delivery of certificates representing Registrable Shares to
      be
      sold, such certificates to be in such denominations and registered in such
      names
      as such holders may request at least two business days prior to any sale of
      Registrable Shares; and

     

    (ix) Permit
      any holder of Registrable Shares which holder, in the sole and exclusive
      judgment, exercised in good faith, of such holder, might be deemed to be a
      controlling Person of the Company, to participate in good faith in the
      preparation of such registration or comparable statement and to require the
      insertion therein of material, furnished to the Company in writing, which in
      the
      reasonable judgment of such holder and its counsel should be
      included.

     

    (b) For
      purposes of this Agreement, the period of distribution of Registrable Shares
      in
      any other registration shall be deemed to extend until the earlier of the sale
      of all Registrable Shares covered thereby or one year after the initial filing
      of the registration statement was filed.

     

    (c) Whenever
      under the preceding Sections of this Agreement the holders of Registrable Shares
      are registering such shares pursuant to any registration statement, each such
      holder agrees to (i) timely provide in writing to the Company, at its request,
      such information and materials as the Company may reasonably request in order
      to
      effect the registration of such Registrable Shares in compliance with federal
      and applicable state securities laws, and (ii) provide the Company with
      appropriate representations with respect to the accuracy of such information
      provided by such Sellers pursuant to subsection (i).

     

    Section
      7. Expenses.
      In the
      case of the registration statement under Section 2 of this Agreement, the
      Company shall bear all costs and expenses of each such registration, including,
      but not limited to, all registration and filing fees, printing expenses, fees
      and disbursements of counsel and independent public accountants for the Company,
      fees and expenses (including counsel fees) incurred in connection with complying
      with state securities or “blue sky” laws, fees of the Financial Industry
      Regulatory Authority (as any successor thereto), transfer taxes, and fees of
      transfer agents and registrars (collectively, “Registration
      Expenses”).
      The
      Company shall have no obligation to pay or otherwise bear any portion of the
      underwriters’ commissions or discounts attributable to the Registrable Shares
      (“Selling
      Expenses”).
      All
      Selling Expenses in connection with the registration statement under Section
      2
      of this Agreement shall be borne by the participating sellers (including the
      Company, where applicable) in proportion to the number of shares registered
      by
      each, or by such participating sellers other than the Company (to the extent
      the
      Company shall be a seller) as they may agree.

     

    Section
      8. Conditions
      to Registration Obligations.
      The
      Company shall not be obligated to effect the registration of Registrable Shares
      pursuant to Section 2 of this Agreement unless all holders of shares being
      registered consent to reasonable conditions imposed by the Company as the
      Company shall determine with the advice of counsel to be required by law
      including, without limitation:

     

    (a) Conditions
      prohibiting the sale of shares by such holders until the registration shall
      have
      been effective for a specified period of time;

     

    
      
         

      

      
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    (b) Conditions
      requiring such holder to comply with all prospectus delivery requirements of
      the
      Securities Act and with all anti-stabilization, anti-manipulation and similar
      provisions of Section 10 of the Exchange Act and any rules issued thereunder
      by
      the Commission, and to furnish to the Company information about sales made
      in
      such public offering;

     

    (c) Conditions
      prohibiting such holders upon receipt of telegraphic or written notice from
      the
      Company (until further notice) from effecting sales of shares, such notice
      being
      given to permit the Company to correct or update a registration statement or
      prospectus; and

     

    (d) Conditions
      requiring that at the end of the period during which the Company is obligated
      to
      keep the registration statement effective, the holders of shares included in
      the
      registration statement shall discontinue sales of shares pursuant to such
      registration statement upon receipt of notice from the Company of its intention
      to remove from registration the shares covered by such registration statement
      that remain unsold, and requiring such holders to notify the Company of the
      number of shares registered that remain unsold immediately upon receipt of
      notice from the Company.

     

    Section
      9. Miscellaneous.

     

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

     

    (b) Except
      as
      hereinafter provided, amendments or additions to this Agreement may be made,
      termination of this Agreement, and compliance with any covenant or provision
      set
      forth herein may be omitted or waived, only with the written consent of the
      Company and the holder or holders of at least a majority in interest of the
      Registrable Shares; provided, however, that any modification or amendment that
      affects any such holder in a manner different from the effect on the other
      holders of Registrable Shares shall require the affirmative approval of such
      holder. Any waiver or consent may be given subject to satisfaction of conditions
      stated therein and any waiver or consent shall be effective only in the specific
      instance and for the specific purpose for which given. Notwithstanding the
      foregoing, this Agreement may be amended to add new parties and/or Registrable
      Shares the Company consents thereto and any new party executes and delivers
      to
      the Company a copy of the signature page hereto.

     

    (c) All
      notices, requests, consents and other communications hereunder shall be in
      writing, shall be addressed to the receiving party’s address set forth below or
      to such other address as a party may designate by notice hereunder, and shall
      be
      either (i) delivered by hand, (ii) made by telecopy or facsimile transmission,
      (iii) sent by overnight courier, or (iv) sent by registered or certified
      mail, return receipt requested, postage prepaid:

     

    If
      to the
      Company to:

    PSM
      Holdings, Inc.

    Main
      Street

    Roswell,
      NM 88201

    Attn:
      Jeffrey R. Smith, President

    Fax
      No:
      (505) 622-5233

     

    With
      a
      copy to:

    Ronald
      N.
      Vance

    Attorney
      at law

    1656
      Reunion Avenue

    Suite
      250

    South
      Jordan, UT 84095

    Fax
      No:
      (801) 446-8802

     

     

    
      
         

      

      
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    If
      to any
      Shareholder to:

    The
      address of such Shareholder as set forth in the records of the
      Company

     

    All
      notices, requests, consents and other communications hereunder shall be deemed
      to have been given either (i) if by hand, at the time of the delivery thereof
      to
      the receiving party at the address of such party set forth above, (ii) if made
      by telecopy or facsimile transmission, at the time that receipt thereof has
      been
      acknowledged by electronic confirmation or otherwise, (iii) if sent by overnight
      courier, on the next business day following the day such notice is delivered
      to
      the courier service, or (iv) if sent by registered or certified mail, on the
      fifth business day following the day such mailing is made.

     

    (d) This
      Agreement constitutes the entire agreement between the parties and supersede
      any
      prior understandings or agreements concerning the subject matter
      hereof.

     

    (e) In
      the
      event that any court of competent jurisdiction shall determine that any
      provision, or any portion thereof, contained in this Agreement shall be
      unenforceable in any respect, then such provision shall be deemed limited to
      the
      extent that such court deems it enforceable, and as so limited shall remain
      in
      full force and effect. In the event that such court shall deem any such
      provision, or portion thereof, wholly unenforceable, the remaining provisions
      of
      this Agreement shall nevertheless remain in full force and effect.

     

    (f) The
      parties hereto acknowledge and agree that (i) each party and its counsel,
      if so represented, reviewed and negotiated the terms and provisions of this
      Agreement and have contributed to its revision and (ii) the rule of
      construction to the effect that any ambiguities are resolved against the
      drafting party shall not be employed in the interpretation of this
      Agreement.

     

    (g) All
      statements, representations, warranties, covenants and agreements in this
      Agreement shall be binding on the parties hereto and shall inure to the benefit
      of the respective successors and permitted assigns of each party
      hereto.

     

    (h) This
      Agreement and the rights and obligations of the parties hereunder shall be
      construed in accordance with and governed by the law of the State of New Mexico
      without giving effect to the conflict of law principles thereof.

     

    (i) Any
      legal
      action or proceeding with respect to this Agreement may be brought in the courts
      of the State of New Mexico or of the United States of America for the District
      of New Mexico. By execution and delivery of this Agreement, each of the parties
      hereto accepts for itself and in respect of its property, generally and
      unconditionally, the jurisdiction of the aforesaid courts. Each of the parties
      hereto irrevocably consents to the service of process of any of the
      aforementioned courts in any such action or proceeding by the mailing of copies
      thereof by certified mail, postage prepaid, to the party at its address set
      forth in Section 9(c) hereof.

     

    (j) In
      the
      event of any change in the Common Stock or other securities covered hereunder,
      by way of a stock split, stock dividend, combination or redemption, or through
      merger, consolidation, reorganization or otherwise, appropriate adjustment
      shall
      be made in the provisions hereof, including, without limitation, an equitable
      adjustment of all numbers of outstanding shares herein.

     

    (k) No
      failure or delay by a party hereto in exercising any right, power or remedy
      under this Agreement, and no course of dealing among the parties hereto, shall
      operate as a waiver of any such right, power or remedy of the party. No single
      or partial exercise of any right, power or remedy

     

    
      
         

      

      
        -
          8 -

        
          

        

      

      
         

      

    

    under
      this Agreement by a party hereto, nor any abandonment or discontinuance of
      steps
      to enforce any such right, power or remedy, shall preclude such party from
      any
      other or further exercise thereof or the exercise of any other right, power
      or
      remedy hereunder. The election of any remedy by a party hereto shall not
      constitute a waiver of the right of such party to pursue other available
      remedies. No notice to or demand on a party not expressly required under this
      Agreement shall entitle the party receiving such notice or demand to any other
      or further notice or demand in similar or other circumstances or constitute
      a
      waiver of the rights of the party giving such notice or demand to any other
      or
      further action in any circumstances without such notice or demand.

     

    (l) The
      headings and captions of the various subdivisions of this Agreement are for
      convenience of reference only and shall in no way modify or affect the meaning
      or construction of any of the terms or provisions hereof.

     

    (m) This
      Agreement may be executed in any number of counterparts, all of which taken
      together shall constitute one and the same instrument, and any of the parties
      hereto may execute this Agreement by signing any such counterparts.

     

     

    [Signatures
      contained on the following page]

     

    
      
         

      

      
        -
          9 -

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      Company has executed this Agreement as of the Effective Date and the undersigned
      Shareholder has executed or caused this Agreement to be executed by its duly
      authorized representative as of the date set forth below.

     

    
      	 	 	 
	 	 	
              PSM
                Holdings, Inc.

               

              By: 
                ________________________________________

              Name:

              Title:

            
	 	 	 
	
              If
                the undersigned is an individual, complete the following:

               

            
	
              Date:
                _________________, 2008

            	 	
              ____________________________________________

              Signature

               

              Print
                Name:

            
	 	 	 
	
              If
                the undersigned is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY
                COMPANY,
                TRUST, or other entity, complete the following:

               

              NOTE:
                By signing below, the individual executing this Agreement on behalf
                of the
                undersigned entity represents and warrants to the Company that (i)
                the
                entity is duly authorized to enter into this Agreement; (ii) he or
                she is
                duly authorized to represent the entity in this transaction; and
                (iii) he
                or she is duly authorized to execute this Agreement on behalf of
                the
                entity.

            
	 
	    

	
              Type
                or print the exact name of the Partnership, Corporation, Limited
                Liability
                Company, Trust, or other entity

            
	 
	  
	 	   

	
              Type
                or print name of the individual signing on behalf of the partnership,
                corporation, limited liability company, trust or other
                entity

            	 	
              Signature
                of the individual signing on behalf of the partnership, corporation,
                limited liability company, trust or other entity

            
	
               

              Date:
                ____________________, 2008

            	 	 
	
               

               

              Registrable
                Shares:    Aggregated
                Number of Shares:
                _____________________________________________________________

              Certificate
                Number(s): 
                ____________________________________________________________________

            
	 
	 

    

    
      -
        10
        -REGISTRATION
      RIGHTS AGREEMENT

    (Demand
      and Piggyback Rights)

    

    This
      Registration Rights Agreement (the “Agreement”) is made and entered into as of
      July 12, 2002, by and between Durban Holdings, Inc., a Nevada corporation with
      offices at 57 West 200 South, Suite 310, Salt Lake City, Utah 84101 (the
“Company”), and Angela Ross (the “Shareholder”).

    

    RECITALS:

    

    WHEREAS,
      the Shareholder owns shares of the Company’s common stock, par value $0.001 per
      share (the “Common Stock”);

    

    WHEREAS,
      the Shareholder has in the past provided management for the Company for which
      the Company has not been able to compensate such party;

    

    WHEREAS,
      it is critical for the continued existence of the Company that the Shareholder
      continue to provide such services for the Company; and

    

    WHEREAS,
      as a condition to the continuation of such services by the Shareholder, the
      parties are willing to enter into the agreements contained herein.

    

    NOW,
      THEREFORE, in consideration of the foregoing and of the mutual covenants and
      agreements set forth herein, and other good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, and intending to
      be
      legally bound hereby, the parties hereto agree as follows:

    

    1.    Definitions

    

    “Agreement”
      is defined in the Preamble to this Agreement.

    

    “Common
      Stock” is defined in the Recitals to this Agreement.

    

    “Company”
      is defined in the Preamble to this Agreement.

    

    “Demand
      Period” is defined in Section 2.1 hereof.

    

    “Demand
      Registration” is defined in Section 2.1 hereof.

    

    “Demand
      Registration Request” is defined in Section 2.2.1 hereof.

    

    “Demanding
      Shareholder” is defined in Section 2.2.1 hereof.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    “Holder”
      or “Holders” means the Shareholder or any transferee of the
      Shareholder.

    

    “Interim
      Demand Periods” is defined in Section 2.2.2 hereof.

    

    “Other
      Holders” is defined in Section 3.3 hereof.

    

    “Person”
      means an individual, a partnership, a joint venture, a corporation, a trust,
      an
      unincorporated organization and government or any department or agency
      thereof.

    

    “Piggyback
      Notice” is defined in section 3.1 hereof.

    

    “Piggyback
      Registration” is defined in Section 3.1 hereof.

    

    “Registerable
      Securities” means (i) the Common Stock owned by the Shareholder as of the date
      of this Agreement, (ii) any Common Stock issued by the Company to the
      Shareholder following the date of this Agreement, and (iii) any securities
      issued or issuable with respect to the Common Stock referred to in clauses
      (i)
      or (ii) by way of replacement, share dividend, share split or in connection
      with
      a combination of shares, recapitalization, merger, consolidation or other
      reorganization.

    

    “Registration
      Expenses” is defined in Section 5.1 hereof.

    

    “Reverse
      Acquisition” means the acquisition of a new business venture or entity by the
      Company, the result of which would be to transfer control of the Company to
      the
      Persons who own or control the new business venture or entity, or to Persons
      designated by such Persons.

    

    “SEC”
      means the Securities and Exchange Commission.

    

    “Securities
      Act” means the Securities Act of 1933, as amended, or any similar federal law
      then in force.

    

    “Shareholder”
      is defined in the Preamble to this Agreement.

    

    “Supplemental
      Demand Registration Request” is defined in Section 2.2.6 hereof.

    

    2.    Demands
      for Registration

    

    2.1    Demand
      Period.
      From
      the date hereof, until the date which is one year from the date of the first
      Reverse Acquisition after the date of this Agreement, but in no event later
      than
      ten (10) years after the date of this Agreement (the “Demand Period”), subject
      to the terms and conditions of this Agreement, the Shareholder will have in
      the
      aggregate three opportunities, in addition to other rights enumerated in this
      Agreement, to request registration under the Securities Act of all or part
      of
      his, her, or its Registerable Securities (a “Demand

    
      
         

      

      
        -
          2 -

        
          

        

      

      
         

      

    

    Registration”).
      The Holders of 10% or more of the Registerable Securities shall have the right
      to exercise the registration rights under this Section 2.

    

    2.2    Demand
      Procedure.

    

    2.2.1    Subject
      to Sections 2.2.2 and 2.2.4 below, during the Demand Period any Holder or
      combination of Holders (the “Demanding Shareholder”) owning 10% or more of the
      Registerable Securities may deliver to the Company a written request (a “Demand
      Registration Request”) that the Company register any or all such Demanding
      Shareholder’s Registerable Shares.

    

    2.2.2    Holders,
      taken together, may only make one Demand Registration Request in each two-month
      period during the Demand Period (the “Interim Demand Periods”). The Company
      shall only be required to file one registration statement (as distinguished
      from
      supplements or pre-effective or post-effective amendments thereto) in response
      to each Demand Registration Request.

    

    2.2.3    A
      Demand
      Registration Request from Demanding Shareholder shall (i) set forth the number
      of Registerable Securities intended to be sold pursuant to the Demand
      Registration Request; (ii) disclose whether all or any portion of a distribution
      pursuant to such registration will be sought by means of an underwriting; and
      (iii) identify any managing underwriter or managing underwriters proposed for
      the underwritten portion, if any, of such registration.

    

    2.2.4    If
      during
      any Interim Demand Period, the Company receives a Demand Registration Request
      from Demanding Shareholder for the registration of Registerable Securities,
      then
      the Company shall, subject to the limitations in Sections 2.2.5 and 2.2.6
      hereof, (i) use its reasonable best efforts to prepare and file within thirty
      (30) days of receipt of the Demand Registration Request with the SEC a
      registration statement under the Securities Act with respect to all Registerable
      Securities that the Demanding Shareholder requested to be registered in the
      Demand Registration Request; (ii) use its reasonable best efforts to cause
      such
      registration statement to become effective within seventy-five (75) days of
      receipt of the Demand Registration Request; and (iii) if such registration
      can
      be accomplished by means of a registration statement on Form S-3, keep such
      registration statement effective until such time as the Demanding Shareholder
      shall have sold or otherwise disposed of all of their Registerable Securities
      included in the registration. If such registration cannot be accomplished by
      means of a registration statement on Form S-3, the Company shall use its
      reasonable best efforts to keep such registration statement effective for at
      least nine (9) months.

    

    2.2.5    The
      parties anticipate that the registration contemplated under this Section 2
      will
      be accomplished by means of the filing of a Form S-3 or SB-2, and that
      registration on such form will allow for different means of distribution,
      including sales by means of an underwriting as well as sales into the open
      market. If the Demanding Shareholder desires to distribute all or part of the
      Registerable Securities covered by their request by means of an underwriting,
      they shall so advise the Company in writing in their initial Demand
      Registration

    
      
         

      

      
        -
          3 -

        
          

        

      

      
         

      

    

    Request
      as described in Section 2.2.3 above. A determination of whether all or part
      of
      the distribution will be by means of an underwriting shall be made by Demanding
      Shareholder holding a majority of the Registerable Securities to be included
      in
      the registration. If all or part of the distribution is to be by means of an
      underwriting, all subsequent decisions concerning the underwriting which are
      to
      be made by the Demanding Shareholder pursuant to the terms of this Agreement,
      which shall include the selection of the underwriter or underwriters to be
      engaged and the representative, if any, of the underwriters so engaged, shall
      be
      made by the Demanding Shareholders who hold a majority of the Registerable
      Securities to be included in the underwriting, subject to approval by the Board
      of Directors of the Company.

    

    2.2.6    Upon
      the
      receipt by the Company of a Demand Registration Request in accordance with
      Section 2.2.4 hereof, the Company shall, within ten (10) days following receipt
      of such Demand Registration Request, give written notice of such request to
      Holders. The Company shall include in such notice information concerning whether
      all, part, or none of the distribution is expected to be made by means of an
      underwriting, and, if more than one means of distribution is contemplated,
      may
      require Holders to notify the Company of the means of distribution of their
      Registerable Securities to be included in the registration. If any Holder who
      is
      not a Demanding Shareholder desires to sell any Registerable Securities owned
      by
      such Holder, such Holder may elect to have all or any portion of his, her,
      or
      its Registerable Securities included in the registration statement by notifying
      the Company in writing (a “Supplemental Demand Registration Request”) within
      twenty (20) days of receiving notice of the Demand Registration Request from
      the
      Company. The right of any Holder to include all or any portion of its
      Registerable Securities in an underwriting shall be conditioned upon the
      Company’s having received a timely written request for such inclusion by way of
      a Demand Registration Request or Supplemental Demand Registration Request (which
      right shall be further conditioned to the extent provided in this Agreement).
      Any Holder proposing to distribute his, her, or its Registerable Securities
      through an underwriting shall enter into an underwriting agreement in customary
      form with the underwriter or underwriters selected for such
      underwriting.

    

    2.2.7    Notwithstanding
      any other provision of this Section 2, if an underwriter advises the Company
      in
      writing that marketing factors require a limitation on the number of shares
      to
      be underwritten, then the number of shares of Registerable Securities that
      may
      be included in the underwriting shall be allocated among the Holders in
      proportion (as nearly as practicable) to the respective amounts of Registerable
      Securities each Holder owns (or in such other proportion as they shall mutually
      agree). Registerable Securities excluded or withdrawn from the underwriting
      in
      accordance with this Section 2.2.7 shall be withdrawn from the
      registration.

    

    2.3    Priority
      on Request Registration.
      The
      Company will not include in any Demand Registration any securities which are
      not
      Registerable Securities without the prior written consent of the Holders of
      a
      majority of the shares of Registerable Securities included in such registration.
      If a Demand Registration is an underwritten offering and the managing
      underwriters advise the Company in writing that in their opinion the number
      of
      Registerable Securities and, if permitted hereunder, other securities requested
      to be included in such offering,

    
      
         

      

      
        -
          4 -

        
          

        

      

      
         

      

    

    exceeds
      the number of securities that can be sold in an orderly manner in such offering
      within a price range acceptable to the Holders of a majority of the shares
      of
      Registerable Securities initially requesting registration, the Company will
      include in such registration prior to the inclusion of any securities which
      are
      not Registerable Securities the number of shares of Registerable Securities
      requested to be included that in the opinion of such underwriters can be sold
      in
      an orderly manner within such acceptable price range, pro rata among the
      respective Holders thereof on the basis of the number of shares of Registerable
      Securities owned by each such Holder.

    

    3.    Piggyback
      Registrations

    

    3.1    Right
      to Piggyback.
      If the
      Company proposes to undertake an offering of shares of Common Stock for its
      account or for the account of other stockholders and the registration form
      to be
      used for such offering may be used for the registration of Registerable
      Securities (a “Piggyback Registration”), each such time the Company will give
      prompt written notice to all Holders of Registerable Securities of its intention
      to effect such a registration (each, a “Piggyback Notice”) and, subject to
      Sections 3.3 and 3.4 hereof, the Company will use its best efforts to cause
      to
      be included in such registration all Registerable Securities with respect to
      which the Company has received written requests for inclusion therein within
      twenty (20) days after the date of sending the Piggyback Notice.

    

    3.2    Priority
      on Primary Registrations.
      If a
      Piggyback Registration is an underwritten primary registration on behalf of
      the
      Company, and the managing underwriters advise the Company in writing that in
      their opinion the number of securities requested to be included in such
      registration exceeds the number that can be sold in an orderly manner within
      a
      price range acceptable to the Company, the Company will include in such
      registration (a) first, the securities the Company proposes to sell, and (b)
      second, the Registerable Securities requested to be included in such
      registration and any other securities requested to be included in such
      registration that are held by Persons other than the Holders of Registerable
      Securities pursuant to registration rights, pro rata among the holders of
      Registerable Securities and the holders of such other securities requesting
      such
      registration on the basis of the number of shares of such securities owned
      by
      each such holder.

    

    3.3    Priority
      on Secondary Registrations.
      If a
      Piggyback Registration is an underwritten secondary registration on behalf
      of
      holders of the Company’s securities other than the Holders of Registerable
      Securities (the “Other Holders”), and the managing underwriters advise the
      Company in writing that in their opinion the number of securities requested
      to
      be included in such registration exceeds the number that can be sold in a
      orderly manner in such offering within a price range acceptable to the Other
      Holders requesting such registration, the Company will include in such
      registration (a) first, the securities requested to be included therein by
      the
      Other Holders requesting such registration, and (b) second, the Registerable
      Securities requested to be included in such registration hereunder, pro rata
      among the Holders of Registerable Securities requesting such registration on
      the
      basis of the number of shares of such securities owned by each such
      Holder.

    
      
         

      

      
        -
          5 -

        
          

        

      

      
         

      

    

    3.4    Selection
      of Underwriters.
      In the
      case of an underwritten Piggyback Registration, the Company will have the right
      to select the investment banker(s) and managers(s) to administer the
      offering.

    

    4.    Registration
      Procedures

    

    4.1    Registration.
      Whenever the Holders of Registerable Securities have requested that any
      Registerable Securities be sold pursuant to this Agreement, the Company will
      use
      its reasonable best efforts to effect the registration and the sale of such
      Registerable Securities in accordance with the intended method of disposition
      thereof, and pursuant thereto the Company will as expeditiously as
      possible:

    

    4.1.1    Registration
      Statement.
      Prepare
      and file with the SEC a registration statement with respect to such Registerable
      Securities and use its reasonable best efforts to cause such registration
      statement to become effective.

    

    4.1.2    Amendments
      and Supplements.
      Promptly prepare and file with the SEC such amendments and supplements to such
      registration statement and the prospectus used in connection therewith as may
      be
      necessary to keep such registration statement effective for the period required
      by the intended method of disposition and the terms of this Agreement and comply
      with the provisions of the Securities Act with respect to the disposition of
      all
      securities covered by such registration statement during such period in
      accordance with the intended methods of disposition by the sellers thereof
      set
      forth in such registration statement.

    

    4.1.3    Provisions
      for Copies.
      Promptly furnish to each seller of Registerable Securities the number of copies
      of such registration statement, each amendment and supplement thereto, the
      prospectus included in such registration statement (including each preliminary
      prospectus) and such other documents as such seller may reasonably request
      in
      order to facilitate the disposition of the Registerable Securities owned by
      such
      seller.

    

    4.1.4    Blue
      Sky Laws.
      Use its
      reasonable best efforts to register or qualify such Registerable Securities
      under the securities or blue sky laws of such jurisdictions as any seller
      reasonably requests and do any and all other acts and things which may be
      reasonably necessary or advisable to enable such seller to consummate the
      disposition in such jurisdictions of the Registerable Securities owned by such
      seller, provided, that the Company will not be required to (a) qualify generally
      to do business in any jurisdiction where it would not otherwise be required
      to
      qualify but for this Section 4.1.4; (b) subject itself to taxation in any such
      jurisdiction; or (c) consent to general service of process in any such
      jurisdiction.

    

    4.1.5    Anti-fraud
      Rules.
      Promptly notify each seller of such Registerable Securities when a prospectus
      relating thereto is required to be delivered under the Securities Act, of the
      happening of any event as a result of which the prospectus included in such
      registration statement contains an untrue statement of a material fact or omits
      any material fact necessary to make the statements therein not misleading,
      and
      in such event, at the request of any such seller, the Company will promptly
      prepare a supplement or amendment to such prospectus

    
      
         

      

      
        -
          6 -

        
          

        

      

      
         

      

    

    so
      that,
      as thereafter delivered to the purchasers of such Registerable Securities,
      such
      prospectus will not contain an untrue statement of a material fact or omit
      to
      state any material fact necessary to make the statements therein not misleading,
      provided, that the Company will not take any action which causes the prospectus
      included in such registration statement to contain an untrue statement of
      material fact or omit any material fact necessary to make the statements therein
      not misleading, except as permitted by Section 4.5.

    

    4.1.6    Securities
      Exchange Listing.
      Use its
      reasonable best efforts to cause all such Registerable Securities to be listed
      on each securities exchange on which securities of the same class issued by
      the
      Company are then listed and use its reasonable best efforts to qualify such
      Registerable Securities for trading on each system on which securities of the
      same class issued by the Company are then qualified.

    

    4.1.7    Underwriting
      Agreement.
      Enter
      into such customary agreements (including underwriting agreements in customary
      form) and take all such other actions as the holders of a majority of the shares
      of Registerable Securities being sold or the underwriters, if any, reasonably
      request in order to expedite or facilitate the disposition of such Registerable
      Securities.

    

    4.1.8    Due
      Diligence.
      Make
      available for inspection by any underwriter participating in any disposition
      pursuant to such registration statement and any attorney, accountant, or other
      agent retained by any such underwriter, all financial and other records,
      pertinent corporate documents and properties of the Company, and cause the
      Company’s officers, directors, employees, and independent accountants to supply
      all information reasonably requested by any such underwriter, attorney,
      accountant, or agent in connection with such registration
      statement.

    

    4.1.9    Earning
      Statement.
      Otherwise use its best efforts to comply with all applicable rules and
      regulations of the SEC, and make available to its security holders, as soon
      as
      reasonably practicable, an earning statement covering the period of at least
      twelve months beginning with the first day of the Company’s first full calendar
      quarter after the effective date of the registration statement, which earnings
      statement shall satisfy the provisions of Section 11(a) of the Securities Act
      and Rule 158 thereunder.

    

    4.1.10    Deemed
      Underwriters or Controlling Persons.
      Permit
      any Holder of Registerable Securities which Holder, in such Holder’s reasonable
      judgment, might be deemed to be an underwriter or a controlling person of the
      Company, to participate in the preparation of such registration or comparable
      statement and to require the insertion therein of material in form and substance
      satisfactory to such Holder and to the Company, and furnished to the Company
      in
      writing, which in the reasonable judgment of such Holder and its counsel should
      be included.

    

    4.1.11    Management
      Availability.
      In
      connection with underwritten offerings, make available appropriate management
      personnel for participation in the preparation

    
      
         

      

      
        -
          7 -

        
          

        

      

      
         

      

    

    and
      drafting of such registration or comparable statement, for due diligence
      meetings and for “road show” meetings.

    

    4.1.12    Stop
      Orders.
      Promptly notify Holders of the Registerable Securities of the threat of issuance
      by the SEC of any stop order suspending the effectiveness of the registration
      statement or the initiation of any proceeding for that purpose, and make every
      reasonable effort to prevent the entry of any order suspending the effectiveness
      of the registration statement. In the event of the issuance of any stop order
      suspending the effectiveness of a registration statement, or of any order
      suspending or preventing the use of any related prospectus or suspending the
      qualification of any Registerable Securities included in such registration
      statement for sale in any jurisdiction, the Company will use its reasonable
      best
      efforts promptly to obtain the withdrawal of such order.

    

    4.1.13    Opinions.
      At each
      closing of an underwritten offering, request opinions of counsel to the Company
      and updates thereof (which opinions and updates shall be reasonably satisfactory
      to the underwriters of the Registerable Securities being sold) addressed to
      the
      underwriters covering the matters customarily covered in opinions requested
      in
      underwritten offerings and such other matters as may be reasonably requested
      by
      such Holders or their counsel.

    

    4.1.14    Comfort
      Letter.
      Obtain
      a cold comfort letter and related bring down letters from the Company’s
      independent public accountants addressed to the selling Holders of Registerable
      Securities in customary form and covering such matters of the type customarily
      covered by cold comfort letters as the Holders of a majority of the Registerable
      Securities being sold reasonably request.

    

    4.2    Further
      Information.
      The
      Company may require each Holder of Registerable Securities to furnish to the
      Company in writing such information regarding the proposed distribution by
      such
      Holder of such Registerable Securities as the Company may from time to time
      reasonably request.

    

    4.3    Notice
      to Suspend Offers and Sales.
      Each
      Holder severally agrees that, upon receipt of any notice from the Company of
      the
      happening of any event of the kind described in Sections 4.1.5 or 4.1.12 hereof,
      such Investor will forthwith discontinue disposition of shares of Common Stock
      pursuant to a registration hereunder until receipt of the copies of an
      appropriate supplement or amendment to the prospectus under Section 4.1.5 or
      until the withdrawal of such order under Section 4.1.12.

    

    4.4    Reference
      to Holders.
      If any
      such registration or comparable statement refers to any Holder by name or
      otherwise as the holder of any securities of the Company and if, in the Holder’s
      reasonable judgment, such Holder is or might be deemed to be a controlling
      person of the Company, such Holder shall have the right to require (a) the
      insertion therein of language in form and substance satisfactory to such Holder
      and the Company, and presented to the Company in writing, to the effect that
      the
      holding by such Holder of such securities is not to be construed as a
      recommendation by such Holder of the investment quality of the
      Company’s

    
      
         

      

      
        -
          8 -

        
          

        

      

      
         

      

    

    securities
      covered thereby and that such holding does not imply that such Holder will
      assist in meeting any future financial requirements of the Company, or (b)
      in
      the event that such reference to such Holder by name or otherwise is not
      required by the Securities Act or any similar Federal statute then in force,
      the
      deletion of the reference to such Holder, provided that with respect to this
      clause (b) such Holder shall furnish to the Company an opinion of counsel to
      such effect, which opinion and counsel shall be reasonably satisfactory to
      the
      Company.

    

    4.5    Company’s
      Ability to Postpone.
      Notwithstanding anything to the contrary contained herein, the Company shall
      have the right twice in any twelve month period to postpone the filing of any
      registration statement under Sections 2 or 3 hereof or any amendment or
      supplement thereto for a reasonable period of time (all such postponements
      not
      exceeding ninety (90) days in the aggregate in any twelve month period) if
      the
      Company furnishes the Holders of Registerable Securities a certificate signed
      by
      the Chairman of the Board of Directors or the President of the Company stating
      that, in its good faith judgment, the Company’s Board of Directors (or the
      executive committee thereof) has determined that effecting the registration
      at
      such time would materially and adversely affect a material financing,
      acquisition, disposition of assets or stock, merger or other comparable
      transaction, or would require the Company to make public disclosure of
      information the public disclosure of which would have a material adverse effect
      upon the Company.

    

    5.    Registration
      Expenses

    

    5.1    Expense
      Borne by Company.
      Except
      as specifically otherwise provided in Section 5.2 hereof, the Company will
      be
      responsible for payment of all expenses incident to any registration hereunder,
      including, without limitation, all registration and filing fees, fees and
      expenses of compliance with securities or blue sky laws, printing expenses,
      messenger and delivery expenses, road show expenses, advertising expenses and
      fees and disbursements of counsel for the Company and all independent certified
      public accountants and other Persons retained by the Company in connection
      with
      such registration (all such expenses borne by the Company being herein called
      the “Registration Expenses”).

    

    5.2    Expense
      Borne by Selling Security Holders.
      Each
      selling security holder will be individually responsible for payment of his,
      her, or its own legal fees (if the selling security holder retains legal counsel
      separate from that of the Company), underwriting fees and brokerage discounts,
      commissions and other sales expenses incident to any registration hereunder.
      Any
      other expenses to be borne by the selling security holders which are common
      to
      all of the selling security holders shall be divided among such security holders
      (including the Company and holders of the Company’s securities other than
      Registerable Securities, to the extent that securities are being registered
      on
      behalf of such Persons) pro rata on the basis of the number of shares being
      registered on behalf of each such security holder, or as such security holders
      may otherwise agree.

    

    6.    Indemnification
      Section

    
      
         

      

      
        -
          9 -

        
          

        

      

      
         

      

    

    6.1    Indemnification
      by Company.
      The
      Company agrees to indemnify, to the fullest extent permitted by law, each Holder
      of Registerable Securities and each Person who controls (within the meaning
      of
      the Securities Act) such Holder against all loses, claims, damages, liabilities,
      and expenses in connection with defending against any such losses, claims,
      damages, or liabilities, or in connection with any investigation or inquiry,
      in
      each case caused by or based on any untrue or alleged untrue statement of
      material fact contained in any registration statement, prospectus, or
      preliminary prospectus or any amendment thereof or supplement thereto, or any
      omission or alleged omission of a material fact required to be stated therein
      or
      necessary to make the statements therein not misleading, or arise out of any
      violation by the Company of any rules or regulations promulgated under the
      Securities Act applicable to the Company and relating to action or inaction
      required of the Company in connection with such registration, except insofar
      as
      the same are (i) contained in any information furnished in writing to the
      Company by such Holder expressly for use therein; (ii) caused by such Holder’s
      failure to deliver a copy of the registration statement or prospectus or any
      amendments or supplements thereto; or (iii) caused by such Holder’s failure to
      discontinue disposition of shares after receiving notice from the Company
      pursuant to Section 4.3 hereof. In connection with an underwritten offering,
      the
      Company will indemnify such underwriters, their officers and directors and
      each
      Person who controls (within the meaning of the Securities Act) such underwriters
      at least to the same extent as provided above with respect to the
      indemnification of the Holders of Registerable Securities.

    

    6.2    Indemnification
      by Holder.
      In
      connection with any registration statement in which a Holder of Registerable
      Securities is participating, each such Holder will furnish to the Company in
      writing such information as the Company reasonably requests for use in
      connection with any such registration statement or prospectus and, to the extent
      permitted by law, will indemnify the Company, its directors and officers and
      each Person who controls (within the meaning of the Securities Act) the Company
      against any losses, claims, damages, liabilities and expenses resulting from
      any
      untrue or alleged untrue statement of material fact contained in the
      registration statement, prospectus or preliminary prospectus or any amendment
      thereof or supplement thereto or any omission or alleged omission of a material
      fact required to be stated therein or necessary to make the statements therein
      not misleading, but only to the extent that such untrue statement or omission
      is
      contained in any information so furnished in writing by such Holder expressly
      for use in connection with such registration; provided that the obligation
      to
      indemnify will be individual to each Holder and will be limited to the net
      amount of proceeds received by such Holder from the sale of Registerable
      Securities pursuant to such registration statement. In connection with an
      underwritten offering, each such Holder will indemnify such underwriters, their
      officers and directors and each Person who controls (within the meaning of
      the
      Securities Act) such underwriters at least to the same extent as provided above
      with respect to the indemnification of the Company.

    

    6.3    Assumption
      of Defense by Indemnifying Party.
      Any
      Person entitled to indemnification hereunder will (a) give prompt written notice
      to the indemnifying party of any claim with respect to which it seeks
      indemnification and (b) unless in such indemnified party’s reasonable judgment a
      conflict of interest between such indemnified and indemnifying parties may
      exist
      with respect to such claim, permit such indemnifying party to assume the defense
      of

    
      
         

      

      
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    such
      claim with counsel reasonably satisfactory to the indemnified party. If such
      defense is assumed, the indemnifying party will not be subject to any liability
      for any settlement made by the indemnified party without its consent (but such
      consent will not be unreasonably withheld). An indemnifying party who is not
      entitled to, or elects not to, assume the defense of a claim will not be
      obligated to pay the fees and expenses of more than one counsel for all parties
      indemnified by such indemnifying party with respect to such claim, unless in
      the
      reasonable judgment of any indemnified party a conflict of interest may exist
      between such indemnified party and any other of such indemnified parties with
      respect to such claim.

    

    6.4    Binding
      Effect.
      The
      indemnification provided for under this Agreement will remain in full force
      and
      effect regardless of any investigation made by or on behalf of the indemnified
      party or any officer, director, or controlling Person of such indemnified party
      and will survive the transfer of securities. The Company also agrees to make
      such provisions, as are reasonably requested by any indemnified party, for
      contribution to such party in the event the Company’s indemnification is
      unavailable for any reason. Each Holder of Registerable Securities also agrees
      to make such provisions, as are reasonably requested by any indemnified party,
      for contribution to such party in the event such Holder’s indemnification is
      unavailable for any reason.

    

    7.    Participation
      in Underwritten Registrations 

    

    No
      Person
      may participate in any registration hereunder which is underwritten unless
      such
      Person (a) agrees to sell such Person’s securities on the basis provided in any
      underwriting arrangements approved by the Person or Persons entitled hereunder
      to approve such arrangements, and (b) completes and executes all questionnaires,
      powers of attorney, indemnities, underwriting agreements, and other documents
      required under the terms of such underwriting arrangements.

    

    8.    Miscellaneous.

    

    8.1    No
      Inconsistent Agreements.
      The
      Company will not hereafter enter into any agreement with respect to its
      securities which violates the rights granted to the Holders of Registerable
      Securities in this Agreement.

    

    8.2    Remedies.
      Any
      Person having rights under any provision of this Agreement will be entitled
      to
      enforce such rights specifically to recover damages caused by reason of any
      breach of any provision of this Agreement and to exercise all other rights
      granted by law. The parties hereto agree and acknowledge that money damages
      may
      not be an adequate remedy for any breach of the provisions of this Agreement
      and
      that any party may in his, her, or its sole discretion apply to any court of
      law
      or equity of competent jurisdiction (without posting any bond or other security)
      for specific performance and for other injunctive relief in order to enforce
      or
      prevent violation of the provisions of this Agreement.

    

    8.3    Term.
      Except
      for the provisions of Section 6 or as specifically otherwise provided herein,
      the provisions of this Agreement shall apply until such time as all
      Registerable

    
      
         

      

      
        -
          11 -

        
          

        

      

      
         

      

    

    Securities
      have ceased to be Registerable Securities hereunder but in no event later than
      ten (10) years from the date of this Agreement.

    

    8.4    Amendments
      and Waivers.
      Except
      as otherwise specifically provided herein, this Agreement may be amended or
      waived only upon the prior written consent of the Company and of the Holders
      of
      a majority of the then outstanding shares of Registerable
      Securities.

    

    8.5    Successors and Assigns.
      All
      covenants and agreements in this Agreement by or on behalf of any of the parties
      hereto will bind and inure to the benefit of the respective successors and
      assigns of the parties hereto whether so expressed or not. In addition, whether
      or not any express assignment has been made, the provisions of this Agreement
      which are for the benefit of the Shareholder or Holders of Registerable
      Securities are also for the benefit of, and enforceable by, any subsequent
      holder of such securities so long as such securities continue to be restricted
      securities, as that term is defined in Securities Act Rule 144.

    

    8.6    Severability.
      Whenever possible, each provision of this Agreement will be interpreted in
      such
      manner as to be effective and valid under applicable law, but if any provision
      of this Agreement is held to be prohibited by or invalid under applicable law,
      such provision will be ineffective only to the extent of such prohibition or
      invalidity, without invalidating the remainder of this Agreement.

    

    8.7    Counterparts.
      This
      Agreement may be executed simultaneously in multiple counterparts, any one
      of
      which need not contain the signatures of more than one party, but all such
      counterparts taken together will constitute one and the same
      Agreement.

    

    8.8    Descriptive
      Headings.
      The
      descriptive headings of this Agreement are inserted for convenience only and
      do
      not constitute a part of this Agreement.

    

    8.9    Governing Law.
      All
      questions concerning the construction, validity, and interpretation of this
      Agreement will be governed by and construed in accordance with the domestic
      laws
      of the State of Utah, without giving effect to any choice of law or conflict
      of
      law provision or rule (whether of the State of Utah or any other jurisdiction)
      that would cause the application of the laws of any jurisdiction other than
      the
      State of Utah.

    

    8.10    Entire Agreement.
      This
      Agreement is intended by the parties as a final expression of their agreement
      and intended to be a complete and exclusive statement of the agreement and
      understanding of the parties hereto with respect of the subject matter contained
      herein. This Agreement supersedes all prior agreements and understandings
      between the parties with respect to such subject matter.

    

    8.11    Notices.
      All
      notices, demands or other communications to be given or delivered under or
      by
      reason of the provisions of this Agreement shall be in writing and shall be
      deemed to have been given when delivered personally to the recipient, sent
      to
      the recipient by facsimile transmission, sent to the recipient by reputable
      express courier service (charges

    
      
         

      

      
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          12 -

        
          

        

      

      
         

      

    

    prepaid),
      or three (3) business days after being mailed to the recipient by certified
      or
      registered mail, return receipt requested and postage prepaid. Such notices,
      demands, and other communications will be sent to each Holder at the address
      indicated on the records of the Company and to the Company at the address set
      forth in the Agreement or to such other address or to the attention of such
      other person as the recipient party has specified by prior written notice to
      the
      sending party.

    

    8.12    Confidentiality.
      The
      Company shall hold in strict confidence and shall not disclose information
      with
      respect to sales of Common Stock by any Holder, including the fact of such
      sales, the amount of such sales and the timing of such sales, except as such
      information shall become public without violation of this Section 8.12, as
      may
      be required by applicable law, rules, or regulations or with the express written
      consent of such Investor.

    

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

    

    
      	
              THE
                COMPANY:

            	
              Durban
                Holdings, Inc.

            
	 	 
	 	
              By
                /s/
                Angela Ross

            
	 	
              Angela
                Ross, President

            
	 	 
	
              THE
                SHAREHOLDER:

            	
              /s/
                Angela Ross

            
	 	
              Angela
                Ross

            
	 	 
	 	
              9274
                Welby Hills Drive

            
	 	
              Address

            
	 	
              West
                Jordan, UT 84088

            
	 	 
	 	 
	 	 
	 	 
	
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